每经编辑｜段炼 娃哈哈的"分家"闹剧，突然出现大反转。 据智通财经报道，10月23日，宏胜系销售各分公司接到通知，2026年继续使用娃哈哈品牌，不会出现其他品牌。 据第一财经报道，有山东娃哈哈经销商证实，已经接到宗馥莉所控股的宏胜系业务员通知，要求经销商打款缴纳保证金，明年继续销售"娃哈哈"品牌产 品。 这意味着，宗馥莉于9月辞职后推出的"娃小宗"品牌暂时"退场"。 宗馥莉已回娃哈哈上班 娃小宗的诞生源于娃哈哈集团内部矛盾。宗馥莉出任娃哈哈董事长和总经理之后，对组织架构和管理规章制度进行了一系列的调整。此举引发不可调和的 矛盾：宗馥莉手下的宏胜系公司掌握娃哈哈的生产与销售，但"娃哈哈"商标属于娃哈哈集团。 宗馥莉曾申请转让娃哈哈的商标，但没能成功。今年2月娃哈哈官方发文表示系列商标共计387件正申请由娃哈哈集团转让至宗馥莉持股51%的杭州娃哈哈 食品有限公司。但直到9月娃哈哈又发文强调，上述问题未能在近期得到有效解决，因此在现行股权架构下，"娃哈哈"商标的使用必须获得娃哈哈集团全 体股东的一致同意，否则任何一方均无权使用。 全体股东，指的是宗馥莉、杭州上城区文商旅投资集团与娃哈哈职工持股会。 宗馥莉辞职或起因 ...

Core Viewpoint - A market competition surrounding the "Wahaha" brand influence has emerged amid the resignation of Zong Fuli, leading to significant shifts in the beverage market landscape [1]. Group 1: Brand Developments - The newly launched brand "Wawaozhi" is actively recruiting nationwide, with product packaging closely resembling classic Wahaha products but claims to be independent [1][2]. - "Wawaozhi" has signed over 150 clients and is rapidly building a nationwide sales network, supported by state-owned enterprises [5]. - The brand's actual control lies with Zong Zehou, who is also linked to the parent company of "Wawaozhi" [7]. Group 2: Market Dynamics - The competition is intensifying as "Wawaozhi" enters the market, potentially impacting Wahaha's market share due to internal instability and brand image issues [9]. - Rival brands like Nongfu Spring and Yibao are poised to capitalize on Wahaha's challenges, filling the market gap created by Wahaha's declining sales and distributor confidence [9]. Group 3: Distributor Relations - Distributors have been informed to continue selling Wahaha products, with some receiving notifications to pay deposits for the upcoming sales year [8]. - The relationship between "Wawaozhi" and Wahaha is characterized by a clear separation, with "Wawaozhi" emphasizing its independence from the Wahaha brand [4].

东鹏饮料方面表示，赴港上市主要是为了满足国际业务发展需要。 文｜胡楠楠 编辑｜米娜 来源｜中国企业家杂志（ID：iceo-com-cn） 封面来源｜东鹏饮料集团官方公众号 千亿功能饮料大佬，再冲港股。 近日，东鹏饮料再次向港交所递交了上市申请，这是继今年4月首次递表失效后，公司二次冲刺港股。东鹏饮料方面表示，赴港上市主要是为了满足国际 业务发展需要。 2021年，东鹏饮料成功登陆A股，成为"功能饮料第一股"。上市以来，东鹏饮料业绩高速增长。2022年至2024年，公司营收分别为85亿元、112.57亿元、 158.3亿元，同比增长21.81%、32.44%、40.62%；2025年上半年，公司实现营业收入107.37亿元，同比增长36.37%；实现归母净利润23.75亿元，同比增长 37.22%。 市值也水涨船高，截至2025年10月17日收盘，东鹏饮料市值达1567亿元。创始人林木勤家族的财富也随之增长，2022年胡润富豪榜显示，林木勤以305亿 元的身价，成为广东潮汕新首富，在2025新财富500创富榜中，林木勤家族以777.7亿元的持股市值，位列深圳榜单前十。 但高增长也难掩林木勤的焦虑。 林木勤今年6 ...

（周梦婷 摄影） 本报（chinatimes.net.cn）记者周梦婷 北京报道 有关杭州娃哈哈集团有限公司（下称"娃哈哈集团"）内部之间的博弈总是充满意料。在公布宗馥莉辞任 娃哈哈集团董事长、总经理不到半个月，宗馥莉重启娃哈哈的消息又在网上炸了锅。10月23日，有媒体 报道称，宗馥莉所控股的宏胜系当天傍晚下发通知，2026年将继续使用娃哈哈品牌。针对此事，10月24 日，河南一经销商也告诉《华夏时报》记者，"现在已经跟公司那边协商好了，会继续售卖娃哈哈。" 此前，宗馥莉于9月12日向娃哈哈集团辞去公司法人代表、董事及董事长等相关职务并通过集团股东会 和董事会的相关程序，同时决定经营自己的品牌娃小宗，如今不过41天，宗馥莉重启娃哈哈品牌背后发 生了什么？经历反复折腾的娃哈哈品牌又受到了怎样的创伤？ 在此情形下，对宗馥莉而言，发展新品牌并非是一个好的选择。"在当下艰难的市场环境中，尽管娃小 宗有自己的个性和实力，但市场推广和培育需要时间，经销商没有这个耐心，也经不起这个折腾。而娃 哈哈品牌有其牢固的市场基础和口碑，是当前比较稳妥的经营策略，所以宗馥莉这一系列动作并非简单 的反复，更多的是她在复杂局面下的一种妥协 ...

Core Viewpoint - Dongpeng Beverage, known as the "first stock of functional drinks" in the A-share market, is focusing on its upcoming Hong Kong listing while addressing concerns about its reliance on a single product, Dongpeng Special Drink, which significantly impacts its revenue and market position [2][10]. Group 1: Hong Kong Listing - Dongpeng Beverage announced its plan to list in Hong Kong in March 2023, with the application submitted in April and updated in October [2]. - If successful, Dongpeng Beverage will become the second Chinese beverage company to achieve dual listing in A+H after Andeli Juice [2]. Group 2: International Expansion Strategy - The purpose of the Hong Kong listing is to enhance capital strength, competitiveness, and international brand image, supporting the company's global strategy [3]. - Funds raised will be used to establish supply chain infrastructure in key overseas markets, particularly in Southeast Asia, to meet local demand and facilitate localized operations [3][13]. - Dongpeng Beverage aims to explore potential investments and acquisitions to expand its overseas market presence, with a focus on Southeast Asia initially and plans to gradually enter the U.S. market [3][11]. Group 3: Market Competition and Challenges - The Southeast Asian functional beverage market is highly competitive, with local and international brands posing challenges in market share and brand recognition [4]. - Dongpeng Beverage is working on building localized logistics and sales networks to transition from cross-border sales to local operations [4]. Group 4: Financial Performance and Product Dependency - In 2024, Dongpeng Beverage reported revenue of approximately 15.839 billion yuan, a year-on-year increase of 40.63%, with net profit reaching about 3.327 billion yuan, up 63.09% [8]. - The company heavily relies on Dongpeng Special Drink, which contributed over 80% of its revenue, raising concerns about its dependency on a single product [10]. - Efforts are being made to diversify the product portfolio, with the introduction of new products like electrolyte water and coffee drinks, aiming to reduce reliance on energy drinks [11]. Group 5: Future Outlook - Dongpeng Beverage is actively pursuing a multi-category strategy to mitigate the risks associated with its "hit product dependency" and enhance its market presence across various beverage segments [10][11].

Core Insights - Dongpeng Beverage reported a strong performance in Q3 2025, with revenue reaching 16.844 billion yuan, a year-on-year increase of 34.13%, and net profit attributable to shareholders at 3.761 billion yuan, up 38.91% [1] Product Strategy - Dongpeng Beverage has accelerated the expansion of its diversified product matrix, reducing reliance on its core product, Dongpeng Special Drink. The newly launched "Dongpeng Water" achieved revenue of 2.847 billion yuan in the first three quarters of 2025, increasing its revenue share from 9.66% to 16.91% [2] - The revenue share of Dongpeng Special Drink decreased from 83.90% to 74.63%, indicating the emergence of new growth drivers [2] - The company is implementing a product strategy that includes energy drinks, electrolyte water, and other beverages, targeting specific consumer needs [2] National and Global Expansion - Dongpeng Beverage has established a national distribution network with over 3,200 distributors and access to more than 4.2 million active retail outlets, reaching over 250 million unique consumers [3] - The company has planned 13 production bases, with 9 already operational, enhancing its supply chain and channel advantages [3] - The recent listing in Hong Kong is part of the company's global strategy, aimed at attracting international capital and enhancing brand visibility in Southeast Asia and other markets [4] Future Outlook - Dongpeng Beverage plans to continue its multi-category, national, and global strategies, with production capacity gradually increasing and expanded investment in digital tools [4]

Core Viewpoint - Dongpeng Beverage is making a second attempt to list on the Hong Kong Stock Exchange to support its international business development after an initial application failed in April 2023 [2][4]. Financial Performance - Dongpeng Beverage's revenue has shown rapid growth, with figures of 8.5 billion yuan in 2022, 11.257 billion yuan in 2023, and projected 15.83 billion yuan in 2024, representing year-on-year growth rates of 21.81%, 32.44%, and 40.62% respectively [2]. - In the first half of 2025, the company achieved a revenue of 10.737 billion yuan, a year-on-year increase of 36.37%, and a net profit of 2.375 billion yuan, up 37.22% [2]. - As of October 17, 2025, Dongpeng's market capitalization reached 156.7 billion yuan [2]. Market Position and Strategy - Dongpeng Beverage has become the "first stock of functional beverages" in China after its successful A-share listing in 2021 [2]. - The company has been focusing on diversifying its product offerings beyond its flagship Dongpeng Special Drink, with new products like "Brew Water" and "Dongpeng Big Coffee" to reduce reliance on core products [7]. - Despite its growth, Dongpeng's overseas revenue remains low at only 0.2%, facing competition from established international brands like Red Bull and Monster in Southeast Asia [7]. Leadership and Company Culture - Lin Muqin, the chairman and president of Dongpeng Beverage, emphasizes growth as the company's primary strategy, which is deeply ingrained in the corporate culture [5][6]. - Lin's hands-on approach includes monitoring product presence in the market, such as counting empty Dongpeng bottles in service areas to stay alert to market conditions [5]. Digital Transformation - Dongpeng has integrated digitalization into its operations, starting with marketing innovations in 2015, such as using QR codes for promotions [21]. - The company has developed a comprehensive digital system that allows real-time tracking of sales and inventory data, enhancing operational efficiency [23][24]. - Lin Muqin actively engages with the digital data, reviewing key metrics daily to ensure informed decision-making [24].

作者 | 第一财经 揭书宜 在宗馥莉辞职引发娃哈哈体系震荡的微妙时刻，一场围绕"娃哈哈"品牌影响力的市场争夺战悄然打响。 宗泽后打造的"娃小智"高调启动全国招商，其产品包装与娃哈哈经典款高度相似却称"不攀附"，而此前引发猜测的"娃小宗"品牌已被证实暂未启用，宏胜 系经销商接获通知将继续经营"娃哈哈"产品。 三大品牌在行业变革期的不同动向，正重塑着饮料市场的竞争格局。 "娃小智"撇清与"娃哈哈"关系 对于娃小智产品的面世时间，负责人透露，大约在月底或者下月初。 当记者问及娃小智与娃哈哈是什么关系时，娃小智招商负责人称："没有什么关系，我们不攀这种牌子。" 记者注意到，娃小智的官方招商宣传海报上的多款产品包装都与娃哈哈极为相似，包括AD钙奶、八宝粥等。对此，该负责人表示："其实我在朋友圈看到 好多省市做AD钙奶的品牌，包装都是比较类似的，这不稀奇。" 而当记者问及娃小智的供应链和工厂分布情况时，对方表示："你目前不需要关心，等你协议签掉我会带你去看的。" 对于娃小智经销商的具体扶持政策，负责人没有过多解释，并表示："我们几乎没有扶持政策，加盟门槛就是扶持。"记者追问："让我们入局就是扶持 吗？"对方表示："对。" ...

2025.10. 24 本文字数：1765，阅读时长大约3分钟 作者 | 第一财经 揭书宜 在宗馥莉辞职引发娃哈哈体系震荡的微妙时刻，一场围绕"娃哈哈"品牌影响力的市场争夺战悄然打响。 宗泽后打造的"娃小智"高调启动全国招商，其产品包装与娃哈哈经典款高度相似却称"不攀附"，而此前 引发猜测的"娃小宗"品牌已被证实暂未启用，宏胜系经销商接获通知将继续经营"娃哈哈"产品。 三大品牌在行业变革期的不同动向，正重塑着饮料市场的竞争格局。 "娃小智"撇清与"娃哈哈"关系 宗馥莉叔叔宗泽后的品牌"娃小智"全国订货会即将举行。 10月24日，第一财经记者以报名经销商的名义致电娃小智招商负责人，对方表示："半年内购买娃小智 产品10万元以上，就可以获得该区域独家经销商资格。" 对于区域如何划分，该负责人表示，要根据当地人口密度决定，究竟是按照区还是市。据招商人员透 露，产品"配方和娃哈哈一模一样，但价格比娃哈哈低"。 对于目前市面上对娃小智品牌的一些看法，譬如"娃小智模仿娃哈哈""娃小智是山寨货"，该负责人表 示："你就当娃小智是一个普通牌子，就像杭州龙井茶，也分许多不同的品牌。" 对于娃小智产品的面世时间，负责人透露，大约 ...

"娃小智"撇清与"娃哈哈"关系 宗馥莉叔叔宗泽后的品牌"娃小智"全国订货会即将举行。 在宗馥莉辞职引发娃哈哈体系震荡的微妙时刻，一场围绕"娃哈哈"品牌影响力的市场争夺战悄然打响。 宗泽后打造的"娃小智"高调启动全国招商，其产品包装与娃哈哈经典款高度相似却称"不攀附"，而此前 引发猜测的"娃小宗"品牌已被证实暂未启用，宏胜系经销商接获通知将继续经营"娃哈哈"产品。 三大品牌在行业变革期的不同动向，正重塑着饮料市场的竞争格局。 对于娃小智产品的面世时间，负责人透露，大约在月底或者下月初。 当记者问及娃小智与娃哈哈是什么关系时，娃小智招商负责人称："没有什么关系，我们不攀这种牌 子。" 记者注意到，娃小智的官方招商宣传海报上的多款产品包装都与娃哈哈极为相似，包括AD钙奶、八宝 粥等。对此，该负责人表示："其实我在朋友圈看到好多省市做AD钙奶的品牌，包装都是比较类似的， 这不稀奇。" 而当记者问及娃小智的供应链和工厂分布情况时，对方表示："你目前不需要关心，等你协议签掉我会 带你去看的。" 10月24日，第一财经记者以报名经销商的名义致电娃小智招商负责人，对方表示："半年内购买娃小智 产品10万元以上，就可以获得该区 ...