Lishang Guochao (600738) Successfully Completes Board of Directors Transition and Executive Appointment

Recently, Lanzhou Lishang Guochao Industrial Group Co., Ltd. (hereinafter referred to as “Lishang Guochao,” 600738.SH) successfully completed the board reshuffle and the appointment of senior management personnel. This restructuring coincides with a critical period of steady growth in the company’s 2025 performance. According to previously disclosed earnings forecasts, the company expects to achieve a net profit attributable to shareholders of 140 million to 170 million yuan for the year, representing a year-over-year increase of 92.96% to 134.31%; net profit after deducting non-recurring gains and losses is projected to be 138 million to 168 million yuan, up 20.59% to 46.81% year-over-year. Against the backdrop of steadily improving profitability quality, the new board and management team’s appointment lays a solid governance foundation for sustained high-quality development following performance growth.

The new board consists of nine directors, maintaining a reasonable structure of “6 non-independent directors (including 1 employee representative director) + 3 independent directors.” The non-independent directors include Mr. Wu Xiaobo, Mr. Wu Qunliang, Mr. Wu Lin, Mr. Zhang Hehuan, and Mr. Li Junbiao; the employee representative director is Ms. Zhu Dansha. Mr. Wu Xiaobo was elected as chairman. This efficient and clear governance structure ensures stability in strategic execution and rigor in major decision-making.

Notably, the 11th Board of Directors has undergone a comprehensive renewal of independent directors. Ms. Cai Daiyan, Mr. Jin Chenglu, and Mr. Cai Lijun were elected as the new independent directors. The three bring expertise in accounting, finance, and law respectively, providing diversified professional support and independent supervision to enhance the professionalism, independence, and scientific basis of board decisions.

Along with the board reshuffle, the new board has also simultaneously improved the composition of four specialized committees, ensuring that each committee fully leverages the professional expertise of directors to guarantee scientific and fair decision-making.

In terms of senior management appointments, the company largely retained its core management team, with all senior executives having long-term experience within the company or related fields. They are familiar with operational processes, ensuring smooth daily operations and effective implementation of strategies, thus providing strong management support for the company’s sustained and healthy development.

Market analysts believe that this board reshuffle achieves the dual goals of “stability of core personnel + professional renewal.” This “steady progress” governance pattern is expected to inject lasting momentum into the company’s future endogenous growth and external expansion.

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