【Zhenzhuo HK Stock Trend】United Laboratories (03933.HK) reports net profit of 2.09 billion for 2025, UBT251 successfully licensed for overseas expansion
On March 25, 2026, China's leading comprehensive pharmaceutical enterprise, United Laboratories International Holdings Limited (03933.HK) $UNITED LAB(03933.HK) announced its full-year results for the year ended December 31, 2025.
In 2025, facing market volatility and changes, the Group demonstrated strong development resilience and made significant progress in new drug R&D, out-licensing, and internationalization. During the year, the Group recorded revenue of RMB 13.21 billion. Gross profit was RMB 5.51 billion, and EBITDA was approximately RMB 3.25 billion. Profit attributable to owners of the Company was RMB 2.09 billion, with earnings per share of RMB 110.65 cents. The Board recommended a final dividend of RMB 26 cents per share for the year ended December 31, 2025, together with the interim dividend of RMB 16 cents per share already paid, resulting in a total annual dividend of RMB 42 cents per share, representing a payout ratio of 38%.
Innovation-Driven, Transformation for the Future
During the year, the Group invested a total of RMB 1.005 billion in pharmaceutical R&D, representing a year-on-year increase of 2.0%.
The Group adheres to an innovation-driven development strategy, and years of R&D accumulation continue to yield results. Currently, there are 42 human drug new products under development, of which 23 are Class 1 new drugs, focusing on endocrinology, metabolism, autoimmune diseases, ophthalmology, and anti-infectives, including several blockbuster products with significant market value. There are 60 new products under development in the animal health sector, with pet products accounting for over 70% of the pipeline. In addition, projects such as active pharmaceutical ingredients (APIs), medical aesthetics, and generic drug quality and efficacy consistency evaluations are also progressing steadily.
During the year, Phase II clinical studies in China for the Class 1 new drug UBT251 injection were initiated for multiple indications, including overweight or obesity, diabetes, metabolic-associated steatohepatitis (MASH), and chronic kidney disease, continuously expanding future market potential. The Class 1 new drug UBT37034 injection (for overweight or obesity) received approval for clinical trials in China and the United States, empowering international expansion. Furthermore, the Group's first GLP-1 product, United Youlitai® (Liraglutide Injection), was approved for marketing, and the much-anticipated Semaglutide Injection (for diabetes) has entered the production application stage, expected to benefit a large number of patients soon.
UBT251 Successfully Licensed Overseas, Expanding Diverse Collaborations
During the year, the Group entered into an exclusive license agreement with Novo Nordisk A/S for UBT251 (a GLP-1R/GIPR/GCGR triple-target agonist), granting Novo Nordisk the rights to develop, manufacture, and commercialize UBT251 globally (excluding Mainland China, Hong Kong SAR, Macau SAR, and Taiwan). The upfront payment for this transaction has been successfully received. As the UBT251 project advances, the Group will achieve milestone payments of up to USD 1.8 billion. This collaboration signifies that the Group's innovative R&D capabilities have gained high recognition from an international pharmaceutical giant, marking a milestone leap from local innovation to global licensing.
In addition to out-licensing new drugs, various business segments have accelerated overseas expansion, achieving important breakthroughs in market coverage, customer development, and industrial synergy, comprehensively accelerating the internationalization process. During the year, the Group actively participated in top-tier industry exhibitions, academic, and industrial exchange events such as CPHI Worldwide, CPHI China, VIV Asia, Chronic Disease Prevention and Control Conference, and Diabetes Frontier Academic Conferences, engaging deeply with Chinese and global clients, and continuously enhancing brand influence.
During the year, insulin products were successfully exported to Brazil, setting a new export sales record for similar Chinese products. In the future, the Group will continue to respond to the national “Belt and Road” development strategy, fully leverage its vertically integrated industrial advantages, deepen its presence in countries along the “Belt and Road” and emerging markets, and work with local partners to build targeted market strategies and operational systems. Simultaneously, it will accelerate overseas registration of key products, continuously enrich its product portfolio, and rapidly advance its international strategic layout.
Enhancing Quality and Efficiency for High-Quality Development
The Group actively promotes AI strategy deployment, continuously drives the deep integration of artificial intelligence with core businesses such as R&D, production, and management, empowers quality and efficiency improvement through intelligent means, and injects new momentum into high-quality development.
In terms of team building, the Group adheres to a people-oriented approach, continuously improves institutional systems, optimizes incentive mechanisms, and is committed to building a friendly, responsible, diligent, efficient, and internationally-minded and capable talent team. During the year, the United Laboratories Craftsman Training School was successfully launched, which will continuously supply skilled professionals for regional industrial upgrading.
The Group steadily advances capacity upgrades, with several key construction projects successfully implemented. Leveraging its complete industrial chain advantages, the Group continuously enhances its comprehensive competitiveness, fully empowering its high-quality development.
Looking ahead, Mr. Cai Haishan, Chairman of United Laboratories, concluded: “Facing new development trends, the Group, with its solid industrial foundation and forward-looking strategic layout, is confident in seizing opportunities and meeting challenges. The Group will uphold the innovation-driven development strategy, continuously advance R&D innovation and technological upgrades, deepen the vertically integrated industrial layout, comprehensively improve operational efficiency, and fully leverage scale effects and synergy advantages. In terms of globalization, we will improve the R&D, production, and commercialization systems with international competitiveness, continuously promote the comprehensive global expansion of products, technologies, and brands, and expand global business, cooperation, and innovation network layouts. In the future, we will unswervingly follow the path of high-quality and sustainable development, striving to create more value for shareholders and society.”
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