2020 Document No. 10 of the Annual General Meeting

Report on the Election of Directors to the Eighth Board of Directors of the Company

Dear Shareholders:

On March 26, 2021, the Company’s Board of Directors received a written resignation letter from Director Fan Yuekun, who has submitted his resignation from the position of Director due to changes in his professional responsibilities. As a result, one non-independent director seat on the Company’s Eighth Board of Directors has become vacant, necessitating a by-election to fill the vacancy.

On March 19, 2021, the Company’s Board of Directors received written resignation letters from independent directors Dai Dashuang and Liu Jiwei, as their consecutive terms of office had reached the maximum limit of six years. , hereby submits resignation from the position of independent director In addition, Wang Yan, an independent director of the Company, will have served for six consecutive years as of May 20, 2021, at which point he is required to step down. As a result, three seats on the Company’s eighth Board of Directors reserved for independent directors will become vacant, necessitating by-elections to fill these positions.

Upon nomination by the shareholder Dalian Bingshan Group Co., Ltd. and approval at the 16th meeting of the 8th Board of Directors, It is proposed to elect Yin Xide as the company’s Director of the Eighth Board of Directors.

Nominated by the Company’s Board of Directors, and was reviewed and approved at the 16th meeting of the 8th Board of Directors of the Company, It is proposed to elect Zhai Yunling, Liu Yuanyuan, and Yao Hong as independent directors of the Company’s Eighth Board of Directors.

The resumes of the aforementioned candidates are attached.

Please review the above report.

                             2021 May 14th, Year

Appendix 1: Biographical Sketches of Non-Independent Director Candidates for the Eighth Board of Directors

Yin Xide ， Male, born in 1971 Graduated with a degree in Thermal Engineering from Dalian University of Technology. From July 1995 to June 2016, he successively held the positions of Sales Director, Deputy Head of the Sales Division, and General Manager of the Low-Temperature Logistics Equipment Business Unit at Panasonic Cold Chain (Dalian) Co., Ltd. (formerly Dalian Sanyo Cold Chain Co., Ltd.). From July 2016 to December 2020, he served as General Manager of Panasonic Refrigeration Systems (Dalian) Co., Ltd. Effective January 1, 2021, he has been serving as the company’s General Manager.

Mr. Yin Xide currently holds 90,080 A-shares of the Company and has no affiliations with the Company’s controlling shareholder, other directors, supervisors, or senior management personnel. Mr. Yin Xide is not a discredited person subject to enforcement, has not been penalized by the China Securities Regulatory Commission or other relevant authorities, nor has he been disciplined by the stock exchange. He has also not been placed under investigation by judicial authorities on suspicion of criminal activity, nor has he been subject to an investigation by the China Securities Regulatory Commission for alleged violations of laws or regulations. Furthermore, he does not fall under any circumstances prohibited by the Company Law of the People’s Republic of China, the Articles of Association of the Company, or the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange from serving as a senior manager of the Company.

    Appendix 2: Biographical Sketches of Independent Director Candidates for the Eighth Board of Directors

    (1) Zhai Yunling, male, born in 1963, holds a Doctor of Laws degree. He is currently a professor at the School of Law of Dalian Maritime University, an attorney at Beijing Jincheng Tongda (Dalian) Law Firm, legal advisor to the Dalian Municipal People’s Government, and a member/arbitrator of the Dalian Arbitration Commission.

    Mr. Zhai Yunling does not fall under any of the circumstances prohibited by the Company Law from serving as a candidate for an independent director; he has not been subject to a market ban imposed by the China Securities Regulatory Commission; and he is not a person publicly identified by a stock exchange as unsuitable to serve as a director, supervisor, or senior management personnel of a listed company. Over the past three years, he has not been subject to administrative penalties by the CSRC or public censures or written criticisms by stock exchanges; nor has he been placed under investigation by judicial authorities on suspicion of criminal activity or by the CSRC on suspicion of violations of laws or regulations. He is not a discredited person subject to enforcement measures. Furthermore, he has no affiliations with shareholders holding more than 5% of the company’s shares, nor with other directors, supervisors, or senior management personnel of the company.

    (2) Liu Yuanyuan, female, born in 1974, holds a Ph.D. in Accounting and is a Certified Public Accountant. She currently serves as a professor at the School of Accounting of Northeastern University of Finance and Economics, Director of the Sino-German Research Center for Management Control, Independent Director of China Railway Tielong Container Logistics Co., Ltd., and Independent Director of Dalian Bank Co., Ltd.

Ms. Liu Yuanyuan does not fall under any of the circumstances prohibited by the Company Law from serving as a candidate for an independent director; she has not been subject to a market ban imposed by the China Securities Regulatory Commission; and she is not a person publicly identified by a stock exchange as unsuitable to serve as a director, supervisor, or senior management personnel of a listed company. Over the past three years, she has not been subject to administrative penalties by the CSRC or to public censure or written reprimand by a stock exchange; nor has she been placed under investigation by judicial authorities on suspicion of criminal activity or by the CSRC on suspicion of violations of laws or regulations. She is not a discredited person subject to enforcement measures. Furthermore, she has no affiliations with shareholders holding more than 5% of the company’s shares, nor with any other directors, supervisors, or senior management personnel of the company.

    (3) Yao Hong, female, born in 1973, holds a Ph.D. in Accounting. She is currently an Associate Professor at the Institute of Finance and Accounting, School of Economics and Management, Dalian University of Technology; an independent director of Liaoning Chengda Co., Ltd.; an independent director of Shanghai Binku Network Technology Co., Ltd.; and an independent director of Hualu Zhida Technology Co., Ltd.

Ms. Yao Hong does not fall under any of the circumstances stipulated in the Company Law that would disqualify her from serving as a candidate for an independent director; she has not been subject to a market ban by the China Securities Regulatory Commission; and she is not a person publicly identified by a stock exchange as unsuitable to serve as a director, supervisor, or senior management personnel of a listed company. Over the past three years, she has not been subject to administrative penalties by the CSRC or public censures or written criticisms by stock exchanges; nor has she been placed under investigation by judicial authorities on suspicion of criminal activity or by the CSRC on suspicion of violations of laws or regulations. She is not a discredited person subject to enforcement. Furthermore, she has no affiliations with shareholders holding more than 5% of the company’s shares, nor with other directors, supervisors, or senior management personnel of the company. 。