According to data released by the National Film Administration, China's box office revenue reached 29.231 billion yuan in the first half of 2025, with 641 million moviegoers, representing year-over-year increases of 22.91% and 16.89% respectively. Domestic films accounted for 91.2% of total box office revenue. A total of 25 films exceeded 100 million yuan in box office revenue, including 16 domestic films and 9 foreign films.
According to Maoyan Professional Edition data, the single-day box office on January 29, 2025 (Lunar New Year's Day) reached 1.808 billion yuan, ranking first on the all-time single-day box office charts. Against the backdrop of the global film industry's challenging recovery, Chinese cinema created the "strongest ever" Spring Festival period. February's monthly box office reached a record-breaking 16.092 billion yuan, accounting for 55% of the first half's total box office.
As of August 31, 2025, all A-share entertainment companies have disclosed their 2025 semi-annual reports. This series examines three companies primarily engaged in film investment, production, and distribution: Huayi Brothers, Beijing Enlight Media Co.,Ltd., and Beijing Culture.
In the first half of 2025, these three entertainment companies collectively achieved operating revenue of 3.553 billion yuan, up 115.33% year-over-year, and net profit attributable to shareholders of 1.922 billion yuan, up 313.63% year-over-year.
However, performance varied significantly among individual listed companies, with some celebrating while others faced challenges.
**"Ne Zha: The Magic Child Returns to Sea" Propels Performance and Market Value into Fast Lane**
Beijing Enlight Media Co.,Ltd. emerged as the biggest winner, with "Ne Zha: The Magic Child Returns to Sea" - five years in development - finally driving explosive growth in company performance. In the first half, Beijing Enlight Media Co.,Ltd.'s operating revenue reached 3.242 billion yuan, up 143.00% year-over-year; net profit attributable to shareholders was 2.229 billion yuan, up 371.55% year-over-year; and adjusted net profit attributable to shareholders was 2.199 billion yuan, up 376.71% year-over-year.
During the first half, Beijing Enlight Media Co.,Ltd. participated in investing, distributing, and recording box office revenue from films including "Ne Zha: The Magic Child Returns to Sea" and "One and Only." Films released in 2024 with partial box office revenue carried forward to this period included "Xiao Qian." Total box office revenue as of the reporting period was approximately 15.463 billion yuan.
According to Maoyan Professional Edition, "Ne Zha: The Magic Child Returns to Sea" achieved a cumulative domestic box office of 15.445 billion yuan, with total viewership reaching 324 million. Since its release, the film has broken 113 records, including Chinese film history box office, Chinese film history viewership, and global animated film box office records, earning 308 milestone achievements.
This single film contributed 99.88% of Beijing Enlight Media Co.,Ltd.'s total box office revenue in the first half. Based on Beijing Enlight Media Co.,Ltd.'s previous announcement calculations, "Ne Zha: The Magic Child Returns to Sea" generated revenue in the range of 3.032-3.223 billion yuan, accounting for 93.51%-99.41% of the company's total first-half revenue.
However, excluding "Ne Zha: The Magic Child Returns to Sea," Beijing Enlight Media Co.,Ltd.'s other produced and distributed films generally performed mediocrely, with some showing disappointing results.
"One and Only" was released on May 17, generating only 3.67 million yuan in first-day box office revenue, even less than the decades-later re-release of "Princess Mononoke." Two weeks after release, daily box office revenue had fallen below 10,000 yuan, with total box office reaching 17 million yuan by July 15.
Similarly, "Xiao Qian," released on December 6 last year, experienced a cliff-like decline in box office shortly after release, falling into obscurity. Total box office reached 12.844 million yuan by February 4 this year, contributing negligibly to Beijing Enlight Media Co.,Ltd.'s performance.
In Q2, Beijing Enlight Media Co.,Ltd.'s revenue declined 91.01% quarter-over-quarter while remaining essentially flat year-over-year, reflecting insufficient momentum after market enthusiasm for "Ne Zha: The Magic Child Returns to Sea" cooled.
Beyond delivering impressive financial results, Beijing Enlight Media Co.,Ltd. also attracted significant attention in capital markets, becoming a market focus. From February 5-14, over just eight trading days, Beijing Enlight Media Co.,Ltd.'s stock price surged 264.43%, from 9.42 yuan per share to 34.35 yuan per share, with total market capitalization exceeding 100 billion yuan, setting a new record since its listing 14 years ago. On the 15th, the stock hit the daily limit during call auction but quickly retreated after opening, closing down 14.6%.
Subsequently, Beijing Enlight Media Co.,Ltd.'s stock price entered a prolonged adjustment period. As of the latest trading session, it closed at 18.8 yuan per share with a total market capitalization of 55.2 billion yuan, nearly halving from its yearly high.
Currently, live-action films "Girls vs Gangsters," "East Pole Island," and animated film "Non-Human Academy: Limited Time Players" were released on July 18, August 8, and August 16, 2025, respectively, achieving total box office revenues of 28.907 million yuan, 391 million yuan, and 14.521 million yuan as of September 10.
**Can "Romance of the Three Kingdoms: Stars" Successfully Take Over and Reignite the Domestic Animated Film Market?**
For live-action films, Beijing Enlight Media Co.,Ltd. has upcoming projects including "Small Characters," "Her Dimples," "Invisible Couple," "Mo Duoduo Adventure," "Moerdaoga," and "Forty-Four Astringent Persimmons" awaiting release timing.
For animated films, "Romance of the Three Kingdoms: Stars" is scheduled for release on October 1. "Go to Your Island," "Rakshasa Sea Market," "Big Fish & Begonia 2," "Love Song," "North Wind," and "Grandma, There's a Fish in My Ear" are in production. Animation projects including "Zhuolu," "Jiang Ziya 2," "Tea Ah Second Middle School 2," "Yesterday's Blue Sky 2," "Big Fish & Begonia 3," "Eight Immortals Cross the Sea," "Dali Temple Journal," "Daji," "Erlang Shen," and "Lu Pan" are in development.
Among these, "Romance of the Three Kingdoms: Stars Part One" is the most anticipated, with Beijing Enlight Media Co.,Ltd. serving as co-investor and distributor.
Public information shows that "Romance of the Three Kingdoms: Stars Part One" is China's first officially announced Three Kingdoms-themed animated film, marking Yi Zhongtian's debut as screenwriter and producer for an animated film, and director Yu Meng's first directorial work after serving as chief producer of "Born to Fly." The film breaks new ground in narrative perspective, with its title derived from Cao Cao's poem "Watching the Sea" - "stars brilliant as if emerging from within." The film centers on Cao Cao as protagonist, subverting audiences' preconceived notion of him as a "treacherous hero" and presenting another side of history.
On September 9, "Romance of the Three Kingdoms: Stars Part One" released a voice acting special feature and poster, officially announcing the complete voice cast. Chen Hao, voice director for the "Ne Zha" series, leads the team again as co-director and voice director for "Romance of the Three Kingdoms: Stars Part One." Tan Jianci will voice Cao Cao across his journey from youth to middle age, depicting Cao Cao's remarkable rise over more than a decade amid chaotic times, ultimately becoming a legendary figure.
Whether "Romance of the Three Kingdoms: Stars Part One" can successfully follow "Ne Zha: The Magic Child Returns to Sea" remains to be tested by the market.
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