深度｜风高浪急下的娃哈哈重塑“毛细血管”，18年经销商被迫放弃与娃哈哈合作

Core Insights - Wahaha has achieved a revenue growth of 500 million yuan despite facing various challenges, maintaining an annual revenue around 70 billion yuan [1][2] - The company has raised the participation threshold for its sales conference, indicating a deeper adjustment in its operational strategy [1] - The new contract renewal requirements for distributors include a guarantee deposit system, leading to some small and medium-sized distributors exiting the partnership [2] Group 1 - Wahaha's new general manager, Xu Simin, reported a revenue increase of 500 million yuan, although specific figures and timeframes were not disclosed [1] - The sales conference for 2025 has set stricter participation criteria, requiring distributors to have a cumulative performance of over 15 million yuan and a guarantee deposit in place [1] - The company has successfully aligned its performance with that of ten years ago, suggesting stability in its revenue despite market challenges [1] Group 2 - The guarantee deposit system for distributor renewals requires a fixed proportion of deposit returns and an additional 1.5 times the shortfall for those who fail to meet sales targets [2] - Some long-term distributors, like one from Yunnan with 18 years of experience, have opted out due to the inability to meet the new requirements amid fierce market competition [2] - Wahaha's water business has seen a significant increase in market share, rising from 12.77% to over 17% between March 2024 and October 2025, before stabilizing above 16% [2]