‘Ne Zha 2’ is China’s biggest hit ever. Western audiences are baffled.

In this weekend’s cinematic battle of Asian monster slayers, there was a clear flawless victor: Netflix’s solid-“Golden” juggernaut, “KPop Demon Hunters,” whose sing-along events did a “Takedown” of the theatrical charts, earning $18 million from 1,700 screens across North America. Get first-person...