United Laboratories (United Laboratories International Holdings Ltd.) reported FY2025 revenue of RMB 13.21 billion, down 4.0% year on year, as lower prices in intermediate and bulk medicine offset robust growth in finished products. EBITDA dropped 17.6% to RMB 3.25 billion, while profit before tax fell 23.1% to RMB 2.53 billion. Net profit attributable to shareholders declined 21.6% to RMB 2.09 billion, translating into basic EPS of RMB 110.65 cents (-24.4%).
The board proposes a final dividend of RMB 26 cents per share; together with the interim RMB 16 cents already paid, full-year payout amounts to RMB 42 cents, implying a 38.0% payout ratio versus 56.0 cents in FY2024.
Segment trends diverged sharply: • Finished products revenue, aided by a RMB 1.44 billion upfront licensing fee from Novo Nordisk for the GLP-1/GIP/GCGR triple agonist UBT251, jumped 41.7% to RMB 6.70 billion and generated segment profit of RMB 1.73 billion (+455.3%). • Bulk medicine sales fell 23.1% to RMB 4.90 billion; segment profit slid 53.4% to RMB 0.33 billion. • Intermediate products sales contracted 39.4% to RMB 1.61 billion, with segment profit tumbling 79.4% to RMB 0.43 billion.
R&D expenditure reached RMB 1.01 billion, up 2.0%, focusing on 23 Class I innovative drug candidates. Key pipeline milestones during 2025 included NMPA approvals for Liraglutide Injection (United 优利泰®) and multiple ophthalmic antibiotics, plus IND and clinical progress for UBT251 and other metabolic and immunology assets.
Balance-sheet metrics remained solid. Cash and equivalents (including pledged deposits) rose to RMB 11.23 billion. Net cash after deducting borrowings and supplier-financing payables improved to RMB 4.03 billion (FY2024: RMB 2.14 billion). Interest-bearing debt totalled RMB 4.98 billion, predominantly floating-rate and Renminbi-denominated.
During July 2025 the company raised HK$2.17 billion (RMB 1.99 billion) via a 156 million-share placement, earmarking 60% for manufacturing expansion— notably the Inner Mongolia and Zhuhai plants—and 40% for R&D, including the UBT251 clinical programme. By year-end, RMB 979.9 million of the proceeds had been deployed.
Capital expenditure was RMB 3.51 billion, up from RMB 2.86 billion in FY2024, driving capacity upgrades. The equity base expanded to RMB 17.48 billion (FY2024: RMB 14.44 billion).
Geographically, China (including Hong Kong) contributed 69.6% of revenue, while Europe surged to RMB 2.00 billion (+188%), reflecting initial export of insulin products.
A legal claim against Evergrande Real Estate Group (Chengdu) resulted in a favourable court ruling awarding RMB 166.5 million, which remains unpaid.
Looking ahead, management reiterated commitment to innovation, digital transformation and overseas expansion, positioning United Laboratories for the upcoming 15th Five-Year Plan period.
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