宗馥莉，危险！

Core Viewpoint - The article discusses the recent leadership changes at Wahaha Group, highlighting the departure of Zong Fuli from key positions and the potential rebranding to "Wah Xiaozong" as a response to internal and external pressures [4][5][9]. Group 1: Leadership Changes and Rebranding - Zong Fuli resigned from her roles as the legal representative, director, and chairman of Wahaha Group on September 12 [4]. - An internal notice revealed plans to replace the nearly 40-year-old "Wahaha" brand with "Wah Xiaozong" starting in 2026, indicating a significant shift in branding strategy [5][9]. - Multiple trademarks related to the new brand have been registered under Hongsheng Beverage Group, fully controlled by Zong Fuli [5][6]. Group 2: Internal Conflicts and Challenges - The investigation of a key executive, Yan Xuefeng, for disciplinary violations has raised concerns about internal stability and governance within the company [7][9]. - The article suggests that Zong Fuli's decision to rebrand may be a response to ongoing family conflicts and legal risks associated with the company's historical issues [18][20]. Group 3: Financial Implications and Market Position - Wahaha's brand value is estimated at approximately 90 billion yuan, making the decision to rebrand a significant financial risk [12]. - 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 [14]. - The competitive landscape in the beverage industry is challenging, with established players like Nongfu Spring and Master Kong posing significant competition [16]. Group 4: Ownership Structure and Governance - The ownership structure of Wahaha is complex, with the largest shareholder being a state-owned enterprise holding 46%, while Zong Fuli personally holds 29.4% [24][25]. - The governance model requires consensus among major stakeholders for significant decisions, complicating Zong Fuli's efforts to gain absolute control [26][27]. - Historical context reveals that the state-owned enterprise played a crucial role in Wahaha's development, particularly during the "Dawa War" with Danone [22][29]. Group 5: Future Outlook and Risks - The potential fragmentation of ownership due to family disputes could dilute Zong Fuli's stake and complicate governance further [36]. - The article warns that if Zong Fuli fully transitions to "Wah Xiaozong," Wahaha may become an "empty shell," leading to brand dilution and asset depreciation [38][39]. - The long-term impact on employees and their families is a concern, as the stability of jobs and income may be jeopardized by these changes [40].