Core Viewpoint - The film industry is experiencing a significant downturn, particularly following the disappointing box office performance during the 2025 National Day holiday, leading to a collective drop in stock prices for several film companies [1][2]. Group 1: Box Office Performance - The total box office for the 2025 National Day holiday was 1.835 billion yuan, which is lower than the 2.734 billion yuan in 2023 and 2.104 billion yuan in 2024 [2]. - The average ticket price during this holiday fell to 36.6 yuan, marking the lowest level in nearly seven years, yet the number of attendees decreased to 50.07 million, down approximately 2 million from 52.09 million in 2024 [2]. - Major films released during the holiday, such as "The Volunteer Army: Blood and Peace" and "Assassination Novelist 2," failed to exceed 500 million yuan in box office revenue, contrasting sharply with the 3.2 billion yuan earned by "The Battle at Lake Changjin" in 2021 [3]. Group 2: Market Trends and Consumer Behavior - The decline in box office performance is attributed to a shift in consumer behavior, where diverse entertainment options like concerts and exhibitions are competing with traditional cinema [2][4]. - The film market is transitioning from being "schedule-driven" to "content-driven," indicating that viewers are now more selective and prioritize film quality over holiday viewing habits [4]. - Despite the weak performance during the National Day holiday, the overall film market has shown resilience, with total box office revenue exceeding 42.502 billion yuan by October 2, surpassing the total for 2024, and the number of moviegoers exceeding 1 billion [3][4]. Group 3: Stock Market Impact - The film sector saw a significant drop in stock prices, with the film line index (801766.SL) down 5.87%, and notable declines in companies such as Huace Film & TV (down 12.59%) and Light Media (down over 10%) [1]. - The film sector had previously shown positive momentum, with the film line index rising 24.3% year-to-date as of September 30, 2025, and some companies like Happiness Blue Sea and Light Media experiencing stock increases of 149.43% and 107.48%, respectively [3].