Jiangsu Horizon Chain Supermarket Co (HKSE:02625) Beneish M-Score: -1.07 (As of Sep. 04, 2026)

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HKSE:02625 Jiangsu Horizon Chain Supermarket Co Ltd HKSE:02625
14 GF Score
Price HK$1.88
! 4 Warning Signs
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What is Jiangsu Horizon Chain Supermarket Co Beneish M-Score?

Jiangsu Horizon Chain Supermarket Co HKSE:02625 +0.27% 14 Beneish M-Score is -1.07 as of Sep. 04, 2026. GuruFocus rates HKSE:02625 with a GF Score™ of 14/100. The stock has 4 warning signs investors should review. Among 1,085 Retail - Cyclical companies, Jiangsu Horizon Chain Supermarket Co ranks worse than 90.6% 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 -1.07 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Jiangsu Horizon Chain Supermarket Co's Beneish M-Score or its related term are showing as below:

HKSE:02625' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21   Med: -2.91   Max: -1.07
Current: -1.07

During the past 5 years, the highest Beneish M-Score of Jiangsu Horizon Chain Supermarket Co was -1.07. The lowest was -3.21. And the median was -2.91.

Jiangsu Horizon Chain Supermarket Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Jiangsu Horizon Chain Supermarket 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.

Jiangsu Horizon Chain Supermarket Co Beneish M-Score Chart

Jiangsu Horizon Chain Supermarket Co Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.21 -2.91 -1.07

Jiangsu Horizon Chain Supermarket Co Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.91 0.00 -1.07 0.00

HKSE:02625 vs DDS: Beneish M-Score Comparison

For the Department Stores subindustry, Jiangsu Horizon Chain Supermarket 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.

Jiangsu Horizon Chain Supermarket Co Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Jiangsu Horizon Chain Supermarket Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Jiangsu Horizon Chain Supermarket Co's Beneish M-Score falls into.


HKSE:02625
14GF Score
Jiangsu Horizon Chain Supermarket Co Ltd HKSE:02625
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Jiangsu Horizon Chain Supermarket 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 Jiangsu Horizon Chain Supermarket 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 * 1.7664+0.528 * 1.1421+0.404 * 1.3333+0.892 * 1.1826+0.115 * 0.9009
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8398+4.679 * 0.062712-0.327 * 0.9425
=-1.07

* 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$472 Mil.
Revenue was HK$1,706 Mil.
Gross Profit was HK$320 Mil.
Total Current Assets was HK$1,551 Mil.
Total Assets was HK$2,001 Mil.
Property, Plant and Equipment(Net PPE) was HK$327 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$79 Mil.
Selling, General, & Admin. Expense(SGA) was HK$228 Mil.
Total Current Liabilities was HK$1,054 Mil.
Long-Term Debt & Capital Lease Obligation was HK$124 Mil.
Net Income was HK$40 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-85 Mil.
 Total Receivables was HK$226 Mil.
Revenue was HK$1,442 Mil.
Gross Profit was HK$309 Mil.
Total Current Assets was HK$1,128 Mil.
Total Assets was HK$1,554 Mil.
Property, Plant and Equipment(Net PPE) was HK$354 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$76 Mil.
Selling, General, & Admin. Expense(SGA) was HK$229 Mil.
Total Current Liabilities was HK$827 Mil.
Long-Term Debt & Capital Lease Obligation was HK$144 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)
=(472.06 / 1705.654) / (225.987 / 1442.345)
=0.276762 / 0.15668
=1.7664

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)
=(308.665 / 1442.345) / (319.594 / 1705.654)
=0.214002 / 0.187373
=1.1421

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 - (1551.034 + 326.63) / 2000.771) / (1 - (1128.081 + 354.391) / 1554.197)
=0.06153 / 0.046149
=1.3333

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
=1705.654 / 1442.345
=1.1826

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))
=(75.681 / (75.681 + 354.391)) / (79.284 / (79.284 + 326.63))
=0.175973 / 0.195322
=0.9009

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)
=(227.776 / 1705.654) / (229.352 / 1442.345)
=0.133542 / 0.159013
=0.8398

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)
=((123.628 + 1054.288) / 2000.771) / ((143.847 + 826.971) / 1554.197)
=0.588731 / 0.624643
=0.9425

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
=(40.464 - 0 - -85.009) / 2000.771
=0.062712

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.

Jiangsu Horizon Chain Supermarket Co has a M-score of -1.07 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 -1.07 mean?
Jiangsu Horizon Chain Supermarket Co (HKSE:02625) has a Beneish M-Score of -1.07 as of Sep. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jiangsu Horizon Chain Supermarket Co and its competitors. According to the industry distribution chart, Jiangsu Horizon Chain Supermarket Co ranks #983 out of 1085 companies in the Retail - Cyclical industry, placing it in the top 90.6%.
Is Jiangsu Horizon Chain Supermarket Co's Beneish M-Score too high?
Jiangsu Horizon Chain Supermarket Co's current Beneish M-Score is -1.07. Based on the distribution chart, Jiangsu Horizon Chain Supermarket Co ranks #983 out of 1085 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Jiangsu Horizon Chain Supermarket Co has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Jiangsu Horizon Chain Supermarket Co's Beneish M-Score compare to DDS?
According to the Retail - Cyclical industry distribution chart, Jiangsu Horizon Chain Supermarket Co ranks #983 out of 1085 companies for Beneish M-Score. This places Jiangsu Horizon Chain Supermarket 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Jiangsu Horizon Chain Supermarket Co and its competitors. Jiangsu Horizon Chain Supermarket Co's current Beneish M-Score is -1.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jiangsu Horizon Chain Supermarket Co stock overvalued right now?
Jiangsu Horizon Chain Supermarket Co (HKSE:02625) has a current Beneish M-Score of -1.07. The current Beneish M-Score is -1.07. Jiangsu Horizon Chain Supermarket Co's overall GF Score™ is 14/100 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 Jiangsu Horizon Chain Supermarket Co (HKSE:02625), the current Beneish M-Score is -1.07 as of Sep. 04, 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.

Jiangsu Horizon Chain Supermarket Co Business Description

Address Shao Bo Town Industrial Park Logistics Park, Jiangdu District, Jiangsu Province, Yangzhou, CHN
Jiangsu Horizon Chain Supermarket Co Ltd is a wholesaler of grains and oil headquartered in Yangzhou, with retail operations of supermarkets and convenience stores focusing on the central region of Jiangsu Province under its brand (Hongxinlong). It operates approximately 51 supermarkets and 109 convenience stores in Jiangsu Province, out of which 49 supermarkets and 108 convenience stores are located in Yangzhou, and two supermarkets and one convenience store are located in Taizhou. Apart from supermarkets and convenience stores, the company also operates two Malls located in Yangzhou, namely Jiangdu Mall and Hongxinlong Mall. For its wholesale operations, It sells grains and oil, food products, and other products to resellers and other retail operators including other operators.
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HK$1.88
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