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娃哈哈证实:宗馥莉辞任董事长
商标合规争议与"娃小宗"的独立野心 回溯今年2月,宗馥莉曾推动387件"娃哈哈"核心商标从集团划转至其掌舵的食品公司,试图厘清权属历史遗留问题并强化控制权,但这一动作在国资股东 占比46%的"三足持股"格局下遭遇阻力。尽管商标整合受阻,但她早在2月就开始启动新商标注册事项,通过实控的宏胜饮料集团密集申请"娃小宗""宗小 哈"等新商标,覆盖食品、饮料等全品类。 有分析认为,宗馥莉放弃娃哈哈集团治理权,可彻底摆脱国资股东与旧体系的制约,全力运作自有品牌"娃小宗"。该品牌归属宏胜旗下,无需受制于娃哈 哈集团股东会,相当于为她掌控的关联企业开辟了"独立战场",其此前推动的人事改革、数字化布局,或已为新品牌铺路。 娃哈哈仍有多重难题待解 股权结构层面,国资股东杭州上城区文商旅投控持股46%,将在后续管理层任免中掌握主导权,而职工持股会24.6%的份额可能成为平衡力量。 值得关注的是,宗馥莉的离任给娃哈哈留下多重待解难题。从业绩看,她任内推动娃哈哈2024年营收重返700亿元巅峰,瓶装水、AD钙奶等单品增长强 劲,但新品孵化仍未破局,高度依赖传统品类。治理的稳定性、数字化改革、终端攻坚等战略能否延续,成为市场最大疑虑。 ...
免费喝一年水还能赚钱?青蓝送水的“流量棋局”藏着什么门道
Sou Hu Cai Jing· 2025-10-10 07:05
你每个月花在桶装水和瓶装水上的钱有多少?一百?两百?或许你从未细算过,但这笔看似不起眼的固 定开销,正被一匹从湖南杀出的行业"黑马"重新定义。 这就是"青蓝送水"正在全国范围内掀起的波澜。它用一种近乎"匪夷所思"的模式,在短短几年内快速裂 变,计划免费送出数亿箱水。 它没有选择在农某山泉、怡B等巨头林立的水饮市场正面硬刚,而是另辟蹊径,抛出一个让常人难以理 解的概念:免费送水,甚至还能让你在送水过程中赚钱。 更引人深思的是,它不靠卖水赚钱,却声称让众多普通参与者实现了月入过万的可观收益。今天,我们 就来冷静拆解这套模式,看看它究竟是昙花一现的营销噱头,还是真正具备颠覆潜力的商业创新。 一、 逆势而起:红海市场中的蓝海打法 中国的瓶装水市场,早已是一片竞争激烈的"红海"。从商超货架到街边小店,渠道壁垒高筑,新品牌想 要虎口夺食,难度极大。然而,青蓝送水敏锐地捕捉到了一个巨头触角尚未完全覆盖的领域——家庭场 景下的日常饮水需求。 它的打法简单而直接:免费体验,培养习惯。 具体如何操作?对用户而言,规则清晰易懂:支F39.8元购/买一箱24瓶装的水,然后在接下来的24天 里,每天登录平台小程序完成一个简单的签到或抽 ...
台风过后这些传染病要注意防范
Hai Nan Ri Bao· 2025-10-05 23:49
预防肠道传染病 肠道传染病是病原体经口侵入肠道并引起腹泻和其他脏器及全身性感染的一类疾病,洪涝灾害发生 后,常见肠道传染病主要有霍乱、细菌性痢疾、伤寒和副伤寒、手足口病及其他感染性腹泻。 预防肠道传染病,要注意饮用水卫生。不喝生水,只喝开水或符合卫生标准的瓶装水、桶装水;装 水器具必须干净,并经常倒空清洗。自来水水管或水龙头如被污染,退水后应充分清洗管路,水龙头表 面使用含氯消毒剂擦拭消毒。 要注意食品卫生。食物要煮熟煮透,生熟分开,餐具须清洁并消毒后使用,进食前要洗手;不吃腐 败变质或被洪水浸泡过的食物;不吃淹死、病死的禽畜和水产品。 要注意环境卫生。房屋被洪水浸泡后,要对室内外环境进行彻底清理,做到先清理、后消毒、再回 迁。排除积水,清除污泥和垃圾杂物;打开门窗,通风换气;清洗家具,清理室内物品,必要时对房间 墙壁和地面进行消毒。 预防自然疫源性疾病 海南日报海口10月5日讯(海南日报全媒体记者 马珂 通讯员 许珂)10月5日,海南省疾控中心提 醒:洪涝灾害发生后,由于供水系统毁损、食物安全难以保障、居住条件受到破坏、人群与病媒生物的 接触机会增多、人口流动性加大等因素影响,极易发生各类传染病疫情,特别是 ...
娃小宗VS娃哈哈重现加多宝大战王老吉?高盛深度:农业山泉渔翁得利,上调目标价
Zhi Tong Cai Jing· 2025-09-28 13:14
宗馥莉计划启用娃小宗新品牌的消息在业内引发强烈震动。9月27日,高盛发布深度研究报告,详细分析了娃哈哈商标归属纠纷可能带来的影响。高盛预 测,娃小宗与娃哈哈品牌之争,堪比当年王老吉大战加多宝,这一事件或将重构中国瓶装水格局,农夫山泉有望成为最大受益者,而华润饮料、东鹏饮料 (605499)也将间接受益。在报告中,高盛将农夫山泉12个月目标价从之前的53.2港元上调至60.5港元。 Part.01 娃哈哈换标3000亿瓶装水市场生变 通过分析红牛、王老吉/加多宝等过往品牌纠纷案例,高盛研究发现,涉及商标/所有权纠纷的品牌,通常会受到长期负面影响,这将改变品类竞争格局, 并为主要竞争对手提供市占率提升机会。 2016年红牛(中国)因授权纠纷,全年销售额同比下降中双位数;2017年同比下降10%-20%;2017-2024年红牛(中国)的复合年增长率仅为低个位数。与之对 比,其直接竞争对手东鹏饮料展现出强劲市占率提升能力——市占率从2018年的约15%提升至2024年的超30%。 2016-2017年,加多宝与广州医药集团(王老吉商标所有者)就王老吉商标归属爆发纠纷,期间加多宝即饮茶业务销售额同比下降10%-20% ...
广东“牺牲”最大的城市,深圳帮它逆风翻盘
3 6 Ke· 2025-09-23 02:19
Core Viewpoint - Heyuan, known as Guangdong's "water tower," prioritizes ecological safety over industrial development, leading to a lower GDP compared to other cities in the province [2][13]. Group 1: Water Economy - Heyuan is recognized as Guangdong's "big water tank," supplying over 40 million residents in Guangdong and Hong Kong with high-quality water, which has led to the rejection of over 400 enterprises to protect its water resources [2][5]. - The city has developed a robust water economy, with the water industry expected to reach a scale of 10 billion yuan, supported by major companies like Nongfu Spring, China Resources, and Wahaha establishing operations in the region [6][7]. - In 2024, the output value of Heyuan's bottled water and food industry reached 9.25 billion yuan, positioning it as a significant player in the national water industry landscape [6]. Group 2: Tea Economy - The tea industry in Heyuan, particularly in Zijin County, has seen explosive growth, with annual output value increasing from 150 million yuan in 2015 to 1.85 billion yuan, benefiting from the "Hundred Million Project" aimed at rural revitalization [9][10]. - The area has transformed its tea production through comprehensive support, leading to a significant increase in planting area from 18,000 mu to 85,000 mu, creating a large-scale tea plantation [10]. - The tea industry has provided economic benefits to local farmers, with an average annual income increase of over 11,000 yuan per household and nearly 20,000 rural laborers achieving employment close to home [10][11]. Group 3: Economic Transformation - Heyuan is transitioning from traditional agriculture to modern agriculture, demonstrating that ecological protection can coexist with economic development [12]. - The collaboration with Shenzhen has been pivotal in enhancing infrastructure and supporting local industries, contributing to Heyuan's evolution from a "sacrificial" city to a "green growth pole" [14].
美银解读消费 H1 财报:36% 企业超预期,核心标的一文看
Zhi Tong Cai Jing· 2025-09-05 11:06
Core Insights - The overall performance of China's consumer market in the first half of 2025 was subdued, while new consumption trends showed strong growth, a pattern observed over the past 18 months [1] - Among the companies covered by Bank of America, 36% exceeded earnings expectations, 31% fell short, and the remainder met or showed mixed results [1] Domestic Consumption Trends - Restaurant businesses primarily relying on takeout benefited from subsidy policies, with companies like Mixue Group reporting a 13% year-on-year increase in sales per store, largely driven by these subsidies [2] - The average selling price (ASP) in the restaurant and beverage sectors, particularly bottled water, has shown a downward trend, with CR Beverage experiencing an 18.5% decline in sales, nearly half attributed to falling prices [3] Channel Transformation - Companies are reporting strong sales for products customized for emerging channels like Sam's Club and discount snack stores, with some leading firms even providing OEM services for these channels [4] - The trend towards private labels is becoming more pronounced due to channel fragmentation and diminishing brand prestige [4] Consumption Highlights - Areas such as ready-to-drink beverages (sugar-free tea, energy drinks), freshly brewed tea and coffee, snacks (konjac products), outdoor activities, emotional consumption, and discount channels are performing well [5] - This aligns with Bank of America's recent report on new consumption, which emphasizes five core consumer areas: emotional value, health and wellness, diverse experiences, convenient services, and emerging channels [5] New Consumption Differentiation - Despite strong performance from some new consumption companies, market sentiment appears cautious, with Bubble Mart seen as a consensus buy, while the milk tea sector faces negative sentiment [6] Overseas Business and Shareholder Returns - The anticipated rush in orders for the second half of 2025 may lead to sequential growth slowdowns due to high base effects, with tariff-sharing mechanisms potentially limiting OEM profit margins in the short term [7] - A stable shareholder return is noted, with 4%-5% dividend yields common among covered consumer stocks, and several companies increasing dividend frequencies [8] Future Cyclical Trends - The white liquor and dairy sectors are highlighted for potential upward cycles in 2026, with investors showing interest in companies that have faced significant sales declines but are expected to clean up their profit and loss statements [9] - Conversely, the white goods and milk tea sectors are anticipated to face downward cycles, with concerns over high base effects and uncertain performance in 2026 [10]
华创证券食饮2025年中报总结:白酒加速出清 大众呈现亮点
智通财经网· 2025-09-02 22:55
Group 1 - The beverage sector shows better performance, with leading companies demonstrating significant advantages. The sector's revenue and profit increased by 5.4% and 14.4% year-on-year in Q2 2025, respectively [1][3] - The soft drink segment, particularly brands like Nongfu Spring and Dongpeng, is experiencing strong momentum, with bottled water market share recovering and functional beverages continuing to benefit from market trends [1][4] - Traditional leaders in the beer and dairy industries, such as China Resources Beer, Yili, and Angel Yeast, are seeing improvements in return on equity (ROE) as they adapt to market conditions [1][3] Group 2 - The white wine sector is under pressure, with Q2 2025 revenue and net profit declining by 5.0% and 7.5% year-on-year, respectively. Excluding Moutai, the declines are more pronounced at 13.0% and 21.4% [2][3] - High-end and mid-range wines are experiencing a drop in gross margins, with high-end wine margins decreasing by 0.2 percentage points, while base and expansion-type mid-range wines saw declines of 1.7 and 5.4 percentage points, respectively [3] - Cash flow in the white wine sector decreased by 3.2% in Q2 2025, indicating a tightening of liquidity as companies focus on easing channel pressures [3]
25H1业绩综述:饮料旺销,餐饮链承压
HTSC· 2025-09-01 07:53
Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [8]. Core Insights - The beverage sector is experiencing strong seasonal sales, with cost benefits offsetting competitive pressures, leading to stable profitability [14][20]. - The dairy sector shows flat demand in the first half of 2025, with expectations for improved performance during the upcoming holiday seasons [27][33]. - The beer sector faced demand pressure in Q2 due to policy factors, but cost benefits have become prominent [3][32]. - The snack food sector is experiencing a slowdown in revenue during the off-season, with leading companies focusing on channel adjustments [4][32]. - The condiment sector shows muted demand, with a focus on adjustments and cost improvements [5][32]. - The frozen food sector continues to face operational pressures, with industry price competition affecting profitability [6][32]. Beverage Sector Summary - The soft drink segment achieved Q2 revenue growth of 22.8% year-on-year, driven by strong travel demand and new product launches [14][25]. - Major raw material prices are declining, contributing to stable profitability despite competitive pressures [20][24]. - Key companies such as Nongfu Spring and Uni-President China are recommended for their robust revenue and profit growth [14][20]. Dairy Sector Summary - The dairy sector reported a revenue increase of 3.5% in Q2, with expectations for demand recovery during the Mid-Autumn and National Day holidays [27][28]. - Leading companies like Yili and Mengniu are highlighted for their improved profitability due to lower raw milk costs [27][33]. - The sector's gross margin improved by 0.9 percentage points year-on-year, indicating a positive trend in profitability [32][33]. Beer Sector Summary - The beer sector's Q2 revenue grew by 1.8%, with profitability supported by cost reductions [3][32]. - Companies like Yanjing Beer and Qingdao Beer are recommended for their strong performance in the premium segment [3][32]. Snack Food Sector Summary - The snack food sector experienced a revenue decline of 0.3% in Q2, with leading companies focusing on inventory management and channel strategies [4][32]. - Companies such as Weidong and Yanjinpuzi are recommended for their potential benefits from category and channel advantages [4][32]. Condiment Sector Summary - The condiment sector saw a revenue increase of 4.5% in Q2, with a focus on channel replenishment and cost improvements [5][32]. - Companies like Haitian Flavoring and Angel Yeast are highlighted for their strong market positions [5][32]. Frozen Food Sector Summary - The frozen food sector reported a revenue increase of 2.6% in Q2, but profitability is under pressure due to intense competition [6][32]. - Companies such as Anjijia and Lihai Foods are recommended for their potential recovery in the upcoming seasons [6][32].
新爱德集团(08412) - (1) 截至2024年5月31日止年度的年报中所载不发表意见之更新;(...
2025-08-28 14:46
香港交易及結算所有限公司及香港聯合交易所有限公司(「聯交所」)對本公告的內容概不負責,對其準確 性或完整性亦不發表任何聲明,並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 New Amante Group Limited 新愛德集團有限公司 (於開曼群島註冊成立的有限公司) (股份代號:8412) (1)截至 2024 年 5 月 31 日止年度的年報中 所載不發表意見之更新; (2)業務最新狀況;及 (3)提名委員會組成變更 關於不發表意見及集團業務的更新 本公司董事會擬提供有關其截至 2024 年 5 月 31 日止年度的年報(「2024 年報」)中所載不 發表意見(「不發表意見」)的更新資料,以及業務最新狀況。除另有指明外,本公告所用 詞彙與 2024 年報、本公司 2025 年 3 月 26 日、2025 年 5 月 25 及 2025 年 8 月 28 日的公告(「公 告」)中所界定者具有相同涵義。 除 2024 年報及公告中所提及的資料外,本集團已採取以下步驟及措施以減輕流動資金壓力及 改善財務狀況: 1 (1) 本集團繼續執行嚴格的成本控制措施, ...
宗馥莉最新发声:我不会因为风波改变方向
36氪· 2025-08-28 13:35
Core Viewpoint - The article discusses the leadership transition at Wahaha Group, focusing on the challenges faced by Zong Fuli, the new chairperson, amidst family disputes and organizational restructuring. It highlights her vision for the company and the strategic adjustments being made to adapt to market changes [4][10][20]. Group 1: Family Disputes and Leadership Transition - Zong Fuli, seen as the "only daughter" of the founder Zong Qinghou, is embroiled in a legal battle with her half-siblings over a $2.1 billion offshore trust and other assets following the founder's death in February 2024 [5][8]. - The Hangzhou government has established a special task force to address the inheritance disputes related to Wahaha [6]. - Zong Fuli holds a 29.4% stake in Wahaha and has faced criticism regarding her management decisions, including a brief resignation due to shareholder concerns [7][8]. Group 2: Organizational Changes and Strategy - Following Zong Qinghou's death, Zong Fuli implemented significant organizational changes, merging or eliminating several departments and requiring employees to sign new contracts with her controlled Hongsheng Beverage Group [8][15]. - The restructuring is described as a "professional upgrade," aimed at aligning the team with the company's values and ensuring that employees are capable of adapting to new market conditions [15][16]. - Wahaha has returned to a revenue scale of 70 billion yuan in 2024, breaking a nine-year stagnation at 50 billion yuan, with a focus on long-term growth rather than short-term gains [10][14]. Group 3: Market Adaptation and Future Vision - Zong Fuli emphasizes the need for Wahaha to adapt its distribution model and product innovation strategies to meet current market demands, moving away from outdated practices [13][14]. - The company is focusing on creating a culture that encourages employee responsibility and value creation, which Zong Fuli believes is essential for long-term success [14][22]. - Zong Fuli asserts that the relationship between Wahaha and Hongsheng is complementary, with both entities playing crucial roles in the overall business ecosystem [17][18].