Shen Wan Hongyuan: The main amusement equipment business increased, combined with physical intelligence, accelerated implementation to maintain the “buy” rating of Jinma Amusement (300756.SZ)

The Zhitong Finance App learned that recently, Shenwan Hongyuan Securities released a research report saying that Jinma Amusement (300756.SZ)'s 2025 performance reached an inflection point. Domestic substitution and equipment upgrades were promoted through technology and quality improvements, and the main amusement equipment manufacturing industry achieved a simultaneous high increase in revenue and gross margin. The company has now invested in many leading domestic intelligent enterprises, and has reached stable cooperative relationships with many well-known domestic and foreign cultural tourism and entertainment companies. The first batch of robot orders has already been delivered, and there is plenty of room for long-term growth. Considering the delay in the company's order confirmation pace, Shenwan Hongyuan Securities maintained Jinma Amusement's “buy” rating.

Shen Wan Hongyuan pointed out that the company's main amusement equipment business achieved significant growth in revenue and gross profit, and the accelerated implementation of the robotics business contributed to performance. According to the company's announcement, in the first half of 2026, the company achieved operating income of 391 million yuan, +25.53% year on year; net profit to mother of 45 million yuan, +28.66% year over year; net profit after deducting non-return to mother of 45 million yuan, +35.18% year on year. The bank believes that second-quarter profits fluctuated due to seasonal factors, but overall results for the first half of the year were still in line with expectations.

By business, the bank said that in the first half of 2026, amusement equipment of the same caliber achieved revenue of 334 million yuan, an increase of 49.12% over the previous year, and a gross profit margin of 36.16%, an increase of 6.54 percentage points over the previous year; the newly disclosed entertainment and cultural tourism robot business achieved revenue of 7.965 million yuan, with a gross profit margin of 30.68%, and the new business accelerated implementation and expansion.

In terms of overseas markets, Shen Wan Hongyuan pointed out that while domestic business remains steady, the company's global business has accelerated breakthroughs, and overseas markets have become an important addition. According to the company's announcement, domestic/overseas revenue for the first half of the year was 290/101 million yuan respectively, +0.82%/+326.05% year-on-year, and gross margin of 30.57%/56.08%, respectively

The number of new orders signed by 26H1 increased steadily over the same period last year, and completed the delivery of various projects such as Shenzhen Longgang International Art Center, Bubble Mart City Park, Xiaogan Fangte Tourist Area, and Qingyuan Changlong Forest Kingdom. The company has added a number of benchmark projects to overseas markets. The products have now covered nearly 50 countries and regions around the world, and continue to reverse export to high-end markets such as Europe and the US, and the company's global competitiveness has been further verified.

Shen Wan Hongyuan believes that the company's physical intelligence has moved from R&D and cultivation to the stage of commercialization and implementation, which is expected to open up a second growth curve. The “Intelligent Robot Retail Service Store” has completed small-batch delivery and achieved revenue. Currently, it has been deployed and commercialized at more than 20 commercial complexes, theme parks, and scenic spots in Beijing, Shanghai, Nanjing, Hangzhou, Guangzhou, etc. In addition, the company plans to raise capital by issuing shares to specific targets, focusing on R&D and industrialization of cultural tourism and entertainment robots, IP empowerment, and supplementing liquidity. The bank believes that while consolidating the main amusement equipment business and accelerating globalization, the company continues to expand to integrated robotics, IP and cultural tourism services, and further strengthens the “manufacturing+service” collaborative development logic.