2023-03-29-深交所-本钢板Ｂ_2022年年度报告（英文版）_253页_1mb

报告摘要

Bengang Steel Plates Co., Ltd. 2022 Annual Report Summary

Core Content Overview

This annual report provides a comprehensive overview of Bengang Steel Plates Co., Ltd. (hereinafter referred to as the "Company") for the fiscal year 2022. It includes information on the company's profile, financial performance, management analysis, core competitiveness, and risk management. The report also outlines the company's compliance with accounting standards, financial data by quarter, and non-recurring profit or loss items.

Main Financial Data

Item	FY2022 (RMB)	FY2021 (RMB)	Change compared to FY2021	FY2020 (RMB)
Operating Income	62,616,621,627.60	77,912,144,981.46	-19.63%	48,684,792,685.58
Net Profit (Shareholders)	-1,232,976,557.37	2,500,582,902.58	-149.31%	384,252,740.78
Net Profit After Non-recurring	-1,416,415,028.51	2,517,758,656.14	-156.26%	381,469,784.99
Net Cash Flow from Operating Activities	1,276,362,965.56	413,473,454.04	+208.69%	-2,039,000,213.29
Basic Earnings Per Share	-0.300	0.600	-150.00%	0.1000
Diluted Earnings Per Share	-0.300	0.496	-160.48%	0.1000
Weighted Average Return on Net Assets	-5.68%	11.88%	-17.56%	1.90%
Total Assets	44,114,652,440.64	55,147,123,275.30	-20.01%	65,007,470,749.20
Net Assets (Shareholders)	18,789,151,216.62	22,500,969,014.30	-16.50%	21,018,296,389.10

Key Financial Highlights

Net profit for FY2022 was negative at -1.23 billion RMB, a 149.31% decline from FY2021.
Net profit after non-recurring items was also negative at -1.42 billion RMB, showing a 156.26% drop.
Net cash flow from operating activities increased by 208.69% to 1.28 billion RMB.
The weighted average return on net assets dropped significantly to -5.68%.
Total assets decreased by 20.01%, and net assets fell by 16.50%.

Company Profile

Stock Abbreviation: Bengang Steel Plates, Bengang Steel Plates plate B
Stock Code: 000761, 200761
Stock Exchange: Shenzhen Stock Exchange
Company Name (Chinese): 本钢板材股份有限公司
Company Abbreviation (Chinese): 本钢板材
Company Name (English): BENGANG STEEL PLATES CO., LTD.
Company Abbreviation (English): BSP
Legal Representative: Li Yan
Registration Address: No.16, Renmin Road, Pingshan District, Benxi City, Liaoning Province
Postal Code: 117000
Office Address: No.1-1, Steel Road, Pingshan District, Benxi City, Liaoning Province
Website: None
Email: zhengzhengli76@126.com

Shareholders and Corporate Governance

The controlling shareholder of the Company is Benxi Iron & Steel (Group) Co., Ltd., while Ansteel Group Co., Ltd. became the indirect controlling shareholder on October 12, 2021.
The Company has not paid cash dividends, nor has it issued bonus shares or increased share capital from public reserves.
The Company disclosed the report through China Securities Journal, Securities Times, and Cninfo Website.

Business Operations and Strategy

The Company operates in the steel industry, a critical sector for China's economy and green development.
Main 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.
Main Products: Automotive surface panels, home appliance panels, petroleum pipeline steel, container panels, shipboard steel, etc., with over 60 product varieties and 7,500 specifications.
Product Structure: Over 80% of products are high value-added and high-tech.
Export Markets: Products are exported to more than 60 countries and regions.

Core Competitiveness

1. Manufacturing Capabilities

The Company focuses on market-driven production, with a "manufacturing + service" strategy.
Continuously optimizes product structure and improves profitability.
Deepens benchmarking and cost control to absorb upstream price increases.

2. Equipment Transformation and Upgrading

Fixed asset investment: 1.82 billion RMB in 2022.
Key projects included:
- Electric furnace upgrade for special steel
- Rolling mill transformation
- Environmental protection upgrades for coal yards
- Ultra-low emission transformation for sintering flue gas desulfurization and denitrification

3. New Product Development

Annual plan: 38 new products; actual completion: 41 new products.
Products include:
- 14 grades of cold-rolled steel
- 19 grades of hot-rolled steel
- 8 grades of special steel
Notable development: Hot-dip galvanized duplex steel CR330Y590T-DH, which filled a research gap.

4. Technological Innovation

Cooperation: 9 external contracts with academic institutions and research bodies.
Cooperative Projects: 10 with Dalian University of Technology, Northeastern University, and Liaoning University of Science and Technology.
Intellectual Property: 283 patents accepted, 136 authorized, including 31 invention patents.
Awards:
- "2000MPa Hot Press Forming Steel" – First Prize in Automotive Lightweighting Application
- "Low-Cost High Strength Corrosion Resistant Steel Series" – Second Prize in Corrosion and Protection Science and Technology
- "High-Quality Nb Microalloyed Automotive Galvanized Duplex Steel Series" – Second Prize in CITIC Niobium Steel Technical Progress
- "Stability Improvement of Roll Bearing Block in Hot Rolling Mill" – First Line Worker Award in Ansteel Iron and Steel Science and Technology

5. Green Development

The Company aligns with national and provincial ultra-low emission policies.
Planned Projects: Over 20 ultra-low emission projects for 2023.
Aims to achieve ultra-low emission by the end of 2023, becoming an "ecological steel plant" in harmony with the city.

6. Intelligent Manufacturing

Promotes IT and intelligent manufacturing projects.
Implemented intelligent transformation in 2022, including:
- Information system integration
- Blast furnace intelligent management system
- Steel industry daily cost management system
- Centralized control of plate energy
Aligns with the era of big data to achieve high-quality development.

Risk Management and Outlook

The report outlines risks and countermeasures in Section III. XI.
The steel industry faced downstream demand decline, falling steel prices, rising fuel costs, and uncertain global markets.
2023 Outlook: Domestic market is expected to improve with epidemic control optimization, steel prices rising, and reforms in the steel sector.
The Company will fully implement the spirit of the 20th Party Congress and the "14th Five-Year Plan".
It will promote capacity reduction and replacement, low-carbon development, and energy efficiency.

Non-recurring Profit or Loss Items

Item	FY2022 (RMB)	FY2021 (RMB)	FY2020 (RMB)	Description
Gain/Loss on disposal of non-current assets	3,648,546.62	-60,100,706.71	-92,695,525.95	-
Government subsidies	72,300,830.48	66,345,976.64	81,193,591.56	-
Gains/Losses from entrusted investment	2,879,850.07	2,436,869.33	0.00	-
Gains/Losses from debt restructuring	1,274,270.98	-	32,800.02	-
Gains/Losses from fair value changes	-	-37,205,991.34	13,500,000.00	-
Other non-recurring items	13,507,766.62	5,176,371.41	1,592,660.62	-
Less: Income tax effect	-1,956,581.46	-5,969,319.73	786,094.20	-
Effect of minority interests (after tax)	391,139.95	-202,407.38	54,476.26	-
Total	183,438,471.14	-17,175,753.56	2,782,955.79	--

Non-recurring profit or loss items are detailed, including:
- Gain from re-measurement of remaining equity interest at fair value after losing control over Shenyang Baojin
- Investment income from the disposal of long-term equity investment in Liaoyang Qijuan

Conclusion

The Company experienced a significant decline in net profit in 2022, driven by downstream demand weakness, falling steel prices, and rising fuel costs. Despite these challenges, it continued to invest in equipment upgrades, technological innovation, green development, and intelligent manufacturing to enhance core competitiveness and achieve high-quality development. The Company is aligned with national policies and strategic goals, and is preparing for a stronger performance in 2023 with a focus on domestic market improvement, reform implementation, and carbon neutrality goals.