Strawbear Entertainment Group (Stock Code: 2125) has announced plans to renew its continuing connected transactions with iQIYI through three new framework agreements covering the 2026 to 2028 period. According to the announcement, the company intends to continue engaged activities under made-to-order audiovisual production, episodic content copyrights purchasing, and copyrights licensing arrangements.

Under the 2026–2028 Made-to-order Audiovisual Works Production Framework Agreement, the proposed annual caps for fees payable by iQIYI to Strawbear Entertainment Group are RMB346 million in 2026, RMB334 million in 2027, and RMB401 million in 2028. The 2026–2028 Episodic Content Copyrights Purchasing Framework Agreement includes annual caps for licensing fees payable by Strawbear Entertainment Group to iQIYI of RMB234 million in 2026, RMB214 million in 2027, and RMB195 million in 2028. Meanwhile, the 2026–2028 Copyrights Licensing Framework Agreement sets annual caps for licensing fees payable by iQIYI to Strawbear Entertainment Group at RMB1.36 billion in 2026, RMB1.79 billion in 2027, and RMB1.67 billion in 2028, alongside fees payable by Strawbear Entertainment Group to iQIYI that range from RMB32.83 million to RMB43.77 million during the same period.

Since iQIYI is identified as a connected person under Chapter 14A of the Listing Rules, these transactions are subject to reporting, announcement, annual review, and independent shareholders’ approval. An Independent Board Committee is formed to evaluate the agreements, and Anglo Chinese is engaged as the Independent Financial Adviser. A circular containing further information is expected to be issued on or before December 9, 2025.