On December 2, 2025, Goldmye Inc. announced that its 40 million yuan investment in the animated film "Starry Sky of Three Kingdoms Part 1" resulted in near-total losses due to underwhelming box office performance. Preliminary estimates show the loss accounts for 97.9% of the company's audited 2024 net profit, far exceeding the 1 million yuan threshold requiring special disclosure. Released during the National Day holiday season, the film grossed only 87.717 million yuan total, with Goldmye's share falling below 30 million yuan after distribution fees.
Three Critical Missteps Goldmye identified three core issues in post-mortem analysis: 1) Scheduling mismatch - Targeting schoolchildren with an "educational product" positioning during a family holiday period instead of summer vacation. 2) Insufficient marketing - Late September promotional launch failed to build anticipation for this original IP, reflected in poor pre-release audience interest metrics. 3) Identity crisis - The film's awkward blend of historical drama and animated storytelling satisfied neither history buffs nor mainstream viewers, resulting in polarized reviews.
Market Backlash and Strategic Doubts The debacle triggered a 60% stock plunge from September's peak of 97.5 yuan, erasing 5 billion yuan in market cap and 1.4 billion yuan from chairman Lu Jinbo's net worth. Beyond exposing weak risk controls, this failure undermines Goldmye's "book-to-film IP" strategy. Notably, while Goldmye served as lead producer, partner Enlight Media controlled production and distribution channels, prioritizing cost recovery that left Goldmye with minimal returns.
IP Development Challenges The case highlights common pitfalls for traditional publishers venturing into film. Unlike complete IP ecosystems like China Literature, Goldmye remains a passive investor without production control. Its star authors like Yi Zhongtian and Luo Xiang command niche influence but present difficult adaptation cases. The film's unconventional "Records of Three Kingdoms" approach (versus the familiar "Romance" framework) further alienated audiences. With just 171 million yuan cash reserves, Goldmye's future film investments appear constrained.
Reshoot Plans and Strategic Pivot Goldmye plans reshoots for a 2026 re-release banking on current ratings (Maoyan 9.4, Douban 7.2), though industry observers question whether additional investment can salvage losses. Recent moves into equity funds suggest potential retreat toward financial investments.
Conclusion This failure sounds alarms for content firms pursuing IP film adaptations. The book-to-screen leap demands not just medium transition but integrated risk management, industry coordination and market insight. Without fundamental operational upgrades, Goldmye's "second growth curve" ambitions risk remaining theoretical.