Morgan Stanley: It is expected that the domestic box office during the Spring Festival this year will potentially reach a new historical high.

Morgan Stanley released a research report stating that, benefiting from strong film lineup and active market demand, it is expected that the box office performance before the Spring Festival will be strong, and the box office for the 2025 Spring Festival holiday is expected to refresh historical records, but the performance after the holiday will tend to be flat. The forecasted box office for the Spring Festival holiday is 8.8 billion RMB, a year-on-year growth of 9%. The report mentioned that this year's Spring Festival holiday is extended to 8 days and with the distribution of consumption vouchers, it is expected to further stimulate demand. In an optimistic scenario, strong demand may enhance confidence in the annual forecast and drive industry-wide rebound. Although the number of IMAX version films is at a historic high, considering weak consumer sentiment and the increasing contribution of ticket revenue from lower-tier cities, the average ticket price increase for the 2025 Spring Festival holiday is expected to be limited. The report mentioned that the quality of the already announced six films is high and diverse in genre, and the performance of key films may become catalysts for stock prices: Beijing Enlight MediaNe Zha, Wanda Film Holding/MAOYAN ENTDetective Chinatown 3, China Film Co., Ltd.The Legend of the Condor Heroes: Hero, ALI PICTURESThe Investiture of the Gods Part 2: War in Xi Qi.