【CEO故事】六个关键词回顾宗庆后的传奇商业人生

2024年2月25日10时30分，娃哈哈永远地失去了它的“大家长”宗庆后。一位在娃哈哈工作了20多年的老员工悲痛地写道：“最值得尊敬的家长，宗总您一路走好！”（此前报道>>>）

在42岁的年纪从校办工厂起步，一步步建成中国最大的饮料企业，这位跟随改革开放的历史机遇铺就人生路的79岁老人，身上有很多标签。他既是勇立潮头的“第一代民营企业家”，也是员工敬重的“大家长”，既是三度问鼎福布斯排行榜的“中国内地首富”，也是耐心培养女儿成长的“好爸爸”。

斯人已逝，精神永存。宗庆后被视为中国一代企业家的典型代表。在改革开放带来的时代变革中，他们胆大心细、市场嗅觉敏锐，同时拥有坚定的信念和事必躬亲的个人努力；他们追求产业报国、与时代同行，同时不忘回馈社会、促进共同富裕。 CXO UNION-CXO联盟（cxounion.cn）

“我也不想娃哈哈带给我什么，它已经让我实现了我的人生价值。我要一辈子把娃哈哈做到底，没有假如。”宗庆后履行了他的承诺。

关键词一：校办工厂

宗庆后于1945年在杭州出生，由于家庭经济紧张，1961年他便踏入社会赚钱补贴家用，曾用家里闲置设备做炒米，开始展示出商业头脑。

1978年，33岁的宗庆后顶替退休的母亲进入工农校办的纸箱厂工作，以卖汽水、卖学生文具等谋生，再次展现出商业天分。之后，宗庆后帮校办工厂开办了电表厂与电扇厂两家企业。在宗庆后的自传里，他认为这些商海一线的草根搏击，让他了解了中国市场，也为之后娃哈哈的诞生打下基础。

1987年，杭州市上城区教育局成立校办企业经销部，宗庆后借款14万承包了这家连年亏损的校办企业。宗庆后上任第一年就使经销部盈利达到22.2万元，远超当初立下“年利润10万元”的“军令状”金额。同年7月，他筹建了杭州保灵儿童营养食品厂，为杭州保灵公司代加工花粉口服液，次年就赚了一百多万元。

1988年，宗庆后得知浙江医科大学的营养学教授朱寿民研制出一种儿童营养液，多次上门拜访后求得配方，开发出第一款专供儿童饮用的营养品，并为之拟定广告词：“喝了娃哈哈，吃饭就是香。”

1989年，“杭州保灵儿童营养食品厂”变更为“杭州娃哈哈营养食品厂”，次年这家食品厂实现销售收入超过9800万元。 CXO UNION-CXO联盟（cxounion.cn）

随着娃哈哈儿童营养液市场份额占比的提高，校办厂开始制约其发展。

1991年，宗庆后以八千余万元的价格兼并了国有老厂杭州罐头厂，获得了6万平方米的厂房，也接收了超6700万元的债务和2200多名工人。在他的带头拼搏下，仅仅28天，罐头厂就建立了新的生产线。短短百日，年亏损4000万的罐头厂扭亏为盈。宗庆后把收购杭州罐头厂归结为娃哈哈走过的关键一步。

关键词二：AD钙奶

娃哈哈AD钙奶，是很多人童年的“标配”，但实际上，这款产品并不是娃哈哈的首创，而是模仿了当时的乐百氏钙奶。

在大多数人喝不到牛奶的年代，乐百氏于1989年推出的乐百氏奶打着首款保健液的旗号，受到公众喜爱。1996年又推出新一代乐百氏钙奶，这也是中国大陆地区第一款乳饮料。但随后乐百氏被达能收购后“雪藏”，娃哈哈就顺势推出了AD钙奶。宗庆后曾在2007年坦言，“没有实力的时候，我们是跟进创新，做点低水平的创新”“乐百氏生产钙奶，我们生产AD钙奶，就是在乐百氏钙奶的基础上加了维生素A。” 2013年，娃哈哈AD钙奶销量到达巅峰，成为百亿营收大单品，也成为一代人的童年记忆。

AD钙奶给了娃哈哈极大的灵感。此后，可乐、红茶、绿茶、凉茶、奶茶、功能饮料、格瓦斯等产品的推出均是采用了这个路径——从市场上热门的产品中借鉴，稍加改造便推出上市。在国内快消市场的初级发展阶段，这种跟进式创新凭借广告和渠道，很容易就成为爆品。但随着市场供给日益丰富，线上线下渠道逐渐通达，产品竞争激烈，自主研发式的创新越来越重要。 CXO UNION-CXO联盟（cxounion.cn）

尽管每年娃哈哈都会发布数十个新品，但在市场上，娃哈哈的产品出现在货架上的基本都是老品，新品难以占据主流。这种困惑在娃哈哈身上已经持续了数年，唯一的答案是娃哈哈“老了”。营业收入的数据变化见证了这一过程。从业绩来看，2003年，娃哈哈营业收入突破100亿元；2010年，营业收入增长了四倍，突破500亿元，彼时宗庆后提出“再造一个娃哈哈”，争取3年内实现年销售收入1000亿元。然而到了2013年，娃哈哈营业收入就达到了最高峰782.8亿元，之后基本徘徊在450亿-500亿元区间。虽然娃哈哈的营业收入在国内依然稳居前列，但距离它的巅峰已经有点遥远了。

关键词三：联销体

娃哈哈一度被视为国民饮料的代表，在几十年前，物流还没有那么发达畅通的情况下，娃哈哈几乎铺遍了全国市场。时至今日，这仍然是快消行业令人称奇的现象。前首富网易丁磊也曾向宗庆后讨教，“如何把娃哈哈卖得全国都是。”

这不得不提到1994年宗庆后创立的独特的经销体系——“联销体”。这套体系跳出了快消行业传统的“发货—销售—回款”的路径，通过“先打款后发货”“卖不掉的货我负责”以及“年终返利”，将企业和经销商深度绑定为利益共同体。

联销体的核心是，制造商和销售商实现风险共担、利益共享，这大大调动了经销商的积极性，这种的模式甚至还被美国哈佛商学院奉为经典商业案例。

“几个月就可以变成大产品，广告狂轰乱炸一下，渠道上一铺，肯定就打开市场了。”宗庆后在采访中，曾经提到渠道的重要作用。在联销体的助力下，2013年时，娃哈哈的营收冲到了783亿元。当年宗庆后以116亿美元的身家，获评福布斯华人富豪榜首富。

但联销体也并非百战百胜，娃哈哈擅长向乡镇和农村这样的毛细血管级别的市场铺陈，但随着城镇化进程加速，人口向城市流动，宗庆后也敏锐地发现行业变了。在接受媒体采访时，他表示，“现在开始要反过来了，人口向城市集中，产品在城市接受了之后才会渗透到农村。我们要在一二线市场做一点动作。”只是如今，如何做好一二线市场的任务只能交由宗馥莉来完成了。 CXO UNION-CXO联盟（cxounion.cn）

关键词四：接班

宗馥莉（Kelly）是宗庆后唯一的女儿，和娃哈哈一起长大，也被娃哈哈的老员工亲切地称为“大小姐”，在宗馥莉的童年记忆里，她除了在学校，就是在娃哈哈创业的清泰街160号的那栋六层小灰楼里。

初中时，宗馥莉出国求学，2004年回国参与到娃哈哈的日常工作中来。归国后的前三年，宗馥莉一直在生产业务历练。2007年，宗馥莉在与宗庆后达成“老爸不过问，女儿不求助”的默契后，开始内部创业，创建宏胜饮料集团。在三年时间里，宏胜饮料完成了以饮料生产为主，打通食源研发、高端装备、印刷包装的上下游产业布局。2016年宗馥莉开始涉足品牌开发，推出了“KellyOne”高端定制果蔬汁等产品。

作为海归，宗馥莉习惯别人称她Kelly，她身上既有宗庆后亲力亲为的“工作狂”影子，也有作为年轻一代企业领导者的直爽。在公开场合有不少“惊人”之语，比如，“我比较喜欢农夫山泉”“王力宏太老了”之类。但从业务发展来看，宗庆后在诸多场合都表达过对宗馥莉工作的满意。

在中国的民营企业中，接班是一个绕不开的话题，宗庆后事必躬亲的做法也让娃哈哈的接班备受关注。早在2019年，宗庆后在接受《福布斯》中国采访时曾表示，如果女儿愿意接班，自己就把指挥棒交给她。如果她不愿接受，那么将会培养职业经理人来接班。 CXO UNION-CXO联盟（cxounion.cn）

回国以来的20年间，宗馥莉在娃哈哈历练的职位不少，从萧山二号基地管委会、宏胜饮料集团、进出口公司到品牌公关部，最终在2021年底出任公司副董事长兼总经理，负责日常工作。这也意味着娃哈哈进入了“宗馥莉时代”，虽然当年的任命公告仍写着，“宗馥莉将与公司董事长宗庆后一同，为娃哈哈的稳健发展注入长青活力。”

关键词五：大家长

从创立娃哈哈的那一天直至生命最后一刻，宗庆后一直亲力亲为，践行了他曾经的表态——“我要一辈子把娃哈哈做到底”。

作为娃哈哈的大家长，他习惯大事小事都要过问。一直到2016年才提拔了三位副总经理。此前近30年，宗庆后既是董事长也是总经理，他不配秘书、不配副总。社交媒体上，经常有人发出偶遇宗庆后一人搭乘飞机或者火车的照片。

娃哈哈的员工也习惯一切听指挥。一位员工透露，“娃哈哈的每一款新品都会做出不同的糖度，让宗庆后品尝、拍板。如果决策有10分，那老板的意见就占了5分。”

对于管理方式“独裁”的质疑，宗庆后曾在采访中否认，称“不切实际”。同时他认为，企业没有“独裁”也不行，一盘散沙。 CXO UNION-CXO联盟（cxounion.cn）

而随着企业发展情况的变化，习惯了亲力亲为的宗庆后，也开始意识到，要慢慢放权。“这么多年下来，他们都依靠我，我怎么说他们怎么做而已，但是现在大了以后呢，不可能照顾到方方面面的，要独立地工作、创造性地工作，逐步放权，如果永远不叫他们做的话，永远我自己做，那我不可能做到头吧。”

但实际上，执掌娃哈哈30多年来，宗庆后想要做到完全放手很难，媒体报道称，“他在办公室的时候，都是最早上班、最晚下班，七十多岁的时候也坚持走访市场调研。”

而在另外一个层面，这位大家长为员工呈现了慈爱的面目。“每年过年，上到中层干部，下到普通员工，我们都要聚在一起吃年夜饭、发红包，氛围非常好。”一位员工向媒体介绍。

在“家文化”下，宗庆后也将解决员工住房问题作为一项重要工作，不仅为员工提供覆盖全国各基地的免费宿舍，水电全免，还实施阶梯式的覆盖全员的安居工程，解决员工安家问题。

关键词六：上市

农夫山泉上市后，其创始人钟睒睒迅速成为中国首富，卖水致富刷新了大众认知。农夫山泉在上市招股书中，详细列出了2019年中国软饮料市场行业前10名的竞争格局，其中第一名A为1982年成立于美国的一家饮料公司，第二名B为1987年成立于中国杭州的一家非上市公司，农夫山泉的规模位居第四。市场根据相关信息推测，第二名即为娃哈哈。

据全国工商联发布的“2023中国民营企业500强”榜单，娃哈哈2022年销售业绩达到了512亿元。而2022年农夫山泉总收入约为332.39亿元。娃哈哈何时上市？这是一个讨论了数十年的问题。

其实娃哈哈很早就操作过上市。但前后折腾了五年，经历了各种波折。1997年证监会对娃哈哈上市材料提出反馈意见，一共七大类53个问题，包括擅自扩大内部职工股的认购范围、主业不清楚等等。之后，宗庆后“不上市”的态度异常坚定。

但随着宗馥莉逐渐介入日常工作，娃哈哈在上市问题上逐渐有了松动。

2017年，宗馥莉收购香港创业板公司中国糖果（08182.HK）的现金要约失效，宗馥莉随后发布的公司声明表示，“深感遗憾”，但称其为“一次积极的、具有建设性意义的探索”。2017年11月，在娃哈哈30周年庆典上，宗庆后首度对上市改口表态：“上市以后能加快企业发展，在适当时候娃哈哈也会考虑上市。”

2018年娃哈哈内部曾传出公司要上市的消息，员工被告知：按照相关规定上市主体不能超过200个股东。当时公司与员工协商，员工自愿放弃出资证明和持股权益，公司会给出2.6倍的补偿。但后续这一工作并无进展。现在，轮到宗馥莉来解决这个问题了。 CXO UNION-CXO联盟（cxounion.cn）

在父亲宗庆后的呵护下，宗馥莉在娃哈哈历练了24年，“宗馥莉在娃哈哈集团的表现，可以打90分”，拿到高分的她如何推动娃哈哈下一个阶段的发展？

宗庆后无法继续陪同女儿，但他已经预测到一个即将变化的娃哈哈。在接受采访时，他曾表示，“民营企业家的第二代，至少有50%不愿意接班，我们做的行业，他们不一定喜欢。宗馥莉还是愿意的，但是未来的发展方向和我可能会不一样。”

翻译：

Six key words review Zong Qinghou’s legendary business life

At 10:30 on February 25, 2024, Wahaha lost its “patriarch” Zong Qinghou forever. An old employee who has worked in Wahaha for more than 20 years wrote sadly: “The most respectable parent, Zong Zong, you have a good journey!” (Previously reported >>>)

Starting from a school-run factory at the age of 42 and gradually building China’s largest beverage company, the 79-year-old man who paved his life following the historic opportunity of reform and opening up has many labels on him.

The man is gone, but the spirit remains. Mr Zong is seen as typical of a generation of Chinese entrepreneurs. In the era of change brought about by reform and opening up, they are bold and careful, have a keen sense of the market, and have firm faith and personal efforts. They pursue industry to serve the country and walk with The Times, while not forgetting to give back to society and promote common prosperity. CXO UNION-CXO联盟（cxounion.cn）

“I don’t want Wahaha to bring me anything, it has made me realize my life value.” I want to do Wahaha all my life. There are no ifs.” Zong kept his promise.

Key word one: school-run factory

Zong Qinghou was born in Hangzhou in 1945. Due to his family’s tight financial situation, he went into society in 1961 to earn money to support his family. He used idle equipment at home to make stir-fried rice, and began to show his business acumen.

Zong Qinghou, founder of Wahaha, greets guests in his office in 2010

In 1978, at the age of 33, Zong Qinghou replaced his retired mother to work in a carton factory run by the industrial and agricultural school, selling soda and stationery for students to make a living, and once again showed his business talent. After that, Zong Qinghou helped the school-run factory to open two enterprises, an electric meter factory and an electric fan factory. In Zong Qinghou’s autobiography, he believes that these grassroots fighting on the front line of business made him understand the Chinese market, and also laid the foundation for the birth of Wahaha.

In 1987, the Education Bureau of Shangcheng District of Hangzhou established the distribution department of school-run enterprises, and Zong Qinghou borrowed 140,000 yuan to contract the school-run enterprises that suffered losses for years. Zong Qinghou took office in the first year to make the sales department profit reached 222,000 yuan, far more than the original “annual profit of 100,000 yuan” of the “military warrant” amount. In July of the same year, he set up Hangzhou Baoling Children’s Nutrition Food Factory, processing pollen oral liquid for Hangzhou Baoling Company, and earned more than one million yuan in the following year. CXO UNION-CXO联盟（cxounion.cn）

In 1988, Zong Qinghou learned that Zhu Shoumin, a nutrition professor at Zhejiang Medical University, developed a nutritional solution for children, and after many visits to obtain the formula, developed the first nutritional product for children to drink, and drew up the advertising slogan: “Drink Wahaha, eat is fragrant.”

In 1989, “Hangzhou Baoling Children’s Nutrition Food Factory” was changed to “Hangzhou Wahaha Nutrition Food Factory”, and the following year, the sales revenue of this food factory exceeded 98 million yuan.

With the increase in the market share of Wahaha children’s nutrition solution, school-run factories began to restrict its development.

In 1991, Zong Qinghou acquired the old state-owned factory Hangzhou Canning Factory for more than 80 million yuan, gaining 60,000 square meters of factory space, but also took over 67 million yuan of debt and more than 2,200 workers. Under his leadership, the cannery established a new production line in just 28 days. In just 100 days, the canning factory with an annual loss of 40 million yuan turned a profit. Mr Zong describes the Hangzhou cannery acquisition as a crucial step for Wahaha.

Key words two: AD calcium milk

Wahaha AD calcium milk is the “standard” of many people’s childhood, but in fact, this product is not the first Wahaha, but mimics the calcium milk of Lechery at that time.

At a time when most people could not drink milk, the brand launched in 1989 under the banner of the first health care solution, and was loved by the public. But then, after the acquisition of Oxfam by Danone, Wahaha launched AD calcium milk. Zong Qinghou admitted in 2007, “When there is no strength, we follow up innovation and do some low-level innovation” “Oxfam produces calcium milk, and we produce AD calcium milk, which is to add vitamin A on the basis of Oxfam calcium milk. In 2013, Wahaha AD calcium milk sales reached the peak, becoming a big product with 10 billion revenue, and also becoming a childhood memory of a generation. CXO UNION-CXO联盟（cxounion.cn）

A generation of “childhood memories” Wahaha AD calcium milk

AD calcium milk gave Wahaha great inspiration. Since then, the launch of cola, black tea, green tea, herbal tea, milk tea, energy drinks, Kvas and other products has adopted this path – drawing on the popular products in the market, and slightly transforming them. In the initial development stage of the domestic FMCG market, this follow-up innovation can easily become explosive products with advertising and channels. However, with the increasingly rich market supply, online and offline channels are gradually accessible, and product competition is fierce, independent research and development innovation is becoming more and more important.

Although Wahaha releases dozens of new products every year, in the market, Wahaha’s products are basically old products on the shelves, and new products are difficult to occupy the mainstream. This confusion has been going on for years with Wahaha, and the only answer is that Wahaha is “old”. The change in revenue data bears witness to this process. From the performance point of view, in 2003, Wahaha’s operating income exceeded 10 billion yuan; In 2010, operating revenue increased fourfold to more than 50 billion yuan, when Zong Qinghou proposed to “create a new Wahaha” and strive to achieve annual sales revenue of 100 billion yuan within three years. However, by 2013, Wahaha’s operating income reached its peak of 78.28 billion yuan, and then basically hovered in the range of 45 billion to 50 billion yuan. Although Wahaha’s operating income is still firmly in the forefront in China, it is a little far from its peak. CXO UNION-CXO联盟（cxounion.cn）

Key word three: co-marketing

Wahaha was once regarded as the representative of the national beverage, decades ago, when logistics was not so developed and smooth, Wahaha almost spread across the national market. To this day, this is still an amazing phenomenon in the FMCG industry. Ding Lei, the former richest man online, also asked Zong for advice, “How to sell Wahaha to the whole country.”

This has to mention the unique distribution system founded by Zong Qinghou in 1994 – “joint marketing”. This system jumps out of the traditional “delivery – sales – payment” path of the FMCG industry, through the “first payment after delivery”, “I am responsible for the goods that can not be sold” and “year-end rebate”, the enterprise and the dealer are deeply bound into the community of interests.

The core of co-marketing is that manufacturers and sellers realize risk sharing and benefit sharing, which greatly mobilizes the enthusiasm of dealers, and this model is even regarded as a classic business case by Harvard Business School in the United States.

“It can become a big product in a few months, the advertising is blasting, the channel is paved, and the market will definitely open.” Zong Qinghou in the interview, once mentioned the important role of channels. With the help of the affiliate, Wahaha’s revenue surged to 78.3 billion yuan in 2013. That year, Zong Qinghou was ranked the richest Chinese by Forbes with a fortune of $11.6 billion.

Wahaha is good at presenting itself to the capillary-level market of towns and villages, but with the acceleration of urbanization and the flow of population to cities, Zong Qinghou also keenly found that the industry has changed. In an interview with the media, he said, “Now it is starting to reverse, the population is concentrated in the city, and the product will penetrate into the countryside after the city accepts it.” We need to do something in the first – and second-tier markets.” But now, how to do a good job in the first and second tier of the market task can only be completed by Zong Fuli.

Key word four: Succession

Zong Fuli (Kelly) is the only daughter of Zong Qinghou, who grew up with Wahaha, and was affectionately called “Big Miss” by the old employees of Wahaha. In Zong Fuli’s childhood memory, she was not only in school, but also in the small six-story gray building at No. 160 Qingtai Street, where Wahaha started its business.

In junior high school, Zong Fuli went abroad to study, and in 2004 returned to participate in the daily work of Wahaha. In the first three years after returning to China, Zong Fuli has been practicing the production business. In 2007, Zong Fuli reached a tacit understanding with Zong Qinghou that “father does not ask, daughter does not ask for help”, and began to start an internal business to create Hongsheng Beverage Group. In three years, Hongsheng Beverage has completed the upstream and downstream industrial layout of beverage production, food source research and development, high-end equipment, printing and packaging. In 2016, Zong Fuli began to engage in brand development and launched high-end customized fruit and vegetable juice such as “KellyOne”.

As an overseas returnee, Zong Fuli is used to others calling her Kelly, and she has both Zong Qinghou’s hands-on “workaholic” shadow and the straightness of a young generation of business leaders. In public there are a lot of “surprising” words, such as, “I prefer Nongfu Spring” and “Wang Leehom is too old” and so on. However, from the perspective of business development, Zong Qinghou has expressed his satisfaction with Zong Fuli’s work on many occasions. CXO UNION-CXO联盟（cxounion.cn）

On October 11, 2019, in Hangzhou, Zong Qinghou celebrated his birthday in advance, and the father and daughter rarely shared the same picture.

Succession is a tricky topic in China’s private sector, and Mr Zong’s hands-on approach has drawn attention to Wahaha’s succession. As early as 2019, Zong Qinghou said in an interview with Forbes China that he would hand over the baton to his daughter if she was willing to take over. If she does not, professional managers will be groomed to take over.

In the 20 years since returning to China, Zong has experienced many positions in Wahaha, from the Management Committee of Xiaoshan No. 2 Base, Hongsheng Beverage Group, Import and Export Company to the brand public relations department, and finally became the vice chairman and general manager of the company at the end of 2021, responsible for daily work. It also means that Wahaha has entered the “Zong Fuli era”, although the appointment announcement that year still said that “Zong Fuli will work with the company’s chairman Zong Qinghou to inject evergreen vitality into Wahaha’s steady development.”

Key word five: Big parent

From the day he founded Wahaha to the last moment of his life, Zong Qinghou has always done it himself, and practiced his statement – “I want to do Wahaha to the end of my life.”

As the patriarch of Wahaha, he is used to asking about big things and small things. It was not until 2016 that he was promoted to three deputy general managers. Before nearly 30 years, Zong Qinghou is both chairman and general manager, he is not worthy of secretary, not worthy of vice president. On social media, people often post photos of themselves running into Mr. Zong alone on a plane or train.

Wahaha employees are also used to taking orders. An employee said, “Each new Wahaha product will make different sugar levels, so that Zong Qinghou can taste and make decisions.” If a decision is worth 10 points, the boss’s opinion is worth 5 points.” CXO UNION-CXO联盟（cxounion.cn）

In an interview, Mr Zong denied allegations of “dictatorial” management, saying it was “unrealistic”. At the same time, he believes that enterprises do not have a “dictatorship” can not be scattered.

As the development of the enterprise changed, Zong Qinghou, who was used to doing things himself, also began to realize that it was necessary to slowly delegate power. “For so many years, they have relied on me, how I say and how they do, but now when it is big, it is impossible to take care of all aspects, to work independently, work creatively, and gradually delegate power, if you never ask them to do it, I will always do it myself, then I can’t do it.”

But in fact, in more than 30 years at the helm of Wahaha, Zong Qinghou is difficult to completely let go, media reports said, “when he is in the office, he is the first to go to work, the last to leave, even in his 70s to visit the market research.”

On another level, the patriarch presents a loving face to the staff. “Every New Year, from mid-level cadres to ordinary employees, we all get together to have dinner and give red envelopes, and the atmosphere is very good.” An employee told the media.

Under the “family culture”, Zong Qinghou also regarded solving the housing problem of employees as an important task, not only providing employees with free dormitories covering all bases across the country, free water and electricity, but also implementing a stepped housing project covering all employees to solve the problem of settling down. CXO UNION-CXO联盟（cxounion.cn）

Key words six: listing

Nongfu Spring founder Zhong Shanshan quickly became the richest man in China after the spring went public. In its listing prospectus, Nongfu Mountain Spring detailed the competitive pattern of the top 10 soft drinks market in China in 2019, of which the first place A is a beverage company founded in the United States in 1982, the second place B is an unlisted company founded in Hangzhou, China in 1987, and the size of Nongfu Mountain Spring ranks fourth. According to relevant information, the market speculates that the second place is Wahaha.

According to the “2023 Top 500 Private Enterprises in China” list released by the All-China Federation of Industry and Commerce, Wahaha’s sales in 2022 reached 51.2 billion yuan. In 2022, the total revenue of Nongfu Spring is about 33.239 billion yuan. When will Wahaha go public? This is an issue that has been discussed for decades.

In fact, Wahaha has been listed very early. But it’s been five years, all sorts of twists and turns. In 1997, the CSRC gave feedback on Wahaha’s listing materials, including 53 questions in seven categories, including unauthorized expansion of the scope of internal employee stock subscription, unclear main business, and so on. After that, Zong Qinghou’s attitude of “not listing” was extremely firm.

However, with Zong Fuli gradually involved in daily work, Wahaha gradually loosened the listing issue.

In 2017, Zong’s cash offer to buy chinext company China Confectionery (08182.HK) lapsed, and a company statement later said it was “deeply regrettable” but called it “a positive and constructive exploration”. In November 2017, at Wahaha’s 30th anniversary celebration, Zong Qinghou said for the first time that the listing can accelerate the development of the company, and Wahaha will consider listing at an appropriate time. CXO UNION-CXO联盟（cxounion.cn）

In 2018, Wahaha once reported that the company would go public, and employees were told that the listed entity could not exceed 200 shareholders according to relevant regulations. At that time, the company negotiated with the employees, and the employees voluntarily gave up the proof of investment and shareholding rights and interests, and the company would give 2.6 times compensation. However, no further progress was made. Now it’s Zong Fuli’s turn to solve the problem.

Under the care of her father Zong Qinghou, Zong Fuli has practiced in Wahaha for 24 years, “Zong Fuli’s performance in Wahaha Group can score 90 points”, how can she promote the next stage of Wahaha’s development with a high score?

Zong can no longer accompany his daughter, but he already anticipates a wahaha that is about to change. In an interview, he once said, “The second generation of private entrepreneurs, at least 50% are not willing to take over, we do the industry, they do not necessarily like.” Zong Fuli is still willing, but the future direction may not be the same as mine.”

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于北京知行合一阳明教育研究院；编辑/翻译：CXO UNIONCXO联盟小U。

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