Core Viewpoint - The establishment of the "Wawa Xiaozong" brand under Hongsheng Beverage Group marks a strategic shift following the resignation of Zong Fuli from Wahaha Group, driven by compliance issues regarding trademark usage [3][5]. Group 1: Company Structure and Changes - Hongsheng Group is a wholly-owned subsidiary of Hengfeng Trading Co., Ltd., with Zong Fuli as the legal representative and general manager, while Zong Fuli's resignation from Wahaha Group was effective on September 12 [3]. - Following Zong Fuli's resignation, several subsidiaries of Wahaha have undergone business changes, rebranding to the "Hongsheng" system, including companies in Nanyang, Shanxi, and Hulin [3]. - Hongsheng Beverage Group was initially established in 2003 as a contract manufacturer for Wahaha and has since expanded its operations to include beverage production and upstream supply chain solutions [3]. Group 2: Trademark and Brand Development - Hongsheng Beverage Group has submitted numerous trademark applications for "Wawa Xiaozong" across various categories, including food and beverages, with some applications already undergoing preliminary review [3]. - A notice from the "Hongsheng System" indicated that due to the need for unanimous shareholder consent for the use of the "Wahaha" trademark, the company plans to transition to the new brand "Wawa Xiaozong" starting from the 2026 sales year [5]. Group 3: Ownership and Shareholding Structure - Zong Fuli holds significant positions in over 210 associated enterprises, with more than 200 currently operational, including key entities like Wahaha Commercial Co., Ltd. and Hangzhou Wahaha Group Co., Ltd. [5]. - The shareholding structure of Wahaha shows that the state-owned Wen Shang Lv Investment Holding Group holds 46%, Zong Fuli personally holds 29.4%, and the grassroots union holds 24.6% [5].

10月11日，宗馥莉的叔叔宗泽后在朋友圈表示："好多朋友为宗馥莉第二次辞去娃哈哈集团的职务来问我。第一次辞 的时候我在朋友圈发了下面这样一段话：昨天宗馥莉全网霸屏，很多人到我这里求证真假。我给他们基本答复：是件 好事。她最大的问题是：接班娃哈哈不应该考虑如何做大规模，如何赚钱，如何大刀阔斧改变现状。她首先要考虑是 如何做好事，做慈善。让所有人都认可你，在这个过程中你可以发现很多问题，也可以发现很多人才，自然而然让大 多数人认可你的接班。她却反其道而行之，火力四开，锋芒毕露，应了古语：刚易折。第二：娃哈哈从本质上讲国家 是大股东，当然是国家说了算，如果全是你自己的股份，当然你可以爱怎么干就怎么干，国有企业你就是个职业经理 人，你就必须夹着尾巴做人。" 09:49 本 2025.10. 11 本文字数：936，阅读时长大约2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了解到，宗馥莉已于9月12日向娃哈哈集团有限公司辞去董事长等相关 职务并已通过集团股东会和董事会的相关程序。 微信编辑 | 格蕾丝 .. ? 914 详情 宗泽后 对于现在宗馥莉第二次辞职，宗泽后表示："上一次她辞职 ...

Core Points - Zong Fuli has resigned from her positions as the legal representative, director, and chairman of Wahaha Group as of September 12, 2023, following the approval of the shareholders' meeting and board of directors [1] - The company plans to transition to a new brand "Wawa Xiaozong" starting from the 2026 sales year due to unresolved historical issues and legal risks associated with the "Wahaha" brand [3][5] - The decision to change the brand is driven by the need for compliance and to mitigate ongoing legal risks, as the use of the "Wahaha" trademark requires unanimous consent from all shareholders [5][6] Company Structure - Wahaha Group was established in February 1993 with a registered capital of approximately 5.26 billion RMB, with major shareholders including Hangzhou Shangcheng District Cultural and Tourism Investment Holding Group Co., Ltd. (46%), Zong Fuli (29.4%), and the employee stock ownership committee (24.6%) [8] - Zong Fuli controls over 210 enterprises, with more than 200 currently in operation, including Wahaha Commercial Co., Ltd. and Hangzhou Wahaha Group Co., Ltd. [8] Brand Transition - The new brand "Wawa Xiaozong" has been registered on social media platforms, indicating a strategic shift in branding for the company [11] - The company aims to maintain communication with distributors and address their concerns regarding the transition to the new brand [6]

海口国家高新区投资促进局局长、一级主任科员李洋： 做好自贸港招商一线的"答卷人" 海南日报全媒体记者 郭萃 近日，在位于海口国家高新区的农夫山泉天然饮用水及饮料生产基地项目现场，工人正在进行主体 钢结构吊装作业。"在全国所有基地里，这是从选址到摘地速度最快的一个。"农夫山泉股份有限公司相 关负责人的赞叹，道出了"海口效率"的密码——这背后，离不开海口国家高新区投资促进局局长、一级 主任科员李洋和他的团队。 不久前，在第五届海南省"人民满意的公务员""人民满意的公务员集体"暨记一等功公务员、记一等 功公务员集体表彰大会上，李洋获"人民满意的公务员"称号。这份认可，从他跟随海南自贸港建设的脚 步，踏上招商引资道路以来的一个个实干故事里可见一斑。 李洋仍记得，刚接触招商时，他以为凭着热情和政策就能打动企业，直到对接海口市裕同环保科技 有限公司时碰了壁。 "利用自贸港政策从东南亚进口原料能比从广西采购便宜多少？""高新区建厂的用电配套是否完 善？"企业抛出的一连串问题，让他红了脸："空泛承诺没用，企业要的是实实在在的适配度。" 那之后，李洋办公室的灯常常亮到深夜，他和团队啃下自贸港关税政策、物流成本测算的"硬骨 头" ...

Group 1 - The core issue revolves around the resignation of Zong Fuli from her positions at Wahaha Group, facing multiple challenges including legal disputes and brand usage risks [1][5][12] - Zong Fuli's resignation was confirmed on September 12, and she is now dealing with the fallout from the ongoing inheritance dispute following the death of the founder, Zong Qinghou [1][10] - The Hong Kong High Court recently rejected an appeal from Zong Fuli regarding the inheritance case, which has drawn significant public attention [2][10] Group 2 - Zong Fuli is at risk of losing the rights to use the "Wahaha" trademark, which currently belongs to Wahaha Group [3][12] - The company plans to transition to a new brand, "Wawaizong," starting from the 2026 sales year to mitigate legal risks associated with the "Wahaha" brand [4][18] - The ongoing trademark transfer process involving 387 "Wahaha" series trademarks has raised concerns about the brand's future and its impact on the company's market position [13][21] Group 3 - The internal dynamics of Wahaha Group are further complicated by the investigation of a key executive, Yan Xuefeng, for disciplinary violations, which could affect the company's operations [1][7] - Yan Xuefeng's return to work at Hongsheng Group does not guarantee that he has resolved his legal issues, indicating ongoing instability within the company [1][6] - The inheritance dispute involves significant financial stakes, with a total trust amount of $2.1 billion, and could lead to further complications for Zong Fuli and the company [10][11] Group 4 - The brand value of "Wahaha" is estimated at 91.187 billion yuan, highlighting the significant market presence and consumer loyalty built under Zong Qinghou's leadership [24][25] - The ongoing disputes and brand challenges may provide opportunities for competitors to capture market share if not resolved promptly [25]

Core Insights - The announcement of Sun Yingsha as the brand ambassador for Xiangpiaopiao's "Original Leaf Fresh Brew" series emphasizes the brand's commitment to health, authenticity, and high quality [1][4] - The partnership reflects a deep understanding of brand spirit, aligning with Sun Yingsha's "champion spirit" and dedication to excellence, which resonates with the product philosophy of Xiangpiaopiao [3] Brand Strategy - Choosing Sun Yingsha as a brand ambassador showcases Xiangpiaopiao's focus on long-termism, as the company prioritizes health-oriented product development over quick market trends [3] - The "Original Leaf Fresh Brew" series is a key component of Xiangpiaopiao's health strategy, featuring innovations like "Original Leaf Tea Bag + Milk Lock Fresh Cup" technology, achieving health standards of "0 trans fat, 0 vegetable fat powder, 0 flavoring" [3] Production and Quality Control - Xiangpiaopiao has established "super tea gardens" in Yunnan and Zhejiang, ensuring strict control over every production stage from soil improvement to harvesting and processing [3] - This comprehensive health-focused supply chain positions Xiangpiaopiao as a leader in the cup tea market, aiming to redefine the perception of milk tea from a mere leisure drink to a healthy supplement for active lifestyles [3][4] Competitive Advantage - Health has become Xiangpiaopiao's sharpest competitive barrier, marking the endorsement of Sun Yingsha as a milestone in the brand's development [4] - The company is initiating a self-revolution in healthy milk tea, setting industry standards with a "champion" approach [4]

Core Viewpoint - Recent developments surrounding Wahaha Group indicate significant internal turmoil, particularly involving its leadership and brand management, which may impact the company's future operations and market position [2][3][4]. Group 1: Leadership and Investigations - The investigation of Yan Xuefeng, a key executive at Wahaha Group, has raised concerns about the company's governance and stability, as he is under scrutiny for disciplinary violations [2]. - Reports suggest that the founder's daughter, Zong Fuli, remains at her post despite rumors of her being taken away for questioning, indicating a complex situation within the company's leadership [2]. Group 2: Brand and Market Position - Wahaha Group is reportedly facing challenges with its brand, as the "Wahaha" trademark is not solely owned by Zong Fuli, leading to potential rebranding efforts such as the introduction of "Wah Xiaozong" [3][4]. - The company is experiencing a decline in sales, with current figures at 80% of last year's peak performance, reflecting a significant drop in market demand [4]. Group 3: Ownership Structure and Family Disputes - The ownership structure of Wahaha Group is characterized by a tripartite balance, with state-owned enterprises holding 46%, Zong Fuli holding 29.4%, and a workers' cooperative holding 24.6%, which complicates decision-making processes [4]. - Ongoing family disputes over inheritance could lead to a dilution of Zong Fuli's shares, further complicating the company's governance and operational strategies [4].

Market Overview - The A-share market opened lower on October 10, with the ChiNext Index down over 2% and the Sci-Tech 50 Index down more than 3% [1] - The Hong Kong market also saw declines, with the Hang Seng Index and Hang Seng Tech Index both opening lower, the latter down nearly 2% [2] Sector Performance - Strong sectors included cultivated diamonds, controllable nuclear fusion concepts, rare earth permanent magnets, and nuclear energy, while semiconductor, non-ferrous metals, real estate, and chemical fiber sectors experienced corrections [1] - The brokerage sector saw a rapid increase, with Jinlong Co. rising over 7%, and Guosen Securities and GF Securities both up over 5% [2] Notable Stocks - Jinlong Co. (000712) increased by 7.13% to 15.18, while Guosen Securities (002736) rose by 5.79% to 14.24 [2] - Other notable gainers included GF Securities (000776) up 5.30% to 24.42, and Huatai Securities (601688) up 3.17% to 23.11 [2] Controllable Nuclear Fusion Sector - The controllable nuclear fusion sector was active, with companies like Hezhong Intelligent (603011) hitting five consecutive trading limits, and Hanhua Welding rising nearly 14% [3] - The construction of China's nuclear fusion device BEST has begun, which is expected to demonstrate nuclear fusion power generation by 2030 [5] Beverage Manufacturing Sector - The beverage manufacturing sector saw gains, with Zhuangyuan Pasture hitting two consecutive trading limits and Yangyuan Beverage reaching the daily limit [6] - During the National Day and Mid-Autumn Festival holiday, key retail and catering enterprises reported a 2.7% year-on-year increase in sales [8] Automotive Parts Sector - The automotive parts sector opened higher, with companies like Landai Technology and Shenda Co. hitting the daily limit [8] Coal Mining Sector - The coal mining sector experienced fluctuations, with companies like Dayou Energy and Baotailong hitting the daily limit [8]

Group 1 - The beverage manufacturing sector is experiencing a counter-trend surge, with several companies showing significant stock performance [1] - Zhuangyuan Pasture has achieved two consecutive trading limits, indicating strong market interest [1] - Yangyuan Beverage has reached its daily limit, reflecting positive investor sentiment [1] Group 2 - Other companies such as Hairong Technology, Kuaijishan, Pinwo Food, Knight Dairy, and Western Pastoral are also seeing stock price increases, suggesting a broader trend in the industry [1]

Core Viewpoint - Zong Fuli is facing a complex situation with multiple challenges, including a court ruling that maintains the freezing of $1.8 billion in assets and resistance to her new brand strategy, "Wawa Xiaozong" [3][8][30]. Legal Challenges - The Hong Kong High Court rejected Zong Fuli's appeal to unfreeze assets, which were frozen at the request of her father's three overseas children, indicating a serious legal battle ahead [8][10]. - The court's decision is not a complete loss for Zong Fuli, as the final judgment on the trust's validity will be made by a court in Hangzhou, which may favor her due to a more familiar legal environment [10][13]. Brand Strategy and Internal Competition - Zong Fuli's new brand "Wawa Xiaozong" has not gained widespread support from distributors, and internal competition has emerged with the launch of "Huxiaowawa" bottled water by a factory linked to her cousin [5][30]. - The introduction of "Wawa Xiaozong" is seen as a strategic move to assert her independence and negotiate for control over the main brand, as she aims for a sales target of 30 billion yuan, nearly 80% of Wahaha's current revenue [28][30]. Internal Power Dynamics - The complex shareholding structure of Wahaha, with multiple stakeholders, has made it difficult for Zong Fuli to implement significant brand strategies independently [15][18]. - Zong Fuli is actively working to consolidate power by transferring assets to her control and reducing the influence of long-standing executives, which is part of her strategy to strengthen her position [18][20]. Market Position and Competition - The beverage industry is highly competitive, with major players like Nongfu Spring and Yi Bao posing significant challenges to Wahaha's market share [30]. - Zong Fuli's operational reforms include eliminating inefficient distributors and focusing on high-revenue products, reflecting her strategic approach to modernizing the company [30][32]. Conclusion - Zong Fuli's actions represent a calculated strategy to navigate family disputes and market challenges, positioning her for potential success despite the risks involved [33][34].