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]
Golden Heaven(GDHG) - 2023 Q4 - Annual Report