绍兴富悦温德姆酒店三楼的会场内，颁奖环节占去了会议三分之二的时间，娃哈哈新任总经理许思敏宣布实现5亿元收入增长，却未能解答经销商们心中 的疑虑。 "啊，这就结束了？" 11月18日下午，原定两个半小时的娃哈哈经销商大会仅开了一个多小时便仓促收场，坐在现场的经销商低声嘟囔着。 与往年数千人齐聚杭州的盛况相比，今年在绍兴举办的这场大会显得格外冷清。参会经销商只有三四百人，连去年的三分之一都不到。大会主题"聚势同 心，合润同行"背后的现实都是：提高了参会门槛、消失了宗馥莉、模糊了的业绩报告。 01 一场缺少灵魂人物的会议 11月18日下午4点，与娃哈哈合作多年的经销商老徐从辽宁匆匆赶到绍兴富悦温德姆酒店，却错过了当天下午1点半开始的娃哈哈表彰总结大会。 尽管错过了部分议程，老徐还算幸运——他拿到了入场券。而提早2小时到酒店的贺山却因为达不到1500万元销售额的门槛，被止步在主会场门外。 贺山向记者透露，之前也在这家酒店办过经销商大会，但没有这么高的门槛。"今年经销商销售规模小了，就不让参加会议。" 往年的娃哈哈经销商大会，宗庆后总会到场，无论身边有多少高管围拢，经销商们都能凑上前去说几句话。而今年，经销商们发现，宗 ...

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].