编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图谱。 here 11 2017 2025年终特刊 r. 84 4 I VIN 4 祭服 0:00 电视里播放着2017年的一档访谈节目：刘畅坐在新希望集团的北京办公室，主持人许知远问："金钱对你意味着什么？"刘畅说："金钱还是很重要啊，物质 基础是得去追求的……我对这个（账面上有25个亿）一点感觉都没有，你不可能用这么多……" 2025年11月的最后一天，刘畅在家陪着女儿看完整期节目。她拿起手机给许知远发信息："我原来一直这么二啊！"随即又发了一条朋友圈："惊觉自己一直 都这么的二。世俗化太差，听不懂人家在问什么，自我感觉良好。唯一欣慰的是女儿说，妈妈长头发还挺好看的。" 刘畅口中的"二"，是一种未被世俗规则充分驯化的状态。她说话直接，听不出潜台词，有时还想着"去戳破"。这种特质似乎与她所处的世界有着天然的矛盾 ——一个自认"社会化"不足的人，需要掌管一个在复杂人情与周期波动中生存的庞大实体。 刘畅，被公众知晓的第一个身份是"新希望集团创始人刘永好之女"。1982年 ...

Core Viewpoint - Youyou Food (603697.SH) has revealed its succession plans amidst significant performance growth, driven largely by its partnership with Sam's Club, but faces challenges related to accounts receivable and reliance on a single product line [1][2][4][6]. Financial Performance - In 2024, Youyou Food's revenue increased by 22.37% year-on-year, reversing a two-year decline, with Q3 2025 revenue growing 40.39% to 1.245 billion yuan, and net profit rising 43.34% to 174 million yuan [2][6]. - The company's accounts receivable surged to 74.61 million yuan in 2024, a dramatic increase of 1866% from 3.795 million yuan in 2023, with the largest debtor accounting for over 70% of this amount [4][6]. Sales Channels - The growth in revenue is attributed to the optimization of traditional channels and the expansion into new channels, particularly Sam's Club, which contributed over half of the incremental revenue in Q3 [3][6]. - Youyou Food's reliance on its signature product, deboned duck feet, remains high, with poultry products generating 1.077 billion yuan in revenue, accounting for 87.17% of total revenue [6][8]. Succession Planning - Recent board changes indicate a clear succession plan, with Lu Youzhong remaining as chairman and Lu You taking on the role of general manager, while Lu Xin stepped down from the board [8][9]. - Lu You, aged 37, has been with Youyou Food since 2009 and is seen as a key figure in the company's future management, while Lu Xin, who holds 5.14% of the company's shares, is currently not considered for succession [9].

Core Viewpoint - The resignation of Zong Fuli as the chairman of Wahaha and the appointment of Xu Simin as her successor has sparked significant public discussion regarding the future leadership of the 90 billion yuan company and the implications of this leadership change [1][3][4]. Group 1: Leadership Transition - Zong Fuli has officially resigned as the legal representative of Wahaha, with Xu Simin taking over as chairman and general manager [1]. - Xu Simin, born in 1994 and a law graduate from Zhejiang University, has rapidly ascended through the ranks at Wahaha, previously holding various positions including legal director and general manager [2][3]. - The transition appears to be part of a broader strategy by Zong Fuli to distance herself from Wahaha amid internal and external pressures, including family disputes and governance issues [3][4]. Group 2: Company Performance and Challenges - Wahaha reported a revenue increase of 5 billion yuan in 2025, returning to a revenue scale of approximately 700 billion yuan, which reflects a recovery to pre-pandemic performance levels [4][5]. - The company’s core products, such as purified water and AD calcium milk, have driven significant revenue growth, contributing approximately 200 billion yuan in 2024 compared to 2023 [5]. - Despite the positive revenue trends, there are concerns about product innovation and market competitiveness, particularly in appealing to younger consumers who prioritize health-conscious products [5]. Group 3: Future Outlook - The leadership of Xu Simin is seen as a critical factor in navigating Wahaha's future growth and addressing the need for product innovation and market adaptation [5]. - The company faces the challenge of leveraging its extensive supply chain and distribution network to develop new, health-oriented products that resonate with the evolving preferences of consumers [5].

Core Viewpoint - The transition of leadership at Fuyao Glass from Cao Dewang to his son Cao Hui marks a significant moment in the company's history, reflecting both the challenges and responsibilities of succession in a family business [4][17]. Group 1: Leadership Transition - Cao Dewang submitted his resignation as chairman of Fuyao Glass on October 16, 2023, and Cao Hui was elected as the new chairman, with a term ending on January 15, 2027 [4]. - The succession was planned over 36 years, with Cao Hui being groomed for leadership from a young age, despite his initial reluctance to take over [9][12]. - Cao Hui's leadership style is expected to differ from his father's, leaning towards a more Western approach that emphasizes rules and systems [15]. Group 2: Background of Cao Hui - Born in 1970, Cao Hui grew up in a modest environment and was initially overshadowed by his father's strong personality [6][8]. - He gained public attention in 2010 when he announced a significant donation to earthquake relief efforts, showcasing his commitment to social responsibility [6]. - His professional journey began in the factory, where he worked for six years before moving to various managerial roles, including significant positions in the U.S. [10][11]. Group 3: Preparation for Succession - Cao Dewang emphasized the importance of internal talent development, which shaped Cao Hui's career path within the company [9]. - The transition plan involved appointing Cao Hui's brother-in-law as general manager to ease the operational burden on Cao Hui, allowing him to focus on strategic development [13][14]. - Cao Hui's return to Fuyao was influenced by his father's insistence on the importance of family legacy and responsibility towards the company and its employees [14]. Group 4: Future Outlook - Cao Hui's leadership is seen as a blend of respect for tradition and a push for modernization, with a focus on high-tech product development [15]. - Despite the challenges of stepping into his father's shoes, Cao Hui is expected to navigate the company towards future growth while maintaining its core values [17].

Core Viewpoint - The transition of leadership at Fuyao Glass from 80-year-old Cao Dewang to his son Cao Hui marks a significant generational shift in one of China's leading private enterprises, highlighting unique succession planning and management styles [2][4][6]. Group 1: Leadership Transition - Cao Dewang has officially passed the chairman position to his son Cao Hui, who previously resisted taking over but now acknowledges his father's unconventional training methods [2][4]. - The succession plan outlined by Cao Dewang involves three steps: adjusting the CEO, transferring the chairman role to Cao Hui, and eventually stepping back entirely [4][6]. - Cao Hui's journey began at 19, working in the factory under strict conditions to ensure he did not receive special treatment, which reflects Cao Dewang's commitment to rigorous training [6][8]. Group 2: Financial Performance - Fuyao Glass has shown remarkable financial resilience, only reporting a loss during the 1998 Asian financial crisis, with net profits increasing from 63 million yuan in 1993 to 7.5 billion yuan in 2024, marking a 120-fold increase over 22 years [4][12]. - Under Cao Hui's leadership, the company's revenue grew from 20 billion yuan in 2018 to 39.2 billion yuan in 2024, while net profit increased from 4.1 billion yuan to 7.5 billion yuan during the same period [12]. Group 3: Management Style and Innovation - Cao Hui's management approach contrasts with his father's focus on traditional business practices; he emphasizes technological innovation and modern management techniques [12]. - He has redefined Fuyao's product strategy to focus on five key areas: safety and comfort, intelligent control, energy efficiency, aesthetic appeal, and integrated solutions [12].

Core Viewpoint - The resignation of Zong Fuli from Wahaha Group marks a significant shift in the company's leadership dynamics, indicating deeper issues within the organization and the brand's future direction [5][9][10]. Group 1: Resignation Details - Zong Fuli's resignation on September 12, 2023, was conducted discreetly, contrasting with her previous high-profile resignation [5][6]. - This resignation is seen as a definitive move rather than a temporary retreat, as it follows a series of internal conflicts and legal complexities regarding the use of the Wahaha brand [6][9]. - The macro-level implications of her resignation include the inability of the Hongsheng Group to continue using the Wahaha trademark, leading to the introduction of a new brand, "Wawa Xiaozong," starting in 2026 [7][12]. Group 2: Company Structure and Control - Despite her resignation from Wahaha Group's core management, Zong Fuli retains significant ownership and control, holding 54% of the shares, which grants her substantial influence over the company [10][11]. - The Hongsheng Group, which Zong Fuli controls, remains a critical player in the production and operational aspects of Wahaha, indicating that her influence persists despite her formal exit [11][24]. - The Wahaha Group's assets represent only a small fraction (15.67%) of the total assets within the Wahaha system, highlighting the limited scope of the group compared to the broader operational framework controlled by Zong Fuli [24]. Group 3: Brand and Market Implications - The transition to the "Wawa Xiaozong" brand raises questions about market acceptance and the potential for consumer recognition, as the brand's legacy is deeply tied to Wahaha [12][20]. - The ongoing trademark disputes and the need for a new supply chain could lead to operational challenges for Wahaha, particularly in maintaining production continuity and brand identity [28][30]. - Zong Fuli's departure could disrupt the recent reforms that revitalized Wahaha's market presence among younger consumers, raising concerns about the brand's future engagement strategies [29][30]. Group 4: Leadership Transition - The potential successor to Zong Fuli is currently unclear, with speculation around the appointment of Xu Simin, who lacks extensive commercial experience, suggesting a possible interim management phase rather than a robust leadership transition [31][32]. - The unresolved trademark issues and the overall governance structure may hinder the ability of any new leader to effectively navigate the challenges facing Wahaha [30][31].

Core Viewpoint - The article discusses the differences in succession practices between Japanese and Chinese family businesses, highlighting Japan's unique approach to inheritance and the cultural significance of family legacy in business continuity [6][29]. Group 1: Japanese Succession Practices - In Japan, succession is viewed as an obligation rather than a choice, with discussions focused on "who will succeed" rather than "whether to succeed" [6][14]. - The concept of "muko-iyashi" (婿养子) allows sons-in-law to inherit family businesses, integrating them into the family and ensuring continuity [16][22]. - Approximately 97% of Japanese small and medium-sized enterprises are family-owned, with about 66% being family-operated [13]. Group 2: Examples of Successful Succession - Toyota is a prime example of successful family succession, with multiple generations of the Toyota family and external leaders contributing to its growth [7][8]. - Nintendo's succession involved a son-in-law taking over, demonstrating the effectiveness of the muko-iyashi system in maintaining business stability [20]. - Companies like Uniqlo and Japan's largest courier service, Yamato Transport, have also seen successful transitions through family or external leadership [10][11]. Group 3: Cultural Factors Influencing Succession - Japanese culture places a strong emphasis on family legacy, with societal expectations for heirs to take over family businesses [28][29]. - The long-standing tradition of prioritizing family names and businesses contributes to a stable environment for succession [26][30]. - The average lifespan of Japanese companies is longer, making succession meaningful and culturally significant [29]. Group 4: Challenges and Considerations - While Japan has a robust succession framework, challenges such as internal conflicts and the need for modernization can arise [10][11]. - The article notes that Japan has fewer high-profile failures in succession compared to other countries, indicating a generally stable transition process [8][13]. - The high inheritance tax in Japan is mitigated by special provisions for business succession, encouraging continuity [29].

Core Viewpoint - The article discusses the challenges and strategies of Zong Fuli, the current chairperson of Wahaha Group, as she navigates family disputes and aims to modernize the company's operations while maintaining its legacy [2][5][6]. Group 1: Family Disputes and Leadership Transition - Zong Fuli faces legal challenges from her half-siblings regarding a $2.1 billion offshore trust and other assets following the death of her father, Zong Qinghou [2][3]. - The Hangzhou government has intervened in the inheritance dispute, indicating the high stakes involved in the family dynamics [2]. - Zong Fuli holds 29.4% of Wahaha Group, while the majority shares are held by a state-owned entity [3]. Group 2: Company Performance and Strategic Changes - In 2024, Wahaha Group broke a nine-year stagnation, achieving a revenue of 70 billion yuan, although concerns remain about sustaining this growth [5][8]. - Zong Fuli emphasizes a long-term growth strategy over short-term performance, indicating that the company is in a transitional phase [8][10]. - The company has undergone significant organizational restructuring, merging or eliminating several departments to align with its strategic goals [9][10]. Group 3: Management Philosophy and Future Direction - Zong Fuli rejects the notion of a "Zong Fuli era," asserting that the company belongs to all its employees and that her focus is on effective management and adaptation to market changes [6][11]. - The company is shifting its marketing strategies to foster deeper connections with consumers rather than relying solely on traditional advertising methods [7][12]. - Zong Fuli believes in the importance of a strong corporate culture that encourages individual responsibility and collective growth, viewing this as essential for the company's long-term success [8][15]. Group 4: Industry Context and Competitive Landscape - The beverage industry is characterized by rapid changes, requiring companies to be agile and responsive to consumer preferences and market dynamics [6][7]. - Wahaha's distribution model, once highly successful, is being reevaluated to better fit the current competitive environment [7][12]. - The company is optimizing its dealer network, focusing on partnerships that align with its strategic vision while phasing out less effective relationships [11][12].

Core Insights - Nvidia's founder Jensen Huang's children are now in mid-level positions within the company, raising discussions about the company's succession plan [1] - Jensen Huang, with a net worth of over $1 billion, is reportedly concerned about the future leadership of Nvidia [1] Group 1 - The emergence of potential successors within Nvidia has shocked the online community [1] - The video content aims to reveal lesser-known details about Nvidia's "successors" [1]

Group 1 - The core point of the article discusses the contrasting succession strategies between Alibaba, a private enterprise, and Wahaha, a state-owned enterprise, highlighting the differences in leadership transitions and governance structures [1][2][7][29] - Alibaba has embraced an open succession model, allowing capable individuals like Jiang Fan to rise to power, reflecting a meritocratic approach [1][2][8] - In contrast, Wahaha's leadership transition is complicated by its state-owned background, where power shifts occur within the family, specifically from Zong Qinghou to his daughter Zong Fuli [3][4][5][20] Group 2 - The article emphasizes the challenges Wahaha faces in balancing state asset preservation with family interests, particularly under the leadership of Zong Fuli [6][25][28] - Wahaha's ownership structure is complex, with state capital as the largest shareholder, yet the operational control remains largely with the Zong family [5][20][21] - The article notes that Wahaha's brand value reached 89.609 billion in 2024, indicating significant market presence despite internal governance challenges [22] Group 3 - The succession issue at Wahaha is sensitive, as the state capital should theoretically have a significant say in the selection of the successor, yet the Zong family has maintained control [33][34] - Zong Fuli's leadership has faced resistance from other shareholders, particularly regarding management changes and employee interests, leading to internal conflicts [39][40][41] - The article contrasts this with the smoother succession process in the Chutian family, where the transition was uncontroversial and aligned with family ownership [42][44]