Antelope Enterprise Pre-Announces 1H 2023 Revenue of $42.8 Million, a Projected 168% Year-Over-Year Increase

AEHL On Track to Surpass Full-Year Revenue Guidance & Achieve Profitability

CHENGDU, China, Aug. 25, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise", "AEHL" or the "Company"), the operator of KylinCloud, a premier livestreaming e-commerce platform that leverages a network of over 400,000 hosts and influencers across China, today pre-announced its revenue for the first six months of its fiscal year ended June 30, 2023. The Company estimates that it will achieve approximately $42.0 million in revenue for the first half of 2023; this represents growth of 167.5% compared to $15.7 million in revenue that it recorded for the same period of 2022.

Antelope Enterprise's projected first half revenue represents 65.6% of the Company's full-year guidance of $64 million issued on May 25, 2023. Given the Company's expected strong performance in the first half of the year, Antelope Enterprise believes that it will exceed its full year revenue guidance.

In addition, Antelope Enterprise affirms its forecast to achieve profitability for the full fiscal year 2023. The Company's believes that its strong financial growth highlights the power of its innovative business model that optimizes the use of social media and livestreaming to uniquely engage China's vast online consumer marketplace.

Antelope Enterprise CEO Will Zhang commented, "Our first half 2023 financial results clearly validates the strength of our business model and the value that we provide to both our consumer brand partners and influencers. The projected 168% revenue growth over the first half of fiscal 2022 serves as a powerful indicator of the effectiveness of our livestreaming ecommerce platform, KylinCloud, in this rapidly growing market."

CEO Will Zhang continued, "We not only facilitate meaningful connections between consumer brands and influencers, but also enhance profitability for our partners and provide immense value to our consumers. Given our expected impressive performance in the first half of the year, we are confident that we will not only meet but exceed our annual revenue guidance while achieving profitability for the full year 2023."

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 400,000+ 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 investor@aehltd.com.

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 technology sectors continuing to exhibit sound long-term fundamentals, and our ability to continue 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.