宗馥莉，正式卸任

Core Viewpoint - The recent leadership change at Wahaha Group, with Zong Fuli stepping down and Xu Simin taking over, raises questions about the company's governance and strategic direction, especially given Zong's continued significant shareholding of 29.40% [1][3][5]. Group 1: Leadership and Shareholding - Zong Fuli has officially resigned from her roles as legal representative, chairman, and general manager of Wahaha, with Xu Simin succeeding her [1]. - Despite the leadership change, Zong Fuli retains her position as the second-largest shareholder, holding 29.40% of the company's shares, which allows her to maintain influence over strategic decisions [3][5]. - The ongoing risks associated with Zong Fuli and her related parties may impact Wahaha's share stability, brand synergy, and operational development [3][4]. Group 2: Brand and Business Development - Zong Fuli has accelerated the independent brand development through her controlled entity, Hongsheng Beverage Group, indicating a shift towards a more diversified brand ecosystem [6][7]. - The establishment of the new beverage production base in Xi'an, with a total investment of 1 billion yuan, aims to enhance production capacity and expand market reach [8]. - The new brand "Wawa Xiaozong" is being developed, with multiple trademark applications submitted, signaling a strategic move towards brand independence [8][9]. Group 3: Legal and Financial Challenges - Zong Fuli is currently involved in a significant legal dispute regarding a family trust valued at $17.99 billion, which may have implications for her shareholding in Wahaha [10][11]. - There are ongoing disputes related to employee stock buybacks, with 32 former employees suing Wahaha over stock repurchase price disagreements, totaling 120 million yuan [12]. - The recent leadership transition is viewed as a normal adjustment in corporate governance, but the competitive landscape in the beverage industry poses challenges for Wahaha's strategic focus [12].