Recently, Qingdao City Media Co., Ltd. (referred to as "City Media" for securities) held a board meeting to review four proposals, including the "Proposal on Adjusting the Number of Board Members and Amending the Articles of Association", and launched the work of changing the board of directors. The above proposals still need to be submitted to the shareholders' meeting of City Media for review.

It is reported that the 10th Board of Directors of City Media will expire on September 15, 2025. According to the resolution announced at this meeting, in order to further optimize the governance structure, the company plans to adjust the number of board members from 12 to 7, including 4 non independent directors and 3 independent directors.

After the completion of this election, the average age of the new board of directors will be reduced by 10 years compared to the previous one, and the hierarchical allocation will be more reasonable, which will help enhance the strategic decision-making vitality and execution coordination ability of the board of directors during the "15th Five Year Plan" period.

From a policy perspective, the new Company Law reduces the minimum number of directors for a limited liability company from 5 to 3 and cancels the maximum number of directors, giving companies greater space to set governance structures based on their actual situation. Around the implementation of the new Company Law, A-share listed companies are generally promoting the optimization of their governance structure, with "smaller scale and more efficient decision-making" becoming the common direction of this round of adjustments.