China Petroleum & Chemical (SHSE:600028) Beneish M-Score: -1.78 (As of Jun. 24, 2026)

What is China Petroleum & Chemical Beneish M-Score?

China Petroleum & Chemical SHSE:600028 -1.72% 51 Beneish M-Score is -1.78 as of Jun. 24, 2026. GuruFocus rates SHSE:600028 with a GF Score™ of 51/100 and a GF Value™ of ¥5.45 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 822 Oil & Gas companies, China Petroleum & Chemical ranks worse than 85.64% 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 -1.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Petroleum & Chemical's Beneish M-Score or its related term are showing as below:

SHSE:600028' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.61 Max: -1.78
Current: -1.78

During the past 13 years, the highest Beneish M-Score of China Petroleum & Chemical was -1.78. The lowest was -3.02. And the median was -2.61.

China Petroleum & Chemical Beneish M-Score Related Terms

China Petroleum & Chemical Beneish M-Score Historical Data

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The historical data trend for China Petroleum & Chemical'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.

China Petroleum & Chemical Beneish M-Score Chart

China Petroleum & Chemical Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.60

-2.42

-2.75

-2.67

-1.78

China Petroleum & Chemical Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-3.00	-2.67	-2.78	-2.64	-1.78

SHSE:600028 vs XOM, CVX: Beneish M-Score Comparison

For the Oil & Gas Integrated subindustry, China Petroleum & Chemical'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.

China Petroleum & Chemical Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, China Petroleum & Chemical's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Petroleum & Chemical's Beneish M-Score falls into.

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51GF Score

China Petroleum & Chemical Corp SHSE:600028

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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China Petroleum & Chemical 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 China Petroleum & Chemical for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.239

0.528 * 0.9482

0.404 * 1.0662

0.892 * 0.6358

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1518

4.679 * -0.020532

0.327 * 1.0129

-1.79

This Year (Dec25) TTM:

Last Year (Sep24) TTM:

Total Receivables was ¥91,350 Mil.
Revenue was 668311 + 704389 + 0 + 603165 = ¥1,975,865 Mil.
Gross Profit was 116173 + 122952 + 0 + 97176 = ¥336,301 Mil.
Total Current Assets was ¥522,741 Mil.
Total Assets was ¥2,153,485 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,235,439 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥41,120 Mil.
Total Current Liabilities was ¥698,553 Mil.
Long-Term Debt & Capital Lease Obligation was ¥392,671 Mil.
Net Income was 411 + 8313 + 0 + -5121 = ¥3,603 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 47819 = ¥47,819 Mil.

Total Receivables was ¥64,165 Mil.
Revenue was 790410 + 786164 + 789967 + 740922 = ¥3,107,463 Mil.
Gross Profit was 116916 + 127662 + 134838 + 122099 = ¥501,515 Mil.
Total Current Assets was ¥595,498 Mil.
Total Assets was ¥2,095,553 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,139,263 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥56,147 Mil.
Total Current Liabilities was ¥695,786 Mil.
Long-Term Debt & Capital Lease Obligation was ¥352,581 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)
	=	(91350 / 1975865)	/	(64165 / 3107463)
	=	0.046233	/	0.020649
	=	2.239

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)
	=	(501515 / 3107463)	/	(336301 / 1975865)
	=	0.16139	/	0.170204
	=	0.9482

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 - (522741 + 1235439) / 2153485)	/	(1 - (595498 + 1139263) / 2095553)
	=	0.183565	/	0.17217
	=	1.0662

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
	=	1975865	/	3107463
	=	0.6358

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))
	=	(0 / (0 + 1139263))	/	(0 / (0 + 1235439))
	=	0	/	0
	=	1

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)
	=	(41120 / 1975865)	/	(56147 / 3107463)
	=	0.020811	/	0.018068
	=	1.1518

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)
	=	((392671 + 698553) / 2153485)	/	((352581 + 695786) / 2095553)
	=	0.506725	/	0.500282
	=	1.0129

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
	=	(3603 - 0	-	47819)	/	2153485
	=	-0.020532

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.

China Petroleum & Chemical has a M-score of -1.79 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 -1.78 mean?

China Petroleum & Chemical (SHSE:600028) has a Beneish M-Score of -1.78 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Petroleum & Chemical and its competitors. According to the industry distribution chart, China Petroleum & Chemical ranks #704 out of 822 companies in the Oil & Gas industry, placing it in the top 85.6%.

Is China Petroleum & Chemical's Beneish M-Score too high?

China Petroleum & Chemical's current Beneish M-Score is -1.78. Based on the distribution chart, China Petroleum & Chemical ranks #704 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, China Petroleum & Chemical has a GF Score™ of 51/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does China Petroleum & Chemical's Beneish M-Score compare to XOM and CVX?

According to the Oil & Gas industry distribution chart, China Petroleum & Chemical ranks #704 out of 822 companies for Beneish M-Score. This places China Petroleum & Chemical 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 China Petroleum & Chemical and its competitors. China Petroleum & Chemical's current Beneish M-Score is -1.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is China Petroleum & Chemical stock overvalued right now?

Based on GuruFocus' analysis, China Petroleum & Chemical (SHSE:600028) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥5.45, compared to a current price of ¥4.58 — trading 16% below its estimated fair value. The current Beneish M-Score is -1.78. China Petroleum & Chemical's overall GF Score™ is 51/100 with 7 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 China Petroleum & Chemical (SHSE:600028), the current Beneish M-Score is -1.78 as of Jun. 24, 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 China Petroleum & Chemical (SHSE:600028) Overvalued in 2026?

Based on GuruFocus' analysis, China Petroleum & Chemical stock appears to be undervalued. The current stock price of ¥4.58 is trading 16% below its estimated GF Value™ of ¥5.45. GuruFocus considers China Petroleum & Chemical to be Modestly Undervalued.

Key valuation signals for SHSE:600028:

Beneish M-Score: -1.78
GF Value™: ¥5.45 vs. price of ¥4.58 (16% below fair value)
GF Score™: 51/100 with 7 warning signs

No single metric tells the full story. See the SHSE:600028 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Petroleum & Chemical Business Description

Industry Energy Oil & Gas

Comparable Companies HKSE:00228 HKSE:01251 HKSE:00346 HKSE:08270 HKSE:00332 SAU:2222 XOM CVX SHSE:601857 LSE:SHEL XPAR:TTE BSP:PETR3 LSE:BP.OSL:EQNR MIL:ENI TSX:SU ADX:ADNOCGAS TSX:IMO TSX:CVE WAR:PKN

Other Exchanges SNPMF:USA 00386:Hong Kong CHU:Germany

Address No. 22 Chaoyangmen North Street, Chaoyang District, Beijing, CHN, 100728

Website http://www.sinopec.com

China Petroleum & Chemical, or Sinopec, is one of China's national oil companies and one of Asian's largest integrated oil companies in revenue. Its income is derived primarily from refining and marketing of oil products and petrochemical production. Sinopec has China's largest petrol station network with over 30,000 stations and enjoys a significant market share in petrochemicals. Established in 2000 by China Petrochemical Corporation, a stateowned enterprise and majority shareholder, the company also owns oil and gas assets in Shandong and Sichuan provinces. It has a smaller global upstream presence than its peers, PetroChina and CNOOC. In 2025, Sinopec's production of oil and gas equivalent was 525.28 million barrels. The firm also processed 250.33 million metric tons of crude oil.

51GF Score

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

¥4.58

Price

¥5.45

GF Value

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