Golden Heaven Group Holdings Ltd. Announces Financial Results for the First Half of Fiscal Year 2023
- None.
- None.
NANPING,
First Half 2023 Financial Highlights
(RMB) | Six months | Six months | Change | |||||||||
Revenue | 140,101,486 | 132,119,961 | 6.0 | % | ||||||||
Gross profit | 100,991,984 | 93,955,044 | 7.5 | % | ||||||||
Gross margin | 71.37 | % | 70.35 | % | 1.02 | *pp | ||||||
Income from operations | 72,854,273 | 65,575,322 | 11.1 | % | ||||||||
Net income | 51,785,658 | 46,254,030 | 12.0 | % | ||||||||
Earnings per share | 1.05 | 0.45 | 135.1 | % | ||||||||
* Notes: pp represents percentage points |
- Revenue was
RMB140.1 million in the First Half 2023, an increase of6.0% fromRMB132.1 million in the same period of last year. - Gross profit was
RMB101.0 million in the First Half 2023, an increase of7.5% fromRMB94.0 million in the same period of last year. Gross margin was71.37% in the First Half 2023, an increase of 1.02 percentage points from70.35% in the same period of last year. - Income from operations was
RMB72.9 million in the First Half 2023, an increase of11.1% fromRMB65.6 million in the same period of last year. - Net income was
RMB51.8 million in the First Half 2023, an increase of12.0% fromRMB46.3 million in the same period of last year. - Earnings per share was
RMB1.05 in the First Half 2023, an increase of135.1% fromRMB0.45 in the same period of last year.
First Half 2023 Financial Results
Revenue
(USD) | Six months | Six months | Change | Change | ||||||||||||
Sales of in-park recreation | $ | 19,563,330 | $ | 20,222,318 | (658,988) | (3.26) | % | |||||||||
Rental income | 497,882 | 534,616 | (36,734) | (6.87) | % | |||||||||||
Total revenue | $ | 20,061,212 | $ | 20,756,934 | (695,722) | (3.35) | % |
Given the substantial appreciation of
Our revenue is derived from sales of in-park recreation and rental income. The total revenue decreased by
No other revenue from other services occurred in the first six months of fiscal year 2023.
Our revenue from each of our revenue segments is summarized as follows:
For the six months ended March 31, 2023:
(USD) | Sales of | Rental | Total | |||||||||
Reportable segment revenue | $ | 19,563,330 | $ | 497,882 | $ | 20,061,212 | ||||||
Inter-segment loss | — | — | — | |||||||||
Revenue from external customers | $ | 19,563,330 | $ | 497,882 | $ | 20,061,212 | ||||||
Segment gross profit | $ | 13,963,218 | $ | 497,882 | $ | 14,461,100 | ||||||
Gross margin | 71.37 | % | 100.00 | % | 72.08 | % |
For the six months ended March 31, 2022:
(USD) | Sales of | Rental | Total | |||||||||
Reportable segment revenue | $ | 20,222,318 | $ | 534,616 | $ | 20,756,934 | ||||||
Inter-segment loss | — | — | — | |||||||||
Revenue from external customers | $ | 20,222,318 | $ | 534,616 | $ | 20,756,934 | ||||||
Segment gross profit | $ | 14,226,353 | $ | 534,616 | $ | 14,760,969 | ||||||
Gross margin | 70.35 | % | 100 | % | 71.11 | % |
Sales of in-park recreation
For the six months ended March 31, 2023, revenue from sales of in-park recreation increased by approximately
Rental income
For the six months ended March 31, 2023, rental income increased by approximately
Cost of Revenue
Cost of revenue increased by
Gross Profit
For the six months ended March 31, 2023, gross profit from sales of in-park recreation increased by approximately
The profit margin of sales of in-park recreation remained stable, with a modest increase from
Operating Expenses
Our total operating expenses decreased by
The increase of G&A expenses in this period was due to an increase of approximately
The decrease in selling expenses was attributable to a decrease of approximately
Other (expense) income, net
Our other expense decreased by
Income tax expense
Our income tax expense increased by
Net income
Our net income increased by
Cash and Cash Equivalents
As of March 31, 2023, we had cash and cash equivalents of approximately
Recent Events
On April 14, 2023, the Company closed its initial public offering (the "IPO") of 1,750,000 ordinary shares, par value
In connection with the IPO, the Company issued a press release on April 12, 2023, announcing the pricing of the IPO and a press release on April 14, 2023, announcing the closing of the IPO, respectively.
Conference Call Information
The Company's management team will hold a conference call to discuss its financial results at 8:00 A.M.
Date: | August 3, 2023 |
Time: | 8:00 am U.S. Eastern Time |
United States Toll Free: | 1-888-346-8982 |
International: | 1-412-902-4272 |
Hong Kong Toll Free | 800-905945 |
China Toll Free | 4001-201203 |
Conference ID | Golden Heaven Group Holdings Ltd. |
Please dial in at least 15 minutes before the commencement of the call to ensure timely participation.
For those unable to participate, an audio replay of the conference call will be available from approximately one hour after the end of the live call until August 10, 2023. The dial-in for the replay is +1-877-344-7529 within the United States or +1-412-317-0088 internationally. The replay access code is No. 5069410.
A live and archived webcast of the conference call will be available at the Company's investor relations website at https://ir.jsyoule.com/.
About Golden Heaven
The Company is an offshore holding company incorporated in the
Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
For more information, please contact:
Golden Heaven Group Holdings Ltd.
Email: group@jsyoule.com
Ascent Investors Relations LLC
Tina Xiao
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
GOLDEN HEAVEN GROUP HOLDING LTD. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
March 31, | September 30, | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 28,262,926 | $ | 22,447,145 | ||||
Advances to suppliers and other current assets | 3,897,166 | 1,987,750 | ||||||
Other receivables | 54,158 | 52,370 | ||||||
TOTAL CURRENT ASSETS | $ | 32,214,250 | $ | 24,487,265 | ||||
Property, plant and equipment, net | $ | 27,200,709 | $ | 27,782,087 | ||||
Right of Use Assets | 6,650,711 | 6,648,370 | ||||||
Other non-current assets | 14,582,889 | 14,167,421 | ||||||
TOTAL ASSETS | $ | 80,648,559 | $ | 73,085,143 | ||||
LIABILITIES | ||||||||
CURRENT LIABILITIES | ||||||||
Accrued expenses and other payables | $ | 5,838,701 | $ | 5,855,707 | ||||
Advances from customers | 9,184,917 | 9,645,494 | ||||||
Loan payables | 145,524 | 140,849 | ||||||
Lease liability-current | 401,332 | 427,855 | ||||||
TOTAL CURRENT LIABILITIES | $ | 15,570,474 | $ | 16,069,905 | ||||
NON-CURRENT LIABILITIES | ||||||||
Lease liability-non-current | 6,249,379 | 6,220,515 | ||||||
Other non-current liabilities | 21,101 | 282,402 | ||||||
Amount Due to Related Party | $ | 5,000 | $ | 904,965 | ||||
TOTAL NON-CURRENT LIABILITIES | 6,275,480 | 7,407,882 | ||||||
TOTAL LIABILITIES | $ | 21,845,954 | $ | 23,477,787 | ||||
STOCKHOLDER'S EQUITY | ||||||||
Golden Heaven Group Holdings Ltd., Stockholders' equity | ||||||||
Common stock, | $ | 5,000 | $ | 5,000 | ||||
Additional paid-in capital | 3,372,733 | 3,372,733 | ||||||
Retained Earnings | 56,515,135 | 49,099,917 | ||||||
Accumulated other comprehensive income | (1,090,263) | (2,870,294) | ||||||
Total stockholders' equity | 58,802,605 | 49,607,356 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 80,648,559 | $ | 73,085,143 |
GOLDEN HEAVEN GROUP HOLDING LTD. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND | ||||||||
COMPREHENSIVE INCOME (LOSS) | ||||||||
(Unaudited) | ||||||||
Six Months Ended | ||||||||
2023 | 2022 | |||||||
Revenue | $ | 20,061,212 | $ | 20,756,934 | ||||
Cost of revenue | 5,600,112 | 5,995,965 | ||||||
Gross profit | 14,461,100 | 14,760,969 | ||||||
Operating Expenses | ||||||||
General and administrative expenses | 2,166,293 | 1,571,809 | ||||||
Selling expenses | 1,862,762 | 2,886,836 | ||||||
Total operating expenses | 4,029,055 | 4,458,645 | ||||||
Income from operations | 10,432,045 | 10,302,324 | ||||||
Other (expenses) income | ||||||||
Interest income | 32,517 | 18,558 | ||||||
Interest expenses | (3,030) | (3,054) | ||||||
Other expenses, net | (76,977) | (434,692) | ||||||
Total other expenses, net | (47,490) | (419,188) | ||||||
Income before Income Tax | 10,384,555 | 9,883,136 | ||||||
Income tax provision/expense | (2,969,337) | (2,616,317) | ||||||
Net Income | $ | 7,415,218 | $ | 7,266,819 | ||||
Other comprehensive income | ||||||||
Income | $ | 7,415,218 | $ | 7,266,819 | ||||
Foreign currency translation | 1,780,031 | 736,594 | ||||||
Comprehensive income | 9,195,249 | 8,003,413 | ||||||
Basic and diluted earnings per share | $ | 0.15 | $ | 0.07 | ||||
Basic and diluted weighted average number of ordinary shares | 50,000,000 | 100,000,000 |
GOLDEN HEAVEN GROUP HOLDING LTD. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Six months ended March 31, 2022 | ||||||||||||||||||||||||
Common Stock | Additional | Retained | Accumulative | |||||||||||||||||||||
Shares | Amount | capital | earnings | income | Total | |||||||||||||||||||
Balance at September 30, | 100,000,000 | $ | 10,000 | $ | 3,009,476 | $ | 35,134,800 | $ | 1,644,411 | $ | 39,798,687 | |||||||||||||
Net income | — | — | — | 7,266,819 | — | 7,266,819 | ||||||||||||||||||
Foreign currency translation | — | — | — | — | 736,594 | 736,594 | ||||||||||||||||||
Balance at March 31, 2022 | 100,000,000 | $ | 10,000 | $ | 3,009,476 | $ | 42,401,619 | $ | 2,381,005 | $ | 47,802,100 | |||||||||||||
Six months ended March 31, 2023 | ||||||||||||||||||||||||
Common Stock | Additional | Retained | Accumulative | |||||||||||||||||||||
Shares | Amount | capital | earnings | income | Total | |||||||||||||||||||
Balance at September 30, | 50,000,000 | $ | 5,000 | $ | 3,372,733 | $ | 49,099,917 | $ | (2,870,294) | $ | 49,607,356 | |||||||||||||
Net income | — | — | — | 7,415,218 | — | 7,415,218 | ||||||||||||||||||
Foreign currency translation | — | — | — | — | 1,780,031 | 1,780,031 | ||||||||||||||||||
Balance at March 31, 2023 | 50,000,000 | $ | 5,000 | $ | 3,372,733 | $ | 56,515,135 | $ | (1,090,263) | $ | 58,802,605 |
GOLDEN HEAVEN GROUP HOLDING LTD. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Six Months Ended | ||||||||
2023 | 2022 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 7,415,218 | $ | 7,266,819 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 1,479,463 | 1,668,808 | ||||||
Disposal loss | - | 399,241 | ||||||
Changes in operating assets and liabilities | ||||||||
Other receivable | (49) | (1,230) | ||||||
Advances to suppliers and other current assets | (1,759,938) | (1,604,488) | ||||||
Accrued expenses | (456,848) | (1,351,262) | ||||||
Advances from customers | (768,227) | (855,380) | ||||||
Net cash provided by operating activities | 5,909,619 | 5,522,508 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds from disposal of equipment | - | 72,269 | ||||||
Additions to property, plant and equipment | - | (52,097) | ||||||
Net cash provided by (used in) investing activities | - | 20,172 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from amounts due from related parties | (15,594) | |||||||
Proceeds from related party loan | - | 453,772 | ||||||
Repayment of amounts due to related parties | (899,965) | (8,528,869) | ||||||
Proceeds from loan payable | - | 157,525 | ||||||
Repayment of loans | - | (148,025) | ||||||
Net cash used in financing activities | (899,965) | (8,081,191) | ||||||
Effect of change in exchange rate | 806,128 | 314,631 | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 5,815,782 | (2,223,880) | ||||||
Cash and cash equivalents, beginning of period | 22,447,144 | 12,875,358 | ||||||
Cash and cash equivalents, end of period | $ | 28,262,926 | $ | 10,651,478 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
Cash paid for interest expense | 3,030 | 3,054 | ||||||
Cash paid for income tax | 3,461,277 | 2,864,437 |
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SOURCE Golden Heaven Group Holdings Ltd.
FAQ
What are the financial highlights for Golden Heaven Group Holdings Ltd. in the First Half 2023?
What was the impact of exchange rate changes on the company's financial results?
What were the reasons behind the increase in sales of in-park recreation and rental income?
What recent events have impacted Golden Heaven Group Holdings Ltd.?