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China’s leading film production company reported a nearly fifteenfold increase in net profit during the third quarter, driven largely by the success of their blockbuster, Dead to Rights. The historical drama, set during the Nanjing Massacre, generated strong audience interest and significant revenue.
For the three months ending September 30, the company’s net income reached 176.7 million RMB (approximately $24.9 million), reflecting a 36% rise in revenue to 1.2 billion RMB (around $168.7 million). However, the company’s aggregated net profit for the first three quarters dropped sharply—by 69%—to 66.4 million RMB (about $9.4 million), impacted by weaker performance in the first half of the year. Correspondingly, total revenue decreased slightly by 2.9% to 2.9 billion RMB (roughly $408 million).
Dead to Rights has been a major success at the box office, earning over 3 billion RMB (roughly $422.6 million), making it the top-grossing film in China from June 1 through August 31. The film is also set to represent mainland China in the Best International Feature Film category at next year’s Oscars, the company announced.
Shares in the company closed up 1.9% at 14.51 RMB (around $2.04) each in Shanghai, marking a 25% increase since last year’s end.
Domestic films continue to grow in popularity, with recent hits including the animated film Ne Zha 2. Overall box office revenue for the first nine months rose by 21% to 42 billion RMB (about $5.9 billion), with 89% of that coming from domestically produced films—an increase of roughly 10 percentage points from last year, according to the China Film Administration.
As the largest film producer in the country, the company was involved with 30 movies released in theaters during the first three quarters of the year, earning a total of 12.3 billion RMB (approximately $1.7 billion), accounting for about a third of all box office earnings for Chinese-made films, the financial report detailed.
The company also engages in film distribution, investment, and theater operation. In the first nine months, it played a leading role in distributing 336 domestic movies and handled the distribution of 117 imported films.
By the end of September, cinemas operated by the company featured 25,268 screens, representing 31% of the national total, and had a combined seating capacity of 3.1 million, according to the report.
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