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].

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 ...

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]