China's first theatrical feature made with substantial AI involvement, "Sanxingdui: Future Past," opened nationwide on 23 October to weak ticket sales, according to 东方财富 and other Chinese outlets. The 100-minute film had taken in more than 1.2 million yuan by the afternoon of 26 October, per Maoyan data cited in the coverage, after a slow first weekend that saw sparse audiences. The picture's producer, Shenzhen-listed Bona Film Group, saw its share price hit the daily limit down on 26 October, 财联社 reported, following a run of limit-up sessions earlier in the month.
Why it matters
The release is being watched as an early test of whether generative AI can carry a full-length commercial film, not just short clips or promotional material. The gap between the enthusiasm around AI in Chinese media stocks and the actual audience turnout for this film has become the story. According to 东方财富, the movie's reception in cinemas and its producer's reception on the stock market moved in opposite directions.
A quiet opening weekend
Ticketing platform data compiled by 灯塔专业版 and cited in the coverage shows how thin the audience was. On opening day, 23 October, the film played in 6,901 cinemas nationwide with 7,922 prime-time screenings, yet filled only 0.9% of seats. The next day, attendance edged up to 1.2% while prime-time screenings were cut to 2,919.
By midday on 25 October, cumulative gross box office stood at 914,000 yuan, of which 797,000 yuan was tracked as split revenue. Of that, 314,000 yuan went to the production side and 417,000 yuan to cinemas, according to 灯塔专业版. 新浪财经 reported that the four-day tally reached about 1.19 million yuan, with an average of roughly two viewers per screening. 中华网, meanwhile, framed the same milestone differently, noting that the film had crossed one million yuan and describing it as opening a new era for the film industry.
Bona had already flagged the risk. In a 12 October filing on unusual share-price movement, the company said returns from "Sanxingdui: Future Past" were uncertain and also referenced a second AI theatrical project, "Plan X: Guanghan Operation."
High margins, small revenue
Bona's financial disclosures offer a clearer picture of where AI sits in its business today. In its 2026 half-year report, the company's AI film and drama segment posted revenue of 1.93 million yuan against costs of 61,300 yuan, implying a gross margin of 96.83%, according to 东方财富's reading of the filing. Over the same period, the company's film business recorded a 35.51% gross margin, while its cinema and circuit operations ran at negative 3.99%.
The revenue base behind that headline margin is tiny. Bona's total revenue for the half was 458 million yuan, leaving AI content at 0.42% of the total. In the report, the company said the technology path, business model and market acceptance of its AI work still need sustained validation.
Bona has three more AI theatrical titles in its disclosed pipeline: the science-fiction animation "Plan X: Guanghan Operation," which has entered production; the mythological animation "Chinese Strange Tales: Luosha Sea Market"; and "Dongfeng Bida," which is still at the project-registration stage.
Rivals keep investing
Other listed Chinese media companies are pressing ahead despite the soft debut. ST Huayi has said its Huayi Brothers Fire Drama label runs an "H·AI Spark Plan" covering nine AI short dramas and one AI feature, "Euler's Identity." The company has told investors it is pursuing AI-enabled drama production alongside its traditional slate and has used AI generation for some short-drama scenes combined with live-action shooting.
China Film announced on 30 April 2026 a second phase of its Young Filmmakers Plan with a total investment scale of 1 billion yuan, half from its own funds and half to be raised with industry partners once projects are chosen. The programme runs to 2030 and covers at least 30 projects, spanning original works by young filmmakers as well as AI features and shorts. The company has not disclosed how much of that money is earmarked for AI films specifically.
The craft problem
A person working in AI content, quoted in the coverage, argued that full-length AI films demand production skills that short-form work does not, particularly in visuals, camerawork, detail and narrative pacing. The same person was blunt about the underlying issue: a weak script will still fail, because film is a content market rather than a production market.
A company representative cited in the reporting pointed to current limits in AI models, including consistency across a long runtime, handling of physical laws and fine visual detail. Holding characters, settings and small details steady across 100 minutes places heavy demands on a production team.
What to watch next: whether Bona's "Plan X: Guanghan Operation" reaches cinemas, and whether the company's AI segment grows beyond a rounding error in its revenue.
