The story is about a fisherman's family living near to Shanghai. In the beginning, twin babies are born, a boy and a girl. Their growing-up is briefly sketched, and their friendship with "young master", a boy from rich family about their age.

When the top diva of an opera troupe storms off after not getting money upfront from their manager, a common street performer comes in to replace her.

The film depicts Confucius's later life, as he traveled across a China divided by war and strife in an ultimately futile effort to teach various warlords and kings his particular philosophy.

Old Shanghai

A hostess in Shanghai invites her secondary schoolmates to a reunion. They each reminisce about their lives, with some having difficulties in marriage or career. Some led destructive lives, while others contributed to the country.