Eight films have been officially scheduled for the 2026 Spring Festival movie season, which will run for nine days from February 15 to February 23, making it the longest such season on record. The lineup includes "Pegasus 3," "Awakening Silence," "Blades of the Guardians: Desert Storm," "Boonie Bears: The Everlasting Adventure," "Starry Dreams," "Panda Plan: Tribal Encounter," "Return to the Wolves," and "Night King," with "Return to the Wolves" being a re-release set for February 19, while the others debut on February 17. The films span various genres such as comedy, spy thriller, crime, animation, fantasy, family, and documentary.
According to a forward-looking analysis, the 2026 Spring Festival season may see a competitive landscape with multiple strong contenders, similar to 2024, where several films are expected to achieve solid box office results. Three of the titles—"Pegasus 3," "Blades of the Guardians: Desert Storm," and "Awakening Silence"—will be released in IMAX format.
The production companies behind these films include several listed entities. "Pegasus 3" involves MAOYAN ENT, DAMAI ENT, Wanda Film Holding Co.,Ltd., Bona Film Group Co.,Ltd., China Film Group Co.,Ltd., and Hengdian Entertainment Co.,Ltd. "Awakening Silence" and "Blades of the Guardians: Desert Storm" count DAMAI ENT and China Film Group Co.,Ltd. among their investors. "Boonie Bears: The Everlasting Adventure" is backed by Hengdian Entertainment Co.,Ltd., China Film Group Co.,Ltd., MAOYAN ENT, and Wanda Film Holding Co.,Ltd. "Starry Dreams" involves China Film Group Co.,Ltd., Hengdian Entertainment Co.,Ltd., and Shanghai Film Co.,Ltd., while "Panda Plan: Tribal Encounter" lists MAOYAN ENT as an investor. Beijing Enlight Media Co.,Ltd. is a co-investor in the re-release "Return to the Wolves."
Several film companies have confirmed their participation. Hengdian Entertainment Co.,Ltd. noted investments in "Boonie Bears: The Everlasting Adventure," "Pegasus 3," and "Starry Dreams," but not in "Blades of the Guardians: Desert Storm." China Film Group Co.,Ltd. is involved in "Starry Dreams," "Pegasus 3," "Boonie Bears: The Everlasting Adventure," "Blades of the Guardians: Desert Storm," and "Awakening Silence." Beijing Enlight Media Co.,Ltd. is invested in "Pegasus 3," "Awakening Silence," and "Panda Plan: Tribal Encounter," with "Return to the Wolves" set for re-release. Bona Film Group Co.,Ltd. confirmed its role in producing "Pegasus 3."
In capital markets, some film stocks have performed strongly recently. Hengdian Entertainment Co.,Ltd. saw its share price rise 101.45% year-to-date, with a 5.50% gain on February 6 to close at CNY 33.40. China Film Group Co.,Ltd. increased 4.91% to CNY 18.39, Wanda Film Holding Co.,Ltd. rose 4.06% to CNY 12.56, Shanghai Film Co.,Ltd. edged up 1.23% to CNY 29.57, Beijing Enlight Media Co.,Ltd. fell 1.82% to CNY 20.46, Bona Film Group Co.,Ltd. advanced 2.28% to CNY 10.31, and MAOYAN ENT gained 1.80% to HKD 7.36.
Analysts point out that the Spring Festival season, while not the longest of the year, is one of the most crucial, with four of the top five single-day box office records in Chinese cinema history occurring on the first day of the Lunar New Year. Since 2021, Spring Festival box office revenue has consistently exceeded CNY 60 billion, reaching a record CNY 95.14 billion in 2025.
Looking ahead, CICC research indicates that the 2026 season faces challenges due to a high comparison base from 2025's "Nezha 2" and cautious release strategies by domestic studios amid competition from extended screenings of imported films like "Zootopia 2" and "Avatar 3." The firm projects a neutral scenario of CNY 75.10 billion in box office revenue for the seven core days, down approximately 21% year-on-year. Zheshang Securities forecasts the 2026 season could match 2024's CNY 80 billion total, with "Pegasus 3" expected to earn CNY 25-30 billion, "Blades of the Guardians: Desert Storm" over CNY 20 billion, "Awakening Silence" over CNY 15 billion, "Starry Dreams" and "Boonie Bears: The Everlasting Adventure" around CNY 5 billion each, and "Panda Plan: Tribal Encounter" below CNY 5 billion. Investors are advised to note the uncertainties in film performance.
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