独家调查｜娃哈哈砍掉年销300万以下经销商，部分并入大经销商引发款项纠纷

Core Viewpoint - The recent inheritance dispute surrounding Wahaha has raised concerns about its market performance and sales strategies under the leadership of Zong Fuli, who has implemented strict measures against underperforming distributors [1][3][12]. Group 1: Sales and Distribution Changes - Wahaha is eliminating distributors with annual sales below 3 million yuan, leading to sudden terminations and financial disputes over unpaid amounts [1][4][6]. - Distributors report increased sales targets, with some facing a 50% increase in their annual sales goals starting from 2025, and strict penalties for failing to meet these targets [4][11]. - The company is experiencing a significant reshuffle in its distribution channels, with smaller distributors being absorbed by larger ones, which has led to complications in payment settlements [6][9]. Group 2: Market Competition and Performance - Wahaha's product presence in retail stores is reportedly low, facing stiff competition from brands like Nongfu Spring, which has better sales performance [3][12]. - Despite the challenges, Wahaha's net revenue from beverage sales increased by 53% in 2024, returning to market levels seen over a decade ago [11][14]. - The company has faced supply issues, with reports of stock shortages and incomplete product offerings in some markets [3][4]. Group 3: Brand and Consumer Perception - The inheritance controversy has negatively impacted consumer trust and brand perception, particularly affecting products that rely on emotional connections, such as AD Calcium Milk and bottled water [12][13]. - Experts suggest that Wahaha's growth in 2024 was largely driven by a surge in emotional consumption following the passing of its founder, which may not be sustainable [12][14]. - To maintain sales momentum, Wahaha needs to focus on brand rejuvenation, new product development, and innovative marketing strategies to regain consumer trust [12][14].