Hebei Haiwei Electronic New Material Technology Co (HKSE:09609) Beneish M-Score: -2.90 (As of Aug. 17, 2026)

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HKSE:09609 Hebei Haiwei Electronic New Material Technology Co Ltd HKSE:09609
21 GF Score
Price HK$7.82
! 1 Warning Sign
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What is Hebei Haiwei Electronic New Material Technology Co Beneish M-Score?

Hebei Haiwei Electronic New Material Technology Co HKSE:09609 +2.83% 21 Beneish M-Score is -2.90 as of Aug. 17, 2026. GuruFocus rates HKSE:09609 with a GF Score™ of 21/100. The stock has 1 warning sign investors should review. Among 2,401 Hardware companies, Hebei Haiwei Electronic New Material Technology Co ranks better than 80.13% 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Hebei Haiwei Electronic New Material Technology Co's Beneish M-Score or its related term are showing as below:

HKSE:09609' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9   Med: -2.51   Max: -2.11
Current: -2.9

During the past 4 years, the highest Beneish M-Score of Hebei Haiwei Electronic New Material Technology Co was -2.11. The lowest was -2.90. And the median was -2.51.

Hebei Haiwei Electronic New Material Technology Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hebei Haiwei Electronic New Material Technology 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.

Hebei Haiwei Electronic New Material Technology Co Beneish M-Score Chart

Hebei Haiwei Electronic New Material Technology Co Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.11 -2.90

Hebei Haiwei Electronic New Material Technology Co Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -2.11 -2.90

HKSE:09609 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, Hebei Haiwei Electronic New Material Technology 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.

Hebei Haiwei Electronic New Material Technology Co Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Hebei Haiwei Electronic New Material Technology Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hebei Haiwei Electronic New Material Technology Co's Beneish M-Score falls into.


HKSE:09609
21GF Score
Hebei Haiwei Electronic New Material Technology Co Ltd HKSE:09609
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hebei Haiwei Electronic New Material Technology 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 Hebei Haiwei Electronic New Material Technology 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 * 0.8402+0.528 * 0.9529+0.404 * 0.7441+0.892 * 0.8196+0.115 * 2.0511
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.075+4.679 * -0.031735-0.327 * 0.3108
=-2.90

* 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$242.5 Mil.
Revenue was HK$369.0 Mil.
Gross Profit was HK$114.9 Mil.
Total Current Assets was HK$881.7 Mil.
Total Assets was HK$1,321.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$429.8 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$25.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$30.4 Mil.
Total Current Liabilities was HK$40.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.7 Mil.
Net Income was HK$53.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$95.0 Mil.
 Total Receivables was HK$352.2 Mil.
Revenue was HK$450.2 Mil.
Gross Profit was HK$133.5 Mil.
Total Current Assets was HK$589.2 Mil.
Total Assets was HK$814.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$216.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$27.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$17.9 Mil.
Total Current Liabilities was HK$80.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.3 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)
=(242.52 / 369.011) / (352.188 / 450.232)
=0.657216 / 0.782237
=0.8402

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)
=(133.536 / 450.232) / (114.86 / 369.011)
=0.296594 / 0.311264
=0.9529

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 - (881.655 + 429.832) / 1321.758) / (1 - (589.198 + 216.482) / 814.183)
=0.007771 / 0.010444
=0.7441

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
=369.011 / 450.232
=0.8196

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))
=(27.491 / (27.491 + 216.482)) / (24.987 / (24.987 + 429.832))
=0.112681 / 0.054938
=2.0511

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)
=(30.357 / 369.011) / (17.85 / 450.232)
=0.082266 / 0.039646
=2.075

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)
=((0.694 + 40.552) / 1321.758) / ((1.262 + 80.478) / 814.183)
=0.031205 / 0.100395
=0.3108

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
=(53.036 - 0 - 94.982) / 1321.758
=-0.031735

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.

Hebei Haiwei Electronic New Material Technology Co has a M-score of -2.90 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 -2.90 mean?
Hebei Haiwei Electronic New Material Technology Co (HKSE:09609) has a Beneish M-Score of -2.90 as of Aug. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hebei Haiwei Electronic New Material Technology Co and its competitors. According to the industry distribution chart, Hebei Haiwei Electronic New Material Technology Co ranks #477 out of 2401 companies in the Hardware industry, placing it in the top 19.9%.
Is Hebei Haiwei Electronic New Material Technology Co's Beneish M-Score too high?
Hebei Haiwei Electronic New Material Technology Co's current Beneish M-Score is -2.90. Based on the distribution chart, Hebei Haiwei Electronic New Material Technology Co ranks #477 out of 2401 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Hebei Haiwei Electronic New Material Technology Co has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Hebei Haiwei Electronic New Material Technology Co's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Hebei Haiwei Electronic New Material Technology Co ranks #477 out of 2401 companies for Beneish M-Score. This places Hebei Haiwei Electronic New Material Technology Co in the top 20% 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Hebei Haiwei Electronic New Material Technology Co and its competitors. Hebei Haiwei Electronic New Material Technology Co's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hebei Haiwei Electronic New Material Technology Co stock overvalued right now?
Hebei Haiwei Electronic New Material Technology Co (HKSE:09609) has a current Beneish M-Score of -2.90. The current Beneish M-Score is -2.90. Hebei Haiwei Electronic New Material Technology Co's overall GF Score™ is 21/100 with 1 warning sign 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 Hebei Haiwei Electronic New Material Technology Co (HKSE:09609), the current Beneish M-Score is -2.90 as of Aug. 17, 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.

Hebei Haiwei Electronic New Material Technology Co Business Description

Address Jing County Economic and Technological Development Zone, Hebei Province, Hengshui, CHN
Hebei Haiwei Electronic New Material Technology Co Ltd is a capacitor film manufacturer in China. Its capacitor film products include capacitor base films and metallized films. These products are key components of film capacitors, a type of capacitor known for its outstanding voltage resistance, high-frequency stability, and long lifespan. Film capacitors have a wide range of end-use application scenarios, including new energy vehicles, new energy power systems, industrial equipment, and household appliances. The company's customers include film capacitor manufacturers and BYD, a Chinese new energy vehicle company.
21GF Score

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

HK$7.82
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