Antelope Enterprise Issues Guidance for 50% Revenue Growth and Anticipates Profitability for Fiscal 2023
CHENGDU, China, May 25, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise", "AEHL" or the "Company"), which operates KylinCloud, a livestreaming ecommerce platform with access to 300,000+ hosts and influencers in China, today announced its financial guidance for its fiscal year ended December 31, 2023. Antelope Enterprise is forecasting $64.0 million in revenue for the full fiscal year 2023, which represents 50% growth from the $42.6 in revenue that it recorded for the full fiscal year 2022.
In addition, Antelope Enterprise expects to achieve profitability in fiscal year 2023 as the unique advantages in its business model leverages social media and livestreaming to address China's huge online consumer marketplace in a more creative and effective way. Further, AEHL's rationalization and utilization of big data that it maintains on its platform of social influencers and brands lays a solid foundation for its future growth.
Will Zhang, CEO of Antelope Enterprise, commented, "KylinCloud's unique platform has not only created a transformative space for brands and influencers to connect and engage, but it has also proven to be a key driver for increased profitability for our brand partners. By effectively utilizing our platform, brands have reported an increase in their gross margins of 5% to 7%, a testament to the effectiveness of KylinCloud."
"Looking ahead, we believe that the continued growth of livestreaming ecommerce, combined with our proven platform and strategic initiatives, will drive our revenue and profitability in 2023 and beyond," CEO Zhang added.
The expected surge n revenue is largely attributable to the high growth livestreaming ecommerce sector and the unique appeal of KylinCloud's platform, which effectively connects consumer brands with a vast network of hosts and influencers to drive product sales and profitability.
Antelope Enterprise plans to continue to leverage its strategic position as a pure play in the rapidly growing livestreaming ecommerce sector and grow its robust influencer network. The Company believes it will be able to deepen the penetration of China's sales markets by targeting demographics to consumer products which will continue to drive its financial performance as livestreaming ecommerce continues to become a core sales channel and an increasing proportion of online shopping.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co., Ltd ("KylinCloud"), which operates a livestreaming ecommerce platform in China with access 300,000+ hosts and influencers.
For more information, please visit our website at http://www.aehl-kylin.com/, or follow the Company on Twitter at https://twitter.com/aehl_ltd. To receive the Company's public announcements, please email [email protected].
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 in this press release include, without limitation, our ability to compete in the livestreaming ecommerce industry, to maintain and grow our network of high-quality supplies of hosts and influencers and our ability to implement new strategies to grow our business management, information system consulting, and livestreaming ecommerce 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 December 31, 2022 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
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SOURCE Antelope Enterprise Holdings Ltd.