Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Bengang Steel Plates Co., Ltd.
First Quarter Report 2021
April 2021
1
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Ⅰ. Important Notice
The Board of Directors, the Supervisory Committee and the Directors, members of the
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.
All the members of the Board of Directors attended the board meeting on which this
report was examined.
Gao Lie, Chairman of the Company, Lin Dong, the principal in charge of the
accounting, and Cong Yajuan, Chief of Accounting Affairs, make the pledge for the
authenticity, accuracy and integrity of the attached financial statements.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
II. Company Profile
I. Main Accounting data and Financial index
Whether the Company makes retroactive adjustment or restatement of the accounting data of the previous year
□ Yes √ No
Jan.-Mar. 2021 Jan.-Mar. 2020 Changes (+/-)
Operating income（RMB） 15,252,265,770.99 11,728,574,704.88 30.04%
Net profit attributable to the
shareholders of the listed company 686,599,759.65 177,998,575.36 285.73%
（RMB）
Net profit after deducting of non-
recurring gain/loss attributable to the
678,208,256.33 168,656,828.67 302.12%
shareholders of listed company
（RMB）
Net Cash flows generated by business
-966,470,265.23 684,846,620.22 -241.12%
operation（RMB）
Basic earnings per share (RMB/Share) 0.18 0.05 260.00%
Diluted earnings per share
0.18 0.05 260.00%
(RMB/Share)
Weighted average net assets yield (%) 3.21% 0.91% 2.30%
31 Mar. 2021 31 Dec 2020 Changes (+/-)
Gross assets（RMB） 66,446,670,324.00 65,007,470,749.20 2.21%
Net assets attributable to shareholders
21,713,721,738.01 21,018,296,389.10 3.31%
of the listed company（RMB）
Items and amount of non-recurring profit and loss
√ Applicable □ Not applicable
Unit: RMB
Items Jan.-Mar. 2021 Notes
Profit or loss from disposal of non-current assets
(including the write-off part for which assets impairment -6,031,886.26
provision is made)
Details of government subsidies recorded into current
profits and loss（except such government subsidy closely
related to the company’s normal business operation, 16,562,376.50
meeting the regulation of national policy and enjoyed
constantly in certain quota or quantity according to a
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
certain standard）
Other non-operating revenue and expenditure other than
707,688.34
above items
Less: Impact of income tax 2,809,544.65
Impact of minority interests (after tax) 37,130.61
Total 8,391,503.32 --
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.
II Total Number of Shareholders and Shareholding of Top 10 Shareholders
1. Total number of common shareholders, preferred shareholders whose voting rights restored, and
shareholding of top 10 shareholders
Unit: share
The total number of
Total number of common preferred shareholders
shareholders at the end of the 51,611 voting rights restored at the 0
reporting period end of the reporting period
(if any)
Shareholding by Top 10 shareholders
Proportion Amount of Number of share pledged/frozen
Name of the Nature of Quantity of
of shares restricted shares
shareholder shareholder shares State of share Quantity
held held
Benxi Steel & Pledged 1,109,545,000
State-owned legal
Iron (Group) 62.17% 2,409,628,094
person Frozen 102,100,000
Co., Ltd.
CCB Principal
Asset
Management – Others 4.77% 184,842,883
ICBC – CR
Trust – CR
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Trust Xing
Sheng No. 5
Collective Fund
Trust Plan
Bei Xin Rui
Feng Fund –
China
Merchants
Bank – Bei Xin
Others 4.77% 184,842,883
Rui Feng Fund
Feng Qing No.
229 Asset
Management
Plan
China Life
AMP Fund–
ICBC – China
Life AMP –
Hua Xin Trust
Targeted Others 4.77% 184,842,883
Additional
Shares Issuance
No. 10 Asset
Management
Plan
Liaoning
Provincial
State-owned legal
Transportation 4.33% 167,765,783
person
Investment
Group Co., Ltd.
CR Yuanta
Fund
Management –
Huatai
Securities – CR
Yuanta Fund
Others 0.34% 12,990,123
Runhong
Xingsheng
Collective
Assets
Management
Plan
Fang Lei Domestic natural 0.28% 10,885,300
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
person
Domestic natural
Zhang Peng 0.21% 8,287,900
person
VANGUARD
EMERGING
Overseas legal
MARKETS 0.21% 8,157,311
person
STOCK
INDEX
Domestic natural
Chen Jinhong 0.19% 7,500,375
person
Shareholding of top 10 shareholders of unrestricted shares
Category of shares
Number of non-restricted common shares held
Name of the shareholder Category of
at the period-end Quantity
shares
Benxi Steel & Iron (Group) Co., Common shares
2,409,628,094 2,409,628,094
Ltd. in RMB
CCB Principal Asset Management –
ICBC – CR Trust – CR Trust Xing Common shares
184,842,883 184,842,883
Sheng No. 5 Collective Fund Trust in RMB
Plan
Bei Xin Rui Feng Fund – China
Merchants Bank – Bei Xin Rui Common shares
184,842,883 184,842,883
Feng Fund Feng Qing No. 229 in RMB
Asset Management Plan
China Life AMP Fund– ICBC –
China Life AMP – Hua Xin Trust Common shares
184,842,883 184,842,883
Targeted Additional Shares Issuance in RMB
No. 10 Asset Management Plan
Liaoning Provincial Transportation Common shares
167,765,783 167,765,783
Investment Group Co., Ltd. in RMB
CR Yuanta Fund Management –
Huatai Securities – CR Yuanta Fund Common shares
12,990,123 12,990,123
Runhong Xingsheng Collective in RMB
Assets Management Plan
Common shares
Fang Lei 10,885,300 10,885,300
in RMB
Common shares
Zhang Peng 8,287,900 8,287,900
in RMB
VANGUARD EMERGING Foreign shares
8,157,311 8,157,311
MARKETS STOCK INDEX placed in
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
FUND domestic
exchange
Common shares
Chen Jinhong 7,500,375 7,500,375
in RMB
Related-parties or acting-in-concert
It is unknown to the Company whether there is any related connection or action-
parties among the above-mentioned
in-concert parties among the top 10 un-restricted shareholders.
shareholders
Benxi Steel & Iron (Group) Co., Ltd. holds 2,170,628,094 shares of the company
through an ordinary securities account, and holds 239,000,000 shares through the
investor's credit securities account, therefore, it holds a total of 2,409,628,094
Shareholders among the top 10 shares.
participating in securities margin CR Yuanta Fund Management – Huatai Securities – CR Yuanta Fund Runhong
trading (if any) Xingsheng Collective Assets Management Plan holds 12,990,123 shares through
the investor's credit securities account.
Fang Lei holds 10,885,300 shares through the investor's credit securities account.
Zhang Peng holds 8,287,900 shares through the investor's credit securities account.
Whether top ten common shareholders or top ten common shareholders with unrestricted shares carried out any buy-back
agreement dealing in the reporting period.
□ Yes √ No
Top ten common shareholders or top ten common shareholders with unrestricted shares did not carry out buy-back
agreement dealing in the reporting period.
2. Number of total preferred shareholders and preferred shares hold by Top 10 preferred shareholders
□ Applicable √ Not applicable
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
III Important Events
Ⅰ. Major Changes in Financial Data and Financial Index and Reasons
√ Applicable □ Not applicable
Significant changes and reasons in major accounting data, financial indicators which changed over 30%
compared to the consolidated financial statement at the beginning of the year
Increase /
1. Statement of Financial Position Reasons
Decrease
Other current assets 52% Due to the increase of purchase of financing products.
Construction in progress 31% Due to the increase of construction in progress.
Due to the increase of unpaid value-added tax at the
Current tax liabilities 97%
end of the period.
Non-current liabilities due within Due to the long-term loans converted into borrowings
-79%
one year due within one year.
Long-term payables 41% Due to the increase of lease payment.
Due to the increase in the unused amount of the safety
Special reserves 2208%
production cost in this period.
Significant changes and reasons in major accounting data, financial indicators which changed over 30%
compared to the consolidated financial statement of the first quarter of 2020
2. Statement of comprehensive Increase /
Reasons
income Decrease
Due to the increase of settlement compared to the
Operating income 30%
comparable period.
Due to the increase of value added tax during the
Tax and surcharges 101%
current period.
Due to the increase of income tax paid during the
Income tax expenses 15605%
current period.
Increase /
3. Statement of cash flows Reasons
Decrease
Due to the increase of export tax rebate during the
Tax rebate received 178%
current period.
Due to the increase of cash paid for goods and services
Cash paid for goods and services 62%
during the period
Due to the decrease of value added tax payment during
Cash paid for all types of taxes -33%
the period.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Cash paid for acquisition of fixed Due to the increase of cash paid for acquisition of
assets, intangible assets and other 88% fixed assets, intangible assets and other long-term
long-term assets assets
Cash received from borrowings -31% Due to the decrease of cash received from the loan
II. Progress and influence of significant events, as well as the analysis and explanation on
solutions
□ Applicable √ Not applicable
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the reduction of shareholding shares by means of centralized bidding
□ Applicable √ Not applicable
III. The Under-Fulfillment Commitments by the End of the Period Made by Actual Controller,
Acquirer, Director, Supervisor, Senior Management Personnel and other Related Parties.
□ Applicable √ Not applicable
There is no under-fulfillment commitment by the end of the period made by actual controller, acquirer, director, supervisor,
senior management personnel and other related parties.
IV. Investment in Securities
1. Investment in Securities
□ Applicable √ Not applicable
There are no securities investments in the reporting period.
2. Investment in Derivatives
□ Applicable √ Not applicable
There is no investment in derivatives in the reporting period.
V. Progress of Investment Projects with Raised Funds
√ Applicable □ Not applicable
1. Funds raised by non-public offering of shares
As of the end of the reporting period, the company used a total of RMB 3,278.59 million to raise funds, and the unused
amount was RMB 684.38 million, of which the balance of supplementary working capital was RMB 660 million and
the balance of the account of raised funds was RMB 24.38 million.
2. Public issuance of convertible bonds to raise funds
As of the end of the reporting period, the company actually used the raised funds of RMB 2,463.52 million, the unused
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
amount of the company's raised funds was 4,299.95 million, of which the supplementary working capital balance was
4,180 million, and the raised funds account balance was 119.95 million.
VI. Forecast of Business Performance from Jan-Jun 2021
A warning and explanation of the reason for predicting that the cumulative net profit from the beginning of the year to
the end of the next reporting period may be a loss or a significant change compared with the same period of the
previous year
□ Applicable √ Not applicable
VII. Major Contracts for Daily Operations
□ Applicable √ Not applicable
VIII. Entrusted Financial Management
□ Applicable √ Not applicable
There is no entrusted financial management in the reporting period.
IX. Violation of Regulations in Provision of External Guaranty
□ Applicable √ Not applicable
There is no violation of regulations in provision of external guaranty during the reporting period.
X. Illustrations of Non-Operating Occupation of Funds by the Controlling Shareholder and
Related Parties
□ Applicable √ Not applicable
There is no non-operating occupation of funds by the controlling shareholder and related parties.
XI. Registration form of Activities such as Research, Communication, Interview in this
Reporting Period
□ Applicable √ Not applicable
There is no researches, visits and interviews received in the reporting period.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Ⅳ Financial Statement
Ⅰ. Financial Statement
1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Prepared by: Bengang Steel Plates Co., Ltd.
31 March 2021
Unit: RMB
Item Mar 31, 2021 Mar 31, 2020
Current asset
Cash at bank and on hand 9,607,066,518.46 13,126,666,915.26
Settlement provisions
Capital lent
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 230,497,087.25 245,217,182.66
Accounts receivable financing 3,671,070,272.83 4,189,977,871.92
Prepayments 2,171,613,244.35 2,108,044,777.65
Premium receivable
Reinsurance accounts receivable
Receivable deposit for reinsurance
contract
Other receivables 140,438,311.17 142,101,351.27
Including：Interest receivable
Dividend receivable
Redemptory financial assets for sale
Inventories 10,030,853,051.80 9,040,065,342.65
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 8,401,071,869.02 5,523,646,836.01
Total current assets 34,252,610,354.88 34,375,720,277.42
Non-current assets
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Loan and advances issued
Debt investment
Other debt investments
Long-term receivables
Long-term equity investments 2,788,647.95 2,742,064.73
Other equity investments 1,042,024,829.00 1,042,024,829.00
Other non-current financial assets
Investment property
Fixed assets 25,741,811,447.00 26,284,567,956.44
Construction in progress 2,404,248,545.89 1,839,933,715.58
Productive biological assets
Oil and gas assets
Right-of-use assets 1,526,203,644.87
Intangible assets 263,290,809.84 264,932,652.54
Development expenditure
Goodwill
Long-term deferred expenses
Deferred tax assets 202,210,114.90 201,708,932.84
Other non-current assets 1,011,481,929.67 995,840,320.65
Total non-current assets 32,194,059,969.12 30,631,750,471.78
Total assets 66,446,670,324.00 65,007,470,749.20
Current Liabilities
Short-term loans 10,066,547,000.00 10,067,731,000.00
Loan from central bank
Loan from other financial institutions
Financial liability held for trading
Derivative financial liabilities
Notes payable 8,209,448,728.97 9,814,149,348.42
Accounts payable 4,924,702,174.04 5,914,228,256.82
Advance from customers
Contract liabilities 5,742,773,223.88 4,458,671,819.90
Financial assets sold for repurchase
Absorbed deposit and interbank deposit
Receiving from vicariously traded
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
securities
Receiving from vicariously sold securities
Employee benefits payable 30,000,623.55 25,749,485.25
Current tax liabilities 109,067,499.02 55,302,080.96
Other payables 659,520,679.27 709,448,301.92
Including：Interest payable
Dividend payable
Handling charges and commission
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year 273,845,934.19 1,308,030,361.43
Other current liabilities 746,560,519.10 579,627,336.58
Total current liabilities 30,762,466,382.02 32,932,937,991.28
Non-current liabilities
Standard insurance contract provision
Long-term loans 4,507,016,155.89 3,502,934,427.65
Bonds payable 5,760,237,114.37 5,752,229,339.52
Including: Preferred stock
Perpetual bond
Lease liabilities 1,459,524,066.81
Long-term payables 1,565,647,536.69 1,114,232,362.74
Long-term employee benefits payable
Estimated liabilities
Deferred income 139,254,976.73 154,451,833.23
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 13,431,679,850.49 10,523,847,963.14
Total liabilities 44,194,146,232.51 43,456,785,954.42
Shareholders’ equity
Share capital 3,875,898,553.00 3,875,371,532.00
Other equity instruments 1,145,842,934.77 1,146,290,662.42
Including: Preferred stock
Perpetual bond
Capital reserve 12,345,322,779.09 12,343,209,847.29
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Less: treasury shares
Other comprehensive income
Special reserves 6,933,776.25 300,412.14
Surplus reserves 961,105,529.85 961,105,529.85
General risk reserve
Undistributed profits 3,378,618,165.05 2,692,018,405.40
Total equity attributable to equity holders
21,713,721,738.01 21,018,296,389.10
of the parent company
Non-controlling interests 538,802,353.48 532,388,405.68
Total shareholder's equity 22,252,524,091.49 21,550,684,794.78
Total of liabilities and owners’ equity 66,446,670,324.00 65,007,470,749.20
Legal Representative: Gao Lie Chief Financial Officer: Lin Dong Chief Accountant: Cong Yajuan
2. STATEMENT OF FINANCIAL POSITION
Unit: RMB
Items Mar 31, 2021 Mar 31, 2020
Current asset
Cash at bank and on hand 8,699,983,948.15 11,808,618,300.87
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 252,514,276.65 289,865,462.20
Accounts receivable financing 3,468,358,869.69 4,143,431,412.08
Prepayments 2,189,467,531.08 2,117,204,935.75
Other receivables 225,617,247.75 228,180,190.02
Including: Interest receivables
Dividend receivables
Inventories 7,542,794,098.05 7,420,499,172.20
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 8,255,070,265.21 5,437,282,088.94
Total current assets 30,633,806,236.58 31,445,081,562.06
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Non-current assets
Debt investment
Other debt investments
Long-term receivables
Long-term equity investments 2,016,281,902.16 2,016,281,902.16
Other equity investments 1,041,624,829.00 1,041,624,829.00
Other non-current financial assets
Investment properties
Fixed assets 24,281,210,747.86 24,755,665,765.30
Construction in progress 2,360,656,651.69 1,798,639,941.58
Productive biological assets
Oil and gas assets
Right-of-use assets 1,526,203,644.87
Intangible assets 141,337,369.08 142,163,903.40
Development expenditure
Goodwill
Long-term deferred expense
Deferred tax assets 98,227,517.87 98,480,706.23
Other non-current assets 1,004,117,035.55 988,475,426.53
Total non-current assets 32,469,659,698.08 30,841,332,474.20
Total assets 63,103,465,934.66 62,286,414,036.26
Current liabilities
Short-term loans 9,146,547,000.00 9,107,731,000.00
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 7,104,509,084.22 8,348,607,405.21
Accounts payable 5,007,719,335.88 6,280,468,684.34
Advance from customers
Contract liabilities 5,985,572,402.79 5,324,357,761.83
Employee benefits payable 28,917,395.58 23,981,010.53
Current tax liabilities 88,955,193.39 42,514,891.31
Other payables 337,705,358.21 368,374,954.61
Including：Interest payables
Dividend payables
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Liabilities held for sale
Non-current liabilities due within one
273,845,934.19 1,308,030,361.43
year
Other current liabilities 778,124,412.36 692,166,509.04
Total current liability 28,751,896,116.62 31,496,232,578.30
Non-current liability
Long term loans 4,507,016,155.89 3,502,934,427.65
Bonds payable 5,760,237,114.37 5,752,229,339.52
Including: Preferred stock
Perpetual bond
Lease liabilities 1,459,524,066.81
Long-term payables 1,558,547,658.07 1,108,412,163.50
Long-term employee benefits payables
Estimated liabilities
Deferred income 139,254,976.73 154,451,833.23
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 13,424,579,971.87 10,518,027,763.90
Total liabilities 42,176,476,088.49 42,014,260,342.20
Shareholder’s equity:
Share capital 3,875,898,553.00 3,875,371,532.00
Other equity instruments 1,145,842,934.77 1,146,290,662.42
Including: Preferred stock
Perpetual bond
Capital reserves 11,925,171,096.97 11,923,058,165.17
Less: Treasury shares
Other comprehensive income
Special reserves 5,702,059.36 120,972.62
Surplus reserves 961,105,529.85 961,105,529.85
Undistributed Profits 3,013,269,672.22 2,366,206,832.00
Total shareholder's equity 20,926,989,846.17 20,272,153,694.06
Total liabilities and shareholder’s
63,103,465,934.66 62,286,414,036.26
equity
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
3. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unit: RMB
Item Jan.-Mar. 2021 Jan.-Mar. 2020
1. Total operating income 15,252,265,770.99 11,728,574,704.88
Including: Operating income 15,252,265,770.99 11,728,574,704.88
Interest income
Premium earned
Income from handling charges
and commission
2. Total operating cost 14,342,475,515.13 11,541,446,733.82
Including: Operating cost 13,850,889,731.59 10,759,718,222.36
Interest expense
Expenditure for handling charges
and commission
Surrender value
Net expenditure for compensation
Net provision for insurance
contract appropriated
Bonus payment for policy
Reinsurance premium
Tax and surcharges 103,677,773.51 51,561,831.30
Selling and distribution expenses 21,419,092.78 315,712,277.98
General and administrative
197,489,963.37 185,915,642.34
expenses
Research and development
9,276,704.82 8,416,671.23
expenses
Financial expenses 159,722,249.06 220,122,088.61
Including: Interest expense 248,978,172.74 246,021,732.55
Interest income 114,535,834.58 72,914,133.66
Add: Other income 16,562,376.50 18,439,817.04
Income on investment（“-” for loss）
Including: Income from associates and
joint ventures
Income from derecognition of
financial assets measured at amortized cost
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Exchange gains
Net exposure hedging
income （“-” for loss）
Gains from the change of
fair value （“-” for loss）
Credit impairment losses
1,012,753.44
（“-” for loss
Asset impairment losses
-19,207,549.90
(losses are listed with "-")
Assets disposal gains（“-”
130,675.05
for loss）
3. Operational profit（“-” for loss） 927,496,060.85 186,360,238.20
Add: Non-operating income 873,594.74 282,400.25
Less: Non-operating expenses 6,197,792.66 6,256,330.10
4. Total profit (“-” for loss) 922,171,862.93 180,386,308.35
Less: Income tax expenses 229,308,801.27 1,460,096.83
5. Net profit（“-” for loss） 692,863,061.66 178,926,211.52
1.Classification by continuing operating
(1) Net profit from continuing
692,863,061.66 178,926,211.52
operation
(2) Net profit from discontinued
operation
2.Classification by ownership
(1) Net profit attributable to the
686,599,759.65 177,998,575.36
owners of parent company
(2) Net profit attributable to non-
6,263,302.01 927,636.16
controlling shareholders
6. Other comprehensive income
Other comprehensive income
attributable to owners of the parent company
after tax
1.Other comprehensive income items
that will not be reclassified into gains/losses
(1) Re-measurement of defined
benefit plans of changes in net debt or net
assets
(2) Other comprehensive income
under the equity method investee cannot be
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
reclassified into profit or loss
(3) Changes in the fair value of other
equity investments
(4) Changes in the fair value of
Corporate credit risk
(5) Others
2.Other comprehensive income that will be
reclassified into profit or loss
(1) Share of other comprehensive
income of investee to be classified into profit
or loss afterwards under equity method
(2) Changes in the fair value of other
debt investments
(3) Changes in the fair value of financial
assets at fair value through other
comprehensive income
(4) Provision for credit loss of other debt
investments
(5) Cash flow hedge reserve
(6) Translation differences in foreign
currency financial statements
(7) Others
Other comprehensive income attributable to
non-controlling shareholders after tax
7. Total comprehensive income 692,863,061.66 178,926,211.52
Total comprehensive income
attributable to the owner of the parent 686,599,759.65 177,998,575.36
company
Total comprehensive income
6,263,302.01 927,636.16
attributable to non-controlling shareholders
8. Earnings per share
1) Basic earnings per share 0.18 0.05
2) Diluted earnings per share 0.18 0.05
The current business combination under common control, the net profits of the combined party before achieved: 0.00Yuan,
net profit of previous period of the combined party realized: 0.00Yuan.
Legal Representative: Gao Lie Chief Financial Officer: Lin Dong Chief Accountant: Cong Yajuan
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Bengang Steel Plates Co., Ltd. First Quarter Report 2021
4. STATEMENT OF COMPREHENSIVE INCOME
Unit: RMB
Item Jan.-Mar. 2021 Jan.-Mar. 2020
1. Total operating income 16,037,471,133.52 12,263,353,879.66
Less: Operating cost 14,725,993,329.30 11,478,300,497.98
Tax and surcharges 91,690,471.51 44,905,595.40
Selling and distribution expenses 19,785,727.27 186,148,487.15
General and administrative expenses 184,199,235.18 171,553,819.80
Research and development expenses 9,276,704.82 8,416,671.23
Financial expenses 155,122,738.36 212,078,788.48
Including: Interest expense 238,120,530.02 231,068,313.59
Interest income 108,194,621.37 65,935,368.22
Add: Other income 16,122,376.50 18,009,908.60
Income on investment（“-” for loss）
Including: Income from associates and
joint ventures
Income from derecognition of financial
assets measured at amortized cost
Net exposure hedging income
（“-” for loss）
Gains from change of
fair value （“-” for loss）
Credit impairment loss
1,012,753.44
（“-” for loss）
Asset impairment loss
-19,207,549.90
（“-” for loss）
Assets disposal gains（“-”
130,675.05
for loss）
2. Operational profit（“-” for loss） 868,668,732.07 160,752,378.32
Add: Non-operating income 617,098.70 225,882.20
Less: Non-operating expenses 6,197,792.66 6,069,498.66
3. Total profit (“-” for loss) 863,088,038.11 154,908,761.86
Less: Income tax expenses 216,025,197.89 -4,801,887.48
4. Net profit（“-” for loss） 647,062,840.22 159,710,649.34
1.Net profit from continuing operation 647,062,840.22 159,710,649.34
20
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
2.Net profit from discontinued operation
5.Other comprehensive income
1.Other comprehensive income items that
will not be reclassified into gains/losses
(1) Re-measurement of defined benefit
plans of changes in net debt or net assets
(2) Other comprehensive income under
the equity method investee cannot be reclassified
into profit or loss
(3) Changes in the fair value of other
equity investments
(4) Changes in the fair value of Corporate
credit risk
(5) Others
2.Other comprehensive income that will be
reclassified into profit or loss.
(1) Share of other comprehensive income
of investee to be classified into profit or loss
afterwards under equity method
(2) Changes in the fair value of other debt
investments
(3) Changes in the fair value of financial
assets at fair value through other comprehensive
income
(4) Provision for credit loss of other debt
investments
(5) Cash flow hedge reserve
(6) Translation differences in foreign
currency financial statements
(7) Others
6. Total comprehensive income 647,062,840.22 159,710,649.34
7. Earnings per share
1）Basic earnings per share
2）Diluted earnings per share
5. CONSOLIDATED STATEMENT OF CASH FLOWS
Unit: RMB
21
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Item Jan.-Mar. 2021 Jan.-Mar. 2020
1.Cash flow from operating activities
Cash received from sale of goods or
9,965,304,063.89 7,864,260,416.76
rendering of services
Net increase of customers' deposit and
interbank deposit
Net increase of loan from central bank
Net increase of loans from other financial
institutions
Cash received for premium of original
insurance contract
Net cash received for reinsurance business
Net increase of deposit and investment of
the insured
Cash from receiving interest, handling
charge and commission
Net increase of loans from Borrowing funds
Net increase of fund for buy-back business
Net increase of receiving from vicariously
traded securities
Tax rebate received 35,592,041.90 12,824,913.18
Other cash received relating to operating
44,680,105.17 50,831,445.98
activities
Subtotal of cash inflows from operating
10,045,576,210.96 7,927,916,775.92
activities
Cash paid for goods and services 10,187,896,266.01 6,282,057,238.94
Net increase of customer's loan and
advances
Net increase of deposit in central bank and
interbank deposit
Cash payment for original insurance
contract compensation
Net increase of capital lent
Cash for payment of interest, handling
charge and commission
Cash for payment of policy bonus
Cash paid to and on behalf of employees 499,525,498.95 481,908,334.86
22
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Cash paid for all types of taxes 304,963,305.18 458,533,701.03
Other cash paid relating to operating
19,661,406.05 20,570,880.87
activities
Subtotal of cash outflows from operating
11,012,046,476.19 7,243,070,155.70
activities
Net cash flows from operating activities -966,470,265.23 684,846,620.22
2. Cash flows from investing activities
Cash received from return on investments
Cash received from distribution of
dividends or profit
Net cash received from disposal of fixed
assets, intangible assets and other long-term
assets
Net cash received from disposal of
subsidiary and other operating units
Other cash paid relating to investing
activities
Subtotal of cash inflows from investing
activities
Cash paid for acquisition of fixed assets,
420,987,681.05 224,332,091.19
intangible assets and other long-term assets
Cash paid for acquisition of investments
Net increase of mortgage loan
Net cash received from subsidiary and other
operating unit
Other cash paid relating to investing
3,000,000,000.00
activities
Subtotal of cash outflows from investing
3,420,987,681.05 224,332,091.19
activities
Net cash flows from investing activities -3,420,987,681.05 -224,332,091.19
3. Cash flows from financing activities
Proceeds from investment
Including: Proceeds from investment of
non-controlling shareholders of subsidiary
Proceeds from borrowings 1,512,381,000.00 2,197,194,000.00
Other proceeds relating to financing
activities
23
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Subtotal of cash inflows from financing
1,512,381,000.00 2,197,194,000.00
activities
Cash repayments of borrowings 1,556,333,658.67 2,916,611,584.62
Cash payments for distribution of
266,480,285.50 263,567,150.15
dividends, profit or interest expenses
Including: Cash paid to non-controlling
shareholders as dividend and profit by
subsidiaries
Other cash payments relating to financing
activities
Subtotal of cash outflows from financing
1,822,813,944.17 3,180,178,734.77
activities
Net cash flows from financing activities -310,432,944.17 -982,984,734.77
4. Effect of foreign exchange rate changes
1,302,002.14 37,441,237.39
on cash and cash equivalents
5. Net increase in cash and cash
-4,696,588,888.31 -485,028,968.35
equivalents
Add: Cash and cash equivalents at the
9,229,417,595.12 13,441,414,988.58
beginning of the period
6. Cash and cash equivalents at the
4,532,828,706.81 12,956,386,020.23
ending of the period
6. STATEMENT OF CASH FLOWS
Unit: RMB
Item Jan.-Mar. 2021 Jan.-Mar. 2020
1. Cash flow from operating activities
Cash received from sale of goods or
9,900,871,109.50 7,801,529,586.28
rendering of services
Tax rebate received 15,393,055.96
Other cash received relating to operating
35,586,079.84 39,105,003.15
activities
Subtotal of cash inflows from operating
9,951,850,245.30 7,840,634,589.43
activities
Cash paid for goods and services 10,159,123,025.48 6,197,815,675.01
Cash paid to and on behalf of employees 477,144,855.89 459,560,419.78
Cash paid for all types of taxes 270,877,880.57 434,526,418.13
Other cash paid relating to operating 15,425,570.97 16,129,733.15
24
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
activities
Subtotal of cash outflows from operating
10,922,571,332.91 7,108,032,246.07
activities
Net cash flows from operating activities -970,721,087.61 732,602,343.36
2. Cash flows from investing activities
Cash received from return on investments
Cash received from distribution of
dividends or profit
Net cash received from disposal of fixed
assets, intangible assets and other long-term
assets
Net cash received from disposal of
subsidiary and other operating units
Other cash received relating to investing
activities
Subtotal of cash inflows from investing
activities
Cash paid for acquisition of fixed assets,
412,255,336.94 218,474,831.02
intangible assets and other long-term assets
Cash paid for acquisition of investments
Net cash paid for acquisition of subsidiary
and other operating unit
Other cash paid relating to investing
3,000,000,000.00
activities
Subtotal of cash outflows paid for
3,412,255,336.94 218,474,831.02
investing activities
Net cash flows from investing activities -3,412,255,336.94 -218,474,831.02
3. Cash flows from financing activities
Proceeds from investment
Cash received from borrowings 1,412,381,000.00 1,957,194,000.00
Other cash received relating to financing
activities
Subtotal of cash inflows from financing
1,412,381,000.00 1,957,194,000.00
activities
Cash repayments of borrowings 1,421,333,658.67 2,676,611,584.62
Cash payments for distribution of
252,542,952.15 249,495,900.16
dividends, profit or interest
25
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Other cash payments relating to financing
activities
Subtotal of cash outflows from financing
1,673,876,610.82 2,926,107,484.78
activities
Net cash flows from financing activities -261,495,610.82 -968,913,484.78
4. Effect of foreign exchange rate changes
1,300,453.72 33,421,536.16
on cash and cash equivalents
5. Net increase in cash and cash
-4,643,171,581.65 -421,364,436.28
equivalents
Add: Cash and cash equivalents at the
8,897,859,003.60 13,029,616,298.47
beginning of the period
6. Ending balance of cash and cash
4,254,687,421.95 12,608,251,862.19
equivalents
Ⅱ. Adjustment of Financial Statement
1. Adjustment to the financial statement towards beginning balance due to the first-time implementation of new
leasing standards from 2021.
√ Applicable □ Not applicable
Whether to adjust the balance sheet account at the beginning of the year
√ Applicable □ Not applicable
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unit: RMB
Item 31 December 2020 1 January 2021 Adjustment amount
Current assets
Cash at bank and on hand 13,126,666,915.26 13,126,666,915.26
Account receivable 245,217,182.66 245,217,182.66
Accounts receivable financing 4,189,977,871.92 4,210,303,818.58
Prepayments 2,108,044,777.65 1,842,668,037.12
Other receivable 142,101,351.27 165,329,297.77
Inventories 9,040,065,342.65 9,043,886,183.05
Other current assets 5,523,646,836.01 5,523,520,390.81
Total current assets 34,375,720,277.42 34,157,591,825.25
Non-current assets
Long-term equity investments 2,742,064.73 2,788,647.95
26
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Other equity investments 1,042,024,829.00 1,042,024,829.00
Fixed assets 26,284,567,956.44 26,284,567,956.44
Construction in progress 1,839,933,715.58 1,839,933,715.58
Right-of-use assets 1,541,868,510.81 1,541,868,510.81
Intangible assets 264,932,652.54 264,932,652.54
Deferred tax assets 201,708,932.84 200,866,214.95
Other non-current assets 995,840,320.65 1,237,539,145.81
Total non-current assets 30,631,750,471.78 32,414,521,673.08 1,541,868,510.81
Total assets 65,007,470,749.20 66,572,113,498.33 1,541,868,510.81
Current Liabilities
Short-term loans 10,067,731,000.00 10,067,731,000.00
Notes payable 9,814,149,348.42 9,834,475,295.08
Accounts payable 5,914,228,256.82 5,914,228,256.82
Contract liabilities 4,458,671,819.90 4,458,671,819.90
Employee benefits payable 25,749,485.25 25,749,485.25
Current tax liabilities 55,302,080.96 55,301,055.34
Other payables 709,448,301.92 708,349,201.31
Non-current liabilities due within
1,308,030,361.43 1,308,030,361.43
one year
Other current liabilities 579,627,336.58
Total current liabilities 32,932,937,991.28 32,952,163,811.71
Non-current liabilities
Long-term loans 3,502,934,427.65 3,502,934,427.65
Bonds payables 5,752,229,339.52 5,752,229,339.52
Lease liabilities 1,541,868,510.81 1,541,868,510.81
Long-term payables 1,114,232,362.74 1,114,232,362.74
Deferred income 154,451,833.23 154,451,833.23
Total non-current liabilities 10,523,847,963.14 12,065,716,473.95 1,541,868,510.81
Total liabilities 43,456,785,954.42 45,017,880,285.66 1,541,868,510.81
Shareholders' equity:
Share capital 3,875,371,532.00 3,875,371,532.00
Other equity instruments 1,146,290,662.42 1,146,290,662.42
Capital reserve 12,343,209,847.29 12,343,209,847.29
Special reserves 300,412.14 300,412.14
27
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Surplus reserves 961,105,529.85 961,105,529.85
Undistributed profits 2,692,018,405.40 2,695,566,823.29
Total equity attributable to equity
21,018,296,389.10 21,021,844,806.99
holders of the parent company
Non-controlling interests 532,388,405.68 532,388,405.68
Total shareholder's equity 21,550,684,794.78 21,554,233,212.67
Total of liabilities and owners’
65,007,470,749.20 66,572,113,498.33 1,541,868,510.81
equity
Illustration of adjustment
STATEMENT OF FINANCIAL POSITION
Unit: RMB
Item 31 December 2020 1 January 2021 Adjustment amount
Current assets
Cash at bank and on hand 11,808,618,300.87 11,808,618,300.87
Account receivable 289,865,462.20 289,865,462.20
Accounts receivable financing 4,143,431,412.08 4,143,431,412.08
Prepayments 2,117,204,935.75 1,851,828,195.22
Other receivable 228,180,190.02 251,408,136.72
Inventories 7,420,499,172.20 7,420,679,014.84
Other current assets 5,437,282,088.94 5,437,282,088.94
Total current assets 31,445,081,562.06 31,203,112,610.87
Non-current assets
Long-term equity investments 2,016,281,902.16 2,016,281,902.16
Other equity investments 1,041,624,829.00 1,041,624,829.00
Fixed assets 24,755,665,765.30 24,755,665,765.30
Construction in progress 1,798,639,941.58 1,798,639,941.58
Right-of-use assets 1,541,868,510.81 1,541,868,510.81
Intangible assets 142,163,903.40 142,163,903.40
Deferred tax assets 98,480,706.23 98,548,237.73
Other non-current assets 988,475,426.53 1,230,174,251.69
Total non-current assets 30,841,332,474.20 32,624,967,341.67 1,541,868,510.81
Total assets 62,286,414,036.26 63,828,079,952.54 1,541,868,510.81
Current liabilities
Short-term loans 9,107,731,000.00 9,107,731,000.00
28
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Notes payable 8,348,607,405.21 8,348,607,405.21
Accounts payable 6,280,468,684.34 6,280,468,684.34
Contract Liabilities 5,324,357,761.83 5,324,357,761.83
Employee benefits payable 23,981,010.53 23,981,010.53
Current tax liabilities 42,514,891.31 42,514,891.31
Other payables 368,374,954.61 368,374,954.61
Non-current liabilities due within
1,308,030,361.43 1,308,030,361.43
one year
Other current liabilities 692,166,509.04
Total current liabilities 31,496,232,578.30 31,496,232,578.30
Non-current liabilities
Long term loans 3,502,934,427.65 3,502,934,427.65
Bonds payable 5,752,229,339.52 5,752,229,339.52
Lease liabilities 1,541,868,510.81 1,541,868,510.81
Long-term payables 1,108,412,163.50 1,108,412,163.50
Deferred income 154,451,833.23 154,451,833.23
Total non-current liabilities 10,518,027,763.90 12,059,896,274.71 1,541,868,510.81
Total liabilities 42,014,260,342.20 43,556,128,853.01 1,541,868,510.81
Shareholder’s equity:
Share capital 3,875,371,532.00 3,875,371,532.00
Other equity instruments 1,146,290,662.42 1,146,290,662.42
Capital reserves 11,923,058,165.17 11,923,058,165.17
Special reserves 120,972.62 120,972.62
Surplus reserves 961,105,529.85 961,105,529.85
Undistributed Profits 2,366,206,832.00 2,366,004,237.47
Total shareholder's equity 20,272,153,694.06 20,271,951,099.53
Total liabilities and
62,286,414,036.26 63,828,079,952.54 1,541,868,510.81
shareholder’s equity
Illustration of adjustment
2. Illustration of the first implementation of the new lease standards, retrospective adjustment towards the
previous data from 2021.
□ Applicable √ Not applicable
29
Bengang Steel Plates Co., Ltd. First Quarter Report 2021
Ⅲ. Audit report
Whether the first quarter report is audited
□ Yes √ No
The first quarter report is not audited.
30
