A research report indicates that according to Ent Group data, the total box office for the first 7 days of the 2025 National Day holiday (October 1-7) reached 1.73 billion yuan (statistics as of 10 AM on October 8, including service fees), representing a 17.8% year-over-year decline compared to the same 7-day period last year. The full 8-day holiday box office is expected to fall below the previously anticipated neutral scenario of 2.8 billion yuan. The film "The Volunteers: Battle of Blood and Peace" accumulated over 400 million yuan in box office revenue, ranking first. In terms of content, no single film during this year's holiday period exceeded 500 million yuan in box office revenue (compared to 1 film in the same period of 2024), with most films earning between 100-300 million yuan, indicating a lack of blockbuster titles.

Looking ahead, continuous attention should be paid to the box office performance of upcoming film releases, particularly the potential of key imported films at year-end. Main viewpoints are as follows:

**Lack of Blockbuster Films Results in Modest Holiday Box Office Performance**

The 2025 National Day holiday's first 7 days generated 1.73 billion yuan in box office revenue, down 17.8% compared to the same period last year, below expectations. Movie attendance reached 47.12 million viewers, down 9.6% year-over-year, while average ticket prices were 36.7 yuan, declining 9.1% compared to last year. From a timing perspective, this year's National Day holiday opening day box office was 320 million yuan, also showing a year-over-year decline. Due to the impact of concentrated holiday travel diverting audiences and the lack of blockbuster films, the holiday box office performance fell short of expectations.

**Relatively Balanced Film Box Office Performance with Stable Channel Competition Landscape**

Content side: As of October 7, "The Volunteers: Battle of Blood and Peace," primarily produced by China Film, achieved 428 million yuan in box office revenue, accounting for 24.8% of total box office. "731" and "The Novelist 2" ranked second and third respectively, with box office shares of 19.2% and 16.2%. No single film during this year's holiday period exceeded 500 million yuan in box office revenue (compared to 1 film in the same period of 2024), with most films earning between 100-300 million yuan, indicating insufficient blockbuster content.

Channel side: The top ten cinema investment companies combined for a 33.1% market share, slightly declining year-over-year. The current cinema competition landscape remains relatively stable.

**Focus on Year-End Key Imported Films Performance**

Quality content supply remains a key factor in boosting movie viewing demand. Looking ahead, according to professional platforms, scheduled domestic films include "Impromptu Murder" (10/31), "Nobody: Extraordinary Meaning" (12/31), "Anonymous Kill" (12/31), among others. Imported films include "Tron: Lightcycle" (10/17), "Zootopia 2" (11/26), with "Avatar: Fire and Ash" confirmed for import. Continuous attention should be paid to the box office performance of upcoming film releases, particularly the potential of key imported films at year-end.

In terms of investment targets, attention should be focused on offline entertainment platform DAMAI ENT (01060), MAOYAN ENT (01896), and content IP company Shanghai Film Co.,Ltd. (601595).

**Risk Factors**

Film content quality and box office performance below expectations, intensifying competition, and tightening industry regulations.