早在20世纪90年代，获嘉高空飞车团队便凭借精湛技艺风靡全国。30多年来，从单纯的杂技表演，到制 造滑索、吊桥，再到如今集特种设备制造、演出运营、IP策划于一体的全产业链服务商，获嘉完成了一 场精彩的产业跃迁。 节后刚复工，位于获嘉县先进制造业开发区的新乡市名扬景区游乐用品有限公司已是一派繁忙。不久 前，该公司刚刚拿下一笔来自福建某景区的游乐设施项目订单，总成交价300多万元，涵盖威亚、滑 索、管轨式滑道、飞拉达等设施的制作与安装。该公司营销总监王正涛表示："2026年签单额已突破 1500万元。" 自春节假期开始，每到夜幕降临，在获嘉县城关镇，一场融合了国潮新春灯展与威亚表演的视觉盛宴便 开始上演。地面，造型各异的花灯流光溢彩，空中，身着华服的威亚演员翩然飞舞，构成一幅如梦似幻 的热闹图景。 "太震撼了，真像武侠里的'天外飞仙'！"郑州游客李燕举着手机边拍边赞。 而支撑起这场浪漫"飞天秀"的钢丝绳、精密设备乃至表演团队，都出自获嘉县。"目前全国拥有滑索、 威亚类特种设备制造许可证的企业仅12家，其中6家汇聚于获嘉，占据了全国的'半壁江山'。"获嘉县工 业和信息化局党组书记、局长王占军介绍，作为全国无动力游乐 ...

Group 1 - The core point of the article is that Jinma Amusement announced a postponement of a fundraising project and adjustments to its internal funding plan while maintaining the project's implementation subject, fundraising purpose, and investment scale [2] Group 2 - The fourth board meeting of Jinma Amusement will be held on February 10, 2026, to review the proposal regarding the postponement and adjustment of the fundraising project [2] - The specific project affected is the "Central China Regional Headquarters and Large Amusement Facility R&D Production and Operation Base Project (Phase I)" which will have its expected usable state date delayed [2] - The adjustments to the internal funding plan will be made without changing the project's implementation subject, fundraising purpose, and investment scale [2]

Group 1 - The company Jinma Amusement announced that its 18th meeting of the fourth board of directors was held via communication on February 10, 2026 [1] - The meeting reviewed the proposal regarding the postponement of certain fundraising projects and adjustments to the internal investment plan for raised funds [1]

Core Viewpoint - Jinma Amusement (300756) expects a significant increase in net profit for 2025, projecting a range of 67 million to 86 million yuan, compared to a profit of 7.35 million yuan in the previous year, indicating a growth of 811.17% to 1,069.56% [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 67 million to 86 million yuan for 2025 [1] - The previous year's profit was reported at 7.35 million yuan, marking a substantial increase in expected profitability [1]

Group 1 - The company, Jinma Amusement, forecasts a net profit attributable to shareholders of 67 million to 86 million yuan for 2025, representing a year-on-year growth of 811.17% to 1069.56% [1] - The significant performance change is attributed to the company's steady development amidst a challenging domestic and international market environment, focusing on brand building, product innovation, project implementation, technological advancements, and new industry expansion [1] - The results of the company's efforts over the past few years are beginning to show, with multiple innovative projects delivered in both domestic and international markets, contributing to an increase in overall revenue scale and gross profit level compared to 2024 [1]

Economic Performance - Chengdu's GDP for 2025 is projected to be 24,763.6 billion yuan, reflecting a 5.8% increase from the previous year at constant prices [1][14] - The city's high-tech manufacturing industry saw an 8.9% increase in added value [3] - Production of new energy vehicles, lithium-ion batteries, and integrated circuits grew by 181.0%, 33.9%, and 23.3% respectively [3] Investment Trends - Investment in the primary industry increased by 20.2%, while the secondary industry saw a 20.0% rise, with industrial investment growing by 19.7% [5] - High-tech industry investment rose by 14.7%, with high-tech manufacturing investment increasing by 23.4% [5] - Private investment grew by 9.6% [5] Trade and International Relations - Chengdu's foreign trade reached a record high of 8,502.3 billion yuan in 2025 [7] - The city expanded its international flight routes by over 10, connecting to 83 international and regional destinations [8] - Chengdu's international freight trains have operated over 36,000 times, linking to more than 130 cities abroad [8] Urban Development and Infrastructure - Chengdu has established 14 industrial parks with a scale of 100 billion yuan and 26 parks with a scale of 50 billion yuan [13] - The city has introduced 645 major industrialization projects, accounting for 96% of the total in the city [13] - The "3+22+N" park system is being optimized to enhance economic capacity [13] Social and Economic Environment - The total retail sales of consumer goods in Chengdu reached 11,434.1 billion yuan, marking a 5.5% increase from the previous year [6] - Chengdu has been recognized as the "most livable city" for 17 consecutive years, with a total talent pool of 6.85 million, ranking fourth nationally [6]

Core Viewpoint - Jinma Amusement announced a stock issuance plan to raise up to approximately RMB 1.053 billion for various projects, including R&D and operational enhancements in the cultural and entertainment sectors [1]. Group 1: Stock Issuance Details - The stock issuance plan has been approved by the company's fourth board of directors' seventeenth meeting [1]. - The issuance will target no more than 35 specific investors and will not exceed approximately 47.28 million shares, which is 30% of the company's total shares before the issuance [1]. - The issuance price will be no less than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing benchmark [1]. Group 2: Fund Utilization - The raised funds will be allocated to several projects: - RMB 454 million for the development and industrialization of cultural and entertainment robots [1]. - RMB 194 million for IP empowerment enhancement projects [1]. - RMB 285 million for the construction and operation of parks and attractions [1]. - RMB 120 million for supplementing working capital [1].

Group 1: Company Overview and Competitive Advantages - Guangdong Jinma Amusement Co., Ltd. has established significant competitive advantages in technology, manufacturing, talent, customer resources, and industry cooperation, positioning itself as a leading global player in the cultural tourism equipment sector [2]. - The company is actively developing next-generation cultural tourism equipment, leveraging artificial intelligence to enhance industry upgrades and create value for the market and customers [2]. - Jinma Amusement aims to build a complete ecological closed loop from "creative IP" to "smart hardware," integrating "data empowerment" and "scene operation" to become a key connector in the cultural tourism technology ecosystem [3]. Group 2: Strategic Partnerships and Market Expansion - The company has signed multiple cooperation agreements with partners such as Lehua Entertainment and Beifeng Technology to promote deep binding cooperation and build a market-oriented operation platform [3]. - Jinma Amusement is expanding its international presence by establishing overseas subsidiaries and enhancing international marketing channels, achieving brand recognition in Southeast Asia, the Middle East, and Latin America [4]. - The company is focused on integrating core advantages in cultural tourism technology, entertainment IP, smart products, and channel resources to enhance its market competitiveness [3]. Group 3: Product Development and Innovation - Jinma Amusement has planned ten series of products in the field of embodied intelligence, including both functional and interactive products, to meet diverse market and user needs [7]. - The company emphasizes the application value of its products, ensuring they meet the specific needs of target scenarios, as demonstrated by the "YHT Smart Adoption Store" product developed in collaboration with Lehua Entertainment [10]. - The company is committed to continuous product iteration and upgrading based on market demand, leveraging its advanced manufacturing capabilities and deep understanding of customer needs [5]. Group 4: Industry Trends and Policy Support - The domestic theme parks and amusement parks are entering a period of equipment updates, driven by factors such as equipment expiration and technological advancements, which presents significant opportunities for Jinma Amusement [11]. - The equipment update policy supports the replacement and upgrading of related facilities, which is expected to accelerate domestic equipment's import substitution and create better consumer experiences [11]. - The company is positioned to benefit from these trends, enhancing its market competitiveness and contributing to the high-quality development of the cultural tourism industry [11].

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 - Shenwan Hongyuan Securities reports that Jinma Amusement (300756) is a leading manufacturer in the domestic amusement equipment sector, with a solid competitive advantage in its core business and a growing order book driven by technological advancements [1] Group 1: Company Performance - Jinma Amusement has established 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] - The company reported a revenue of 5.69 billion yuan in Q1-Q3 2025, a year-on-year increase of 23.8%, and a net profit of 0.9 billion yuan, up 456.5% year-on-year, indicating a healthy order backlog and accounts receivable turnover [2] Group 2: Industry Trends - The amusement equipment industry in China is undergoing structural upgrades, supported by national policies and increasing market demand, with the global theme park market expected to reach $55.9 billion in 2024, growing by 8.21% [3] - The domestic theme park sector is leading global growth, entering a concentrated equipment renewal phase, which presents ongoing demand for upstream manufacturers [3] Group 3: Technological Advancements - Jinma Amusement is enhancing its R&D capabilities, with a team of 184 people and an R&D expenditure of 27.08 million yuan, representing 4.69% of revenue, indicating a commitment to innovation [4] - The company is actively pursuing AI and robotics applications in the cultural tourism sector, having established a joint venture to promote the deployment of tourism robots, and launched the "Robot MART" product, the first AI robot capable of autonomous retail services [4] Group 4: Future Outlook - Shenwan Hongyuan Securities projects Jinma Amusement's net profits for 2025-2027 to be 1.09 billion, 2.07 billion, and 3.46 billion yuan respectively, with corresponding P/E ratios of 83, 44, and 26 [1] - The estimated equity market value for 2025 is 12.8 billion yuan, with a target price of 81.16 yuan, indicating a potential upside of 40.7% from the current stock price [1]