而有消息人士指出，宗馥莉的再次辞职，主要是因为娃哈哈商标使用权"不合规"。最终，宗馥莉决定经 营自己的品牌"娃小宗"。在今年5月，娃哈哈曝光了一款"娃小宗"无糖茶饮料，定价为4元。 10月11日，宗馥莉的叔叔宗泽后在朋友圈发文，对宗馥莉辞职一事发表自己的看法。宗泽后表示，上一 次宗馥莉辞职时自己发表言论，被网友或者水军骂翻天，但事实上都是这些人害了她，使她越走越远， 已经无法回头了。 （文章来源：21世纪经济报道） 10月11日，一个名为"娃小宗"的微博账号已完成平台认证，截至15:36，该账号粉丝数已达6000，仍在 持续上涨中。 检索信息显示，该账号认证主体为宏胜饮料集团有限公司，审核通过时间为9月30日，但暂未发布任何 内容。而宏胜集团是恒枫贸易有限公司的全资子公司，祝丽丹为法定代表人和总经理，宗馥莉担任董 事。 ...

娃哈哈的权力斗争连续剧，迎来了最重磅的一集更新： 不同于去年7月那场"以退为进"的辞呈，在执掌娃哈哈最高权柄一年多的时间里，尽管来自家族内部的反对声音从未停息，但得益于一系列削藩、集权、 改革措施，宗馥莉对于娃哈哈实际掌控能力，反而与日俱增。 也正因如此，此次辞职并没有被外界视为一种权术层面的斡旋，反而更像是新风雨来临前的"全身而退"。 有消息称表示，宗馥莉此次辞职，是因为决定全力经营自己的品牌"娃小宗"。 早在此前，宗馥莉就已陆续将娃哈哈旗下的部分员工、生产、销售渠道等资源转移至其完全掌控的宏胜集团。 除此以外，从今年2月开始，宏胜集团先后完成了"娃小宗"相关商标的密集注册、新品曝光、产线新建工作。 从父亲离世、继承更替再到家族纷争、商业布局，一路走来，宗馥莉的落子似乎从未停止，而伴随着辞呈的通过，这部昔日饮料帝国的剧集悬念，也被推 向了最高潮—— 宗馥莉的另起炉灶能否顺利？"失宗"之后的娃哈哈又将何去何从？ 1、娃哈哈还会姓"宗"吗？ 这之中，相比于仍在走注册流程，尚未完全落地的"娃小宗"，受此次辞呈事件影响最大的，无疑是经营刚有起色的娃哈哈。 2025年10月10日晚，据相关媒体报道，宗馥莉在"十一"假 ...

【导读】宗馥莉辞任娃哈哈集团董事长，宗泽后公开发声；许思敏，任娃哈哈集团总经理 宗馥莉辞任后，宗泽后再度发声！ 宗泽后提到，宗家下一代里宗馥莉算是出类拔萃的，但是对博大精深的中国文化了解太少。"过去说要德艺双修才能成正果，还是欠缺了一些。德也没修 成，艺也没学成，如何能承担大任？" 10月11日，宗泽后在朋友圈发文，对宗馥莉辞职娃哈哈集团董事长等相关职务一事发表自己的看法。 而对于这一次宗馥莉的辞职，宗泽后称："上一次她辞职，我说过上面这段话，那时她听进去就不会有今天这样的结局。" 宗泽后：网络水军害了宗馥莉 另外，宗泽后也再次对所谓"网络水军"发表自己的看法。宗泽后称，"尽管网友或者水军把我骂翻天，但事实上都是这些人害了她，使她越走越远，已经 无法回头了。不得不说在我们宗家下一代里她算是出类拔萃的，但是对博大精深的中国文化了解太少，过去说要德艺双修才能成正果，还是欠缺了一些。 德也没修成，艺也没学成，如何能承担大任？" 最后，宗泽后表示，娃哈哈不是宗家的，宗家只是和许许多多娃哈哈的员工、许许多多的消费者共同创建了这个品牌，娃哈哈是陪伴80、90后成长的一代 饮品品牌。"我相信80、90后以及他们的子女都会怀 ...

10 月 11 日，宗泽后在朋友圈发文，对宗馥莉辞职娃哈哈集团董事长等相关职务一事发表自己的看法。 【导读】宗馥莉辞任娃哈哈集团董事长，宗泽后公开发声；许思敏，任娃哈哈集团总经理 中国基金报 晨曦 综合整理 宗馥莉辞任后，宗泽后再度发声！ 宗泽后提到，宗家下一代里宗馥莉算是出类拔萃的，但是对博大精深的中国文化了解太少。 " 过去说要德艺双修才能成正果，还是欠缺了 一些。德也没修成，艺也没学成，如何能承担大任？ " 宗泽后：网络水军害了宗馥莉 娃哈哈不是宗家的 2024 年 7 月，宗馥莉辞职的消息传出后，宗泽后在朋友圈表态： " 是件好事。 " 宗泽后称，宗馥莉最大的问题是：接班娃哈哈不应该考虑如何做大规模，如何赚钱，如何大刀阔斧改变现状。她首先要考虑的是如何做好 事，做慈善。让所有人都认可，在这个过程中可以发现很多问题，也可以发现很多人才，自然而然让大多数人认可接班。她却反其道而行 之，火力四开，锋芒毕露，应了古语：刚易折。 同时，宗泽后提到，从本质上讲国家是 娃哈哈 大股东，当然是国家说了算。 " 如果全是你自己的股份，当然你可以爱怎么干就怎么干，国 有企业你就是个职业经理人。 " 而对于这一次宗馥莉的辞 ...

宏胜集团是恒枫贸易有限公司的全资子公司，祝丽丹为法定代表人和总经理，宗馥莉担任董事。 此前"娃小宗"推出首款凝香乌龙无糖茶，定价为4元，与传统娃哈哈包装形成鲜明隔离。 10月10日晚，多家媒体报道，从知情人士处获悉，宗馥莉已于9月12日向娃哈哈集团有限公司辞去公司法定代表人、董事及董事长等相关职务并已通过集 团股东会和董事会的相关程序。 另外，据媒体报道，一名消息人士表示，宗馥莉此次辞职，是因为商标使用"不合规"，宗馥莉决定经营自己的品牌"娃小宗"。 10月11日，一个名为"娃小宗"的微博账号已完成平台认证，检索信息显示，该账号认证主体为宏胜饮料集团有限公司，审核通过时间为9月30日，目前粉 丝数422，但暂未发布任何内容。 信息显示，9月以来，多地娃哈哈关联公司发生工商变更，企业名称变更为宏胜，包括西双版纳宏胜饮料有限公司、宜昌宏胜饮料有限公司等。此外，今 年以来已有超十家娃哈哈旗下公司发生工商变更，企业名称变更为宏胜，包括杭州宏胜恒泽饮料有限公司、白山宏胜饮料有限公司等。 "娃小宗"是宏胜集团旗下品牌，资料显示，宏胜集团有限公司成立于2003年，最初为娃哈哈的代工厂，2007年宗馥莉接手管理后，公司以饮料 ...

每经编辑｜何小桃 10月10日晚，多家媒体报道，从知情人士处获悉，宗馥莉已于9月12日向娃哈哈集团有限公司辞去公司法定代表人、董事及董事长等相关职务并已通过集 团股东会和董事会的相关程序。 另外，据媒体报道，一名消息人士表示，宗馥莉此次辞职，是因为商标使用"不合规"，宗馥莉决定经营自己的品牌"娃小宗"。 10月11日，一个名为"娃小宗"的微博账号已完成平台认证，检索信息显示，该账号认证主体为宏胜饮料集团有限公司，审核通过时间为9月30日，目前粉 丝数422，但暂未发布任何内容。 宏胜集团是恒枫贸易有限公司的全资子公司，祝丽丹为法定代表人和总经理，宗馥莉担任董事。 此前"娃小宗"推出首款凝香乌龙无糖茶，定价为4元，与传统娃哈哈包装形成鲜明隔离。 信息显示，9月以来，多地娃哈哈关联公司发生工商变更，企业名称变更为宏胜，包括西双版纳宏胜饮料有限公司、宜昌宏胜饮料有限公司等。此外，今 年以来已有超十家娃哈哈旗下公司发生工商变更，企业名称变更为宏胜，包括杭州宏胜恒泽饮料有限公司、白山宏胜饮料有限公司等。 "娃小宗"是宏胜集团旗下品牌，资料显示，宏胜集团有限公司成立于2003年，最初为娃哈哈的代工厂，2007年宗馥莉接手 ...

Summary of KaiRun Co., Ltd. Conference Call Company Overview - **Company**: KaiRun Co., Ltd. - **Date**: August 28, 2025 Key Points Financial Performance - **Revenue**: In the first half of 2025, revenue reached 2.43 billion yuan, a year-on-year increase of 32.5% [2][3] - **Net Profit**: The net profit attributable to shareholders was 187 million yuan, with a year-on-year operational net profit growth of approximately 23% after excluding one-time gains [2][3] - **Segment Performance**: - **ToB Manufacturing**: Revenue of 2.098 billion yuan, up 37.22% [3] - **ToC Business**: Revenue of 310 million yuan, up 8.87% [3] Segment Analysis - **Luggage Segment**: Revenue of 1.42 billion yuan, a 13% increase year-on-year; the growth in the luggage manufacturing segment approached 50% due to new clients like Queens and VF [2][4][5] - **Apparel Segment**: Revenue of 680 million yuan, a significant increase of 148% year-on-year; gross margin improved to approximately 16% due to product structure optimization and efficiency improvements [2][4][6] Operational Improvements - **Production Efficiency**: Efficiency in Indonesian garment factories improved by about 8%, while Chinese factories saw a 6% increase [6] - **Supply Chain Management**: Implementation of SAP systems to enhance supply chain control and management capabilities [6] Capacity Expansion - **Indonesian Production**: Ongoing expansion of the Indonesian Baodao factory, with a projected 40% increase in soft package production lines and around ten new production lines for luggage by 2026 [7][8] - **Employment Impact**: Over 20,000 jobs created in Indonesia, with strong local government partnerships [12] Market Dynamics - **Tariff Impact**: The new U.S. tariff policy has led to a shift in procurement towards Indonesia, with many clients planning to move at least one-third of their supply chains there [12][24] - **Client Performance**: Major clients like Uniqlo and Adidas showed strong growth, while Nike and Decathlon's growth was below average due to their own performance issues [9][17] Future Outlook - **Growth Strategy**: The company plans to continue focusing on efficiency improvements while gradually increasing order intake, with expectations of double-digit growth in the second half of the year [10][18] - **Revenue Projections**: The target revenue for the apparel segment is approximately 1.8 billion yuan for the year, with a focus on maintaining operational efficiency [15][18] Brand Performance - **Brand Revenue**: Brand operations generated 310 million yuan, with Xiaomi contributing over 210 million yuan, reflecting a 25% growth [4][13] - **Profitability**: Brand gross margin was 24.14%, down 1.1 percentage points, but both Xiaomi and 90 Fen brands saw improvements in their respective margins [13][21] Customer Acquisition - **New Client Development**: The company is actively pursuing new clients, particularly in high-margin outdoor brands, while maintaining relationships with existing major clients [16][20] Challenges and Mitigation - **Tariff-Related Pricing Pressure**: The company is addressing pricing pressures from clients due to tariffs by enhancing product margins through operational improvements and new order development [25][26] Conclusion - Overall, KaiRun Co., Ltd. demonstrated strong financial performance in the first half of 2025, with significant growth in both the luggage and apparel segments. The company is strategically expanding its production capacity in Indonesia while navigating challenges posed by new tariff policies. The outlook for the second half of the year remains positive, with expectations for continued growth and efficiency improvements.

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company demonstrated strong growth in operating net profit, with a 23% increase in H1 2025, despite a decline in net profit due to one-time investment income from the fair value reassessment of Shanghai Jiale [1][4] - The company's revenue reached 2.427 billion yuan in H1 2025, a year-on-year increase of 32.5%, while the net profit attributable to the parent company was 187 million yuan, down 24.8% year-on-year [1] - The company is expected to achieve double-digit growth in OEM revenue, driven by its production capacity advantages in Indonesia and an expanding client base [4] Summary by Sections OEM Manufacturing - In H1 2025, OEM manufacturing revenue was 2.098 billion yuan, up 37.2% year-on-year, with bag manufacturing revenue at 1.419 billion yuan (up 13.0%) and apparel manufacturing revenue at 679 million yuan (up 148.3%) [2] - The gross margin for OEM manufacturing was 24.67%, an increase of 0.96 percentage points year-on-year, with apparel gross margin significantly improving due to enhanced management and integration [2] Brand Operations - Brand operations revenue was 306 million yuan in H1 2025, an increase of 8.9% year-on-year, with distribution revenue at 251 million yuan (up 28.3%) and online revenue at 55 million yuan (down 35.4%) [3] - The gross margin for brand operations was 24.14%, a decrease of 1.10 percentage points year-on-year, but is expected to recover as new products are launched and channels are optimized [3] Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 5.164 billion yuan, 5.916 billion yuan, and 6.776 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.8%, 14.6%, and 14.5% [4] - The net profit attributable to the parent company is expected to be 372.4 million yuan, 459.2 million yuan, and 558.8 million yuan for the same years, with growth rates of -2.3%, 23.3%, and 21.7% respectively [4]

Group 1 - The "China Online Consumption Brand Index" (CBI) and "Global Brand China Online Top 500" (CBI500) show a growth in online consumer brand index from 63.38 in Q1 2025 to 65.17 in Q2 2025, indicating a trend towards purchasing quality brand products among Chinese consumers [1][2] - The index reflects that during major shopping events like the 618 and Double 11 festivals, consumers tend to choose quality brands over low-priced private labels, highlighting the importance of online promotional activities for brand management and quality consumption [1][2] - The CBI500 list sees significant changes with Apple, Midea, Xiaomi, Haier, and Huawei occupying the top five positions, while traditional brands like Six God and Diamond Fan also make it to the top 500 due to increased sales and search volume in summer categories [1][2] Group 2 - The newly introduced "Fast-Moving Consumer Goods (FMCG) New Brands List" indicates a recovery trend and growth potential in China's FMCG sector, with 48 out of 50 listed brands being emerging brands from mainland China [2] - Key factors for new brands transitioning from "internet celebrity" to sustainable success include understanding high-value consumer preferences and repeat purchase behavior [2][3] - The research emphasizes the need for new brands to shift from a "traffic mindset" to "user lifecycle management" to effectively engage high-value users through product innovation and service experience [3]

Core Insights - The "China Online Consumption Brand Index" (CBI) and related indices show a continued growth in online consumer brand engagement, with the CBI rising from 63.38 in Q1 2025 to 65.17 in Q2 2025, indicating a strengthening trend towards purchasing quality brand products [1] Group 1 - The increase in the CBI reflects a growing consumer preference for quality brands over low-cost alternatives, particularly during major shopping events like the 618 and Double 11 festivals [1] - E-commerce platforms are becoming crucial for brand management and quality consumption, with promotional activities playing a significant role in influencing consumer choices [1]