I fixed it.
Instead of running that .bat, compile it yourself.
arm-none-eabi-as -g -mcpu=arm7tdmi -mthumb-interwork Hector.asm -o Hector.elf
arm-none-eabi-objcopy -S Hector.elf -O binary Hector.dmp
Now it works well.
As for the goldroad, change the 1st line from .thumb to @thumb and delete the 2nd line, it will be assembled successfully.
One more thing I can tell you:
Don’t expect 2 compilers to generate the totally same binary files. They both work.