Jiangsu Zenergy Battery Technologies Group Co (HKSE:03677) Beneish M-Score: -2.50 (As of Aug. 19, 2026)

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HKSE:03677 Jiangsu Zenergy Battery Technologies Group Co Ltd HKSE:03677
11 GF Score
Price HK$5.22
! 5 Warning Signs
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What is Jiangsu Zenergy Battery Technologies Group Co Beneish M-Score?

Jiangsu Zenergy Battery Technologies Group Co HKSE:03677 -2.88% 11 Beneish M-Score is -2.50 as of Aug. 19, 2026. GuruFocus rates HKSE:03677 with a GF Score™ of 11/100. The stock has 5 warning signs investors should review. Among 1,278 Vehicles & Parts companies, Jiangsu Zenergy Battery Technologies Group Co ranks worse than 53.91% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Jiangsu Zenergy Battery Technologies Group Co's Beneish M-Score or its related term are showing as below:

HKSE:03677' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.5   Max: -1.25
Current: -2.5

During the past 5 years, the highest Beneish M-Score of Jiangsu Zenergy Battery Technologies Group Co was -1.25. The lowest was -2.84. And the median was -2.50.

Jiangsu Zenergy Battery Technologies Group Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Jiangsu Zenergy Battery Technologies Group 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.

Jiangsu Zenergy Battery Technologies Group Co Beneish M-Score Chart

Jiangsu Zenergy Battery Technologies Group Co Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.25 -2.84 -2.50

Jiangsu Zenergy Battery Technologies Group Co Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -1.25 0.00 -2.84 0.00 -2.50

HKSE:03677 vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, Jiangsu Zenergy Battery Technologies Group 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.

Jiangsu Zenergy Battery Technologies Group Co Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Jiangsu Zenergy Battery Technologies Group Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Jiangsu Zenergy Battery Technologies Group Co's Beneish M-Score falls into.


HKSE:03677
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Jiangsu Zenergy Battery Technologies Group Co Ltd HKSE:03677
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Jiangsu Zenergy Battery Technologies Group 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 Jiangsu Zenergy Battery Technologies Group 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 * 0.6611+0.528 * 0.7924+0.404 * 0.7763+0.892 * 1.6338+0.115 * 1.088
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.722+4.679 * -0.029708-0.327 * 0.9891
=-2.50

* 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$1,890 Mil.
Revenue was HK$8,949 Mil.
Gross Profit was HK$1,648 Mil.
Total Current Assets was HK$9,837 Mil.
Total Assets was HK$23,371 Mil.
Property, Plant and Equipment(Net PPE) was HK$8,960 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$839 Mil.
Selling, General, & Admin. Expense(SGA) was HK$425 Mil.
Total Current Liabilities was HK$9,587 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4,363 Mil.
Net Income was HK$893 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,588 Mil.
 Total Receivables was HK$1,749 Mil.
Revenue was HK$5,477 Mil.
Gross Profit was HK$799 Mil.
Total Current Assets was HK$6,120 Mil.
Total Assets was HK$16,650 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,332 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$650 Mil.
Selling, General, & Admin. Expense(SGA) was HK$360 Mil.
Total Current Liabilities was HK$6,936 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,112 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)
=(1889.562 / 8949.344) / (1749.483 / 5477.496)
=0.21114 / 0.319395
=0.6611

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)
=(799.093 / 5477.496) / (1647.598 / 8949.344)
=0.145887 / 0.184103
=0.7924

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 - (9837.183 + 8960.102) / 23371.118) / (1 - (6120.234 + 6331.908) / 16649.525)
=0.195705 / 0.252102
=0.7763

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
=8949.344 / 5477.496
=1.6338

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))
=(650.15 / (650.15 + 6331.908)) / (838.61 / (838.61 + 8960.102))
=0.093117 / 0.085584
=1.088

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)
=(424.737 / 8949.344) / (360.049 / 5477.496)
=0.04746 / 0.065732
=0.722

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)
=((4362.958 + 9587.49) / 23371.118) / ((3111.936 + 6936.325) / 16649.525)
=0.59691 / 0.603516
=0.9891

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
=(893.225 - 0 - 1587.54) / 23371.118
=-0.029708

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.

Jiangsu Zenergy Battery Technologies Group Co has a M-score of -2.50 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 -2.50 mean?
Jiangsu Zenergy Battery Technologies Group Co (HKSE:03677) has a Beneish M-Score of -2.50 as of Aug. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jiangsu Zenergy Battery Technologies Group Co and its competitors. According to the industry distribution chart, Jiangsu Zenergy Battery Technologies Group Co ranks #689 out of 1278 companies in the Vehicles & Parts industry, placing it in the top 53.9%.
Is Jiangsu Zenergy Battery Technologies Group Co's Beneish M-Score too high?
Jiangsu Zenergy Battery Technologies Group Co's current Beneish M-Score is -2.50. Based on the distribution chart, Jiangsu Zenergy Battery Technologies Group Co ranks #689 out of 1278 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, Jiangsu Zenergy Battery Technologies Group Co has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Jiangsu Zenergy Battery Technologies Group Co's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Jiangsu Zenergy Battery Technologies Group Co ranks #689 out of 1278 companies for Beneish M-Score. This places Jiangsu Zenergy Battery Technologies Group Co 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Jiangsu Zenergy Battery Technologies Group Co and its competitors. Jiangsu Zenergy Battery Technologies Group Co's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jiangsu Zenergy Battery Technologies Group Co stock overvalued right now?
Jiangsu Zenergy Battery Technologies Group Co (HKSE:03677) has a current Beneish M-Score of -2.50. The current Beneish M-Score is -2.50. Jiangsu Zenergy Battery Technologies Group Co's overall GF Score™ is 11/100 with 5 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 Jiangsu Zenergy Battery Technologies Group Co (HKSE:03677), the current Beneish M-Score is -2.50 as of Aug. 19, 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.

Jiangsu Zenergy Battery Technologies Group Co Business Description

Address No. 68 Xin’anjiang Road, Dongnan Community, Jiangsu Province, Changshu, CHN
Jiangsu Zenergy Battery Technologies Group Co Ltd is a lithium-ion battery manufacturer in China. It is engaged in developing a multi-pathway portfolio of market-driven and technology-fueled battery products. It focuses on the Research and development, production, and sales of EV battery products, ESS battery products, and aviation battery products. It also provides integrated battery solutions, encompassing battery cells, modules, packs, racks, and battery management systems dedicated to applications of electrochemical products to interconnect land, sea, and air (LISA). Geographically, the company operates in Chinese mainland, which generates maximum revenue; European Union; and Other countries/regions.
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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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