MAOYAN ENT (01896) dropped more than 6%, hitting a low of HK$6.33, its lowest level since May of last year. As of writing, the stock was down 6.13% at HK$6.43, with a turnover of HK$744.284 million. On the news front, according to statistics from the China Film Administration, as of 9:00 AM on February 24, the 2026 Spring Festival box office revenue reached 5.752 billion yuan, with 120 million cinema admissions. GF Securities noted that this year's box office performance is relatively weak compared to previous years. The Spring Festival box office revenues for 2019 and from 2021 to 2025 were 5.83 billion yuan, 7.78 billion yuan, 6.05 billion yuan, 6.76 billion yuan, 8.15 billion yuan, and 9.51 billion yuan, respectively. Galaxy Securities believes the weaker box office performance this Spring Festival, which did not match the levels seen in the same period in recent years, shows a clear trend of下沉, with tier three to five cities accounting for over 60% of total attendance. This reflects that consumers are placing greater emphasis on value-for-money and content appeal in their entertainment spending, and more time during the holiday may have been diverted to travel and offline activities.