On the evening of September 18, Yonghui Superstores issued an announcement formally appointing Wang Shoucheng, born in 1991, as its new CEO. This also marks the final resolution of the CEO position that had been vacant for half a year. As a 'post-90s' executive, Wang Shoucheng is not only a 'Peking University management trainee' who grew up within Yonghui but also the deputy head of the reform leadership group and a key promoter of Yonghui's adjustment. His appointment is both a personal career leap and a statement of Yonghui's organizational change and strategic direction. In March this year, Yonghui established the 'Reform Leadership Group.' Since the entry of Miniso founder Ye Guofu, Yonghui's management structure has entered a period of intense rectification—adjusting stores, reshaping the supply chain, and optimizing the organizational structure, almost all centered around 'Pangdonglai-ization.' At the inception of the reform leadership group, Yonghui director Zhang Xuanning was the sole opponent. Zhang Xuanning argued: 'The proposal does not address the CEO arrangement, which is concerning.' Former CEO Li Songfeng was not reappointed in the proposal and also failed to be elected as a non-independent director. The CEO position has since been managed by the 'Reform Leadership Group.' Meanwhile, Yonghui also announced that the CEO position was 'vacant, with global recruitment to follow.' At Yonghui's March shareholder meeting, Ye Guofu stated that the reform group would promote three major changes. First, organizational change, vigorously promoting a streamlined and efficient organizational structure; second, operational change, continuing to promote learning from the Pangdonglai model; and third, supply chain change, vigorously promoting net pricing, direct sourcing, and private brand development. Wang Shoucheng's appointment is not accidental. As early as May this year, market rumors suggested he would take over as CEO, and at that time, as deputy head of the reform leadership group, he had already effectively assumed the role of acting CEO. This time, it is 'legitimate.' From the perspective of Wang Shoucheng's qualifications, he is undoubtedly the best choice to succeed as Yonghui's CEO at present. Identity background: Born in the 1990s, with a master's degree from Peking University, he grew up from a management trainee and is familiar with Yonghui's business fundamentals. Reform practice: He served as president during the adjustment process, deeply involved in key actions such as product structure optimization, employee incentive upgrades, and customer value enhancement. Philosophy alignment: His public statements have repeatedly emphasized a 'zero-based mindset' and 'customer first,' highly consistent with Pangdonglai's values. Wang Shoucheng is the core executor of Yonghui's 'Pangdonglai reform' and the manager with the closest communication with Pangdonglai. He has coordinated Yonghui's adjustment projects throughout, learning from Pangdonglai's management, understanding the philosophy, and being able to drive implementation. Market observers generally believe that Yonghui's choice of him as CEO means the 'Pangdonglai model' will continue to deepen at Yonghui and maintain stability. Unlike the previous strong entry of external capital, this CEO appointment sends a signal: reform no longer relies solely on shareholder promotion but is taken over by internal professional managers for execution. Yonghui is entering a stage of 'organizational self-growth.' In the past two years, the heat of adjustment has remained high, and Yonghui, as one of the core protagonists, is undoubtedly a subject of great attention in the market. From the 2025 semi-annual report released by Yonghui on August 20, it is still at a critical juncture of transformation. The financial report shows that Yonghui's first-half revenue was 29.948 billion yuan, a year-on-year decrease of 20.73%; net profit attributable to the parent company was a loss of 241 million yuan, turning from profit to loss year-on-year. The revenue decline is mainly due to strategic transformation, closing loss-making stores and store adjustments with temporary closures. Although adjusted stores saw increased revenue, it was difficult to offset losses from store closures. However, reforms are gradually showing effects: Store adjustments: Customer traffic in renovated stores in multiple regions has rebounded, and the single-store model is improving; Supply chain restructuring: The newly established procurement centers and chief merchandise officer mechanism have been implemented, listing fees have been canceled, buyout ratios adjusted, and product competitiveness is gradually strengthening; Organizational efficiency: Employee incentive mechanisms have been updated, emphasizing serving customers and respecting employee value; New business exploration: Front-warehouse and instant retail continue to advance, becoming experimental fields for finding growth points. Overall, Yonghui is still in a transitional stage of 'stopping the bleeding and reshaping.' Ye Guofu's 'removing the old and establishing the new' has completed the reconstruction of the basic framework, and next, Wang Shoucheng needs to expand reforms from model stores to a larger scale while solving the sustainability of the profit model. Final Thoughts Yonghui's CEO change to a post-90s executive is not just an organizational personnel change but also a signal: Yonghui's reform has entered deep water; the younger management team taking over means long-term operation and execution will be prioritized; whether the Pangdonglai model can be replicated nationwide will face a real test in the next two years. For Yonghui, this is a turning point from 'capital injection' to 'organizational hematopoiesis.' Whether Wang Shoucheng can lead Yonghui out of its predicament not only concerns the company's fate but also the future direction of the entire traditional supermarket industry.