Maanshan Iron & Steel (SEHK:323) Q4 EPS Loss Tests Bulls’ Turnaround Narrative

Simply Wall St.03-26

Maanshan Iron & Steel (SEHK:323) has wrapped up FY 2025 with fourth quarter revenue of C¥19.95b and a basic EPS loss of C¥0.038, while trailing twelve month EPS sits at C¥0.03 on revenue of C¥77.52b ...

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Over recent quarters, the company has seen revenue move from C¥20.30b and an EPS loss of C¥0.276 in Q4 2024 to C¥19.95b and a narrower EPS loss of C¥0.038 in Q4 2025, against a backdrop of trailing twelve month net losses that remain material. For investors, the...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1594":"碳中和概念股","BK1568":"钢铁金属股","BK1505":"一带一路","00323":"马鞍山钢铁股份","BK1225":"钢铁"},"translate_title":"马鞍山钢铁(SEHK：323)第四季度每股收益亏损考验多头的扭亏为盈叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00323":0.9},"content_text":"Maanshan Iron & Steel (SEHK:323) has wrapped up FY 2025 with fourth quarter revenue of C¥19.95b and a basic EPS loss of C¥0.038, while trailing twelve month EPS sits at C¥0.03 on revenue of C¥77.52b and a net income loss of C¥208.81m. Over recent quarters, the company has seen revenue move from C¥20.30b and an EPS loss of C¥0.276 in Q4 2024 to C¥19.95b and a narrower EPS loss of C¥0.038 in Q4 2025, against a backdrop of trailing twelve month net losses that remain material. For investors, the headline story is that revenue is holding near the C¥20b per quarter mark while margins remain under pressure. This keeps the focus on whether future earnings momentum can rebuild profitability. See our full analysis for Maanshan Iron & Steel. With the latest numbers on the table, the next step is to see how this earnings profile lines up against the widely held narratives about Maanshan Iron & Steel's growth potential, risks, and expected turnaround. See what the community is saying about Maanshan Iron & Steel SEHK:323 Earnings & Revenue History as at Mar 2026 AdvertisementLTM loss of C¥208.8m despite four quarters near C¥19b to C¥20b revenue  Over the last twelve months, Maanshan Iron & Steel generated C¥77.5b in revenue and recorded a net income loss of C¥208.8m, after a year where quarterly revenue stayed in a tight C¥18.7b to C¥20.3b range. Consensus narrative expects future earnings to reach C¥4.3b by about March 2029 with revenue of C¥81.9b and a 5.3% margin, yet the current trailing loss and low utilization concerns show how much has to change for that view to play out.\n     Recent quarters show swings between profit and loss, with Q3 2025 net income of C¥158.4m flipping back to a C¥292.4m loss in Q4 2025, which sits uneasily against a smooth improvement storyline. Analysts also point to ongoing overcapacity and high raw material exposure, so the current loss profile highlights the execution risk behind the margin recovery they model.    When you compare what the company actually earned over the last year to where analysts expect margins and profits to land by 2029, you can see how much of the story still has to be delivered on the income statement. EPS swings from C¥0.0208 to a loss of C¥0.038 challenge the bullish turnaround pace  Across FY 2025, basic EPS moved from a loss of C¥0.02 in Q1 to C¥0.008 and C¥0.0208 in Q2 and Q3, before slipping back to a C¥0.038 loss in Q4, even as trailing twelve month EPS sits at a small profit of C¥0.03. Bullish investors point to forecast earnings growth of 96.63% per year and the expectation that Maanshan Iron & Steel becomes profitable within three years, yet the quarterly EPS pattern shows that profitability has not settled into a clear trend.\n     Losses over the past five years are reported to have grown at an annual rate of 58.5%, so the latest quarter’s return to a loss gives bulls more to prove than a simple one year turnaround story suggests. At the same time, moving from a large Q4 2024 loss of C¥2.1b to a much smaller Q4 2025 loss of C¥292.4m does line up with the idea that the worst of the earnings pressure may already be reflected in trailing figures.    If you are weighing that optimistic path back to profitability, it helps to keep one eye on how consistently EPS holds above zero rather than just on the longer term growth percentages. Bulls argue that cost reforms, special steel growth, and higher margin products could turn these patchy EPS numbers into steadier profits over time, while the recent loss history shows why the bar for that narrative is still high. 🐂 Maanshan Iron & Steel Bull Case P/S of 0.2x and HK$2.53 price vs C¥10.3b DCF fair value support the cautious bear case  At a current share price of HK$2.53, Maanshan Iron & Steel is trading on a P/S of 0.2x compared with a peer average of 1.4x and an industry average of 0.7x, and against a DCF fair value of HK$10.30 per share. Bears focus on the company’s trailing unprofitability and multi year loss expansion of 58.5% per year, arguing that even this low P/S and the gap to DCF fair value do not fully capture the risks from overcapacity, high input costs, and slower demand.\n     Forecast revenue growth of 2.2% per year is below the 8.2% forecast for the Hong Kong market, so part of the discount may be tied to the lower top line growth outlook that bears highlight. Analyst price targets span from HK$1.96 on the bearish side to HK$2.85 on the bullish side, near a consensus of about HK$2.55, which is very close to the current HK$2.53 price and suggests the market is already treating the stock cautiously despite the DCF gap.    If you are leaning toward the cautious view, it is worth asking whether the wide gap between today’s low multiples and the DCF fair value is a genuine mispricing or simply reflects the earnings and industry risks already visible in the recent numbers. 🐻 Maanshan Iron & Steel Bear Case Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Maanshan Iron & Steel on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. With all of this in mind, the sentiment around Maanshan Iron & Steel is clearly mixed, so it helps to check the numbers yourself and decide where you stand. To see what is driving the more optimistic angles in the story, take a closer look at the 3 key rewards Explore Alternatives Maanshan Iron & Steel’s recent track record of losses, uneven EPS, and pressured margins shows that earnings quality and consistency are still key weak spots. If you want ideas with a clearer earnings profile and less bumpiness, compare this situation with companies screened for 287 resilient stocks with low risk scores to see if they fit your portfolio style.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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