Fujian Haixi Pharmaceuticals Co (HKSE:02637) Beneish M-Score: -2.16 (As of Aug. 16, 2026)

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HKSE:02637 Fujian Haixi Pharmaceuticals Co Ltd HKSE:02637
23 GF Score
Price HK$204.80
! 2 Warning Signs
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What is Fujian Haixi Pharmaceuticals Co Beneish M-Score?

Fujian Haixi Pharmaceuticals Co HKSE:02637 +3.28% 23 Beneish M-Score is -2.16 as of Aug. 16, 2026. GuruFocus rates HKSE:02637 with a GF Score™ of 23/100. The stock has 2 warning signs investors should review. Among 913 Drug Manufacturers companies, Fujian Haixi Pharmaceuticals Co ranks worse than 71.52% 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 -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02637' s Beneish M-Score Range Over the Past 10 Years
Min: -2.57   Med: -2.37   Max: -2.16
Current: -2.16

During the past 4 years, the highest Beneish M-Score of Fujian Haixi Pharmaceuticals Co was -2.16. The lowest was -2.57. And the median was -2.37.

Fujian Haixi Pharmaceuticals Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fujian Haixi Pharmaceuticals 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.

Fujian Haixi Pharmaceuticals Co Beneish M-Score Chart

Fujian Haixi Pharmaceuticals Co Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.57 -2.16

Fujian Haixi Pharmaceuticals Co Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -2.57 -2.16

HKSE:02637 vs ZTS: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Fujian Haixi Pharmaceuticals 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.

Fujian Haixi Pharmaceuticals Co Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Fujian Haixi Pharmaceuticals Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fujian Haixi Pharmaceuticals Co's Beneish M-Score falls into.


HKSE:02637
23GF Score
Fujian Haixi Pharmaceuticals Co Ltd HKSE:02637
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Fujian Haixi Pharmaceuticals 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 Fujian Haixi Pharmaceuticals 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 * 1.1466+0.528 * 0.9951+0.404 * 0.3562+0.892 * 1.2912+0.115 * 0.6665
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9437+4.679 * 0.009285-0.327 * 0.4828
=-2.16

* 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$59.6 Mil.
Revenue was HK$643.3 Mil.
Gross Profit was HK$536.4 Mil.
Total Current Assets was HK$1,591.3 Mil.
Total Assets was HK$2,040.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$364.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$242.8 Mil.
Total Current Liabilities was HK$252.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$27.1 Mil.
Net Income was HK$195.6 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$176.6 Mil.
 Total Receivables was HK$40.2 Mil.
Revenue was HK$498.3 Mil.
Gross Profit was HK$413.4 Mil.
Total Current Assets was HK$369.7 Mil.
Total Assets was HK$807.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$343.8 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$199.3 Mil.
Total Current Liabilities was HK$194.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$34.4 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)
=(59.569 / 643.346) / (40.237 / 498.264)
=0.092592 / 0.080754
=1.1466

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)
=(413.396 / 498.264) / (536.407 / 643.346)
=0.829673 / 0.833777
=0.9951

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 - (1591.348 + 364.578) / 2040.096) / (1 - (369.69 + 343.819) / 806.967)
=0.041258 / 0.115814
=0.3562

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
=643.346 / 498.264
=1.2912

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))
=(5.317 / (5.317 + 343.819)) / (8.525 / (8.525 + 364.578))
=0.015229 / 0.022849
=0.6665

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)
=(242.811 / 643.346) / (199.274 / 498.264)
=0.377419 / 0.399937
=0.9437

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)
=((27.114 + 252.189) / 2040.096) / ((34.43 + 194.394) / 806.967)
=0.136907 / 0.283561
=0.4828

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
=(195.568 - 0 - 176.626) / 2040.096
=0.009285

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.

Fujian Haixi Pharmaceuticals Co has a M-score of -2.16 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 -2.16 mean?
Fujian Haixi Pharmaceuticals Co (HKSE:02637) has a Beneish M-Score of -2.16 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fujian Haixi Pharmaceuticals Co and its competitors. According to the industry distribution chart, Fujian Haixi Pharmaceuticals Co ranks #653 out of 913 companies in the Drug Manufacturers industry, placing it in the top 71.5%.
Is Fujian Haixi Pharmaceuticals Co's Beneish M-Score too high?
Fujian Haixi Pharmaceuticals Co's current Beneish M-Score is -2.16. Based on the distribution chart, Fujian Haixi Pharmaceuticals Co ranks #653 out of 913 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, Fujian Haixi Pharmaceuticals Co has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does Fujian Haixi Pharmaceuticals Co's Beneish M-Score compare to ZTS?
According to the Drug Manufacturers industry distribution chart, Fujian Haixi Pharmaceuticals Co ranks #653 out of 913 companies for Beneish M-Score. This places Fujian Haixi Pharmaceuticals 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 Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers 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 Fujian Haixi Pharmaceuticals Co and its competitors. Fujian Haixi Pharmaceuticals Co's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fujian Haixi Pharmaceuticals Co stock overvalued right now?
Fujian Haixi Pharmaceuticals Co (HKSE:02637) has a current Beneish M-Score of -2.16. The current Beneish M-Score is -2.16. Fujian Haixi Pharmaceuticals Co's overall GF Score™ is 23/100 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 Fujian Haixi Pharmaceuticals Co (HKSE:02637), the current Beneish M-Score is -2.16 as of Aug. 16, 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.

Fujian Haixi Pharmaceuticals Co Business Description

Address No. 177 Jinda Road, Floor 3rd & 4th, Block B, Jianxin Town, Cangshan District,Fujian Province, Fuzhou, CHN, 350028
Fujian Haixi Pharmaceuticals Co Ltd is a commercial-stage pharmaceutical company that integrates R&D, production and sales capacities, with a pipeline of inventive drug candidates. It has a diversified product portfolio and pipeline in the fastest growing therapeutic areas in China. The company's commercialized product portfolio consisted of generic drugs for digestive system diseases, cardiovascular system diseases, endocrine system diseases, nervous system diseases and inflammatory diseases. Its inventive drug pipeline focuses on drug candidates in a variety of indications, including one potential first-in-class oncology drug candidate, one potential first oral drug therapy for wet age-related macular degeneration /diabetic macular edema /retinal vein occlusion.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$204.80
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