Golden Heaven Group Holdings Ltd. (NASDAQ: GDHG)

Golden Heaven Group Holdings Ltd. is an offshore holding company incorporated in the Cayman Islands that, through its subsidiaries in China, manages and operates amusement parks, water parks and complementary recreational facilities. The company’s operating entities own and operate six amusement parks located in Yunnan, Hunan and Anhui provinces, offering rides, attractions, gourmet festivals and circus performances. Since November and December 2024 all of these parks have been leased to third‑party operator Fuzhou Yibang Amusement Park Co., Ltd., shifting the company’s business model from park operator to park lessor while retaining ownership of the underlying assets.

Golden Heaven Group Holdings Ltd. generates revenue primarily from three sources. First, ticket sales for rides and attractions contributed US$2,986,027 in fiscal year 2025, US$19,263,768 in 2024 and US$30,115,995 in 2023. Second, rental income from convenience stores within the parks and fees paid by operators of amusement facilities amounted to US$12,302,168 in 2025, US$3,069,483 in 2024 and US$1,514,697 in 2023. Third, park service fees from gourmet festivals and circus performances were nil in 2025 and 2024 and US$156,110 in 2023. After the lease transition the company also receives regular rental payments from Fuzhou Yibang, including RMB30 million annually for Tongling West Lake Amusement World, RMB20 million for Yueyang Amusement World, RMB22 million for Yunnan Yuxi Jinsheng Amusement Park, RMB23 million for Changde Jinsheng Amusement Park and RMB7 million for Qujing Jinsheng Amusement Park, with annual increases of 2% thereafter.

Within the Chinese amusement park industry Golden Heaven Group Holdings Ltd. holds a niche position characterized by limited direct competition due to high capital requirements, lengthy development lead times and scarcity of suitable real property. The company benefits from its parks’ locations in mid‑tier cities with growing disposable income, the variety of thrilling and family‑friendly rides it offers, and the support received from local governments in the form of leased land and assistance with permits. These advantages create barriers that deter new entrants and allow the company to maintain stable cash flows even as it transitions to a lessor model.

The company’s customer base consists primarily of local residents and tourists who visit the parks for recreation, with particular appeal to young adults aged 20 to 30, teenagers, children and family groups seeking thrilling rides or family‑friendly attractions. Commercial tenants that operate convenience stores inside the parks and third‑party operators who manage specific amusement facilities also constitute customers. Notable named customers include Fuzhou Yibang Amusement Park Co., Ltd., which leases all six parks, and Zigong City Dragon Culture & Arts Co. Ltd., which partners with the company to host gourmet festivals and circus performances.