A recent research note from Shenwan Hongyuan Group Co.,Ltd. highlights a pivotal shift for Guangdong Jinma Entertainment Corporation Limited (300756.SZ) in 2025, driven by technological upgrades and quality improvements that are fueling domestic substitution and equipment renewal initiatives. The company's core amusement equipment manufacturing business has posted simultaneous gains in both revenue and gross margins, while its early investments in several leading domestic embodied intelligence firms, coupled with stable partnerships with renowned cultural tourism and entertainment enterprises both at home and abroad, are beginning to bear fruit. With the first batch of robot orders already in delivery, the brokerage maintains its "Buy" rating, noting that the long-term growth prospects remain expansive despite a slight delay in the order confirmation schedule.
The firm points out that the amusement equipment main business has achieved notable growth in both revenue and profitability, with the robotics segment accelerating its contribution to overall performance. According to company announcements, revenue for the first half of 2026 reached RMB 391 million, up 25.53% year-over-year, while net profit attributable to shareholders climbed 28.66% to RMB 45 million, and non-GAAP net profit rose 35.18% to RMB 45 million. Although second-quarter profits were subject to seasonal fluctuations, the semi-annual results are considered to be in line with expectations.
Breaking down the segments, Shenwan Hongyuan estimates that on a like-for-like basis, amusement equipment revenue for the first half of 2026 reached RMB 334 million, a 49.12% year-over-year increase, with gross margins improving by 6.54 percentage points to 36.16%. Meanwhile, the newly disclosed cultural tourism and entertainment robotics segment generated RMB 7.965 million in revenue with a gross margin of 30.68%, indicating that the new business is rapidly scaling up.
Regarding overseas markets, Shenwan Hongyuan notes that while domestic operations remain steady, the company's globalization efforts are accelerating, making international markets a significant new growth driver. Company data shows that domestic and overseas revenues for the first half stood at RMB 290 million and RMB 101 million respectively, representing a year-over-year change of +0.82% and +326.05%, with corresponding gross margins of 30.57% and 56.08%. During the period, new orders saw steady growth, and the company completed deliveries for several projects, including the Shenzhen Longgang International Art Center, POP MART City Park, Xiaogan Fantawild Tourist Zone, and Qingyuan Chimelong Forest Kingdom. Additionally, the company added multiple benchmark projects overseas, with products now covering nearly 50 countries and regions, and it continues to achieve reverse exports into high-end markets such as Europe and the United States, further validating its global competitiveness.
The brokerage believes that the company's embodied intelligence initiatives have transitioned from the R&D and incubation phase to commercial deployment, potentially opening a second growth curve. The "intelligent robot retail service stores" have already completed small-batch deliveries and generated revenue, with deployments and commercial operations now active at more than 20 venues, including commercial complexes, theme parks, and scenic areas in Beijing, Shanghai, Nanjing, Hangzhou, and Guangzhou. Looking ahead, the company plans to issue shares to specific investors to raise funds, with proceeds earmarked for the R&D and industrialization of cultural tourism and entertainment robots, IP empowerment initiatives, and working capital replenishment. Shenwan Hongyuan concludes that by consolidating its core amusement equipment business and accelerating global expansion, while simultaneously extending into robotics, IP, and integrated cultural tourism services, the company's "manufacturing + services" synergy strategy is further strengthened.