宗馥莉辞任娃哈哈集团董事长，在业内看来有众多伏笔和隐线。 众多媒体获得"属实"的消息确认是在10月10日晚间，但据北京商报记者采访的一线员工反馈，这个消息 早就是公开的秘密了。一位已经在娃哈哈工作15年的内部员工向北京商报记者表示，"管理层变动基本 都是知道的"。不过，对该内部员工来说，随着宗馥莉的辞职，未来团队如何调整还是个未知数。 宗馥莉并非第一次辞职，去年7月"请辞"事件后，在"各股东友好协商"下其重新回到娃哈哈集团。但这 次不同，随着"娃哈哈"商标使用的合规性存疑，新品牌"娃小宗"浮出水面，宗馥莉的离开或是大势所 趋。辞去娃哈哈集团法定代表人、董事及董事长等职务后，宗馥莉仍继承父亲宗庆后留下的29.4%股 份，为公司第二大股东。 遗产官司陷入拉锯，将娃哈哈品牌一并拖入舆论旋涡，商标"紧箍咒"越收越紧，商标、市场、现金流互 相缠绕，核心高管"被调查"风波……内部复杂的形势，外部多变的市场，一个老牌企业变动的背后，究 竟是一个时代的结束，还是新局面的开启？ 早有征兆：商标导火索 10月10日晚间，"宗馥莉已经辞职"的消息登上微博热搜首位，对于网传"宗馥莉已于9月12日向娃哈哈集 团有限公司辞去公司法定代表 ...

本报（chinatimes.net.cn）记者周梦婷 北京报道 事情的发展总是充满变数，2024年8月29日，宗馥莉正式成为杭州娃哈哈集团有限公司（下称"娃哈哈集 团"）负责人、董事长、总经理等，如今却选择离职娃哈哈集团。10月10日，市场传出，宗馥莉已于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已通过集团股东会和董事会的相关程 序，当天就此消息，娃哈哈相关工作人员回复《华夏时报》记者表示"属实"。 2024年2月，娃哈哈集团创始人宗庆后离世，之后宗馥莉便不断接手其父亲手里的公司，但中间也是波 折不断，同年7月中旬，宗馥莉选择辞去娃哈哈集团总经理等职务，以一招"以退为进"最终于2024年8月 29日正式成为娃哈哈集团"掌门人"。但与上次不同的是，此次宗馥莉辞职已经通过娃哈哈集团股东会和 董事会的相关程序。在当前饮料市场竞争堪称残酷的情况下，娃哈哈集团"掌门人"更迭又起波澜，也使 其前路愈发显得扑朔迷离。 宗馥莉另起炉灶？ 娃哈哈集团再起波澜。10月10日，词条"宗馥莉已经辞职"迅速引爆网络，登上微博热搜第一。宗馥莉离 职之后将走向何方，也是市场关注的重点。有媒体报道称，一名消息人士表示 ...

在家族遗产纠纷悬而未决、品牌商标归属存疑、新品牌市场接受度不明的多重背景下，宗馥莉的接班之路正面临前所未有的考验。 然而，若因此低估宗馥莉，或许为时过早。 细察其过往举措，可见她擅长运用"阳谋"破局。去年7月，她就曾发起过一次堪称"自伤式袭击"的战略行动——主动提出辞职。当时她给出的理由是，部 分股东对其经营管理的合理性提出质疑，致使其无法正常履职。 这一险棋本质上将了股东一军：若辞职获准，则她将脱离当前困境；若未获批准，则意味着股东方必须给予她充分的授权和支持。 宗馥莉正面临一场多线作战的复杂局面。 2024年9月26日，香港高等法院作出关键裁决：正式驳回宗馥莉的上诉请求，维持冻结建浩公司汇丰银行账户内18亿美元资产的保全命令。 图源：网络 与此同时，她推进的新品牌战略也遭遇阻力。此前宣布启用的全新品牌"娃小宗"，并未获得渠道端的广泛支持，部分经销商已公开表示反对。 更值得关注的是，内部似乎浮现新的竞争态势——娃哈哈上海工厂近期推出了"沪小娃"桶装水，而据传闻，该工厂的幕后负责人正是宗庆后的堂弟宗伟。 图源：网络 最终事态沿着第二条路径发展——宗馥莉不仅稳固了董事长职位，更全面接手了宗庆后持有的娃哈哈集团公 ...

宗馥莉正面临一场多线作战的复杂局面。 2025年9月26日，香港高等法院作出关键裁决：正式驳回宗馥莉的上诉请求，维持冻结建浩公司汇丰银行账户内18亿美元资产的保全命令。 图源：网络 与此同时，她推进的新品牌战略也遭遇阻力。此前宣布启用的全新品牌"娃小宗"，并未获得渠道端的广泛支持，部分经销商已公开表示反对。 更值得关注的是，内部似乎浮现新的竞争态势——娃哈哈上海工厂近期推出了"沪小娃"桶装水，而据传闻，该工厂的幕后负责人正是宗庆后的堂弟宗伟。 图源：网络 在家族遗产纠纷悬而未决、品牌商标归属存疑、新品牌市场接受度不明的多重背景下，宗馥莉的接班之路正面临前所未有的考验。 然而，若因此低估宗馥莉，或许为时过早。 细察其过往举措，可见她擅长运用"阳谋"破局。去年7月，她就曾发起过一次堪称"自伤式袭击"的战略行动——主动提出辞职。当时她给出的理由是，部分股东对 其经营管理的合理性提出质疑，致使其无法正常履职。 这一险棋本质上将了股东一军：若辞职获准，则她将脱离当前困境；若未获批准，则意味着股东方必须给予她充分的授权和支持。 最终事态沿着第二条路径发展——宗馥莉不仅稳固了董事长职位，更全面接手了宗庆后持有的娃哈哈集团公 ...

出品丨虎嗅 作者丨肖漫 头图丨视觉中国 据财新网报道，娃哈哈集团的核心成员严学峰因涉嫌违纪，被杭州市上城区纪律检查委员会立案审 查，立案通知书已经发送给娃哈哈集团党委。未经纪检委同意，娃哈哈集团不得批准严学峰出国、辞 去公职，不得批准对其交流、晋升、奖励、处分或者办理退休手续。 一名娃哈哈集团高层人士表示，严学峰被调查是因为私人原因。 这意味着， 浙江娃哈哈饮用水有限公司不再有桶装水的销售经营权，而是成为杭州迅尔城通商贸有 限公司的一个代工厂。 浙江娃哈哈饮用水有限公司的外部加工厂也直接为杭州迅尔城通商贸有限公 司生产桶装水，不再为浙江娃哈哈饮用水有限公司生产，浙江娃哈哈饮用水有限公司的该部分业务也 被砍掉，营业收入和利润均减少。 不仅如此，杭州迅尔城通商贸有限公司将桶装水公司（浙江娃哈哈饮用水有限公司）的加工费用压低 至 2.75元/桶。据知情人士透露，宗馥莉又要求对销售较好的纯净水进行提价，纯净水从原来的6.5 元/桶，提价到7元/桶，利润又留给了杭州迅尔城通商贸。这些调整导致浙江娃哈哈饮用水有限公司 的利润大幅下滑。 上述行为也将导致浙江娃哈哈实业公司的分红将严重减少。 公开消息显示，浙江娃哈哈饮用水有 ...

Core Viewpoint - Wahaha is facing significant challenges in maintaining its market position and growth, with declining sales in key products and markets, particularly in the beverage sector, indicating a need for strategic transformation and innovation [4][5][6]. Group 1: Sales Performance and Market Position - Wahaha's sales growth has slowed, with a notable decline in key products like AD calcium milk and bottled water, particularly in the East China region, where sales dropped by 37% and market share fell from 18% to 12% [5][6]. - The company's revenue has remained relatively stagnant over the past eight years, fluctuating around 50 billion, with a brief spike to 70 billion in 2024 attributed to emotional consumer spending following the founder's passing [11][12]. - In comparison to competitors like Nongfu Spring, Wahaha's growth has been lackluster, with Nongfu Spring showing faster revenue growth and innovation in product offerings [15][16]. Group 2: Market Dynamics and Competition - The bottled water market is highly competitive, with Wahaha losing market share to brands like Nongfu Spring and Master Kong, which have adopted aggressive pricing and marketing strategies [17][27]. - The overall bottled water market in China is projected to grow significantly, with a market size expected to exceed 310 billion by 2025, indicating a lucrative opportunity for brands that can effectively capture market share [25][26]. - Wahaha's market share in bottled water remains stagnant at around 9.9%, with major competitors holding a combined market share of over 80% [29]. Group 3: Strategic Initiatives and Future Outlook - Under the leadership of Zong Fuli, Wahaha is focusing on expanding its bottled water and tea product lines, with a goal to revitalize the brand and achieve a revenue target of 100 billion [20][21]. - The introduction of new products, such as sugar-free tea, has not yet gained significant traction in the market, highlighting the challenges Wahaha faces in innovating and adapting to consumer preferences [34][39]. - The launch of the new brand "Wah Xiaozong" aims to streamline decision-making and enhance market responsiveness, potentially positioning Wahaha for a more agile transformation in the beverage industry [41][42].

Core Viewpoint - The intense price war in China's bottled water market has led to significant shifts in market share among major players, particularly affecting the performance of the brands involved, with a notable decline in the market share of the leading brand,怡宝 [2][10][21]. Group 1: Price War Dynamics - The price of bottled water has dropped significantly, with农夫山泉's green bottle water priced at 1 yuan, directly targeting the core markets of怡宝 and娃哈哈 [2][10]. - The competition has intensified, with all major players, including农夫山泉,娃哈哈, and怡宝, heavily subsidizing prices to maintain market share [7][12]. - As of 2024, the retail price for农夫山泉's red bottle water has been reduced to approximately 0.8 yuan per bottle, matching its cost price [7][10]. Group 2: Market Share Changes - The market share of娃哈哈 has increased from 14.22% to 17.7% between April 2024 and August 2025, while华润饮料's share has decreased from 25.11% to 20.34% during the same period [15][21]. - The price war has resulted in a significant decline in怡宝's market share, which had previously been stable since 2005, marking a notable downturn due to the aggressive pricing strategies of competitors [21][24]. Group 3: Financial Performance - In the first half of 2025,华润饮料 reported a revenue decline of 18.52% and a net profit drop of 28.74% compared to the same period in 2024 [23]. - The gross margin for怡宝 decreased from 49.3% to 46.7%, indicating a reduction in profitability amid the ongoing price competition [23]. - The overall revenue for the bottled water segment under华润饮料 fell by 23.1%, with all product categories experiencing a downturn [23][24]. Group 4: Industry Trends and Challenges - The ongoing price war has led to a phenomenon of "price inversion," where distributors sell products below cost to maintain market presence [18][19]. - The competitive landscape has shifted, with the introduction of aggressive pricing strategies by农夫山泉's green bottle water disrupting the market dynamics [21][36]. - The industry is witnessing a trend where heavy subsidies are becoming a norm, leading to increased pressure on distributors and potential long-term sustainability issues [19][20].

Core Viewpoint - The ongoing price war in China's bottled water market has intensified, particularly among major players like Nongfu Spring, Wahaha, and Yibao, leading to significant market share shifts and financial impacts on the companies involved [2][5][10]. Group 1: Market Dynamics - Nongfu Spring launched its green bottle purified water at a retail price of 1 yuan per bottle, directly targeting the core markets of Yibao and Wahaha [2][8]. - The competition has escalated to a "water war" among the three companies, with each investing heavily in subsidies and pricing strategies to capture market share [5][10]. - As of August 2025, Wahaha's market share increased from 14.22% to 17.7%, while Yibao's share dropped from 25.11% to 20.34% [10][12]. Group 2: Pricing Strategies - Retail prices for bottled water have plummeted, with Nongfu Spring's red bottle water being sold at around 0.8 yuan per bottle, nearly matching the wholesale price [5][10]. - Yibao has also engaged in aggressive pricing tactics, including promotional offers that have seen prices drop to as low as 0.01 yuan per bottle [8][10]. - The intense competition has led to a phenomenon of "price inversion," where distributors sell products below cost to meet sales targets and maintain market presence [12][13]. Group 3: Financial Performance - Yibao's financial results for the first half of 2025 showed a significant decline, with revenue dropping by 18.52% to 6.206 billion yuan and net profit decreasing by 28.74% to 0.823 billion yuan [16]. - The gross margin for Yibao fell from 49.3% to 46.7%, indicating pressure on profitability due to the ongoing price war [16]. - The overall bottled water market has seen a shift, with Yibao's previously steady market share now facing unprecedented challenges due to aggressive pricing from competitors [14][16].

Core Viewpoint - The ongoing price war in China's bottled water market has intensified, with major players like Nongfu Spring, Wahaha, and Yibao engaging in aggressive pricing strategies, leading to significant market share shifts and financial impacts on the companies involved [1][6][13]. Group 1: Price War Dynamics - Nongfu Spring launched its green bottle purified water at a retail price of 1 yuan per bottle, directly targeting the core markets of Yibao and Wahaha [1][6]. - The retail price of Nongfu Spring's red bottle water has dropped to around 0.8 yuan per bottle due to heavy subsidies from the company and external platforms [3][8]. - Wahaha, under the leadership of Zong Fuli, has also reduced its bottled water prices to below 1 yuan, employing aggressive promotional strategies similar to those seen in other sectors [6][8]. Group 2: Market Share Changes - As of April 2024, Wahaha's market share in the bottled water segment increased from 14.22% to 17.7%, while Yibao's share decreased from 25.11% to 20.34% [8][12]. - The competitive landscape has shifted significantly, with Nongfu Spring maintaining a leading position despite short-term fluctuations in market share [8][12]. Group 3: Financial Performance - Yibao's revenue and net profit have declined significantly, with a reported 18.52% drop in revenue and a 28.74% decrease in net profit for the first half of 2025 compared to the same period in 2024 [15][16]. - The gross margin for Yibao has decreased by 2.6 percentage points, indicating pressure on profitability amid the price war [15][16]. Group 4: Industry Practices - The practice of "performance betting" in subsidies has become common, where distributors face pressure to meet sales targets or risk losing rewards, leading to price undercutting [8][11]. - Instances of "price inversion" have emerged, where distributors sell products below cost to maintain market presence, reflecting the intense competitive pressures in the industry [11][12].

Core Viewpoint - The intense competition in the bottled water market in China has led to a significant price war among major players, particularly between Nongfu Spring, Wahaha, and Yibao, with Nongfu Spring's introduction of the green bottle water at a price point of 1 yuan per bottle directly targeting the core market of Yibao and Wahaha [2][8]. Group 1: Market Dynamics - Nongfu Spring launched its green bottle water in April 2024, reducing the retail price to 1 yuan per bottle, intensifying competition in the bottled water sector [2][8]. - The competition has been characterized as a "water war" among the three companies, with each investing heavily in marketing and pricing strategies to capture market share [6][10]. - As of May 31, 2024, Nongfu Spring's green bottle water achieved sales of over 1 million units within a short period [3]. Group 2: Pricing Strategies - The retail price for Nongfu Spring's red bottle water is 2 yuan, but through various subsidies, the effective price can drop to around 0.8 yuan per bottle for consumers [6][10]. - Yibao has also engaged in aggressive pricing strategies, including promotional offers that have seen prices drop to as low as 0.01 yuan per bottle [8][10]. - The pricing strategies have led to a situation where the cost for distributors and retailers is often lower than the retail price, creating a "price inversion" scenario [12][14]. Group 3: Market Share Changes - As of April 2024, Wahaha's market share increased from 14.22% to 17.7% during the ongoing competition, while Yibao's market share decreased from 25.11% to 20.34% [10][16]. - The competitive landscape has shifted significantly, with Yibao experiencing a decline in market share for the first time since 2005, attributed to the aggressive pricing and marketing of Nongfu Spring's green bottle water [16][18]. - Yibao's revenue and net profit have also seen a decline, with a reported 18.52% drop in revenue and a 28.74% drop in net profit in the first half of 2025 compared to the previous year [18][19]. Group 4: Industry Trends - The bottled water industry in China has seen a dramatic evolution over the past three decades, with Yibao and Nongfu Spring emerging as key players [19][24]. - The current price war reflects a broader trend in the industry where companies are increasingly relying on aggressive pricing to capture market share, particularly in the low-price segment [24][25]. - The competitive strategies employed by these companies highlight the challenges faced by traditional market leaders like Yibao, which is struggling to maintain its competitive edge amid rising competition [25].