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]

```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** | ```

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]

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].

Guest visits of each park during Spring Festival holiday: Tongling West Lake Amusement World: The number of guest visits was up 47.9% to 22,152, from 14,978 in the corresponding period last year. Changde Jinsheng Amusement Park: The number of guest visits was up 33.1% to 20,256, from 15,218 in the corresponding period last year. Yueyang Amusement World: The number of guest visits was slightly down 6.5% to 26,309, from 28,144 in the corresponding period last year. Yunnan Yuxi Jinsheng Amusement Park: The nu ...

Core Viewpoint - Golden Heaven Group Holdings Ltd. reported a challenging fiscal year 2023, with significant declines in revenue and net income due to decreased park attendance and facility maintenance, but remains optimistic about future growth and market expansion following its Nasdaq listing in April 2023 [1][2]. Financial Performance Summary - Total revenue for fiscal year 2023 was $31.8 million, a decrease of 23.93% from $41.8 million in fiscal year 2022 [2][3]. - Gross profit was $19.3 million, down 35.97% from $30.2 million in the previous year, with a gross margin of 60.76%, compared to 72.19% in fiscal year 2022 [2][9]. - Income from operations decreased to $10.7 million, down from $21.2 million in fiscal year 2022 [2]. - Net income fell to $6.5 million, a decline of 54.29% from $14.3 million in fiscal year 2022, resulting in earnings per share of $0.13, compared to $0.29 in the prior year [2][11]. Revenue Breakdown - Revenue from sales of in-park recreation was $30.1 million, a decrease of 23.52% from $39.4 million in fiscal year 2022, primarily due to park closures and reduced attendance [7]. - Rental income increased by 39.04% to $1.5 million, attributed to new revenue streams from projects initiated in previous years [8]. - Revenue from park service fees dropped to $0.2 million from $1.3 million, mainly due to fewer events held in fiscal year 2023 compared to the previous year [8]. Cost and Expenses - Cost of revenue increased by 7.32% to $12.5 million, primarily due to higher facility safety maintenance fees [9]. - Total operating expenses decreased by 4.28% to $8.6 million, with an increase in general and administrative expenses offset by a decrease in selling expenses [10]. Cash Position - As of September 30, 2023, cash and cash equivalents were $0.2 million, a significant decrease from $22.4 million as of September 30, 2022 [11]. Company Overview - Golden Heaven Group Holdings Ltd. operates six amusement parks and recreational facilities across southern China, collectively offering approximately 139 rides and attractions, accessible to a population of around 21 million [12][13].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Class A ordinary shares GDHG The Nasdaq Stock Market LLC FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

If you suffered losses exceeding $25,000 investing in Golden Heaven stock or options between April 13, 2023 and December 8, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/GDHG. There is no cost or obligation to you. NEW YORK, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating poten ...

NANPING, China , Feb. 1, 2024 /PRNewswire/ -- Golden Heaven Group Holdings Ltd. (the "Company" or "Golden Heaven") (Nasdaq: GDHG), an amusement park operator in China, today announces the trial operation of Seven Rainbow Park (the "Park") in Anshun City, Guizhou Province. The construction of the Park was completed ahead of schedule and the Company commenced the trial operation of the Park in January 2024. We expect the Park to provide a good entertainment experience for guests, especially during the winter ...

Exhibit 99.1 Golden Heaven Group Holdings Ltd. Announces Financial Results for the First Half of Fiscal Year 2023 NANPING, China, August 3, 2023 (GLOBE NEWSWIRE) – Golden Heaven Group Holdings Ltd. ("Golden Heaven" or the "Company") (Nasdaq: GDHG) is an offshore holding company incorporated in the Cayman Islands with no material operations of its own. Through its Chinese operating entities, the Company manages and operates six properties consisting of amusement parks, water parks and complementary recreatio ...