Gowin New Energy Grp - Final Results
27/06/2025 10:04
RNS Number : 7544O
Gowin New Energy Group Limited
27 June 2025
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
| 2024 | 2023 | ||
| Continuing Operations | Note | RMB'000 | RMB'000 |
| Revenue | 6 | 109 | 65 |
| Cost of sales | (104) | (61) | |
| _____ | _____ | ||
| Gross profit | 5 | 4 | |
| Administrative expenses | 9 | (3,940) | (4,648) |
| _____ | _____ | ||
| Operating loss | (3,935) | (4,644) | |
| Finance costs | 8 | (405) | (357) |
| Other income | 1 | 32 | |
| (Loss)/gain on fair valuechangeand stock dividendon financial assets at fair value through profit or loss Foreign exchange loss | 14 | (73) (370) | 209 (817) |
| _____ | _____ | ||
| Loss before tax from continuing operations | (4,782) | (5,577) | |
| Tax | 11 | - | - |
| _____ | _____ | ||
| Loss for the year from continuing operations | (4,782) | (5,577) | |
| _____ | _____ | ||
| Loss for the year attributed to owners of the parent entity | (4,782) | (5,577) | |
| ____ | ____ | ||
| Other Comprehensive Income | - | - | |
| _____ | _____ | ||
| Total Comprehensive Loss for the year attributable to owners of the parent entity | (4,782) | (5,577) | |
| _____ | _____ | ||
| 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 | (0.02) | (0.02) |
| Note | 31 December 2024 | 31 December 2023 | |
| RMB'000 | RMB'000 | ||
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Investments at fair value through profit or loss | 14 | 3,683 | 3,889 |
| _____ | _____ | ||
| TOTAL NON-CURRENT ASSETS | 3,683 | 3,889 | |
| _____ | _____ | ||
| CURRENT ASSETS | |||
| Trade and other receivables | 15 | 617 | 593 |
| Cash and cash equivalents | 16 | 259 | 280 |
| _____ | _____ | ||
| TOTAL CURRENT ASSETS | 876 | 873 | |
| _____ | _____ | ||
| TOTAL ASSETS | 4,538 | 4,762 | |
| _____ | _____ | ||
| LIABILITIES | |||
| CURRENT LIABILITIES | |||
| Trade and other payables | 17 | (18,231) | (15,899) |
| Loans from equity holders | 18 | (20,667) | (18,420) |
| ______ | ______ | ||
| TOTAL CURRENT LIABILITIES | (38,898) | (34,319) | |
| ______ | ______ | ||
| NET CURRENT LIABILITIES | (38,022) | (33,446) | |
| ______ | ______ | ||
| TOTAL LIABILITIES | (38,898) | (34,319) | |
| ______ | ______ | ||
| NET LIABILITIES | (34,339) | (29,557) | |
| ______ | ______ | ||
| EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT ENTITY | |||
| Share capital | 19 | 29,000 | 29,000 |
| Preference shares | 2,195 | 2,195 | |
| Retained earnings | (65,534) | (60,752) | |
| ______ | ______ | ||
| TOTAL DEFICIT | (34,339) | (29,557) | |
| ______ | ______ |
| 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 2023 | 29,000 | 2,195 | (55,175) | (23,980) |
| _____ | _____ | _____ | ______ | |
| Loss for the year | - | - | (5,577) | (5,577) |
| _____ | _____ | _____ | ______ | |
| Total comprehensive loss for the year | - | - | (5,577) | (5,577) |
| _____ | _____ | _____ | ______ | |
| Total transactions with owners, recognised directly in equity | - | - | - | - |
| _____ | _____ | _____ | ______ | |
| Balance as at 31 December 2023 | 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) |
| _____ | ______ | _____ | ______ | |
| 2024 | 2023 | |
| RMB'000 | RMB'000 | |
| Cash Flows from Operating Activities | ||
| Loss before tax | (4,782) | (5,577) |
| Loss/(gain) on fair valuechange and stock dividend on financial assets | 73 | (209) |
| Finance costs | 405 | 357 |
| Foreign currency gain | 916 | 496 |
| (Reversal of) /Loss allowanceontrade receivables | (78) | 1,152 |
| Decrease/(Increase) in trade and other receivables | 54 | 34 |
| Increase in trade and other payables | 2,332 | 2,236 |
| _____ | _____ | |
| Net cash used in operating activities | (1,080) | (1,511) |
| _____ | _____ | |
| Cash Flows from Investing Activities | ||
| Finance costs | (5) | (4) |
| _____ | _____ | |
| Net cash used in investing activities | (5) | (4) |
| _____ | _____ | |
| Cash Flows from Financing Activities | ||
| Loans from equity holders | 1,064 | 980 |
| _____ | _____ | |
| Net cash generated from financing activities | 1,064 | 980 |
| _____ | _____ | |
| Net decrease in cash and cash equivalents | (21) | (535) |
| Cash and cash equivalents at beginning of the year | 280 | 815 |
| _____ | _____ | |
| Cash and cash equivalents at end of the year (note 16) | 259 | 280 |
| _____ | _____ | |