CSSC Offshore & Marine Engineering (Group) Co (SHSE:600685) Beneish M-Score: -2.87 (As of Aug. 29, 2026)

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SHSE:600685 CSSC Offshore & Marine Engineering (Group) Co Ltd SHSE:600685
71 GF Score
Price ¥26.33
GF Value ¥31.31
Valuation Modestly Undervalued
! 6 Warning Signs
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What is CSSC Offshore & Marine Engineering (Group) Co Beneish M-Score?

CSSC Offshore & Marine Engineering (Group) Co SHSE:600685 +0.50% 71 Beneish M-Score is -2.87 as of Aug. 29, 2026. GuruFocus rates SHSE:600685 with a GF Score™ of 71/100 and a GF Value™ of ¥31.31 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 325 Aerospace & Defense companies, CSSC Offshore & Marine Engineering (Group) Co ranks better than 78.15% 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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CSSC Offshore & Marine Engineering (Group) Co's Beneish M-Score or its related term are showing as below:

SHSE:600685' s Beneish M-Score Range Over the Past 10 Years
Min: -55.23   Med: -2.63   Max: 2.88
Current: -2.87

During the past 13 years, the highest Beneish M-Score of CSSC Offshore & Marine Engineering (Group) Co was 2.88. The lowest was -55.23. And the median was -2.63.

CSSC Offshore & Marine Engineering (Group) Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for CSSC Offshore & Marine Engineering (Group) 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.

CSSC Offshore & Marine Engineering (Group) Co Beneish M-Score Chart

CSSC Offshore & Marine Engineering (Group) Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.02 -2.46 -2.45 -2.37 -2.59

CSSC Offshore & Marine Engineering (Group) Co Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.07 -2.90 -2.59 -2.50 -2.87

SHSE:600685 vs SPCX, GE, RTX: Beneish M-Score Comparison

For the Aerospace & Defense subindustry, CSSC Offshore & Marine Engineering (Group) 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.

CSSC Offshore & Marine Engineering (Group) Co Beneish M-Score vs Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, CSSC Offshore & Marine Engineering (Group) Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CSSC Offshore & Marine Engineering (Group) Co's Beneish M-Score falls into.


SHSE:600685
71GF Score
CSSC Offshore & Marine Engineering (Group) Co Ltd SHSE:600685
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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CSSC Offshore & Marine Engineering (Group) 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 CSSC Offshore & Marine Engineering (Group) 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 * 0.8819+0.528 * 0.8104+0.404 * 1.0282+0.892 * 1.0311+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3491+4.679 * -0.034242-0.327 * 0.9923
=-2.87

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ¥4,746 Mil.
Revenue was 5434.611 + 5685.137 + 6231.931 + 4142.485 = ¥21,494 Mil.
Gross Profit was 700.083 + 490.134 + 442.063 + 671.716 = ¥2,304 Mil.
Total Current Assets was ¥38,471 Mil.
Total Assets was ¥60,774 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,047 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥235 Mil.
Total Current Liabilities was ¥34,432 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,560 Mil.
Net Income was 440.477 + 396.157 + 353.14 + 128.736 = ¥1,319 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 3951.033 + 1301.618 + -258.873 + -1594.251 = ¥3,400 Mil.
 Total Receivables was ¥5,220 Mil.
Revenue was 6531.194 + 3641.443 + 6715.396 + 3958.459 = ¥20,846 Mil.
Gross Profit was 559.714 + 394.503 + 402.681 + 453.979 = ¥1,811 Mil.
Total Current Assets was ¥35,625 Mil.
Total Assets was ¥56,312 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,137 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥169 Mil.
Total Current Liabilities was ¥30,299 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3,308 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)
=(4745.945 / 21494.164) / (5219.528 / 20846.492)
=0.220802 / 0.250379
=0.8819

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)
=(1810.877 / 20846.492) / (2303.996 / 21494.164)
=0.086867 / 0.107192
=0.8104

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 - (38471.404 + 5046.655) / 60773.88) / (1 - (35625.081 + 5136.595) / 56312.313)
=0.283935 / 0.27615
=1.0282

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
=21494.164 / 20846.492
=1.0311

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 + 5136.595)) / (0 / (0 + 5046.655))
=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)
=(234.733 / 21494.164) / (168.747 / 20846.492)
=0.010921 / 0.008095
=1.3491

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)
=((1559.567 + 34431.852) / 60773.88) / ((3308.376 + 30298.852) / 56312.313)
=0.592219 / 0.596801
=0.9923

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
=(1318.51 - 0 - 3399.527) / 60773.88
=-0.034242

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.

CSSC Offshore & Marine Engineering (Group) Co has a M-score of -2.87 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 -2.87 mean?
CSSC Offshore & Marine Engineering (Group) Co (SHSE:600685) has a Beneish M-Score of -2.87 as of Aug. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CSSC Offshore & Marine Engineering (Group) Co and its competitors. According to the industry distribution chart, CSSC Offshore & Marine Engineering (Group) Co ranks #71 out of 325 companies in the Aerospace & Defense industry, placing it in the top 21.8%.
Is CSSC Offshore & Marine Engineering (Group) Co's Beneish M-Score too high?
CSSC Offshore & Marine Engineering (Group) Co's current Beneish M-Score is -2.87. Based on the distribution chart, CSSC Offshore & Marine Engineering (Group) Co ranks #71 out of 325 companies in the Aerospace & Defense industry, which is in the top quartile — a strong position relative to peers. Overall, CSSC Offshore & Marine Engineering (Group) Co has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does CSSC Offshore & Marine Engineering (Group) Co's Beneish M-Score compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, CSSC Offshore & Marine Engineering (Group) Co ranks #71 out of 325 companies for Beneish M-Score. This places CSSC Offshore & Marine Engineering (Group) Co in the top 22% 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 an Aerospace & Defense company?
A good Beneish M-Score depends on the Aerospace & Defense 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 CSSC Offshore & Marine Engineering (Group) Co and its competitors. CSSC Offshore & Marine Engineering (Group) Co's current Beneish M-Score is -2.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CSSC Offshore & Marine Engineering (Group) Co stock overvalued right now?
Based on GuruFocus' analysis, CSSC Offshore & Marine Engineering (Group) Co (SHSE:600685) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥31.31, compared to a current price of ¥26.33 — trading 15.9% below its estimated fair value. The current Beneish M-Score is -2.87. CSSC Offshore & Marine Engineering (Group) Co's overall GF Score™ is 71/100 with 6 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 CSSC Offshore & Marine Engineering (Group) Co (SHSE:600685), the current Beneish M-Score is -2.87 as of Aug. 29, 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 CSSC Offshore & Marine Engineering (Group) Co (SHSE:600685) Overvalued in 2026?

Based on GuruFocus' analysis, CSSC Offshore & Marine Engineering (Group) Co stock appears to be undervalued. The current stock price of ¥26.33 is trading 15.9% below its estimated GF Value™ of ¥31.31. GuruFocus considers CSSC Offshore & Marine Engineering (Group) Co to be Modestly Undervalued.

Key valuation signals for SHSE:600685:

  • Beneish M-Score: -2.87
  • GF Value™: ¥31.31 vs. price of ¥26.33 (15.9% below fair value)
  • GF Score™: 71/100 with 6 warning signs

No single metric tells the full story. See the SHSE:600685 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CSSC Offshore & Marine Engineering (Group) Co Business Description

Other Exchanges 00317:Hong Kong
Address No. 10, Jibaosha North Road, Nansha District, Guangzhou, CHN, 510250
CSSC Offshore & Marine Engineering (Group) Co Ltd manufactures military and civil ships and conducts off-shore engineering. The functions of the boats have a wide range, including military, patrol, rescue, and transportation. Multiple subsidiaries allow the company to produce multiple ships and supply customized maintenance for clients. The company operates through the following business segments: Shipbuilding and related business which generates key revenue, Steel Structure engineering, Ship maintenance, and others.
71GF Score

Get the complete analysis for SHSE:600685

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

¥26.33
Price
¥31.31
GF Value