[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2026 年 02 月 04 日 （2）游戏：根据七麦数据，1 月 31 日国内 IOS 端移动游戏畅销榜前 五的手游分别为《王者荣耀》、《和平精英》、《三角洲行动》、《超自然 行动组》、《火影忍者》，其中《超自然行动组》日活跃人数已突破 1000 万。另外《心动小镇》全新潮流季「冰雪季」现已于 1 月 31 日正式上 线，畅销榜排名大幅提升，进入前十。2026 年第一批版号正式下发， 本批次共计有 177 款国产游戏、5 款进口游戏过审，单批次过审游戏 共计 182 款。后续新游以及重点产品更新方面，三七的《生存 33 天》 APP 端定档 2 月 15 日；恺英网络参投公司自然选择旗下 AI 陪伴产品 《EVE》苹果 App Store 显示预计于 3 月 14 日推出。完美世界《异 环》三测定档 2 月 4 日。 （3）影视：周度（1.26-2.1）国内电影总票房 2.83 亿元，春节档目前 已有 6 部作品定档。短剧出海方面，本期（1 月 19 日-1 月 25 日） DataEye 海外微短剧 APP 素材投放 ...

每经AI快讯，据猫眼专业版数据，截至1月31日21时，2026年1月总票房19.61亿元，《疯狂动物城2》成 1月票房冠军，连续3月登顶月票房榜。 ...

据灯塔专业版实时数据，截至1月25日0时0分，影片《疯狂动物城2》票房突破44亿。 ...

Core Insights - The Chinese film market achieved a remarkable total box office of 51.832 billion, with "Nezha: The Devil Child Comes to the World" leading at 15.446 billion, setting a new record for Chinese films and ranking as the top global box office film of the year [1][2] - The success of major IPs indicates a strong rebound in audience demand, but structural issues such as the concentration of resources on blockbuster films are creating challenges for smaller productions [3][5] Box Office Performance - "Nezha: The Devil Child Comes to the World" grossed 15.446 billion, with an average ticket price of 47.6 [4] - Other notable films include "Zootopia 2" at 4.327 billion and "The Wandering Earth 2" at 3.612 billion, showcasing a diverse range of successful titles [4] Market Dynamics - The dominance of blockbuster films is leading to a lack of balance in the market, with many mid and low-budget films struggling for screen time and box office success [3][5] - The film industry is witnessing a shift with major players like Alibaba Pictures transforming into new entertainment entities, indicating a strategic pivot towards enhancing cinema experiences [4] Future Outlook - The film industry faces uncertainties in 2026, including whether box office revenues can maintain the 500 billion scale and the impact of traditional companies adapting to new market dynamics [5][6] - The emergence of AI technology in filmmaking and the potential for a "Grocery Economy" around film IPs are expected to shape future revenue streams [21][42] Industry Challenges - The failure of several high-profile films in 2025 has raised concerns about the sustainability of traditional film companies, with some facing significant financial losses [13][14] - The need for better storytelling and innovative content is emphasized as a critical factor for the industry's recovery and growth in 2026 [16][46]

Investment Opportunities - Mu Xiaoma completed nearly 10 million RMB in Pre-A financing, with funds allocated for self-research of core components and new product development [3] - Canmi Bio raised 20 million RMB in angel round financing, focusing on enhancing its supply chain system [4] - Su Man Xiang secured several million RMB in A round financing, aimed at supply chain optimization and brand influence enhancement [6] - Xing Lian Future SATELLAI announced several million RMB in A round financing for AI technology development in pet health [8] - Zhang Bang Food completed 10 million RMB in angel round financing, focusing on capacity expansion and global supply chain network construction [9] Company Expansion Plans - Gu Ming exceeded its 2025 target by opening hundreds of additional stores, reaching a total of 13,000 stores by the end of 2025, with plans to open 4,000 more in 2026 [10][11] - Ming Ming Hen Mang is set to become the first "bulk snack stock" in Hong Kong, achieving a retail sales volume of 66.1 billion RMB, a 74.5% increase year-on-year [14] Market Trends - Disney's "Zootopia 2" became the highest-grossing Hollywood film in China, with box office revenue of approximately 4.25 billion RMB [19] - The domestic travel market saw 142 million trips during the New Year holiday, with total spending of 84.789 billion RMB [22]

Core Insights - The Chinese film market in 2025 is experiencing a recovery, with total box office reaching 51.832 billion, a year-on-year increase of 22% from 42.5 billion in 2024, and total audience numbers reaching 1.238 billion [5][6] - The success of major films like "Nezha: The Devil's Child" with a record-breaking box office of 15.446 billion indicates a return of blockbuster potential, while the number of films grossing over 1 billion has decreased significantly [5][6] - The animation sector has become a significant contributor, with total animation box office exceeding 23 billion, accounting for nearly 40% of the overall market [7][12] - The reliance on established IPs continues, with no new original stories in the top ten box office films, highlighting a trend of sequels and adaptations dominating the market [12][14] Box Office Trends - The box office structure shows a "one strong, few weak" pattern, with a significant drop in mid-tier films, indicating a market imbalance [5][6] - The number of films grossing between 1-5 billion has decreased by over 40%, while the number of films grossing over 10 billion remains stable [5][6] - The top ten films in 2025 reflect a shift in audience preferences, moving away from a single genre to a more diverse range of themes, including historical and action films [5][6] Animation and IP Dominance - Animation films have dominated the box office, with major titles like "Nezha: The Devil's Child" and "Zootopia 2" leading the charge, showcasing the power of established franchises [7][12] - The trend of relying on familiar IPs continues, with no original stories in the top box office films, indicating a potential stagnation in creative storytelling [12][14] Audience Preferences - The audience is increasingly seeking emotional resonance in films, with a notable rise in low-frequency viewers who prefer films that provide emotional outlets [23][24] - The film market is seeing a growing demand for content that resonates with contemporary societal issues, particularly in female-led narratives, although these films are struggling to find commercial success [17][20] International Recognition and Controversies - Chinese films have gained international acclaim, with several awards at major film festivals, enhancing the global presence of Chinese cinema [28][30] - However, controversies surrounding these awards highlight ongoing discussions about the integrity and recognition of the film industry [30] Theatrical Experience and Innovations - The rise of special effect theaters has become a key growth driver, with ticket prices increasing and audience engagement at an all-time high [35][37] - The need for high-quality cinematic experiences is evident, as audiences are willing to pay more for immersive viewing options [35][37]

Core Insights - "Zootopia 2" has surpassed "Avengers: Endgame" to become the highest-grossing Hollywood film in Chinese history, with a box office of approximately 4.25 billion RMB, equivalent to 610 million USD [2][3] Group 1: Box Office Performance - The film was released on November 26 and quickly surpassed 3.6 billion RMB, becoming the highest-grossing film in the holiday season [3] - As of December 28, the film has attracted over 100 million viewers, setting a new record for imported films in China [3] - The film continued to perform strongly into the 2026 New Year holiday, winning the single-day box office championship again [3] Group 2: Future Projections - Professional box office prediction platforms have raised their expectations, with the latest forecast estimating total box office earnings to reach 4.456 billion RMB [3] - The film is expected to further enhance its performance and secure a place in the top ten highest-grossing films in Chinese history [3]

Core Insights - "Zootopia 2" has achieved a cumulative box office of 4.25 billion yuan, surpassing the previous record held by "Avengers: Endgame" at 4.248893 billion yuan, making it the highest-grossing imported film in Chinese box office history [2][3] - The film reached the milestone of 4 billion yuan on December 31, 2025, becoming the 12th film in Chinese cinema history to achieve this feat, taking 35 days, 9 hours, 28 minutes, and 59 seconds [2][3] - "Zootopia 2" is also the first imported film in Chinese history to exceed 100 million viewers, ranking as the seventh film to surpass this milestone in terms of audience numbers [2][3] Film Details - The sequel continues the story of main characters Judy and Nick, who team up to investigate a city crisis caused by a mysterious reptile named Gary [2][3] - Directed by Byron Howard and Jared Bush, with Jared Bush also serving as the screenwriter, the voice cast includes Jason Bateman, Ginnifer Goodwin, Ken Jeong, Shakira, and Quinta Brunson [2][3]

Core Insights - "Zootopia 2" has officially surpassed "Avengers: Endgame" to become the highest-grossing imported film in China's box office history, with a cumulative box office of 4.2502 billion yuan as of January 5, 2026 [1] - The film was released in China on November 26, 2025, and achieved approximately 3.637 billion yuan during the holiday season from November 28 to December 31, 2025, making it the holiday box office champion [1] - The film's global box office stands at $1.665 billion, with China contributing $601 million, making it the largest market for the film [1] Box Office Performance - "Zootopia 2" generated around 220 million yuan during the New Year's holiday from January 1 to January 3, 2026, leading the New Year box office [1] - The final box office forecast for "Zootopia 2" in China is projected to reach 4.3332 billion yuan as of January 5, 2026 [2] Market Context - The Chinese market is identified as the largest box office contributor for "Zootopia 2," significantly outpacing other markets such as North America and France [1] - Industry experts suggest that there is potential for further box office growth for "Zootopia 2" as the Chinese New Year holiday approaches, typically a period with fewer new releases [1]

Core Insights - The movie "Zootopia 2" has surpassed a cumulative box office of 4.2502 billion yuan, making it the highest-grossing imported film in Chinese history, overtaking "Avengers: Endgame" [1][3] Box Office Rankings - "Zootopia 2" ranks 9th in the all-time box office list in China with a total of 4.2502 billion yuan [1][4] - The top box office films in China are as follows: 1. "Ne Zha" - 15.446 billion yuan 2. "The Battle at Lake Changjin" - 5.775 billion yuan 3. "Wolf Warrior 2" - 5.694 billion yuan 4. "Hi, Mom" - 5.413 billion yuan 5. "Ne Zha" - 5.035 billion yuan 6. "The Wandering Earth" - 4.687 billion yuan 7. "Man Jiang Hong" - 4.544 billion yuan 8. "Detective Chinatown 3" - 4.523 billion yuan 9. "Zootopia 2" - 4.2502 billion yuan 10. "Avengers: Endgame" - 4.250 billion yuan [3][4]