Jinko Solar Co (SHSE:688223) Beneish M-Score : -2.20 (As of Jul. 23, 2025)

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What is Jinko Solar Co Beneish M-Score?

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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SHSE:688223' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96 Med: -2.31 Max: 13.45
Current: -2.2

During the past 13 years, the highest Beneish M-Score of Jinko Solar Co was 13.45. The lowest was -2.96. And the median was -2.31.

Jinko Solar Co Beneish M-Score Historical Data

The historical data trend for Jinko Solar 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.

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Jinko Solar Co Beneish M-Score Chart

Jinko Solar Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.36

-1.86

-1.84

-2.89

-2.67

Jinko Solar Co Quarterly Data
	Dec19	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.96	-2.85	-2.84	-2.67	-2.20

Competitive Comparison of Jinko Solar Co's Beneish M-Score

For the Solar subindustry, Jinko Solar 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.

Jinko Solar Co's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Jinko Solar Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Jinko Solar Co's Beneish M-Score falls into.

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Jinko Solar 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 Jinko Solar Co 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 * 0.9809

0.528 * 2.4988

0.404 * 1.1225

0.892 * 0.7017

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1645

4.679 * -0.054955

0.327 * 0.9795

-2.20

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ¥18,714 Mil.
Revenue was 13842.855 + 20701.09 + 24518.849 + 24167.716 = ¥83,231 Mil.
Gross Profit was -455.276 + -159.231 + 2897.942 + 1837.827 = ¥4,121 Mil.
Total Current Assets was ¥66,886 Mil.
Total Assets was ¥119,033 Mil.
Property, Plant and Equipment(Net PPE) was ¥43,982 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,847 Mil.
Total Current Liabilities was ¥47,534 Mil.
Long-Term Debt & Capital Lease Obligation was ¥26,152 Mil.
Net Income was -1389.714 + -1116.028 + 14.874 + 24.357 = ¥-2,467 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -2619.612 + 8231.713 + 1254.767 + -2791.916 = ¥4,075 Mil.

Total Receivables was ¥27,190 Mil.
Revenue was 23083.672 + 33585.136 + 31472.212 + 30471.683 = ¥118,613 Mil.
Gross Profit was 2210.61 + 3013.68 + 5015.889 + 4435.822 = ¥14,676 Mil.
Total Current Assets was ¥79,429 Mil.
Total Assets was ¥131,049 Mil.
Property, Plant and Equipment(Net PPE) was ¥43,613 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥2,260 Mil.
Total Current Liabilities was ¥69,731 Mil.
Long-Term Debt & Capital Lease Obligation was ¥13,089 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)
	=	(18714.204 / 83230.51)	/	(27189.765 / 118612.703)
	=	0.224848	/	0.229231
	=	0.9809

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)
	=	(14676.001 / 118612.703)	/	(4121.262 / 83230.51)
	=	0.12373	/	0.049516
	=	2.4988

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 - (66886.218 + 43981.578) / 119032.648)	/	(1 - (79428.576 + 43612.673) / 131049.463)
	=	0.068593	/	0.061108
	=	1.1225

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
	=	83230.51	/	118612.703
	=	0.7017

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 + 43612.673))	/	(0 / (0 + 43981.578))
	=	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)
	=	(1846.849 / 83230.51)	/	(2260.242 / 118612.703)
	=	0.02219	/	0.019056
	=	1.1645

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)
	=	((26151.545 + 47533.827) / 119032.648)	/	((13089.17 + 69731.371) / 131049.463)
	=	0.619035	/	0.631979
	=	0.9795

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
	=	(-2466.511 - 0	-	4074.952)	/	119032.648
	=	-0.054955

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.

Jinko Solar Co has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.

Jinko Solar Co Beneish M-Score Related Terms

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Jinko Solar Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Jinko Solar Co Ltd (SHSE:688223) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No. 1, Jinke Avenue, Economic Development Zone, Jiangxi Province, Shangrao City, CHN, 334000

Website

https://www.jinkosolar.com

Jinko Solar is the largest Chinese solar module manufacturer by global shipment in 2024. Jinko's products are distributed across nearly 200 countries and regions. The company operates a vertically integrated production process, spanning from solar wafer and cell manufacturing to module production. Jinko's N-type cell capacity is industry-leading in scale.

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