Annual Results for the year ended 31 December 2025

Gowin New Energy Group Limited

30 June 2026

 

30 June 2026

Gowin New Energy Group Limited

("Gowin" or the "Company")

Audited Annual Results for the year ended 31 December 2025

Chairman's Statement:

Gowin New Energy Group Limited (the "Group" or "Gowin") is pleased to present its 2025 Annual Report, for the twelve months to 31 December 2025.

During the year, Mr. Chen Chih-Lung resigned as a director of Gowin, with effect from 30 December 2025. The Board was pleased to announce the appointment of Mr. Chien Chih-Peng as Chief Executive Officer, having served effectively as Interim CEO since 24 October 2025. The Board would like to record its thanks to Mr. Chen for his contribution to Gowin and looks forward to working with Mr. Chien and the wider Gowin team in the year ahead.

The Group's principal new energy holding remains its minority investment in Taiwan-based Taiwan Thick-Film Industries Corp ("TTFI"), listed on the Taipei Exchange (TPEx). TTFI continues to manufacture and supply LED backlight modules and components, with its main production base in mainland China, where it owns two investment companies. Its customers continue to supply backlight modules to Chinese mainland automobile factories and electric vehicle assembly plants. TTFI reported revenues of NT$275,194,000 for the first quarter of 2026. As previously disclosed, and consistent with prior years, the Board continues to monitor this investment closely but has no current plans for further investment or development within the LED sector, given the ongoing structural challenges facing the industry.

Turning to the Group's tea business, our engagement with the Pu'er Tea Association ("the PTA") in Taiwan has continued during the year as we work towards a more substantive and sustainable partnership framework. Gowin has established cooperative partnerships with the PTA and several Taiwanese tea manufacturers. Currently, the tea products being distributed through petrol station sales channels are sourced from Taiwan. Trading activity with Ruilong Gas Station ("Ruilong") - in which Mr. Chen Chih-Lung, a substantial shareholder of Gowin and former director, holds a 40% interest - together with our continuing relationship with Junlin Tea Company, remained at a modest level during the second half of the year, consistent with the pattern reported at the half year.  In December 2025, the Group completed a small tea product transaction with Ruilong Petrol Station. The Board remains committed to building a more robust and diversified foundation for this part of the Group's business and is currently working with its advisers in this regard. Further announcements will be made in due course. 

The Group's review of its agarwood product initiatives has continued throughout the year, with the Board continuing to seek credible international partners and viable routes to market for any future commitment in this area.

Strategic Outlook and Capital Management

As in previous periods, the Board continues to dedicate time and resources to evaluating new business opportunities that could be effectively integrated into the Group and would leverage its status as a UK-listed company. The Board's primary focus remains unchanged: to establish sustainable cash flows and a clear path to profitability for the Group, while continuing to assess options to reduce debt and restructure the balance sheet.

We remain mindful of the headwinds presented by the global geopolitical and trade environment but are encouraged by the ongoing support of our stakeholders and the new business introductions that continue to come to us. The Group will, as always, update the market promptly and in accordance with its continuing disclosure obligations as and when there are material developments to report.

The commitment of our leadership team and key stakeholders to the Group's stability remains steadfast. Mr. Chen Chih-Lung, a substantial shareholder of Gowin (18.08% as of 31 December 2025), and Mr. Chien Chih-Peng, CEO, have continued to provide short-term funding to support the Group's working capital requirements during the year, underlining their ongoing commitment to the Group.

On behalf of the Board, I would like to thank our shareholders and lenders for their continued support, and all members of staff for their dedication and contribution to the Group throughout the year.

 

 

Garry Willinge

Non-Executive Chairman

Date: 29 June 2026

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: [phone]

AlbR Capital Limited

Aquis Corporate Adviser

David Coffman / Daniel Harris

Tel: [phone]

NON-STATUTORY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
Continuing Operations	Note	RMB'000	RMB'000
Revenue	6	54	109
Cost of sales		(51)	(104)
		_____	_____
Gross profit		3	5
Administrative expenses	9	(2,046)	(3,940)
		_____	_____
Operating loss		(2,043)	(3,935)
Finance costs	8	(457)	(405)
Other income		-	1
Loss on fair value change on financial assets at fair value through profit or loss Foreign exchange loss	14	(288) (382)	(73) (370)
		_____	_____
Loss before tax from continuing operations		(3,170)	(4,782)
Tax	11	-	-
		_____	_____
Loss for the year from continuing operations		(3,170)	(4,782)
		_____	_____
Loss for the year attributed to owners of the   parent entity		(3,170)	(4,782)
		____	____
Other Comprehensive Income		-	-
		_____	_____
Total Comprehensive Loss for the year attributable to owners of the parent entity		(3,170)	(4,782)
		_____	_____
Loss per share expressed in RMB per share
Basic and diluted loss per share for the year attributable to owners of the parent entity	12	(0.01)	(0.02)

NON-STATUTORY CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2025

	Note	31 December                               2025	31 December                               2024
		RMB'000	RMB'000
ASSETS
NON-CURRENT ASSETS
Investments at fair value through profit or loss	14	3,423	3,683
		_____	_____
TOTAL NON-CURRENT ASSETS		3,423	3,683
		_____	_____
CURRENT ASSETS
Trade and other receivables	15	573	617
Cash and cash equivalents	16	110	259
		_____	_____
TOTAL CURRENT ASSETS		683	876
		_____	_____
TOTAL ASSETS		4,106	4,559
		_____	_____
LIABILITIES
CURRENT LIABILITIES
Trade and other payables	17	(18,862)	(18,231)
Loans from equity holders	18	(22,753)	(20,667)
		______	______
TOTAL CURRENT LIABILITIES		(41,615)	(38,898)
		______	______
NET CURRENT LIABILITIES		(40,932)	(38,022)
		______	______
TOTAL LIABILITIES		(41,615)	(38,898)
		______	______
NET LIABILITIES		(37,509)	(34,339)
		______	______
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT ENTITY
Share capital	19	29,000	29,000
Preference shares		2,195	2,195
Accumulated losses		(68,704)	(65,534)
		______	______
TOTAL DEFICIT		(37,509)	(34,339)
		______	______

The Consolidated Financial Statements were approved by the board of Directors and authorised for issue  on 29 June 2026 and were signed on its behalf by:

 

Garry Willinge                                     Chien Chih-Peng

Director                                                Director

NON-STATUTORY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025

	Attributable to owners of the parent entity
	Share capital	Preference shares	Accumulated losses	Total
	RMB'000	RMB'000	RMB'000	RMB'000
Balance as at 1 January 2024	29,000	2,195	(60,752)	(29,557)
	_____	_____	_____	______
Loss for the year	-	-	(4,782)	(4,782)
	_____	_____	_____	______
Total comprehensive loss for the year	-	-	(4,782)	(4,782)
	_____	_____	_____	______
Total transactions with owners,  recognised directly in equity	-	-	-	-
	_____	_____	_____	______
Balance as at 31 December 2024	29,000	2,195	(65,534)	(34,339)
	_____	_____	_____	______
Loss for the year	-	-	(3,170)	(3,170)
	_____	_____	_____	______
Total comprehensive loss for the year	-	-	(3,170)	(3,170)
	_____	_____	_____	______
Total transactions with owners, recognised directly in equity	-	-	-	-
	_____	_____	_____	______
Balance as at 31 December 2025	29,000	2,195	(68,704)	(37,509)
	_____	______	_____	______

NON-STATUTORY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
	RMB'000	RMB'000
Cash Flows from Operating Activities
Loss before tax	(3,170)	(4,782)
Loss on fair value change and stock dividend   on financial assets	288	73
Finance costs	457	405
Foreign currency gain	302	916
Reversal of loss allowance on trade receivables	-	(78)
Decrease in trade and other receivables	44	54
Increase in trade and other payables	631	2,332
	_____	_____
Cash used in operations	(1,448)	(1,080)
Finance costs paid	(4)	(5)
Net cash used in operating activities	(1,452)	(1,085)
	_____	_____
Cash Flows from Financing Activities
Loans from equity holders	1,303	1,064
	_____	_____
Net cash generated from financing activities	1,303	1,064
	_____	_____
Net decrease in cash and cash equivalents	(149)	(21)
Cash and cash equivalents at beginning of the year	259	280
	_____	_____
Cash and cash equivalents at end of the year (note 16)	110	259
	_____	_____

Non-cash transactions:

The loss on fair value change on financial assets was RMB 288,000 (2024: loss on fair value change on financial assets of RMB 73,000).

During the year, finance cost of RMB 453,000 (2024: RMB 400,000) incurred was credited to the loans from equity holders.

This financial information has been extracted from the audited financial statements of the Company for the year ended 31 December 2025.  The financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). The Annual Report is available from the Company's website at www.gowingrp.com.

 

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