Annual Report of Independent Directors

Annual Report of Independent Directors (Li Ping)

Dear shareholders and representatives:

As an independent director of Guangdong Jushen Logistics Co., Ltd. (hereinafter referred to as "the Company"), I strictly adhered to the Company Law, the Guidelines for Establishing an Independent Director System in Listed Companies, the Shenzhen Stock Exchange Listing Rules, the Articles of Association, and the Independent Director Work System during my tenure in 2021. I diligently, honestly, and independently fulfilled my duties, actively attended relevant meetings, carefully reviewed board proposals, expressed independent opinions on significant matters, and effectively safeguarded the legitimate rights and interests of the Company and all shareholders, especially minority shareholders. Below is my report on my performance during the 2021 tenure:

1. Meeting Participation

During the reporting period, the Company held a total of 16 board meetings and 8 shareholder meetings. I actively participated in the board meetings and shareholder meetings, personally attending all 16 board meetings and 8 shareholder meetings, without any absences or consecutive non-attendance at board meetings. I carefully reviewed the relevant materials provided by the Company, diligently examined each proposal, actively participated in discussions, and made reasonable suggestions, expressing independent opinions on related matters. I exercised my voting rights responsibly, contributing positively to the board's decision-making.

2. Independent Opinions Issued

In accordance with relevant laws and regulations, as an independent director, I supervised and inspected the Company's operations and issued independent opinions on the following matters during the reporting period:

1. On January 21, 2021, I provided prior approval for the reappointment of the accounting firm.
2. At the 19th meeting of the second board on January 21, 2021, I expressed independent opinions regarding the reappointment of the accounting firm.
3. At the 21st meeting of the second board on March 1, 2021, I issued independent opinions on the proposed application for the termination of the Company's stock listing on the National Equities Exchange and Quotations, and on the audit reports for 2018, 2019, and 2020.
4. At the 24th meeting of the second board on May 12, 2021, I expressed independent opinions on the use of part of the raised funds for increasing capital in wholly-owned subsidiaries for investment projects.
5. At the 25th meeting of the second board on May 28, 2021, I issued independent opinions on the matter of replacing self-raised funds with raised funds for investment projects and the re-election of company directors.
6. At the 26th meeting of the second board on June 15, 2021, I expressed independent opinions on the change of the company secretary.
7. On August 13, 2021, I provided prior approval for the Company to apply for project loans from banks with guarantees from actual controllers and related transactions.
8. At the 28th meeting of the second board on August 24, 2021, I issued independent opinions on the semi-annual use of raised funds, the occupation of Company funds by controlling shareholders and other related parties, external guarantees, and the aforementioned project loans.
9. On December 3, 2021, I provided prior approval for the reappointment of the accounting firm.
10. At the 32nd meeting of the second board on December 8, 2021, I expressed independent opinions on the reappointment of the accounting firm, providing guarantees for the wholly-owned subsidiary's warehouse qualification, and appointing the company's vice president.

3. Work of Specialized Committees

As the chairperson of the Audit Committee, I convened and presided over meetings in strict accordance with the Audit Committee Implementation Rules, regularly reviewing the Company's financial transactions, the storage and use of raised funds, and daily operations. During the preparation and disclosure of the Company's periodic reports, I carefully reviewed relevant materials and actively understood the Company's financial situation, reviewing the audit opinions issued by the auditing agency. Additionally, I and other Audit Committee members reviewed the Company's internal audit work and provided reasonable suggestions to continuously improve the Company's internal controls, fulfilling the professional functions and supervisory roles of the Audit Committee.