Shangshan Gold (SEHK:1939) Losses Worsen 58.4% Annually, Reinforcing Bearish Narratives Ahead of H1 2026

Simply Wall St.

2025/11/30

Shangshan Gold International Holdings (SEHK:1939) just posted its H1 2026 results, with total revenue at HK$76.5 million and basic EPS of HK$0.000854. Looking back, the company’s revenue climbed from ...

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Looking back, the company’s revenue climbed from ...</p>\n\n<a href=\"https://simplywall.st/stocks/hk/consumer-services/hkg-1939/shangshan-gold-international-holdings-shares/news/shangshan-gold-sehk1939-losses-worsen-584-annually-reinforci\">网页链接</a>\n\n</div>\n","source":"simplywall_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Shangshan Gold (SEHK:1939) Losses Worsen 58.4% Annually, Reinforcing Bearish Narratives Ahead of H1 2026</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShangshan Gold (SEHK:1939) Losses Worsen 58.4% Annually, Reinforcing Bearish Narratives Ahead of H1 2026\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Simply Wall St.</strong><span class=\"h-time small\">2025-11-30 04:40</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>Shangshan Gold International Holdings (SEHK:1939) just posted its H1 2026 results, with total revenue at HK$76.5 million and basic EPS of HK$0.000854. Looking back, the company’s revenue climbed from ...</p>\n\n<a href=\"https://simplywall.st/stocks/hk/consumer-services/hkg-1939/shangshan-gold-international-holdings-shares/news/shangshan-gold-sehk1939-losses-worsen-584-annually-reinforci\">网页链接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://simplywall.st/stocks/hk/consumer-services/hkg-1939/shangshan-gold-international-holdings-shares/news/shangshan-gold-sehk1939-losses-worsen-584-annually-reinforci\">Simply Wall St.</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1215","symbol_name":"特殊消費者服務","start_time":0,"source_url":"https://simplywall.st/stocks/hk/consumer-services/hkg-1939/shangshan-gold-international-holdings-shares/news/shangshan-gold-sehk1939-losses-worsen-584-annually-reinforci","article_id":"2587640807","we_media_id":null,"thumbnails":["https://images.simplywall.st/asset/industry/3112800-choice1-main-header/1585186650715"],"rights":{"source":"simplywall_highlight","url":"https://simplywall.st/stocks/hk/consumer-services/hkg-1939/shangshan-gold-international-holdings-shares/news/shangshan-gold-sehk1939-losses-worsen-584-annually-reinforci","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2587640807","pubTimestamp":1764448800,"columns":[],"sourceInfo":{"source_id":"simplywall_highlight","name":"Simply Wall St."},"weMediaInfo":null,"summary":"Shangshan Gold International Holdings (SEHK:1939) just posted its H1 2026 results, with total revenue at HK$76.5 million and basic EPS of HK$0.000854. Looking back, the company’s revenue climbed from HK$31.9 million in H1 2025 to HK$76.5 million in the latest period. Net income shifted from a loss of HK$1.15 million last year to a profit of HK$0.43 million. Despite the headline improvement, margins remain under pressure and profitability is still a key concern for investors.\nSee our full...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1215":"特殊消费者服务","01939":"上善黄金"},"translate_title":"上善黄金(SEHK：1939)亏损每年恶化58.4%，强化了2026年上半年之前的看跌叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01939":0.9},"content_text":"Shangshan Gold International Holdings (SEHK:1939) just posted its H1 2026 results, with total revenue at HK$76.5 million and basic EPS of HK$0.000854. Looking back, the company’s revenue climbed from HK$31.9 million in H1 2025 to HK$76.5 million in the latest period. Net income shifted from a loss of HK$1.15 million last year to a profit of HK$0.43 million. Despite the headline improvement, margins remain under pressure and profitability is still a key concern for investors. See our full analysis for Shangshan Gold International Holdings. Next, we will see how these latest numbers compare to the most widely followed narratives in the market and whether the data backs up or challenges the prevailing views. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:1939 Earnings & Revenue History as at Nov 2025 AdvertisementLosses Deepen by 58.4% Per Year  Trailing twelve month net losses increased to HK$17.89 million, up sharply from earlier periods, with losses compounding at a rate of 58.4% per year over the last five years. Despite revenue gains, sustained operating losses support the prevailing view that profitability remains elusive for Shangshan Gold International Holdings. Losses widened even as total revenue for the latest twelve months reached HK$106.63 million.\n     Profit margin remains negative over the last twelve months, and there is no evidence of a turnaround or meaningful improvement in net income in any recent period. Continued negative earnings challenge the optimistic case for a quick recovery and highlight the difficulty of overcoming entrenched costs even amid top-line growth.    Share Price Trades Well Above DCF Fair Value  The company's current share price is HK$5.10, which is significantly above the estimated DCF fair value of HK$1.91 per share and also well above peer valuation metrics. The Price-To-Sales ratio stands at 24.5x compared to an industry average of 1.2x. This premium valuation supports concerns about over-optimism described in prevailing market analysis, especially when considered alongside the company's ongoing unprofitability.\n     No reported improvements in net profit or earnings quality, together with a share price that is multiples higher than the calculated fair value, reinforce the risk of a future correction if fundamentals do not improve. Investors face a classic value trap scenario, where high expectations are priced in but actual results lag far behind sector and peer standards.    Volatility Outpaces the Hong Kong Market  Share price volatility for Shangshan Gold International Holdings outpaced that of the broader Hong Kong market in the last year, with the company's stock experiencing meaningfully higher price swings. Prevailing analysis ties this volatility directly to both deepening losses and premium valuation, suggesting that even small changes in sentiment or performance could drive disproportionate moves in the stock's price.\n     High volatility is often seen when companies are unprofitable and trading at elevated multiples. This makes the stock particularly sensitive to new information or investor expectations. No offsetting reward signals or signs of stability have been reported, so volatility may remain elevated as long as fundamentals do not improve.     Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Shangshan Gold International Holdings's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. See What Else Is Out There Shangshan Gold International Holdings faces persistent losses, negative profit margins, and a share price that looks risky given weak underlying fundamentals and lack of profitability. If you want to focus on stocks that are trading well below their fair value and may offer a better risk-reward balance, see these 920 undervalued stocks based on cash flows as your next step.  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. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}