Core Points - Zhejiang Wahaha Company has regained the bottled water sales rights after the resignation news of Zong Fuli [1] - The transfer of bottled water sales rights to Hangzhou Xun'er City Trading Co., Ltd. was initiated by Zong Fuli in 2024 and implemented in March 2025 [1] - The bottled water business is primarily managed by Zhejiang Wahaha Drinking Water Co., Ltd. and Shanghai Wahaha Drinking Water Co., Ltd. [1][2] Group 1 - Zong Fuli transferred the bottled water sales rights to Hangzhou Xun'er City Trading Co., Ltd., which is part of the "Hongsheng System" [1] - The transfer was executed without a purchase agreement with distributors, leading to a significant operational shift [1] - Hangzhou Xun'er City Trading Co., Ltd. was established in 2022 and is fully controlled by Hangzhou Hongchen Marketing Co., Ltd. [1] Group 2 - Shanghai Wahaha Drinking Water Co., Ltd. launched the "Hu Xiaowa" brand bottled water, indicating a shift from the Wahaha brand due to brand expiration issues [2] - The Wahaha brand was required to cease usage by Shanghai Wahaha Drinking Water Co., Ltd. as of July this year [2] - The Wahaha trademark transfer to Hangzhou Wahaha Food Co., Ltd. has caused public controversy, as it requires unanimous consent from all shareholders [3]

Core Viewpoint - The article discusses the challenges faced by Zong Fuli, the former chairwoman of Wahaha Group, following her resignation and the ongoing legal disputes regarding the inheritance of the company's founder, Zong Qinghou. The situation has led to significant risks for the brand and its future operations. Group 1: Resignation and Legal Challenges - Zong Fuli resigned from her positions as the legal representative, director, and chairwoman of Wahaha Group on September 12, following approval from the shareholders and board [4] - Zong Fuli is facing multiple challenges, including the investigation of a core member, Yan Xuefeng, for disciplinary violations, which complicates the company's leadership dynamics [5][15] - The Hong Kong High Court recently rejected an appeal by Zong Fuli regarding a summons, indicating ongoing legal troubles [8][19] Group 2: Brand and Trademark Issues - Zong Fuli faces the risk of losing the right to use the "Wahaha" trademark due to unresolved historical issues following the founder's death [9][23] - An internal document revealed plans to rebrand to "Wawa Xiaozong" starting in the 2026 sales year, as the company seeks to mitigate legal risks associated with the "Wahaha" brand [10][35] - The "Wahaha" trademark is currently owned by Wahaha Group, which has initiated transfer procedures for numerous related trademarks, indicating a potential shift in branding strategy [24][25] Group 3: Inheritance Disputes - The inheritance dispute involving Zong Qinghou's estate has intensified, with Zong Fuli's half-siblings claiming equal rights to the trust funds established by their father, totaling $2.1 billion [20][21] - Legal actions have been taken to prevent Zong Fuli from disposing of assets related to the trust, highlighting the contentious nature of the inheritance battle [21] - The ongoing disputes could harm the "Wahaha" brand's reputation and market position, as seen in similar cases within the industry [45]

Core Viewpoint - The article discusses the challenges faced by Zong Fuli, the former chairwoman of Wahaha Group, including her resignation from key positions and ongoing legal disputes over the inheritance of the company's founder, Zong Qinghou [4][12][14]. Group 1: Resignation and Legal Challenges - Zong Fuli resigned from her positions as the legal representative, director, and chairwoman of Wahaha Group on September 12 [4]. - Zong Fuli is facing multiple challenges, including the investigation of a core member, Yan Xuefeng, for disciplinary violations, which has raised concerns about the company's governance [5][9]. - A recent court ruling dismissed an appeal by Zong Fuli regarding a legal matter, indicating ongoing legal troubles [6][12]. Group 2: Brand and Trademark Issues - Zong Fuli is at risk of losing the use of the "Wahaha" trademark due to unresolved historical issues following the death of founder Zong Qinghou [7][16]. - Starting from the 2026 sales year, the company plans to rebrand as "Wawa Xiaozong" to mitigate legal risks associated with the "Wahaha" brand [21][22]. - The "Wahaha" trademark is currently owned by Wahaha Group, which has initiated transfer procedures for several related trademarks [16][17]. Group 3: Inheritance Disputes - The inheritance dispute involves Zong Fuli and her half-siblings, who are seeking equal rights to the family trust established by Zong Qinghou, valued at $2.1 billion [13][14]. - The court has issued a temporary injunction preventing Zong Fuli from accessing certain assets until the legal proceedings are resolved [14][28]. - The ongoing disputes have raised concerns about the brand's reputation and market position, potentially allowing competitors to capitalize on the situation [29].

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 Viewpoint - Wahaha Group is facing significant challenges, including internal investigations and brand changes, amidst ongoing legal disputes and declining sales performance [2][4][5]. Group 1: Internal Investigations and Leadership Issues - Recent reports indicate that Yan Xuefeng, a key executive at Wahaha Group, is under investigation for disciplinary violations, which has raised concerns about the company's leadership stability [2]. - Despite rumors of her being taken away for questioning, Zong Fuli, the current leader of Wahaha, was reported to be at work as usual [2]. Group 2: Brand Changes and New Initiatives - Wahaha Group plans to transition to a new brand, "Wah Xiaozong," starting from the 2026 sales year to address historical compliance issues related to the "Wahaha" brand [4]. - The trademark for "Wah Xiaozong" is currently owned by Hongsheng Group, which is fully controlled by Yan Xuefeng, indicating a strategic shift in branding [4]. Group 3: Sales Performance and Market Position - Sales for Wahaha this year are reported to be at 80% of last year's peak performance, indicating a decline in market presence [5]. - The Shanghai Wahaha Drinking Water Co., Ltd. has launched a new brand, "Hu Xiaowawa," due to brand authorization disputes, which has led to operational challenges [5][10]. Group 4: Legal and Operational Challenges - The company is embroiled in a legal dispute over a billion-dollar inheritance involving its founder, which has compounded its operational difficulties [2]. - The Shanghai Wahaha Drinking Water Co., Ltd. has been unable to continue using the "Wahaha" brand due to expired trademarks, leading to the need for a rebranding strategy [10].

从股权结构来看，杭州市上城区国资虽为娃哈哈集团第一大股东，但其46%的持股比例并未达到绝对控 股。与之相对，宗馥莉通过掌控董事会及员工持股会，实际掌握了娃哈哈集团的决策权。近年来，宗馥 莉在对娃哈哈生产、销售全体系进行大刀阔斧重构时，始终在强化自身控制权。 "沪小娃"的诞生，标志着娃哈哈步入了一段充满未知的"深水区"。根据娃哈哈集团现行股权架构，娃哈 哈商标的使用需获得全体股东一致同意，任何一方均拥有"否决权"。这意味着，集团三大股东中，任意 一方都可否决其他方提出的商标授权动议。不幸的是，这种股权设计如今引发了一场惨烈的"负和博 弈"：仅持有娃哈哈集团29.4%少数股权的宗馥莉，若想实现对集团的实际控制、推动自身经营目标落 地，只能选择在娃哈哈体系之外"另起炉灶"；而对杭州市上城区国资而言，要保障所持股权的分红收 益，就必须将集团全体系的利润尽可能留存于娃哈哈集团内部。两边的矛盾不可调和，那就只能"互相 否决，各走各路"。 在明确对手拥有"否决权"的前提下，宗馥莉的应对策略十分清晰：一方面，直接弃用娃哈哈商标，推出 新品牌"娃小宗"，并规划至2026年实现300亿元的销售目标——这一规模大致相当于娃哈哈集团 ...

Group 1 - The core point of the news is that Zhejiang Wahaha Drinking Water Co., Ltd. is undergoing significant changes in its bottled water business, with operations being transferred to Hangzhou Xun'er City Trading Co., Ltd. by the end of 2024, leading to a substantial decline in profits for Zhejiang Wahaha [1][2][3] - The transfer of bottled water sales rights means that Zhejiang Wahaha will no longer have sales rights and will operate as a processing factory for Hangzhou Xun'er, receiving only 2.75 yuan per barrel for processing, which drastically reduces its profit margins [1][2] - Following the transfer, external processing factories that previously worked for Zhejiang Wahaha will now produce for Hangzhou Xun'er, further diminishing Zhejiang Wahaha's revenue and profit [2][3] Group 2 - Hangzhou Xun'er City Trading Co., Ltd. was established in 2022 and is fully controlled by Hangzhou Hongchen Marketing Co., Ltd., which is in turn fully owned by Hongsheng Beverage Co., Ltd. [3] - After the business transfer, the price of purified water was increased from 6.5 yuan to 7 yuan per barrel, with the profits now benefiting Hangzhou Xun'er, which will significantly impact the dividends for shareholders of Zhejiang Wahaha [3][4] - The operational changes and disputes have led to significant disruptions, including factory shutdowns and employee layoffs, particularly in Shanghai Wahaha Drinking Water Co., Ltd. [4][5] Group 3 - Zhejiang Wahaha Drinking Water Co., Ltd. was established in March 2016 and is a wholly-owned subsidiary of Zhejiang Wahaha Industrial Co., Ltd., which holds 43% of the shares [2] - The company previously operated as a vertically integrated entity, producing and selling bottled water, but the recent changes have severed this integration [2][3] - The management transition following the death of founder Zong Qinghou has been tumultuous, with various controversies arising during the operational adjustments [5][6]