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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.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.
- Finished product and insulin sales soared despite revenue decline, with global expansion and innovation.3933
H2 2025 - Net profit rose 16.1% on higher revenue and strong segment performance, with robust R&D investment.3933
H1 2024 - Stable revenue, higher R&D, and global expansion drive growth amid margin pressure.3933
H2 2024 - Net profit rose 27% on strong finished products growth and major licensing deals.3933
H1 2025
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