Annual Report 2025

CHAIRMAN’S STATEMENT 8 The United Laboratories International Holdings Limited Annual Report 2025 Success in UBT251 Out-Licensing: Another Milestone in Innovative Transformation In 2025, the total value of out-licensing deals for Chinese innovative drugs exceeded US$130 billion, reaching record highs in terms of transaction volume, value, and upfront payments. China’s innovative drug has entered a new stage of development, successfully securing a core position within the global pharmaceutical innovation landscape. During the Year, the Group entered into an exclusive license agreement with Novo Nordisk A/S, a leading global healthcare company, for UBT251, a triple agonist of GLP-1R/GIPR/GCGR, granting Novo Nordisk A/S the rights to develop, manufacture, and commercialise UBT251 globally (excluding Mainland China, Hong Kong SAR, Macao SAR, and Taiwan). During the Year, the Group successfully received the upfront payment for this transaction. As the UBT251 project progresses, the Group will successively realise milestone payments, further unlocking the product’s value. This collaboration signifies high recognition of the Group’s innovative R&D capabilities by the leading global pharmaceutical giants, marking a milestone leap from local innovation to global out-licensing. Leveraging this, we will explore diversified new drug collaboration models with a more open attitude, build a global innovation network, and continuously enhance The United Laboratories’ innovative influence. Expanding Diversified Collaborations While Accelerating Global Footprint The Group is firmly advancing its internationalisation strategy by actively expanding its global business presence. Beyond new drug out-licensing, various business segments are accelerating their overseas expansion, achieving significant breakthroughs in multiple dimensions such as market coverage, customer development, and industrial synergy, comprehensively speeding up the internationalisation process. During the Year, the Group actively participated in top-tier industry exhibitions and academic and industrial exchange events, including CPHI Worldwide, CPHI China, VIV Asia, Chronic Disease Prevention Conferences, and Frontier Diabetes Academic Meetings, engaging in in-depth interactions with Chinese and global clients, and continuously enhancing its brand influence. Adhering to the business principle of “friendship, equality, and mutual development”, we have entered into strategic collaborations with multiple domestic and international partners, injecting new momentum into our global presence. We continue to drive global business development at a relentless pace. During the Year, our insulin products successfully marked the beginning of the Group’s finished products business going global, setting a record for export sales volume among Chinese products of the same category. Currently, the Group has established business collaborations with clients in multiple “Belt and Road” countries and emerging markets, steadily advancing the international presence of its finished products business. In the future, the Group will continue to align with the national “Belt and Road” development strategy, fully leveraging its vertically integrated industrial advantages. We will intensify our efforts in key countries along the route and emerging markets, working hand-in-hand with local partners to construct targeted market strategies and operational systems. Simultaneously, we will accelerate the overseas registration of key products, continuously enrich our product matrix, and rapidly advance our strategic internationalization presence.