QingSong Health (HKSE:02661) Beneish M-Score: -4.21 (As of Jul. 08, 2026)


HKSE:02661 QingSong Health Corp HKSE:02661
18 GF Score
Price HK$8.38
! 2 Warning Signs
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What is QingSong Health Beneish M-Score?

QingSong Health HKSE:02661 -7.40% 18 Beneish M-Score is -4.21 as of Jul. 08, 2026. GuruFocus rates HKSE:02661 with a GF Score™ of 18/100. The stock has 2 warning signs investors should review. Among 630 Healthcare Providers & Services companies, QingSong Health ranks better than 94.13% 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 -4.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02661' s Beneish M-Score Range Over the Past 10 Years
Min: -4.21   Med: -3.19   Max: -2.16
Current: -4.21

During the past 4 years, the highest Beneish M-Score of QingSong Health was -2.16. The lowest was -4.21. And the median was -3.19.

QingSong Health Beneish M-Score Historical Data

* Premium members only.

The historical data trend for QingSong Health'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.

QingSong Health Beneish M-Score Chart

QingSong Health Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.16 -4.21

QingSong Health Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.16 0.00 -4.21

HKSE:02661 vs VEEV, BTSG, TEM: Beneish M-Score Comparison

For the Health Information Services subindustry, QingSong Health'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.

QingSong Health Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, QingSong Health's Beneish M-Score distribution charts can be found below:

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


HKSE:02661
18GF Score
QingSong Health Corp HKSE:02661
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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QingSong Health 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 QingSong Health 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 * 0.6149+0.528 * 1.1044+0.404 * 0.1406+0.892 * 1.3751+0.115 * 1.6564
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9347+4.679 * -0.387441-0.327 * 0.0556
=-4.21

* 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$136 Mil.
Revenue was HK$1,387 Mil.
Gross Profit was HK$481 Mil.
Total Current Assets was HK$1,282 Mil.
Total Assets was HK$1,317 Mil.
Property, Plant and Equipment(Net PPE) was HK$6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$316 Mil.
Total Current Liabilities was HK$202 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0 Mil.
Net Income was HK$-419 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$91 Mil.
 Total Receivables was HK$161 Mil.
Revenue was HK$1,009 Mil.
Gross Profit was HK$386 Mil.
Total Current Assets was HK$621 Mil.
Total Assets was HK$736 Mil.
Property, Plant and Equipment(Net PPE) was HK$2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$246 Mil.
Total Current Liabilities was HK$2,027 Mil.
Long-Term Debt & Capital Lease Obligation was HK$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)
=(136.237 / 1387.41) / (161.11 / 1008.957)
=0.098195 / 0.15968
=0.6149

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)
=(386.097 / 1008.957) / (480.713 / 1387.41)
=0.382669 / 0.346482
=1.1044

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 - (1282.13 + 6.268) / 1316.776) / (1 - (621.09 + 2.003) / 735.871)
=0.021551 / 0.153258
=0.1406

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
=1387.41 / 1008.957
=1.3751

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))
=(5.312 / (5.312 + 2.003)) / (4.893 / (4.893 + 6.268))
=0.726179 / 0.438402
=1.6564

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)
=(315.716 / 1387.41) / (245.637 / 1008.957)
=0.227558 / 0.243456
=0.9347

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)
=((0 + 201.615) / 1316.776) / ((0.019 + 2027.127) / 735.871)
=0.153113 / 2.754757
=0.0556

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
=(-419.487 - 0 - 90.686) / 1316.776
=-0.387441

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.

QingSong Health has a M-score of -4.21 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 -4.21 mean?
QingSong Health (HKSE:02661) has a Beneish M-Score of -4.21 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on QingSong Health and its competitors. According to the industry distribution chart, QingSong Health ranks #37 out of 630 companies in the Healthcare Providers & Services industry, placing it in the top 5.9%.
Is QingSong Health's Beneish M-Score too high?
QingSong Health's current Beneish M-Score is -4.21. Based on the distribution chart, QingSong Health ranks #37 out of 630 companies in the Healthcare Providers & Services industry, which is in the top quartile — a strong position relative to peers. Overall, QingSong Health has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does QingSong Health's Beneish M-Score compare to VEEV and BTSG?
According to the Healthcare Providers & Services industry distribution chart, QingSong Health ranks #37 out of 630 companies for Beneish M-Score. This places QingSong Health in the top 6% of its industry — outperforming the majority of peers. 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 QingSong Health and its competitors. QingSong Health's current Beneish M-Score is -4.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is QingSong Health stock overvalued right now?
QingSong Health (HKSE:02661) has a current Beneish M-Score of -4.21. The current Beneish M-Score is -4.21. QingSong Health's overall GF Score™ is 18/100 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 QingSong Health (HKSE:02661), the current Beneish M-Score is -4.21 as of Jul. 08, 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.

QingSong Health Business Description

Address No. 28 Andingmen East Street, 7th floor, Building F, Yonghe Mansion, Dongcheng District, Beijing, CHN
QingSong Health Corp is a technology-driven one-stop platform in China, focusing on providing comprehensive health services and health insurance solutions. It offers healthcare-related services, including early disease screening promotion and consultancy, health examinations and consultations, medical appointment services, and the sale of health supplements. It prominently offers health insurance products providing coverage for illness and medical expenses, typically for one year or less. The company also offers critical illness insurance, which provides a lump-sum payment if the policyholder is diagnosed with specified serious illnesses. It derives revenue from the provision of Healthcare-related Services. Geographically, it operates only in China.
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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