Shouhui Group (HKSE:02621) Beneish M-Score: -0.47 (As of Jul. 14, 2026)

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HKSE:02621 Shouhui Group Ltd HKSE:02621
18 GF Score
Price HK$3.13
! 4 Warning Signs
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What is Shouhui Group Beneish M-Score?

Shouhui Group HKSE:02621 -1.88% 18 Beneish M-Score is -0.47 as of Jul. 14, 2026. GuruFocus rates HKSE:02621 with a GF Score™ of 18/100. The stock has 4 warning signs investors should review. Among 399 Insurance companies, Shouhui Group ranks worse than 95.24% 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.

Warning Sign:

Beneish M-Score -0.47 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:02621' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39   Med: -1.93   Max: -0.47
Current: -0.47

During the past 4 years, the highest Beneish M-Score of Shouhui Group was -0.47. The lowest was -3.39. And the median was -1.93.

Shouhui Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shouhui 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.

Shouhui Group Beneish M-Score Chart

Shouhui Group Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.39 -0.47

Shouhui Group Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -3.39 0.00 -0.47

HKSE:02621 vs MRSH, AON, AJG: Beneish M-Score Comparison

For the Insurance Brokers subindustry, Shouhui 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.

Shouhui Group Beneish M-Score vs Insurance Industry

For the Insurance industry and Financial Services sector, Shouhui Group's Beneish M-Score distribution charts can be found below:

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


HKSE:02621
18GF Score
Shouhui Group Ltd HKSE:02621
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Shouhui 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 Shouhui 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 * 1.1902+0.528 * 1.1602+0.404 * 0.9505+0.892 * 1.096+0.115 * 1.4904
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8987+4.679 * 0.294472-0.327 * 0.2899
=-0.47

* 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$684 Mil.
Revenue was HK$1,623 Mil.
Gross Profit was HK$533 Mil.
Total Current Assets was HK$1,730 Mil.
Total Assets was HK$2,660 Mil.
Property, Plant and Equipment(Net PPE) was HK$22 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$11 Mil.
Selling, General, & Admin. Expense(SGA) was HK$246 Mil.
Total Current Liabilities was HK$1,027 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12 Mil.
Net Income was HK$876 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$93 Mil.
 Total Receivables was HK$525 Mil.
Revenue was HK$1,481 Mil.
Gross Profit was HK$565 Mil.
Total Current Assets was HK$1,250 Mil.
Total Assets was HK$1,960 Mil.
Property, Plant and Equipment(Net PPE) was HK$7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$250 Mil.
Total Current Liabilities was HK$2,639 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1 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)
=(684.348 / 1623.116) / (524.626 / 1480.953)
=0.421626 / 0.354249
=1.1902

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)
=(564.67 / 1480.953) / (533.42 / 1623.116)
=0.381288 / 0.328639
=1.1602

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 - (1730.446 + 22.215) / 2659.946) / (1 - (1249.945 + 6.971) / 1960.453)
=0.341092 / 0.358865
=0.9505

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
=1623.116 / 1480.953
=1.096

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))
=(6.81 / (6.81 + 6.971)) / (11.019 / (11.019 + 22.215))
=0.494159 / 0.331558
=1.4904

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)
=(246.413 / 1623.116) / (250.164 / 1480.953)
=0.151815 / 0.168921
=0.8987

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)
=((11.559 + 1027.24) / 2659.946) / ((1.482 + 2639.156) / 1960.453)
=0.390534 / 1.346953
=0.2899

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
=(876.397 - 0 - 93.118) / 2659.946
=0.294472

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.

Shouhui Group has a M-score of -0.47 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.47 mean?
Shouhui Group (HKSE:02621) has a Beneish M-Score of -0.47 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shouhui Group and its competitors. According to the industry distribution chart, Shouhui Group ranks #380 out of 399 companies in the Insurance industry, placing it in the top 95.2%.
Is Shouhui Group's Beneish M-Score too high?
Shouhui Group's current Beneish M-Score is -0.47. Based on the distribution chart, Shouhui Group ranks #380 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Shouhui Group has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Shouhui Group's Beneish M-Score compare to MRSH and AON?
According to the Insurance industry distribution chart, Shouhui Group ranks #380 out of 399 companies for Beneish M-Score. This places Shouhui 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Shouhui Group and its competitors. Shouhui Group's current Beneish M-Score is -0.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shouhui Group stock overvalued right now?
Shouhui Group (HKSE:02621) has a current Beneish M-Score of -0.47. The current Beneish M-Score is -0.47. Shouhui Group's overall GF Score™ is 18/100 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 Shouhui Group (HKSE:02621), the current Beneish M-Score is -0.47 as of Jul. 14, 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.

Shouhui Group Business Description

Address No. 2 Gonghua Road, 2, 4, 5-402, Building No.1, Tianjin International Jewellery City, Huayuan Industrial Zone, Binhai High-Tech Zone, Tianjin, CHN
Shouhui Group Ltd is a life and health insurance intermediary service provider in China, dedicated to providing insurance service solutions to policyholders and the insured online through life and health insurance transaction and service platforms. It distribute life and health insurance products through three distribution platforms, namely (1) online direct distribution on Xiaoyusan, (2) distribution via insurance agents on Kachabao, and (3) distribution with the assistance of business partners on Niubao 100. It operates in two reportable segments: Insurance transaction services and Insurance technology services. Key revenue is generated from Insurance transaction services which acts as the agent in distributing insurance products on behalf of the insurance companies.
18GF Score

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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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