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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