Core Viewpoint - The recovery of China's economy since 2025 has accelerated, with consumption playing a crucial role in driving growth, particularly in the cultural and tourism sectors, which are seen as important indicators of economic vitality and resilience [2] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 569 million yuan, a year-on-year increase of 23.76%, and a net profit of 90.41 million yuan, a significant year-on-year growth of 456.47% [2] - In the third quarter alone, revenue reached 258 million yuan, up 75.05% year-on-year, while net profit surged to 55.09 million yuan, an increase of 5058.03% [2] Strategic Initiatives - The company's growth is attributed to effective cost management, optimization of production and delivery systems, and an increase in the proportion of high-margin innovative products [3] - The strategic focus on "cultural tourism + AI + robotics" is beginning to yield results, providing new momentum for future growth [3][4] Market Position and Opportunities - The company has secured significant orders, such as the "Chutian Eye Ferris Wheel" and "Six Ring Roller Coaster," reinforcing its manufacturing business [3] - As the sole Chinese supplier of complete amusement equipment for top international theme parks like Universal Studios, the company is expanding its market share in import substitution [3] Industry Trends - The cultural tourism market has shown strong recovery since 2025, with domestic tourism revenue expected to reach 6.8 trillion yuan by 2025 and exceed 10 trillion yuan by 2030, with an annual growth rate of 8%-10% [4] - The rapid development of smart tourism, driven by AI and big data, is reshaping the industry landscape, creating vast opportunities for companies in intelligent amusement equipment and smart cultural tourism solutions [5][6] Technological Advancements - The company is advancing in new technology fields through a dual approach of "independent innovation + equity investment," focusing on the construction of a digital cultural tourism industrial park [7] - The park will integrate R&D, smart manufacturing, and project investment operations, expected to become a key growth engine for new business [7][8] Competitive Advantage - The company has established a comprehensive product matrix covering 13 categories of large amusement facilities and 8 series of virtual immersive amusement projects, enhancing its competitive edge [4] - The integration of manufacturing and operational capabilities allows the company to provide one-stop solutions for cultural tourism project investment and operation [4] Future Outlook - The company is positioned at a critical turning point for growth, with a positive cycle of "orders-performance-strategy-valuation" beginning [9] - With the continuous improvement of the AI product matrix and the release of capacity from the industrial park, the company is solidifying its foundation for high-quality growth in the industry [9][10]

今年以来，金马游乐接连斩获"楚天之眼摩天轮"、"六环过山车"等标志性订单，制造业务基本盘持续巩 固。作为环球影城等国际顶级主题乐园唯一的中国成套游乐设备供应商，公司凭借其全品类产品矩阵和 明显的性价比优势，持续扩大进口替代市场份额。截至报告期末，公司新签订单同比稳步上升，订单能 见度显著提高，为未来业绩增长提供了坚实保障。 其实，随着 "制造+文旅"战略的不断深化，金马游乐已展现出独特的竞争优势。一方面，制造业务为运 营业务提供设备和技术支持，目前公司已建立涵盖13大类大型游乐设施及8大系列虚拟沉浸式游乐项目 的全品类产品矩阵。另一方面，运营业务为制造业务提供市场反馈和创新灵感，公司聚焦城市游乐、景 区游乐等刚性文旅消费需求，发展亲子乐园、游乐嘉年华等差异化文旅业态。这种全产业链服务能力已 成为公司的核心竞争优势，使公司能够为客户提供文旅项目投资运营的一站式系统解决方案。 除了公司内在发展动能持续增强外，金马游乐所处的外部环境同样面临多重利好因素，为公司发展创造 了难得的战略机遇期。 2025年以来，中国经济复苏进程加快，消费作为拉动增长的"主引擎"作用持续凸显。在此背景下，文旅 消费凭借其强大的就业带动能力 ...

Group 1: Company Performance and Strategy - In the first half of 2025, the company maintained steady growth, focusing on a dual-driven strategy of "manufacturing + cultural tourism" to strengthen core business and promote long-term high-quality development [2] - The amusement equipment manufacturing business saw a steady increase in market share, with new orders contributing to a rise in overall gross profit margin [2] - The amusement investment and operation business experienced a revenue growth of 112.94% year-on-year in the first half of 2025 [2] Group 2: Industry Trends and Market Outlook - The industry is entering a phase of steady growth driven by policy benefits, consumer enthusiasm, and product innovation, with the market for cultural tourism consumption continuing to recover [3] - By 2027, the investment scale for equipment in the cultural tourism sector is expected to grow by over 25% compared to 2023, supported by government policies [6] - The international market, particularly in Southeast Asia, the Middle East, and Latin America, is showing good growth potential due to the upgrading of traditional amusement equipment and the establishment of new theme parks [4] Group 3: Competitive Advantages - The company possesses advanced core technologies and a comprehensive product matrix, allowing it to maintain a leading position in the market and achieve high-end amusement facility import substitution [7] - The competitive landscape is fragmented, with many small enterprises, giving the company an advantage due to its strong R&D capabilities and established brand recognition in international markets [7] Group 4: Future Plans and Innovations - The company plans to leverage market opportunities through targeted strategies, focusing on domestic market expansion and precise breakthroughs in international markets [8] - New production bases are set to be operational by the end of 2025 and mid-2026, enhancing product delivery capabilities and market responsiveness [8] - The company is embracing AI and robotics to innovate in the cultural tourism sector, aiming to develop intelligent products that enhance user experience [10]

Core Viewpoint - Jinma Amusement reported significant growth in revenue and net profit for the first half of 2025, driven by strategic initiatives in manufacturing and cultural tourism, indicating a positive recovery trend in the industry [1][2]. Group 1: Financial Performance - Jinma Amusement achieved operating revenue of 312 million yuan and a net profit of 35.32 million yuan, marking a year-on-year increase of 132.69% [1]. - The company’s main business gross margin improved year-on-year, reflecting effective cost control and resource management [2]. Group 2: Strategic Initiatives - The company is implementing a dual-driven strategy of "manufacturing + cultural tourism," focusing on product innovation, market expansion, and operational optimization [1][2]. - Jinma Amusement has successfully delivered several major projects, including the "Chutian Eye" Ferris wheel and "Liuhuan Roller Coaster," contributing to the growth of new orders [2]. Group 3: Industry Trends - The cultural tourism market is experiencing a recovery, with increased public willingness to travel and a rise in demand for immersive and interactive experiences [3]. - Jinma Amusement is embracing technological advancements such as AI and robotics, exploring innovative applications in the amusement and cultural tourism sectors [3]. Group 4: Future Outlook - The company is expected to maintain its strong recovery momentum in the second half of the year, aiming for sustainable and high-quality growth as the cultural tourism industry continues to rebound [3].

Group 1 - The core viewpoint of the article highlights that Jinma Amusement (金马游乐) reported significant growth in its mid-year results for 2025, with operating income reaching 312 million yuan and net profit attributable to shareholders increasing by 132.69% year-on-year to 35.32 million yuan [2] - The company is actively responding to domestic and international market changes by implementing a dual-driven strategy of "manufacturing + cultural tourism," focusing on product innovation, market expansion, operational optimization, and new industry layout to promote high-quality development [2][3] - Jinma Amusement has enhanced its overall market competitiveness by strengthening innovation, optimizing production and delivery systems, and successfully delivering several major projects, which contributed to an increase in gross profit margin [3] Group 2 - The cultural tourism market is experiencing a recovery, driven by policies promoting tourism consumption, leading to increased public willingness to travel and revitalization in niche markets such as county tourism and theme parks [4] - The company is embracing industry changes by focusing on the innovative application of AI and robotics in amusement and cultural tourism, exploring the development of intelligent products that integrate "cultural tourism + robotics" and "amusement + robotics" [4] - Looking ahead to the second half of the year, Jinma Amusement is expected to maintain its strong recovery momentum and achieve sustained, healthy, and high-quality growth as the cultural tourism industry continues to recover [4]