北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于横店影视股份有限公司 2025 年年度股东会的法律意见书 康达股会字[2026]第 0052 号 致：横店影视股份有限公司 北京市康达律师事务所（以下简称"本所"）接受横店影视股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2025 年年度股东会（以下简称"本 次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股 ...

一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 231 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 561,325,762 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 88.5092 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 证券代码：603103 证券简称：横店影视 公告编号：2026-017 横店影视股份有限公司 2025年年度股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 本次会议由公司董事会召集，由公司董事长张义兵先生主持，本次会议以现 (一) 股东会召开的时间：2026 年 3 月 24 日 (二) 股东会召开的地点：浙江省东阳市横店镇横店影视产业实验区横店影视 大楼三楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 场投票和网络投票相结合的方式召开，会议的召集、召开符合《公司 ...

横店影视股份有限公司 2025 年年度股东会会议资料 横店影视股份有限公司 2025 年年度股东会 会议资料 二零二六年三月 1 横店影视股份有限公司 2025 年年度股东会会议资料 目 录 | 一、2025 年年度股东会参会须知……………………………………………………3 | | --- | | 二、2025 年年度股东会会议议程……………………………………………………6 | | 三、议案 | | 议案一：《关于公司<2025 年年度报告>及摘要的议案》…………………………8 | | 议案二：《关于公司 2025 年度董事会工作报告的议案》…………………………9 | | 议案三：《关于公司 2025 年度财务决算报告的议案》 …………………………15 | | 议案四：《关于公司 2025 年度利润分配预案的议案》 …………………………17 | | 议案五：《关于续聘立信会计师事务所（特殊普通合伙）为公司 2026 年度财务 | | 及内部控制审计机构的议案》………………………………………………………19 | | 议案六：《关于对公司闲置自有资金进行现金管理的议案》……………………20 | | 议案七：《关于公 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][3] - The report emphasizes the positive impact of Apple's commission rate reduction on gaming companies, which is expected to enhance industry profitability [14][15] - The AI sector is anticipated to experience significant growth, with a focus on self-developed models and vertical integration in cloud and ecosystem services [22][4] E-commerce - The report notes that Alibaba's cloud services are expected to boost token usage and MaaS revenue due to the launch of lightweight cloud servers [4][17] - Meituan's management emphasizes a focus on core local business and AI as a major variable for future growth, while maintaining a significant market share in instant retail [14][15] Social Entertainment Media - Tencent's WeChat is projected to continue its strong monetization potential, while Bilibili's advertising growth is expected to lead the internet advertising market [4][18] - Bilibili's advertising revenue is forecasted to accelerate to a 27% growth rate in Q4 2025, benefiting from e-commerce and AI applications [18][4] Internet Healthcare - JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][18] Short Videos - Kuaishou is expected to benefit from technological advancements, with continued capital investment anticipated in 2026 [4][19] IP and Trendy Toys - Pop Mart is actively releasing and promoting new IPs, with plans to enhance collaboration with overseas designers to penetrate international markets [4][19] Long Videos - The report indicates that membership and advertising revenues in the long video sector are stabilizing, with companies exploring new business opportunities [4][19] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU [4][19] Gaming - The report remains optimistic about the gaming sector's performance, with recommendations for companies like Century Huatong and Giant Network, which have strong product pipelines and sustainable growth [20][4] - The gaming industry is expected to maintain its favorable outlook into 2026, driven by fundamental performance [20][4] Advertising - The report highlights significant increases in internet advertising investments, particularly for companies like Focus Media, which is expected to benefit from upcoming major events [20][4] AI - The report anticipates a new wave of value reassessment in AI, with a focus on high customer unit prices and increased penetration rates [22][4]

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting potential growth opportunities driven by AI advancements and market adjustments [10]. Core Insights - The media industry is experiencing a transformative phase with the rise of AI-driven applications, particularly in digital marketing and content creation. The adjustment of commission rates by major platforms like Apple is expected to enhance the survival environment for innovative companies [4][16]. - The report emphasizes the importance of AI in reshaping content production, media forms, and interaction modes, indicating a shift from generative AI to agentic AI, which is expected to create significant economic value [17][18]. Industry Overview - The media sector has shown varied performance, with the Shanghai Composite Index and Shenzhen Component Index experiencing slight fluctuations. The media sub-sectors have seen significant movements, with notable gains in companies like Zhongnan Culture and China Science Publishing [15]. - The report discusses the impact of geopolitical pressures on market sentiment, suggesting that despite challenges, the upward trend in AI-driven application scenarios remains intact [4]. Key Recommendations - Specific stocks recommended for investment include: - Shunwang Technology (300113) for its positioning in consumer-grade graphics cards [5] - Yaoji Technology (002605) for its transition from traditional card games to digital marketing [5] - Perfect World (002624) for its upcoming game releases [5] - Wanda Film (002739) for its ongoing film projects and AI-enabled content development [5] - Mango Super Media (300413) for its innovative content strategies [5]. Market Dynamics - The report notes that the adjustment of commission rates by Apple, effective March 15, 2026, will lower the standard commission from 30% to 25%, benefiting smaller developers and enhancing competition in the market [16]. - The gaming sector is highlighted for its dual approach in overseas markets, with both casual and mid-core games showing strong revenue growth through strategic content updates and seasonal events [24]. Company Performance and Forecasts - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for many within the media sector, with expected EPS growth across several firms [10]. - Companies like Bilibili (9626.HK) and Tencent (0700.HK) are noted for their strong content IP and community engagement, positioning them well for continued growth in the AI era [8].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The media sector is positioned to benefit from the dual attributes of technology application and domestic demand, particularly in the context of the government's economic development goals for 2026, which aim for a growth rate of 4.5% to 5% [3][14]. - The transition to Web4.0 is expected to enhance the media landscape through AI empowerment, leading to new applications and content production paradigms [3][15]. - The report highlights the emergence of new consumption patterns, such as the "reward economy" and "accompaniment economy," which are anticipated to drive demand for media products and services [19][20]. Summary by Sections 1. Industry Review - The media industry has shown varied performance, with the internet marketing index experiencing significant declines while other sectors like vocational education have fared better [13]. - The report notes a substantial increase in the popularity of female-oriented AI dramas, which have become a key growth area within the industry [31][32]. 2. Industry Dynamics - The gaming sector continues to thrive, with major players like Tencent and NetEase leading in revenue generation, particularly during festive periods [27]. - E-commerce platforms are innovating with AI technologies, enhancing user engagement and operational efficiency [29][30]. - The report emphasizes the growing importance of AI in content creation, particularly in the realm of female-centric narratives, which are gaining traction in the market [31][32]. 3. Recommended Stocks - The report identifies several stocks to watch, including: - Shunwang Technology (300113) benefiting from Web4.0 applications - Mango Super Media (300413) focusing on AI-driven content - Wanda Film (002739) expected to recover post-holiday adjustments [4][8]. 4. Profit Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a generally optimistic outlook for the media sector [8].

Investment Rating - The report rates the industry as "Buy" [4] Core Insights - The recent settlement between Google and Epic Games, which includes a reduction in the Google Play Store commission to 20% and 10% for subscription services, marks the end of high commission practices in app stores. This change is expected to benefit high-quality game developers as they gain more negotiating power in channel discussions [3][11][12] - The gaming sector is viewed as having high valuation attractiveness, with a recommendation to continue investing in leading companies that are expected to maintain high growth rates despite recent market adjustments [5][15] Summary by Sections Google and Epic Games Settlement - Google and Epic Games have reached a settlement that reduces the Google Play Store commission to 20% and 10% for subscriptions, allowing developers to use their own payment systems. This agreement will be effective until September 30, 2032, and will be rolled out globally by September 30, 2027 [9][11][12] Gaming Sector Valuation - The gaming sector has experienced significant adjustments due to macroeconomic narratives, but it remains complex and difficult to replace with AI. AI is expected to enhance game development efficiency rather than replace it. The report emphasizes that high-quality content will drive user retention and payment, opening new growth avenues in the industry [5][13][14][15] Recommended Companies - The report suggests focusing on companies with strong growth potential, including Wanda Film, Perfect World, and Mango Excellent Media, among others, as they are expected to benefit from the changing landscape in the gaming industry [8][16]

证券代码：603103 证券简称：横店影视 公告编号：2026-016 大股东及其一致行动人持股的基本情况：截至本公告披露日，横店影 视股份有限公司（以下简称"公司"）持股 5%以上股东金华恒影投资合 伙企业（有限合伙）（以下简称"金华恒影"）持有公司 50,400,000 股 股份，占公司总股本的 7.95%；金华恒影的一致行动人即公司控股股东 横店集团控股有限公司（以下简称"横店控股"）持有公司 509,600,000 股股份，占公司总股本的 80.35%。 减持计划的主要内容：金华恒影根据自身经营需要，计划自本公告披 露之日起 15 个交易日后的 3 个月内，通过上海证券交易所交易系统以 集中竞价或者大宗交易方式，减持不超过 6,342,000 股公司股份，即 不超过公司总股本的 1%。减持价格根据市场价格确定（以下简称"本 次减持计划"）。若本次减持计划实施期间公司有送股、资本公积金转 增股本等股份变动事项，上述减持股份数量将相应进行调整。 横店影视股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性 ...

Core Viewpoint - The article discusses the significant decline in the Chinese film box office during the 2026 Spring Festival, highlighting a shift in entertainment consumption from traditional cinema to mobile short dramas, indicating a major change in audience behavior and preferences [6][8][20]. Box Office Performance - The total box office for the 2026 Spring Festival reached 57.52 billion yuan, with 1.20 billion admissions, marking a drop of 37.58 billion yuan compared to the previous year, representing a nearly 40% decline [10][18]. - On the first day of the festival, the box office was only 12.69 billion yuan, a 29.9% decrease from the previous year, reverting to levels seen in 2017 [11]. - The average ticket price fell to a near-low of 47.8 yuan, yet this did not encourage more viewers to attend cinemas, with an average of only 21 attendees per screening and a 15% occupancy rate, nearly halving from the previous year [13]. Shift in Audience Behavior - Viewers are increasingly opting for mobile short dramas, with an average daily viewing time of 120 minutes, indicating a migration of attention from cinemas to mobile screens [7][20]. - The market for micro-short dramas and animated dramas is projected to exceed 120 billion yuan in 2026, significantly surpassing the total box office of films in 2025 [22]. - The production quality of short dramas has improved, with costs reaching millions and production teams expanding, leading to a more competitive landscape [22][23]. Changing Entertainment Landscape - The traditional concept of the Spring Festival as a time for family cinema outings is evolving, with diverse entertainment options leading to a more fragmented viewing experience [25]. - Short dramas are becoming mainstream, with major platforms capturing over 70% of quality content, and their themes are diversifying beyond previous stereotypes [22][23]. - The rise of short dramas is reshaping the industry structure, with new directors and capital influencing the market dynamics, aligning with the fast-paced, high-satisfaction narratives that appeal to modern audiences [24]. Implications for the Film Industry - The film industry must adapt to the changing landscape where mobile content is prevalent, and find ways to attract audiences back to theaters [26].

Investment Rating - The report assigns a neutral investment rating to the media and internet industry, indicating a relative performance range of -10% to +10% compared to the benchmark index [35]. Core Insights - The media index experienced a decline of 5.1% from February 24 to February 27, underperforming the Shanghai Composite Index by 7.1%. The total transaction volume was 336.7 billion yuan, which represents a decrease compared to the previous period [6][7]. - All sub-sectors within the media industry saw declines, with notable performances from individual stocks such as CITIC Publishing, which rose by 38%, and Bona Film Group, which fell by 29% [16]. - The report attributes the market movements to profit-taking ahead of the Spring Festival, AI applications, and high-frequency gaming data [16]. Summary by Sections Market Review - The media index's performance ranked last among 28 primary industry indices, with a transaction volume of 336.7 billion yuan, accounting for 3.4% of the total A-share market [7][16]. - Sub-sectors such as film and television, digital media, and advertising all experienced significant declines, while broadcasting and publishing showed some resilience [16]. AI Sector - The upcoming launch of Deepseek V4 is anticipated to enhance productivity in AI applications, particularly in the entertainment sector. The report highlights the potential for accelerated token consumption and international narratives [19]. - Key companies to watch in the AI space include Alibaba, Zhiyuan, Minimax, and Kunlun Wanwei, with application-focused firms like Zhejiang Shuju, Shanghai Film, and Aofei Entertainment also recommended [19]. Gaming Sector - The report expresses optimism regarding major gaming titles and a high level of activity in Q1. Recommended stocks include Perfect World, Kaiying Network, and Century Huatong for A-shares, and Tencent Holdings and Xindong Company for H-shares [19]. IP and Internet - The report forecasts a favorable commercial landscape for IP in the AI era, suggesting a focus on companies like Shanghai Film and Aofei Entertainment [19]. - The internet sector is influenced by geopolitical factors and a shift towards more stable hardware investments, with a focus on AI and consumer sectors. Companies like Tencent, Alibaba, and Meituan are highlighted as potential investment opportunities [19].