Good morning, and welcome to the Antelope Enterprise Holdings First Half 2023 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to David Rudnick of Precept Investor Relations. Please go ahead.
Thank you, Drew. Good morning, ladies and gentlemen, and good evening those of you who are joining us from China. Welcome to the Antelope Enterprise Holdings First Half 2023 Earnings Conference Call. With us today are Antelope Enterprise Holdings' Chairman and Chief Executive Officer, Mr. Will Zhang, and his Chief Financial Officer, Mr. Edmund Hen. Before I turn the call over to Mr. Zhang, I'd like to address forward-looking statements as they may be discussed on the call. Forward-looking statements involve risks and uncertainties and include, among others, those regarding revenue, operating expenses, other income and expense, taxes, and future business outlook. Actual future performance, outcomes, and results may differ materially from those expressed in forward-looking statements. The company claims the safe harbor protections for such forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995.
Please refer to the documents filed by the company with the SEC, specifically the most recent reports on Forms 20-F and 6-K, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. We assume no obligation to update any forward-looking statements or information which speak as of their respective dates. Now it's my pleasure to turn the call over to Antelope Enterprise Chairman and CEO, Mr. Will Zhang, and Antelope Enterprise CFO, Mr. Edmund Hen. My communications colleague, Lynn Burstein, will be translating for CEO Will Zhang. Mr. Zhang, you may proceed.
Thank you. Thank you, David. On behalf of the company, I would like to welcome everyone to our first half 2023 earnings conference call. I am extremely proud of the achievements of our Kylin Cloud team as our first half revenue is up 172.5% as compared to the same period last year. Our revenue for our live streaming e-commerce business came in at CNY 44.2 million for the six months, modestly higher than our top-line pre-announcement. Further, if not for certain non-cash expenses, we would have recorded positive operating income for our live streaming e-commerce segment for the period. As a first mover in the live streaming e-commerce space in China, Kylin Cloud provides turnkey live streaming, marketing, and broadcasting services to consumer brand companies by matching consumer brand products with the appropriate hosts and influencers.
We believe that Kylin Cloud has the core competencies to increase its market share in the periods ahead, in what we believe is an evolutionary sales channel, and as we continue to engage as a pure play in the sector. We believe that we have a tremendous market opportunity ahead of us and are confident that Kylin Cloud's unique approach will continue to redefine the e-commerce live streaming landscape. I am genuinely excited about our value proposition for our customers, and I'm confident that we will create value for our shareholders as well. With that, I would like to turn over the call to the company's Chief Financial Officer, Mr. Edmund Hen, who will discuss the company's first half earnings results in more detail. Thank you.
Thank you, Mr. Zhang. I will now move on to a more detailed discussion of our financial results for the six months ending June 30th, 2023. Revenue for the six months end June 30th, 2023, was RMB 309.3 million, or $44.6 million. A 161.5 increase from our RMB 118.2 million or $18.3 million for the same period of 2022. The increase in revenue was due to RMB 305.9 million or $44.2 million, in revenue generated from our live streaming e-commerce business. A 172.5 increase from RMB 112.3 million or $17.3 million for the same period of 2022.
Our live streaming e-commerce business constitute 99% of first half of 2023 total revenue as compared to 83% for the same period of 2022. Gross profit for the six months end June 30, 2023, was RMB 47.2 million or $6.8 million. As compared to RMB 1.9 million or $0.3 million for the same period of 2022. The increase in gross profit was due to RMB 52 million or $7.5 million in gross profit, generated from our live streaming e-commerce business, 1,591.4% increase from RMB 3.1 million or $0.5 million for the same period of 2022.
For the first half of 2023, our gross profit margin was 17% for the live streaming e-commerce business, as compared to gross profit margin of 2.7% for the first half of 2022. Other income for the six months ended June 30, 2023, was RMB 2.8 million or $0.4 million, as compared to RMB 1.7 million or $0.3 million for the same period of 2022. For the first half of 2023, we had RMB 0.5 million in interest income. Income of RMB 1.2 million attributable to forgiveness of a loan by affiliates of shareholder of the company. A government grant of RMB 0.3 million and other income of RMB 0.8 million.
Selling and distribution expenses for the six months ended June 30th, 2023, were RMB 49.2 million or $7.1 million. As compared to RMB 1.9 million or $0.3 million for the same period, 2022. Increase in sales and distribution expenses was primarily due to an increase in travel expenses of RMB 0.1 million, an increase in commission expenses of RMB 0.26 million, and an increase in advertising and promotion expenses of RMB 44.6 million. Administrative expenses for the six months ended June 30th, 2023, were RMB 38.7 million or $5.8 million. As compared to RMB 6.4 million or $1 million for the same period of 2022.
Loss from continuing operation before taxes for the six months ended June 30th, 2023, for our live streaming business was RMB 73,000 for the first half of 2023. As compared to an income from continuing operation before taxes of RMB 7.4 million or $1.1 million for the first half of 2022. Loss per basic share and fully diluted share from the continuing operation for the six months ended June 30, 2023, were RMB 23.44 or $3.4. As compared to loss per basic and fully diluted share of RMB 5.14 and $0.79 for the same period of 2022. Turning to our balance sheet.
As of June 30th, 2023, we have a cash and bank balances of RMB 3.1 million or $0.4 million. Compared with RMB 3.9 million or $0.6 million as of December 31st, 2022. As of June 30th, 2023, our total outstanding bank loan amount were none, and we had a notes payable of RMB 0.9 million or $1.3 million. As has been publicly announced, over the last two years, we are at a corporate transformation to pivot towards to high growth technology areas, which include the acquisition of live streaming e-commerce business. In December 2022, our board of directors unanimously agreed to divest our legacy ceramic tiles building material business.
On December 30th, 2022, we entered into an agreement to sell our legacy ceramic in exchange for a 5% unsecured promissory note with a principal amount of $8.5 million. The note will mature in four years, and the 5% and principal amount on the note is to be paid in four annual installments. A special meeting of the company's shareholder was held on February 21, 2023, where the shareholder approved for the sales of this business. And on April 28, 2023, this transition closed. Moving to our business outlook. We operate a live streaming e-commerce business through our Kylin Cloud subsidiary, which comprises virtually all Antelope Enterprise going ongoing business operations.
The SaaS plus system platform strategy strategically matches appropriate hosts and influencers to consumer brand product, which results in increased sales of these companies. For the sixth month ended June 30th, 2023, Kylin Cloud generated 99% of company's total revenue. Kylin Cloud provides a one-stop solution for consumer product companies to utilize the growing sales channel of live streaming e-commerce, since this heightens consumer engagement and can build brand loyalty through rich content and online interaction. We view e-commerce live streamings as especially important, since traditional e-commerce can be challenged in terms of its ability for brand to stand out and build personal connection with consumers. Kylin Cloud social media hosts and influencer builds trust with consumers, which increase brand awareness, and which drives product sales and increased margins.
In the last few years, live streaming e-commerce has comprised an ever-increasing presentation of China's e-commerce sales, which we expect to continue in years ahead, driven by customer ecosystem that include a young, democratic, and their high usage rates of mobile devices. We believe that Kylin Cloud is unique in the live streaming space since its utilization of analytics and matches hosts and influencers to consumer brand products, which facilitate unique content for higher conversion rates as compared to traditional e-commerce. We believe that we will be able to capitalize upon this market opportunity in the period ahead, and we will grow at a rate that is higher than e-commerce live streaming sector.
The business outlook reflects the company's current and preliminary views, and is based on information currently available to us, which are subject to change and is subject to risks and uncertainties, as well as risks and uncertainty identified in the company's public filing. At this point, we would like to open up the call to any question pertaining to our first half, 2023 financial results. Operator, please.
We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Howard Flinker with Flinker & Co. Please go ahead.
I have one question.
Mm-hmm.
Uh-
Yes.
The quarter end, how many shares outstanding?
In the half year end, right?
Yes.
We have about 2.5 million, 2.5 million after this reverse split, recent reverse split.
2.5 exactly?
Around the numbers. You may check with the public filing later today.
Okay. You'll file a 10-Q or a 20-F or 6-K. I don't know, I forget what it's called. Is that correct?
6-K.
... Yeah. It, it sounds as if you're making progress, and, it's been a long fight, and good for you.
Thank you.
Thank you.
Again, if you have a question, please press star, then one. This concludes our... Oh, excuse me. Again, if you have a question, press star, then one. The next question comes from William Gregozeski with Green Ridge Global. Please go ahead.
Hi. I was curious, what do you look at a certain metric for revenue for influencers? You guys always post the number of influencers you have in your company profile on the press releases, and I was just curious if you look at any metrics for revenue, like average revenue, that an influencer brings in, or how do you view, you know, the value of each influencer?
Excuse me, might I have your question rephrased? What I understand it's about, your question is about related to revenue. Please rephrase your question for me, so that will maybe make us easier to understand. Thank you.
Yeah. You, you disclose in all of your press releases, the number of influencers you have. I was curious how-
Yes.
You look at the value of each influencer, if it's revenue per influencer or how you guys view that?
Yeah, the influencer is actually the people registered in our staff system. So the more the influencer, that means we have more potential to generate the future revenue. That means more people is helping our platform to, for our it's a live streaming business, and more people will contribute to our live streaming in our platform.
Right. I'm asking, is there a certain metric you look at to see the value of each influencer? So, you know, as you went from 300,000 to 400,000, you know, in-
Yes.
with the current press releases
Yes.
Do we expect that revenue to keep increasing at a relatively similar rate going forward as you bring influencers on?
Yeah, because, we, our business, we still share a very, small market share, in this live streaming business. So, we are expecting more and more, this influencer will join our platform, and so that, and also the revenue will... It, the influencer will contribute to, in a significant amount to our revenue. And at this point, we, it is very difficult to calculate the, the metrics between the influencer and the revenue. But, the thing is, the more influencers joined our platform, we believe that the revenue will also, close up in a significant, manner.
Okay. And you've had growth margin improvement. Do you expect to see that going forward, and is there kind of a number you're shooting for, to reach, whether it's this year or in the next few years?
Yes. You are correct. We're expecting the gross margin will close up in the coming periods and years. We also, as I mentioned, we are still in a very early stage in this live streaming area, and we believe that there's still a lot of room to grow in our gross margin.
Okay. Is there any rough, you know, number you guys are targeting that you're aiming to reach for, or is it just, you know?
At this moment, as I mentioned, we're still at a very early stage, so it is very difficult for us to estimate the mature gross margin in future in the future growth. But we believe that the current stage does not reflect the whole picture for the business.
Okay. All right. Great quarter. Thank you.
Thank you very much.
This concludes our question and answer session. I would like to turn the conference back over to David Rudnick for any closing remarks.
Great. Thank you. On behalf of the entire Antelope Enterprise Management team, I want to thank all of you for your interest and participation on this call. This concludes Antelope Enterprise first half, 2023 earnings conference call. Thank you very much.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.