Business
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
About this update from Antelope Enterprise Holdings Limited
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n\n \nIn 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.\nWill 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.\"\n\"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.\nThe expected surge in 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.\nAntelope 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 continu...