宗馥莉，危险

Core Viewpoint - The article discusses the transition of Wahaha from its long-standing brand to a new brand "Wah Xiaozong" under the leadership of Zong Fuli, highlighting the internal family conflicts and the challenges faced by the company in maintaining its brand value and market position [4][9][10]. Brand Transition - Zong Fuli plans to replace the nearly 40-year-old "Wahaha" brand with "Wah Xiaozong" starting in 2026, indicating a significant shift in branding strategy [4][12]. - Multiple trademarks such as "Wah Xiaohar" and "Zong Xiaohar" have been registered under the wholly-owned Hongsheng Beverage Group, suggesting a strategic rebranding effort [4][6]. Internal Conflicts - The recent investigation of key executive Yan Xuefeng for disciplinary violations has raised concerns about the stability of Wahaha's leadership and its implications for the company's future [7][9]. - The internal document reveals that unresolved historical issues have exposed the company to legal risks, prompting the need for a brand change [21][23]. Financial Implications - The brand value of Wahaha is estimated at approximately 90 billion yuan, making the decision to rebrand a significant financial risk [12][13]. - Zong Fuli has set an ambitious sales target of 30 billion yuan for "Wah Xiaozong," which is about 80% of Wahaha's current annual sales [15][19]. Market Challenges - In a saturated market, "Wah Xiaozong" will face tough competition from established brands like Nongfu Spring and Master Kong, requiring significant investment in consumer engagement and distributor relationships [17][18]. - Current distributors are hesitant to engage with the new brand due to perceived risks, complicating the transition process [17][18]. Historical Context - The article outlines the complex ownership structure of Wahaha, where the largest shareholder is a state-owned enterprise holding 46%, while Zong Fuli holds 29.4% [27][28][29]. - The historical "Dawa War" with Danone significantly shaped Wahaha's ownership and brand strategy, leading to a unique governance structure that complicates decision-making [25][26][32]. Future Outlook - The ongoing family disputes and the potential dilution of Zong Fuli's shares could further complicate Wahaha's governance and operational stability [40][41]. - The transition to "Wah Xiaozong" may lead to brand fragmentation and asset depreciation in the short term, impacting employees and their families [43][44].