Core Points - Shanghai Wahaha Drinking Water Co., Ltd. has launched a new brand of bottled water called "Hu Xiaowa" due to a trademark dispute with Wahaha Group, which has decided not to renew the trademark usage rights [1] - The conflict escalated when Wahaha Group demanded the transfer of sales rights for bottled water to Honghui Company, controlled by Zong Fuli, and subsequently reported Wahaha Shanghai Water Factory for trademark infringement, leading to a factory shutdown [1][2] - The ownership structure of Wahaha Group complicates the situation, as the major shareholder, Hangzhou City State-owned Assets, does not have absolute control, while Zong Fuli effectively controls decision-making [2] - Zong Fuli's strategy involves abandoning the Wahaha trademark and launching a new brand "Wawa Xiaozong" with a sales target of 30 billion yuan by 2026, which is approximately 80% of Wahaha Group's current scale [3] - The ongoing power struggle and market saturation pose significant challenges for both Zong Fuli and Hangzhou City State-owned Assets, leading to a situation where both parties may suffer losses [3][4] Company and Industry Summary - The trademark dispute highlights the risks associated with shared ownership structures, where unanimous consent is required for brand usage, leading to potential deadlock in decision-making [2][4] - The case serves as a reminder that ownership does not equate to control, emphasizing the importance of aligning control rights with ownership stakes to protect interests [4] - The beverage market's saturation and the negative impact of the ongoing conflict on Wahaha's market reputation could hinder the success of new product launches like "Wawa Xiaozong" [3][4]

从股权结构来看，杭州市上城区国资虽为娃哈哈集团第一大股东，但其46%的持股比例并未达到绝对控 股。与之相对，宗馥莉通过掌控董事会及员工持股会，实际掌握了娃哈哈集团的决策权。近年来，宗馥 莉在对娃哈哈生产、销售全体系进行大刀阔斧重构时，始终在强化自身控制权。 "沪小娃"的诞生，标志着娃哈哈步入了一段充满未知的"深水区"。根据娃哈哈集团现行股权架构，娃哈 哈商标的使用需获得全体股东一致同意，任何一方均拥有"否决权"。这意味着，集团三大股东中，任意 一方都可否决其他方提出的商标授权动议。不幸的是，这种股权设计如今引发了一场惨烈的"负和博 弈"：仅持有娃哈哈集团29.4%少数股权的宗馥莉，若想实现对集团的实际控制、推动自身经营目标落 地，只能选择在娃哈哈体系之外"另起炉灶"；而对杭州市上城区国资而言，要保障所持股权的分红收 益，就必须将集团全体系的利润尽可能留存于娃哈哈集团内部。两边的矛盾不可调和，那就只能"互相 否决，各走各路"。 在明确对手拥有"否决权"的前提下，宗馥莉的应对策略十分清晰：一方面，直接弃用娃哈哈商标，推出 新品牌"娃小宗"，并规划至2026年实现300亿元的销售目标——这一规模大致相当于娃哈哈集团 ...