The company's competitive position appears severely compromised, evidenced by a 71.9% revenue decline and a negative 6.5% gross margin reported in 2024Q4.
| Metric | TTM | Sep'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 619.08M | 81.1M | 98.77M | 510.78M | 291.58M | 11.22M | 173M | 326.7M | 517.62M | 801.12M | 830.27M | 1.05B | 1.03B | 937.88M | 1.43B | 1.47B | 1.04B | 835.37M | 753.93M | 625.21M |
| Revenue Growth % | 27.54% | -17.9% | -80.66% | 75.18% | 2498.4% | -93.51% | -47.05% | -36.88% | -35.39% | -3.51% | -20.92% | 1.98% | 9.78% | -34.42% | -2.53% | 40.6% | 24.93% | 10.8% | 20.59% | - |
| Cost of Goods Sold | 564.16M | 80.92M | 98.9M | 457.69M | 263.16M | 10.27M | 197.58M | 245.59M | 518.83M | 753.43M | 869.13M | 920.75M | 926M | 883.52M | 1.05B | 1.01B | 715.32M | 582.78M | 545.97M | 425.5M |
| COGS % of Revenue | - | 99.78% | 100.13% | 89.61% | 90.25% | 91.56% | 114.21% | 75.17% | 100.23% | 94.05% | 104.68% | 87.69% | 89.94% | 94.2% | 73.63% | 68.67% | 68.54% | 69.76% | 72.42% | 68.06% |
| Gross Profit | 54.91M | 174.67K | -126K | 53.08M | 28.42M | 946.64K | -24.58M | 81.11M | -1.21M | 47.69M | -38.86M | 129.22M | 103.62M | 54.37M | 377.13M | 459.64M | 328.28M | 252.59M | 207.96M | 199.72M |
| Gross Margin % | 8.87% | 0.22% | -0.13% | 10.39% | 9.75% | 8.44% | -14.21% | 24.83% | -0.23% | 5.95% | -4.68% | 12.31% | 10.06% | 5.8% | 26.37% | 31.33% | 31.46% | 30.24% | 27.58% | 31.94% |
| Gross Profit Growth % | - | 238.62% | -100.24% | 86.76% | 2902.4% | 103.85% | -130.31% | 6794.83% | -102.54% | 222.72% | -130.07% | 24.7% | 90.61% | -85.58% | -17.95% | 40.01% | 29.96% | 21.46% | 4.13% | - |
| Operating Expenses | 155.56M | 11.04M | 11.3M | 141.21M | 39.85M | 2.51M | 176.08M | 104.81M | 447.27M | 96.84M | 53.17M | 36.95M | 43.44M | 37.58M | 40.93M | 56.97M | 29.16M | 42.9M | 16.41M | 42.24M |
| OpEx % of Revenue | - | 13.61% | 11.44% | 27.65% | 13.67% | 22.37% | 101.78% | 32.08% | 86.41% | 12.09% | 6.4% | 3.52% | 4.22% | 4.01% | 2.86% | 3.88% | 2.79% | 5.14% | 2.18% | 6.76% |
| Selling, General & Admin | 154.45M | 373.33K | 11.3M | 141.5M | 39.85M | 15.98M | 174.93M | 98.45M | 358.14M | 93.26M | 53.73M | 35.68M | 42.09M | 36.46M | 40.93M | 56.97M | 29.16M | 42.9M | 16.41M | 42.24M |
| SG&A % of Revenue | - | 0.46% | 11.44% | 27.7% | 13.67% | 142.39% | 101.12% | 30.13% | 69.19% | 11.64% | 6.47% | 3.4% | 4.09% | 3.89% | 2.86% | 3.88% | 2.79% | 5.14% | 2.18% | 6.76% |
| Research & Development | 1.42M | 10.67M | 13.1M | 0 | 0 | 138.18K | 1.14M | 6.36M | 789.64K | 916.35K | 1.17M | 1.27M | 1.35M | 1.12M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 13.15% | 13.26% | - | - | 1.23% | 0.66% | 1.95% | 0.15% | 0.11% | 0.14% | 0.12% | 0.13% | 0.12% | - | - | - | - | - | - |
| Other Operating Expenses | -307.22K | 0 | -13.1M | -297.53K | 0 | -13.61M | 0 | 0 | 88.34M | 2.66M | -1.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -100.65M | -10.87M | -11.43M | -88.13M | -11.43M | -1.56M | -200.66M | -23.7M | -448.48M | -49.15M | -92.03M | 92.27M | 60.18M | 16.79M | 336.2M | 402.67M | 299.13M | 209.69M | 191.55M | 157.47M |
| Operating Margin % | -16.26% | -13.4% | -11.57% | -17.25% | -3.92% | -13.93% | -115.99% | -7.26% | -86.64% | -6.14% | -11.08% | 8.79% | 5.85% | 1.79% | 23.51% | 27.44% | 28.66% | 25.1% | 25.41% | 25.19% |
| Operating Income Growth % | - | 4.93% | 87.03% | -671.07% | -631.06% | 99.22% | -746.6% | 94.72% | -812.4% | 46.59% | -199.73% | 53.33% | 258.52% | -95.01% | -16.51% | 34.62% | 42.65% | 9.47% | 21.64% | - |
| EBITDA | -95.69M | -10.26M | -11.02M | -88.07M | -11.17M | 12.42M | -188.28M | -11.54M | -436.53M | -34.17M | -45.39M | 162.44M | 129.76M | 87.38M | 402.38M | 450.95M | 329.27M | 225.32M | 207.53M | 171.7M |
| EBITDA Margin % | -15.46% | -12.65% | -11.15% | -17.24% | -3.83% | 110.65% | -108.83% | -3.53% | -84.33% | -4.27% | -5.47% | 15.47% | 12.6% | 9.32% | 28.13% | 30.73% | 31.55% | 26.97% | 27.53% | 27.46% |
| EBITDA Growth % | -93.42% | 6.88% | 87.49% | -688.58% | -189.95% | 106.59% | -1532.14% | 97.36% | -1177.54% | 24.73% | -127.94% | 25.19% | 48.49% | -78.28% | -10.77% | 36.96% | 46.14% | 8.57% | 20.86% | - |
| D&A (Non-Cash Add-back) | 4.96M | 606.66K | 413K | 51K | 260.38K | 13.98M | 12.38M | 12.17M | 11.95M | 14.98M | 46.63M | 70.17M | 69.58M | 70.6M | 66.18M | 48.28M | 30.14M | 15.62M | 15.97M | 14.23M |
| EBIT | -100.65M | -10.87M | -11.43M | -12.13M | -5.52M | -19.85M | -200.66M | -23.7M | -448.48M | -49.15M | -92.03M | 92.27M | 60.18M | 16.79M | 336.2M | 402.67M | 299.13M | 209.69M | 191.55M | 157.47M |
| Net Interest Income | -792.56K | -1.53M | -396K | 1.16M | -13.7K | -40.47K | -2.55M | -241.35K | 37.4K | -176.45K | 1.79M | -3.44M | -4.1M | -3.75M | -9.22M | -10.4M | -5.66M | -972.56K | -559.43K | -554.06K |
| Interest Income | 1.4M | 54.67K | 844K | 2.14M | 13.7K | 9.87K | 46.32K | 72.8K | 37.4K | 31.19K | 1.87M | 729.81K | 425.68K | 469.49K | 0 | 485.96K | 368.19K | 401.82K | 402.94K | 0 |
| Interest Expense | 2.19M | 1.58M | 1.24M | 977.6K | 27.41K | 50.33K | 2.6M | 314.15K | 0 | 207.64K | 87.86K | 4.17M | 4.52M | 4.22M | 9.22M | 10.89M | 6.03M | 1.37M | 962.37K | 554.06K |
| Other Income/Expense | 2.56M | -4.09M | 853K | 1.25M | 5.89M | -1.6M | 18.14M | 14.28M | 13.69M | -27.16M | -238.74M | -442.38M | -73.96M | -20.5M | -10.77M | -8.68M | -2.15M | 2.36M | 1.8M | 1.7M |
| Pretax Income | -98.09M | -14.95M | -10.58M | -86.88M | -5.54M | -3.16M | -182.52M | -9.42M | -434.79M | -76.32M | -330.77M | -350.1M | -13.78M | -3.72M | 325.43M | 393.99M | 296.97M | 212.05M | 193.35M | 159.17M |
| Pretax Margin % | -15.84% | -18.44% | -10.71% | -17.01% | -1.9% | -28.19% | -105.5% | -2.88% | -84% | -9.53% | -39.84% | -33.34% | -1.34% | -0.4% | 22.75% | 26.85% | 28.46% | 25.38% | 25.65% | 25.46% |
| Income Tax | 90.27K | 12K | 11K | 85.01K | 212.41K | 214.19K | 31.2K | 55.85K | 217.15K | 9.5M | 5.84M | 24M | 16.34M | -1.67M | 84.07M | 104.34M | 76.76M | 59.26M | 24.57M | 19.11M |
| Effective Tax Rate % | -0.09% | -0.08% | -0.1% | -0.1% | -3.83% | -6.77% | -0.02% | -0.59% | -0.05% | -12.44% | -1.76% | -6.86% | -118.52% | 45.04% | 25.83% | 26.48% | 25.85% | 27.95% | 12.71% | 12% |
| Net Income | -99.46M | -14.35M | -10.54M | -2.02M | -58.98M | -87.6M | -182.55M | -9.48M | -435M | -85.81M | -336.61M | -374.11M | -30.12M | -2.04M | 241.36M | 289.65M | 220.21M | 152.79M | 168.78M | 140.06M |
| Net Margin % | -16.07% | -17.69% | -10.67% | -0.4% | -20.23% | -780.67% | -105.52% | -2.9% | -84.04% | -10.71% | -40.54% | -35.63% | -2.93% | -0.22% | 16.88% | 19.74% | 21.1% | 18.29% | 22.39% | 22.4% |
| Net Income Growth % | 32.3% | -36.05% | -420.69% | 96.57% | 32.68% | 52.01% | -1826.62% | 97.82% | -406.93% | 74.51% | 10.02% | -1142.13% | -1374.31% | -100.85% | -16.67% | 31.53% | 44.12% | -9.47% | 20.51% | - |
| Net Income (Continuing) | -98.18M | -14.97M | -10.59M | -12.28M | -5.76M | -20.12M | -182.55M | -9.48M | -435M | -85.81M | -336.61M | -374.11M | -30.12M | -2.04M | 241.36M | 289.65M | 220.21M | 152.79M | 168.78M | 140.06M |
| Discontinued Operations | -1000K | 0 | 0 | 10.23M | -48.87M | -68.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 688K | 236K | 688K | 5.53M | 785.3K | -204.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -104.38 | -3.30 | -31.81 | -1588.60 | -2818.84 | -40842.59 | -149008.65 | -11228.80 | -697081.83 | -185017.62 | -877471.69 | -999999.00 | -85156.19 | -5790.82 | 680191.00 | 816521.00 | 954091.00 | 999999.00 | 999999.00 | 901370.00 |
| EPS Growth % | 97.53% | 89.63% | 98% | 43.64% | 93.1% | 72.59% | -1227.02% | 98.39% | -276.77% | 78.91% | 16.81% | -1138.66% | -1370.54% | -100.85% | -16.7% | -14.42% | -29.93% | -19.55% | 87.76% | - |
| EPS (Basic) | - | -3.30 | -31.81 | -36.48 | -2818.84 | -40842.59 | -149008.65 | -11228.80 | -697081.83 | -185017.62 | -877471.69 | -999999.00 | -85156.19 | -5790.82 | 680191.00 | 816521.00 | 954091.00 | 999999.00 | 999999.00 | 901370.00 |
| Diluted Shares Outstanding | 952.87K | 4.35M | 331.48K | 55.51K | 20.92K | 2.14K | 1.23K | 844 | 624 | 464 | 384 | 355 | 355 | 355 | 355 | 355 | 231 | 112 | 100 | 155 |
| Basic Shares Outstanding | 952.87K | 4.35M | 331.48K | 55.51K | 20.92K | 2.14K | 1.23K | 844 | 624 | 464 | 384 | 355 | 355 | 355 | 355 | 355 | 231 | 108 | 100 | 155 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14.69% | 72.71% | 62.66% |
Structural insolvency and liquidity
As reported in recent financial filings, AEHL experienced a severe 71.9% revenue decline in 2024Q4, underscoring the company's inability to maintain top-line stability amidst the broader, persistent downturn currently impacting the Chinese construction and real estate sectors that serve as its primary demand drivers.
The consistent volatility in quarterly revenue suggests that the company lacks a recurring customer base or long-term contract pipeline. This erratic performance indicates that the business is highly susceptible to external macroeconomic shifts, with no evidence of organic growth initiatives capable of offsetting the structural decline in demand for its core ceramic products.
Based on the provided income statement data, AEHL's gross margin plummeted to -6.5% in 2024Q4, a stark indicator that the company has lost all pricing power and is currently selling its manufactured goods below the direct cost of production in a highly commoditized market environment.
The inability to maintain positive gross margins suggests that the company's manufacturing processes are inefficient and lack the scale required to compete with larger domestic peers. Investors should monitor whether this margin profile is a temporary result of inventory liquidation or a permanent reflection of an unviable cost structure that cannot be corrected without significant capital investment.
According to the latest quarterly figures, AEHL's operating margin of -8.9% demonstrates a failure to achieve economies of scale, as the company continues to incur significant overhead costs that far exceed the diminishing gross profit generated by its core ceramic tile manufacturing operations.
The persistent negative operating income suggests that the company's fixed cost base is far too large for its current revenue scale. Without a substantial increase in volume or a drastic reduction in SG&A, the company appears trapped in a cycle of operating deleverage that threatens its long-term viability.
Analysis of the historical income statement reveals that AEHL has struggled to generate consistent profitability, with net margins remaining deeply negative across multiple periods, suggesting that the company's business model may be fundamentally broken rather than merely suffering from cyclical headwinds in the Chinese property market.
Short-sellers would likely focus on the company's inability to achieve positive net income despite various attempts at corporate rebranding and restructuring. The lack of a clear path to profitability, combined with the rapid depletion of cash reserves, warrants extreme caution regarding the company's ability to continue as a going concern.
Quick answers to the most common questions about buying AEHL stock.
For fiscal year 2025, Antelope Enterprise Holdings Limited (AEHL) reported total revenue of $81.1M. This represents a 87.0% decline compared to $625.2M in 2007.
Antelope Enterprise Holdings Limited (AEHL) reported a net loss of $14.3M for the fiscal year ending 2025.
Antelope Enterprise Holdings Limited (AEHL) reported an operating income of $-10.9M, resulting in an operating profit margin of -13.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Antelope Enterprise Holdings Limited (AEHL) generated $0.2M in gross profit for the year, representing a gross profit margin of 0.2%. This demonstrates the company's core pricing power and production efficiency.