宗馥莉还没有输｜氪金·大事件

Core Viewpoint - The focus should shift towards the future of Wahaha amidst the ongoing family disputes and trust issues surrounding its inheritance and management [4][6]. Group 1: Legal Developments - On August 1, the Hong Kong High Court ruled that Jian Hao Ventures Limited's assets in HSBC are trust properties for the three plaintiffs, prohibiting the defendant from withdrawing or transferring funds until a final ruling is made in mainland courts [5]. - The court's decision indicates that the trust established by the late founder, Zong Qinghou, involves $2.1 billion, which is a small fraction of Wahaha's overall business value [6][10]. - The court documents reveal that Zong Qinghou left handwritten documents to establish a trust for his three children, acknowledging that Zong Fuli has inheritance rights to Wahaha [8][9]. Group 2: Company Performance and Structure - Wahaha's revenue reached 50 billion yuan in 2023, down from a peak of 78.3 billion yuan in 2013, indicating a shrinking market share [6]. - The current ownership structure shows that the state-owned Hangzhou Shangcheng District holds 46% of Wahaha, while Zong Qinghou and Zong Fuli control 29.4% [13][15]. - As of the end of 2022, Wahaha Group's total assets were 37.047 billion yuan, with a revenue of 51.202 billion yuan and a net profit of 4.767 billion yuan [16]. Group 3: Internal Changes and Challenges - Zong Fuli has initiated significant management changes and factory closures, which have led to labor disputes and employee dissatisfaction [20][22]. - The restructuring efforts include a shift in supply chain management and a focus on budget control, which have caused friction within the company [21][24]. - Despite the controversies, Wahaha's market share in packaged water increased from approximately 9.42% in Q1 2024 to 17.07% in Q1 2025, indicating some recovery in sales performance [24].