[Zhenzhuo HK Stock Market Trend] United Laboratories (03933.HK) reports 2025 net profit of 2.09 billion, UBT251 successfully licensed overseas
On March 25, 2026, United Laboratories International Holdings Limited (03933.HK), a leading comprehensive pharmaceutical company in China, $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 international layout. During the year, the Group recorded revenue of RMB 13.21 billion. Gross profit was RMB 5.51 billion, and earnings before interest, taxes, depreciation, and amortization (EBITDA) were 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 proposed 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 distributed, making a total annual dividend of RMB 42 cents per share, representing a payout ratio of 38%.
Innovation-Driven, Transforming for the Future
During the year, the Group invested a total of RMB 1.005 billion in drug R&D, representing a year-on-year increase of 2.0%.
The Group adheres to an innovation-driven development strategy, with years of R&D accumulation continuously entering a harvest period. Currently, there are 42 new human drug products under development, of which 23 are Class 1 new drugs, focusing on endocrinology, metabolism, autoimmunity, ophthalmology, and anti-infection, including several blockbuster products with significant market value. There are 60 new animal health products under development, 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 evaluation are steadily progressing.
During the year, the Class 1 new drug UBT251 injection successively initiated Phase II clinical studies in China for multiple indications including overweight or obesity, diabetes, metabolic dysfunction-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 Youli Tai® (Liraglutide Injection), was approved for marketing, and the much-anticipated Semaglutide Injection (for diabetes) has entered the stage of production application submission, expected to benefit a wide range of patients as soon as possible.
UBT251 Successfully Licensed Overseas, Expanding Diverse Collaborations
During the year, the Group entered into an exclusive licensing agreement with Novo Nordisk A/S for UBT251 (a GLP-1R/GIPR/GCGR triple agonist), granting Novo Nordisk the rights to develop, manufacture, and commercialize UBT251 globally (excluding Mainland China, Hong Kong SAR, Macau SAR, and Taiwan), and has successfully received an upfront payment for this transaction. With the advancement of the UBT251 project, the Group will gradually realize milestone payments of up to USD 1.8 billion. This collaboration signifies that the Group's innovative R&D capabilities have been highly recognized by an international pharmaceutical giant, achieving a milestone leap from local innovation to global licensing.
In addition to out-licensing new drugs, various business segments also 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 industry exhibitions, academic, and industrial exchange events such as CPHI Worldwide, CPHI China, VIV Asia, Chronic Disease Prevention and Control Conferences, and Diabetes Frontier Academic Conferences, engaging in deep interactions with Chinese and global clients and continuously enhancing brand influence.
During the year, insulin products were successfully exported to Brazil, setting a new record for export volume of similar Chinese products. In the future, the Group will continue to respond to the national "Belt and Road" development strategy, fully leverage the advantages of vertical integration, 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 the overseas registration of key products, continuously enrich the product portfolio, and rapidly advance the international strategic layout.
Improving Quality and Efficiency, High-Quality Development
The Group actively promotes AI strategic 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 team building, adhering to a people-oriented approach, the Group continuously improves the institutional system, 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 Craftsman Training School was successfully launched, which will continuously supply professional and skilled talents for regional industrial upgrading.
The Group steadily advances capacity upgrades, with several key construction projects successfully completed. Relying on a complete industrial chain advantage, it continuously enhances the comprehensive competitiveness of the enterprise and fully empowers the Group's high-quality development.
Looking ahead, Mr. Cai Haishan, Chairman of United Laboratories, concluded: "Facing the new development landscape, with a solid industrial foundation and forward-looking strategic layout, the Group is confident in seizing opportunities and addressing challenges. The Group will uphold the innovation-driven development strategy, continuously advance R&D innovation and technological upgrades, deepen the vertical integration 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 the global business, cooperation, and innovation network layout. In the future, we will unswervingly follow the path of high-quality and sustainable development, committed to creating more value for shareholders and society."
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
