北京海润天睿律师事务所 关于欢瑞世纪联合股份有限公司 2025 年员工持股计划（草案）的 法律意见书 二〇二五年八月 本所地址：北京市朝阳区建外大街甲14号广播大厦5层、9层、10层、13层、17层 北京海润天睿律师事务所 关于欢瑞世纪联合股份有限公司 2025 年员工持股计划（草案）的 法律意见书 致：欢瑞世纪联合股份有限公司 根据欢瑞世纪联合股份有限公司（以下简称"欢瑞世纪"、"公司"）委托，北 京海润天睿律师事务所（以下简称"本所"）指派本所律师作为公司 2025 年员工 持股计划（以下简称"员工持股计划"或"本次员工持股计划"）相关事宜的专项法 律顾问，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》"）、中国证券监督管理委员会（以 下简称"中国证监会"）《关于上市公司实施员工持股计划试点的指导意见（2025 修正）》（以下简称"《试点指导意见》"）、深圳证券交易所（以下简称"深 交所"）《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作（2025 年修订）》（以下简称"《自律监管指引第 1 号》"）等法律、行 政法规、部门 ...

证券代码：000892 证券简称：欢瑞世纪 上海荣正企业咨询服务（集团）股份有限公司 关于 欢瑞世纪联合股份有限公司 2025年员工持股计划（草案） 之 独立财务顾问报告 二零二五年八月 | -> # X . | | --- | | 二、声明 | | 三、基本假设 … | | 四、本次员工持股计划的主要内容 | | (一) 本次员工持股计划的基本原则 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 6 | | (二) 员工持股计划的参加对象、确定标准 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 6 | | (三)本次员工持股计划的规模、股票来源、资金来源和受让价格 ……… 7 | | (四)本次员工持股计划的存续期、锁定期、业绩考核 …………………………………………………… 10 | | (五) 本次员工持股计划的管理模式 … | | ...

2、本次员工持股计划内容符合《指导意见》《自律监管指引第 1 号》等有 关法律、法规及规范性文件的规定，程序合法、有效。 3、公司审议本次员工持股计划相关议案的决策程序合法、有效，关联董事 已根据相关法律、行政法规及规范性文件的规定，在审议本次员工持股计划相关 议案时回避表决，不存在损害公司及全体股东利益的情形，亦不存在摊派、强行 分配等方式强制员工参与本次员工持股计划的情形。 4、公司本次员工持股计划拟定的参加对象均符合《指导意见》《自律监管 指引第 1 号》及其他法律、法规及规范性文件规定的参加对象条件，符合员工持 股计划规定的参加对象范围，其作为公司本次员工持股计划参加对象的主体资格 合法、有效。 5、公司不存在公司向员工持股计划参加对象提供贷款、贷款担保或任何其 他财务资助的计划或安排。公司实施本次员工持股计划可以完善公司的激励和约 束机制，提高公司可持续发展能力，使经营者和股东形成利益共同体，提高管理 效率和经营者的积极性、创造性和责任心，并最终有利于公司的战略实现和可持 续发展。 综上，董事会认为公司实施本次员工持股计划符合《指导意见》《自律监管 指引第 1 号》等相关规定。 欢瑞世纪联合股份有限 ...

1、公司不存在《指导意见》《自律监管指引第 1 号》等法律、法规及规范 性文件规定的禁止实施员工持股计划的情形。 欢瑞世纪联合股份有限公司 薪酬与考核委员会 关于公司2025年员工持股计划相关事项的审核意见 欢瑞世纪联合股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开 第九届薪酬与考核委员会第五次会议。根据《关于上市公司实施员工持股计划试 点的指导意见》（以下简称"《指导意见》"）、《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》（以下简称"《自律监管指引第 1 号》"）等相关法律、法规及规范性文件的规定，经认真审阅相关会议资料及 全体委员充分全面的讨论与分析，现就公司 2025 年员工持股计划相关事项发表 审核意见如下： 2、公司制定《2025 年员工持股计划（草案）》的程序合法、有效。公司《2025 年员工持股计划（草案）》内容符合《指导意见》《自律监管指引第 1 号》等法 律、法规及规范性文件的规定。 3、公司审议本次员工持股计划相关议案的决策程序合法、有效，不存在损 害公司及全体股东利益的情形，亦不存在摊派、强行分配等方式强制员工参与本 次员工持股计划的 ...

证券代码：000892 证券简称：欢瑞世纪 公告编号：2025-34 欢瑞世纪联合股份有限公司 关于聘任公司董事会秘书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 欢瑞世纪联合股份有限公司（以下简称"公司"）于2025年8月28日召开第九届董 事会第十九次会议，会议审议通过了《关于聘任公司董事会秘书的议案》。经公司董 事长提名，董事会提名委员会审查通过，董事会同意聘任杨帅先生为公司董事会秘书 （简历附后），任期自本次会议审议通过之日起至第九届董事会任期届满之日止。 杨帅先生已参加深圳证券交易所董事会秘书任职培训并取得董事会秘书任职培训 证明，具备履行董事会秘书职责所必需的专业知识和工作经验，其任职资格已经深圳 证券交易所备案无异议，符合《公司法》《深圳证券交易所上市公司自律监管指引第1 号—主板上市公司规范运作》《深圳证券交易所股票上市规则》和《公司章程》等相 关规定。 联系电话：010-65009170 传真号码：010-65001540 联系邮箱：hr_board@hrcentury.cn 联系地址：北京市朝阳区望京东园四区 1 号楼君康人寿大厦 ...

Market Overview - The film and theater sector experienced a decline of 3.24% on August 27, with Bona Film Group leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Bona Film Group's stock price fell by 6.83% to 5.73, with a trading volume of 1.77 million shares and a transaction value of 1.10 billion [2] - Other notable declines include Light Media down 5.49% to 19.80, and Golden Screen Cinemas down 4.80% to 9.53 [2] - The highest closing price in the sector was Shanghai Film at 31.04, down 3.96% [2] Capital Flow Analysis - The film and theater sector saw a net outflow of 723 million from institutional investors, while retail investors contributed a net inflow of 542 million [2][3] - The data indicates that retail investors are more active in the sector, with a net inflow of 542 million, compared to the outflow from institutional investors [2][3] Stock-Specific Capital Flow - For individual stocks, Jiecheng Co. saw a net inflow of 86.49 million from retail investors, while it experienced a net outflow of 54.72 million from institutional investors [3] - Wanda Film had a net outflow of 5.80 million from institutional investors but a net inflow of 27.57 million from retail investors [3] - The overall trend shows that while institutional investors are pulling back, retail investors are stepping in to buy [3]

Core Viewpoint - Huanrui Century (000892) reported a significant increase in total revenue for the first half of 2025, but also faced substantial losses in net profit, indicating mixed financial performance amid growth in short drama business [1][2]. Financial Performance Summary - Total revenue for H1 2025 reached 198 million yuan, a year-on-year increase of 83.72% compared to 108 million yuan in H1 2024 [1]. - Net profit attributable to shareholders was -6.39 million yuan, a decline of 139.86% from a profit of 16.04 million yuan in the previous year [1]. - The gross margin improved to 73.66%, up 9.78% from 67.10% in the previous year, while the net margin fell to -3.27%, a decrease of 122.77% [1]. - The total of selling, administrative, and financial expenses (three expenses) accounted for 85.41% of total revenue, a significant increase of 104.22% year-on-year [1]. Cost and Expense Analysis - Operating costs increased by 47.09%, primarily due to rising costs in the short drama business [2]. - Selling expenses surged by 591.15%, attributed to increased marketing and labor costs related to the rapid development of short dramas [2]. - Management expenses rose by 35.66%, driven by higher intermediary service fees and losses from IP projects [2]. - Financial expenses saw a dramatic increase of 237.42%, linked to reduced interest income and foreign exchange losses [2]. Cash Flow and Asset Management - The net cash flow from operating activities decreased by 16.5%, due to investments in film projects and upfront costs for short drama business [2][3]. - The net increase in cash and cash equivalents fell by 34.62%, also influenced by investments in film projects and short drama business [3]. - The company’s cash assets are considered healthy, but the cash flow situation warrants attention, with cash assets to current liabilities ratio at 48.94% [4]. Historical Performance and Investment Considerations - The company has a poor historical return on invested capital (ROIC), with a median of -7.91% over the past decade, and a worst year in 2020 at -34.35% [4]. - The company has reported losses in 12 out of 26 annual reports since its listing, indicating a challenging investment profile [4].

Core Viewpoint - The company has experienced significant revenue growth driven by its short drama business, but it faces challenges with profitability and long drama production capacity [1][2][3][6]. Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 198 million yuan, a substantial increase of 83.72% year-on-year, primarily due to the explosive contribution from short dramas [1]. - However, the net profit attributable to shareholders turned negative, dropping to -6.39 million yuan, a decline of 139.86% year-on-year, largely due to a massive marketing expense of 129 million yuan, which surged by 591.15% [1]. - The traditional artist management revenue decreased by 23.69% year-on-year, further impacting profitability [1]. Group 2: Production and Strategic Challenges - The company has a significant short drama production capacity but lacks sufficient long drama reserves, with only one series, "Jiaou Tiancheng," having obtained a distribution license [2]. - Several planned long drama projects have not been scheduled for release, revealing a production gap due to resource allocation towards short dramas [2]. - The company holds over 40 IP adaptation rights, but most are in early development stages, making it difficult to convert them into revenue quickly [2]. Group 3: Short Drama Strategy and Cash Flow - The company has established a comprehensive short drama ecosystem covering script, production, and distribution, achieving a monthly exposure of over 500 million views across its platforms [3]. - Despite the high investment in short dramas, cash flow has deteriorated, with a net cash flow from operating activities plunging by 311% to -127 million yuan [3]. - The number of signed artists has halved from over 40 in 2020 to around 20, weakening the synergy between film and artist management [3]. Group 4: Future Outlook - The monetization performance of upcoming interactive dramas will be crucial in validating the commercial potential of the "short drama + interaction" model, with potential ARPU values 2-3 times higher than traditional short dramas [4]. - The release progress and market response of long dramas like "Jiaou Tiancheng" and "Qianxiang" will determine whether the traditional business can recover [5]. - The effectiveness of cost reduction through AI technology in script generation and virtual filming will be a key variable in optimizing production costs [5]. Group 5: Strategic Gamble - The company is betting on the scalability of short dramas and technological advantages, entering a critical validation phase where short-term losses may be seen as necessary investments [6]. - If the company can establish a positive cycle of "short drama traffic → payment conversion → cash flow improvement → IP support for long dramas," the current losses may be justified; otherwise, the cash reserves of 318 million yuan may not sustain the high investment model long-term [6].

Group 1 - The company's total operating revenue is 198 million yuan, an increase of 90.25 million yuan compared to the same period last year, achieving a consecutive increase for two years, with a year-on-year growth of 83.72% [1] - The net profit attributable to the parent company is -6.39 million yuan, and the net cash flow from operating activities is -131 million yuan [1] Group 2 - The latest debt-to-asset ratio is 48.74%, a decrease of 0.88 percentage points from the previous quarter [3] - The latest gross profit margin is 73.66%, an increase of 6.56 percentage points compared to the same period last year, achieving a consecutive increase for three years [3] - The latest return on equity (ROE) is -0.73% [3] Group 3 - The diluted earnings per share is -0.01 yuan [4] - The latest total asset turnover ratio is 0.12 times, an increase of 0.06 times compared to the same period last year, achieving a consecutive increase for two years, with a year-on-year growth of 98.67% [4] - The latest inventory turnover ratio is 0.08 times, an increase of 0.03 times compared to the same period last year, achieving a consecutive increase for two years, with a year-on-year growth of 44.94% [4] Group 4 - The number of shareholders is 68,200, and the top ten shareholders hold 424 million shares, accounting for 43.22% of the total share capital [4] - The top ten shareholders and their respective holding ratios are as follows: - Huanrui United (Tianjin) Asset Management Partnership (Limited Partnership): 10.87% - Zhong Junyan: 6.17% - Ruijia (Tianjin) Cultural Media Partnership (Limited Partnership): 5.91% - Zhejiang Huanrui Century Cultural and Artistic Development Co., Ltd.: 5.01% - Nanjing Shuntuo Investment Management Co., Ltd.: 3.64% - Ruijia (Dongyang) Enterprise Management Partnership (Limited Partnership): 2.46% - Beijing Qingyou Qianhe Investment Consulting Co., Ltd.: 2.34% - Hongdao Tianhua (Tianjin) Asset Management Partnership (Limited Partnership): 2.34% - Beijing Qingyou Ruihe Cultural Media Center (Limited Partnership): 2.28% - Baotou Longbang Trading Co., Ltd.: 2.19% [4]

Core Points - The company has not declared any cash dividends or stock bonuses for the reporting period [2] - The company’s controlling shareholder and actual controller have not changed during the reporting period [4] - The company has entered into a significant contract with Hainan iQIYI Information Technology Co., Ltd., with the total contract amount adjusted from 600 million to 540 million yuan [5] Company Overview - The company is named Huanrui Century Joint Stock Co., Ltd. and is listed under the stock code 000892 [6] - The board of directors and the supervisory board have both approved the 2025 semi-annual report and its summary [11][19] - The board meeting was held on August 25, 2025, with all members present [7][8] Financial Data and Indicators - The semi-annual report reflects the company's actual situation accurately, with no false records or significant omissions [19] - The report is available for detailed review in various financial publications and platforms [11][19]