中国儒意年报2025

目 錄 02 03 12 16 52 55 69 74 76 78 80 81 196 ʮ̡༟ࣘ 33373701 CN03 Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM11Bermuda 1617 http://ryholdings.com Clarendon House2 Church StreetHamilton HM 11Bermuda ໨ԫڗజѓࣣ AI 33.4317.86 1 518.3221.95%12.3822.57% 31900362025••30IP–2025•IP21— 340• +19943 2 21 AI 1AI AIAIAIAIGC 2AI AIAIAIGCAIGC AIAIAI24060% 3AI AIAIAIAIAI 4AI +AIAIAI3DGSNeRFIP 5 AIAIAI+IP IP IPIP 1.IP SLGOLIPiOS60SLGIP SLGRTSIPSLGLikeiOS 2.IP IPIPIP3–5ElectronicArts(EA)IPEASPORTS FCIPSLG2027IPIP DevsisterIPKraftonIPScopely EASPORTSIP+NBAIPNBA 3.AI AIAIAI 4. 30%QQIP++UE5 1 2023+700 252TOYSIP IP52TOYSIP52TOYSIP52TOYSIPIP 52TOYSIP+IP+ 3++ 40% + 4AI+ AI+AIAIsphereLimited(Alsphere)AIsphere()+Pix Verse1AIAI+AIIPAIAIAI+ 17.971.9119.880.114190.114190.015700.01570 36.7133.4333.030.4 19.62610.6584% 72.43834.936 7.3317.00939.6%19 238.689163.452302.603216.707134.29166.6044.32.59.5%2.0% 181,917,000181,228,000 6843.382.696 (i)Virtual Cinema Entertainment LimitedVirtual Cinema(ii)(iii)(iv)30%8.25(i)7.425(ii)2.43236,666,667 100%VirtualCinema10%QQQQ2QQ Water Lily InvestmentLimited 30% 5% 40 3.1(d)5(g) 7677 19 10(i)(ii)(iii) 7,359,057,61110% 1%128 10 181,917,000(i)181,228,000(ii)17.07(3) 2.3.43 2.3.43 181,228,0001.08% 21 • • • (i) (ii) (i)(ii) (i)(ii)(iii) 1%130 1,000,464,7541,000,464,754500,232,377500,232,377 17.07(1)(d)17.07(3) 1,000,464,7545.95% 6 (a) (b) 84 571XV352C3 (1)2,627,381,250Pumpkin Films Limited(2)Pumpkin Films Limited(3)XV(4)1,080,000 352 5%XV336 — (1)Pumpkin Films Limited2,627,381,250Pumpkin Films Limited (2)Pumpkin Films Limited (3)2,582,401,2322,545,734,565WaterLily Investment Limited36,666,667 XV336 (1)(2) TFIInvestmentFundSPCTFIInvestment1,144,514,7672.372.420.0222,890,295.342,712,499,998350,000,0002,712,499,998 TFI Securities and Futures Limited2.37490,506,3290.029,810,126.581,162,500,000150,000,0001,157,850,000 3,874,999,998500,000,0003,870,349,9982.37(a)3,483,314,99890%(b)387,035,00010% TFI InvestmentTFI InvestmentTFI Investment 160,280,000330,226,329 654,008,438327,004,000163,502,329TFI Investment 23.413.95% 23.41 2.7042.31 865,754,437 23.4123.042.662(i)20.7490%(ii)2.3010% 23.41 3.001,300,000,0003.14 3.00390,000,000 2.60400,000,0002.65 22.1022.052.79(a)5.19(b)15.57(c)1.29 (1) Virtual Cinema Entertainment Limited(2) VirtualCinemaEntertainment LimitedVirtual Cinema Culture LimitedPumpkin Films Limited1,834,279,3070.961,834,279,307 1,760,908,000 22%73%32%12%43%5% 2024CEPA50% 20152015201550%196100% —JINGXIU(i)(ii) 32.9398%180.1660% 1. 3. 4. 6. (i)(ii) (i)(ii) (i)(ii) (i)(ii) PumpkinFilmsLimited 1414A Pumpkin Films Limited 8.25(i)7.425(ii)2.43236,666,66730% 3614A14A 1. (i)(ii) (i)1,000,000,0001,000,000,0001,000,000,000(ii)1,200,000,0001,300,000,0001,300,000,000 10%14A14A14A (i)(ii)(iii)(iv) 300074014A.56(i)(ii)(iii) 2. 100%3.18 10%OLOLOL OL3 10%14A14A (i)(ii)(iii) 300074014A.56(i)(ii)(iii) 3614A14A 10,000,000 25.74 25.74 2.6 989,999,010 25.7425.482.574(i)5.9323.27%(ii)3.6614.36%30%(iii)5.1020.02%(iv)3.9015.31%(v)6.8927.04% 25.74 196 42Pumpkin Films Limited 61106027 43 6230 OSL863136650231419997083333 63GLADITH 56603535 55Marketing Practice in ChinaChinese Luxury ConsumptionUnderstanding Chinese ConsumersMScMIB(External Academic Advisor) Άุ၍طజѓ C1 •C.2.1 •B.3.5 5254 3.10 3.13 Άุ ၍طజѓ€ᚃ 41% (a) (b) (c) (d) (e) 10 Άุ ၍طజѓ€ᚃ D.3.3 58 E.1.2 B.3.1 Άุ ၍طజѓ€ᚃ 3.2915 6973 • — — — — • • ——— • 1. COSO (Committee of Sponsoring Organizations of the Treadway Commission)COSO 2. 5,900,000 632,000 333737012174(3) 33373701161713.51(2)(7) (86) 010-5789-2935#8305/(852) 2153-113633373701 74195 ••••• +852 2289 8888+852 2810 9888 VirtualCinema Entertainment LimitedVirtualCinema • 4(a)8 4,214,619,000674,557,000VirtualCinema16% • • • 90 • • ዹͭࣨ ᅰࢪజѓ€ᚃ • • • P05271 ၝΥৌਕజڝڌൗ 1 ClarendonHouse, 2 Church Street, Hamilton HM 11, Bermuda 2 2.1 622 4 (a) 211 2 2.1 (b) 18 18 18118 2 2.2 2.2.1 (a) — — — — — 2 2.2 2.2.1 (a) (b) 20%50% (c) 2 2.2 2.2.1 (d) 11 (e) 2.2.2 2.2.3 (a) (b) 2 2.2 2.2.3 (b) — (c) ••• 2.2.4 (a) 2 2.2 2.2.4 (b) (c) 5 (d) • • • • • 2 2.2 2.2.4 (d) (e) (f) IP 2.2.5 (a) 2 2.2 2.2.5 (b) (c) (d) 2 2.2 2.2.5 (e) (f) 2.2.6 2 2.2 2.2.7 (a) • • (b) (c) 2 2.2 2.2.7 (c) •— •—— •— 2 2.2 2.2.7 (c) — (d) 9 ••••• 9 12 2 2.2 2.2.7 (d) 2.2.8 (a) (b) (c) 2.2.9 2.2.10 2 2.2 2.2.11 3.1(d) 2.2.12 2.2.13 3012 2.2.14 2 2.2 2.2.14 2.2.15 2 2.2 2.2.16 (a) ••• (b) 2 2.2 2.2.17 (a) (b) 2 2.2 2.2.17 (b) 2.2.18 • • • 2 2.2 2.2.18 (a) (b) (c) 2 2.2 2.2.18 (c) (d) (i) (i)(ii)(iii)(iv) 2 2.2 2.2.18 (d) (i) 2 2.2 2.2.19 (a) •• (b) •• 2.3 2.3.1 2 2.3 2.3.2 20510510345 — 2 2.3 2.3.3 2.3.4 2.3.5 2.3