北京大成(上海)律师事务所 关于幸福蓝海影视文化集团股份有限公司 2025 年第一次临时股东大会的法律意见书 为出具本法律意见书,本所律师审查了公司提供的有关本次股东大会的相关 文件。在审查有关文件的过程中,公司向本所律师保证并承诺,公司向本所提供 的文件是真实、准确、完整的,有关副本材料或复印件与原件一致,公司已向本 所律师披露一切足以影响本法律意见书出具的事实和文件,且无任何隐瞒、遗漏 之处。 在本法律意见书中,本所律师仅就本次股东大会的召集程序及召集人资格、 召开程序、出席会议人员的资格、会议的表决程序是否符合《公司法》《股东会 规则》等法律、行政法规、规范性文件及《公司章程》的规定,表决结果是否合 法有效发表意见;而不对本次股东大会的议案内容和该等议案中所表述的事实或 数据的真实性和准确性发表意见。 本法律意见书仅用于为本次股东大会见证之目的,不得用作任何其他目的。 本所律师同意公司将本法律意见书作为本次股东大会的法定文件,随其他文件一 并公告。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意见书出具日 以前发生或者存在 ...

Core Insights - The film and cinema sector saw a 3.1% increase on September 15, with Happiness Blue Sea leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Happiness Blue Sea (300528) closed at 32.20, up 10.65% with a trading volume of 722,700 shares [1] - China Film (600977) closed at 21.18, up 10.03% with a trading volume of 1,671,600 shares [1] - Other notable performers include: - Jiecheng Co. (300182) up 5.95% at 6.05 [1] - Hengdian Film (603103) up 4.07% at 18.68 [1] - Wanda Film (002739) up 3.18% at 12.32 [1] Capital Flow - The film and cinema sector experienced a net inflow of 31.28 million yuan from institutional investors, while retail investors contributed a net inflow of 56.62 million yuan [2] - Notable net outflows from speculative funds amounted to 87.91 million yuan [2] Individual Stock Capital Flow - Jiecheng Co. (300182) had a net inflow of 17.8 million yuan from institutional investors, but a net outflow of 64.69 million yuan from speculative funds [3] - Wanda Film (002739) saw a net inflow of 66.78 million yuan from institutional investors, with a significant net outflow of 76.31 million yuan from retail investors [3] - Happiness Blue Sea (300528) had a net inflow of 35.74 million yuan from institutional investors, while retail investors contributed a minor net inflow of 194,620 yuan [3]

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index showed stronger performance, with Ningde Times reaching a new high [1] - Game stocks performed strongly, with Xinghui Entertainment and Perfect World hitting the daily limit [1] - Pork stocks collectively surged, with Delisi and Aonong Biological reaching the daily limit [1] - The intelligent driving concept was active, with Zhejiang Shibao and Luchang Technology hitting the daily limit [1] - In contrast, the satellite internet concept declined, with Sanwei Communication dropping over 5% [1] - Overall, nearly 3,400 stocks in the Shanghai and Shenzhen markets declined, with a total transaction volume of 2.3 trillion [1] Hot Topics Autonomous Driving - The autonomous driving concept saw significant gains, with multiple stocks such as Suoling Co., Shikong Technology, and Zhejiang Shibao hitting the daily limit [3] - The Ministry of Industry and Information Technology announced a work plan for the automotive industry from 2025 to 2026, which includes promoting the approval of L3-level vehicle production [3] - The plan aims to enhance road traffic safety and improve relevant laws and regulations [3] Film and Entertainment - The film and entertainment sector continued to strengthen, with China Film and Xinghui Entertainment hitting the daily limit, and companies like Happiness Blue Sea and Mango Super Media also rising [7] - The National Day holiday in 2025 is expected to generate significant box office revenue, with many industry insiders expressing optimism about the ticket sales for that period [7] Prepared Dishes - The prepared dishes concept saw strong performance, with Delisi and Aonong Biological reaching the daily limit [9] - Industry analyst Zhu Danpeng suggested that the government should expedite the establishment of national standards for prepared dishes and implement a licensing system for companies [9] - The introduction of national standards is expected to enhance food safety and may increase costs by 15% to 30% due to new requirements [10]

Media Sector - The media sector is experiencing active performance, with significant gains in the gaming sector, particularly for companies like Xinghui Entertainment and Perfect World [1] - As of September 13, 2025, the cumulative box office for films has surpassed 40 billion yuan, occurring 76 days earlier than the previous year [1] - The upcoming release of 10 films scheduled for the National Day holiday in 2025 is expected to further boost the sector [1] - The EA SPORTS FC PRO Championship Cup and FC PRO World Challenge took place in Shanghai, contributing to the media sector's positive momentum [1] Gaming Sector - The gaming sector is witnessing strong demand across various platforms, including PC, mobile, and console games, driven by consumer needs for stress relief and social interaction [1] - The current valuation of the gaming sector remains attractive, with expectations of sustained high prosperity and a longer-than-expected cycle of growth [1] Lithium Battery Industry - The lithium battery supply chain is showing active performance, with notable increases in stocks such as CATL, BYD, and Ganfeng Lithium [2] - Recent policy support includes the "Automobile Industry Stabilization Growth Work Plan (2025-2026)," aiming for approximately 32.3 million vehicle sales in 2025, a 3% year-on-year increase [2] - The plan also targets 15.5 million sales of new energy vehicles in 2025, reflecting a 20% year-on-year growth [2] Energy Storage Sector - The National Development and Reform Commission and the National Energy Administration have issued a new action plan for large-scale energy storage construction from 2025 to 2027 [3] - A notification has been released to improve pricing mechanisms to promote the local consumption of renewable energy [3] - The World Energy Storage Conference will be held from September 16 to 18, showcasing innovative achievements in the energy storage industry [3]

Group 1 - The film industry sector experienced a short-term surge on September 15, with Happiness Blue Sea rising over 10% [1] - Other companies such as Jiechengtong, China Film, Jinyi Film, Shanghai Film, and Light Media also saw increases in their stock prices [1]

Core Viewpoint - The A-share market has seen a short-term surge in film and television stocks, with notable increases in several companies' stock prices [1] Group 1: Stock Performance - Happiness Blue Ocean has risen over 10% [1] - China Film has hit the daily limit up [1] - Other companies such as Hengdian Film and Television, Wanda Film, and Jinyi Film have also experienced gains [1]

Group 1 - The upcoming National Day holiday in 2025 will see a concentrated release of films, including titles like "志愿军：浴血和平" and "刺杀小说家2," covering various genres such as war, drama, history, comedy, and animation [1] - The National Day box office has historically been strong, with 2021's total box office exceeding 4.3 billion yuan, marking the second highest in history, while projections for 2023 and 2024 are both above 2 billion yuan [2] - The film "731" has garnered significant attention, with pre-sale box office exceeding 64 million yuan and over 4.4 million people expressing interest, indicating a strong lead over other films [4] Group 2 - Several film industry stocks have seen significant gains in September, with the Shenyin Wanguo secondary film and television index rising over 5%, outperforming the Shanghai Composite Index [5] - Specific companies like 幸福蓝海 (Happiness Blue Ocean) have seen stock increases of nearly 71%, while 金逸影视 (Jinyi Film) and 中国电影 (China Film) have also reported gains of over 45% and 38% respectively [8] - The overall net profit of A-share film and television companies reached nearly 1.8 billion yuan in the first half of the year, a 75% increase year-on-year, with companies like 光线传媒 (Light Media) reporting a net profit growth of over 370% [11][12] Group 3 - Predictions indicate that companies like 捷成股份 (Jiecheng Co.) may see a net profit increase of over 80% by 2025, driven by diverse content monetization strategies [13] - Other companies such as 奥飞娱乐 (Aofei Entertainment) and 万达电影 (Wanda Film) are also expected to turn profitable by 2025, with Wanda Film projected to achieve a net profit exceeding 1 billion yuan [14]

Core Insights - During the past week, 60 stocks had a turnover rate exceeding 100%, indicating high trading activity in the market [1] - The stock with the highest turnover rate was Sanxie Electric, reaching 308.07%, followed by Sanwei Communication, Huaxin Jingke, Xiaocheng Technology, and C Aifenda, all exceeding 200% [1] - The sectors with stocks having turnover rates above 100% included power equipment, communication, basic chemicals, and machinery equipment [1] - In terms of weekly performance, stocks like Xingfu Lanhai, Tianji Shares, and Xizhuang Shares saw significant gains, each exceeding 28% [1]

Core Viewpoint - The domestic film and television industry is experiencing a resurgence in interest, driven by recent successful releases and supportive government policies, but it still faces challenges in sustaining long-term growth due to a lack of quality content [1][2][11]. Group 1: Market Performance - The film and television sector has seen significant attention this year, with notable successes like "Nezha 2" and "Nanjing Photo Studio" boosting stock performance [1][2]. - Despite the increased interest, only four stocks in the A-share film and television sector have risen in price throughout 2024 [6]. - Companies like Ningmeng Media and Chiwen Media have seen stock price increases of over 70% and 58.8% respectively, despite minimal or negative earnings [8][10]. Group 2: Policy and Market Dynamics - The introduction of the "21 policies" by the National Radio and Television Administration has lifted restrictions on drama production, leading to immediate stock price surges for major production companies [11]. - The domestic cinema industry is becoming increasingly concentrated, with major players like Wanda and China Film holding over 40% of the market share [12]. Group 3: Content Quality and Industry Challenges - The growth of cinema chains is heavily reliant on a consistent supply of quality content, which remains a significant challenge for the industry [13]. - The disparity in content quality is evident when comparing domestic companies to global leaders like Netflix, which has a robust library of successful original content [18][20]. - The lack of depth in content libraries among domestic platforms has led to a reliance on daily updates to retain users, highlighting a fundamental issue in content strategy [28][30]. Group 4: Comparison with Global Leaders - Netflix's market valuation and revenue far exceed those of domestic platforms, with its stock price increasing over 40% since the beginning of the year [15][17]. - Netflix's success is attributed to its ability to produce a wide range of quality content, which has established a strong competitive advantage [19][20]. - The industrialized production model employed by Netflix, leveraging data analytics to inform content creation, contrasts sharply with the traditional methods used by domestic companies [35][36]. Group 5: Future Outlook - The film and television industry is shifting its investment logic from speculative "hit-or-miss" strategies to a focus on performance certainty and technological empowerment [39]. - The industry's ability to produce sustainable quality content will be crucial for transforming investment logic and capitalizing on emerging opportunities [40].

Group 1: Industry Insights - The yellow feather chicken market is experiencing a surge, with profits of 3-4 yuan per chicken expected to offset losses from the first half of the year, driven by seasonal demand and previous capacity reductions [1] - The price of yellow chickens is anticipated to remain high in the short term, with potential for slight increases as the peak season approaches [1] Group 2: Gold Market - Gold has surpassed $3,650 per ounce, breaking the inflation-adjusted historical high from January 1980, marking a significant victory over 45 years of inflation [2] Group 3: Apple Product Launch - Apple unveiled the iPhone 17 series, including iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and the thinnest iPhone ever, the iPhone Air, showcasing significant advancements in performance, imaging systems, and lightweight design [3] Group 4: Automotive Industry Regulation - Six government departments in China have initiated a three-month campaign to address online irregularities in the automotive industry, aiming to enhance regulatory compliance [4] Group 5: Energy Sector Developments - The National Development and Reform Commission and the Energy Administration have announced a plan for new energy storage capacity to exceed 180 million kilowatts by 2027, with an expected direct investment of approximately 250 billion yuan [5] Group 6: Stock Market Movements - The PEEK materials sector saw a 5.61% increase, with several stocks, including Xinhan New Materials and Henghe Precision, hitting the 20% daily limit up [6] - Happiness Blue Sea's stock surged 20% near market close, marking its fifth consecutive day of gains, driven by the success of the film "Nanjing Photo Studio" [7] - Silver and Nonferrous Metals Company is under investigation by the China Securities Regulatory Commission for alleged information disclosure violations [8] - The AI sector experienced a collective surge, with stocks like Haiguang Information and Shenghong Technology hitting daily limit ups following Oracle's stock performance [9] - Shoukai Co. has achieved seven limit-up days in eight trading days, with a cumulative increase of 108.7% [10] Group 7: Fund Market Trends - A total of 106 new enhanced index funds have been launched this year, surpassing the total number and scale of new funds issued in 2023 and 2024 [11] - The largest new fund is the GF Growth Enterprise Index Enhanced Fund, with a total issuance of 2.393 billion units [11] - The development of quantitative technology has enabled funds to seek excess returns while tracking indices, appealing to investors seeking higher returns [12]