The United Laboratories International (3933) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB13,210.6 million, down 4.0% year-over-year; profit attributable to owners was RMB2,085.9 million, down 21.6%.

• Earnings per share were RMB110.65 cents; full-year dividend was RMB42 cents per share, a 25% decrease.

• The year saw significant progress in innovative drug launches, out-licensing, and global expansion, especially with the Novo Nordisk agreement for UBT251.

• R&D investment increased, with 23 Class I new drug candidates under development and several regulatory approvals achieved.

Financial highlights

• EBITDA was RMB3,247.2 million, down 17.6% year-over-year.

• Gross profit was RMB5,514.1 million, down 9.3% year-over-year.

• Finance costs rose 99.5% to RMB69.7 million; borrowing costs capitalized increased to RMB57.5 million.

• Net bank balances and cash rose to RMB4,027.1 million from RMB2,139.7 million.

• Current ratio remained stable at 1.83.

Outlook and guidance

• The sector is positioned as an “emerging pillar industry” with policy support for innovative drugs.

• Focus remains on R&D, technological upgrades, and global expansion, leveraging economies of scale and integrated operations.

• The company aims to fully utilize proceeds from recent share placement by 2028 for facility expansion and R&D.