Bona Film Group's Stock Soars Nearly 70% in 11 Trading Days Despite 3-Year Loss of 2.6 Billion Yuan

Deep News12-11

Bona Film Group's stock has surged dramatically following the success of *Zootopia 2*. From November 26 to December 10, its share price rose by 68.63% over 11 trading sessions. However, this rally does not reflect an improvement in the company's fundamentals. On December 2, Bona Film Group and its subsidiary Beijing Bona Film Group Co., Ltd. were listed as persons subject to enforcement by the Zouping City People's Court, with an enforcement amount of 1.5 million yuan.

Since its A-share listing in 2022, Bona Film Group's performance has deteriorated sharply. Over the past three years, the company has accumulated losses totaling 2.606 billion yuan. Despite investor excitement over its participation in *Avatar 3*, Bona clarified in a stock volatility announcement on December 9 that the film has yet to be released globally, making its box office revenue unpredictable. Moreover, its investment stake in *Avatar 3* through TSG Entertainment Finance LLC is minimal and will not significantly impact short-term earnings.

The stock surge coincided with negative news, including a 1.5 million yuan enforcement case. Earlier, in October, Bona faced an asset preservation case where shares worth 282 million yuan held by Chairman Yu Dong and Beijing Bona Film & TV Base Investment Management Co., Ltd. were frozen until October 2028. Additionally, the company and some executives received regulatory penalties from the Xinjiang Securities Regulatory Bureau in May for undisclosed non-operational fund usage totaling 471 million yuan in 2022–2023.

Financially, Bona reported a net loss of 1.109 billion yuan in the first three quarters of 2025, a 213.11% year-on-year increase. Revenue growth remained sluggish at 1.29%, while operating costs surged 50.82%, dragging gross margin down to -64.51%. The company’s debt-to-asset ratio stood at 65.03%, reflecting persistent financial strain.

Bona’s recent box office disappointments, including *The Mission* (378 million yuan), highlight challenges in its once-successful patriotic film strategy. The company is pivoting to AI-integrated production, launching projects like *Sanxingdui: Future Past* and AI-generated short dramas, but its path to profitability remains uncertain.

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