Innovent Biologics (HKSE:01801) Beneish M-Score: -3.13 (As of Jul. 03, 2026)


HKSE:01801 Innovent Biologics Inc HKSE:01801
83 GF Score
Price HK$87.80
GF Value HK$99.69
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Innovent Biologics Beneish M-Score?

Innovent Biologics HKSE:01801 +2.87% 83 Beneish M-Score is -3.13 as of Jul. 03, 2026. GuruFocus rates HKSE:01801 with a GF Score™ of 83/100 and a GF Value™ of HK$99.69 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 829 Biotechnology companies, Innovent Biologics ranks better than 78.41% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Innovent Biologics's Beneish M-Score or its related term are showing as below:

HKSE:01801' s Beneish M-Score Range Over the Past 10 Years
Min: -6.31   Med: -2.18   Max: 92.39
Current: -3.13

During the past 10 years, the highest Beneish M-Score of Innovent Biologics was 92.39. The lowest was -6.31. And the median was -2.18.

Innovent Biologics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Innovent Biologics's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Innovent Biologics Beneish M-Score Chart

Innovent Biologics Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.58 -2.63 -2.22 -2.13 -3.13

Innovent Biologics Semi-Annual Data
Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.22 0.00 -2.13 0.00 -3.13

HKSE:01801 vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, Innovent Biologics's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Innovent Biologics Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Innovent Biologics's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Innovent Biologics's Beneish M-Score falls into.


HKSE:01801
83GF Score
Innovent Biologics Inc HKSE:01801
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Innovent Biologics Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Innovent Biologics for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.1263+0.528 * 0.9704+0.404 * 1.003+0.892 * 1.4322+0.115 * 0.6817
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9434+4.679 * -0.245997-0.327 * 0.8866
=-3.13

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$2,699 Mil.
Revenue was HK$14,407 Mil.
Gross Profit was HK$12,467 Mil.
Total Current Assets was HK$24,319 Mil.
Total Assets was HK$41,259 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,657 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$664 Mil.
Selling, General, & Admin. Expense(SGA) was HK$7,335 Mil.
Total Current Liabilities was HK$9,265 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,227 Mil.
Net Income was HK$899 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$11,048 Mil.
 Total Receivables was HK$1,673 Mil.
Revenue was HK$10,059 Mil.
Gross Profit was HK$8,447 Mil.
Total Current Assets was HK$10,968 Mil.
Total Assets was HK$23,064 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,808 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$448 Mil.
Selling, General, & Admin. Expense(SGA) was HK$5,429 Mil.
Total Current Liabilities was HK$4,665 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,581 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(2698.737 / 14407.298) / (1672.967 / 10059.487)
=0.187317 / 0.166307
=1.1263

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(8447.078 / 10059.487) / (12467.38 / 14407.298)
=0.839713 / 0.865352
=0.9704

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (24318.684 + 5656.54) / 41259.096) / (1 - (10968.021 + 5807.521) / 23064.495)
=0.273488 / 0.272668
=1.003

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=14407.298 / 10059.487
=1.4322

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(448.175 / (448.175 + 5807.521)) / (664.29 / (664.29 + 5656.54))
=0.071643 / 0.105095
=0.6817

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(7335.254 / 14407.298) / (5429.046 / 10059.487)
=0.509135 / 0.539694
=0.9434

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((2226.657 + 9264.849) / 41259.096) / ((2580.685 + 4664.519) / 23064.495)
=0.278521 / 0.314128
=0.8866

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(898.766 - 0 - 11048.369) / 41259.096
=-0.245997

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Innovent Biologics has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.13 mean?
Innovent Biologics (HKSE:01801) has a Beneish M-Score of -3.13 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Innovent Biologics and its competitors. According to the industry distribution chart, Innovent Biologics ranks #179 out of 829 companies in the Biotechnology industry, placing it in the top 21.6%.
Is Innovent Biologics' Beneish M-Score too high?
Innovent Biologics' current Beneish M-Score is -3.13. Based on the distribution chart, Innovent Biologics ranks #179 out of 829 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, Innovent Biologics has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Innovent Biologics' Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Innovent Biologics ranks #179 out of 829 companies for Beneish M-Score. This places Innovent Biologics in the top 22% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Biotechnology company?
A good Beneish M-Score depends on the Biotechnology industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Innovent Biologics and its competitors. Innovent Biologics's current Beneish M-Score is -3.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Innovent Biologics stock overvalued right now?
Based on GuruFocus' analysis, Innovent Biologics (HKSE:01801) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$99.69, compared to a current price of HK$87.80 — trading 11.9% below its estimated fair value. The current Beneish M-Score is -3.13. Innovent Biologics' overall GF Score™ is 83/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Innovent Biologics (HKSE:01801), the current Beneish M-Score is -3.13 as of Jul. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Innovent Biologics (HKSE:01801) Overvalued in 2026?

Based on GuruFocus' analysis, Innovent Biologics stock appears to be undervalued. The current stock price of HK$87.80 is trading 11.9% below its estimated GF Value™ of HK$99.69. GuruFocus considers Innovent Biologics to be Modestly Undervalued.

Key valuation signals for HKSE:01801:

  • Beneish M-Score: -3.13
  • GF Value™: HK$99.69 vs. price of HK$87.80 (11.9% below fair value)
  • GF Score™: 83/100 with 2 warning signs

No single metric tells the full story. See the HKSE:01801 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Innovent Biologics Business Description

Address 168 Dongping Street, Suzhou Industrial Park, Jiangsu Province, Suzhou, CHN, 215123
Innovent Biologics is one of the leading biotechnology companies in China. Listed on the Hong Kong stock exchange in 2018, Innovent has 12 commercialized oncology products and four commercialized nononcology products as of January 2026, and 34 drugs in its research and development pipeline. Its core assets are Tyvyt, a PD-1 inhibitor included in the National Reimbursement Drug Lists (NRDL) for the first-line treatment of five major cancers, and mazdutide, a GLP-1/glucagon dual agonist drug for weight loss, fat breakdown, and Type 2 diabetes. Mazdutide is the first domestic GLP-1 drug produced and competes with Eli Lilly and Novo Nordisk in China. Tyvyt's main competition includes drugs from Junshi, Jiangsu Hengrui, BeOne, Merck, and Bristol Myers.
83GF Score

Get the complete analysis for HKSE:01801

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$87.80
Price
HK$99.69
GF Value