Jinma Amusement (300756.SZ) interim report dismantled: “Manufacturing+Service” collaboration surged in inbound and outbound revenue surged more than threefold

The Zhitong Finance App learned that in the first half of the year, the cultural tourism industry maintained a recovery trend with strong support from the holiday economy, and the domestic and inbound travel markets heated up at the same time. On the evening of August 25, Jinma Amusement (300756.SZ) revealed its 2026 semi-annual report. The company's operations continued to be steady, moderate and resilient, and the core financial indicators showed steady performance. During the period, the company achieved operating income of 391 million yuan, an increase of 25.53%; net profit to mother of 454.423 million yuan, an increase of 28.66%; deducted non-net profit of 45.1767 million yuan, an increase of 35.18% over the previous year. Both revenue and profit recorded double-digit growth, and profit flexibility was accelerated.

Under the steady mid-report figures, structural changes are the real main story line: new orders increased year-on-year, and product gross margin was rising steadily; international business revenue surged 326.05% over the same period in 2025, opening up new growth space; smart products were delivered in small quantities, put into commercial operation at more than 20 venues, and the new racetrack began to redeem revenue. Jinma Amusement's series of layouts around “manufacturing+service” is entering the cash out period.

Main business chassis is steady, moderate and improving manufacturing+service collaboration

During the reporting period, the cultural tourism industry as a whole entered a new stage of rational development of “stable quantity and quality improvement, demand stratification, and structural optimization”. The number of domestic travelers reached 3.463 billion in the first half of 2026, an increase of 5.4% over the previous year; the total travel expenses were 3.21 trillion yuan, an increase of 2.0% over the previous year. The number of travelers and travel expenses both increased, and the basic pattern of steady growth in the industry is still strong.

The recovery on the investment side has also provided a clear sentiment signal for equipment suppliers upstream in the industrial chain. According to a research report by the China Institute of Tourism Research, the comprehensive tourism industry investment index increased 4.5% year on year in the first quarter, the amusement equipment procurement index increased 43.5% year on year, and 60% of the companies surveyed had procurement needs. From the demand side, deepening of experiential content, complex scenarios, and market sinking form the three main lines; from an upward perspective of investment flow, transformation of existing projects, implementation of new projects, upgrading of scenarios, and extension of diverse scenarios have become the main carrying areas.

Behind this round of recovery, the two forces of policy and cycle are being superimposed simultaneously. On the policy side, the country continues to make efforts to serve consumption and large-scale equipment updates; on the industry side, domestic theme parks are gradually entering the equipment renewal cycle, and demand for upstream equipment updates is expected to continue to be released.

The industry has entered a period of structural adjustment, where challenges and opportunities coexist. Jinma Amusement insists on steady progress, deepens the construction of a “manufacturing+service” collaborative system, and promotes the collaborative industrial layout in an orderly manner. The company has been deeply involved in the field of large-scale amusement facilities for many years, continuously strengthening its own technology and quality delivery capabilities in the high-end market, and has a solid core business foundation. In the first half of 2026, the revenue of the amusement equipment business increased by 49.12% year on year, gross margin reached 36.16%, up 6.54 percentage points year on year, and the main business achieved a sharp increase in quantity and quality. The company completed the quality delivery of projects such as Shenzhen Longgang International Art Center, Bubble Mart City Park, Xiaogan Fangte Tourist Area, and Qingyuan Changlong Forest Kingdom according to the plan, helping the cultural tourism scene transform “traffic” into “capacity” with the hard power of products and services.

On the product manufacturing side, the company promotes the transition of products from “functionalization” to “scenario-based and experiential”, accelerates the market-based application of high-quality cultural IP and leading technological achievements in products, and continues to address the direction of ejection technology, multi-dimensional motion control, intelligent electrical control, precision manufacturing and processing, and integrated structural design. In recent years, it has successively completed the delivery and landing of iconic products such as the “Electric Sound Frenzy” LSM catapult roller coaster, the “Flying Dragon in the Sky” large-scale suspension roller coaster and the “Eye of Chu Tian” panoramic car ferris wheel. At the same time, the company summarizes the advanced experience accumulated by participating in top international projects, promotes the transformation and upgrading of the production delivery system, and continues to improve product quality and delivery capacity.

On the operational service side, the company has established a full-chain service support mechanism, covering early design, product development, manufacturing, operation management, operation and maintenance, upgrade and iteration, etc., to form an integrated service network, and launch differentiated full-case service solutions for various segments. The strategic value of this system is particularly prominent in the context of industry consumption upgrading and business format innovation becoming the core main line. Manufacturing provides the foundation for service provision, and service opens up value-added space for manufacturing — “manufacturing+service” collaboration is reshaping the company's value chain.

New momentum for overseas travel and industrial expansion

The most prominent change in this semi-annual report is the jump in overseas revenue. While the domestic market maintained steady development, the company's international business revenue increased more than threefold over the same period in 2025, leading all business segments in growth; the share of overseas revenue also rose from 1.87% in 2023 and 17.41% in 2025 to 25.79% in the first half of 2026. The growth rate and share trajectory confirm each other, showing that going overseas is not a phased release on a low base, but rather a systematic reshaping of the revenue structure.

The global market size also continues to expand. According to Research and Markets data, the global theme park market size is about 69 billion US dollars in 2025, and is expected to reach 74.7 billion US dollars in 2026, with a compound annual growth rate of 8.3%; by 2030, this figure is expected to further increase to 102.39 billion US dollars, and the Asia-Pacific region is the fastest growing region during the forecast period. Overseas demand continues to heat up, providing a structural window for domestically produced amusement equipment to go overseas.

During the reporting period, Jinma Amusement successfully added several benchmark cases in the international market. The overseas sales area covered emerging markets such as the CIS, Southeast Asia, the Middle East and North Africa, and Latin America, and the breadth and depth of the overseas layout was increasing. As overseas expansion intensifies, overseas business is becoming an important growth pole for the company's performance, and domestic and overseas markets have thus formed a “double support” growth pattern.

Industrial expansion is also accumulating momentum. Relying on scene understanding and equipment manufacturing capabilities accumulated over many years, Jinma Amusement uses physical intelligence as the core gripper to simultaneously promote collaborative industrial layout, and card slots meet industry trends with new products and new tracks. At present, Jinma Amusement has served nearly 50 countries and regions and more than 1,000 cultural tourism scenes around the world.

Focusing on the “last mile” of physical and intelligent implementation, Jinma Amusement promotes the dual line of “independent research and development+industrial cooperation”. In the first half of 2026, “intelligent robot retail service stores” were the first to complete small-batch delivery and achieve revenue. They were successively deployed and put into commercial operation and use at more than 20 commercial complexes, theme parks, cultural tourism attractions, transportation hubs, and event venues in Beijing, Shanghai, Nanjing, Hangzhou, Guangzhou, etc., and achieved good commercial operation results.

Conclusions

Looking back at the first half of 2026, the changes in Jinma Amusement can be summarized at three levels: the basic business market remained steady, and orders and delivery maintained a healthy rhythm; the “manufacturing+service” strategy continued to deepen, making steady progress towards a comprehensive cultural tourism service provider; and going overseas and embodying intelligence successively realized revenue, gradually saving momentum for future development.

The three lines go hand in hand, and the main business maintains the basic market of orders and delivery. “manufacturing+service” opens up depth in the value chain, while going overseas and embodying intelligence point to future growth space. Looking ahead to the second half of the year, under the influence of multiple factors such as consumption upgrades and technological empowerment, the cultural tourism equipment market is expected to enter a more mature and diversified stage of development, providing new market opportunities for the steady and high-quality development of Jinma Amusement.