Shanghai FourSemi Semiconductor Co (HKSE:03625) Beneish M-Score: -3.73 (As of Sep. 02, 2026)

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HKSE:03625 Shanghai FourSemi Semiconductor Co Ltd HKSE:03625
9 GF Score
Price HK$92.60
! 2 Warning Signs
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What is Shanghai FourSemi Semiconductor Co Beneish M-Score?

Shanghai FourSemi Semiconductor Co HKSE:03625 +0.11% 9 Beneish M-Score is -3.73 as of Sep. 02, 2026. GuruFocus rates HKSE:03625 with a GF Score™ of 9/100. The stock has 2 warning signs investors should review. Among 1,000 Semiconductors companies, Shanghai FourSemi Semiconductor Co ranks better than 94.7% 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 -3.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Shanghai FourSemi Semiconductor Co's Beneish M-Score or its related term are showing as below:

HKSE:03625' s Beneish M-Score Range Over the Past 10 Years
Min: -3.73   Med: -3.13   Max: -2.52
Current: -3.73

During the past 4 years, the highest Beneish M-Score of Shanghai FourSemi Semiconductor Co was -2.52. The lowest was -3.73. And the median was -3.13.

Shanghai FourSemi Semiconductor Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shanghai FourSemi Semiconductor Co'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.

Shanghai FourSemi Semiconductor Co Beneish M-Score Chart

Shanghai FourSemi Semiconductor Co Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.52 -3.73

Shanghai FourSemi Semiconductor Co Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -2.52 -3.73

HKSE:03625 vs LRCX, AMAT, KLAC: Beneish M-Score Comparison

For the Semiconductor Equipment & Materials subindustry, Shanghai FourSemi Semiconductor Co'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 FourSemi Semiconductor Co Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Shanghai FourSemi Semiconductor Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shanghai FourSemi Semiconductor Co's Beneish M-Score falls into.


HKSE:03625
9GF Score
Shanghai FourSemi Semiconductor Co Ltd HKSE:03625
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shanghai FourSemi Semiconductor Co 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 Shanghai FourSemi Semiconductor Co 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 * 0.951+0.528 * 0.631+0.404 * 0.0307+0.892 * 1.0653+0.115 * 0.7349
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4853+4.679 * -0.099597-0.327 * 1.2985
=-3.73

* 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$45.8 Mil.
Revenue was HK$404.0 Mil.
Gross Profit was HK$83.9 Mil.
Total Current Assets was HK$337.2 Mil.
Total Assets was HK$350.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$12.1 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$68.5 Mil.
Total Current Liabilities was HK$203.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$21.7 Mil.
Net Income was HK$-65.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-30.5 Mil.
 Total Receivables was HK$45.2 Mil.
Revenue was HK$379.2 Mil.
Gross Profit was HK$49.7 Mil.
Total Current Assets was HK$299.5 Mil.
Total Assets was HK$343.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$19.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$43.3 Mil.
Total Current Liabilities was HK$148.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$22.1 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)
=(45.807 / 404.001) / (45.212 / 379.232)
=0.113383 / 0.11922
=0.951

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)
=(49.707 / 379.232) / (83.918 / 404.001)
=0.131073 / 0.207717
=0.631

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 - (337.16 + 12.149) / 350.059) / (1 - (299.534 + 19.662) / 343.179)
=0.002142 / 0.069885
=0.0307

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
=404.001 / 379.232
=1.0653

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))
=(9.03 / (9.03 + 19.662)) / (9.099 / (9.099 + 12.149))
=0.314722 / 0.428229
=0.7349

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)
=(68.455 / 404.001) / (43.262 / 379.232)
=0.169443 / 0.114078
=1.4853

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)
=((21.697 + 203.937) / 350.059) / ((22.066 + 148.286) / 343.179)
=0.64456 / 0.496394
=1.2985

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
=(-65.363 - 0 - -30.498) / 350.059
=-0.099597

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 FourSemi Semiconductor Co has a M-score of -3.73 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 -3.73 mean?
Shanghai FourSemi Semiconductor Co (HKSE:03625) has a Beneish M-Score of -3.73 as of Sep. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shanghai FourSemi Semiconductor Co and its competitors. According to the industry distribution chart, Shanghai FourSemi Semiconductor Co ranks #53 out of 1000 companies in the Semiconductors industry, placing it in the top 5.3%.
Is Shanghai FourSemi Semiconductor Co's Beneish M-Score too high?
Shanghai FourSemi Semiconductor Co's current Beneish M-Score is -3.73. Based on the distribution chart, Shanghai FourSemi Semiconductor Co ranks #53 out of 1000 companies in the Semiconductors industry, which is in the top quartile — a strong position relative to peers. Overall, Shanghai FourSemi Semiconductor Co has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Shanghai FourSemi Semiconductor Co's Beneish M-Score compare to LRCX and AMAT?
According to the Semiconductors industry distribution chart, Shanghai FourSemi Semiconductor Co ranks #53 out of 1000 companies for Beneish M-Score. This places Shanghai FourSemi Semiconductor Co in the top 5% 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 FourSemi Semiconductor Co and its competitors. Shanghai FourSemi Semiconductor Co's current Beneish M-Score is -3.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shanghai FourSemi Semiconductor Co stock overvalued right now?
Shanghai FourSemi Semiconductor Co (HKSE:03625) has a current Beneish M-Score of -3.73. The current Beneish M-Score is -3.73. Shanghai FourSemi Semiconductor Co's overall GF Score™ is 9/100 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 Shanghai FourSemi Semiconductor Co (HKSE:03625), the current Beneish M-Score is -3.73 as of Sep. 02, 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.

Shanghai FourSemi Semiconductor Co Business Description

Address No. 88 Yunjuan Road, Lane 11, Second Street, Room 303, Building 4, Gangcheng Square, Lin-gang Special Area, China (Shanghai) Free Trade Pilot Zone, Shanghai, CHN
Shanghai FourSemi Semiconductor Co Ltd, along with its subsidiaries, is principally engaged in the design, research, development, and sale of perceptual-intelligence chips focusing on power amplifier audio and haptic driver in China. It specializes in the design of low-power audio chips, mid/high-power audio chips, and haptic drivers under a fabless model to offer a range of solutions for various application scenarios. The company's product portfolio includes automotive intelligent audio chips, medium-to-high power intelligent audio chips, portable intelligent audio chips, haptic feedback chips, and power chips. The majority of the company's revenue is derived from the sale of Low-power audio chips. Geographically, all of its revenue is derived from the PRC.
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HK$92.60
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