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Impulse (Qingdao) Health Tech Co (SZSE:002899) Beneish M-Score : -2.47 (As of Apr. 18, 2025)


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What is Impulse (Qingdao) Health Tech 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Impulse (Qingdao) Health Tech Co's Beneish M-Score or its related term are showing as below:

SZSE:002899' s Beneish M-Score Range Over the Past 10 Years
Min: -4.36   Med: -2.51   Max: -1.58
Current: -2.47

During the past 11 years, the highest Beneish M-Score of Impulse (Qingdao) Health Tech Co was -1.58. The lowest was -4.36. And the median was -2.51.


Impulse (Qingdao) Health Tech Co Beneish M-Score Historical Data

The historical data trend for Impulse (Qingdao) Health Tech 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.

* Premium members only.

Impulse (Qingdao) Health Tech Co Beneish M-Score Chart

Impulse (Qingdao) Health Tech Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.29 -2.88 -2.72 -2.39 -3.30

Impulse (Qingdao) Health Tech Co Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 -4.36 -3.30 -2.78 -2.28 -2.47

Competitive Comparison of Impulse (Qingdao) Health Tech Co's Beneish M-Score

For the Leisure subindustry, Impulse (Qingdao) Health Tech 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.


Impulse (Qingdao) Health Tech Co's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Impulse (Qingdao) Health Tech Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Impulse (Qingdao) Health Tech Co's Beneish M-Score falls into.


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Impulse (Qingdao) Health Tech 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 Impulse (Qingdao) Health Tech 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 * 1.0492+0.528 * 0.9921+0.404 * 0.7804+0.892 * 1.2368+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5198+4.679 * -0.018449-0.327 * 0.9292
=-2.47

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was ¥279 Mil.
Revenue was 324.415 + 333.43 + 238.399 + 236.759 = ¥1,133 Mil.
Gross Profit was 110.511 + 106.514 + 67.072 + 77.294 = ¥361 Mil.
Total Current Assets was ¥1,344 Mil.
Total Assets was ¥2,959 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,376 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥72 Mil.
Total Current Liabilities was ¥608 Mil.
Long-Term Debt & Capital Lease Obligation was ¥642 Mil.
Net Income was 36.149 + 37.28 + 13.885 + 15.51 = ¥103 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 50.518 + 59.12 + -31.734 + 79.51 = ¥157 Mil.
Total Receivables was ¥215 Mil.
Revenue was 263.406 + 196.259 + 198.895 + 257.505 = ¥916 Mil.
Gross Profit was 82.161 + 79.753 + 45.973 + 81.986 = ¥290 Mil.
Total Current Assets was ¥884 Mil.
Total Assets was ¥2,253 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,136 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥39 Mil.
Total Current Liabilities was ¥379 Mil.
Long-Term Debt & Capital Lease Obligation was ¥646 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)
=(278.743 / 1133.003) / (214.809 / 916.065)
=0.246021 / 0.234491
=1.0492

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)
=(289.873 / 916.065) / (361.391 / 1133.003)
=0.316433 / 0.318967
=0.9921

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 - (1344.101 + 1375.871) / 2958.932) / (1 - (883.924 + 1136.071) / 2253.15)
=0.080759 / 0.10348
=0.7804

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
=1133.003 / 916.065
=1.2368

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 + 1136.071)) / (0 / (0 + 1375.871))
=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)
=(72.42 / 1133.003) / (38.528 / 916.065)
=0.063919 / 0.042058
=1.5198

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)
=((642.236 + 607.626) / 2958.932) / ((645.729 + 378.564) / 2253.15)
=0.422403 / 0.454605
=0.9292

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
=(102.824 - 0 - 157.414) / 2958.932
=-0.018449

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.

Impulse (Qingdao) Health Tech Co has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.


Impulse (Qingdao) Health Tech Co Beneish M-Score Related Terms

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Impulse (Qingdao) Health Tech Co Business Description

Traded in Other Exchanges
N/A
Address
No. 369 Huashan 2nd road, Jimo, Shandong province, Qingdao, CHN, 266200
Impulse (Qingdao) Health Tech Co Ltd is a fitness equipment manufacturer specializing in the development, manufacture, sales and operation of all-category and multi-series fitness equipment. Its products include treadmill, elliptical, upright bike, recumbent bike, indoor-cycling and others. Its products are mainly divided into commercial products, household products, and outdoor products.
Executives
Sa Xiao Dong Supervisors
Zheng Guo Liang Executives

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