加幂科技(08198) - 2025 - 中期业绩

Introduction and Regulatory Context Disclaimer and Company Information This announcement by PowerUp Technology Co. Ltd. discloses unaudited interim results for the six months ended June 30, 2025, complying with GEM Listing Rules, with the Board jointly responsible for its accuracy and completeness - PowerUp Technology Co. Ltd. (Stock Code: 8198) announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025[2] - This announcement complies with the relevant requirements of the GEM Listing Rules of The Stock Exchange of Hong Kong Limited[2] - The Board of Directors includes executive directors Li Hongbin (Chairman), Huang Yibin, Xiong Jiayan, and independent non-executive directors Sun Yuqiang, Zhu Hehua, and Tang Yi[2] GEM Listing Rules Context The GEM market provides a listing platform for SMEs, which typically carry higher investment risks, requiring prudent investor evaluation; the Exchange disclaims responsibility for this report, while the Board assumes full accountability for its accuracy - The GEM market is positioned as a listing platform for small and medium-sized companies, whose securities may be subject to greater market volatility risks[5] - The Stock Exchange makes no representation as to the accuracy or completeness of this report and accepts no liability for it[6] - The company's directors jointly and individually assume full responsibility for the information in this report, confirming its accuracy, completeness, and absence of misleading or fraudulent content[7] Management Discussion and Analysis Business Review The Group primarily operates big data center services, money lending, and Web3.0 businesses; big data center revenue decreased by HKD 4.7 million to HKD 24.9 million, while money lending revenue increased by HKD 0.3 million to HKD 1 million, and Web3.0 remains in R&D - The Group's main businesses include big data center services, money lending, and Web3.0 businesses[8] Big Data Center Services The Group's big data center services generated HKD 2.2 million from the Hong Kong center (ceased operations June 2025) and HKD 22.7 million from the US center (commenced December 2023), with total revenue decreasing by HKD 4.7 million due to reduced Hong Kong contributions and US price volatility - The Hong Kong data center, with a maximum processing capacity of approximately 1,400 Kilowatts (kW), ceased operations in June 2025, generating approximately HKD 2.2 million in revenue during the reporting period[9] - The US data center, with a maximum processing capacity of approximately 11 Megawatts (MW), commenced operations in December 2023, generating approximately HKD 22.7 million in revenue during the reporting period[9] - Total revenue from big data center services was approximately HKD 24.9 million, a decrease of approximately HKD 4.7 million compared to the same period in 2024, primarily due to reduced contributions from the Hong Kong data center and price fluctuations in the US data center[9] Big Data Center Services Revenue Comparison | Metric | H1 2025 (Thousand HKD) | H1 2024 (Thousand HKD) | Change (Thousand HKD) | Change Rate | Remarks | | :--- | :--- | :--- | :--- | :--- | :--- | | Big Data Center Services Revenue | 24,900 | 29,600 | (4,700) | -15.88% | Reduced contribution from Hong Kong data center and price fluctuations in US data center | | Hong Kong Data Center Revenue | 2,200 | - | - | - | Ceased operations June 2025 | | US Data Center Revenue | 22,700 | - | - | - | Commenced operations December 2023 | Money Lending Business The Group's money lending business, operated by Fortune Rich Limited, saw a HKD 30 million loan extended with partial repayment and HKD 44,000 provision, while another HKD 3 million loan was fully repaid, contributing HKD 1 million in revenue - Fortune Rich Limited obtained a money lender's license in Hong Kong in January 2020[10] - A HKD 30 million loan (annual interest rate of 10%) matured on April 2, 2024, with the borrower failing to repay in full; HKD 2 million in partial interest was received, and approximately HKD 18.7 million in principal and interest was further settled after the due date[10] - As of June 30, 2025, cumulative provisions of approximately HKD 44,000 have been made for this loan[11] - Another HKD 3 million loan (annual interest rate of 10%) was fully repaid before its due date, with interest income of approximately HKD 100,000 recorded during the reporting period[11] Money Lending Business Interest Income Comparison | Metric | H1 2025 (Thousand HKD) | H1 2024 (Thousand HKD) | Change (Thousand HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Money Lending Business Revenue | 1,000 | 700 | 300 | 42.86% | | Loan Interest Income | 900 | - | - | - | | Second Loan Interest Income | 100 | - | - | - | Web3.0 Business The Group actively pursued R&D in blockchain, Web3.0 applications, and infrastructure platforms during the period, recruiting talent for overseas market development, product operations, and blockchain-based financial services - The Group conducted R&D activities for blockchain, Web3.0 applications, and infrastructure platforms during the reporting period[20] - Talent in blockchain and related fields has been recruited, covering overseas market business development, product operations, and blockchain-based financial services[20] Internal Control Procedures for Money Lending Business The Group established internal control procedures for money lending, covering credit risk assessment, approval, ongoing monitoring of recoverability, and impairment policies to ensure risk management and safeguard shareholder interests - The Group has implemented internal control procedures aimed at ensuring risk management and safeguarding the interests of the company and its shareholders[13] - Key internal control procedures include credit risk assessment, credit approval, and ongoing monitoring of loan recoverability and collection[13] Credit Risk Assessment The Money Lending Monitoring Team assesses potential clients' credit risk, including credit ratings, repayment capacity, and financial standing, with the Company Secretary verifying related party relationships and independent valuers appraising collateral - The Money Lending Monitoring Team (comprising the CEO, accounting, and company secretary department personnel) is responsible for credit risk assessment[13] - The assessment includes the potential client's credit rating, repayment ability, financial condition, and overall credit risk, along with a review of relevant documents[13] - The Company Secretary's Department verifies related party relationships, and management engages independent valuers to assess collateral value[15] Credit Approval The Money Lending Monitoring Team prepares initial loan recommendations based on credit risk assessments, which the accounting team independently reviews for GEM Listing Rules compliance, with final applications submitted for Board or shareholder approval - The Money Lending Monitoring Team prepares preliminary recommendations based on credit risk assessment results, determining loan principal, interest rate, and term[15] - The accounting team conducts an independent evaluation of the application and performs a size test to ensure compliance with GEM Listing Rules[16] - Loan applications successfully passing the procedures are submitted to the Board of Directors or shareholders for approval[16] Ongoing Monitoring of Loan Recoverability and Collection The finance department maintains individual loan sub-accounts, verified by the CFO and CEO, while management and the monitoring team quarterly review loan recoverability and collection, initiating legal action for defaults - The finance department establishes independent sub-accounts for each borrower, recording loan principal, repayment schedules, and records, which are reviewed and approved by the Head of Finance and the CEO[18] - Management and the Money Lending Monitoring Team quarterly review loan collection status and recoverability to mitigate credit risk[18] - In case of client default, an overdue notice will be issued, and legal action may be taken after seeking legal advice[18] Loan Impairment Policy Management assesses loan impairment based on factors like significant repayment delays, legal actions, collateral value decline, and unavailable borrower financial documents, appointing independent valuers for impairment loss provisions when such factors arise - Factors considered for loan impairment include significant delays in borrower repayment, the company taking legal action, a decline in collateral value, and the inability to obtain borrower financial documents[19][21] - Upon identifying impairment factors, an independent valuer will be appointed to assess the provision for impairment losses on loans and interest receivable[19]