Hit by the dismal box office of its lead-produced film Dunhuang Heroes, Baina Qiancheng closed the midday session down 15.92% on the first trading day after the Mid-Autumn Festival holiday, with the intraday decline reaching 18.17% at one point. According to Maoyan data, as of the morning of September 28, Dunhuang Heroes had a cumulative box office of only 15.12 million yuan, with a projected total of 28.5 million yuan. Directed by Cao Dun and written by Ma Boyong, the film stars Zhang Yu, Dou Xiao, Lei Jiayin, and Zhu Yawen. It began shooting on September 9, 2022, and wrapped on January 4, 2023, yet its 2026 interim report still showed it in post-production, with a Douban rating of 6. Baina Qiancheng has not clearly disclosed production costs, but given the production cycle, cast, and special-effects scenes, 28.5 million yuan in box office is not enough to recoup costs. Another new film led by Baina Qiancheng in the Mid-Autumn Festival slate, The Old Fox, took in 24.56 million yuan, with an estimated total of 31.73 million yuan and a Douban rating of 5. From 2023 to 2025, Baina Qiancheng's operating revenue was 432 million yuan, 739 million yuan, and 307 million yuan respectively, while its non-GAAP net profit was negative 218 million yuan, negative 404 million yuan, and negative 1.133 billion yuan. In the first half of 2026, operating revenue was 563 million yuan, up 313.57% year on year, and non-GAAP net profit was negative 17 million yuan, cutting losses by half.
Beijing Hualu Baina Film TV
Zhejiang Talent Television&Film Co Ltd