Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Stock Code: 000761 Abbreviation: Bengang Bancai Announcement No.：2022-028
Bengang Steel Plates Co., Ltd.
First Quarter Report 2022
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:
1. 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.
2. The person in charge of the company, the person in charge of accounting work, and the person in
charge of the accounting organization (accounting officer), hereby confirm that the financial report
in this quarterly report is true, accurate and complete.
3. Whether the third quarter report is audited
□ Yes √ No
1
Bengang Steel Plates Co., Ltd. First Quarter Report 2022
I. Summary of Financial Index
1. Summary of Accounting data and Financial index
Whether the Company makes retroactive adjustment or restatement of the accounting data of the previous year
□ Yes √ No
Current reporting Previous reporting
Changes (+/-)
period period
Operating income (RMB) 16,621,491,876.35 15,252,265,770.99 8.98%
Net profit attributable to the shareholders of
433,939,380.46 686,599,759.65 -36.80%
the listed company (RMB)
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of 423,326,955.85 678,208,256.33 -37.58%
listed company (RMB)
Net cash flows from operating activities
289,055,672.76 -966,470,265.23 130.35%
(RMB)
Basic earnings per share (RMB/Share) 0.11 0.18 -38.89%
Diluted earnings per share (RMB/Share) 0.11 0.18 -38.89%
Weighted average return on equity 1.91% 3.21% -1.30%
End of the current End of the previous
Changes (+/-)
reporting period reporting period
Total assets (RMB) 51,152,657,504.80 55,147,123,275.30 -7.24%
Net assets attributable to shareholders of the
22,953,219,837.58 22,500,969,014.30 2.01%
listed company (RMB)
2. Items and amount of non-recurring profit and loss
√ Applicable □ Not applicable
Unit: Yuan
Items Current reporting period Notes
Profit or loss from disposal of non-current assets (including the
3,778,746.80
write-off part for which assets impairment 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, meeting the regulation of national policy 15,494,362.00
and enjoyed constantly in certain quota or quantity according to a
certain standard）
Other non-operating revenue and expenditure other than above items -5,097,833.81
Less: Impact of income tax 3,543,818.75
Impact of minority interests (after tax) 19,031.63
Total 10,612,424.61 --
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Other circumstances can be defined as non-recurring profit and loss:
□ Applicable √ Not applicable
There is no other circumstances can be defined as non-recurring profit and loss.
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.
3. Major Changes in Financial Data and Financial Index and Reasons
√ Applicable □ Not applicable
Items and reasons for the changes of more than 30% compared with the beginning of the year in the
consolidated statement
Increase /
1. Statement of Financial Position Reasons
Decrease
Due to the increase of disbursement of
Cash at bank and on hand -36%
mature bills and loan repayment.
Bill endorsement is greater than nots
Notes receivables -36%
received.
Other current assets 39% Due to the increase of input VAT.
Notes payables -68% Due to the maturity of notes.
Due to the increase of long term loans and
Non-current liabilities due within
55% lease liabilities reclassified into
one year
non-current liabilities due within one year.
Items and reasons for the changes of more than 30% compared to January to March 2021 in the consolidated
financial statements
Increase /
2. Statement of comprehensive income Reasons
Decrease
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Due to the decrease of VAT during the
Tax and surcharges -58%
current period.
Increase /
3. Statement of cash flows Reasons
Decrease
Cash received from sale of goods or Due to the increase of revenue and cash
33%
rendering of services prepaid by customers.
Cash paid for acquisition of fixed
Due to the decrease of cash paid for
assets, intangible assets and other -69%
acquisition of assets.
long-term assets
Cash received of borrowings -87% Due to the decrease of borrowings.
Due to the decrease of cash paid for debt
Cash repayments of borrowings -38%
repayment.
II. Shareholders Information
1. Total number of common shareholders, preferred shareholders whose voting rights
restored, and shareholding of top 10 shareholders
Unit: Share
The total number of preferred
Total number of common
shareholders whose voting rights has
shareholders at the end of the 69,331 0
been restored at end of the reporting
reporting period
period（if any）
Shareholding by Top 10 shareholders
Amount of Number of share pledged/frozen
Name of the Nature of Proportion of Quantity of
restricted shares
shareholder shareholder shares held shares State of share Quantity
held
State-owne Pledged 110,000,000
Benxi Steel & Iron
d legal 58.65% 2,409,628,094
(Group) Co., Ltd. Frozen 102,100,000
person
State-owne
Bengang Group
d legal 17.95% 737,371,532
Co., Ltd.
person
Domestic
Zhang Wenyou natural 0.47% 19,149,967
person
Hong Kong Foreign
0.46% 19,013,163
Securities legal person
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Clearing Company
Ltd.
Domestic
Lyu Ruijun natural 0.39% 15,944,000
person
Domestic
Zhou Wei natural 0.20% 8,245,031
person
MORGAN
STANLEY & CO. Overseas
0.19% 8,005,819
INTERNATIONA legal person
L PLC
China
Construction Bank
- Huaan
State-owned
Enterprise Reform Others 0.19% 7,858,800
Theme Flexible
Allocation of
Hybrid Securities
Investment Fund
State-owne
Guosen Securities
d legal 0.18% 7,500,000
Co., Ltd.
person
CHINA
INTERNATIONA
L CAPITAL
Overseas
CORPORATION 0.17% 6,999,972
legal person
HONG KONG
SECURITIES
LTD.
Shareholding of top 10 shareholders of unrestricted shares
Number of non-restricted common shares held at the Category of shares
Name of the shareholder
period-end Category of shares Quantity
Benxi Steel & Iron (Group) Common shares in
2,409,628,094 2,409,628,094
Co., Ltd. RMB
Common shares in
Bengang Group Co., Ltd. 737,371,532 737,371,532
RMB
Common shares in
Zhang Wenyou 19,149,967 19,149,967
RMB
5
Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Hong Kong Securities Clearing Common shares in
19,013,163 19,013,163
Company Ltd. RMB
Common shares in
10,140,800
RMB
Lyu Ruijun 15,944,000
Domestic listed
5,803,200
foreign shares
Common shares in
Zhou Wei 8,245,031 8,245,031
RMB
MORGAN STANLEY & CO. Domestic listed
8,005,819 8,005,819
INTERNATIONAL PLC foreign shares
China Construction Bank -
Huaan State-owned Enterprise
Common shares in
Reform Theme Flexible 7,858,800 7,858,800
RMB
Allocation of Hybrid Securities
Investment Fund
Common shares in
Guosen Securities Co., Ltd. 7,500,000 7,500,000
RMB
CHINA INTERNATIONAL
CAPITAL CORPORATION Domestic listed
6,999,972 6,999,972
HONG KONG SECURITIES foreign shares
LTD.
Benxi Steel & Iron (Group) Co., Ltd. and Bengang Group Co., Ltd. are related parties and
Related-parties or
action-in-concert parties as defined in “Measures for the Administration of the Takeover of Listed
acting-in-concert parties among
Companies” . It is unknown to the Company whether there is any other related parties or
the above-mentioned
action-in-concert parties as defined in “Measures for the Administration of the Takeover of Listed
shareholders
Companies”among the above-mentioned shareholders.
Bengang Group Co., Ltd. holds 182,842,883 shares of the company through an ordinary
securities account, and holds 554,528,649 shares through asset management plan, therefore, it
Shareholders among the top 10 holds a total of 737,371,532 shares. Zhang Wenyou holds 19,149,967 shares of the company
participating in securities through an investor's credit securities account. Lyu Ruijun holds 5,803,900 shares of the
margin trading (if any) company through an ordinary securities account, and holds 10,140,800 shares of the company
through an investor's credit securities account. Zhou Wei holds 8,245,031 shares of the company
through an investor's credit securities account.
2. Total Number of Preferred Shareholders and Shareholding of Top 10 Preferred
Shareholders
□ Applicable √ Not applicable
III. Other Major Events
□ Applicable √ Not applicable
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
IV. Quarterly Financial Statements
1. Financial Statements
(1) CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Prepared by: Bengang Steel Plates Co., Ltd.
Unit: Yuan
Items Ending balance Beginning balance
Current assets:
Cash at bank and on hand 5,623,464,984.27 8,831,095,737.85
Settlement provisions
Capital lent
Financial assets held for trading
Derivative financial assets
Notes receivable 982,116,707.54 1,540,482,182.07
Accounts receivable 255,878,793.00 256,850,782.71
Accounts receivable financing 1,764,936,076.15 1,530,735,647.38
Prepayments 1,168,995,371.85 994,370,345.64
Premium receivable
Reinsurance accounts receivable
Receivable deposit for reinsurance
contract
Other receivables: 163,679,106.67 165,937,280.41
Including: Interest receivables 2,523,993.39
Dividend receivables
Redemptory financial assets for sale
Inventories 9,586,796,173.22 10,190,166,138.98
Contract assets
Assets classified as held for sale
Non-current assets due within one year
Other current assets 1,051,876,175.73 754,948,193.56
Total current assets 20,597,743,388.43 24,264,586,308.60
Non-current assets:
Loan and advances issued
Debt investments
Other debt investments
7
Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Items Ending balance Beginning balance
Long-term receivables
Long-term equity investments 2,981,784.07 2,981,784.07
Other equity instrument investments 1,042,024,829.00 1,042,024,829.00
Other non-current financial assets
Investment properties
Fixed assets 24,944,457,081.23 25,480,674,048.94
Construction in progress 2,667,610,252.77 2,434,182,101.13
Productive biological assets
Oil and gas assets
Right of use assets 1,425,271,614.71 1,440,365,248.31
Intangible assets 296,076,506.18 297,921,548.81
Development expenditure
Goodwill
Long-term deferred expenses
Deferred tax assets 155,122,816.54 153,756,548.31
Other non-current assets 21,369,231.87 30,630,858.13
Total non-current assets 30,554,914,116.37 30,882,536,966.70
Total assets 51,152,657,504.80 55,147,123,275.30
Current Liabilities:
Short-term loans 3,349,269,640.00 4,053,088,140.00
Loan from central bank
Absorbed deposit and interbank deposit
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 1,471,541,365.35 4,635,083,376.48
Accounts payable 4,712,910,696.78 5,352,272,685.89
Advance from customers
Contract Liabilities 5,208,218,604.35 4,708,188,093.78
Financial assets sold for repurchase
Deposits from customers and interbank
Acting trading securities
Acting underwriting securities
Employee benefits payable 8,634,687.23 152,095,376.49
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Items Ending balance Beginning balance
Current tax liabilities 28,743,413.28 114,267,988.70
Other payables 1,039,110,555.17 1,348,025,731.98
Including: Interest payables
Dividend payables
Handling charges and commission
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
480,732,596.15 310,780,518.14
year
Other current liabilities 677,068,418.58 612,064,452.20
Total current liabilities 16,976,229,976.89 21,285,866,363.66
Non-current liabilities:
Provision for insurance contract
Long-term loans 4,051,850,120.64 4,222,821,771.74
Bonds payable 5,113,488,757.84 5,054,251,668.83
Including: Preferred stock
Perpetual bond
Lease liabilities 1,397,342,552.69 1,424,667,169.15
Long-term payables
Long-term employee benefits payables
Estimated liabilities
Deferred income 86,101,923.89 93,106,285.89
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 10,648,783,355.06 10,794,846,895.61
Total liabilities 27,625,013,331.95 32,080,713,259.27
Shareholders’ equity:
Share capital 4,108,206,077.00 4,108,191,379.00
Other equity instruments 947,869,024.93 947,882,663.63
Including: Preferred stock
Perpetual bond
Capital reserves 13,272,185,986.26 13,272,134,173.09
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Items Ending balance Beginning balance
Less: treasury shares
Other comprehensive income
Special reserves 18,596,548.92 337,978.57
Surplus reserves 1,195,116,522.37 1,195,116,522.37
General risk reserves
Undistributed profits 3,411,245,678.10 2,977,306,297.64
Total equity attributable to equity holders of
22,953,219,837.58 22,500,969,014.30
the parent company
Non-controlling interests 574,424,335.27 565,441,001.73
Total shareholder’s equity 23,527,644,172.85 23,066,410,016.03
Total liabilities and shareholder’s equity 51,152,657,504.80 55,147,123,275.30
Legal Representative: Huo Gang Person in charge of accounting: Jiang Xiaoyu Accounting Dept. Leader: Sun Yanbin
(2) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unit: Yuan
Items The Current Period The Previous Period
1. Total operating income 16,621,491,876.35 15,252,265,770.99
Including: Operating income 16,621,491,876.35 15,252,265,770.99
Interest income
Premium earned
Income from handling charges
and commission
2. Total operating cost 16,046,070,028.37 14,342,475,515.13
Including: Operating cost 15,654,218,567.07 13,850,889,731.59
Interest cost
Expenditure for handling charges
and commission
Surrender value
Net expenditure for compensation
Net provision for insurance
contract appropriated
Bonus payment for policy
Reinsurance premium
Taxes and surcharges 44,004,448.88 103,677,773.51
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Items The Current Period The Previous Period
Selling and distribution expenses 31,455,748.09 21,419,092.78
General and administrative
185,355,304.08 197,489,963.37
expenses
Research and development
10,539,231.95 9,276,704.82
expenses
Financial expenses 120,496,728.30 159,722,249.06
Including: interest expenses 181,890,201.86 248,978,172.74
Interest incomes 40,628,453.50 114,535,834.58
Add: Other incomes 15,494,362.00 16,562,376.50
Income on investment ("-" for loss)
Including: Income from associates and
joint ventures
Income from derecognition
of financial assets measured at amortised cost
Exchange Income ("-" for loss)
Hedging income from net exposure (“-"
for loss)
Gains from the change in fair value (“-"
for loss)
Expected credit losses (“-" for loss) 490,217.55 1,012,753.44
Asset impairment losses (“-" for loss)
Assets disposal gains（“-” for loss） 3,778,746.80 130,675.05
3. Operating profit ("-" for loss) 595,185,174.33 927,496,060.85
Add: Non-operating income 1,349,902.58 873,594.74
Less: Non-operating expenses 6,447,736.39 6,197,792.66
4. Total profit ("-" for loss) 590,087,340.52 922,171,862.93
Less: Income tax expenses 148,409,306.39 229,308,801.27
5. Net Profit ("-" for loss) 441,678,034.13 692,863,061.66
(1) Classification by continuing
operating
1 Net profit from continuing
441,678,034.13 692,863,061.66
operation ("-" for loss)
2 Net profit from discontinued
operation ("-" for loss)
(2) Classification by ownership
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Items The Current Period The Previous Period
1 Net profit attributable to the
433,939,380.46 686,599,759.65
owners of parent company
2 Net profit attributable to
7,738,653.67 6,263,302.01
non-controlling shareholders
6. Other comprehensive income after tax
Other comprehensive income attributable to
owners of 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 cannot be reclassified
into profit or loss
(3). Changes of fair value of other
equity instrument investments
(4). Changes in the fair value of
the company's own credit risk
(5). Others
2) Other comprehensive income that will
be reclassified into profit or loss
(1) . Other comprehensive income
under the equity method can be reclassified
into profit or loss
(2). Gains and losses from fair
value changes of other debt investments
(3). Gains and losses resulting
from reclassification of financial assets
recognised in other comprehensive income
(4). Credit impairment losses of
other debt investments
(5). Effective portion of gains or
losses from cash flow hedging
(6). Translation differences in
foreign currency financial statements
(7). Others
12
Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Items The Current Period The Previous Period
Other comprehensive income attributable to
non-controlling shareholders after tax
7. Total comprehensive income 441,678,034.13 692,863,061.66
Total comprehensive income attributable
433,939,380.46 686,599,759.65
to owners of parent company
Total comprehensive income attributable
7,738,653.67 6,263,302.01
to non-controlling shareholders
8. Earnings per share:
1) Basic earnings per share 0.11 0.18
2) Diluted earnings per share 0.11 0.18
The current business combination under common control, the net profits of the combined party before achieved: Yuan, net profit
of previous period of the combined party realized: Yuan.
Legal Representative: Huo Gang Person in charge of accounting: Jiang Xiaoyu Accounting Dept. Leader: Sun Yanbin
(3) CONSOLIDATED STATEMENT OF CASH FLOWS
Unit: Yuan
Items The Current Period The Previous Period
1. Cash flow from operating activities:
Cash received from sale of goods or
13,265,312,867.96 9,965,304,063.89
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
Net increase of Financial assets at fair
value through profit or loss
Cash from receiving interest, handling
charge and commission
Net increase of loans from other
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Items The Current Period The Previous Period
financial institutions
Net increase of fund for buy-back
business
Tax rebate received 2,239,644.55 35,592,041.90
Other cash received relating to
50,088,356.08 44,680,105.17
operating activities
Subtotal of cash inflow received from
13,317,640,868.59 10,045,576,210.96
operation activities
Cash paid for goods and services 12,121,835,737.97 10,187,896,266.01
Net increase of customer’s loan and
advances
Net increase of deposit in central bank
and interbank deposit
Cash for payment of compensation for
original insurance contract
Net increase in funds lent
Cash for payment of interest, handling
charge and commission
Cash for payment of policy bonus
Cash paid to and on behalf of
550,253,943.99 499,525,498.95
employees
Cash paid for all types of taxes 329,077,236.17 304,963,305.18
Other cash paid relating to operating
27,418,277.70 19,661,406.05
activities
Subtotal of cash outflow received from
13,028,585,195.83 11,012,046,476.19
operation activities
Net cash flows generated from operating
289,055,672.76 -966,470,265.23
activities
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 4,341,972.00
long-term assets
Net cash received from disposal of
14
Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Items The Current Period The Previous Period
subsidiary and other operating units
Other cash received relating to
investing activities
Subtotal of cash inflow received from
4,341,972.00
investing activities
Cash paid for acquisition of fixed
assets, intangible assets and other long-term 131,364,994.60 420,987,681.05
assets
Cash paid for acquisition of investments
Net increase of mortgage loan
Net cash paid to acquire subsidiaries
and other business units
Other cash paid relating to investing
3,000,000,000.00
activities
Subtotal of cash outflows from investing
131,364,994.60 3,420,987,681.05
activities
The net cash flow generated by investment
-127,023,022.60 -3,420,987,681.05
activities
3. Cash flows from financing activities:
Proceeds from investment
Including: Proceeds from investment of
non-controlling shareholders of subsidiary
Proceeds from borrowings 200,000,000.00 1,512,381,000.00
Other proceeds relating to financing
activities
Subtotal cash inflow received from financing
200,000,000.00 1,512,381,000.00
activities
Cash repayments of borrowings 958,584,275.97 1,556,333,658.67
Cash payments for distribution of
82,795,166.16 266,480,285.50
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
1,041,379,442.13 1,822,813,944.17
activities
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Bengang Steel Plates Co., Ltd. First Quarter Report 2022
Items The Current Period The Previous Period
The net cash flow generated by financing
-841,379,442.13 -310,432,944.17
activities
4. Effect of foreign exchange rate changes on
2,952,712.76 1,302,002.14
cash and cash equivalents
5. Net increase in cash and cash equivalents -676,394,079.21 -4,696,588,888.31
Add: Cash and cash equivalents at the
6,299,099,063.48 9,229,417,595.12
beginning of the period
6. Cash and cash equivalents at the ending of
5,622,704,984.27 4,532,828,706.81
the period
2. Audit report
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.
16
