olivLaw · US equity research
Golden Heaven Group Holdings Ltd. GDHG
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Golden Heaven Group Holdings Ltd. runs amusement parks in China but in fiscal 2025 moved almost entirely to a lessor model, with its parks leased to third parties. Revenue fell to 15,288,195 USD and rental income became the main source, which changes the company's risk profile.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Golden Heaven Group Holdings Ltd. (GDHG) stock was 1.06 USD (−5.36% on the day), with beta 1.06, 52-week range 1.05–4.61 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.5
- weak (30–45)
- Bollinger (20, 2)
- 1.03 – 1.21
- in the lower half of the band · %B 0.19 · band width 16.1%
- SMA 50 / 200
- 1.18 / 1.58
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.0% | −1.1% | −7.9 pp | — |
| 3 months | −18.5% | −0.5% | −18.0 pp | — |
| 6 months | −31.6% | +4.4% | −36.0 pp | — |
| Year to date | −44.4% | +12.3% | −56.7 pp | — |
| 1 year | −73.4% | +13.5% | −87.0 pp | −30.4% |
| 3 years | −100.0% | +76.4% | −176.4 pp | −25.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 38.5 m | 41.8 m | 31.8 m | 22.3 m | 15.3 m |
| Revenue YoY | unavailable | +8.5% | −23.9% | −29.7% | −31.5% |
| Net income | 13.6 m | 14.3 m | 6.5 m | -1.8 m | -8.6 m |
| Net income YoY | unavailable | +5.5% | −54.3% | −127.4% | unavailable |
| Diluted EPS | 0.14 | 14.33 | 2,417.00 | -262.73 | -10.83 |
| Diluted EPS YoY | unavailable | +10,135.7% | +16,766.7% | −110.9% | unavailable |
| net % | 35.3% | 34.3% | 20.6% | -8.0% | -56.2% |
| Free cash flow | -5.9 m | 18.5 m | -27.3 m | -3.1 m | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 86.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 180.7 m USD
- Total assets
- 191.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 25.01x
- ROE
- -6.5%
- ROA
- -5.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 38.5 m | 41.8 m | 31.8 m | 22.3 m | 15.3 m | SEC (XBRL)· 21 Jan 2026verified |
| Cost of revenue | 11.7 m | 11.6 m | 12.5 m | 12.3 m | 7.6 m | SEC (XBRL)· 21 Jan 2026verified |
| Gross profit | 26.8 m | 30.2 m | 19.3 m | 10.0 m | 7.7 m | SEC (XBRL)· 21 Jan 2026verified |
| Operating income | 18.7 m | 21.2 m | 10.7 m | -19.2 k | -6.8 m | SEC (XBRL)· 21 Jan 2026verified |
| Depreciation & amortisation | 3.3 m | 3.2 m | 3.4 m | 3.7 m | 3.2 m | SEC (XBRL)· 21 Jan 2026verified |
| EBITDA | 22.0 m ≈ | 24.4 m ≈ | 14.1 m ≈ | 3.7 m ≈ | -3.6 m ≈ | SEC (XBRL)· 21 Jan 2026derived |
| Interest expense | 4.6 k | 6.2 k | 6.0 k | — | — | SEC (XBRL)· 15 Feb 2024verified |
| Pre-tax income | 18.3 m | 20.7 m | 10.8 m | 322.7 k | -6.9 m | SEC (XBRL)· 21 Jan 2026verified |
| Income tax | 4.7 m | 6.3 m | 4.2 m | 2.1 m | 1.7 m | SEC (XBRL)· 21 Jan 2026verified |
| Net income | 13.6 m | 14.3 m | 6.5 m | -1.8 m | -8.6 m | SEC (XBRL)· 21 Jan 2026verified |
| Diluted EPS | 0.14 | 14.33 | 2,417.00 | -262.73 | -10.83 | SEC (XBRL)· 21 Jan 2026verified |
| Weighted average diluted shares | 100.0 m | — | — | 6.8 k | 793.8 k | SEC (XBRL)· 21 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 12.9 m | — | — | 19.8 m | 86.0 m | SEC (XBRL)· 21 Jan 2026verified |
| Current assets | — | — | — | 60.6 m | 110.1 m | SEC (XBRL)· 21 Jan 2026verified |
| Property, plant & equipment, net | — | — | — | 28.6 m | 24.7 m | SEC (XBRL)· 21 Jan 2026verified |
| Total assets | — | — | — | 98.6 m | 191.4 m | SEC (XBRL)· 21 Jan 2026verified |
| Current liabilities | — | — | — | 5.8 m | 4.4 m | SEC (XBRL)· 21 Jan 2026verified |
| Total liabilities | — | — | — | 14.8 m | 10.8 m | SEC (XBRL)· 21 Jan 2026verified |
| Equity | 39.8 m † | — | — | 83.7 m † | 180.7 m † | SEC (XBRL)· 21 Jan 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -5.0 m | 18.8 m | -19.3 m | -3.0 m | 19.0 m | SEC (XBRL)· 21 Jan 2026verified |
| Capex | 905.2 k | 275.2 k | 7.9 m | 75.5 k | — | SEC (XBRL)· 27 Jan 2025verified |
| Free cash flow | -5.9 m ≈ | 18.5 m ≈ | -27.3 m ≈ | -3.1 m ≈ | — | SEC (XBRL)· 27 Jan 2025derived |
| Investing cash flow | -859.5 k | -190.1 k | -7.9 m | 968.3 k | -49.8 m | SEC (XBRL)· 21 Jan 2026verified |
| Financing cash flow | 272.9 k | -6.8 m | 5.9 m | 20.3 m | 97.1 m | SEC (XBRL)· 21 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -56.2% | 16 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -28.5% | 0 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 25.0x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial16/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Golden Heaven Group Holdings Ltd. (GDHG). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 15.3 m USD in 2025; YoY growth -31.5%; net margin -56.2%; ROE -6.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 25.0x
What contradicts it
- Net margin: -56.2%
- Revenue CAGR 3Y: -28.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.7 bn | 39.1 | 44.4% | 5.2% | −4.3% | +15% / −26% |
| RSIRush Street Interactive, Inc. | 2.5 bn | 40.9 | 23.0% | 2.6% | +22.8% | −33% / +193% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.7 | 11.6% | 5.9% | −0.0% | −35% / −62% |
| PRKSUnited Parks & Resorts Inc. | 1.6 bn | 13.5 | — | 8.1% | −3.6% | −5% / −30% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 33.6 | 7.7% | 9.6% | +23.4% | +65% / +70% |
| NIPGNIP Group Inc. | 471.7 m | — | -15.9% | -14.9% | +1.9% | −91% / unavailable |
| SEGSeaport Entertainment Group Inc. | 301.9 m | — | -22.6% | -91.4% | +18.3% | +10% / unavailable |
| GENIGenius Sports Limited | 70.1 m | — | -17.2% | -16.7% | +31.0% | −30% / +26% |
| SEATVivid Seats Inc. | 32.0 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −63% / −98% |
| GRSDGrandstand Limited | 29.8 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 12.0 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 77 | — | -100.8% | -36.0% | +120.8% | −62% / −26% |
| MSGSMsg Knickerbockers Corp. | — | 983.9 | — | 0.7% | +11.0% | +38% / +86% |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −32% / −67% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −44% / unavailable |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +25% / +173% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
| MSGEMadison Square Garden Entertainment Corp. | — | 38.7 | — | 8.6% | +12.5% | +59% / +160% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −73% / −100% |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −30% / −40% |
1- and 3-year price returns: for GDHG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Jan 2026; since then the company filed 6-K (29 Oct 2026), 6-K (25 Sept 2026), 6-K (11 Sept 2026), 6-K (31 Aug 2026), 6-K (07 Jul 2026), 6-K (19 May 2026).
In brief
Golden Heaven Group Holdings Ltd. runs amusement parks in China but in fiscal 2025 moved almost entirely to a lessor model, with its parks leased to third parties. Revenue fell to 15,288,195 USD and rental income became the main source, which changes the company's risk profile.
SWOT
Strengths
- The company has long-term leases with indexed rent, giving revenue a degree of predictability over an extended period.
- The corporate structure is simple, with all operating entities wholly owned and no variable interest entities.
- The company has raised capital through private placements and has reduced its direct operating exposure.
Weaknesses
- Revenue fell sharply in fiscal 2025 and the company recorded a net loss.
- Reliance on a single lessee for most revenue creates concentration risk.
- One park is temporarily closed and two parks still lack required approvals.
Opportunities
- Developing and offering park management software to other operators could diversify revenue sources.
- If the closed Mangshi park reopens under a new business model, the company could regain direct operating income.
- Joint event and show projects could add supplementary revenue streams.
Threats
- The lessee could face financial difficulties, which would affect rent payments.
- Changes in rules on parks and overseas offerings could raise compliance costs.
- The US class actions could generate legal costs if the outcome is unfavorable.
Risks
- US securities class actionshigh
The company faces class actions tied to statements about its business operations and prospects; management says it is too early to estimate the outcome.
- Revenue concentrated in one lesseehigh
Most revenue depends on contracts with Fuzhou Yibang, so a problem at the lessee could quickly affect cash flow.
- Approvals for theme parksmedium
Two parks have not obtained the required provincial approval, and authorities could require further steps.
- Rules on overseas offeringsmedium
New filing requirements could limit the company's ability to raise capital in overseas markets.
- Settlement payment to contractorslow
The company has a final instalment due under a settlement with construction contractors, scheduled for June 2026.
Investment thesis
What would need to be true (bull case)
- If the leases proceed as planned, the company could have stable long-term revenue.
- Park management software could open a new revenue segment with different margins.
- Reopening the closed park under a new model could support a recovery in direct operating income.
What would break the thesis
- Revenue and profitability declined in fiscal 2025 and the company posted a net loss.
- Dependence on one lessee could turn a local problem into a major issue for the whole company.
- The class actions and missing approvals could bring extra costs and delays.
What to watch
- Progress of the US class actions and any settlementnext 10-K
- Payment of the final instalment to contractors2026
- Obtaining NDRC approvals for the Tongling and Yueyang parks2026
- Regular rent payments from Fuzhou YibangQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Jan 2026; since then the company filed 6-K (29 Oct 2026), 6-K (25 Sept 2026), 6-K (11 Sept 2026), 6-K (31 Aug 2026), 6-K (07 Jul 2026), 6-K (19 May 2026).
The business
The company operates, through PRC subsidiaries, amusement and recreation parks, organized under a Cayman holding structure with wholly owned operating entities and no variable interest entity structure. Until late 2024 it ran the parks directly; in November and December 2024 it became a lessor, leasing the parks to a third party, Fuzhou Yibang. The company describes this shift as a way to reduce operating costs and risks, improve asset utilization and stabilize cash flows.
In January 2025 the company also signed a service agreement with Fuzhou Yibang to supply a park management software suite covering ticket sales, membership management, event planning and data analytics, with three years of maintenance, for a service fee of RMB15 million. Joint wedding photography and light show projects were also agreed, but these do not appear as major revenue sources in fiscal 2025.
The company faces pending US securities class actions, which management strongly denies and says it will vigorously defend; it states that the outcome cannot yet be estimated. One park in Mangshi has been temporarily closed since September 2023, and two parks have not yet obtained required approvals from planning authorities.
Segments
Park leasing
Rental income reached 12,302,168 USD in fiscal 2025, or 80.47% of total revenue, up from 3,069,483 USD in fiscal 2024. The segment gross margin was 55.30%, and the ten-year leases carry annual rent of RMB30 million for Tongling and RMB20 million for Yueyang, escalating 2% a year.
In-park recreation sales
Ride and attraction access sales fell to 2,986,027 USD in fiscal 2025 from 19,263,768 USD in fiscal 2024, because the parks were leased out. The segment gross margin was 29.09%, below 36.00% a year earlier.
Market context
Demand depends on Chinese economic and policy conditions and on regional factors such as weather and season. The filing notes that cold and rainy weather in the first half of 2024 reduced visitors and lowered ticket income.
Trends
- Shift from operator to lessormixed
Leasing the parks has made long-term revenue more stable but reduced gross revenue and direct exposure to visitor demand. If the lessee pays rent regularly, the company could have more predictable income.
- Theme park approval rulesheadwind
Approvals from planning authorities can shape the development and operation of small and medium parks. The approval process can be lengthy and uncertain.
- Data security and overseas offering oversightheadwind
Chinese rules on data security and overseas securities offerings may require filings and extra reviews. The filing says failure to comply could lead to rectification orders, warnings or fines.
- Visitor demand and weathermixed
Adverse weather and seasonal changes can affect visitor numbers, especially for parks still operated directly. For leased parks, this risk largely shifts to the lessee.
Competitive position
The filing does not name direct competitors. The company operates in China's amusement park sector, where competition comes from other regional park and attraction operators, and park size and location shape its competitive position.
- Other regional amusement park operators in China
The filing names no specific competitors; the local market includes operators with parks in similar cities.
- Fuzhou Yibang Amusement Park Co.
Principal lessee of the company's parks and party to a software service agreement, so more a partner than a competitor.
- Nanping Dacheng Culture Communication Co.
Partner in a joint wedding photography and light show project in Tongling and Changde.
- Regional leisure centre operators
Indirect competitors for visitor time and spending, not identified in the filing.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)25 Sept 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)07 Jul 2026
- Current report (foreign issuer)19 May 2026
- Current report (foreign issuer)12 May 2026
- Current report (foreign issuer)04 May 2026
- Current report (foreign issuer)01 Apr 2026
- Current report (foreign issuer)03 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / Golden Heaven Group Holdings Ltd. · 21 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.