2025 annual work report of Wantai Biotech’s independent directors (Xing Huiqiang)

Beijing Wantai Biopharmaceutical Co., Ltd.

2025 annual work report of independent directors (Xing Huiqiang)

As an independent director of Beijing Wantai Biopharmaceutical Co., Ltd. (hereinafter referred to as the "Company"), I strictly abide by the Company Law, Securities Law, Stock Listing Rules of the Shanghai Stock Exchange, Management Measures for Independent Directors of Listed Companies, Articles of Association and other relevant regulations, faithfully perform the duties of an independent director, actively attend relevant meetings, carefully review various proposals of the Board of Directors and express independent opinions on related matters, perform my duties diligently, and effectively protect the legitimate rights and interests of the company and all shareholders, especially small and medium-sized shareholders. The performance report for 2025 is now as follows:

1. Basic information of independent directors

Mr. Xing Huiqiang, born in 1976, Chinese nationality, no permanent residence abroad, doctoral candidate. From 2005 to 2007, he worked at the Postdoctoral Work Station of the Industrial and Commercial Bank of China and the Postdoctoral Mobile Station of Peking University, where he engaged in postdoctoral research. From 2007 to the present, he worked at the Central University of Finance and Economics, serving as a lecturer, associate professor and professor at the Law School. From January 2021 to present, he serves as an independent director of the company; concurrently as an independent director of Shanxi Securities Co., Ltd. and Li On Life Insurance Co., Ltd.; concurrently as the president of Beijing Financial Services Law Research Association, vice president and secretary-general of China Law Society Securities Law Research Association; and concurrently as a part-time lawyer at Beijing Strategy Law Firm.

As an independent director of the company, my work history, professional background and part-time job status all meet the normative requirements of listed companies, I have professional qualifications and abilities, and I have accumulated rich experience in the professional fields I am engaged in. I have no relationship with the company or the company’s controlling shareholder, and there are no circumstances that affect the independence of independent directors as stipulated in relevant laws and regulations.

2. Annual performance overview of independent directors

1. Attendance at meetings

In 2025, the company held a total of 8 board meetings, 3 shareholders' meetings, 9 special committee meetings of the board of directors, and 1 special meeting of independent directors. As an independent director of the company, I actively attended relevant meetings, carefully reviewed various proposals submitted for consideration, exercised my voting rights independently, objectively and prudently, and independently expressed opinions and suggestions, which played a positive role in the scientific decision-making of the board of directors and in effectively safeguarding the legitimate rights and interests of shareholders.

Meeting attendance in 2025 is as follows:

Participation in shareholder meetings and board of directors meetings

Situation Independent Director

This year should be entrusted by the corresponding party. Is it two consecutive years?

Name Present in person Absent Attended shareholders’ meetings as a non-voting participant

Number of seats Number of times Number of times Add meetings

Xing Huiqiang 8 8 8 0 0 No 3

2. Exercising the powers of independent directors and communicating with small and medium-sized shareholders

2025 During the year, I strictly followed relevant regulations to conduct cash management, profit distribution, remuneration plans for directors and senior managers, estimated guarantee limits, storage and actual use of the company's raised funds, changes in the use of part of the repurchased shares and cancellation of part of the company's raised funds, and related transactions using part of the company's idle self-owned funds and raised funds. , canceling the Board of Supervisors and amending the Articles of Association, and expressing opinions objectively and fairly on matters such as the postponement of investment projects with part of the raised funds, and prudently exercised the rights granted by the company and shareholders, playing a positive role in scientific decision-making by the board of directors, and safeguarding the rights and interests of the company and all shareholders, especially small and medium-sized shareholders.

During the reporting period, I communicated with small and medium-sized shareholders by attending shareholder meetings, performance and cash dividend briefings, etc. I actively participated in the company's performance and cash dividend briefing, answered investors' targeted questions, and had in-depth communication with the company's small and medium-sized shareholders on the company's development, operating results, financial status and other aspects.

3. Convening of special meetings of independent directors

In 2025, I strictly followed relevant regulations, participated in special meetings of independent directors, carefully reviewed the sale of assets and related transactions of the company's wholly-owned subsidiaries, played an active role in the scientific decision-making of the board of directors, and safeguarded the rights and interests of the company and all shareholders, especially small and medium-sized shareholders.

4. Communication with internal audit institutions and accounting firms

In 2025, I communicated with the company's internal audit and accounting firm many times, and conducted in-depth discussions and exchanges with the accounting firm on regular reports and financial issues, maintaining the objectivity and fairness of the audit results.

5. On-site inspection situation

Combining market information and the responsibilities of the special committees of the board of directors, I continue to strengthen communication with other directors, operating management, etc. First, while attending shareholders' meetings, the board of directors and special committees, I continue to understand the company's production, operation and financial status, and listen to the company's management's reports on the company's production operations and standardized operations. The second is to continue to enrich and open channels, and gain an in-depth understanding of the company's strategic development and production and operation conditions through on-site inspections, reading board work reports, etc., and provide constructive opinions and suggestions for the company with an independent, rigorous, scientific attitude and professional knowledge and experience to help the company develop steadily.

6. The company’s cooperation with independent directors

In order to give full play to the role of independent directors, I communicate with the company's directors, senior executives and relevant personnel from time to time to keep abreast of the progress of the company's major events; pay attention to relevant reports on the company and the impact of changes in the external environment on the company; actively participate in relevant training organized by regulatory agencies and the company, and constantly update professional knowledge. Through the above methods, I continue to deepen my understanding of the operations of the company and branches, and strengthen the guidance and support for the company's management's business decisions. During the performance of the above duties, the company's board of directors, senior management and relevant staff provided active and effective cooperation and support.

3. Matters of focus in annual performance of duties by independent directors

1. Related transactions

I review and supervise the company's related-party transactions in strict accordance with relevant regulations. Related-party transactions between the company and related parties are carried out for the company's daily production operations or business development needs. The transactions follow the principles of objectivity, fairness and reasonableness. When the company's board of directors reviewed relevant proposals, the associated directors abstained from voting in accordance with regulations. The voting procedures complied with relevant laws and regulations, and no harm to the legitimate rights and interests of the company and all shareholders was found.

2. External guarantees and capital occupation

During the reporting period, the company did not have the controlling shareholder or other related parties occupying the company's funds, nor did the company directly or indirectly provide funds to the controlling shareholder or other related parties for use.

During the reporting period, the company's external guarantee targets were all subsidiaries within the scope of the consolidated statements, and there were no other external guarantees. I believe that the company strictly implements relevant regulations and conscientiously performs the review procedures and information disclosure obligations for external guarantees, which is conducive to promoting the company's overall sustainable and stable development. The decision-making and review procedures are legal and effective, and the company can strictly control the risks of external guarantees, and there is no harm to the interests of the company's shareholders, especially small and medium-sized shareholders.

3. Use of raised funds

During the reporting period, the company prepared the "Special Report on the Deposit and Actual Use of Raised Funds in 2024" and "Special Report on the Deposit and Actual Use of Raised Funds in the Half-Year 2025" in accordance with relevant regulations. I believe that the deposit and actual use of the company's raised funds complies with the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange on the storage and use of raised funds by listed companies. There is no disguised change in the use of raised funds and damage to the interests of shareholders, and there are no violations in the storage and use of raised funds. The relevant reports truthfully reflect the storage and actual use of the company's raised funds, and the content is true, accurate and complete, and there is no harm to the interests of the company and all shareholders, especially small and medium-sized shareholders.

4. Nomination and remuneration of directors and senior managers

During the period of performance of my duties, I reviewed the proposals of the board of directors on the appointment of deputy general manager, the election of independent directors of the company's sixth board of directors, and the nomination of non-independent director candidates of the company's sixth board of directors. After careful review of the candidates' qualifications, professional backgrounds, performance experience, etc., I believed that the candidates had the professional qualities, professional knowledge and work experience required to hold relevant positions. I did not find any circumstances prohibiting the holding of office as stipulated in the Company Law and the Articles of Association or the penalty of being prohibited from entering the securities market by the China Securities Regulatory Commission.

I have carefully reviewed the remuneration of the company's directors and senior managers and believe that the remuneration paid to the directors and senior managers during the reporting period was fair and reasonable, in line with relevant remuneration policies and assessment standards, and in compliance with relevant requirements of corporate governance.

5. Performance forecast

The company disclosed the "2024 Annual Performance Preliminary Loss Announcement" and "2025 Semi-annual Performance Preliminary Loss Announcement" on January 16, 2025 and July 15, 2025 respectively. I have carefully reviewed the above announcements, focusing on the authenticity, accuracy and completeness of the report to ensure that there are no false records, misleading statements or major omissions.

6. Appointment or change of accounting firm

During the reporting period, the company continued to appoint Rongcheng Accounting Firm (Special General Partnership) as the company's 2025 financial report and internal control audit agency. The review procedures complied with relevant regulations, were conducive to maintaining the consistency and continuity of the audit work, and did not harm the interests of the company and all shareholders.

7. Cash dividends and other investor returns

I believe that the company's profit distribution plan for 2024 is formulated based on the company's operating conditions and the company's development stage, on the premise of ensuring the company's healthy and sustainable development, and is in line with the long-term interests of the company and shareholders. The relevant decision-making procedures are legal and compliant, and there is no harm to the interests of the company's shareholders, especially small and medium-sized shareholders.

8. Commitments of the company and shareholders

During the reporting period, the company and shareholders strictly fulfilled their commitments, and there was no breach of commitments by the company or shareholders.

9. Implementation of information disclosure

During the reporting period, the company strictly complied with the requirements of the "Company Law", "Securities Law", "Measures for the Administration of Information Disclosure of Listed Companies", "Shanghai Stock Exchange Stock Listing Rules" and other relevant laws, regulations and normative documents, and prepared and disclosed the "2024 Annual Report", "2025 First Quarter Report", "2025 Semi-Annual Report" and "2025 Third Quarter Report" on time, 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 reports were reviewed and approved by the company's board of directors and board of supervisors. Among them, the "2024 Annual Report" was reviewed and approved by the company's 2024 annual shareholders' meeting. The company's directors, supervisors, and senior managers all signed written confirmation opinions on the company's regular reports.

During the reporting period, I took the initiative to understand the progress of the company's information disclosure work and promoted the company's standardized information disclosure work. That is, the company strictly abides by the "Shanghai Stock Exchange Stock Listing Rules", "Information Disclosure Management Measures for Listed Companies", "Articles of Association", "Information Disclosure Management System" and other relevant regulations. The relevant information disclosed is timely, true, accurate and complete. There are no false records, misleading statements or major omissions, which is conducive to helping investors understand the company's situation in a timely manner and effectively safeguarding the interests of all shareholders of the company.

10. Implementation of internal control

During the reporting period, the company further improved the internal control system based on industry characteristics and actual conditions, strengthened internal audit supervision, strengthened the internal audit department's supervision of the implementation of the company's internal control system, strengthened internal control training and learning, strengthened awareness of compliance operations, ensured the effective implementation of the internal control system, continued to improve the company's standardized operation level, effectively prevented operation and management risks, and ensured the steady implementation of the company's strategy.

11. Operation of the board of directors, special committees and special meetings of independent directors

The company's board of directors has four special committees: audit, nomination, compensation and assessment, strategy and sustainable development. During the reporting period, the company held a total of 8 meetings of the board of directors, 9 special committees, and 1 special meeting of independent directors. The convening, convening procedures, agenda items, and implementation of resolutions of the company's board of directors, subordinate special committees, and special meetings of independent directors all complied with the requirements of the Company Law, Articles of Association, and other rules and regulations, and the operating procedures were legal, compliant, and effective.

4. Overall evaluation and suggestions

In 2025, I strictly followed the relevant laws and regulations of listed companies and the "Articles of Association" and other relevant provisions, faithfully, diligently and conscientiously performed the duties of an independent director, exercised the powers of an independent director prudently, conscientiously and objectively, and gave full play to the role of an independent director. I insist on carefully reviewing the relevant information in advance for all proposals reviewed at the board of directors meeting, actively communicate with the company's management, give full play to my professional advantages, express independent opinions on major company matters, and actively provide suggestions. I have played an active role in promoting the healthy development of the company, improving the corporate governance system, promoting the company's standardized operations, and improving the scientific decision-making level of the board of directors, and effectively safeguarded the legitimate rights and interests of the company and shareholders.

In 2026, I will continue to strictly abide by relevant regulations, continue to adhere to the principle of independent and objective judgment, uphold the spirit of responsibility to the company and all shareholders, conscientiously perform the duties of an independent director, further strengthen communication with the company's management, strengthen my ability to perform duties, actively play the role of an independent director, provide rational suggestions for the company's sustainable development, promote the company to continue to improve its governance structure, safeguard the company's overall interests and the legitimate rights and interests of all shareholders.

Independent Director of Beijing Wantai Biopharmaceutical Co., Ltd.: Xing Huiqiang

April 20, 2026