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 - Wahaha is undergoing a significant restructuring by eliminating distributors with annual sales below 3 million yuan, leading to disputes over payments and a reshuffling of the distribution network [1][4][5]. Group 1: Distributor Strategy - Wahaha is cutting off distributors with annual sales below 3 million yuan, which has caused some distributors to end their partnerships and others to be merged into larger distributors, resulting in payment disputes [1][4]. - The sales targets for distributors have increased significantly, with some reporting a 50% increase in sales targets for 2025 compared to 2024, leading to heightened pressure and anxiety among distributors [3][6]. - The restructuring aims to consolidate smaller distributors into larger ones to address issues like debt and product distribution, but it also raises concerns about the management of larger distributors [6][7]. Group 2: Market Performance - Despite the restructuring, Wahaha's beverage sales net income increased by 53% year-on-year in 2024, returning to market levels seen over a decade ago [7]. - However, the increase in sales is attributed to a surge in consumer sentiment following the passing of the founder, which may not be sustainable as consumer interest wanes [8][9]. - The company faces challenges with brand aging and a lack of innovation in product development, which could impact future sales if not addressed [8][9]. Group 3: Financial and Operational Issues - Distributors have reported issues with inventory management, with some facing stockpiles exceeding 3 million yuan due to increased sales targets and market competition [3][6]. - There are ongoing disputes regarding unpaid sales fees and the handling of equipment like iceboxes that were purchased for promotional purposes but became redundant after the cancellation of distributor qualifications [5][6]. - The management of the consolidation process has been criticized for its lack of clarity and organization, leading to further complications for affected distributors [5][6].