JINGDONG Industrials (HKSE:07618) Beneish M-Score: -2.42 (As of Aug. 03, 2026)

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HKSE:07618 JINGDONG Industrials Inc HKSE:07618
18 GF Score
Price HK$13.58
! 3 Warning Signs
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What is JINGDONG Industrials Beneish M-Score?

JINGDONG Industrials HKSE:07618 -2.65% 18 Beneish M-Score is -2.42 as of Aug. 03, 2026. GuruFocus rates HKSE:07618 with a GF Score™ of 18/100. The stock has 3 warning signs investors should review. Among 2,627 Software companies, JINGDONG Industrials ranks worse than 57.29% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:07618' s Beneish M-Score Range Over the Past 10 Years
Min: -2.42   Med: -2.32   Max: -2.22
Current: -2.42

During the past 4 years, the highest Beneish M-Score of JINGDONG Industrials was -2.22. The lowest was -2.42. And the median was -2.32.

JINGDONG Industrials Beneish M-Score Historical Data

* Premium members only.

The historical data trend for JINGDONG Industrials'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.

JINGDONG Industrials Beneish M-Score Chart

JINGDONG Industrials Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.22 -2.42

JINGDONG Industrials Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.22 0.00 -2.42

HKSE:07618 vs QH, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, JINGDONG Industrials'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.

JINGDONG Industrials Beneish M-Score vs Software Industry

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

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


HKSE:07618
18GF Score
JINGDONG Industrials Inc HKSE:07618
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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JINGDONG Industrials 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 JINGDONG Industrials 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 * 0.7192+0.528 * 0.9336+0.404 * 0.7581+0.892 * 1.215+0.115 * 1.2023
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.052+4.679 * 0.011651-0.327 * 0.4321
=-2.42

* 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$2,065 Mil.
Revenue was HK$26,460 Mil.
Gross Profit was HK$4,604 Mil.
Total Current Assets was HK$20,049 Mil.
Total Assets was HK$21,268 Mil.
Property, Plant and Equipment(Net PPE) was HK$23 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$19 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,417 Mil.
Total Current Liabilities was HK$8,875 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5 Mil.
Net Income was HK$2,556 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$2,308 Mil.
 Total Receivables was HK$2,364 Mil.
Revenue was HK$21,778 Mil.
Gross Profit was HK$3,538 Mil.
Total Current Assets was HK$14,473 Mil.
Total Assets was HK$15,649 Mil.
Property, Plant and Equipment(Net PPE) was HK$14 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$17 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,108 Mil.
Total Current Liabilities was HK$15,121 Mil.
Long-Term Debt & Capital Lease Obligation was HK$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)
=(2065.379 / 26460.143) / (2363.695 / 21778.098)
=0.078056 / 0.108535
=0.7192

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)
=(3537.609 / 21778.098) / (4604.058 / 26460.143)
=0.162439 / 0.174
=0.9336

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 - (20048.83 + 22.716) / 21268.287) / (1 - (14473.371 + 13.953) / 15648.908)
=0.056269 / 0.074228
=0.7581

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
=26460.143 / 21778.098
=1.215

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))
=(17.401 / (17.401 + 13.953)) / (19.475 / (19.475 + 22.716))
=0.554985 / 0.461591
=1.2023

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)
=(1416.807 / 26460.143) / (1108.484 / 21778.098)
=0.053545 / 0.050899
=1.052

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)
=((5.035 + 8874.517) / 21268.287) / ((1.109 + 15120.715) / 15648.908)
=0.417502 / 0.966318
=0.4321

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
=(2556.028 - 0 - 2308.236) / 21268.287
=0.011651

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.

JINGDONG Industrials has a M-score of -2.42 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 -2.42 mean?
JINGDONG Industrials (HKSE:07618) has a Beneish M-Score of -2.42 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JINGDONG Industrials and its competitors. According to the industry distribution chart, JINGDONG Industrials ranks #1505 out of 2627 companies in the Software industry, placing it in the top 57.3%.
Is JINGDONG Industrials' Beneish M-Score too high?
JINGDONG Industrials' current Beneish M-Score is -2.42. Based on the distribution chart, JINGDONG Industrials ranks #1505 out of 2627 companies in the Software industry, which is below the industry midpoint. Overall, JINGDONG Industrials has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does JINGDONG Industrials' Beneish M-Score compare to QH and SHOP?
According to the Software industry distribution chart, JINGDONG Industrials ranks #1505 out of 2627 companies for Beneish M-Score. This places JINGDONG Industrials 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 JINGDONG Industrials and its competitors. JINGDONG Industrials's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JINGDONG Industrials stock overvalued right now?
JINGDONG Industrials (HKSE:07618) has a current Beneish M-Score of -2.42. The current Beneish M-Score is -2.42. JINGDONG Industrials' overall GF Score™ is 18/100 with 3 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 JINGDONG Industrials (HKSE:07618), the current Beneish M-Score is -2.42 as of Aug. 03, 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.

JINGDONG Industrials Business Description

Address No. 59 Kechuang 11 Street, Yizhuang Economic and Technological Development Zone, 3rd Floor, Building 4, JD National Headquarters, Daxing District, Beijing, CHN, 101111
JINGDONG Industrials Inc is engaged in industrial supply chain technology and acts as service provider in China. With the help of transformative digitalization of the industrial supply chain, the company help customers to increase supply chain reliability, reduce costs, enhance efficiency, and ensure compliance. established an end-to-end supply chain digital infrastructure and leveraged broad product offerings, and streamlined operations to address the common fundamental needs of the industry.
18GF Score

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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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