On September 23, the Zhejiang Provincial Market Supervision Bureau and Provincial Federation of Industry and Commerce jointly released “Top 100 Private Enterprises in Zhejiang Province in 2021”. The list shows that in 2020, Wahaha‘s revenue was 43.98203 billion yuan, ranking 31st on the list. Compared with the ranking of 22nd in 2019, it dropped 9 places, and the revenue also declined 5.29% year-on-year from 46.440.95 billion yuan in 2019.
The list is ranked by the essential criteria of the enterprise’s 2020 annual revenue, regarding its current year’s tax payment, net profit, total assets and other indicators and data related to the annual report of the enterprise credit information disclosure system.
According to the data compiled by Zhejiang Business Magazine and Zhejiang Federation of Industry and Commerce, it is found that in the past 13 years, Wahaha‘s cumulative revenue exceeded 725.5 billion.
In 1987, the founder of Wahaha, Zong Qinghou, took two retired teachers and borrowed 140,000 yuan to make money by selling soft drinks, lollipops and stationery penny by penny to start the business.
Then, Wahaha Children’s Nutrition Liquid was born. It was a miracle drink that solved anorexia in many children, so the product became a Netflix sensation as soon as it entered the market and was on fire all over China. So much so that the production could not keep up with the amount put into the market, so in ’91, the production scale was expanded again, and the state-run Hangzhou Canned Food Factory, which was initially losing more than 40 million, was merged. So far, Wahaha Group was established, and the output value of Wahaha reached 217 million this year.
In 2008, Wahaha Group’s revenue reached 32.83 billion yuan; in 2011, it reached 67.86 billion yuan. After a brief decline to 63.63 billion yuan in 2012, it peaked at 78.28 billion yuan in 2013.
The success of Wahaha also led Zong Qing Hou to become the richest man in China three times between 2013 and 2016. During this period, Wahaha also began to decline. Not only did it not hit Zong Qinghou’s expected goal of 100 billion, but the 2016 Hurun Hundred list was released, and Zong’s family wealth shrank by 23 billion.
Public data show that the company’s revenue from 2014-2017 was 72.8 billion yuan, 67.7 billion yuan, 52.9 billion yuan and 45.6 billion yuan, shrinking by more than 30 billion yuan in five years, a decline of 42%.
With the development of social and economic levels and the arrival of a new wave of consumption, Wahaha’s pace of development became slow. In recent years, Wahaha has done a series of rejuvenation actions. Still, there is no answer to whether it can regain the favour of a new generation of consumers.
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