Golden Horse Amusement: The orderly landing of specific support policies for equipment updates will bring significant opportunities for the development of the company and the industry.

Jinma amusement park stated during institutional research on October 30th that driven by factors such as equipment expiration, standard improvement, IP updates, and technological advancements, some domestic existing cultural and tourism projects, such as theme parks and amusement parks, have gradually entered the equipment renewal cycle. By gradually meeting operational needs through equipment replacement and upgrades, these projects aim to enhance the overall quality and market competitiveness of the park. The equipment renewal policy clearly includes sightseeing facilities, amusement facilities, immersive experience equipment related to the company's products as key supported areas, providing important guidance and policy support for industry quality improvement, accelerating import substitution, and creating a better tourism and consumption experience. In the future, with the orderly implementation of specific equipment renewal support policies, it is expected that domestic equipment will accelerate import substitution, bringing significant opportunities for the company and industry development.