新京报贝壳财经讯 据灯塔专业版，截至8月24日17时47分，2025年8月电影总票房（含预售）突破50亿。《南京照相馆》《浪浪山小妖怪》《捕风追影》 《东极岛》《罗小黑战记2》暂列当月票房前五名。 图/ic "草克林 · 米 上演 版版 · T 88 金融合国务主席引取参考 上利用品高级建交信机服务网 市讯电竞集团有限公司 金利来源：瑞士交易市 - 大 88 金融合国务主席引取会网 上利用品高要建交推行服务网 市讯体委员网10周公网 金利来民营商机器会员 RDEAUT Barcode 扫码区 ...

Core Insights - The 2025 summer box office has surpassed 10 billion yuan, with a total attendance of 267 million and 32.96 million screenings, averaging a ticket price of 37.3 yuan [1][3] Box Office Performance - "Nanjing Photo Studio" leads the 2025 summer box office rankings with a box office of 257.69 million yuan, accounting for 25.7% of the total box office [8] - The top five films in the 2025 summer box office include: - "Nanjing Photo Studio" - 257.69 million yuan (25.7%) - "Wang Wang Mountain Little Monster" - 101.56 million yuan (10.1%) - "Chang'an's Lychee" - 67.30 million yuan (6.7%) - "Jurassic World: Young Scholar" - 56.60 million yuan (5.6%) - "The Legend of Luo Xiaohei 2" - 44.77 million yuan (4.4%) [8] Film Categories - "Nanjing Photo Studio" is recognized as the historical film box office champion for the summer season [4] - "Wang Wang Mountain Little Monster" is noted as the top animated film in the summer box office [5] - "The Legend of Luo Xiaohei 2" is identified as the leading fantasy film in the summer box office [6]

Core Insights - The total box office for the summer season of 2025 (June to August) has surpassed 100 billion yuan, with films "Nanjing Photo Studio," "Wang Wang Mountain Little Monster," and "Lychee of Chang'an" leading the charts [1] - As of now, the total box office (including pre-sales) for 2025 has exceeded 373 billion yuan, showcasing a diverse range of themes in the summer season [2] - The film market continues to heat up, with "Nanjing Photo Studio" grossing over 2.5 billion yuan since its release on July 25, making it the top film of the summer season [3] Film Performance - "Nanjing Photo Studio" is based on real evidence of Japanese war crimes during the Nanjing Massacre, focusing on "photos of Japanese war crimes" and has extended its screening until September 24 [3] - The animated film "Wang Wang Mountain Little Monster," derived from the short film "Chinese Tales," has achieved a cumulative box office of over 1.0026 billion yuan, surpassing "Kung Fu Panda 3" and entering the top ten of China's animated film box office history [4] - The film is also recognized as the highest-grossing 2D animated film in Chinese history, contributing to the ongoing success of the summer season [4] Upcoming Releases - A series of notable films are set to be released soon, including "Rescue Flying Tigers," "731," and "The Untamed" to maintain the momentum of the summer season [7] - Specific release dates include "White Coat Rescuers" on August 23, "A Cloud Like You" and "The Untamed" on August 29, "Rescue Flying Tigers" on September 3, and "731" on September 18 [9]

Core Viewpoint - The film "Lao Lao Mountain Little Monster" has achieved a cumulative box office of over 1 billion yuan, surpassing "Kung Fu Panda 3," and has entered the top ten of the all-time animated films box office in China [1] Group 1 - The cumulative box office of "Lao Lao Mountain Little Monster" has exceeded 1 billion yuan, specifically reaching 1.0026 billion yuan [1] - The film has surpassed "Kung Fu Panda 3" in box office performance, indicating its strong reception among audiences [1] - This achievement places "Lao Lao Mountain Little Monster" in the top ten of the historical animated film box office rankings in China [1]

Investment Rating - Industry Rating: Recommended [4] Core Insights & Investment Recommendations - The extension of the US-China tariff suspension for another 90 days is expected to provide a buffer for export-oriented industries, reducing the risk of short-term trade friction escalation [2][23] - Tencent's strong Q2 performance shows revenue of 184.5 billion yuan, up 15% year-on-year, and a net profit of 69.2 billion yuan, up 18% year-on-year, driven by AI technology enhancing user retention and monetization efficiency [2][23] - The report maintains a positive outlook on leading Chinese technology companies, emphasizing their long-term value during adjustment cycles, and suggests focusing on the media and entertainment consumption sub-industry [3][24] Sub-industry Data Film Industry - The top three films by box office this week are "浪浪山小妖怪" with 269.7 million yuan (31.9% market share), "南京照相馆" with 251.6 million yuan (29.8%), and "东极岛" with 100.1 million yuan (11.9%) [26][27] Gaming Industry - The top three iOS games are "王者荣耀," "和平精英," and "穿越火线-枪战王者," while the top three Android games are "心动小镇," "我的休闲时光," and "崩坏：星穹铁道" [29][30] TV Series Industry - The top three TV series by broadcast index are "凡人修仙传" (83.9), "生万物" (80.5), and "利剑玫瑰" (79.9) [32][33] Variety and Animation - The top three variety shows are "地球超新鲜" (79.7), "心动的信号第八季" (77.2), and "脱口秀和 Ta 的朋友们第二季" (75.3) [33] - The top three animated shows are "沧元图" (315.8), "开心锤锤" (287.6), and "凡人修仙传" (296.7) [35]

《浪浪山小妖怪》票房再创新高。 猫眼专业版数据显示，截至8月15日18时19分左右，《浪浪山小妖怪》在上映的第14天，累计票房(含预售)达到8.079亿元，超过了《铃芽之旅》在2023年创 下的8.07亿元票房纪录，登顶中国影史二维动画电影票房榜。 中国电影评论学会会长饶曙光表示，《浪浪山小妖怪》以"接地气"的风格撬动了家庭观影。他认为，这部动画片借鉴中国传统画的造型、渲染等形式，结合 现代色彩、光影的表现手法，在传承经典的基础上进行创新，创造了既有真实感又兼具中国传统审美意蕴的独特故事。 珠江电影学院副院长陶冶认为，中国动画经历了从诞生之初学习美国的卡通片，到万氏兄弟影响下美术片的探索，再到2004年开始产业化发展从而建立自主 工业体系，这一路从手工绘画到工业化的迭代，见证了中国几代动画人的追求，"今天，《浪浪山小妖怪》超越《铃芽之旅》成为中国电影史上票房最高的 二维动画片，更加具备了里程碑意义"。 截至发稿前，今年暑期档(6月1日到8月31日)票房达到93.65亿元，《南京照相馆》《浪浪山小妖怪》《长安的荔枝》暂居前三名。 《浪浪山小妖怪》由上海美术电影制片厂有限公司、上影元(上海)文化科技发展有限公司、 ...

Core Insights - The animated film "Wang Wang Mountain Little Monster" has achieved a daily box office of 28.82 million, outperforming the 9.44 million of "Dongji Island" and previously grossing 400 million from "Little Black War 2," indicating a significant trend where animated films are surpassing big-budget productions by renowned directors [1][2][9] - This trend began with "Nezha 2," which easily defeated "Fengshen 2" in box office performance, highlighting a shift in audience preference towards animated films over traditional blockbuster formats [1][9] Industry Trends - The animation sector has evolved significantly over the past decade, with annual box office revenue increasing from 1.657 billion in 2018 to over 10 billion in 2025, showcasing a remarkable growth trajectory [9][18] - Animated films are increasingly exploring diverse themes and narratives, such as "Tea Ah Er Zhong," which focuses on campus life, and "Lion Boy," which integrates traditional culture with modern storytelling [9][12] Audience Preferences - Modern audiences are becoming more discerning, favoring films that resonate emotionally rather than those that rely solely on high production values or star power [20][21] - The success of films like "Nezha" and "Wang Wang Mountain Little Monster" illustrates a shift towards stories that reflect ordinary people's struggles and experiences, contrasting with the declining appeal of grandiose narratives typical of high-budget productions [18][20] Director and Production Dynamics - There is a growing critique of established directors who continue to rely on outdated tropes and aesthetics, such as the obsession with male physicality, which may not align with contemporary audience values [4][6][15] - The industry is witnessing a backlash against the traditional "star-director" model, as audiences increasingly reject films that fail to deliver compelling narratives, regardless of the director's reputation or the film's budget [15][17] Cultural Reflection - The resurgence of animated films often incorporates elements of Chinese traditional culture, indicating a broader cultural renaissance within the industry [12][21] - The narrative focus on relatable, everyday experiences in animated films contrasts sharply with the often convoluted and less relatable plots of recent high-budget live-action films [20][21]

Core Insights - The summer box office has seen the emergence of two unexpected hits: "The Little Monster of Langlang Mountain" and "The Legend of Luo Xiaohei 2," both of which are domestic animated films that have achieved significant box office success and positive reviews [1][38] - "The Little Monster of Langlang Mountain" has surpassed 600 million yuan in box office revenue, setting a record for domestic 2D animated films in China, with projections suggesting it could reach 1.3 billion yuan [1] - "The Legend of Luo Xiaohei 2" has also performed well, crossing 400 million yuan and ranking sixth in the summer box office [1] Group 1: Audience Demographics and Themes - Both films have attracted a notably higher proportion of adult viewers compared to typical summer animated films, with "The Little Monster of Langlang Mountain" being particularly popular among working adults [1][5] - The narratives of both films resonate with adult audiences, addressing themes of personal struggle and societal challenges, with "The Little Monster of Langlang Mountain" being described as an adult fairy tale that reflects the experiences of working individuals [5][21] Group 2: Story and Character Analysis - "The Little Monster of Langlang Mountain" features a small pig monster who embarks on a journey to seek enlightenment, reflecting the struggles of small characters in a larger societal context [9][11] - The film portrays a diverse group of characters, each representing different aspects of society, and emphasizes the importance of teamwork and perseverance in overcoming obstacles [13][39] - "The Legend of Luo Xiaohei 2" presents a more complex narrative filled with political allegory, exploring the dynamics between humans and monsters in a world where their coexistence is threatened by power struggles and resource conflicts [22][33] Group 3: Cultural and Societal Reflections - Both films serve as a commentary on the current societal landscape, with "The Little Monster of Langlang Mountain" highlighting the plight of the working class and "The Legend of Luo Xiaohei 2" reflecting on the complexities of moral choices in a divided world [38][46] - The success of these films indicates a growing demand for animated content that resonates with adult audiences, suggesting a shift in the animation industry towards more mature themes and storytelling [38][50]

Group 1 - The animated film "The Little Monster of Langlang Mountain" has surpassed 574 million yuan in box office revenue, becoming the highest-grossing domestic 2D animated film in Chinese history, surpassing "Big Fish & Begonia" [2] - Since its release on August 2, the film has received positive reviews, achieving a single-day box office of over 100 million yuan on August 9 and becoming the box office champion for that day, marking it as a dark horse of the summer season [4] - The film's first-day box office exceeded 35 million yuan, and it accumulated 133 million yuan over its opening weekend, demonstrating a rare phenomenon of box office growth in a competitive summer market [4] Group 2 - "The Little Monster of Langlang Mountain" is a derivative film of "Chinese Folktales," continuing the narrative of the short film "The Summer of Little Monsters," and it explores classic Journey to the West mythology from the perspective of ordinary monsters [6] - The film effectively reaches multiple age demographics, appealing to children with its cute monsters, engaging teenagers with its adventurous storyline, and resonating with working adults through its workplace metaphors, being described as a "fairy tale for adults" [6] - The film employs "ink wash + 3D rendering" technology, enhancing visual appeal while maintaining a hand-drawn quality, showcasing that 2D animation can be modern and distinctive with a "new national style" label [8] Group 3 - The total box office forecast for "The Little Monster of Langlang Mountain" has increased from an initial estimate of over 400 million yuan to over 1.5 billion yuan, indicating significant market potential despite being smaller in scale compared to "Nezha 2," which grossed over 15 billion yuan [8]

Investment Rating - The report gives an "Overweight" rating for the industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The report highlights the sustainability of the current gaming market growth, driven by demand from younger generations and international expansion. AI is expected to create new gameplay experiences, further stimulating demand [4]. - It emphasizes the importance of differentiated competition in gaming, moving away from homogeneous low-price strategies. Companies that have survived regulatory cycles are now focusing on high-quality product development and long-term operational capabilities [4]. - The report identifies key companies with strong growth potential, including Giant Network with its game "Supernatural Action," and others like Huatuo and G-bits, which are expected to continue their robust growth [4]. - The report also discusses the potential of IP operations, citing Shanghai Film's success with "Wang Wang Mountain Little Monster" and the strong performance of Sanrio's IP in China, which saw a 158% year-on-year increase in licensing revenue [4]. - It mentions the collaboration between Focus Media and Alipay, which is expected to enhance advertising effectiveness and tracking capabilities [4]. - The report recommends companies involved in AI commercialization, such as Meitu and Kuaishou, as well as those in cross-border e-commerce and healthcare [4]. Summary by Sections Gaming Industry - The report outlines four key growth drivers for the gaming sector: demand from younger generations, improved project focus and R&D capabilities, differentiated competition, and the potential for product cycle management through enhanced industrial processes [4]. - Key recommendations include Tencent's "Delta Action" and NetEase's multi-platform strategy, which are expected to drive significant user engagement and revenue growth [4]. IP Operations - Shanghai Film's "Wang Wang Mountain Little Monster" is highlighted as a successful case in IP operations, with potential for increased box office revenue and derivative income [4]. - The report notes that the market's concerns about IP cyclicality are overstated, as demonstrated by successful IP management strategies from companies like Disney and Sanrio [4]. Advertising and AI Applications - Focus Media's partnership with Alipay is expected to improve advertising effectiveness and tracking, with a high dividend payout ratio supporting its stock [4]. - The report identifies several companies in the AI space that are well-positioned for growth, including Tencent and Bilibili, focusing on creative applications and cross-border e-commerce [4].