Analysis of Bennben Healthcare (02293.HK) as a Hot Stock: Coexistence of Declining Performance and High Dividend Yield

This analysis is based on the hot list information from the Hong Kong East Money App. Bennben Healthcare (02293.HK) recently became a target on the Hong Kong Stock Surge List [3]. Key points include: no recent major news events supporting its hot stock status, a 43.3% drop in 2025 net profit, a TTM dividend yield of 13.89%, and low trading volume. The most critical finding is the contradiction between the hot stock phenomenon and fundamentals, with the high dividend yield possibly being the short-term focus.

Bennben Healthcare is a small healthcare company in Hong Kong, mainly engaged in medical staffing solution services (accounting for 82.86% of revenue) [2]. Its 2025 performance was under pressure: net profit fell to HK$17.541 million (a 43.3% year-on-year drop), and revenue was HK$74.4 million [1]. Despite the declining performance, the company announced a final dividend of HK$0.025 per share, with a dividend yield significantly higher than the market average [1]. The current share price is HK$0.54, with a 52-week range of HK$0.05-HK$0.95, and a turnover rate of only 12.27%, indicating limited market liquidity [4].

1. Contradiction of Hot Stock
   : No recent major events but on the hot list, possibly related to short-term pursuit of high dividend yield.
2. Business Concentration Risk
   : Single business structure (medical staffing accounts for over 80%) makes it vulnerable to industry policy changes [2].
3. Dividend Sustainability in Doubt
   : High dividend yield contrasts with declining net profit; need to pay attention to future dividend-paying ability [1].

• Performance Deterioration Risk
  : 43.3% YoY drop in net profit, continuous weakening of profitability [1].
• Liquidity Risk
  : Low turnover rate (12.27%) may lead to increased stock price volatility [4].
• Business Concentration Risk
  : Dependence on a single service line leads to insufficient risk resistance [2].

• High Dividend Attraction
  : A 13.89% dividend yield may attract income-type investors [1].

The hot stock phenomenon of Bennben Healthcare (02293.HK) lacks support from recent major events. Its fundamentals are under pressure but the dividend yield is prominent. Single business structure and low trading volume are major concerns; investors need to balance high dividend returns with potential risks.