Shanghai News, June 1st (Reporter Chen Jing) May 30th every year is World Multiple Sclerosis Day, which was established by the International Multiple Sclerosis Union (MSIF) in 2009 to arouse the world’s attention to the disease. This year’s theme is "making love accessible, connecting you and me", aiming at strengthening the connection between patients with multiple sclerosis and between patients and society, and helping them gain more understanding and care.

　　In order to help more people understand Multiple sclerosis, enhance the public’s attention and reduce the burden of patients’ disease management, Professor Yan Xu, chief physician of neurology department of Peking Union Medical College Hospital, Professor Chen Xiangjun, chief physician of neurology department of Huashan Hospital affiliated to Fudan University, and Professor Qiu Wei, chief physician of neurology department of the Third Affiliated Hospital of Sun Yat-sen University, gave scientific answers on the diagnosis and treatment of multiple sclerosis.

Many symptoms are easy to be ignored, so the diagnosis of multiple sclerosis needs urgent attention.

　　Multiple sclerosis is a chronic and inflammatory demyelinating disease of central nervous system mediated by immunity. According to related research, the incidence and prevalence of multiple sclerosis are affected by geographical distribution and race. China is a low incidence area of multiple sclerosis, with an incidence rate of 0.235/100,000 people per year. At present, there are about 2.3 million patients with multiple sclerosis in the world. At the same time, multiple sclerosis is common in young adults, especially in women, and the number of patients is about three times that of men, so it is also called "beauty disease".

　　Up to now, there is no clear conclusion about the pathogenesis of multiple sclerosis, which may be related to many factors such as heredity, environment and virus infection. It is precisely because of the rarity of multiple sclerosis that the symptoms of the disease are very strange to the public in the early stage. The Survival Report of Multiple Sclerosis Patients in China, designed by Professor Yan Xu, Chief Physician of Neurology Department of Peking Union Medical College Hospital, shows that in 2019, 97% of patients with multiple sclerosis had never heard of multiple sclerosis when they were diagnosed.

　　Professor Yan Xu said: "Many patients may have symptoms in the early stage, but they didn’t realize that they had multiple sclerosis and went to the hospital. As a result, the median time from symptoms to diagnosis of multiple sclerosis in China was five years. If the patient begins to receive treatment within half a year of symptoms, the risk of entering disability in the future will be very low. "

　　Therefore, being alert to early symptoms will help the early diagnosis of multiple sclerosis. However, due to the diverse clinical manifestations of multiple sclerosis, common symptoms include decreased vision, diplopia, limb sensory disturbance, limb movement disturbance, ataxia, bladder or rectal dysfunction, etc., which also brings certain difficulties to the diagnosis.

　　Professor Chen Xiangjun, chief physician of the Department of Neurology, Huashan Hospital affiliated to Fudan University, said: "The initial symptoms of multiple sclerosis include suddenly being unable to see with eyes and feeling numb and weak on one side of the limb when walking, which is easy to be ignored. At the same time, there are some typical symptoms, such as ataxia, dizziness, unsteady walking, swaying, intonation when speaking, and involuntary eye tremor. It is also necessary to attach great importance to whether there is demyelination of the central nervous system when these symptoms appear. In addition, some symptoms are paroxysmal, such as instant headache or numbness of limbs, and uncommon symptoms such as cognitive dysfunction need to be vigilant. When these symptoms occur in young people, especially when these symptoms persist, you need to find a specialist doctor. "　

　　According to the latest data at home and abroad, the incidence and prevalence of multiple sclerosis are on the rise. In view of this phenomenon, Professor Qiu Wei, the chief physician of the Department of Neurology, the Third Affiliated Hospital of Sun Yat-sen University, explained it from three aspects: first, it may be because the prevalence and incidence of neuroimmune diseases, including other immune diseases, are increasing, which makes the prevalence and incidence of multiple sclerosis included increase; Secondly, it may come from the improvement of the diagnosis level of multiple sclerosis at home and abroad, and the support of new imaging technology and biomarkers for the diagnosis of multiple sclerosis. In addition, the public’s awareness of multiple sclerosis is also constantly improving, which makes more patients exposed, leading to an upward trend in the current incidence and prevalence data.

Make a targeted treatment plan to treat not only the "body" but also the "mind"

　　At present, multiple sclerosis can not be completely cured, but fortunately, there are already treatment programs around the world to effectively delay the progress of multiple sclerosis. In China, in recent five years, with the continuous improvement of domestic medical insurance policy and rare disease policy, more therapeutic drugs have been introduced from abroad, and the policy support for clinical treatment of patients with multiple sclerosis has been strengthened, greatly improving the accessibility of innovative drugs for multiple sclerosis in China.

　　With more and more therapeutic drugs, multiple sclerosis has gradually moved to the stage of self-medication and self-management, which makes it more important to choose a reasonable treatment plan. Only by choosing according to the course of disease, symptoms, adaptability and economic situation of different patients can patients benefit the most.

　　Professor Chen Xiangjun introduced that the treatment of patients with multiple sclerosis is divided into two stages: acute stage and chronic stage, and the treatment objectives of these two stages are different. In the treatment of acute phase, doctors need to quickly reduce the inflammatory process of immunity in vivo and reduce the damage of inflammatory process to the central nervous system as soon as possible. Chronic treatment, that is, remission treatment, is also very important. Because multiple sclerosis is a chronic disease process, it is necessary to choose appropriate disease adjustment and treatment drugs, that is, DMT (disease correction therapy) drugs.

　　"China’s emphasis on rare diseases has led to the introduction of many DMT drugs into China and is within the scope of medical insurance coverage. At present, some DMT drugs in China include common interferon beta, oral drugs, and antibody drug olfatomazumab. " Professor Qiu Wei introduced that olfatomuzumab has the characteristics of high efficiency and relative safety, at the same time, the dosage is accurate, which is beneficial to the treatment of multiple sclerosis in China to help realize the coverage and management of the whole population and the whole course.

　　Under the premise of medicine available, how to manage patients with multiple sclerosis at home has also become a common problem for doctors and patients. In the disease management of patients’ daily life, Professor Yan Xu suggested that, first of all, we should correctly establish the understanding of multiple sclerosis, not take it seriously, but not take it too seriously; Secondly, in terms of lifestyle, it is necessary to maintain the normal level of vitamin D, properly bask in the sun and supplement more dairy products; In addition, avoid smoking, control weight and keep proper exercise.

　　"In addition to paying attention to their own diseases, we also need to pay attention to the physical and mental health of patients, and finally achieve the goal of improving the quality of life of patients. Therefore, at the same time as drug treatment, symptomatic treatment is also needed. " Professor Chen Xiangjun emphasized that correct and active rehabilitation training is very beneficial to restore neurological function. Once there are obstacles in physical activity, or sensory obstacles, or obstacles in bladder and sphincter, we should actively seek correct rehabilitation treatment. Not only that, but also need to manage emotions.

Note: please be sure to indicate the source when reprinting the content of the article! 　　

Editor: Chen Jing　　

Morning and evening, precipitate the past and usher in a new light.

It’s New Year’s Day again, and it’s such a group of people.

Interpret responsibility with persistence

Sincerely guarding the lights of thousands of families with blood heat

Patrol prevention and control, conflict mediation

Safety inspection, traffic diversion

……

a new year

Haiyuan police

Send peace to the masses on time.

Conflict mediation has me.

In order to ensure the harmonious, stable and orderly order of the jurisdiction during the New Year’s Day, all police stations of Haiyuan County Public Security Bureau are based on the actual situation of the jurisdiction, actively promote the "police station’s main defense" policing mechanism, adhere to the working concept of "no contradiction, no lack of service, and no accidents", build up a strong sense of urgency and act positively. During the New Year’s Day holiday, the police of Qiying Police Station found in their work that there was a contradiction between the two people in the jurisdiction because of economic disputes. In order to prevent the contradiction from spreading and intensifying, the police took the initiative to go to the masses and visit them on the spot. In order to mediate contradictions and disputes more reasonably and effectively, the police made full use of the joint mediation center of the Seventh Battalion Police Station to put contradictions on the "desktop" to resolve disputes and promote harmony. In the end, both parties to the contradiction calmed their emotions, opened their hearts and expressed their willingness to take a step back and reach mediation.

Travel safely with me

In order to do a good job in road traffic security during New Year’s Day and let the masses spend a peaceful and peaceful holiday, according to the characteristics of holiday travel, the traffic patrol brigade carefully analyzed and judged the traffic safety situation during the holiday, actively adjusted the service mode, deployed and used police officers in a targeted manner, increased police input at key intersections and key road sections in the jurisdiction, and strengthened the rectification of traffic violations such as drunk driving, driving without a license, "Three Supers and One Fatigue" and riding electric vehicles without wearing safety helmets during the holiday.

Patrol prevention and control has me.

In order to further strengthen the overall public security prevention and control, during the New Year’s Day, Haiyuan Public Security increased its patrol prevention and control efforts. The special police squadron and the county armed police squadron organized police forces to patrol key sections and main blocks in the streets, squares, shopping malls and other areas under their jurisdiction every day, and put police forces on the streets to the maximum extent, keeping high-frequency patrols and flashing warning lights, so as to achieve "controlling dead corners, flashing warning lights and meeting police", effectively improving the rate of seeing police and handling affairs on the streets, and effectively deterring all kinds of illegal and criminal activities.

Hidden trouble investigation has me.

The string of safety cannot be relaxed for a moment. During the New Year’s Day, the civilian auxiliary police of Chengguan Police Station went deep into hotels, KTV, gas stations, fireworks and firecrackers retail outlets and other places in the area under their jurisdiction to conduct a full-coverage inspection, focusing on the monitoring facilities of the industry, fire-fighting equipment, safe evacuation routes and the implementation of the real-name registration system, doing a solid job in various safety precautions, discovering and eliminating all kinds of potential safety hazards in time, and comprehensively purifying the social security environment. Minimize the hidden dangers of public safety, resolutely be responsible for defending the soil, do your duty, and respond to the expectations of the masses with practical actions.

Serve the masses with me.

During the New Year’s Day, the civilian auxiliary police of each police station stood on their posts, actively handled the police work together, enthusiastically solved problems for the masses, resolved conflicts and disputes with heart, and became "caring people" of the masses.

"Your warm service is so touching that I enjoy the special treatment of getting an ID card on holiday …" At the household registration window of Qiying Police Station, two people who finished their business gave the police a great praise for their holiday persistence! During the New Year’s Day, in order to facilitate the people in the jurisdiction to handle all kinds of household registration business and further enhance their ability to serve private affairs, Haiyuan Public Security Household Registration Window fully implemented "365 days x24 hours" all-weather service without closing, meeting the needs of people returning from other places, "having no time to go to work and no place to do it after work" and other staff members, which won unanimous praise from the people who applied for permits.

Original title: "I am on duty on New Year’s Day |" Dan "is willing to be safe, and" police "is always as new"

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Huatai United Securities Co., Ltd.

about

WANDA CINEMAS Co., Ltd.

Detailed equity change report

of

Financial adviser’s verification opinion

financial advisor

December, 2023

Shengming

According to the Company Law of People’s Republic of China (PRC), Securities Law of People’s Republic of China (PRC), Measures for the Administration of the Acquisition of Listed Companies, Standards for the Contents and Formats of Information Disclosure of Public Securities Companies No.15-Report on Changes in Equity, Standards for the Contents and Formats of Information Disclosure of Public Securities Companies No.16-Report on the Acquisition of Listed Companies and other relevant laws and regulations, Huatai United Securities Co., Ltd. (hereinafter referred to as "the Financial Consultant") verified the relevant information and materials of this equity change in accordance with the business standards and ethics recognized by the industry and in the spirit of honesty, credit and diligence, and issued verification opinions on the contents disclosed in the Detailed Equity Change Report of WANDA CINEMAS Co., Ltd.

The Financial Adviser hereby makes the following statement:

1. The relevant information on which this financial adviser is based is provided by the information disclosure obligor. The information disclosure obligor has made a commitment to this financial adviser to ensure that all the information provided by him is true, accurate and complete original written information or duplicate information, and the duplicate information or copy is consistent with its original information or original, and the signatures and seals of all documents are true; There are no false records, misleading statements or major omissions in all documents and materials, and they shall bear individual and joint legal responsibilities for the authenticity, accuracy and completeness of the information provided.

2. This financial adviser has fulfilled the obligation of due diligence in accordance with the regulations, and has sufficient reasons to believe that there is no substantial difference between the professional opinions published and the contents of the information disclosure obligor’s declaration documents.

Iii. The financial advisor specially reminds investors that the verification opinions of the financial advisor do not constitute any investment suggestions for the parties to this equity change and their affiliated companies; The Financial Adviser shall not bear any responsibility for the corresponding risks arising from any investment decisions made by investors according to the verification opinions of the Financial Adviser.

IV. The matters mentioned in this verification opinion do not represent the substantive judgment, confirmation or approval of the competent authority on matters related to this transaction.

V. The financial adviser specially reminds the relevant subjects and investors of this transaction to carefully read the detailed report on the change of rights and interests issued by the information disclosure obligor and the relevant announcements issued by the parties concerned about this change of rights and interests.

VI. This financial adviser has no interest relationship with all parties involved in this equity change, and the verification opinions on this detailed equity change report are completely independent.

VII. During my tenure as financial advisor, this financial advisor implemented strict confidentiality measures and internal firewall system.

Catalogue

Sheng Ming ……………………………………………………………………………………………………………. 1

Catalogue ……………………………………………………………………………………………………………. II

Interpretation of ……………………………………………………………………………………………………………. 3

I. ……………. on the truthfulness, accuracy and completeness of the information disclosed in the detailed statement of changes in equity 4

II. Verification of the Basic Information of the Information Disclosure Obligor ………………………………………………………….. 4

III. Explanation on the Guidance and Supervision of Information Disclosure Obligors ………………………………………. 10

IV. Verification of the purpose and approval procedures of the change of rights and interests ………………………………………………………… 10

V. Verification of the Mode of Change of Rights and Interests ………………………………………………………………………….. 11

VI. Verification of sources of funds …………………………………………………………………………………. 20

VII. Verification of the Follow-up Plan …………………………………………………………………………………. 20

Viii. Verification of the impact of this equity change on listed companies ……………………………………………… 22

IX. Verification of Major Transactions between Information Disclosure Obligors and Listed Companies ……………………………. 26

X. Verification of buying and selling stocks of listed companies in the first six months ………………………………………. 27

XI. Verification of Other Important Matters of the Information Disclosure Obligor ……………………………………………… 27

XII. Financial Advisor’s Opinion …………………………………………………………………………………….. 28

XIII. Contact Information of Financial Advisor ……………………………………………………………………………… 28

Interpretation of righteousness

In this verification opinion, unless the context otherwise indicates, the following abbreviations or names have the following meanings:

This verification opinion/financial advisor’s verification opinion refers to the financial advisor’s verification opinion of Huatai United Securities Co., Ltd. on the detailed equity change report of WANDA CINEMAS Co., Ltd.

The report and detailed report on changes in equity refer to the Detailed Report on Changes in Equity of WANDA CINEMAS Co., Ltd.

Information disclosure obligor, Ruyi Investment and the Company refer to Shanghai Ruyi Investment Management Co., Ltd.

Ruyi movie and television refers to Shanghai Ruyi movie and television production Co., Ltd.

China Confucianism refers to China Confucianism Holdings Co., Ltd., a Hong Kong listed company (0136.HK)

WANDA CINEMAS and listed companies refer to WANDA CINEMAS Co., Ltd.

Wanda Investment refers to Beijing Wanda Investment Co., Ltd.

Beijing Hengrunzhi Beijing Hengrun Enterprise Management Development Co., Ltd.

Wanda Culture refers to Beijing Wanda Cultural Industry Group Co., Ltd.

The signing date of the agreement refers to December 12, 2023.

This equity change, this transaction and this equity transfer refer to the transaction in which the information disclosure obligor receives 51.00% equity of Wanda Investment jointly held by Beijing Hengrun, Wanda Culture and Wang Jianlin through cash acquisition.

The Equity Transfer Agreement refers to the Equity Transfer Agreement on Beijing Wanda Investment Co., Ltd. signed by Ruyi Investment, Wanda Culture, Beijing Hengrun and Wang Jianlin on December 12, 2023 for this transaction.

China Securities Regulatory Commission refers to China Securities Regulatory Commission.

Shenzhen Stock Exchange means Shenzhen Stock Exchange.

Measures for the Administration of Acquisition refer to the Measures for the Administration of Acquisition of Listed Companies.

Format Standard No.15 refers to Content and Format Standard No.15 on Information Disclosure of Companies Offering Securities to the Public-Report on Changes in Equity (revised in 2020).

Listing Rules refer to the Listing Rules of Shenzhen Stock Exchange.

Yuan, thousand yuan and ten thousand yuan refer to RMB yuan, RMB thousand yuan and RMB ten thousand yuan.

Unless otherwise specified, the financial data and financial indicators quoted in this verification opinion refer to the financial data in the consolidated statements and the financial indicators calculated according to such financial data.

In this verification opinion, if there is any difference in the mantissa, the division and combination count in the part is directly added to the details, and these differences are caused by rounding.

Financial adviser’s verification opinion

This financial adviser gives professional opinions on the following matters of this equity change:

I. The truthfulness, accuracy and completeness of the information disclosed in the detailed equity change report.

Based on the principle of honesty, credit and diligence, this financial adviser has conducted due diligence on the contents involved in the detailed report on the change of rights and interests prepared by the information disclosure obligor in accordance with the working procedures stipulated in the practice rules, and reviewed and checked the detailed report on the change of rights and interests, and found no false records, misleading statements and major omissions. The information disclosure obligor has issued a statement, promising that there are no false records, misleading statements or major omissions in the detailed equity change report, and will bear individual and joint legal responsibilities for its authenticity, accuracy and completeness.

Based on the above analysis and arrangement, this financial adviser believes that the information disclosed by the information disclosure obligor in the detailed report on changes in equity compiled by him is true, accurate and complete, which meets the information disclosure requirements of the detailed report on changes in equity of listed companies in laws, regulations and normative documents such as the Securities Law, Measures for the Administration of Takeovers, Format Standard No.15 and so on.

II. Verification of the basic information of the information disclosure obligor

(1) Basic information of the information disclosure obligor

Upon verification, as of the signing date of this verification opinion, the basic information of the information disclosure obligor is as follows:

Company name Shanghai Ruyi Investment Management Co., Ltd.

Legal Representative Yu Yang

Date of establishment: December 25th, 2015

The registered capital is 10 million yuan.

Enterprise type limited liability company

Registered address: Room 3139, No.212, Lane 425, Fuyong Road, Songjiang District, Shanghai.

Unified social credit code 91310117MA1J137Q71

Scope Investment management, asset management. 【 Projects subject to approval according to law can only be operated after approval by relevant departments 】

The operating period is from December 25th, 2015 to December 24th, 2035.

Name of shareholder 1. 99.00% of Ke Liming; 2. Beijing Zhumeng Qiming Culture and Art Co., Ltd. 1.00%;

Address: Room 3139, No.212, Lane 425, Fuyong Road, Songjiang District, Shanghai.

Communication mode 021-33521291

The information disclosure obligor has issued "Shanghai Ruyi Investment Management Co., Ltd. on the non-existence of the acquirer"<上市公司收购管理办法>The provisions of Article 6 and compliance<上市公司收购管理办法>Explanation as stipulated in Article 50, confirming that:

"Confucianism and Italian investment does not exist in the circumstances stipulated in Article 6 of the Measures for the Administration of the Acquisition of Listed Companies, and can provide corresponding documents in accordance with the provisions of Article 50 of the Measures for the Administration of the Acquisition of Listed Companies."

According to the relevant explanations issued by the information disclosure obligor and after verification, this financial adviser believes that as of the signing date of this verification opinion, the information disclosure obligor has the main qualification to acquire WANDA CINEMAS, and there is no circumstance stipulated in Article 6 of the Measures for the Administration of Acquisition and the situation that laws and regulations prohibit the acquisition of listed companies, and the documents stipulated in Article 50 of the Measures for the Administration of Acquisition can be provided.

(2) The related property rights and control relationship of the information disclosure obligor

1, the information disclosure obligor equity control relationship structure diagram.

As of the date of issuance of this verification opinion, the equity control relationship of Ruyi Investment is shown in the following figure:

2. Basic information about the controlling shareholder and actual controller of the information disclosure obligor.

As of the date of issuance of this verification opinion, Mr. Ke Liming holds 99.00% equity of Ruyi Investment directly and 1.00% equity of Ruyi Investment indirectly through Beijing Zhumeng Qiming Culture and Art Co., Ltd., and is the controlling shareholder and actual controller of Ruyi Investment.

Mr. Ke Liming, male, born in April 1983, is a China citizen with no permanent residency abroad, and holds a postgraduate degree. He is currently the executive director and chairman of China Ruyi Holdings Co., Ltd. and the executive president of Pumpkin Films Limited. As an investor and producer, Ke Liming once led and invested in films such as Keep You Safe, Exchange Life, Moon Man, Hello Li Huanying, A Little Red Flower, Animal World, Sewing Machine Band, never gone, To Our Dying Youth, The Old Boy Raptors Across the River, Old Chinese Medicine Doctor, Old Pub, Frontier of Love and No War in Beiping.

3, the information disclosure obligor and its controlling shareholders, actual controllers control or exert significant influence on the core enterprises and core business.

As of the signing date of this verification opinion, the core enterprises controlled or exerted significant influence by Confucianism and Italy are as follows:

No. Enterprise Name Registered Capital The Company’s shareholding ratio/capital contribution ratio Business scope

Direct and indirect

1 Shanghai Youlan Real Estate Co., Ltd. 100 million RMB 100%-real estate development, property management, real estate brokerage, business information consulting, enterprise management consulting, engaged in import and export business of goods and technologies, entrepot trade, trade between enterprises in the region and trade agents.

2 Beijing Youlan Real Estate Co., Ltd. 10 million yuan-100% real estate development; Property management; Economic and trade consultation; Enterprise management consulting; Import and export of goods, technology and agents; Freight forwarder.

As of the signing date of this verification opinion, the controlling shareholder and actual controller of Ruyi Investment, Mr. Ke Liming, except the Company and the above-mentioned enterprises, can control or exert significant influence on the core enterprises as follows:

No. Enterprise name Registered capital/share capital Keliming shareholding ratio/contribution ratio Business scope

Direct and indirect

1 Beijing Zhumeng Qiming Culture and Art Co., Ltd. 100,000 yuan 100%-literary creation; Organizing cultural and artistic exchange activities (excluding performances); Sales of stationery, Wujinjiaodian; Enterprise management consulting.

No. Enterprise name Registered capital/share capital Keliming shareholding ratio/contribution ratio Business scope

Direct and indirect

2 Yongxin Ivy Cultural Service Center (limited partnership) 500,000 49%-exchange and planning of film and television cultural and artistic activities, technical development, technical service, technical consultation, literary creation, exhibition service, corporate image planning, etiquette service, film and television equipment, clothing and props rental in the field of film and television culture. 【 Projects subject to approval according to law can only be operated after approval by relevant departments 】

0.1% of Beijing Ruyi Xinxin Film Investment Co., Ltd. holds 50.9% of radio and television programs through Yongxin Ivy Cultural Service Center (limited partnership); Internet information service; Investment management; Investment consulting; Advertising design, production, agency and release; Graphic design and production; Rental of film and television equipment, film and television equipment and stage costumes; Film and television planning; Photography service; Sales of electronic products, daily necessities, office supplies, clothing, shoes and hats, knitwear, jewelry, household appliances, toys. ("1, without the approval of the relevant departments, shall not raise funds in public; 2. Trading activities of securities products and financial derivatives shall not be publicly carried out; 3. No loans are allowed; 4. No guarantee shall be provided to any enterprise other than the invested enterprise; 5. Do not promise investors that the investment principal will not be lost or promise the minimum income "; Enterprises independently choose business projects and carry out business activities according to law; Projects that must be approved according to law shall carry out business activities according to the approved contents after being approved by relevant departments; Shall not engage in business activities of projects prohibited and restricted by the industrial policies of this Municipality. )

4 Sweet Orange Film (Beijing) Co., Ltd. 3 million-holding 51% of the film production through Beijing Ruyi Xinxin Film Investment Co., Ltd.; Organizing cultural and artistic exchange activities (excluding performances); Lease construction machinery and equipment; Market research; Economic and trade consultation; Enterprise management consulting; Public relations service; Enterprise planning; Design, produce, represent and publish advertisements; Undertaking exhibition activities; Conference services; Computer animation design; Translation services; Photographic printing service; Literary and artistic creation; Etiquette service; Production of radio and television programs; Internet information service; Film distribution; Engaged in Internet cultural activities; Performance broker. (Enterprises independently choose business projects and carry out business activities according to law; Radio and television program production, Internet information service, film distribution, engaging in Internet cultural activities, performance brokerage and projects that must be approved according to law shall conduct business activities according to the approved contents after being approved by relevant departments; Shall not engage in business activities of projects prohibited and restricted by the industrial policies of this Municipality. )

5 Shanghai Confucianism and Italy received 3 million-through Beijing radio and television program production, film distribution and film production,

No. Enterprise name Registered capital/share capital Keliming shareholding ratio/contribution ratio Business scope

Direct and indirect

Panxia Film and Television Production Co., Ltd. Ruyi Xinxin Film Investment Co., Ltd. holds 51% of film and television cultural and artistic activities exchange planning, stage art modeling planning, literary creation, enterprise marketing planning, exhibition and display services, photography and camera services, translation services, film and television equipment, clothing, stage lighting and audio equipment leasing (except financial leasing), designing and producing advertisements, and publishing various advertisements by using its own media. 【 Projects subject to approval according to law can only be operated after approval by relevant departments 】

6 Virtual Cinema Holding Limited US$1.00 100% – Produce and distribute TV Shows

7 Pumpkin Films Limited US$50,000 100% – Produce and distribute TV Shows

8 China Confucianism HKD2.32 million-16.34% is mainly engaged in content production and online streaming media business, Internet community services and related businesses, as well as manufacturing and selling accessories.

Among the above-mentioned enterprises, Beijing Zhumeng Qiming Culture and Art Co., Ltd., Yongxin Ivy Cultural Service Center (Limited Partnership), Beijing Ruyi Xinxin Film Investment Co., Ltd., Sweet Orange Film (Beijing) Co., Ltd., Shanghai Ruyi Receptionist Film Production Co., Ltd., Virtual Cinema Holding Limited and Pumpkin Films Limited have no substantive business at present.

(three) a brief description of the main business and financial situation of the information disclosure obligor in the last three years.

The main business of Confucianism and Italian investment is investment management and asset management.

The main financial data of the consolidated financial statements of Ruyi Investment in the last three years and the first period are as follows:

Unit: 10,000 yuan

Project September 30, 2023/January-September, 2023 /2022 /2021/2021 /2020

Total assets 27,098.62 27,416.26 28,070.78 3,872.51

Total liabilities are 30,483.58 30,475.04 30,457.84 5,331.90.

Total owner’s equity-3,384.96-3,058.78-2,387.07-1,459.39

Total operating income 80.35 92.51 41.63 87.38

Total profit-326.19-671.71-950.42-650.81

Net profit-326.19-671.71-950.42-650.81

Net profit attributable to owners of parent company-326.19-671.71-950.42-628.07

The asset-liability ratio is 112.49% 111.16% 108.50% 137.69%.

Note: The financial data of Confucian and Italian investment have not been audited.

(4) whether the information disclosure obligor and its controlling shareholder have been subjected to administrative punishment (except those obviously unrelated to the securities market), criminal punishment, or major civil litigation or arbitration related to economic disputes and the verification of credit records in the last five years.

According to the relevant statements issued by the information disclosure obligor and after verification, our financial adviser believes that as of the signing date of this verification opinion, Ruyi Investment and its controlling shareholder and actual controller, Mr. Ke Liming, have not been subjected to administrative punishment (except for those obviously unrelated to the securities market) or criminal punishment in the last five years, nor have they involved in major civil litigation or arbitration related to economic disputes, and there are no cases of failing to repay large debts or fulfill commitments on time, and there are no major bad credit records related to the securities market.

(5) Information about the directors, supervisors and senior managers of the information disclosure obligor.

As of the signing date of this verification opinion, the directors, supervisors and senior managers of Ruyi Investment are as follows:

Serial number, name, position, gender, nationality, long-term residence, and whether there is permanent residency abroad.

1 Yu Yang Executive Director and General Manager Male China China None

2 Chen Cong Supervisor Male China China None

As of the signing date of this verification opinion, the above-mentioned personnel have not been subjected to administrative punishment (except those obviously unrelated to the securities market) or criminal punishment in the last five years, nor have they been involved in major civil litigation or arbitration related to economic disputes, and there are no cases of failing to repay large debts on schedule or fulfill commitments, and there are no major bad credit records related to the securities market.

(6) The information disclosure obligor, its controlling shareholder and actual controller have 5% or more shares in other listed companies at home and abroad.

Upon verification, as of the signing date of this verification opinion, there is no situation that the shares of Ruyi Investment in other listed companies at home and abroad have reached or exceeded 5% of the issued shares of the company.

Mr. Keliming, the controlling shareholder and actual controller of Ruyi Investment, holds 16.34% of the total share capital of China Ruyi (0136.HK), and at the same time, Mr. Keliming was granted the warrants for 1.834 billion shares of China Ruyi through the personal wholly-owned company Pumpkin Films Limited. These warrants have not been exercised, and they do not constitute the common stock of China Ruyi before exercising.

(7) Information about banks, trust companies, securities companies and insurance companies in which the information disclosure obligor and its controlling shareholders and actual controllers hold more than 5% of shares at home and abroad.

Upon verification, as of the signing date of this verification opinion, Ruyi Investment and its controlling shareholder and actual controller, Mr. Ke Liming, do not exist in banks, trust companies, securities companies and insurance companies that hold more than 5% shares at home and abroad.

Three, about the information disclosure obligor’s guidance and supervision.

Our financial adviser has given necessary guidance to the information disclosure obligor for the standardized operation of the securities market, and the information disclosure obligor has been basically familiar with the relevant laws, administrative regulations and the provisions of the China Securities Regulatory Commission, and fully understood the obligations and responsibilities he should bear.

The financial advisor will urge the information disclosure obligor to perform the reports, announcements and other legal obligations related to this change of rights and interests according to law.

IV. Verification of the purpose and approval procedures of the change of rights and interests

(1) Verification of the purpose of this equity change

According to the explanation issued by Mr. Ke Liming and Ruyi Investment, WANDA CINEMAS, as a leading enterprise in the film industry, has a leading market share in cinema film projection business, and also covers the business capacity of the whole industry chain of film investment, production, distribution and projection. Based on the recognition of WANDA CINEMAS’s long-term investment value and confidence in its future development prospects, Mr. Ke Liming intends to become the actual controller of WANDA CINEMAS by acquiring 51.00% equity of Wanda Investment jointly held by Wanda Culture, Beijing Hengrun and Wang Jianlin, and Ruyi Investment will become the controlling shareholder of WANDA CINEMAS.

After the completion of this transaction, Mr. Keliming and Ruyi Investment will combine their own resources and management experience to help the long-term healthy development of listed companies, enhance their profitability and bring good returns to all shareholders in accordance with the principle of being conducive to the sustainable development of listed companies and the interests of shareholders.

Upon verification, the financial adviser believes that the purpose of this change of rights and interests of the information disclosure obligor is clear and the reasons are sufficient, which meets the requirements of existing laws and regulations.

(2) Verification of the information discloser’s plan to continue to increase its holdings of shares or dispose of the shares it already owns in the next 12 months.

Upon verification, as of the signing date of this verification opinion, the information disclosure obligor has no plans to increase or decrease its rights and interests in listed companies.

This change in equity constitutes an indirect acquisition of listed companies. According to Article 74 of the Measures for the Administration of Acquisition of Listed Companies: "In the acquisition of listed companies, the shares of the acquired company held by the acquirer shall not be transferred within 18 months after the acquisition is completed." Therefore, the information disclosure obligor has made a commitment that, unless otherwise stipulated by laws, regulations or regulatory requirements, the Company will not transfer its equity in Wanda Investment within 18 months from the date of completion of this equity change, and Wanda Investment controlled by the Company will not reduce its shareholding in WANDA CINEMAS, a listed company. If the lock-up period promised by our company is inconsistent with the latest laws, regulations or regulatory requirements, our company will make corresponding adjustments according to the latest laws, regulations or regulatory requirements.

(three) the verification of the decision-making procedures performed by the information disclosure obligor of this change in rights and interests.

This financial adviser consulted the decision-making documents of the obligor for disclosure of the letter on this change of rights and interests. According to the provisions and requirements of the Articles of Association of Ruyi Investment, on December 12, 2023, Ruyi Investment held a shareholders’ meeting to pass the relevant matters of this transaction.

V. Verification of changes in rights and interests

(1) Checking the number, proportion and changes of the shares in the listed company that the information disclosure obligor has interests in.

Upon verification, the number, proportion and changes of shares in the listed company in which the information disclosure obligor has interests are as follows:

Before this equity change, Ruyi Investment did not hold any shares and equity of WANDA CINEMAS. Mr. Ke Liming, the controlling shareholder and actual controller of Ruyi Investment, holds 16.34% of the total share capital of China Ruyi (0136.HK), a Hong Kong listed company. Ruyi Film and Television, controlled by China Ruyi through an agreement, has held 49.00% of the shares of Wanda Investment, the controlling shareholder of WANDA CINEMAS, before this transaction.

After the completion of this equity change, the direct controlling shareholder of the listed company has not changed, the indirect controlling shareholder has changed to Confucianism and Italian investment, and the actual controller will be changed from Mr. Wang Jianlin to Mr. Ke Liming. Mr. Ke Liming holds 51.00% shares of Wanda Investment, the controlling shareholder of listed companies, through Confucianism and Italy Investment, and indirectly controls 20.00% shares of listed companies through Wanda Investment. In addition, Mr. Ke Liming also holds 16.34% shares of China Ruyi, and China Ruyi holds 49% shares of Wanda Investment through Ruyi Film and Television.

The equity structure before this equity change is as follows:

The equity structure after this equity change is as follows:

(II) Verification of the way of this equity change.

Upon verification, this equity change is as follows:

The way of this equity change is indirect acquisition of control rights of listed companies. On December 12, 2023, Wanda Culture, Beijing Hengrun and Wang Jianlin signed the Equity Transfer Agreement with Ruyi Investment, and acquired 51.00% equity of Wanda Investment at a total transfer price of 2.155 billion yuan. After the completion of this equity change, Ruyi Investment indirectly controls 20.00% of the total share capital of listed companies by controlling Wanda Investment.

Upon verification, the financial adviser believes that the way of this equity change is in line with the provisions of existing laws and regulations.

(III) Verification of the main contents of the Equity Transfer Agreement for this equity change.

Upon verification, the main contents of the Equity Transfer Agreement for this equity change are as follows:

Transferor (Party A): Wanda Culture Group (Transferor 1), Beijing Hengrun (Transferor 2) and Mr. Wang Jianlin (Transferor 3).

Transferee (Party B): Ruyi Investment.

Target company: Wanda Investment

1. Equity transfer and transfer price

(1) Party A shall transfer its 51% equity of the target company (corresponding to the registered capital of RMB 1,530,000,000) (hereinafter referred to as the "target equity") together with the related rights and obligations agreed in this agreement to Party B in accordance with this agreement.

(2) The total transaction consideration of this transaction is RMB 2.155 billion (hereinafter referred to as "transfer price"), and the transfer ratio and transfer consideration of each transferor are shown in the following table. Party B shall pay in cash in RMB. Based on the principle of current transaction at the time of delivery, unless otherwise agreed in this agreement, the equity transfer price will not be adjusted for any reason.

The transferor’s equity ratio corresponds to the registered capital (yuan) and the transfer consideration (yuan).

Wanda Culture 20% 600,000,000 845,098,040

Beijing Hengrun 29.8% 894,000,000 1,259,196,080

Wang Jianlin 1.2% 36,000,000 50,705,880

Total: 51% 1,530,000,000 2,155,000,000.

2. Delivery and payment

(1) Party B may pay all the transfer price to the account designated by Party A as agreed in this Agreement by itself or by a third party; Party A has the right to require Party B to bear the specific debts of Party A with the amount not exceeding the transfer price instead of the cash payment of the corresponding amount of the transfer price.

(2) Transferor 2 shall, together with Party B, submit an application for registration of 29.8% of the underlying equity transfer to Beijing Chaoyang District Market Supervision Administration ("Market Supervision Administration") within five working days after all other preconditions except the third one agreed in this Agreement are met or exempted. Party B shall pay the first transfer price of RMB 862 million to the designated collection account specified in this agreement within five working days after the registration of such equity transfer is completed.

(3) Transferor 1 and Transferor 3 shall, within five working days after Party B pays the transfer price of 862 million yuan, together with Party B, submit the application for registration of 20% and 1.2% of the underlying equity transfer, the application for registration of change of the name of the underlying company, the application for registration of change of the legal representative and other relevant documents ("change documents") required by the Market Supervision Administration. Party B shall pay the remaining transfer price of RMB 1.293 billion to the designated account specified in this agreement within three months after the above changes are completed and the conditions stipulated in Item 3 of the preconditions stipulated in this agreement are met. Party B pays off all the transfer price as the delivery of this transaction ("delivery"), and the date of paying off the transfer price is the delivery date (hereinafter referred to as "delivery date"). Since the delivery date, the transferee shall enjoy the shareholder’s rights and assume the shareholder’s obligations with respect to the underlying equity, and all undistributed profits corresponding to the underlying equity shall be enjoyed by the transferee.

(4) If the transaction cannot be continued due to the subjective and intentional reasons of Party A (including but not limited to the ownership defects of the underlying equity and/or WANDA CINEMAS shares, or Party A sells the underlying equity and/or WANDA CINEMAS shares separately within the validity period of this agreement, or Party A fails to cooperate with the registration procedures for the change of the underlying equity), Party B has the right to decide to terminate the transaction and ask Party A to refund all the money (if any) paid by Party B and bear the liability for breach of contract.

(5) Both parties confirm that, limited by the representations and guarantees made by Party A in this Agreement, on the delivery date, Party A will hand over the target equity to Party B on the delivery date or the status quo of the equity transfer registration date. If the relevant target equity has been transferred and registered under Party B’s name according to this Agreement before the delivery date, Party B shall assume the shareholder’s obligations and all risks and responsibilities related to these target equity from the date of transfer registration.

(6) Party A further promises that, if permitted by the Articles of Association of WANDA CINEMAS, Party A shall urge concerted parties, including but not limited to Shenxian Rongzhi Xingye Management Consulting Center (Limited Partnership) and Beijing Wanda Cultural Industry Group Co., Ltd., to cooperate with Party B to complete the reorganization of the board of directors of WANDA CINEMAS within one month after the delivery date in accordance with this agreement. Including but not limited to urging more than half of the former directors of WANDA CINEMAS (including three non-independent directors) to resign and be replaced by candidates recommended by Party B, and the directors recommended by Party B will serve as the chairman and legal representative of WANDA CINEMAS, and continue to vote for the directors recommended by Party B in the election of directors at the WANDA CINEMAS shareholders’ meeting under the condition that Party A and its concerted parties hold shares in WANDA CINEMAS.

(7) After the transaction is delivered according to the provisions of this Agreement, the target company shall enjoy the rights and bear the responsibilities (including but not limited to the nomination rights of directors and supervisors) to WANDA CINEMAS in accordance with applicable laws and regulations and the Articles of Association. Party B promises that Party A or its affiliated parties also have the right to nominate two WANDA CINEMAS directors (including one non-independent director) in the above-mentioned reorganization of the board of directors, and Party B and its affiliated parties shall (and shall urge its affiliated parties, concerted parties and the target company) recommend the qualified directors proposed by Party A or its affiliated parties to WANDA CINEMAS through the target company, and vote in favor at the shareholders’ meeting to elect the directors recommended by Party A; Moreover, under the premise that Party A and its concerted parties do not actively reduce their holdings of WANDA CINEMAS shares after this transaction, they will continue to vote for the directors recommended by Party A in line with the above agreement when electing directors at the WANDA CINEMAS shareholders’ meeting.

3. Rights and obligations of Party A

(1) Party A shall provide the equity transfer documents that Party A needs to prepare in time, handle the tax declaration involved in the equity transfer, and handle the delivery together with Party B.. Party A shall obtain the necessary authorizations to complete this transaction under this agreement, and these authorizations shall be in a valid state on the delivery date.

(2) Party A shall clear up the creditor’s rights and debts of Wanda Investment before the delivery date, so that Wanda Investment has no other substantive assets and liabilities (including contingent liabilities) except holding WANDA CINEMAS shares.

(3) Party B clearly knows and recognizes that Party A has disclosed to Party B the performance commitment compensation obligation of Wanda Investment due to the issuance of shares to purchase assets by WANDA CINEMAS (see the Reply on Approving WANDA CINEMAS Co., Ltd. to Issue Shares to Purchase Assets by Beijing Wanda Investment Co., Ltd. issued by China Securities Regulatory Commission on April 23, 2019 for details), and both parties confirm that after the delivery date, Transferor 1 and Transferor 2 shall be responsible for handling the compensation obligations for Wanda’s investment performance commitments arising from the above matters, so that these compensation obligations will not have a negative impact on Party B’s rights and interests as a shareholder of Wanda Investment at the consolidated statement level, and Party B shall cooperate. However, if the compensation obligation is not successfully transferred, and Wanda Investment actually undertakes the corresponding compensation obligation, then Transferor 1 and Transferor 2 shall compensate Party B..

(4) Party A promises that the remaining term of the lease contract (Wanda Commercial Management as the lessor and WANDA CINEMAS as the lessee) between Dalian Wanda Commercial Management Group (including affiliated companies or subsidiaries, collectively referred to as "Wanda Commercial Management") and WANDA CINEMAS (including branches and subsidiaries) shall not be less than 10 years (the remaining term mentioned in this article shall be counted from January 1, 2024), and may be extended for another 10 years after the expiration of the 10-year lease term. If the remaining life of the existing lease contract is less than 10 years, Party A promises to urge Wanda Commercial Management to agree to adjust the lease contract term to not less than 10 years by changing the contract or signing a supplementary agreement, and it can be extended for another 10 years after the contract expires. Party A agrees to urge Wanda Commercial Management Co., Ltd. to cooperate with WANDA CINEMAS in priority under the same conditions for all its own property rights projects, and the rent shall be agreed with reference to the standards of wanda plaza at the same level.

4. Rights and obligations of Party B

(1) Party B shall pay the transfer price of the target equity in time according to the agreement.

(2) Party B shall take all necessary actions and measures to apply for and obtain all regulatory approval procedures related to the implementation of this transaction and under this agreement in accordance with relevant laws and regulations, and provide relevant information and materials in a timely manner.

(3) Party B shall provide the relevant documents required for the transfer registration of the underlying equity in time and handle the delivery together with Party A on schedule.

5. Prerequisites

The delivery of this transaction is based on the premise that the following conditions are properly met or exempted according to this agreement:

(1) Party B has obtained all regulatory approvals required for the performance of this Agreement (if necessary).

(2) Party A has cleared up the creditor’s rights and debts of Wanda Investment according to the agreement.

(3) The remaining term of the lease contract (Wanda Commercial Management as the lessor and WANDA CINEMAS as the lessee) that Party A has urged Wanda Commercial Management to exist with WANDA CINEMAS (including its branches and subsidiaries) shall not be less than 10 years (the remaining term mentioned in this article shall be counted from January 1, 2024). If the remaining term of the existing lease contract is less than 10 years, Party A shall have urged Wanda Commercial Management to agree to adjust the lease contract term to not less than 10 years by signing a new contract or signing a supplementary agreement.

(4) There has been no major adverse change in Wanda’s investment.

6. Transition period and post-delivery obligations

(1) Both parties confirm that subject to the representations and guarantees made by Party A in this Agreement, the underlying equity is traded and delivered according to the status quo on the delivery date.

(2) Party B has fully understood the process and results of due diligence on the underlying equity and Wanda Investment, and Party A promises not to conceal any information related to the underlying equity and Wanda Investment that has a significant adverse impact on the value of the underlying equity within its knowledge. During the period from the signing date of this Agreement to the delivery date, except for the matters explicitly agreed in this Agreement (including but not limited to clearing up the creditor’s rights and debts of Wanda Investment), Wanda Investment shall not have any major non-operating matters that may affect the value of the underlying equity, such as changes in its share capital, changes in its main business or business direction, sale of WANDA CINEMAS shares, new liabilities and contingent liabilities.

(3) The profits and losses, rights and obligations of Wanda Investment corresponding to the underlying equity from the delivery date shall be enjoyed and undertaken by Party B in accordance with the articles of association of Wanda Investment, unless otherwise agreed in this Agreement.

(4) Both parties confirm that on the delivery date, they will hand over the current situation of the target company and sign the handover confirmation, and the date of signing the handover confirmation is the handover date ("handover date"). For the avoidance of doubt, the term "handover" under this agreement refers to the delivery of core certificates such as official seal, financial seal, original copy of business license and U-Key (if any) of the target company.

(5) Both parties make it clear: ① The trademarks, trade names, logos and logos with "Wanda" in both Chinese and English (collectively referred to as "Wanda Brand") registered as the target company and its subsidiaries (including WANDA CINEMAS) are not within the scope of this transfer transaction and should be transferred to the designated entity of Party A for free within a reasonable period agreed by both parties not later than 12 months after delivery. After the above transfer, If the target company and its subsidiaries need to continue to use the above-mentioned Wanda brands including WANDA CINEMAS, Wanda International Film, Wanda Cinema, Wanda Cinema or other trademarks, trade names, logos and logos related to the operation of the film industry, cinema and cinema ("WANDA CINEMAS-related brands"), Party A shall make the transferee sign a license agreement with the target company or its subsidiaries at the same time without compensation, and the specific agreement shall be subject to the license agreement; ② Intellectual property rights ("other intellectual property rights") such as patents and copyright owned by the registered target company and its subsidiaries (including WANDA CINEMAS) shall be identified and negotiated within a reasonable period agreed by both parties not later than 12 months after delivery. The principles are as follows: 1) those used only by the target company and/or WANDA CINEMAS and its subsidiaries shall still belong to the original rights subject, and 2) those used only by Party A and its related parties. It shall be transferred to the designated entity of Party A for free; 3) Party A and its related parties are the main users, but if the target company and/or WANDA CINEMAS and its subsidiaries also use it, it shall also be transferred to the designated entity of Party A for free.However, at the same time, the transfer shall be freely licensed to the target company and/or WANDA CINEMAS and its subsidiaries by signing a license agreement.

The two sides further clarified that:

① Party B shall ensure that the above Wanda brand and other intellectual property rights can only be used by the target company and its subsidiaries for daily business, and shall not authorize other parties to use them without the consent of Party A;

(2) When Party A or Party A’s affiliated party applies for a new trademark, if Wanda brand is blocked first, Party B shall ensure that the target company and its subsidiaries unconditionally cooperate to sign an agreement agreeing to coexist with the trademark applied by Party A or Party A’s affiliated party.

(3) In the case of Wanda brand and other intellectual property rights-related activities, Party B shall ensure the full cooperation of the target company and its subsidiaries, and issue relevant authorization documents to the designated entity of Party A..

(6) Party B shall clear up all the guarantees provided by Party A or its related parties for WANDA CINEMAS’s debts within one month after the delivery date. If Party A or its related parties bear the guarantee responsibility due to failure to clear up in time, Party B shall compensate them.

(7) Party A and Party B shall fully cooperate to jointly ensure the smooth transition of the business operation of the target company and its subsidiaries.

7. Liability for breach of contract

(1) After the signing of this agreement, except for force majeure, if either party fails to perform or fails to perform any obligations under this agreement in time or improperly, or violates any statements, guarantees or commitments made under this agreement, it shall bear corresponding legal responsibilities in accordance with the law.

(2) The breaching party shall continue to perform its obligations, take remedial measures or pay compensation to the observant party according to the requirements of the observant party. The above compensation includes the compensation for the direct and indirect losses suffered by the observant party, but it shall not exceed the losses that the breaching party foresaw or should have foreseen when entering into this Agreement, which may be caused to other parties due to its violation of this Agreement.

(3) In addition to the liabilities for breach of contract agreed in the foregoing and other clauses of this agreement, if one party fails to pay the other party within the time limit agreed in this agreement, it shall also pay the overdue payment penalty to the receiving party at the interest rate of three ten thousandths per day for the unpaid part from the overdue date to the actual payment.

(4) Unless otherwise agreed in this Agreement, one party to this Agreement shall not be exempted from the liability for breach of contract due to the termination or dissolution of this Agreement.

8. Signing and Entry into Force of this Agreement

This agreement shall be established after being formally signed by both parties, and shall come into effect after Party B obtains the consent of the competent authorities stipulated in this agreement. If other documents need to be signed for necessary formalities and declaration purposes, whatever the contents of these documents are, the agreement shall prevail if they are inconsistent with this agreement.

Upon verification, the financial adviser believes that the main contents of the agreement involved in this equity change are in compliance with laws and regulations. In view of the fact that the preconditions of this transaction have not been fully met and the financing has not been fully put in place, there is still some uncertainty about the pace of the final completion of this transaction.

(4) Verification of the restrictions on the rights of shares involved in this equity change.

As of the signing date of this verification opinion, the equity of Wanda Investment involved in this equity change does not have any rights restrictions such as pledge and freezing.

The 70 million shares of WANDA CINEMAS held by Wanda Investment are pledged and will be released before the delivery date of this transaction. It is expected that there are no obstacles to the release. Except for the foregoing, there are no other rights restrictions such as pledge and freezing on WANDA CINEMAS shares held by Wanda Investment.

(five) the verification of the approval that still needs to be obtained for this change of rights and interests.

Upon verification, as of the signing date of this verification opinion, the legal procedures for this transaction have been completed as follows:

1. On December 12, 2023, Ruyi Investment held a shareholders’ meeting to pass the relevant matters of this transaction.

2. On December 12, 2023, Wanda Culture held a shareholders’ meeting to pass the relevant matters of this transaction.

3. On December 12, 2023, Beijing Hengrun held a shareholders’ meeting to pass the relevant matters of this transaction.

As of the signing date of this verification opinion, the legal procedures to be performed in this transaction are as follows:

1. Go through the industrial and commercial change registration involving this equity change.

2. Obtain all regulatory approvals required for performance (if necessary).

VI. Verification of sources of funds

The total consideration of this acquirer transaction is 2.155 billion yuan, and the specific arrangements for the sources of investment of Confucianism and Italy are as follows:

Mr. Ke Liming has been engaged in the field of investors and producers for many years and has strong financial strength. In 2015, he sold 49% equity of Beijing Ruyi Xinxin Film Investment Co., Ltd. he controlled to the M&A fund of Tianshen Entertainment (002354) for 1.323 billion yuan. According to the deposit certificate provided by Mr. Ke Liming, this time it will contribute 862 million yuan with its own funds.

The remaining consideration of 1.293 billion yuan is intended to be obtained by applying for a merger loan from the bank. Depending on the bank’s credit enhancement needs, it may be necessary to pledge the shares obtained from this equity change to the bank. The specific loan situation is subject to the loan agreement signed by both parties. The repayment sources of M&A loans include, but are not limited to, investment income, personal salary, family accumulation, and China Confucian and Italian stock pledge and reduction.

If the M&A loan funds cannot be put in place due to special events, Mr. Ke Liming will raise funds by pledging China Confucian and Italian shares and increasing the loan amount of relatives and friends. Mr. Ke Liming currently holds 16.34% shares of China Ruyi (HK.0136) through Pumpkin Films Limited, with a value of about RMB 3.1 billion.

Upon verification of the information obligor’s statement and asset strength, the information obligor’s acquisition funds are all from legitimate self-owned funds and self-raised funds, and there is no direct or indirect source from listed companies or their related parties; There is no case of using the funds of listed companies and their related parties directly or indirectly for the funds needed to be paid for this transfer of shares through external fundraising, agency holding, structured arrangement; There is no case of accepting financial assistance, compensation, promised income or other agreement arrangements provided by listed companies or their stakeholders.

VII. Verification of the follow-up plan

After verification, as of the signing date of this verification opinion, the information disclosure obligor’s follow-up plan for the listed company is as follows:

(a) plans to change the main business of a listed company or make major adjustments to the main business of a listed company in the next 12 months.

Upon verification, as of the signing date of this verification opinion, the information disclosure obligor has no clear plan to change or significantly adjust the main business of the listed company in the next 12 months.

After the completion of this equity change, the information disclosure obligor will maintain the normal production and business activities of listed companies in accordance with the principle of benefiting the sustainable development of listed companies and the interests of all shareholders.

(2) Plans for selling, merging, joint venture or cooperation with others on the assets and business of the listed company or its subsidiaries in the next 12 months, or reorganization plans for the listed company to purchase or replace assets.

Upon verification, according to the Equity Transfer Agreement, the information disclosure obligor intends to transfer the Wanda brand owned by WANDA CINEMAS (including the trademark, trade name, logo, etc. of "Wanda" in Chinese and English) to the designated entity of Wanda Culture, Beijing Hengrun or Wang Jianlin free of charge. If WANDA CINEMAS intends to continue to use related brands in WANDA CINEMAS in the future, the designated entity of Wanda Culture, Beijing Hengrun or Wang Jianlin will sign a license agreement with WANDA CINEMAS. Except for the above, as of the signing date of this verification opinion, the information disclosure obligor has no other clear plans for selling, merging, joint venture or cooperation with others on the assets and business of the listed company or its subsidiaries in the next 12 months.

(3) A plan to change the composition of the current board of directors or senior managers of the listed company.

According to the Equity Transfer Agreement, after the delivery date, the information disclosure obligor will re-elect the board of directors and the board of supervisors according to the Listing Rules, Articles of Association and other relevant laws, regulations and normative documents.

As of the date of signing this report, the candidates for directors and supervisors to be recommended have not been finalized. After the information disclosure obligor finally determines the directors and supervisors to be recommended, it will perform the corresponding procedures for changing directors and supervisors and disclosure obligations in accordance with the requirements of relevant laws and regulations. In the future, if the composition of the board of directors and the board of supervisors of listed companies is to be further changed according to the actual needs of listed companies, the information disclosure obligor will also perform the relevant approval procedures and information disclosure obligations in strict accordance with the provisions of relevant laws and regulations.

(four) the plan to amend the Articles of Association of the listed company.

Upon verification, as of the signing date of this verification opinion, the information disclosure obligor has no other plans to amend the Articles of Association of the listed company. In the future, if the information disclosure obligor intends to amend the Articles of Association of a listed company, he will perform the relevant approval procedures and information disclosure obligations in strict accordance with the provisions of relevant laws and regulations.

(five) plans to make major changes to the existing employee employment plan of the listed company.

Upon verification, as of the signing date of this verification opinion, the information disclosure obligor has no clear plan to make major changes to the existing employee employment plan of the listed company in the next 12 months.

(six) the plan to modify the dividend policy of listed companies.

Upon verification, as of the signing date of this verification opinion, the information disclosure obligor has no clear plan to significantly adjust the existing dividend policy of listed companies in the next 12 months.

(seven) other plans that have a significant impact on the business and organizational structure of the listed company.

Upon verification, as of the signing date of this verification opinion, except for the information disclosed above, the information disclosure obligor has no other adjustment plans that have a significant impact on the business and organization of the listed company.

VIII. Verification of the impact of this equity change on listed companies

(A) the impact on the independence of listed companies

Upon verification, after the completion of this equity change, the information disclosure obligor will exercise his rights and perform the corresponding shareholder obligations in accordance with the relevant laws and regulations and the Articles of Association of the listed company. The listed company still has independent legal person qualification, perfect corporate governance structure, market-oriented independent operation ability and sustainable profitability, and will continue to remain independent in procurement, production, operation, sales, finance and intellectual property rights.

In order to maintain the independence of listed companies, the information disclosure obligor makes the following commitments:

"1. After the Company becomes the indirect controlling shareholder of WANDA CINEMAS, the Company and other subordinate enterprises controlled by the Company will continue to exercise their shareholder rights in accordance with laws, regulations and the Articles of Association of WANDA CINEMAS, and will not use the status of shareholders of listed companies to affect the independence of listed companies, and ensure WANDA CINEMAS’s independence in assets, personnel, finance, business and institutions in accordance with the relevant requirements of relevant laws, regulations and regulatory documents of A-share listed companies.

2. This Letter of Commitment shall come into effect on the day when the following conditions are met:

(1) This letter is signed by our company;

(2) The Company became the indirect controlling shareholder of WANDA CINEMAS.

3. This Letter of Commitment shall be effective from the effective date until the following circumstances occur (whichever is earlier):

(1) The Company is no longer the indirect controlling shareholder of WANDA CINEMAS;

(2) WANDA CINEMAS terminated its listing.

4. The Company will faithfully fulfill the above commitments and bear corresponding legal responsibilities. "

In order to maintain the independence of listed companies, Mr. Ke Liming, the controlling shareholder and actual controller of the information disclosure obligor, has also made the above commitment to maintain the independence of listed companies.

(II) Competition in the same industry and relevant solutions

Upon verification of the business license of the enterprise controlled by Keliming, as of the signing date of this verification opinion, The enterprises controlled by Ke Liming, the controlling shareholder and actual controller of the information disclosure obligor, include Beijing Zhumeng Qiming Culture and Art Co., Ltd., Yongxin Ivy Cultural Service Center (Limited Partnership), Beijing Ruyi Xinxin Film Investment Co., Ltd., Sweet Orange Film (Beijing) Co., Ltd., Shanghai Ruyi Receptionist Film Production Co., Ltd., Virtual Cinema Holding Limited and Pumpkin Films Limited, although they have no substantive business, their business scope partially overlaps with that of WANDA CINEMAS.

After checking the annual reports of China Ruyi and WANDA CINEMAS, we know the business situation and income composition of China Ruyi and WANDA CINEMAS. The enterprises that Ke Liming exerted great influence on, China Ruyi and WANDA CINEMAS, are engaged in similar businesses in the film and television drama production business and online game business. According to WANDA CINEMAS’s 2022 annual report, the aforementioned similar businesses accounted for 9.48% of WANDA CINEMAS’s total annual income, accounting for a relatively low proportion.

Except for the above, there is no horizontal competition between the information disclosure obligor and the company controlled or exerted significant influence by its controlling shareholder or actual controller and WANDA CINEMAS. In order to avoid any actual or potential competition between the Company and other enterprises controlled by the Company and WANDA CINEMAS and its affiliated enterprises in the future, the information disclosure obligor Ruyi Investment makes the following commitments:

"1. There is no horizontal competition between the Company and other enterprises controlled by the Company and the main business of WANDA CINEMAS and its affiliated enterprises.

2. The Company will take active measures to avoid any business or activity that is or may be competitive with the main business of WANDA CINEMAS and its subsidiaries, and urge other enterprises controlled by the Company to avoid any business or activity that is or may be competitive with the main business of WANDA CINEMAS and its subsidiaries.

3. If the Company and other enterprises controlled by the Company get the opportunity to engage in new business, which constitutes or may constitute horizontal competition with the main business of WANDA CINEMAS and its affiliated enterprises, the Company will do its best to make the business opportunity first available to WANDA CINEMAS or its affiliated enterprises on reasonable and fair terms and conditions, if conditions permit.

4. This Letter of Commitment shall come into effect on the date when the following conditions are met:

(1) This letter is signed by our company;

(2) The Company became the indirect controlling shareholder of WANDA CINEMAS.

5. This Letter of Commitment shall be effective from the date of entry into force until the following circumstances occur (whichever is earlier):

(1) The Company is no longer the indirect controlling shareholder of WANDA CINEMAS.

(2) WANDA CINEMAS terminated its listing.

6. The Company will faithfully fulfill the above commitments and bear corresponding legal responsibilities. "

In order to maintain the independence and sustainable development of listed companies and avoid potential competition in the same industry, Mr. Ke Liming, the controlling shareholder and actual controller of the information disclosure obligor, also made the following commitments:

"1. I control Beijing Zhumeng Qiming Culture and Art Co., Ltd., Yongxin Ivy Cultural Service Center (Limited Partnership), Beijing Ruyi Xinxin Film Investment Co., Ltd., Sweet Orange Film (Beijing) Co., Ltd., Shanghai Ruyi Movie Production Co., Ltd., Virtual Cinema Holding Limited and Pumpkin Films Limited. Although they have no substantive business, their business scope partially overlaps with that of WANDA CINEMAS. I have exerted great influence on China Confucianism and WANDA CINEMAS’s similar business in film and television drama production business and online game business. Except for the above, there is no horizontal competition between myself and other enterprises that I control or exert significant influence on and the main business of WANDA CINEMAS and its affiliated enterprises.

2. I will take active measures to avoid any business or activity that is or may be competitive with the main business of WANDA CINEMAS and its affiliated enterprises, and urge other enterprises under my control to avoid any business or activity that is or may be competitive with the main business of WANDA CINEMAS and its affiliated enterprises.

3. If I and other enterprises under my control get the opportunity to engage in new business, which constitutes or may constitute horizontal competition with the main business of WANDA CINEMAS and its affiliated enterprises, I will try my best to make the business opportunity first available to WANDA CINEMAS or its affiliated enterprises on reasonable and fair terms and conditions, if conditions permit.

4. With regard to the above-mentioned enterprises with no substantive business under my control, I promise that the above-mentioned enterprises will not carry out business in substance from the date when I become the actual controller of WANDA CINEMAS, and within three years, the partial overlap between the business scope of the above-mentioned enterprises with no substantive business and WANDA CINEMAS will be eliminated by changing the business scope and canceling it; With regard to the fact that China Ruyi and WANDA CINEMAS, the enterprises that I have exerted great influence on, are engaged in similar businesses in film and television drama production and online game business, I promise to regulate such horizontal competition matters by selling to third parties, injecting business or other ways permitted by laws and regulations within three years from the date when I become the actual controller of WANDA CINEMAS.

5. This Letter of Commitment shall come into effect on the date when the following conditions are met:

(1) This letter is signed by me;

(2) I became the actual controller of WANDA CINEMAS.

6. This Letter of Commitment shall be effective from the date of entry into force until the following circumstances occur (whichever is earlier):

(1) I am no longer the actual controller of WANDA CINEMAS.

(2) WANDA CINEMAS terminated its listing.

7. I will faithfully fulfill the above commitments and bear the corresponding legal responsibilities. "

(3) Related party transactions and measures to reduce and standardize related party transactions.

Upon verification, as of the signing date of this verification opinion, there is no continuous major related party transaction between the information disclosure obligor and the listed company. After verification, in July 2023, Ruyi Film and Television signed the film with Wanda Film (Horgos) Co., Ltd., a holding subsidiary of WANDA CINEMAS.<热烈>Joint investment agreement, Wanda Pictures (Horgos) Co., Ltd. invested 4 million yuan to participate in the film "Enthusiasm", and the transaction amount was small, which did not belong to the above-mentioned continuous major related party transactions. In order to regulate the related transactions that may occur between the information disclosure obligor and the listed company, the information disclosure obligor makes the following commitments:

"1. The Company will minimize the related transactions between the Company and other enterprises controlled by the Company and WANDA CINEMAS and its affiliated enterprises.

2. For related party transactions that are unavoidable or reasonable, the Company and other enterprises controlled by the Company and WANDA CINEMAS and its affiliated enterprises will conduct the transactions in accordance with fair market principles and normal commercial conditions, ensure the fairness of related party transaction prices, and perform related party transaction decision-making procedures in accordance with the law, so as to ensure that WANDA CINEMAS’s funds and profits will not be illegally transferred by using related party transactions, and that WANDA CINEMAS and its shareholders’ legitimate rights and interests will not be harmed by using related party transactions.

3. Our company and other enterprises controlled by our company will not ask WANDA CINEMAS and its affiliated enterprises to give them more favorable conditions than those that can be given to independent third parties in any fair market transaction.

4. This Letter of Commitment shall come into effect on the date when the following conditions are met:

(1) This letter is signed by our company;

(2) The Company became the indirect controlling shareholder of WANDA CINEMAS.

5. This Letter of Commitment shall be effective from the date of entry into force until the following circumstances occur (whichever is earlier):

(1) The Company is no longer the indirect controlling shareholder of WANDA CINEMAS.

(2) WANDA CINEMAS terminated its listing.

6. The Company will faithfully fulfill the above commitments and bear corresponding legal responsibilities. "

In order to regulate the related party transactions that may occur between the information disclosure obligor and the listed company, Mr. Ke Liming, the controlling shareholder and actual controller of the information disclosure obligor, has also made the above commitment to reduce and regulate related party transactions.

IX. Verification of major transactions between information disclosure obligors and listed companies

(1) Transactions with listed companies and their subsidiaries

According to the information disclosure obligor’s self-examination, within 24 months before the signing date of this verification opinion, the information disclosure obligor, its directors, supervisors and senior management personnel did not have any transactions with the listed company and its subsidiaries with a total amount of more than 30 million yuan or more than 5% of the net assets of the listed company’s recently audited consolidated financial statements.

(2) Transactions with directors, supervisors and senior managers of listed companies.

After self-examination by the information disclosure obligor, within 24 months before the signing date of this verification opinion, there was no transaction between the information disclosure obligor, its directors, supervisors and senior managers and the directors, supervisors and senior managers of the listed company with a total amount exceeding RMB 50,000.

(3) Compensation or similar arrangements for directors, supervisors and senior managers of the listed company to be replaced.

Upon self-examination by the information disclosure obligor, as of the signing date of this verification opinion, the information disclosure obligor and its directors, supervisors and senior managers have no commitment to make any compensation for the directors, supervisors and senior managers of the listed company to be replaced, nor have they made any similar arrangements.

(4) contracts, tacit understandings or arrangements that have a significant impact on listed companies.

After self-examination, the information disclosure obligor and its directors, supervisors and senior management personnel have no other contracts, understandings or arrangements that are being signed or negotiated that have a significant impact on the listed company, except for the contents disclosed in this verification opinion.

X. Verification of buying and selling stocks of listed companies in the previous six months.

(1) the information disclosure obligor’s buying and selling of shares of listed companies in the previous six months.

According to the information disclosure obligor’s self-examination, the information disclosure obligor did not buy or sell the shares of listed companies through the trading system of the stock exchange during the six months prior to the fact of this change of rights and interests until the signing date of this verification opinion.

(2) information on the trading of shares of listed companies by the directors, supervisors, senior managers and their immediate family members of the information disclosure obligor in the previous six months.

According to the information disclosure obligor’s self-examination, the directors, supervisors, senior managers and their immediate family members of the information disclosure obligor did not buy or sell shares of listed companies through the securities trading system of the stock exchange during the six months prior to the date of this change of rights and interests and the signing date of this verification opinion.

XI. Verification of other important matters of the information disclosure obligor

As of the signing date of this verification opinion, the information disclosure obligor has no other information that must be disclosed in order to avoid misunderstanding the contents of this verification opinion, and there is no other information that the China Securities Regulatory Commission or Shenzhen Stock Exchange requires the information disclosure obligor to disclose according to law.

As of the signing date of this verification opinion, the information disclosure obligor does not exist in the circumstances specified in Article 6 of the Measures for the Administration of Acquisition.

The information disclosure obligor promises that there are no false records, misleading statements or major omissions in this verification opinion, and bears individual and joint legal responsibilities for its authenticity, accuracy and completeness.

XII. Opinions of Financial Advisers

Huatai United Securities has carefully checked and verified the relevant information and materials of this equity change in accordance with the business standards and ethics recognized by the industry, in the spirit of honesty, credit and diligence, and in accordance with the requirements of the Company Law, the Securities Law, the Measures for the Administration of Acquisition and other relevant laws and regulations, and concluded that this equity change complies with the relevant provisions of relevant laws and regulations, and the preparation of the equity change report complies with the relevant provisions of laws and regulations and the China Securities Regulatory Commission and the Shanghai Stock Exchange.

XIII. Contact information of financial adviser

Organization name: Huatai United Securities Co., Ltd.

Mailing address: Floor 6, Building A, Fengming International Building, No.22 Fengsheng Hutong, Xicheng District, Beijing

Legal Representative: Jiang Yu

Tel: 010-56839300

Fax: 010-56839400

Contacts: Li Yuheng, Zhao Lu

Job seekers check the job information at the site of the "Career Guidance for the Future" 2023 National Tour Recruitment (Yinchuan Station) activity (photo taken on April 21, 2023).

Statistics from the National Bureau of Statistics show that in the first three quarters, the per capita disposable income of the national residents actually increased by 5.9%, and the income of the national residents maintained a steady growth trend. The income growth rate of rural residents continued to be faster than that of urban residents.

Since the 18th National Congress of the Communist Party of China, China has continued to promote inclusive and basic people’s livelihood construction, the people’s living standards have been improved in all directions, and the people’s sense of gain has been significantly improved. The per capita disposable income of residents increased from 16,510 yuan in 2012 to 36,883 yuan in 2022. After deducting the price factor, the growth rate in 2022 was 83% higher than that in 2012, which was faster than the economic growth.

In the past 10 years, China has won the battle against poverty as scheduled and built a well-off society in an all-round way as scheduled. It has formed the largest and most growing middle-income group in the world with over 400 million people. The people’s living standards have been continuously improved. According to the standards of the United Nations, the people’s life in China has entered a relatively affluent stage.

Xinhua News Agency reporter Feng Kaihua photo

In an "employment supermarket" in Gangbei District, Guigang City, Guangxi, the staff (left) introduced the recruitment information to the people who came to consult (photo taken on November 30, 2023).

Statistics from the National Bureau of Statistics show that in the first three quarters, the per capita disposable income of the national residents actually increased by 5.9%, and the income of the national residents maintained a steady growth trend. The income growth rate of rural residents continued to be faster than that of urban residents.

Since the 18th National Congress of the Communist Party of China, China has continued to promote inclusive and basic people’s livelihood construction, the people’s living standards have been improved in all directions, and the people’s sense of gain has been significantly improved. The per capita disposable income of residents increased from 16,510 yuan in 2012 to 36,883 yuan in 2022. After deducting the price factor, the growth rate in 2022 was 83% higher than that in 2012, which was faster than the economic growth.

In the past 10 years, China has won the battle against poverty as scheduled and built a well-off society in an all-round way as scheduled. It has formed the largest and most growing middle-income group in the world with over 400 million people. The people’s living standards have been continuously improved. According to the standards of the United Nations, the people’s life in China has entered a relatively affluent stage.

Xinhua News Agency reporter Cao Yuming photo

The staff of lunan district Chuxin Jiayuan odd jobs market service station in Tangshan City, Hebei Province released the recruitment information through live broadcast (photo taken on July 2, 2023).

Statistics from the National Bureau of Statistics show that in the first three quarters, the per capita disposable income of the national residents actually increased by 5.9%, and the income of the national residents maintained a steady growth trend. The income growth rate of rural residents continued to be faster than that of urban residents.

Since the 18th National Congress of the Communist Party of China, China has continued to promote inclusive and basic people’s livelihood construction, the people’s living standards have been improved in all directions, and the people’s sense of gain has been significantly improved. The per capita disposable income of residents increased from 16,510 yuan in 2012 to 36,883 yuan in 2022. After deducting the price factor, the growth rate in 2022 was 83% higher than that in 2012, which was faster than the economic growth.

In the past 10 years, China has won the battle against poverty as scheduled and built a well-off society in an all-round way as scheduled. It has formed the largest and most growing middle-income group in the world with over 400 million people. The people’s living standards have been continuously improved. According to the standards of the United Nations, the people’s life in China has entered a relatively affluent stage.

Xinhua News Agency reporter Yan Yushe

In a farmer’s market in Nanning, Guangxi, consumers buy vegetables (photo taken on April 11, 2023).

Statistics from the National Bureau of Statistics show that in the first three quarters, the per capita disposable income of the national residents actually increased by 5.9%, and the income of the national residents maintained a steady growth trend. The income growth rate of rural residents continued to be faster than that of urban residents.

Since the 18th National Congress of the Communist Party of China, China has continued to promote inclusive and basic people’s livelihood construction, the people’s living standards have been improved in all directions, and the people’s sense of gain has been significantly improved. The per capita disposable income of residents increased from 16,510 yuan in 2012 to 36,883 yuan in 2022. After deducting the price factor, the growth rate in 2022 was 83% higher than that in 2012, which was faster than the economic growth.

In the past 10 years, China has won the battle against poverty as scheduled and built a well-off society in an all-round way as scheduled. It has formed the largest and most growing middle-income group in the world with over 400 million people. The people’s living standards have been continuously improved. According to the standards of the United Nations, the people’s life in China has entered a relatively affluent stage.

Xinhua News Agency reporter Lu Boan photo

Xu Xiyun, a villager from Xiyanxing Village, Dawu Township, took care of small tomatoes in the nursery center of Hutuo River high-end facility vegetable demonstration zone in Pingshan County, Shijiazhuang City, Hebei Province (photo taken on November 25, 2023).

Statistics from the National Bureau of Statistics show that in the first three quarters, the per capita disposable income of the national residents actually increased by 5.9%, and the income of the national residents maintained a steady growth trend. The income growth rate of rural residents continued to be faster than that of urban residents.

Since the 18th National Congress of the Communist Party of China, China has continued to promote inclusive and basic people’s livelihood construction, the people’s living standards have been improved in all directions, and the people’s sense of gain has been significantly improved. The per capita disposable income of residents increased from 16,510 yuan in 2012 to 36,883 yuan in 2022. After deducting the price factor, the growth rate in 2022 was 83% higher than that in 2012, which was faster than the economic growth.

In the past 10 years, China has won the battle against poverty as scheduled and built a well-off society in an all-round way as scheduled. It has formed the largest and most growing middle-income group in the world with over 400 million people. The people’s living standards have been continuously improved. According to the standards of the United Nations, the people’s life in China has entered a relatively affluent stage.

Xinhua News Agency reporter Chen Yuhua photo

The person in charge of the enterprise obtained the business license in the one-stop service platform for small and medium-sized enterprises in Wuxing District, Huzhou City, Zhejiang Province (photo taken on February 8, 2023).

Statistics from the National Bureau of Statistics show that in the first three quarters, the per capita disposable income of the national residents actually increased by 5.9%, and the income of the national residents maintained a steady growth trend. The income growth rate of rural residents continued to be faster than that of urban residents.

Since the 18th National Congress of the Communist Party of China, China has continued to promote inclusive and basic people’s livelihood construction, the people’s living standards have been improved in all directions, and the people’s sense of gain has been significantly improved. The per capita disposable income of residents increased from 16,510 yuan in 2012 to 36,883 yuan in 2022. After deducting the price factor, the growth rate in 2022 was 83% higher than that in 2012, which was faster than the economic growth.

In the past 10 years, China has won the battle against poverty as scheduled and built a well-off society in an all-round way as scheduled. It has formed the largest and most growing middle-income group in the world with over 400 million people. The people’s living standards have been continuously improved. According to the standards of the United Nations, the people’s life in China has entered a relatively affluent stage.

Xinhua News Agency reporter Xu Yushe

Extremely popular journalist Xu Ping.

On the evening of September 12th, 2023, the 2023 International Football Friendly Tournament was held at the Phoenix Mountain Professional Football Stadium in Chengdu. Compared with the Malaysian team, the China men’s soccer team had a good attitude, but the strength was not enough for them to score goals. In the end, it lost to the Syrian team 0-1, which was the first time that the national football team lost to its opponent in the warm-up match.

In the last World War I with Malaysia, the national football team scored a goal first, and with the help of Lin Liangming’s long-range shot from the front of the restricted area, it drew 1-1 with its opponent. At the last moment of the game, the national football team needlessly dropped the ball in the backcourt, which aroused the dissatisfaction of the fans on the scene and sent a burst of boos, thinking that they were "not enterprising".

In this game, the attitude of the national football team has been greatly improved, and it has done its best at both ends of attack and defense. At the press conference before the game, jankovic and Wu Lei both expressed their hope for the fans to fight for the next victory.

yan junling

Compared with Malaysia, which ranks 136th in the world, Syria, which ranks 94th, is stronger, and the national football team is not sure of winning. In the first half, the two sides drew 0-0. Yi bian fought again, and the two sides continued to fall into a dogfight. In the 58th minute, Kruma suddenly shot an arrow in the back. Although Yan Junling flew to save the ball at the first time, the ball went straight into the net in a dead corner, leaving China behind 0-1. In fact, before this, the Syrian team had scored a goal, but after the intervention of VAR, it was ruled that the offside goal was invalid.

After the score fell behind, the national football team’s offensive became more prosperous, but it was still unable to score goals. In the end, the national football team had to accept the result of failure. At the press conference after the match, jankovic, the head coach of the national football team, commented on the match: After the match with Malaysia, I asked the players to improve their pace and energy. Today is bad luck, we didn’t win the game, and of course we fought very hard. We tried many changes and worked hard in the end. We can’t say that we didn’t have a chance in the end, but we were unlucky and didn’t score in the end.

In response to a reporter’s choice of goalkeeper, jankovic said that he can only say congratulations on Syria’s world wave, which neither Yan Junling nor Wang Dalei could reach there. Jankovic also said that it was a competitive game and collected useful information for the future. Congratulations to the Syrian team, which also fought hard and won the away game. We must have struggled to lose at home, and now we can only look on the positive side and continue to work hard.

(Source: Xinhua News Agency data map)

(Source: Jimu News)

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Every year around International Women’s Day, "independent women" is a hot topic.

In the concept of "independent women", economic independence is often mentioned, while spiritual independence is easily ignored.In fact, in the eyes of psychologists, a woman’s real independence begins with spiritual independence.

External economic independence, internal spiritual independence, fullness and abundance, this is a heroic journey of female independence.

For a long time, generations of women have been pursuing independence.

All women face an important issue: what does independence mean? What is the standard of independence?

Independence must include the economic dimension, but also the independence and freedom of the spiritual dimension. We can witness such independent female spokespersons in various fields such as politics, business and culture.

In 1928, the British woman writer Woolf put forward: "If a woman wants to write a novel, she must have money and a room of her own."

However, due to the limitations of the times, society and culture,Many women’s independence in economic and spiritual dimensions is unbalanced. Like two runways, one is 100 meters long and the other is 50 meters long.

The road of spiritual independence, which is half short, is not easy to walk. It requires women to bravely walk out of the family of origin behind them, psychologically separate from their parents, truly become their own individualization, and move towards an open and creative world.

According to psychologists, a woman’s real independence begins with spiritual independence, not economic independence. The cornerstone of spiritual independence is laid in the early life.

"An independent woman, first of all, is a woman with subjectivity. She knows her truth as a woman and has been exploring and advancing." Psychoanalyst Lin Cuiping’s portrait of independent women is:Dare to love and hate, dare to say and do, dare to be responsible, dare to say yes and no, dare to be willful, dare to be overbearing, dare to be "bad" and dare to be "shameless".Of course, both "bad" and "shameless" here need to be explained: "bad" means that you can break through the shackles of "how should you" that bind your vitality and do something out of the box; "Shameless" means to make your thin face thicker, and to think that what you think and do is so destructive that others can’t stand it and make the world worse. In fact, women can be brave, do what they want and live the life they want.

"If a woman longs for independence, she needs to establish a real ideal. That is, what kind of woman I want to be, what is the significance of my existence in the world, and there must be such an ideal level of pursuit. " Wang Ran, a psychoanalyst, believes that it is this ideal that is far away and can be worked hard for, which leads a woman to embark on her own road of independence, and undertakes the responsibility of choice, possible setbacks and even risks for this ideal.

Zhen Hongli, a female sexual health clinic expert and doctor of medical psychology at Beijing Wuzhou Women’s Hospital, said: "I very much agree that women’s independence is first and foremost spiritual independence." When she was a girl, she established the direction of studying sexology, and gradually became clear about her ideal of seeking "sexual happiness" for depressed China people. "This ideal has not changed." Zhen Hongli insisted on making podcasts, recording AIDS prevention videos for college students, and telling the sensitive organs of the human body from her mouth was as generous and calm as saying eyes and nose, which made many listeners no longer ashamed of their love and desire.

Another important characteristic of spiritual independence is independent thinking and independent thinking."It takes a lot of courage to stand up and face your enemies, but it takes more courage to stand up and face your friends." J.K. Rowling, a female writer who has created a magnificent magical world, has recently been involved in a huge cyber storm because she opposes transgender people who have not had sex surgery to enter the women’s toilet; Even while celebrating the 20th anniversary of Harry Potter, she was expelled from the wizarding world, and several leading actors broke with her. But she still firmly made her voice: I can’t agree to admit transgender people so easily, and we should protect women’s basic personal rights from possible infringement. Dong Rufeng, a psychological counselor, said: "A woman with subjectivity will think independently, have her own opinions, and make a brave voice for the truth and value she believes;" Even in the face of strong social pressure and threats from others, I will not give up the courage to express my voice. "

Zou Qin, a psychoanalyst, believes that it is the only way for a woman to become an independent person to cross Oedipus complex, that is, whether we have separated from our own family of origin and completed the separation and individualization.

"In the family, a woman has to go through such a psychological process: the first person she loves is her mother. When she was two or three years old, she turned from her mother’s arms to her father. Finally, she gave up her desire and fantasy for her father and returned to her mother to identify with her and develop her own femininity." Zou Qin said that in this process, the mother needs to be in office, and the parenting before the girl is two or three years old is enough before she can turn to her father; Moreover, the girl’s turning to her father also needs her father to be in office and functional. "The road for women from girls to women is longer than that for boys. According to western scholars, when a boy was about 3 years old, he entered the Oedipus period and was castrated, so the Oedipus complex ended and he became a man. But it will take many years for a girl to go this way, and she may not be able to pass until she is 9 to 10 years old.If there is a father or mother who is not in power, many girls will get stuck here, separation and individualization will not be completed, and she will not be able to become an independent woman. "

Zou Qin said that this is also the reason why many women encounter difficulties in the workplace, interpersonal relationships or intimate relationships. Further analysis, tracing back to the source, will find that she is in the position of being "captured" by her mother or father and enjoying her, she must exist as the object of her mother, or she is in a position of competing with her mother, or her father did not give her a gentle and firm rejection and affectionate feelings without temptation, which all caused the pain that the girl and her parents could not be separated. Women may grow up to their thirties and forties, and their minds are like a little girl. In all kinds of relationships, they are looking for their mothers’ arms and their fathers’ eyes. In all kinds of people and situations, psychological dramas of projection and recognition are constantly staged, but they cannot break through.

So, what exactly is an independent woman? Zou Qin believes that after a girl passes Oedipus, she not only recognizes her mother’s femininity, but also internalizes her father’s strength, so she can leave her parents and go her own way. She can not only create vivid life experiences, but also go to another man to love and be loved.

For many women, the road of women’s independence is likely to be long; If the integration with parents is too deep, even reaching the level of "seizing the house" in The Untamed, long-term psychoanalysis may be needed to complete the separation and individualization in a safe and functional relationship. Bruni, the famous French model and the wife of former President Sarkozy, once admitted in an interview that she had done psychoanalysis for eight years. Lin Xiaoping said that in fact, today, having your own psychoanalyst is a new ICON for women’s independence.

Here, the most important thing is to realize that our excessive integration with our parents may make us stay in the little girl’s mind after adulthood; It’s time to embark on an independent journey of powerful women.

A woman who has not completed the separation and individualization from her parents is likely to encounter difficulties in all aspects of her life after she becomes an adult.

In the workplace, she may have high achievements, but she can’t enjoy them; Because she didn’t harvest these achievements for herself, she wanted to sacrifice them to her parents.

In intimate relationships, the difficulties she encountered are even more prominent. She may be in the position of an abused victim or a garbage object, unable to have self-worth, truly get happiness, and unable to leave those bad relationships; Or, she longs for intimacy, but she can’t enter intimacy, and she can’t trust herself to deserve it.

In real life, regardless of age, there are still many women who dream of princesses, and they fall into the Chinese and foreign sweet pet dramas of "overbearing presidents fall in love with me". They fantasize about a man who is like a father, a brother, a lover and a warrior. He overcomes thousands of difficulties and rides a white horse to meet himself in a super run, and he loves himself unconditionally and comprehensively like a mother. He is also very rich, all kinds of ups and downs are blocked, and he can even block a knife and even sacrifice his life for himself at a critical moment. "This is an idealized dream." Lin Cuiping said, "The overbearing president is also an idealized man who can’t exist. He is an ideal father and an ideal mother in one. This is a dream of a little girl who is eager to integrate with her parents."

Some women have passively become accessories of a man, or even become "disappearing women", and have to bear unequal relationships and even endure the humiliation of men’s constant infidelity. In the film and television drama, in the divorce announced by celebrities and officials, such a relationship model is not uncommon around us. Psychoanalyst Wang Ran thinks: "We (women) have actually been shaped as the objects of men’s desires. This position is very uncomfortable. In fact, a man will not always be attracted by a woman who has no subjectivity and is only an object, but he will be attracted by a woman who has subjectivity and works hard, or other women with different styles; At this time, a good wife and mother and a woman as an accessory will find that they have lost a lot. In fact, we are both objects and subjects, and we are both subjects and objects with men, so that there can be a truly equal discourse exchange. "

How does a truly independent woman love? Zou Qin said: "I think of Shu Ting’s famous poem" To the Oak Tree ",which describes’ I must be a kapok near you/stand with you as the image of a tree, cling to the ground/leaves, touch in the clouds …’ It gives a vivid and accurate image of an independent woman’s intimate relationship.When women are really independent in spirit, they will be brave and devoted to love, and they will be loved happily and happily, constantly creating more possibilities in intimate relationships; She is not afraid to rely on, but will defend her own boundaries and respect others’ boundaries.Zou Qin believes that the marriage between diving star Guo Jingjing and Huo Qigang is a very good example. As a tree, she stands side by side with another tree.

Weibo | @ Guo Jingjing

Lin Cuiping:

"Let’s try to answer an important question: Who am I?"

Lin Cuiping, a psychoanalyst, is planning a salon where everyone who comes to the salon can talk about "who am I" as the main body. She said that this question is a compulsory question for every woman’s spiritual independence.

"Just as I asked my father to give me a place, my father just said that I am his daughter and will be a man’s wife and the mother of the child in the future. I asked my mother, who am I? She will only tell me that I am the sun of our family, and my mission is to be a big lady, but that is my mother’s lost female symbol, not me. Since my father died at the age of 29, I have embarked on my own road of female independence, from China to tavistock, England, and then to Paris, France, looking for my own answer.

"I think, we will exist in our own way, not determined by the words and rhetoric of others, not defined by comparison next to people who are used as reference, we are customized; We should speak in various ways and answer: as a subject of life, who am I, what is my desire, and what I think is meaningful in my life.

"Many women are afraid that starting independence will make them lose the symbolic value of women. That’s not true. Women’s independence and gender symbols can coexist. So, don’t be afraid. Saying goodbye to the old identity will bring us anxiety, fear and panic, but once we open the road to independence, we will gain joy and freedom to embrace the new identity. Not only will you not lose your female symbol, on the contrary, you will have more-Leopard can be used to describe the new life that this independent new identity brings to women: it is safe, sexy, aggressive and impulsive, but also fashionable, attractive, loving and loved, trusting and creative, and at the same time free and lively. "

The road to women’s independence is diverse and rich, and every woman can choose the path that suits her personality. The following are three paths that psychologists believe that most women can experience in their own lives-

1. Be brave to talk about a great love;Many women have this experience: a love, a marriage, regardless of its outcome, is often an important gift to awaken their lives. Partnership is one of the most intimate relationships in the world. A devoted relationship and the people we love can often play the role of therapists. In love, we don’t meet a person by accident; In the great love legend, there is a love navigation map that has long been engraved in the heart.When we recognize and deeply connect with another life, love and be loved, the experience we once had from our caregivers in the early life is likely to be activated and healed.

Of course, we are also likely to fall into a pattern of compulsive repetition in one relationship after another, and may continue to enter the same kind of weak, rescued or abused partnership; But it also reminds us that there are potholes that need to be repaired somewhere.

2. Find your own language by writing:In today’s self-media era, writing has become a creative activity that every woman who has received language education can participate in. Through writing, countless women become editors, journalists, photographers and editors-in-chief of their own life experiences.

"Writing is also a very important way for women’s spiritual independence." Lin Cuiping believes that just as the unconscious is formed like language, writing externalizes a woman’s inner world through language, in the form of poems, comments, reports or first-person monologues. Writing is like a river, and language moves forward in a mighty and endless stream. Observing today’s female writing, the styles are very diverse. Many women write about their family, growth history, father and mother, their own choices, dreams and even fantasies. Through such writing, in these writing and speech, women’s subject and body are present, and their emotions and existence are present.

"These betting women’s life experiences are the wealth of every woman." Lin Cuiping said, more importantly,Female writing helps women find their own language and presents the subjectivity of "who am I" to the whole world.

3. Invest in and create a life:Every woman is a creator. "Creating changes human beings, living creatively makes us mature and confident, and opens up new life possibilities." Lin Cuiping said.

It can be a runaway trip without asking the destination, going through a traffic tunnel like sea, land and air, and putting yourself in another unexpected time and place; This will make a life subject clearly experience his own independent existence, and it is also an introspective dialogue with himself and nature.

It can be touching clay with hands, planting flowers and plants, rotating a door, and painting a landscape … and then, it will grow into a rich and brand-new experience. Dedicated and creative life can happen every day and night, in cities and villages, theaters and vegetable markets …

You can also create a large or small company, or design architecture, home, clothing or web pages, or dress up every imaginary image on a simple face, just like giving birth to a child.

It can be dancing. Nietzsche said: "Every day that never dances is a disappointment to life." Our body is a treasure, with beautiful voice, inner scenery and rich melody. Listening to ourselves in our body will make every woman realize.

At the same time, create beauty and charm. "Beauty is what everyone pursues. Beautiful clothes and beautiful things, why should we refuse?The first canvas for a woman to create beauty is her own body; Every woman’s dress actually embodies her own beautiful spiritual structure. Our clothes are an extension of her own spirit, and of course, our faces and makeup."Wang Ran said," in the process of making ourselves shine, don’t immerse yourself in the eyes of others and don’t be domesticated by such eyes; We should open the dimension of beauty, and freely transform among the diversified and beautiful styles, such as luxury beauty, simple beauty, sexy beauty, natural beauty and design beauty.

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The original text was published in the March issue of Bazaar.

Editor: Li Jin

Interview and writing: Yu Ling (national second-level psychological counselor)

Typesetting: Yuer, miffy

Psychologist support/psychoanalyst, counselor:

Lin Cuiping, Zou Qin, Wang Ran, Dong Rufeng

Toutu Photography/Hu Wenbo @KStudio

Editor, Image/Yu Kun K’

Makeup/Lugen Lucas

Hairstyle /TK WANG

Model/Ruiqi Jiang @ Longteng Elite

Fashion coordinator/steamed stuffed bun

Fashion Assistant /TanyaYu, Adan

Edouard Bisson (1856 -1939) is a French painter, who is mainly famous for his portraits of women. He first studied art in Paris and was influenced by impressionism and realism. Bisson’s female paintings usually present soft and gentle expressions and gestures. He is good at capturing the elegance, gentleness and inner strength of women. Through fine brushwork and delicate painting skills, their faces and bodies are portrayed. His female paintings show a romantic, soft and elegant atmosphere.

Bisson pays attention to the accurate description of details when painting women. He is good at capturing the change of light and the texture of fabrics, giving vivid details to women’s clothing and accessories. Whether it is a soft gauze skirt, a gorgeous hat or exquisite jewelry, he can draw it with exquisite skill.

Bisson’s female paintings show rich emotions. Some works express women’s tenderness and tenderness, while others show their thinking, introspection, melancholy or serenity. He conveyed all kinds of emotions and inner world through women’s facial expressions and gestures.

Some of these works depict children with wings, which are often called "Angel Child". Angel children often appear beside female characters in Bisson’s paintings, perhaps dancing with them, playing with them or listening to their voices. This image conveys a feeling of innocence, purity and softness, emphasizes the pursuit of beauty and the desire to transcend the secular world, and also adds a romantic and mysterious atmosphere to the work.

As a symbolic image, angel children can also be interpreted as a projection of the artist himself. Angel children represent the artist’s inner innocence and creativity, as well as the pursuit of inspiration and imagination.

Bisson’s depiction of women’s clothes, hairstyles and accessories in his paintings shows the fashionable style and aesthetics at that time.

Bisson’s female paintings pay attention to delicate facial expressions and fluency of posture. Through accurate painting skills and careful observation, he captured women’s emotions and inner world and created works with emotional resonance.

Generally speaking, Edouard Bisson’s female paintings show his unique understanding and expression of female beauty. With soft colors and painting skills, he created romantic, elegant and mysterious female images, which immersed the audience in the beauty and inner strength of women.

# Article Starting Challenge #

Original content, those who carry it without authorization will be investigated! # How long does it take to exercise to get a fitness effect #

Why do you exercise? There are many reasons for choosing fitness.Many people exercise to lose body fat, improve muscle lines and gain a good figure, but also to build a strong body and physique and resist the aging speed.

So, how long does it take to exercise before you can feel the effect of fitness?

Fitness is a long-term thing, not exercise today, it will change tomorrow. People who start fitness today are likely to feel sore muscles after getting up tomorrow, and walking is a problem.

However, 90% of people give up fitness after less than one month, and such people are often unable to reap the benefits of fitness.

If you want to reap the effect of fitness, we must stick to fitness for at least one month and punch in at least three times a week before you can feel your own changes.

So, what difference will you make if you keep exercising for one month, three months, six months, one year and three years? Let’s take a look:

Stick to fitness for a month,You will feel that your vital capacity has improved, and the difficulty of exercise is not as difficult as it was at the beginning. You can’t keep running for 5 minutes at the beginning, but you can keep running for more than 20 minutes.

The sore feeling after each fitness exercise gradually disappears. You just started to form the habit of punching in the gym, and the whole person’s mental state is gradually getting better.

Stick to fitness for 3 months,You will find that your body fat is obviously reduced, and the whole person has become energetic and confident. With the improvement of sports ability, you may be able to adapt to more intensive training. You have entered the entry stage of fitness from the stage of fitness, and you have begun to learn to exercise more scientifically and make a fitness plan that is more suitable for you.

Stick to fitness for half a year,You begin to enjoy the feeling of sweating but carefree in fitness. You no longer feel that fitness is a kind of torture, but learn to feel happy in fitness, and you learn to exercise actively. Sticking to fitness can release stress, relieve negative emotions and keep you positive and optimistic.

Stick to fitness for a year,You will find that in addition to getting better and better, your skin condition will gradually get better, and all kinds of rough and dark yellow problems will be improved.

As the saying goes, fitness is a cheap plastic surgery, safe and without side effects. People who insist on fitness, time will let you meet a better self, you resist the years and keep the frozen age.

Stick to fitness for three years,Your self-discipline has exceeded 90% of people, but you persist in what others can’t insist on. Such people, whether in body management or career achievements, will achieve more outstanding results and move towards higher achievements.

So, have you started working out? How long have you been keeping fit?

If you choose to start, don’t stop easily. Now you work hard to keep fit, and in the future you will definitely thank yourself for sweating hard.