West Point Pharmaceutical: 2025 Independent Director Work Report (Wu Nannan)
Jilin Xidian Pharmaceutical Technology Development Co., Ltd. 2025 Independent Director Work Report
Jilin Xidian Pharmaceutical Technology Development Co., Ltd.
2025 Independent Directors’ Work Report
Dear shareholders and shareholder representatives:
I, Wu Nannan, serve as an independent director of the 8th Board of Directors of Jilin Xidian Pharmaceutical Technology Development Co., Ltd. (hereinafter referred to as the "Company") in 2025 During my annual tenure, I strictly abide by the Company Law of the People's Republic of China (hereinafter referred to as the "Company Law"), the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law"), the Measures for the Management of Independent Directors of Listed Companies, the Code of Governance for Listed Companies, the Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 2 - Standardized Operations of GEM Listed Companies, the Articles of Association and In accordance with the relevant provisions and requirements of laws, regulations and normative documents such as the "Independent Director Work System", he performed his duties honestly, diligently and independently. He focused on the company's major matters, participated in research on the company's development, promoted the company's standardized operations, gave full play to the independence and professional role of the independent directors, and effectively safeguarded the interests of the company and shareholders. The performance of duties in 2025 is now reported as follows:
1. Basic information of independent directors
I have professional qualifications and abilities, and have accumulated rich experience in the professional fields I am engaged in. My work resume, professional background and other relevant information are as follows:
Wu Nannan, born in May 1987, has a master's degree and is currently a lawyer and partner of Shanghai AllBright (Changchun) Law Firm. He has worked in Jilin Provincial Higher People's Court, Jilin Shangwei Law Firm and other units.
In 2025, I did not hold any position in the company other than as an independent director. I have no direct or indirect relationship with the company's major shareholders and actual controllers. There is no relationship that hinders my independent and objective judgment. There is no situation that affects the independence of independent directors. My position is in compliance with the "Administrative Measures for Independent Directors of Listed Companies"
The independence requirements stipulated in Article 6 have been submitted to the company, and the 2025 independence self-examination report has been submitted to the company to confirm that it meets the independence requirements for office.
2. Overview of duty performance in 2025
As an independent director, I carefully reviewed various proposals at board meetings during my tenure, and attended the board of directors, special committees, and shareholders' meetings organized by the company on time. I believe that the company's board of directors and shareholders' meeting were convened in a legal and compliant manner, legal and effective approval procedures were implemented for major matters, and the relevant resolutions of the meeting were in line with the overall interests of the company, and did not harm the legitimate rights and interests of all shareholders of the company, especially small and medium-sized shareholders. I use my own method to prepare the 2025 Independent Director Work Report of Jilin Xidian Pharmaceutical Technology Development Co., Ltd.
With professional legal knowledge and practical experience, each proposal will be carefully reviewed one by one and fully communicated with the company's management. On this basis, voting rights will be exercised independently, objectively and prudently to ensure the scientificity and objectivity of decision-making, and effectively safeguard the legitimate rights and interests of the company and all shareholders, especially the interests of small and medium-sized shareholders. Therefore, everyone voted in favor, there were no objections raised, and there were no objections or abstentions. My attendance at the meeting is as follows:
(1) Attendance at shareholders’ meetings
In 2025, the company held a total of 2 shareholders' meetings, and I attended both meetings.
(2) Attendance at the board of directors
In 2025, the company held a total of 4 board meetings. My attendance at the meetings is as follows:
Directors who should attend this year Attend in person Attend by proxy Absent
Name of independent director Number of remark meetings (times) (times) (times)
Wu Nannan 4 4 0 0 -
I attended in person and voted in favor of all resolutions reviewed at the board meetings attended.
No other independent directors are authorized to attend meetings during the 2025 term.
During my term of office in 2025, I did not raise any objection to any matter of the company.
(3) Attendance at special committees of the board of directors
The company's eighth board of directors has established four special committees: Audit Committee, Remuneration and Assessment Committee, Nomination Committee and Strategy Committee. During my term of office in 2025, as the chairman of the Remuneration and Assessment Committee of the eighth session of the Board of Directors and a member of the Audit Committee of the Board of Directors, I participated in the work of the special committees of the Company's Board of Directors in accordance with the provisions of the "Working System for Independent Directors", "Implementation Rules of the Remuneration and Assessment Committee of the Board of Directors", "Implementation Rules of the Audit Committee of the Board of Directors" and other relevant systems. In 2025, during my tenure, the company held a total of 1 remuneration and assessment committee meeting and 4 audit committee meetings. My attendance at the meetings is as follows:
Remuneration and Appraisal Committee Meeting Audit Committee Meeting
Number of attendances expected Number of actual attendances Numbers of attendances expected Actual number of attendances 1 1 4 4
As the chairman of the Remuneration and Appraisal Committee of the Board of Directors, I have studied the company's remuneration plan in accordance with relevant system regulations, carefully reviewed the proposal, and believe that the company's remuneration for directors and senior managers in 2025 is in line with the company's performance appraisal management system and the actual situation of the company, and does not harm the interests of the company and all shareholders.
As a member of the Audit Committee of the Board of Directors, I attended the daily meetings of the committee and conscientiously performed my duties Jilin Xidian Pharmaceutical Science and Technology Development Co., Ltd. 2025 Independent Director Work Report
review the company's financial information and its disclosure; supervise the improvement and implementation of the internal control system, and effectively perform the duties of the audit committee.
(4) Attendance at special meetings of independent directors
During the reporting period, the company did not hold any special meeting of independent directors.
(5) Communication with internal audit institutions and accounting firms
During my term of office in 2025, I will maintain regular communication with the company’s internal audit department and the annual audit accounting firm from a legal professional perspective. Especially during the annual report audit, we had multiple exchanges with the audit agency and the internal audit department to discuss the audit plan, audit procedures and key matters of concern. We focused on understanding the audit work plan and execution progress from aspects such as compliance and procedural standardization, and effectively performed the supervision and control responsibilities of independent directors.
(6) On-site work of independent directors
During my term of office in 2025, I strictly followed the performance requirements of independent directors and carried out various tasks in a solid manner, accumulating 15 working days of on-site work. I take advantage of opportunities such as participating in the company's board of directors, special committees, and shareholders' meetings, and visiting the company on-site to maintain communication with other directors, senior managers and relevant personnel of the company, understand the company's daily operations and financial status in various aspects, and be informed of the progress of the company's major events in a timely manner. Actively communicate with the company's internal audit institutions and accounting firms, always pay attention to the impact of external environment and market changes on the company, use their own professional knowledge to provide rational suggestions for the company's operations, urge the company to further standardize governance, and effectively perform the duties of independent directors.
The company designates specialized departments and personnel such as the corporate securities department and the secretary of the board of directors to assist independent directors in performing their duties, actively cooperate with independent directors in effectively exercising their powers, inform independent directors of the company's operations, provide relevant documents and information, etc., to protect independent directors' right to know, ensure that they understand the company's operations and internal controls in a timely manner, and effectively exert the supervision and guidance responsibilities of independent directors.
(7) Other work done in communicating with small and medium-sized investors and protecting investors’ rights and interests
As an independent director of the company, I actively maintain communication with the company's management. By participating in regular board meetings and special committees, I have a comprehensive and timely understanding of the company's operating status, financial situation and potential risks. I also fully use professional judgment to promptly alert risks to matters that may affect the interests of the company and investors, and actively and effectively perform my responsibilities. By attending shareholders' meetings, we actively communicate with small and medium-sized shareholders to effectively protect the interests of small and medium-sized investors.
I am fully aware of the importance of the responsibilities of independent directors, and continue to pay attention to and thoroughly study relevant laws and regulations, especially the 2025 independent director performance report of Jilin Xidian Pharmaceutical Technology Development Co., Ltd.
It is the latest revised "Administrative Measures for Independent Directors of Listed Companies" in 2025 to ensure that performance of duties meets regulatory requirements. At the same time, they actively participate in various trainings organized by exchanges, jurisdictions and listed company associations to understand the latest regulatory policies, information disclosure rules, etc. In the process of performing my duties, I will protect the legitimate rights and interests of the company and all shareholders, especially small and medium-sized investors and public shareholders, as the starting point and end point of all work. I will adhere to independent judgment, exercise voting rights prudently, and strictly review its compliance, fairness and impact on shareholders' rights. I strive to protect the overall interests of the company while paying special attention to and protecting the rights to know and participate of minority shareholders and public shareholders from being infringed.
3. Matters of focus in annual performance of duties
I strictly abide by the provisions of the Company Law, the Code of Governance of Listed Companies, the Measures for the Management of Independent Directors of Listed Companies, and other laws and regulations, as well as the Articles of Association, and perform my obligations of loyalty and diligence. I review various company proposals based on the principles of openness and transparency, actively participate in company decision-making, fully communicate on relevant issues, and promote the healthy development and standardized operation of the company. On this basis, we rely on our own professional knowledge to exercise our voting rights independently, objectively and prudently, and effectively safeguard the legitimate rights and interests of the company and investors. During the 2025 term, the key issues to focus on are as follows:
(1) Establishment of the system
The company on April 22, 2025 The 11th meeting of the eighth session of the Board of Directors was held on the same day, and the "Proposal on Amending and Establishing Part of the Company's Systems" was reviewed and approved, and relevant contents of the company's "Implementation Rules of the Audit Committee of the Board of Directors", "Implementation Rules of the Nomination Committee of the Board of Directors", "Implementation Rules of the Remuneration and Appraisal Committee of the Board of Directors", "Implementation Rules of the Board of Directors Strategy Committee", "Rules of Procedure of the Shareholders' Meeting", "Rules of Procedure of the Board of Directors", "Remuneration Management System for Directors and Senior Management Personnel", "Management System for Changes in Shareholdings of Directors and Senior Management Personnel" and "Working System of the Board Secretary" were revised.
On August 14, 2025, the company The twelfth meeting of the eighth session of the Board of Directors was held on the 12th, and the "Proposal on Amending and Establishing Part of the Company's Systems" was reviewed and approved, and the company's "Independent Director Working System", "Independent Director Special Meeting Rules", "External Guarantee Management System", "External Investment Management System", "Related Transaction Management System", "Repurchase Share Management System", "Cumulative Voting System Implementation Rules", and "Capital Raising Implementation Rules" We revised the relevant contents of the Financial Management System, Internal Audit System, Insider Registration Management System, Investor Relations Management System, Entrusted Financial Management System, Information Disclosure Management System, Seal Management System, Major Operation and Investment Decision Management System, and Major Information Internal Reporting System, and formulated a Director Resignation Management System.
Jilin Xidian Pharmaceutical Technology Development Co., Ltd. 2025 Independent Director Work Report
(2) Delay of some investment projects
The company held the 10th meeting of the 8th board of directors on January 20, 2025, and reviewed and approved the "Proposal on the Extension of Some Fund-raising Projects". Based on the principle of prudence and combined with the actual progress of the current fundraising projects, the company has extended the completion time of the "Modern Traditional Chinese Medicine Extraction Workshop Construction Project" to May 23, 2025, and the completion time of the "Escitalopram Oxalate API Production Project" to February 23, 2026, provided that the implementation entity, construction content, use of raised funds and investment project scale do not change. After deliberation, the board of directors agreed to the postponement of part of the company's fundraising projects.
The company held the 13th meeting of the 8th board of directors on October 28, 2025, and reviewed and approved the "Proposal on Adjusting the Internal Investment Structure of Partially Raised Fund Investment Projects". Based on the principle of prudence, combined with the use of raised funds and future plans, in order to improve the efficiency of the use of funds, the company will adjust the internal investment structure of the raised investment project "Escitalopram Oxalate API Production Project" without changing the investment content, investment purpose, amount of raised funds, and implementation location. After deliberation, the board of directors agreed to adjust the internal investment structure of the company's investment projects with part of the raised funds.
(3) Use of part of idle raised funds and self-owned funds for cash management and entrusted financial management
The company held the 10th meeting of the eighth board of directors on January 20, 2025, and reviewed and approved the "Proposal on Using Part of Idle Raised Funds for Cash Management and Part of Idle Own Funds for Cash Management and Entrusted Financial Management". In order to maximize the company's capital efficiency, the company uses part of the idle raised funds (including super-raised funds) with an amount of no more than RMB 100 million for cash management on the premise of ensuring the normal progress of the construction of investment projects with raised funds and the safety of funds. The company and its wholly-owned subsidiaries use part of the idle self-owned funds with an amount of no more than RMB 150 million for cash management and entrusted financial management on the premise of ensuring that it does not affect the company's daily operations. They are used to purchase short-term investment products with high safety, good liquidity and a term of no more than 12 months. The term of use shall be valid for 12 months from the date of approval by the board of directors. Within the above quota and period, the funds can be used on a rolling basis.
(4) Regular reporting of relevant matters
During the term of office in 2025, the company strictly complied with the requirements of the Company Law, Securities Law, Information Disclosure Management Measures for Listed Companies, Shenzhen Stock Exchange GEM Stock Listing Rules and other relevant laws, regulations and normative documents, and prepared and disclosed the "2024 Annual Report" and "2025 First Quarter" on time. "2025 Semi-annual Report" "2025 Third Quarter Report" "The Company's 2024 Profit Distribution Plan" "2024 Internal Control Self-Evaluation Report" "2024 Special Report on the Storage and Use of Raised Funds" Jilin Xidian Pharmaceutical Technology Development Co., Ltd. 2025 Independent Directors’ Work Report
"Report" and "Special Report on the Storage and Use of Raised Funds in the Half-Year of 2025" accurately disclosed the financial data and important matters during the corresponding reporting period, and fully disclosed the company's operating conditions to investors. The above-mentioned reports have been reviewed and approved by the company's board of directors and board of supervisors, and the company's directors and senior managers have signed written confirmation opinions on the company's regular reports.
The company's review and disclosure procedures for periodic reports are legal and compliant, and the financial data are accurate and detailed, truly reflecting the company's actual situation.
(5) Employment of accounting firms
The company held the 11th meeting of the eighth board of directors on April 22, 2025, and held the 2024 annual shareholders' meeting on May 15, 2025. The "Proposal on the Appointment of an Accounting Firm for 2025" was reviewed and approved. The company agreed to appoint Rongcheng Accounting Firm (Special General Partnership) (hereinafter referred to as "Rongcheng Firm") as the company's audit agency for 2025. Rongcheng has many years of experience and ability in providing audit services for listed companies, which can meet the company's financial audit work requirements, which is conducive to ensuring and improving the quality of the company's audit work, and is conducive to protecting the interests of listed companies and other shareholders, especially the interests of small and medium-sized shareholders. Rong Cheng possesses sufficient independence, professional competence and investor protection capabilities. The company's review and disclosure procedures comply with relevant laws and regulations.
(6) Remuneration of directors and senior management personnel
The company held the 11th meeting of the eighth board of directors on April 22, 2025, and the 2024 annual shareholders' meeting on May 15, 2025, to review and adopt the "Proposal on the Company's 2025 Directors' Remuneration Plan", "The Proposal on the Company's 2025 Senior Management Remuneration Plan" and "Directors and Senior Management Remuneration Management System". The salary formulation of the company's directors and senior managers fully combines the development level of the company's industry, the salary standards of companies in the same industry and the company's actual operating conditions, taking into account incentives and rationality. It can effectively mobilize the enthusiasm and initiative of directors and senior managers, help the company's sustainable and healthy development, and does not harm the interests of the company and all shareholders.
Except for the above-mentioned matters, the company has not incurred other matters that require major attention during its term of office in 2025.
4. Overall evaluation and suggestions
During the reporting period, I upheld a responsible attitude towards shareholders, performed my duties as an independent director prudently, faithfully and diligently, carefully reviewed all matters reviewed by the company's board of directors, and exercised my voting rights independently, objectively and fairly based on my professional knowledge, which effectively promoted the scientific and professional nature of the board's decision-making and safeguarded the overall interests of the company and the legitimate rights and interests of all shareholders, especially small and medium-sized shareholders.
Jilin Xidian Pharmaceutical Technology Development Co., Ltd. 2025 Independent Director Work Report
In 2026, I will strictly abide by the provisions of the Company Law, the Code of Governance of Listed Companies, the Measures for the Management of Independent Directors of Listed Companies, and other laws and regulations as well as the Articles of Association, perform my obligations of loyalty and diligence, review various company proposals, actively participate in company decision-making, fully communicate on relevant issues, promote the company's development and standardized operations, and effectively safeguard the legitimate rights and interests of the company and investors, especially small and medium-sized investors. This is reported.
Independent Director of Jilin Xidian Pharmaceutical Technology Development Co., Ltd.: Wu Nannan
April 27, 2026