China Box Office: Pegasus 3 Leads Spring Festival Film Surge

China’s Spring Festival Box Office Soars Past $432 Million, Led by Racing Comedy “Pegasus 3”

Beijing – China’s box office is off to a roaring start in 2026, fueled by the annual Spring Festival holiday, a period traditionally marked by family gatherings and a surge in cinema attendance. As of February 20th, total ticket sales have exceeded 3 billion yuan (approximately $432 million USD), with the domestic racing comedy “Pegasus 3” taking the lead, according to data from the Maoyan ticketing platform. Xinhua News Agency reports that this year’s Spring Festival holiday, spanning nine days from February 15th, is a crucial window for the world’s second-largest film market, historically accounting for nearly one-fifth of China’s annual box office revenue.

The success of “Pegasus 3” underscores the enduring appeal of domestically produced films during this key cultural period. The film, directed by Han Han and starring the popular comedic actor Shen Teng, has already generated over 1.6 billion yuan, representing roughly half of the total box office earnings for the season. This latest installment builds upon the success of its predecessors, released during the 2019 and 2024 Spring Festival seasons, which collectively grossed 5 billion yuan. The franchise’s consistent performance demonstrates a strong connection with Chinese audiences and a proven track record at the box office.

A Sequel Built on Success

“Pegasus 3” isn’t just a hit; it’s a continuation of a successful formula. The first two films in the series tapped into a desire for lighthearted, action-packed entertainment, and the latest installment appears to have maintained that appeal. According to Chen Jin, an analyst with the movie data platform Beacon, the series has earned audience trust through the strong reputation of its earlier films. Xinhua notes, however, that the ultimate box office performance still hinges on the film’s quality. The racing theme, combined with Shen Teng’s comedic talent, has proven to be a winning combination for Chinese moviegoers.

The popularity of “Pegasus 3” is similarly reflected in its performance in IMAX theaters. Deadline reports that IMAX auditoriums collected $13.4 million from the film’s opening, representing 7% of the film’s opening day gross and a franchise best. IMAX’s market share in China currently stands at 3.5%, achieved on less than 1% of the total screens.

“Scare Out” Provides Strong Competition

While “Pegasus 3” dominates the charts, Zhang Yimou’s spy thriller “Scare Out” is also proving to be a significant draw for audiences. The film, which centers on a leakage of classified military aviation data and a subsequent counterintelligence operation, has earned over 500 million yuan to date. The success of “Scare Out” demonstrates the appeal of diverse genres during the Spring Festival period, offering audiences a different kind of cinematic experience alongside the high-octane action of “Pegasus 3”.

Economic Boost Through Film and Tourism

The surge in moviegoing during the Spring Festival is not only benefiting the film industry but also providing a boost to the broader economy. Numerous regions across China, including Hunan and Jiangsu provinces, have implemented measures to encourage spending related to cinema attendance. These initiatives include bundling movie tickets with shopping and dining vouchers, incentivizing consumers to combine entertainment with other economic activities. This coordinated effort highlights the government’s recognition of the film industry’s role in stimulating economic growth during a crucial holiday period.

Overall box office figures for the Chinese New Year window have reached RMB 3.1 billion ($452.6M) as of February 20th, according to Maoyan, as reported by Deadline. This figure includes carryovers from films already in release. Distribution sources estimate that the top five movies alone will generate a combined total of $805 million for the six-day stretch from Tuesday through Sunday, surpassing Hollywood’s highest-ever domestic weekly box office of $536.4 million during the “Avengers: Endgame” release in 2019.

The Significance of the Spring Festival Window

The Spring Festival holiday is arguably the most important period for the Chinese film industry. The nine-day holiday coincides with a period of mass travel as people return to their hometowns to celebrate with family, creating a captive audience for cinemas. The holiday’s importance is underscored by the fact that it accounted for nearly one-fifth of China’s annual box office in both 2024 and 2025. This makes the Spring Festival window a critical benchmark for the industry’s overall performance.

It’s important to note that Hollywood films are generally not permitted to open in China during the Chinese New Year stretch, allowing domestic productions to dominate the market. However, existing Hollywood releases can remain on screens, as evidenced by the continued presence of “Zootopia 2” and “Avatar: Fire and Ash”. This policy is designed to support the domestic film industry and provide a platform for Chinese filmmakers to showcase their work to a large audience.

The success of “Pegasus 3” and “Scare Out” demonstrates the strength and diversity of the Chinese film industry. As the Spring Festival holiday continues, it remains to be seen whether this year’s box office will surpass last year’s impressive $965.4 million haul, which was led by “Yu Yang’s animated sequel Ne Zha 2” ($430.3M). However, the current trajectory suggests that 2026 is shaping up to be another record-breaking year for Chinese cinema.

The continued growth of the Chinese film market is a testament to the country’s increasing economic power and its growing cultural influence. As Chinese filmmakers continue to produce high-quality, commercially successful films, the industry is poised to become an even more significant force in the global entertainment landscape.

The next major indicator of the Spring Festival box office performance will be the final figures released at the end of the nine-day holiday period on February 24th. These numbers will provide a comprehensive overview of the industry’s performance and offer valuable insights into audience preferences. We encourage our readers to share their thoughts on the success of Chinese cinema and the impact of the Spring Festival box office in the comments below.