作者 | 第一财经 栾立、乐琰、揭书宜 宗馥莉再次辞职消息传出后，引发全网热议。第一财经记者10月11日多方采访娃哈哈经销商发现，经销商业务上尚未接到调整通知，部分受访者对宗馥莉 辞职可能带来的变化仍持观望态度，也有经销商表示愿意力挺，还有一部分零售商称基本不会售卖"娃小宗"产品。 业界认为，宗馥莉辞职风波背后最关键的是娃哈哈未来如何发展，经销商、零售商的合作、市场格局是否会发生重大变化。如果"娃小宗"与娃哈哈有竞争 关系，尤其是如今的生产端话语权大多掌握在宗馥莉所控制的"宏胜系"，那么未来从生产端到零售端，产业链者该如何平衡？ 有经销商观望，有零售商不买账 从事23年娃哈哈经销的内蒙古商人王伟平向第一财经记者表示，已看到相关消息，但未接到业务调整通知，作为老经销商首选仍是宗系企业，至于娃哈哈 还是"娃小宗"并不重要。 第一财经记者拿到的一份2024年娃哈哈商超特通经销商联销体协议显示，经销商同时签约杭州娃哈哈宏辉食品饮料有限公司（下称"宏辉食品"）、浙江娃 哈哈食品饮料营销有限公司（下称"浙销公司"）、杭州娃哈哈启力食品有限集团公司（下称"启力食品"）与娃哈哈商业股份有限公司（下称"娃哈哈商 业"）四家企业 ...

作者 | 第一财经 栾立、乐琰、揭书宜 宗馥莉再次辞职消息传出后，引发全网热议。第一财经记者10月11日多方采访娃哈哈经销商发现，经销商业务上尚未 接到调整通知，部分受访者对宗馥莉辞职可能带来的变化仍持观望态度，也有经销商表示愿意力挺，还有一部分零售 商称基本不会售卖"娃小宗"产品。 业界认为，宗馥莉辞职风波背后最关键的是娃哈哈未来如何发展，经销商、零售商的合作、市场格局是否会发生重大 变化。如果"娃小宗"与娃哈哈有竞争关系，尤其是如今的生产端话语权大多掌握在宗馥莉所控制的"宏胜系"，那么未来 从生产端到零售端，产业链者该如何平衡？ 2025.10. 11 本文字数：1874，阅读时长大约3分钟 也有部分零售商表示一切要在商言商。"娃哈哈最主要的核心产品之一是水，而水属于大标品，竞争对手非常多，且很 难差异化。目前我们还不清楚'娃小宗'具体的产品是什么，但如果还是水、茶饮这类的话，我们基本不会进货的，因为 根据目前市场上的商品情况来看，这类商品非常同质化，'娃小宗'很有可能会卖不动。除非'娃小宗'可以做出非常与众 不同的商品，但这个难度很大。我们是零售端的，必须考虑销量，目前我们对'娃小宗'的预期并不太高。" ...

宗馥莉辞职引发娃哈哈未来发展的热议，经销商和零售商对可能的变化持观望态度。 宗馥莉再次辞职消息传出后，引发全网热议。第一财经记者10月11日多方采访娃哈哈经销商发现，经销商业务上尚未接到调整通知，部分受访者对宗馥莉辞 职可能带来的变化仍持观望态度，也有经销商表示愿意力挺，还有一部分零售商称基本不会售卖"娃小宗"产品。 业界认为，宗馥莉辞职风波背后最关键的是娃哈哈未来如何发展，经销商、零售商的合作、市场格局是否会发生重大变化。如果"娃小宗"与娃哈哈有竞争关 系，尤其是如今的生产端话语权大多掌握在宗馥莉所控制的"宏胜系"，那么未来从生产端到零售端，产业链者该如何平衡？ 从事23年娃哈哈经销的内蒙古商人王伟平向第一财经记者表示，已看到相关消息，但未接到业务调整通知，作为老经销商首选仍是宗系企业，至于娃哈哈还 是"娃小宗"并不重要。 但多位受访经销商对于事件后续发展仍保持观望。有山东娃哈哈经销商告诉第一财经记者，新年份的联销体合同还没有签约，月底可能局势就会更明朗，但 从商业层面，其更愿意销售娃哈哈品牌产品，如果"娃小宗"没有任务量要求也可以"带着卖"。 企查查数据显示，宏辉食品、浙销公司都是宏胜集团下属杭州宏宸营销 ...

香港商业家族虽只有百年传承历史，但最多已传承六代，家族成员也成为各个领域的佼佼者。其背后的原因是成功的企业传承、有效的人才培养和系统的 家族治理。内地商业家族若从现在开始，以更宏观、长远的视角看待家族企业传承和家族治理，就更有可能实现家族企业传承的系统性目标，即企业持续 发展、财富管理得当、人才不断涌现和家族世代繁荣四者合一。 从19世纪40年代至今，香港历经180多年的现代经济发展，虽道路曲折，但取得了国际公认的成果，也涌现出一批持续经营多代的家族企业。 在2024胡润中国500强企业中，有42家企业历史超50年，其中70%来自香港和中国台湾；有6家企业历史超百年，还有1家超90年，这些企业均来自香港。 掌管恒基兆业的李兆基家族、掌控九龙仓的包玉刚家族、创办李锦记的李文达家族、拥有周大福珠宝品牌的郑裕彤家族，以及长期占据华人首富位置的李 嘉诚家族等，都是其中的典型代表。 其中，创业时间最早的当属19世纪中期成立的香港中华煤气(1862年)，后于1983年被李兆基家族收购全部股权；最晚的则是1929年起步的郑裕彤家族相关 企业。 历经百余年持续发展，香港家族企业经历过完整的经济周期，其发展历程普遍比内地企业更 ...

从"一碗水端平"到信托设计 香港商业家族虽只有百年传承历史，但最多已传承六代，家族 成员也成为各个领域的佼佼者。其背后的原因是成功的企业传 承、有效的人才培养和系统的家族治理。内地商业家族若从现 在开始，以更宏观、长远的视角看待家族企业传承和家族治 理，就更有可能实现家族企业传承的系统性目标，即企业持续 发展、财富管理得当、人才不断涌现和家族世代繁荣四者合 一。 作者： 李海涛 封图：图虫创意 从19世纪40年代至今，香港历经180多年的现代经济发展，虽道路曲折，但取得了国际公认的成 果，也涌现出一批持续经营多代的家族企业。 在2024胡润中国500强企业中，有42家企业历史超50年，其中70%来自香港和中国台湾；有6家企 业历史超百年，还有1家超90年，这些企业均来自香港。 掌管恒基兆业的李兆基家族、掌控九龙仓的包玉刚家族、创办李锦记的李文达家族、拥有周大福珠 宝品牌的郑裕彤家族，以及长期占据华人首富位置的李嘉诚家族等，都是其中的典型代表。 其中，创业时间最早的当属19世纪中期成立的香港中华煤气（1862年），后于1983年被李兆基家 族收购全部股权；最晚的则是1929年起步的郑裕彤家族相关企业。 历经百余 ...

以下文章来源于天天IPO ，作者刘博 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 传承。 家族传承迎来新一幕。 投资界获悉，汇川技术公告称，公司实际控制人、董事长兼总裁朱兴明通过大宗交易方式内 部转让了96 0. 21万股公司股份给其女儿朱瀚玥。按公司披露的内部转让均价80.1 4元/股计 算，这次转让的股份价值约7.70亿元。 算下来，朱兴明已累计赠予女儿股份价值约1 4亿元。 众所周知，汇川技术由朱兴明在20 03年一手创立，一路崛起为行业龙头，如今市值超2 2 00 亿元。与此同时，从汇川技术分拆而来的联合动力，也即将登陆创业板。这意味着，这对父 女又将收获一个IPO。 前岳阳首富 他给女儿转股票，价值7亿 这要从4年前说起。 20 21年7月，汇川技术曾发布关于实控人离婚的公告。彼时公告称，朱兴明与钟进因感情破 裂，已办理离婚手续。根据协议约定，朱兴明分割其直接持有的7 0 30.03万股汇川技术股票 给钟进。这部分股票如按照双方办理离婚手续当日（即2 021年7月8日）的收盘价7 6.6 7元/ 股来计算的话，价值约53 .9亿元。 同年9月，朱兴明与朱瀚玥签署了《赠与协议》 ...

Core Insights - The article discusses the evolution and success of family businesses in Hong Kong, highlighting their long-standing history and the lessons learned in ownership and management succession [3][25]. Group 1: Historical Context - Hong Kong has over 180 years of modern economic development, producing numerous family businesses that have operated for multiple generations [2]. - In the 2024 Hurun China 500 list, 42 companies have a history of over 50 years, with 70% from Hong Kong and Taiwan, including six companies over 100 years old [3]. Group 2: Ownership Succession - The article outlines the challenges of ownership succession in family businesses, particularly the pitfalls of equal share distribution, as exemplified by the case of Yung Kee Restaurant [4][5][6]. - Trust structures have been increasingly utilized for ownership succession, with the case of New World Development illustrating the complexities involved [7][8]. Group 3: Successful Trust Structures - The Lee Shau Kee family has implemented a mature trust mechanism that allows for dynamic adjustments based on contributions, ensuring smooth succession and governance [8][9]. - Other families, such as the Cheng Yu-tung family, have also successfully utilized trust structures to maintain control over their businesses despite management changes [9][10]. Group 4: Governance and Leadership - Family governance has evolved from informal rules to structured systems, with families like Lee Kum Kee establishing comprehensive governance mechanisms [21][22]. - The role of family leaders has been crucial, with examples of non-business leaders stepping up to guide family governance, as seen in the case of Kwan Siu-king from New World Development [24]. Group 5: Lessons for Mainland China - The experiences of Hong Kong family businesses provide valuable insights for mainland Chinese family enterprises, emphasizing the importance of learning and adapting governance and succession practices [25][26]. - Successful family businesses prioritize not only the continuity of the enterprise but also the cultivation of talent and the prosperity of the family across generations [28].

Core Viewpoint - The company, Wancheng Group, has successfully transformed from a mushroom-focused business to a snack retail powerhouse, with its new "bulk snack" business accounting for nearly all of its revenue, but faces challenges such as low profitability and high debt levels [1][4][15]. Group 1: Business Transformation - Wancheng Group, originally established in 2011, was primarily focused on edible mushrooms, with over 70% of its revenue coming from mushroom products between 2017 and 2021 [2]. - The company launched its "Lvxiaocan" brand in August 2022 to enter the bulk snack market, and by 2024, its revenue reached 32.3 billion yuan, a 248% increase year-on-year, with the bulk snack business contributing 98% of total revenue [4][5]. - As of mid-2025, the company reported a revenue of 22.58 billion yuan, a 106.89% increase year-on-year, with a net profit of 472 million yuan, marking a significant growth [5]. Group 2: Financial Performance and Challenges - Despite impressive revenue growth, Wancheng Group faces a "high revenue, low profitability" issue, with a net profit margin of only 2.09% in the first half of 2025 [8]. - The company's debt has escalated, with total liabilities reaching 5.144 billion yuan and an asset-liability ratio increasing from 24.36% in 2021 to 75.65% [8][9]. - The company has also faced numerous complaints regarding its products and services, indicating potential risks associated with its rapid expansion [7]. Group 3: Management Transition - The founder, Wang Jiankun, was placed under investigation in March 2025, leading to a management transition where his sister Wang Lijing took over as chairman and his son Wang Zenning became the general manager [11][14]. - Wang Zenning has been involved in the family business since 2015 and has taken on a more prominent role during the transition period [13][14]. - The management change occurs amidst the company's significant transformation and poses questions about the future direction and stability of the business [15].

Core Viewpoint - Wolong Electric Drive has submitted its prospectus to the Hong Kong Stock Exchange for a dual listing, aiming to capitalize on its recent stock price surge and significant market valuation of approximately 50.1 billion RMB [5][14]. Group 1: Company Background - Founded by Chen Jiancheng in 1984, Wolong Electric Drive started from a small factory and has grown into a leading domestic electric motor manufacturer, achieving a market capitalization of 50.1 billion RMB as of now [6][10]. - Chen Jiancheng's daughter, Chen Yanni, joined the company in 2007 after gaining experience abroad and has since taken on significant leadership roles, including Vice Chairman of the Board [11][13]. Group 2: Financial Performance - Wolong Electric Drive's revenue for 2022, 2023, and projected 2024 is 14.27 billion RMB, 15.57 billion RMB, and 16.25 billion RMB respectively, with profits of 839 million RMB, 553 million RMB, and 832 million RMB [18][20]. - The company has seen its stock price double within the year, reflecting strong market performance and investor confidence [14]. Group 3: Business Segments - The company specializes in electric drive systems and solutions, with five core segments: explosion-proof systems, industrial systems, HVAC systems, new energy transportation systems, and robotics components [16][18]. - Wolong Electric Drive ranks first in the global market for explosion-proof electric drive systems with a market share of approximately 4.5% [18]. Group 4: Strategic Initiatives - The company is focusing on expanding its robotics business, which is still in the early commercialization stage, and has made strategic investments in related technologies [21][22]. - Wolong Electric Drive aims to enhance its presence in emerging fields, particularly electric aviation and robotics components, as part of its growth strategy [22]. Group 5: Industry Trends - There is a noticeable trend of second-generation entrepreneurs, particularly daughters, stepping into leadership roles within family businesses, reflecting a shift in generational dynamics in Chinese enterprises [24][28]. - The increasing number of father-daughter entrepreneurial partnerships is becoming a significant phenomenon in the IPO landscape, indicating a broader acceptance and recognition of female leadership in business [25][27].

Core Viewpoint - Wolong Electric Drive has submitted its prospectus to the Hong Kong Stock Exchange for a dual listing, aiming to capitalize on its recent stock price surge and significant market presence [2][14]. Group 1: Company Background - Wolong Electric Drive, founded by Chen Jiancheng in 1984, has grown from a small factory in Shaoxing, Zhejiang, to a leading domestic electric motor manufacturer, achieving a market capitalization of approximately 50.1 billion RMB [3][6]. - The company underwent a transformation from a collective enterprise to a private company and successfully went public on the Shanghai Stock Exchange in 2002 [7]. - Chen Jiancheng's daughter, Chen Yanni, joined the company in 2007 after gaining experience in international finance, and she has since taken on significant leadership roles within the company [4][13]. Group 2: Financial Performance - Wolong Electric Drive's revenue for 2022, 2023, and 2024 is projected to be 14.27 billion RMB, 15.57 billion RMB, and 16.25 billion RMB, respectively, with corresponding profits of 839 million RMB, 553 million RMB, and 832 million RMB [17][20]. - The company has seen its stock price double in the current year, reflecting strong market confidence [14]. - The core business segments, including explosion-proof, industrial, and HVAC electric drive systems, account for nearly 90% of the company's revenue, although growth in these areas has shown signs of slowing down [18][19]. Group 3: Strategic Initiatives - Wolong Electric Drive is expanding into the robotics sector, with revenue from its robotics components business projected to grow from 355 million RMB in 2022 to 451 million RMB in 2024 [21]. - The company has made strategic investments in emerging fields, particularly in electric aviation and robotics, indicating a focus on diversifying its revenue streams [22]. - Wolong Electric Drive has also engaged in acquisitions of international brands and companies to enhance its market position and technological capabilities [12].