胡瑛在家举办一个宴会，邀请许多以前的女同学来参加。宴会上，每个人讲述着自己的故事。宣淑被无情的丈夫抛弃。严素认为宣淑太软弱缺乏手段，向众人讲述自己怎样制服丈夫。校长向大家讲了来了一会就回去的高华的虚伪, 她边鼓吹“妇女运动”边过着奢侈糜烂的生活。朱雯因为拒绝股东少爷的侮辱而失去工作。徐玲丈夫的来信, 信中告诉大家徐玲已经去世。老校长又讲了徐玲因赌博导致悲惨结局的经过。夏云是个电台的播音员，丈夫因患肺病而死，孩子也不见了……夏云受不了打击，精神崩溃了。胡瑛向众人讲了已走的交际花徐莉和别人争风吃醋的事之后，胡瑛自己讲述了在北伐时期救了一个革命者的过程。
An epic production directed by Li Pingqian in collaboration with eight directors from Mingxing Film Company. Butterfly Wu stars as a hostess who, after leaving Shanghai for ten years, invites her secondary schoolmates for 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. The film espouses the virtue of Wu who rescued an anti-warlord revolutionary, inferring that women are deemed exemplary if their deeds benefit the country. As one of China's earlier sound movies, the film's vivid images are complemented by a deliberate use of sounds and songs exemplified by the clever juxtaposition of narration and image in two segments.
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