以下文章来源于有数DataVision ，作者严张攀 有数DataVision . 数据表象与商业真相 来源丨有 数DataVision（ycsypl） 这篇文章，我们会结合娃哈哈的发展经历，以及旗下公司复杂的股权结构，尝试回答这三个问题： （1）娃哈哈的"核心资产"都有哪些？它们由谁掌控？ （2）娃哈哈复杂的股权结构和利益分配体系如何形成？ 作者丨 严张攀 编辑丨李墨天 图源丨Midjourney （3）宗馥莉和杜建英的矛盾因何而来？ 娃哈哈的宗庆后时代 两年后，上城区国资委进一步放权，将5%股权转至集团工会，在事实上完成了"交班"，将娃哈哈的 实际控制权交给了以宗庆后为核心的管理层手里 [1] 。 此后20年间，娃哈哈成为了一个涉及200多家公司主体，拥有80多个生产基地，资产规模400多亿， 年营收近700亿的庞大集团。其利益主体可以大致分为三块： （1）地方国资参与的娃哈哈集团 （2）宗庆后与核心管理团队的持股平台 （娃哈哈集团工会） （3）宗庆后家族管理的各个主体 其中 （1）娃哈哈集团 目前掌握着 娃哈哈商标 ，娃哈哈集团直接投资的公司只有16家，成立时间都 在"交班"之前。 同时，娃哈哈集团对旗 ...

Core Viewpoint - Wahaha is a complex and sophisticated system of interest creation and distribution, with its core assets and control intricately managed by the family of founder Zong Qinghou, and the transition of power to his daughter Zong Fuli brings new challenges and shifts in the balance of power within the company [6][62]. Group 1: Core Assets and Control - Wahaha's core assets include over 200 companies and 80 production bases, with an asset scale exceeding 40 billion and annual revenue nearing 70 billion [9]. - The main stakeholders in Wahaha can be categorized into three groups: local state-owned assets, Zong Qinghou and the core management team's holding platforms, and Zong Qinghou's family-managed entities [9]. - Wahaha Group holds the Wahaha trademark but has less than 51% voting rights in its subsidiaries, indicating a lack of decisive control over operations [11]. Group 2: Shareholding Structure and Distribution - The shareholding structure is complex, with Zong Qinghou utilizing offshore companies and holding platforms to maintain control while allowing for profit distribution among various stakeholders [39]. - The establishment of holding platforms, such as Hongsheng Group and Hongzhen Investment, has allowed Zong Qinghou to consolidate control over production and investment while distributing profits [16][32]. - The creation of Sanjie Investment, which operates outside Wahaha's core business, reflects a potential "family division" strategy, allowing Zong Fuli to manage Wahaha while providing resources to Du Jianying for external investments [34][36]. Group 3: Conflicts and Power Dynamics - The conflict between Zong Fuli and Du Jianying stems from the shifting power dynamics following Zong Qinghou's death, with Zong Fuli consolidating control and making significant personnel changes [62][64]. - Zong Fuli's leadership has led to increased salaries for employees but also significant layoffs among Wahaha's senior management, indicating a shift in the company's operational focus [64][65]. - The transition has resulted in a reduction of investment platforms and a reallocation of production orders from Du Jianying's companies to those controlled by Zong Fuli, further centralizing control [75][78].