Golden Heaven Group Holdings is a small Chinese amusement park company that owns six parks across Hunan, Yunnan, and Anhui provinces, targeting local families and young adults in surrounding cities. In late 2024, Golden Heaven made a significant shift from directly operating its parks to leasing all of them to a single third-party operator, Fuzhou Yibang, under 10-year agreements. Prior to this transition, the company sold ride access via prepaid cards, with visitor volume and per-visit spending driving revenue. Under the new lessor model, Golden Heaven collects fixed annual rents from Fuzhou Yibang — totaling RMB102M across five parks in year one, with 2% annual escalators starting in year two. The company also signed a RMB15M, three-year agreement to provide Fuzhou Yibang with amusement park management software covering ticketing, membership, event planning, and analytics. The transition has materially changed the business: rental income grew from roughly 5% of revenue in FY23 to about 80% in FY25, while guest visits fell from roughly 1.87M to approximately 0.29M over the same period. The key risk under this model is dependence on a single tenant for substantially all rental income. Golden Heaven is also building three new parks, with two targeting 2026 completion, and plans to invest roughly RMB326M across these projects. The company has raised over US$50M through equity issuances and private placements to fund development and operations.