Behind the 4 billion yuan box office during the Spring Festival, these 5 A-share companies are quietly making money

When the engines of “Flying Past Life 3” roared to ignite the Spring Festival box office, the laughter from “Boonie Bears: Yearly Bears” swept through home theaters, and the suspenseful atmosphere of “Silent Chūn” shrouded the screen—2026’s Spring Festival box office exceeded 4 billion yuan, once again confirming the strong consumer power of China’s film market.

However, more worth paying attention to than the box office figures is the hidden capital behind the blockbuster films. From the rapid sequel of “Flying Past Life 3,” to the decade-long IP longevity of “Boonie Bears,” to the ideological breakthrough of “Silent Chūn,” each phenomenon-level work is precisely positioned by A-share film and television giants.

Today, we peel back the illusion of the box office myth and delve into how the five biggest winners leveraged the Spring Festival to achieve dual growth in performance and stock prices!

1. Chinese Cinema: The “Invisible Dominator” of the Spring Festival, Relying on “Broad Casting” to Win 4 Billion

In China’s film market, Chinese Film (600977.SH) has a well-known nickname—“Spring Festival Box Office Mainstay.” In 2026, this “national team” once again demonstrated formidable resource integration:

As a co-producer of “Flying Past Life 3,” it took the largest share of the 2.1 billion yuan box office;

It secured the rights to Zhang Yimou’s new film “Silent Chūn,” turning a mainstream theme into a dark horse;

It monopolized the distribution rights for “Boonie Bears: Yearly Bears,” dominating the family entertainment market;

It even quietly invested in niche sci-fi films like “Galaxy Dreams,” covering young audiences.

Why can it dominate all? The answer lies in its full industry chain layout of “distribution + screening.” Chinese Film controls nearly 50% of the country’s cinema screens, acting as both the “water carrier” for films and the “harvester” of box office revenue. While other companies are still gambling on individual films, it has already adopted a “don’t put all eggs in one basket” strategy, sitting firmly as the biggest winner of the Spring Festival.

2. Bona Film Group: Targeted “Flying Past Life” Sequel, Han Han IP Becomes a Money Printing Machine

If Chinese cinema is about “casting a wide net,” then Bona Film Group (001330.SZ) is about “precise sniping.” Its heavy investment in “Flying Past Life 3” led to a top box office of 2.1 billion yuan during the Spring Festival, driven by the terrifying appeal of the “Flying Past Life” series IP:

The previous installment, “Flying Past Life 2,” grossed 3.361 billion yuan, setting the ceiling for comedy racing genres;

Han Han’s self-written and directed signature attracts over 60% male viewers;

As the main investor, Bona directly took about 25% of the box office share.

Even more impressively, Bona’s ambitions go beyond this. Besides “Flying Past Life 3,” it also invested through subsidiaries in “Silent Chūn” and has reserves for major ideological films like “Red Sea Action 2.” While competitors worry about losses from single films, Bona has already built a risk-resistant moat with a “sequel + main theme” dual-drive strategy.

3. Wanda Film: “Content + Channel” Double Attack, Filming with One Hand and Scheduling with the Other

Wanda Film (002739.SZ)’s Spring Festival operations are a textbook example:

Content: Through Wanda Film & TV’s investments in three blockbuster hits—“Flying Past Life 3,” “Silent Chūn,” and “Boonie Bears”—covering comedy, suspense, and animation genres;

Channel: Relying on over 800 directly operated cinemas nationwide to secure prime screening slots, with a scheduling rate 15% higher than industry average.

How profitable is this “self-produced and self-distributed” model? Take “Boonie Bears: Yearly Bears” as an example: Wanda Cinema contributed over 12% of the box office, and as the producer, it could also earn about 10% of the revenue. More importantly, while others are still worried about scheduling rates, Wanda has long used its “theater dominance” to achieve the freedom to “schedule as desired.”

4. Hengdian Film & TV: Relying on “Boonie Bears” to Reverse, Animation IP Becomes a Cash Cow

Hengdian Film & TV (603103.SH)’s Spring Festival story is a classic example of “small company, big wisdom.” It did not blindly chase top-tier blockbusters but chose to bet on the national IP “Boonie Bears”:

“Boonie Bears: Yearly Bears” was the only animated film during the Spring Festival, grossing 850 million yuan and ranking third;

The series’ first 11 films have accumulated over 8.1 billion yuan in box office, with derivative products accounting for 30% of revenue;

As a co-producer, Hengdian Film & TV contributed 15% of its annual net profit from this single film.

What’s smarter is that Hengdian’s layout goes far beyond this. It also invested in “Flying Past Life 3” and “Galaxy Dreams,” using a “bottom-line animation + blockbuster surge” combination to ensure stable performance while retaining explosive potential. While others worry about “dependence on hits,” Hengdian has already achieved “East bright, West bright” with its “IP matrix.”

5. Enlight Media: Using a “Genre Film Combo” to Cover the Spring Festival

Enlight Media (300251.SZ)’s Spring Festival strategy can be summarized as “not relying on a single genre”:

Comedy “Flying Past Life 3” captures the male market;

Family-friendly “Panda Project: Tribal Adventure” targets family audiences;

Sci-fi “Galaxy Dreams” attracts Generation Z;

Even re-released documentary “Return to the Wolf Pack” fills the art film niche.

This “all-ages + all-genre” coverage greatly increases Enlight’s fault tolerance during the festival. Even if one film underperforms, others can fill the gap. More importantly, Enlight is skilled at combining “low-cost trial and error + big-budget bets,” controlling risks while keeping the potential for blockbuster hits.

Conclusion: The Spring Festival is just the beginning; the “war” in the film industry has only just begun

When the 4 billion yuan box office is divided, the real winners are no longer the directors or actors of individual films but the capital players who have laid out early and positioned precisely. From the “broad casting” Chinese film industry, to Bona’s “bet on sequels,” to Wanda’s “content + channel” dual attack, to Hengdian’s “IP matrix,” and Enlight’s “genre combination,” these five A-share companies prove with strength: In the film industry, those who win the Spring Festival box office win the world, and those who hold IP win the future.

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