Core Insights - The recent Wahaha distributor conference was marked by a significant decline in attendance and a lack of key leadership presence, particularly the absence of former chairwoman Zong Fuli, leading to dissatisfaction among distributors [1][5][6] - The company reported a revenue increase of 500 million yuan for 2025, but the specifics of this growth were vague, raising concerns about the accuracy of performance metrics [6][8] - The restructuring of the distributor system has introduced higher entry barriers and stringent requirements, resulting in some distributors being excluded from participation [3][11][13] Group 1: Conference Dynamics - The conference was notably shorter than expected, lasting only about an hour, with attendance dropping to around 300 participants, less than a third of previous years [1][3] - The absence of Zong Fuli, who previously played a significant role in these events, contributed to a lack of engagement and disappointment among attendees [5][6] - The new general manager, Xu Simin, made her debut at the conference but failed to address many of the distributors' concerns, leading to a sense of frustration [1][5] Group 2: Financial Performance - Wahaha announced a revenue growth of 500 million yuan for 2025, but the lack of detailed financial disclosures has led to skepticism regarding the actual performance figures [6][8] - The company has not disclosed specific performance data for the past two years, making it difficult to assess the true financial health of the organization [8] - Distributors expressed doubts about the reported revenue figures, suggesting that internal transactions may inflate the numbers [8] Group 3: Distributor System Restructuring - The company has implemented a new threshold for distributor participation, requiring a minimum sales volume of 15 million yuan, which has excluded many smaller distributors [3][11] - A guarantee deposit system has been introduced, where distributors must pay a deposit to continue their partnership, further tightening the criteria for participation [13] - The restructuring aims to optimize the distributor ecosystem, but it has led to significant turnover and dissatisfaction among long-standing partners [11][13] Group 4: Management Challenges - The conference featured a rewards system for top distributors, but this was overshadowed by reports of mismanagement and penalties for overstocking, highlighting internal conflicts [14][16] - The disparity between rewards and penalties has created confusion among distributors regarding performance expectations and management standards [16] - The company is facing challenges in maintaining order within its distribution channels while trying to enhance brand loyalty and trust among distributors [16][19] Group 5: Future Outlook - Wahaha's water products continue to be a strong revenue driver, with a focus on expanding distribution in under-served markets [17][19] - The company is investing in modernizing its distribution channels and enhancing management practices to improve efficiency and market reach [17][19] - The absence of Zong Fuli marks a pivotal moment for Wahaha, as it seeks to stabilize its operations and refocus on core business strategies [19]

Core Viewpoint - Wahaha has achieved a revenue growth of 500 million, despite internal challenges and changes in the distribution system, indicating a strategic shift towards channel integration and performance-based criteria for distributors [3][5][10]. Group 1: Sales Conference Insights - The 2025 sales conference highlighted a revenue increase of 500 million, although specific timeframes and detailed revenue figures were not disclosed [5]. - The participation criteria for the conference were raised, requiring distributors to have a cumulative performance of over 15 million and a year-on-year growth, which poses challenges for smaller distributors [7][9]. Group 2: Channel Integration and Distributor Changes - Wahaha is undergoing significant reforms in its distributor system, setting a sales threshold of 3 million as a critical benchmark for continued partnership [8]. - The company has implemented a guarantee deposit system for distributors, where those failing to meet sales targets must pay additional deposits, leading to some smaller distributors exiting the partnership [9][10]. Group 3: Product Performance and Market Strategy - The bottled water segment remains a key revenue driver for Wahaha, with market share increasing from 12.77% to over 17% within a year, reflecting strong growth in this category [11][12]. - Under the leadership of the new management, Wahaha has focused on enhancing terminal display quality and establishing partnerships with major retail chains to improve market presence [12].