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Antelope Enterprise Announces Second Half and Full Year Financial Results for Fiscal 2020
Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (“Antelope Enterprise” or the “Company”), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced its financial results for the second half and fiscal year ended December 31, 2020.
Second Half 2020 Summary
- Revenue was RMB 143.2 million (US$ 21.1 million) as compared to RMB 150.2 million (US$ 21.4 million) for the same period of 2019.
- Net loss was RMB 81.6 million (US$ 12.1 million) as compared to a net profit of RMB 183.7 million (US$ 26.1 million) for the same period of 2019.
- Loss per share were RMB 24.85 (US$ 3.67) as compared to income per share of RMB 92.01 (US$ 13.08) for the same period of 2019.
Operating Results for Second Half 2020 were Affected by the Following Significant Items:
- A provision for the reversal of inventory impairment of RMB 2.3 million (US$ 0.3 million) as compared to a reversal of inventory impairment of RMB 56.8 million (US$ 8.1 million) for the same period of 2019.
- A provision for bad debt of RMB 48.5 million (US$ 7.2 million) as compared to a provision for a reversal of bad debt of RMB 125.2 million (US$ 17.8 million) for the same period of 2019.
Ms. Meishuang Huang, Chief Executive Officer of Antelope Enterprise, commented, “During fiscal year 2020, we experienced challenging market conditions as the impact of the COVID-19 pandemic outbreak had a material adverse impact on the demand for our products with customers both having canceled and delayed their purchases awaiting the normalization of business activity. We instituted a 15% price decrease in late 2019 in order to sustain our sales volume as well as to retain customers for future business. Our average selling price subsequently decreased for the second half of 2020 as compared to the same period of 2019, where the price decrease was in effect for only two months, but this mitigated what we believe would have been a greater decline in sales as compared to the modest decrease in sales volume that occurred in the second half of the year as business conditions due to the COVID-19 pandemic began to normalize.”
“For fiscal year 2020, we utilized production facilities capable of producing 4.2 million square meters of ceramic tiles per year out of the Company’s effective total annual production capacity of 51.6 million square meters of ceramic tiles. Consistent with our practice in past periods, we maintained a reduced utilization of existing plant capacity based on the current market environment to keep our operating costs low. We intend to bring additional capacity online as the business environment improves.”
“We remain focused on diversifying our operations to fuel our growth. While we remain committed to our core business, our two subsidiaries, Chengdu Future, which provides computer consulting, and Antelope Chengdu, which develops fintech software, generated RMB 7.2 million or US$ 1.1 million in income in 2020.”
“China’s real estate market has been resilient in the wake of the COVID-19 pandemic, and in the long-term, we believe that the building materials sector will grow due to urbanization, innovative property development and the upgrading of neglected housing stock. Further, we plan upon securing customers in the larger Southeast Asia market outside of China to capitalize upon new building construction that is happening in this region’s urban areas,” concluded Ms. Huang.
Six Months Results Ended December 31, 2020
Revenue for the six months ended December 31, 2020 was RMB 143.2 million (US$ 21.1 million), a 4.6% decrease from RMB 150.2 million (US$ 21.4 million) for the same period of 2019. The decrease in revenue was due to the 9.1% decrease in average selling price to RMB 21.8 (US$ 3.34) for the second half of 2020 from RMB 24.0 (US$ 3.41) for the same period of 2019, which was partially offset by the 4.8% increase in our sales volume to 6.6 million square meters of ceramic tiles for the second half of 2020 compared to 6.3 million square meters of ceramic tiles for the same period of 2019. We instituted a 15% price decrease in late 2019 in order to sustain our sales volume as well as to retain customers for future business. Our average selling price decreased for the second half of 2020 as compared to the same period of 2019 since the 15% price decrease was in effect for only two months in the latter period. Our sales volume grew sequentially from 1.8 million square meters of ceramic tiles in the first half of 2020 to 6.6 million square meters of ceramic tiles in the second half of 2020 as business conditions in China began to normalize.
Gross loss for the six months ended December 31, 2020 was RMB 26.9 million (US$ 4.0 million), as compared to gross profit of RMB 66.0 million (US$ 9.4 million) for the same period of 2019. The gross loss margin was 18.8% as compared to a 44.0% gross profit margin for the same period of 2019. The gross loss margin for the six months ending December 31, 2020 was mainly due to the 9.0% decrease in average selling price and the 102.2% increase in cost of goods sold. The second half of 2020 cost of goods sold includes a reversal of inventory impairment of RMB 2.3 million (US$ 0.3 million); without this reversal of inventory impairment the gross loss for the six months ended December 31, 2020 would have been 20.4%. The second half of 2019 cost of goods sold includes a reversal of inventory impairment of RMB 56.8 million (US$ 8.1 million); without this reversal of inventory impairment the gross profit margin for the six months ended December 31, 2019 would have been 6.2%.
Other income for the six months ended December 31, 2020 was RMB 12.2 million ($1.8 million), an increase of RMB 4.7 million (US$ 0.7 million) from the RMB 7.5 million ($1.1 million) for the comparable period of 2019. Other income primarily consists of rental income that the Company received by leasing out one of its production lines from its Hengdali facility pursuant to an eight-year lease contract and RMB 7.2 million ($1.1 million) from our newly incorporated subsidiaries, Chengdu Future and Antelope Chengdu, who engage in computer consulting and software development, respectively.
Selling and distribution expenses for the six months ended December 31, 2020 were RMB 4.2 million (US$ 0.6 million), a decrease of RMB 1.4 million (US$ 0.2 million) from RMB 5.6 million (US$ 0.8 million) for the comparable period of 2019. The decrease was mainly due to a decrease in advertising expenses of RMB 0.9 million and a decrease in payroll expenses of RMB 0.5 million.
Administrative expenses for the six months ended December 31, 2020 were RMB 11.9 million (US$ 1.8 million), an increase of RMB 2.7 million (US$ 0.4 million) from RMB 9.2 million (US$ 1.3 million), for the same period of 2019. The increase in administrative expenses was primarily due to increased start-up expenses for our newly incorporated entities and an increase in consulting expenses.
Bad debt expense for the six months ended December 31, 2020 entailed bad debt of RMB 48.5 million (US$ 7.2 million), as compared to a reversal of bad debt expense of RMB 125.2 million (US$ 17.8 million) for the same period of 2019. We recognize a loss allowance for expected credit loss on our financial assets, primarily on trade receivables, which are subject to impairment under IFRS 9, Financial Instruments, first effective for year 2018. We believe that we have undertaken appropriate measures to resolve our bad debt expense. We will continue to review each of our customers for credit quality as well as assiduously test their accounts receivables balances in each upcoming fiscal period.
Net loss for the six months ended December 31, 2020 was RMB 81.6 million (US$ 12.0 million), as compared to a net profit of RMB 183.7 million (US$ 26.1 million) for the same period of 2019. The net loss was primarily due to the gross loss for the second half of 2020 and the bad debt expense incurred in the second half of 2020.
Loss per basic share and fully diluted share for the six months ended December 31, 2020 was RMB 24.85 (US$ 3.67) per share, as compared to profit per basic and fully diluted share of RMB 92.01 (US$ 13.08) for the same period of 2019.
Fintech PR
PostEra announces expansion to $610M in their AI drug discovery collaboration with Pfizer
BOSTON, Jan. 7, 2025 /PRNewswire/ — PostEra, a biotechnology company specializing in machine learning for preclinical drug discovery, today announced an expansion of their partnership with Pfizer. The parties will launch a new Antibody-Drug-Conjugate (ADC) collaboration while also expanding their existing $260M AI Lab collaboration, which itself was built upon a successful Generative Chemistry partnership.
The teams will leverage PostEra’s AI platform, Proton, a pioneering innovation in generative chemistry and synthesis-aware design, to advance several programs. These new programs include small molecule therapeutics as well as ADCs, where PostEra will use Proton to optimize properties of payloads.
PostEra will receive an upfront payment of $12M and is eligible to receive additional milestone payments and tiered royalties on any approved products arising out of the collaboration.
Over the last 3 years, as part of the AI Lab, PostEra and Pfizer scientists have partnered closely to advance several small molecule programs. After Pfizer nominated the maximum number of programs, the teams have agreed to expand the collaboration to include additional targets with PostEra receiving additional upfront payment and eligibility for milestones and royalties.
“We’re pleased to significantly expand the use of PostEra’s Proton platform. This builds on peer-reviewed publications with Pfizer validating the real-world impact of AI-driven drug discovery in hitting preclinical milestones faster than anticipated,” said Alpha Lee, Chief Scientific Officer of PostEra. “This third partnership with our long-term collaborators at Pfizer underscores Proton’s depth and strength in making a meaningful impact on real-world drug discovery campaigns,” added Aaron Morris, CEO of PostEra.
About PostEra
PostEra is building a modern 21st century biopharma. We use Proton, our AI platform for medicinal chemistry, to accelerate the discovery of new medicines for patients. PostEra is advancing an internal pipeline while also advancing small molecule programs through partnerships with biopharma. We’ve closed over $1Bn in AI partnerships including 4 multi-year agreements with Pfizer and Amgen. PostEra is also leading an antiviral drug discovery center for pandemic preparedness, funded by one of the largest grants in NIH history.
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The partnership combines Radius’s strategic insights framework with Illuminas’s expertise in the technology and financial services sectors, thereby strengthening Radius’s capabilities across B2B and consumer markets.
NEW YORK, Jan. 7, 2025 /PRNewswire/ — Radius Global Market Research, a leading global insights and strategy firm, has announced its acquisition of Illuminas North America, a multidisciplinary research consultancy with headquarters in Austin, Texas. The acquisition strengthens Radius’s ability to deliver actionable insights for its global clients and enhances its expertise in supporting strategic insights needs of clients across industries.
Financial details were not disclosed.
Combining Expertise for Greater Insights
The acquisition integrates Radius’s Brand Growth Navigator framework with Illuminas’s strength in data science and deep expertise with technology and service-related industries. Illuminas is renowned for bridging gaps in customer understanding through tailored, data-driven solutions that illuminate optimal paths to success and drive growth for global brands.
“Illuminas’s proven capabilities in technology-focused research and their expertise in supporting B2B companies make them an ideal partner for Radius,” said Chip Lister, managing director of Radius Global Market Research. “This partnership enhances our ability to deliver insights that address critical business challenges for our clients, especially in industries where technology and innovation are key drivers of success.”
Expanding Capabilities for Clients Worldwide
Founded in 2002, Illuminas North America has built a reputation as a trusted partner for Fortune 500 companies and industry leaders. With deep expertise in technology, financial services, and dynamic global markets, Illuminas employs innovative and foundational research techniques, including quantitative and qualitative tools, to deliver insights that go beyond data to uncover compelling narratives.
“Our partnership with Radius will allow us to expand the reach and impact of our work,” said Jay Shutter, Principal and CEO of Illuminas. “By combining our customer-focused methodologies with Radius’s strategic insights framework, we’ll be better equipped to deliver actionable research that empowers our clients to make confident, informed decisions. This is a tremendous opportunity to enrich the value we provide to clients across the globe.”
Global Reach and Local Expertise
Illuminas North America’s offices in Austin, Texas, and Great Falls, Virginia, will enhance Radius’s ability to deliver insights worldwide. This acquisition follows Radius’s January 2025 acquisition of 7th Sense and its January 2024 acquisition of London-based Strive Insight, further extending the firm’s global footprint. Together, Radius and Illuminas will provide a seamless integration of advanced research tools and industry-specific expertise to support clients in achieving their goals.
About Radius Global Market Research
Founded in 1960, Radius is a full-service marketing research consultancy headquartered in New York City, with offices across the U.S. and globally. Radius supports brand growth through its Brand Growth Navigator framework, helping clients align insights with strategic priorities to maximize ROI. Its expertise spans industries, including technology, financial services, and consumer goods. Visit www.radiusinsights.com for more information.
About Illuminas North America
Illuminas is a strategic market research consultancy founded in 2002, specializing in bridging gaps in customer understanding. Headquartered in Austin, Texas, with an office in Great Falls, Virginia, Illuminas provides customized research solutions using proprietary methodologies to uncover insights for technology, financial services, and hospitality industries. The team combines quantitative and qualitative research methods to deliver insights that empower decision-making and drive business growth. Visit www.us.Illuminas.com for more information.
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Fintech PR
Fisher Investments Finalizes Strategic Partnership with Advent and ADIA with Completion of Minority Common Stock Investment
Fisher Investments’ Founder Ken Fisher Maintains Majority Controlling Interest
PLANO, Texas, Jan. 7, 2025 /PRNewswire/ — Fisher Investments (“FI”) announced that Advent International (“Advent”) and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) completed a previously announced minority investment in Ken Fisher’s namesake firm, Fisher Investments. The $3 billion common stock investment by Advent and ADIA values FI at $12.75 billion.
The transaction was part of Ken Fisher’s long-term estate planning and ensures FI’s long-term private independence, culture, growth evolution and devotion to exceptional client service. Ken Fisher remains active in his current role as FI’s Executive Chairman and Co-Chief Investment Officer and retains a majority of beneficial ownership and over 70% of voting shares in FI. FI CEO Damian Ornani continues to drive FI’s day-to-day operations and business strategy. In connection with the investment, David Mussafer, a Managing Partner at Advent, has joined the board of directors at FI, and Gabriela Weiss, a Principal at Advent, has joined as a board observer at FI.
As of 12/31/24, FI managed nearly $300 billion for over 170,000 clients globally, including over 130,000 US private clients and 200 of the world’s largest and most well-known institutional clients. This is the first outside investment in FI, with previous ownership solely among family and employees. There is no further FI investment transaction contemplated. The investment in common shares includes neither options nor non-common stock preferences and includes proportional voting to the investors’ beneficial ownership in FI.
Ken Fisher said, “While my health is excellent, this transaction is aimed dually at long-term estate tax and planning purposes should anything untoward happen to me. Advent and ADIA are truly exceptional partners who value us operationally and culturally, and are committed to preserving what differentiates FI in our industry.”
Damian Ornani, longtime FI CEO, said, “We welcome Advent and ADIA’s support of our mission to help more new clients around the world.”
David Mussafer said, “We are thrilled to cement Advent’s partnership with FI at a moment when there is a growing need for the smart, independent and personalized financial expertise that FI is recognized for providing for 45 years. We look forward to closely collaborating with Ken, Damian and the rest of the FI team to support the company’s continued growth, drawing on Advent’s deep expertise in helping financial services companies best capitalize on the opportunities ahead.”
J.P. Morgan Securities LLC and RBC Capital Markets served as joint financial advisors and Paul Hastings served as legal advisor to FI. Ropes & Gray served as legal advisor to Advent. Gibson Dunn served as legal advisor to ADIA.
About Fisher Investments
Founded in 1979, Fisher Investments is an independent, fee-only investment adviser. Fisher Investments and its subsidiaries manage nearly $300 billion across three principal businesses—Institutional, US Private Client, and Private Client International. Founder and Executive Chairman Ken Fisher wrote the Forbes “Portfolio Strategy” column for 32 ½ years until 2017, making him the longest running columnist in its history. He now writes monthly for the New York Post and discreet unique columns in native language, varying by country, in 26 major nations, spanning more countries and more total volume than any other columnist of any type in history. Ken has appeared regularly on major TV news like Fox Business and News, BBN Bloomberg and CNN International. Ken has written 11 investing and finance books, including four New York Times bestsellers. For more information, visit www.fisherinvestments.com.
About Advent International
Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $88.8 billion in assets under management* and have made more than 420 investments across 43 countries.
Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.
As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.
To learn more, visit our website connect with us on LinkedIn.
*Advent assets under management (AUM) as of June 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.
About Abu Dhabi Investment Authority
Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information, visit www.adia.ae.
Media Contacts
For Fisher Investments
Naj Srinivas
Executive Vice President, Corporate Communications
[email protected]
For Advent International
Leslie Shribman
Head of Communications
[email protected]
For ADIA
Garry Nickson
Corporate Communications & Public Affairs
[email protected]
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