The domestic home furnishing consumption market experienced fluctuations in 2024. While consumer stimulus policies and improved real estate completion are gradually releasing home renovation demand, growth rates remain at low levels, and the home furnishing industry continues to face pressures from weak demand and intense competition.

As the industry anticipates recovery, Easyhome New Retail Group Corporation Limited has undergone significant personnel changes.

Following the unfortunate death of former Chairman Wang Linpeng at his home on July 27th, the company faced vacancies in both chairman and CEO positions.

On August 20th, the board of directors elected Director and Executive President Wang Ning as the new Chairman, who will also serve concurrently as Chief Executive Officer (CEO). The company stated it will complete the legal representative registration changes as soon as possible.

This board election of the new chairman occurred just over 20 days after Wang Linpeng's death, demonstrating the company's desire to quickly restore its corporate governance structure and decision-making efficiency while eliminating uncertainties caused by the absence of a legal representative.

However, Wang Linpeng had not publicly disclosed any family succession plans during his lifetime, and his 5.97% shareholding remains frozen during the detention period, making transfers difficult in the short term.

As of the market close on August 21st, the stock price closed at 3.05 yuan per share, representing a year-to-date decline of 14.57%, with a total market capitalization of 15.992 billion yuan.

Wang Ning and Wang Linpeng's careers have intersected at numerous points. Throughout Easyhome's growth journey, the two men witnessed virtually every important milestone of the company together.

Wang Ning's resume shows he was born in 1972. From 1994 to 1999, he worked successively at the Policy and Regulation Department of the Ministry of Domestic Trade and China United Department Store Corporation.

He joined the Easyhome system in 1999, serving in various positions including Deputy General Manager of Beijing Shilihe Store, Deputy General Manager of Beijing Yuquanying Store, Deputy General Manager of Beijing Jinyuan Store, and General Manager of Shanxi Branch.

Subsequently, he served as Vice President and Director of Beijing Easyhome Investment Holding Group Co., Ltd., and Director and President of Beijing Easyhome Home Furnishing Chain Co., Ltd. Since December 2019, he has served as Director and President of Easyhome New Retail Group, and from December 2020 to present as Director and Executive President.

According to public disclosures, Wang Ning's 2024 compensation was approximately 1.7196 million yuan, essentially consistent with former Chairman Wang Linpeng. He possesses extensive experience in home furnishing retail operations and organizational management capabilities, having served as a key figure in the company's digital transformation and live-streaming sales initiatives.

Wang Linpeng was the actual controller of Easyhome New Retail Group and the core figure who led the company's transformation from a regional building materials market to a national home furnishing retail giant. He died unexpectedly on July 27th at age 57.

Wang Linpeng originally worked in government finance departments and was assigned to serve as President of Easyhome in 1999. In mid-April this year, he was placed under detention by the Jianghan District Supervision Department in Wuhan for suspected violations of laws and regulations, with a formal investigation launched. After the detention measure was changed to a requirement to await investigation on July 23rd, he had returned to work for less than five days before his death, which shocked the public.

Following Wang Linpeng's death, the company's senior management team has maintained stable operations during the transition period. Wang Ning has served at Easyhome for 26 years and participated in all key development milestones, while four vice presidents have also served for over a decade.

The company's 2024 annual report shows the group achieved operating revenue of 12.966 billion yuan, down 4.04% year-on-year; net profit attributable to shareholders was 769 million yuan, down significantly by 40.83% year-on-year. As of the end of 2024, the company operated 407 home furnishing stores domestically and internationally, including 83 directly-operated and 324 franchise locations.

Digital and artificial intelligence innovation businesses are receiving increased investment, but have not yet made significant contributions to revenue. The decline in customer traffic, rent, and property income caused by the real estate downturn remains the core factor suppressing performance.

Easyhome New Retail Group currently faces dual challenges of business structure adjustment and industry downturn.

Wang Ning has worked closely with Wang Linpeng for many years, is familiar with the company's business and culture, and has accumulated experience in new retail areas such as live-streaming sales and digital operations. Whether this "seamless succession" can help Easyhome stabilize its fundamentals and navigate through the industry downturn will continue to attract market attention.