Film concept stocks were among the top decliners in Hong Kong trading. As of the time of writing, MAOYAN ENT (01896) fell 6.86% to HK$6.38, HUANXI MEDIA (01003) dropped 5.26% to HK$0.27, and IMAX CHINA (01970) declined 2.95% to HK$8.23. The moves came as the total box office revenue for the 2026 Lunar New Year period concluded at 5.752 billion yuan, representing a year-on-year decrease of approximately 40%. The number of moviegoers fell 36.2% compared to the 2025 period, while the average ticket price saw a significant reduction of nearly 3 yuan from last year's 50.8 yuan. Huaxin Securities noted that aside from "Pegasus 3" and "Biaoren: Desert Storm," other films released during the 2026 Lunar New Year holiday failed to meet pre-release media expectations. The firm emphasized that content quality remains a critical factor in audience choice, suggesting the industry needs to focus on refining production quality, improving quality control, and raising industrial standards. Soochow Securities added that the 2026 Lunar New Year period featured more film screenings but faced lower box office revenue and attendance. By the fifth day of the Lunar New Year, cumulative box office earnings reached only 4.36 billion yuan, compared to an average of 6.1 billion yuan for the same period between 2021 and 2025. However, the lower box office performance does not necessarily indicate weakening consumer demand and may be more attributable to supply-side factors.