Antelope Enterprise Holdings Limited

AEHL

Construction Materials · Industrials

Price

$0.65

-0.02 (-3.64%)

Market Cap

$367,862

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Share count rising — dilution

+202818.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2K (2021) → 4.4M (2025)

Antelope Enterprise Holdings Limited is a small Chinese company that makes ceramic tiles used in homes and buildings. Its tiles are sold to real estate developers, construction companies, and individual buyers across China. The company operates in the construction materials industry, which is closely tied to China's property and housing market.

Antelope makes money by manufacturing and selling ceramic tiles, earning revenue from each sale. It operates almost entirely in China, and with a market cap near zero and deeply negative returns on capital, it is a very small and financially stressed business. The biggest risk the company faces is China's ongoing real estate slowdown, which has sharply reduced demand for building materials and left the company struggling to cover its costs, as reflected in its near-zero gross margin and significant operating losses.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-27.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+45.6% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$11M/ year

↓ Declining (-19% vs prior year)

13.2% of revenue

3.3x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

26.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$7M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$7M cash & investments at current burn rate

Revenue declining

Antelope Enterprise Holdings Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

0.2%

Thin — 0.2% gross margin

Operating Margin

-13.4%

Losing money on operations — -13.4%

ROCE

-36.9%

Weak — -36.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-17.9%

Shrinking sales (-17.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-2.6%

Burning cash (-2.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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