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2024 Annual Results Announcement The United Laboratories International Holdings Limited (3933.HK) March 2025
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2 Disclaimer This document is for information purposes only and is not intended to provide any representation, in whole or in part, of the relevant matters. Please refer to the 2024 annual results announcement and other relevant announcements published on the website of the Stock Exchange of Hong Kong (www.hkexnews.hk) for further information. By reading these materials, you agree to be bound by the following limitations: The information herein has been prepared by representatives of The United Laboratories International Holdings Limited (the “Company” or “TUL”) solely for your information and have not been independently verified. The information herein does not constitute any recommendation regarding any securities of the Company. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. The Company, nor any of their respective affiliates, controlling persons, directors, officers, employees, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of the information herein or its contents or otherwise arising in connection with the information herein. The information or opinions set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially without notice and shall only be considered current as of the date hereof. The information herein is based on the economic, regulatory, market and other conditions as in effect on the date hereof. Certain information in the materials contain information may be sourced from third parties, which has not been independently verified by the Company. It should be understood that any subsequent developments may affect the information contained herein, which the Company is not under an obligation to update, revise or affirm. You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company and any of its subsidiaries.
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Section 1 Annual Snapshot
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43.8% 6,334.8 6,082.4 4,969.0 46.1% 44.2% 0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%10.00%11.00%12.00%13.00%14.00%15.00%16.00%17.00%18.00%19.00%20.00%21.00%22.00%23.00%24.00%25.00%26.00%27.00%28.00%29.00%30.00%31.00%32.00%33.00%34.00%35.00%36.00%37.00%38.00%39.00%40.00%41.00%42.00%43.00%44.00%45.00%46.00%47.00%48.00%49.00%50.00%51.00%52.00%53.00%54.00%55.00%56.00%57.00%58.00%59.00%60.00% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2022 2023 2024 1,581.1 2,701.4 2,659.7 2022 2023 2024 11,334.3 13,739.9 13,758.9 2022 2023 2024 4 2024 Annual Results Snapshot 25.0 52.0 56.0 2022 2023 2024 0.1% -4.0% 7.7% Revenue (RMB million) Gross Profit (RMB million) & GP Margin (%) Profit Attributable to Owners of the Company (RMB million) Dividend per Share (RMB cents) -1.5%
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5 Business Snapshot • Sales revenue from intermediate products increased by 14.8% YoY • Sales revenue from animal healthcare products increased by 17.1% YoY • Established a finished products marketing team, under a new management framework of medical market, OTC market and broader market • Established Healthcare Products Division in 2024, committed to continuously establishing iconic brands in the health consumption sector • This year's dividend payout ratio rose to 38.3% • Liraglutide injection received marketing approval in Mar 2025 • The marketing applications for semaglutide injection and insulin degludec injection have been accepted • UBT251 Injection: - Phase Ib clinical trial was completed in China in Jan 2025; - Clinical trials for CKD indication were approved in China and the U.S. respectively in Jan and Mar 2025 • The first subject has been enrolled in the Phase II clinical trial for TUL01101 Tablets /Ointment & TUL12101 Eye Drops Prudent Management Continuous Dividend Payouts Number of Class 1 New Drug in Development 22 • Entered an Exclusive License Agreement with Novo Nordisk for UBT251 in Mar 2025 • Human insulin won a tender from Ministry of Health (Brazil) • Continued to promote overseas expansion for animal health products and obtained several overseas registration approvals • Signed a Strategic Cooperation Agreement with Sinopharm Group to enhance the cooperative marketing of all product series • Partnered with New Zealand Riverland Foods to expand reach in the premium pet food sector Strengthen Partnerships Expand Globally • Pursuant to the 2023 Share Award Scheme, a total of 3,606,180 award shares of the first tranche have been granted • Focused on talent development to build a professional, efficient, and innovative team • The Inner Mongolia base has initiated projects for salt fractionation and acid-alkali conversion, as well as biogas incineration waste recovery and utilization, to actively build green factories • Aligned with international standards to consistently enhance the quality system MSCI ESG rating A Business Highlights Significant Advancements Innovation & R&D Sustainable Development
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License-out 6 Scope of Rights Financial Terms An upfront payment of USD200 million Tiered royalties on annual aggregate net sales Will obtain exclusive worldwide rights (excluding Chinese mainland, Hong Kong, Macau and Taiwan) to develop, manufacture and commercialise UBT251 Novo Nordisk United Laboratories A leading comprehensive pharmaceutical company in China A globally leading biopharmaceutical company Will retain the rights in Chinese mainland, Hong Kong, Macau and Taiwan United Biotechnology Novo Nordisk • Class I new drug • GI hormone analogue with multi-target (GLP- 1/GCG/GIP) effect • The first enterprise in China and the second in the world to be approved for clinical trials of such analogue prepared by chemical synthesis polypeptide method • Clinical indications approved for clinical trials: - T2DM (China, the U.S.) - Overweight/Obesity (China, the U.S.) - Chronic Kidney Disease (CKD) (China, the U.S.) - Metabolic Associated Fatty Liver Disease (MAFLD) United Biotechnology Enters an Exclusive License Agreement with Novo Nordisk for UBT251, a Triple Agonist of GLP-1R/GIPR/GCGR Milestone payments of up to USD1.8 billion UBT251
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Overseas Footprint • Won the human insulin procurement bid from the Ministry of Health (Brazil) in 2024 • Received 6 animal healthcare product registration approvals in Vietnam and Australia • Covers nearly 80 countries and regions globally, including Europe, India, the Middle East, South America, Southeast Asia, and others • Obtained official approvals and certifications including EDQM, U.S. FDA, Germany, India, Brazil, Mexico and other regions • Our strategy will center on diabetes products, with a key focus on expansion into markets of the "Belt and Road" Initiative Overseas Revenue RMB2,643.4 Million 19.2% of Total Revenue Revenue in China RMB11,115.6 Million 80.8% of Total Revenue Intermediate Products & Bulk Medicine Human-use Finished Products Animal Health Products 7
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Section 2 Financial Highlights
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9 RMB million 2024 2023 y-o-y change 1H2024 2H2024 Revenue 13,758.9 13,739.9 +0.1% 7,175.8 6,583.1 Gross profit 6,082.4 6,334.8 -4.0% 3,344.4 2,738.0 EBITDA 3,939.4 3,976.7 -0.9% 2,231.9 1,707.5 Profit attributable to owners of the Company 2,659.7 2,701.4 -1.5% 1,491.4 1,168.3 Earnings per share (RMB cents) - Basic 146.39 148.67 -1.5% 82.08 64.31 Dividend per share (RMB cents) -Interim dividend -Final dividend -Special dividend 16.0 28.0 12.0 12.0 28.0 12.0 +33.3% +0% +0% -- -- Annual dividend payout ratio 38.3% 35.0% +3.3p.p. -- -- Financial Overview
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10 1,599.2 2,316.9 2,658.7 5,174.7 6,399.2 6,372.7 4,560.4 5,023.8 4,727.5 2022 2023 2024 Finished Products Bulk Medicine Intermediate Products 11,334.3 13,739.9 RMB million Intermediate Products Bulk Medicine Finished Products 2024 2023 2024 2023 2024 2023 Segment profit before R&D expenses 2,215.3 2,098.2 904.6 969.4 889.3 1,044.4 Segment profit 2,101.4 1,984.5 704.9 781.8 312.1 588.5 Segment margin 35.9% 34.5% 9.6% 10.6% 6.6% 11.7% 13,758.9 -5.9% YoY, 34.4% of revenue +14.8% YoY, 19.3% of revenue -0.4% YoY, 46.3% of revenue Note: Segment profit includes intersegment sales Segment Business Revenue (RMB million)
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As at 31 Dec 2024 As at 31 Dec 2023 Current ratio 1.83 2.08 Net current assets (RMB million) 7,298.1 7,160.5 Net cash position# (RMB million) 2,139.7 1,755.5 Cash and cash equivalents (RMB million) 6,329.8 4,262.0 Total assets (RMB million) 25,833.1 21,017.2 # Net cash position denotes the Group’s net cash and bank balances after deducting borrowings and trade payables under supplier finance arrangement (mainly refer to bills payables). 2024 2023 Net cash from operating activities (RMB million) 3,199.3 2,439.4 11 Other Key Financial Indicators
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Section 3 Business Review
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13.4% 3.7% 11.7% 5.5% 26.2% 29.2% 10.3% Revenue Breakdown of Finished Products in 2024 Semi-synthetic penicillins antibiotics: -4.6% to RMB632.6 million Cephalosporins antibiotics: -10.7% to RMB175.0 million β-lactamase inhibitors antibiotics: -44.8% to RMB553.9 million Carbapenems antibiotics: -9.9% to RMB259.1 million Insulin Series: +10.1% to RMB1,236.4 million Animal Healthcare: +17.1% to RMB1,382.2 million Others: -14.7% to RMB488.4 million 13 In 2024, sales revenue from finished products decreased by 5.9% to RMB4,727.6 million, accounting for 34.4% of the Group’s total external sales Finished Products – Revenue Breakdown # # Sales revenue denotes gross sales including sales discounts
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661.8 506.6 457.6 422.2 422.5 499.5 91.6 188.4 250.3 9.8 5.7 28.9 2022 2023 2024 Recombinant Human Insulin Injection Insulin Glargine Injection Insulin Aspart / Insulin Aspart 30 Injection Injection Pen 1,123.3 1,185.3 14 USLIN Recombinant Human Insulin Injection • Launched in 2009 • Including four specifications: N, R, 30R and 50R USLEN Insulin Glargine Injection • Launched in 2016 • Long-acting insulin with steady blood glucose control UBLIN Insulin Aspart / Insulin Aspart 30 Injection • Launched in 2021 • Fast-acting insulin analogue with rapid onset of action Sales Revenue of Insulin# (RMB million) # Sales revenue denotes gross sales including sales discounts Finished Products – Insulin Series 1,236.4 Sales volume of insulin analog +41.0%
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15 Including oral and injectable antibiotic products of penicillins, cephalosporins, β-lactamase inhibitors and carbapenems Sales revenue from antibiotic products (including Animal Healthcare) decreased by 10.0% to RMB3,179.6 million in 2024 Finished Products – Antibiotics 他唑仙 Piperacillin Sodium and Tazobactam Sodium for Injection Sales revenue decreased by 56.5% to RMB294.0 million 阿莫仙 Amoxicillin Capsules Sales revenue decreased by 2.8% to RMB531.4 million 强力阿莫仙 Amoxicillin and Clavulanate Potassium for Suspension Sales revenue decreased by 25.1% to RMB210.8 million 倍能安 Imipenem and Cilastatin Sodium for Injection Sales revenue decreased by 8.0% to RMB258.6 million 赛乐林 Roxithromycin Capsules Sales revenue increased by 2.6% to RMB89.5 million
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16 • Healthcare Product Division established in 2024 • Embrace an “Omni-channel, all fields, and all people” strategy • Committed to continuously establishing iconic brands in the health consumption sector Build a Healthy Consumer Brand Diverse Product Portfolio • Cardiovascular Health • Bone and Joint Nutrition • Intestinal Regulation • Vision Protection • Immune Regulation • Skin Whitening & Anti-aging • Vital Energy and Blood Nourishment Optimize Sales Network • Online platform matrix encompassing e-commerce, live streaming, and new retail channel • Products are available on Tmall, JD.com, Douyin, Kuaishou, WeChat Store and Rednote • Coverage of over 9,000 chain pharmacies and health-focused vertical channels Finished Products – Healthcare Launched 18 products, covering 5 major product lines of general dietary supplements, health foods, cross- border nutritional supplements, medical devices and medical aesthetic skincare In 2024, sales revenue form Healthcare Products reached RMB19.97 million
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Mainly engaged in the R&D, production and sales of veterinary drugs used in economic and companion animals A full range of β-lactams products and a leading position in penicillin-based veterinary drugs Establish production bases in Southern, Northern and Central China, forming a nationwide network Expand strategic cooperation and venture into the global market Build a leading brand in China’s animal health industry and become a global leader in animal health industry Finished Products – Animal Healthcare 17 Our Partners (Partially listed)
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Livestock Poultry Pet Aquatic 24.0% 24.3% 20.7% 7.1% 5.5% 18.4% Amoxicillin Soluble Powder Penicillin Sodium for Injection Amoxicillin Sodium for Injection Ampicillin Sodium for Injection Compound Amoxicillin Powder Others 18 Revenue Breakdown of Animal Healthcare in 2024 (By Categories) Aquatic Poultry Pet Livestock Revenue Breakdown of Animal Healthcare in 2024 (By Products) Finished Products – Animal Healthcare 93.8% 3.9% 1.0% 1.3% 796.9 1180.1 1,382.2 2022 2023 2024 Sales Revenue of Animal Healthcare (RMB million) 17.1%
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Flagship Products 联克净 联治灵 邦倍林 联邦金 联立健 Finished Products – Animal Healthcare 100+ Veterinary drugs that meet national standards 30+ Feed additives & premixtures 6 Class II new veterinary drug certificates 3 Class IV new veterinary drug certificates 1 Class V new veterinary drug certificates 6 Overseas registration approvals 19 Penicillin Sodium for Injection • Launched in 2016, applicable to livestock • Prompt onset, safe and stable Amoxicillin and Clavulanate Potassium Tablets • Launched in 2023, applicable to pets • Customized APIs, highly absorbable Amoxicillin Soluble Powder 80% • Launched in 2018, applicable to poultry/aquatic • High concentration, cost-effective Compound Amoxicillin Powder • Launched in 2017, applicable to livestock/poultry • Broad-spectrum antibacterial, well-resistant Amoxicillin and Colistin Sulfate Soluble Powder • Launched in 2020, applicable to poultry • First choice for mixed secondary infection
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Revenue breakdown of intermediate products & bulk medicine in 2024 (By Markets) PRC: RMB6,388.1 million Europe: RMB695.6 million India: RMB634.3million Middle East: RMB73.3 million South America: RMB363.3 million Other Asian Regions: RMB633.3 million Other Regions: RMB243.5 million 20.6% 8.9% 47.2% 4.4% 18.3% 0.5% 0.1% Revenue breakdown of intermediate products & bulk medicine in 2024 (By Products) 6-APA: RMB1,857.9 million Penicillin G Potassium First Crystal: RMB800.7 million Semi-synthetic penicillins type: RMB4259.6 million Cephalosporins type: RMB396.2 million β-lactamase inhibitors type: RMB1,659.9 million Carbapenems type: RMB47.0 million Others type: RMB10.1 million 20 In 2024, sales revenue from intermediate products increased by 14.8% to RMB2,658.7 million and bulk medicine decreased by 0.4% to RMB6,372.7 million, accounting for 19.3% and 46.3% of the Group’s total external sales, respectively PRC 70.7% Overseas 29.3% Intermediate Products & Bulk Medicine – Revenue Breakdown
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Types Products Designed Capacity (tonnes) Utilization Rate External Sales Intermediate Products 6-APA/Penicillin G Potassium First Crystal1 20,500 100% 67.7%2 T-Octylammonium Clavulanate 800 88.9% N/A Bulk Medicine Semi-synthetic penicillins type 23,000 93.5% 90% Cephalosporins type 1,200 85.5% 90% β-lactamase inhibitors type 1,568 100% 90% 21 1. Currently, 6-APA and Penicillin G Potassium First Crystal are produced in the same line in Inner Mongolia Company. 2. Opening inventory is not included in calculating the percentage of external sales. Intermediate Products & Bulk Medicine – Production Capacity
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22 Inner Mongolia Guangda Lianfeng Biotechnology Co., Ltd. Production Bases Under Construction New Plant of The United Animal Healthcare (Inner Mongolia) Covers an area of 100 mu Major products Veterinary finished products • Powder/premix • Sterile powder injection • Injections • Disinfectant Pet products • Tablets • Oral liquid • Drops • Soft chews • Feed additives Expected to be completed and put into operation in 2025 Henan Lianmu Veterinary Medicine Co., Ltd. Covers an area of 94 mu Six veterinary drug production lines Major products Veterinary finished products • Powder/premix • Sterile powder injection • Large volume injection Expected to be completed and put into operation in 2025 Zhuhai United Animal Healthcare Co., Ltd. Located in Gaolan Port, Zhuhai Covers an area of 100 mu Major products Veterinary bulk medicine • Cephalosporins • Flunixin meglumine • Enrofloxacin • Special bulk medicine for all kinds of pets Pet drugs Expected to be completed and put into operation in 2025 Zhuhai United Laboratories (Gaolan Port) API Project Covers an area of 180 mu Major products • Sterile enzyme inhibitor APIs • Sterile cephalosporin APIs Expected to be completed and put into operation in 2025 Major products • Bulk medicine • Dodecanedioic acid and others Groundbreaking ceremony in Apr 2024 Upon completion and full production, the newly added annual output value will exceed RMB5 billion
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Section 4 R & D
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593.6 808.3 985.5 2022 2023 2024 24 Approved for Market Launch Liraglutide Injection (3ml:18mg) Mupirocin Ointment (2% (5g:0.1g） Polyvinyl Alcohol Eye Drops (1.4% (0.4ml:5.6mg)) Application for Registration Insulin Degludec Injection Semaglutide Injection (Diabetes) Approved for Clinical Trial Clinical Trials for UBT251 Injection (CKD) approved in China and the U.S. Consistency Evaluation of Generic Drugs Imipenem and Cilastatin Sodium for Injection (0.5g; 1.0g) Amoxicillin and Clavulanate Potassium Tablets (0.375g) Amoxicillin Granules (0.125g) Ceftazidime for Injection (1.0g) Cefuroxime Sodium for Injection (0.75g; 1.5g) Mupirocin Ointment (2% (5g:0.1g) ) Ceftriaxone Sodium for Injection (1.0g; 2.0g) 21.9% R&D Investment & Achievements R&D Investment (RMB million) Note: Partially list R&D achievements from 2024 to March 2025
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25 R&D Pipeline Pre- Clinical UBT38006 Ultra-long-acting Insulin Diabetes Anti-IL-4Ra/TSLP Bispecific Antibody Moderate to severe eczema, asthma Lp (a) Hypolipidemic Drugs Hyperlipoproteinemia, etc. UBT37034 Second-generation GI Hormones Obesity GLP-1 Oral Preparation Diabetes & Obesity Interleukin-2 Fusion Protein SLE, etc Anti-IL-4R Monoclonal Antibody Moderate to severe eczema, asthma sgp130-Fc Fusion Protein IBD Romosozumab Injection Osteoporosis Semaglutide Injection Obesity Insulin Degludec /Liraglutide Injection Diabetes Insulin Degludec and Insulin Aspart Injection Diabetes UBT251 Injection GLP-1/GIP/GCG MAFLD UBT251 Injection GLP-1/GIP/GCG T2DM UBT251 Injection GLP-1/GIP/GCG Overweight/Obesity UBT251 Injection GLP-1/GIP/GCG CKD Semaglutide Injection Diabetes Insulin Degludec Injection Diabetes IND NDA Clinical trials approved in China & the U.S. Class I New Drug Note: Unless otherwise specified, all progress is within China Endocrine/Metabolism Autoimmune Clinical Phase I Clinical Phase II Clinical Phase III Focus on endocrine, metabolism and autoimmune, with a well-developed pipeline of diabetes and obesity drugs
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26 R&D Pipeline Pre- Clinical LB2023 IgA Nephritis LB2311 Bacterial Infection LB2012 Weight Loss/Avoid weight rebound LB2237 Hyperlipemia LB2249 Fat Loss and Muscle Gain LB2332 Fungal Infection LB2149 Demodex Blepharitis LB2343 Bacterial Infection Olopatadine Hydrochloride Eye Drops Conjunctivitis TUL01101 Tablets JAK1 Moderate to severe Atopic Dermatitis Sodium Hyaluronate Eye Drops Xerophthalmia TUL12101 Eye Drops RASP Xerophthalmia TUL01101 Tablets JAK1 Rheumatoid Arthritis Clenbuterol Ointment Atopic Dermatitis Sivelestat sodium for injection Acute pulmonary injury, etc. Olopatadine Hydrochloride Nasal Spray Allergic Rhinitis Symptom Acetylcysteine Effervescent Tablets Respiratory Infection (BE) NDA TUL01101 Ointment JAK1 Atopic Dermatitis Moxifloxacin Hydrochloride Eye Drops Conjunctivitis Levofloxacin Eye Drops Conjunctivitis Finerenone Tablets Diabetic Nephropathy Alendronate Sodium Vitamin D3 Tablets Osteoporosis Tadalafil Tablets Male Dysfunction Multi-Vitamin Tablets Nutritional Supplement Mabrasvir Tablets Type A/B Influenza Metabolism Autoimmunity Ophthalmology Anti-infection Respiratory System Others Class I New Drug Clinical Phase II Clinical Phase I Develop small molecule innovative drugs in the fields of autoimmunity, metabolism, ophthalmology, anti-infection, etc.
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27 2026 (6) 2027 (8) 2028 (1) 2025 (1) 2030 (4) After 2030 (20) 2029 (3) Moxifloxacin Hydrochloride Eye Drops Insulin Degludec and Insulin Aspart Injection Insulin Degludec/ Liraglutide Injection Semaglutide Injection (Obesity) Finerenone Tablets Olopatadine Hydrochloride Eye Drops Olopatadine Hydrochloride Nasal Spray Clenbuterol Ointment Alendronate Sodium Vitamin D3 Tablets UBT251 Injection* (Overweight/Obesity) Romosozumab Injection TUL01101 Tablets* (Rheumatoid Arthritis) TUL01101 Tablets* (Moderate to severe Atopic Dermatitis) TUL12101 Eye Drops* UBT251 Injection* (MAFLD) UBT251 Injection* (CKD) UBT37034* UBT38006* GLP-1Oral Preparation* Lp (a) Hypolipidemic Drugs* Anti-IL-4R Monoclonal Antibody Anti-IL-4Ra/TSLP Bispecific Antibody* Interleukin-2 Fusion Protein* sgp130-Fc Fusion Protein* Insulin Degludec Injection Semaglutide Injection (Diabetes) Sodium Hyaluronate Eye Drops Levofloxacin Eye Drops Acetylcysteine Effervescent Tablets Tadalafil Tablets UBT251 Injection* (Diabetes) TUL01101 Ointment* Multi-Vitamin Tablets Autoimmunity Metabolism Ophthalmology Anti-infection Respiratory System Others * Class I New Drug LB2023* LB2237* LB2249* LB2012* LB2149 LB2311* LB2332* LB2343* Sivelestat sodium for injection Mabrasvir Tablets Expected Market Debut
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28 • The safety profile of UBT251 was consistent with incretin-based therapies.The most common adverse events were gastrointestinal and the vast majority were mild to moderate in severity • The clinical trial achieved the expected results, supporting its progression to the next stage of clinical study • TUL has initiated a Phase II clinical trial for overweight/obesity in China About UBT251 China Phase Ib (Overweight/Obesity) Clinical Trial • Adopted a randomized, double-blind, placebo- controlled trial design • To evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of multiple subcutaneous injections of UBT251 injection • A total of 36 patients were enrolled in three different dose groups (1mg, 1mg/3mg, 1mg/3mg/6mg). Each group adopted a dose titration method, with subcutaneous injection once a week for 12 consecutive weeks 3 dose groups Each group adopted a dose titration method (1mg, 1mg/3mg, 1mg/3mg/6mg) 36 36 patients were enrolled 12 weeks -15.1% UBT251 China Phase Ib (Overweight/Obesity) Clinical Trial Achieved Outstanding Results R&D – Key Projects With subcutaneous injection once a week for 12 consecutive weeks At the 12th week of administration, the average weight of the people who completed the study in the highest dose group decreased by 15.1% from baseline, while the average weight of people in the placebo group increased by 1.5% from baseline
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TUL12101 Eye Drops • Class I new drug • Novel Small Molecule RASP (Reactive Aldehyde) Inhibitors • Eye drops for the treatment of dry eye syndrome • A clear and well-defined mechanism of action, ensuring safety and comfort • No other products with the same mechanism on the market in China or worldwide at present • The first subject was enrolled in the phase IIa clinical trial in Oct 2024 TUL01101 Tablets & TUL01101 Ointment Study on Safety and Tolerance of TUL01101 Tablets • Clinical results from phase Ia & Ib clinical trials demonstrate a favorable dose-response relationship of TUL01101 in human subjects, with significant efficacy and good safety profile observed among patients. Photos on the left demonstrate the change in drug efficacy from baseline to 96-day in a subject treated with 70mg TUL01101 Tablets. pSTAT1 Inhibition Rate - Time Plot (Mean±SD) (PDOS) • Class I new drug • Selective JAK1 inhibitor • Phase Ib clinical trial for the treatment of rheumatoid arthritis completed • Phase II clinical trial of moderate-to-severe atopic dermatitis indication in progress • Preparation for Phase III clinical trial of topical medications for atopic dermatitis R&D – Key Projects pSTAT Inhibition Rate (%) Time (h) Before Medication 29 After Medication
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R&D Pipeline – Animal Healthcare Invention Stage Short-acting Insulin for Dogs and Cats Diabetes RD125 Deworming Amoxicillin and Clavulanate Potassium Injection Bacterial Infection Pyrantel Pamoate and Praziquantel Tablets Hybrid Infection of Nematodes and Tapeworms Non-Clinical Study Clinical Trial Production Application JAK1 Inhibitor for Dogs Allergic & Atopic Dermatitis Super-long-acting Insulin for Dogs & Cats Diabetes Long-acting Interferon for Dogs and Cats Viral Infection Monoclonal Antibody Injection for Canine Atopic Dermatitis Allergic & Atopic Dermatitis FIP Antiviral Medication Feline Infectious Peritonitis Long-acting Analgesic Monoclonal Antibodies for Dogs/Cats Osteoarthritis Pain in Dogs/Cats Oxalate Inhibitor Feed Additive RD64 / RD37 Swine dysentery, salmonellosis, etc. RD108 Bacterial Infection RD113 Bacterial Infection RD127 Antipyretic & Analgesic RD123 Bacterial Infection Tylvalosin Tartrate Soluble Powder Respiratory Disease Carbasalate Calcium Soluble Powder Antipyretic & Analgesic Amoxicillin Sodium for Injection Bacterial Infection Ampicillin Sodium for Injection Bacterial Infection RD124 Bacterial Infection RD126 Bacterial Infection Class I new veterinary drug Class IV new veterinary drug Class II new veterinary drug Others Pet Livestock Poultry Aquaculture 30
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RD121 Bacterial & Mycoplasma Infection R&D Pipeline – Animal Healthcare Invention Stage RD83 Piglets Iron Supplementation RD16 Dairy Cow Mastitis RD39 Iron Supplement RD120 Dog Pancreatitis RD03 Anti-helminth Drug RD117 Bacterial Infection RD118 Antibiotics RD144 Anti-inflammatory & Pain-relieving RD30 Bacterial Infection RD67 Fungus Infection RD69 Fungus Infection RD80 Antemetic RD98 Cutaneous Acne RD99 Fleas and Ticks Infection RD102 Painkiller RD103 Appetite Management RD104 Fungal Infection of Ear Canal RD105 Deworming RD106 Disinfect RD111 Dog Atopic Dermatitis RD112 Dog Joint Pain & Inflammation RD114 Dog Analgesia RD115 Antemetic RD116 Flea & Tick Infection RD119 Atopic Dermatitis RD122 Antiviral RD128 Pancreatitis RD129 Mastocytoma RD130 Long-term Pain Relief in Dogs RD131 Blood Pressure Control in Cats RD132 Medicated Bath & Grooming RD133 Feline Anxiety RD141 Local Anesthesia RD142 Non-surgical Sterilization RD143 Heart Failure Non-Clinical Study Clinical Trial Production Application 31 Class I new veterinary drug Class IV new veterinary drug Class III new veterinary drug Class II new veterinary drug Class V new veterinary drug Others Pet Livestock Poultry
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32 Expected Market Debut 2025 2026 2027 2028 2029 2030 1 1 7 19 12 11 14 2 1 5 1 2 2 1 2 1 11 9 11 1 1 Pet Livestock Poultry Aquaculture 59 independent & collaborative research projects on veterinary drugs for companion and economic animals
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Section 5 Outlook & Strategies
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34 • Adhere to the innovation-driven development strategy, further increase innovation investment and improve R&D efficiency • Expand the new drug pipeline portfolio, with a focus on key therapeutic areas • Continue to advance overseas licensing and partnerships • Build a stronger high-end talent team and motivate innovation vitality • Expedite the international development of all business units to reinforce our global strategic footprint • Deepen the vertical integration of business layout, cultivate diversified business, and strengthen overall competitiveness • Enrich the product matrix and explore potential markets • Strengthen strategic cooperation and solidify market presence • Advance a new framework for complementary and synergy growth across finished products, bulk medicine, animal healthcare and R&D • Ensure robust cash flow to support our business expansion and respond to market changes • Optimize the balance between short-term and long-term debts to manage financial costs and mitigate foreign exchange exposure • Maximize the efficiency of capital use and improve investment returns • Seek for low-cost Renminbi borrowings to facilitate the implementation of project financing • Enhance enterprise value and promote long-term, healthy, and sustainable development Drive a comprehensive and innovation-led transformation Deepen the global strategic footprint Finance Healthy & Sustainable Business Global Strategy R&D Innovation -driven Outlook & Strategies
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Section 6 Appendix
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36 Founded in 1990, The United Laboratories International Holdings Limited (“TUL”) is a leading comprehensive pharmaceutical company in China, mainly engaged in R&D, production and sales of pharmaceuticals. TUL was listed on the Main Board of the Hong Kong Stock Exchange (stock code: 3933) on June 15, 2007. Currently, TUL is a constituent stock of the Hang Seng Composite Index Series and maintained at A level in the MSCI ESG Ratings, ranking at the forefront in pharmaceutical industry. Over the past three decades, TUL has expanded from an initial product structure dominated by antibiotics to encompass biopharmaceuticals and veterinary drugs, while continuously optimizing the vertically integrated business model. With seven production bases, TUL’s product portfolio covers pharmaceutical intermediates and APIs, finished products, veterinary drugs, pharmaceutical capsules, and medical devices. Its sales network extends to nearly 80 countries and regions worldwide. TUL is committed to expanding drug research areas and international perspective, with a comprehensive presence across multiple platforms and a focus on endocrinology, autoimmunity, high-end anti-infectives, ophthalmology, and other fields. Multiple Class I innovative drugs have entered clinical trials. To date, over 100 research projects are in progress and more than 100 patents have been obtained. 1990 Establishment 2007 Listed on HKEX 7 Production Bases 17,000+ Employees About TUL
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Business Model 37 Carbapenems Antibiotics T-Octylammonium Clavulanate Penicillin G Potassium First Crystal 6-APA β-lactamase Inhibitors Type Intermediate Products Bulk Medicine Finished Products #Product names in the same color represent the same type from upstream to downstream varieties.
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Production Bases In Operation 38 Hong Kong Produce finished products Zhongshan Produce finished products Zhuhai Produce bulk medicines, biological and finished products Inner Mongolia Animal healthcare Produce veterinary drugs and feed additives Kendor (Zhejiang) Produce medical devices Inner Mongolia Produce intermediate products and bulk medicines Kaiping Produce empty capsule casings
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39 Sales Network Animal Healthcare Intermediate Products & Bulk Medicine Human-use Finished Products • Team of approximately 4,000 employees, under management by medical market, OTC market and broader market • Operates with 28 sales divisions of finished products • Covers 23,000+ hospitals, 330,000+ health clinics and community clinics, and 230,000+ pharmacies • International Trade Division for Finished Products has been established to expand overseas markets • Team of approximately 100 employees • Operates with eight sales territories • Covers nearly 80 countries and regions globally • Provides service to more than 600 clients worldwide • Established in 2014 • Team of approximately 60 employees • Operates with seven business units and a sales network covering the entire country • Provides service to more than 300 clients • Established an International team and is continuously expanding
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40 R&D Milestones Established the Chemical Pharmaceutical Research Institute 2003 2009 1998 2005 2015 2018 2016 2021 2023 2002 Established a post-doctoral research center Established Guangdong Anti-Infection Drug Engineering R&D Center Received drug registration approval for USLIN (recombinant human insulin) Established the Institute of Biopharmaceuticals Established Guangdong Biomedical Engineering Research Center for Diabetes The first domestic pharmaceutical company to pass the consistency of quality and efficacy evaluation for Amoxicillin Capsules (0.25g) The first domestic company and the second one in the world to be approved for clinical trial for triple agonist of GLP-1R/GIPR/GCGR Received drug registration approval for USLEN (insulin glargine) Received drug registration approval for UBLIN (insulin aspart) Established The United Biotechnology (Hengqin) Co., Ltd. for biological R&D 2025 UBT251 China Phase Ib (Overweight/Obesity) Clinical Trial was completed
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• 18 human drugs under research, including 11 Class I new drugs • 13 veterinary drugs and pharmaceutical excipients, including 5 Class I new veterinary drugs • Over 800 R&D and technical personnel • Post-doctoral research station • Guangdong Biomedical Engineering Research Center for Diabetes • Work closely with nearly 200 authoritative institutes in China that are qualified to conduct national drug clinical trials • Nearly 110 clinical trials have been completed • Cooperate with well-known universities, research institutes and laboratories at home and abroad 41 Clinical Research External Cooperation R&D Platforms Biological Drug • 25 chemical new drugs under research • Generic drug consistency evaluation projects: 8 in progress and 26 have completed • Approx. 220 R&D personnel • Post-doctoral research station Chemical Drug • Cooperation and development of small molecule innovative drug projects • 11 Class I new drugs • 22 partner institutes • 70% of researchers hold master’s or doctoral degrees Innovative (Chemical) Drug Animal Healthcare A Comprehensive R&D System with Multiple Platforms • Established in June 2015 • 10 new veterinary drug registration certificates and 6 overseas registration approvals for animal healthcare products • The team specializes in the fields of veterinary pharmacology, pathology, veterinary medicine, pharmaceutical engineering, etc.
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42 CPHI China Sustainability Influencer 2024 China International Fair for Trade in Services Pioneer in ESG Management HEALTHCARE EXECUTIVE TOP10 Low Carbon Pioneers among Chines Pharmaceutical Listed Companies in 2024 Roadshow China x Excellence IR Best ESG Award PKMG China Outstanding Social Pioneer Environmental Adhere to the concept of sustainable development, comprehensively build green factories Respond to the national carbon peaking & carbon neutrality goals, persist in promoting low-carbon development, and improve energy efficiency Pay attention to climate change, enhance climate risk resilience, and seiz e favorable climate opportunities Social Pay attention to medical accessibility, and relieve the burden of medication costs for patients Equipped with comprehensive systems of R&D and innovation, quality management, supply chain management, staff training and social welfare Establish the “United Medical Education Scholarship ”, involved in a series of philanthropic initiatives , like "Filial Piety Swallows" charity Governance Enhance ESG governance, and embed sustainable development principles into business operations Abide by business ethics, safeguard information security, and protect intellectual property rights Uphold professional, branding, and compliance marketing system management MSCI ESG Rating maintains at Grade A, ranking at the forefront in pharmaceutical industry Sustainable Development
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