Fannie Mae, Freddie Mac shares tumble after conservatorship comments
LONDON - Gowin New Energy Group Limited reported a net loss of RMB 4.78 million ($0.67 million) for the year ended December 31, 2024, an improvement from the RMB 5.58 million loss recorded in 2023, according to the company’s audited annual results released Friday.
The company, which primarily operates as a minority investor in Taiwan Thick-Film Industries Corp (TTFI), a manufacturer of LED backlight modules, reported revenue of RMB 109,000 for 2024, up from RMB 65,000 in the previous year.
Gowin’s financial position remains challenging with total liabilities of RMB 38.9 million against total assets of RMB 4.54 million, resulting in net liabilities of RMB 34.34 million as of December 31, 2024.
The company conducted limited business activities during the year, including small-scale LED lamp trading through its Taiwan branch and three commodity tea transactions with Ruilong Gas Station, in which Gowin’s CEO holds a 40% interest.
According to the press release statement, the company is "actively exploring new opportunities" while seeking "solutions to establish sustainable cashflows and a path to profitability." The company is also assessing ways to reduce debt and restructure its balance sheet.
Gowin’s CEO Chen Chih-Lung and Executive Director Chien Chih-Peng continue to provide short-term loans to support the group’s working capital requirements, demonstrating their commitment to the company despite its financial difficulties.
The company’s shares trade on the Aquis Stock Exchange.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.