Group 1 - The board of directors of Jiangsu Sanfangxiang Composite Materials Co., Ltd. held its 20th meeting of the 11th session on August 25, 2025, with all 7 directors present [1][2] - The meeting approved the full text and summary of the company's 2025 semi-annual report [1][2] - The board also approved a special report on the storage and actual use of raised funds for the first half of 2025, with unanimous support [2] Group 2 - The board passed a resolution to abolish the supervisory board and amend the company's articles of association, transferring the supervisory powers to the audit committee of the board [2][3] - Several governance documents were reviewed and approved for amendment, including the rules for shareholder meetings and board meetings, which will be submitted for shareholder approval [3][4] Group 3 - The board accepted the resignation of independent director Lin Li and nominated Jiang Wei as the candidate for independent director, pending shareholder approval [6][7] - A proposal was approved to conclude certain fundraising projects related to the public issuance of convertible bonds and to permanently supplement working capital with surplus funds [7] Group 4 - The company plans to hold its second temporary shareholders' meeting of 2025 on September 23, 2025, to discuss various resolutions [7][8]

Board Meeting Overview - The third meeting of the third board of directors of the company was held on August 11, 2025, with all 7 directors present, including 3 independent directors [1] - The meeting was chaired by the company's chairman, Mr. Qu Lei, and complied with relevant laws and regulations [1] Resolutions Passed Capital and Corporate Structure Changes - The board approved a proposal to change the registered capital, registered address, and business scope, as well as to amend the company's articles of association due to the planned repurchase and cancellation of certain restricted stocks [1] - The new registered address will be changed to "17th Floor, No. 25, Tai Ran Cang Song Building, Tianan Community, Sha Tou Street, Futian District, Shenzhen" [1] Governance Structure Revisions - The board approved the revision and establishment of corporate governance systems to align with the new Company Law and improve internal governance [2][4] - All governance proposals received unanimous support with 7 votes in favor [2] Shareholder Return Plan - The board approved revisions to the "Future Three-Year (2024-2026) Shareholder Return Plan" to ensure compliance with legal requirements and alignment with the amended articles of association [4] Fund Utilization - The board approved the conclusion of fundraising projects related to the "AI-based Smart Port System Development and Industrialization Project" and the allocation of surplus funds amounting to approximately RMB 288.74 million for working capital [4][5] Board Elections - The board proposed the election of non-independent directors for the fourth board, nominating Mr. Qu Lei, Mr. Jiang Bing, and Mr. Miao Yingliang, with a term of three years [5][6] - Independent director candidates nominated include Ms. Cao Wei, Ms. Zhang Xuelian, and Mr. Huang Xin, also for a three-year term [6][7] Upcoming Shareholder Meeting - The board approved the convening of the second extraordinary general meeting of shareholders on September 1, 2025 [7][8]