Gowin New Energy Grp - Final Results

Gowin New Energy Group Limited

("Gowin" or the "Company")

Audited Annual Results for the year ended 31 December 2024

Gowin New Energy Group Limited is delighted to report its audited annual results for the twelve months ended 31 December 2024.

Chairman's Statement

Gowin New Energy Group Limited (the "Group" or "Gowin") is pleased to release its 2024 Annual Report, for the twelve months to 31 December 2024.

The Group is a minority investor in Taiwan-based company, Taiwan Thick-Film Industries Corp (TTFI), listed on the Taipei Exchange (TPEx), which is principally engaged in the manufacture and sales of LED backlight modules and components distributed primarily in the Asia market.

TTFI's main production base is in mainland China, where it owns two investment companies there. Its customers supply the backlight modules to Chinese mainland automobile factories and electric vehicle assembly plants, with annual revenues of more than NT$1.6 billion in 2023.

During the year, the Group also bought and sold a small number of LED lamps, through its Gowin Taiwan Branch. These were purchased from its long-term supplier "Huayu Engineering Company" and from Auric Technology Energy Co. Ltd.

As previously disclosed, given the decline of the LED industry, the Group has no other plans for LED business development or investment currently.

In relation to the tea business, Gowin had commenced cooperation with the Pu'er Tea Association ("the PTA") in Taiwan, but as previously explained, several factors, including the Covid-19 pandemic, led to declining sales and trading opportunities. With the situation now improving, discussions are proceeding as to how to reinvigorate the partnership with the PTA.

There were two commodity tea trade transactions in the first half of 2024 and one in the second half of 2024, all with Ruilong Gas Station ("Ruilong"), involving the purchase and sale of Taiwanese high mountain tea. Gowin's CEO, Mr. Chen Chih-Lung, holds a 40% interest in Ruilong. Gowin has a long-standing agreement with the manufacturer "Junlin Tea Company" to cooperate with the Group.

Regarding its agarwood product initiatives, the Group is currently reviewing potential new partnerships and strategies for international sales development.

As for new business development, the Group is actively exploring new opportunities, together with assessing how associated new businesses could be integrated into the Group. The Board continues to seek solutions to establish sustainable cashflows and a path to profitability. It is also assessing means by which to reduce its debt and restructure the balance sheet. The global impact of recently announced USA trade restrictions and various new tariff impositions as well as the geopolitical environment are known challenges, but Gowin is encouraged by its stakeholders and new business introductions, who wish to see the Group successfully leverage its status as a publicly quoted company in the UK. The Group will update the market on its business developments as they arise.

The Company's CEO, Mr. Chen Chih-Lung continues his commitment to funding short-term liquidity to support the Group's working capital requirements as and when required. Additionally, since the appointment of the new Executive Director, Mr. Chien Chih-Peng, last November, Mr. Chien has also made loans to the Group. These loans continue to be a measure of both Mr. Chen's and Mr. Chien's commitment to the Group.

The Directors would like to take this opportunity to express sincere gratitude to all shareholders and lenders for their continued support and to thank all staff members of the Group for their dedication and contribution to the Group.

Garry Willinge

Non-Executive Chairman

The directors of Gowin New Energy Group Limited accept responsibility for this announcement.

For further information please visit company's website at www.gowingrp.com or contact the following:

Gowin New Energy Group Limited 

Garry Willinge

Tel: +852 9100 9972

Novum Securities Limited

AQSE Corporate Adviser

David Coffman / Anastassiya Eley

Tel: +44 (0)207 399 9400

NON-STATUTORY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME        FOR THE YEAR ENDED 31 DECEMBER 2024