The Chinese theatrical market continues to be dominated by the high-octane success of Pegasus 3, which accelerated its total earnings to $529.6 million (RMB 3.76 billion) following a solid $49.5 million weekend. Despite this individual triumph, the broader domestic market is struggling to find its footing. Total 2026 ticket sales currently sit at $1.41 billion—a staggering 55.9% decrease compared to the same period in 2025, a year bolstered by the record-breaking phenomenon Ne Zha 2.
Han Han’s Unstoppable Cinematic Engine
The success of Pegasus 3 cements director Han Han as one of China’s most bankable creative forces. Han’s journey from a provocative social blogger and professional rally racer to a blockbuster filmmaker is a rare trajectory in the industry. After the massive success of Duckweed and the original Pegasus, he hit a minor speed bump with The Four Seas in 2022. However, the franchise’s momentum recovered with Pegasus 2 and has now peaked with this third installment, which is projected to surpass the $600 million mark. Han has successfully pivoted from internet firebrand to the architect of a premier commercial franchise.
A New Contender Rises: Blades of the Guardians
While Pegasus 3 remains comfortably in the lead, a significant shuffle occurred further down the charts. Yuen Woo-ping’s wuxia epic, Blades of the Guardians, showed remarkable endurance by earning $20.3 million over the weekend. This push brought its cumulative total to $158.2 million, allowing it to move past Zhang Yimou’s espionage thriller, Scare Out.
Both films have achieved the prestigious RMB 1 billion milestone locally, yet both fall short of the astronomical numbers typically expected from Lunar New Year tentpoles. Blades of the Guardians has benefited from strong word-of-mouth and a star-studded cast featuring Wu Jing and Jet Li, whereas Zhang Yimou’s Scare Out—starring Jackson Yee—is seeing its momentum begin to taper off.
Family Hits and Regional Successes
The animated mainstay Boonie Bears: The Hidden Protector secured the fourth spot, bringing its total to $132.1 million. Meanwhile, the fifth position saw a new entry in the top tier: the Hong Kong comedy Night King. Starring Dayo Wong and Sammi Cheng, the film has become a local sensation in Hong Kong and is now gaining traction in the mainland, overtaking Jackie Chan’s Panda Plan 2 with a $19.7 million cumulative haul.
Hollywood’s Return to the Mainland
As the post-holiday “blackout” on foreign films concludes, several high-profile Western titles are prepared to enter the fray. This month marks the debut of Maggie Gyllenhaal’s The Bride! and the Chris Hemsworth heist film Crime 101. Other anticipated releases include Wuthering Heights, starring Margot Robbie, and Pixar’s Hoppers. These imports arrive at a critical time as the Chinese market looks to bridge the revenue gap left by a cooling domestic corridor.
