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 ...

Core Insights - The Haichan Wuhan Polar Ocean Resort celebrated its 14th anniversary with a festive atmosphere, featuring a grand parade and evening performances [1][2]. Group 1: Event Highlights - The "Tide Play Carnival Parade" commenced at 3 PM, engaging visitors with interactive performances and activities, creating a joyful environment for both adults and children [2]. - The resort has introduced new attractions since the opening of its second phase on July 2, including the "Chutian Eye" Ferris wheel, the "Polar Circus" combining marine elements with acrobatics, and a series of Ferris wheel music concerts [3]. - The evening festivities included a light show from the "Chutian Eye" Ferris wheel and vibrant dance performances, enhancing the overall visitor experience [3][5]. Group 2: Future Developments - To celebrate the upcoming National Day and Mid-Autumn Festival, the resort launched the "Tide Play Adventure Season" on September 20, featuring three themed experience zones and nine performance programs [7]. - The second phase attractions complement the first phase offerings, catering to various visitor demographics and enhancing the overall appeal of the resort [7]. - The resort aims to continue expanding its brand identity as a "joyful ocean in the city," fostering growth alongside Wuhan and delivering more joy and beauty to visitors [7].

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]

Core Insights - The second phase of the Haihe An Wuhan Polar Ocean Resort, with an investment of nearly 100 million yuan, will officially open on July 2, featuring attractions like the 91-meter "Chutian Eye" Ferris wheel and the "Polar Circus" that combines thrilling acrobatics with marine wonders [1][7] - The "Polar Circus" is highlighted as a key product of the new phase, showcasing a variety of performances including the dual "Skin Suspension" act and the "Trampoline" performance, which features performers as "ocean jumpers" [1][7] - The resort aims to enhance the cultural tourism landscape of Wuhan, with plans to introduce themed hotels, unique guesthouses, and a water park that combines indoor and outdoor experiences [12] Summary by Sections - **Attractions and Performances** - The "Polar Circus" will include acts such as "Death Wheel" and "Great Flying Man," along with colorful parades and clown interactions, creating a vibrant atmosphere [7] - The director, Wang Yakun, has 11 years of experience in circus direction and has gathered nearly 60 top circus artists globally, utilizing advanced technology for an immersive experience [7] - **New Developments** - The "Chutian Eye" Ferris wheel will not only set a new height record in Wuhan but will also offer unique themed cabins and transparent cabins for an exciting visitor experience [7][11] - A giant Ferris wheel-themed music festival will commence on July 5 at the Jiangcheng Festival Square, enhancing the entertainment offerings of the resort [12] - **Strategic Goals** - The general manager of the resort, Tan Wencheng, stated that this year marks the 14th year of the resort's operations in Wuhan, aligning with the city's goal to become a world-renowned cultural tourism destination [12]

Group 1 - The Wuhan Cultural Tourism Development Conference set a grand goal for the city to become a world-renowned cultural tourism destination and indicated the direction for cultivating the cultural tourism industry as a pillar industry [1] - Wuhan Mulan Prairie, a 5A-level cultural ecological tourism area, has seen a visitor return rate exceeding 40%, with one out-of-province visitor returning 40 times, indicating strong customer loyalty [1] - The Mulan Prairie plans to enhance its international sports events and natural scenery integration, with upcoming events like the 2025 International Kite Invitation and International Music Festival [1] Group 2 - The manager of Mulan Flower Township emphasized the importance of service quality in tourism, focusing on online interaction with visitors and improving facilities based on feedback [1] - The Wuhan Polar Ocean Resort is innovating by introducing new products to enhance visitor experiences, including the upcoming "Chutian Eye" Ferris wheel and other attractions, aiming to create a comprehensive leisure resort [1] - The East Lake Moshanshan Scenic Area aims to enhance its tourism services and infrastructure, promoting seasonal attractions like cherry blossoms in spring and lotus flowers in summer [2]