以下文章来源于商业弧光 ，作者苗正卿 当晚，有消息称宗馥莉辞去了娃哈哈董事长等职位。 虎嗅第一时间向娃哈哈核实，确认消息属实。虎嗅了解到，宗馥莉辞去了包括董事长、公司法人在内的关键职 务， 这一辞职动作发生于9月 ，截至10月10日，该动作已经通过了娃哈哈董事会。 自宗馥莉于2024年8月29日正式出任娃哈哈董事长、公司法人、总经理——自此算起，宗馥莉名义上正式掌舵 娃哈哈的时间为1年14天。而此前虎嗅获悉，自2023年开始其父宗庆后已经让宗馥莉"实际上参与公司重大决 策"，当时宗馥莉以副总经理身份开启了一系列改革。 也就是说，经过一年多"副王"和一年多"实王"两段岁月，不到三年，宗馥莉走完了得到、又交出娃哈哈最高权 柄的权力全周期。 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜苗正卿 题图｜视觉中国 "Kelly总（ 宗馥莉 ）对内改革了组织体系，劝退或调整了多位此前身居要职的老人；对外，大幅度改革经销商 体系，削减了一些合作多年却未达标（ 宗馥莉过去一年经销商新标准 ）或连续经营不善的经销商。"10月10日 晚，一位知情人士向虎嗅透露。 "她试图在这段时间，深度改革娃哈哈， ...

Core Viewpoint - In the first half of 2025, Shuanghui Development managed to halt its declining performance, achieving a revenue of 28.4 billion yuan, a year-on-year increase of 2.97%, and a net profit of 2.3 billion yuan, a slight increase of 1.17% [3][5][6]. Financial Performance - The company plans to distribute a dividend of 2.25 billion yuan, which accounts for 97% of the net profit attributable to shareholders [4][14]. - The revenue from fresh pork products reached 13.8 billion yuan, contributing 48.46% to total revenue, with a year-on-year growth of 3.33% [6][9]. - However, the gross margin for fresh pork products fell to 4.90%, down 0.26% from the previous year [6][8]. Market Challenges - Sales of packaged meat products, including ham and sausages, declined significantly, with a volume drop of 9.04% and revenue decrease of 9.42% [9][11]. - The management attributed the decline in packaged meat sales to a sluggish consumer market and increased competition from emerging brands [11][13]. - The company has struggled to adapt to new sales channels and consumer preferences, leading to a further decline in revenue from traditional channels [13][20]. Shareholder Dynamics - The majority of shares (70.33%) are held by the controlling shareholder, Rotex, which benefits significantly from the high dividend payouts [5][15]. - Since Rotex became the controlling shareholder in 2019, Shuanghui Development has distributed a total of 335.6 billion yuan in dividends, with Rotex receiving approximately 251.7 billion yuan [15][16]. Financial Health - As of June 30, 2025, the company reported a short-term funding gap of approximately 38.36 billion yuan, with short-term borrowings amounting to 94.33 billion yuan [18][19]. - The company has maintained high dividend payouts despite financial constraints, raising concerns about its cash flow and operational safety [18][20]. Corporate Governance - The company has undergone significant leadership changes, with the founder stepping down and a new generation taking over, which may introduce uncertainties in its strategic direction [26][28]. - The ongoing high dividend policy has raised questions about whether it is aimed at alleviating the debt burden of its parent company, WH Group [20][21].

Group 1 - The core issue revolves around the disappearance of the artist Fan Zeng, who has been reportedly missing since July 13, after being taken away by his new wife Xu Meng, leading to family disputes and public speculation [3][5]. - Fan Zeng's daughter, Fan Xiaohui, claims that her father has been missing and that his residence has been sealed, with valuable artworks being removed [3][5]. - Contradictory statements arise as Fan Zeng's son claims that their father was recently seen attending an art exhibition in Beijing, adding to the confusion surrounding his whereabouts [5]. Group 2 - The art exhibition titled "Dao Fa Zi Ran - Fan Yi Fu Landscape Painting Exhibition" is ongoing from July 29 to October 28 at the Tao Ran Tian Art Museum in Beijing, where Fan Zeng was reportedly seen [3]. - The online presence of Fan Zeng's art company has been active, with live sales occurring, despite public inquiries about his disappearance [5]. - The family dynamics are complex, with multiple marriages and children involved, leading to internal conflicts that have become public [5].

Core Viewpoint - The situation surrounding the artist Fan Zeng has become increasingly complex due to conflicting statements from his daughter and son regarding his whereabouts and well-being [1][4][6] Group 1: Family Dynamics - Fan Zeng's daughter, Fan Xiaohui, claims that her father has been missing since being taken away by his new wife, Xu Meng, who has allegedly sealed his residence and removed valuable items [4] - The son, known as Fan Yifu, posted on social media indicating that Fan Zeng was seen attending an art exhibition in Beijing, creating a contradiction in the family's narrative [6] - The family has a complicated structure, with Fan Xiaohui being the daughter of Fan Zeng's second wife, while Fan Yifu and another family member, Fan Zhongda, are from his third marriage, indicating a lack of blood relations among them [6] Group 2: Art and Public Perception - The art exhibition that Fan Yifu mentioned is titled "Dao Fa Zi Ran - Fan Yifu Landscape Painting Exhibition," running from July 29 to October 28, 2023, at the Taoran Tian Art Museum in Beijing [4] - A live stream from the "Fan Zeng Art Company" was conducted to sell Fan Zeng's artworks, amidst public inquiries about his missing status, with the host urging viewers not to spread rumors [6] - The ongoing family disputes have drawn attention from the art investment community, suggesting underlying conflicts within the family that may impact the perception of Fan Zeng's artistic legacy [6]