In the foggy and chilly November of Chongqing, Dowell Service (02352.HK), a property management firm rooted in the city, quietly orchestrated a sweeping leadership overhaul. Luo Shaoying, the board chairperson, transitioned from a non-executive director to an executive director, while Yi Lin was elected as an employee director and concurrently appointed as an executive director. Hu Xiaolin and Wang Kan were nominated as non-executive director and supervisory board chairperson candidates, respectively.

Amid these promotions, two executives stepped back. Fan Dong resigned as executive director and employee director to "devote more time to other commitments," while Mao Dun submitted his resignation as supervisor and supervisory board chairperson.

This reshuffle, involving four new appointments and two departures across strategic, operational, and supervisory roles, raises questions about Dowell Service’s underlying strategic intentions. Luo Shaoying’s role change stands out—she is the younger sister of Luo Shaoyu, a major shareholder of Dowell Service, and was instrumental in its spin-off listing. Her shift from non-executive to executive director signals deeper involvement in daily operations and management decisions.

The company stated that Luo’s reassignment aligns with its "strategic development and operational management needs," reflecting her increased engagement. Concurrently, she stepped down from the board’s audit committee, replaced by independent non-executive director Lyu Youhua.

Yi Lin’s return to prominence is notable. With over 19 years of financial and accounting experience within the Dowell ecosystem, she initially led the company as board chairperson and non-executive director after its spin-off in December 2020. However, she relinquished the chairperson role in September 2022 when Luo Shaoying and Zhang Aiming joined the board.

Fan Dong, aged 55, spent nearly 15 years at Longfor Properties before joining Dowell in 2014. He served as general manager of Dowell Service since May 2018, but the company did not clarify whether he retains his roles as president and general manager post-resignation. Notably, Fan held a 7.45% stake as of late 2024.

Hu Xiaolin, a non-executive director nominee, is the financial manager and CFO of Chaofenglian Materials, Dowell’s major shareholder with an 18% stake. Chaofenglian, a steel trading firm under Chongqing Hedong Holdings, is 90%-owned by Lin Zhiyao.

Unlike peers downsizing supervisory boards, Dowell nominated 30-year-old Wang Kan to replace Mao Dun. Wang previously held HR roles at Dowell and Dima Group. Mao had only assumed the supervisory board chairperson role in April 2023 after Yang Guang’s resignation.

With Luo Shaoying, Yi Lin, and Wang Kan at the helm, Dowell now fields an all-female leadership team. The challenge ahead: reversing the company’s sluggish performance.

In 2024, Dowell suffered a net loss of RMB 61.643 million due to receivables impairment, despite flat revenue of RMB 1.53 billion. Gross profit fell 2.3% to RMB 208 million, with margins at 13.6%. H1 2025 saw a 3.1% revenue increase to RMB 793.7 million and a 14.2% profit rise to RMB 28.8 million, but gross margins hit a five-year low of 13.8%.

Segment-wise, urban services revenue grew 8.8% to RMB 503 million, but margins dropped 4.5 percentage points to 12.3% amid rising costs and competitive pressures. Lifestyle services edged up 1.0% to RMB 117 million, while comprehensive services (including healthcare and tech) fell 9.5% to RMB 174 million.

Dowell is betting on elderly care, acquiring Chengdu Dongyuhong for RMB 59.5 million in January 2025 and Shanghai Changqing Kangyang’s 90.73% stake in June 2024. The company plans to expand its "Changqing" brand, offering senior living and nursing facilities with integrated medical care.

For Luo Shaoying, the transition from strategic advisor to hands-on leader will test her ability to balance growth, profitability, and new business sustainability.