天成控股2025/2026 中期报告

(incorporated in the Cayman Islands with limited liability)Stock code: 2110 Corporate Information2Management Discussion and Analysis5Condensed Consolidated Statement of Profit or Lossand Other Comprehensive Income17Condensed Consolidated Statement ofFinancial Position18Condensed Consolidated Statement ofChanges in Equity19Condensed Consolidated Statement ofCash Flows20Notes to the Condensed ConsolidatedFinancial Statements21Corporate Governance and Other Information39 CorporateInformation公司資料 BOARD OF DIRECTORS Executive DirectorsMs. Zheng Yanling(Chairman)Mr. Ouyang JianwenMr. Luo HaoMr. 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 DirectorsMr. Wan San Fai VincentMr. Wen XiaoxiaoMr. Yin Jun AUDIT COMMITTEE Mr. Wan San Fai Vincent(Chairman)Mr. Wen XiaoxiaoMr. Yin Jun NOMINATION COMMITTEE Mr. Wen Xiaoxiao(Chairman)Mr. Wan San Fai VincentMr. Yin Jun REMUNERATION COMMITTEE Mr. Yin Jun(Chairman)Mr. Wan San Fai VincentMr. Wen Xiaoxiao Corporate Information (Cont’d)公司資料（續） COMPANY SECRETARYMr. Wong Yuk AUTHORISED REPRESENTATIVES Mr. Ouyang JianwenMr. Wong Yuk HEADQUARTERS AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG 685506 507A Rooms 506–507A, 5/FEmpire Centre68 Mody RoadTsim Sha TsuiKowloonHong Kong REGISTERED OFFICE PO Box 1350Windward 3Regatta Office ParkGrand Cayman KY1-1108Cayman Islands PO Box 1350Windward 3Regatta Office ParkGrand Cayman KY1-1108Cayman Islands PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN THE CAYMANISLANDS Ocorian Trust (Cayman) LimitedWindward 3Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands Corporate Information (Cont’d)公司資料（續） HONG KONG BRANCH SHAREREGISTRAR AND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/FFar East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKS Nanyang Commercial Bank, LimitedShanghai Commercial Bank LimitedDBS Bank (Hong Kong) Limited AUDITOR 8191903A–1905 Prism Hong Kong and Shanghai LimitedUnit 1903A–1905, 19/F8 Observatory RoadTsim Sha TsuiHong Kong COMPANY’S WEBSITEwww.tianchengholdings.com.cn www.tianchengholdings.com.cn 2110 2110 Management Discussion and Analysis管理層討論與分析 T h e b o a r d ( t h e “B o a r d” ) o f d i r e c t o r s ( t h e“Directors”) of Tian Chen Holdings Limited (the“Company”) is pleased to present the unauditedcondensed consolidated interim results of theCompany and its subsidiaries (collectively refer to asthe “Group”) for the six months ended 30 November2025 (the “Period”) together with the unauditedcomparative figures for the six months ended 30November 2024 (the “corresponding prior period”). FINANCIAL HIGHLIGHTS •59.3108.1 •Revenue of the Group for the six months ended30 November 2025 amounted to approximatelyHK$59.3 million (for the six months ended30 November 2024: approximately HK$108.1million). •20.312.4 •Loss attributable to the equity shareholders ofthe Company was HK$20.3 million for the sixmonths ended 30 November 2025, as comparedwith loss attributable to the equity shareholdersof the Company of HK$12.4 million for the sixmonths ended 30 November 2024. •6.74.4 •Loss per share amounted to 6.7 HK cents forthe six months ended 30 November 2025, ascompared with loss per share of 4.4 HK centsfor the six months ended 30 November 2024. • •The Board does not recommend the declarationof any interim dividend for the six monthsended 30 November 2025. 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 constructionworks subcontractor specializing in reclamationworks and supplemented by vessel chartering servicesand other civil engineering works. The Group has alsodeveloped a new source of income since 2024 as ahealth and wellness service provider. As of the currentperiod, the Group has maintained its position as themain contractor for two marine construction projects,which were awarded with a combined contract sumof approximately HK$261.4 million. The Groupremains dedicated to these projects, focusing on theirsuccessful completion and delivery. 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 The Board anticipates that the forthcoming financialyears will continue to be challenging for the Group’smarine construction and other civil engineeringoperations due to fierce market competition andelevated technical requirements for project bidding.To address this, the Board has launched a newlydeveloped health and wellness services segmentsince January 2024. This initiative will leveragethe management team’s expertise and experience toexpand the current business portfolio and mitigaterisks associated with relying solely on marineconstruction and other civil engineering, and toincrease the Group’s resilience and profitability in theface of market vo