2025年中国食品饮料行业正处于深刻变革期，传统老牌企业面临渠道重构、产品升级、舆情风波的挑战，新兴品牌凭借差异化定位、数字化营销和产业链布 局快速崛起。变局之下，娃哈哈的传承危机、汇源与资本博弈、三元重拾产品与服务，成为这一个年度乳饮企业摆脱困境、突破自我的缩影。回溯老品牌娃 哈哈、汇源和三元的2025年，亦是启迪行业大变局下的新思路。 娃哈哈的未了局 2025年12月23日，香港高等法院内，一场关于"宗家三兄妹"与宗馥莉的资产纠纷案正在排期审理。同一时间，杭州娃哈哈集团总部，新任总经理许思敏正面 对着一份没有商标授权的年度计划书，"娃哈哈"三个字仍被锁在一场未解的股权僵局中。 这一年，娃哈哈的声音，从未如此复杂。 10月末，宗馥莉正式辞去娃哈哈集团法定代表人、董事及董事长等职务，以宏胜饮料集团总裁身份继续运作，仍保留娃哈哈集团29.4%股权。12月初，宗馥 莉在香港法院上诉，就涉及汇丰银行账户的离岸信托资产，要求撤销香港高等法院在今年8月作出的资产保全令和披露令。 宗馥莉的后撤，不是逃离，而是一次被迫的切割——试图用现代企业制度重塑娃哈哈，却撞上了历史遗留问题的铁墙。 对于娃哈哈来说，2025年是2024 ...

Core Insights - The recent Wahaha distributor conference was marked by a significant decline in attendance and a lack of key leadership presence, particularly the absence of former chairwoman Zong Fuli, leading to dissatisfaction among distributors [1][5][6] - The company reported a revenue increase of 500 million yuan for 2025, but the specifics of this growth were vague, raising concerns about the accuracy of performance metrics [6][8] - The restructuring of the distributor system has introduced higher entry barriers and stringent requirements, resulting in some distributors being excluded from participation [3][11][13] Group 1: Conference Dynamics - The conference was notably shorter than expected, lasting only about an hour, with attendance dropping to around 300 participants, less than a third of previous years [1][3] - The absence of Zong Fuli, who previously played a significant role in these events, contributed to a lack of engagement and disappointment among attendees [5][6] - The new general manager, Xu Simin, made her debut at the conference but failed to address many of the distributors' concerns, leading to a sense of frustration [1][5] Group 2: Financial Performance - Wahaha announced a revenue growth of 500 million yuan for 2025, but the lack of detailed financial disclosures has led to skepticism regarding the actual performance figures [6][8] - The company has not disclosed specific performance data for the past two years, making it difficult to assess the true financial health of the organization [8] - Distributors expressed doubts about the reported revenue figures, suggesting that internal transactions may inflate the numbers [8] Group 3: Distributor System Restructuring - The company has implemented a new threshold for distributor participation, requiring a minimum sales volume of 15 million yuan, which has excluded many smaller distributors [3][11] - A guarantee deposit system has been introduced, where distributors must pay a deposit to continue their partnership, further tightening the criteria for participation [13] - The restructuring aims to optimize the distributor ecosystem, but it has led to significant turnover and dissatisfaction among long-standing partners [11][13] Group 4: Management Challenges - The conference featured a rewards system for top distributors, but this was overshadowed by reports of mismanagement and penalties for overstocking, highlighting internal conflicts [14][16] - The disparity between rewards and penalties has created confusion among distributors regarding performance expectations and management standards [16] - The company is facing challenges in maintaining order within its distribution channels while trying to enhance brand loyalty and trust among distributors [16][19] Group 5: Future Outlook - Wahaha's water products continue to be a strong revenue driver, with a focus on expanding distribution in under-served markets [17][19] - The company is investing in modernizing its distribution channels and enhancing management practices to improve efficiency and market reach [17][19] - The absence of Zong Fuli marks a pivotal moment for Wahaha, as it seeks to stabilize its operations and refocus on core business strategies [19]

Core Insights - The article discusses the recent dealer conference held by Wahaha, highlighting the challenges faced by the company amidst internal turmoil and changes in leadership [1][3][5]. Group 1: Conference Details - The dealer conference had strict attendance criteria, requiring dealers to achieve cumulative sales of over 15 million yuan to participate, which is a significant increase from previous years [1][21]. - The absence of former chairperson Zong Fuli at the conference raised questions, as she had previously been a prominent figure in such events [2][3]. - The conference was primarily organized by Hongsheng Group, which controls most of Wahaha's dealer network, indicating a shift in power dynamics within the company [5][22]. Group 2: Financial Performance - Wahaha reported a revenue increase of 500 million yuan, maintaining a stable performance despite a challenging market environment [6][7]. - The company’s revenue for 2023 was approximately 50 billion yuan, and projections suggest that revenues for 2024 and 2025 may remain around 70 billion yuan [10][11]. - The performance of water products has been particularly strong, serving as a key driver for overall revenue growth [10]. Group 3: Market Position and Strategy - Wahaha's distribution strategy remains robust, with a strong presence in lower-tier markets, which is seen as a competitive advantage over other brands [19][20]. - The company has a well-established distribution network that allows it to reach rural and township consumers effectively, leveraging its logistics capabilities [19]. - Despite internal challenges, dealers express that as long as their business remains unaffected, they are primarily concerned with profit margins and incentive policies [22]. Group 4: Brand and Leadership Challenges - The current leadership vacuum at Wahaha, following Zong Fuli's resignation, raises concerns about the company's future direction and governance [3][26]. - The brand's value as a national icon remains strong among dealers, despite the internal conflicts and shifts in management [26]. - The ongoing power struggle between Wahaha and Hongsheng Group reflects a broader tension within the company, complicating its operational and strategic decisions [5][26].

Core Insights - Wahaha achieved a revenue growth of 500 million in 2025, indicating a strong performance in the beverage sector [1] Group 1: Company Performance - The water product category continued to play a crucial role, maintaining a strong growth momentum and serving as the "ballast" for overall performance [1] - Large-sized products aimed at family water storage and outdoor drinking scenarios showed particularly impressive growth, with some specifications experiencing rapid increases [1]

Core Insights - Wahaha brand achieved a revenue growth of 500 million in 2025, with water products continuing to play a crucial role in sales performance [5] - The company has not disclosed the total revenue for the entire year of 2025 [6] - The annual sales conference recognized 25 "National Excellent Distributors" who shared 1,000 grams of gold medals and 1.5 million in incentives, while 73 "Provincial Excellent Distributors" received a total of 1.46 million in rewards for their market performance [6] Group 1 - The large-scale product line for household water storage and outdoor drinking scenarios showed significant growth, contributing to the overall revenue increase [5] - A total of 147 sales personnel were awarded, with 2.23 million in cash and 280 grams of gold medals distributed [6] - The highest honor, "National Excellent Provincial Manager," received a cash prize of 100,000 and 100 grams of gold [6] Group 2 - The brand will continue to be used in 2026, despite the previous chairman Zong Fuli stepping down and now serving as the president of Hongsheng Group [6] - A recent meeting led by Zong Fuli reviewed the company's advancements in production, technology innovation, and safety management for 2025, while planning for future tasks [6]

Core Insights - Wahaha brand achieved a revenue growth of 500 million in 2025, with water products continuing to play a crucial role in sales [3] - The company held a national sales summary and award ceremony, recognizing 25 "National Excellent Dealers" who shared 1,000 grams of gold medals and 1.5 million in incentives [3] - The company plans to continue using the "Wahaha" brand in 2026 despite the previous chairman's resignation [3] Group 1 - In the award ceremony, 73 "Provincial Excellent Dealers" were recognized for their performance in regional markets, receiving a total of 1.46 million in rewards [3] - A total of 147 sales personnel were awarded, with 2.23 million in cash and 280 grams of gold medals distributed [3] - The highest honor, "National Excellent Provincial Manager," received 100,000 in cash and 100 grams of gold [3] Group 2 - The previous chairman, Zong Fuli, has stepped down and is now the president of Hongsheng Group, although she did not attend the award ceremony [3] - A recent meeting at Hongsheng Group reviewed the progress made in production, technology innovation, and safety management in 2025 [4] - The meeting also analyzed the current development situation and planned key tasks for the next phase [4]