Annual Report 2025

MANAGEMENT DISCUSSION AND ANALYSIS 12 The United Laboratories International Holdings Limited Annual Report 2025 Relying on mature large-scale production capabilities, the Group has accelerated its innovative R&D, continuously optimised and refined its product mix, and consistently reinforced its core competitive advantages within the industrial chain. Simultaneously, by improving quality and efficiency to enhance cost competitiveness, establishing and perfecting the quality systems aligned with international standards, and connecting with global clients through professional and efficient services, the Group continued to elevate its comprehensive competitive strength amidst industry transformation. Finished Products Business During the year, the external sales of Finished products was RMB6,697.8 million (including license fee income of RMB1,442.2 million), representing a year-on-year increase of 41.7% and accounted for 50.7% of total revenue of the Group. The success of our insulin products marked the beginning of the Group’s finished products business going global, maintaining stable supply and order delivery during the year while 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. Endocrine/Metabolism The main products include 優思靈 ® USLIN ® (Human Insulin Injection (N/R/30R/50R)), 聯邦優樂靈 ® USLEN ® (Insulin Glargine Injection), 聯邦優倍靈 ® UBLIN ® (Insulin Aspart/Insulin Aspart 30 Injection), 聯邦優利泰 ® (Liraglutide Injection), and 聯邦 ® 滅特尼 ® (Glipizide Tablets). The Group’s first GLP-1 product, 聯邦優利泰 ® (Liraglutide Injection), was approved for marketing during the year. As the first segmented production pilot variety of biological products in China to achieve production capacity conversion, 聯邦優利泰 ® offers significant advantages in meeting market demand, improving production efficiency, and ensuring product quality. The Group partnered with JD Health for an exclusive nationwide online launch of 聯邦 優利泰 ® , leveraging JD Health’s expertise in product education, convenient online consultations and prescriptions, nationwide cold-chain delivery services, and its mature model as the “first stop for nationwide new drug launches”. This collaboration accelerated the accessibility of domestically produced GLP-1 drugs to a broader patient population. During the year, endocrine and metabolism products recorded total gross sales of RMB1,963.2 million, representing a year-on-year increase of 57.3%.