Independent Director's Work Report for 2025
Dear shareholders and representatives:
I, Zhang Li, as the Independent Director of Guangdong Xianglu Tungsten Industry Co., Ltd. (hereinafter referred to as "the Company"), have diligently fulfilled my responsibilities in 2025 in strict accordance with the Company Law, the Management Measures for Independent Directors of Listed Companies, the Corporate Governance Guidelines for Listed Companies, and the provisions of the Company’s Articles of Association. I actively attended relevant meetings, carefully reviewed various proposals from the Board of Directors, and effectively played the role of an independent director and member of various specialized committees, thereby safeguarding the interests of the Company and all shareholders. Below is my report on the performance of my duties as an independent director for 2025:
I. Basic Information
I, Zhang Li, female, born in January 1965, hold Chinese nationality and do not have permanent residency abroad. I am a doctoral supervisor and a second-level professor at the Central South University Powder Metallurgy Research Institute, leading the research direction of high-performance hard alloy materials science and engineering. I graduated with a bachelor's degree in metal materials from Central South Mining and Metallurgy Institute (the predecessor of Central South University), and subsequently obtained a master's and doctoral degree in materials science from Central South University. I have also studied as a visiting scholar at the Vienna University of Technology. I am a member of the editorial board of the journals "Hard Alloy" and "China Tungsten Industry," an academic committee member of the "National Key Laboratory of Hard Alloys," a member of the expert committee of the "Nonferrous Metal Tungsten and Hard Alloy Industry Technology Innovation Strategic Alliance," and a member of APMI (American Powder Metallurgy Institute).
II. Overview of Independent Director's Duties
(A) Attendance at Board and Shareholder Meetings
In 2025, the Company held 6 board meetings and 4 shareholder meetings, with my attendance as follows:
| Meeting Type | Required Attendance | In-Person Attendance | Attendance by Communication | Proxy Attendance | Absences | Consecutive Absences | Shareholder Meeting Attendance |
|---|---|---|---|---|---|---|---|
| Board Meetings | 6 | 3 | 3 | 0 | 0 | No | 4 |
I believe that the convening and holding procedures for the board and shareholder meetings in 2025 complied with legal requirements, and the decision-making processes for significant operational matters were legally effective, with independent directors providing professional and independent opinions and suggestions. After careful review of all proposals and other matters during the reporting period, I voted in favor without raising any objections.
(B) Performance in Specialized Committees
The Company’s board has established four specialized committees: the Audit Committee, the Compensation and Assessment Committee, the Nomination Committee, and the Strategic Development Committee. I serve as a member and convener of the Nomination Committee and as a member of the Strategic Development Committee. During the reporting period, I strictly adhered to the requirements of the relevant implementation rules for the specialized committees of the board, fulfilling the following responsibilities with diligence: