Mixue Group (HKSE:02097) Beneish M-Score: -2.31 (As of Sep. 21, 2026)

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HKSE:02097 Mixue Group HKSE:02097
23 GF Score
Price HK$193.80
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What is Mixue Group Beneish M-Score?

Mixue Group HKSE:02097 -0.31% 23 Beneish M-Score is -2.31 as of Sep. 21, 2026. GuruFocus rates HKSE:02097 with a GF Score™ of 23/100. Among 111 Beverages - Non-Alcoholic companies, Mixue Group ranks worse than 71.17% 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02097' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.31   Max: -1.96
Current: -2.31

During the past 5 years, the highest Beneish M-Score of Mixue Group was -1.96. The lowest was -2.87. And the median was -2.31.

Mixue Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mixue Group'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.

Mixue Group Beneish M-Score Chart

Mixue Group Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
- -1.26 -0.90 -1.74 -2.39

Mixue Group Quarterly Data
Dec22 Dec23 Dec24
Beneish M-Score - - -

HKSE:02097 vs KO, PEP, MNST: Beneish M-Score Comparison

For the Beverages - Non-Alcoholic subindustry, Mixue Group'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.

Mixue Group Beneish M-Score vs Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Mixue Group's Beneish M-Score distribution charts can be found below:

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


HKSE:02097
23GF Score
Mixue Group HKSE:02097
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mixue Group 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 Mixue Group 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 * 0.6907+0.528 * 1.0424+0.404 * 0.991+0.892 * 1.352+0.115 * 0.85
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9798+4.679 * -0.004889-0.327 * 0.8043
=-2.40

* 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$356 Mil.
Revenue was HK$36,397 Mil.
Gross Profit was HK$11,335 Mil.
Total Current Assets was HK$23,992 Mil.
Total Assets was HK$34,298 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,687 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$589 Mil.
Selling, General, & Admin. Expense(SGA) was HK$3,382 Mil.
Total Current Liabilities was HK$6,261 Mil.
Long-Term Debt & Capital Lease Obligation was HK$94 Mil.
Net Income was HK$6,384 Mil.
Gross Profit was HK$ Mil.
Cash Flow from Operations was HK$6,552 Mil.
 Total Receivables was HK$381 Mil.
Revenue was HK$26,920 Mil.
Gross Profit was HK$8,739 Mil.
Total Current Assets was HK$12,660 Mil.
Total Assets was HK$21,054 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,151 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$455 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,553 Mil.
Total Current Liabilities was HK$4,807 Mil.
Long-Term Debt & Capital Lease Obligation was HK$43 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)
=(355.848 / 36396.521) / (381.056 / 26920.057)
=0.009777 / 0.014155
=0.6907

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)
=(8739.069 / 26920.057) / (11335.18 / 36396.521)
=0.32463 / 0.311436
=1.0424

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 - (23991.508 + 6686.733) / 34298.374) / (1 - (12659.921 + 6151.336) / 21053.65)
=0.105548 / 0.106509
=0.991

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
=36396.521 / 26920.057
=1.352

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))
=(454.675 / (454.675 + 6151.336)) / (589.154 / (589.154 + 6686.733))
=0.068827 / 0.080974
=0.85

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)
=(3381.994 / 36396.521) / (2552.902 / 26920.057)
=0.092921 / 0.094833
=0.9798

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)
=((93.974 + 6260.862) / 34298.374) / ((43.152 + 4806.874) / 21053.65)
=0.185281 / 0.230365
=0.8043

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
=(6384.213 - 0 - 6551.913) / 34298.374
=-0.004889

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.

Mixue Group has a M-score of -2.40 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 -2.31 mean?
Mixue Group (HKSE:02097) has a Beneish M-Score of -2.31 as of Sep. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mixue Group and its competitors. According to the industry distribution chart, Mixue Group ranks #79 out of 111 companies in the Beverages - Non-Alcoholic industry, placing it in the top 71.2%.
Is Mixue Group's Beneish M-Score too high?
Mixue Group's current Beneish M-Score is -2.31. Based on the distribution chart, Mixue Group ranks #79 out of 111 companies in the Beverages - Non-Alcoholic industry, which is below the industry midpoint. Overall, Mixue Group has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does Mixue Group's Beneish M-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, Mixue Group ranks #79 out of 111 companies for Beneish M-Score. This places Mixue Group in the lower half of its industry. 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 Beverages - Non-Alcoholic company?
A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 Mixue Group and its competitors. Mixue Group's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mixue Group stock overvalued right now?
Mixue Group (HKSE:02097) has a current Beneish M-Score of -2.31. The current Beneish M-Score is -2.31. Mixue Group's overall GF Score™ is 23/100. 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 Mixue Group (HKSE:02097), the current Beneish M-Score is -2.31 as of Sep. 21, 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.

Mixue Group Business Description

Other Exchanges MIXUE80:Thailand
Address Beisanhuan South and Wenhua Road East, Room 16004, Hanhai Beijin Commerce Center, Jinshui District, Henan Province, Zhengzhou, CHN
Mixue Group is a freshly-made drinks company. It is committed to providing value-for-money products to consumers, including freshly-made fruit drinks, tea drinks, ice cream, and coffee, typically priced around one U.S. dollar (approximately RMB6) per item. The company has three brands - a freshly-made tea drinks brand, MIXUE, a freshly-made coffee brand, Lucky Cup, and a fresh beer brand, FULU Fresh Beer. The company derives the majority of its revenue from Mainland China.
23GF Score

Get the complete analysis for HKSE:02097

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

HK$193.80
Price