(文/孙梅欣 编辑/张广凯） 从家族内斗到公开重组，随着近期方大炭素宣布终止参与"杉杉系"合并重组，这家百亿知名企业的重组 之路再起波澜。 在杉杉集团即将确定新一轮重整结果之际，方大炭素元旦刚过就发布公告，宣布终止参与杉杉集团及其 全资子公司宁波朋泽贸易有限公司的实质合并重整。 这意味着，刚刚在去年11月宣布参与到杉杉集团重组的这家新材料企业，也退出了重组"战局"。 公开宣布退出，方大炭素的损失也不小。公司在公告中称，方大炭素按照杉杉集团管理人发布的公告要 求，缴纳了5000万元的尽职调查保证金，开展尽职调查，并和杉杉集团管理人进行了尽调内容、标的资 产估值等一系列关键事项进行了沟通，可以说花了时间也出了力。 但最终，方大炭素认为"尽职调查时间短，尽职调查不充分，无法对标的资产做出合理价值判断"，结合 整合后的风险因素审慎评估，最终决定终止参与杉杉系的实质合并和重整。 虽然直到今年1月才宣布退出，但早前已有消息称，在2025年12月杉杉集团第二轮意向投资人述标之 前，方大炭素就已经退出。当时一同退出的，还有湖南盐业集团、天齐锂业等竞标企业。 需要提到的是，方大炭素宣布退出之后，公司股价反倒出现一波上涨，在新年 ...

Core Viewpoint - Wahaha is undergoing significant internal changes, including the introduction of a new brand "Wah Xiaozong" starting from the 2026 sales year, coinciding with the resignation of Zong Fuli from her positions within the company. This transformation is influenced by trademark compliance issues, resistance to reform, and family conflicts [1][3]. Group 1: Internal Changes and Leadership - Zong Fuli's resignation is closely linked to trademark usage non-compliance, as the company's ownership structure requires unanimous consent from all shareholders for trademark use. Her attempt to transfer Wahaha resources to Hongsheng Group without paying trademark fees led to a halt in 387 core trademark transfer applications [1][3]. - During her tenure, Zong Fuli implemented reforms focused on standardization, process optimization, and digitalization, contrasting sharply with the management style of her predecessor, Zong Qinghou. These changes included restructuring the organization and adjusting the dealer system, which caused dissatisfaction among Zong Qinghou's former subordinates [3][4]. Group 2: Family Conflicts and Legal Issues - Zong Fuli is embroiled in family disputes regarding the ownership of a $2.1 billion offshore trust, with the Hong Kong High Court freezing the asset and rejecting her appeal. Additionally, there are ongoing claims from non-marital family members for a share of Wahaha Group's 29.4% equity, complicating the situation further [3][4]. - The employee stockholding committee is also facing legal challenges due to lawsuits from former employees, which have delayed the completion of necessary business changes [3]. Group 3: Financial Performance and Market Position - Despite the leadership changes, Wahaha's financial performance remains strong, with a 53% year-on-year increase in net sales revenue for 2024, marking the highest growth rate in history. The first quarter of 2025 also saw sales growth maintained at over 30%, with the company retaining its market share leadership in the dairy beverage and instant porridge sectors [3][4]. Group 4: New Brand Strategy and Challenges - The new brand "Wah Xiaozong" will grant Zong Fuli full decision-making authority, potentially enhancing decision-making efficiency. The brand aims to penetrate the rapidly growing sugar-free tea market, which has significant growth potential in China compared to Japan [4]. - However, the transition to "Wah Xiaozong" presents challenges, including the need to balance legal compliance, market acceptance, and emotional connection with consumers. The success of the new brand will depend on Zong Fuli's ability to navigate these complexities while maintaining Wahaha's traditional values [5].

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]