Meiwu Technology Company Limited
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Meiwu Technology Company Limited (WNW) Beneish M-score
Meiwu Technology Company Limited's Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −5.48 | (131.24) |
| FY2022 | 125.76 | 126.99 |
| FY2021 | −1.24 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 4.20 | — | 2.22 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 44.68 | — | 39.85 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.07 | — | −0.01 | |
| Total accruals to total assets | (0.54) | — | −2.51 | |
| Leverage index | 2.38 | — | −0.78 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HOUR Hour Loop, Inc. compare | −3.5× |
| BZUN Baozun Inc. compare | −2.7× |
| NEGG Newegg Commerce, Inc. compare | −2.3× |
| NXH Neighborhood Intelligence, Inc. compare | −2.3× |
| LITB LightInTheBox Holding Co., Ltd. compare | −2.0× |
| MOGU MOGU Inc. Sponsored ADR compare | −1.4× |
| WNW Meiwu Technology Company Limited | — |
| LOGC ContextLogic Inc. compare | — |
| MI NFT Limited compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI