Pak Ben Medical Care (02293.HK) Hot Stock Analysis: Coexistence of Medical Demand Growth and Performance Challenges

Pak Ben Medical Care (02293.HK, affiliated with Healthway Medical Group) is a Hong Kong medical service provider focusing on community vaccination center services and comprehensive medical services (prevention, diagnosis, vaccination) [0]. Financial data shows that the company’s revenue growth is driven by COVID-19-related services [1][2], but its profit in FY2025 decreased by 43% year-on-year to HK$17.5 million [0]. In terms of stock price performance, the return since the beginning of 2025 is 16.28%, and the 1-year return is 9.20%, which is relatively stable but lags behind the Hang Seng Index [0]. Regarding the industry background, Hong Kong faces a severe shortage of medical manpower (an estimated shortage of 1,570 doctors by 2030) [0], the government is promoting medical reforms (introducing non-local talents, cross-border medical services) [0][7], and population aging and the increase in chronic diseases further drive medical demand [0].

1. Policy and Demand Resonance
   : Hong Kong’s medical reform policies (such as the introduction of non-local medical talents) and aging-driven demand growth provide market space for the company [0][6][7].
2. Profit and Return Balance
   : Despite the profit decline, the 7.41% dividend yield is still attractive [0], reflecting the company’s efforts to maintain shareholder returns amid challenges.
3. Business Structure Risk
   : Revenue dependence on COVID-related services (which once drove growth [1][2]) may affect long-term stability, and progress in business diversification needs to be monitored.

• Profit Pressure: FY2025 profit decreased by 43% year-on-year [0], reflecting challenges in core business growth.
• Increased Competition: Competition in the medical service market may intensify, especially after the policy opens up to non-local talents [0][7].
• Business Dependence: Uncertainty in demand for COVID-related services may affect future revenue [1][2].

• Policy Dividends: Government support for cross-border medical care and introduction of non-local talents facilitates the company’s expansion [0][6][7].
• Demand Growth: Aging population and increase in chronic disease patients drive long-term demand for healthcare services [0].
• Market Positioning: The layout of community medical services and vaccination centers aligns with primary care needs [0].

As a Hong Kong medical service provider, Pak Ben Medical Care (02293.HK) is at the intersection of industry opportunities and its own challenges. Its stable stock price performance and high dividend yield are attractive, but profit decline and business dependence need to be vigilant. Policy support and market demand growth provide space for long-term development; investors should pay attention to the company’s business diversification and profit improvement measures.