2026-01-30-港交所-天成控股_2025_x2f_2026_中期报告_50页_4mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # Tian Cheng Holdings Limited # 天成控股有限公司 (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock code 股份代號: 2110 Page 頁碼 Corporate Information 公司資料 2 Management Discussion and Analysis 管理層討論與分析 5 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益及 17 and Other Comprehensive Income 其他全面收益表 Condensed Consolidated Statement of 簡明綜合財務狀況表 18 Financial Position Condensed Consolidated Statement of 簡明綜合權益變動表 19 Changes in Equity Condensed Consolidated Statement of 簡明綜合現金流量表 20 Cash Flows Notes to the Condensed Consolidated 簡明綜合財務報表附註 21 Financial Statements Corporate Governance and Other Information 39 # Corporate Information # 公司資料 # BOARD OF DIRECTORS Executive Directors Ms. Zheng Yanling (Chairman) Mr. Ouyang Jianwen Mr. Luo Hao Mr. Wong Yuk (resigned on 1 September 2025) Ms. Jiang Chunxia (appointed on 1 December 2025) Mr. Zheng Qinggui (appointed on 1 December 2025) Mr. Zhao Xu (appointed on 8 January 2026) # Independent Non-executive Directors Mr. Wan San Fai Vincent Mr. Wen Xiaoxiao Mr. Yin Jun # AUDIT COMMITTEE Mr. Wan San Fai Vincent (Chairman) Mr. Wen Xiaoxiao Mr. Yin Jun # NOMINATION COMMITTEE Mr. Wen Xiaoxiao (Chairman) Mr. Wan San Fai Vincent Mr. Yin Jun # REMUNERATION COMMITTEE Mr. Yin Jun (Chairman) Mr. Wan San Fai Vincent Mr. Wen Xiaoxiao # 董事會 执行董事 鄭鷺玲女士(主席) 歐陽建文先生 羅浩先生 王旭先生（於二零二五年九月一日辭任） 蒋春霞女士 （於二零二五年十二月一日獲委任） 鄭慶桂先生 （於二零二五年十二月一日獲委任） 趙旭先生 （於二零二六年一月八日獲委任） # 独立非執行董事 温新輝先生 文孝效先生 尹君先生 # 審核委員會 温新輝先生(主席) 文孝效先生 尹君先生 # 提名委員會 文孝效先生(主席） 温新輝先生 尹君先生 # 薪酬委員會 尹君先生（主席） 温新辉先生 文孝效先生 # COMPANY SECRETARY Mr. Wong Yuk # AUTHORISED REPRESENTATIVES Mr. Ouyang Jianwen Mr. Wong Yuk # HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG Rooms 506-507A, 5/F Empire Centre 68 Mody Road Tsim Sha Tsui Kowloon Hong Kong # REGISTERED OFFICE PO Box 1350 Windward 3 Regatta Office Park Grand Cayman KY1-1108 Cayman Islands # PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLANDS Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands # 公司秘書 王旭先生 # 授权代表 歐陽建文先生 王旭先生 # 總部及香港主要營業地點 香港 九龍 尖沙咀 麼地道68號 帝國中心 5楼506至507A室 # 註冊辦事處 PO Box 1350 Windward 3 Regatta Office Park Grand Cayman KY1-1108 Cayman Islands # 開曼群島股份過戶登記總處 Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands # Corporate Information (Cont'd) # 公司資料(續) # HONG KONG BRANCH SHARE # REGISTRAR AND TRANSFER OFFICE Tricor Investor Services Limited 17/F Far East Finance Centre 16 Harcourt Road Hong Kong # PRINCIPAL BANKS Nanyang Commercial Bank, Limited Shanghai Commercial Bank Limited DBS Bank (Hong Kong) Limited # AUDITOR Prism Hong Kong and Shanghai Limited Unit 1903A-1905, 19/F 8 Observatory Road Tsim Sha Tsui Hong Kong # COMPANY'S WEBSITE www.tianchengholdings.com.cn # STOCK CODE 2110 # 香港股份過戶登記分處 卓佳證券登記有限公司 香港 夏懸道16號 遠東金融中心 17樓 # 主要往來銀行 南洋商業銀行有限公司 上海商業銀行有限公司 星展銀行(香港)有限公司 # 核數師 上會柏誠會計師事務所有限公司 香港 尖沙咀 天文臺道8號 19楼1903A-1905室 # 公司網站 www.tianchengholdings.com.cn # 股份代號 2110 # Management Discussion and Analysis 管理層討論與分析 The board (the "Board") of directors (the "Directors") of Tian Chen Holdings Limited (the "Company") is pleased to present the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively refer to as the "Group") for the six months ended 30 November 2025 (the "Period") together with the unaudited comparative figures for the six months ended 30 November 2024 (the "corresponding prior period"). # FINANCIAL HIGHLIGHTS Revenue of the Group for the six months ended 30 November 2025 amounted to approximately HK\ $59.3 million (for the six months ended 30 November 2024: approximately HK\$ 108.1 million). Loss attributable to the equity shareholders of the Company was HK\ $20.3 million for the six months ended 30 November 2025, as compared with loss attributable to the equity shareholders of the Company of HK\$ 12.4 million for the six months ended 30 November 2024. - Loss per share amounted to 6.7 HK cents for the six months ended 30 November 2025, as compared with loss per share of 4.4 HK cents for the six months ended 30 November 2024. The Board does not recommend the declaration of any interim dividend for the six months ended 30 November 2025. 天成控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然提呈本公司及其附屬公司（統稱「本集團」）截至二零二五年十一月三十日止六個月（「本期間」）的未經審核簡明綜合中期業績，連同截至二零二四年十一月三十日止六個月（「去年同期」）的未經審核比較數據。 # 財務摘要 - 截至二零二五年十一月三十日止六個月，本集團收益約為59.3百萬港元（截至二零二四年十一月三十日止六個月：約108.1百萬港元）。 - 截至二零二五年十一月三十日止六個月的本公司權益股東應佔虧損為20.3百萬港元，而截至二零二四年十一月三十日止六個月的本公司權益股東應佔虧損則為12.4百萬港元。 - 截至二零二五年十一月三十日止六個月的每股虧損為6.7港仙，而截至二零二四年十一月三十日止六個月的每股虧損則為4.4港仙。 董事會不建議就截至二零二五年十一月三十日止六個月宣派任何中期股息。 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # BUSINESS REVIEW The Group is a Hong Kong-based marine construction works subcontractor specializing in reclamation works and supplemented by vessel chartering services and other civil engineering works. The Group has also developed a new source of income since 2024 as a health and wellness service provider. As of the current period, the Group has maintained its position as the main contractor for two marine construction projects, which were awarded with a combined contract sum of approximately HK$261.4 million. The Group remains dedicated to these projects, focusing on their successful completion and delivery. The Board anticipates that the forthcoming financial years will continue to be challenging for the Group's marine construction and other civil engineering operations due to fierce market competition and elevated technical requirements for project bidding. To address this, the Board has launched a newly developed health and wellness services segment since January 2024. This initiative will leverage the management team's expertise and experience to expand the current business portfolio and mitigate risks associated with relying solely on marine construction and other civil engineering, and to increase the Group's resilience and profitability in the face of market volatility. # 業務回顧 本集團為一間香港海事建築工程分包商，專門從事填海工程，並輔以船隻租賃服務及其他土木工程。本集團亦自二零二四年起成為康養服務供應商，開拓新的收入來源。截至本期間，本集團持續擔任兩項海事工程項目之總承包商，該等項目獲批之總合約金額約為261.4百萬港元。本集團依然致力於該等項目，專注於其成功完成及交付。 由於市場競爭激烈及競投項目的技術要求增加，故董事會預期，未來財政年度對本集團的海事建築工程及其他土木工程業務將繼續充滿挑戰。為應對上述情況，董事會已自二零二四年一月起推出新開發的康養服務分部。該舉措將充分利用管理團隊的專業知識及經驗，擴展現有業務組合，降低過度依賴海事建築工程及其他土木工程所帶來的風險，並提升本集團在市場波動中的抗逆力及盈利能力。 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # BUSINESS REVIEW (Continued) # Marine construction works During the Period, the Group recorded revenue from marine construction works of approximately HK $46.6 million, representing a decrease of approximately $45.2\%$ compared to corresponding prior period, which was approximately HK$85.0 million. The decrease in revenue can primarily be attributed to decrease in number of sizable projects. As of 30 November 2025, the Group had two marine construction projects in progress. During the Period, the Group recorded a gross loss of approximately HK $20.2 million from its marine construction works, compared to a gross loss of approximately HK$ 8.8 million in the corresponding prior period. This ongoing loss can primarily be attributed to the challenges encountered during the reconstruction of the piers, which led to higher costs than initially anticipated. The reconstruction of a pier involves numerous complexities, particularly in terms of piling works and lifting operation using vessels. The weather conditions, such as strong winds, sea level and turbulent sea waves, posed additional difficulties during the drilling, bored casting and lifting process on the seabed. These unfavorable conditions not only impacted the planning and execution of the construction but also affected resource utilization, including the standby time of staff, machinery, and vessels. These unforeseen difficulties and unfavorable circumstances led to a gross loss during the Period. # 業務回顧(續) # 海事建築工程 於本期間，本集團錄得海事建築工程收益約46.6百萬港元，較去年同期的約85.0百萬港元減少約 $45.2\%$ 。收益減少主要歸因於大型項目數量減少。截至二零二五年十一月三十日，本集團有兩個進行中的海事建築工程項目。 於本期間，本集團於其海事建築工程錄得毛損約20.2百萬港元，而去年同期則為毛損約8.8百萬港元。該持續虧損主要歸因於碼頭重建期間遇到的挑戰，導致成本較最初預期的高。碼頭重建涉及多種複雜情況，尤其是在利用船隻進行打椿工程及起重操作方面。強風、海平面及淘湧海浪等天氣狀況為於海床進行鑲探、鑲孔灌注椿及起重工程增添困難。該等不利情況不僅影響建築工程的規劃及執行，亦影響資源運用，包括員工、機器及船隻的待命時間。該等不可預見的困難及不利情況導致本期間錄得毛損。 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # BUSINESS REVIEW (Continued) # Other civil engineering works During the Period, revenue derived from other civil engineering works amounted to approximately HK$11.4 million (six months ended 30 November 2024: approximately HK$16.7 million). The decrease in revenue was primarily attributed to the progress of one civil engineering project within the Three-Runway System at Chek Lap Kok Airport (the "3RS"), which involved excavation and backfilling works. A variation order from the 3RS project, amounting to approximately HK$32.8 million and awarded in the previous year, was completed during the Period. Consequently, the remaining outstanding works on hand decreased, and as of 30 November 2025, the Group had one other civil engineering project in progress. The Group recorded a gross profit of approximately HK$4.9 million from other civil engineering works for the Period, compared to a gross profit of approximately HK$0.9 million in the corresponding prior period. The improvement in gross profit was primarily driven by increased revenue and better progress on work carried out for one other civil engineering project within the 3RS. # 業務回顧(續) # 其他土木工程 於本期間，來自其他土木工程的收益約為11.4百萬港元（截至二零二四年十一月三十日止六個月：約16.7百萬港元）。收益減少乃主要歸因於一個赤鰺角機場三跑道系統土木工程項目(「三跑道系統」)的進展，該項目涉及挖掘及回填工程。去年獲授的三跑道系統項目變更訂單約為32.8百萬港元已於本期間完成。因此，手上餘下未完成工程減少，而截至二零二五年十一月三十日，本集團另有一項土木工程項目正在進行中。 本集團於本期間錄得其他土木工程毛利約4.9百萬港元，而去年同期錄得毛利約0.9百萬港元。毛利有所改善乃主要由於收益增加以及三跑道系統內另一項土木工程項目進展順利。 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # BUSINESS REVIEW (Continued) During the Period, the Group has undertaken four projects and the aggregate initial contract sum amounted to approximately HK$310.2 million. Out of the four projects, one project was completed during the Period. Based on the information available and barring unforeseen circumstances, two projects are expected to begin their defect liability period during the year ending 31 May 2026. Although the major works for these two projects will be completed, the Group will still be responsible for addressing any issues during the defect liability period. The remaining project is also expected to be completed during the year ending 31 May 2026 but will not have a defect liability period. # 業務回顧(續) 於本期間，本集團已承接四個項目，初始合約總金額約為310.2百萬港元。上述四個項目中，一個項目已於本期間完成。根據可得的資料及在並無不可預見的情況下，兩個項目預計將於截至二零二六年五月三十一日止年度內進入缺陷責任期。儘管該兩個項目的主體工程將告完成，本集團仍須於缺陷責任期内負責處理任何問題。其餘項目亦預計於截至二零二六年五月三十一日止年度內竣工，惟該等項目將不設缺陷責任期。 # Management Discussion and Analysis (Cont'd) # 管理層討論與分析（續） # BUSINESS REVIEW (Continued) As at 30 November 2025, the Group had three projects on hand and the aggregate initial contract sum amounted to approximately HK$301.4 million. Set out below is the information of the projects undertaken by the Group during the Period: # 業務回顧(續) 於二零二五年十一月三十日，本集團有三個進行中的項目，初始合約總金額約為301.4百萬港元。以下為本集團於本期間已承接的項目的資料： Site Location/Project地盤地點／項目 Role角色 Segment分部 Type of Works工程類別 Status狀態 Sai Kung and Tai Po Main contractor Marine construction works Reconstruction of piers In progress 西貢及大埔 總承建商 海事建築工程 碼頭重建 進行中 Lantau Island Main contractor Marine construction works Reconstruction of piers In progress 大嶼山 總承建商 海事建築工程 碼頭重建 進行中 Lei Yue Mun Subcontractor Marine construction works Piling works Completed 鯉魚門 分包商 海事建築工程 打椿工程 已完成 3RS Subcontractor Other civil engineering works Excavation, backfilling works and construction of isolation valve chamber and concrete surround to fuel pipe In progress 三跑道系統 分包商 其他土木工程 挖掘、回填工程以及隔離閘室和燃料管道混凝土包覆建築工程 進行中 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # BUSINESS REVIEW (Continued) # Vessel chartering services During the Period, the revenue derived from our vessel chartering services amounted to approximately HK$0.1 million, representing a decrease of approximately 99.9% compared to that for the corresponding prior period (i.e. HK$6.1 million). The decrease was mainly attributable to the completion of vessel chartering services in the previous year. As at 30 November 2025, there were no ongoing vessel chartering arrangements. # Health and wellness services During the Period, the Group continue to explore the health and wellness services industry and generated a revenue of approximately HK$1,242,734 (six months ended 30 November 2024: approximately HK$330,000), representing an increase of approximately $276.6\%$ . The gross profit margin for health and wellness services during the Period is approximately $30.0\%$ as compared with $15.3\%$ for corresponding prior period. # FINANCIAL REVIEW # Other income The Group's other income increased from approximately HK $1.3 million for corresponding prior period to approximately HK$ 1.5 million for the Period. The increase was mainly due to an one off government subsidy, scrap sales of used materials and insurance compensation received for an injured staff and offset by the decrease in gain of disposal of property, plant and equipment. # 業務回顧(續) # 船隻租賃服務 於本期間，來自船隻租賃服務的收益約為0.1百萬港元，較去年同期(即6.1百萬港元)減少約 $99.9\%$ 。減少乃主要由於船隻租賃服務已於去年完成。 於二零二五年十一月三十日，概無船隻租賃安排正在進行中。 # 康養服務 於本期間，本集團持續探索康養服務行業並產生收入約1,242,734港元（截至二零二四年十一月三十日止六個月：約330,000港元），增加約 $276.6\%$ 。於本期間，康養服務的毛利率約為 $30.0\%$ 而去年同期則為 $15.3\%$ 。 # 財務回顧 # 其他收入 本集團的其他收入由去年同期約1.3百萬港元增加至本期間約1.5百萬港元。該增加乃主要由於一次性政府補貼、廢料銷售所得及就員工受傷收取的保險賠償所致，並被出售物業、廠房及設備的收益減少所抵銷。 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # FINANCIAL REVIEW (Continued) General and administrative expenses The general and administrative expenses of the Group for the Period amounted to approximately HK$7.1 million, compared with approximately HK$8.0 million for the corresponding prior period. The decrease was primarily due to the decrease in the number of general and administrative staff. # Loss and total comprehensive income for the Period Loss attributable to equity shareholder of the Company increased by approximately $62.9\%$ to approximately HK\ $20.26 million for the Period from approximately HK\$ 12.44 million for the corresponding prior period. Basic and diluted loss per share was 6.7 HK cents for the Period as compared to 4.4 HK cents for the corresponding prior period. Liquidity, financial resources and capital structure The Group has funded the liquidity and capital requirements primarily through capital contributions from shareholders and funds generated from operation. As at 30 November 2025, the Group had cash and bank balances of approximately HK$19.9 million (including cash and cash equivalents and pledged bank deposits) (31 May 2025: approximately HK$25.3 million). The Group's non-current liabilities amounted to approximately HK$3.0 million (as at 31 May 2025: approximately HK$3.4 million) which primarily consisted of employee benefit liabilities, lease liabilities and deferred tax liabilities. # 財務回顧(續) 一般及行政開支 本集團於本期間的一般及行政開支約為7.1百萬港元，去年同期則約為8.0百萬港元。減少乃主要由於一般及行政員工數目減少。 # 本期間虧損及全面收益總額 於本期間，本公司權益股東應佔虧損由去年同期約12.44百萬港元增加約 $62.9\%$ 至約20.26百萬港元。於本期間，每股基本及攤薄虧損為6.7港仙，而去年同期則為4.4港仙。 # 流動資金、財務資源及資本結構 本集團主要透過股東注資及經營所產生的資金為流動資金及資本要求提供資金。 於二零二五年十一月三十日，本集團有現金及銀行結餘約19.9百萬港元（包括現金及現金等價物以及已抵押銀行存款）（二零二五年五月三十一日：約25.3百萬港元）。本集團的非流動負債約為3.0百萬港元（於二零二五年五月三十一日：約3.4百萬港元），主要包括僱員福利負債、租賃負債及遞延稅項負債。 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # FINANCIAL REVIEW (Continued) Liquidity, financial resources and capital structure (Continued) The capital of the Group comprises ordinary shares and other reserves. On 21 November 2025, the Company has issued and allotted 60,000,000 new shares under general mandate through a placing agent, representing (i) $20\%$ of the existing issued share capital of the Company immediately before the placing; and (ii) approximately $16.67\%$ of the issued share capital of the Company as enlarged by the allotment. The gross proceeds from the 2025 Placing are approximately HK\$7.26 million and the net proceeds, after deduction of the placing commission, and other expenses incidental to the 2025 Placing, are approximately HK\$6.93 million. All the net proceeds will be applied for the general working capital of the Group. After the 2025 Placing, the total ordinary shares in issue is 360,000,000 shares at par value of HK\\)0.1 each. # Interim dividend The Board has resolved not to declare any interim dividend for the Period (six months ended 30 November 2024: Nil). # Material acquisitions and disposals During the Period, the Group did not have any material acquisitions and disposals of subsidiaries, associates or joint ventures. # Significant investments held As at 30 November 2025, except for investment in subsidiaries, the Group did not hold any significant investment in equity interest in any other company. # 財務回顧(續) 流動資金、財務資源及資本結構(續) 本集團的資本包括普通股及其他儲備。於二零二五年十一月二十一日，本公司已透過配售代理根據一般授權發行及配發60,000,000股新股份，佔(i)於緊接配售事項前本公司現有已發行股本的 $20\%$ ；及(ii)經配發擴大之本公司已發行股本約 $16.67\%$ 。二零二五年配售事項所得款項總額約為7.26百萬港元，扣除配售佣金及與二零二五年配售事項相關的其他費用後，所得款項淨額約為6.93百萬港元。所有所得款項淨額將用於本集團的一般營運資金。於進行二零二五年配售事項後，已發行普通股總數為360,000,000股每股面值0.1港元之股份。 # 中期股息 董事會已議決不宣派本期間任何中期股息（截至二零二四年十一月三十日止六個月：無）。 # 重大收購及出售 於本期間，本集團並無任何重大收購及出售附屬公司、聯營公司或合營企業。 # 持有重大投资 於二零二五年十一月三十日，除於附屬公司的投資外，本集團並無於任何其他公司的股權中持有任何重大投資。 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # FINANCIAL REVIEW (Continued) Charge on assets As at 30 November 2025, the Group did not have any charge on assets (31 May 2025: Nil). # Foreign exchange risk During the Period, most of the revenue-generating operations of the Group were transacted in Hong Kong dollar ("HK$") which is the presentation currency of the Group. Certain assets and liabilities of the Group are denominated in Renminbi ("RMB") and may expose the Group to the fluctuation of HK$ against RMB. The Group did not enter into any hedging arrangement or derivative products. However, the Board and management will continue to monitor the foreign currency exchange exposure and will consider adopting certain hedging measures against the currency risk when necessary. # Employees and remuneration policy As at 30 November 2025, the Group employed 66 staff (31 May 2025: 90). Total staff costs including directors' emoluments for the Period, amounted to approximately HK$19.7 million (six months ended 30 November 2024: approximately HK$28.9 million). Individual performance is rewarded through the Group's salary and bonus system. The Group conducts annual review on salary increase, discretionary bonuses and promotions based on the performance of each employee. During the Period, the Group has not experienced any significant problems with its employees due to labour disputes nor has it experienced any difficulty in the recruitment and retention of experienced staff. # 財務回顧(續) 資產抵押 於二零二五年十一月三十日，本集團概無任何資產抵押（二零二五年五月三十一日：無）。 # 外匯風險 於本期間，本集團大部分創收業務均以港元(「港元」)進行交易，而港元為本集團的呈列貨幣。本集團若干資產及負債以人民幣(「人民幣」)計值，可能令本集團面臨港元兑人民幣匯率波動的風險。本集團並無訂立任何對沖安排或衍生產品。然而，董事會及管理層將繼續監察外幣匯兌風險，並將於有需要時考慮就貨幣風險採取若干對沖措施。 # 僱員及薪酬政策 於二零二五年十一月三十日，本集團僱用66名員工（二零二五年五月三十一日：90名）。本期間的員工成本總額（包括董事薪酬）約為19.7百萬港元（截至二零二四年十一月三十日止六個月：約28.9百萬港元）。本集團會透過本集團的薪金及花紅制度就個別員工的表現給予獎勵。本集團每年均根據各僱員的表現審閱薪金增長、酌情花紅及晉升情況。 於本期間，本集團概無因勞工爭議而與其僱員發生任何重大問題，亦無在招聘及挽留有經驗的員工方面出現任何困難。 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # FINANCIAL REVIEW (Continued) Capital commitments The Group has no capital commitments as at 30 November 2025 (31 May 2025: Nil). # Contingent liabilities At the end of the Period, the Directors of the Company do not consider it is possible that any claims will be made against the Group and the surety bonds are expected to be released in accordance with the terms of the respective contracts. # Placing of new shares under general mandate The Company has entered into (i) a placing agreement with a placing agent on 10 October 2025; (ii) a supplemental placing agreement with the same placing agent on 31 October 2025; and (iii) a second supplemental placing agreement with the same placing agent on 3 November 2025 to issue and allot of 60,000,000 new shares under general mandate, representing (i) $20\%$ of the existing issued share capital of the Company immediately before the placing; and (ii) approximately $16.67\%$ of the issued share capital of the Company as enlarged by the allotment (the "2025 Placing"). # 財務回顧(續) 資本承擔 於二零二五年十一月三十日，本集團並無資本承擔（二零二五年五月三十一日：無）。 # 或然負債 於本期間末，董事認為本集團不會面臨任何申索，且預期將根據有關合約的條款解除保證金。 # 根据一般授权配售新股份 本公司已(i)與配售代理於二零二五年十月十日訂立配售協議；(ii)與同一配售代理於二零二五年十月三十一日訂立補充配售協議；及(iii)與同一配售代理於二零二五年十一月三日訂立第二份補充配售協議，以根據一般授權發行及配發60,000,000股新股份，佔(i)於緊接配售事項前本公司現有已發行股本的 $20\%$ ；及(ii)經配發（「二零二五年配售事項」）擴大之本公司已發行股本約 $16.67\%$ 。 # Management Discussion and Analysis (Cont'd) 管理層討論與分析(續) # FINANCIAL REVIEW (Continued) Placing of new shares under general mandate (Continued) On 21 November 2025, the 60,000,000 placing shares have been successfully placed to not less than six places at the placing price of HK$0.121 per placing share and none of the places is a substantial shareholder (as defined under the Listing Rules) of the Company upon completion of the 2025 Placing. The gross proceeds from the 2025 Placing are approximately HK$7.26 million and the net proceeds, after deduction of the placing commission, and other expenses incidental to the 2025 Placing, are approximately HK$6.93 million. All the net proceeds will be applied for the general working capital of the Group. After the 2025 Placing, the total ordinary shares in issue is 360,000,000 shares at par value of HK$0.1 each. Details of the 2025 Placing are set out in the announcements of the Company dated 10 October 2025, 31 October 2025, 3 November 2025 and 21 November 2025. # Events after the reporting date There is no material subsequent event undertaken by the Company or the Group after 30 November 2025 and up to the date of this interim report. # 財務回顧(續) 根据一般授權配售新股份(續) 於二零二五年十一月二十一日，60,000,000股配售股份已成功以配售價每股配售股份0.121港元配售予不少於六名承配人，且於二零二五年配售事項完成後，概無承配人為本公司主要股東（定義見上市規則）。二零二五年配售事項所得款項總額約為7.26百萬港元，扣除配售佣金及與二零二五年配售事項相關的其他費用後，所得款項淨額約為6.93百萬港元。所有所得款項淨額將用於本集團一般營運資金。於進行二零二五年配售事項後，已發行普通股總數為360,000,000股每股面值0.1港元之股份。 二零二五年配售事項的詳情載於本公司日期為二零二五年十月十日、二零二五年十月三十一日、二零二五年十一月三日及二零二五年十一月二十一日的公告。 # 报告日期後事件 於二零二五年十一月三十日後及直至本中期報告日期，本公司或本集團並無重大期後事件。 # Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 For the six months ended 30 November 截至十一月三十日止六個月 2025 二零二五年 HK$’000 千港元 (Unaudited) (未經審核) 2024 二零二四年 HK$’000 千港元 (Unaudited) (未經審核) Notes 附註 Revenue 收益 4 59,314 108,140 Direct costs 直接成本 (74,194) (114,150) Gross loss 毛損 (14,880) (6,010) Other income 其他收入 5 1,454 1,320 General and administrative expenses 一般及行政開支 (7,120) (8,027) Loss from operations 營運虧損 (20,546) (12,717) Finance costs 財務成本 6 (29) (66) Loss before taxation 除税前虧損 7 (20,575) (12,783) Income tax credit 所得稅抵免 8 319 340 Loss and total comprehensive income for the period 期内虧損及全面收益總額 (20,256) (12,443) Loss per share 每股虧損 Basic and diluted 基本及攤薄 (HK cents) (港仙) 9 6.7 4.4 The notes on page 21 to 38 form part of this interim report. 載於第21至38頁之附註構成本中期報告之一部分。 # Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 As at 30 November 2025 於二零二五年十一月三十日 Notes 附註 As at 30 November 2025 於 二零二五年 十一月三十日 HK$'000 千港元 (Unaudited) (未經審核) As at 31 May 2025 於 二零二五年 五月三十一日 HK$'000 千港元 (Audited) (經審核) Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 11 16,106 18,899 Deferred tax assets 遞延税項資產 131 312 16,237 19,211 Current assets 流動資產 Inventory 存貨 - 627 Contract assets 合約資產 12 13,975 25,450 Trade and other receivables 貿易及其他應收款 項 13 5,304 10,925 Cash and cash equivalents 現金及現金等價物 19,885 25,347 39,164 62,349 Current liabilities 流動負債 Trade and other payables 貿易及其他應付款 項 14 19,953 29,973 Lease liabilities 租賃負債 1,600 2,393 Amount due to directors 應付董事款項 688 2,340 22,241 34,706 Net current assets 流動資產淨值 16,923 27,643 Total assets less current liabilities 總資產減流動負債 33,160 46,854 Non-current liabilities 非流動負債 Employee benefit obligations 僱員福利負債 565 565 Lease liabilities 租賃負債 274 162 Deferred tax liabilities 遞延税項負債 2,168 2,667 3,007 3,394 NET ASSETS 資產淨值 30,153 43,460 CAPITAL AND RESERVES 資本及儲備 Share capital 股本 15 36,000 30,000 Reserves 儲備 (5,847) 13,460 TOTAL EQUITY 權益總額 30,153 43,460 The notes on pages 21 to 38 form part of this interim report. 載於第21至38頁之附註構成本中期報告之一部分。 # Condensed Consolidated Statement of Changes in Equity # 簡明綜合權益變動表 For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 Attributable to equity shareholders of the Company 本公司權益股東應佔 Share capital HK$'000 千港元 Share premium HK$'000 千港元 Share- based payment reserve 以股份為 基礎的 付款儲備 HK$'000 千港元 Merger reserve HK$'000 千港元 Exchange fluctuation reserve 匯兑 波動儲備 HK$'000 千港元 Accumulated losses HK$'000 千港元 Total equity HK$'000 千港元 Balance at 1 June 2024 (audited) 於二零二四年六月一日的 結餘(經審核) 26,688 63,911 - -* 22 (16,717) 73,904 Changes in equity for the Period 本期間權益變動 Placing of new shares under general mandate 根據一般授權配售新股份 3,312 - - - - - 3,312 Loss and total comprehensive income for the Period 本期間虧損及全面收益總 額 - - - - - (12,443) (12,443) Exchange differences arising on translation of foreign operations 換算海外業務產生之匯兑 差額 - - - - (52) - (52) Balance at 30 November 2024 (unaudited) 於二零二四年十一月 三十日的結餘 (未經審核) 30,000 63,911 - -* 30 (29,160) 64,721 Balance at 1 June 2025 (audited) 於二零二五年六月一日的 結餘(經審核) 30,000 63,677 979 -* 5 (51,201) 43,460 Changes in equity for the Period 本期間權益變動 Placing of 20% new shares under general mandate 根據一般授權配售20%新 股份 6,000 932 - - - - 6,932 Loss and total comprehensive income for the Period 本期間虧損及全面收益總 額 - - - - - (20,256) (20,256) Exchange differences arising on translation of foreign operations 換算海外業務產生之匯兑 差額 - - - - 17 - 17 Balance at 30 November 2025 (unaudited) 於二零二五年十一月 三十日的結餘 (未經審核) 36,000 64,609 979 -* 22 (71,457) 30,153 * The amount represents an amount less than HK$1,000. The notes on pages 21 to 38 form part of this interim financial report. * 該金額指少於1,000港元的金額。 載於第21至38頁之附註構成本中期報告之一部分。 # Condensed Consolidated Statement of Cash Flows # 簡明綜合現金流量表 For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 For the six months ended 30 November 截至十一月三十日止六個月 2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核) 2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核) Operating activities 經營活動 Cash used from operations 營運所用的現金 (10,106) (2,142) Hong Kong profits tax refund 已退還香港利得税 - 6 Net cash used in operating activities 經營活動所用現金淨額 (10,106) (2,136) Investing activities 投資活動 Bank interest income received 已收銀行利息收入 57 258 Proceeds from disposal of property, plant and equipment 出售物業、廠房及設備所得款項 - 3,500 Net cash generated from investing activities 投資活動所得現金淨額 57 3,758 Financing activities 融資活動 Capital element of lease rentals paid 已付租賃租金資本部分 (681) (636) Interest element of lease rentals paid 已付租賃租金利息部分 (29) (66) Repayment to amount due to a director 償還應付一名董事款項 (1,652) (403) Proceeds from placing of new shares under general mandate 根據一般授權配售新股份的所得款項 6,949 3,312 Net cash generated from financing activities 融資活動所得現金淨額 4,587 2,207 Net (decrease)/increase in cash and cash equivalents 現金及現金等價物的凈 （減少）／增加 (5,462) 3,829 Cash and cash equivalents at the beginning of the period 期初的現金及現金等價物 25,347 25,822 Effect of foreign exchange rate changes 外幣匯率變動之影響 - (52) Cash and cash equivalents at the end of the period 期末的現金及現金等價物 19,885 29,599 The notes on pages 21 to 38 form part of this interim report. 載於第21至38頁之附註構成本中期報告之一部分。 # Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 1. GENERAL INFORMATION Tian Cheng Holdings Limited (the "Company") is a public limited company incorporated in the Cayman Islands on 24 May 2018 with limited liability under the Companies Act (as revised) of the Cayman Islands. The shares of the Company are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 7 December 2020. The addresses of the registered office and principal place of business of the Company are disclosed in the corporate information to the annual report. The Company and its subsidiaries (hereinafter collectively referred to as the "Group") are principally engaged in marine construction works, other civil engineering works, vessel chartering services, and health and wellness services. The consolidated financial statements are presented in Hong Kong dollars ("HK$"), which is also the functional currency of the Company. # 1. 一般资料 根據開曼群島公司法(經修訂），天成控股有限公司「本公司」於二零一八年五月二十四日在開曼群島註冊成立為公眾有限公司。本公司股份於二零二零年十二月七日在香港聯合交易所有限公司（「聯交所」）主板上市。本公司的註冊辦事處地址及主要營業地點披露於年報的公司資料。本公司及其附屬公司(以下統稱為「本集團」)主要從事海事建築工程、其他土木工程、船隻租賃服務及康養服務。 綜合財務報表乃以港元（「港元」）呈列，港元亦為本公司功能貨幣。 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 2. BASIS OF PREPARATION This interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). It was authorised for issue on 31 January 2023. The interim financial report has been prepared in accordance with the same accounting policies adopted in the 2023-2024 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2024-2025 annual financial statements. Details of any changes in accounting policies are set out in note 3 to the condensed consolidated financial statements. The preparation of interim financial report in conformity with HKAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates. # 2. 編製基準 本中期財務報告乃根據香港聯合交易所有限公司證券上市規則之適用披露條文編製，並符合香港會計師公會（「香港會計師公會」）頒佈之香港會計準則（「香港會計準則」）第34號「中期財務報告」的規定。本中期財務報告已於二零二三年一月三十一日獲授權刊發。 除預期將於二零二四年至二零二五年年度財務報表中反映的會計政策變動外，中期財務報告乃根據二零二三年至二零二四年年度財務報表所採納的相同會計政策編製。有關會計政策任何變動的詳情載於簡明綜合財務報表附註3。 中期財務報告的編製符合香港會計準則第34號，其要求管理層須作出影響政策應用以及年初至今資產及負債、收入及開支呈報金額的判斷、估計和假設。實際結果可能有別於該等估計數額。 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 2. BASIS OF PREPARATION (Continued) This interim financial report contains condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2023-2024 annual financial statements. The condensed consolidated interim financial statements and notes thereon do not include all of the information required for a full set of financial statements prepared in accordance with HKFRSs. The condensed consolidated results have not been audited but have been reviewed by the audit committee of the Company (the "Audit Committee"). # 3. CHANGES IN ACCOUNTING POLICIES The HKICPA has issued a number of amendments to Hong Kong Financial Reporting Standards ("HKFRSs") that are first effective for the current accounting period of the Group. None of these developments have had a material effect on how the Group's results and financial position for the current or prior periods have been prepared or presented in this interim financial report. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. # 2. 編製基準(續) 本中期財務報告包括簡明綜合財務報表及所選取的附註解釋。該等附註包括對了解自二零二三年至二零二四年年度財務報表發表後本集團之財務狀況及表現變動尤為重要的各項事件及交易之解釋。簡明綜合中期財務報表及其附註並不包括按香港財務報告準則的要求而編製的完整財務報表的所有資料。 簡明綜合業績未經審核，惟已經由本公司的審核委員會(「審核委員會」)審閱。 # 3. 會計政策變動 香港會計師公會已頒佈多項於本集團本會計期間首次生效之香港財務報告準則(「香港財務報告準則」)修訂本。 該等發展並無對在本中期財務報告中編製或呈列本集團本期間或過往期間的業績及財務狀況的方式產生重大影響。本集團並無應用於本會計期間尚未生效之任何新準則或詮釋。 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 4. REVENUE AND SEGMENT INFORMATION # (a) Disaggregation of revenue An analysis of the Group's revenue for the six months ended 30 November 2025 and 2024 are as follows: # 4. 收益及分部資料 # (a) 收益分類 本集團截至二零二五年及二零二四年十一月三十日止六個月的收益分析如下： # For the six months ended 30 November 截至十一月三十日止六個月 2025 二零二五年 HK$’000 千港元 (Unaudited) (未經審核) 2024 二零二四年 HK$’000 千港元 (Unaudited) (未經審核) Revenue from contracts with customers 客戶合約收益 Disaggregated by major service lines 按主要服務劃分 - Marine construction works -海事建築工程 46,622 85,011 - Other civil engineering works -其他土木工程 11,392 16,741 - Vessel chartering services -船隻租賃服務 57 6,058 - Health and wellness services -康養服務 1,243 330 59,314 108,140 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 4. REVENUE AND SEGMENT INFORMATION (Continued) # (b) Segment results Disaggregation of the Group's revenue from contracts with customers by timing of revenue recognition as well as information regarding the Group's reportable segments as provided to the Group's most senior executive management for the purposes of resource allocation and assessment of segment performance for six months ended 30 November 2025 and 2024 are set out below: # 4. 收益及分部資料(續) # (b) 分部業績 按收益確認時間劃分的本集團客戶合約收益分類以及就資源分配及分部表現評估而向本集團最高行政管理人員提供的截至二零二五年及二零二四年十一月三十日止六個月有關本集團可呈報分部的資料載列如下： For the six months ended 30 November 2025 (unaudited) 截至二零二五年十一月三十日止六個月(未經審核) Marine construction works 海事 建築工程 HK$'000 千港元 Other civil engineering works 其他 土木工程 HK$'000 千港元 Vessel chartering services 船隻 租賃服務 HK$'000 千港元 Health and wellness services 康養服務 HK$'000 千港元 Total HK$'000 千港元 Disaggregated by timing of revenue recognition and revenue from external customers: -Over time 按確認收益時間及 來自外部客戶 收益分類: 46,622 11,392 57 1,243 59,314 -隨時確認 Reportable segment gross (loss)/profit 可呈報分部的 (毛損)/毛利 (20,192) 4,882 57 372 (14,880) Depreciation for the period* 期內折舊* 2,735 - - - 2,735 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 4. REVENUE AND SEGMENT INFORMATION (Continued) (b) Segment results (Continued) # 4. 收益及分部資料(續) (b) 分部業績(續) For the six months ended 30 November 2024 (unaudited) 截至二零二四年十一月三十日止六個月（未經審核） Other civil engineering works Vessel chartering services Health and wellness services Total 其他 船隻 康養服務 總計 土木工程 租賃服務 HK$'000 千港元 HK$'000 HK$'000 HK$'000 千港元 千港元 千港元 千港元 千港元 Disaggregated by timing of revenue recognition and revenue from external customers: 按確認收益時間及來 自外部 客戶收益分類： -Over time 85,011 16,741 6,058 330 Reportable segment gross (loss)/profit 可呈報分部的 (毛損)/毛利 (8,776) 873 1,843 50 Depreciation for the period* 期內折舊* 3,712 252 410 - * Included in "Direct costs" in the consolidated statement of profit or loss and other comprehensive income. 計入綜合損益及其他全面收益表內的「直接成本」。 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 5. OTHER INCOME # 5. 其他收入 For the six months ended 30 November 截至十一月三十日止六個月 2025 二零二五年 HK$’000 千港元 (Unaudited) (未經審核) 2024 二零二四年 HK$’000 千港元 (Unaudited) (未經審核) Bank interest income 銀行利息收入 57 258 Government subsidy 政府補貼 134 - Gain on disposal of property,plant and equipment 出售物業、廠房及設備的收益 - 1,003 Insurance compensation 保險賠償 474 - Scrap sales 廢料銷售 501 - Sundry income 雜項收入 288 59 1,454 1,320 # 6. FINANCE COSTS # 6. 財務成本 For the six months ended 30 November 截至十一月三十日止六個月 2025 2024 二零二五年 二零二四年 HK$'000 HK$'000 千港元 千港元 (Unaudited) (Unaudited) (未經審核) (未經審核) Interest on lease liabilities 租賃負債利息 29 66 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 7. LOSS BEFORE TAXATION Loss before taxation has been arrived after charging: # 7. 除税前虧損 除稅前虧損乃經扣除以下各項後達致： For the six months ended 30 November 截至十一月三十日止六個月 2025 二零二五年 HK$'000 千港元 (Unaudited) (未經審核) 2024 二零二四年 HK$'000 千港元 (Unaudited) (未經審核) Staff costs, including directors' emoluments 員工成本(包括董事酬金) - Salaries, wages and other benefits -薪金、工資及其他福利 19,063 28,147 - Contributions to defined contribution retirement plan -向定額供款退休計劃作出的供款 589 793 Depreciation of property, plant and equipment (excluding amounts included in contract costs) 物業、廠房及設備折舊(不包括合約成本中包含的金額) - owned property, plant and equipment -自有物業、廠房及設備 2,750 4,319 - right-of-use assets -使用權資產 43 274 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 8. INCOMETAX # 8. 所得税 For the six months ended 30 November 截至十一月三十日止六個月 2025 2024 二零二五年 HK$’000 二零二四年 HK$’000 千港元 (Unaudited) 千港元 (Unaudited) (未經審核) (未經審核) Deferred tax 遞延税項 Origination and reversal of temporary differences 暫時差額的產生及搬回 (319) (340) # Notes: (a) Pursuant to the laws and regulations of the Cayman Islands and the British Virgin Islands ("BVI"), the Group is not subject to any income tax in the Cayman Islands and the BVI. (b) No provision for Hong Kong Profits Tax has been made in the consolidated financial statements for the Period and corresponding prior period as the subsidiaries in Hong Kong have no taxable profits. (c) Under the Law of the PRC on Enterprise Income Tax (the "EIT Law") and implementation Regulation of the EIT Law, the tax rate of the PRC subsidiaries is $25\%$ . No provision for PRC EIT has been made in the consolidated financial statements for the Period and corresponding prior period as the subsidiaries in the PRC have no taxable profits. # 附註： (a) 根據開曼群島及英屬處女群島（「英屬處女群島」）法例及法規，本集團於開曼群島及英屬處女群島毋須繳納任何所得税。 (b) 由於香港附屬公司並無應課稅溢利，故於本期間及去年同期的綜合財務報表中，並無就香港利得稅作出撥備。 (c) 根據中華人民共和國企業所得稅法(「企業所得税法」)及企業所得稅法實施條例,中國附屬公司的稅率為 $25\%$ 。由於中國附屬公司並無應課稅溢利,故於本期間及去年同期的綜合財務報表中,並無就中國企業所得稅作出撥備。 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 9. LOSS PER SHARE # (a) Basic loss per share The basic loss per share for the six months ended 30 November 2025 is calculated based on the loss attributable to the equity shareholders of the Company of HK$20,256,000 and the weighted average of 303,278,689 ordinary shares in issue during the six months ended 30 November 2025. The basic loss per share for the six months ended 30 November 2024 is calculated based on the loss attributable to the equity shareholders of the Company of HK$12,443,000 and the weighted average of 281,358,689 ordinary shares in issue during the six months ended 30 November 2024. # (b) Diluted loss per share As the exercise of the Company's outstanding share options for the Period and the corresponding prior period would be anti-dilutive, therefore the diluted loss per share is same as the basic loss per share for both periods. # 9. 每股虧損 # (a) 每股基本虧損 截至二零二五年十一月三十日止六個月的每股基本虧損乃基於本公司權益股東應佔虧損20,256,000港元及截至二零二五年十一月三十日止六個月已發行普通股的加權平均數303,278,689股計算。 截至二零二四年十一月三十日止六個月的每股基本虧損乃基於本公司權益股東應佔虧損12,443,000港元及截至二零二四年十一月三十日止六個月已發行普通股的加權平均數281,358,689股計算。 # (b) 每股攤薄虧損 由於行使本期間及去年同期本公司尚未行使之購股權具有反攤薄作用，因此兩個期間之每股攤薄虧損與每股基本虧損相同。 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 10. DIVIDENDS The Board does not recommend the payment of an interim dividend for the six months ended 30 November 2025 (six months ended 30 November 2024: Nil). # 11. PROPERTY, PLANT AND EQUIPMENT (a) Acquisitions and disposals of owned assets During the six months ended 30 November 2025, the Group did not acquire any property, plant and equipment (six months ended 30 November 2024: Nil). During the six months ended 30 November 2025, the Group did not dispose any property, plant and equipment (six months ended 30 November 2024: gain on disposal of HK$1,030,235). (b) Charge on property, plant and equipment As at 30 November 2025, there is no charge on the Group's assets (31 May 2025: Nil). # 10. 股息 董事會並不建議就截至二零二五年十一月三十日止六個月派付中期股息（截至二零二四年十一月三十日止六個月：無）。 # 11. 物業、廠房及設備 (a) 收購及出售自有資產 截至二零二五年十一月三十日止六個月，本集團並無收購任何物業、廠房及設備（截至二零二四年十一月三十日止六個月：無）。 截至二零二五年十一月三十日止六個月，本集團並無出售任何物業、廠房及設備（截至二零二四年十一月三十日止六個月：出售收益1,030,235港元）。 (b) 物業、廠房及設備抵押 於二零二五年十一月三十日，本集團概無資產抵押（二零二五年五月三十一日：無）。 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 12. CONTRACT ASSETS # 12. 合約資產 As at 30 November 2025 於二零二五年 十一月三十日 HK$’000 千港元 (Unaudited) (未經審核) As at 31 May 2025 於二零二五年 五月三十一日 HK$’000 千港元 (Audited) (經審核) Contract assets 合約資產 Arising from performance under marine construction works 因履行海事建築工程而產生 7,060 18,988 Arising from performance under other civil engineering works 因履行其他土木工程而产生 6,915 6,462 13,975 25,450 As at 30 November 2025, the amount of contract assets that is expected to be recovered after more than one year is approximately HK $2,591,000 (31 May 2025: approximately HK$ 3,276,000), all of which relate to retention receivables. 於二零二五年十一月三十日，預期於超過一年後收回的合約資產金額約為2,591,000港元（二零二五年五月三十一日：約3,276,000港元），其中所有款項均與應收保留金有關。 # Notes to the Condensed Consolidated Financial Statements (Cont'd) 簡明綜合財務報表附註(續) For the six months ended 30 November 2025 截至二零二五年十一月三十日止六個月 # 13. TRADE AND OTHER RECEIVABLES # 13. 貿易及其他應收款項 As at 30 November 2025 於二零二五年 十一月三十日 HK$’000 千港元 (Unaudited) (未經審核) As at 31 May 2025 於二零二五年 五月三十一日 HK$’000 千港元 (Audited) (經審核) Current assets 流動資產 Trade receivables 貿易應收款項 2,336 7,688 Other receivables 其他應收款項 521 184 Deposits and prepayments 按金及預付款項 2,447 3,053 <td