The grand opening of the world's first tendon-driven AI robot retail service store, "Robot MART," took place at Zhongshan Time Adventure Amusement Park in November 2025. A nimble AI robot efficiently served visitors—scanning orders, scooping popcorn, grabbing drinks, and even offering cheerful greetings—all without human intervention. This collaboration between Guangdong Jinma Entertainment Corporation Limited (300756.SZ), a leader in cultural tourism equipment, and embodied AI pioneer Stardust Intelligence, has turned the "AI + cultural tourism" concept into reality. By combining technology, real-world applications, and capital, the partnership is reshaping the growth trajectory and valuation logic of traditional cultural tourism enterprises, setting a benchmark for tech-driven industrial transformation in the A-share market.

**Core Value: Bridging Cutting-Edge Tech with Real-World Demand** According to a report by China Research Puhua, China's digital cultural tourism market is projected to exceed RMB 1.2 trillion by 2025, with a CAGR of 24.7% from 2023 to 2030, fueled by post-pandemic recovery and national "AI+" policies. However, a persistent industry challenge has been the disconnect between advanced AI solutions and practical tourism scenarios. While generic AI robots struggle with complex interactions in dynamic environments, traditional tourism firms often lack R&D capabilities. The Jinma-Stardust alliance addresses this gap seamlessly.

Stardust’s tendon-driven technology, likened to a "sharp sword," mimics human tendon mechanics, achieving 0.03mm force-control precision and superior collision absorption—ideal for crowded venues. Meanwhile, Jinma’s decades-long expertise serving clients like Disney and OCT Group provides the perfect "sheath": a deep understanding of operational needs across theme parks, resorts, and commercial complexes.

The 7-square-meter Robot MART exemplifies this synergy. Beyond selling snacks, beverages, and souvenirs, it doubles as a photo-worthy attraction. Crucially, the partnership extends beyond business collaboration to strategic capital alignment. In Stardust’s November 2025 A++ funding round, Jinma participated via its industrial fund manager, Time Bolle, securing a strategic stake alongside heavyweight backers like Ant Group and OpenAI investor Bloom Advance Capital. This "investment + collaboration" model ensures Jinma’s influence while granting access to technological dividends.

**Business Transformation: From Hardware to Ecosystem** Robot MART’s debut coincides with Jinma’s accelerated pivot. Its Q3 2025 results highlight multi-layered growth: short-term revenue spikes, mid-term structural shifts, and long-term ecosystem building.

- **Short-term boost**: Q1-Q3 revenue rose 23.76% YoY to RMB 569 million, with net profit surging 456.47% to RMB 90.4 million (Q3 alone up 5058.03%). Traditional equipment recovery laid the groundwork, while plans to deploy thousands of robots could add billions in revenue by 2026. - **Mid-term upgrade**: Moving beyond hardware (vulnerable to material costs), Jinma now integrates high-margin AI services (>30% gross margin) via equipment sales, robot deployment, and operational solutions. Its under-construction Digital Cultural Tourism Industrial Park will further bolster R&D. - **Long-term vision**: Evolving from a pure-play manufacturer to an AI-driven ecosystem operator, Jinma aims to expand into smart guides, immersive experiences, and health monitoring. Successful pilot testing in Zhongshan—where robots refined real-time interactions—paves the way for nationwide scaling.

**Valuation Reset: From Manufacturing to AI-Tourism Premium** The partnership’s true impact lies in redefining Jinma’s valuation narrative. Previously pegged to traditional manufacturing (8x P/S), it now enters the "AI + tourism" arena, where peers trade at 11.1x. Three factors justify this premium: 1. **Tech exclusivity**: Stardust’s unique mass-producible tendon robots give Jinma first-mover advantage. 2. **Scenario moat**: Partnerships with Disney and Universal create insurmountable barriers. 3. **Ecosystem potential**: Future expansions into data services and content management promise sustained growth.

With Stardust’s unicorn status and the sector’s 24.5% CAGR, Jinma’s re-rating seems inevitable. Capital inflows and validated commercial viability (via Robot MART’s early success) further accelerate this shift.

**Investment Takeaways** - **Short-term**: Monitor Robot MART’s operational metrics and order fulfillment. - **Mid-term**: Track new business revenue share and margin improvements. - **Long-term**: Assess Jinma’s ecosystem play in AI-powered tourism.

As policy tailwinds and consumption upgrades converge, Jinma—armed with technology and strategic foresight—is poised to transition from equipment vendor to ecosystem operator, delivering lasting value to investors.