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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The United Laboratories International
The United Laboratories International (3933) investor relations material
The United Laboratories International H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary31 Aug, 2026
Executive summary
Revenue for H1 2026 was RMB6,165.9 million, down 18.0% year-over-year, with gross profit decreasing 46.0% to RMB2,119.5 million and EBITDA falling 66.5% to RMB920.8 million.
Profit attributable to owners was RMB347.6 million, an 81.6% decline year-over-year; basic EPS was RMB17.62 cents, down from RMB104.26 cents.
All business segments faced challenging market conditions, with finished products revenue dropping 27.9% and intermediate products down 14.2%, while bulk medicine grew 5.0%.
R&D investment totaled RMB469.1 million, down 14.8% year-over-year, with 40 new drug products and 67 animal healthcare products under development.
No interim dividend was declared for H1 2026, compared to RMB16 cents per share in the prior year.
Financial highlights
Segmental revenue: intermediate products RMB1,976.5m (-14.2%), bulk medicine RMB3,148.4m (+5.0%), finished products RMB2,866.6m (-27.9%).
Segmental profit: intermediate products RMB191.4m (-69.8%), bulk medicine RMB79.7m (-68.2%), finished products RMB398.0m (-73.6%).
Finance costs rose 116.1% YoY to RMB44.9 million due to increased project financing.
Net bank balances and cash after deducting borrowings and supplier finance: RMB3,416.0 million.
Basic EPS: RMB17.62 cents (down 83.1% YoY).
Outlook and guidance
The Group will accelerate R&D and clinical development of innovative products, deepen vertical integration, and pursue international expansion.
Industry transformation and policy support for innovative drugs are expected to drive future growth.
Remaining proceeds from the 2025 share placing are expected to be fully utilised by 2028.
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Latest events from The United Laboratories International
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Next The United Laboratories International earnings date
H2 202623 Mar, 2027
The United Laboratories International
Next The United Laboratories International earnings date
H2 202623 Mar, 2027
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