Film concept stocks continued their downward trend. As of the time of writing, HUANXI MEDIA (01003) fell by 6.54% to HK$0.243, MAOYAN ENT (01896) dropped 3.45% to HK$6.16, and ORANGE SKY G H (01132) declined 2.78% to HK$0.07. The movement follows the conclusion of the Spring Festival holiday box office period, with total revenue for the 2026 season recording a double-digit year-on-year decrease. According to data insights released by Maoyan Research Institute, as of February 24, total box office revenue for the 2026 Spring Festival period reached 5.752 billion yuan, down 39.5% compared to the previous year. Cinema attendance also fell sharply, dropping 35.8% to 120 million viewers. Average ticket prices decreased by 5.9% year-on-year, hitting their lowest level in recent years, with particularly steep declines in third- and fourth-tier cities. Guosen Securities noted that, in the short term, the current 2026 film lineup lacks major IP releases and large-scale visual effects blockbusters, putting pressure on the supply side. Additionally, cinema operators typically operate with high operating leverage, meaning any decline in revenue could significantly impact profit margins. Over the medium to long term, breakthroughs in AI video technology both domestically and internationally are expected to improve the supply of short-form content—such as AI-generated animations and mini-series—as well as long-form content like TV series and films.