Shanghai REFIRE Group (HKSE:02570) Beneish M-Score: -2.54 (As of Aug. 13, 2026)

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HKSE:02570 Shanghai REFIRE Group Ltd HKSE:02570
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Price HK$17.75
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What is Shanghai REFIRE Group Beneish M-Score?

Shanghai REFIRE Group HKSE:02570 -2.90% 3 Beneish M-Score is -2.54 as of Aug. 13, 2026. GuruFocus rates HKSE:02570 with a GF Score™ of 3/100. The stock has 8 warning signs investors should review. Among 2,907 Industrial Products companies, Shanghai REFIRE Group ranks better than 58.69% 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02570' s Beneish M-Score Range Over the Past 10 Years
Min: -2.54   Med: -2.52   Max: -2.46
Current: -2.54

During the past 5 years, the highest Beneish M-Score of Shanghai REFIRE Group was -2.46. The lowest was -2.54. And the median was -2.52.

Shanghai REFIRE Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shanghai REFIRE 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.

Shanghai REFIRE Group Beneish M-Score Chart

Shanghai REFIRE Group Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.46 -2.52 -2.54

Shanghai REFIRE Group Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.46 0.00 -2.52 0.00 -2.54

HKSE:02570 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Shanghai REFIRE 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.

Shanghai REFIRE Group Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Shanghai REFIRE Group's Beneish M-Score distribution charts can be found below:

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


HKSE:02570
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Shanghai REFIRE Group Ltd HKSE:02570
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shanghai REFIRE 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 Shanghai REFIRE 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 * 0.9969+0.528 * 1.4925+0.404 * 1.2964+0.892 * 0.9492+0.115 * 1.1618
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5646+4.679 * -0.102319-0.327 * 1.0247
=-2.54

* 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$2,066.1 Mil.
Revenue was HK$657.5 Mil.
Gross Profit was HK$75.9 Mil.
Total Current Assets was HK$3,135.0 Mil.
Total Assets was HK$4,719.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$741.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$155.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$340.1 Mil.
Total Current Liabilities was HK$2,338.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$404.0 Mil.
Net Income was HK$-666.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-183.1 Mil.
 Total Receivables was HK$2,183.2 Mil.
Revenue was HK$692.7 Mil.
Gross Profit was HK$119.3 Mil.
Total Current Assets was HK$3,801.5 Mil.
Total Assets was HK$5,009.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$518.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$130.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$634.6 Mil.
Total Current Liabilities was HK$2,278.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$563.0 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)
=(2066.064 / 657.517) / (2183.217 / 692.679)
=3.142221 / 3.151845
=0.9969

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)
=(119.329 / 692.679) / (75.896 / 657.517)
=0.172272 / 0.115428
=1.4925

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 - (3134.992 + 741.539) / 4719.11) / (1 - (3801.533 + 518.154) / 5009.657)
=0.178546 / 0.137728
=1.2964

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
=657.517 / 692.679
=0.9492

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))
=(130.584 / (130.584 + 518.154)) / (155.392 / (155.392 + 741.539))
=0.201289 / 0.173249
=1.1618

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)
=(340.08 / 657.517) / (634.593 / 692.679)
=0.517219 / 0.916143
=0.5646

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)
=((403.962 + 2338.305) / 4719.11) / ((562.981 + 2278.024) / 5009.657)
=0.581098 / 0.567106
=1.0247

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
=(-665.963 - 0 - -183.109) / 4719.11
=-0.102319

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.

Shanghai REFIRE Group has a M-score of -2.54 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 -2.54 mean?
Shanghai REFIRE Group (HKSE:02570) has a Beneish M-Score of -2.54 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shanghai REFIRE Group and its competitors. According to the industry distribution chart, Shanghai REFIRE Group ranks #1201 out of 2907 companies in the Industrial Products industry, placing it in the top 41.3%.
Is Shanghai REFIRE Group's Beneish M-Score too high?
Shanghai REFIRE Group's current Beneish M-Score is -2.54. Based on the distribution chart, Shanghai REFIRE Group ranks #1201 out of 2907 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Shanghai REFIRE Group has a GF Score™ of 3/100, reflecting its overall financial health beyond just this single metric.
How does Shanghai REFIRE Group's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Shanghai REFIRE Group ranks #1201 out of 2907 companies for Beneish M-Score. This puts Shanghai REFIRE Group 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Shanghai REFIRE Group and its competitors. Shanghai REFIRE Group's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shanghai REFIRE Group stock overvalued right now?
Shanghai REFIRE Group (HKSE:02570) has a current Beneish M-Score of -2.54. The current Beneish M-Score is -2.54. Shanghai REFIRE Group's overall GF Score™ is 3/100 with 8 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 Shanghai REFIRE Group (HKSE:02570), the current Beneish M-Score is -2.54 as of Aug. 13, 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.

Shanghai REFIRE Group Business Description

Address 1555 Jingyuan Road, Room 1004, 1st Floor, Unit 1, Jiading District, Shanghai, CHN
Shanghai REFIRE Group Ltd is a hydrogen technology company in China, It is focused on the design, development, manufacture, and sales of hydrogen fuel cell systems, hydrogen production systems, and related components, as well as providing fuel cell engineering and technical services catering to customers' needs, enabling it to provide one-stop solution for hydrogen production and end-use applications. Key revenue of the Group was derived from operations in Mainland China, and also has its presence in Other Countries.
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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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