CFC(SH:600977) 3 6 Ke·2025-05-10 01:20Core Insights - The May Day holiday in China saw a significant decline in box office performance compared to the previous year, with total box office revenue dropping by 51.1% to 747 million yuan, averaging 149 million yuan per day [2][4] - The number of moviegoers decreased from 37.81 million last year to 18.90 million this year, resulting in an average occupancy rate falling from 12.6% to 6.6% [4][2] - Despite a diverse lineup of new films, none achieved significant box office success, leading to an overall disappointing performance for the holiday period [27][30] Box Office Performance - The total box office for the May Day holiday was 747 million yuan, a stark contrast to the previous year's performance [2] - The leading film, "Dumpling Queen," failed to resonate with audiences, earning only 135 million yuan, significantly lower than comparable films from previous years [30][39] - Other films, including "Game of Gold" and "Life Opens the Door," also underperformed, with the former earning only 135 million yuan compared to its predecessor's 255 million yuan [30][32] Audience Trends - The audience's viewing frequency has declined from 3.0 times per year in 2016-2019 to 2.3 times in 2023-2024, indicating a shift towards more conservative viewing habits [53] - The total number of moviegoers has decreased from 500 million to 430 million, reflecting a broader trend of reduced engagement with cinema [53] - The proportion of advance ticket sales has dropped to 20%, with many viewers opting to purchase tickets closer to showtime, indicating a lack of trust in the quality of films [53] Supply and Demand Dynamics - The Chinese film market is increasingly reliant on key holiday periods, which has led to a scarcity of major films outside these times, resulting in a lack of blockbuster hits [41][42] - The concentration of high-profile films in major holiday slots has left regular weekends with fewer significant releases, contributing to a decline in overall box office performance [44] - The imbalance in supply has created a situation where even during holiday periods, the absence of strong films has led to disappointing results [46] Industry Challenges - The film industry is facing a crisis of confidence, with audiences perceiving a lack of quality in current offerings, which is impacting box office performance [52] - The competition from other entertainment forms, such as live performances, has intensified, with ticket sales for live events increasing by 50.76% during the same period [54] - The industry must focus on cost reduction, supply adjustment, and content innovation to regain audience trust and improve box office performance [59]