本文探討近代上海的知名畫報 ─《良友》、《大眾》的版本、圖片及其衍生的相關問題；主要論涉四個方面：一、辨析《良友》的諸種影本；二、透過《良友》各影本之對照，以考辨刊物的頁碼印製、文字塗抹、再版發行等問題；三、辨證《良友》讀者所曾誤認的照片；四、藉由梁得所主編的《良友》、《大眾》，以推考〈國旗歌〉歌詞撰者的問題。 筆者發現《良友》第25期曾再版，而《良友》第88期文字刪抹的現象應屬讀者個人所為，至於《孫中山先生紀念特刊》原版即已漏印頁碼，而非重印時所致，另外，《良友》不察讀者所誤認，而將蔣緯國錯認為蔣經國。 本文也試圖辨究《良友》刊登梁得所寫的〈青天白日滿地紅〉乃是中華民國〈國旗歌〉歌詞的底本，澄清長期以來官方版的〈國旗歌〉歌詞是出自戴季陶的說法，進而推測中華民國〈國旗歌〉的原創者應是梁得所。

This article discusses some versions, pictures and derived questions of the famous pictorials in modern Shanghai, Liangyou Huabao, and Cosmopolitan Huabao, mainly related to four aspects. 1. Analyze several copies of Liangyou Huabao. 2. Discriminate: printing page numbers, erasing words, and republishing of pictorials. 3. Differentiate photographs once misrecognized by readers of Liangyou Huabao. 4. Speculate the question about the lyric writer of the "National Flag Anthem" through Liangyou Huabao and Cosmopolitan Huabao edited by T.S. Leung. The author discovered that the 25th issue of Liangyou Huabao had been republished, and the situation of erasing words in the 88th issue should be done by some reader himself. As for the Special Issue in Memory of Dr. Sun Yat-Sen, the original had already omitted printing page numbers, rather than happened when reprinting. Besides, Liangyou Huabao was not aware of what readers had misunderstood, and mistook Wei-Kuo Chiang as Ching-Kuo Chiang. This article also tries to identify "Clear Blue Sky, White Sun, and a Wholly Red Earth" written by T.S. Leung and printed on Liangyou Huabao, which was the master copy of the lyrics of the "National Flag Anthem" of the Republic of China, to clarify the official version that the lyrics of National Flag Anthem came from Ji-Tao Dai, and then speculates that the originator of National Flag Anthem of the Republic of China should be T.S. Leung.