当“娃小宗”遭遇“沪小娃”，命运多舛的娃哈哈该何去何从

Core Viewpoint - The launch of the "Hu Xiao Wa" brand bottled water by Shanghai Wahaha Drinking Water Co., Ltd. is a response to a trademark usage dispute with Wahaha Group, which has decided not to renew the trademark rights, forcing the company to change its branding while continuing to produce bottled water [1][5]. Group 1: Trademark Dispute - The trademark usage rights for the Wahaha brand by Shanghai Wahaha Drinking Water Co., Ltd. have expired, and Wahaha Group has chosen not to renew them, leading to the rebranding [1][5]. - Wahaha Group has demanded that Shanghai Wahaha transfer the sales rights of bottled water to Honghui Company, which is fully controlled by Zong Fuli, and has also requested the cessation of Wahaha trademark usage [3][4]. - The conflict escalated when Wahaha Group reported Shanghai Wahaha for trademark infringement, resulting in the latter's production being halted and its supply chain disrupted [3][4]. Group 2: Shareholder Dynamics - The current shareholding structure of Wahaha Group requires unanimous consent from all shareholders for trademark usage, creating a situation where any shareholder can veto proposals, leading to a stalemate [5][8]. - Zong Fuli, holding only 29.4% of the shares, faces challenges in exerting control over the group, while the state-owned shareholder from Hangzhou has expressed disapproval of the trademark dispute handling [4][5]. - The conflicting interests between Zong Fuli and the state-owned shareholder have resulted in a "zero-sum game," where both parties are unable to reconcile their goals [5][8]. Group 3: Market Implications - The introduction of "Hu Xiao Wa" signifies Wahaha entering a challenging market environment, with limited space for growth due to market saturation [8]. - Zong Fuli's strategy includes launching a new brand "Wa Xiao Zong" with a sales target of 30 billion yuan by 2026, which is approximately 80% of Wahaha Group's current scale [6][8]. - The ongoing shareholder conflict and aggressive restructuring efforts have negatively impacted Wahaha's market reputation, posing risks for the new brand's acceptance in the market [8][9].