Summary of Key Points
An animated film titled "Niulai," which was poorly produced and solely created by a mother and her son over a period of 5 years, achieved a staggering box office success from just 7,169 yuan to over 5 million yuan thanks to its extreme level of badness and the emotional resonance associated with its title, which sounds similar to "bull market." The film also inadvertently sparked a brief surge in stocks with the word "niu" (ox) in their names on the A-share market. This phenomenon has raised concerns about the potential for inferior works to crowd out better ones, but it also highlights the increasing importance of emotional value and social aspects in audience decision-making. It has also dispelled rumors regarding subsidies and money laundering.
1. From 7,000 to 5 Million: The "Reverse Operation" That Made Niulai a Success
The sudden popularity of Niulai was completely unconventional:
- Poor Start: The film premiered without any promotion on August 5th, earning only 7,169 yuan in its first 9 days. It had the fewest screenings nationwide, and its poster was criticized for being pretentious (beautiful in style but with poor modeling and lagging animations).
- Turning Point: Videos mocking the film's poor quality went viral on social media, attracting viewers who bought tickets with the intention of proving how bad it really was. The title "Niulai" resonated with investors' hopes for a good market performance, leading to a thousand-fold increase in box office revenue starting from August 15th.
- Cinemas' Strategy: During the summer peak season, theaters were occupied by big-budget films, leaving less space for lesser-known ones. Niulai managed to fill these underutilized time slots at almost no cost (for example, a theater in Guangdong sold 29 tickets at night, far exceeding expectations).
- Amazing Return: With production costs of only about 160,000 yuan (including copying fees), if the total box office of 18.37 million yuan as predicted by Maoyan is accurate, the film's producers could earn around 6 million yuan after taxes and theater commissions, representing a return on investment of over 100 times—making it an extreme example of a small-budget project achieving great success.
2. A-share Market: "Niulai" Drives Stock Prices Up
The film's title sparked a reaction in the A-share market:
- Stocks with the Word "Niu" Surged: Stocks starting with "niu" (such as Jinniu Chemical and Gongniu Group) rose on stock exchange lists. Investors bought them in the hope of profit, with some even placing bets on price increases.
- Investors' Speculative Behavior: Some interpreted the film's plot as a metaphor for the stock market (e.g., the little ox tripping over symbolizing a semiconductor industry crash, or the ink trail on the poster resembling a stock market rise).
- Experts Warn of Risks: These stocks had no real connection to the film's theme. Finance commentator Guo Shiliang noted that such emotional speculation is unlikely to sustain and that prices would eventually return to their intrinsic value. However, for investors, a 20-yuan movie ticket was seen as a low-cost way to make a "wish."
3. Debate in the Industry: A Grassroots Success or the Outcrowding of Better Works?
The success of Niulai sparked polarized opinions:
- Critics: They feared that poor-quality films would crowd out better ones, leading creators to focus on creating controversial content for marketing purposes, squeezing out serious filmmakers. Nine films were withdrawn from the summer schedule, highlighting the challenges faced by smaller productions.
- Supporters: They argued that emotional value is also a form of value, and the film's ability to bring joy (even if it was bad) should be recognized. They pointed out that buying tickets was more about participating in a social experience (e.g., creating "Niulai" or "price limit line" shapes in theaters).
4. The Logic Behind Audience Buying: Emotion Over Production?
Niulai's success reflects changes in the film market:
- The Summer Season's Challenge: With over 120 films released in the summer of 2026, big-budget movies dominated the best times, leaving smaller ones at a loss (9 were withdrawn). Niulai succeeded by exploiting its unusual qualities and clever title.
- Diverse Evaluation Criteria: Audiences no longer rely solely on production quality; emotional value and social aspects (such as sharing jokes and participating in online discussions) play a significant role. One viewer said, "Going to the theater is not about the movie itself but about the collective laughter."
5. Rumors About Manipulation: Subsidies or Money Laundering?
There were rumors that Niulai was intended to obtain local subsidies or launder money, but industry insiders dismissed them:
- Subsidy Claims: Liaoning Province offers up to 1 million yuan in subsidies for local films, but the film's cost was too low to qualify. The production company (a small, family-owned business with a registered capital of 100,000 yuan) would not have been eligible.
- Money Laundering: Money laundering requires large-scale financial transactions and complex corporate structures, which Niulai did not have.
Conclusion
Niulai's story is like a dark humor in the summer film market: it's not a great movie, but it has become a phenomenon. It highlights the harsh realities of the industry (difficulties for smaller films) and changes in audience preferences (emotional and social factors over artistic quality). It also reminds investors that speculative trends are temporary, and investment should be rational. Whether this success is a fluke or a new trend remains to be seen, but it certainly demonstrates the diversity and unpredictability of the market.