Golden Heaven Group (GDHG) Registration Filing summary

Company overview and business model

• Operates as a Cayman Islands holding company with all operations conducted through wholly owned Chinese subsidiaries managing amusement and water parks, offering rides, events, and commercial rentals.

• Revenue is generated from park admissions, event rentals, and tenant leases, with a focus on both thrilling and family-friendly experiences.

• Corporate structure is direct ownership, not using a VIE model, and investors purchase shares in the offshore holding company, not the Chinese operating entities.

Financial performance and metrics

• Revenue for fiscal years ended September 30, 2025, 2024, and 2023 was $15.29M, $22.33M, and $31.79M, respectively.

• Net (loss)/income for the same periods was $(8.59)M, $(1.80)M, and $6.55M, respectively.

• Guest visits totaled 0.29M, 1.32M, and 1.87M for 2025, 2024, and 2023, showing a significant decline in recent years.

Use of proceeds and capital allocation

• Net proceeds from the initial public offering were used for a $6.19M cash transfer to Chinese operating entities in May 2023.

• No current plan to declare or pay cash dividends on Class A Ordinary Shares in the foreseeable future; board has full discretion on dividends.

• Cash transfers between entities are subject to PRC regulations and may be restricted by government intervention or legal requirements.