First Tractor board approves new directors, capital boost for trade subsidiary

First Tractor Company’s Ninth Board of Directors convened its 40th meeting on November 19, 2025, approving several key resolutions. The board nominated five non-independent directors and three independent directors for the Tenth Board of Directors. Nominees for non-independent directorships include Zhao Weilin, Wei Tao, Fang Xianfa, Yang Jianhui, and Sun Feng, each slated for a three-year term upon shareholder approval. For independent directorships, Wang Shimao, Xu Liyou, and Huang Qiwent were nominated, also for three-year terms. These independent director candidates have all obtained relevant qualifications from the Shanghai Stock Exchange.

Additionally, the board approved the Tenth Board of Directors' compensation plan, developed based on industry and regional remuneration levels and the company's internal regulations. The board also resolved to purchase director and senior management liability insurance from Ping An Property & Casualty Insurance Company of China, Limited.

A notable financial decision included a RMB 280m cash injection into First Tractor International Economic and Trade Co., Ltd., a wholly-owned subsidiary, maintaining its full ownership status post-capital increase. The board also approved the convening of the third extraordinary general meeting in 2025, empowering the chairman to determine the meeting's specific time and venue.