缺乏爆款：国庆档电影票房同比下跌2.7亿元

Core Insights - The National Film Administration reported a 13% year-on-year decline in box office revenue for the 2025 National Day holiday period, totaling 1.835 billion yuan, marking the second-lowest performance in five years [1][2] - The overall viewing experience during this period was down, with total attendance at 50.079 million, a 4% decrease, and average attendance per screening dropping by 15% [2] - The lack of blockbuster films has led to a more passive market environment, with the top five films failing to surpass 500 million yuan in box office revenue for the first time in five years [3][2] Box Office Performance - The top five films during the National Day holiday were: "The Volunteer Army: Blood and Peace" (450 million yuan), "731" (345 million yuan), "Assassination Novelist 2" (295 million yuan), "Life of the Waves" (219 million yuan), and "Deafening" (175 million yuan) [2] - The average ticket price dropped to a five-year low of 36.6 yuan, but this did not translate into increased attendance, as only "Life of the Waves" saw a slight uptick in viewers after a price reduction [5] Market Trends - The share of box office revenue from first-tier cities fell to a historic low of 13.4%, while the share from third and fourth-tier cities increased to nearly 44% [7] - Major film companies are facing significant operational pressures, with "The Volunteer Army: Blood and Peace" struggling to recoup its high production costs, leading to a 19.13% year-on-year revenue decline for its main producer, China Film, which reported a net loss of 110 million yuan [8][9] Industry Challenges - The animation sector, previously thriving, is now under pressure, as evidenced by the poor performance of "The Starry Sky of the Three Kingdoms," which grossed only 74.71 million yuan [9] - The film industry is experiencing a shift in investment strategies, with producers becoming increasingly cautious and focusing on cost control [12] Alternative Entertainment Growth - Other entertainment sectors are thriving, with domestic travel during the holiday period increasing to 888 million trips, generating 809 billion yuan in total spending, which is a significant rise compared to the previous year [13] - The growth in performances and online content consumption indicates a shift in consumer preferences away from traditional cinema [13] Industry Adaptation - Major players like Wanda Film are exploring new business models, such as integrating gaming experiences into cinema [14] - The industry is looking to innovate with new distribution methods and content types, including theater performances and sports events, to attract audiences back to cinemas [15] - The film market is in urgent need of transformation to address current challenges and enhance its appeal [16]