Gowin New Energy Group Limited

Interim / Quarterly Report • Sep 29, 2025

National Storage Mechanism | Additional information

RNS Number : 2362B

Gowin New Energy Group Limited

29 September 2025

Gowin New Energy Group Limited

("GNE" or the "Group") (AQSE: GWIN)

Interim Results for the Six Months Ended 30 June 202 5

London: Monday , 29th September 202 5 : G owin New Energy Group Limited, engaged in the sale and investment of LED related products, tea trading and agarwood trading businesses, today announces its unaudited financial results for the six months ended 30 June 2025.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

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

2025 Interim Report Chairman's Statement

This interim report for the six months ended 30 June 2025 covers a period of continued focus on achieving a sustainable future for Gowin New Energy Group Limited. While there have been no material changes to our strategic holdings, the Board has remained actively engaged in prudent oversight and exploring pathways to future growth.

Our new energy asset remains our minority investment in Taiwan Thick-Film Industries Corp ("TTFI"). TTFI, with its significant production base in mainland China, continues to supply LED backlight modules to the automobile and electric vehicle sectors. Its 2024 annual revenue of over NT$1.5 billion demonstrates its established position in the supply chain. The Board monitors this investment closely, acknowledging the broader challenges within the LED industry which, as previously stated, discourage us from further investment or development in this sector at this time.

Regarding our tea business, the post-pandemic environment has allowed for more substantive dialogue. We are actively re-engaging with the Pu'er Tea Association to revitalise our partnership framework. A single commodity trade transaction with Ruilong Gas Station in the first half of the year, while modest, maintained our presence in the market and leveraged our relationship with Junlin Tea Company. Our focus is on building a more robust and sustainable trading model.

The review of our agarwood product initiatives continues, with a specific focus on identifying credible international partners and viable routes to market. We are assessing opportunities to ensure any future commitment aligns with our goal of building sustainable revenue.

Strategic Outlook and Capital Management

The Board's primary focus is unwavering: to establish sustainable cash flows and a clear path to profitability for the Group. This involves a disciplined assessment of all new business opportunities, with an emphasis on those that can be effectively integrated and leverage our status as a UK-listed company. Concurrently, we are evaluating several options to grow our business, reduce debt, and restructure the balance sheet to strengthen our financial foundation.

We are mindful of the headwinds presented by the global geopolitical and trade environment. However, we are encouraged by the ongoing support from our stakeholders and the new business introductions that continue to come to us.

The commitment of our leadership team to the Group's stability is unchanged. We extend our sincere thanks to CEO Mr. Chen Chih-Lung and Executive Director Mr. Chien Chih-Peng for their continued financial support through short-term loans, which underpin our working capital requirements. This demonstrates their deep commitment to the Group's future.

Finally, the Board wants to thank all our shareholders for their continued patience and support, and our staff for their dedication. We remain focused on our objectives and will update the market promptly as and when there are material developments.

Garry Willinge

Non-Executive Chairman

Date: 2 9 September 2025

INDEPENDENT REVIEW REPORT TO GOWIN NEW ENERGY GROUP LIMITED

Conclusion

We have been engaged by the G roup to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 which comprise the Condensed Consolidated Statement of Comprehensive Income, the Condensed C onsolidated S tatement of F inancial P osition, the Condensed C onsolidated S tatement of C hanges in E quity, the Condensed C onsolidated S tatement of C ash F lows and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying set of condensed financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with International Accounting Standard 34 and the AQSE Rules for Issuers .

Basis of Conclusion

We conducted our review in accordance with International Standard on Review Engagements 2410(UK), "Review of Interim financial Information Performed by the Independent Auditor of the Entity" . A review of interim financial information consists of making i nquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion .

As disclosed in note 2, the condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee Interpretations, together with International Accounting Standard 34.

Material Uncertainty Related to Going Concern

We draw attention to note 3 in the condensed set of financial statements of the half-yearly report , which identifies conditions that may cast material uncertainty to the Group's ability to continue as a going concern. The Group reported a net loss after tax of RMB 3,256,000 for the six months ended 30 June 2025 and has net current liabilities as at 30 June 2025 of RMB 41,154,000. The Group's financial projection carries uncertainty as to its revenue, profit and cashflows in the 12 months from the date of the approval of this interim financial information.

The Group's financial statements have been prepared on the going concern basis. The ability of the Group to meet its expenditure requirements is dependent on its ability to raise additional funds and the continued financial support from directors and shareholders regarding non-repayment of existing liabilities. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting.

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with International Accounting Standard 34 and the AQSE Rules for Issuers .

In preparing the half-yearly financial report, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly financial report, we are responsible for expressing to the Group a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including those within the Material uncertainty related to going concern paragraph, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 8 September 2025. Our review has been undertaken so that we might state to the company's directors those matters we have agreed to state to them in a reviewer's report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company's directors as a body, for our work, for this report, or for the conclusions we have formed.

PKF Littlejohn LLP Statutory Auditor 29 September 2025	15 Westferry Circus Canary Wharf London E14 4HD

Gowin New Energy Group Limited

Condensed consolidated statement of comprehensive income

For the six months ended 30 June 2025

			Six months		Six months
			ended		ended
			30 June 202 5		30 June 2024
			RMB'000		RMB'000
Continuing Operations	Note		(Unaudited)		(Unaudited)
Revenue	7		51		75
Cost of sales			( 48 )		(71)
Gross profit			3		4
Administrative expenses	10		( 1,031 )		(1,7 06 )
Operating loss			( 1,028 )		(1,7 02 )
Finance costs	9		( 228 )		(197)
Other income			-		-
Fair value (loss)/gain on financial assets at fair value
through p rofit or loss	14		(472)		112
Foreign exchange loss			(1,528)		(490)
Loss before tax			( 3 , 256 )		(2,277)
Income tax	11		-		-
Loss from continuing operations			( 3 , 256 )		(2,277)
Other comprehensive income			-		-
Total comprehensive loss for the period attributable to owners of the parent entity			( 3 , 256 )		(2,277)
Loss per share attributable to owners of the parent entity during the period expressed in RMB per share
Basic and diluted loss per share	12		(0.0 11 )		(0.008)

Gowin New Energy Group Limited

Condensed consolidated statement of financial position

As at 30 June 202 5

		Note	30 June        202 5 (Unaudited)	30 June        2024 (Unaudited)	31 December             202 4 ( A udited)
			RMB'000	RMB'000	RMB'000
ASSETS
NON-CURRENT ASSETS
Financial assets at fair value through profit or loss		14	3, 559	3,897	3, 683
			_____	_____	_____
TOTAL NON-CURRENT ASSETS			3, 559	3,897	3, 683
			_____	_____	_____
CURRENT ASSETS
Trade and other receivables		15	579	559	617
Cash and cash equivalents		16	148	201	259
			_____	_____	_____
TOTAL CURRENT ASSETS			727	760	876
			_____	_____	_____
TOTAL ASSETS			4, 286	4,657	4,559
			_____	_____	_____
LIABILITIES
CURRENT LIABILITIES
Trade and other payables		17	(1 8,803 )	(16,992)	(1 8 , 231 )
Loans from equity holders		17	( 23 , 078 )	(19,499)	( 20 , 667 )
			______	______	______
TOTAL CURRENT LIABILITIES			( 41 , 881 )	(36,491)	( 38 , 898 )
			______	______	______
NET CURRENT LIABILITIES			(41,154)	(35,731)	( 38 , 022 )
			______	______	______
TOTAL LIABILITIES			( 41 , 881 )	(3 6 , 491 )	( 38 , 898 )
			______	______	______
NET LIABILITIES			(3 7 , 595 )	(31,834)	( 34 , 339 )
			______	______	______
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT ENTITY
Share capital		18	29,000	29,000	29,000
Preference shares		18	2,195	2,195	2,195
Accumulated losses			( 68 , 790 )	(63,029)	( 65 , 534 )
			______	______	______
TOTAL DEFICIT			(3 7 , 595 )	(31,834)	( 34 , 339 )
			______	______	______

Gowin New Energy Group Limited

Condensed consolidated statement of changes in equity

For the six months ended 30 June 2025

	Attributable to owners of the Company
	Share capital	Preference share	Accumulated losses	Total
	RMB'000	RMB'000	RMB'000	RMB'000
For the six months ended 30 June 202 4 (Unaudited) Balance as at 1 January 202 4 (Audited)	29,000	2,195	(60, 75 2)	(2 9 , 55 7)
Loss for the period	-	-	( 2 ,277)	( 2,277 )
Total comprehensive loss for the period	-	-	( 2,277 )	( 2,27 7)
Total transactions with owners, recognized directly in equity	-	-	-	-
Balance as at 30 June 202 4	29,000	2,195	(63, 029 )	(3 1,834 )
For the six months ended 30 June 2025 (Unaudited) Balance as at 1 January 202 5 (Audited)	29,000	2,195	(6 5 , 534 )	( 34 , 339 )
Loss for the period	-	-	( 3 , 256 )	( 3 , 256 )
Total comprehensive loss for the period	-	-	( 3,256 )	( 3,256 )
Total transactions with owners, recognized directly in equity	-	-	-	-
Balance as at 30 June 202 5	29,000	2,195	( 68,790 )	(3 7,595 )

Gowin New Energy Group Limited

Condensed consolidated statement of cash flows

For the six months ended 30 June 2025

	Six months		Six months
	ended		ended
	30 June 202 5		30 June 2024
	RMB'000		RMB'000
	(Unaudited)		(Unaudited)
Cash Flows used in Operating Activities
Loss before tax	( 3,256 )		(2 ,277 )
Finance costs	228		1 97
Fair value loss/ (gain) on financial assets	472		(112)
Foreign exchange loss	1,192		381
Reversal of impairment loss on trade receivables	-		( 38 )
Decrease in trade and other receivables	38		72
I ncrease in trade and other payables	572		1,093
Net cash used in operating activities	( 754 )		( 684 )
Cash Flows used in Investing Activities
Finance costs	(2)		(2)
Net cash used in Investing activities	(2)		(2)
Cash Flows generated from Financing Activities
Loans from equity holders	645		607
Net cash generated from financing activities	645		607
Net decrease in cash and cash equivalents	( 111 )		( 79 )
Cash and cash equivalents at beginning of period	259		280
Cash and cash equivalents at end of period	148		201

Non-cash transactions:

The fair value loss on financial assets was RMB 472 ,000 (six months ended 30 June 202 4 : fair value gain on financial assets: RMB 112 ,000)

During the period, finance costs of RMB 226 ,000 (six months ended 30 June 202 4 : RMB 1 95 ,000) incurred was credited to loans from equity holders.

Gowin New Energy Group Limited

Notes to the condensed consolidated financial statements

For the six months ended 30 June 2025

1.       General information

Gowin New Energy Group Limited ("the Company") was incorporated in the Cayman Islands. The registered office of the Company is located at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands and the main business office is located at 4F., No. 5, Ln. 332, Siyuan Rd., Xinzhuang Dist., New Taipei City, Taiwan (R.O.C.).

The principal activity of Gowin New Energy Group Limited and its subsidiaries ("the Group'') has been trading . In the last reporting period , the Group was engaged in the agarwood trading business. The Group will continue to invest in businesses in related or different fields.

During the period, the CEO, Mr. Chen Chih - Lung, has supported the Group financially by way of loans and guarantees.

The Company's shares are listed on the AQUIS Stock Exchange (AQSE).

The condensed interim consolidated financial statements are presented in Renminbi ("RMB"), which is the presentational and functional currency of the Group, and all values are rounded to the nearest thousand except where indicated otherwise.

2.       Basis of Preparation

The non-statutory condensed interim consolidated financial statements have been prepared in accordance with the valuation and measurement principles under International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) Interpretations, together with International Accounting Standard 34.

The condensed interim consolidated financial statements have been prepared under the historical cost convention, except for equity investments held at fair value through profit or loss.

The preparation of the condensed interim consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires Management to exercise its judgement in the process of applying the Group's accounting policies.  The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the condensed interim consolidated financial statements, are disclosed in Note 5.

-New/revised IFRSs adopted by the Group

Amendments to IAS 1	Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
Amendments to IAS 7	Supplier Finance Arrangements
Amendments to IFRS 16	Lease Liability in a Sale and Leaseback

The adoption of these new/revised IFRSs did not result in material changes to the Group's accounting policies and/or amounts reported for the current and prior periods.

3.       Going Concern

The non-statutory condensed interim consolidated financial statements have been prepared on a going concern basis.

The Group reported a net loss after tax of RMB 3,256,000 for the six months ended 30 June 2025 (six months ended 30 June 2024: loss of RMB 2,277,000) and has net current liabilities as at 30 June 2025 of RMB 41,154,000. Management's assessment of the ability of the Group to continue as a going concern has considered cashflow forecasts, including assumptions regarding the Group's activities, funds raising from existing shareholders and the open market, and the Group's ability to settle liabilities as and when they fall due.

Mr Chen, the Chief Executive Officer and ultimate controlling party of the Group , has recommitted his personal financial support to provide loans for business operations as and when required for a period of no less than 12 months from the date of the approval of the condensed interim consolidated financial statements.

Management has also taken certain measures including negotiation with certain directors and equity holders to obtain their undertaking not to demand repayment of amounts owed to them until there are sufficient funds available for repayments and securing new funding from existing shareholders and/or new investors.

Based on the above, the Group will be required to rely on the financial supports from the equity holders and the directors. The directors consider there are reasonable grounds to believe that the Group will be able to fund the Group's future operating expenses, yet the directors also consider that there are no obligations for the directors to provide their financial support to the Group. It is therefore assessed by the directors that there is a material uncertainty over the going concern.  Should the Group not be able to continue as going concern, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for further liabilities which might arise and to re-classify non-currents assets and liabilities as current. These non-statutory condensed interim consolidated financial statements do not include any adjustments that may be required should the Group be unable to continue as a going concern.

4.       Risks and uncertainties

The activities planned for the Group w ould post new challenges, risks and uncertainties. The Board is actively reviewing the impact of its plans but does not immediately see any variations in the key financial risks other than the valuation of investments.

5.       Critical accounting estimates and judgements

The preparation of the se condensed consolidated interim financial statements requires Management to make estimates and assumptions which would affect the reported amounts of assets and liabilities and/or disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 5 of the Group's 202 4 Annual Financial Statements. The nature in respect of such estimates have not changed significantly during the interim period.

6.       Significant accounting policies

The condensed interim consolidated financial statements ha ve been prepared under the historical cost convention as modified by the valuation of financial assets at fair value through profit or loss.

The accounting policies and methods of computation used in the preparation of these condensed interim consolidated financial statements are consistent with those used in the Group's 202 4 Annual Financial Statements.

7.       Segment information

The business of the Group is primarily focused on the sales of goods (i.e. sales of tea and/or LED lighting products) for the current and prior period. All of the Group's income is primarily derived from Taiwan. For the purpose of IFRS 8, the chief operating decision makers are the Group's executive directors. Internal and external reporting is on a consolidated basis, with transactions between Group companies eliminated on consolidation. Therefore, the CODM considers the financial information of the single segment is the same as that set out in the condensed consolidated statement of comprehensive income, the condensed consolidated statement of financial position, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows.

8.       Financial assets

All financial assets are recognised and de-recognised on a trade date basis where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value plus transaction costs, except for those financial assets classified as at fair value through profit or loss which are initially measured at fair value.

The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset, or a group of financial assets, is impaired. For equity investments classified as financial assets at fair value through profit or loss, a significant or prolonged decline in the fair value of the security below its cost is evidence that the assets are impaired. Fair value loss is recognised in the condensed consolidated statement of comprehensive income .

9.	Finance cost			Six months		Six months
				ended		ended
				30 June 202 5		30 June 202 4
				RMB'000		RMB'000
				(Unaudited)		(Unaudited)
	Interest expense on borrowings			226		195
	Bank charges			2		2
				228		197
10.		Expense by nature	Six months			Six months
			ended			ended
			30 June 202 5			30 June202 4
			RMB'000			RMB'000
			(Unaudited)			(Unaudited)
		Staff costs	177			483
		Directors' remuneration	334			765
		Auditors' remuneration	44			40
		Other professional fees	456			387
		Reversal of loss allowance for trade receivables	-			(38)
		Other operating expenses	20			69
		Total administrative expenses	1,031			1,706

11.	Income tax	Six months		Six months
		ended		ended
		30 June 202 5		30 June 202 4
		RMB'000		RMB'000
		(Unaudited)		(Unaudited)
	Current income tax for the period	-		-
		-		-

No provision for Taiwan profits tax has been made as the Group did not generate any assessable profits arising in Taiwan.

12.     Loss per share

Loss per share for the six months ended 30 June 2025 is calculated by dividing loss of RMB 3,255,527 (six months ended 30 June 2024: RMB 2,277,119) for the period attributable to the equity holders of the Company by the average number of shares, of 290,000,533.

		Six months		Six months
		ended		ended
		30 June  202 5		30 June  2024
		RMB		RMB
		(Unaudited)		(Unaudited)
	Basic and diluted loss per share (RMB)	(0.01 1 )		(0.008)

There were no potential dilutive ordinary shares outstanding during the six months ended 30 June 2025 and 202 4 .

13.     Dividend

No dividends were proposed/paid during the reporting period (six months ended 30 June 2024: Nil) and the Directors do not recommend interim dividend s during the six months ended 30 June 2025 (six months ended 30 June 2024: Nil) .

14.     Financial assets at fair value through profit or loss

Quoted equity securities					RMB'000
As at 1 January 202 5 Fair value loss					3 , 683 (472)
Foreign exchange gain					348
As at 30 June 202 5 (Unaudited)					3, 559

As at 30 June 2025 and 31 December 2024, t he Company holds 1,103,232 shares in TAIWAN THICK-FILM INDUSTRIES CORP. ("TTFI"), a company listed on Taipei Stock Exchange.

15.	Trade and other receivables	As at		As at
		30 June  202 5		3 1 December  2024
		RMB'000		RMB'000
		(Unaudited)		( A udited)
	Trade receivables - related party	1		36
	Guarantee deposits paid	3		-
	Prepayments	494		500
	Loans to related party	13		13
	Amount due from related party	68		68
		579		617

The amount due from related party is unsecured, interest free and has no fixed repayment term. The related party is controlled by a director of the Group.

16.	Cash and cash equivalents		As at		As at
			30 June 202 5		3 1 December 2024
			RMB'000		RMB'000
			(Unaudited)		( A udited)
		Cash on hand Cash at bank	10 138		9 250
148	259

17.	T Trade / other payables and loans from equity holders	As at		As at
		30 June  202 5		3 1 December  202 4
		RMB'000		RMB'000
		(Unaudited)		( A udited)
	Trade payables	368		403
	Accruals and other payables	469		428
	Loans from equity holders	23,078		20,667
	Amount due to key management personnel	17,966		17,400
		41,881		38,898

18.     Share capital

			Number of shares		RMB'000
Ordinary Shares Preference Shares			290,000,533 12 , 500 ,000		29,000 2,195
As at 30 June 2025 (Unaudited)			302,500,533		31 ,195

19.     Related party transactions

For the six months ended 30 June 2025, the Company sold tea and LED lighting products to a related party controlled by Mr Chen Chih - Lung, the Chief Executive Officer and ultimate controlling party of the Group, of approximately RMB 51,000 (six months ended 30 June 2024: RMB75,000) .

20.     E vents occurring after the reporting date

On 18 July 2025, the Group announced that it had entered into a loan agreement with Mr. Chen Chih-Lung, the Chief Executive Officer. The amount of the loan is GBP 25,000, and is used to fund operations and working capital.

On 5 September 2025, the Group announced that it had entered into a loan Agreement with Mr. Chen Chih-Lung, the Chief Executive Officer. The amount of the loan is NTD 300,000, and is used to fund operations and working capital.

21.     Approval of interim financial information

The condensed consolidated interim financial statements are approved by the Board of Directors on 2 9 September 202 5 .

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