The spot is based on the traditional folklore that depicts “Nian” as a monster that eats up little children; a tale to discourage children from wandering off on their own. To ward off the monster, the Chinese put up red banners and create lots of noise (from fire crackers to lion dance drums and cymbals).
In the story, a fearless and inquisitive little girl sets out to find out whether Nian is really as scary as the traditions depict. Her parents are “rational” people who have forgotten about the “magic” of the mystical forest. The conflict needed for the drama is set.
As expected, Nian turns out to be just a tame misunderstood monster and it developed a friendship with the little girl. Whatever suspense attempted is half baked as the story pans out exactly the way the audience would anticipate.
The girl is now a tween and is determined to introduce Nian to the family/villagers. Why she chose the Lunar New Year period (with all the stuff that’s used to scare Nian away) is a mystery. 
Obviously, Nian was scared away and in the ruckus, the girl is detained by the unbelieving parents. With no further set up for the conflict between girl and parents, this “climax” is resolved by the girl escaping from her room. Meanwhile, the mum breaks into a wise philosophical conversation with the father, saying that only when we are courageous enough to step out of the comfort zone will we discover new surprises.
The next morning, the family of 3 sets out to look for Nian and the story ends in roller credits with Nian joining the family for reunion dinner. Say whut? What happened to the conflict? Didn’t the girl run away from home? 🤦🏻♂️
Unfortunately, this is a case of placing too much emphasis on the usage of the tool (iPhone 12 Pro Max) and suffering from poor writing. The conflict was not well set up (in fact, in an earlier scene, the father tried to reiterate that Nian eats children to try to dissuade the girl from going to the forest alone. This is completely out of character since they are supposed to be the rational ones).
The lame climax was met with an even more lame Deus ex Machina resolution. Totally no payoff for the audience. 😢