In any other market during any other holiday, a blockbuster opening of more than $300 million would be an immediate cause for celebration. But the car-racing comedy debuted to $369.3 million Pegasus 3 The first six days of China’s Lunar New Year holiday came with a potentially alarming warning.
The film pulled clear of the competition during the opening segment of China’s biggest film week of the year, leaving out Zhang Yimou’s espionage thriller. intimidation In second place with $110.7 million is the martial arts epic Guardians Blades In third place with $97.3 million is family animation Bonnie Bears: The Hidden Protector And in third place with $89.7 million, according to data from Artisan Gateway covering the period from February 17 to 22. The sequel to Jackie Chan’s action comedy, Panda Plan 2, took second place with $24.6 million.
However, total ticket revenue for the holiday so far has been $715 million (5.1 billion yuan), down 38.6% from the first six days of the Chinese New Year in 2025 ($1.2 billion, or 8.3 billion yuan).
China’s theatrical film market has grown so dramatically in recent years, that the Lunar New Year holiday pass generally sets the tone for the entire year. Last year’s holiday winner, the animated sequel Ni Cha 2went on to break world records with a box office gross of $2.2 billion, ensuring that the Chinese film market saw a year-long recovery despite most major domestic releases disappointing throughout the rest of the calendar.
Pegasus 3 It’s currently on track to reach around $622 million (RMB 4.3 billion) — a huge figure, to be sure, but not enough to save the market amid the relatively poor performance of other holiday releases. So far, China’s theatrical box office has fallen by 65 percent compared to the same period in 2025.
Pegasus 3 is the latest installment in blogger-turned-film hit racing comedy series, Han Han, once again led by Shen Teng in the role of underdog driver Zhang Chi. In the final installment, Zhang returns to competition to lead a newly assembled team in a high-stakes international rally. The film’s producers include Shanghai Tingdong Film Co., Maoyan Damai Entertainment, Bona Film Group, Wanda Pictures and others.
Zhang Yimou intimidationwhich opened in second place, marks the veteran director’s return to the espionage genre after his success. Cliff Walkers (2021). The contemporary spy thriller stars Jackson Yee and Zhou Yilong, and focuses on a national security investigation resulting from the leak of sensitive military intelligence. The project is produced by Damai Entertainment, with distribution by Alibaba Pictures.
In third place, Guardians Blades It is a star-driven Wuxia movie scene directed by legendary choreographer Yuen Woo-ping and adapted from the famous manhua. Biao Ren. The film features a marquee ensemble led by Wu Jing, Nicholas Tse, Yu Shi, Tony Leung Ka Fei and Jet Li. The production is supported by Woo Ping Pictures and Beijing Dengfeng International Culture Communications, along with Damai Entertainment, China Film Group, Huaxia Film and other partners.
Fourth place holder Bonnie Bears: The Hidden Protector He continues to be a regular Lunar New Year attendee of the long-running animated series for family audiences. Directed by Lin Huida and produced by Fantawild Animation, the film follows Briar, Bramble, and their human companion Vick as they encounter Nian – a mythical monster associated with the Lunar New Year – whose arrival grants them mysterious new powers and lures them to a fantasy city inhabited by supernatural forces.
The general softness of the lineup compared to the holiday excursions of recent years underscores the increasing volatility of China’s theatrical sector, where a single breakout hit can disproportionately determine the market’s annual course. Theater operators have now started 2026 with a deficit, putting additional pressure on the local industry to deliver blockbuster hits later in the year that could reverse the downward momentum in the country’s cinemas in recent years.
