Contract Signing Situation - The total amount of the signed contract is 372 million yuan, accounting for 50.65% of the company's audited main business income for 2024 [2] - The contract is a routine business contract and does not require approval from the board of directors or shareholders [2] Counterparty Introduction - The counterparty, Mango Film and Television Culture Co., Ltd., has a registered capital of 80 million yuan and is involved in various media-related activities [2][3] - The company has a good credit and financial status, indicating its ability to fulfill the contract [3] Main Content of the Contract - The contract grants Mango Film and Television exclusive rights to use the company's produced films and series, including rights to defend and sublicense these rights [3][4] - The contract includes provisions for revenue sharing based on the performance of the films on Mango's platform [4] Impact on the Company - The execution of this contract is expected to have a positive impact on the company's financial status and operating performance for 2025 and beyond [4] - The contract will not adversely affect the company's business independence or create dependency on Mango Film and Television [5] Contract Review Procedure - The contract has undergone the necessary internal approval processes as per the company's management system and does not require further board or shareholder approval [5]

新华社北京6月19日电（记者史竞男、刘杨）正在此间举行的第三十一届北京国际图书博览会上，主宾 国马来西亚组织20余家出版商、大学出版社和创意工作室集体亮相，带来涵盖儿童及青少年文学、多元 文化遗产、当代小说、学术著作等多种类型的精品图书，充分展现马来西亚多语言创作与出版的成果。 继2023年中国成功担任吉隆坡国际书展主宾国后，此次马来西亚在北京国际图书博览会担任主宾国，再 一次成为两国文化交流的重要见证。同时，作为东盟的重要成员，马来西亚还积极推动来自印度尼西 亚、新加坡、柬埔寨、越南等成员国的出版商参与本次图博会。 主宾国开幕式上，马来西亚教育部副部长黄家和表示，马来西亚自古就与中国商旅互通有无，更以文会 友，互鉴典籍。这种探索与友谊的精神，至今仍在延续，生生不息。 本届图博会，马来西亚以"阅读，引领"为参展主题，书展期间精心安排丰富的活动内容，包括每日文化 表演、作家分享、版权推介、专业对话及主题展览等多种活动。其中，特别展览"马来西亚50佳国际版 权推荐图书"精选50种图书，代表着马来西亚创意产业在全球市场上崛起的新兴力量，希望进一步加强 马中两国出版行业的深度交流，促进图书版权国际合作。 展会期间，马 ...

Core Viewpoint - The article discusses the challenges faced by artists in the music industry regarding copyright ownership and the importance of re-evaluating the copyright value system to ensure creators retain their rights and benefits from their works [3][9][37]. Group 1: Artist Experiences - G.E.M. (邓紫棋) signed a contract at 15 that transferred her music copyright and recording rights to her former company, resulting in her not receiving royalties for six years due to ongoing legal disputes [5][6]. - During her legal battle, G.E.M. held a world tour but did not benefit from the streaming revenue of her old songs, as the rights remained with her former company [7][8]. - G.E.M. released a re-recorded album to regain control over her music rights, urging fans to support this new version to diminish the value of the original recordings [11][12]. Group 2: Other Artists' Struggles - Wu Qingfeng (吴青峰) faced a similar situation, where his early contract led to a lengthy legal battle over his music rights, ultimately resulting in him urging fans not to listen to the original versions of his songs [16][17]. - Taylor Swift's experience highlights the issue of losing control over her early albums due to a contract with Big Machine Records, which sold her master recordings to a controversial figure [18][20]. - Swift's strategy of re-recording her albums has proven successful, with her re-recorded album achieving significant sales, demonstrating the potential for artists to reclaim their rights [20][22]. Group 3: Industry Insights - The article emphasizes that many artists, especially in China, often unknowingly relinquish their music rights due to a lack of understanding of contracts, particularly when signed at a young age [27][32]. - The current music industry landscape, influenced by social media and streaming, necessitates a re-evaluation of how artists negotiate their rights, as they can now promote their music independently [37][38]. - The importance of artists understanding their rights and the implications of contract terms is crucial for ensuring they do not lose long-term revenue from their works [37][40].

6月19日，中国电视剧制作产业协会（中制协）联合优酷、腾讯视频、爱奇艺三大视频平台召开媒体通 气会，聚焦影视行业盗版治理问题。正值"剑网2025"专项行动重点针对视听作品的网络侵权行为展开整 治之际，本次媒体会就当前行业盗版现状、维权难点及治理思路进行了深入交流，并发布了多个近期典 型案例。 案例3：近期《藏海传》《折腰》等热播剧也难免盗播之灾。一男子以营利为目的，在互联网搭建上百 个盗版影视网站，非法采集未授权的影视作品，累计违法所得数十万元，目前已被刑事拘留。 案例4：某短视频平台侵权《庆余年》案，二审法院认为该平台主观侵权故意明显，侵权情节严重，适 用惩罚性赔偿，判决其赔偿964万元，是少见的采用惩罚性赔偿的案例。 案例5：腾讯诉安博电视盒子侵权案，美国德州西区联邦法院作出终审判决，判赔8475万美元（人民币 约6.16亿元），其中《长相思》获赔1170万美元（人民币约8527万元），这是国内企业在海外视频维权 的最高判赔，同时也为类似案例判决提供了有力借鉴。 案例1：优酷与爱奇艺共同起诉短视频侵权案，法院一审判偿80万元，这是两大平台首次联合作为原告 的案件，具有标志性意义。 案例2：《狂飙》短视频平 ...

所涉音乐作品、音乐制品在全球版权登记机构（IFPI）及国内各大音乐平台均明确标注相关 权利人为蜂鸟音乐有限公司 。 蜂鸟音乐公司要求， 各音乐平台立即下架涉事重制版歌曲； 邓紫棋女士团队48小时内删除 所有渠道传播的侵权内容，否则将依法采取行动。 6月18日，知名歌手邓紫棋前音乐公司蜂鸟音乐公司 发声明，称邓紫棋在一周前重制音乐 制品所涉歌曲（除《天空没有极限》《后会无期》《喜欢你》以外），均创作于双方合约期 间，原版录音制品也发行于双方合约期间。 6月18日15：55，邓紫棋发文回应此事：" 与我的律师团队聊完后，我们都无奈摊手笑 了。 其实我不知道我还要回应什么？ 因为我这次重录的法律依据已经非常充足了。" 邓紫棋表示：我不会下架歌曲。并提到"可否请蜂鸟音乐先结算给我6年8个月间的合法版 税、合法劳务费。" 6月12日，邓紫棋在社交平台宣布《I AM GLORIA》重录专辑全网上线，并发长文自述重 录专辑的缘由，以及其与前公司长达超过6年的版权纠纷，称已超过6年没有收到自己旧歌 的版税。 邓紫棋在长文中回顾，15岁时遇到前公司，合约由母亲代谈。由于母亲不懂英语，合约却 是全英文，当年仅凭信任便签下合约。然 ...

Group 1 - The core issue revolves around a copyright dispute between G.E.M. (邓紫棋) and her former agency, Hummingbird Music, regarding the rights to her re-recorded songs [1][2] - Hummingbird Music has demanded that all music platforms immediately remove the re-recorded songs, threatening legal action if G.E.M.'s team does not comply within 48 hours [2] - G.E.M. has publicly stated that she will not remove the songs, indicating a strong stance against the demands of her former agency [4] Group 2 - G.E.M. announced the release of her re-recorded album "I AM GLORIA" on June 12, which includes popular tracks that are now part of the copyright dispute [6] - Hummingbird Music claims that the songs in question were created during the contract period and that the original recordings were also released during that time, asserting their ownership rights [1] - Hummingbird Music, established in February 2013, is involved in various entertainment and copyright services, with its legal representative being Su Wanxian [7]

Core Viewpoint - The article discusses the challenges faced by artists in the music industry regarding copyright ownership, highlighting the struggles of several musicians, including G.E.M., Wu Qingfeng, and Taylor Swift, who have fought to regain control over their music rights after signing contracts that relinquished their ownership to record labels [3][4][5]. Group 1: Artist Experiences - G.E.M. signed a contract at age 15 that transferred her music copyright and recording rights to her former label, resulting in her not receiving royalties for six years due to ongoing legal disputes [4][6]. - Wu Qingfeng faced a similar situation, where he lost the rights to his music after signing a contract with a music company, leading to a lengthy legal battle to reclaim his rights [8][9]. - Taylor Swift's experience involved her original label selling her first six albums' master recordings to a controversial figure, prompting her to re-record her albums to regain control and encourage fans to support her new versions [12][13]. Group 2: Industry Practices - The article highlights the problematic nature of contracts in the music industry, particularly for young artists who may not fully understand the implications of relinquishing their rights [18][20]. - It emphasizes the shift in the music industry's revenue model, where artists now have more avenues for exposure and income, making it crucial for them to negotiate better terms regarding their rights [20][21]. - The article suggests that the current copyright structure often disadvantages artists, as many are unaware of the long-term consequences of their contracts, leading to a need for greater awareness and negotiation power among musicians [19][21].

Investment Rating - The report maintains an "Outperform" rating for the online music industry [1] Core Insights - The online music industry exhibits strong bilateral effects and is less correlated with the economy, with "one super and one strong" company identified as high-quality long-term cash flow assets [2] - The industry is characterized by high concentration due to significant copyright fees, making it difficult for new entrants [2] - The growth of music subscriptions is driven by supply-side factors, with low churn rates observed in subscription services [2][32] - The Chinese digital music market is expected to grow by 15% year-on-year in 2024, outpacing global growth [7][12] Summary by Sections 01 Overview of Domestic and International Online Music Industry - The online music industry has a high concentration, with Tencent Music holding approximately 66% market share and NetEase Cloud Music around 27% [25] - The industry is experiencing a shift towards subscription models, with significant growth in paid users [32] 02 Tencent Music and Spotify Stock Review - Tencent Music's subscription business is a key growth driver, with a projected CAGR of 19% for subscription revenue from 2024 to 2027 [5] - Spotify is expected to achieve profitability in 2024, with a focus on cost reduction and efficiency improvements [4] 03 Financial Analysis - The subscription penetration rates for Tencent Music and NetEase Cloud Music are projected to reach 25% and 20.6% respectively by 2024 [5] - The average revenue per paying user (ARPPU) for Tencent Music is expected to increase, driven by the development of premium services [5] 04 Valuation Analysis and Investment Recommendations - The online music industry is projected to maintain a CAGR of 15% over the next three years, indicating growth potential [5] - Current price-to-earnings (PE) ratios for Tencent Music, NetEase Cloud Music, and Spotify are 23x, 27x, and 38x respectively for 2025 [5]

6月18日，蜂鸟音乐公司发布音乐作品著作权归属的严正声明： 请各音乐平台立即下架涉事重制版歌 曲，要求邓紫棋女士团队48小时内删除所有渠道传播的侵权内容 。 此前报道： 6月12日，邓紫棋在社交平台宣布《I AM GLORIA》重录专辑全网上线，并发长文自述重录专辑的缘 由， 以及其与前公司长达超过6年的版权纠纷，称已超过6年没有收到自己旧歌的版税 。 邓紫棋表示，尽管著作权的归属仍存在争议，但她作为作者以及演唱者理应拥有相应部分的版税收入。 然而，过去6年多以来，她从未收到过《泡沫》《光年之外》《我的秘密》等众多旧作的合法版税。 此次重录专辑，源自其法律团队终于找到了明确的法律依据，她得以合法重录旧作并上架全球平台，进 行公开播放。 邓紫棋透露，真正让她能够合法将重录版本进行全球上架并公播的关键一步，在于她14岁那年"只因觉 得酷"而加入了CASH（香港作曲家及作词家协会）的举动。由于加入了CASH，所有她创作的歌曲， 其"公开表演""广播""网络传播"等权利都已交由该协会代为管理，而不属于前公司。因此，即使旧作的 著作权归属仍有争议，其传播权等公开播放的权利仍属于邓紫棋。 她感慨地写道："天知道，当我意识 ...

Core Viewpoint - iQIYI's hit drama "The Crazy" achieved a record-breaking viewership of 10.79 billion, marking it as the most successful production in terms of traffic, revenue, and influence since the company's inception nearly 13 years ago [1] Group 1: Legal Action and Court Ruling - iQIYI filed a lawsuit against a short video company for unauthorized distribution of content related to "The Crazy," seeking 30 million yuan in damages [2][3] - The court ruled that the short video company's actions constituted copyright infringement, as the videos provided were not merely reviews but included substantial content from the drama [3] - The court determined that the short video platform had a responsibility to monitor and prevent copyright infringement, leading to a ruling in favor of iQIYI for the full amount claimed [3] Group 2: Industry Context and Implications - The case highlights a growing trend of copyright infringement in the short video sector, with many similar cases emerging as platforms allow user-generated content that often violates copyright [5][6] - The legal landscape is evolving, with courts increasingly recognizing the need for stricter accountability from platforms that host user-generated content, especially for popular works [7] - The National Copyright Administration has initiated ongoing campaigns to combat copyright infringement, focusing on various digital platforms and emphasizing the need for enhanced protection measures for high-profile works [9][10]