Business
Audited Annual Results year ended 31 December 2022
Audited Annual Results year ended 31 December 2022.
About this update from Gowin New Energy Group Ltd.
[{"type":"text","content":"\n\n28 June 2023\nGowin New Energy Group Limited\n(\"Gowin\" or the \"Company\")\nAudited Annual Results for the year ended 31 December 2022\nGowin New Energy Group Limited is delighted to report its audited annual results for the twelve months ended 31 December 2022.\nChairman's Statement\n \nGowin New Energy Group Limited (the \"Group\" or \"Gowin\") is pleased to announce its annual results for the year ended 31 December 2022 including early sales success in its agarwood project.\n \nGowin has historically been engaged in the sale and investment of LED related products based in Taiwan. The Group has an investment in a 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.\n \nThe Group continues to assess the opportunity to relaunch its tea trading business, focused on the collection, distribution and sale (including auction market) of high-quality Chinese Pu-erh tea and Taiwan high-mountain tea. Given China is the key to Gowin's tea business supply chain, the well publicised and highly impactful Covid-19 related lockdowns in 2022 (affecting the whole economy and every industry sector) meant the Group has had to wait before driving the tea business forward. The good news is that the People's Republic of China (\"PRC\") government completely lifted its Covid Zero policy at the end of 2022 and borders opened more freely in February 2023. The Group is now assessing the tea trading environment and any hangover commercial restrictions from the three years of Covid lockdowns in China and expects to make a business decision later in 2023 as to how and when it may tentatively relaunch the tea trading business.\n \nThe Group announced the proposed launch of a new agarwood trading business on 10 February 2022 and provided a trading update on 7 November 2022. The agarwood business has its focus on trading high-quality agarwood products, including agarwood incense which is widely used in religious ceremonies in Taiwan and essential oils which can be applied in many ways in daily life. Contracts were signed with Gowin's supplier P&I Enterprise Company Limited (\"P&I\") and its sales and distribution partner Nine Angel Limited Co...