（原标题：娃哈哈前三季度实际销售额下滑超3%） 10月11日，经济观察报从知情人士处获悉，根据娃哈哈内部销售系统的统计，今年1—9月，娃哈哈实际 销售额为279亿元，较去年同期的289亿元下降约3.46%。该数据统计口径为娃哈哈旗下销售公司所达成 的销售额。 2024年2月，娃哈哈创始人宗庆后去世，引发公众对其企业家精神的广泛缅怀，也为娃哈哈带来了一轮 销售增长。然而，在宗馥莉接棒管理后，公司经历了一系列波动。 2024年11月，娃哈哈在销售会议上透露，2024年，公司业绩已"拉齐十年前规模"，但未披露具体数字。 公开资料显示，2013年娃哈哈销售规模接近783亿元，2014年约为720亿元，因此市场推测其2024年销售 额可能达到700亿元左右。 2024年7月15日，宗馥莉通过《致娃哈哈集团全体员工的函》宣布辞去副董事长、总经理职务。7月18 日，该函件在网络上曝光并引发关注。四天后，娃哈哈集团通过官方声明宣布宗馥莉回归并继续履行管 理职责。 不过，上述知情人士指出，娃哈哈对外公布的销售数据未剔除内部关联交易。因为娃哈哈包含产、供、 销体系，对外公布的销售额中包含了内部生产公司向销售公司供货的金额。若仅统 ...

Core Viewpoint - The ongoing legal dispute over the Zong family's 10 billion inheritance has seen new developments, particularly regarding the appeal by Kelly Zong against a court ruling that froze her assets in Hong Kong [1][2]. Group 1: Court Ruling and Appeals - The Hong Kong High Court has rejected the appeal application from Kelly Zong, representing the defendants in the case [2]. - The plaintiffs in the case include Jacky Zong, Jessie Jieli Zong, and Jerry Jisheng Zong, while the defendants are Kelly Zong and Jian Hao Ventures Limited [2]. - The defendants had previously filed for an appeal on August 15, 2025, with the plaintiffs submitting their opposition on September 1, 2025 [3]. Group 2: Asset Disclosure and Trusts - The court has temporarily suspended the disclosure order requiring the defendants to reveal the latest balance and asset movements in their HSBC accounts, pending further appeal [5][6]. - The trust established by Zong Qinghou includes three offshore trusts, with a total value of 2.1 billion USD, benefiting only the Zong siblings and their children [6][8]. - The trust is structured as a non-discretionary trust, meaning the principal cannot be accessed by beneficiaries, only the interest income can be distributed [8]. Group 3: Brand and Business Implications - Amidst the family inheritance dispute, there are concerns regarding the brand's future, with plans to rebrand from "Wahaha" to "Wawa Xiaozong" starting in 2026 [11]. - The company is facing pressure from various angles, including family disputes, brand ownership, and market acceptance of the new brand [11].

Core Points - The Hong Kong High Court has rejected the appeal application from Kelly Fuli Zong, representing the defendants in the family inheritance dispute involving Wahaha, allowing her to temporarily withhold disclosure of her HSBC account balance and asset details [3][5][6] Group 1: Legal Proceedings - The plaintiffs in the case are Jacky Zong, Jessie Jieli Zong, and Jerry Jisheng Zong, while the defendants include Kelly Fuli Zong and Jian Hao Ventures Limited [3][11] - The court's decision was based on the argument that the case involves serious issues that require thorough examination [4] - The defendants have been granted a temporary stay on the disclosure order, which previously required them to reveal their HSBC account details [5][6] Group 2: Trust Fund Details - The trust established by Zong Qinghou, the founder of Wahaha, includes three offshore trusts with a total value of $2.1 billion, benefiting his three children and their descendants [7][9] - The trust is structured as a non-discretionary trust, meaning that only interest income will be distributed, and the principal cannot be accessed by beneficiaries [9] - After the transition to a professional trustee, Kelly Fuli Zong will no longer manage the trust, which will be overseen by her siblings [9] Group 3: Business Implications - Wahaha is facing challenges related to brand management and potential changes in brand identity, as indicated by a recent notice about transitioning to a new brand "Wawaixiong" starting in 2026 [15] - The ongoing family inheritance dispute and brand ownership issues may create additional pressures on Kelly Fuli Zong's leadership and strategic direction for the company [15]

Core Viewpoint - The ongoing legal dispute over the Wahaha family's inheritance has seen new developments, with the Hong Kong High Court rejecting the appeal application from the defendant, represented by Zong Fuli [1][2]. Group 1: Legal Proceedings - The Hong Kong High Court ruled that Zong Fuli cannot withdraw funds from Jian Hao Ventures Limited's HSBC account until the case in Hangzhou is resolved, unless ordered otherwise by the court [1]. - The defendants, led by Zong Fuli, have filed an appeal against the asset freeze imposed by the Hong Kong court, which was intended to support the litigation in Hangzhou [2]. - A "temporary stay of disclosure order" has been granted, allowing the defendants to withhold information about the HSBC account balance and asset movements while they seek to appeal [3][4]. Group 2: Business Implications - Zong Fuli's side is under pressure as the company plans to rebrand to "Wawaixiong" starting from the 2026 sales year, indicating potential challenges in brand acceptance amid ongoing disputes [5]. - The Wahaha Group's 29.4% equity has been confirmed to be inherited solely by Zong Fuli, which has been registered, but the family inheritance dispute continues to create uncertainty [5].

Core Points - The Wahaha Zong family inheritance dispute has seen new developments as of September 26, with the Hong Kong High Court rejecting an appeal by Zong Fuli [1][3] - The court's decision includes a temporary suspension of the disclosure order regarding the latest balance and asset whereabouts of Zong Fuli's HSBC accounts [5][6] Legal Proceedings - The Hong Kong High Court dismissed the appeal application from Zong Fuli, represented by her, against the plaintiffs Zong Jichang, Zong Jieli, and Zong Jisheng [3][4] - The plaintiffs opposed the appeal, and the court's ruling emphasized the case's complexity and the need for thorough examination [4] Trust Establishment - The court revealed that Zong Qinghou established a family trust with a total value of $2.1 billion, benefiting his three children and their offspring [7][10] - The trust is structured as a non-discretionary trust, with Zong Fuli initially acting as a shareholder during the transition to a professional trustee [10] Brand and Business Implications - Amid the ongoing family dispute, Wahaha has announced plans to rebrand as "Wawaixiong" starting in the 2026 sales year, indicating potential challenges in brand acceptance [16] - The company is facing pressures related to the inheritance dispute, brand ownership, and the acceptance of the new brand [16]

Core Viewpoint - The recent legal dispute involving Wahaha's chairman, Zong Fuli, and her half-siblings over inheritance issues has brought significant attention to the company, revealing family tensions that challenge the public perception of Zong Fuli as the sole heir of the founder, Zong Qinghou [1][2]. Group 1: Legal Dispute - Zong Fuli is being sued in Hong Kong by her half-siblings, who are seeking an injunction to prevent her from disposing of assets in a HSBC account, which reportedly has a balance of approximately $1.8 billion [1]. - The plaintiffs claim they are entitled to $700 million worth of trust fund rights promised by their father, Zong Qinghou, and are demanding compensation for losses due to asset transfers [1][2]. - The case has been described as a $2 billion wealth dispute, with the Hong Kong judge expressing concerns about interfering with ongoing proceedings in Hangzhou [2]. Group 2: Company Operations and Changes - Wahaha has shut down 18 production lines across various locations, including Shenzhen and Chongqing, citing the need to optimize production and respond to market demands [3]. - Zong Fuli has taken over management responsibilities from Zong Qinghou, with significant changes in the company's leadership structure occurring in mid-2024 [3]. - The company is undergoing a transformation, including the introduction of new brands and products, as it aims to enhance its market position and operational efficiency [4][5]. Group 3: Financial Performance - Wahaha's sales growth has been notable, with a reported year-on-year increase of 66.80% in sales from February 2024 to January 2025 compared to the previous year [5]. - The company is expanding its product lines, particularly in tea and juice categories, indicating a strategic shift towards clearer segmentation of its consumer goods business [5].