---
title: "Sun Art Retail Q1 Revenue 22.848 Billion Yuan, Down 27.53% YoY; Huang Ming-Tuan Steps Down, Lin Xiaohai Appointed CEO"
description: "On the evening of May 10, Sun Art Retail Group Limited (hereinafter referred to as Sun Art Retail), the parent company of RT-Mart, announced a change of CEO and director re-designation. The 66-year-old Huang Ming-Tuan retired, resigning as CEO but remaining as Chairman of the Board. Lin Xiaohai was appointed as the new CEO of Sun Art Retail."
author: "New Distribution"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
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published: "2021-05-11"
language: "en"
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# Sun Art Retail Q1 Revenue 22.848 Billion Yuan, Down 27.53% YoY; Huang Ming-Tuan Steps Down, Lin Xiaohai Appointed CEO

> On the evening of May 10, Sun Art Retail Group Limited (hereinafter referred to as Sun Art Retail), the parent company of RT-Mart, announced a change of CEO and director re-designation. The 66-year-old Huang Ming-Tuan retired, resigning as CEO but remaining as Chairman of the Board. Lin Xiaohai was appointed as the new CEO of Sun Art Retail.

On the evening of May 10, Sun Art Retail Group Limited (hereinafter referred to as Sun Art Retail), the parent company of RT-Mart, announced a change of CEO and director re-designation. **The 66-year-old Huang Ming-Tuan retired, resigning as CEO but remaining as Chairman of the Board. Lin Xiaohai was appointed as the new CEO of Sun Art Retail.**

Public information shows that Lin Xiaohai joined Sun Art Retail in May last year and officially took over RT-Mart from Huang Ming-Tuan on December 1. Before joining Sun Art Retail, Lin Xiaohai served as Vice President of Alibaba Group, responsible for the Retail Link business. Previously, he held the position of Vice President of Sales for Greater China at Procter & Gamble (China) Marketing Co., Ltd., with 25 years of experience in the retail and internet industries.

Lin Xiaohai has repeatedly stated in public that multi-format and omni-channel development is RT-Mart's core strategy for the future. **"Fiscal year 2022 will be the year with the most new business launches and the most investment. The company is confident that Sun Art Retail can enter the fast track of double-digit growth in the next fiscal year."**

**-01- RT-Mart under the Huang Ming-Tuan Era**

Huang Ming-Tuan has been called the "King of Land Warfare" in retail by the media. In Taiwan, some also refer to him as the "Guo Taiming of the retail industry." Huang's boss, Yin Yen-Liang, President of Ruentex Group, calls him the "Wolf King."

Huang Ming-Tuan, Executive Director, Chairman and CEO of Sun Art Retail

With the prosperity of the commercial economy, the status of the textile industry in modern society declined, and the Ruentex Group faced transformation. At that time, European and American hypermarkets were rising in Taiwan. In early 1996, RT-Mart, a hypermarket brand completely modeled on Walmart and Carrefour, opened under the leadership and preparation of Huang Ming-Tuan.

Huang Ming-Tuan once summarized: "Part of my fresh food purchasing operations are learned from the United States, but the overall store design is learned from Europe, and product selection is learned from Mainland China."

When learning from Walmart and Carrefour's business models, Huang Ming-Tuan took their essence and adapted it: the central office handles store opening, procurement, and distribution, while product pricing, membership management, and in-store displays are left to local autonomy. This perfectly demonstrated the saying "Indigo blue is extracted from the indigo plant, but is bluer than the plant itself" (surpassing the master).

Looking at RT-Mart's sales data and rankings: In 1999, RT-Mart's revenue was 24 billion yuan; 10 years later, RT-Mart's revenue exceeded 40 billion yuan, surpassing Carrefour. In 2011, after defeating strong competitors like Walmart and Carrefour, RT-Mart merged with Auchan to form Sun Art Retail and listed in Hong Kong. In 2019, revenue exceeded 101.8 billion yuan, surpassing China Resources Vanguard (95.1 billion yuan), the number one supermarket in China.

**-02- Revenue and Profit Both Decline, RT-Mart Actively Transforms**

In this year's first-quarter report, major supermarkets generally experienced varying degrees of year-on-year decline in revenue and net profit, and RT-Mart was no exception.

According to the financial report, **Sun Art Retail achieved revenue of 22.848 billion yuan in the first quarter of 2021, a year-on-year decrease of 27.53%; net profit attributable to shareholders of the listed company was 700 million yuan, a year-on-year decrease of 49.60%.**

**There are two main reasons:**

First, due to the impact of the epidemic last year, the first quarter of 2020 had exceptionally good performance, making it difficult for this year's first quarter to reach the same level as the same period last year;

Second, due to external factors such as community group buying, new competitors disrupted the market, causing the entire supermarket industry to perform poorly in comparable results in the first quarter of 2021.

**However, short-term performance does not affect RT-Mart's expectations for future development. Thanks to the continuous integration with Alibaba, RT-Mart has made significant adjustments to address the two shortcomings of "fresh food proportion" and "online business."**

Sun Art Retail continues to restructure its hypermarkets, turning them into offline experience centers for consumers and logistics fulfillment centers for online business. As of March 31, 2021, Sun Art Retail had completed the renovation of 38 hypermarkets. In the future, the number of restructured hypermarkets will advance at a rate of 40 to 50 per year.

In the first quarter of 2021, the "one-hour delivery" business achieved an average daily order volume of nearly 1,100 orders per store, an increase of over 40% compared to the same period last year. The average order value was 68 yuan, an increase of about 6% compared to the same period in 2019. Facing fierce retail competition, Sun Art Retail will increase investment in B2C business, deepen cooperation with platforms such as Taoxianda and Ele.me, focus on user growth and user experience, and become a first-tier fresh food e-commerce platform.

It is reported that in the 15 months ending March 31, 2021, RT-Mart's online business accounted for 24% of total revenue, with annual GMV approaching 30 billion yuan. Among them, fresh food products accounted for about half of online orders.

It can be seen that **Lin Xiaohai's succession is behind the deeper integration of Alibaba Group and Sun Art Retail. The efficient supply chain of Sun Art Retail's offline stores will improve Alibaba's same-city retail product supply capability, while Alibaba's technical strength will enhance Sun Art Retail's digital capabilities. While maintaining Sun Art Retail's independent operation, the group may create a new model for the successful transformation of traditional retail in China.**

Huang Ming-Tuan also expressed full confidence in the new generation of management team in his internal letter upon resignation. **"Continuously promote the multi-format and omni-channel development strategy, and believe that Lin Xiaohai can lead RT-Mart into a new era of retail."**

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