Luyuan Group Holding (Cayman) (HKSE:02451) Beneish M-Score: -2.56 (As of Aug. 01, 2026)

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HKSE:02451 Luyuan Group Holding (Cayman) Ltd HKSE:02451
46 GF Score
Price HK$12.50
! 4 Warning Signs
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What is Luyuan Group Holding (Cayman) Beneish M-Score?

Luyuan Group Holding (Cayman) HKSE:02451 +6.11% 46 Beneish M-Score is -2.56 as of Aug. 01, 2026. GuruFocus rates HKSE:02451 with a GF Score™ of 46/100. The stock has 4 warning signs investors should review. Among 1,272 Vehicles & Parts companies, Luyuan Group Holding (Cayman) ranks better than 51.57% 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Luyuan Group Holding (Cayman)'s Beneish M-Score or its related term are showing as below:

HKSE:02451' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11   Med: -2.73   Max: -1.63
Current: -2.56

During the past 6 years, the highest Beneish M-Score of Luyuan Group Holding (Cayman) was -1.63. The lowest was -3.11. And the median was -2.73.

Luyuan Group Holding (Cayman) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Luyuan Group Holding (Cayman)'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.

Luyuan Group Holding (Cayman) Beneish M-Score Chart

Luyuan Group Holding (Cayman) Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -3.11 -2.89 -1.63 -2.56

Luyuan Group Holding (Cayman) Semi-Annual Data
Dec20 Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -2.89 0.00 -1.63 0.00 -2.56

HKSE:02451 vs TSLA, GM, F: Beneish M-Score Comparison

For the Auto Manufacturers subindustry, Luyuan Group Holding (Cayman)'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.

Luyuan Group Holding (Cayman) Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Luyuan Group Holding (Cayman)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Luyuan Group Holding (Cayman)'s Beneish M-Score falls into.


HKSE:02451
46GF Score
Luyuan Group Holding (Cayman) Ltd HKSE:02451
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Luyuan Group Holding (Cayman) 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 Luyuan Group Holding (Cayman) 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 * 1.0484+0.528 * 0.9519+0.404 * 0.9618+0.892 * 1.205+0.115 * 0.9088
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9598+4.679 * -0.053789-0.327 * 1.0244
=-2.56

* 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$495 Mil.
Revenue was HK$6,525 Mil.
Gross Profit was HK$899 Mil.
Total Current Assets was HK$3,667 Mil.
Total Assets was HK$5,625 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,554 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$141 Mil.
Selling, General, & Admin. Expense(SGA) was HK$488 Mil.
Total Current Liabilities was HK$3,324 Mil.
Long-Term Debt & Capital Lease Obligation was HK$391 Mil.
Net Income was HK$193 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$496 Mil.
 Total Receivables was HK$392 Mil.
Revenue was HK$5,415 Mil.
Gross Profit was HK$710 Mil.
Total Current Assets was HK$2,849 Mil.
Total Assets was HK$4,617 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,423 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$116 Mil.
Selling, General, & Admin. Expense(SGA) was HK$422 Mil.
Total Current Liabilities was HK$2,688 Mil.
Long-Term Debt & Capital Lease Obligation was HK$290 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)
=(494.798 / 6525.442) / (391.661 / 5415.186)
=0.075826 / 0.072326
=1.0484

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)
=(710.016 / 5415.186) / (898.779 / 6525.442)
=0.131116 / 0.137735
=0.9519

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 - (3667.264 + 1553.746) / 5625) / (1 - (2848.858 + 1423.353) / 4616.98)
=0.07182 / 0.074674
=0.9618

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
=6525.442 / 5415.186
=1.205

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))
=(116.181 / (116.181 + 1423.353)) / (140.699 / (140.699 + 1553.746))
=0.075465 / 0.083035
=0.9088

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)
=(487.774 / 6525.442) / (421.743 / 5415.186)
=0.07475 / 0.077882
=0.9598

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)
=((391.393 + 3324.34) / 5625) / ((289.601 + 2687.508) / 4616.98)
=0.660575 / 0.644817
=1.0244

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
=(193.438 - 0 - 496.002) / 5625
=-0.053789

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.

Luyuan Group Holding (Cayman) has a M-score of -2.56 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 -2.56 mean?
Luyuan Group Holding (Cayman) (HKSE:02451) has a Beneish M-Score of -2.56 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Luyuan Group Holding (Cayman) and its competitors. According to the industry distribution chart, Luyuan Group Holding (Cayman) ranks #616 out of 1272 companies in the Vehicles & Parts industry, placing it in the top 48.4%.
Is Luyuan Group Holding (Cayman)'s Beneish M-Score too high?
Luyuan Group Holding (Cayman)'s current Beneish M-Score is -2.56. Based on the distribution chart, Luyuan Group Holding (Cayman) ranks #616 out of 1272 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Luyuan Group Holding (Cayman) has a GF Score™ of 46/100, reflecting its overall financial health beyond just this single metric.
How does Luyuan Group Holding (Cayman)'s Beneish M-Score compare to TSLA and GM?
According to the Vehicles & Parts industry distribution chart, Luyuan Group Holding (Cayman) ranks #616 out of 1272 companies for Beneish M-Score. This puts Luyuan Group Holding (Cayman) in the upper 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Luyuan Group Holding (Cayman) and its competitors. Luyuan Group Holding (Cayman)'s current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Luyuan Group Holding (Cayman) stock overvalued right now?
Luyuan Group Holding (Cayman) (HKSE:02451) has a current Beneish M-Score of -2.56. The current Beneish M-Score is -2.56. Luyuan Group Holding (Cayman)'s overall GF Score™ is 46/100 with 4 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 Luyuan Group Holding (Cayman) (HKSE:02451), the current Beneish M-Score is -2.56 as of Aug. 01, 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.

Luyuan Group Holding (Cayman) Business Description

Address No. 168 Shicheng Street, Development Zone, Jinhua Industry Zone, Zhejiang Province, Jinhua, CHN
Luyuan Group Holding (Cayman) Ltd is an investment holding company. The group engaged in the electric vehicle business in the People's Republic of China (the PRC). The Group's majority of its revenue and operating profit was generated from the sales of electric vehicles in the PRC.
46GF Score

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

HK$12.50
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