Lucide Ledger

A filing-first public record from Lucide House.

Issue 005 | U.S. Pilot | US

GDHG

GOLDEN HEAVEN GROUP HOLDINGS LTD.

Screen state: Needs Review Source state: Stale Filing 20-F | 2026-01-21 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 98.9%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
110,132,872USD
Total Liabilities
10,797,086USD
NCAV
99,335,786USD
Cash
86,002,274USD
NCAV per share
-0.29USD/share
Evidence
3 annual | 3 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
3
Supporting observation NCAV Growing 99,335,786
Latest
99,335,7862025-09-30
Comparison
45,779,0102024-09-30
Change
+117.0%

Basis: equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

Source periods: SEC 20-F 2025-09-30 · 0001213900-26-005908; REPORTED_FILING 20-F 2024-09-30

Supporting observation Positive OCF 18,957,632
Latest
18,957,6322025-09-30
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations > 0

Source periods: SEC 20-F 2025-09-30 · 0001213900-26-005908

Supporting observation Share Count Reduced 793,805
Latest
793,8052025-09-30
Comparison
2,564,2652024-09-30
Change
-69.0%

Basis: 1Y share change <= -2% using the same share-count source

Source periods: SEC 20-F 2025-09-30 · 0001213900-26-005908; REPORTED_FILING 20-F 2024-09-30

Supporting observation Current Ratio > 1.5 25.01
Latest
25.012025-09-30
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-09-30 · 0001213900-26-005908

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001213900-26-005908 2026-01-21 20-F Verified Data Vault | sec/cleaned/cik=0001928340/accession=0001213900-26-005908/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 3 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Medium | Filing

Some rows are based on older filing data and require manual freshness review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-09-30
20-F
USD
2024-09-30
20-F
USD
2023-09-30
20-F
USD
Revenue 15,288,195 22,333,251 31,786,802
Operating Income -6,797,117 -19,245 10,725,379
Net Income -8,593,406 -1,796,552 6,549,584
Cash From Operations 18,957,632 -3,011,750 -19,342,645
Capex n/a -75,518 -7,910,651
Free Cash Flow n/a -3,087,268 -27,253,296
Cash And Equivalents 86,002,274 19,830,128 245,908
Accounts Receivable n/a n/a n/a
Inventory n/a n/a n/a
Total Current Assets 110,132,872 60,617,846 14,736,700
Total Assets 191,447,297 98,554,454 82,227,433
Total Current Liabilities 4,404,409 5,821,677 14,526,649
Total Liabilities 10,797,086 14,838,836 21,176,675
Shareholders Equity 180,650,211 83,715,618 61,050,758
Shares Outstanding n/a n/a n/a
Shares Outstanding Diluted n/a n/a n/a
Weighted Avg Shares Diluted 793,805 2,564,265 50,810,274
Weighted Avg Shares Basic 793,805 2,564,265 50,810,274
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 3 quarterly periods available from Data Vault for this company.

Metric
2024-03-31
6-K
USD
2023-09-30
6-K
USD
2023-03-31
6-K
USD
Revenue 13,824,313 31,786,802 20,061,212
Operating Income 3,520,934 10,725,379 10,432,045
Net Income 2,544,020 6,549,584 7,415,218
Cash From Operations -911,646 -19,342,645 5,909,619
Capex -13,228 -7,910,651 n/a
Free Cash Flow -924,874 -27,253,296 n/a
Cash And Equivalents 129,417 245,908 n/a
Total Current Assets 3,869,121 14,736,700 n/a
Total Liabilities 18,625,478 21,176,675 n/a
Shares Outstanding n/a n/a n/a
Shares Outstanding Diluted n/a n/a n/a
Weighted Avg Shares Diluted n/a 50,810,274 n/a
Weighted Avg Shares Basic 51,687,671 50,810,274 50,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 3,869,121USD us-gaap:AssetsCurrent 2024-03-31 1.00 Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
Total Liabilities 18,625,478USD us-gaap:Liabilities 2024-03-31 1.00 Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
Cash 129,417USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2024-03-31 1.00 Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
Shares Outstanding 51,687,671 us-gaap:WeightedAverageNumberOfSharesOutstandingBasic 2024-03-31 1.00 Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
NCAV -14,756,357USD derived 2024-03-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share -0.29USD derived 2024-03-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 98.9% derived 2024-03-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / weighted_avg_shares_basic

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001928340
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001928340/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
4
Imported At
2026-08-15T12:52:02+00:00
Rendered At
2026-08-16T03:30:00+00:00

Run Audit

Mary Run
062cd84c6cec4533b9bb580392e1f3bf
Mary As Of
2026-08-07
Accession
0001213900-26-005908
CIK
0001928340
Mary Filing Date
2026-01-21
Filing Currency
USD
Internal Discount
98.9%
Source State
Stale Filing
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-01-21; mary_accession=0001213900-26-005908; mary_cik=0001928340; gnni_supporting_filing_date=2026-01-21; internal_discount=0.989452; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.; source requires review

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