智通财经网·2025-12-28 05:53Core 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].