The company strictly follows the requirements of the Company Law,Securities Law and relevant laws and regulations of the China Securities Regulatory Commission to continuously improve the corporate governance structure, internal management and control systems, and governance practices.

(1) About shareholders and general meeting of shareholders

The company convenes a general meeting of shareholders in strict accordance with the Articles of Association and Rules of Procedure of the General Meeting of Shareholders to ensure that all shareholders, especially small and medium shareholders, enjoy equal status and fully exercise their rights.

(2) About the company and its controlling shareholders

The company has independent businesses and autonomous operating capabilities,separate from controlling shareholder in terms of business, personnel, assets, organizations, and finances. The company's board of directors, board of supervisors and internal units operate independently. The controlling shareholder of the company strictly regulates their own behavior and does not directly or indirectly interfere with the company’s decision-making and business activities beyond the company’s general meeting of shareholders.

(3) About directors and the board of directors

The company elects directors in strict accordance with the selection and appointment procedures stipulated in the Articles of Incorporation; the company currently has 3 independent directors, accounting for one third of all directors. The number and composition of the board of directors comply with therequirements of laws and regulations and the Articles of Association. All directors of the company carry out their duty in accordance with theRules of Procedure of the Board of Directors, Guidance Note on Independent Directors, Conduct Code of Directors of Listed Companies in the SME Board, attend the board meetings and general meeting of shareholders on time, actively participate in relevant knowledge training, and are familiar with relevant laws and regulations.

(4) About the supervisors and the board of supervisors

The company’s board of supervisors has 5 supervisors, including 2 employee representatives. The number and composition of the board of supervisors meet the requirements of relevant laws and regulations; the board of supervisors convenes meetings in strict accordance with the Articles of Associationand Rules of Procedures for the Board of Supervisors; Supervisors can earnestly perform their duties and effectively supervise the company's major investment and financing decisions, financial status, and performance of directors and senior management personnel.

(5) About performance evaluation and incentive restraint mechanism

The company has gradually established fair and transparent performance evaluation standards and incentive restraint mechanisms for directors, supervisors, and managers. The remuneration of senior managers is linked to the company’s business performance indicators, and the recruitment procedure of managerial level employees is open and transparent in line with laws and regulations.

(6) About relevant stakeholders

The company fully respects and safeguards the legitimate rights and interests of relevant stakeholders,balances the interests of society, shareholders, the company and employees, and jointly promotes the company's sustainable development.

(7) About information disclosure and transparency

The company has designated the secretary of the board of directors to oversee information disclosure, investor relations management, and reception of visits and inquiries from shareholders; designated Securities Times and CNINFO.COM as the company’s information disclosure newspapers and the website. The company ensures that all shareholders have a fair opportunity to obtain information by disclosing information truthfully, accurately and in a timely manner, in strict accordance with relevant laws and regulations,

(8) About the internal audit system

The company has established an audit department with three auditors. Under the leadership of the audit committee of the board of directors, the internal audit function supervises the company and its subsidiaries’ business activities and results, internal control system and implementation, usage of various expenses and asset update-to-date status to ensure compliance with corporate governance standards.

Attachment: Wanfeng's Policy on Sustainable Supply Chain