宗庆后去世后，娃哈哈集团董事长宗馥莉治下的娃哈哈一直风波不断。 近日，随着宗氏家族百亿遗产争夺愈演愈烈，公众再次质疑起宗馥莉对娃哈哈治理的不合理之处。 质疑中最具杀伤力的一个问题是，宗家究竟有没有逐渐将娃哈哈空心化？具体来讲，即宗馥莉有没有设立大量私人公司与娃哈哈集团进行关联交易，将本属 于娃哈哈集团的利益与资产倒腾出去？ 虎嗅ESG组通过分析娃哈哈股权结构变更及其公司发展史发现，娃哈哈的"体外循环"路径早在宗庆后时代就已经开始，而宗馥莉所做的大概率是继承其父的 意志。 股权疑云 要想分析宗馥莉有没有"掏空"娃哈哈，核心是厘清娃哈哈的主要利润来源把控在谁手上。一个事实是，目前"娃哈哈系"大部分子公司的控制权基本在宗馥莉 手上，而娃哈哈主集团对于基于"娃哈哈"品牌生长出的商业帝国话语权十分有限。 经济参考报曾分析境内"娃哈哈系"与娃哈哈集团的资产及利润对比： 1. 截至2022年底，境内"娃哈哈系"（包括体外公司）总资产为370.47亿元，2022年营业收入为512.02亿元，营业利润为61.48亿元，净利润为47.67亿元，未分 配利润124.28亿元； 2. 而在2022年底，娃哈哈集团（及集团直接投资的1 ...

字母榜 . 让未来不止于大 将投中网设为"星标⭐"，第一时间收获最新推送 宗馥莉对娃哈哈的控制权仍未稳固。 以下文章来源于字母榜 ，作者张琳 作者丨 张琳 编辑丨 王靖 来源丨 字母榜 正式执掌娃哈哈一年，宗馥莉一路闯过不少关隘，而眼前的这场考验，或许是她掌舵以来最严峻的一 次。 一场涉及350亿元的遗产争夺战骤然爆发。2025年7月，三名自称宗庆后非婚生子女的原告——宗继 昌（Jacky Zong）、宗婕莉（Jessie Zong）、宗继盛（Jerry Zong）向香港高等法院及杭州中级 人民法院同步发起诉讼。 三位原告主张的权益包括：追索21亿美元离岸信托资产，以及分割宗庆后生前持有的娃哈哈集团 29.4%股权。按当前市值计算，争议标的总额高达350亿元人民币。 350亿相当于整个"娃哈哈系" 接近七年半 的利润规模，这场突如其来的遗产争夺，正将娃哈哈推向 一场足以撼动其多年积累的财务根基与家族控制权的风暴中心。 若争议股权归属变更，将直接动摇宗馥莉对企业的控制权。目前娃哈哈股权结构为"国有资本—职工 持股平台—宗馥莉"三方制衡。若原告胜诉，股权结构将重组为"国有资本—职工持股平台—多名子 女"的复杂格局 ...

Core Viewpoint - The key issue is the resolution of the control rights of Wahaha Group amidst a family inheritance dispute following the death of its founder, Zong Qinghou [1][10]. Group 1: Inheritance Dispute - Zong Qinghou's daughter, Zong Fuli, is being sued by three alleged half-siblings for control over assets and a $2.1 billion trust promised by their father [5][19]. - The three claimants are Zong Jichang, Zong Jieli, and Zong Jisheng, with allegations that their mother is a former senior employee of Wahaha [6][10]. - The inheritance battle has revealed complexities in Zong Qinghou's family structure, including non-marital children and potential asset mismanagement [4][9]. Group 2: Trust and Asset Management - Zong Qinghou established three independent trusts at HSBC, each worth $700 million, for his overseas children, which complicates the inheritance claims [17][35]. - As of May, the HSBC account reportedly holds $1.8 billion, down from the promised $2.1 billion, raising concerns about asset management by Zong Fuli [19][35]. - Legal disputes are centered around the validity of Zong Qinghou's wills and the management rights of the trusts, with potential implications for Wahaha's corporate governance [33][36]. Group 3: Corporate Governance and Future Outlook - The ongoing disputes have led to operational challenges for Wahaha, including factory shutdowns and management restructuring [10][28]. - Zong Fuli's leadership is questioned, with reports suggesting her father had reservations about her management capabilities [28][39]. - The resolution of these disputes is critical for Wahaha's stability and future, as unresolved control issues may deter business operations and investor confidence [36][39].

Group 1 - The CEO and CFO of Weilong have resigned within four months, with CFO Peng Hongzhi's resignation effective from August 31, 2025, and Yu Feng appointed as the new CFO [1][4] - Peng Hongzhi has been with Weilong for 15 years, with a total compensation of approximately 18.22 million RMB for 2024, including salary, bonuses, and other benefits [2][3] - The stock price of Weilong dropped nearly 13% following the announcement of the management changes, closing at 12.62 HKD per share, with a total market capitalization of 30.681 billion HKD [4] Group 2 - The management changes reflect a consolidation of family control within the company, as the chairman and vice-chairman are brothers, and other key executives are also family members [7] - Since 2020, Weilong's revenue and annual profit have been on the rise, with 2024 revenue exceeding 6 billion RMB and annual profit surpassing 1 billion RMB, although challenges remain [7][8] - The revenue from seasoned flour products, a core product, decreased from 52.3% of total revenue in 2023 to 42.6% in 2024, while vegetable products increased from 43.5% to 53.8% [8][9] Group 3 - The flagship product, konjac snacks, has gained popularity but faces intense competition from other brands, leading to a saturated market [10] - A recent quality issue regarding the konjac product went viral, prompting the company to apologize and commit to improving quality control [10] - The return of the founding family to key positions may ensure strategic direction but raises concerns about corporate governance and transparency [11]

这场迟来的分红盛宴，让科兴生物至少四个投资方分别获得超 20亿元的现金股息回报。按照科兴生物停牌时的6.47美元/股 计算，股息率高达850%。 作者： 张英 美编：肖利亚 2025年7月10日，因停牌被套六年的股民，终于等来了科兴生物（NASDAQ:SVA）280亿元人民 币的超级分红。 280亿元并不是中国企业单次分红的最高纪录，但很少有分红事件像科兴这样裹挟如此多的元素 ——疫苗情绪、民族感情、企业内斗。 这家疫苗龙头企业经历了长达七年的控制权之争。"疫苗大佬"尹卫东、哈佛大学博士李嘉强、北 大教授潘爱华、"创投教父"阎焱是这场内斗中的核心人物。 科兴生物是北京科兴生物制品有限公司（下称"北京科兴"）的母公司，北京科兴控股的北京科兴 中维生物技术有限公司（下称"科兴中维"）是新冠疫苗的主要供应商。2021年至2022年，科兴 生物营收超1300亿元，净利超960亿元。 这场迟来的分红盛宴，让科兴生物至少四个投资方分别获得超20亿元的现金股息回报。按照科兴 生物停牌时的6.47美元/股计算，股息率高达850%。 双方当前共同面临的一个时间节点是7月15日，在此之前，科兴生物必须向纳斯达克提交合规性整 改方 ...

每经记者｜黄鑫磊 每经编辑｜张益铭 7月1日，杭州高新（SZ300478）公告称，公司控股股东浙江东杭控股集团有限公司（以下简称"东杭集团"） 与北京巨融伟业能源科技有限公司（以下简称"巨融伟业"）签订备忘录。 作为业绩承诺的履约担保，自巨融伟业收购杭州高新的控股权后，东杭集团应将其剩余380.05万股股份在业 绩承诺期内或东杭集团以现金方式向上市公司补偿承诺期内净利润的实际实现数与承诺数的差额前（孰晚） 质押给巨融伟业或巨融伟业指定的第三方。 杭州高新提示风险称，备忘录签署后，巨融伟业将依据备忘录开展尽职调查工作，尽职调查完成后，双方将 确定是否签署正式协议，本次交易存在后续正式协议签署时间待定、未能签署及交易无法达成的风险，交易 能否最终实施完成及实施结果尚存在不确定性。 公开资料显示，巨融伟业成立于2017年，注册资本5000万元。经股权穿透，巨融伟业间接控股股东为巨融能 源，后者是我国西北地区重要的液化天然气生产企业。 巨融能源官网显示，公司成立于2010年，是一家以能源化工为主的绿色清洁能源供应企业，业务立足西北、 布局全国、辐射欧亚。公司天然气板块下辖4个LNG工厂，年度液化天然气总产能300万吨 ...

Core Viewpoint - The adjustment of actual controllers at Wens Foodstuff Group involves the transition from the original controllers to the next generation of family members, which is expected to maintain the stability of the company's control despite a decrease in the overall shareholding percentage of the new controllers [2][3]. Group 1: Changes in Actual Controllers - Five original actual controllers, including Liang Huanzhen and Wu Cuizhen, have exited their roles, while new third-generation family members such as Wen Jiaolong and Wen Mingju have been introduced [2]. - The new actual controllers collectively hold 11.9% of the company's total shares, compared to 15.6% held by the original controllers, indicating a relatively close shareholding ratio [3]. Group 2: Family Dynamics and Governance - The new actual controllers maintain a harmonious family relationship, with a combined shareholding of 16.8% when including close relatives, which has remained stable since the company's listing [3]. - The new family members have a close relationship with the original controllers and share a strong alignment with the original management philosophy and corporate culture, which is expected to enhance governance stability [3]. Group 3: Contributions and Experience of New Controllers - The ten actual controllers have made significant contributions to the company's strategic development and management, with key positions held by members such as Wen Zhi Fen as Chairman and Wen Peng Cheng as a Director [4]. - Their professional backgrounds and capabilities are deemed sufficient to influence major operational decisions and personnel appointments, ensuring the stability of Wens Foodstuff Group's control [4]. Group 4: Company Background - Wens Foodstuff Group, founded in 1983, is a modern agricultural enterprise group primarily engaged in livestock and poultry farming, with a history rooted in a cooperative investment by several families [4][5]. - The company has maintained a family-controlled model, with the third generation increasingly entering core management roles, exemplified by Wen Jiaolong becoming a board member in 2024 [5]. Group 5: Market Performance - As of June 17, the stock price of Wens Foodstuff Group was 17.31 yuan, with a total market capitalization of 115.179 billion yuan [5].

Core Viewpoint - The blood product giant, Palin Biotech, is set to be acquired by China National Pharmaceutical Group (Sinopharm), marking another change in ownership within two years [1][2]. Group 1: Ownership Change - On June 9, Palin Biotech announced that its controlling shareholder, Shengbang Yinghao Investment Partnership, plans to transfer 21.03% of its shares to China National Biotechnology Co., Ltd [1]. - If the transaction proceeds, the controlling shareholder will shift from Shengbang Yinghao to China National Biotechnology, with the actual controller changing from the Shaanxi Provincial State-owned Assets Supervision and Administration Commission to Sinopharm [1]. - This marks the second ownership change for Palin Biotech in less than two years, following a previous transfer of 20.99% of shares to Shengbang Yinghao in March 2023 [2]. Group 2: Financial Performance - In 2024, Palin Biotech reported a revenue of 2.655 billion yuan, a year-on-year increase of 14%, and a net profit of 745 million yuan, up 21.76%, marking seven consecutive years of profit growth [3]. - However, in Q1 2025, the company experienced a revenue decline of 14% to 375 million yuan and a net profit decrease of 26.95% to approximately 89.09 million yuan [3]. - The decline in Q1 2025 is attributed to insufficient production capacity to meet growing demand, prompting expansion efforts at its subsidiaries [3]. Group 3: Capacity Expansion - Palin Biotech is currently expanding production capacity at its subsidiaries, with the second phase of expansion at Paisfiko expected to be completed before the 2025 Spring Festival [3]. - The second phase expansion at Guangdong Shuanglin is anticipated to commence production in mid-2025, increasing annual capacity to 1,500 tons, contributing to a total capacity exceeding 3,000 tons [3]. - This expansion aims to support the company's growth and ensure sustainable long-term development [3]. Group 4: Regulatory Compliance - In May 2023, Palin Biotech faced penalties due to internal control issues leading to inaccurate information disclosure [3]. - The company submitted a rectification report on June 3, 2023, committing to enhance internal compliance management and improve information disclosure practices [4].

文/梧桐小新 6月4日，西藏易明西雅医药科技股份有限公司（易明医药，002826）披露关于控股股东、实际控制人签署《股份转让协议》暨公司控制权拟发生变更的提示性公 告。 2025年5月31日，北京福好企业管理合伙企业（有限合伙）与公司控股股东、实际控制人高帆签署了《股份转让协议》， 北京福好拟协议收购高帆持有的 43,855,883股易明医药的股份，占上市公司股份总数的23.00%，按照15.10元/股的价格，总转让价款为662,223,833元。 本次权益变动不触及要约收购，亦不构成关联交易，本次权益变动实施完成后， 易明医药控股股东将由高帆变更为北京福好，实际控制人将由高帆变更为姚劲 波。 本次权益变动前后，相关主体在上市公司中持有权益的变化情况如下： | 主体 | 本次交易前 | | 本次股份转 让/受让股数 | 本次交易后 | | | --- | --- | --- | --- | --- | --- | | | 有表决权股份 | 表决权比 | (股) | 有表决权股份 | 表决权比 | | | (股) | 例 | | (股) | 例 | | 高帆 | 48,800,382 | 25.59% | 43 ...

Core Viewpoint - The recent surge in control changes among home furnishing companies reflects a significant reshuffling and self-rescue efforts within the industry amid a deep adjustment period in real estate [1][2][12] Group 1: Control Changes - On May 30, Yazhen Home (ST Yazhen) announced a change in its controlling shareholder, with Wu Tao acquiring a 29.99996% stake, reducing the original controlling party's voting rights to 10% [1] - On June 3, Filinger officially announced that private investor Jin Yawei acquired a 25% stake for approximately 700 million yuan, becoming the new controlling party, with the original shareholders nearly exiting [1] - On the same day, Diou Home suspended trading due to plans for a control change, with potential acquirer Zhu Jiang from Waterhua Zhiyun indicated as the new controlling party [1] Group 2: Industry Challenges - The core driving force behind the frequent equity changes is the deteriorating fundamentals of the industry, with Filinger's revenue expected to decline by 14.86% in 2024 and a net loss of 37.3 million yuan [2][4] - Diou Home has reported continuous losses since 2022, while Yazhen Home has been placed under delisting risk warnings due to operational difficulties [2][4] Group 3: Business Models and Market Conditions - The main businesses of the three companies—wood flooring & custom home furnishings, finished furniture, and sanitary ceramics—are deeply tied to the real estate industry [4] - The ongoing decline in new housing sales and extended completion cycles pose severe challenges to their traditional business models, compounded by intense internal competition and high channel costs [4] Group 4: New Capital and Strategic Intent - New capital entering the industry during this downturn represents a revaluation of distressed assets and resource restructuring [6] - Jin Yawei, as a financial investor, aims to leverage Filinger's brand value and channel network, while Wu Tao emphasizes operational control and board restructuring at Yazhen [6][11] - Zhu Jiang's potential acquisition of Diou may indicate opportunities for upstream and downstream technological collaboration or supply chain integration [8] Group 5: Future Directions and Challenges - The new controlling parties face the challenge of leading the companies away from dependence on real estate and establishing sustainable growth avenues [11][12] - Key strategies for breaking through include tapping into the existing housing market, transforming channels, and enhancing product innovation through sustainable materials and smart upgrades [12] - The industry is entering a deep integration phase, with increasing losses among larger enterprises and a trend of accelerated exit among smaller firms [12][13] Group 6: Observations on Control Changes - The entry of new capital provides a breathing space for distressed companies but does not resolve the core issues stemming from the mismatch between past growth reliance on real estate and current market conditions [13] - Successful transformation requires a shift away from real estate dependency, a commitment to substantial investments in R&D and production, and stable governance to avoid strategic missteps [13]