300756 金马游乐-投资者关系活动记录 广东金马游乐股份有限公司 投资者关系活动记录表 | | ■特定对象调研 □媒体采访 | □分析师会议 | | --- | --- | --- | | 投资者关系活动类别 | □业绩说明会 □路演活动 | □新闻发布会 | | | □现场参观 | ■其他 | | 时间 | 2025 年 12 月 | 30 日 17:00-18:00 | | 地点 | | 杭州国际会议中心洲际酒店 | | | （排名不分先后） 申万宏源证券、长江证券、国盛证券、国泰海通证券、东方财富证 | | | 参与单位名称 | 券、华西证券、招商证券、国泰基金、博时基金、方正证券、中信 | | | | 建投证券、上海国际信托、甬兴证券、华鑫证券、东吴证券、开源 | | | | 证券等 | | | | 金马游乐 邓志毅 | 董事长 | | 公司接待人员姓名 | 金马游乐 林泽钊 | 副总经理兼金马机器人公司总经理 | | | 金马游乐 曾庆远 | 副总经理兼董事会秘书 | | | 金马游乐 投关总监 卢璐 | | | | 主要交流内容： | | | | （一）活动基本情况介绍 | | | | 作为全 ...

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]

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 ...

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]

文旅文娱机器人发布 11月26日至28日，2025粤港澳大湾区文化产业投资大会在广州举行。在此次投资大会上，金马游乐举办 了主题为"乘时代风潮，拓战略蓝海"的文旅文娱机器人应用场景发布会，发布文旅文娱具身智能机器人 产品。 近期，金马游乐发布文旅文娱具身智能机器人战略，引发业内广泛关注。金马游乐董事长邓志毅在接受 中国证券报记者采访时表示，下一步公司将坚持以创新为驱动，全面布局具身智能赛道，推动科技与文 化深度融合，助力文旅产业高质量发展。 构建"AI+文旅"平台 金马游乐成立于2007年，是一家专业从事大型游乐设施、虚拟沉浸式游乐项目研发、制造、销售、安装 以及文旅项目投资运营于一体的综合性文旅服务企业。公司围绕"游乐"核心，实施先进游乐装备制造业 和现代游乐服务业双轮驱动发展战略，以"文化+科技"赋能文旅产业创新发展，致力于为全球提供优质 的游乐产品和服务。 2018年12月，金马游乐在深交所创业板上市，成为中国游乐设备行业首家A股上市公司。作为国内领先 的游乐设施研发制造和文旅服务运营服务商，金马游乐产品遍布国内外众多知名主题乐园、景区及商业 综合体，覆盖全球近50个国家和地区，服务1000多家主题公园 ...

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]

天眼查App显示，近日，重庆晨芮游乐设备有限公司成立，法定代表人为杜京伟，注册资本10万人民 币，经营范围为许可项目：特种设备安装改造修理；大型游乐设施制造；建设工程施工。（依法须经批 准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 一般项目：户外用品销售；普通机械设备安装服务；游乐园服务；普通露天游乐场所游乐设备销售；普 通露天游乐场所游乐设备制造（不含大型游乐设施）；休闲娱乐用品设备出租；体育场地设施工程施 工；体育消费用智能设备制造；模具销售；模具制造；玩具销售；玩具制造；游艺用品及室内游艺器材 销售；游艺用品及室内游艺器材制造；园区管理服务；植物园管理服务；特种设备销售；建筑材料销 售。（ 除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

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]