Radisson Collection Hotel, Yangtze Shanghai

2099 West Yan'an Road (Yan'an Xi Lu),Zhangning District,Shanghai,Shanghai

All Photos

Tourism News

Golden Heaven Group Holdings Ltd. Announces Financial Results for Fiscal Year 2023

2024/2/16 14:09:19

NANPING, China, Feb. 16, 2024 /PRNewswire/ -- Golden Heaven Group Holdings Ltd. (the "Company" or "Golden Heaven") (Nasdaq: GDHG), an amusement park operator in China, today announced its financial results for the fiscal year ended September 30, 2023. 

Ms. Qiong Jin, the CEO and Chairman of the Company, commented, "This 2023 fiscal year marked a period of resilience for the Company. Our parks experienced decreases in park attendance, mainly due to facility safety maintenance from June 2023 to September 2023, which had a notable impact on our immediate financial performance. Despite such challenges, we pursued collaborations with major amusement parks in China. We believe that our successful listing on Nasdaq in April 2023 helped us to accelerate our market expansion in China. Looking forward, we will strive to satisfy customers' entertainment needs and enhance our reputation. We are also dedicated to expanding our presence in the industry and unlocking value for all our stakeholders."

Fiscal Year 2023 Financial Highlights 

  • Total revenue was $31.8 million in fiscal year 2023, compared to $41.8 million in fiscal year 2022.
  • Gross profit was $19.3 million in fiscal year 2023, compared to $30.2 million in fiscal year 2022. Gross margin was 60.76% in fiscal year 2023, compared to 72.19% in fiscal year 2022.
  • Income from operations was $10.7 million in fiscal year 2023, compared to $21.2 million in fiscal year 2022.
  • Net income was $6.5 million in fiscal year 2023, compared to $14.3 million in fiscal year 2022.
  • Earnings per share was $0.13 in fiscal year 2023, compared to $0.29 in fiscal year 2022.

Fiscal Year 2023 Financial Results

Revenue 



For the Year Ended
September 30, 2023


For the Year Ended
September 30, 2022




USD


%


USD


%


Sales of in-park recreation



30,115,995


94.74 %



$

39,377,906


94.23

%


Rental income



1,514,697


4.77 %




1,089,435


2.61

%


Park service fees



156,110


0.49 %




1,320,855


3.16

%


Total revenue



31,786,802


100.00 %




41,788,196


100.00

%


 

Our revenue was derived from sales of in-park recreation, rental income, and park service fees. The total revenue was $31.8 million in fiscal year 2023, decreased by 23.93% from $41.8 million in fiscal year 2022. Such decrease was primarily attributable to the decrease in sales of in-park recreation and park service fees. 

Our revenue from each of our revenue segments is summarized as follows:

 For fiscal year 2023:

(USD)


Sales of in-park recreation


Rental income


Park service fees


Total

Reportable segment revenue


$

30,115,995



$

1,514,697



$

156,110



$

31,786,802


Inter-segment loss



-




-




-




-


Revenue from external customers



30,115,995




1,514,697




156,110




31,786,802


Segment gross profit


$

17,642,945



$

1,514,697



$

156,110



$

19,313,752


Gross margin



58.58

%



100

%



100

%



60.76

%

For fiscal year 2022:

(USD)


Sales of in-park recreation


Rental income


Park service fees


Total

Reportable segment revenue


$

39,377,906



$

1,089,435



$

1,320,855



$

41,788,196


Inter-segment loss













Revenue from external customers



39,377,906




1,089,435




1,320,855




41,788,196


Segment gross profit


$

27,755,558



$

1,089,435



$

1,320,855



$

30,165,848


Gross margin



70.49

%



100

%



100

%



72.19

%

Sales of in-park recreation

Revenue from sales of in-park recreation was $30.1 million in fiscal year 2023, decreased by 23.52% from $39.4 million in fiscal year 2022. This decrease was mainly because (i) Mangshi Jinsheng Amusement Park was initially closed for electrical maintenance from November 2022 to April 2023, and (ii) all of the other parks experienced decreases in park attendance due to facility safety maintenance from June 2023 to September 2023.

Rental income

Revenue from rental income was $1.5 million in fiscal year 2023, increased by 39.04% from $1.1 million in fiscal year 2022. Such change was primarily attributable to (i) the rental payment from the Children's Castle project, which started to generate revenue in Yueyang Amusement World on October 1, 2022; and (2) the rental payment from the electricity-free park attractions, which started to generate revenue in Tongling West Lake Amusement World on May 1, 2023.

Park service fees

Revenue from park service fees was $0.2 million in fiscal year 2023, decreased from $1.3 million in fiscal year 2022. Park service fees decreased mainly because a fewer number of gourmet festivals and circus performances were held in the parks. Some of the special events held in the 2022 fiscal year were organized by the local government to help the business during the COVID-19 pandemic, and there was less of such government help in the fiscal year of 2023.

Cost of Revenue

Cost of revenue was $12.5 million in fiscal year 2023, increased by 7.32% from $11.6 million in fiscal year 2022. The increase in cost of revenue was mainly due to the increased facility safety maintenance fees.

Gross Profit

Gross profit was $19.3 million in fiscal year 2023, decreased by 35.97% from $30.2 million in fiscal year 2022.

Gross profit margin was 60.76% in fiscal year 2023, decreased from 72.19% in fiscal year 2022.

Operating Expenses

Total operating expenses were $8.6 million in fiscal year 2023, decreased by 4.28% from $9.0 million in fiscal year 2022. This decrease was mainly attributable to (i) an increase of $0.83 million in general and administrative expenses, or G&A expenses, and (ii) a decrease of $1.22 million in selling expenses.

The $0.83 million increase in G&A expenses was primarily attributable to an increase in consulting fees (including brokerage fees and lawyer fees, etc.), in connection with our initial public offering.

The $1.22 million decrease in selling expenses was primarily attributable to a decrease in advertising fees.

Income Tax Expense

Income tax expense was $4.2 million in fiscal year 2023, decreased by 33.17% from $6.3 million in fiscal year 2022. We are subject to the standard income tax rate of 25% under the PRC tax laws.

Net Income

Net income was $6.5 million in fiscal year 2023, decreased by 54.29% from $14.3 million in fiscal year 2022.

Cash and Cash Equivalents

As of September 30, 2023, our cash and cash equivalents amounted to $0.2 million, compared to cash and cash equivalents of $22.4 million as of September 30, 2022.

About Golden Heaven Group Holdings Ltd.

Golden Heaven Group Holdings Ltd. manages and operates six properties consisting of amusement parks, water parks, and complementary recreational facilities. With approximately 426,560 square meters of land in the aggregate, these parks are located in geographically diverse markets across the south of China and collectively offer approximately 139 rides and attractions. Due to the geographical locations of the parks and the ease of travel, the parks are easily accessible to an aggregate population of approximately 21 million people. Since September 30, 2023, Mangshi Jinsheng Amusement Park, which is one of the six parks, has been temporarily closed. The parks provide a wide range of exciting and entertaining experiences, including thrilling rides, family-friendly attractions, water attractions, gourmet festivals, circus performances, and high-tech facilities. For more information, please visit the Company's website at https://ir.jsyoule.com/.

Forward-Looking Statements

This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

For investor and media inquiries, please contact:

Golden Heaven Group Holdings Ltd.
Email: group@jsyoule.com

Ascent Investor Relations LLC
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

GOLDEN HEAVEN GROUP HOLDING LTD.

CONSOLIDATED BALANCE SHEETS




September 30, 2023



September 30, 2022


ASSETS







CURRENT ASSETS







Cash and cash equivalents


$

245,908



$

22,447,145


Advances to suppliers and other current assets



14,433,069




1,987,750


Other receivables



57,723




52,370


TOTAL CURRENT ASSETS


$

14,736,700



$

24,487,265


Property, plant and equipment, net


$

32,321,643



$

27,782,087


Right-of-use assets



6,151,204




6,648,370


Other non-current assets



29,017,886




14,167,421


TOTAL NON-CURRENT ASSETS



67,490,733




48,597,878


TOTAL ASSETS


$

82,227,433



$

73,085,143











LIABILITIES









CURRENT LIABILITIES









Accounts payable


$

4,259,820



$

-


Accrued expenses and other payables



3,037,092




3,119,562


Tax payable



1,012,103




2,736,145


Advances from customers



5,732,349




9,645,494


Loan payables



139,280




140,849


Lease liability-current



346,005




427,855


TOTAL CURRENT LIABILITIES


$

14,526,649



$

16,069,905











NON-CURRENT LIABILITIES









Lease liability-non-current



5,805,199




6,220,515


Other non-current liabilities



237,472




282,402


Amount due to related party


$

607,355



$

904,965


TOTAL NON-CURRENT LIABILITIES



6,650,026




7,407,882


TOTAL LIABILITIES


$

21,176,675



$

23,477,787











STOCKHOLDERS' EQUITY









Golden Heaven Group Holdings Ltd., Stockholders' equity









Ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
51,750,000 shares and 50,000,000 shares issued as of
September 30, 2023 and 2022, respectively


$

5,175



$

5,000


Additional paid-in capital



9,652,412




3,372,733


Retained earnings



55,559,561




49,099,917


Accumulated other comprehensive loss



(4,166,390)




(2,870,294)


Total stockholders' equity



61,050,758




49,607,356


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

82,227,433



$

73,085,143


 

GOLDEN HEAVEN GROUP HOLDING LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)




For the Fiscal Year Ended







2023



2022



2021


Revenue


$

31,786,802



$

41,788,196



$

38,517,742


Cost of revenue



12,473,050




11,622,348




11,687,156


Gross profit



19,313,752




30,165,848




26,830,586















Operating expenses













General and administrative expenses



4,900,269




4,066,178




2,509,090


Selling expenses



3,688,104




4,906,579




5,601,274


Total operating expenses



8,588,373




8,972,757




8,110,364


Income from operations



10,725,379




21,193,091




18,720,222















Other income (expenses)













Interest income



74,553




42,320




64,320


Interest expenses



(6,008)




(6,162)




(4,583)


Loss on disposal of property, plant and equipment



(156,072)




(521,189)




(473,596)


Other income (expenses), net



151,771




(34,723)




5,815


Total other income (expenses), net



64,244




(519,754)




(408,044)


Income before income tax



10,789,623




20,673,337




18,312,178


Income tax expense



(4,240,039)




(6,344,963)




(4,731,803)


Net income


$

6,549,584



$

14,328,374




13,580,375















Other comprehensive income













Net income


$

6,549,584



$

14,328,374




13,580,375


Foreign currency translation



(1,296,096)




(4,514,705)




1,288,049


Comprehensive income



5,253,488




9,813,669




14,868,424


Basic & diluted earnings per share


$

0.13



$

0.29



$

0.14


Basic & diluted weighted average number of ordinary shares



50,810,274




50,000,000




100,000,000


 

GOLDEN HEAVEN GROUP HOLDING LTD.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

The Fiscal Years ended September 30, 2022



Ordinary shares



Statutory



Retained



Accumulative
other
comprehensive







Shares



Amount



reserve



earnings



income



Total


Balance at September 30,
2021



100,000,000



$

10,000



$

3,009,476



$

35,134,800



$

1,644,411



$

39,798,687


Shares cancelled by
cash refund



(50,000,000)




(5,000)













(5,000)


Net income












14,328,374







14,328,374


Statutory reserve









363,257




(363,257)








Foreign currency
translation















(4,514,705)




(4,514,705)


Balance at September 30,
2022



50,000,000



$

5,000



$

3,372,733



$

49,099,917



$

(2,870,294)



$

49,607,356


 

The Fiscal Years ended September 30, 2023



Ordinary shares



Statutory



Additional
paid-in



Retained



Accumulative
other
comprehensive







Shares



Amount



reserve



capital



earnings



income



Total


Balance at September 30,
2022



50,000,000



$

5,000




3,372,733



$



$

49,099,917



$

(2,870,294)



$

49,607,356


Issuance of ordinary
shares-cash



1,750,000




175







6,189,739










6,189,914


Net income















6,549,584







6,549,584


Statutory reserve









89,940







(89,940)








Foreign currency
translation


















(1,296,096)




(1,296,096)


Balance at September 30,
2023



51,750,000



$

5,175




3,462,673



$

6,189,739



$

55,559,561



$

(4,166,390)



$

61,050,758


 

GOLDEN HEAVEN GROUP HOLDING LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS




For the Fiscal Year Ended







2023



2022



2021


CASH FLOWS FROM OPERATING ACTIVITIES










Net income


$

6,549,584



$

14,328,374



$

13,580,375


Adjustments to reconcile net income to net cash provided
by operating activities













Depreciation and amortization



3,366,804




3,196,715




3,299,874


Loss on disposal of property, plant and equipment



156,072




521,189




473,596


Changes in operating assets and liabilities













Other receivables



(6,044)




(7,063)




19,377


Other current assets



(27,973,193)




1,005,523




(14,519,791)


Accounts payable



4,259,820







(866,494)


Accrued expenses and other payables



(1,821,122)




579,597




(388,806)


Advances from customers



(3,874,566)




(806,737)




(6,560,028)


Net cash (used in) provided by operating activities



(19,342,645)




18,817,598




(4,961,897)















CASH FLOWS FROM INVESTING ACTIVITIES













Proceeds from disposal of equipment






85,125




45,664


Additions to property, plant and equipment



(7,910,651)




(275,234)




(905,209)


Net cash used in investing activities



(7,910,651)




(190,109)




(859,545)















CASH FLOWS FROM FINANCING ACTIVITIES













Advances from related party



1,779,723




971,617




586,121


Repayment of amounts due to related parties



(2,072,512)




(7,817,993)




(461,251)


Proceeds from the issuance of ordinary shares, net of
issuance costs



6,189,914








Repayment of loan



(140,849)




(145,980)





Proceeds from loan payable



139,280




152,063




148,025


Net cash provided by (used in) financing activities



5,895,556




(6,840,293)




272,895


Effect of change in exchange rate



(843,497)




(2,215,409)




869,563















NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS



(22,201,237)




9,571,787




(4,678,984)


Cash and cash equivalents, beginning of year



22,447,145




12,875,358




17,554,342


Cash and cash equivalents, end of year


$

245,908



$

22,447,145




12,875,358


SUPPLEMENTAL CASH FLOW INFORMATION:













Cash paid for interest expense



6,008




6,162




4,583


Cash paid for income tax



6,302,806




4,973,635




5,788,891


Operating lease



6,151,204




6,648,370




6,150,602


 

Radisson Collection Hotel, Yangtze Shanghai

2099 West Yan'an Road (Yan'an Xi Lu),Zhangning District,Shanghai,Shanghai