娃哈哈证实：宗馥莉辞任董事长

Core Viewpoint - The resignation of Zong Fuli from her positions at Wahaha marks a significant shift in the company's governance structure, indicating a move towards a more independent operational strategy for her new brand "Wah Xiaozong" [1][4]. Group 1: Governance Changes - Zong Fuli officially resigned from her roles as legal representative, director, and chairman of Wahaha on September 12, 2023, just over a year after taking full control [1]. - Despite her resignation, as of October 10, 2023, she remains listed as the legal representative, chairman, and general manager in the business registration records [1]. Group 2: Brand Strategy and Challenges - Zong Fuli previously attempted to transfer 387 core "Wahaha" trademarks to her food company to clarify ownership issues and strengthen control, but faced resistance due to the 46% stake held by state-owned shareholders [4]. - She has initiated new trademark registrations for "Wah Xiaozong" and "Zong Xiaohai" through her controlled Hongsheng Beverage Group, aiming to establish a distinct brand identity independent of Wahaha Group [4]. - Analysts suggest that her resignation allows her to fully focus on the "Wah Xiaozong" brand without the constraints of state-owned shareholders, potentially creating an independent operational space for her associated enterprises [4]. Group 3: Performance and Future Outlook - Under Zong Fuli's leadership, Wahaha aimed to achieve a revenue target of 70 billion yuan in 2024, with strong growth in bottled water and AD calcium milk products, although new product development remains a challenge [6]. - The company's governance stability, digital transformation, and market strategies are now under scrutiny, raising concerns about the continuation of Zong Fuli's reform initiatives [6]. - The departure of Zong Fuli highlights deeper issues within family business succession, as her aggressive reforms have faced pushback from long-standing employees [6]. - The brand's value remains intact, but the need for innovation to meet younger consumer demands is pressing, and "Wah Xiaozong" must overcome resource barriers in channels and supply chains to replicate success [6].