Golden Heaven(GDHG)

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Golden Heaven Group Holdings Ltd. Announces 25 for 1 Share Consolidation
Prnewswire· 2025-05-06 20:30
Core Points - Golden Heaven Group Holdings Ltd. announced a share consolidation on a 25 for 1 ratio, effective May 9, 2025, to comply with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing [1][2] - The share consolidation will convert every 25 ordinary shares into one ordinary share automatically, with no fractional shares issued [3] - The authorized share capital will change from US$200,600,000 into a new structure, resulting in approximately 2,972,944 Class A ordinary shares and approximately 73,600 Class B ordinary shares [4] Company Overview - Golden Heaven operates amusement parks, water parks, and complementary recreational facilities in China, offering a variety of experiences including rides, water attractions, and performances [5]
Golden Heaven Group Holdings Ltd. Launches Wedding Photography and Light Show Projects
Prnewswire· 2025-02-19 13:00
Core Viewpoint - Golden Heaven Group Holdings Ltd. has entered into a cooperation agreement with Dacheng Culture and Fuzhou Yibang to develop themed entertainment projects targeting young couples in China [1][2][3] Group 1: Cooperation Agreement Details - The cooperation agreement involves the joint development of wedding photography and light show projects in Tongling and Changde cities, China [2] - Nanping Golden Heaven will oversee the operation of the projects and share profits during the six-month cooperation period [2] - Dacheng Culture will handle professional photography, while Fuzhou Yibang will provide the necessary venues for the activities [2] Group 2: Strategic Insights - The collaboration represents a new model for developing themed entertainment in the Chinese amusement park market, focusing on the preferences of young couples [3] - The partnership aims to leverage the strengths of each party: Golden Heaven's resource integration and operational experience, Dacheng Culture's event planning expertise, and Fuzhou Yibang's venue quality [3] - The projects are expected to attract young visitors and create future growth and profit opportunities for the involved parties [3] Group 3: Company Overview - Golden Heaven Group Holdings Ltd. operates amusement parks, water parks, and recreational facilities in China, offering a variety of thrilling and family-friendly experiences [4]
Golden Heaven(GDHG) - 2024 Q4 - Annual Report
2025-01-27 21:01
Regulatory Environment - The operating entities' amusement parks are subject to approval from the National Development and Reform Commission (NDRC) for two parks, which have not yet received the necessary approvals[27]. - The Chinese government has significant control over the economy, which may adversely affect the operating entities' business and operating results due to potential changes in laws and regulations[25]. - The PRC legal system presents uncertainties that may impact the protection of the operating entities' business and shareholders[23]. - Recent regulations may require the operating entities to complete filing procedures with the China Securities Regulatory Commission (CSRC) for future offerings, which could impact their ability to raise capital[32]. - The Chinese government has indicated an intent to strengthen oversight of overseas listings, which could limit the operating entities' ability to offer securities[26]. - The evolving nature of PRC regulations on data security and personal information protection may require adjustments in business practices for compliance[42]. - The Cybersecurity Review Measures require online platform operators with significant user data to undergo reviews, which could impact future operations[35]. - The operating entities are not currently subject to cybersecurity review as they do not possess personal information of over one million users[40]. Financial Performance - For the fiscal years ended September 30, 2024, 2023, and 2022, the company's revenue was US$22,333,251, US$31,786,802, and US$41,788,196, respectively, indicating a decline in revenue over the three years[84]. - The net income (loss) for the same fiscal years was US$(1,796,552), US$6,549,584, and US$14,328,374, showing a significant drop in profitability in 2024 compared to previous years[84]. - The total number of guest visits at the parks for the fiscal year ended September 30, 2024, was approximately 1.32 million, down from 1.87 million in 2023 and 2.41 million in 2022, representing a decline of 29.4% year-over-year[180]. - For the fiscal years ended September 30, 2024, 2023, and 2022, in-park recreation sales amounted to US$19,263,768, US$30,115,995, and US$39,377,906, respectively, accounting for approximately 82.26%, 94.74%, and 94.23% of total revenue[200]. Operational Challenges - The operating entities' financial condition may be adversely affected by government control over capital investments and changes in tax regulations[22]. - The high fixed cost structure of park operations may lead to significantly lower margins if revenues decline[80]. - The inability to contract with third-party suppliers for rides and attractions could adversely affect park attendance and revenues[77]. - Declines in discretionary guest spending and changes in guest preferences could negatively affect the profitability of the operating entities' business[76]. - Increased labor costs and difficulties in retaining suitable employees may adversely affect the company's financial condition and results of operations[86]. - Financial distress among business partners could adversely impact the operating entities' business and financial condition[79]. Tax and Dividend Considerations - The operating entities' ability to distribute dividends is contingent upon their accumulated profits, which must comply with PRC accounting standards[49]. - Current PRC regulations require operating entities to set aside at least 10% of their after-tax profits each year for statutory reserves until it reaches 50% of their registered capital[49]. - Dividends paid by foreign-invested enterprises to foreign non-resident investors are subject to a 10% withholding tax, with no tax treaty between the Cayman Islands and China[50]. - The PRC government imposes restrictions on the remittance of Renminbi, which may limit the company's ability to pay dividends and other obligations[55]. - The classification as a PRC resident enterprise could subject the company to a 25% tax rate on global income, potentially reducing net income significantly[63]. Legal and Compliance Issues - The company is facing significant uncertainties due to the ongoing impacts of the COVID-19 pandemic, which may lead to future park closures and reduced guest spending[106]. - The company is actively conducting a legal internal investigation related to three putative class action lawsuits filed against it, with a hearing scheduled for January 30, 2025[172]. - The company may face increased scrutiny and potential litigation as a result of its public company status, which could divert management resources[149]. - The company may not be able to enforce certain judgments obtained against it by shareholders due to its assets being located outside the U.S.[136]. Strategic Initiatives - The company is investing an estimated total of RMB326.4 million in the construction of three new amusement parks[200]. - The estimated investment for Yangming Lake Glacier Tribe Amusement Park is RMB180 million, with approximately RMB90 million already invested as of the report date[211]. - The company is actively pursuing strategic acquisitions and business development in the Southeast Asian market through consulting agreements[162]. - The company has entered into long-term lease agreements with Fuzhou Yibang, generating initial annual rental income of RMB30 million and RMB20 million for two amusement parks, with increases of 2% annually[92]. Market and External Factors - A significant portion of the company's revenue is generated in Hunan Province, China, making it vulnerable to risks such as natural disasters and travel-related disruptions in that area[100]. - The company experienced negative impacts from Typhoon Doksuri in July 2023, highlighting the vulnerability of park attendance to extreme weather conditions[99]. - Various external factors, including natural disasters and geopolitical events, could adversely affect park attendance and revenue[107]. - The parks' operations are impacted by Chinese national holidays, which can increase attendance and revenue by approximately 15%[214]. Corporate Governance - The company has a dual-class share structure, with Class B shareholders holding 200 votes per share, concentrating voting power with Mr. Cuizhang Gong, who owns 100% of Class B shares[121]. - The company may rely on exemptions under Nasdaq listing rules as a "controlled company," potentially affecting corporate governance practices[124]. - The company has no general rights under Cayman Islands law for shareholders to inspect corporate records, which may hinder transparency[134]. - The company may face difficulties in protecting shareholder interests due to its incorporation under Cayman Islands law, which has less developed securities laws compared to the U.S.[133]. Insurance and Risk Management - The company maintains public liability insurance coverage ranging from RMB1 million to RMB5 million for each park, totaling RMB16 million in aggregate[215]. - The primary risk associated with park operations is guest injuries, which is covered by public liability insurance policies[216]. - Current public liability insurance coverage is consistent with industry standards[216]. - The operating entities do not maintain property insurance policies, as facilities are maintained according to national and industrial standards[216].
Golden Heaven Group Holdings Ltd. Enters into RMB15 Million Agreement for Management Solutions
Prnewswire· 2025-01-08 13:00
Core Viewpoint - Golden Heaven Group Holdings Ltd. has signed a long-term service agreement with Fuzhou Yibang Amusement Park Co., Ltd. to provide amusement park management software and services, which is expected to enhance mutual growth and diversify revenue streams [1][2][3]. Group 1: Service Agreement Details - Nanping Golden Heaven will deliver a fully integrated amusement park management software suite, including ticket sales, membership management, event planning, data analytics, and custom modules [2]. - Fuzhou Yibang will pay a service fee of RMB 15 million (approximately US$2.1 million) for the services provided by Nanping Golden Heaven [2]. Group 2: Strategic Partnership Insights - The CEO of Golden Heaven expressed excitement about the strategic partnership, highlighting that Fuzhou Yibang is also a strategic partner that leases four amusement parks from the company [3]. - The collaboration is seen as a significant opportunity for mutual growth, leveraging the company's expertise and software capabilities in amusement park management [3]. Group 3: Company Overview - Golden Heaven Group Holdings Ltd. operates amusement parks, water parks, and complementary recreational facilities in China, offering a variety of experiences including thrilling rides, water attractions, and high-tech facilities [4].
Golden Heaven Group Holdings Ltd. Secures Investment of US$25.2 Million and Enters Into Amendments to Outstanding Warrants
Prnewswire· 2024-11-19 14:00
Core Viewpoint - Golden Heaven Group Holdings Ltd. has entered into a securities purchase agreement to raise capital through a private placement of Class A Ordinary Shares, aiming to enhance its operational capabilities and park development [1][2]. Group 1: Securities Purchase Agreement - The company will issue 20,000,000 Class A Ordinary Shares for a total of US$25.2 million through the private placement [2]. - If the company does not meet specific operational and financial targets by September 30, 2027, it will issue up to an additional 10,000,000 Class A Ordinary Shares to the investors without further payment [2]. Group 2: Warrants Issuance - As part of the agreement, the company will issue warrants allowing investors to purchase up to 40,000,000 Class A Ordinary Shares at an exercise price of US$1.386, expiring five years after issuance [3]. - The warrants include standard adjustments to the exercise price [3]. Group 3: Amendments to Existing Warrants - The company has amended the exercise price of existing warrants to US$1.386 and has secured agreements from existing holders to exercise their warrants concurrently with the amendment [4]. Group 4: Company Overview - Golden Heaven operates amusement parks, water parks, and recreational facilities in China, offering a variety of attractions including rides, water features, and performances [5].
Golden Heaven Group Holdings Ltd. Postpones the Opening of New Amusement Complex at Yunhe Sanwan Scenic Spot for Enhancements and Optimization
Prnewswire· 2024-11-08 21:05
Core Viewpoint - Golden Heaven Group Holdings Ltd. has postponed the opening of its amusement complex in Yangzhou City, China, originally scheduled for October 2024, to incorporate updates and enhancements, with a new launch planned around the Spring Festival in 2025 [1][3]. Company Overview - Golden Heaven operates amusement parks, water parks, and complementary recreational facilities in China, offering a variety of experiences including thrilling rides, water attractions, gourmet festivals, and high-tech facilities [4]. Industry Context - The Chinese amusement park industry is characterized by high competition, evolving trends, and changing consumer expectations, prompting the company to delay the opening to better align with market demands [3]. Project Details - The complex, located in Yunhe Sanwan Scenic Spot, aims to attract tourists, families, and couples by providing a blend of entertainment and cultural experiences [2]. Strategic Timing - The decision to open the complex around the Chinese New Year is intended to capitalize on increased foot traffic during the holiday season, maximizing visitor enjoyment and revenue opportunities [3]. Economic Contribution - The company aims to support local tourism and businesses, contributing positively to the local economy through the operation of the complex [3].
Golden Heaven Group Holdings Ltd. Secures Plot in Yangzhou's Yunhe Sanwan Scenic Spot for New Amusement Complex and Extends Strategic Partnership with Dacheng Culture
Prnewswire· 2024-08-27 12:00
Core Insights - Golden Heaven Group Holdings Ltd. has secured land use rights for a 26,000-square-meter plot in Yunhe Sanwan Scenic Spot, Yangzhou, Jiangsu Province, with plans to launch a new amusement complex by October 2024 [1][2] - The location is strategically advantageous due to its proximity to the Beijing-Hangzhou Grand Canal, a significant tourist attraction, which is expected to enhance foot traffic and growth opportunities for the company [2] - The company has entered into a one-year collaboration agreement with Nanping City Dacheng Culture Communication Co., Ltd., valued at RMB1.2 million, to lease land for various cultural activities [3] Company Developments - The new amusement park aims to integrate entertainment and leisure experiences with cultural activities, targeting tourists, families, and young couples [4] - The partnership with Dacheng Culture is seen as a strategic alliance to enhance the cultural depth and entertainment value of the park, expanding market influence [4] - Golden Heaven operates amusement parks and complementary recreational facilities, offering a variety of experiences including thrilling rides and cultural events [5]
Golden Heaven(GDHG) - 2024 Q2 - Quarterly Report
2024-07-30 20:15
```markdown [Financial Performance Analysis](index=1&type=section&id=First%20Half%202024%20Financial%20Highlights) For the first half of fiscal year 2024, Golden Heaven experienced a significant **31.09% decrease** in total revenue to **$13.8 million**, primarily due to a **34.59% drop** in in-park recreation sales caused by a park closure and adverse weather, partially offset by a **106.65% increase** in rental income, leading to a **50.3%** sharp fall in gross profit and a **65.69%** decline in net income to **$2.54 million**, despite a **9.13% reduction** in operating expenses [Revenue Analysis](index=1&type=section&id=Revenue) Total revenue for the first half of 2024 was **$13.82 million**, a **31.09% decrease** from **$20.06 million** in the same period of 2023, driven by a **$6.77 million** decline in in-park recreation sales due to park closure and poor weather, while rental income more than doubled to **$1.03 million** from a new rental agreement Revenue Breakdown (YoY) | Revenue Source | Six months ended March 31, 2024 | Six months ended March 31, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Sales of in-park recreation | $12,795,422 | $19,563,330 | (34.59)% | | Rental income | $1,028,891 | $497,882 | 106.65% | | **Total revenue** | **$13,824,313** | **$20,061,212** | **(31.09)%** | - The decrease in in-park recreation sales was mainly due to the temporary closure of Mangshi Jinsheng Amusement Park since September 2023 and increased cold and rainy weather, which led to fewer tourists[6](index=6&type=chunk) - The increase in rental income was primarily from a new rental agreement for electricity-free park attractions at Tongling West Lake Amusement World, which commenced on May 1, 2023[6](index=6&type=chunk) [Cost of Revenue](index=2&type=section&id=Cost%20of%20Revenue) Cost of revenue increased by **18.61%** to **$6.64 million** in the first half of 2024, up from **$5.60 million** in the prior-year period, primarily due to increased rental fees and depreciation costs associated with new leased assets and projects - Cost of revenue increased by **$1,042,211 (18.61%)** YoY to **$6,642,323**[7](index=7&type=chunk) - The increase was mainly driven by: (i) new leased assets from Nanping Golden Heaven Amusement Park Management Co., Ltd., and (ii) depreciation costs for the Children's Castle project and Tongling West Lake Amusement World[7](index=7&type=chunk) [Gross Profit](index=2&type=section&id=Gross%20Profit) Gross profit for the first half of 2024 was **$7.18 million**, a significant decrease from **$14.46 million** in the same period of 2023, with the overall gross margin contracting from **72.08% to 51.95%** due to lower in-park recreation revenue and increased costs Gross Profit and Margin Comparison | Metric | Six months ended March 31, 2024 | Six months ended March 31, 2023 | | :--- | :--- | :--- | | Gross Profit | $7,181,990 | $14,461,100 | | Gross Margin | 51.95% | 72.08% | - The gross margin for sales of in-park recreation specifically decreased from **71.37% to 48.09%** due to the park closure, increased maintenance and rental fees, and poor weather impacting visitor numbers[9](index=9&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Total operating expenses decreased by **9.13%** to **$3.66 million**, down from **$4.03 million** in the prior-year period, mainly due to a **$0.33 million** reduction in general and administrative (G&A) expenses as IPO-related professional fees were not incurred - Total operating expenses decreased by **$367,999 (9.13%)** YoY[10](index=10&type=chunk) - G&A expenses decreased by approximately **$0.33 million** due to the absence of IPO-related professional fees (attorney, audit, brokerage) that were incurred in the first half of fiscal 2023[10](index=10&type=chunk) - Selling expenses saw a minor decrease of approximately **$0.03 million** due to lower advertising fees[10](index=10&type=chunk) [Other Income and Income Tax](index=3&type=section&id=Other%20(expense)%20income,%20net) Net other income was **$471,566**, a significant positive swing from a net expense of **$47,490** in the prior year, primarily due to a gain on the disposal of property, plant, and equipment, while income tax expense decreased by **51.22%** to **$1.45 million** in line with lower pre-tax profits - Other income increased by **$519,056**, primarily due to a gain on the disposal of property, plant and equipment from Mangshi Jinsheng Amusement Park Co., Ltd[12](index=12&type=chunk) - Income tax expense decreased by **$1,520,857 (51.22%)** to **$1,448,480**[13](index=13&type=chunk) [Net Income](index=3&type=section&id=Net%20income) Net income for the first half of fiscal 2024 was **$2.54 million**, representing a **65.69% decrease** from **$7.42 million** in the same period of 2023, directly resulting from lower revenues and gross profit not fully offset by reduced operating expenses Net Income Comparison | Metric | Six months ended March 31, 2024 | Six months ended March 31, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Net Income | $2,544,020 | $7,415,218 | (65.69)% | Key Financial Metrics (First Half 2024 vs. 2023) | Financial Metric | Six months ended March 31, 2024 | Six months ended March 31, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | $13,824,313 | $20,061,212 | (31.09)% | | Gross Profit | $7,181,990 | $14,461,100 | (50.33)% | | Net Income | $2,544,020 | $7,415,218 | (65.69)% | | Earnings Per Share | $0.05 | $0.15 | (66.67)% | [Liquidity and Financial Position](index=3&type=section&id=Liquidity) As of March 31, 2024, the company's liquidity position weakened, with cash and cash equivalents decreasing to **~$0.13 million** from **~$0.25 million**, working capital turning negative to approximately **~($4.62) million** from a positive **~$0.21 million**, while total shareholders' equity increased to **~$64.29 million** Liquidity and Capital Position | Metric | As of March 31, 2024 | As of September 30, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | ~$0.13 million | ~$0.25 million | | Working capital | ~($4.62) million | ~$0.21 million | | Total shareholders' equity | ~$64.29 million | ~$61.05 million | [Recent Developments](index=3&type=section&id=Recent%20Developments) The company has been active with several key developments, including granting **9,800,000 Class A ordinary shares** to employees, settling a contract dispute, facing **three punitive class-action lawsuits** alleging false and misleading statements which the company denies, and temporarily closing two amusement parks for strategic and maintenance reasons, while the board concluded its internal investigation into the Hindenburg Research report - On May 9, 2024, the company granted **9,800,000 Class A ordinary shares** to certain officers, directors, and employees under its 2024 Omnibus Equity Plan[16](index=16&type=chunk) - The company is facing **three punitive class-action lawsuits** filed between December 2023 and January 2024, alleging violations of the Securities Exchange Act. The company denies wrongdoing and intends to defend itself vigorously[17](index=17&type=chunk) - Mangshi Jinsheng Amusement Park has been temporarily closed since September 2023 for strategic business development, and Qujing Jinsheng Amusement Park has been temporarily closed since July 2024 for electrical conversion and maintenance[18](index=18&type=chunk) - The Board of Directors conducted an internal investigation regarding the Hindenburg Research report and has decided to conclude the matter after considering the findings[19](index=19&type=chunk) [Company Overview](index=5&type=section&id=About%20Golden%20Heaven%20Group%20Holdings%20Ltd.) Golden Heaven Group Holdings Ltd. is a Cayman Islands-incorporated holding company that operates amusement parks, water parks, and recreational facilities in China through its local entities, offering a variety of attractions including rides, water parks, gourmet festivals, circus performances, and high-tech facilities - The Company is an offshore holding company that manages and operates amusement parks, water parks, and complementary recreational facilities through its Chinese operating entities[20](index=20&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for the six months ended March 31, 2024, detail the company's financial position, operational results, changes in equity, and cash flows, reflecting the performance trends discussed in the report [Condensed Consolidated Balance Sheets](index=6&type=section&id=GOLDEN%20HEAVEN%20GROUP%20HOLDING%20LTD.%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, total assets were **$82.9 million**, a slight increase from **$82.2 million** as of September 30, 2023, while total liabilities decreased to **$18.6 million** from **$21.2 million** primarily due to a reduction in accounts payable and advances from customers, consequently increasing total stockholders' equity from **$61.1 million** to **$64.3 million** Key Balance Sheet Items (As of March 31, 2024 vs. Sept 30, 2023) | Balance Sheet Item | March 31, 2024 (Unaudited) | September 30, 2023 (Audited) | | :--- | :--- | :--- | | Total Current Assets | $3,869,121 | $14,736,700 | | Total Assets | $82,916,296 | $82,227,433 | | Total Current Liabilities | $8,490,118 | $14,526,649 | | Total Liabilities | $18,625,478 | $21,176,675 | | Total Stockholders' Equity | $64,290,818 | $61,050,758 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=GOLDEN%20HEAVEN%20GROUP%20HOLDING%20LTD.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME%20(LOSS)) For the six months ended March 31, 2024, the company reported a net income of **$2.54 million**, a **65.7% decrease** from **$7.42 million** in the prior-year period, resulting in earnings per share (EPS) of **$0.05**, down from **$0.15**, driven by a **31.1% drop** in revenue and a lower gross margin not fully offset by a **9.1% reduction** in operating expenses Income Statement Summary (YoY) | Item | Six months ended March 31, 2024 | Six months ended March 31, 2023 | | :--- | :--- | :--- | | Revenue | $13,824,313 | $20,061,212 | | Gross Profit | $7,181,990 | $14,461,100 | | Income from Operations | $3,520,934 | $10,432,045 | | Net Income | $2,544,020 | $7,415,218 | | Earnings Per Share | $0.05 | $0.15 | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=GOLDEN%20HEAVEN%20GROUP%20HOLDING%20LTD.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS%27%20EQUITY) Total stockholders' equity increased from **$61.05 million** at September 30, 2023, to **$64.29 million** at March 31, 2024, primarily driven by a net income of **$2.54 million** and a positive foreign currency translation adjustment of **$0.70 million** - Stockholders' equity grew to **$64,290,818** as of March 31, 2024, up from **$61,050,758** at the start of the period[30](index=30&type=chunk) - The increase was driven by net income of **$2,544,020** and a foreign currency translation gain of **$696,040**[30](index=30&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=GOLDEN%20HEAVEN%20GROUP%20HOLDING%20LTD.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended March 31, 2024, the company experienced a net cash outflow from operating activities of **$0.91 million**, a sharp reversal from a **$5.91 million** inflow in the prior-year period, mainly due to lower net income and unfavorable changes in working capital, with net cash provided by investing activities at **$1.03 million** from asset disposals, resulting in an overall cash and cash equivalents decrease of **$0.12 million**, ending at **$0.13 million** Cash Flow Summary (YoY) | Cash Flow Activity | Six months ended March 31, 2024 | Six months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash (used in)/provided by operating activities | ($911,646) | $5,909,619 | | Net cash provided by investing activities | $1,029,760 | $0 | | Net cash used in financing activities | ($72,544) | ($899,965) | | **Net (decrease) increase in cash** | **($116,491)** | **$5,815,782** | | **Cash and cash equivalents, end of period** | **$129,417** | **$28,262,926** | ```
Golden Heaven Group Holdings Ltd. Announces Financial Results for the First Half of Fiscal Year 2024
Prnewswire· 2024-07-30 20:05
Financial Performance - Total revenue for the first half of 2024 was $13,824,313, a decrease of $6,236,899 or 31.09% compared to $20,061,212 in the same period of 2023 [2][3] - Revenue from sales of in-park recreation decreased by approximately $6.77 million, primarily due to the temporary closure of Mangshi Jinsheng Amusement Park since September 2023 and adverse weather conditions affecting tourist numbers [4][8] - Rental income increased by approximately $0.53 million, attributed to new rental payments from electricity-free park attractions that began generating revenue in May 2023 [5][6] Cost and Profitability - Cost of revenue increased by $1,042,211 or 18.61%, rising from $5,600,112 in the first half of 2023 to $6,642,323 in 2024, mainly due to higher rental fees and depreciation costs [7] - Gross profit decreased by approximately $7.28 million, leading to a gross margin decline from 72.08% in 2023 to 51.95% in 2024 [8][9] - Operating expenses decreased by $367,999 or 9.13%, from $4,029,055 in 2023 to $3,661,056 in 2024, mainly due to reduced general and administrative expenses [10] Net Income and Tax - Net income for the first half of 2024 was $2,544,020, a decrease of $4,871,198 or 65.69% from $7,415,218 in the same period of 2023 [13] - Income tax expense decreased by $1,520,857 or 51.22%, from $2,969,337 in 2023 to $1,448,480 in 2024 [12] Liquidity and Equity - As of March 31, 2024, cash and cash equivalents were approximately $0.13 million, with working capital at negative $4.62 million and total shareholders' equity at approximately $64.29 million [14][15] - Total stockholders' equity increased from $61.05 million as of September 30, 2023, to $64.29 million as of March 31, 2024 [25] Recent Developments - The company granted 9,800,000 Class A ordinary shares to certain officers, directors, and employees as part of its 2024 Omnibus Equity Plan [16] - The company is involved in ongoing legal matters, including three punitive class action lawsuits filed by shareholders alleging misleading statements regarding the company's operations and financial condition [17] - Two amusement parks, Mangshi Jinsheng and Qujing Jinsheng, have been temporarily closed for strategic and maintenance reasons, respectively [18]
Golden Heaven Group Holdings Ltd. Enters into a Collaboration Agreement with Zigong City Dragon Culture & Arts Co. Ltd.
Prnewswire· 2024-03-19 12:00
Core Insights - Golden Heaven Group Holdings Ltd. has entered into a collaboration agreement with Zigong City Dragon Culture & Arts Co. Ltd. to lease land and property for various outdoor activities, ensuring a steady revenue stream of RMB 8.73 million over the contract period from March 11, 2024, to March 10, 2025 [1][2]. Company Overview - Golden Heaven operates six properties, including amusement parks and water parks, covering approximately 426,560 square meters and offering around 139 rides and attractions [3]. - The parks are strategically located to be accessible to an aggregate population of approximately 21 million people [3]. - The company aims to diversify visitor experiences and optimize property management through this collaboration, which is expected to increase visitor flow and operational revenues [2].