Qiniu (HKSE:02567) Beneish M-Score: -2.24 (As of Jul. 05, 2026)


HKSE:02567 Qiniu Ltd HKSE:02567
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Price HK$0.41
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What is Qiniu Beneish M-Score?

Qiniu HKSE:02567 -4.71% 7 Beneish M-Score is -2.24 as of Jul. 05, 2026. GuruFocus rates HKSE:02567 with a GF Score™ of 7/100. The stock has 5 warning signs investors should review. Among 2,628 Software companies, Qiniu ranks worse than 68.15% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02567' s Beneish M-Score Range Over the Past 10 Years
Min: -4.84   Med: -3.31   Max: -2.24
Current: -2.24

During the past 5 years, the highest Beneish M-Score of Qiniu was -2.24. The lowest was -4.84. And the median was -3.31.

Qiniu Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Qiniu'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.

Qiniu Beneish M-Score Chart

Qiniu Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -4.84 -3.31 -2.24

Qiniu Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -4.84 0.00 -3.31 0.00 -2.24

HKSE:02567 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Qiniu'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.

Qiniu Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Qiniu's Beneish M-Score distribution charts can be found below:

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


HKSE:02567
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Qiniu Ltd HKSE:02567
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Qiniu 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 Qiniu 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 * 0.9748+0.528 * 1.0697+0.404 * 0.9738+0.892 * 1.2735+0.115 * 0.9348
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6224+4.679 * -0.009859-0.327 * 1.0707
=-2.24

* 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$589 Mil.
Revenue was HK$1,954 Mil.
Gross Profit was HK$361 Mil.
Total Current Assets was HK$1,061 Mil.
Total Assets was HK$1,260 Mil.
Property, Plant and Equipment(Net PPE) was HK$111 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$57 Mil.
Selling, General, & Admin. Expense(SGA) was HK$215 Mil.
Total Current Liabilities was HK$851 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9 Mil.
Net Income was HK$-64 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-52 Mil.
 Total Receivables was HK$475 Mil.
Revenue was HK$1,534 Mil.
Gross Profit was HK$303 Mil.
Total Current Assets was HK$1,066 Mil.
Total Assets was HK$1,284 Mil.
Property, Plant and Equipment(Net PPE) was HK$125 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$59 Mil.
Selling, General, & Admin. Expense(SGA) was HK$271 Mil.
Total Current Liabilities was HK$803 Mil.
Long-Term Debt & Capital Lease Obligation was HK$15 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)
=(589.189 / 1953.938) / (474.613 / 1534.254)
=0.301539 / 0.309344
=0.9748

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)
=(303.032 / 1534.254) / (360.781 / 1953.938)
=0.197511 / 0.184643
=1.0697

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 - (1061.456 + 110.709) / 1260.206) / (1 - (1066.249 + 125.318) / 1283.662)
=0.069862 / 0.071744
=0.9738

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
=1953.938 / 1534.254
=1.2735

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))
=(58.671 / (58.671 + 125.318)) / (57.321 / (57.321 + 110.709))
=0.318883 / 0.341136
=0.9348

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)
=(214.793 / 1953.938) / (270.987 / 1534.254)
=0.109928 / 0.176625
=0.6224

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)
=((9.417 + 850.878) / 1260.206) / ((15.351 + 803.099) / 1283.662)
=0.682662 / 0.63759
=1.0707

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
=(-63.93 - 0 - -51.506) / 1260.206
=-0.009859

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.

Qiniu has a M-score of -2.24 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 -2.24 mean?
Qiniu (HKSE:02567) has a Beneish M-Score of -2.24 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Qiniu and its competitors. According to the industry distribution chart, Qiniu ranks #1791 out of 2628 companies in the Software industry, placing it in the top 68.2%.
Is Qiniu's Beneish M-Score too high?
Qiniu's current Beneish M-Score is -2.24. Based on the distribution chart, Qiniu ranks #1791 out of 2628 companies in the Software industry, which is below the industry midpoint. Overall, Qiniu has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Qiniu's Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Qiniu ranks #1791 out of 2628 companies for Beneish M-Score. This places Qiniu 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 Software company?
A good Beneish M-Score depends on the Software 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 Qiniu and its competitors. Qiniu's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Qiniu stock overvalued right now?
Qiniu (HKSE:02567) has a current Beneish M-Score of -2.24. The current Beneish M-Score is -2.24. Qiniu's overall GF Score™ is 7/100 with 5 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 Qiniu (HKSE:02567), the current Beneish M-Score is -2.24 as of Jul. 05, 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.

Qiniu Business Description

Address No. 55 Chuanhe Road, Building 19, Zhangjiang AI Island, Pudong New District, Shanghai, CHN
Qiniu Ltd is mainly engaged in providing MPaaS products, APaaS solutions, DPaaS solutions, and other cloud services. Its MPaaS offers interactive live streaming, media data analytics, content delivery network, and object storage solutions. Its APaaS provides scenario based audiovisual solutions using low code capabilities by integrating image processing, live streaming, interaction, scene analysis, and storage services. Its DPaaS delivers data analytics solutions that enable enterprises to develop, run, and manage applications without maintaining infrastructure. Other cloud services mainly include cloud virtual machines, offering integrated solutions such as cloud servers, databases, network, security, and storage.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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