宗馥莉，危险

Core Viewpoint - The article discusses the transition of Wahaha from a family-owned brand to a new identity under the leadership of Zong Fuli, who plans to replace the long-standing brand with "Wah Xiaozong" starting in 2026, amidst internal family conflicts and external pressures [4][11][58]. Group 1: Brand Transition - Zong Fuli will start using the new brand "Wah Xiaozong" in 2026, replacing the nearly 40-year-old "Wahaha" brand [4]. - Multiple similar trademarks like "Wah Xiaohar" and "Zong Xiaohar" have been registered under Zong Fuli's wholly-owned Hongsheng Beverage Group [5]. - Zong Fuli has set an ambitious sales target of 30 billion yuan for "Wah Xiaozong," which is about 80% of Wahaha's current annual sales [16]. Group 2: Internal Conflicts - Key member Yan Xuefeng of Wahaha Group is under investigation for disciplinary violations, raising concerns about the internal stability of the company [8]. - The internal document revealed that unresolved historical issues are exposing the company to legal risks, indicating deeper governance problems [22][24]. - The family conflicts have escalated to a point where they are affecting public interests, prompting state-owned shareholders to intervene [56]. Group 3: Ownership Structure - Wahaha's ownership structure is complex, with the largest shareholder being a state-owned enterprise holding 46%, while Zong Fuli holds 29.4% [32][33]. - The unique ownership structure requires consensus for major decisions, making it difficult for Zong Fuli to gain absolute control over the brand [35]. - Attempts by Zong Fuli to transfer trademarks to her controlled company have been blocked due to opposition from state-owned shareholders [37]. Group 4: Market Challenges - The beverage market is highly competitive, with established players like Nongfu Spring and Master Kong posing significant challenges for the new brand [17]. - There are concerns that the brand split and asset depreciation could lead to Wahaha becoming an "empty shell," complicating future operations [58]. - The historical legacy of Wahaha, which once emphasized employee welfare, is now at risk, affecting job stability and income for employees [61].