XJ Electrics (Hu Bei) Group Co (HKSE:02619) Beneish M-Score: -2.04 (As of Aug. 23, 2026)

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HKSE:02619 XJ Electrics (Hu Bei) Group Co Ltd HKSE:02619
19 GF Score
Price HK$1.29
! 2 Warning Signs
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What is XJ Electrics (Hu Bei) Group Co Beneish M-Score?

XJ Electrics (Hu Bei) Group Co HKSE:02619 19 Beneish M-Score is -2.04 as of Aug. 23, 2026. GuruFocus rates HKSE:02619 with a GF Score™ of 19/100. The stock has 2 warning signs investors should review. Among 419 Furnishings, Fixtures & Appliances companies, XJ Electrics (Hu Bei) Group Co ranks worse than 81.86% 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 -2.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for XJ Electrics (Hu Bei) Group Co's Beneish M-Score or its related term are showing as below:

HKSE:02619' s Beneish M-Score Range Over the Past 10 Years
Min: -2.07   Med: -2.06   Max: -2.04
Current: -2.04

During the past 4 years, the highest Beneish M-Score of XJ Electrics (Hu Bei) Group Co was -2.04. The lowest was -2.07. And the median was -2.06.

XJ Electrics (Hu Bei) Group Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for XJ Electrics (Hu Bei) Group Co'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.

XJ Electrics (Hu Bei) Group Co Beneish M-Score Chart

XJ Electrics (Hu Bei) Group Co Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.07 -2.04

XJ Electrics (Hu Bei) Group Co Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.07 0.00 -2.04

HKSE:02619 vs SN, SGI, MHK: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, XJ Electrics (Hu Bei) Group Co'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.

XJ Electrics (Hu Bei) Group Co Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, XJ Electrics (Hu Bei) Group Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where XJ Electrics (Hu Bei) Group Co's Beneish M-Score falls into.


HKSE:02619
19GF Score
XJ Electrics (Hu Bei) Group Co Ltd HKSE:02619
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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XJ Electrics (Hu Bei) Group Co 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 XJ Electrics (Hu Bei) Group Co 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 * 1.3031+0.528 * 1.1143+0.404 * 1.3131+0.892 * 0.8888+0.115 * 1.0136
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2297+4.679 * 0.018208-0.327 * 0.9307
=-2.04

* 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$414 Mil.
Revenue was HK$1,425 Mil.
Gross Profit was HK$280 Mil.
Total Current Assets was HK$1,259 Mil.
Total Assets was HK$2,160 Mil.
Property, Plant and Equipment(Net PPE) was HK$790 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$90 Mil.
Selling, General, & Admin. Expense(SGA) was HK$170 Mil.
Total Current Liabilities was HK$775 Mil.
Long-Term Debt & Capital Lease Obligation was HK$143 Mil.
Net Income was HK$56 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$17 Mil.
 Total Receivables was HK$357 Mil.
Revenue was HK$1,603 Mil.
Gross Profit was HK$351 Mil.
Total Current Assets was HK$1,088 Mil.
Total Assets was HK$1,822 Mil.
Property, Plant and Equipment(Net PPE) was HK$663 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$77 Mil.
Selling, General, & Admin. Expense(SGA) was HK$156 Mil.
Total Current Liabilities was HK$673 Mil.
Long-Term Debt & Capital Lease Obligation was HK$159 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)
=(413.59 / 1424.876) / (357.087 / 1603.12)
=0.290264 / 0.222745
=1.3031

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)
=(350.756 / 1603.12) / (279.777 / 1424.876)
=0.218796 / 0.196352
=1.1143

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 - (1258.806 + 789.751) / 2159.816) / (1 - (1087.532 + 663.463) / 1822.494)
=0.051513 / 0.039231
=1.3131

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
=1424.876 / 1603.12
=0.8888

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))
=(76.5 / (76.5 + 663.463)) / (89.697 / (89.697 + 789.751))
=0.103384 / 0.101992
=1.0136

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)
=(170.081 / 1424.876) / (155.607 / 1603.12)
=0.119365 / 0.097065
=1.2297

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)
=((142.518 + 774.555) / 2159.816) / ((158.794 + 672.627) / 1822.494)
=0.424607 / 0.4562
=0.9307

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
=(56.035 - 0 - 16.71) / 2159.816
=0.018208

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.

XJ Electrics (Hu Bei) Group Co has a M-score of -2.04 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 -2.04 mean?
XJ Electrics (Hu Bei) Group Co (HKSE:02619) has a Beneish M-Score of -2.04 as of Aug. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on XJ Electrics (Hu Bei) Group Co and its competitors. According to the industry distribution chart, XJ Electrics (Hu Bei) Group Co ranks #343 out of 419 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 81.9%.
Is XJ Electrics (Hu Bei) Group Co's Beneish M-Score too high?
XJ Electrics (Hu Bei) Group Co's current Beneish M-Score is -2.04. Based on the distribution chart, XJ Electrics (Hu Bei) Group Co ranks #343 out of 419 companies in the Furnishings, Fixtures & Appliances industry, which is in the bottom quartile relative to peers. Overall, XJ Electrics (Hu Bei) Group Co has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does XJ Electrics (Hu Bei) Group Co's Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, XJ Electrics (Hu Bei) Group Co ranks #343 out of 419 companies for Beneish M-Score. This places XJ Electrics (Hu Bei) Group Co 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 XJ Electrics (Hu Bei) Group Co and its competitors. XJ Electrics (Hu Bei) Group Co's current Beneish M-Score is -2.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is XJ Electrics (Hu Bei) Group Co stock overvalued right now?
XJ Electrics (Hu Bei) Group Co (HKSE:02619) has a current Beneish M-Score of -2.04. The current Beneish M-Score is -2.04. XJ Electrics (Hu Bei) Group Co's overall GF Score™ is 19/100 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 XJ Electrics (Hu Bei) Group Co (HKSE:02619), the current Beneish M-Score is -2.04 as of Aug. 23, 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.

XJ Electrics (Hu Bei) Group Co Business Description

Address Haishan Road, 7th Floor, Building 7, Shatoujiao Bonded Zone, Yantian District, Guangdong Province, Shenzhen, CHN
XJ Electrics (Hu Bei) Group Co Ltd, formerly known as XJ Electrics (Hu Bei) Co Ltd, is principally engaged in the businesses of research and development, design, manufacturing and sales of electric home appliances and non-electric household goods. It mainly operate on ODM/OEM basis and have built a customer portfolio comprising globally reputable and long standing names, such as Walmart, Telebrands, SEB and Philips and others. Geographically, the company operates in Mainland China, Thailand, Indonesia and United States.
19GF 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$1.29
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