[Image: Grant Thornton logo]
Grant Thornton (Special General Partnership)
Response to Financial and Accounting Issues in the Audit Inquiry Letter Regarding the Application for Issuance of Shares to Specific Targets by Guangdong Jinma Amusement Rides Co., Ltd.
Grant Thornton Letter No. (2026) 442A005970
Shenzhen Stock Exchange:
Guangdong Jinma Amusement Rides Co., Ltd. (hereinafter referred to as the "Company," "Issuer," or "Jinma Amusement") received the "Audit Inquiry Letter Regarding the Application for Issuance of Shares to Specific Targets by Guangdong Jinma Amusement Rides Co., Ltd." (Audit Letter [2026] No. 020049) (hereinafter referred to as the "Inquiry Letter") issued by your exchange on June 1, 2026. Grant Thornton (Special General Partnership) (hereinafter referred to as "we" or "Reporting Accountants") has carefully studied and implemented the issues raised in the Inquiry Letter that require a response from the accountants. We have responded to the matters involved in accordance with the requirements of the Inquiry Letter and hereby submit it to your exchange for review. The financial data analysis in this response covers the period from January to March 2026 and as of March 31, 2026. The "reporting period" refers to "2023, 2024, 2025, and January-March 2026." The financial data for January-March 2026 and as of March 31, 2026, in this response is unaudited.
Address: 5th Floor, Scitech Plaza, 22 Jianguomenwai Avenue, Chaoyang District, Beijing, China
Postal Code: 100004
Tel: +86 10 8566 5588
Fax: +86 10 8566 5120
Notes:
-
Unless otherwise specified, the abbreviations or definitions used in this response report have the same meanings as those in the "Guangdong Jinma Amusement Rides Co., Ltd. 2026 Prospectus for Issuance of Shares to Specific Targets" (hereinafter referred to as the "Prospectus").
-
If the total sum in this response report does not match the sum of the individual items due to rounding, it is caused by rounding.
-
The fonts in this response report represent the following meanings:
| Font | Meaning |
|---|---|
| Bold | Questions listed in the Inquiry Letter |
| Songti | Responses to questions listed in the Inquiry Letter |
| Bold Kaiti | Content involving modifications or supplements |
Question 1
During the reporting period, the Company's main business revenue was 734.2281 million yuan, 566.4399 million yuan, 674.8148 million yuan, and 152.4502 million yuan, respectively, and net profit was 45.9182 million yuan, 4.4579 million yuan, 77.7397 million yuan, and 26.8740 million yuan, respectively. Among them, the revenue of virtual immersive amusement projects during the reporting period was 267.5649 million yuan, 37.3726 million yuan, 22.7655 million yuan, and 8.8496 million yuan, respectively. In January-March 2026, the new cultural tourism and entertainment robot business was added, with sales of 5.0442 million yuan, accounting for 3.31% of the main business revenue for the period. During the reporting period, the Company's comprehensive gross profit margins were 34.57%, 31.00%, 36.49%, and 44.45%, respectively; among which, the gross profit margins of the cultural tourism investment and operation business were 32.90%, 30.19%, 19.57%, and 10.76%, respectively.
During the reporting period, the Company's overseas revenue was 13.8395 million yuan, 71.2514 million yuan, 119.3805 million yuan, and 75.7543 million yuan, respectively, accounting for 1.87%, 12.35%, 17.41%, and 49.15%, respectively, showing a year-on-year increase. In 2024 and 2025, the Issuer's gross profit margin on overseas sales was significantly higher than that on domestic sales.
In July 2023, the Company received a "Regulatory Concern Letter" from the Guangdong Bureau of the China Securities Regulatory Commission due to the failure to disclose environmental administrative penalties in the 2022 annual report. During the reporting period, the Company and its holding subsidiaries were subject to administrative penalties, including the unauthorized use of sealed special equipment by a subsidiary of the Issuer in 2025.