Chongqing Iron & Steel (SEHK:1053) Q3 Results Deepen Losses Despite Low P/S

Chongqing Iron & Steel closed today at HK$0.79 after a weak run over the past month, yet the fresh Q3 2026 earnings tell a harsher story than the share price alone suggests. The group booked a quarterly loss of CNY125.3m on revenue of CNY5.79b, extending a run of red ink that already shows a trailing twelve month loss of CNY2.81b. Short term traders are reacting to the headline numbers, while long term holders now have to weigh a cheap P/S of 0.3x against a profit profile that remains firmly under pressure.

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Q3 2026 Earnings Summary

• Revenue (Q3 2026 vs Q3 2025): CNY5,785.3m vs. CNY6,006.1m (decline of about 3.7%)
• Net Loss (Q3 2026 vs Q3 2025): CNY125.3m loss vs. CNY87.3m loss (loss widened by about 43.5%)
• Basic EPS (Q3 2026 vs Q3 2025): CNY0.01 loss per share vs. CNY0.0058 loss per share (per share loss increased by about 72.4%)
• Trailing 12 Month Net Loss (to Q3 2026 vs to Q3 2025): CNY2,807.7m loss vs. CNY2,064.1m loss (loss over the last year increased by about 36%)

Losses keep widening even as the stock looks cheap on sales. Ask Charlie what Chongqing Iron & Steel’s low P/S really signals.

Bullish hopes meet harsher Chongqing Iron & Steel math

Any upbeat story around Chongqing Iron & Steel as a geared play on better industrial activity runs into the hard Q3 figures. Revenue of CNY5,785.3m is lower than the prior year quarter, and the quarterly loss has deepened. The trailing 12 month loss of CNY2.81b shows the business still burning cash at scale. For a bullish cyclical angle to work, investors would normally look for at least some sign that sales are stabilising or that losses are shrinking. These numbers point the other way for now.

Bearish cycle and balance sheet worries gain traction

The more cautious narrative appears more closely aligned with the latest data. Losses widened quarter on quarter versus last year, which fits concerns about thin steel spreads and sector overcapacity. A CNY2.81b trailing 12 month loss underlines how prolonged the pressure has become for Chongqing Iron & Steel. Share performance has also been weak, with the stock declining over the past 7, 30 and 90 days. For readers concerned about prolonged down cycles in Chinese steel, this set of results gives that argument more weight, not less.

After five years of shrinking earnings, are these quarterly losses just surface damage or signs of deeper structural strain at Chongqing Iron & Steel? Review the full risk analysis for Chongqing Iron & Steel which shows 1 important warning sign

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