Annual Report 2025

CHAIRMAN’S STATEMENT 7 The United Laboratories International Holdings Limited Annual Report 2025 During the Year, the Group recorded revenue of approximately RMB13,210.6 million, representing a year-on-year decrease of 4.0%. Profit attributable to owners of the Company was RMB2,085.9 million, representing a year-on-year decrease of 21.6%. Earnings per share were RMB110.65 cents. The Board recommends the payment of a final dividend of RMB26 cents per share for the year ended 31 December 2025. The dividend for the full year was RMB42 cents together with the distributed interim dividend of RMB16 cents per share, representing a dividend payout ratio of 38.0%. Innovation-Driven, Transforming for the Future In 2025, national policy support for the innovative drug industry continued to intensify. The National Healthcare Security Administration issued “Several Measures to Support the High-Quality Development of Innovative Drugs”, proposing 16 specific initiatives aimed at clearing the whole-chain pathway for innovative drugs from R&D and market access to reimbursement and internationalisation. The National Medical Products Administration (NMPA) issued and implemented an “Announcement on Optimising the Review and Approval Process for Clinical Trials of Innovative Drugs”, establishing a 30-day review and approval channel for innovative drug clinical trials in addition to the existing 60-day implied approval system, further enhancing review efficiency. During the year, the first edition of the “Commercial Health Insurance Innovative Drug Catalogue” was officially released, signalling the gradually strengthening role of commercial health insurance in the payment system for innovative drugs. With the continued release of policy dividends, the ongoing improvement of the payment system, the maturing industrial ecosystem, the emergence o f new t echno l og i es , and t he acce l e r a t i on o f internationalisation, the market potential for innovative drugs will continue to expand, maintaining a trajectory of rapid growth. Th e G r o u p a d h e r e s t o a n i n n ov a t i o n - d r i ve n development strategy. Years of accumulated R&D efforts are now bearing fruit, with positive progress achieved in new drug development, out-licensing of new drugs, product registration and approval, and the quality and efficacy consistency evaluation of generic drugs, injecting strong momentum into the Group’s long-term development. The Group currently has 23 Class I new drug candidates under development, including several blockbuster products with significant market potential. During the year, the Group continued to increase its R&D investment, with the development and clinical studies of innovative drugs progressing in an orderly manner. Notably, Phase II clinical studies in China for UBT251 Injection, a Class I new drug, were successively initiated for multiple indications including overweight or obesity, diabetes, metabolic dysfunction- associated steatohepatitis (MASH), and chronic kidney disease, continuously expanding its future market potential. Furthermore, UBT37034 Injection for the indication of overweight or obesity, another Class I new drug, received approval for clinical trials in both China and the United States, empowering its international expansion. During the Year, the Group’s first GLP-1 product, 聯 邦優利泰 ® (Liraglutide Injection), was approved for marketing. This approval further enriches the Group’s product portfolio in the field of diabetes treatment and GLP-1 target. As the first segmented production pilot variety of biological products in the country to achieve production capacity conversion, Liraglutide Injection offers significant advantages in meeting market demand, improving production efficiency, and ensuring product quality. It will also continue to accumulate valuable practical experience for segmented production. Additionally, Semaglutide Injection (for the diabetes indication), which has garnered widespread market attention, has entered the production application stage and is expected to benefit a broad patient population.