Haichen Pharmaceutical: 2025 Independent Director Work Report (Wang Yuchun)
Nanjing Haichen Pharmaceutical Co., Ltd.
2025 Independent Directors’ Work Report
(Wang Yuchun)
Dear shareholders and shareholder representatives:
As an independent director of Nanjing Haichen Pharmaceutical Co., Ltd. (hereinafter referred to as the "Company"), I (Wang Yuchun) strictly abide by the "Company Law", "Securities Law", "Administrative Measures for Independent Directors of Listed Companies", "Self-Discipline Supervision Guidelines for Listed Companies No. 2 - Standardized Operation of GEM Listed Companies", "Articles of Association", "Working System for Independent Directors" and other relevant laws , laws and regulations, and requirements. During the 2025 work, he performed his duties honestly, diligently and independently, actively attended relevant meetings, carefully reviewed various proposals of the board of directors, expressed independent opinions on major matters of the company, effectively safeguarded the interests of the company and shareholders, especially small and medium-sized shareholders, and gave full play to the independence and professional role of independent directors. I now report on my performance of my duties as an independent director in 2025 as follows:
1. Basic information of independent directors
As an independent director of the company, I have good professional qualifications and abilities, and have accumulated rich experience in the professional fields in which I am engaged. My work resume, professional background and work situation are as follows:
Wang Yuchun, male, born in 1956, member of the Communist Party of China, Chinese nationality, no permanent residence abroad, master’s degree, accounting professor. He graduated from Anhui University of Finance and Economics with a bachelor's degree in accounting in 1983 and graduated from Anhui University of Finance and Economics with a master's degree in accounting in 1999. From 1984 to 2005, he worked at Anhui University of Finance and Economics as an accounting professor and deputy dean of the Accounting School; from September 2005 to present, he worked at Nanjing University of Finance and Economics as an accounting professor and served as the director of the Academic Committee of the Accounting School. From July 2025 to present, he serves as an independent director of the company; he also serves as an independent director of Jiangsu Fengshan Group Co., Ltd. and Jiangyin Haida Rubber and Plastic Co., Ltd.
As an independent director of the company, I have not held any other position in the company other than as an independent director, and I have not obtained any additional undisclosed interests from the company, its major shareholders or institutions and individuals with relevant interests. During the period of performance of my duties, I had no circumstances that affected my independence as stipulated in Article 6 of the "Administrative Measures for Independent Directors of Listed Companies".
2. Annual performance overview of independent directors
(1) Attendance at the board of directors and shareholders’ meetings
During the reporting period, the company held a total of 8 board meetings and 2 shareholders' meetings. I personally attended all board meetings during my term of office, and I was not absent or failed to attend two consecutive board meetings in person.
During this reporting period, directors who should attend on-site attendance should attend by communication. Directors who should attend by proxy. Number of times they were absent from the board of directors. Name of those who attended the general meeting of shareholders.
Number of times added to the board of directors Number of meetings Number of times added to the board of directors Number of meetings Number of times Wang Yuchun 3 0 3 0 0 0
Before the board meeting, I carefully read the relevant materials provided by the company, researched decision-making matters, understood the company's operations and operations, and was fully prepared to participate in the company's important decisions. At the meeting, I carefully reviewed various issues, actively participated in discussions and put forward rational suggestions, expressed opinions on relevant matters, conscientiously exercised my voting rights, and played an active role in making correct decisions for the company's board of directors. In 2025, I carefully considered all the proposals submitted to the board of directors and voted in favor, without any objection or abstention. At the same time, the company has also given me great support in my work and has not hindered the independent directors from making independent judgments.
(2) Participation in the work of special committees of the board of directors and special meetings of independent directors
The company's board of directors consists of four special committees: the Audit Committee, the Remuneration and Assessment Committee, the Nomination Committee and the Strategy Committee.
I serve as the convener of the company's audit committee and a member of the remuneration and assessment committee. Fully exercise all legal rights and obligations in accordance with the relevant requirements of the "Rules of Procedure of the Audit Committee" and "Rules of Procedure of the Remuneration and Appraisal Committee". The main performance of duties in 2025 is as follows:
Presided over and participated in three meetings held by the Audit Committee, and reviewed matters such as the "Proposal on Appointment of the Company's Internal Audit Leader", "Internal Audit Work Report for the First Half of 2025", "2025 Semi-annual Financial Report", "2025 Third Quarter Audit Work Report", "2025 Fourth Quarter Audit Work Plan", "2025 Third Quarter Report Full Text" and other matters, and submitted them to the company's board of directors after reaching consensus with all committee members.
(3) Communication with internal audit institutions and accounting firms
During my tenure in 2025, I paid close attention to the company's internal audit work, listened to and reviewed the company's annual internal audit work summary, audit plan and audit work progress. At the same time, we maintained close contact with the external audit agency hired by the company, fully communicated and discussed the audit scope, audit methods, and audit plans of the company's annual audit work, put forward opinions and suggestions, and urged them to carry out work according to the work plan.
(4) Work done to protect investors’ rights and interests
In 2025, I will continue to pay attention to the company's information disclosure work, and urge the company to strictly comply with the China Securities Regulatory Commission's "Administrative Measures for Initial Public Offerings of Stocks and Listing on the GEM", "Shenzhen Stock Exchange GEM Stock Listing Rules", "Self-Discipline Supervision Guidelines for Listed Companies No. 2 - Standardized Operation of GEM Listed Companies" and other relevant laws and regulations and the company's "Information Disclosure Management System" to ensure that the company's information disclosure is true, accurate, complete, timely and fair.
I perform the duties of an independent director in accordance with the requirements of laws and regulations such as the "Company Law" and "Guidelines for Self-Regulation of Listed Companies No. 2 - Standardized Operation of GEM Listed Companies". At the same time, I adhere to the principles of prudence, diligence and honesty, actively study relevant laws, regulations and rules, further improve my professional level, strengthen communication with the company's management, protect the legitimate rights and interests of investors, and promote the steady development of the company.
(5) On-site inspection work and the company’s cooperation with independent directors
In 2025, my cumulative on-site working hours reached 7 working days, and my work included but was not limited to attending meetings, reviewing materials, communicating with all parties, training and other work related to this report. Use your participation in meetings to conduct on-site surveys of the company to keep abreast of the company's development strategy, research and development, production and operation status, and internal control construction, and use your professional knowledge to provide rational opinions and suggestions for the company's business development, internal control system construction, internal control audit, etc.; and maintain close contact with other directors, senior managers and relevant staff of the company through phone calls and emails, pay attention to the impact of external environment and market changes on the company, promptly learn about the progress of the company's major matters, and understand the company's operating dynamics.
Before the board of directors and shareholders' meeting, the company will arrange specific departments and personnel to submit meeting materials to the directors for review in a timely manner. The company's management attaches great importance to communication with independent directors, diligently and responsibly reports the company's production and operation status and major events to the board of directors and independent directors, and responds and provides feedback in a timely manner to questions raised by independent directors. The company provides convenient conditions for me to perform my duties on-site and actively cooperates to provide relevant materials to fully guarantee the independent directors’ right to know and provide sufficient guarantee for the independent directors to effectively perform their duties.
3. Matters of focus in annual performance of duties by independent directors
(1) Related transactions that should be disclosed
During my tenure in 2025, the company will not be involved in related transactions.
(2) Plans for the company and relevant parties to change or waive their commitments
During my tenure in 2025, there will be no changes or exemptions from commitments by the company and related parties.
(3) Decisions made and measures taken by the board of directors regarding acquisitions
During my tenure in 2025, the company will not be involved in acquisitions.
(4) Disclosure of financial information and internal control evaluation reports in financial accounting reports and periodic reports. During my tenure in 2025, the company prepared and disclosed the "2025 Semi-Annual Report" and "2025 Third Quarter Report". The above reports were reviewed and approved by the company's board of directors.
(5) Appointment and dismissal of accounting firms that undertake the company’s audit business
During my tenure in 2025, the company will not engage in the hiring or dismissal of accounting firms that undertake the company's audit business.
(6) Appointment or dismissal of financial officers of listed companies
During my tenure in 2025, the company will not engage in the appointment or dismissal of financial directors of listed companies.
(7) Correction of accounting policies, accounting estimates or major accounting errors due to reasons other than changes in accounting standards
During my tenure in 2025, the company will not be involved in making accounting policies, accounting estimates or correction of major accounting errors for reasons other than changes in accounting standards.
(8) Nominate or appoint or remove directors, hire or dismiss senior managers
During my tenure in 2025, the company will not nominate or appoint or remove directors, or hire or dismiss senior managers.
(9) Remuneration of directors and senior managers, equity incentive plans, employee stock ownership plans, etc. During my tenure in 2025, the company will not involve the remuneration of directors and senior managers, equity incentive plans, and employee stock ownership plans.
(10) Other matters
As an independent director of the company, I did not independently hire an intermediary agency to audit, consult or verify specific matters of the listed company, did not propose to convene a board meeting or propose to the board of directors to convene an extraordinary general meeting of shareholders, and did not publicly collect shareholder rights from shareholders in accordance with the law.
As an independent director of the company, I faithfully perform my duties, actively participate in the company's decision-making on major matters, make full use of my expertise in accounting, auditing and other aspects and my rich experience as an independent director to provide advice and suggestions for the healthy development of the company, and effectively safeguard the overall interests of the company and the legitimate rights and interests of small and medium-sized shareholders. In the future, I will continue to work diligently and use my professional knowledge and experience to provide more constructive suggestions for the development of the company and provide reference opinions for the scientific decision-making of the board of directors.
Independent Director of Nanjing Haichen Pharmaceutical Co., Ltd. (Signature): Wang Yuchun_____________
April 24, 2026