Golden Heaven Group Holdings Ltd.

What they do

The company operates amusement parks in China through six subsidiaries: Changde Jinsheng Amusement Development Co., Ltd., Qujing Jinsheng Amusement Investment Co., Ltd., Tongling Jinsheng Amusement Investment Co., Ltd., Yuxi Jinsheng Amusement Development Co., Ltd., Yueyang Jinsheng Amusement Development Co., Ltd., and Mangshi Jinsheng Amusement Park Co., Ltd. Its principal executive offices are in Nanping City, Fujian Province, China.

Revenue drivers

• Amusement park operations — Revenue is generated from the operation of amusement parks in China through the six operating subsidiaries.

Recent performance

Revenue declined from $38.5 million in 2021 to $15.3 million in 2025. Net income fell from $13.6 million in 2021 to a net loss of $8.6 million in 2025. Operating cash flow was $19.0 million in 2025. Total assets were $191.4 million and total liabilities were $10.8 million as of September 30, 2025, resulting in shareholders' equity of $180.7 million. Cash and equivalents stood at $86.0 million at September 30, 2025.

Strategy

The filing does not disclose a specific strategy or future investment plans.

Risks

• Revenue and profitability decline — Revenue has fallen from $38.5 million in 2021 to $15.3 million in 2025, with net losses in 2024 and 2025.
• China operations concentration — All operations are conducted through six subsidiaries in China, exposing the company to PRC regulatory and economic risks.
• Foreign private issuer status — As a Cayman Islands company listed on Nasdaq, it is subject to different disclosure and governance requirements than U.S. domestic issuers.
• Market and economic conditions — Amusement park attendance and spending are sensitive to local economic conditions and consumer discretionary spending in China.

Outlook

The provided filing excerpts do not include management's outlook or forward-looking guidance.