经销商大会“缩水”，宗馥莉仍掌控娃哈哈

Core Insights - Despite ongoing public scrutiny, Wahaha's annual dealer conference proceeded as scheduled, aiming to convey a positive operational signal to the market [1] Group 1: Financial Performance - Wahaha announced a revenue increase of 500 million yuan for 2025, with water products serving as the main driver of this growth [2][7] - The company reported a 30% overall growth in water product sales for 2025, with specific sizes like 1.5L and 5.5L experiencing over 70% growth, and some products seeing increases of over 500% [6] Group 2: Dealer Conference Dynamics - The 2025 dealer conference was characterized by a rushed preparation, with notifications sent out later than usual, and a significant reduction in the number of attending dealers, down to approximately 400 from at least 2000 in previous years [5][6] - The conference format shifted from a multi-day event focused on new product orders and strategic discussions to a shorter, award-centric gathering, lasting just over an hour [5] Group 3: Leadership and Management Changes - The absence of key figure Zong Fuli at the conference raised questions, as she had previously been a prominent presence in such events [9] - Zong Fuli's recent resignation from her official roles at Wahaha was confirmed, yet she continues to exert control over the company's core operations through various corporate structures [12][15] - The new general manager, Xu Simin, has a relatively short tenure and is part of a management team that has seen significant turnover, with many positions transferred to Zong Fuli's controlled entities [15]