The United Laboratories International Holdings Limited (HK:3933)
:3933
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The United Laboratories International Holdings
(3933)
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Rating:61Neutral
Price Target:
HK$10.00
â–Ľ(-14.82% Downside)
Action:Reiterated
Date:05/03/26
The score is anchored by moderate financial performance (recent revenue decline, margin/ROE pressure, and weak cash conversion) and weak technicals (below key moving averages with negative MACD). These are partially offset by attractive valuation (low P/E and strong dividend yield).
Positive Factors
Sustainable gross margins (~42%)
A ~42% gross margin in 2025 indicates durable product-level profitability typical of established pharma manufacturers. Healthy gross margins provide long-term buffer for R&D and manufacturing investment, supporting cash generation and resilience to pricing or cost pressures over multiple quarters.
Negative Factors
Recent revenue decline (-8.7% in 2025)
A meaningful revenue decline in 2025 signals weakening top-line momentum that can persist if driven by competitive loss, product lifecycle issues, or pricing pressure. Sustained revenue weakness would constrain reinvestment, slow scale benefits, and pressure long-term growth prospects.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustainable gross margins (~42%)
A ~42% gross margin in 2025 indicates durable product-level profitability typical of established pharma manufacturers. Healthy gross margins provide long-term buffer for R&D and manufacturing investment, supporting cash generation and resilience to pricing or cost pressures over multiple quarters.
Read all positive factors
The United Laboratories International Holdings (3933) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$17.52B
Dividend Yield5.11%
Average Volume (3M)9.98M
Price to Earnings (P/E)9.4
Beta (1Y)0.84
Revenue Growth-4.09%
EPS Growth-22.73%
CountryHK
Employees17,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)1.14
Shares Outstanding1,973,026,500
10 Day Avg. Volume7,816,257
30 Day Avg. Volume9,977,158
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)1.13
Price to Sales (P/S)1.49
P/FCF Ratio22.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$16.23Price Target Upside38.26% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.69
Revenue Forecast (FY)HK$12.83B
The United Laboratories International Holdings Business Overview & Revenue Model
Company Description
The United Laboratories International Holdings Limited (3933) is a Hong Kong-based company primarily engaged in the manufacturing and distribution of pharmaceuticals, including generic and branded drugs. The company operates in various sectors suc...
How the Company Makes Money
The company primarily makes money by selling pharmaceutical products. Its revenue model is mainly product-sales driven: it manufactures and markets prescription medicines (including both branded and generic products) and recognizes revenue from sa...
The United Laboratories International Holdings Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.21B | 13.76B | 13.74B | 11.33B | 9.70B |
| Gross Profit | 5.51B | 6.08B | 6.33B | 4.97B | 4.21B |
| EBITDA | 2.83B | 3.35B | 3.98B | 2.54B | 1.98B |
| Net Income | 2.09B | 2.66B | 2.70B | 1.58B | 988.10M |
Balance Sheet | |||||
| Total Assets | 30.91B | 25.83B | 21.02B | 18.98B | 16.33B |
| Cash, Cash Equivalents and Short-Term Investments | 11.24B | 6.33B | 4.26B | 4.74B | 3.33B |
| Total Debt | 4.99B | 3.16B | 1.50B | 2.46B | 1.84B |
| Total Liabilities | 13.34B | 11.40B | 8.27B | 8.37B | 6.99B |
| Stockholders Equity | 17.40B | 14.39B | 12.73B | 10.61B | 9.34B |
Cash Flow | |||||
| Free Cash Flow | 855.45M | 1.33B | 977.50M | 1.25B | 1.06B |
| Operating Cash Flow | 3.75B | 3.20B | 2.44B | 2.03B | 1.54B |
| Investing Cash Flow | -2.17B | -1.73B | -1.56B | -594.92M | -587.22M |
| Financing Cash Flow | 2.78B | 596.91M | -1.36B | -24.17M | -620.93M |
The United Laboratories International Holdings Technical Analysis
Negative
11.74
Price Trends
10.24
Negative
11.20
Negative
12.71
Negative
Market Momentum
-0.31
Positive
30.06
Neutral
6.23
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3933, the sentiment is Negative. The current price of 11.74 is above the 20-day moving average (MA) of 9.53, above the 50-day MA of 10.24, and below the 200-day MA of 12.71, indicating a bearish trend. The MACD of -0.31 indicates Positive momentum. The RSI at 30.06 is Neutral, neither overbought nor oversold. The STOCH value of 6.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3933.
The United Laboratories International Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$11.83B | 11.15 | 24.04% | 3.93% | 15.28% | 14.76% | |
72 Outperform | HK$29.40B | 9.36 | 13.95% | 4.09% | 1.48% | -1.55% | |
63 Neutral | HK$27.20B | 18.83 | 8.60% | 2.26% | 10.00% | -7.54% | |
61 Neutral | HK$17.52B | 9.41 | 12.65% | 5.11% | -4.09% | -22.73% | |
58 Neutral | HK$30.16B | 6.21 | 7.98% | 2.95% | 4.66% | 20.76% | |
57 Neutral | HK$19.81B | 22.15 | 7.26% | 3.13% | 5.48% | -49.67% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
HK:3933
The United Laboratories International Holdings
8.88
-4.25
-32.36%
HK:0867
China Medical System Holdings
11.15
2.57
29.91%
HK:1513
Livzon Pharmaceutical Group
27.66
1.46
5.56%
HK:3320
China Resources Pharmaceutical Group Ltd.
4.80
-0.18
-3.67%
HK:1681
Consun Pharmaceutical Group Ltd.
14.40
4.96
52.59%
HK:0512
Grand Pharmaceutical Group Limited
5.58
-2.87
-33.96%
The United Laboratories International Holdings Corporate Events
United Laboratories Sets June 2026 AGM, Seeks Fresh Share Issuance Mandate
Apr 29, 2026
The United Laboratories International Holdings has called its annual general meeting for 23 June 2026 in Hong Kong, where shareholders will review and adopt the audited financial statements and directors’ and auditor’s reports for the ...
United Laboratories Wins U.S. FDA IND Nod for New Autoimmune Drug TUL321
Apr 28, 2026
The United Laboratories International Holdings has obtained U.S. FDA approval for an investigational new drug application for TUL321 Capsules, a self-developed Class 1 complement factor B inhibitor, while its clinical trial registration in China h...
United Laboratories Wins China Approval to Trial Dupilumab Biosimilar for Atopic Dermatitis
Apr 22, 2026
The United Laboratories International Holdings Limited, through its wholly owned subsidiary Zhuhai United Bio-Pharmaceutical, operates in the biopharmaceutical sector with a focus on innovative therapies for inflammatory and autoimmune conditions....
United Laboratories Clarifies Dividend Wording in 2025 Results Notice
Mar 31, 2026
The United Laboratories International Holdings has issued a clarification to its previously published annual results announcement for the year ended 31 December 2025, correcting an error in the description of its dividend arrangements. The company...
United Laboratories Announces Final Dividend for 2025 Financial Year
Mar 26, 2026
The United Laboratories International Holdings Limited has declared a final ordinary cash dividend of RMB 0.26 per share for the financial year ended 31 December 2025, subject to shareholder approval. The ex-dividend date is set for 7 July 2026, w...
United Laboratories Advances Triple-Agonist Diabetes Drug After Strong Phase II Results
Mar 25, 2026
The United Laboratories International Holdings has reported successful completion of a Phase II clinical trial in Chinese Type 2 diabetes patients for its Class 1 innovative drug UBT251 Injection, a long-acting triple agonist targeting GLP-1, GIP ...
United Laboratories Balances Profit Dip With Bigger Bet on Innovative Drugs
Mar 24, 2026
The United Laboratories reported 2025 revenue of RMB13.21 billion, down 4% year on year, with profit attributable to shareholders falling 21.6% to RMB2.09 billion and basic earnings per share declining to RMB1.1065. The board proposed a final divi...
United Laboratories flags profit drop on weaker bulk drug prices despite licensing boost
Mar 12, 2026
The United Laboratories International Holdings has warned that its 2025 profit is expected to fall to about RMB2 billion, down from roughly RMB2.66 billion a year earlier, based on unaudited management accounts. The decline is primarily attributed...
United Laboratories Sets March 2026 Board Meeting to Approve 2025 Results
Mar 9, 2026
The United Laboratories International Holdings has scheduled a board meeting for 24 March 2026 to review and approve its annual results for the financial year ended 31 December 2025. At the same meeting, the board will also consider whether to rec...
United Laboratories Wins China Approval for New Long-Acting Insulin
Mar 9, 2026
The United Laboratories International Holdings has received approval from China’s National Medical Products Administration to market its Insulin Degludec Injection in both refilled and disposable pen formats, targeting adult diabetes patient...
United Laboratories Reports Strong Phase II Results for Obesity Drug UBT251
Feb 24, 2026
The United Laboratories International Holdings has reported positive Phase II clinical results for UBT251 Injection, a long-acting triple-target GLP-1/GIP/GCG receptor agonist developed by its wholly owned unit United Biotechnology, in Chinese pat...
United Laboratories’ Roxithromycin Capsules Gain First-in-China Consistency Approval
Feb 9, 2026
The United Laboratories International Holdings announced that its wholly owned subsidiary, Zhuhai United Laboratories Zhongshan Branch, has obtained China’s quality and efficacy consistency evaluation approval for its 150mg Roxithromycin Cap...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.