UNITED LAB (03933) announced its performance in 2025. The company's net profit attributable to owners is approximately 2.086 billion yuan, a decrease of 21.6% year-on-year.

UNITED LAB(03933) announced its performance in 2025, with revenue of approximately 13.211 billion yuan, a decrease of 4% year-on-year; the company's attributable net profit for the year is approximately 2.086 billion yuan, a decrease of 21.6% year-on-year; basic earnings per share are 110.65 cents, and a final dividend of 26 cents per share is proposed. During the year, the revenue of the intermediate products, raw materials, and formulated products divisions (including sales between divisions) decreased by 31.4%, 19.8%, and increased by 41.7% respectively year-on-year, while the profits of the divisions decreased by 79.4%, 53.4%, and increased by 455.3% respectively year-on-year. The decrease in profits in the intermediate products and raw materials divisions was mainly due to the decrease in market prices of products, while the significant increase in profits in the formulated products division was mainly due to licensing fees from Novo Nordisk. During the year, the group reached an exclusive licensing agreement with the global leading healthcare company Novo Nordisk A/S for UBT251(GLP-1R/GIPR/GCGR triple target agonist), granting them the rights to develop, manufacture, and commercialize UBT251 globally (excluding mainland China, Hong Kong, Macau, and Taiwan). The group successfully received the upfront payment for this transaction. As the UBT251 project progresses, the group will continue to realize milestone earnings and further unlock the value of the product. This collaboration marks a significant milestone for the group in its innovation and R&D capabilities, gaining high recognition from international pharmaceutical giants and achieving a milestone leap from local innovation to global authorization.