调研速递|金马游乐接受线上全体投资者调研，透露业务发展关键要点

Core Viewpoint - Jinma Amusement is experiencing positive development with a dual-driven strategy of "manufacturing + cultural tourism," focusing on innovation and market expansion in the amusement equipment manufacturing sector [2] Group 1: Business Performance - Jinma Amusement is the first A-share listed company in China's amusement equipment manufacturing industry and is a leading player in the sector [2] - The company reported a 112.94% year-on-year increase in revenue from its amusement investment and operation business in the first half of 2025 [2] - New orders have increased significantly, with the company capturing multiple landmark project orders and enhancing its market share in import substitution [2][4] Group 2: Policy Response - The company is leveraging policy incentives, such as the "Large-scale Equipment Update and Trade-in Action Plan," to accelerate the replacement of outdated equipment and enhance its competitive edge [3] - Jinma Amusement plans to strengthen innovation and product iteration while collaborating with key strategic customers to increase the share of domestic equipment [3] Group 3: Orders and Profitability - The company has secured multiple new orders in the first half of 2025, driven by market demand and industry recovery, which solidifies its leading position [4] - The net profit attributable to the parent company is expected to increase significantly in the first half of 2025, supported by improved gross margins and successful product deliveries [4] Group 4: Robotics and AI Integration - Jinma Amusement is investing in Shanghai Matrix Super Intelligence Robotics to enhance its product capabilities in response to the AI and robotics industry transformation [5] - The company is focusing on both independent research and development of key technologies and collaborative investments to provide comprehensive solutions to customers [5] Group 5: International Market Expansion - In the first half of 2025, the company participated in several international exhibitions, receiving positive feedback for its new products [6] - Jinma Amusement is aware of the potential risks in international trade and is enhancing contract management to mitigate these risks while advancing its globalization strategy [6]