China Merchants Securities: Lunar New Year's box office surpassed 4.5 billion yuan, focus on leading theatrical ticketing platforms and key films

The Zhitong Finance App learned that China Merchants Securities released a research report stating that as of 10 a.m. on December 23, the total box office of the film market in 2025 was 51,074 billion yuan, far exceeding the same period in 2024. The 2025 Lunar New Year box office reached 4.587 billion yuan, surpassing the total box office of the 2024/2023 Lunar New Year program. New Year's Day movies have been released one after another, and the Lunar New Year box office performance was strong. The bank believes that in the future, there will still be a large reserve of high-quality films that will soon be scheduled for the Spring Festival, and the film and television line section is worth looking forward to.

The main views of China Merchants Securities are as follows:

The film market will achieve a total box office of 51,074 billion yuan in 2025

As of 10 a.m. on December 23, the total box office of the film market in 2025 was 51,074 billion yuan, far exceeding the same period in 2024. The 2025 Lunar New Year box office reached 4.587 billion yuan, surpassing the total box office of the 2024/2023 Lunar New Year program. As of 10 a.m. on December 23, the total box office of the film market in 2025 was 51,074 billion yuan, far exceeding the same period in 2024. The 2025 Lunar New Year program lasts 34 days from November 28 to December 31. The 2023/2024 Lunar New Year program will last 38 days/40 days respectively, with a total box office of 4.508 billion yuan/3,050 billion yuan, respectively. As of 10:00 a.m. on December 23, the 2025 Lunar New Year box office had reached 4.587 billion yuan, surpassing the 2024/2023 Lunar New Year box office. This year's Lunar New Year movies are numerous and varied, covering topics such as suspense, warmth, action, science fiction, etc., to meet the diverse needs of viewers.

New Year's Day movies have been released one after another, and the Lunar New Year box office performance is strong

The fantasy crossing IP “In Search of Qin”, produced and distributed by Huace Film and Television, etc., has been scheduled for December 31. The original cast debuted on the big screen. As of December 22, 173,000 people wanted to watch Cat Eye. The suspense film “Anonymous Killing” produced by Maogan Entertainment, China Film, Hengdian Film and Television, and Damai Entertainment was scheduled for December 31. The box office for Covenley's previous films “Murderous Killing” and “Murder” was 1,333 billion/ 1,351 billion yuan respectively, receiving both box office and word of mouth. “A Place to Use”, produced by Wanda Film, Chinese Film, Beijing Culture, etc., has been scheduled for December 31. The film is a new work by the director of “Give It All” and “Nanjing Photo Studio” to bid for the Olympics. Pre-sale will begin on December 24. In terms of introduction, “Magic Witch 2” is scheduled for December 24. The film has already grossed 488 million yuan worldwide, with an IMDb rating of 6.9. “Leisure Made”, produced by Noon Sunshine, Maogan Entertainment, and Chinese movies, etc., surpassed 100 million on the first day of December 6. Up to now, the box office has reached 356 million yuan. The classic IP “Avatar: Fire and Ashes” was screened in mainland China on December 19. The total box office has now reached 441 million yuan. Cat Eye predicts a total box office of 1,112 billion yuan in mainland China. The bank believes that in the future, there will still be a large reserve of high-quality films that will soon be scheduled for the Spring Festival, and the film and television line section is worth looking forward to.

Recommended to follow

A “Chinese film” that produced the films “Anonymous Killing” and “A Place to Use” and participated in the distribution business of imported films. “The Search for Qin” is the main pitcher and proponent [Huace Film and Television]. [Shanghai Film] The Chinese fantasy animated short film collection “China's Strange Tan 2” will be broadcast exclusively on Bilibili starting January 1, 2026. [Cat Eye Entertainment] [Damai Entertainment] is expected to fully benefit from the recovery of the movie market as a movie ticketing platform. At the same time, it is recommended to focus on high-quality cinema companies such as “Wanda Film”, “Hengdian Film and Television”, and “Happy Blue Ocean”, as well as high-quality content companies such as “Mango Supermedia”, “Light Media”, and “Reading Group”.

Risk warning: The film's schedule fell short of expectations; the box office performance after the film was released fell short of expectations, etc.