Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Stock Code: 000761,200761 Abbreviation: Bengang Bancai, Bengang Ban B
Announcement No.：2026-021 Bond Code: 127018 Bond Abbreviation: Bengang Zhuan Zhai
Bengang Steel Plates Co., Ltd.
First Quarter Report 2026
The Company and all members of the Board of Directors guarantee that the information disclosed
is true, accurate, and complete, and there are no misrepresentations or misleading statements, or
material omission.
Important Notice:
Supervisory Committee and senior management of the Company guarantee that there are no
misrepresentations or misleading statements, or material omission in this report, and individually
and collectively accept full responsibility for the authenticity, accuracy and integrity of the
information contained in this report.
charge of the accounting organization (accounting officer), hereby confirm that the financial report
in this quarterly report is true, accurate and complete.
□ Yes √ No
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
I. Key Financial Data
Whether the Company makes retroactive adjustment or restatement of the accounting data of the previous year
□ Yes √ No
Increase or decrease in this
The same period of
Current reporting period reporting period over the previous
previous year
period
Revenue (RMB yuan) 10,378,148,324.20 12,337,783,878.17 -15.88%
Net profit attributable to the
shareholders of the listed -1,071,171,849.91 -766,311,108.86 -39.78%
company (RMB yuan)
Net profit attributable to the
shareholders of listed company
-1,086,048,600.94 -768,926,383.01 -41.24%
after deducting non-recurring
gain/loss (RMB yuan)
Net cash flows generated by
operating activities (RMB yuan)
Basic earnings per share
-0.261 -0.187 -39.57%
(RMB/Share)
Diluted earnings per share
-0.261 -0.187 -39.57%
(RMB/Share)
Weighted average net assets yield -14.47% -6.66% -7.81%
Increase or decrease at the end of
At the end of the current
At the end of previous year this reporting period over the
reporting period
previous year
Total assets (RMB yuan) 47,309,989,047.80 45,770,013,536.58 3.36%
Net assets attributable to
shareholders of the listed 6,871,738,996.14 7,935,782,007.83 -13.41%
company (RMB yuan)
√ Applicable □ Not applicable
Unit: RMB Yuan
Items Current reporting period Notes
Profit or loss from disposal of non-current assets (including the write-off part -8,780,189.58
for which assets impairment provision is made)
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Government subsidies recorded into current profits and loss （ except such
government subsidy closely related to the company’s normal business 24,637,463.74
operation, meeting the regulation of national policy and enjoyed constantly in
certain quota or quantity according to a certain standard）
Gains or losses from debt restructuring 53,299.22
Other non-operating income and expenses other than above items
Less: Impact of income tax
Impact of non-controlling interests (after tax) 12,325.59
Total 14,876,751.03 --
Other circumstances can be defined as non-recurring profit and loss:
□ Applicable √ Not applicable
There are no other items of profit or loss that meet the definition of non-recurring items for the Company.
For the Company’s non-recurring profit and loss items as defined in “the Explanatory Announcement No.1 on information
disclosure for Companies Offering their Securities to the Public-Non-recurring Profits and Losses” and its non-recurring profit
and loss items as illustrated in “the Explanatory Announcement No.1 on information disclosure for Companies Offering their
Securities to the Public-Non-recurring Profits and Losses” which have been defined as recurring profits and losses, it is necessary
to explain the reason.
□ Applicable √ Not applicable
None of non-recurring profit and loss items recognized as recurring profit and loss items as defined by “the Explanatory
Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Profits and
Losses” in the report period.
√ Applicable □ Not applicable
Items and reasons for the changes of more than 30% compared with the beginning of the year or compared with
the same period of the previous year in the consolidated statement:
Reasons
Position Decrease
Cash at bank and on hand 158.21% Due to the increase in bank borrowings.
Due to the increase in the volume of discounted bills during the
Notes receivable -54.16%
period, resulting in a decrease in the ending balance of bills.
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Due to the decrease in the scale of bill discounting during the
Accounts receivable financing 43.15%
period, resulting in an increase in the ending balance of bills.
Short-term loans 459.81% Due to the increase in short-term loans.
Due to the increase in unused employee education funds
Employee benefit payables 159.44%
provisioned in this period.
Due to the increase in special reserves already provisioned but not
Special reserves 807.46%
used.
Reasons
income Decrease
Due to the decrease in the provision for impairment loss on
Asset impairment losses -33.49%
inventories during the period.
Due to the additional provision for bad debt of accounts receivable
Credit impairment losses 150.41% in the current period and the reversal of bad debt losses upon the
recovery of receivables from the previous period.
Due to the decrease in gains from government grants and other
Other income -51.17%
factors in the current period.
Increase /
Decrease
Cash inflows from operating Due to the decrease in government appropriations received in the
-66.07%
activities current period compared to the previous period.
Net cash flows from operating Due to the decrease in cash payments for purchases in the current
activities period compared to the previous period.
Net cash received from disposal
Due to the decrease in cash proceeds received from the disposal of
of fixed assets, intangible assets -100.00%
assets in the current period compared to the previous period.
and other long-term assets
Cash paid for acquisition of fixed 37.34% Due to the increase in cash payments for the purchase and
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
assets, intangible assets and other construction of long-term assets compared to the previous period.
long-term assets
Due to an increase in cash payments for the purchase and
Net cash flows from investing
-48.18% construction of long-term assets and a decrease in cash proceeds
activities
from asset disposals compared to the previous period.
Due to the increase in bank borrowings compared to the previous
Proceeds from borrowings 572.27%
period and the impact of bank loan rollovers.
Other proceeds relating to Due to the decrease in other financing activities in the current
-57.97%
financing activities period compared to the previous period.
Due to the increase in repayments of bank borrowings compared to
Cash repayments of borrowings 38499.25%
the previous period and the impact of bank loan rollovers.
Cash payments for distribution of
Due to the increase in interest payments and profit distributions by
dividends, profit or interest -36.73%
controlling subsidiaries compared to the previous period.
expenses
Other cash payments relating to Due to the decrease in other financing activities in the current
-56.01%
financing activities period compared to the previous period.
Net cash flows from financing Due to the increase in bank borrowings compared to the previous
activities period and the impact of bank loan rollovers.
II. Shareholders Information
restored, and shareholding of top 10 shareholders
Unit: Share
Total number of preferred
Total number of common shareholders at shareholders with voting rights
the end of the reporting period restored at the end of the reporting
period (if any)
Shareholding by Top 10 shareholders (excluding shares loaned through refinancing)
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Amount of Number of shares
Name of the Proportion of
Nature of shareholder Quantity of shares restricted shares pledged/frozen
shareholder shares held
held State of share Quantity
Benxi Steel & Iron State-owned legal
(Group) Co., Ltd. person
Bengang Group State-owned legal
Co., Ltd. person
Domestic natural
Guan Hui 0.70% 28,850,000 0 Not applicable 0
person
Domestic natural
Zhang Wenyou 0.43% 17,536,865 0 Not applicable 0
person
Domestic natural
Lyu Ruijun 0.31% 12,566,800 0 Not applicable 0
person
Hong Kong
Securities
Overseas legal person 0.27% 11,125,959 0 Not applicable 0
Clearing Company
Ltd.
Domestic natural
Zhou Wei 0.25% 10,126,800 0 Not applicable 0
person
Domestic natural
Ma Yonghua 0.24% 10,036,457 0 Not applicable 0
person
Domestic natural
Gao Tao 0.22% 9,000,000 0 Not applicable 0
person
Domestic natural
Jiang Dong 0.20% 8,020,000 0 Not applicable 0
person
Shareholding of top 10 shareholders of unrestricted shares (Excluding shares lent through refinancing and shares locked by senior
executives)
Number of non-restricted common Category of shares
Name of the shareholder
shares held at the period-end Category of shares Quantity
Benxi Steel & Iron (Group) Co., Ltd. 2,409,628,094 Common shares in RMB 2,409,628,094
Bengang Group Co., Ltd. 737,371,532 Common shares in RMB 737,371,532
Guan Hui 28,850,000 Common shares in RMB 28,850,000
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Zhang Wenyou 17,536,865 Common shares in RMB 17,536,865
Domestically listed foreign
Lyu Ruijun 12,566,800 12,566,800
shares
Hong Kong Securities Clearing Company
Ltd.
Domestically listed foreign
Zhou Wei 10,126,800 10,126,800
shares
Domestically listed foreign
Ma Yonghua 10,036,457 10,036,457
shares
Gao Tao 9,000,000 Common shares in RMB 9,000,000
Jiang Dong 8,020,000 Common shares in RMB 8,020,000
Benxi Steel & Iron (Group) Co., Ltd. and Bengang Group Co., Ltd. are related parties
Related-parties or acting-in-concert and parties acting in concert in “Measures for the Administration of the Takeover of
parties among the above-mentioned Listed Companies” . It is unknown to the Company whether there is any other related
shareholders parties or parties acting in concert as defined in “Measures for the Administration of
the Takeover of Listed Companies” among the above-mentioned shareholders.
Guan Hui holds 850,000 shares of the company through an ordinary securities account
and holds 28,000,000 shares of the company through an investor's credit securities
account. Zhang Wenyou holds 130,498 shares of the company through an ordinary
Shareholders among the top 10
securities account and holds 17,406,367 shares of the company through an investor's
participating in securities margin trading
credit securities account. Zhou Wei holds 857,900 shares of the company through an
(if any)
ordinary securities account and holds 9,268,900 shares of the company through an
investor's credit securities account. Jiang Dong holds 8,020,000 shares of the company
through an investor's credit securities account.
Shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of unrestricted tradable
shares participating in the refinancing business and lending shares
□ Applicable √ Not Applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared with the previous
period due to lending/repayment of refinancing
□ Applicable √ Not Applicable
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Shareholders
□ Applicable √ Not applicable
III. Other Major Events
√ Applicable □ Not applicable
On June 20, 2023, the company disclosed the "Major Asset Replacement and Related Transaction
Plan" to carry out asset replacement with Benxi Iron and Steel Company, intending to acquire 100%
equity of Benxi Iron and Steel (Group) Mining Co., Ltd., and intending to dispose of all assets and
liabilities of the listed company except for retained assets and liabilities. The difference between the
assets to be acquired and the assets to be disposed of shall be made up by one party to the other in cash.
At present, the company is conducting further demonstration and communication and negotiation on
the transaction plan. After the relevant matters are determined, the company will convene the board of
directors again for deliberation.
IV. Quarterly Financial Statements
(1) CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Prepared by: Bengang Steel Plates Co., Ltd.
March 31, 2026
Unit: Yuan
Items Ending balance Beginning balance
Current assets:
Cash at bank and on hand 2,911,053,371.20 1,127,390,675.15
Settlement provisions
Capital lent
Financial assets held for trading
Derivative financial assets
Notes receivable 183,251,558.66 399,759,776.83
Accounts receivable 1,307,074,019.86 1,178,780,456.77
Accounts receivable financing 474,282,680.89 331,321,177.27
Prepayments 364,054,296.19 314,825,894.06
Premium receivable
Reinsurance accounts receivable
Receivable deposit for reinsurance
Other receivables 4,344,145.01 4,034,061.03
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Items Ending balance Beginning balance
Including: Interest receivables
Dividend receivables
Redemptory financial assets for sale
Inventories 6,082,837,054.19 6,369,194,886.12
Including: data assets
Contract assets
Assets classified as held for sale
Non-current assets due within one year
Other current assets 376,077,736.72 450,271,362.93
Total current assets 11,702,974,862.72 10,175,578,290.16
Non-current assets:
Loan and advances issued
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 43,269,884.04 43,269,884.04
Other equity instrument investments 890,420,831.77 890,420,831.77
Other non-current financial assets
Investment properties
Fixed assets 28,214,064,390.62 28,412,673,622.89
Construction in progress 3,010,264,198.56 3,074,712,066.38
Productive biological assets
Oil and gas assets
Right of use assets 2,899,007,871.38 2,607,155,393.90
Intangible assets 380,884,733.49 383,659,012.77
Including: data assets
Development expenditure 3,700,000.00 3,700,000.00
Including: data assets
Goodwill
Long-term deferred expenses
Deferred tax assets 111,241,665.84 124,211,917.95
Other non-current assets 54,160,609.38 54,632,516.72
Total non-current assets 35,607,014,185.08 35,594,435,246.42
Total assets 47,309,989,047.80 45,770,013,536.58
Current Liabilities:
Short-term loans 1,867,863,215.72 333,660,470.12
Loan from central bank
Absorbed deposit and interbank deposit
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 13,412,790,478.40 12,962,287,642.88
Accounts payable 2,744,273,751.68 2,667,236,412.66
Advance from customers 309,929.12 49,541.35
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Items Ending balance Beginning balance
Contract Liabilities 2,566,501,613.81 2,736,697,947.25
Financial assets sold for repurchase
Deposits from customers and interbank
Acting trading securities
Acting underwriting securities
Employee benefits payable 6,711,416.89 2,586,883.29
Current tax liabilities 42,144,402.62 59,857,286.81
Other payables 2,557,906,970.56 2,775,544,196.11
Including: Interest payables
Dividend payables 45,054,305.70 45,054,305.70
Handling charges and commission
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one 6,912,430,386.86 6,940,934,862.49
Other current liabilities 268,576,257.08 275,281,765.24
Total current liabilities 30,379,508,422.74 28,754,137,008.20
Non-current liabilities:
Provision for insurance contract
Long-term loans 6,783,899,628.51 6,014,469,758.11
Bonds payable
Including: Preferred stock
Perpetual bond
Lease liabilities 2,432,859,543.16 2,239,436,105.64
Long-term payables
Long-term employee benefits payables
Estimated liabilities
Deferred income 157,939,996.28 158,199,416.58
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 9,374,699,167.95 8,412,105,280.33
Total liabilities 39,754,207,590.69 37,166,242,288.53
Shareholders’ equity:
Share capital 4,108,240,500.00 4,108,236,253.00
Other equity instruments 947,840,830.85 947,843,680.82
Including: Preferred stock
Perpetual bond
Capital reserves 13,252,965,488.33 13,252,955,837.48
Less: treasury shares
Other comprehensive income -129,961,806.05 -129,961,806.05
Special reserves 7,999,292.57 881,502.23
Surplus reserves 1,195,116,522.37 1,195,116,522.37
General risk reserves
Undistributed profits -12,510,461,831.93 -11,439,289,982.02
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Items Ending balance Beginning balance
Total equity attributable to equity holders of 6,871,738,996.14 7,935,782,007.83
Non-controlling interests 684,042,460.97 667,989,240.22
Total shareholder’s equity 7,555,781,457.11 8,603,771,248.05
Total liabilities and shareholder’s equity 47,309,989,047.80 45,770,013,536.58
Legal Representative: Wang Zhanwei Person in charge of accounting: Liu Tiecheng Accounting Dept. Leader: E Jianan
(2) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FROM THE BEGINNING OF
THE YEAR TO THE END OF THE CURRENT REPORTING PERIOD
Unit: Yuan
Items Current Period Previous Period
Including: Operating income 10,378,148,324.20 12,337,783,878.17
Interest income
Premium earned
Income from handling charges
Including: Operating cost 11,088,502,812.34 12,769,896,099.27
Interest cost
Expenditure for handling charges
Surrender value
Net expenditure for compensation
Net provision for insurance
Bonus payment for policy
Reinsurance premium
Taxes and surcharges 42,301,206.31 47,747,933.57
Selling and distribution expenses 19,372,075.53 22,932,073.99
General and administrative 124,998,612.67 155,799,915.83
Research and development 16,240,647.57 14,523,717.65
Financial expenses 112,609,947.07 97,413,264.41
Including: interest expenses 92,482,496.82 85,596,789.77
Interest incomes 8,430,049.40 10,490,359.91
Add: Other incomes 26,354,692.40 53,968,256.93
Income on investment ("-" for loss) -7,835,919.40 -10,818,731.38
Including: Income from associates and
Income from derecognition -1,292,170.25 -10,052.22
Exchange Income ("-" for loss)
Hedging income from net exposure (“-"
Gains from the change in fair value (“-"
Expected credit losses (“-" for loss) -9,840,632.43 19,521,154.96
Asset impairment losses (“-" for loss) -5,759,480.78 -8,659,089.94
Assets disposal gains（“-” for loss）
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Items Current Period Previous Period
Add: Non-operating income 3,354,782.24 4,373,254.35
Less: Non-operating expenses 10,393,596.12 14,187,275.87
Less: Income tax expenses 25,400,709.94 20,510,222.21
(1) Classification by continuity of
(2) Classification by ownership
Other comprehensive income attributable to
(1) . Re-measurement of defined
(2) . Other comprehensive income
(3). Changes of fair value of other
(4). Changes in the fair value of
(5). Others
(1) . Other comprehensive income
(2). Gains and losses from fair
(3). Gains and losses resulting
(4). Credit impairment losses of
(5). Effective portion of gains or
(6). Translation differences in
(7). Others
Other comprehensive income attributable to
Total comprehensive income attributable -1,071,171,849.91 -766,311,108.86
Total comprehensive income attributable 15,774,008.59 19,469,329.15
In the current period, in the event of a business combination under common control, the net profit realized by the acquiree prior
to the combination was RMB yuan; the net profit realized by the acquiree in the preceding period was RMB yuan.
Legal Representative: Wang Zhanwei Person in charge of accounting: Liu Tiecheng Accounting Dept. Leader: E Jianan
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
(3) CONSOLIDATED STATEMENT OF CASH FLOWS FROM THE BEGINNING OF THE YEAR TO
THE END OF THE CURRENT PERIOD
Unit: Yuan
Items Current Period Previous Period
Cash received from sale of goods or 11,361,489,361.51 12,779,464,625.20
Net increase of customers’ deposit and
Net increase of loan from central bank
Net increase of loans from other
Cash received for premium of original
Net cash received for reinsurance
Net increase of deposit and investment
Net increase of Financial assets at fair
Cash from receiving interest, handling
Net increase of loans from other
Net increase of fund for buy-back
Tax rebate received 8,716,943.98
Other cash received relating to 29,175,988.93 85,992,859.66
Subtotal of cash inflows from operation 11,399,382,294.42 12,865,457,484.86
Cash paid for goods and services 10,679,058,233.34 12,615,014,112.80
Net increase of customer’s loan and
Net increase of deposit in central bank
Cash for payment of compensation for
Net increase in funds lent
Cash for payment of interest, handling
Cash for payment of policy bonus
Cash paid to and on behalf of 479,469,941.44 482,273,161.82
Cash paid for all types of taxes 93,321,915.22 109,306,000.58
Other cash paid relating to operating 68,157,401.04 75,888,758.43
Subtotal of cash outflows from operation 11,320,007,491.04 13,282,482,033.63
Net cash flows from operating activities 79,374,803.38 -417,024,548.77
Cash received from return on
Cash received from distribution of
Net cash received from disposal of 87,177,700.00
Net cash received from disposal of
Other cash received relating to
Subtotal of cash inflows from investing 87,177,700.00
Cash paid for acquisition of fixed 510,308,052.71 371,557,431.25
Cash paid for acquisition of investments 60,000,000.00
Net increase of mortgage loan
Net cash paid for acquisition of
Other cash paid relating to investing
Bengang Steel Plates Co., Ltd. First Quarter Report 2026
Items Current Period Previous Period
Subtotal of cash outflows from investing 510,308,052.71 431,557,431.25
Net cash flows from investing activities -510,308,052.71 -344,379,731.25
Proceeds from investment
Including: Proceeds from investment of
Proceeds from borrowings 3,697,500,000.00 550,000,000.00
Other proceeds relating to financing 590,929,391.53 1,406,061,111.27
Subtotal of cash inflows from financing 4,288,429,391.53 1,956,061,111.27
Cash repayments of borrowings 1,399,513,070.29 3,625,752.00
Cash payments for distribution of 54,773,575.82 86,573,784.97
Including: Cash paid to non-controlling 51,908,524.27
Other cash payments relating to 630,786,545.18 1,434,066,181.38
Subtotal of cash outflows from financing 2,085,073,191.29 1,524,265,718.35
Net cash flows from financing activities 2,203,356,200.24 431,795,392.92
Add: Cash and cash equivalents at the 287,470,306.31 1,590,205,218.91
Legal Representative: Wang Zhanwei Person in charge of accounting: Liu Tiecheng Accounting Dept. Leader: E Jianan
standards from 2026
□ Applicable √ Not applicable
Whether the first quarter report is audited
□ Yes √ No
The first quarter report is not audited.
Board of Directors of Bengang Steel Plates Co., Ltd.
April 28, 2026
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