ZJLD Group (HKSE:06979) Beneish M-Score: -3.00 (As of Sep. 07, 2026)

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HKSE:06979 ZJLD Group Inc HKSE:06979
82 GF Score
Price HK$7.74
GF Value HK$5.42
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is ZJLD Group Beneish M-Score?

ZJLD Group HKSE:06979 -0.71% 82 Beneish M-Score is -3.00 as of Sep. 07, 2026. GuruFocus rates HKSE:06979 with a GF Score™ of 82/100 and a GF Value™ of HK$5.42 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 200 Beverages - Alcoholic companies, ZJLD Group ranks better than 85.5% 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 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:06979' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -1.2   Max: 7.07
Current: -3

During the past 6 years, the highest Beneish M-Score of ZJLD Group was 7.07. The lowest was -3.00. And the median was -1.20.

ZJLD Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ZJLD Group'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.

ZJLD Group Beneish M-Score Chart

ZJLD Group Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 7.07 -0.66 -1.74 -3.00

ZJLD Group Semi-Annual Data
Dec20 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 0.00 -1.74 0.00 -3.00 0.00

HKSE:06979 vs BF.B: Beneish M-Score Comparison

For the Beverages - Wineries & Distilleries subindustry, ZJLD Group'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.

ZJLD Group Beneish M-Score vs Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, ZJLD Group's Beneish M-Score distribution charts can be found below:

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


HKSE:06979
82GF Score
ZJLD Group Inc HKSE:06979
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ZJLD Group 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 ZJLD Group 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 * 0.6799+0.528 * 1.0026+0.404 * 0.9509+0.892 * 0.5345+0.115 * 1.0101
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4898+4.679 * 0.070721-0.327 * 1.1212
=-3.00

* 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$210 Mil.
Revenue was HK$4,033 Mil.
Gross Profit was HK$2,358 Mil.
Total Current Assets was HK$16,424 Mil.
Total Assets was HK$22,245 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,656 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$395 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,860 Mil.
Total Current Liabilities was HK$6,737 Mil.
Long-Term Debt & Capital Lease Obligation was HK$417 Mil.
Net Income was HK$595 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-978 Mil.
 Total Receivables was HK$578 Mil.
Revenue was HK$7,545 Mil.
Gross Profit was HK$4,423 Mil.
Total Current Assets was HK$15,434 Mil.
Total Assets was HK$20,934 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,337 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$376 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,336 Mil.
Total Current Liabilities was HK$5,983 Mil.
Long-Term Debt & Capital Lease Obligation was HK$20 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)
=(210.203 / 4032.754) / (578.419 / 7545.008)
=0.052124 / 0.076662
=0.6799

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)
=(4423.408 / 7545.008) / (2358.101 / 4032.754)
=0.586269 / 0.584737
=1.0026

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 - (16424.491 + 5655.821) / 22245.281) / (1 - (15433.811 + 5336.594) / 20933.675)
=0.007416 / 0.007799
=0.9509

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
=4032.754 / 7545.008
=0.5345

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))
=(376.346 / (376.346 + 5336.594)) / (394.611 / (394.611 + 5655.821))
=0.065876 / 0.06522
=1.0101

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)
=(1860.016 / 4032.754) / (2335.833 / 7545.008)
=0.461227 / 0.309587
=1.4898

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)
=((416.674 + 6736.508) / 22245.281) / ((20.459 + 5983.315) / 20933.675)
=0.32156 / 0.2868
=1.1212

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
=(594.86 - 0 - -978.358) / 22245.281
=0.070721

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.

ZJLD Group has a M-score of -3.00 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 -3.00 mean?
ZJLD Group (HKSE:06979) has a Beneish M-Score of -3.00 as of Sep. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ZJLD Group and its competitors. According to the industry distribution chart, ZJLD Group ranks #29 out of 200 companies in the Beverages - Alcoholic industry, placing it in the top 14.5%.
Is ZJLD Group's Beneish M-Score too high?
ZJLD Group's current Beneish M-Score is -3.00. Based on the distribution chart, ZJLD Group ranks #29 out of 200 companies in the Beverages - Alcoholic industry, which is in the top quartile — a strong position relative to peers. Overall, ZJLD Group has a GF Score™ of 82/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ZJLD Group's Beneish M-Score compare to BF.B?
According to the Beverages - Alcoholic industry distribution chart, ZJLD Group ranks #29 out of 200 companies for Beneish M-Score. This places ZJLD Group in the top 15% 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 Beverages - Alcoholic company?
A good Beneish M-Score depends on the Beverages - Alcoholic 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 ZJLD Group and its competitors. ZJLD Group's current Beneish M-Score is -3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ZJLD Group stock overvalued right now?
Based on GuruFocus' analysis, ZJLD Group (HKSE:06979) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$5.42, compared to a current price of HK$7.74 — trading 42.8% above its estimated fair value. The current Beneish M-Score is -3.00. ZJLD Group's overall GF Score™ is 82/100 with 8 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 ZJLD Group (HKSE:06979), the current Beneish M-Score is -3.00 as of Sep. 07, 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.

Is ZJLD Group (HKSE:06979) Overvalued in 2026?

Based on GuruFocus' analysis, ZJLD Group stock appears to be overvalued. The current stock price of HK$7.74 is trading 42.8% above its estimated GF Value™ of HK$5.42. GuruFocus considers ZJLD Group to be Significantly Overvalued.

Key valuation signals for HKSE:06979:

  • Beneish M-Score: -3.00
  • GF Value™: HK$5.42 vs. price of HK$7.74 (42.8% above fair value)
  • GF Score™: 82/100 with 8 warning signs

No single metric tells the full story. See the HKSE:06979 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ZJLD Group Business Description

Other Exchanges LH6:Germany
Address No.15 Baiqiao Avenue, 8th Floor, Jiahe Guoxin Building, Dongcheng District, Beijing, CHN
Zhenjiu Lidu is one of the leading non-state-owned baijiu distillers in China. It operates a portfolio of baijiu brands with aroma ranging across jiang, rich, and mixed flavors that include Zhen Jiu, Li Du, Xiang Jiao, and Kai Kou Xiao, which contributed 63%, 19%, 11%, and 5% of total revenue in 2024, respectively. Through Jindong Investment, Chair Wu Xiangdong controls 67% of the firm's total equity stake as of December 2025.
82GF Score

Get the complete analysis for HKSE:06979

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

HK$7.74
Price
HK$5.42
GF Value