Core Viewpoint - The controversy surrounding Wahaha reflects the historical choices and current challenges faced by the company, particularly under the leadership of Zong Fuli, following the death of Zong Qinghou. The brand's value is emphasized as its core asset, and the focus should be on maintaining and enhancing this brand value amidst various disputes and changes [1][2]. Group 1: Brand and Corporate Structure - Wahaha's external operational model, which has been a source of controversy, can be traced back to the brand protection strategies employed during the late 1990s when foreign investment was introduced. The brand was retained by Wahaha Group, allowing it to grow independently of foreign control [2]. - As of the end of 2022, state-owned Wahaha Group accounted for only 15.67% of the total assets of the Wahaha system, with revenues and net profits at 2.74% and 0.39% respectively, indicating a significant portion of profits is generated outside of state control [2]. Group 2: Leadership and Management Changes - Zong Fuli's management style differs significantly from that of Zong Qinghou, focusing on efficiency and reform. This shift aims to transform Wahaha from a "familial organization" to a "market-oriented organization," which may disrupt existing利益格局 [3]. - Wahaha's projected revenue for 2024 is over 72.8 billion yuan, representing a 36.7% year-on-year increase, which reflects the short-term momentum generated by the reforms [3]. Group 3: Brand Value and Consumer Trust - The greatest challenge for Zong Fuli lies in maintaining the brand's value system, as her reforms are perceived as a betrayal of the original corporate values instilled by Zong Qinghou. The public's perception of Wahaha is closely tied to Zong Qinghou's legacy [3][4]. - To ensure sustainable development and brand value, Zong Fuli must find a new balance of interests that respects state-owned equity and protects employee rights, ultimately gaining consumer trust [4].

Core Viewpoint - Wahaha is currently facing significant controversy due to product outsourcing to Jianmailang, trademark transfer issues, and shareholder disputes, which have raised public concern and scrutiny [2][4]. Trademark Dispute - The trademark transfer from "Hangzhou Wahaha Group Co., Ltd." to "Hangzhou Wahaha Food Co., Ltd." is ongoing, with uncertainty surrounding the registration process [2][4]. - The two main stakeholders in the trademark dispute are Zong Fuli and the Shangcheng District Cultural and Tourism Group, with negotiations for the transfer of 46% shares ongoing but without an agreed price [3][4]. - Employees have indicated that the trademark transfer agreement has been deemed terminated by the Hangzhou Intermediate People's Court, affirming that the trademark belongs to the state-controlled Hangzhou Wahaha Group [4][6]. Historical Context - The Wahaha trademark dispute has been a complex issue for nearly thirty years, involving multiple corporate restructuring events and historical disputes with foreign partners [6][8]. - The company was originally fully owned by the Shangcheng District State-owned Assets Supervision and Administration Commission, but underwent changes in ownership structure in 1999, leading to the current shareholder composition [6][7]. - Previous attempts to transfer the trademark to a joint venture with Danone were unsuccessful due to lack of approval from the State Trademark Bureau, resulting in ongoing disputes [6][7]. Future Implications - Zong Fuli's indication of launching a new brand suggests a strategic pivot in response to the trademark challenges, although this may involve significant costs and risks related to consumer perception and distribution networks [8][9]. - The complexity of Wahaha's ownership structure and the historical use of the trademark by various entities complicate any potential transition to new ownership or management [8][9].

Core Viewpoint - Recent changes in the management and ownership structure of Nanyang Wahaha Food Co., Ltd. indicate a significant shift in leadership, with Zhu Lidan replacing Zong Qinghou as the legal representative and Zong Fuli taking over as chairman, suggesting a potential strategic realignment within the company [1][5]. Group 1: Management Changes - Zhu Lidan has been appointed as the new legal representative of Nanyang Wahaha Food Co., Ltd., succeeding Zong Qinghou [1][2]. - Zong Fuli has taken over the role of chairman from Zong Qinghou, marking a generational leadership transition [1][5]. - Several other key managerial positions have also seen changes, indicating a comprehensive restructuring of the company's leadership team [1][2]. Group 2: Ownership Structure - The ownership structure of Nanyang Wahaha Food Co., Ltd. has changed, with the shareholding of Weifang Wahaha Beverage Co., Ltd. increasing from 60% to 80% [3]. - The registered capital of the company has been adjusted from 600 million USD to approximately 49.62 million RMB [2]. - The company has transitioned from a joint venture to a different type of limited liability company, reflecting a shift in its operational framework [2]. Group 3: Brand and Trademark Issues - The "Wahaha" trademark, a core asset of the brand, is currently undergoing transfer procedures, with the application process having started on January 21, 2025 [8]. - The brand value of "Wahaha" is estimated to be around 911.87 million RMB as of 2024, highlighting its significant market presence [9]. - There are ongoing disputes regarding the ownership of the "Wahaha" trademark, with historical arbitration decisions complicating the situation [9].