In the first half of 2025, China's total box office reached 29.23 billion yuan (including service fees), representing a 22.9% year-over-year increase and ranking third in film history for the same period. Movie attendance reached 640 million, up 16.9% year-over-year. The phenomenal animated film "Ne Zha: The Devil Child's Journey to the Sea" achieved a total box office of 15.91 billion yuan, securing fifth place in global film history, while "Detective Tang 1900" and "Creation of the Gods II: Demonic Confrontation" earned 3.61 billion yuan and 1.24 billion yuan respectively. The outstanding performance of these blockbuster films was the primary driver of market box office growth. Domestic films dominated the first half, accounting for 91.2% of total box office revenue, with domestic productions occupying nine of the top 10 highest-grossing films, demonstrating the strong appeal of Chinese cinema during peak periods.
Theater chain companies' operating performance is closely correlated with overall market performance. As of August 31, Wanda Film Holding Co.,Ltd., Jinyi Cinemas, Perfect World Pictures, and Hengdian Entertainment have all disclosed their 2025 interim reports, with key operating metrics shown in the table above.
According to statistics, A-share theater chain companies achieved combined operating revenue of 9.098 billion yuan in the first half, up 9.34% year-over-year, with combined net profit attributable to shareholders reaching 779 million yuan, surging 658.06% year-over-year.
However, box office performance varied significantly by month in the first half of 2025. February alone generated 16.09 billion yuan, accounting for 55.1% of the total first-half box office. March through June showed persistently weak performance, with monthly box office falling below 2 billion yuan each month. The second quarter generated only 4.82 billion yuan, down 34.7% year-over-year, marking one of the lowest levels for the same period in nearly a decade, reflecting uneven market performance.
Regarding film distribution, box office concentration became more pronounced. "Ne Zha: The Devil Child's Journey to the Sea" alone accounted for 52.8% of the first half's total box office. The number of films grossing over 100 million yuan totaled 23, down 10 from the same period last year. Only 2 films achieved box office between 500 million and 1 billion yuan, and no films exceeded 500 million yuan after the Spring Festival period. Mid-scale productions (box office between 10 million and 100 million yuan) totaled 42 films, contributing less than 7% of total box office, indicating further concentration in box office distribution.
By quarter, theater chain companies achieved combined Q1 operating revenue of 6.719 billion yuan, up 27.53% year-over-year, representing 73.85% of total first-half revenue, an increase of 10.53 percentage points year-over-year. Combined net profit reached 1.35 billion yuan, up 136.25% year-over-year.
In contrast, Q2 combined operating revenue totaled 2.379 billion yuan, down 22.05% year-over-year, with net profit attributable to shareholders at -571 million yuan, representing a 21.82% widening in losses year-over-year.
Looking at individual listed companies for the first half: Wanda Film Holding Co.,Ltd. achieved operating revenue of 6.689 billion yuan, up 7.57% year-over-year, with net profit of 536 million yuan, surging 372.55% year-over-year. Jinyi Cinemas generated operating revenue of 623 million yuan, up 10.46% year-over-year, with net profit of 32 million yuan, up 146.73% year-over-year, returning to profitability. Perfect World Pictures achieved operating revenue of 413 million yuan, up 10.72% year-over-year, with net profit of 9 million yuan, up 128.99% year-over-year, also returning to profitability. Hengdian Entertainment recorded operating revenue of 1.373 billion yuan, up 17.81% year-over-year, with net profit of 202 million yuan, up 128.61% year-over-year.
From a competitive perspective, Wanda Film Holding Co.,Ltd. retained its leading position in the theater chain industry, while Hengdian Entertainment maintained second place. Jinyi Cinemas and Perfect World Pictures ranked third and fourth respectively, with rankings unchanged from the same period last year.
In terms of growth trends, all four theater chain companies achieved double-digit growth in both revenue and net profit, with Jinyi Cinemas and Perfect World Pictures returning to profitability. Hengdian Entertainment recorded the fastest revenue growth, while Wanda Film Holding Co.,Ltd. posted the highest net profit growth rate.
Regarding gross margins, Wanda Film Holding Co.,Ltd., Jinyi Cinemas, Perfect World Pictures, and Hengdian Entertainment achieved comprehensive gross margins of 28.28%, 26.97%, 25.87%, and 22.64% respectively in the first half, representing year-over-year increases of 2.20, 12.09, 13.02, and 9.16 percentage points respectively.
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