Zhejiang Wanliyang Co., Ltd.
Independent Director 2025 Annual Performance Report
To all shareholders and shareholder representatives:
I, Xu Pingping, as an independent director of Zhejiang Wanliyang Co., Ltd. (hereinafter referred to as the "Company"), in my work during 2025, have strictly followed the requirements of relevant laws and regulations such as the "Company Law," the "Administrative Measures for Independent Directors of Listed Companies," and the "Shenzhen Stock Exchange Main Board Listed Company Self-Regulatory Management Guide No. 1 – Normative Operation of Main Board Listed Companies," as well as the "Articles of Association" and the "Work System for Independent Directors" and other company systems. I have diligently performed my duties, attended relevant meetings diligently, carefully reviewed all proposals and related materials of the board of directors, and fully utilized the role of independent director to effectively protect the overall interests of the Company and the legitimate rights and interests of all shareholders, especially small and medium shareholders. Herein is my report to all shareholders on my performance of independent director duties in 2025:
I. Basic Information of Independent Directors
Xu Pingping: Female, Chinese national, Han ethnicity, Master's degree, Professor. Engaged in enterprise management teaching and research for over thirty years, presided over multiple provincial and municipal projects, and published numerous academic papers. Awarded the first prize for teaching achievements by Zhejiang University, the second prize for Zhejiang Provincial Teaching Achievements, and the third prize for Hangzhou Municipal Philosophical and Social Science Research Achievements, and was honored as an Outstanding Educator in the Hangzhou Municipal Education System. Previously served as Associate Dean of the School of Business, City College of Zhejiang University, Professor, Deputy Director of the Entrepreneurship and Family Business Research Center, Independent Director of Zhejiang Wanliyang Co., Ltd., and Independent Director of Zhejiang Capes Pharmaceuticals Co., Ltd. Currently a Professor at City College of Zhejiang University (re-employed). Ms. Xu Pingping has obtained the Independent Director Qualification Certificate issued by the Shenzhen Stock Exchange. She is currently an independent director of the Company.
During my tenure as an independent director of the Company, I have not held any positions other than independent director and member of the board's special committees, nor have I held any positions in the principal shareholder's companies. There is no conflict of interest or other relationship with the Company and its principal shareholders that could hinder my independent and objective judgment. There are no circumstances that affect the independence of an independent director, which complies with the requirements for independent directors stipulated in the "Administrative Measures for Independent Directors of Listed Companies," the "Shenzhen Stock Exchange Stock Listing Rules," and the "Shenzhen Stock Exchange Main Board Listed Company Self-Regulatory Management Guide No. 1 – Normative Operation of Main Board Listed Companies."
II. Performance of Independent Director Duties in 2025
(I) Attendance at Board Meetings, Number of Meetings, and Voting Results, and Attendance at Shareholder Meetings
In 2025, the Company held 8 board meetings. I was scheduled to attend 8 board meetings and actually attended 8 board meetings in person. I also attended all 3 shareholder meetings held by the Company in 2025.
I attended the meetings on time, carefully reviewed all proposals and related materials of the board of directors, and actively participated in discussions and offered suggestions, playing a positive role in the scientific decision-making of the board. I believe that the board meetings and shareholder meetings convened and held by the Company in 2025 complied with legal procedures, and all major matters underwent the corresponding approval procedures, which were legal and effective. I voted in favor of all proposals reviewed by the board, with no opposing or abstaining votes.