2025.10. 11 信息显示，9月以来，多地娃哈哈关联公司发生工商变更，企业名称变更为宏胜，包括西双版纳宏胜饮料有限公司、宜 昌宏胜饮料有限公司等。此外，今年以来已有超十家娃哈哈旗下公司发生工商变更，企业名称变更为宏胜，包括杭州 宏胜恒泽饮料有限公司、白山宏胜饮料有限公司等。 微信编辑 | 格蕾丝 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 知名投资人肖庆平因车祸离世 筒肤平 本文字数：335，阅读时长大约1分钟 作者 | 第一财经 揭书宜 10月10日，第一财经记者从接近娃哈哈的人士处了解到，宗馥莉已于9月12日向娃哈哈集团有限公司辞去公司董事长 等相关职务并已通过集团股东会和董事会的相关程序。 ...

Core Insights - Hongsheng Beverage Group Co., Ltd. has applied for multiple trademarks including "Wawa Xiaozong," "Zong Xiaohai," and "Wawa Xiaohai" in 2023, covering international classifications such as food, beer beverages, and advertising sales [1] - Several trademarks, including "Wawa Xiaozong" and "Zong Xiaohai," are currently in the preliminary examination announcement stage [1] Company Overview - Hongsheng Beverage Group Co., Ltd. was established in October 2003, with a registered capital of 10.25 million USD [1] - The company is wholly owned by Hengfeng Trading Co., Ltd., and Zong Fuli serves as a director [1][5] Business Scope - The business scope of Hongsheng Beverage includes food sales, food additive sales, and plastic product sales [1][5]

Core Viewpoint - Dongpeng Beverage is making a second attempt to list on the Hong Kong Stock Exchange, having updated its prospectus and reported a revenue of 10.7 billion yuan for the first half of the year [1][2]. Group 1: Company Performance - Dongpeng Beverage's revenue for the first half of 2025 reached 10.7 billion yuan, with a market capitalization exceeding 160 billion yuan as of October 10 [1][3]. - The company has established over 4.2 million sales points across nearly 100% of China's prefecture-level cities by the end of June [6]. - In 2024, Dongpeng is projected to capture a 26.3% market share in China's functional beverage market by volume [7]. Group 2: Product Development and Strategy - The company has seen significant contributions from energy drinks, which accounted for over 80% of its revenue last year, and 77.9% in the first half of 2025 [8][9]. - The newly launched "Dongpeng Water" product is expected to generate nearly 1.5 billion yuan in revenue in 2024, with its revenue share increasing to 13.9% in the first half of 2025 [10]. - Dongpeng's founder is investing in a diverse product strategy, including tea, coffee, plant-based protein drinks, and fruit and vegetable juices, although these categories currently contribute a smaller revenue share [10]. Group 3: Financial Health and International Expansion - As of October 10, Dongpeng has a strong financial position, with over 2 billion yuan in cash and a net operating cash flow of 1.74 billion yuan for the first half of 2025 [12]. - The company's IPO aims to accelerate its internationalization efforts, particularly in Southeast Asia, where it has established subsidiaries in Vietnam, Indonesia, and Malaysia [13][15]. - Dongpeng's overseas revenue currently accounts for less than 1% of total revenue, indicating that it is in a "strategic planting" phase [15].

Core Insights - The announcement of Sun Yingsha as the new brand ambassador for Xiangpiaopiao marks a significant step towards the brand's strategy of promoting health-oriented products and appealing to a younger demographic [1][4] Brand Strategy - The choice of Sun Yingsha aligns with Xiangpiaopiao's values of extreme focus and long-term commitment, reflecting the brand's dedication to quality and health in its products [3][4] - The collaboration aims to enhance the brand's image and communicate its commitment to health and quality to consumers [4][14] Product Development - The "Yuan Ye Xian Pao" series emphasizes health, utilizing 100% whole leaf tea and avoiding tea powder, which resonates with the brand's commitment to quality [3][5] - The series underwent nearly two years of research and development, including over 90 formula adjustments and 1,500 taste tests to ensure high standards of taste and health [11][14] Health and Quality Features - The "Yuan Ye Xian Pao" milk tea uses independent whole leaf tea bags and New Zealand imported milk powder, achieving 0 trans fatty acids and allowing for customizable sweetness [5][15] - The light milk tea series features a unique liquid fresh milk product that meets the "7 zero additives" standard, ensuring a high-quality drinking experience [7][11] Market Positioning - Xiangpiaopiao aims to redefine the standards of healthy milk tea, addressing long-standing issues in the traditional milk tea market such as lack of transparency and health concerns [4][13] - The brand's pricing strategy positions high-quality whole leaf tea drinks in the 6-9 yuan range, promoting the idea that healthy milk tea can be affordable [14] Competitive Advantage - The dual focus on health value and extreme cost-effectiveness is seen as a key competitive barrier in a market characterized by product homogeneity [14] - The brand's commitment to health and affordability is expected to drive its future research and marketing strategies [14]

Core Viewpoint - The internal conflict within Wahaha Group has escalated, marked by the resignation of Zong Fuli from key positions, indicating deeper issues within the company and potential shifts in brand strategy [1][4][5]. Group 1: Resignation and Leadership Changes - Zong Fuli resigned from her roles as legal representative, director, and chairman of Wahaha Group on September 12, confirmed by company sources [1]. - The resignation is speculated to be linked to compliance issues regarding the use of the Wahaha trademark, prompting Zong Fuli to focus on her own brand, "Wawa Xiaozong" [1][5]. - Xu Simin, former legal head of Hongsheng Group, is expected to succeed Zong Fuli as chairman [1]. Group 2: Trademark and Brand Strategy - The Wahaha trademark is valued at over 90 billion yuan, and its usage requires unanimous consent from all shareholders, complicating Zong Fuli's position [7][14]. - An internal document revealed plans to transition to the new brand "Wawa Xiaozong" starting from the 2026 sales year, highlighting ongoing brand strategy shifts [5][14]. Group 3: Corporate Governance and Succession Challenges - The governance structure of Wahaha Group reflects a deep-rooted founder influence, with Zong Fuli facing challenges in transitioning to a more institutionalized management style [12][15]. - The company is experiencing internal turmoil, including legal disputes and employee resistance, as Zong Fuli attempts to implement reforms [12][13]. - The generational transition in family businesses often involves conflicts between traditional management practices and modern governance approaches, as seen in Wahaha's current situation [11][15].

Core Viewpoint - The article discusses the resignation of Zong Fuli from her positions at Wahaha, highlighting the internal and external reforms she attempted during her tenure, the family conflicts affecting her leadership, and the implications for the company's future [5][21]. Group 1: Resignation and Leadership Changes - Zong Fuli resigned from key positions at Wahaha, including Chairman and legal representative, after a brief tenure of just over a year [5]. - Her leadership involved significant organizational reforms, including the adjustment of the dealer system and the dismissal of underperforming dealers [4][5]. - Despite her efforts, Zong Fuli's departure appears to be influenced more by family conflicts and complex shareholding structures than by company performance [8][9]. Group 2: Internal Reforms and Challenges - Zong Fuli initiated reforms focusing on standardization, process optimization, and digitalization within Wahaha, aiming to modernize the company's operations [11][12]. - The reforms included the establishment of new performance standards and financial approval processes, transitioning the company's operations to a digital platform [12]. - However, the rapid implementation of these reforms led to internal resistance and dissatisfaction among dealers, which compounded the challenges she faced [13][14]. Group 3: Family Dynamics and Shareholding Structure - The family dynamics within the Zong family, particularly conflicts over a $2.1 billion offshore trust, significantly impacted Zong Fuli's authority and decision-making [8][9]. - Wahaha's shareholding structure is complex, with the largest shareholder being a state-owned enterprise, which complicates the Zong family's control over the company [8][20]. - Zong Fuli's position was further weakened by ongoing legal disputes regarding share ownership and the influence of other family members [8][19]. Group 4: Market Position and Future Outlook - Despite Zong Fuli's resignation, Wahaha reported a 53% year-on-year increase in beverage sales revenue in 2024, indicating strong market performance [8]. - The company continues to hold the top market share in its traditional segments, suggesting that the underlying business remains robust despite leadership changes [8]. - The future of Wahaha may hinge on how the new leadership navigates the existing challenges and the legacy of Zong Fuli's reforms [21][23].

Core Points - Zong Fuli has resigned from her positions as legal representative, director, and chairman of Wahaha Group on September 12, 2023, confirmed by company staff [1] - The resignation is reportedly due to "non-compliance" in trademark usage, as Zong Fuli plans to focus on her own brand "Wawaizong" [3] - Wahaha Group is set to transition to the new brand "Wawaizong" starting from the 2026 sales year to address historical compliance issues and legal risks associated with the current brand [4][6] Company Background - Zong Fuli, born in January 1982, is the daughter of Wahaha Group founder Zong Qinghou and has held various positions within the company since 2018, including vice general manager and general manager [8] - As of August 2024, Zong Fuli became the legal representative and chairman of Wahaha Group following the passing of Zong Qinghou [8] - Zong Fuli controls over 210 companies, with more than 200 currently active, including Wahaha Commercial Co., Ltd. and other subsidiaries [9] Brand Transition - The decision to change the brand to "Wawaizong" is driven by the need to resolve complex historical issues that expose the company to legal risks [6] - An internal document from Hangzhou Wahaha Honghui Food and Beverage Co., Ltd. indicates that the company has been working to ensure compliance in brand usage since the founder's death [4] - The brand change requires unanimous consent from all shareholders of Wahaha Group for the continued use of the "Wahaha" trademark [6]

但像其父亲既卖"娃哈哈"，又整"娃多多"的事实，她当时显然也是心中跟明镜一般，可能只是无力反抗吧？但更多可能是为了父亲的"爱国、道德"人设考 量，不得不如此维护宗庆后的形象了。 包括宗庆后、宗馥莉及其家族成员，也都是"宗氏爱国、道德人设营销"的巨大受益者。 2025年10月10日，据第一财经报道称："……宗馥莉已于9月12日向娃哈哈集团有限公司辞去公司法人代表、董事及董事长等相关职务，并已通过集团股东会 和董事会的相关程序"。 宗馥莉走到今天不得不辞职的份上，其实，在其父宗庆后死后形象塌方时，就已基本上定调了。 宗庆后的成功，首先当然与其自身能力、努力等因素有关，但仍不得不说，如果没有借助公有资源走出的第一步，以及后来，对于公有资源的全力全程运用 ——特别是一直进行到死的"爱国企业家、爱国饮料"之类的形象营销，这对父女及其家族能否达到如今的财富高度，那就很难说了。 作为女儿和继承人的宗馥莉，其实也是父亲进行"爱国营销、人品营销"之人设塑造的一大配合者。 比如，当年宗馥莉多次与父亲同台参与采访节目，对于父亲所谓的"节俭、爱国"等自我营销的"艺术表演"，在家族利益的促使下，她显然也是用一种默默配 合的方式全力支持 ...

加多宝和王老吉的海外"王老吉"商标之争继续发酵。 10月10日，加多宝集团发布关于海外"王老吉"商标所有权的声明称，加多宝集团自上世纪九十年代从王 老吉（正名王泽邦）后人手中取得祖传凉茶秘方及海外王老吉商标使用权，并于2000年初合法获得海外 王老吉商标所有权。 声明提及，为了让更多消费者认识中国的凉茶品类，加多宝集团积极开拓海外市场，在全球超过60个主 要国家和地区注册王老吉商标，巩固其市场上的地位和品牌形象。通过不断扩展营销渠道，深入市场， 加多宝集团拥有的海外王老吉品牌凉茶至今已远销全世界数十多个国家和地区。 二是关于加多宝集团蓄意误导"王老吉"境外商标的情况，王老吉称，加多宝集团所谓"侵权、假冒、不 正当竞争"的表述，是对商标法律定义的误读与误导，其通过海外离岸关联公司万捷有限公司在全球60 余个国家和地区进行恶意注册，干扰公司正常拓展海外业务。针对加多宝集团的上述恶意行径，王老吉 坚决采取维权行动。在中国澳门、中国台湾、澳大利亚、巴西、韩国、日本、德国、法国、新西兰等21 个国家/地区，以商标不使用撤销、商标无效宣告的程序对其恶意注册行为进行打击。现已有10个国家/ 地区的审理机关作出撤销其商标的决 ...

Core Viewpoint - The internal conflict within Wahaha Group has escalated, marked by the resignation of Zong Fuli from key positions, including legal representative and chairman, amid trademark usage disputes and her decision to launch a new brand, "Wawaizong" [1][4][5]. Group 1: Resignation and Leadership Changes - Zong Fuli resigned from her roles at Wahaha Group on September 12, confirmed by company insiders [1]. - Xu Simin, former legal head of Hongsheng Group, is expected to succeed Zong Fuli as chairman [2]. - This marks Zong Fuli's second resignation, previously stepping down in July 2024 due to shareholder concerns about her management [4]. Group 2: Shareholder Dynamics - Wahaha Group's ownership structure includes three main shareholders: Zong Fuli (29.40%), Hangzhou Shangcheng District Cultural Tourism Investment Holding Group (46.00%), and the Wahaha Group grassroots trade union (24.60%) [4]. - Zong Fuli's resignation has intensified visible conflicts among shareholders, prompting speculation about her future intentions [4]. Group 3: Trademark and Brand Strategy - The resignation is linked to ongoing disputes over the compliance of the "Wahaha" trademark, with Zong Fuli's new brand "Wawaizong" being a strategic pivot [5][6]. - An internal document indicated that starting from the 2026 sales year, the company would transition to the new brand "Wawaizong" to ensure compliance with trademark usage [6]. - The "Wahaha" brand is valued at over 90 billion yuan [6]. Group 4: New Brand Launch - Zong Fuli's new brand "Wawaizong" has already been introduced, featuring a sugar-free tea beverage [7]. - The effectiveness of "Wawaizong" as a competitive brand remains to be seen [8].