曝国资和员工利益受损，娃哈哈股改为何这么难？

Core Viewpoint - Wahaha is facing significant internal turmoil and controversies regarding its management and ownership structure, particularly after the passing of its founder, Zong Qinghou. The company is undergoing a transformation under Zong Fuli, but this has led to disputes over employee rights and profit distribution, raising questions about the company's governance and future direction [2][4][16]. Group 1: Company Operations and Financial Performance - Wahaha's revenue is projected to exceed 70 billion in 2024, representing a growth of approximately 36.7% compared to 2023 [4]. - The company has been closing factories and frequently outsourcing production, with many operations reportedly transferred to Hongsheng Group, leading to concerns about the company's core business integrity [4][7]. - As of the end of 2022, Wahaha Group's assets accounted for only 15.67% of the total assets of the Wahaha system, indicating a significant shift in asset control [8]. Group 2: Ownership Structure and Governance Issues - Following its restructuring in 1999, Wahaha transitioned from 100% state-owned to a mixed-ownership model, with state ownership at 46%, Zong Qinghou's family holding 29.4%, and employee stock ownership at 24.6% [5][10]. - There are allegations that profits have been shifted to external companies controlled by Wahaha executives, leading to claims that Wahaha has become an "empty shell" [2][4]. - The employee stock ownership plan has led to disputes, with employees claiming their shares were sold at undervalued prices, raising legal and ethical concerns [11][27]. Group 3: Brand and Trademark Controversies - The ownership of the Wahaha brand has been contentious, with attempts to transfer the trademark to Hongsheng Group failing, which has implications for the company's identity and market position [12][14]. - Historical disputes over trademark rights, such as the "Dawa dispute" with Danone, have left lingering issues regarding brand ownership that complicate Wahaha's current operations [20][22]. Group 4: Future Prospects and Strategic Direction - Zong Fuli's push for reform and potential IPO is seen as a way to address the complex ownership and trademark issues, but the company must first resolve its governance challenges [18][27]. - The need for a clear governance structure is emphasized, as the current situation could hinder Wahaha's ability to unify its operations and pursue growth effectively [28].