Mininglamp Technology (HKSE:02718) Beneish M-Score: -11.02 (As of Aug. 27, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

HKSE:02718 Mininglamp Technology HKSE:02718
12 GF Score
Price HK$41.98
! 3 Warning Signs
View Full Analysis

What is Mininglamp Technology Beneish M-Score?

Mininglamp Technology HKSE:02718 +15.97% 12 Beneish M-Score is -11.02 as of Aug. 27, 2026. GuruFocus rates HKSE:02718 with a GF Score™ of 12/100. The stock has 3 warning signs investors should review. Among 2,640 Software companies, Mininglamp Technology ranks better than 98.45% 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 -11.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02718' s Beneish M-Score Range Over the Past 10 Years
Min: -11.02   Med: -7.01   Max: -3
Current: -11.02

During the past 4 years, the highest Beneish M-Score of Mininglamp Technology was -3.00. The lowest was -11.02. And the median was -7.01.

Mininglamp Technology Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mininglamp Technology'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.

Mininglamp Technology Beneish M-Score Chart

Mininglamp Technology Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.00 -11.02

Mininglamp Technology Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -3.00 0.00 -11.02

HKSE:02718 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Mininglamp Technology'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.

Mininglamp Technology Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Mininglamp Technology's Beneish M-Score distribution charts can be found below:

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


HKSE:02718
12GF Score
Mininglamp Technology HKSE:02718
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mininglamp Technology 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 Mininglamp Technology 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 * 1.0983+0.528 * 0.9316+0.404 * 0.7019+0.892 * 1.068+0.115 * 1.1126
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8309+4.679 * -1.89734-0.327 * 0.0763
=-11.02

* 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$773 Mil.
Revenue was HK$1,575 Mil.
Gross Profit was HK$872 Mil.
Total Current Assets was HK$2,617 Mil.
Total Assets was HK$3,746 Mil.
Property, Plant and Equipment(Net PPE) was HK$67 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$51 Mil.
Selling, General, & Admin. Expense(SGA) was HK$464 Mil.
Total Current Liabilities was HK$1,030 Mil.
Long-Term Debt & Capital Lease Obligation was HK$21 Mil.
Net Income was HK$-7,087 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$20 Mil.
 Total Receivables was HK$659 Mil.
Revenue was HK$1,475 Mil.
Gross Profit was HK$761 Mil.
Total Current Assets was HK$1,437 Mil.
Total Assets was HK$2,543 Mil.
Property, Plant and Equipment(Net PPE) was HK$80 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$73 Mil.
Selling, General, & Admin. Expense(SGA) was HK$523 Mil.
Total Current Liabilities was HK$9,322 Mil.
Long-Term Debt & Capital Lease Obligation was HK$27 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)
=(773.261 / 1575.089) / (659.265 / 1474.863)
=0.490932 / 0.447001
=1.0983

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)
=(760.923 / 1474.863) / (872.314 / 1575.089)
=0.515928 / 0.553819
=0.9316

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 - (2617.362 + 67.45) / 3745.609) / (1 - (1436.933 + 79.648) / 2542.517)
=0.283211 / 0.403512
=0.7019

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
=1575.089 / 1474.863
=1.068

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))
=(72.703 / (72.703 + 79.648)) / (50.655 / (50.655 + 67.45))
=0.477207 / 0.428898
=1.1126

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)
=(463.811 / 1575.089) / (522.692 / 1474.863)
=0.294467 / 0.3544
=0.8309

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)
=((21.099 + 1029.528) / 3745.609) / ((26.665 + 9321.839) / 2542.517)
=0.280496 / 3.67687
=0.0763

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
=(-7086.777 - 0 - 19.918) / 3745.609
=-1.89734

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.

Mininglamp Technology has a M-score of -11.02 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 -11.02 mean?
Mininglamp Technology (HKSE:02718) has a Beneish M-Score of -11.02 as of Aug. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mininglamp Technology and its competitors. According to the industry distribution chart, Mininglamp Technology ranks #41 out of 2640 companies in the Software industry, placing it in the top 1.6%.
Is Mininglamp Technology's Beneish M-Score too high?
Mininglamp Technology's current Beneish M-Score is -11.02. Based on the distribution chart, Mininglamp Technology ranks #41 out of 2640 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Mininglamp Technology has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Mininglamp Technology's Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Mininglamp Technology ranks #41 out of 2640 companies for Beneish M-Score. This places Mininglamp Technology in the top 2% 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 Software company?
A good Beneish M-Score depends on the Software 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 Mininglamp Technology and its competitors. Mininglamp Technology's current Beneish M-Score is -11.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mininglamp Technology stock overvalued right now?
Mininglamp Technology (HKSE:02718) has a current Beneish M-Score of -11.02. The current Beneish M-Score is -11.02. Mininglamp Technology's overall GF Score™ is 12/100 with 3 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 Mininglamp Technology (HKSE:02718), the current Beneish M-Score is -11.02 as of Aug. 27, 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.

Mininglamp Technology Business Description

Address No. 222, West Section 3, Waihuan Road, Room 807, 8th Floor, Building 1, Yanjiang District, Sichuan Province, Ziyang, CHN
Mininglamp Technology is a data intelligence application software company in China. The company offers data intelligence products and solutions, covering marketing and operational intelligence and encompassing online and offline scenarios. The company is dedicated to transforming enterprise's marketing and operational design and decision-making processes leveraging large models, industry-specific knowledge, and multimodal data. It has served Fortune companies, with clients spanning retail, consumer goods, food and beverage, automotive, 3C, beauty products, mother and baby products and other industries.
12GF Score

Get the complete analysis for HKSE:02718

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$41.98
Price