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 ...

Core Viewpoint - Hebei Shenghua Miaoyu Amusement Equipment Co., Ltd. has been established with a registered capital of 100,000 RMB, focusing on various amusement equipment manufacturing and sales [1] Company Overview - The legal representative of the company is Li Qingwei [1] - The registered capital is 100,000 RMB [1] Business Scope - The company is involved in licensed projects such as stage engineering construction, which requires approval from relevant authorities before operations can commence [1] - General projects include: - Manufacturing of amusement equipment for ordinary outdoor amusement parks (excluding large amusement facilities) [1] - Sales of amusement equipment for ordinary outdoor amusement parks [1] - Retail of sports goods and equipment [1] - Construction of sports venue facilities [1] - Sales of recreational and entertainment products [1] - Rental of leisure and entertainment equipment [1] - Sales of toys, animation, and amusement products [1] - Sales of lighting fixtures and outdoor products [1] - Installation services for ordinary mechanical equipment [1] - Sales of electronic products, audio equipment, and home audio-visual equipment [1] - Manufacturing of broadcasting and television equipment (excluding broadcasting and television transmission equipment) [1] - Sales of communication equipment (excluding projects that require approval) [1]

Core Viewpoint - Jinma Amusement has launched a strategy for intelligent robots in the cultural and tourism sectors, aiming to integrate technology with culture to promote high-quality development in the industry [2][3]. Group 1: Company Strategy and Developments - Jinma Amusement held a product launch for cultural and tourism intelligent robots during the 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference [3]. - The company has made strategic investments in AI and robotics, including a stake in Shanghai Matrix Super Intelligence Systems Integration Co., Ltd., and the establishment of Guangdong Jinma Matrix Intelligent Technology Co., Ltd. [3][4]. - The first humanoid service robot was unveiled, designed for theme parks and tourist attractions, featuring multimodal interaction technology and various service functions [3][4]. Group 2: Industry Trends and Innovations - The cultural, tourism, and entertainment industries are increasingly adopting intelligent, IP-driven, and content-focused trends [4]. - Jinma Amusement is leveraging its manufacturing, system integration, and customer resource advantages to embrace AI and robotics, potentially expanding industry boundaries [4][6]. - The company aims to provide innovative intelligent solutions for various cultural and tourism scenarios, enhancing its technological foundation and market positioning [6][7]. Group 3: Future Plans and Market Expansion - Jinma Amusement plans to continue its dual-driven strategy of advanced amusement equipment manufacturing and modern cultural tourism services, while building a comprehensive "Cultural Tourism +" platform [7]. - The company is accelerating collaborations with other robotics firms and aims for global deployment of its intelligent products by 2026, focusing on both traditional and emerging markets [7].

Group 1 - Guangzhou Yixuan Amusement Equipment Co., Ltd. has been established with a registered capital of 20,000 RMB [1] - The company's business scope includes import and export of goods, internet sales (excluding goods requiring permits), and various sales and rental services related to office and electronic equipment [1] - The company is involved in the manufacturing and sales of amusement and entertainment products, as well as software development and digital cultural creative software [1]

Company Overview - Chongqing Chenrui Amusement Equipment Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Du Jingwei [1] Business Scope - The company is involved in the installation, modification, and repair of special equipment, as well as the manufacturing of large amusement facilities [1] - It also engages in general projects such as outdoor product sales, installation services for ordinary mechanical equipment, amusement park services, and sales and manufacturing of amusement equipment for outdoor venues [1] - Additional activities include rental of leisure and entertainment equipment, construction of sports facilities, manufacturing of smart devices for sports consumption, and sales and manufacturing of toys and molds [1]

Company Overview - Zhengzhou Anyu Amusement Equipment Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Li Can [1] Business Scope - The company engages in the sale of amusement equipment for outdoor amusement parks, as well as sales of gaming supplies and indoor gaming equipment [1] - It also offers services related to mechanical equipment research and development, installation, and sales [1] - Additional activities include amusement park services, toy sales, and sales of various mechanical parts and components [1] - The company provides planning and design management, professional design services, and industrial design services [1] - It is involved in the wholesale and retail of sports goods and equipment, as well as repair services for specialized and general equipment [1] - The company is authorized to sell hardware products and electronic products, operating within the scope of its business license [1]

Core Viewpoint - Zhengzhou Lefulai Amusement Equipment Co., Ltd. has been established with a registered capital of 200,000 RMB, focusing on the manufacturing and sales of amusement equipment and related products [1] Company Summary - The legal representative of the company is Yue Xiushua [1] - The registered capital is 200,000 RMB [1] - The company operates in various sectors including the manufacturing and sales of amusement equipment, toys, and sports equipment [1] Industry Summary - The company’s business scope includes the manufacturing of general outdoor amusement equipment, sales of amusement products, and mechanical equipment research and development [1] - It also engages in the design and management of planning, professional design services, and import-export activities [1] - The company is authorized to manufacture large amusement facilities and undertake construction engineering projects, subject to relevant approvals [1]

Core Insights - Guangzhou Huanlang Amusement Equipment Co., Ltd. has been established with a registered capital of 50,000 RMB [1] Company Overview - The company’s business scope includes technology import and export, goods import and export, rental of sports equipment, repair of metal products, sales of amusement and entertainment products, and landscape engineering construction [1] - Additional services offered include enterprise management, amusement park services, sales of digital video monitoring systems, promotion of new material technologies, and sales of special equipment [1] - The company is also involved in the research and development of mechanical equipment, urban management, and sales of various recreational and entertainment equipment [1] Industry Implications - The establishment of Guangzhou Huanlang Amusement Equipment Co., Ltd. indicates growth potential in the amusement and entertainment equipment sector, particularly in areas such as amusement park services and recreational equipment sales [1] - The diverse range of services and products suggests a strategic positioning to capture various market segments within the leisure and entertainment industry [1]

Core Insights - Wuhu Wuxian Amusement Equipment Co., Ltd. has been established with a registered capital of 1.2 million RMB [1] - The company is engaged in the manufacturing and sales of amusement equipment for outdoor recreational areas, excluding large amusement facilities [1] - The business scope includes retail of sports goods, toys, and various amusement products, as well as technical services and consulting [1] Company Overview - The legal representative of the company is Ni Jingmin [1] - The registered capital is 1.2 million RMB, indicating a small to medium-sized enterprise [1] - The company operates in multiple sectors, including manufacturing, retail, and technical services related to amusement and recreational activities [1] Industry Context - The establishment of the company reflects growth in the amusement equipment manufacturing sector, particularly in outdoor recreational facilities [1] - The diverse range of services and products offered suggests a strategic approach to capture various market segments within the amusement and leisure industry [1] - The inclusion of technology services indicates a trend towards integrating digital solutions in traditional amusement offerings [1]

Core Viewpoint - The company, Jinma Amusement (300756), highlights a significant trend towards intelligence, IP integration, and content development in the cultural, tourism, and entertainment sectors, driven by new technology applications [1] Industry Trends - The cultural and tourism industries are increasingly adopting intelligent and innovative technologies, leading to a demand for differentiated products that combine culture and technology [1] - There is a growing market preference for new products that leverage AI and robotics within the entertainment and tourism sectors [1] Company Strategy - The company aims to enhance its product offerings by utilizing its accumulated advantages in manufacturing, system integration, mechanical technology, and customer resources [1] - Jinma Amusement is actively embracing AI and robotics to innovate applications in amusement, culture, tourism, and entertainment scenarios [1] - The focus is on developing intelligent robots for cultural tourism applications and entertainment services to expand the company's industrial boundaries and enrich the industry ecosystem [1]