以下文章来源于中国企业家杂志 ，作者胡楠楠 中国企业家杂志 . 是真的想自立门户，还是一场与娃哈哈其他股东方的博弈？ 讲好企业家故事，弘扬企业家精神 作者： 胡楠楠 来源： 中国企业家杂志 "99%的娃哈哈经销商，都不会做'娃小宗'的。" 听到宗馥莉让娃哈哈的产品，在2026年销售年度更换使用新品牌"娃小宗"后，做了20年娃哈 哈经销商 的 陆明（化名）对我们说。 9月13日，一份"关于开展2026销售年度经销商沟通工作的通知"（简称"通知"）在网上流 传。 文件中提到，为维护"娃哈哈"品牌使用的合规性， 公司决定从2026年新的销售年度起，更换 使用新品牌 "娃 小宗"。 来源：受访者 对于该文件的真实性，以及娃哈哈所有产品2026年销售年度是否要更换成"娃小宗"，娃哈哈 方面用"无回应"三个字回应了《中国企业家》。 宗馥莉为何决定抛弃"娃哈哈"启用新品牌？ 自去年2月娃哈哈创始人宗庆后去世后，宗馥莉接班以来，她便逐渐将娃哈哈体系的资产、业 务、人员等转移到她掌控的宏胜集团及旗下公司，后者在股权上和娃哈哈集团毫无关系。 唯独"娃哈哈"商标，截至目前仍属于娃哈哈集团。 而娃哈哈集团的股权结构颇为复杂，由三方持 ...

以下文章来源于中国企业家杂志 ，作者胡楠楠 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 "99%的娃哈哈经销商，都不会做'娃小宗'的。" 听到宗馥莉让娃哈哈的产品，在2026年销售年度更换使用新品牌"娃小宗"后，做了20年娃哈哈经销商的陆明（化名）对《中国企业家》说。 9月13日，一份"关于开展2026销售年度经销商沟通工作的通知"（简称"通知"）在网上流传。文件中提到， 为维护"娃哈哈"品牌使用的合规性，公司决定从2026 年新的销售年度起，更换使用新品牌"娃小宗"。 因复杂的历史相关问题不能在近期得到有效解决，导致公司经营始终暴露在相关法律风险之下。因此，我们不 得不做出以上的安排…… 来源：受访者 对于该文件的真实性，以及娃哈哈所有产品2026年销售年度是否要更换成"娃小宗" ，娃哈哈方面用"无回应"三个字回应了《中国企业家》。 宗馥莉为何决定抛弃"娃哈哈"启用新品牌？ 自去年2月娃哈哈创始人宗庆后去世后，宗馥莉接班以来，她便逐渐将娃哈哈体系的资产、业务、人员等转移到她掌控的宏胜集团及旗下公司，后者在股权上和 娃哈哈集团毫无关系。 唯独"娃哈哈"商标，截至目前仍属于娃哈哈集团。 而娃哈哈集团的股 ...

以下文章来源于中国企业家杂志 ，作者胡楠楠 讲好企业家故事，弘扬企业家精神 本文来自微信公众号： 中国企业家杂志 （ID：iceo-com-cn） ，作者： 胡楠楠，编辑：米娜，题图 来自：视觉中国 "99%的娃哈哈经销商，都不会做'娃小宗'的。" 听到宗馥莉让娃哈哈的产品在2026年销售年度更换使用新品牌"娃小宗"后，做了20年娃哈哈经销商 的陆明 （化名） 对《中国企业家》说。 9月13日，一份"关于开展2026销售年度经销商沟通工作的通知" （简称"通知"） 在网上流传。文件 中提到，为维护"娃哈哈"品牌使用的合规性，公司决定从2026年新的销售年度起，更换使用新品 牌"娃小宗"。因复杂的历史相关问题不能在近期得到有效解决，导致公司经营始终暴露在相关法律风 险之下。因此，我们不得不做出以上的安排…… 中国企业家杂志 . 陆明向记者重点指出："上述'通知'中提到的，在现行股权架构下，'娃哈哈'商标的使用，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。"言外之意，他认为是宗馥莉认为如果她不 用娃哈哈商标了，那其他相关股东方也不可以用了，下一步娃哈哈商标可能要被雪藏了。 如真走到"娃哈哈"品牌 ...

Core Insights - The bottled water market remains competitive in 2025, with significant developments from leading companies like Nongfu Spring and China Resources Beverage [2][10]. Group 1: Company Performance - Nongfu Spring reported a revenue of 25.622 billion yuan for the first half of 2025, a year-on-year increase of 15.6%, with a net profit of approximately 7.622 billion yuan, up 22.1% [2]. - China Resources Beverage's revenue for the same period was 6.206 billion yuan, reflecting a decline of 18.5%, with a profit of 0.823 billion yuan, down 28.7% [3][11]. - Despite a return to growth, Nongfu Spring's bottled water revenue of 9.443 billion yuan in 2025 was still below the 10.442 billion yuan recorded in 2023 [12]. Group 2: Market Dynamics - The price war in the bottled water sector has led to a normalization of prices, with "1 yuan water" becoming common, affecting profitability across the industry [13][9]. - New entrants like Pinduoduo and Yuanqi Forest have begun to capture market share from traditional water companies, intensifying competition [5][18]. - The competitive landscape is shifting, with companies diversifying into beverage categories beyond bottled water to seek new growth opportunities [6][21]. Group 3: Product Innovations - In response to market changes, Nongfu Spring has launched new products in the tea and juice segments, with its tea beverage revenue reaching 10.09 billion yuan, a 19.7% increase [23]. - China Resources Beverage has also introduced 14 new products across various beverage categories, increasing its beverage revenue to 0.955 billion yuan, up 21.3% [24]. - The ice tea segment is becoming a focal point for competition, with multiple brands entering the market, although established players like Master Kong and Uni-President dominate this category [29][34].

Core Viewpoint - The new leadership under Zong Fuli at Wahaha has faced significant challenges, including family disputes and the need for product innovation, while achieving a revenue rebound to 70 billion yuan in 2024, but recognizes this growth may not be sustainable [4][16]. Group 1: Leadership Transition and Challenges - Zong Fuli's self-assessment of her performance is "not satisfied," reflecting the difficulties faced during her transition, including her father's passing and family conflicts [2][17]. - The company is undergoing a period of "new and old transition," requiring both leadership and product innovation to maintain competitiveness [5][6]. - Zong Fuli acknowledges the need for Wahaha to adapt to changing market conditions and consumer preferences, emphasizing the importance of innovation and market insight [7][15]. Group 2: Product Innovation and Market Strategy - The flagship product, AD Calcium Milk, remains a strong performer, but there is a pressing need for new product development, as the last major innovation was in 2005 [6][20]. - The launch of the upgraded ice tea product aims to capture market share from established competitors like Master Kong, with a focus on larger packaging and improved ingredients [7][21]. - Zong Fuli emphasizes that true innovation in the beverage industry requires deep consumer insights and technological advancements, rather than superficial changes [22][28]. Group 3: Sales and Distribution Strategy - Wahaha is optimizing its distribution network, moving away from the traditional "joint sales system" to a more modern and efficient approach, while still leveraging its existing strengths in lower-tier markets [9][24]. - The company has significantly increased its investment in offline ice cream cabinets, with plans for 100,000 units to enhance product visibility and availability [10][11]. - Zong Fuli's management strategy includes a focus on enhancing team execution and operational efficiency, aiming for a more professional and market-oriented organization [17][20]. Group 4: Organizational Changes and Employee Relations - Recent organizational changes, including a board restructuring and employee contract adjustments, have led to some unrest among staff, prompting the formation of a "rights protection committee" [14][25]. - Zong Fuli addresses these concerns by stating that adjustments are necessary to align with evolving market conditions and consumer demands, and emphasizes the importance of maintaining a stable and effective management structure [15][26]. - The company aims to create a high-performing executive team that embodies professionalism and leadership, fostering a culture of collaboration and shared responsibility [27][28].

Core Viewpoint - The new leadership under Zong Fuli at Wahaha has faced significant challenges, including family disputes and the need for product innovation, while achieving a revenue rebound to 70 billion yuan in 2024, although this growth is seen as unsustainable in the long term [4][12]. Company Performance - Wahaha's revenue has returned to the peak of 70 billion yuan in 2024, attributed partly to emotional factors following the founder's passing [4]. - The company has not launched a new major product since 2005, relying heavily on existing products like AD Calcium Milk for sales [5][12]. Product Innovation - Zong Fuli emphasizes the need for product innovation, viewing it as essential for understanding consumer insights and market demands [5][12]. - The upcoming launch of the upgraded ice tea product is seen as a test of the company's innovation capabilities, with a focus on capturing consumer preferences for natural ingredients [6][12]. Distribution and Sales Strategy - Wahaha is optimizing its distribution channels, moving away from the traditional "joint sales system" to a more modern and diversified approach, including partnerships with convenience stores and online platforms [7][16]. - The company has significantly increased its investment in offline ice cream freezers, with plans to deploy 100,000 units by 2025, indicating a focus on enhancing product availability [7][12]. Management Changes - A board restructuring has introduced younger executives, reflecting a shift towards a more professional and market-oriented management style [8][12]. - Recent changes in labor contracts and factory operations have led to employee dissatisfaction, prompting the formation of a "rights protection committee" [8][12]. Market Positioning - Zong Fuli positions Wahaha as a "follower" in the competitive beverage market, acknowledging the need to learn from successful peers like Nongfu Spring and Master Kong [12][14]. - The company aims to maintain a balance between traditional values and modern market demands, focusing on quality and consumer trust [12][14].

再来一瓶最近"披上了马甲"，重新杀回来了。 四川白领钟书民刚一走进电梯，就看见广告屏上写着"娃哈哈冰红茶，一元乐享、再来一瓶"。被电梯里 的空气闷得燥热难耐，他有了去买着试试的想法。 没想到，他买了两瓶全都中奖，"上一次有这样再来一瓶的经历，还是在十几年前的小学"。 今年夏天，"一元乐享、再来一瓶"的促销活动来得密集又疯狂，几乎席卷了饮料行业大大小小的品牌。 从有糖茶到无糖茶，从功能性饮料到气泡水，乃至咖啡品类，无一例外地加入了这场促销大战。 货架上，清晰可见一元乐享、再来一瓶的标识。图源/高越 曾经人人比拼运气的"再来一瓶"，为何在今年夏天，重新燃起了大规模的战火？ "一元乐享"，占领便利店 走进任意一家便利店，黄色促销标签都密密麻麻排列在饮料货架上，构成火热的价格战场。 东鹏饮料一元乐享活动小程序。图源/截图 东鹏饮料的茉莉上茶、东鹏大咖、补水啦和果之茶的价格标签旁，都立着"高中奖率"的显眼黄色标识。 只要开盖发现"一元乐享"，即可仅花费一元，再来一瓶。从瓶身和小程序界面可以看到，品牌写明综合 中奖率为20%。 脉动的1L装饮料、健力宝的500ml饮料，瓶身上也都印着一圈"开盖赢奖"的标识，开盖扫码有机会 ...

Core Viewpoint - The price increase of Master Kong's iced tea has led to a significant decline in market share as consumers are sensitive to price changes and have shifted to competing brands [4][16][18]. Pricing Strategy and Market Response - In the beverage sales peak season of this year, the retail price of Master Kong's one-liter iced tea has shown signs of loosening, with some retailers selling it for around 4 yuan, below the suggested retail price of 5 yuan [2][23]. - Master Kong's decision to raise prices last year has created sales challenges for many distributors and retailers, with some reporting a sales drop of over 50% for the iced tea product [3][4]. - The price increase has resulted in reduced profit margins for distributors and retailers, leading to a shift in consumer preference towards other brands [4][9][10]. Market Share and Competitive Landscape - Master Kong's iced tea, once a market leader, has seen its market share rapidly eroded by competitors like Uni-President and Wahaha, which have maintained stable pricing [17][18]. - The competitive landscape has intensified, with new entrants like Yuanqi Forest offering innovative products that appeal to younger consumers [17][22]. - In 2024, Master Kong's beverage sales revenue was 516.2 billion yuan, a year-on-year increase of 1.3%, but the iced tea segment's growth has been hampered by the price increase and competition [10][11]. Distributor and Retailer Sentiment - Distributors and retailers express concerns over the pricing strategy, indicating that any misstep could lead to long-term negative effects on the brand [5][24]. - The number of Master Kong's distributors has decreased significantly, from 76,875 at the end of 2023 to 67,215 by the end of 2024, marking the largest decline in five years [24][25]. - Many small distributors are unable to sustain operations due to compressed profit margins resulting from the price increase, leading to their exit from the market [25].

Core Viewpoint - The price adjustment of Master Kong's iced tea has led to a significant decline in sales and market share, as consumers are highly sensitive to price changes in a competitive beverage market [1][2][8] Pricing Strategy - Master Kong's iced tea was previously priced at 5 yuan, but some retailers are now selling it for around 4 yuan or even lower, indicating a loss of the suggested retail price [1][11] - The price increase from 4 yuan to 5 yuan last year resulted in a sales drop of over 50% for the iced tea in certain markets [1][4] - Retailers are struggling with profit margins due to the price increase, leading to a shift in consumer preference towards other brands [4][8] Market Share Impact - Following the price hike, Master Kong's market share has been rapidly eroded by competitors like Uni-President and Wahaha, which have maintained stable pricing [4][9] - In some regions, the sales volume of Master Kong's iced tea has plummeted, while competitors have seen their sales increase significantly [4][9] Financial Performance - In 2024, Master Kong reported a 1.3% year-on-year increase in beverage sales to 516.2 billion yuan, with a 52.3% increase in net profit attributed to higher gross margins [5][6] - The tea segment performed best, with an 8.2% revenue growth year-on-year, but the growth rate slowed in the second half of the year [6][10] Competitive Landscape - The beverage market has become increasingly competitive, with new entrants like Yuanqi Forest offering innovative products that appeal to younger consumers [8][9] - Master Kong's last price increase was in 2018, and the current price sensitivity among consumers has intensified due to the competitive environment [7][8] Distributor Dynamics - The number of Master Kong's distributors decreased significantly from 76,875 in 2023 to 67,215 in 2024, marking the largest decline in five years [12] - Distributors are exiting the market due to reduced profit margins following the price increase, particularly affecting smaller distributors [12]

Core Insights - The iced tea market is experiencing significant growth, with a global market size reaching $53.3 billion in 2023 and projected to grow at a compound annual growth rate (CAGR) of 6.7%, potentially exceeding $100 billion by 2033 [1][2]. Market Trends - A substantial 71.4% of consumers prioritize "reduced sugar/no sugar" labels when selecting iced tea, and 82.9% prefer reduced sugar formulations [2]. - The shift towards health-conscious consumption is evident, as consumers are increasingly valuing quality ingredients and taste over price [4]. Historical Context - The iced tea category in China began in 1993 with the introduction of bottled iced tea by Xuri Sheng, followed by major brands like Master Kong and Uni-President in 1996, which quickly captured consumer attention with classic flavors [6]. - The evolution of iced tea reflects a broader trend towards health, with reduced sugar and natural ingredients becoming key selling points [6]. Innovations and New Entrants - The unicorn brand Yuanqi Forest has redefined traditional iced tea by launching a "true tea, true fruit juice, reduced sugar" product, significantly reducing sugar content compared to standard iced teas [6][8]. - Yuanqi Forest's iced tea is projected to achieve sales of 1 billion units in 2024, a 500% increase from approximately 200 million units in 2023 [6]. Competitive Landscape - Established brands are also entering the iced tea market, with companies like Nongfu Spring launching carbonated tea drinks and other brands like Dongpeng and Wahaha introducing innovative products targeting specific consumer segments [10]. - The market is witnessing a transformation from merely quenching thirst to prioritizing health and ingredient quality, indicating a significant shift in consumer preferences [10][11].