Abstract There is a limited empirical research on late Generation Z’s (Gen Z’s) experience and evaluation of Chinese intangible cultural heritage (ICH). This study examines university students’ aesthetic responses to Xiashi Pinprick Lantern Pictures by Yan Yuanzhuang (Qing dynasty), focusing on theme and latent preferences and their relation to liking. Using a dual-path approach, this study conducted (1) a mixed-design ANOVA and semantic differential scale to analyze four themes and extract latent dimensions via factor and cluster analysis, and (2) an eye-tracking experiment to record fixation duration and count, thus assess their correlations with subjective ratings. Results revealed: (1) the garden-themed pictures scored significantly higher in liking level (P < .001), with no significant theme–major interaction effect (P = .094), indicating consistent preferences across disciplines; (2) three latent dimensions, Emotional Valence, Form-Aesthetic, and Cognitive Arousal, were extracted, revealing a multi-layered structure of aesthetic experience; (3) latent preference strongly correlated with liking levels (r = 0.94, P < .01), whereas fixation-based metrics showed no significant correlation (P = .174; P = .234). These findings suggest that Gen Z’s preferences for traditional pinprick lantern art are theme-dependent and shaped by emotional and cognitive engagement. The study offers empirical evidence, through both subjective and objective measures, to better understand how ICH artworks are perceived by late Gen Z audiences, contributing to ICH transmission and the promotion of aesthetic education.