作者：温蒂 编辑：马克 近日，洋河股份（002304.SZ）连发三则重磅公告，将自己推到了舆论的聚光灯下。 首先是人事变动。已经任职近11年的总裁钟雨因到龄退休辞职，由董事长顾宇接任总裁一职。 1964年5月出生的钟雨，是中国酿酒大师、高级工程师，兼具技术与管理双重背景。其掌舵的10多年期 间，见证了洋河攀登到行业巅峰的辉煌时刻，也经历了增长的停滞与业绩下滑的困境。其退休辞职，也 标志着洋河一个时代的结束。 其次是业绩预告。预计2025年归母净利润21.16亿元至25.24亿元，同比暴跌62.18%至68.30%，直接倒退 15年回到2010年的水平。 公司将业绩下滑归因于行业深度调整，但这显然难以用行业因素一言蔽之，毕竟大家都面临同样的问 题，为什么洋河股份就掉队掉得更快。 此外还修改了分红规划。将现金分红率由原本的70%提高到不低于100%，但放弃了此前承诺的年度分 红不低于70亿元的目标。 看起来，比例提高了，但因为净利润大降，取消不低于70亿元的限制后，分红的净额也大幅缩水。 01 分红大幅缩水为哪般？ 洋河股份的业绩滑坡，不是从2025年开始的。早在2023年，洋河股份的营收还达到营业收入331.2 ...

Core Viewpoint - The competition between the brands "Wahaha" and "Wawa Xiaozhi" intensifies as the return of Zong Fuli to Wahaha leads to strategic moves from both sides, with "Wawa Xiaozhi" aggressively seeking distributors while "Wawa Xiaozong" is temporarily halted due to internal conflicts and external pressures [1][3][5]. Group 1: Brand Competition - Zong Fuli's return to Wahaha has sparked a rivalry with her uncle Zong Zehou, whose brand "Wawa Xiaozhi" has launched a nationwide recruitment for distributors [1][5]. - "Wawa Xiaozhi" aims to differentiate itself from Wahaha, despite having similar product lines, and claims to offer lower prices than Wahaha [6][7]. - The launch of "Wawa Xiaozhi" comes shortly after the announcement of "Wawa Xiaozong," which has been put on hold, indicating a strategic retreat amid brand conflicts [3][4]. Group 2: Financial and Operational Challenges - Wahaha's revenue target for 2024 is questioned, with a need to achieve 50 billion yuan in revenue, amidst increasing competition from brands like Nongfu Spring and Yibao [1][7]. - The macroeconomic environment and internal management issues pose significant challenges for Wahaha, particularly as it approaches year-end performance evaluations [7][8]. - The requirement for distributors to pay deposits and the signing of sales agreements for 2026 indicates a tightening of operational controls within the company [7][8]. Group 3: Market Dynamics - The beverage market remains competitive, with major players like Nongfu Spring ramping up promotional activities as the shopping season approaches [7]. - Analysts suggest that the ongoing internal strife within Wahaha and the broader industry competition could hinder the brand's recovery and growth prospects [8]. - The large size of the beverage market may provide opportunities for both "Wawa Xiaozhi" and "Wawa Xiaozong," as distributors adapt to the changing landscape [8].

Core Viewpoint - The article discusses the potential rebranding of Wahaha to "Wah Xiaozong" and the implications of this decision amidst internal power struggles and the challenges faced by distributors [5][9][11]. Group 1: Brand Change and Internal Dynamics - Wahaha plans to change its brand to "Wah Xiaozong" starting from the 2026 sales year due to legal risks associated with the current brand [5][10]. - The decision to rebrand is seen as a move by Zong Fuli to gain greater control over the company, especially after the passing of the founder, Zong Qinghou [9][10]. - The current ownership structure complicates the use of the Wahaha brand, requiring unanimous consent from all shareholders for its continued use [10][11]. Group 2: Distributor Reactions and Market Challenges - Distributors express strong opposition to the new brand, with 99% indicating they would not support or sell "Wah Xiaozong" products [14]. - The transition to a new brand is expected to face significant resistance, as distributors are concerned about the viability of selling a brand that lacks established recognition [14][15]. - Many distributors are currently struggling with low profit margins, with net profits reported at only 2% to 3% after costs, leading to a crisis of confidence in the brand [18][19]. Group 3: Historical Context and Future Implications - The article highlights that Zong Fuli's previous attempts to establish her own brand, KellyOne, faced challenges, indicating potential difficulties in successfully launching "Wah Xiaozong" [15]. - The brand value of Wahaha is significant, estimated at 91.187 billion yuan, making the potential shelving of the brand a critical concern for all stakeholders [11]. - The ongoing internal conflicts and the need for a clear long-term strategy from Zong Fuli are crucial for stabilizing distributor relationships and ensuring the brand's future success [19].