当农夫山泉市值突破5000亿港元、钟睒睒稳坐首富宝座时，同为饮料巨头的娃哈哈却始终徘徊在资本市场门外。这家年营收超500亿的企业，为何37年拒不 上市？答案藏在宗庆后精心设计的资本迷局中——上市将彻底戳破其"体外循环"的财务魔术，暴露估值泡沫背后的真实家底。 娃哈哈若上市，其真实盈利能力将现形。2013年783亿营收峰值后持续下滑至500亿左右，主力产品仍依赖30年前的AD钙奶、营养快线。相比之下，上市后 的农夫山泉通过茶π等新品实现品类突破，2024年茶饮收入首超矿泉水。宗庆后深谙：上市意味着要用真金白银的利润支撑估值，而非靠隐秘的关联交易维 持体面。 错综复杂的平行公司迷阵 达能合资案埋下的资本地雷 2005年法国达能亚太总裁范易谋的调查揭开惊人内幕：宗庆后家族通过英属维尔京群岛等离岸地注册87家非合资公司，未经授权使用"娃哈哈"商标。这些隐 秘王国总资产达56亿元，年利润10.4亿元，与合资公司规模相当。这就像农夫山泉董事长钟睒睒在外设立私人公司生产同类产品，股东岂能容忍？ 达能要求将非合资公司股份转让给合资公司时，宗庆后祭出民族主义大旗。中国法院最终裁定商标转让无效，达能被迫退出。这场战役暴露了娃哈哈 ...

| 摘 要 | 争议广告引发冒犯和导致购买意愿下降之间不完全一致。大部分情况下，争议广告冒犯消费者会引发购买意愿下降，但仍存在一些争议广告，虽然 冒犯了消费者，但不会引发购买意愿下降。为了对这一反直觉现象在理论上予以揭示，需要进一步探究争议广告的作用机制。本研究通过扎根理论提炼解释 这一现象的理论模型。定性研究发现，争议广告会给消费者带来产品效用损失、心理效用损失、体验效用损失和情感损失，共同构成冒犯度。消费者基于感 知价值、产品依恋和转换成本的考量对争议广告产生容忍度，消费者购买意愿是否下降取决于冒犯度和容忍度之间的衡量比较，极端情况下跳过理性衡量程 序直接做出购买意愿维持或下降的决定。从长期来看，争议广告必然导致消费者购买意愿的下降。 | 关 键 词 | 争议广告 理论模型 扎根研究 01 引言 03 扎根研究 3.1 深度访谈 商业广告从诞生起，就遵循市场经济的发展逻辑，既是经济发展、商品繁荣的结果，也是促进经济发展的有效催化剂。广告本质决定了广告首要功能是帮助 广告主营销，这是无可厚非的，但广告在逐利的过程中也催生了很多异形的产物，在互联网时代的产物之一是博眼球的商业争议广告。商业争议广告是指因 产品 ...

01、不少经销商被淘汰出局 "10年前成为娃哈哈经销商时，这里每天拿货都得排队。现在，货堆积成山，卖不动了。"两个月前，由 于销量惨淡，快60岁的杨强被迫卸任娃哈哈经销商，从曾经年赚百万元的富商，骤然陷入举步维艰的境 地。 ▲图源/受访者 《财经天下》多方了解发现，虽然娃哈哈2025年实现了5亿元的收入增长，但很多地区今年的业绩表现 并不好。 知情人士张枫透露，西部市场12月业绩大幅负增长已成定局。《财经天下》拿到的文件显示，截至12月 24日，娃哈哈在西部市场累计实发2.5亿元，累计发货任务只完成45%。 张枫接触的不少娃哈哈经销商，都面临库存居高不下的困境，库存产品的批号甚至还有上半年的。"与 去年相比，西部市场今年全年也是负增长的。"张枫看着手里握着的娃哈哈销售数据说道。 目前，娃哈哈不管是支柱产品AD钙奶还是纯净水，都面临着动销不畅的问题。《财经天下》了解到， 面对现状，少数资金实力强、渠道覆盖广的经销商还能承受得住娃哈哈的业绩压力，多数经销商则完不 成KPI，因为去年的销售基数太大。 杨强说，去年受舆论影响，娃哈哈纯净水、AD钙奶等经典大单品都取得了爆发式增长，使得业绩大幅 提升，他完成了2100万 ...

每日经济新闻消息，12月23日，香港特别行政区高等法院审理涉"宗家三兄妹"和宗馥莉的一起案件。这 场旷日持久的家族争产风波，还看不到结束的迹象。 但宗馥莉已经完成了她的告别。2025年，宗馥莉真正告别了父亲宗庆后，也告别了娃哈哈。11月底，许 思敏接替宗馥莉出任娃哈哈集团董事长、总经理，持续19个月的权力博弈终于落下帷幕。 很多人说，宗馥莉"把一手好牌打得稀烂"。然而，回头冷静审视，宗庆后给宗馥莉留下的这副"牌局"， 或许并不是人们想象中的那么美好。 宗庆后的遗产当然是辉煌的。它是一个被评估价值900亿元的"国民品牌"，承载着AD钙奶的童年记忆、 营养快线的青春符号，还有深入中国市场毛细血管的渠道网络。然而，这个价值连城的品牌也戴着一副 沉重枷锁——"娃哈哈"三个字，与宗庆后个人形象深度绑定。 同时，宗庆后留下的，还是一个布满历史遗留问题的商业帝国。它有复杂的股权结构和治理困局。杭州 上城区文商旅集团持股46%，宗馥莉持股29.4%，职工持股会持股24.6%。"娃哈哈"商标归属集团，非经 全体股东一致同意，任何一方无权单独使用。这意味着，宗馥莉无法自主决定品牌命运。 其次，宗馥莉坚持制度优于人情的理念，试图进 ...

每经编辑｜段炼 12月23日，香港特别行政区高等法院审理涉"宗家三兄妹"和宗馥莉的一起案件。这场旷日持久的家族争产风波，还看不到结束的迹象。 但宗馥莉已经完成了她的告别。2025年，宗馥莉真正告别了父亲宗庆后，也告别了娃哈哈。11月底，许思敏接替宗馥莉出任娃哈哈集团董事长、总经理， 持续19个月的权力博弈终于落下帷幕。 很多人说，宗馥莉"把一手好牌打得稀烂"。然而，回头冷静审视，宗庆后给宗馥莉留下的这副"牌局"，或许并不是人们想象中的那么美好。 宗庆后的遗产当然是辉煌的。它是一个被评估价值900亿元的"国民品牌"，承载着AD钙奶的童年记忆、营养快线的青春符号，还有深入中国市场毛细血管 的渠道网络。然而，这个价值连城的品牌也戴着一副沉重枷锁——"娃哈哈"三个字，与宗庆后个人形象深度绑定。 同时，宗庆后留下的，还是一个布满历史遗留问题的商业帝国。它有复杂的股权结构和治理困局。杭州上城区文商旅集团持股46%，宗馥莉持股29.4%， 职工持股会持股24.6%。"娃哈哈"商标归属集团，非经全体股东一致同意，任何一方无权单独使用。这意味着，宗馥莉无法自主决定品牌命运。 更深层次的问题在于，宗庆后时代的管理传统，日益成为公 ...

Core Insights - The children's beverage market is experiencing significant growth and diversification, with new products and brands emerging alongside established players [1][11] - The market is driven by parents' willingness to spend on children's health, with children's food and beverage expenditures accounting for 24% of total family spending on children [12] - The trend towards healthier options is reshaping the market, with a focus on "clean labels" and functional ingredients [8][16] Market Dynamics - The children's beverage category has evolved from traditional products like milk to a wide range of options including sports drinks, flavored beverages, and probiotic drinks [1][2] - New brands are entering the market, while traditional brands like Wahaha and Wangwang maintain strong positions through iconic products [5][6] - The success of products like Jin Yin Hua grapefruit juice, which achieved sales of over 1 billion bags in six months, highlights the potential for rapid growth in this sector [1] Consumer Behavior - Parents are increasingly scrutinizing beverage ingredients, leading to a demand for products with no artificial additives and enhanced nutritional profiles [8][12] - The dual decision-making process in purchasing—children as consumers and parents as decision-makers—requires brands to appeal to both groups [12][16] - Innovative marketing strategies, such as leveraging social media and unique packaging, are crucial for capturing consumer attention [13] Product Innovation - The market is seeing a rise in products that cater to specific health needs, such as those fortified with probiotics, DHA, and dietary fiber [8][16] - New brands are establishing clear identities focused on children's health, differentiating themselves from traditional beverage giants [9][11] - The introduction of functional beverages and plant-based options is further diversifying the market landscape [16] Competitive Landscape - Established brands like Coca-Cola's Qoo have successfully penetrated the market with minimal marketing costs, demonstrating the profitability of children's beverages [6] - The competitive environment is shifting as new entrants challenge the dominance of traditional players, leading to a more dynamic market [11][16] - Brands must build trust through transparency in ingredients and nutritional benefits to succeed in this evolving landscape [15]

Core Viewpoint - The Supreme People's Court ruled that Danone's design patent for its "Pulse" beverage bottle is invalid due to lack of significant innovation, concluding a four-year intellectual property dispute with Xiaoyangren Biotech Group over the "Kudong" beverage [1][3][5]. Group 1: Legal Proceedings - Danone discovered a beverage named "Kudong" in 2021 that closely resembled its "Pulse" product and initiated legal action against Xiaoyangren for unfair competition [3][4]. - Xiaoyangren successfully defended against Danone's claims and challenged the validity of Danone's design patent, which was ultimately declared invalid by the Supreme Court [4][7]. - The courts recognized Danone's "Pulse" packaging as having a certain level of influence and distinctiveness, leading to a ruling against Xiaoyangren for unfair competition, resulting in a compensation of 1.5 million RMB [5][7]. Group 2: Market Position and Strategy - Xiaoyangren managed to protect its trademark and overcome Danone's patent challenge, despite facing a financial penalty and the need to change its packaging [8][14]. - The company has a history of adapting and evolving its product offerings, including launching new health-oriented beverages and innovative packaging designs to regain market competitiveness [14][16]. - Despite efforts to innovate and market effectively, Xiaoyangren's recent product launches have not yielded significant market impact, indicating ongoing challenges in the competitive beverage landscape [16][17].

Core Viewpoint - The resignation of Zong Fuli as the chairman of Wahaha and the appointment of Xu Simin as her successor has sparked significant public discussion regarding the future leadership of the 90 billion yuan company and the implications of this leadership change [1][3][4]. Group 1: Leadership Transition - Zong Fuli has officially resigned as the legal representative of Wahaha, with Xu Simin taking over as chairman and general manager [1]. - Xu Simin, born in 1994 and a law graduate from Zhejiang University, has rapidly ascended through the ranks at Wahaha, previously holding various positions including legal director and general manager [2][3]. - The transition appears to be part of a broader strategy by Zong Fuli to distance herself from Wahaha amid internal and external pressures, including family disputes and governance issues [3][4]. Group 2: Company Performance and Challenges - Wahaha reported a revenue increase of 5 billion yuan in 2025, returning to a revenue scale of approximately 700 billion yuan, which reflects a recovery to pre-pandemic performance levels [4][5]. - The company’s core products, such as purified water and AD calcium milk, have driven significant revenue growth, contributing approximately 200 billion yuan in 2024 compared to 2023 [5]. - Despite the positive revenue trends, there are concerns about product innovation and market competitiveness, particularly in appealing to younger consumers who prioritize health-conscious products [5]. Group 3: Future Outlook - The leadership of Xu Simin is seen as a critical factor in navigating Wahaha's future growth and addressing the need for product innovation and market adaptation [5]. - The company faces the challenge of leveraging its extensive supply chain and distribution network to develop new, health-oriented products that resonate with the evolving preferences of consumers [5].

Core Viewpoint - China Wangwang's financial performance for the first half of the 2025 fiscal year shows a mixed result, with total revenue of 11.11 billion RMB, a year-on-year increase of 2.1%, while both gross margin and net profit margin are under pressure [1][5][6] Financial Performance - Total revenue reached 11.11 billion RMB, up 2.1% from 10.88 billion RMB in the previous year [3] - Gross profit decreased slightly by 0.2% to 5.13 billion RMB, resulting in a gross margin of 46.2%, down 1.1 percentage points [3][6] - Operating profit fell by 11% to 2.26 billion RMB, and profit attributable to equity holders decreased by 7.8% to 1.72 billion RMB [3][6] - Basic and diluted earnings per share dropped to 14.55 RMB, down 7.8% from the previous year [3] Market Position and Challenges - The company faces intense competition in the snack food industry, with rivals like Salted Fish and Three Squirrels gaining market share through targeted channel strategies and younger product offerings [4][11] - Rising costs of key raw materials, such as imported whole milk powder and palm oil, have negatively impacted profit margins, despite some decreases in other ingredient costs [7][10] - The shift towards lower-priced products in emerging channels has further diluted profit margins [7] Strategic Initiatives - Wangwang is expanding its online presence through platforms like Tmall, Douyin, and Xiaohongshu, and has established a matrix of self-operated flagship stores [5][22] - The company is also enhancing its offline channels by optimizing community stores and specialized outlets to improve brand reach [6][11] - Significant investments in marketing and promotional expenses have increased by 10.6% to adapt to new channel operations and brand rejuvenation efforts [8][10] Product Performance - The dairy and beverage segment, which accounts for 53% of total revenue, saw a slight decline of 1.1% to 5.94 billion RMB [12][14] - The snack food segment achieved a 7.8% increase in revenue, reaching 2.94 billion RMB, driven by double-digit growth in ice products and a focus on health-oriented offerings [14][15] - The rice cracker segment maintained steady growth, generating 2.13 billion RMB, up 3.5%, with an increase in gift product sales [14][15] Brand Transformation - Wangwang is undergoing a transformation to address its "mid-life crisis," focusing on product innovation, channel diversification, and marketing strategies to appeal to younger consumers [19][24] - New product lines, such as low-calorie snacks and health-oriented offerings, are being introduced to align with changing consumer preferences [19][20] - The company is leveraging its nostalgic brand image while attempting to engage younger audiences through innovative marketing campaigns and collaborations [23][24]

Core Viewpoint - The article discusses the leadership transition at Wahaha Group, highlighting Xu Simin's appointment as the new legal representative, chairman, and general manager, succeeding Zong Fuli, who remains a significant shareholder with 29.40% ownership [3][6]. Group 1: Leadership Transition - On November 27, Xu Simin was officially appointed as the legal representative, chairman, and general manager of Wahaha Group, following Zong Fuli's resignation from these roles on September 12 [3][5]. - Despite the leadership change, Zong Fuli retains her 29.40% stake in the company, indicating her continued influence [6]. Group 2: Xu Simin's Background - Xu Simin, born in 1994, joined Wahaha in 2022 as a case manager in the legal department and quickly rose through the ranks, becoming deputy director of the legal department by January 2023 [8][9]. - His rapid advancement within the company is notable, with multiple appointments in various subsidiaries of Wahaha Group, indicating his integration into the core management circle [9][10]. Group 3: Company Performance - At a recent sales conference, Xu Simin reported that Wahaha Group achieved a revenue increase of 500 million yuan in 2025, with water products continuing to be a strong growth driver [6]. - The company has successfully returned to its performance levels from ten years ago, with bottled water and AD products playing crucial roles in this resurgence [7].