宗馥莉行的基本盘，还都是父亲布的局

Core Viewpoint - The article discusses the governance issues surrounding Wahaha Group under the leadership of Zong Fuli, particularly in light of the inheritance disputes and allegations of asset hollowing out within the company [2][24]. Shareholding Structure and Profit Sources - The majority of the subsidiaries within the "Wahaha system" are controlled by Zong Fuli, while the main Wahaha Group has limited influence over the profits generated by the brand [4][12]. - As of the end of 2022, the total assets of the domestic "Wahaha system" were 37.047 billion, with operating income of 51.202 billion and net profit of 4.767 billion. In contrast, Wahaha Group had total assets of 5.807 billion, with operating income of 1.403 billion and net profit of 0.187 billion [5][6]. - The state-owned assets in Wahaha Group accounted for only 15.67% of the total assets of the "Wahaha system," indicating a significant disparity in profit distribution [5]. Control and Ownership Dynamics - Zong Fuli's control over the "Wahaha system" is characterized by a complex web of shareholding structures, with many subsidiaries being indirectly controlled by her [8][12]. - The establishment of Bountiful Gold Trading Limited, a key player in the investment history of Wahaha, highlights the long-term planning by Zong Qinghou, Zong Fuli's father, to secure control over the company's assets [15][19]. - The article suggests that Zong Fuli's consolidation of power is a continuation of her father's legacy, with strategic moves to regain control over brand assets and subsidiaries [20][23]. Brand Asset Management - The "Wahaha" brand, which includes 387 trademarks, is currently under the control of Wahaha Group, but there are ongoing efforts to transfer these trademarks, potentially consolidating Zong Fuli's control over the brand [21][24]. - The estimated value of the "Wahaha" brand is approximately 91.187 billion, indicating its significant market position [21]. Future Prospects and Challenges - Zong Fuli's intention to centralize control may be aimed at preparing Wahaha for a potential public listing, a shift from her father's previous stance against going public [24][25]. - The challenges Zong Fuli faces include internal resistance from existing stakeholders and the need to modernize the company's management structure to adapt to changing market conditions [25][26].