Stocks expected to show significant profit growth in their upcoming 2025 annual reports are emerging. Data from Maoyan Professional Edition on February 21 revealed that the cumulative box office revenue of China's film market in 2026 has exceeded $970 million, surpassing North America's $938 million, temporarily ranking first globally for a single market. This achievement is attributed to the robust performance during the Spring Festival holiday.
The 2026 Spring Festival season, spanning nine days from February 15 to February 23, set a record as the longest in history. Statistics show that the total number of screenings during this period surpassed 3.947 million, breaking the previous record for Spring Festival screenings in Chinese film history.
As of approximately 13:00 on February 22, "Pegasus 3" had grossed over 2.4 billion yuan, leading the box office by a significant margin and becoming the first film this season to cross the 2-billion-yuan threshold. Additionally, two other films, "Awakening Silence" and "Blade of the Guardians: Desert Storm," have surpassed 700 million yuan and 600 million yuan in box office revenue, respectively. According to Lighthouse Professional Edition, as of 18:00 on February 22, the total box office for the 2026 Spring Festival season, including pre-sales, had exceeded 5 billion yuan.
CCTV reported that the projected total box office for "Pegasus 3" is 4.275 billion yuan. Previously, Maoyan data indicated that the first "Pegasus" film, released during the 2019 Spring Festival season, achieved a final box office of 1.728 billion yuan, ranking third for that season. "Pegasus 2," released during the 2024 Spring Festival season, earned 3.361 billion yuan, securing the second-place position that year.
As "Pegasus 3" continues its strong box office performance, it has also propelled its lead actor Shen Teng's cumulative leading-role box office earnings past 38.9 billion yuan, making him the top-grossing actor domestically. Among the films starring Shen Teng, five have each surpassed 3 billion yuan in box office revenue: "Hi, Mom" (5.413 billion yuan), "Full River Red" (4.544 billion yuan), "Pegasus 2" (3.361 billion yuan), "Catch the Kid" (3.327 billion yuan), and "Moon Man" (3.103 billion yuan).
Notably, several A-share listed companies participated in the production or distribution of films during the Spring Festival season. The production of "Pegasus 3" alone involved listed companies such as China Film Co., Ltd., Wanda Film Holding Co., Ltd., Bona Film Group Co., Ltd., and Hengdian Entertainment Co.,Ltd. Companies including China Film Co., Ltd., Enlight Media Co.,Ltd., Shanghai Film Co., Ltd., and Wanda Film Holding Co., Ltd. were involved in the production of "Awakening Silence."
Galaxy Securities stated that in recent years, the film market has shown increasingly pronounced seasonal effects and a "Matthew effect." Based on current Spring Festival season lineups and heat indicators from third-party platforms, audiences still demonstrate high acceptance and willingness to watch high-quality films. The extended nine-day holiday period in 2026 is expected to provide a more substantial time window for box office revenue generation, warranting attention to subsequent performance. Furthermore, the recent internal testing of ByteDance's video model Seedance2.0, which shows significant improvements in video generation capabilities, is viewed positively for its long-term potential to empower the film and cinema industry.
Wanlian Securities noted that the diverse range of film genres available during the 2026 Spring Festival season provides fundamental support for the overall market. Considering film expectations and the market environment, total box office revenue for the season is anticipated to remain stable, with final results highly dependent on actual film quality and audience reception. The firm recommends focusing on leading production companies, core investors, and major players in the cinema chain sector associated with high-quality films.
It is noteworthy that many listed companies in the film industry have released their 2025 earnings forecasts. Data indicates that several companies primarily engaged in cinema and theater operations, such as Wanda Film Holding Co., Ltd., Hengdian Entertainment Co.,Ltd., and Jinyi Media Co.,Ltd., have turned losses into profits regarding net income. Among production companies, Beijing Enlight Media Co.,Ltd. is expected to report attributable net profit between 1.5 billion yuan and 1.9 billion yuan for 2025, largely driven by the performance of "Ne Zha 2."
In its 2025 earnings forecast, Beijing Enlight Media Co.,Ltd. stated that films it has invested in, including "Pegasus 3," "Awakening Silence," and "Panda Plan: Tribal Adventure," are scheduled for release on the first day of the Lunar New Year in 2026. The company also has a pipeline of projects expected to be released within the year, such as "Article 17," "Go to Your Island," "Three Hearts Two Minds," "The Female Radical," "Little Circle Classmate," "A Vibrant Life," "My Girlfriend," and "Forty-Four Astringent Persimmons," with other projects also under development.
Hengdian Entertainment Co.,Ltd. pointed out in its 2025 earnings forecast that films it has invested in and produced, including "Boonie Bears: Annual Adventure," "Pegasus 3," and "Starry Dream," were released during the 2026 Spring Festival season. Additionally, the company's wholly-owned subsidiary, Hengdian Film Production Co., Ltd., has established the short drama brand "Daheng Xiaoshu" to accelerate development in the short-form drama business.
According to public announcements, Hengdian Entertainment Co.,Ltd. has scheduled the disclosure of its 2025 annual report for February 28, 2026, meaning the report will be released next week. Furthermore, more than ten other companies, including Huaming Equipment and ACM Research (Shanghai), are also expected to release their 2025 annual reports next week.
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