Core Insights - The National Day holiday box office performance this year was disappointing, with total earnings of 1.827 billion yuan, a decline of 13.2% compared to last year's 2.105 billion yuan during a 7-day holiday, marking a return to box office levels seen a decade ago [2][4][6] - The average ticket price dropped to 36.6 yuan, down from 40.3 yuan last year, indicating a further reduction in viewing barriers [5] - The number of viewers also decreased, with only 50 million attendees this year compared to 52 million last year, highlighting a significant decline in the holiday's appeal [6] Supply and Demand Dynamics - The supply side appeared diverse but was hindered by a lack of blockbuster films, leading to a situation where mid-tier films struggled to perform [7] - Notable films like "The Volunteer Army: Blood and Peace" and "Assassination Novelist 2" underperformed, with the former earning only 450 million yuan, significantly lower than its predecessor [7][9] - The second highest-grossing film during the holiday was "731," which had been released for over 20 days, further emphasizing the lack of competitive new releases [7] Company Performance - China Film (600977.SH), one of the major players in this holiday's film releases, is facing a challenging outlook, with its main film projected to earn only 602 million yuan, making profitability unlikely [9][10] - Bona Film (001330.SZ), which has been experiencing losses, is also struggling, having lost 1.056 billion yuan in the first half of 2025 and only participating in one film this holiday [11] - Other companies like Huace Film and Maoyan are also projected to incur losses from their films due to high production costs compared to expected box office returns [11][12] Market Trends - The traditional appeal of patriotic films remains, but there is a growing concern over the quality of content, with many films falling into formulaic storytelling and failing to resonate with audiences [13][14] - The trend for the upcoming National Day holiday in 2024 indicates a shift towards more diverse commercial genres, moving away from a heavy reliance on patriotic themes [14] - Successful films like "Nanjing Photo Studio" demonstrate that high-quality storytelling can still attract audiences, suggesting that the market is not losing interest in patriotic themes but rather demanding better execution [14]