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].

Group 1: Guest Visits During Spring Festival - Tongling West Lake Amusement World experienced a 47.9% increase in guest visits, totaling 22,152 compared to 14,978 last year [1] - Changde Jinsheng Amusement Park saw a 33.1% rise in guest visits, reaching 20,256 from 15,218 in the previous year [1] - Yueyang Amusement World had a slight decline of 6.5% in guest visits, with 26,309 compared to 28,144 last year [1] - Yunnan Yuxi Jinsheng Amusement Park reported a 51.5% increase in guest visits, totaling 20,733 from 13,682 last year [1] - Qujing Jinsheng Amusement Park experienced a significant 76.9% increase in guest visits, reaching 10,912 from 6,167 last year [1] Group 2: Company Insights and Future Plans - The company expressed excitement over the increased guest visits during the Spring Festival holiday, indicating a prosperous start to 2024 [2] - The company plans to implement strategies to meet evolving guest needs and interests, which is expected to drive stronger revenue growth [2] Group 3: Company Overview - Golden Heaven Group Holdings Ltd. operates six properties, including amusement parks and water parks, covering approximately 426,560 square meters [3] - The parks collectively offer around 139 rides and attractions and are accessible to a population of approximately 21 million people [3] - Mangshi Jinsheng Amusement Park has been temporarily closed since September 30, 2023 [3] - The parks provide a variety of experiences, including thrilling rides, family-friendly attractions, water attractions, gourmet festivals, circus performances, and high-tech facilities [3]

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].

Financial Performance - For the fiscal year ended September 30, 2023, the company's revenue was approximately $31.79 million, a decrease of 24% from $41.79 million in 2022[169]. - The net income for the fiscal year ended September 30, 2023, was approximately $6.55 million, down from $14.33 million in 2022, representing a decline of 54%[169]. - Total revenue for the year ended September 30, 2023, was $31,786,802, a decrease of $10,001,394 or 23.93% from $41,788,196 in 2022[262]. - Gross profit for the year ended September 30, 2023, was $19,313,752, representing a gross margin of 60.76%, compared to $30,165,848 and 72.19% in 2022[260]. - Operating expenses increased to $8,588,373, representing 27.02% of total revenue in 2023, compared to 21.47% in 2022[260]. - Net income decreased by US$7,778,790, or 54.29%, from US$14,328,374 for the year ended September 30, 2022, to US$6,549,584 for the year ended September 30, 2023[292]. Revenue Sources - The parks' revenue is primarily generated from ticket sales, special event rentals, and rental payments from commercial tenants[169]. - For the fiscal year ended September 30, 2023, in-park recreation sales amounted to US$30,115,995, accounting for approximately 94.74% of total revenue[188]. - Rental income from convenience stores for the fiscal year ended September 30, 2023, was US$1,514,697, representing about 4.77% of total revenue[189]. - Revenue from in-park recreation decreased by US$9,261,911, or 23.52%, from US$39,377,906 for the year ended September 30, 2022, to US$30,115,995 for the year ended September 30, 2023[268]. - Revenue from rental income increased by US$425,262, or 39.04%, from US$1,089,435 for the year ended September 30, 2022, to US$1,514,697 for the year ended September 30, 2023[271]. Operational Developments - The company plans to invest an estimated total of RMB590 million in the construction of three new amusement parks in southern China[166]. - The construction of Yangming Lake Glacier Tribe Amusement Park is expected to be completed by September 2024, with an estimated investment of RMB180 million[200]. - Phase one of Seven Rainbow Park has been completed, with trial operations starting in January 2024, and a total investment of RMB140 million anticipated[201]. - The company operates six amusement parks across various provinces in China, with a total capacity of approximately 3,600 guests at full operating capacity[171]. - The company is facing three putative class action lawsuits alleging violations of the Securities Exchange Act of 1934, which may impact its financial condition[304]. Compliance and Regulations - The company has obtained all requisite permits and licenses needed to engage in its current business operations in China, including Business License and Food Business License[224]. - The company has complied with the Environmental Protection Law and provided required environmental impact assessments to relevant authorities, with no notices of noncompliance received[228]. - The company reported compliance with the Enterprise Income Tax Law and Value-added Tax regulations in China, with applicable rates of 25% and 6% respectively[253][257]. - As of the date of the annual report, the company and its operating entities are in full compliance with the M&A Rules in China, with no notifications of noncompliance[235]. Management and Governance - The board of directors consists of five members, with one female and four male directors[347]. - The audit committee is composed of three independent directors, with Daofu Lin serving as the chairperson and qualifying as an audit committee financial expert[355]. - The compensation committee, also consisting of three independent directors, is responsible for reviewing and approving the total compensation package for senior executive officers[356]. - The company is deemed a "controlled company" as Ms. Qiong Jin beneficially owns a majority of the voting power of the issued and outstanding shares[358]. Market and Economic Conditions - China's annual economic growth rate was 5.2% in 2023, showing a decline from previous years, which may reduce consumer purchasing power and demand for amusement products[309]. - In 2023, the impact of COVID-19 on the operating entities' business was minimal, following significant disruptions in previous years, including park closures and decreased attendance[310]. Future Outlook - The company plans to introduce new amusement facilities, which may require significant capital investment and could lead to a short-term decrease in revenue[312]. - The company expects to invest an additional US$45.97 million in the three construction projects, relying on cash flow from operations and potential future financing[303].

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Golden Heaven Group Holdings Ltd. due to allegations of violations of federal securities laws, including false statements about the condition of its amusement parks and overstated visitor numbers [3][4]. Group 1: Legal Investigation - A federal securities class action has been filed against Golden Heaven, with a deadline of February 20, 2024, for investors to seek the role of lead plaintiff [3]. - The law firm encourages anyone with information regarding Golden Heaven's conduct to come forward, including whistleblowers and former employees [7]. Group 2: Allegations Against the Company - The complaint alleges that Golden Heaven's amusement parks are in poor condition and that the company materially overstated visitor numbers and growth prospects [4]. - Hindenburg Research reported that Golden Heaven's claimed high-tech parks in China are not as represented, leading to significant doubts about the company's financials [5]. Group 3: Market Reaction - Following the revelation by Hindenburg Research, Golden Heaven's stock price dropped by $6.63 per share, or 27.92%, closing at $17.12 on November 13, 2023 [5].

Core Insights - Golden Heaven Group Holdings Ltd. has commenced the trial operation of Seven Rainbow Park in Anshun City, Guizhou Province, ahead of schedule, with expectations for a positive entertainment experience during the winter holiday and Chinese New Year [1][2] - The total investment in the Park is estimated at RMB140 million, with approximately RMB41 million already invested [1] - The Park covers around 15,000 square meters and is designed to cater to children and teenagers, featuring attractions such as a Ferris wheel, luxury carousel, zoo, ocean hall, pirate ship, and bumper cars [1] Company Overview - Golden Heaven Group Holdings Ltd. operates six properties, including amusement parks and water parks, across southern China, covering a total area of approximately 426,560 square meters [3] - The parks collectively offer around 139 rides and attractions, accessible to an aggregate population of approximately 21 million people [3] - One of the parks, Mangshi Jinsheng Amusement Park, has been temporarily closed since September 30, 2023 [3]

Financial Performance - Revenue for the first half of 2023 was RMB 140.1 million, an increase of 6.0% from RMB 132.1 million in the same period last year[2] - Gross profit was RMB 101.0 million, up 7.5% from RMB 94.0 million, with a gross margin of 71.37%, an increase of 1.02 percentage points from 70.35%[3] - Net income increased to RMB 51.8 million, a 12.0% rise from RMB 46.3 million in the same period last year[3] - Earnings per share rose to RMB 1.05, reflecting a significant increase of 135.1% from RMB 0.45[3] - Total revenue for the period was $20,061,212, a decrease of 3.34% from $20,756,934 in the same period last year[27] - Gross profit was $14,461,100, down from $14,760,969, reflecting a gross margin of approximately 72%[27] - Net income increased to $7,415,218, compared to $7,266,819, resulting in basic and diluted earnings per share of $0.15, up from $0.07[27] - Net income for 2023 increased to $7,415,218 from $7,266,819 in 2022, representing a growth of approximately 2.05%[34] Cash and Liquidity - Cash and cash equivalents as of March 31, 2023, were approximately $28.26 million, up from $22.45 million as of September 30, 2022[16] - Cash and cash equivalents at the end of the period reached $28,262,926, up from $10,651,478 in the previous year, indicating a significant increase of approximately 165.5%[34] - Net cash provided by operating activities rose to $5,909,619 in 2023, compared to $5,522,508 in 2022, an increase of about 7.0%[34] - The company reported a decrease in cash used in financing activities, which was $(899,965) in 2023 compared to $(8,081,191) in 2022, showing a reduction of about 88.8%[34] - Cash paid for income tax increased to $3,461,277 in 2023 from $2,864,437 in 2022, reflecting a rise of approximately 20.9%[34] - The effect of changes in exchange rates contributed $806,128 to cash flows in 2023, compared to $314,631 in 2022, an increase of about 156.5%[34] Operating Expenses - Total operating expenses decreased by $429,590, or 9.63%, from $4,458,645 to $4,029,055[12] - Operating expenses totaled $4,029,055, a slight decrease from $4,458,645, indicating cost management efforts[27] - Depreciation and amortization expenses decreased to $1,479,463 in 2023 from $1,668,808 in 2022, a decline of approximately 11.4%[34] - Accrued expenses decreased to $(456,848) in 2023 from $(1,351,262) in 2022, a reduction of approximately 66.2%[34] Assets and Equity - Total assets rose to $80,648,559, an increase of 10.4% from $73,085,143 in the previous year[24] - Current liabilities decreased to $15,570,474, down from $16,069,905, indicating improved short-term financial health[24] - Stockholders' equity increased to $58,802,605, up from $49,607,356, reflecting a growth of 18.1%[24] Revenue Sources - Revenue from sales of in-park recreation increased by approximately RMB 7.9 million due to a rise in visitors following the easing of COVID-19 restrictions[8] - Rental income increased by approximately RMB 0.07 million, primarily from the Children's Castle project, which began generating revenue in October 2022[9] Company Operations - The company closed its initial public offering on April 14, 2023, issuing 1,750,000 ordinary shares at $4.00 per share[17] - The company operates six properties across southern China, accessible to an aggregate population of approximately 21 million people[20] Other Financial Information - Interest income rose to $32,517, compared to $18,558, showing improved financial returns on cash holdings[27] - The company reported a foreign currency translation gain of $1,780,031, compared to $736,594 in the previous year, indicating favorable currency movements[27] - The company did not report any proceeds from the disposal of equipment in 2023, compared to $72,269 in 2022, indicating a significant change in investment activities[34] - Advances to suppliers and other current assets increased to $(1,759,938) in 2023 from $(1,604,488) in 2022, indicating a rise of about 9.7%[34] Forward-Looking Statements - The company has no obligation to update forward-looking statements, which may involve risks and uncertainties affecting future results[21]

As filed with the U.S. Securities and Exchange Commission on March 29, 2023. Registration No. 333-268166 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 5 TO FORM F-1 REGISTRATION STATEMENT Under The Securities Act of 1933 GOLDEN HEAVEN GROUP HOLDINGS LTD. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 7990 Not Applicable (State or other jurisdiction of incorporation or organization) ( ...

As filed with the U.S. Securities and Exchange Commission on March 17, 2023. Registration No. 333-268166 ___________________________________________________ GOLDEN HEAVEN GROUP HOLDINGS LTD. (Exact name of Registrant as specified in its charter) ___________________________________________________ Not Applicable (Translation of Registrant's name into English) ___________________________________________________ | Cayman Islands | 7990 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | ...

As filed with the U.S. Securities and Exchange Commission on March 7, 2023. Registration No. 333-268166 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________ AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT Under The Securities Act of 1933 ___________________________________________________ GOLDEN HEAVEN GROUP HOLDINGS LTD. (Exact name of Registrant as specified in its charter) ___________________________________________________ Not App ...