Breaking Down Bengang Steel Plates Co., Ltd. Financial Health: Key Insights for Investors

Established in 1997 and folded into Benxi Steel in 2010, Bengang Steel Plates Co., Ltd. has evolved from a regional ferrous-products maker into a vertically integrated steel group with a reported 51.27 billion yuan revenue in 2024 (down 11.54% year-on-year) and a market capitalization that rose from about 3.60 billion yuan in 2015 to 11.63 billion yuan in 2020, standing at 12.23 billion yuan on December 12, 2025 when its share price was 3.180 yuan; the company-whose 4,108,221,073 shares outstanding (Dec 31, 2024) are controlled indirectly (81.07%) by Ansteel Group following SASAC's 2024 transfer of 51% equity-operates steelmaking, rolling, power generation and coal-chemical units, produces over 60 product varieties in more than 7,500 specifications, exports to over 60 countries, employs about 13,132 staff, maintains a 100% production-and-sales rate, emphasizes >80% high value-added/high-tech product mix, is investing in ultra-low-emission coke-oven upgrades and plans RMB 1.36 billion of 2025 investments to pursue high-end, green and intelligent development as it navigates a first-half-2025 net loss of approximately 1.405 billion yuan while diversifying revenue through hot-rolled, cold-rolled and galvanized steel sales, power and coal-chemical income, exports, R&D-driven product sales and joint-venture resource-recycling initiatives.

Bengang Steel Plates Co., Ltd. (200761.SZ) - Intro

• Founded: 1997 (focused on production and trading of ferrous metal products)
• Parent/subsidiary status: Became a subsidiary of Benxi Steel and Iron (Group) Co., Ltd. in 2010
• Key customers: shipyards, heavy equipment manufacturers, construction and pipeline companies

• 1997 - Company established, concentrated on ferrous metal production and trading.
• 2010 - Became a subsidiary of Benxi Steel and Iron (Group) Co., Ltd., linking it to one of Liaoning Province's major steel makers and integrating upstream/downstream capabilities.
• 2015-2020 - Significant market-cap growth (from ~3.60 billion yuan in 2015 to 11.63 billion yuan in 2020), reflecting scale expansion and market demand cycles.

• Mission: supply high-quality steel plate products tailored to heavy industry needs while improving operational efficiency and environmental performance.
• Strategic priorities: product quality, cost control, customer diversification (shipbuilding, infrastructure, pressure equipment), and leveraging parent-group synergies for raw-material supply and logistics.

• Raw material procurement: secures iron/steel inputs via group purchasing and spot market contracts.
• Production: hot and cold rolling, plate cutting, heat treatment and finishing tailored to standards for shipbuilding, pressure vessels and structural applications.
• Quality control & certification: meets industry standards required by major industrial buyers and approvals for vessel/pressure work.
• Sales & distribution: direct sales to large industrial buyers, regional distributors, and exports; logistic integration through group channels.

• Product sales: primary revenue from steel plate and processed plate products sold by tonnage and grade.
• Value-added processing: higher-margin services such as heat treatment, specialized cutting, coating and custom specifications.
• Scale and integration: margin improvement via bulk raw-material procurement and shared infrastructure with Benxi Steel group.
• Market timing: profitability exposed to steel price cycles-buying coal/iron input and selling finished plate creates spread-based earnings.

Bengang Steel Plates Co., Ltd. (200761.SZ): History

• Registered address: 16th Renmin Road, Pingshan District, Benxi, Liaoning Province
• Legal representative, Chairman & General Manager: Huang Zuowei
• Employees (approx.): 13,132

• Ownership structure: The company is majority-controlled by Ansteel Group Co., Ltd. through its subsidiary Benxi Steel and Iron (Group) Co., Ltd., resulting in an effective indirect holding of 81.07% of Bengang Steel Plates. The 2024 SASAC-to-Ansteel equity transfer further centralized state-backed ownership under Ansteel.
• Corporate governance: As legal representative, Chairman and General Manager, Huang Zuowei leads executive and board-level coordination consistent with group-aligned strategy and state-industry objectives.

• Mission and strategic focus: Produce high-quality steel plates and related products for heavy industry, optimize asset utilization within the Ansteel group, and support national manufacturing and infrastructure projects.
• How it works / core operations:
  • Raw-material sourcing: procures iron ore, scrap and alloying materials (internal group supply chains and market purchases).
  • Production: integrated rolling, heat-treatment and finishing lines producing a spectrum of carbon and alloy steel plates.
  • Quality & R&D: metallurgical testing and product development targeting high-strength, thick-plate applications.
  • Distribution: direct sales to shipbuilders, pipeline contractors, pressure-vessel manufacturers and metal traders; export channels for select grades.
• How it makes money:
  • Product sales - primary revenue from steel plate and processed plate products sold by tonnage and grade.
  • Value-added services - heat treatment, cutting, coating and processing services that increase margins.
  • Group synergies - intra-group procurement and sales channels with Ansteel/Benxi Steel improving supply security and cost structure.

Bengang Steel Plates Co., Ltd. (200761.SZ): Ownership Structure

• Mission: Produce and trade high-quality ferrous metal products while advancing high value-added and high-tech product lines.
• Core values: technological innovation, sustainability, customer-centricity, continuous improvement.
• High-tech focus: >80% of products categorized as high value-added / high-tech.

• Sustainability commitment: implementing ultra-low-emission upgrades for coke ovens in 2025 to reduce SOx/NOx/particulate emissions and improve energy efficiency.
• Customer focus: maintains 100% production-to-sales match to fulfill market demand promptly.
• Continuous improvement: ongoing equipment upgrades and R&D to sustain industry leadership and margin improvement.

Ownership snapshot (representative disclosure)

• Governance: majority control by Bengang Group enables strategic long-term investments (e.g., the RMB 1.36bn 2025 program) while listed free float provides liquidity and market discipline.
• Investor profile: combination of strategic parent ownership and active institutional holders supports capital for innovation and environmental upgrades.

Bengang Steel Plates Co., Ltd. (200761.SZ): Mission and Values

• Mission: Deliver reliable, high-performance steel plate solutions worldwide while improving resource efficiency and reducing environmental footprint.
• Core values: Quality assurance, technological innovation, supply-chain integration, customer-centricity, and responsible operation.

• Steelmaking and rolling processing: Integrated melt-to-plate operations enable process control from blast/furnace or EAF through continuous casting and hot/cold rolling to finished plate.
• Power generation: On-site power assets stabilize energy supply and improve operating cost predictability.
• Coal chemical industry: Coal-chemical operations supply feedstocks and byproducts that support both energy and raw-material needs.
• Centralized procurement (domestic): A centralized domestic procurement system aggregates demand across the company to reduce unit costs and ensure consistent input quality.
• Foreign procurement: Uses a mix of long-term associations, framework agreements, and competitive bidding to diversify supply and mitigate price volatility.
• R&D and technical capability: National-level technical center and state-level laboratories underpin product development, process optimization, and quality testing.
• Global distribution: Exports to over 60 countries and regions, supporting international OEMs and projects.

• Primary product sales: High-value steel plates sold to shipbuilding, pressure vessel, energy pipeline, construction machinery, and heavy equipment sectors.
• Value-added processing: Premium rolling, heat treatment, surface treatment and custom specification services command higher margins than commodity plate sales.
• Integrated inputs: Capturing value from captive power generation and coal-chemical operations lowers EBITDA breakeven and supports margin stability.
• Export and OEM contracts: Long-term supply agreements and project contracts provide predictable volumes and pricing structures.
• Centralized procurement savings: Bulk domestic sourcing reduces raw-material cost per tonne, improving gross margin.

• R&D focus areas: High-strength and wear-resistant plate grades, corrosion-resistant coatings, large-plate manufacturing technology, and process energy efficiency.
• Quality systems: State-level laboratories provide mechanical, chemical and metallurgical testing to meet stringent international specifications and customer audits.
• Certification and standards: Products are engineered to meet international shipbuilding, pressure vessel and oil & gas sector standards to penetrate export markets.

• Vertical integration reduces supply-chain exposure and input cost volatility.
• Large product range (60+ varieties, 7,500+ specs) enables tailored solutions for project buyers.
• Centralized domestic procurement plus flexible international sourcing balances cost and security of supply.
• R&D and state-level testing labs support premium product development and compliance for global customers.

Bengang Steel Plates Co., Ltd. (200761.SZ): How It Works

• Primary product portfolio: hot-rolled, cold-rolled and galvanized steel sheets plus specialty steel plates for automotive, shipbuilding, machinery and construction markets.
• Energy and raw-material integration: captive power generation and coal-chemical operations reduce feedstock/energy cost exposure and provide alternative revenue.
• Trade and export platform: direct import/export channels and trading arms place finished products into global markets, improving utilisation and price capture.
• R&D and technology commercialisation: sales from specialized products and licensed technologies; continuous product upgrading to move up the value chain.
• Strategic partnerships and JVs: investments in recycling and resource-utilization ventures (e.g., Green Gold (Benxi) Recycling Resources Co., Ltd.) to improve raw-material circularity and lower costs.

• Hot-rolled, cold-rolled, galvanized: high-throughput rolling mills convert slab input into marketable coils/sheets; value captured via product mix, surface treatment and logistics optimisation.
• Special steel: R&D teams develop higher-spec alloys and coated products sold at premium prices to OEMs; dedicated production lines improve yields.
• Power generation: onsite coal-fired and waste-heat recovery plants supply electricity and steam to mills; surplus sold to the grid under long-term contracts.
• Coal chemical business: produces chemical feedstocks and by-products from coal processing; integrated with steel operations for feedstock synergies.
• Import/export: central trading desk manages sourcing of iron ore/plates and overseas sales; hedging and customer contracts stabilise margins.
• Scientific research & tech commercialisation: incremental revenue from technical service contracts, pilot projects and licensed process improvements.
• JVs and recycling: the Green Gold (Benxi) Recycling Resources Co., Ltd. JV increases scrap supply and produces recycled metal inputs, lowering raw-material costs and adding resale income.

• Product mix shift toward high-end, coated and specialty plates to improve ASPs and gross margins.
• Energy integration and recycling JVs reduce variable costs and exposure to iron ore and power price swings.
• Process automation and digitalisation (smart steel shopfloor) improve yield, reduce downtime and lower labor/energy intensity.
• Expanding export channels and long-term customer contracts to stabilise utilisation and pricing.
• Continuous R&D to shorten product development cycles and monetise technical know-how via industrial customers.

Bengang Steel Plates Co., Ltd. (200761.SZ): How It Makes Money

• Core product sales: carbon and alloy steel plates for heavy industries.
• High-end specialty plates: premium grades for offshore energy and naval use.
• Processing & services: cutting, heat treatment, surface treatment, and delivery/logistics.
• Technology & licensing: incremental income from process upgrades and proprietary production techniques.

• Scale manufacturing efficiencies from existing mills and supply chain integration.
• Upgrading product mix toward higher-margin, high-end steel plates.
• Cost control and automation to reduce unit production cost.
• Strategic partnerships to secure raw-materials, market access, and technology transfer.

• Facing short‑term financial stress (H1 2025 net loss ~1.405 billion CNY) but maintaining market presence with a market cap of 12.23 billion CNY as of Dec 12, 2025.
• Planned 1.36 billion CNY investment in 2025 to accelerate high‑end, green, and intelligent upgrades aimed at higher-margin products and compliance with stricter environmental standards.
• Active exploration of new markets and product diversification to reduce dependence on traditional plate sales and broaden revenue streams.
• Focus on technological innovation and sustainability to meet evolving customer and regulatory demands and to rebuild profitability through improved operational efficiency.