In the past three months, three core business line executives of Yonghui Supermarket Co., Ltd. (601933. SH, hereinafter referred to as "Yonghui Supermarket") have resigned one after another.

On the evening of July 1st, Yonghui Supermarket announced that the board of directors received written resignation letters from the company's vice presidents Luo Wenxia and Lin Hongdong on June 30th, 2026. Due to personal reasons, Luo Wenxia and Lin Hongdong have respectively applied to resign from their respective positions as vice presidents of the company, and after resigning, they will no longer hold other positions in the company.

The announcement shows that both Luo Wenxia and Lin Hongdong have resigned early, and their original terms were scheduled to expire on March 16, 2028. Yonghui Supermarket stated in the announcement that the resignation of the two individuals will not have any adverse impact on its normal operation and daily operations.

Prior to this, Wu Kaizhi, Vice President and Chief Financial Officer of Yonghui Supermarket, also left Yonghui Supermarket. Regarding the succession candidates and management adjustments, the company has informed the Economic Observer that there is currently no further relevant information to disclose.

Elder and American paratroopers

Specifically, the two executives who left Yonghui Supermarket this time are a "veteran level" figure and a Meituan style "paratrooper".

According to the 2025 annual report of Yonghui Supermarket, Luo Wenxia will be appointed as the Vice President and Head of the Expansion Department of Yonghui Supermarket. In terms of tenure, Luo Wenxia has been a senior executive since March 15, 2011, ranking third in the current management team of Yonghui Supermarket, only behind the founders Zhang Xuansong and Zhang Xuanning.

In 2025, Luo Wenxia's total pre tax salary is 2.281 million yuan, which not only ranks first among the vice presidents of Yonghui Supermarket, but also the highest level among all executives of the company. She is also the only executive whose salary is higher than Yonghui Supermarket CEO Wang Shoucheng's (pre tax salary of 2.1156 million yuan).

According to industry insiders, the expansion department of retail enterprises is usually responsible for new store location selection, business negotiations, and the landing of stores from scratch.

Unlike Luo Wenxia's "veteran" identity, Lin Hongdong is a "newcomer" who only joined the executive team of Yonghui Supermarket in October 2024. Lin Hongdong serves as Vice President of Yonghui Supermarket and General Manager of Home Business Unit. From January 2021 to January 2023, he served as the Sales and User Service Manager in Meituan Maicai Business Unit. Yonghui Supermarket's 2025 annual report mentioned that Lin Hongdong has rich experience in omni channel retail and has effectively built and promoted online and logistics management systems. In 2025, Lin Hongdong's total pre tax salary is 1.8255 million yuan.

As of July 1st, Lin Hongdong does not directly hold shares of Yonghui Supermarket, while Luo Wenxia directly holds approximately 244900 shares. Luo Wenxia had just completed her reduction of holdings a week before resigning. According to the announcement, as of June 23, 2026, Luo Wenxia reduced her holdings of 81600 shares through centralized bidding, accounting for 0.0009% of the company's total share capital. The reduction price range was 3.14 yuan/share to 3.15 yuan/share. Based on this, it is estimated that Luo Wenxia cashed out approximately 256000 yuan to 257000 yuan.

In fact, this is the third executive resignation letter received by Yonghui Supermarket in the past three months.

On April 15th of this year, Wu Kaizhi, Vice President and Chief Financial Officer of Yonghui Supermarket, resigned from his position, also leaving early before the end of his term. On the same day, Yonghui Supermarket announced the appointment of Chen Jun as the Chief Financial Officer. He was previously the head of strategic analysis for the strategic project team of Yonghui Supermarket's finance department and also served as a financial business partner in Chongqing.

Within three months, the heads of the finance, expansion, and online home delivery core business lines of Yonghui Supermarket resigned one after another. For specific reasons, Yonghui Supermarket only replied to the economic observation report, and the announcement shall prevail.

All members of the Reform Leadership Group

It is worth noting that the three former executives mentioned above also share a common identity - members of the Yonghui Supermarket Reform Leadership Group. In March 2025, the board of directors of Yonghui Supermarket passed a proposal to establish a reform leadership group. According to the announcement of Yonghui Supermarket, the reform leadership group is led by Ye Guofu, founder of Miniso, and includes 9 members including Wang Shoucheng, Luo Wenxia, Lin Hongdong, Zeng Fengrong, Wu Kaizhi, Gan Wangheng, Zhang Weidong, Zhu Jing, Liu Shaoqiang, etc., to lead the company's reform and transformation work.

One of the members, Zeng Fengrong, resigned from his position as Vice President as early as June last year, but still stayed at Yonghui Supermarket as the head of the administrative department. In addition, Wu Kaizhi, Luo Wenxia, and Lin Hongdong left successively, causing changes in nearly half of the core transformation team.

The decline in customer flow and the narrowing of profits are common challenges faced by traditional supermarkets at present. The response path of Yonghui Supermarket is to close the store and shrink the front line, while learning from the experience of Pangdonglai Supermarket to promote adjustment and reform. Since its launch at the end of May 2024, this transformation, known as the "fat reform" by the outside world, has lasted for more than two years. This leadership group is the main team driving Yonghui Supermarket's self rescue transformation.

Lin Hongdong's resignation is particularly noteworthy in terms of timing. According to a message released on the official website of Yonghui Supermarket on April 2nd this year, Lin Hongdong stated at an internal industry exchange meeting that under the main direction of the company's overall restructuring, the home business has started in-depth research on the model.

To this end, Yonghui Supermarket has established an independent operating division, introduced a professional team, and made extensive adjustments and reconstructions around two models, benchmarking against the standards of the instant retail industry, redesigning the organization and business model, and successfully running an online supermarket UE model that achieved profitability in six months.

Yonghui Supermarket also mentioned in the news that instant retail has entered a critical development window period of 5 to 10 years, and the market size is expected to exceed 2 trillion yuan in the next five years. However, less than three months later, Lin Hongdong, as the person in charge of home business, submitted his resignation.

Frequent executive changes, especially the departure of "new faces" from the management team, have put Yonghui Supermarket, which is already in a period of reform, to the test of strategic continuity and stable business decision-making.

According to financial data, Yonghui Supermarket will achieve a revenue of approximately 53.508 billion yuan in 2025, a year-on-year decrease of 20.82%; The net loss is approximately 2.552 billion yuan. This is the fifth consecutive year of losses for Yonghui Supermarket. From 2021 to 2024, Yonghui Supermarket's net profits were -3.944 billion yuan, -2.763 billion yuan, -1.329 billion yuan, and -1.465 billion yuan, respectively.

In the first quarter of 2026, Yonghui Supermarket's performance showed a trend of increasing profits but not increasing revenue. Its operating revenue was approximately 13.367 billion yuan, a year-on-year decrease of 23.53%; The net profit was approximately 287 million yuan, a year-on-year increase of 94.4%.

Yonghui Supermarket stated that the main reason for the decline in revenue in the first quarter is that the company has closed a total of 394 stores throughout 2025 and the first quarter of 2026, reducing the number of stores from 775 at the beginning of 2025 to 392 (including 11 new stores). Therefore, although the adjusted stores saw a year-on-year increase in revenue of 16.57%, their overall revenue still declined.

Yonghui Supermarket also mentioned that there are two main reasons for the increase in profit related indicators in the first quarter of this year. Firstly, as of March 2026, the company has completed the adjustment and optimization of 327 stores, eliminated and closed 626 tail stores, and improved the store layout; Secondly, the company's supply chain reform has shown initial results, with the improvement of product strength and the gradual increase in the proportion of self owned brand sales, resulting in a 1.27% increase in gross profit margin compared to the same period last year.

According to Yonghui Supermarket's plan, starting from 2026, it will officially enter the second phase of adjustment and renovation, and carry out refined and deep cultivation of existing adjustment and renovation stores, with the goal of "achieving corporate health" by June 2027.