Bengang Steel Plates Co. Ltd. First Quarter Report 2026

Stock Code: 000761200761 Abbreviation: Bengang Bancai Bengang Ban B

Announcement No.：2026-021 Bond Code: 127018 Bond Abbreviation: Bengang Zhuan Zhai

Bengang Steel Plates Co. Ltd.First Quarter Report 2026

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 first quarter report is audited

□ Yes √ No

1Bengang Steel Plates Co. Ltd. First Quarter Report 2026

I. Key Financial Data

1. Key Accounting Data and Financial Indicators

Whether the Company makes retroactive adjustment or restatement of the accounting data of the previous year

□ Yes √ No

Increase or decrease in this

The same period of

Current reporting period reporting period over the previous

previous year

period

Revenue (RMB yuan) 10378148324.20 12337783878.17 -15.88%

Net profit attributable to the

shareholders of the listed -1071171849.91 -766311108.86 -39.78%

company (RMB yuan)

Net profit attributable to the

shareholders of listed company

-1086048600.94-768926383.01-41.24%

after deducting non-recurring

gain/loss (RMB yuan)

Net cash flows generated by

79374803.38-417024548.77119.03%

operating activities (RMB yuan)

Basic earnings per share

-0.261-0.187-39.57%

(RMB/Share)

Diluted earnings per share

-0.261-0.187-39.57%

(RMB/Share)

Weighted average net assets yield -14.47% -6.66% -7.81%

Increase or decrease at the end of

At the end of the current

At the end of previous year this reporting period over the

reporting period

previous year

Total assets (RMB yuan) 47309989047.80 45770013536.58 3.36%

Net assets attributable to

shareholders of the listed 6871738996.14 7935782007.83 -13.41%

company (RMB yuan)

2. Items and amount of non-recurring profit and loss

√Applicable □ Not applicable

Unit: RMBYuan

Items Current reporting period Notes

Profit or loss from disposal of non-current assets (including the write-off part -8780189.58

for which assets impairment provision is made)

2Bengang Steel Plates Co. Ltd. First Quarter Report 2026Government subsidies recorded into current profits and loss（ except suchgovernment subsidy closely related to the company’s normal business 24637463.74

operation meeting the regulation of national policy and enjoyed constantly incertain quota or quantity according to a certain standard）

Gains or losses from debt restructuring 53299.22

Other non-operating income and expenses other than above items 1741375.70

Less: Impact of income tax 2762872.46

Impact of non-controlling interests (after tax) 12325.59

Total 14876751.03 --

Other circumstances can be defined as non-recurring profit and loss:

□ Applicable √ Not applicable

There are no other items of profit or loss that meet the definition of non-recurring items for the Company.For the Company’s non-recurring profit and loss items as defined in “the Explanatory Announcement No.1 on informationdisclosure for Companies Offering their Securities to the Public-Non-recurring Profits and Losses” and its non-recurring profitand loss items as illustrated in “the Explanatory Announcement No.1 on information disclosure for Companies Offering theirSecurities 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 applicableNone of non-recurring profit and loss items recognized as recurring profit and loss items as defined by “the ExplanatoryAnnouncement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Profits andLosses” 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 or compared with

the same period of the previous year in the consolidated statement:

1. Statement of Financial Increase /

Reasons

Position Decrease

Cash at bank and on hand 158.21% Due to the increase in bank borrowings.Due to the increase in the volume of discounted bills during the

Notes receivable -54.16%

period resulting in a decrease in the ending balance of bills.

3Bengang Steel Plates Co. Ltd. First Quarter Report 2026

Due to the decrease in the scale of bill discounting during the

Accounts receivable financing 43.15%

period resulting in an increase in the ending balance of bills.Short-term loans 459.81% Due to the increase in short-term loans.Due to the increase in unused employee education funds

Employee benefit payables 159.44%

provisioned in this period.Due to the increase in special reserves already provisioned but not

Special reserves 807.46%

used.

2. Statement of comprehensive Increase /

Reasons

income Decrease

Due to the decrease in the provision for impairment loss on

Asset impairment losses -33.49%

inventories during the period.Due to the additional provision for bad debt of accounts receivable

Credit impairment losses 150.41% in the current period and the reversal of bad debt losses upon the

recovery of receivables from the previous period.Due to the decrease in gains from government grants and other

Other income -51.17%

factors in the current period.Increase /

3. Statement of cash flows Reasons

Decrease

Cash inflows from operating Due to the decrease in government appropriations received in the

-66.07%

activities current period compared to the previous period.Net cash flows from operating Due to the decrease in cash payments for purchases in the current

119.03%

activities period compared to the previous period.Net cash received from disposal

Due to the decrease in cash proceeds received from the disposal of

of fixed assets intangible assets -100.00%

assets in the current period compared to the previous period.and other long-term assets

Cash paid for acquisition of fixed 37.34% Due to the increase in cash payments for the purchase and

4Bengang Steel Plates Co. Ltd. First Quarter Report 2026

assets intangible assets and other construction of long-term assets compared to the previous period.long-term assets

Due to an increase in cash payments for the purchase and

Net cash flows from investing

-48.18% construction of long-term assets and a decrease in cash proceeds

activities

from asset disposals compared to the previous period.Due to the increase in bank borrowings compared to the previous

Proceeds from borrowings 572.27%

period and the impact of bank loan rollovers.Other proceeds relating to Due to the decrease in other financing activities in the current

-57.97%

financing activities period compared to the previous period.Due to the increase in repayments of bank borrowings compared to

Cash repayments of borrowings 38499.25%

the previous period and the impact of bank loan rollovers.Cash payments for distribution of

Due to the increase in interest payments and profit distributions by

dividends profit or interest -36.73%

controlling subsidiaries compared to the previous period.expenses

Other cash payments relating to Due to the decrease in other financing activities in the current

-56.01%

financing activities period compared to the previous period.Net cash flows from financing Due to the increase in bank borrowings compared to the previous

410.28%

activities period and the impact of bank loan rollovers.II. Shareholders Information

1. Total number of common shareholders preferred shareholders whose voting rights

restored and shareholding of top 10 shareholders

Unit: Share

Total number of preferred

Total number of common shareholders at shareholders with voting rights

448120

the end of the reporting period restored at the end of the reporting

period (if any)

Shareholding by Top 10 shareholders (excluding shares loaned through refinancing)

5Bengang Steel Plates Co. Ltd. First Quarter Report 2026

Amount of Number of shares

Name of the Proportion of

Nature of shareholder Quantity of shares restricted shares pledged/frozen

shareholder shares held

held State of share Quantity

Benxi Steel & Iron State-owned legal

58.65% 2409628094 0 Frozen 102100000

(Group) Co. Ltd. person

Bengang Group State-owned legal

17.95% 737371532 0 Not applicable 0

Co. Ltd. person

Domestic natural

Guan Hui 0.70% 28850000 0 Not applicable 0

person

Domestic natural

Zhang Wenyou 0.43% 17536865 0 Not applicable 0

person

Domestic natural

Lyu Ruijun 0.31% 12566800 0 Not applicable 0

person

Hong Kong

Securities

Overseas legal person 0.27% 11125959 0 Not applicable 0

Clearing Company

Ltd.Domestic natural

Zhou Wei 0.25% 10126800 0 Not applicable 0

person

Domestic natural

Ma Yonghua 0.24% 10036457 0 Not applicable 0

person

Domestic natural

Gao Tao 0.22% 9000000 0 Not applicable 0

person

Domestic natural

Jiang Dong 0.20% 8020000 0 Not applicable 0

person

Shareholding of top 10 shareholders of unrestricted shares (Excluding shares lent through refinancing and shares locked by senior

executives)

Number of non-restricted common Category of shares

Name of the shareholder

shares held at the period-end Category of shares Quantity

Benxi Steel & Iron (Group) Co. Ltd. 2409628094 Common shares in RMB 2409628094

Bengang Group Co. Ltd. 737371532 Common shares in RMB 737371532

Guan Hui 28850000 Common shares in RMB 28850000

6Bengang Steel Plates Co. Ltd. First Quarter Report 2026

ZhangWenyou 17536865 Common shares in RMB 17536865

Domestically listed foreign

Lyu Ruijun 12566800 12566800

shares

Hong Kong Securities Clearing Company

11125959 Common shares in RMB 11125959

Ltd.Domestically listed foreign

Zhou Wei 10126800 10126800

shares

Domestically listed foreign

Ma Yonghua 10036457 10036457

shares

Gao Tao 9000000 Common shares in RMB 9000000

Jiang Dong 8020000 Common shares in RMB 8020000

Benxi Steel & Iron (Group) Co. Ltd. and Bengang Group Co. Ltd. are related partiesRelated-parties or acting-in-concert and parties acting in concert in “Measures for the Administration of the Takeover ofparties among the above-mentioned Listed Companies” . It is unknown to the Company whether there is any other relatedshareholders parties or parties acting in concert as defined in “Measures for the Administration ofthe Takeover of Listed Companies” among the above-mentioned shareholders.Guan Hui holds 850000 shares of the company through an ordinary securities account

and holds 28000000 shares of the company through an investor's credit securities

account. Zhang Wenyou holds 130498 shares of the company through an ordinary

Shareholders among the top 10

securities account and holds 17406367 shares of the company through an investor's

participating in securities margin trading

credit securities account. Zhou Wei holds 857900 shares of the company through an

(if any)

ordinary securities account and holds 9268900 shares of the company through an

investor's credit securities account. Jiang Dong holds 8020000 shares of the company

through an investor's 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

7Bengang Steel Plates Co. Ltd. First Quarter Report 2026

2. Total Number of Preferred Shareholders and Shareholding of Top 10 Preferred

Shareholders

□Applicable √ Not applicable

III. Other Major Events

√ Applicable □ Not applicable

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.IV. Quarterly Financial Statements

1. Financial Statements

(1) CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Prepared by: Bengang Steel Plates Co. Ltd.March 31 2026

Unit: Yuan

Items Ending balance Beginning balance

Current assets:

Cash at bank and on hand 2911053371.20 1127390675.15

Settlement provisions

Capital lent

Financial assets held for trading

Derivative financial assets

Notes receivable 183251558.66 399759776.83

Accounts receivable 1307074019.86 1178780456.77

Accounts receivable financing 474282680.89 331321177.27

Prepayments 364054296.19 314825894.06

Premium receivable

Reinsurance accounts receivable

Receivable deposit for reinsurance

Other receivables 4344145.01 4034061.03

8Bengang Steel Plates Co. Ltd. First Quarter Report 2026

Items Ending balance Beginning balance

Including: Interest receivables

Dividend receivables

Redemptory financial assets for sale

Inventories 6082837054.19 6369194886.12

Including: data assets

Contract assets

Assets classified as held for sale

Non-current assets due within one year

Other current assets 376077736.72 450271362.93

Total current assets 11702974862.72 10175578290.16

Non-current assets:

Loan and advances issued

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments 43269884.04 43269884.04

Other equity instrument investments 890420831.77 890420831.77

Other non-current financial assets

Investment properties

Fixed assets 28214064390.62 28412673622.89

Construction in progress 3010264198.56 3074712066.38

Productive biological assets

Oil and gas assets

Right of use assets 2899007871.38 2607155393.90

Intangible assets 380884733.49 383659012.77

Including: data assets

Development expenditure 3700000.00 3700000.00

Including: data assets

Goodwill

Long-term deferred expenses

Deferred tax assets 111241665.84 124211917.95

Other non-current assets 54160609.38 54632516.72

Total non-current assets 35607014185.08 35594435246.42

Total assets 47309989047.80 45770013536.58

Current Liabilities:

Short-term loans 1867863215.72 333660470.12

Loan from central bank

Absorbed deposit and interbank deposit

Financial liabilities held for trading

Derivative financial liabilities

Notes payable 13412790478.40 12962287642.88

Accounts payable 2744273751.68 2667236412.66

Advance from customers 309929.12 49541.35

9Bengang Steel Plates Co. Ltd. First Quarter Report 2026

Items Ending balance Beginning balance

Contract Liabilities 2566501613.81 2736697947.25

Financial assets sold for repurchase

Deposits from customers and interbank

Acting trading securities

Acting underwriting securities

Employee benefits payable 6711416.89 2586883.29

Current tax liabilities 42144402.62 59857286.81

Other payables 2557906970.56 2775544196.11

Including: Interest payables

Dividend payables 45054305.70 45054305.70

Handling charges and commission

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one 6912430386.86 6940934862.49

Other current liabilities 268576257.08 275281765.24

Total current liabilities 30379508422.74 28754137008.20

Non-current liabilities:

Provision for insurance contract

Long-term loans 6783899628.51 6014469758.11

Bonds payable

Including: Preferred stock

Perpetual bond

Lease liabilities 2432859543.16 2239436105.64

Long-term payables

Long-term employee benefits payables

Estimated liabilities

Deferred income 157939996.28 158199416.58

Deferred tax liabilities

Other non-current liabilities

Total non-current liabilities 9374699167.95 8412105280.33

Total liabilities 39754207590.69 37166242288.53

Shareholders’ equity:

Share capital 4108240500.00 4108236253.00

Other equity instruments 947840830.85 947843680.82

Including: Preferred stock

Perpetual bond

Capital reserves 13252965488.33 13252955837.48

Less: treasury shares

Other comprehensive income -129961806.05 -129961806.05

Special reserves 7999292.57 881502.23

Surplus reserves 1195116522.37 1195116522.37

General risk reserves

Undistributed profits -12510461831.93 -11439289982.02

10Bengang Steel Plates Co. Ltd. First Quarter Report 2026

Items Ending balance Beginning balance

Total equity attributable to equity holders of 6871738996.14 7935782007.83

Non-controlling interests 684042460.97 667989240.22

Total shareholder’s equity 7555781457.11 8603771248.05

Total liabilities and shareholder’s equity 47309989047.80 45770013536.58

Legal Representative: Wang Zhanwei Person in charge of accounting: Liu Tiecheng Accounting Dept. Leader: E Jianan

(2) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FROM THE BEGINNING OF

THE YEAR TO THE END OF THE CURRENT REPORTING PERIOD

Unit: Yuan

Items Current Period Previous Period

1. Total operating income 10378148324.20 12337783878.17

Including: Operating income 10378148324.20 12337783878.17

Interest income

Premium earned

Income from handling charges

2. Total operating cost 11404025301.49 13108313004.72

Including: Operating cost 11088502812.34 12769896099.27

Interest cost

Expenditure for handling charges

Surrender value

Net expenditure for compensation

Net provision for insurance

Bonus payment for policy

Reinsurance premium

Taxes and surcharges 42301206.31 47747933.57

Selling and distribution expenses 19372075.53 22932073.99

General and administrative 124998612.67 155799915.83

Research and development 16240647.57 14523717.65

Financial expenses 112609947.07 97413264.41

Including: interest expenses 92482496.82 85596789.77

Interest incomes 8430049.40 10490359.91

Add: Other incomes 26354692.40 53968256.93

Income on investment ("-" for loss) -7835919.40 -10818731.38

Including: Income from associates and

Income from derecognition -1292170.25 -10052.22

Exchange Income ("-" for loss)Hedging income from net exposure (“-"Gains from the change in fair value (“-"Expected credit losses (“-" for loss) -9840632.43 19521154.96Asset impairment losses (“-" for loss) -5759480.78 -8659089.94Assets disposal gains（“-” for loss）

11Bengang Steel Plates Co. Ltd. First Quarter Report 2026

Items Current Period Previous Period

3. Operating profit ("-" for loss) -1022958317.50 -716517535.98

Add: Non-operating income 3354782.24 4373254.35

Less: Non-operating expenses 10393596.12 14187275.87

4. Total profit ("-" for loss) -1029997131.38 -726331557.50

Less: Income tax expenses 25400709.94 20510222.21

5. Net Profit ("-" for loss) -1055397841.32 -746841779.71

(1) Classification by continuity of

1 Net profit from continuing -1055397841.32 -746841779.71

2 Net profit from discontinued

(2) Classification by ownership

1 Net profit attributable to the -1071171849.91 -766311108.86

2 Net profit attributable to 15774008.59 19469329.15

6. Other comprehensive income after tax

Other comprehensive income attributable to

1) Other comprehensive income items

(1) . Re-measurement of defined

(2) . Other comprehensive income

(3). Changes of fair value of other

(4). Changes in the fair value of

(5). Others

2) Other comprehensive income that will

(1) . Other comprehensive income

(2). Gains and losses from fair

(3). Gains and losses resulting

(4). Credit impairment losses of

(5). Effective portion of gains or

(6). Translation differences in

(7). Others

Other comprehensive income attributable to

7. Total comprehensive income -1055397841.32 -746841779.71

Total comprehensive income attributable -1071171849.91 -766311108.86

Total comprehensive income attributable 15774008.59 19469329.15

8. Earnings per share:

1) Basic earnings per share -0.261 -0.187

2) Diluted earnings per share -0.261 -0.187

In the current period in the event of a business combination under common control the net profit realized by the acquiree prior

to the combination was RMB yuan; the net profit realized by the acquiree in the preceding period was RMB yuan.Legal Representative: Wang Zhanwei Person in charge of accounting: Liu Tiecheng Accounting Dept. Leader: E Jianan

12Bengang Steel Plates Co. Ltd. First Quarter Report 2026

(3) CONSOLIDATED STATEMENT OF CASH FLOWS FROM THE BEGINNING OFTHE YEAR TO

THE END OF THE CURRENT PERIOD

Unit: Yuan

Items Current Period Previous Period

1. Cash flows from operating activities:

Cash received from sale of goods or 11361489361.51 12779464625.20

Net increase of customers’ deposit and

Net increase of loan from central bank

Net increase of loans from other

Cash received for premium of original

Net cash received for reinsurance

Net increase of deposit and investment

Net increase of Financial assets at fair

Cash from receiving interest handling

Net increase of loans from other

Net increase of fund for buy-back

Tax rebate received 8716943.98

Other cash received relating to 29175988.93 85992859.66

Subtotal of cash inflows from operation 11399382294.42 12865457484.86

Cash paid for goods and services 10679058233.34 12615014112.80

Net increase of customer’s loan and

Net increase of deposit in central bank

Cash for payment of compensation for

Net increase in funds lent

Cash for payment of interest handling

Cash for payment of policy bonus

Cash paid to and on behalf of 479469941.44 482273161.82

Cash paid for all types of taxes 93321915.22 109306000.58

Other cash paid relating to operating 68157401.04 75888758.43

Subtotal of cash outflows from operation 11320007491.04 13282482033.63

Net cash flows from operating activities 79374803.38 -417024548.77

2. Cash flows from investing activities:

Cash received from return on

Cash received from distribution of

Net cash received from disposal of 87177700.00

Net cash received from disposal of

Other cash received relating to

Subtotal of cash inflows from investing 87177700.00

Cash paid for acquisition of fixed 510308052.71 371557431.25

Cash paid for acquisition of investments 60000000.00

Net increase of mortgage loan

Net cash paid for acquisition of

Other cash paid relating to investing

13Bengang Steel Plates Co. Ltd. First Quarter Report 2026

Items Current Period Previous Period

Subtotal of cash outflows from investing 510308052.71 431557431.25

Net cash flows from investing activities -510308052.71 -344379731.25

3. Cash flows from financing activities:

Proceeds from investment

Including: Proceeds from investment of

Proceeds from borrowings 3697500000.00 550000000.00

Other proceeds relating to financing 590929391.53 1406061111.27

Subtotal of cash inflows from financing 4288429391.53 1956061111.27

Cash repayments of borrowings 1399513070.29 3625752.00

Cash payments for distribution of 54773575.82 86573784.97

Including: Cash paid to non-controlling 51908524.27

Other cash payments relating to 630786545.18 1434066181.38

Subtotal of cash outflows from financing 2085073191.29 1524265718.35

Net cash flows from financing activities 2203356200.24 431795392.92

4. Effect of foreign exchange rate changes on -11071935.30 12965115.54

5. Net increase in cash and cash equivalents 1761351015.61 -316643771.56

Add: Cash and cash equivalents at the 287470306.31 1590205218.91

6. Cash and cash equivalents at the end of 2048821321.92 1273561447.35

Legal Representative: Wang Zhanwei Person in charge of accounting: Liu Tiecheng Accounting Dept. Leader: E Jianan

2. Adjustments to beginning balance due to the first-time implementation of new accounting

standards from 2026

□Applicable √ Not applicable

3. 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.April 28 2026

14