2024-04-28-深交所-本钢板Ｂ_2023年年度报告（英文版）_330页_3mb

报告摘要

Bengang Steel Plates Co., Ltd. 2023 Annual Report Summary

Core Content Overview

This report outlines the financial performance, operational strategies, and corporate governance of Bengang Steel Plates Co., Ltd. for the year 2023. The company is a major player in the steel industry, which is a fundamental sector of China's national economy and a key area for green and low-carbon development. It is listed on the Shenzhen Stock Exchange with the stock code 000761, 200761.

Key Information

Accounting and Legal Information

Accounting Firm: Lixin Certified Public Accountants (Special General Partnership)
Signatory Accountants: Guo Sunxi, Nick Cheung, Fu Yangyi
Audit Report: No retroactive adjustments or restatements were required for prior years' financial data.
Non-recurring Gain/Loss Items:
- Total Non-recurring Gain/Loss (2023): RMB 325,201,124.77
- Government subsidies: RMB 79,554,896.45
- Gain/Loss from disposal of non-current assets: RMB 298,940,955.41
- Other non-recurring items: RMB -51,663,946.71
No significant differences in financial indicators between quarterly reports and annual report.

Financial Performance

Operating Income (RMB):
- FY2023: 57,814,969,351.65
- FY2022: 62,616,621,627.60
- Change: -7.67%
Net Profit (RMB):
- FY2023: -1,742,574,163.92
- FY2022: -1,232,976,557.37
- Change: -41.33%
Net Profit After Non-recurring (RMB):
- FY2023: -2,067,775,288.69
- FY2022: -1,416,415,028.51
- Change: -45.99%
Net Cash Flow from Operating Activities (RMB):
- FY2023: 4,329,351,258.30
- FY2022: 1,276,362,965.56
- Change: +239.19%
Basic Earnings Per Share (RMB/share): -0.4240
Diluted Earnings Per Share (RMB/share): -0.4240
Weighted Average Return on Net Assets: -9.73%
Total Assets (RMB): 46,253,250,872.50
Net Assets (RMB): 17,009,969,496.07
Change in Net Assets: -9.47%

Dividend Policy

The company does not plan to pay cash dividends, issue bonus shares, or increase share capital through the transfer of public reserves in 2023.

Business Structure and Shareholders

Controlling Shareholders:
- Direct: Benxi Iron & Steel (Group) Co., Ltd.
- Indirect: Ansteel Group Co., Ltd.
Equity Transfer: In 2021, Liaoning Provincial State-asset Administration transferred 51% of its equity in Bengang Group to Ansteel Group.

Main Business and Products

Core Businesses: Iron and steel smelting, rolling processing, power generation, coal chemical industry, special steel profiles, railways, import and export trade, scientific research, and product sales.
Product Range:
- Over 60 varieties and 7,500 specifications of steel products.
- High-value-added and high-tech products: >80% of total output.
- Key Products: Automotive surface panels, home appliance panels, petroleum pipeline steel, container panels, shipboard steel, etc.
- Export Markets: Over 60 countries and regions.

Business Models

Procurement:
- Domestic: Centralized procurement, unified bidding, price comparison, and negotiation.
- International: Long-term association, direct procurement, open bidding, and negotiation.
Sales:
- Domestic: Agreement-based sales, direct supply, circulation, and engineering.
- International: Through Benxi Iron & Steel (Group) International Economic and Trading Co., Ltd., with agency fees paid to the company.

Core Competitiveness

The company focuses on innovation-driven development and a "quality + service" model. Key strengths include:

Manufacturing Capacities: Market-oriented, R&D-driven, and on-site-focused.
Equipment Upgrades: 1.871 billion yuan investment in 2023, including environmental transformation and digitalization.
New Product Development:
- 41 new product brands, 36 of which are in the market.
- Developed 2000mm wide and thin tank steel, the first in China.
- Expanded third-generation automobile steel with QP980 + Z and DH780.
Technological Innovation:
- 21 foreign technical cooperation projects.
- 2 national standards, 1 industry standard, 3 group standards, and 94 enterprise standards.
- 353 patents (6 overseas), including 82 invention patents.
- 14 awards for scientific and technological progress at or above provincial and ministerial levels.
Green Development:
- Committed to achieving ultra-low emissions by 2025.
- Implemented comprehensive green improvements, including clean production and "AAA" level scenic garden factory.
Intelligent Manufacturing:
- Carried out intelligent transformation in production lines, material yards, and energy control.
- Aiming for automation, informatization, digitization, and intelligence, with a 30% increase in automatic control rate in key areas.

Industry Situation

Global Steel Market: Gloomy in 2023, with huge supply elasticity and slow demand recovery.
Domestic Demand: Declined due to reduced construction industry demand.
Cost Trends: Steel enterprises' cost reduction was less than price declines, leading to industry-wide profit declines.
Long-term Outlook: The steel industry is expected to face "strong board and long-term weakness" in stock prices.
Strategic Goals: Focus on green, low-carbon, and intelligent transformation, as well as high-end, efficient, and premium development.

Conclusion

Bengang Steel Plates Co., Ltd. continues to emphasize technological innovation, green development, and intelligent manufacturing. Despite a decline in net profit, the company has improved net cash flow and is working towards becoming a world-class enterprise. It also faces challenges in the steel industry, including supply-demand adjustments and operational sustainability, which are being addressed through strategic reforms and market expansion.

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