The stem bolt for hammer is either missing or broken. The stem bolt is a small diameter pin that sticks up vertically as you look down on the movement, and it hooks into the hammer to hold it back until the reset button is pressed. If it's missing there's nothing to hold the hammer back. Here's a video showing the start/stop/reset normally with the stem bolt in place, and the I removed the stem bolt to show how the watch will reset when you stop the chronograph if it's missing:
The stem bolt can be seen in the upper right quadrant of the frame in the video in the first clip. This is not an uncommon issue, so that's why I made the video to demonstrate it. Sometimes you get lucky and the broken bits are easy to find, but in other cases I've had to disassemble the entire movement to find both halves of the stem bolt. The parts itself is not expensive, but the labour is what costs the money of course.
Cheers, Al
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