In recent months, furniture retail giant Easyhome New Retail Group Corporation Limited has become a focal point of industry attention due to the recent developments surrounding its former leader Wang Linpeng, who was placed under investigation for three months, later changed to supervised investigation, and then suddenly passed away within days.

At Easyhome New Retail Group Corporation Limited, Wang Linpeng served as both the actual controller and Chairman/CEO during his lifetime, concentrating significant power in his hands. His sudden death (rumored to be by jumping from a building) during this critical transformation period for the "furniture retail giant" represents a major shift and loss for both the company and the industry.

Recently, Easyhome New Retail Group Corporation Limited announced that it has appointed Wang Ning as Chairman and CEO, again combining these two important positions in one person. Regarding his appointment as CEO, the company explained it was to strengthen management team construction and meet the company's strategic development planning and operational development needs.

In mid-April this year, after then-actual controller, Chairman and CEO Wang Linpeng was placed under investigation, Easyhome New Retail Group Corporation Limited stated that other senior executives were performing their duties normally, the board of directors was operating normally, and daily operations were managed by the executive team.

At that time, besides the "top leader" Wang Linpeng, the most powerful figure at Easyhome New Retail Group Corporation Limited was company director and executive president Wang Ning. After Wang Linpeng's sudden death in late July, he temporarily assumed the roles of Chairman and CEO among other key positions.

Now, Wang Ning, born in 1972, has been formally appointed as Chairman and CEO of Easyhome New Retail Group Corporation Limited. He is three years younger than the company's deceased former leader Wang Linpeng and is 53 years old this year, in his prime working years.

Looking at Wang Ning's career history, it closely resembles Wang Linpeng's professional trajectory, essentially serving as his "right-hand man" and longtime partner throughout the entrepreneurial journey.

From 1994 to 1999, Wang Ning worked at the Policy and Regulation Department of the Ministry of Domestic Trade and China United Commercial Building Co., Ltd., with specific positions not disclosed. During the same period, Wang Linpeng served as a principal staff member in the Finance and Accounting Department of the Ministry of Commerce, and joined China United Commercial Building Co., Ltd. in February 1995, eventually reaching the position of deputy general manager.

In 1999, both Wang Linpeng and Wang Ning joined Beijing Easyhome Investment Group (hereinafter referred to as Easyhome Holdings). The former became president, while Wang Ning served successively as deputy general manager of Beijing Shilihe Store, Beijing Yuquanying Store, and Beijing Jinyuan Store, later serving as general manager of Shanxi branch.

In 2001, Wang Linpeng invested several million yuan during Easyhome Holdings' "state-owned enterprise reform" to become a major shareholder with nearly 9% stake. In 2015, he gained controlling interest through concentrated acquisition of other shareholders' equity, by which time the company's revenue had exceeded 10 billion yuan.

In early 2016, Wang Linpeng became Chairman and President of Easyhome Holdings, while Wang Ning became Vice President. Starting in 2017, he added the title of "company director," and from 2018, he served as director and president of Easyhome Furniture Chain Company. At Easyhome New Retail platform, Wang Linpeng served as executive director from early 2016 to March 2018, then as Chairman.

In early 2019, Wang Linpeng began planning the "Easyhome New Retail reverse merger with Wuhan Zhongshang," proposing a major asset restructuring transaction valued at 35.65 billion yuan, while Wuhan Zhongshang's market value was only 1.5 billion yuan at the time, undoubtedly a "snake swallowing elephant" capital acquisition case.

By the end of 2019, Easyhome New Retail successfully went public through the reverse merger with Wuhan Zhongshang, with the stock name changed to "Easyhome." This was the third A-share furniture retail leader following Forson Home's IPO on Shenzhen Stock Exchange in November 2016 and Red Star Macalline's IPO on Shanghai Stock Exchange in early 2018. As the actual controller of Easyhome, Wang Linpeng held a combined direct and indirect stake of up to 61.93%.

Also at the end of 2019, Wang Ning began serving as director and president of Easyhome, but was demoted to director and executive president by the end of 2020, a position he held until August this year. Clearly, Wang Linpeng had reclaimed the "president" authority at that time, taking personal charge while Wang Ning became the company's top executive role.

In late July this year, after Wang Linpeng's investigation period ended and was changed to supervised investigation, he had returned to normal duties at Easyhome New Retail Group Corporation Limited, but a few days later, Wang Linpeng suddenly passed away. Wang Ning temporarily assumed his duties and has now formally become the "top leader."

As of now, Wang Ning holds 1.118 million shares of Easyhome New Retail Group Corporation Limited, significantly increased from the 135,800 shares he held in the company's employee stock ownership plan at the end of last year. Based on the latest closing price of 2.98 yuan per share, the market value is over 3 million yuan.

Last year, Wang Ning received total pre-tax compensation of 1.7196 million yuan from Easyhome New Retail Group Corporation Limited, slightly more than Wang Linpeng, but the company had two younger vice presidents with pre-tax total compensation exceeding 4.5 million yuan each.

In 2024, Easyhome New Retail Group Corporation Limited achieved revenue of 12.966 billion yuan, down 4.04% year-over-year; net profit attributable to shareholders was nearly 770 million yuan, down 40.8% year-over-year. In the first quarter of this year, the company achieved revenue of 3.316 billion yuan, up 5.58% year-over-year, but net profit attributable to shareholders was 212 million yuan, down 39.39% year-over-year, with operating net cash flow of 184 million yuan, down 42.8% year-over-year.

At the end of the period, Easyhome New Retail Group Corporation Limited had cash and cash equivalents of 2.152 billion yuan, short-term borrowings of 1.875 billion yuan, and long-term borrowings of 3.02 billion yuan.

This shows that Easyhome New Retail Group Corporation Limited currently faces significant performance and debt pressure. For the new "top leader" Wang Ning, against the backdrop of continued economic weakness and persistent real estate market downturn, greater efforts will be needed to break through these challenges.