Benxi Steel Plate: On February 25th, it received institutional research, with multiple institutions including Caitong Securities and ICBC Credit Suisse participating.

Securities Star News, on February 26, 2026, this steel plate company (000761) announced that it was surveyed by institutions on February 25, 2026. Participants included Zhengtong Securities’ Zheng Huiwen, ICBC Credit Suisse’s Zhou Tong, and Yinhua Fund’s Jiang Shan.

The specific content is as follows:

Q: Is the major asset swap still underway, and what is the progress?

A: The company disclosed the “Major Asset Swap and Related Party Transaction Plan of BenGang Steel Plate Co., Ltd.” in June 2023. Since this transaction will significantly increase the company’s related sales ratio and may lead to major dependence on controlling shareholders and other related parties, potentially impacting the company’s ability to operate independently and continuously in the market, the company is currently conducting further careful analysis and evaluation of the feasibility and compliance of this transaction plan based on its actual situation. The plan still requires further discussion and negotiation, and there are uncertainties involved.

Q: What measures has the company taken to reduce losses?

A: The company is comprehensively benchmarking and optimizing production lines and processes, continuously strengthening iron cost advantages, focusing on process cost reduction and product yield improvement, ensuring the stability and economic operation of ultra-low emission projects, and implementing strict control over management costs, process energy savings, and deep application of smart energy systems.

Q: The BenGang convertible bonds are about to mature. What arrangements does the company have for convertible bonds?

A: On one hand, the company is using market value management as a focus, continuously implementing valuation enhancement plans, reducing costs and increasing efficiency to improve profitability, pursuing professional integration to enhance management efficiency, and re-positioning the company’s valuation through major asset swaps, all in compliance with laws, regulations, and regulatory rules to improve the quality of the listed company. On the other hand, the company will actively expand financing channels and prepare for the repayment of maturing convertible bonds.

Q: How does the company respond to internal competition and are there any production restriction plans? The company will actively respond to the “anti-involution” work requirements, align with industry development trends, be market-oriented, reasonably plan production volume, and steadily promote work related to “stable operation, risk prevention, quality improvement, structural optimization, transformation promotion, and efficiency enhancement.” The company will pursue optimal user structure and production mode to achieve extreme production efficiency.

BenGang Steel Plate Co., Ltd. (000761) main business: steel smelting, rolling processing, power generation, coal chemical industry, special steel profiles, railway, import and export trade, scientific research, product sales, etc.

According to the Q3 2025 report, the company’s main business revenue in the first three quarters was 35.201 billion yuan, down 12.47% year-over-year; net profit attributable to parent was -2.216 billion yuan, up 30.6%; net profit after non-recurring gains and losses was -2.294 billion yuan, up 31.1%. In Q3 2025 alone, the company’s quarterly main business revenue was 10.503 billion yuan, down 11.35% year-over-year; quarterly net profit attributable to parent was -817 million yuan, up 50.56%; quarterly net profit after non-recurring gains and losses was -843 million yuan, up 50.6%. The debt ratio is 78.0%, investment income is -22.6955 million yuan, financial expenses are 295 million yuan, and gross profit margin is -3.38%.

Margin trading data shows that in the past three months, the net financing outflow was 2.4353 million yuan, with a decrease in financing balance; the net securities lending outflow was 248,000 yuan, with a decrease in securities lending balance.

The above content is compiled by Securities Star based on publicly available information, generated by AI algorithms (Network Information Calculation Record 310104345710301240019), and does not constitute investment advice.