以下文章来源于棱镜 ，作者温世君 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 44岁，1600亿身家，山东首富，这是新近发布的2025胡润百富榜上，张刚家族的财富量级。 但在彭博的全球实时富豪榜上，上榜的却是张刚78岁的父亲张学信——身家289亿美元，全球第81位，在中 国富豪梯队中，仅次于身家361亿美元的雷军。 这并不奇怪。生于1947年的张学信，早在2015年就已交出了帅印，将信发集团有限公司的法人代表、董事 长、总经理一口气变更为1981年出生的儿子张刚。彼时，张学信68岁，张刚34岁。 相对于这对父子的财富体量，信发集团的公众关注度并不高。这家发迹于鲁西县城的企业，在核心的铝业 领域，已掌控从铝土矿、氧化铝、发电（包括新能源）到电解铝、铝加工、化工、建材的产业链。 近年来，信发集团或张刚个人控制的实体更是持续用大资金收购上游矿山资源：2025年7月，以合计约55亿 元资金，取得国内储量最大的铅锌矿"火烧云"40%股权。在主业相关的铝土矿领域，在2025年5月分别以 10.12亿元、16.12亿元收购广西金龙铝土矿采矿权、山西正义铝土矿探矿权，在2024年10月以45.57亿元收购 山西 ...

在很多人眼里，娃哈哈姓"宗"，是一个不折不扣的家族企业。 对于今时今日的宗家继承人宗馥莉而言，尽管家族内部麻烦缠身，但区区一个红色商标"娃哈哈"的使用权，应当在这位女掌舵人的掌控之中。 但随着一桩一桩爆炸式事件的冲击，娃哈哈水面之下的谜团在逐步公开化。人们渐渐意识到，眼下，宗馥莉似乎在有些被动地与"娃哈哈"挥手作别。 9月，一份有关娃哈哈的内部通知流传开来，宣告宗馥莉将从2026年起启用新品牌"娃小宗"，替代已有近40年历史的"娃哈哈"。 事实上，类似"娃小宗"的如"娃小哈""宗小哈"等多个商标的酝酿已有多时。这些类似排列组合的文字，早在今年初，就被申请注册在了宗馥莉完全控股的 宏胜饮料集团有限公司旗下。 | 商标信息 148 | 历史商标信息 36 | VIP | | 商标状态 ▼ | 国际分类 ▼ | 申请日期 ~ | 注册公告日期 ~ | Q 点击进行搜索 | 미 응버 | © 企查查 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 商标图案 | | | | 国际分类 | 商标状态 | 申请/注册号 ...

Core Viewpoint - The ongoing inheritance dispute involving Zong Qinghou has reached a turning point, with the state-owned major shareholder of Wahaha finally intervening, indicating a shift from a family matter to a public interest issue affecting corporate governance [3][5]. Group 1: Major Shareholder's Change of Attitude - The major shareholder of Wahaha, a state-owned entity holding 46% of the shares, has historically remained passive, allowing Zong Qinghou to dominate operations and strategy [7][8]. - Following Zong Qinghou's death, the governance vacuum and intense succession competition have prompted the state-owned shareholder to abandon its previous silence and take action [9][10]. - The recent trademark transfer incident, where 387 trademarks were proposed to be transferred from the state-owned entity to a company controlled by Zong's daughter, signifies a significant shift in the shareholder's strategy [12][14]. Group 2: Financial Performance and Shareholder Returns - Wahaha has shown strong financial performance, with sales exceeding 50 billion annually, and a projected revenue of 70 billion for 2024, reflecting a year-on-year increase of approximately 200 million [17][18]. - Despite the robust revenue, the state-owned shareholder has received minimal dividends, with Wahaha Group's net profit at only 18.71 million, compared to the significantly higher profits of its external companies [19][20]. - The lack of fair dividend distribution has raised questions about the governance and financial arrangements within Wahaha, especially as the state-owned shareholder has not signed preferential agreements with the local government since 2008 [22][23]. Group 3: Complexity of Shareholding Structure - The shareholding structure of Wahaha has become increasingly complex, with the potential for further complications due to ongoing inheritance disputes among Zong's heirs [28][34]. - The historical context of Wahaha's shareholding, including the transition from full state ownership to a mixed structure, has contributed to the current governance challenges [30][31]. - The state-owned shareholder's recent intervention may be aimed at clarifying ownership and restructuring governance to regain control over the increasingly chaotic shareholding landscape [35][36].