Business
Annual Results for the year ended 31 December 2023
Annual Results for the year ended 31 December 2023.
About this update from Gowin New Energy Group Ltd.
[{"type":"text","content":"\n\n25 June 2024\nGowin New Energy Group Limited\n(\"Gowin\" or the \"Company\")\nAudited Annual Results for the year ended 31 December 2023\nGowin New Energy Group Limited is delighted to report its audited annual results for the twelve months ended 31 December 2023.\nChairman's Statement\n \nGowin New Energy Group Limited (the \"Group\" or \"Gowin\") is pleased to release its Annual Report year ended 31 December 2023. The Group's financial position is essentially unchanged since the 2023 Interim Report. The Group achieved dividend income and booked capital gains on its investment in Taiwan-based company, Taiwan Thick-Film Industries Corp (TTFI), listed on the Taipei Stock Exchange, which is principally engaged in the manufacture and sales of LED backlight modules and components distributed primarily in the Asia market. There are no current plans to dispose or buy additional TTFI shares. Given the decline of the LED industry, there are no other plans for LED business development or investments at this time.\n \nIn relation to the tea business, a small amount of sales of Taiwanese native old tea was achieved in the period. Stakeholder relationships are being maintained and new opportunities are being assessed.\n \nIn the Gowin 2023 Interim Report, a variety of agarwood product initiatives were outlined. Due to a serious illness of the key executive in Gowin's original customer, the future prospects of that company are in doubt and the Group is now working on preliminary strategies for international sales development. The agarwood business segment remains in focus for the Group.\n \nRegarding new business development, the Group is actively exploring new opportunities, together with assessing the means by which associated new businesses could be integrated into the Group along with the financial reengineering that would result. The Board continues to be focused on seeking solutions to establishing sustainable cashflows and a path to profitability, step by step. The global economic and geopolitical environment are real 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.\n \nIn relation to going conc...