Antelope Enterprise (AEHL) trims H1 2025 loss as liabilities fall

Rhea-AI Filing Summary

Antelope Enterprise Holdings, which operates the Kylin Cloud livestreaming e-commerce business in China, reported unaudited results for the six months ended June 30, 2025. Total revenues fell 5.7% to $41.0 million from $43.5 million a year earlier, mainly due to centralizing traffic acquisition at the Anhui Kylin entity and stopping DOU+ advertising activities after industry-wide policy changes in the PRC.

Despite lower revenue, profitability improved. Net loss narrowed to $3.6 million from $6.5 million, and loss per share improved to $1.03 from $4.84, helped by lower selling, administrative and other expenses. Gross profit declined to $1.8 million from $3.5 million as cost of goods sold remained high.

The balance sheet showed modest strengthening. As of June 30, 2025, cash increased to $1.8 million from $1.1 million at December 31, 2024. Total liabilities dropped to $8.9 million from $11.8 million, driven by lower notes payable and unearned revenue, while total stockholders’ equity rose to $27.1 million from $26.2 million. Management emphasized Kylin Cloud’s positioning to benefit from ongoing growth in digital purchasing and livestreaming e-commerce.

Insights

Equity & earnings analyst

Revenue dipped modestly, but losses and leverage improved meaningfully.

Antelope Enterprise posted a 5.7% revenue decline to $41.0 million for the six months ended June 30, 2025, largely due to a strategic shift in traffic acquisition and the cessation of DOU+ advertising after PRC policy changes. Gross profit roughly halved to $1.8 million, signaling pressure on unit economics.

At the same time, operating efficiency improved. Net loss shrank to $3.6 million from $6.5 million as selling and administrative expenses fell sharply. On the balance sheet, total liabilities dropped from $11.8 million to $8.9 million, and stockholders’ equity increased to $27.1 million, indicating a stronger net asset position despite ongoing losses.

Management highlights Kylin Cloud’s resources and infrastructure as a platform to benefit from continued growth in livestreaming e-commerce. Future filings covering periods after June 30, 2025 will show whether the traffic centralization strategy and exit from DOU+ translate into more sustainable margins while maintaining or regaining revenue momentum.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the Month of February 2026

Commission file number: 001-34944

ANTELOPE ENTERPRISE HOLDINGS LTD.

(Translation of registrant’s name into English)

Room 1802, Block D, Zhonghai International Center,

Hi- Tech Zone, Chengdu, Sichuan Province, People’s Republic of China

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

EXPLANATORY NOTE

On February 13, 2026, Antelope Enterprise Holdings Ltd. (the “Company”) issued a press release entitled “Antelope Enterprise Announced First Half of 2025 Financial Results.” A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Report on Form 6-K (including the press release furnished as Exhibit 99.1) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.

Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press Release, dated February 13, 2026.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 13, 2026	ANTELOPE ENTERPRISE HOLDINGS LTD.
	By:	/s/ Tingting Zhang
		Tingting Zhang
		Chief Executive Officer

Exhibit 99.1

Antelope Enterprise Announced First Half of 2025 Financial Results

Sichuan, China, February 13, 2026 – Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (“Antelope Enterprise”, “AEHL” or the “Company”), which operates Kylin Cloud, a livestreaming ecommerce business in China, today announced its unaudited financial results for the six months ended June 30, 2025.

First Half 2025 Financial and Operational Highlights:

Total Revenues for the six months ended June 30, 2025, decreased by 5.7% to $41.0 million from $43.5 million for the same period in 2024.

Net Loss for the six months ended June 30, 2025, decreased to $3.6 million from $6.5 million for the same period in 2024.

Loss Per Share for the six months ended June 30, 2025, decreased to $1.03 from $4.84 for the same period in 2024.

Cash was $1.8 million as of June 30, 2025 compared to $1.1 million as of December 31, 2024.

Total Assets decreased to $36.0 million as of June 30, 2025 from $38.0 million at December 31, 2024.

Total Liabilities decreased significantly to $8.9 million as of June 30, 2025 from $11.8 million as of December 31, 2024. This includes a decrease in note payable, which fell from 5.2 million to 3.6 million, and a decrease in unearned revenue, which fell from 2.6 million to 0.6 million.

Total Stockholders’ Equity rose to $27.1 million as of June 30, 2025 from $26.2 million as of December 31, 2024.

Tingting Zhang, Chief Executive Officer of Antelope Enterprise, commented: “Our revenues for the six months ended June 30, 2025, decreased by 5.7% compared to the same period in 2024. This decline was primarily attributable to our strategic decision to centralize e-commerce traffic acquisition under the Anhui Kylin entity to enhance group management efficiency. While this shift improved operational oversight, it resulted in the loss of certain customers during the transition.

Additionally, we generated no revenue from DOU+ in 2025, compared to $2.2 million in the six months ended June 30, 2024. This reflects a broader policy change in the PRC that significantly altered e-commerce advertising strategies industry-wide. Due to the low return on investment and high costs associated with DOU+, many participants—including our Company—suspended or ceased activities in this area.

Our majority-owned subsidiary, Kylin Cloud, continues to provide comprehensive, one-stop livestreaming broadcasting solutions to consumer brand companies by matching products with suitable influencers and hosts. We believe Kylin Cloud is well-positioned with its resources, infrastructure, and experience to capitalize on the ongoing growth in digital purchasing and livestreaming e-commerce. We remain committed to deepening customer relationships through customized support and value-added services, while exploring opportunities to adapt our model for new markets and create long-term value for stakeholders.”

About Antelope Enterprise Holding Limited

Antelope Enterprise Holding Limited (“Antelope Enterprise”, “AEHL” or the “Company”) engages holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co. Ltd (“Kylin Cloud”), which operates a livestreaming e-commerce business in China. For more information, please visit the Company’s website at https://aehltd.com

Cautionary Statement Regarding Forward-Looking Statements

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 consumer and technology sectors continuing to exhibit sound long-term fundamentals, and our ability to continue to grow our business management, information system consulting, and online social commerce and live streaming 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. Forward-looking statements contained in this report include, but are not limited to, statements about the market positioning of Kylin Cloud and our opportunities to adapt our model for new markets and create long-term value for stakeholders.

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 transition period ended September 30, 2025 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 afterhe respective dates on which any such statements otherwise are made.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of at the rate of US$1.00 = RMB 7.1636 for balance sheet accounts at the balance sheet date, US$ 1.00 = RMB 7.2526 for the P&L accounts for the six months ended June 30, 2025.. The exchange rate refers to the historical rate as set forth in the H.10 statistical release published by www.federalreserve.gov on June 30, 2025.The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

Basis of Presentation

All financial information included in this report has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Company does not present any non-IFRS financial measures in this report. Accordingly, no reconciliations of non-IFRS measures to IFRS measures are required or provided. Investors are encouraged to review the Company’s complete interim financial statements and accompanying notes included herein.

Antelope Enterprise Holdings Limited Investor Contact:

Xiaoying Song

Chief Financial Officer

info@aehltd.com

ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

		As of June 30, 2025				As of December 31, 2024
		USD’000				USD’000
		(Unaudited)
ASSETS AND LIABILITIES
NONCURRENT ASSETS
Property and equipment, net			4,029				4,138
Intangible assets, net			-				-
Right-of-use assets, net			1,174				1,326
Security deposit			198				198
Note Receivable			5,305				5,435
Total noncurrent assets			10,706				11,097
CURRENT ASSETS
Trade receivable			41				-
Other receivables and prepayments			3,668				6,989
Loan receivable			19,771				18,873
VAT receivable			10				-
Cash and bank balances			1,760				1,047
Total current assets			25,250				26,909
Total assets			35,956				38,006
CURRENT LIABILITIES
Trade payables			654				831
Accrued liabilities and other payables			1,580				1,128
Note payable			3,580				5,187
Unearned revenue			618				2,612
Amounts owed to related parties			770				272
Lease liabilities			334				348
Taxes payable			451				315
Total current liabilities			7,987				10,693
NET CURRENT ASSETS			17,263				16,216
NONCURRENT LIABILITIES
Lease liabilities			899				1,072
Total noncurrent liabilities			899				1,072
Total liabilities			8,886				11,765
NET ASSETS			27,070				26,241
EQUITY
Reserves			26,277				25,553
Noncontrolling interest			793				688
Total equity			27,070				26,241

ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

		SIX MONTHS ENDED JUNE 30,
		2025				2024
		USD’000				USD’000
Net sales			40,974				43,462
Cost of goods sold			39,189				39,969
Gross profit			1,785				3,493
Other income			1,057				651
Selling and distribution expenses			(2,094	)			(3,130	)
Administrative expenses			(3,606	)			(6,863	)
Finance costs			(694	)			(537	)
Other expenses			-				(139	)
Loss before taxation			(3,552	)			(6,525	)
Income tax expense			9				2
Net loss for the period			(3,561	)			(6,527	)
Net income (loss) attributable to :
Equity holders of the Company			(3,652	)			(6,635	)
Non-controlling interest			91				108
Net loss			(3,561	)			(6,527	)
Other comprehensive income (loss)
Exchange differences on translation of financial statements of foreign operations			405				(913	)
Exchange differences on translation of financial statements of foreign operations - non-controlling interest			14				-
Total comprehensive loss			(3,142	)			(7,440	)
Total comprehensive income (loss) attributable to:
Equity holders of the Company			(3,247	)			(7,548	)
Non-controlling interest			105				108
Total comprehensive loss			(3,142	)			(7,440	)
Income (loss) per share attributable to the equity holders of the Company *
Basic and Diluted (USD) **
			(1.03	)			(4.84	)

* Reflected the 1-for-40 reverse split effective on April 3, 2025.

** Earnings per share for basic and diluted weighted average shares outstanding from continuing operations are the same due to anti-dilutive feature resulting from the net loss from continuing operations for the six months ended June 30, 2025 and 2024.

FAQ

How did Antelope Enterprise (AEHL) perform in the first half of 2025?

Antelope Enterprise reported unaudited first-half 2025 revenue of $41.0 million, down 5.7% year over year, with net loss improving to $3.6 million from $6.5 million. Loss per share narrowed to $1.03 from $4.84, reflecting lower operating expenses.

What drove the revenue decline for Antelope Enterprise (AEHL) in H1 2025?

Revenue declined 5.7% mainly because Antelope Enterprise centralized e-commerce traffic acquisition under Anhui Kylin, which caused some customer loss during the transition. The company also generated no DOU+ revenue in 2025, versus $2.2 million in the prior-year period, after broader PRC policy changes.

How did Antelope Enterprise’s profitability change in the first half of 2025?

Profitability improved despite lower revenue. Net loss narrowed to $3.6 million from $6.5 million, and loss per share improved to $1.03 from $4.84. This was driven by reductions in selling, distribution, and administrative expenses, even as gross profit decreased.

What does Antelope Enterprise’s H1 2025 balance sheet show about its financial health?

As of June 30, 2025, Antelope Enterprise had $1.8 million in cash versus $1.1 million at December 31, 2024. Total liabilities dropped to $8.9 million from $11.8 million, while stockholders’ equity rose to $27.1 million, indicating a stronger net asset position.

How is Kylin Cloud positioned within Antelope Enterprise’s business model?

Antelope Enterprise holds 51% of Hainan Kylin Cloud, which runs livestreaming e-commerce services in China. Kylin Cloud provides one-stop broadcasting solutions, matching brands with suitable influencers and hosts. Management believes its resources and infrastructure position it to benefit from ongoing digital purchasing and livestreaming growth.

What impact did PRC policy changes have on Antelope Enterprise’s DOU+ revenues?

PRC policy changes significantly altered e-commerce advertising strategies, reducing the attractiveness of DOU+. Antelope Enterprise generated no DOU+ revenue in the first half of 2025, compared with $2.2 million in the prior-year period, as many participants, including the company, suspended or stopped such activities.

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• EX-99.1 EX-99.1 66.9 KB