国浩律师（上海）事务所 股东大会法律意见书 2025 年第一次临时股东大会的法律意见书 致：东方明珠新媒体股份有限公司 东方明珠新媒体股份有限公司（以下简称"公司"）2025 年第一次临时股东大 会(以下简称"本次股东大会")于 2025 年 12 月 22 日召开，国浩律师（上海）事务 所（以下简称"本所"）接受公司的委托，指派律师（以下简称"本所律师"）出 席会议，并依据《中华人民共和国证券法》《中华人民共和国公司法》、中国证券监 督管理委员会《上市公司股东会规则》和《东方明珠新媒体股份有限公司章程》（以 下简称"《公司章程》"）出具本法律意见书。 本所律师已经按照有关法律、法规和《公司章程》的规定对公司本次股东大会 召集、召开程序是否合法以及是否符合《公司章程》、出席会议人员的资格、召集人 资格的合法有效性和股东大会表决程序、表决结果的合法有效性发表法律意见。法 律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意承担相应的法律责 任。 本所律师基于对事实的了解和对法律的理解发表法律意见。 国浩律师（上海）事务所 关于东方明珠新媒体股份有限公司 本次股东大会现场会议于 2025 年 12 月 22 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [10]. Core Insights - The report emphasizes the concept of "Reward Economy," which is seen as a strategic initiative to expand domestic demand. The media industry, with its dual attributes of technology and consumption, is positioned to leverage this trend to stimulate curiosity-driven and emotional consumption [3][4]. - The cinema sector is expected to benefit from increased consumer spending on experiences, particularly during festive seasons, with a lineup of both domestic and international films anticipated to boost box office attendance [4]. - The IP derivatives market in China is projected to grow significantly, with the market size expected to increase from 174.2 billion yuan in 2024 to 335.7 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 14% [4][8]. Summary by Sections Media Industry Performance - The media sector has shown a relative performance of -1.1% over the past month, -8.0% over three months, and a positive 10.4% over the past year compared to the CSI 300 index [1]. Consumer Behavior Trends - Changes in population structure are influencing consumer behavior, shifting focus from mere material acquisition to a holistic enhancement of life quality, including spiritual and emotional satisfaction [3]. - The "Reward Economy" reflects a growing demand for meaningful consumption, where purchases are driven by emotional significance rather than just functional needs [3]. Cinema and Experience Economy - The cinema sector is highlighted as a key player in the experience economy, with strategic investments in IP and social consumption aimed at attracting younger audiences [4]. - Notable companies like Wanda Film and Shanghai Film are adapting their business models to focus on IP-driven ecosystems that resonate emotionally with consumers [4][8]. IP and AI Integration - The report identifies a growing market for IP-related products, including toys and trading cards, with significant growth expected in the coming years. The IP toy market is projected to grow from 75.6 billion yuan in 2024 to 167.5 billion yuan by 2029, with a CAGR of 17.2% [4][8]. - AI-enhanced products, such as AI toys and smart glasses, are emerging as new consumer choices, further driving engagement in both online and offline experiences [7][8]. Investment Opportunities - The report suggests focusing on cinema chains (e.g., Wanda Film, Hengdian Film), IP-related products (e.g., Mango Super Media, Aofei Entertainment), and new experience-driven exhibitions (e.g., Oriental Pearl, Bilibili) as potential investment targets [8].

Core Viewpoint - The television broadcasting sector experienced a significant increase of 2.84% on the trading day, with Dianguang Media leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3890.45, up 0.36% [1] - The Shenzhen Component Index closed at 13140.22, up 0.66% [1] - Dianguang Media's stock price rose by 10.05% to 10.29, with a trading volume of 1.8042 million shares and a transaction value of 1.772 billion [1] - Guangxi Broadcasting's stock price increased by 9.97% to 4.30, with a trading volume of 1.1288 million shares and a transaction value of 468 million [1] - Other notable performers included Tianwei Video with a 2.75% increase, Jishi Media with a 2.74% increase, and Gai Guang Network with a 2.66% increase [1] Group 2: Capital Flow - The television broadcasting sector saw a net inflow of 306 million from main funds, while retail investors experienced a net outflow of 139 million [1] - Dianguang Media attracted a net inflow of 138 million from main funds, but saw outflows from both retail and speculative funds [2] - Guangxi Broadcasting had a net inflow of approximately 69.21 million from main funds, with outflows from speculative and retail investors [2] - Jishi Media and Gai Guang Network also reported net inflows from main funds, while experiencing outflows from other investor categories [2]

Core Viewpoint - Oriental Pearl's stock price has shown a year-to-date increase of 24.17%, despite a recent decline in the last five and twenty trading days [1][2]. Group 1: Stock Performance - As of December 18, Oriental Pearl's stock price rose by 2.07% to 9.35 CNY per share, with a trading volume of 1.91 billion CNY and a turnover rate of 0.62%, resulting in a total market capitalization of 31.434 billion CNY [1]. - The stock has experienced a decline of 2.81% over the last five trading days and 2.60% over the last twenty trading days, while it has increased by 9.87% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Oriental Pearl reported a revenue of 5.096 billion CNY, reflecting a year-on-year decrease of 1.76%, and a net profit attributable to shareholders of 542 million CNY, down 24.64% year-on-year [2]. - The company has distributed a total of 8.55 billion CNY in dividends since its A-share listing, with 1.832 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Oriental Pearl had 158,200 shareholders, an increase of 19.47% from the previous period, with an average of 21,248 circulating shares per shareholder, a decrease of 16.30% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 47.4243 million shares, a decrease of 7.4213 million shares from the previous period [3].

Core Viewpoint - The entertainment industry in China is experiencing significant transformation driven by AI, digitalization, and IP commercialization, leading to new narratives and competitive dynamics in the sector [1]. Group 1: AI Empowerment in the Entertainment Industry - AI technology is transitioning from superficial assistance to deep integration, enhancing both operational capabilities and content innovation within the entertainment sector [4]. - Companies like Oriental Pearl are leveraging AI to build data-driven ecosystems, significantly improving content creation efficiency and quality across various media formats [4]. - Shanghai Film is actively incorporating AI and other advanced technologies to enhance its core business operations, resulting in reduced production cycles for animated content [4]. Group 2: IP Commercialization and Efficiency Gains - Technologies such as text-to-image and text-to-video are enriching IP licensing processes, leading to substantial improvements in efficiency and long-tail revenue potential [5]. - The integration of AI into cultural content production is expected to enhance productivity and alter valuation logic, providing companies with a more stable revenue model [5]. Group 3: Cross-Industry Collaboration and Business Model Evolution - The convergence of technology and culture is prompting profound changes in business models, with companies increasingly utilizing AI to break down barriers and foster cross-industry collaborations [7]. - The trend of industry consolidation and mergers is gaining momentum, driven by both policy support and technological advancements, positioning leading companies as focal points in the capital market [7]. - Companies like Oriental Pearl are actively seeking quality investment opportunities to enhance resource integration and transition towards digital economy platforms [7]. - Shanghai Film is expanding its footprint through cultural industry funds and innovative product offerings, aiming to unlock the multidimensional value of IP [7].

Core Insights - The entertainment industry is undergoing significant transformation driven by AI, digitalization, and the commercialization of intellectual property (IP), leading to new narratives and competitive dynamics [1] Group 1: AI Empowerment in the Entertainment Industry - AI technology is shifting from superficial assistance to deep integration, enhancing both operational capabilities and content innovation within the entertainment sector [3] - Companies like Oriental Pearl are leveraging AI for data-driven ecosystems, improving content creation efficiency and quality across video, audio, and images [3] - Shanghai Film is actively integrating AI and other advanced technologies to enhance its core business operations, significantly reducing production cycles for animated content [3][4] Group 2: IP Commercialization and Efficiency - Technologies such as text-to-image and text-to-video are enriching IP licensing, improving efficiency and expanding long-tail revenue opportunities [4] - The integration of AI is expected to enhance content production quality and efficiency, leading to potential valuation premiums for companies as they develop stable revenue models [5] Group 3: Cross-Industry Collaboration and Business Model Evolution - The convergence of technology and culture is prompting profound changes in business models, with companies breaking down barriers and exploring cross-industry collaborations [6] - The trend of mergers and acquisitions is accelerating among entertainment companies, driven by technological and policy support, with leading firms gaining significant advantages in technology, content, and capital [6] - Companies like Oriental Pearl are actively seeking quality investment targets to enhance resource integration and transition towards digital economy platforms [6][7]

Market Overview - The television broadcasting sector experienced a decline of 0.95% on the previous trading day, with the leading stock, Dianguang Media, falling significantly [1] - The Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index closed at 13112.09, down 1.1% [1] Stock Performance - Guangxi Radio and Television (600936) saw a notable increase of 9.98%, closing at 4.52, with a trading volume of 2.4727 million shares and a transaction value of approximately 1.099 billion [1] - Other stocks in the sector showed mixed performance, with Hubei Radio and Television (000665) up by 0.92% and Jiangsu Cable (600959) down by 0.29% [1] Capital Flow - The television broadcasting sector experienced a net outflow of 339 million in main funds, while retail investors contributed a net inflow of 201 million [2] - The data indicates that speculative funds had a net inflow of 139 million, suggesting a divergence in investment strategies among different investor types [2] Individual Stock Capital Flow - Tianwei Video (002238) had a main fund net inflow of 6.3305 million, while retail investors showed a net outflow of 819.72 thousand [3] - Other stocks like Guohua Cable (600037) and Huasu Media (000156) also displayed varied capital flows, with significant retail inflows and outflows [3]

Core Viewpoint - The article emphasizes the importance of rational, value, and long-term investment in the context of China's capital market reforms, particularly focusing on the entertainment industry and its potential for growth and transformation [1]. Group 1: Industry Insights - The entertainment industry in China is experiencing significant changes in content forms, production methods, and industry structure, driven by trends such as intelligence, digitalization, and IP commercialization [1]. - There is a growing demand among Chinese residents for cultural and spiritual experiences, indicating a vast potential and broad prospects for the entertainment sector [1]. Group 2: Event and Discussion - A discussion featuring key industry figures, including the secretaries of Oriental Pearl and Shanghai Film, as well as the chief analyst from CICC, will explore how the entertainment industry can promote "Chinese stories" globally and leverage new technologies and operational models for growth [1]. - The event will be recorded and made available on the Yicai website and app on December 12, 2025, at 15:00 [1].

从资金流向上来看，当日电视广播板块主力资金净流出1.72亿元，游资资金净流入1522.1万元，散户资 金净流入1.57亿元。电视广播板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月11日电视广播板块较上一交易日下跌1.47%，东方明珠领跌。当日上证指数报收于 3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。电视广播板块个股涨跌见下表： ...

东方明珠新媒体股份有限公司 2025 年第一次临时股东大会会议议程 现场会议时间：2025 年 12 月 22 日 13:30 开始 现场会议地点：上海市浦东新区滨江大道 2727 号上海国际会议中心一 楼世纪厅 会议表决方式：现场投票和网络投票相结合的方式 现场会议议程： 一、主持人宣布会议开始。 二、听取各项议案： 1 各位股东： 东方明珠新媒体股份有限公司（以下简称"公司"）第十一届拟任 董事会成员薪酬方案如下： 股东代表董事（拟任）：宋炯明先生、成蔚女士、尹欣女士、王健 儿先生不以董事身份在上市公司领取薪酬，亦不领取董事津贴； 内部董事（拟任）：黄凯先生、金晓明先生按公司所任职务及薪酬 标准领取薪酬，不另外领取董事津贴； 1、关于拟任董事薪酬的议案； 2、关于不再设立监事会相关事项的议案； 3、关于修订《公司章程》的议案； 4、关于修订《股东会议事规则》的议案； 5、关于修订《董事会议事规则》的议案； 6、关于修订《独立董事工作制度》的议案； 7、关于修订《关联交易管理办法》的议案； 8、关于修订《对外担保管理制度》的议案； 9、关于提名选举第十一届董事会非独立董事的议案； 10、关于提名选举第十一届 ...