Baiwang Co (HKSE:06657) Beneish M-Score: -0.98 (As of Sep. 16, 2026)

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HKSE:06657 Baiwang Co Ltd HKSE:06657
36 GF Score
Price HK$11.78
! 4 Warning Signs
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What is Baiwang Co Beneish M-Score?

Baiwang Co HKSE:06657 -6.58% 36 Beneish M-Score is -0.98 as of Sep. 16, 2026. GuruFocus rates HKSE:06657 with a GF Score™ of 36/100. The stock has 4 warning signs investors should review. Among 2,641 Software companies, Baiwang Co ranks worse than 89.44% 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 Baiwang Co's Beneish M-Score or its related term are showing as below:

HKSE:06657' s Beneish M-Score Range Over the Past 10 Years
Min: -4.31   Med: -3.67   Max: -0.98
Current: -0.98

During the past 6 years, the highest Beneish M-Score of Baiwang Co was -0.98. The lowest was -4.31. And the median was -3.67.

Baiwang Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Baiwang 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.

Baiwang Co Beneish M-Score Chart

Baiwang Co Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -2.77 -3.78 -3.49 -2.26 -1.02

Baiwang Co Semi-Annual Data
Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score 0.00 0.00 0.00 -1.02 0.00

HKSE:06657 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Baiwang 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.

Baiwang Co Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Baiwang Co's Beneish M-Score distribution charts can be found below:

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


HKSE:06657
36GF Score
Baiwang Co Ltd HKSE:06657
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Baiwang 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 Baiwang 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 * 1.6257+0.528 * 0.9449+0.404 * 1.2238+0.892 * 1.1056+0.115 * 1.403
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6908+4.679 * 0.128146-0.327 * 0.7813
=-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$302.4 Mil.
Revenue was HK$790.2 Mil.
Gross Profit was HK$334.2 Mil.
Total Current Assets was HK$858.7 Mil.
Total Assets was HK$1,267.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$21.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$17.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$215.5 Mil.
Total Current Liabilities was HK$227.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$-10.1 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-172.5 Mil.
 Total Receivables was HK$168.3 Mil.
Revenue was HK$714.7 Mil.
Gross Profit was HK$285.6 Mil.
Total Current Assets was HK$958.4 Mil.
Total Assets was HK$1,294.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$12.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$21.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$282.1 Mil.
Total Current Liabilities was HK$297.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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)
=(302.435 / 790.179) / (168.271 / 714.733)
=0.382742 / 0.235432
=1.6257

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)
=(285.609 / 714.733) / (334.176 / 790.179)
=0.399603 / 0.422912
=0.9449

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 - (858.663 + 21.323) / 1267.05) / (1 - (958.359 + 12.626) / 1294.008)
=0.305485 / 0.24963
=1.2238

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
=790.179 / 714.733
=1.1056

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))
=(21.204 / (21.204 + 12.626)) / (17.218 / (17.218 + 21.323))
=0.626786 / 0.446745
=1.403

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)
=(215.462 / 790.179) / (282.129 / 714.733)
=0.272675 / 0.394733
=0.6908

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)
=((0 + 227.701) / 1267.05) / ((0 + 297.657) / 1294.008)
=0.17971 / 0.230027
=0.7813

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
=(-10.109 - 0 - -172.476) / 1267.05
=0.128146

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.

Baiwang Co 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?
Baiwang Co (HKSE:06657) has a Beneish M-Score of -0.98 as of Sep. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Baiwang Co and its competitors. According to the industry distribution chart, Baiwang Co ranks #2362 out of 2641 companies in the Software industry, placing it in the top 89.4%.
Is Baiwang Co's Beneish M-Score too high?
Baiwang Co's current Beneish M-Score is -0.98. Based on the distribution chart, Baiwang Co ranks #2362 out of 2641 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Baiwang Co has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does Baiwang Co's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Baiwang Co ranks #2362 out of 2641 companies for Beneish M-Score. This places Baiwang 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 Software company?
A good Beneish M-Score depends on the Software 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 Baiwang Co and its competitors. Baiwang Co'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 Baiwang Co stock overvalued right now?
Baiwang Co (HKSE:06657) has a current Beneish M-Score of -0.98. The current Beneish M-Score is -0.98. Baiwang Co's overall GF Score™ is 36/100 with 4 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 Baiwang Co (HKSE:06657), the current Beneish M-Score is -0.98 as of Sep. 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.

Baiwang Co Business Description

Address No. 81 Beiqing Road, 14th floor & 15th floor, Building No. 1, Division 1, Haidian District, Beijing, CHN
Baiwang Co Ltd is an enterprise digitalization solutions provider in China, focusing on offering cloud-based SaaS solutions and on-premises solutions for financial and tax digitalization solutions, data-driven analytics services as well as other enterprise through Baiwang Cloud platform empowering the enterprises to unlock greater data value, transform data into digital productivity, and accelerate intelligent upgrade across industries. It process a variety of transaction documents, including among others, invoices, receipts, bills, and other accounting records, that accurately reflect key business transactions of enterprises. The company derives all of its revenue from the PRC.
36GF Score

Get the complete analysis for HKSE:06657

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$11.78
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