LayarHijau — The third quarter is usually harvest time for Chinese drama companies because it coincides with the summer viewing season. This year the boost was limited. Of the seven drama companies listed on China’s mainland exchanges, only two actually made money from their drama business, according to third-quarter 2026 financial reports compiled by Sohu Entertainment on Nov. 5.
For international viewers, the numbers help explain why the supply of new titles from several major Chinese production companies feels thinner. Several companies released almost no new dramas during the third quarter, and the source says production cuts and difficulty getting shows aired are affecting the industry as a whole.
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The two production companies that profited from dramas are Huace Film & TV and Xingfu Lanhai. Huace reported revenue of 1.21 billion yuan (about $180 million) for the first nine months, up 16.47 percent. Net profit attributable to shareholders was only 177 million yuan (about $26 million), up 0.88 percent. In the third quarter alone, Huace’s revenue jumped 109.97 percent to 527 million yuan (about $79 million), but net profit fell 82.97 percent to 9.81 million yuan (about $1.5 million).
Huace produced Swords Into Plowshares (太平年), a historical drama that premiered globally on Jan. 23, 2026, according to the company. In a presentation at the Asia TV Forum & Market in December 2025, Huace said it has distributed its content to more than 200 countries and regions. The source notes, however, that dramas contribute only limited profit to Huace. Its computing power business is now one of its main revenue pillars, bringing in 160 million yuan (about $24 million) in the first half.
Xingfu Lanhai posted third-quarter net profit of 803,000 yuan (about $120,000) on revenue of 212 million yuan (about $32 million). The lift came from two dramas that finished airing simultaneously on television and online platforms. The first is Zhang Jian – The Legendary Entrepreneur (江海潮生), a historical drama about an entrepreneur and educator regarded as a pioneer of modern industry in China from the late Qing dynasty to the early republic era. The second is Wind-Born Warriors (兵自风中来), a drama about military life. Summer box office sales also helped because the company runs a cinema business as well. For the first nine months, the company still posted a net loss of 37.7 million yuan (about $5.6 million).
Perfect World was profitable overall, but its profit came from games. Its film division posted a net loss of 4.14 million yuan (about $620,000) because few of its works aired and were recognized as revenue. Three other companies, Ciwen Media, Huanrui Century, and Baina Qiancheng, also lost money. The main reason was the same: almost no new works aired in the third quarter. Ciwen Media was hit hardest, with 97.28 percent of its first-half revenue coming from dramas.
The pipeline of dramas awaiting release is not small. Huace, Perfect World, Baina Qiancheng, Huanrui Century, and Ciwen Media each have several titles lined up. But Sohu Entertainment cautions that a slate is not income, because air dates, platform purchasing terms, and audience response remain uncertain. For viewers abroad, that means release dates for those titles on international platforms cannot be counted on either.
The companies are now looking for revenue beyond long-form dramas. The source names short dramas, computing power, talent management, and projects that combine dramas with games as proven routes. For viewers, this shift could mean less room for long-form drama production, with short dramas taking a larger share. Two companies listed in Hong Kong are not included because they publish only interim and annual reports.
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