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Gowin New Energy Group Limited

("Gowin" or the "Company")

Audited Annual Results for the year ended 31 December 202 4

Gowin New Energy Group Limited is delighted to report its audited annual results for the twelve months ended 31 December 202 4 .

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

		202 4	202 3
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 )	(4,6 48 )
		_____	_____

Operating loss		( 3 , 935 )	(4,644)

Finance costs	8	( 405 )	(357)
Other income		1	32
(Loss)/gain on f air value change and stock dividend on 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)

NON-STATUTORY CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2024

	Note	31 December 202 4	31 December 202 3
		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	(1 8 , 231 )	(15,899)
Loans from equity holders	18	( 20 , 667 )	(1 8 , 420 )
		______	______

TOTAL CURRENT LIABILITIES		( 38,898 )	(34,319)
		______	______

NET CURRENT LIABILITIES		(3 8 , 022 )	(33,446)
		______	______


TOTAL LIABILITIES		(38, 898 )	(34,3 19 )
		______	______

NET LIABILITIES		( 34,339 )	(2 9 , 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)
		______	______

The Consolidated Financial Statements were approved by the board of Directors and authorised for issue on 27 June 202 5 and were signed on its behalf by:

Garry Willinge Chen Chih-Lung

Director Director

NON-STATUTORY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024

	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 202 3	29,000	2,195	(55,1 7 5)	(23,9 8 0)
	_____	_____	_____	______

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 202 3	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 202 4	29,000	2,195	(6 5 , 534 )	(34, 339 )
	_____	______	_____	______

NON-STATUTORY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

	202 4	202 3
	RMB'000	RMB'000
Cash Flows from Operating Activities

Loss before tax	( 4 , 782 )	(5,577)

Loss/(gain) on f air value change and stock dividend on financial assets	73	(209)
Finance costs	405	357
Foreign currency gain	916	496
(Reversal of) / Loss allowance on trade 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
	_____	_____

Non-cash transactions:

The loss on fair value change on financial assets was RMB 73,000 (2023: gain on fair value change and stock dividend on financial assets of RMB 209,000).

During the year, finance cost of RMB 400,000 (2023: RMB 353,000) incurred was credited to the loans from equity holders.

The notes contained in the Annual Report and Consolidated Financial Statements form an integral part of these financial statements.

This financial information has been extracted from the audited financial statements of the Company for the year ended 31 December 2024. 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 .