Zhejiang Wenyi Film Industry: The capital increase transaction with China National Radio and Television Audio-Visual will likely constitute a related party transaction, and the valuation is reasonable.

Zhewen Film Industry announced that in August 2021, the company invested 20 million yuan in Zhongguang Audio and Video for a 20% equity stake. A lawyers review showed that at the time of the investment, Zhongguang Audio and Video had owner's equity of 3.325 million yuan, revenue of 14.0837 million yuan, and a net profit of 1.386 million yuan. Although the target company is not a related party, the investment may affect the convertible bond value of related parties, effectively constituting a related party transaction, which the company has reviewed and approved. Zhongguang Audio and Video operates in the rapidly developing online audio industry, and its business aligns with Zhewen Film Industry's strategy, making the investment synergistic. Based on transactions in the same industry and considering performance commitments, the investment valuation of 100 million yuan is reasonable, and the agreement includes multiple risk control measures for protection. Currently, as Zhongguang Audio and Video has not met its performance commitments, the company's lawsuit against related shareholders for the buyback of equity is still under review.