Gowin New Energy Grp - Annual Results for the year ended 31 December 2025
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: +852 9100 9972
AlbR Capital Limited
Aquis Corporate Adviser
David Coffman / Daniel Harris
Tel: +44 (0)20 7469 0930
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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