Group 1 - The report highlights that Jinma Amusement has achieved significant performance growth through technological breakthroughs and a comprehensive industry chain layout, covering 13 categories of large amusement facilities and 8 series of virtual immersive projects, with exports to nearly 50 countries [1][2][14] - The amusement equipment industry in China is undergoing structural upgrades driven by policy support and market demand, with the global theme park market expected to reach USD 55.9 billion in 2024, growing by 8.21% year-on-year, indicating a strong recovery trend [2][14] - Jinma Amusement is positioned as a benchmark enterprise in the industry, holding over 240 authorized patents and participating in the formulation of 26 industry standards, while continuously enhancing its R&D capabilities and accelerating the application of AI and robotics in the cultural tourism sector [2][14] Group 2 - The company has a broad customer network, deeply binding with leading domestic theme park groups and entering high-end markets in Europe and the "Belt and Road" emerging markets, with new orders expected to grow by over 40% year-on-year in 2024 [3][14] - Jinma Amusement's strategic investment in Shanghai Matrix Super Intelligence aims to promote the implementation of cultural tourism robotics, establishing a joint venture to create a digital service ecosystem [3][14] - The report projects Jinma Amusement's net profit attributable to shareholders to be CNY 1.09 billion, CNY 2.07 billion, and CNY 3.46 billion for 2025-2027, with corresponding PE ratios of 83, 44, and 26 times, respectively, and assigns a target price of CNY 81.16, indicating a potential upside of 40.7% from the current stock price [3][14]

Core Viewpoint - Jinma Amusement (300756.SZ) is positioned as a leading manufacturer in the domestic amusement equipment sector, with a solid competitive advantage in its core business and a promising long-term profit outlook driven by technological advancements and stable partnerships [1][2]. Group 1: Company Performance - The company has developed a comprehensive product matrix covering 13 categories of large amusement facilities and 8 series of virtual immersive projects, achieving significant technological breakthroughs and exporting to nearly 50 countries [2]. - In Q1-Q3 2025, the company reported a revenue of 569 million yuan, a year-on-year increase of 23.8%, and a net profit attributable to shareholders of 90 million yuan, reflecting a remarkable year-on-year growth of 456.5% [2]. - The company’s order backlog and accounts receivable turnover remain at healthy levels, indicating strong operational efficiency [2]. Group 2: Industry Trends - The amusement equipment industry in China is undergoing structural upgrades, supported by national policies and increasing market demand, with a clear industry chain and high entry barriers [3]. - The global theme park market is expected to reach a scale of 55.9 billion USD in 2024, growing by 8.21% year-on-year, with domestic parks leading global growth [3]. - The current equipment renewal cycle in domestic theme parks is driving sustained demand for upstream manufacturing companies [3]. Group 3: Technological Advancements - The company is enhancing its research and development capabilities, with a team of 184 people and an R&D expenditure of 27.08 million yuan, accounting for 4.69% of revenue, indicating a continuous increase in investment intensity [4]. - Strategic investments in AI and robotics are being made, including a partnership with Shanghai Matrix Super Intelligence to establish a subsidiary aimed at promoting the application of robotics in the cultural tourism sector [4]. - The launch of the "Robot MART" product, the world's first AI robot capable of autonomous retail service, showcases the company's innovative approach and potential for future growth [4].

政策支持与市场需求驱动行业转型，技术突破与智能化成核心竞争力。我国游乐设施行业正进行结构化 升级，国家政策持续发力服务消营及大规模设备更新，行业监管体系成熟且准入壁垒较高，行业beta预 期向上。大型游乐设备制造行业产业链清晰，主题公园为主要下游应用场景，全球主题公园市场正朝收 入多元化与体验服务化转型，2024年市场规模达559亿美元，同比增长8.21%，复苏势头显著。国内主 公园增速领跑全球，当前已进入设备集中更新周期，为上游制造企业带来持续需求。金马游乐作为业内 标杆企业，依托超过240项授权专利及参与制定的26项行业标准，在中高端市场占据领先地位，同时近 年来持续强化研发护城河，加速布局AI与机器人在文旅行业的应用，重塑我国游乐设备产业形态。 以技术研发为本拓宽全球化布局，积极推动"AI机器人"落地。公司客户网络覆盖广泛，深度绑定国内头 部主题公园集团，同时切入欧美高端市场与"一带一路"新兴市场，2024年新签订单同比增长超40%，国 际市场营收同比大增414.84%，全球化布局成效显著，公司当前研发团队规模达184人，2024年研发费 用投入2708万元占营收4.69%，投入强度持续提升。新业务战略 ...

投资要点： 立足全产业链布局与技术突破，实现业绩增长与运营质量提升。公司至今发展数十年，核心业务涵盖游 乐装备制造与游乐投资运营，已构建起覆盖13 大类大型游乐设施及8 大系列虚拟沉浸式项目的产品矩 阵，多项技术实现进口替代，远销全球近50 个国家与地区。公司股权结构稳定，实控人为创始人兼董 事长。2024 年起业绩步入拐点，营收利润大幅改善回升，2025年Q1-Q3 营业收入5.69 亿元，同比增长 23.8%，实现归母净利润0.9 亿元，同比增长456.5%，在手订单及应收账款周转维持在健康水平。 政策支持与市场需求驱动行业转型，技术突破与智能化成核心竞争力。我国游乐设施行业正进行结构化 升级，国家政策持续发力服务消费及大规模设备更新，行业监管体系成熟且准入壁垒较高，行业beta 预 期向上。大型游乐设备制造行业产业链清晰，主题公园为主要下游应用场景，全球主题公园市场正朝收 入多元化与体验服务化转型，2024 年市场规模达559 亿美元，同比增长8.21%，复苏势头显著。国内主 题公园增速领跑全球，当前已进入设备集中更新周期，为上游制造企业带来持续需求。金马游乐作为业 内标杆企业，依托超过240 项授权专 ...

Market Review - The Sci-Tech AI ETF Huaxia (589010) increased by 0.74%, demonstrating strong resilience with a "bottom-rebound" pattern, recovering early losses and stabilizing above the intraday average line [1] - Fudan Microelectronics surged over 16%, significantly boosting sector sentiment, while other stocks like Zhongke Xingtu and Optoelectronics rose over 7%, indicating a notable profit effect among component stocks [1] - The Robot ETF (562500) rose by 2.93%, repairing its short-term technical pattern, with stocks like Haozhi Electromechanical hitting a 20% limit-up, and others like Aifute-U and Tuosida rising over 13% [1] - The Robot ETF recorded a daily trading volume exceeding 1.934 billion yuan, with a turnover rate of 7.43%, reflecting a strong internal aggressiveness within the sector [1] Key News - The world's first AI robot-operated retail service store "Robot MART" has begun mass delivery of orders, selling popular toys in major commercial areas starting from Christmas, showcasing stable delivery and continuous operation [1] - Samsung Electronics plans to launch an application processor with self-developed GPU by 2027, marking a significant step in building an end-to-end AI ecosystem [2] - The "2026 Beijing Yizhuang Humanoid Robot Half Marathon" will take place on April 19, 2026, promoting advancements in robot technology through real-time performance tracking and encouraging autonomous capabilities [2] Institutional Insights - Huazhong Securities believes the humanoid robot industry is transitioning from concept validation to commercial realization, with significant events accelerating the approach to mass production [2] - The Robot ETF (562500) is the only ETF in the market with over 20 billion yuan in scale, providing the best liquidity and comprehensive coverage of the Chinese robot industry chain [2] - The Sci-Tech AI ETF Huaxia (589010) captures the "singularity moment" of the AI industry with a 20% fluctuation range and flexibility in small and mid-cap stocks [2]

Core Viewpoint - The article highlights the launch of "Robot MART," a retail service store operated by AI robots, which has begun mass delivery of orders in major cities like Beijing, Shanghai, and Guangzhou, selling popular blind box toys from the IP "WAKUKU" [1] Group 1: Company Overview - "Robot MART" is a collaborative innovation product developed by Xingchen Intelligent, an AI robotics company, and Jinma Leisure, a cultural tourism equipment enterprise, launched in November 2025 [1] - The store focuses on cultural tourism and entertainment scenarios, utilizing AI robots to independently handle various tasks such as voice reception, order taking, payment processing, blind box retrieval, and product delivery [1] Group 2: Market Impact - The introduction of "Robot MART" signifies a shift towards automation in retail, particularly in high-end commercial districts, indicating a growing trend in the integration of AI technology within the retail sector [1] - The mass delivery of thousands of units reflects a significant investment in AI-driven retail solutions, potentially reshaping consumer experiences and operational efficiencies in the industry [1]

Core Viewpoint - The launch of the world's first AI-driven retail service store "Robot MART" marks a significant advancement in the integration of AI and robotics in the retail sector, with a focus on delivering popular toy products in major urban areas [1] Group 1: Company Overview - "Robot MART" is a collaborative innovation product developed by Xingchen Intelligent, a company specializing in AI robotics, and Jinma Leisure, a leading enterprise in cultural tourism equipment in China [1] - The store is set to deliver orders in batches of thousands, indicating a strong production capability and market demand for its offerings [1] Group 2: Product and Market Strategy - Starting from Christmas, "Robot MART" will sell the popular toy IP "WAKUKU" blind boxes in top commercial districts of Beijing, Shanghai, and Guangzhou, targeting high foot traffic areas to maximize sales [1] - The operational model emphasizes stable delivery and continuous operation, allowing for rapid product iteration in an open commercial environment [1]

Group 1 - The company Jinma Amusement (SZ 300756) announced that its fourth board meeting will be held on December 24, 2025, via communication methods to discuss the proposal for the 2026 first extraordinary shareholders' meeting [1] - For the year 2024, the company's revenue composition is as follows: large amusement facilities account for 90.49%, while amusement investment and operation business account for 9.51% [1] - As of the report date, Jinma Amusement has a market capitalization of 9.2 billion yuan [1]

国联民生证券承销保荐有限公司 使用部分闲置自有资金进行现金管理的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"、"保荐机 构"）作为广东金马游乐股份有限公司（以下简称"金马游乐"、"公司"） 持续督 导机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票 上市规则（2025 年修订）》《上市公司募集资金监管规则》《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作（2025 年修订）》等有关 规定，对金马游乐及全资子公司、控股子公司拟使用不超过人民币 3,000 万元闲 置自有资金进行现金管理事项进行了核查，具体核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意广东金马游乐股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2022〕2879 号）同意注册，公司向 特定对象发行人民币普通股 15,988,372 股，每股发行价格为人民币 17.20 元/股， 募集资金总额为人民币 274,999,998.40 元，扣除各项发行费用人民币 7,743,455.13 元（不含税），实际募集资金净额为人民币 267,256, ...

国联民生证券承销保荐有限公司 关于广东金马游乐股份有限公司 使用部分闲置自有资金进行委托理财的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"、"保荐机 构"）作为广东金马游乐股份有限公司（以下简称"金马游乐"、"公司"） 持续督 导机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票 上市规则（2025 年修订）》《上市公司募集资金监管规则》《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作（2025 年修订）》等有关 规定，对金马游乐及全资子公司、控股子公司拟使用不超过人民币 70,000 万元 闲置自有资金进行委托理财核查，具体核查情况如下： 一、委托理财概述 （三）投资方式 择机购买安全性较高、流动性较好的理财产品；委托理财不构成关联交易。 （四）投资期限 自 2026 年 1 月 20 日起的十二个月内有效，上述投资额度在授权期限内可以 循环使用，无需公司董事会、股东会逐次审议和公告。 （一）投资目的 为提高公司资金的使用效益，合理利用暂时闲置自有资金，在不影响公司正 常经营的前提下使用部分闲置自有资金择机购买安全性较高、流动性较好的理财 ...