传媒行业快评报告：春节档票房再创新高，《哪吒》续作登顶中国影片票房总榜

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Insights - The Spring Festival box office performance exceeded expectations, achieving a total box office of 9.51 billion yuan, a year-on-year increase of 18.6%, setting a new record for the Spring Festival box office [1][2] - The significant increase in audience attendance, reaching 187 million viewers, was the main driver of box office growth, with an average ticket price rising slightly to 50.8 yuan [1] - The competition during the Spring Festival was intense, with the top films showing a clear gradient and high concentration, where the first-tier film "Nezha" contributed 4.839 billion yuan, accounting for 51% of the total box office [2] - "Nezha" broke the record for the highest box office for a single Chinese film, surpassing "The Battle at Lake Changjin" with a total box office expected to reach 9.537 billion yuan [2] Summary by Sections Box Office Performance - The Spring Festival box office reached 9.51 billion yuan, a year-on-year increase of 18.6%, with daily box office figures remaining strong throughout the festival [1] - The first day of the festival saw a record high of 1.81 billion yuan, with subsequent days maintaining over 1.2 billion yuan [1] Audience Engagement - Audience attendance surged to 187 million, significantly contributing to the box office growth, alongside a slight increase in average ticket prices [1] Film Concentration - The top films showed a high concentration, with the first and second tiers accounting for 74% of the total box office, indicating a competitive landscape [2] Investment Recommendations - The strong performance of the Spring Festival is expected to boost confidence in the film market for 2025, suggesting a focus on quality film production companies and cinema chains [3]