清算杜建英，娃哈哈继续“走向”宗馥莉？

Core Viewpoint - The recent rebranding of the original "Wahaha Official Flagship Store" to "Tongyuan Kang Food Specialty Store" has sparked industry attention, indicating a significant shift in the operational strategy of Wahaha under the leadership of Zong Fuli, amidst ongoing family disputes over inheritance [4][10]. Group 1: Operational Changes - The former Wahaha flagship store has transitioned to an independent operation, now selling various food products, while a new Wahaha flagship store has been launched, operated by Hangzhou Hengyi E-commerce Co., Ltd. [4] - Zong Fuli has initiated a series of reforms across supply chains, trademarks, traditional distributors, and e-commerce, aiming to regain control and improve operational efficiency [4][10]. Group 2: E-commerce Strategy - The e-commerce sales of Wahaha have seen a drastic decline, with a reported 50% drop in sales by Q2 2025, and a 37% decrease in sales of AD Calcium Milk in East China, highlighting the inadequacies of the previous distribution model [6][11]. - The decision to reclaim e-commerce channel rights and implement direct sales reforms is seen as a strategic move to enhance brand image and consumer data acquisition [6][7]. Group 3: Distribution and Supply Chain Reforms - Zong Fuli's reforms include eliminating distributors with annual sales below 3 million, consolidating operations under larger distributors to address long-standing issues such as inventory discrepancies and debt disputes [7][10]. - The ongoing supply chain optimization involves shutting down multiple factories and terminating partnerships with certain contract manufacturers, which also impacts the interests of Zong Fuli's stepmother and her children [10]. Group 4: Future Outlook - The company faces increasing scrutiny regarding its ability to maintain performance amid market challenges, with a pressing need for new flagship products to sustain sales growth [11].