Hansoh dividend: history, cash cover and yield
Hansoh paid dividends every year shown; in 2025, shareholder payouts were RMB2,012.184 million. Its 2025 real free cash flow per share was RMB1.04, above diluted EPS of RMB0.93, with RMB0.73 remaining after dividends and buybacks.
How much does Hansoh pay per share?
Hansoh paid dividends every year shown. In 2025, shareholder payouts were RMB2,012.184 million. The rest of that year’s free cash flow stayed available for research, licensing, facilities or reserves. Hansoh also generated RMB6,738 million from operations in 2025 and spent RMB458 million on capital expenditure, mainly workshops and equipment.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 0.93 | 0.73 | 0.52 | 0.44 | 0.44 |
| Real free cash flow per share | 1.04 | 0.58 | 0.45 | 0.38 | 0.34 |
| − Paid to minority owners, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| − Dividends paid, per share | 0.34 | 0.31 | 0.11 | 0.12 | 0.06 |
Does Hansoh's cash cover its dividend?
Hansoh’s real free cash flow margin rose across the five-year period and reached 41.4% in 2025. Hansoh’s real free cash flow per share reached RMB1.04, above diluted EPS of RMB0.93. RMB0.73 remained after dividends and buybacks; net cash rose across the five years shown.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 6,359.436 | 3,616.499 | 2,872.135 | 2,450.712 | 2,104.74 |
| − Dividends paid | 2,012.184 | 1,858.348 | 652.082 | 712.184 | 380.866 |
| − Share buybacks | 0 | 33.693 | 114.865 | 76.618 | 57.969 |
| = Free cash flow not paid out | 4,347.252 | 1,724.458 | 2,105.188 | 1,661.91 | 1,665.905 |
| Paid out, % of free cash flow | 31.6% | 52.3% | 26.7% | 32.2% | 20.8% |
What this means. The company did not keep all of its leftover free cash as cash: it put much of it into investments, so cash can rise or fall even when free cash flow is positive.
What could change Hansoh's dividend?
The dividend base case increases from CNY0.40 to CNY0.48 per share as marketed-product growth supports distributions, but R&D and uneven collaboration income restrain the pace. The bear case cuts the dividend to CNY0.26, while the bull case raises it to CNY0.59. The base starts above the 2025 equivalent of about CNY0.367 and reflects the higher 2026 interim declaration.
The bull case would gain weight if pivotal data lead to applications and approvals, followed by hospital access and sustained prescribing. Faster dividend growth would support the view if operating cash flow improves. Partner milestones would matter most in 2028–2029 because they could validate future royalties.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 6,612 (5,775 / 7,360) | 7,296 (5,742 / 8,610) | 8,112 (5,580 / 10,080) |
| Shares (millions) | 6,072 (6,068 / 6,074) | 6,080 (6,072 / 6,084) | 6,088 (6,076 / 6,177) |
| Dividends per share | 0.40 (0.34 / 0.44) | 0.44 (0.30 / 0.51) | 0.48 (0.26 / 0.59) |
| Price to earnings | 22.00 (16.00 / 28.00) | 20.00 (14.00 / 30.00) | 18.00 (12.00 / 32.00) |
What is Hansoh's dividend yield at today's price?
The final-date outcomes are wide. The bear case is HKD12.94 and the bull case is HKD61.30. Today’s price is HKD31.74, so the model offers substantial downside risk alongside a large upside tail.