宗馥莉，危险

Core Viewpoint - The article discusses the potential transition of Wahaha from its long-standing brand to a new one, "Wah Xiaozong," under the leadership of Zong Fuli, amidst internal family conflicts and external pressures [2][4][8]. Brand Transition - An internal notice revealed that starting in 2026, "Wah Xiaozong" will replace the nearly 40-year-old "Wahaha" brand [4]. - Multiple similar trademarks, such as "Wah Xiaohar" and "Zong Xiaohar," have been registered under Zong Fuli's wholly-owned Hongsheng Beverage Group [4]. Internal Conflicts - Key member Yan Xuefeng of Wahaha Group was placed under investigation for disciplinary violations, raising concerns about the internal dynamics and stability of the company [6][8]. - The internal conflicts and trademark disputes highlight the complex ownership structure and the potential risks facing a brand that has significant emotional value for many [8][9]. Financial Implications - Wahaha's brand value is estimated at approximately 90 billion [11]. - Zong Fuli has set an ambitious sales target of 30 billion for "Wah Xiaozong," which is about 80% of Wahaha's current annual sales [13]. Market Challenges - In a saturated market, "Wah Xiaozong" will face tough competition from established brands like Nongfu Spring and Master Kong, making it crucial to quickly gain consumer trust and sales [15][16]. - Distributors have expressed reluctance to engage in selling the new brand due to perceived risks [15]. Historical Context - The article outlines the historical context of Wahaha's ownership and brand disputes, particularly the "Dawa War" with Danone, which significantly shaped the company's trajectory [21][24]. - The ownership structure reveals that the largest shareholder is not the Zong family but a state-owned enterprise, which holds 46% of the shares, complicating Zong Fuli's control over the brand [26][28]. Governance and Future Outlook - The governance structure requires consensus among major shareholders for any significant decisions, which can hinder Zong Fuli's ability to implement changes [28][40]. - The ongoing family disputes could lead to further fragmentation of ownership, impacting the company's stability and future operations [43][44].