SinoMab BioScience (HKSE:03681) Beneish M-Score: 0.00 (As of Sep. 10, 2026)

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HKSE:03681 SinoMab BioScience Ltd HKSE:03681
29 GF Score
Price HK$1.08
! 2 Warning Signs
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What is SinoMab BioScience Beneish M-Score?

SinoMab BioScience HKSE:03681 -3.57% 29 Beneish M-Score is 0.00 as of Sep. 10, 2026. GuruFocus rates HKSE:03681 with a GF Score™ of 29/100. The stock has 2 warning signs investors should review. Among 832 Biotechnology companies, SinoMab BioScience ranks worse than 120192.19% 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.

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

During the past 9 years, the highest Beneish M-Score of SinoMab BioScience was -2.45. The lowest was -2.45. And the median was -2.45.

SinoMab BioScience Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SinoMab BioScience'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.

SinoMab BioScience Beneish M-Score Chart

SinoMab BioScience Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 -2.45 0.00

SinoMab BioScience Semi-Annual Data
Dec17 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.45 0.00 0.00 0.00

HKSE:03681 vs VRTX, REGN, MRNA: Beneish M-Score Comparison

For the Biotechnology subindustry, SinoMab BioScience'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.

SinoMab BioScience Beneish M-Score vs Biotechnology Industry

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

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


HKSE:03681
29GF Score
SinoMab BioScience Ltd HKSE:03681
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SinoMab BioScience 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 SinoMab BioScience 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$7.82 Mil.
Revenue was HK$0.00 Mil.
Gross Profit was HK$0.00 Mil.
Total Current Assets was HK$430.73 Mil.
Total Assets was HK$1,003.21 Mil.
Property, Plant and Equipment(Net PPE) was HK$556.00 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$30.21 Mil.
Selling, General, & Admin. Expense(SGA) was HK$51.24 Mil.
Total Current Liabilities was HK$225.41 Mil.
Long-Term Debt & Capital Lease Obligation was HK$216.74 Mil.
Net Income was HK$-115.98 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-77.86 Mil.
 Total Receivables was HK$5.01 Mil.
Revenue was HK$2.16 Mil.
Gross Profit was HK$0.58 Mil.
Total Current Assets was HK$197.88 Mil.
Total Assets was HK$804.06 Mil.
Property, Plant and Equipment(Net PPE) was HK$589.53 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$32.34 Mil.
Selling, General, & Admin. Expense(SGA) was HK$72.30 Mil.
Total Current Liabilities was HK$217.27 Mil.
Long-Term Debt & Capital Lease Obligation was HK$380.83 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)
=(7.815 / 0) / (5.013 / 2.163)
= / 2.317614
=

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)
=(0.58 / 2.163) / (0 / 0)
=0.268146 /
=

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 - (430.733 + 556.004) / 1003.214) / (1 - (197.879 + 589.527) / 804.064)
=0.016424 / 0.020717
=

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 / 2.163
=

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))
=(32.337 / (32.337 + 589.527)) / (30.209 / (30.209 + 556.004))
=0.052 / 0.051532
=

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)
=(51.242 / 0) / (72.298 / 2.163)
= / 33.424873
=

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)
=((216.742 + 225.407) / 1003.214) / ((380.829 + 217.269) / 804.064)
=0.440732 / 0.743844
=

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
=(-115.98 - 0 - -77.859) / 1003.214
=-0.037999

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?
SinoMab BioScience (HKSE:03681) has a Beneish M-Score of 0.00 as of Sep. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SinoMab BioScience and its competitors. According to the industry distribution chart, SinoMab BioScience ranks #999999 out of 832 companies in the Biotechnology industry.
Is SinoMab BioScience's Beneish M-Score too high?
SinoMab BioScience's current Beneish M-Score is 0.00. Based on the distribution chart, SinoMab BioScience ranks #999999 out of 832 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, SinoMab BioScience has a GF Score™ of 29/100, reflecting its overall financial health beyond just this single metric.
How does SinoMab BioScience's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, SinoMab BioScience ranks #999999 out of 832 companies for Beneish M-Score. This places SinoMab BioScience 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 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 SinoMab BioScience and its competitors. SinoMab BioScience'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 SinoMab BioScience stock overvalued right now?
SinoMab BioScience (HKSE:03681) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. SinoMab BioScience's overall GF Score™ is 29/100 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 SinoMab BioScience (HKSE:03681), the current Beneish M-Score is 0.00 as of Sep. 10, 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.

SinoMab BioScience Business Description

Other Exchanges 4VF:Germany
Address No. 15 Science Park West Avenue, Units 303 and 305 to 307, Hong Kong Science Park, Pak Shek Kok, New Territories, Hong Kong, HKG
SinoMab BioScience Ltd is a biopharmaceutical company focused on the research, development, manufacturing, and commercialisation of therapeutics for the treatment of immunological diseases, mainly monoclonal antibody (mAb)-based biologics. Its flagship product, SM03 (Suciraslimab), is a potential first-in-class mAb against CD22 for the treatment of rheumatoid arthritis (RA) and other immunological diseases. In addition, the company possesses other potential first-in-class drug candidates (like SM17, SN1011, SM06, SM09, etc.) some of which are already in the clinical stage, with their indications covering rheumatoid arthritis (RA), Sjogren's syndrome (SS), systemic lupus erythematosus (SLE), atopic dermatitis (AD), idiopathic pulmonary fibrosis (IPF), asthma, and other diseases.
29GF Score

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