Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -1.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Shanghai Henlius Biotech's Beneish M-Score or its related term are showing as below:
HKSE:02696'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.53 Med: -1.9 Max: 6.71
Current: -1.78
During the past 9 years, the highest Beneish M-Score of Shanghai Henlius Biotech was 6.71. The lowest was -2.53. And the median was -1.90.
* 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.
HKSE:02696 vs VRTX, REGN, RVMD: Beneish M-Score Comparison
For the Biotechnology subindustry, Shanghai Henlius Biotech'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.
Shanghai Henlius Biotech Beneish M-Score vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Shanghai Henlius Biotech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shanghai Henlius Biotech's Beneish M-Score falls into.
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 Shanghai Henlius Biotech 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 * 1.7464
+
0.528 * 0.9777
+
0.404 * 1.0019
+
0.892 * 1.205
+
0.115 * 0.8545
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9913
+
4.679 * -0.038716
-
0.327 * 0.8812
=
-1.78
* 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.
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.
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))
=
(400.162 / (400.162 + 2883.203))
/
(474.38 / (474.38 + 2851.788))
=
0.121876
/
0.142621
=
0.8545
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
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
=
(913.654 - 0
-
1442.351)
/
13655.61
=
-0.038716
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.
Shanghai Henlius Biotech has a M-score of -1.78 suggests that the company is unlikely to be a manipulator.
Shanghai Henlius Biotech (HKSE:02696) has a Beneish M-Score of -1.78 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shanghai Henlius Biotech and its competitors. According to the industry distribution chart, Shanghai Henlius Biotech ranks #538 out of 821 companies in the Biotechnology industry, placing it in the top 65.5%.
Is Shanghai Henlius Biotech's Beneish M-Score too high?
Shanghai Henlius Biotech's current Beneish M-Score is -1.78. Based on the distribution chart, Shanghai Henlius Biotech ranks #538 out of 821 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Shanghai Henlius Biotech has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Shanghai Henlius Biotech's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Shanghai Henlius Biotech ranks #538 out of 821 companies for Beneish M-Score. This places Shanghai Henlius Biotech 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 Shanghai Henlius Biotech and its competitors. Shanghai Henlius Biotech's current Beneish M-Score is -1.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shanghai Henlius Biotech stock overvalued right now?
Based on GuruFocus' analysis, Shanghai Henlius Biotech (HKSE:02696) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$30.91, compared to a current price of HK$67.30 — trading 117.7% above its estimated fair value. The current Beneish M-Score is -1.78. Shanghai Henlius Biotech's overall GF Score™ is 67/100 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 Shanghai Henlius Biotech (HKSE:02696), the current Beneish M-Score is -1.78 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.
Is Shanghai Henlius Biotech (HKSE:02696) Overvalued in 2026?
Based on GuruFocus' analysis, Shanghai Henlius Biotech stock appears to be overvalued.
The current stock price of HK$67.30 is trading 117.7% above its estimated GF Value™ of HK$30.91.
GuruFocus considers Shanghai Henlius Biotech to be Significantly Overvalued.
Key valuation signals for HKSE:02696:
Beneish M-Score: -1.78
GF Value™: HK$30.91 vs. price of HK$67.30 (117.7% above fair value)
No single metric tells the full story. See the HKSE:02696 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shanghai Henlius Biotech Inc is a biopharmaceutical company in China with the vision to offer affordable and biologics for patients with a focus on oncology and autoimmune diseases. The Group is engaged in biopharmaceutical R&D, biopharmaceutical services, and biopharmaceutical production and sales. It operates in Mainland China, Asia Pacific (excluding Mainland China), North America, South America, Oceania, and Europe. The company products include HLX01 Rituximab, HLX02(trastuzumab), and others.
67GF Score
Get the complete analysis for HKSE:02696
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HKSE:02696 has been successfully added to your 
