Zhi Tong Cai Jing·2026-01-20 00:12Core Viewpoint - CITIC Securities forecasts a strong performance for the 2026 Chinese film market, particularly during the Spring Festival, with several high-grossing IP sequels and strong cast films expected to be released [1][6][7] Group 1: 2025 Film Market Performance - The domestic film market in 2025 showed robust growth, with total box office revenue reaching 51.83 billion yuan, a year-on-year increase of 21.9%, and total audience attendance at 1.237 billion, up 22.6% [2] - The average ticket price was 41.9 yuan, a slight decrease of 0.5% compared to the previous year [2] - Box office and attendance figures recovered to 80.8% and 71.6% of the historical highs seen in 2019, respectively [2] Group 2: Key Trends in the Film Market - Series animated films performed exceptionally well, with four out of the top ten films in 2025 being animated, including record-breaking titles like "Nezha: Birth of the Demon Child" and "Zootopia 2" [3] - The highest-grossing animated film, "Nezha: Birth of the Demon Child," achieved a box office of 15.454 billion yuan, surpassing the previous record held by "The Battle at Lake Changjin" [3] - The film "Zootopia 2" set a new record for imported films with a box office of 4.331 billion yuan as of January 13, 2026 [3] Group 3: IP Development and Derivative Business - Film companies are increasingly focusing on IP cultivation, with many high-grossing films being sequels, and plans for further film installments and derivative products such as games and theme parks [4] - The film "Nezha: Birth of the Demon Child" established partnerships with 23 brands, generating over 10 million yuan in sales within eight days of launching related merchandise [4] - "Wang Wang Mountain Little Monster," another animated film, saw significant sales increases for its merchandise, with over 800 derivative SKUs developed in collaboration with more than 40 companies [5] Group 4: 2026 Film Market Outlook - The Spring Festival of 2026 is expected to feature multiple high-profile IP sequels and strong cast films, with "Flying Life 3" already scheduled for release on the first day of the Lunar New Year [6][7] - The film market is anticipated to benefit from an extended holiday period and a concentration of major films during the Spring Festival, which has historically led to record box office performances [7] - The film "Flying Life 2" previously achieved a box office of 3.361 billion yuan, setting a precedent for the upcoming sequel [8] Group 5: Import Film Supply - The supply of imported films in 2025 was robust, with significant box office performances from several Hollywood films, including "Zootopia 2," which became the highest-grossing imported film in China [5][9] - The total box office for imported films reached 10.885 billion yuan in 2025, marking a 9.4% increase and the first time since 2020 that it exceeded 10 billion yuan [5] - The outlook for 2026 remains positive, with a rich pipeline of Hollywood films expected to be released, including sequels to major franchises [9]