Revenue growth remains in a state of contraction, highlighted by a 16.2% year-over-year decline in 2025Q4 and extreme operating margin volatility that reached -122.4% in 2025Q2.
| Sales/Revenue | 15.29M | 22.33M | 31.79M | 41.79M | 38.52M | 27.82M |
| Revenue Growth % | -31.55% | -29.74% | -23.93% | 8.49% | 38.43% | - |
| Cost of Goods Sold | 7.62M | 12.33M | 12.47M | 11.62M | 11.69M | 10.19M |
| COGS % of Revenue | 49.82% | 55.2% | 39.24% | 27.81% | 30.34% | 36.61% |
| Gross Profit | 7.67M | 10M | 19.31M | 30.17M | 26.83M | 17.64M |
| Gross Margin % | 50.18% | 44.8% | 60.76% | 72.19% | 69.66% | 63.39% |
| Gross Profit Growth % | -23.32% | -48.2% | -35.97% | 12.43% | 52.11% | - |
| Operating Expenses | 14.47M | 10.02M | 8.59M | 8.97M | 8.11M | 6.54M |
| OpEx % of Revenue | 94.64% | 44.88% | 27.02% | 21.47% | 21.06% | 23.49% |
| Selling, General & Admin | 14.47M | 10.02M | 8.59M | 8.97M | 8.11M | 6.54M |
| SG&A % of Revenue | 94.64% | 44.88% | 27.02% | 21.47% | 21.06% | 23.49% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -6.8M | -19.25K | 10.73M | 21.19M | 18.72M | 11.1M |
| Operating Margin % | -44.46% | -0.09% | 33.74% | 50.72% | 48.6% | 39.9% |
| Operating Income Growth % | -35218.87% | -100.18% | -49.39% | 13.21% | 68.63% | - |
| EBITDA | -3.56M | 3.66M | 14.09M | 24.39M | 22.02M | 14.2M |
| EBITDA Margin % | -23.28% | 16.41% | 44.33% | 58.37% | 57.17% | 51.04% |
| EBITDA Growth % | -197.14% | -74% | -42.22% | 10.76% | 55.05% | - |
| D&A (Non-Cash Add-back) | 3.24M | 3.68M | 3.37M | 3.2M | 3.3M | 3.1M |
| EBIT | -6.93M | 330.1K | 10.8M | 20.68M | 18.32M | 11.09M |
| Net Interest Income | 28.04K | 1.93K | 68.55K | 36.16K | 59.74K | 36.44K |
| Interest Income | 40.47K | 9.36K | 74.55K | 42.32K | 64.32K | 36.44K |
| Interest Expense | 12.44K | 7.43K | 6.01K | 6.16K | 4.58K | 0 |
| Other Income/Expense | -145.15K | 341.92K | 64.24K | -519.75K | -408.04K | -15.32K |
| Pretax Income | -6.94M | 322.67K | 10.79M | 20.67M | 18.31M | 11.09M |
| Pretax Margin % | -45.41% | 1.44% | 33.94% | 49.47% | 47.54% | 39.84% |
| Income Tax | 1.65M | 2.12M | 4.24M | 6.34M | 4.73M | 3.52M |
| Effective Tax Rate % | -23.78% | 656.77% | 39.3% | 30.69% | 25.84% | 31.75% |
| Net Income | -8.59M | -1.8M | 6.55M | 14.33M | 13.58M | 7.57M |
| Net Margin % | -56.21% | -8.04% | 20.6% | 34.29% | 35.26% | 27.19% |
| Net Income Growth % | -378.33% | -127.43% | -54.29% | 5.51% | 79.49% | - |
| Net Income (Continuing) | -8.59M | -1.8M | 6.55M | 14.33M | 13.58M | 7.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -10.83 | -1.17 | 10.80 | 13.84 | 13.12 | 11.32 |
| EPS Growth % | -825.64% | -110.83% | -21.97% | 5.49% | 15.9% | - |
| EPS (Basic) | -10.83 | -1.17 | 10.80 | 13.84 | 13.12 | 11.32 |
| Diluted Shares Outstanding | 793.8K | 6.84K | 2.71K | 2.71K | 2.71K | 2.71K |
| Basic Shares Outstanding | 793.8K | 6.84K | 2.71K | 2.71K | 2.71K | 2.71K |
| Dividend Payout Ratio | - | - | - | - | - | - |
Operational scale and viability
As indicated by the most recent quarterly data, GDHG has experienced a sustained revenue decline, with the latest period showing a 16.2% year-over-year contraction, following a more severe 41.0% drop in 2025Q2, signaling significant challenges in maintaining visitor volume across its regional park portfolio.
The consistent downward trajectory in top-line performance suggests that the company's localized leisure model is struggling to retain its customer base in Tier 3 and Tier 4 cities. Investors should monitor whether this trend reflects a broader macroeconomic softening in discretionary spending or a specific loss of competitive relevance for the company's amusement offerings.
Based on reported financial statements, gross margins have exhibited extreme volatility, swinging from a high of 73.2% in 2022Q4 to a low of 33.2% in 2024Q4, which highlights the inherent difficulty in managing fixed-cost amusement assets during periods of fluctuating attendance and revenue.
The inability to maintain stable gross margins suggests that the company lacks the pricing power necessary to offset the high fixed costs associated with ride maintenance and park operations. This instability implies that the business model is highly sensitive to utilization rates, making profitability unpredictable in the current operating environment.
According to the income statement, the company's operating leverage has collapsed, with operating margins plummeting to -122.4% in 2025Q2, demonstrating that corporate overhead and fixed expenses are not scaling down in proportion to the significant revenue declines observed over the last several quarters.
The disconnect between gross profit and operating income suggests that the company is burdened by an inflexible cost structure that fails to adjust to lower foot traffic. This lack of operational agility may indicate that management is maintaining a level of corporate infrastructure that is currently disproportionate to the actual scale of park operations.
Financial data reveals a stark anomaly where the company maintains a substantial cash position relative to its $15.3 million TTM revenue, raising concerns that the market may be mispricing the entity as a functional leisure operator rather than a distressed asset with limited operational upside.
Short-term observers might argue that the current valuation is supported by the balance sheet, yet the persistent negative operating margins suggest that the core business is effectively consuming capital rather than generating it. This warrants further investigation into whether the company's primary assets are nearing structural obsolescence, potentially necessitating significant future capital expenditures that could erode the existing cash reserves.
Quick answers to the most common questions about buying GDHG stock.
For fiscal year 2025, Golden Heaven Group Holdings Ltd. (GDHG) reported total revenue of $15.3M. This represents a 45.1% decline compared to $27.8M in 2020.
Golden Heaven Group Holdings Ltd. (GDHG) reported a net loss of $8.6M for the fiscal year ending 2025.
Golden Heaven Group Holdings Ltd. (GDHG) reported an operating income of $-6.8M, resulting in an operating profit margin of -44.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Golden Heaven Group Holdings Ltd. (GDHG) generated $7.7M in gross profit for the year, representing a gross profit margin of 50.2%. This demonstrates the company's core pricing power and production efficiency.