直击娃哈哈销售大会，宗馥莉未出席

Core Insights - Wahaha held its annual national sales summary and commendation conference on November 18, 2023, in Shaoxing, Zhejiang, where 25 "national excellent distributors" received a total of 1,000 grams of gold medals and 1.5 million yuan in incentives [1][3] - The company reported a revenue increase of 500 million yuan for 2025, indicating a revenue scale of over 70 billion yuan, although specific sales figures for 2024 and 2025 were not disclosed [4][9] - The conference had heightened security measures and stricter attendance criteria, with only distributors achieving over 15 million yuan in cumulative sales for the 2025 fiscal year allowed to participate [3][9] Summary by Sections Conference Overview - The annual sales conference is a key event for Wahaha, involving management, sales representatives, and top distributors, focusing on summarizing the year's performance and planning for the next year [1][3] - The attendance was significantly lower than previous years, with approximately 400 distributors present, compared to a much larger turnout in past conferences [7][9] Financial Performance - Wahaha's revenue growth of 500 million yuan in 2025 suggests a return to the 70 billion yuan revenue range, aligning with the company's previous peak in 2013 [4][9] - There are concerns regarding the accuracy of reported figures, as some sources indicate that the actual sales revenue for 2024 was around 38 billion yuan after accounting for internal transactions [4] Changes in Management and Structure - The current general manager, Xu Simin, made a brief appearance at the conference, with most of the awards being presented by Wu Tingyan from Hongsheng Group, indicating a shift in management dynamics following the passing of founder Zong Qinghou [13][14] - The brand's sales are now primarily managed by Hongsheng Group, and there are plans to introduce a new brand "Wawa Xiaozong" starting in 2026, although the existing Wahaha brand will still be sold in the upcoming sales year [14][15] Distributor Relations - The increased entry requirements for distributors have led to a significant reduction in participation, with many smaller distributors being excluded from the conference [9][16] - Distributors are facing challenges due to increased sales targets and inventory pressures, leading to concerns about their ability to meet contractual obligations [16][17]