Summary of Annual Report 2025 of Bengang Steel Plates Co., Ltd.
Stock Code: 000761 Abbreviation: Bengang Bancai Announcement No.：2026-008
Summary of Annual Report 2025 of Bengang Steel Plates Co., Ltd.
I. Important Notice
This Annual Report Summary is taken from the full text of the Annual Report. Investors are advised to carefully read
the full text of the Annual Report published on the media designated by China Securities Regulatory Commission in
order to fully understand the Company’s operation results, financial position and future development plan.
All directors have attended the board meeting to review this report.
Non-standard auditor’s opinion
□ Applicable √Not applicable
Plans for profit distribution on ordinary shares or conversion of capital reserves into share capital proposed to the Board
during the reporting period
□ Applicable √Not applicable
The Company plans not to pay cash dividends, issue bonus shares, or increase capital by converting reserves.
Plans for profit distribution on preference shares for the reporting period approved by the Board
□ Applicable √ Not applicable
As of the end of the reporting period, the parent company had unrecovered losses:
√Applicable □Not applicable
The net profit of the parent company in 2025 was RMB -4,085,561,948.08 yuan, and the cumulative undistributed profit
as of the end of 2025 was negative.
II. Company Profile and Main Financial Index
Bengang Bancai, Bengangban
Stock abbreviation Stock Code 000761, 200761
B
Stock exchange for listing Shenzhen Stock Exchange
Contact person and manner Board secretary Securities affairs Representative
Name Liu Tiecheng Chen Liwen
No1-1 Gangtie Road, Pingshan District, No1-1 Gangtie Road, Pingshan District,
Address
Benxi City, Liaoning Province Benxi City, Liaoning Province
Fax 024-47827004 024-47827004
Tel 024-47827003 024-47828980
Email ltcjldd@163.com bgbc000761@126.com
The Company operates within the steel industry, which serves as a vital foundational sector of our national economy, a crucial pillar
in the construction of a modern and powerful nation, and a key domain for realizing green and low-carbon development.
During the reporting period, the Company's primary business operations encompassed steel smelting, rolling and processing, power
generation, coal chemicals, specialty steel bars, railway operations, import and export trade, R&D, and product sales. By
introducing world-class equipment and technology, the Company implemented upgrades and modernization across its core steel
operations, thereby establishing a premium steel production base. This initiative has resulted in a comprehensive product portfolio
comprising over 60 varieties and more than 7,500 specifications. The Company's flagship products—including automotive panels,
Summary of Annual Report 2025 of Bengang Steel Plates Co., Ltd.
appliance sheets, oil pipeline steel, container plates, and shipbuilding plates—are widely utilized across sectors such as automotive,
home appliances, petrochemicals, aerospace, machinery manufacturing, energy and transportation, construction and decoration, and
metal products; furthermore, these products are exported to numerous countries and regions worldwide.
In 2025, China's steel industry is characterized by "volume reduction alongside quality enhancement, profit recovery, and structural
optimization." Guided by policies aimed at "controlling total output, optimizing supply, strengthening foundations, and driving
transformation," the industry has reversed a two-year downward trend, achieving a significant improvement in economic
performance.
The company focuses on supporting Angang Group in its pursuit of becoming a world-class enterprise. Adhering to a strategy of
intensive development centered on economic efficiency, we consolidate our "Lean + Dual Foundations" framework and practice a
data-driven approach to business management. We employ extraordinary measures to address shortcomings and optimize our
structural layout, thereby actively and effectively navigating external challenges characterized by strong supply and weak demand.
Prioritizing stability and quality, we implement the "Eight Major Efficiency" metrics; across the entire process chain, we
systematically enhance process technologies, equipment precision, and production stability to foster high-efficiency, steady output.
Focusing on value creation—and grounded in a rolling budget system—we adopt a disciplined approach of "calculating first, acting
second; calculating while acting; and calculating after acting." We have established comprehensive systems for performance metrics,
accountability, and assessment to optimize resource allocation and drive the realization of untapped potential and quality
improvements. Leveraging technological innovation, we drive the upgrading of our product portfolio, empower operations through
digitalization, implement energy-saving and carbon-reduction retrofits, and modernize energy-consuming equipment to facilitate
overall industrial upgrading. Finally, with a sharp focus on efficiency and profitability, we utilize transformative reforms to break
through bottlenecks. We reinforce the interests of key stakeholders, strengthen internal synergies, address deficiencies, and mobilize
our entire workforce to unlock potential and enhance quality, thereby facilitating a fundamental shift from a production-oriented
model to a business-management-oriented model.
(1) Major accounting data and financial indicators in the past three years
Whether the Company needs to retrospectively adjust or restate the accounting data of previous years
?Yes □No
Reasons for retrospective adjustment or restatement
Business Combinations under Common Control
Unit: RMB
Changes over
previous year
Gross assets（RMB） 45,770,013,536.58 45,815,896,140.58 -0.10% 46,517,731,929.05
Net assets attributable to
shareholders of the listed 7,935,782,007.83 11,887,217,861.48 -33.24% 17,208,525,613.69
company（RMB）
Changes over
FY 2025 FY 2024 FY 2023
previous year
Operating income（RMB） 46,392,250,494.48 51,266,361,501.22 -9.51% 57,957,301,717.02
Net profit attributable to the
shareholders of the listed -3,942,278,349.12 -5,037,271,398.28 21.74% -1,720,871,697.00
company（RMB）
Net profit after deducting of
non-recurring gain/loss
-4,027,129,631.46 -5,221,601,823.63 22.88% -2,062,055,810.29
attributable to the shareholders
of listed company（RMB）
Net Cash flow generated by
-1,788,816,767.80 1,100,287,994.25 -262.58% 4,346,233,881.23
business operation（RMB）
Basic earnings per share
-0.960 -1.226 21.70% -0.419
(RMB/Share)
Diluted earnings per share -0.960 -1.226 21.70% -0.419
Summary of Annual Report 2025 of Bengang Steel Plates Co., Ltd.
(RMB/Share)
Weighted average net assets
-39.74% -34.29% -5.45% -9.60%
yield
(2) Key financial indicators by quarter
Unit：RMB
First quarter Second quarter Third quarter Fourth quarter
Operation income 12,337,783,878.17 12,360,016,543.82 10,503,033,603.71 11,191,416,468.78
Net profit attributable to
the shareholders of the -766,311,108.86 -632,966,672.04 -816,510,848.81 -1,726,489,719.41
listed company
Net profit after deducting
non-recurring gain/loss
attributable to the -768,926,383.01 -681,453,412.77 -843,434,416.83 -1,733,315,418.85
shareholders of listed
company
Net cash flows generated
-417,024,548.77 788,654,312.81 -470,589,947.54 -1,689,856,584.30
by operating activities
Whether the above financial indicators or their totals differ materially from the financial indicators disclosed in the company's
previously released quarterly or semi-annual reports.
□Yes ?No
(1) Table of the number of common shareholders and preferred shareholders whose voting rights have been restored and the
shareholdings of the top 10 shareholders
Unit: share
Total Total
number of number of
Total common preferred
number of shareholder shareholder Total number of preferred
common s at the end s whose shareholders whose voting
shareholder of the voting rights were restored at the
s at the end month rights were end of the month before
of the before the restored at the annual report
reporting annual the end of disclosure date
period report the
disclosure reporting
date period
Shareholding of top 10 shareholders (Excluding shares lent through refinancing)
Name of Pledge, mark or freeze
Nature of Holding situation
the Number of shares held Restricted shares held
shareholder Percentage
shareholder Status Number
Benxi Steel
State-owne
& Iron 102,100,00
d legal 58.65% 2,409,628,094 0 Frozen
(Group) 0
person
Co., Ltd.
Bengang State-owne
Not
Group d legal 17.95% 737,371,532 0 0
applicable
Co., Ltd. person
Guan Hui Domestic Not
natural applicable
Summary of Annual Report 2025 of Bengang Steel Plates Co., Ltd.
person
Zhang Domestic
Not
Wenyou natural 0.43% 17,820,865 0 0
applicable
person
Hong
Kong
Foreign
Securities Not
legal 0.35% 14,291,661 0 0
Clearing applicable
person
Company
Limited
Lyu Domestic
Not
Ruijun natural 0.30% 12,289,100 0 0
applicable
person
Ma Domestic
Not
Yonghua natural 0.24% 10,033,357 0 0
applicable
person
Zhou Wei Domestic
Not
natural 0.24% 9,736,700 0 0
applicable
person
Gao Tao Domestic
Not
natural 0.23% 9,600,000 0 0
applicable
person
Gao Yong Domestic
Not
natural 0.23% 9,418,500 0 0
applicable
person
Benxi Iron and Steel (Group) Co., Ltd. has a related relationship with Benxi Iron and Steel Group
Notes to relationship or Co., Ltd., and is a concerted action person stipulated in the "Administrative Measures for the
‘action in concert’ among Acquisition of Listed Companies". It is unknown to the Company whether there is any related
the top 10 shareholders. connection or ‘Action in Concert’ as described by Rules of Information Disclosing Regarding
Changing of Shareholding Status of Listed Companies existing among the above shareholders.
Guan Hui holds 600,000 shares of the Company's stock through an investor general account and
Shareholders among the
top 10 participating in
Wenyou holds 164,498 shares of the Company's stock through an investor credit securities account,
securities margin trading
(if any)
holds 9,418,500 shares of the Company's stock through an investor 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
(2) Total number of preferred shareholders of the company and shareholdings of the top 10 preferred shareholders
□ Applicable √ Not Applicable
The company had no preferred shares during the reporting period.
(3) Block diagram of the ownership and control relations between the Company and the actual controller
Summary of Annual Report 2025 of Bengang Steel Plates Co., Ltd.
Liaoning Dongfang
Liaoning Provincial Liaoning Huida
Liaoning Ansteel Fushun New Anrong Investment
State-owned Assets
Social Security Supervision and
Group Enterprise
Fund Council Co., Ltd.
Administration Commission Steel Co., Ltd. Management Partnership
Management Co., Ltd.
(Limited Partnership)
Bengang Group Co., Ltd.
Benxi Steel & Iron (Group) Co., Ltd.
Bengang Steel Plates Co., Ltd.
√ Applicable □ Not Applicable
(1) Basic information of bonds
Carrying value
Name of Bond
Bond Code Issuance date Maturity date of the bond (in Rate
Bond Abbreviation
Bengang Steel
Bengang
Plates Co., Ltd.
Convertible 127018 29 Jun 2020 28 Jun 2026 563,095.31 3.80%
Convertible
Bond
Bond
Interest payment and repayment of
The company paid the fifth year's interest at par value on June 30, 2025, with the interest for
corporate bonds during the
every 10 “Bengang convertible bonds” being RMB 38.00 (tax included).
reporting period
(2) The latest follow-up ratings and rating changes of corporate bonds
On June 3, 2025, China Chengxin International Credit Rating Co., Ltd. issued the "Follow-up Rating Report on the Public Issuance
of A-share Convertible Corporate Bonds by Bengang Plates Co., Ltd." The follow-up rating results show that the company's main
credit rating is AA+, with a stable rating outlook; the credit rating of "Bengang Convertible Bonds" is AAA. For details, please refer
to the "2025 Follow-up Rating Report of Bengang Plates Co., Ltd." disclosed by the company on June 3, 2025 on
www.cninfo.com.cn.
(3) The company’s main accounting data and financial indicators for the past two years as of the end of the reporting period
Unit: 10 thousand
yuan
Changes over previous
Item Year 2025 Year 2024
period
Debt-to-asset ratio 81.20% 72.72% 8.48%
Summary of Annual Report 2025 of Bengang Steel Plates Co., Ltd.
Net profit after deducting
non-recurring gains and -402,712.96 -522,160.18 22.88%
losses
EBITDA total debt ratio -6.55% -7.76% 1.21%
Interest Coverage ratio -9.16 -9.33 1.82%
III. Major Events
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.
On March 28, 2025, the Company held the 34th meeting of its Ninth Board of Directors, which reviewed and approved
the "Proposal on Jointly Investing with Related Parties to Establish a Subsidiary." The Company and its related party,
Ansteel Green Gold Industry Development Co., Ltd., jointly invested RMB 60 million to establish Green Gold (Benxi)
Renewable Resources Co., Ltd. (hereinafter referred to as the "Joint Venture"). Of this, the Company invested RMB
million with its own funds, holding 49% shares. Upon completion of this joint investment, the Joint Venture will be
included in the Company's consolidated financial statements and become a holding subsidiary of the Company.
Industrial and commercial registration was completed on April 9, 2025. For details, please refer to the "Announcement
on Jointly Investing with Related Parties to Establish a Subsidiary and Related-Party Transactions" (Announcement No.:
Completion of Industrial and Commercial Registration" (Announcement No.: 2025-025), both disclosed by the
Company on designated information disclosure media.
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