Golden Heaven Group Holdings Ltd. Announces Approximately 10% Year-on-Year Traffic Growth during China's 2023 Mid-Autumn Festival and National Day Holidays

Rhea-AI Summary

Golden Heaven Group Holdings Ltd. announces that its five operational amusement parks in China attracted approximately 86,000 visitors during the 2023 Mid-Autumn Festival and National Day holidays. The number of visitors showed a 10% year-on-year increase and 146% growth over the 2023 Labor Day holiday. Yuxi Jinsheng Amusement Park saw a significant increase in visitors, while Tongling West Lake Amusement World and Yueyang Amusement World also experienced growth.

Positive

• The number of visitors to Golden Heaven's amusement parks during the holidays increased by 10% compared to last year and 146% compared to the 2023 Labor Day holiday.
• Yuxi Jinsheng Amusement Park witnessed a significant increase in visitors, with a 50% growth compared to the same period last year.
• The Chinese Ministry of Culture and Tourism reported a 71.3% increase in domestic trips compared to the same period last year, indicating a growing demand in China's culture and tourism industry.

Negative

• The temporary closure of Mangshi Jinsheng Amusement Park and the impact of rainy weather at some park locations during the holidays may have affected the overall visitor numbers.

NANPING, China, Oct. 23, 2023 /PRNewswire/ -- Golden Heaven Group Holdings Ltd. (the "Company" or "Golden Heaven") (Nasdaq: GDHG), an amusement park operator in China, today announced that its five operational amusement parks attracted approximate 86,000 visitors during the 2023 Mid-Autumn Festival and National Day holidays, spanning from September 29, 2023 to October 6, 2023 (collectively, the "Holidays"). The National Day holiday and Labor Day holiday are considered two of the annual "Golden Week" holidays in China, along with the Chinese New Year holiday. Despite the temporary closure of Mangshi Jinsheng Amusement Park, which was a strategic decision to explore the future business development of such park, and the impact of rainy weather at some park locations during the Holidays, the number of visitors at the five amusement parks in operation continued to show growth, marking a 10% year-on-year increase and 146% growth over the 2023 Labor Day holiday in China.

Among the amusement parks in operation, Yuxi Jinsheng Amusement Park witnessed a significant increase in the number of visitors to 15,000 during the Holidays, representing an increase of approximately 50% over the same period last year. During the Holidays, the visitor traffic also rose by 25% year-on-year to 15,000 in Tongling West Lake Amusement World, while the number increased modestly by 7% year-on-year to 30,000 in Yueyang Amusement World.

Such growth is attributable to the increasing demand in China's culture and tourism industry. According to the Chinese Ministry of Culture and Tourism, approximately 826 million domestic trips were made over the Holidays, rising by 71.3% compared with the same period last year, and rising by 4.1% compared with the pre-pandemic level in 2019.

Ms. Qiong Jin, the CEO and Chairman of the Company, commented, "We are excited to share with you our thriving business performance during the Holidays. We continue to cater to the rising demand in China's tourism and entertainment industry, and strive to deliver our services with our abundant resources and well-trained personnel. The construction of three additional amusement parks in the south of China is underway. Going forward, we expect to continue to optimize our business model and services, expanding the size of our parks, and diversifying our service offerings. Our objectives are to improve our services and offer pleasant entertainment experiences to our customers, while focusing on long-term competitiveness and creating enduring value to our shareholders."

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 

 

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SOURCE Golden Heaven Group Holdings Ltd.

FAQ

How many visitors did Golden Heaven's amusement parks attract during the 2023 Mid-Autumn Festival and National Day holidays?

Approximately 86,000 visitors.

What was the year-on-year growth in the number of visitors to Golden Heaven's amusement parks during the holidays?

There was a 10% increase compared to last year.

Which amusement park experienced a significant increase in visitors?

Yuxi Jinsheng Amusement Park saw a 50% growth compared to the same period last year.

What was the overall growth in domestic trips during the holidays in China?

According to the Chinese Ministry of Culture and Tourism, domestic trips increased by 71.3% compared to the same period last year.

What are Golden Heaven's future plans?

Golden Heaven is constructing three additional amusement parks in the south of China and aims to optimize their business model and services, expand park size, and diversify service offerings.