UNITED LAB (03933) has announced its financial results for 2025. The company recorded revenue of approximately RMB 132.11 billion, a decrease of 4% compared to the previous year. Profit attributable to owners for the year was approximately RMB 20.86 billion, reflecting a decline of 21.6%. Basic earnings per share were RMB 1.1065, and the board has proposed a final dividend of RMB 0.26 per share.
During the year, segmental revenue (including inter-segment sales) for intermediate products, active pharmaceutical ingredients (APIs), and finished dosage forms decreased by 31.4%, decreased by 19.8%, and increased by 41.7%, respectively. Correspondingly, segmental profit for these divisions fell by 79.4%, dropped by 53.4%, and rose by 455.3%. The significant decline in profit for the intermediate products and API segments was primarily due to lower market prices for these products. In contrast, the substantial profit growth in the finished dosage forms segment was largely driven by licensing fee income from Novo Nordisk.
Within the year, the group entered into an exclusive licensing agreement with the global healthcare leader Novo Nordisk A/S for UBT251, a GLP-1R/GIPR/GCGR triple-target agonist. The agreement grants Novo Nordisk the rights to develop, manufacture, and commercialize UBT251 globally, excluding Mainland China, Hong Kong SAR, Macao SAR, and Taiwan. The group has successfully received an upfront payment for this transaction. As the UBT251 project advances, the group is expected to achieve milestone payments, further realizing the product's value.
This collaboration signifies international recognition of the group's innovative research and development capabilities, marking a significant milestone in its transition from domestic innovation to global licensing.
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