深度｜风高浪急下的娃哈哈重塑“毛细血管”，有18年经销商放弃合作

Core Insights - Wahaha has achieved a revenue growth of 500 million yuan, despite internal challenges and changes in management [1][2][5] - The company is undergoing significant channel integration and restructuring, raising the threshold for dealer participation in sales meetings [5][6] - The beverage industry is expected to face intensified competition from 2025 to 2026, which may impact Wahaha's market position [7] Group 1: Revenue and Performance - Wahaha reported a revenue increase of 500 million yuan, maintaining an estimated annual revenue around 70 billion yuan [2][5] - The company’s water products have become a key growth driver, with market share rising from 12.77% to over 17% between March 2024 and October 2025 [8][9] Group 2: Dealer and Channel Management - The 2025 sales meeting set high entry requirements for dealers, including a minimum cumulative performance of 15 million yuan and a guarantee of contract signing for 2026 [5][6] - The company is implementing a large-scale reform of its dealer system, with a sales threshold of 3 million yuan established as a critical benchmark for continued partnership [5][6] - Some smaller dealers are struggling to meet the new requirements and are opting to exit the partnership, indicating a potential shake-up in the dealer network [6][7] Group 3: Strategic Focus and Market Position - Under the leadership of the new general manager, the company is focusing on professional and market-oriented adjustments to enhance channel efficiency and market responsiveness [7] - Wahaha is investing in a 12,000-person terminal team to improve management and assessment of sales channels, aiming to strengthen its market presence [8][9]