After powering the Lunar New Year corridor and reshaping the global weekend narrative earlier this month, Pegasus 3 continues to anchor China’s theatrical market — but fresh data suggests the broader field remains significantly softer than last year’s historic pace.
According to figures from Artisan Gateway covering Feb. 27–March 1, the racing comedy added $49.5 million (RMB 351.3 million) over the weekend, lifting its cumulative total to $529.6 million (RMB 3.76 billion). The robust hold reinforces the film’s status as the clear commercial engine of China’s 2026 box office so far.
However, the strength of Pegasus 3 is masking a wider slowdown.
Total weekend ticket sales across all titles came to $107.9 million, while China’s cumulative 2026 box office now stands at $1.41 billion — a steep 55.9% decline compared to the same point in 2025.
The comparison is stark. At this stage last year, animated phenomenon Ne Zha 2 was still deep into its record-breaking run, ultimately finishing at approximately $2.2 billion worldwide and single-handedly stabilizing the market during a fragile recovery period. No comparable breakout has emerged in 2026.
As previously noted in our earlier coverage, Pegasus 3 benefited enormously from the Spring Festival corridor, China’s most lucrative theatrical window. The holiday’s concentrated attendance and favorable screen allocation allowed the film to surge early. But now, in the post-holiday corridor, the film’s continued durability is even more significant.
Directed by Han Han, the third installment of the Pegasus franchise is now tracking toward a finish north of $600 million, which would solidify it as one of the most commercially consistent local franchises in recent years. Han’s trajectory — from influential blogger and rally racer to mainstream hitmaker — has yielded a rare creator-driven commercial brand in a market often dominated by mythological epics and animated tentpoles.
Behind Pegasus 3, however, the depth of the market appears thinner than usual for the Lunar New Year aftermath.
Blades of the Guardians, directed by Yuen Woo-ping, earned $20.3 million (RMB 144.4 million) for the weekend, climbing to $158.2 million (RMB 1.12 billion) cumulatively. The wuxia adaptation has demonstrated solid word-of-mouth and recently surpassed the locally symbolic RMB 1 billion milestone.
Just behind it, Scare Out from Zhang Yimou slowed to $14.5 million (RMB 102.6 million) for the frame, bringing its total to $155.4 million (RMB 1.1 billion). While crossing RMB 1 billion remains a significant achievement, neither title has approached the explosive scale typically associated with Lunar New Year mega-hits.
Family animation continues to provide moderate stability. Boonie Bears: The Hidden Protector added $13.5 million (RMB 95.5 million), lifting its total to $132.1 million (RMB 938 million) and inching toward the RMB 1 billion threshold.
Rounding out the top five, Hong Kong comedy Night King grossed $4.8 million (RMB 34.1 million) for a $19.7 million cumulative tally. While modest on the mainland, the film has performed strongly in Hong Kong, where nostalgia-driven casting boosted local turnout.
The larger narrative emerging from the data is one of concentration risk. With overall 2026 grosses trailing last year by nearly 56%, the market appears heavily reliant on a single dominant performer rather than a diversified slate of breakout hits.
Historically, China’s Spring Festival corridor has produced multiple runaway successes in the same season, creating a broad-based revenue surge. In 2026, by contrast, Pegasus 3 stands well above the field, while the remaining titles are delivering respectable but comparatively muted returns.
Another factor influencing current totals is the seasonal blackout on Hollywood imports during the holiday window. That restriction is now winding down, and international titles are set to re-enter the market in early March. Upcoming releases include The Bride!, Crime 101, Wuthering Heights, GOAT, Marty Supreme, Project Hail Mary and Hoppers.
The return of imports could provide incremental lift, though recent years have shown that foreign titles face increasing competition from local franchises.
For now, the data underscores a clear reality: Pegasus 3 is not only the year’s biggest domestic hit — it is effectively carrying China’s theatrical market through a comparatively soft start to 2026.
Whether the spring corridor delivers another breakout success — or whether the market remains dependent on singular tentpoles — will determine how quickly China’s box office can close the sizable gap with last year’s pace.
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