In any other market during any other holiday, a blockbuster opening of over $300 million would be an instant cause for celebration. But the $369.3 million debut of race-car comedy Pegasus 3 during the first six days of China‘s Lunar New Year holiday came with a potentially worrying caveat.
The film pulled far ahead of the competition during the opening stretch of China’s biggest moviegoing week of the year, leaving Zhang Yimou’s espionage thriller Scare Out in a distant second place with $110.7 million, martial arts epic Blades of the Guardians in third with $97.3 million and family animation Boonie Bears: The Hidden Protector in the third at $89.7 million, according to data from Artisan Gateway covering Feb. 17–22. Jackie Chan’s action-comedy sequel Panda Plan 2 took up the rear with $24.6 million.
Total ticket revenue during the holiday so far, however, has amounted to $715 million (RMB 5.1 billion), a 38.6 percent drop from the first six days of Chinese New Year in 2025 ($1.2 billion, or RMB 8.3 billion).
China’s theatrical film market has grown so top-heavy in recent years that the Lunar New Year holiday corridor generally sets the tone for the whole year. Last year’s holiday winner, animated sequel Ne Zha 2, went on to smash global records with a $2.2 billion box office total, ensuring that China’s film market staged a full-year recovery even though most major domestic releases disappointed throughout the rest of the calendar.
Pegasus 3 is currently on track to top out at around $622 million (RMB 4.3 billion) — a huge number, for sure, but not enough to save the market amid the relatively weak performance of its fellow holiday releases. To date, China’s theatrical box office is down 65 percent compared to the same period in 2025.
Pegasus 3 is the latest installment of blogger-turned-blockbuster director Han Han’s hit racing-comedy franchise, again led by Shen Teng as underdog driver Zhang Chi. In the latest 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’s Scare Out, which opened in second place, marks the veteran filmmaker’s return to the espionage genre following the success of Cliff Walkers (2021). The contemporary spy thriller stars Jackson Yee and Zhu Yilong and centers on a national-security investigation triggered by the leak of sensitive military intelligence. The project is produced by Damai Entertainment, with Alibaba Pictures handling distribution.
In third position, Blades of the Guardians is a star-driven wuxia spectacle directed by legendary action choreographer Yuen Woo-ping and adapted from the popular manhua Biao Ren. The film features a marquee ensemble led by Wu Jing, Nicholas Tse, Yu Shi, Tony Leung Ka-fai and Jet Li. Production is backed by Woo Ping Pictures and Beijing Dengfeng International Culture Communications Company, alongside Damai Entertainment, China Film Group, Huaxia Film and other partners.
Fourth-place finisher Boonie Bears: The Hidden Protector continues the long-running animated franchise’s regular Lunar New Year presence for family audiences. Directed by Lin Huida and produced by Fantawild Animation, the installment follows Briar, Bramble and their human companion Vick as they encounter Nian — the mythical beast associated with the Lunar New Year — whose arrival grants them mysterious new powers and draws them into a fantastical city inhabited by supernatural forces.
The overall softness of the lineup compared with recent years’ holiday hauls underscores the growing volatility of China’s theatrical sector, where a single breakout hit can disproportionately determine the market’s annual trajectory. Theater operators have now started 2026 at a deficit, placing added pressure on the local industry to deliver major hits later in the year that can reverse the downward momentum at the country’s cinemas in recent years.