Chuangxin Industries Holdings (HKSE:02788) Beneish M-Score: -0.98 (As of Aug. 29, 2026)

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HKSE:02788 Chuangxin Industries Holdings Ltd HKSE:02788
17 GF Score
Price HK$17.59
! 2 Warning Signs
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What is Chuangxin Industries Holdings Beneish M-Score?

Chuangxin Industries Holdings HKSE:02788 +2.87% 17 Beneish M-Score is -0.98 as of Aug. 29, 2026. GuruFocus rates HKSE:02788 with a GF Score™ of 17/100. The stock has 2 warning signs investors should review. Among 683 Metals & Mining companies, Chuangxin Industries Holdings ranks worse than 80.67% 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 -0.98 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:02788' s Beneish M-Score Range Over the Past 10 Years
Min: -4.91   Med: -2.95   Max: -0.98
Current: -0.98

During the past 4 years, the highest Beneish M-Score of Chuangxin Industries Holdings was -0.98. The lowest was -4.91. And the median was -2.95.

Chuangxin Industries Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Chuangxin Industries Holdings'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.

Chuangxin Industries Holdings Beneish M-Score Chart

Chuangxin Industries Holdings Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -4.91 -0.98

Chuangxin Industries Holdings Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -4.91 -0.98

HKSE:02788 vs AA, CENX, CSTM: Beneish M-Score Comparison

For the Aluminum subindustry, Chuangxin Industries Holdings'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.

Chuangxin Industries Holdings Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Chuangxin Industries Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Chuangxin Industries Holdings's Beneish M-Score falls into.


HKSE:02788
17GF Score
Chuangxin Industries Holdings Ltd HKSE:02788
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Chuangxin Industries Holdings 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 Chuangxin Industries Holdings 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 * 2.7344+0.528 * 1.1392+0.404 * 0.7501+0.892 * 1.2747+0.115 * 0.9542
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.135+4.679 * -0.07741-0.327 * 0.7662
=-0.98

* 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$165 Mil.
Revenue was HK$20,637 Mil.
Gross Profit was HK$5,109 Mil.
Total Current Assets was HK$11,635 Mil.
Total Assets was HK$31,318 Mil.
Property, Plant and Equipment(Net PPE) was HK$15,448 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,099 Mil.
Selling, General, & Admin. Expense(SGA) was HK$432 Mil.
Total Current Liabilities was HK$16,413 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,446 Mil.
Net Income was HK$3,017 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$5,441 Mil.
 Total Receivables was HK$47 Mil.
Revenue was HK$16,189 Mil.
Gross Profit was HK$4,566 Mil.
Total Current Assets was HK$4,040 Mil.
Total Assets was HK$19,560 Mil.
Property, Plant and Equipment(Net PPE) was HK$11,993 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$812 Mil.
Selling, General, & Admin. Expense(SGA) was HK$299 Mil.
Total Current Liabilities was HK$9,330 Mil.
Long-Term Debt & Capital Lease Obligation was HK$6,859 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)
=(165.044 / 20636.892) / (47.346 / 16189.306)
=0.007998 / 0.002925
=2.7344

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)
=(4565.857 / 16189.306) / (5108.938 / 20636.892)
=0.282029 / 0.247563
=1.1392

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 - (11634.751 + 15447.517) / 31317.764) / (1 - (4040.281 + 11992.633) / 19559.557)
=0.135243 / 0.180303
=0.7501

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
=20636.892 / 16189.306
=1.2747

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))
=(811.581 / (811.581 + 11992.633)) / (1099.167 / (1099.167 + 15447.517))
=0.063384 / 0.066428
=0.9542

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)
=(431.898 / 20636.892) / (298.501 / 16189.306)
=0.020928 / 0.018438
=1.135

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)
=((3446.158 + 16413.199) / 31317.764) / ((6859.324 + 9329.596) / 19559.557)
=0.634124 / 0.827673
=0.7662

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
=(3016.796 - 0 - 5441.108) / 31317.764
=-0.07741

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.

Chuangxin Industries Holdings has a M-score of -0.98 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 -0.98 mean?
Chuangxin Industries Holdings (HKSE:02788) has a Beneish M-Score of -0.98 as of Aug. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chuangxin Industries Holdings and its competitors. According to the industry distribution chart, Chuangxin Industries Holdings ranks #551 out of 683 companies in the Metals & Mining industry, placing it in the top 80.7%.
Is Chuangxin Industries Holdings' Beneish M-Score too high?
Chuangxin Industries Holdings' current Beneish M-Score is -0.98. Based on the distribution chart, Chuangxin Industries Holdings ranks #551 out of 683 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Chuangxin Industries Holdings has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Chuangxin Industries Holdings' Beneish M-Score compare to AA and CENX?
According to the Metals & Mining industry distribution chart, Chuangxin Industries Holdings ranks #551 out of 683 companies for Beneish M-Score. This places Chuangxin Industries Holdings 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 Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Chuangxin Industries Holdings and its competitors. Chuangxin Industries Holdings's current Beneish M-Score is -0.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chuangxin Industries Holdings stock overvalued right now?
Chuangxin Industries Holdings (HKSE:02788) has a current Beneish M-Score of -0.98. The current Beneish M-Score is -0.98. Chuangxin Industries Holdings' overall GF Score™ is 17/100 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 Chuangxin Industries Holdings (HKSE:02788), the current Beneish M-Score is -0.98 as of Aug. 29, 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.

Chuangxin Industries Holdings Business Description

Address Zone C Southwest Industrial Park, Inner Mongolia, Huolinguole, CHN
Chuangxin Industries Holdings Ltd is an investment holding company. The company, along with its subsidiaries, is principally engaged in the production and sales of electrolytic aluminum and alumina in the People's Republic of China (PRC), focusing on alumina refining and aluminum smelting within the upstream of the aluminum industry chain. The company operates in two segments: i) Electrolytic Aluminum Business: Production and sales of aluminum ingots and liquid aluminum, ii) Alumina Business: Production and sales of alumina and other related types of products. The majority of its revenue is generated from the Electrolytic Aluminum Business.
17GF 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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