Antelope Enterprise Announces 1st Half 2023 Financial Results.

CHENGDU, China: Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise", "AEHL" or the "Company"), which operates Kylin Cloud, a livestreaming ecommerce business in China with access to 400,000+ hosts and influencers, today announced its financial results for the six months ended June 30, 2023.

First Half 2023 Summary

Revenue generated from our livestreaming ecommerce business was RMB 305.9 million (US$ 44.2 million), a 172.5% increase as compared to RMB 112.3 million (US$ 17.3 million) for the same period of 2022.

Gross profit generated from our livestreaming ecommerce business was RMB 52.0 million (US$ 7.5 million), a 1,591.4% increase as compared to RMB 3.1 million (US$ 0.5 million) for the same period of 2022.

Loss from operations from our livestreaming ecommerce business was RMB 73,000 (US$ 11,000), as compared to income from operations of RMB 7.4 million (US$ 1.1 million) for the same period of 2022.

Will Zhang, Chairman and CEO of Antelope Enterprise, commented, "I am extremely proud of the achievements of our Kylin Cloud team as our first half revenue 2023 is up 172.5% as compared to the same period last year. Our revenue for our livestreaming ecommerce business came in at $44.2 million for the six months, modestly higher than our top line pre-announcement. Further, if not for certain non-cash expenses, we would have recorded positive operating income for our livestreaming ecommerce segment for the period."

As a first mover in the livestreaming ecommerce space in China, Kylin Cloud provides turnkey livestreaming marketing and broadcasting services to consumer brand companies by matching consumer brand products with the appropriate hosts and influencers. We believe that Kylin Cloud has the core competencies to increase its market share in the periods ahead in what we believe is an evolutionary sales channel and as we continue to engage as a pure play in the sector.

"I believe that we have a tremendous market opportunity ahead of us and am confident that Kylin Cloud's unique approach will continue to redefine the ecommerce livestreaming landscape. I am genuinely excited about our value proposition for our customers and am confident that we will create value for our shareholders," concluded Chairman and CEO Will Zhang.

Six Months Results Ended June 30, 2023

Revenue for the six months ended June 30, 2023 was RMB 309.3 million (US$ 44.6 million), a 161.5% increase from RMB 118.2 million (US$ 18.3 million) for the same period of 2022. The increase in revenue was due to RMB 305.9 million (US$ 44.2 million) in revenue generated from our livestreaming ecommerce business, a 172.5% increase from RMB 112.3 million (US$ 17.3 million) for the same period of 2022. Our livestreaming ecommerce business comprised 99% of first half 2023 total revenue as compared...