Fiscal Year 2023 Summary
- Revenue was
RMB 510.5 million (US$ 72.1 million ), a 78.3% increase as compared toRMB 286.3 million (US$ 42.6 million ) for fiscal year 2022. - Gross profit was
RMB 53.1 million (US$ 7.5 million ), 90.0% increase as compared toRMB 27.9 million (US$ 4.1 million ) for fiscal 2022. - Net loss was
RMB 14.5 million (US$ 2.0 million ), as compared to a net loss ofRMB 53.6 million (US$ 8.0 million ) for fiscal 2022. The net loss included a gain on the sale of its ceramic tile business ofRMB 73.8 million (US$ 10.4 million ). - The registered hosts and influencers on the livestreaming ecommerce platform increased from approximately 300,000 in 2023 to 800,000 in 2024.
“As a first mover in this key sales channel, we aim to provide turnkey livestreaming marketing and broadcasting services to consumer brand companies by matching company products’ characteristics with hosts and influencers. We are excited to continue our journey as we enter new markets and adapt our business model for these new regions. We plan to build upon our momentum to drive impactful sales in these new markets.”
“We have a tremendous market opportunity of a global scale right ahead of us and believe that we have the financial resources, infrastructure and the strong team culture to achieve long-term growth. We have built an innovative and leading-edge technology platform that is transformative in terms of the B2C ecosystem. I am genuinely excited about our unique business model and execution capabilities, and I am confident that we will create value for all of our stakeholders,” concluded CEO
Six Months Results Ended
Revenue for the six months ended
Gross profit for the six months ended
Other income for the six months ended
Selling and distribution expenses for the six months ended
Administrative expenses for the six months ended
Net loss from continuing operations for the six months ended
Loss per basic share and fully diluted share from continuing operations for the six months ended
Note About Six Months Results
The financial results for the six months ended
Full Year 2023 Financial Results
Revenue for the year ended
Financial Condition
As of
Business Outlook
The Company operates a livestreaming ecommerce business through its KylinCloud subsidiary. Kylin Cloud’s platform strategically matches appropriate hosts and influencers to the products of consumer brand companies which results in increased sales for consumer brand companies. For the second six months and the full year 2023, KylinCloud generated primarily all of the Company’s total revenue.
The Company believes its livestreaming ecommerce business is sustainable since livestreaming can offer consumer brand companies a new distribution channel, a potentially large audience and creative content. In addition, it can offer shoppers better engagement, convenience, authenticity and greater information as compared to conventional shopping modes. Livestreaming ecommerce can also accelerate purchasing decisions and increase conversion rates as compared to conventional ecommerce.
The Company recently announced the planning for the launch of its energy supply business to be operated via its wholly-owned subsidiary,
This business outlook reflects the Company’s current and preliminary views and is based on the information currently available to us, which are subject to change, and is subject to risks and uncertainties, as well as risks and uncertainties identified in the Company’s public filings.
Conference Call Information
We will host a conference call at
About
Currency Convenience Translation
The Company’s financial information is stated in Renminbi (“RMB”). Translations of amounts from RMB into
Safe Harbor Statement
Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, without limitation, the continued stable macroeconomic environment in the PRC, the PRC real estate, construction and technology sectors continuing to exhibit sound long-term fundamentals, our ability to bring additional ceramic tile production capacity online going forward as our business improves, our ceramic tile customers continuing to adjust to our product price increases, our ability to sustain our average selling price increases and to continue to build volume in the quarters ahead, and whether our enhanced marketing efforts will help to produce wider customer acceptance of the new price points; and our ability to continue to grow our business management, information system consulting, and online social commerce and live streaming business. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended
-- FINANCIAL TABLES –
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
As of 2023 | As of 2022 | ||||||
USD '000 | RMB'000 | RMB'000 | |||||
ASSETS AND LIABILITIES | |||||||
NONCURRENT ASSETS | |||||||
Property and equipment, net | 161 | 1,146 | 1,006 | ||||
Intangible assets, net | 1 | 4 | 6 | ||||
Right-of-use assets, net | - | - | 469 | ||||
Loan Receivable | 5,180 | 36,780 | - | ||||
Note Receivable | 6,949 | 49,340 | - | ||||
Total noncurrent assets | 12,292 | 87,270 | 1,481 | ||||
CURRENT ASSETS | |||||||
VAT receivables | - | - | 142 | ||||
Other receivables and prepayments | 2,870 | 20,380 | 19,180 | ||||
Available-for-sale financial assets | 99 | 700 | 8,523 | ||||
Due from related parties | 1,316 | 9,344 | |||||
Restricted cash | - | - | 2,069 | ||||
Cash and bank balances | 536 | 3,808 | 3,936 | ||||
Total current assets | 4,821 | 34,232 | 33,850 | ||||
Assets classified as held for sale | - | - | 74,675 | ||||
TOTAL ASSETS | 17,113 | 121,502 | 110,006 | ||||
CURRENT LIABILITIES | |||||||
Trade payables | - | - | 3,079 | ||||
Accrued liabilities and other payables | 216 | 1,532 | 799 | ||||
Unearned revenue | 27 | 192 | - | ||||
Amounts owed to related parties | 78 | 553 | 1,291 | ||||
Note payable | 1,070 | 7,597 | - | ||||
Lease liabilities | - | - | 328 | ||||
Taxes payable | 281 | 1,993 | 582 | ||||
Total current liabilities | 1,671 | 11,867 | 6,079 | ||||
NET CURRENTASSETS | 3,150 | 22.365 | 27,771 | ||||
NONCURRENT LIABILITIES | |||||||
Lease liabilities | - | - | 157 | ||||
Note payable | 1,044 | 7,394 | 8,775 | ||||
Total noncurrent liabilities | 1,044 | 7,394 | 8,932 | ||||
Liabilities directly associated with assets classified as held for sale | - | - | 88,530 | ||||
Total liabilities | 2,720 | 19,261 | 103,541 | ||||
NET ASSETS | 14,439 | 102,241 | 6,465 | ||||
EQUITY | |||||||
Reserves | 13,691 | 96,942 | 1,047 | ||||
Noncontrolling interest | 748 | 5,299 | 5,418 | ||||
TOTAL EQUITY | 14,439 | 102,241 | 6,465 | ||||
ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
Unaudited | ||||||||
Six Months ended | ||||||||
2023 | 2023 | 2022 | 2022 | |||||
USD'000 | RMB'000 | USD'000 | RMB'000 | |||||
Net sales | 27,466 | 201,296 | 24,087 | 168,101 | ||||
Cost of goods sold | 26,785 | 195,438 | 20,360 | 142,091 | ||||
Gross profit (loss) | 680 | 5,858 | 3,727 | 26,010 | ||||
Other income | 117 | 897 | 184 | 1,284 | ||||
Fair value unrealized gain of available-for sale financial asset | - | - | 19 | 130 | ||||
Selling and distribution expenses | (299 | ) | (3,198 | ) | (2,078 | ) | (14,504 | ) |
Administrative expenses | (6,988 | ) | (50,332 | ) | (3,102 | ) | (21,645 | ) |
Bad debt reversal (expense) | - | - | 394 | 2,751 | ||||
Finance costs | (138 | ) | (975 | ) | (2 | ) | (11 | ) |
Other expenses | (170 | ) | (1,204 | ) | (5 | ) | (38 | ) |
Income (loss) before taxation | (6,796 | ) | (48,954 | ) | (863 | ) | (6,023 | ) |
Income tax expense | 11 | 81 | (18 | ) | (126 | ) | ||
Net loss from continuing operations | (6,807 | ) | (49,035 | ) | (881 | ) | (6,149 | ) |
Discontinued operations | ||||||||
Gain on disposal of discontinued operations | (230 | ) | - | - | - | |||
Loss for the period from discontinued operations | 4 | - | - | - | ||||
Net income (loss) for the period | (7,033 | ) | (49,035 | ) | (3,116 | ) | (21,748 | ) |
Net income (loss) attributable to: | ||||||||
Equity Holders of the Company | (7,021 | ) | (48,953 | ) | (4,095 | ) | (28,582 | ) |
Non-controlling interest | (12 | ) | (82 | ) | 98 | 685 | ||
Net income (loss) for the period | (7,033 | ) | (49,035 | ) | (3,997 | ) | (27,897 | ) |
Loss per share | ||||||||
Basic (RMB) | ||||||||
-- from Continuing Operations | (2.52 | ) | (15.66 | ) | (1.10 | ) | (7.30 | ) |
-- from Discontinued Operations | (1.39 | ) | (12.24 | ) | (3.70 | ) | (26.60 | ) |
Diluted (RMB) | ||||||||
-- from Continuing Operations | (2.52 | ) | (15.66 | ) | (1.00 | ) | (7.30 | ) |
-- from Discontinued Operations | (2.05 | ) | (8.53 | ) | (3.70 | ) | (26.00 | ) |
ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
Years ended | ||||||
2023 | 2022 | |||||
USD'000 | RMB'000 | RMB'000 | ||||
Net sales | 72,102 | 510,546 | 286,347 | |||
Cost of goods sold | 64,609 | 457,493 | 258,431 | |||
Gross profit | 7,492 | 53,053 | 27,916 | |||
Other income | 526 | 3,728 | 2,966 | |||
Fair value unrealized gain of unlisted financial assets | - | - | 130 | |||
Selling and distribution expenses | (7,399 | ) | (52,392 | ) | (16,380 | ) |
Administrative expenses | (12,576 | ) | (89,047 | ) | (22,757 | ) |
Bad debt reversal (expense) | - | - | 2,751 | |||
Finance costs | (138 | ) | (975 | ) | (25 | ) |
Other expenses | (170 | ) | (1,204 | ) | (42 | ) |
Income (loss) before taxation | (12,264 | ) | (86,837 | ) | (5,441 | ) |
Income tax expense | 12 | 83 | 209 | |||
Net income (loss) for the period from continuing operations | (12,275 | ) | (86,920 | ) | (5,650 | ) |
Discontinued operations | ||||||
Gain on disposal of discontinued operations | 10,429 | 73,846 | - | |||
Loss for the period from discontinued operations | (196 | ) | (1,385 | ) | (47,994 | ) |
Net income (loss) for the period | (2,042 | ) | (14,459 | ) | (53,644 | ) |
Net income (loss) attributable to : | ||||||
Equity holders of the Company | (2,025 | ) | (14,340 | ) | (57,918 | ) |
Non-controlling interest | (17 | ) | (119 | ) | 4,274 | |
Net income (loss) for the period | (2,042 | ) | (14,459 | ) | (53,644 | ) |
Net income (loss) attributable to the equity holders of the Company arise from: | ||||||
continuing operations | (12,258 | ) | (86,801 | ) | (9,924 | ) |
discontinued operations | 10,233 | 72,461 | (47,994 | ) | ||
Other comprehensive loss | ||||||
Exchange differences on translation of financial statements of foreign operations | (260 | ) | (1,838 | ) | 198 | |
Total comprehensive income (loss) for the period | (2,302 | ) | (16,297 | ) | (53,446 | ) |
Total comprehensive income (loss) attributable to: | ||||||
Equity holders of the Company | (2,285 | ) | (16,178 | ) | (57,720 | ) |
Non-controlling interest | (17 | ) | (119 | ) | 4,274 | |
Total comprehensive income (loss) for the period | (2,302 | ) | (16,297 | ) | (53,446 | ) |
Total comprehensive loss attributable to the equity holders of the Company arise from: | ||||||
continuing operations | (12,535 | ) | (88,758 | ) | (5,452 | ) |
discontinued operations | 10,233 | 72,461 | (47,994 | ) | ||
Loss per share attributable to the equity holders of the Company | ||||||
Basic (RMB) | ||||||
-- from continuing operations | (5.52 | ) | (39.10 | ) | (11.90 | ) |
-- from discontinued operations | 4.61 | 32.64 | (57.30 | ) | ||
Diluted (RMB) | ||||||
-- from continuing operations | (5.52 | ) | (39.10 | ) | (11.90 | ) |
-- from discontinued operations | 3.95 | 27.98 | (57.30 | ) | ||
ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
Years ended | ||||||
2023 | 2022 | |||||
USD '000 | RMB'000 | RMB'000 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Income (loss) before taxation | (1,835 | ) | (12,991 | ) | (5,441 | ) |
Adjustments for | - | |||||
Operating lease charge | - | - | 484 | |||
Depreciation of property, plant and equipment | 51 | 361 | 255 | |||
Fair value gain on unlisted financial assets | - | - | (130 | ) | ||
Gain on disposal of subsidiaries | (10,429 | ) | (73,846 | ) | - | |
Loan forgiveness by related party | (164 | ) | (1,160 | ) | - | |
Loss on convertible note | 179 | 1,267 | - | |||
Standstill fee (principal pump on long term loan) | 96 | 682 | - | |||
Reversal of bad debt of trade receivables | - | - | (2,751 | ) | ||
Share based compensation | 6,985 | 49,459 | 2,180 | |||
Interest expense on lease liability | - | - | 25 | |||
Amortization of OID of convertible note | 63 | 446 | 15 | |||
Operating cash flows before working capital changes | (5,053 | ) | (35,782 | ) | (5,363 | ) |
Decrease in trade receivables | - | - | 4,292 | |||
Decrease (Increase) in other receivables and prepayments | (172 | ) | (1,216 | ) | (898 | ) |
Increase in loan receivables | (5,194 | ) | (36,780 | ) | - | |
Increase (Decrease) in trade payables | (435 | ) | (3,079 | ) | 464 | |
Increase (Decrease) in unearned revenue | 27 | 192 | (15,545 | ) | ||
Decrease in taxes payable | 228 | 1,614 | (958 | ) | ||
Increase (Decrease) in accrued liabilities and other payables | 103 | 731 | (2,100 | ) | ||
Cash used in operations | (10,496 | ) | (74,230 | ) | (20,108 | ) |
Interest paid | - | - | - | |||
Income tax paid | (20 | ) | (144 | ) | (326 | ) |
Net cash generated from operating activities from discontinued operations | 1,994 | 14,118 | 4,982 | |||
Net cash generated from (used in) operating activities | (8,522 | ) | (60,346 | ) | (15,452 | ) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Acquisition of fixed assets | (71 | ) | (500 | ) | (22 | ) |
Acquisition of intangible assets | - | - | (6 | ) | ||
Decrease in notes receivable | 1,328 | 9,404 | - | |||
Decrease in available-for-sale financial asset | 1,105 | 7,823 | (8,393 | ) | ||
Decrease (Increase) in restricted cash | 292 | 2,069 | (2,069 | ) | ||
Cash disposed as a result of disposal of subsidiaries | (36 | ) | (256 | ) | - | |
Net cash used in investing activities from discontinued operations | - | - | - | |||
Net cash generated from (used in) investing activities | 2,618 | 18,540 | (10,490 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Payment for lease liabilities | - | - | (358 | ) | ||
Insurance of share capital for equity financing | 8,322 | 58,929 | 5,724 | |||
Warrants exercised | - | - | - | |||
Capital contribution from noncontrolling interest | - | - | 2,450 | |||
Proceeds from promissory note | 1,003 | 7,100 | 8,759 | |||
Due from related parties | (1,320 | ) | (9,344 | ) | ||
Advance from related parties | 60 | 423 | - | |||
Net cash used in financing activities from discontinued operations | (2,020 | ) | (14,303 | ) | (14,303 | ) |
Net cash generated from (used in) financing activities | 6,045 | 42,805 | 2,272 | |||
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS | 141 | 999 | (23,670 | ) | ||
CASH & EQUIVALENTS (INCLUDING CASH CLASSIFIED AS HELD FOR SALE OF | 599 | 4,242 | 27,880 | |||
EFFECT OF FOREIGN EXCHANGE RATE DIFFERENCES | (202 | ) | (1,433 | ) | 32 | |
CASH & EQUIVALENTS, END OF PERIOD | 538 | 3,808 | 4,242 | |||
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS: | ||||||
Cash and cash equivalents | 538 | 3,808 | 3,936 | |||
Cash and cash equivalents included in assets classified as held for sale | - | 306 | ||||
538 | 3,808 | 4,242 | ||||
The accompanying notes as included in the Company’s 20-F filed with the
Contact Information: | ||
Email: info@aehltd.com | Precept Investor Relations LLC Email: david.rudnick@preceptir.com Phone: +1 646-694-8538 | |
Source:
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