Why vim doesn't insert cyrillic symbols properly in Ex mode?

To make changes in several files I use the following script:

echo search('publications.html"') | normal o<li><a href="./book_series.html">Книжные серии</a></li>
echo search('collections.html"') | d
echo search('photo.html"') | d
wq

Then I do
for file in *.html do; vim -e $file < script; done

As a result a string "^Z=86=K5 A5@88" is inserted instead of "Книжные серии". All html files as well as the script itself are utf-8 encoded, and no other problems with Cyrillic revealed. What's going on?

Thanks in advance for any comment!

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