Sunho Biologics (HKSE:02898) Beneish M-Score: 0.00 (As of Aug. 16, 2026)

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HKSE:02898 Sunho Biologics Inc HKSE:02898
11 GF Score
Price HK$6.39
! 1 Warning Sign
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What is Sunho Biologics Beneish M-Score?

Sunho Biologics HKSE:02898 11 Beneish M-Score is 0.00 as of Aug. 16, 2026. GuruFocus rates HKSE:02898 with a GF Score™ of 11/100. The stock has 1 warning sign investors should review.

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.

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

During the past 3 years, the highest Beneish M-Score of Sunho Biologics was 0.00. The lowest was 0.00. And the median was 0.00.

Sunho Biologics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sunho Biologics'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.

Sunho Biologics Beneish M-Score Chart

Sunho Biologics Annual Data
Trend Dec22 Dec23 Dec24
Beneish M-Score
0.00 0.00 0.00

Sunho Biologics Semi-Annual Data
Dec22 Jun23 Dec23 Jun24 Dec24 Jun25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

HKSE:02898 vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, Sunho Biologics'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.

Sunho Biologics Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Sunho Biologics's Beneish M-Score distribution charts can be found below:

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


HKSE:02898
11GF Score
Sunho Biologics Inc HKSE:02898
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sunho Biologics 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 Sunho Biologics 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was HK$3.55 Mil.
Revenue was HK$0.00 Mil.
Gross Profit was HK$0.00 Mil.
Total Current Assets was HK$526.36 Mil.
Total Assets was HK$598.68 Mil.
Property, Plant and Equipment(Net PPE) was HK$58.00 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$10.07 Mil.
Selling, General, & Admin. Expense(SGA) was HK$32.33 Mil.
Total Current Liabilities was HK$47.13 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4.97 Mil.
Net Income was HK$-85.38 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-116.40 Mil.
 Total Receivables was HK$1.41 Mil.
Revenue was HK$0.23 Mil.
Gross Profit was HK$0.15 Mil.
Total Current Assets was HK$248.44 Mil.
Total Assets was HK$317.69 Mil.
Property, Plant and Equipment(Net PPE) was HK$55.57 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.45 Mil.
Selling, General, & Admin. Expense(SGA) was HK$44.52 Mil.
Total Current Liabilities was HK$424.02 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7.54 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)
=(3.554 / 0) / (1.409 / 0.228)
= / 6.179825
=

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)
=(0.151 / 0.228) / (0 / 0)
=0.662281 /
=

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 - (526.36 + 58.003) / 598.681) / (1 - (248.442 + 55.574) / 317.688)
=0.023916 / 0.043036
=

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
=0 / 0.228
=

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))
=(9.45 / (9.45 + 55.574)) / (10.07 / (10.07 + 58.003))
=0.145331 / 0.147929
=

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)
=(32.325 / 0) / (44.518 / 0.228)
= / 195.254386
=

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)
=((4.966 + 47.133) / 598.681) / ((7.543 + 424.018) / 317.688)
=0.087023 / 1.358443
=

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
=(-85.376 - 0 - -116.398) / 598.681
=0.051817

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Sunho Biologics (HKSE:02898) has a Beneish M-Score of 0.00 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sunho Biologics and its competitors.
Is Sunho Biologics' Beneish M-Score too high?
Sunho Biologics' current Beneish M-Score is 0.00. Overall, Sunho Biologics has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Sunho Biologics' Beneish M-Score compare to VRTX and REGN?
Sunho Biologics' Beneish M-Score of 0.00 can be compared against companies in the Biotechnology 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 Sunho Biologics and its competitors. Sunho Biologics's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sunho Biologics stock overvalued right now?
Sunho Biologics (HKSE:02898) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Sunho Biologics' overall GF Score™ is 11/100 with 1 warning sign 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 Sunho Biologics (HKSE:02898), the current Beneish M-Score is 0.00 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.

Sunho Biologics Business Description

Address No. 198 Peninsula Middle Road, Dipu Street, Room 302, Building 3, Anji County, Zhejiang Province, Huzhou, CHN
Sunho Biologics Inc is a clinical-stage biopharmaceutical company that focuses on the discovery, development and commercialization of biologics for the treatment of cancers and autoimmune diseases. It has three Core Products, IAH0968, IAP0971, and IAE0972, all of which are developed in-house. IAH0968 is an antibody-dependent cell-mediated cytotoxicity (ADCC) enhanced monoclonal antibody (mAb), and the company has initiated Phase II clinical trials for biliary tract carcinoma (BTC) and colorectal cancer (CRC). IAP0971 and IAE0972 are both immunocytokines and It has completed Phase I clinical trials for advanced solid tumors including non-small cell lung cancer (NSCLC) and CRC.
11GF Score

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HK$6.39
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