香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 本公告乃由聯邦制藥國際控股有限公司（「本公司」）自願發出。 本公司董事會欣然公佈，於二零二五年九月二十九日，本公司全資附屬公司聯邦生物科技 （珠海橫琴）有限公司自主研發的 1 類創新藥注射用 UBT37034 關於超重或肥胖適應症的 臨 床 試 驗 註 冊 申 請 獲 得 中 國 國 家 藥 品 監 督 管 理 局 臨 床 試 驗 默 示 許 可 ， 受 理 號 為 CXHL2500772。 UBT37034 是一款新型多肽類受體激動劑，可通過選擇性作用於神經肽 Y2 受體減輕體重。 臨床前多種動物模型研究結果顯示，UBT37034 與 GLP-1 類似物聯用能夠顯著降低體重。 此外，UBT37034 注射液關於超重或肥胖適應症的新藥臨床試驗申請（「IND」）已於二零二 ...

The United Laboratories International Holdings Limited 聯 邦 制 藥 國 際 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島成立之有限公司） (Stock code 股份代號: 3933) NOTIFICATION LETTER 通知信函 Dear Non-registered holder(Note 1) , The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.tul.com.hk and the HKExnews' website at www.hkexnews.hk, or the arranged printed form(s) of Current Corporate Communication is enclosed (if appl ...

The United Laboratories International Holdings Limited 聯 邦 制 藥 國 際 控 股 有 限 公 司 Dear Shareholder, 30 September 2025 The United Laboratories International Holdings Limited (the "Company") Notice of Publication of 2025 Interim Report ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.tul.com.hk and the HKExnews' website at www.hkexnews.hk, or the arranged printed form(s) of Current Corporate Communi ...

目錄 2 財務摘要 3 公司資料 4 簡明綜合財務報表審閱報告 5 簡明綜合損益及其他全面收益表 6 簡明綜合財務狀況表 8 簡明綜合權益變動表 9 簡明綜合現金流量表 11 簡明綜合財務報表附註 32 管理層討論與分析 40 其他資料 財務摘要 | | 二零二五年 | 二零二四年 | 上升 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | | 收入 | 7,518,683 | 7,175,804 | 4.8% | | 未計利息、稅項、折舊及攤銷前溢利 | 2,752,120 | 2,231,943 | 23.3% | | 除稅前溢利 | 2,419,651 | 1,901,702 | 27.2% | | 本公司擁有人應佔本期溢利 | 1,894,314 | 1,491,404 | 27.0% | | | 人民幣分 | 人民幣分 | | | 每股盈利－基本 | 104.26 | 82.08 | 27.0% | | 中期股息（每股） | 16.0 | 16.0 | 0.0% | 截至六月三十日止六個月 2 聯邦制藥國際控股有限公司 二零二五年 中期報告 公司資料 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The industry is entering a new development phase driven by optimized procurement and innovation [3] - The raw material pharmaceutical sector is at a cyclical bottom, with companies actively transitioning to innovative drug development [5][8] - The vaccine sector is experiencing a decline in performance but is accelerating the layout of new technologies and products [6] - The medical services sector is leveraging AI technology to enhance efficiency and quality [7] Summary by Sections Raw Material Pharmaceutical Sector - The raw material pharmaceutical industry has faced a downturn for nearly four years, with prices of various products, such as sartans and heparins, reaching historical lows [5] - Revenue and net profit in the raw material pharmaceutical sector showed a downward trend in the first half of 2025 due to significant price drops in anti-infective products and increased R&D investments [5] - Companies like Huahai Pharmaceutical and Borui Pharmaceutical are focusing on innovative drug development, with several products in various clinical trial phases [5][68] Vaccine and Blood Products Sector - The vaccine industry is facing continuous performance decline due to a decrease in newborn numbers and changing competitive dynamics, although some companies are introducing new technologies and products [6] - The blood products sector is also experiencing a downturn, with revenue and net profit declining due to high inventory levels and suppressed demand from medical insurance [6][75] - The industry is expected to see increased consolidation as leading companies accelerate mergers and acquisitions [6][8] Medical Services Sector - The medical services sector's performance has declined due to DRGs and the consumption environment, but the application of AI technology is expected to enhance service quality and efficiency [7] - The core competitiveness of the medical services industry lies in acquiring and training quality doctors and hospital management [7] Investment Recommendations - The report suggests that companies in the raw material pharmaceutical sector are likely to enter a harvest period as they transition to innovative drugs [8] - The blood products sector is anticipated to accelerate consolidation, with significant mergers expected in the near future [8] - Recommended stocks include Federal Pharmaceutical, Pro Pharmaceutical, Guobang Pharmaceutical, and others, while benefiting stocks include Tianyu Co., Meinuo Pharma, and others [8]

Summary of Federal Pharmaceutical Conference Call Company Overview - Federal Pharmaceutical's market value growth is closely linked to its product line, including the rise in prices of intermediates and active pharmaceutical ingredients, the launch of insulin products, and the BD agreement for the tri-target GLP-1 product, all contributing to stock price and market value changes [2][4][23] Core Business Segments - The main business segments include: - Antibiotic raw materials - Intermediates - Human antibiotics - Insulin preparations - Active expansion of innovative pipelines [6][5] Market Trends and Opportunities - The global diabetes and obesity issues are worsening, with the GLP-1 drug market showing significant potential. Sales of Semaglutide reached 21 billion yuan in 2023, with Goldman Sachs predicting a market size of $130 billion by 2030 [2][7] - The UBT 251, a tri-target GLP-1 receptor agonist, shows superior weight loss effects compared to Liraglutide, with clinical trials indicating a weight reduction of 15.1% over 12 weeks [9][10] Product Pipeline and Innovations - Federal Pharmaceutical has multiple products in the GLP-1 drug field, including oral GLP-1 small molecule formulations and UBT 37,034 injections. Liraglutide has been approved for market entry, while Semaglutide is expected to launch in 2026 [11][12] - The company is also focusing on metabolic disorders beyond obesity, including fatty liver and chronic kidney disease, with UBT 251 projected to peak at $5.2 billion domestically and $8.547 billion overseas by 2030 or 2031 [10][2] Financial Performance and Projections - The company anticipates a net profit of 2.76 billion yuan in 2025, with a slight decrease to around 2.6 billion yuan in 2026 due to reduced upfront payments [21][24] - The animal health business is expected to contribute 15%-20% of total revenue, with a compound annual growth rate of 75% from 2020 to 2023 [14] Competitive Landscape - Federal Pharmaceutical holds a significant position in the intermediate raw material market, particularly in 6-APA, with a global market share of 60%-70%. The industry is becoming more concentrated, with major production held by Federal, Sinopharm Weichida, and Chuan Ning Bio [19][20] Regulatory and Market Challenges - The company faces challenges from price pressures in the antibiotic sector due to centralized procurement and market demand slowdowns, impacting sales of key products [16][18] - Despite concerns about Indian competitors releasing capacity, the actual competitive pressure remains low due to production delays and government policy uncertainties in India [22] Future Outlook - Federal Pharmaceutical's innovative pipeline and the potential for increased valuation present significant growth opportunities. The company is currently valued below industry averages, but rapid advancements in its pipeline could enhance overall valuation multiples [23][24]

Summary of Federal Pharmaceutical Conference Call Company Overview - Federal Pharmaceutical operates in the antibiotic, insulin, and animal health sectors, with a stable recovery in the antibiotic business and growth contributions from insulin and animal health segments [2][4][5]. Key Points and Arguments Industry and Business Performance - The antibiotic sector is expected to stabilize in the second half of the year, benefiting from a stable supply and recovering demand [2][10]. - Financial performance has been robust, with intermediate prices previously boosting profits; however, recent demand declines have pressured core business [6][14]. - The insulin business saw significant revenue growth, reaching 960 million RMB in the first half of 2025, with domestic contributions of approximately 700 million RMB and overseas contributions of 260 million RMB [20]. Innovation and Product Pipeline - The weight loss pipeline is a core segment, with UBT 251 showing a weight loss potential of 16.6%, positioning it as a best-in-class product [2][7]. - UBT 48,128 has shown promising early clinical data, presenting significant advantages over competitors [9]. - Federal Pharmaceutical has established a partnership with Novo Nordisk worth 2 billion USD for UBT 251, indicating strong market potential [3][8]. Future Outlook - The antibiotic industry is projected to bottom out by the end of 2025, with Federal Pharmaceutical expected to lead the recovery [6][10]. - The company plans to expand its insulin product offerings, including new products like degludec insulin, which are anticipated to drive future growth [12][20]. - The animal health business is set to expand with new production facilities and a focus on pet medications, with more products expected to launch by 2027-2028 [13][24]. Financial Projections - Future profit forecasts suggest a stable contribution from core businesses, with an estimated profit of 2.5 billion RMB by 2025, and a potential market cap increase to 460-470 billion RMB [14][15]. - The company is expected to maintain a solid cash flow and a strong safety net due to its leading market position [14][36]. Global Market Strategy - Federal Pharmaceutical is focusing on emerging markets and regions along the Belt and Road Initiative, while considering opportunities in high-end markets in Europe and the US [21]. - The company has established a comprehensive global sales network for its upstream intermediate raw materials, covering over 80 countries and serving around 600 clients [33]. Research and Development - The R&D team is robust, with nearly 900 personnel dedicated to biological research and an additional 200 for small molecule development [31]. - The company is actively pursuing collaborations to enhance its innovation pipeline and is optimistic about future BD transactions [27][32]. Additional Important Information - The antibiotic intermediate and raw material prices have shown signs of stabilization after a decline due to reduced post-pandemic demand [16]. - The competitive landscape in the antibiotic sector remains stable, with no significant new entrants expected due to regulatory barriers [17][19]. - Federal Pharmaceutical's animal health segment is expected to recover in the second half of 2025, with new production capabilities coming online [22][24].

The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 (於開曼群島成立之有限公司) (股份代號: 3933) 可持續發展委員會權責範圍及運作 成立 成員 權力 會議次數和程式 - 1 - 1. 本公司董事會（「董事會」）謹此成立可持續發展委員會，且該委員會的組成需滿 足香港聯合交易所有限公司證券上市規則的不時規定。 2. 可持續發展委員會的目標是建立可持續發展企業，促進本公司及其附屬公司（「本 集團」）的環境、社會及管治（「ESG」）管理及表現的持續改善，提升相關持份 者場對本集團可持續發展工作的認可。關注範疇涉及： (a) 環境 (包括節能減排、氣候變化、生物多樣性)； (b) 社會 (包括社區參與、醫藥可及性、雇傭、健康與安全)；及 (c) 管治 (包括商業道德、企業管治、資訊安全、風險管理及供應鏈管理)等。 3. 可持續發展委員會須由董事會委任，並須由不少於三名成員組成，其中一名須為主 席。 4. 可持續發展委員會會議的法定人數為兩名成員。正式召開且有法定人數出席可持續 發展委員會會議可行使可持續發展委員會獲賦予或可行使的 ...

该行表示，联邦制药作为中国领先的全产业链制药集团，目前正以创新管线为增长引擎，在传统业务优 势赋能下，加速向代谢疾病创新药企转型。传统业务方面，作为青霉素中间体、原料药龙头，联邦垂直 一体化布局打通产业链，依托成熟的发酵工艺和规模优势，持续巩固成本竞争力。动保、胰岛素制剂业 务稳健成长，为业绩增长注入持续动能。创新业务，实现UBT251(GLP-1/GIP/GCG三靶点激动剂)重磅 授权，彰显研发实力。 中泰证券（600918）发布研报称，预计联邦制药(03933)2025-2027年收入150.88、146.51、160.36亿元， 同比增长9.7%、-2.9%、9.5%，归母净利润27.58、26.38、29.56亿元，25-27年同比增长3.7%、-4.3%、 12.1%，对应PE分别为11、12、10倍，考虑到公司创新管线空间广阔;传统业务竞争格局稳固，胰岛素制 剂、动保业务不断夯实，首次覆盖联邦制药，给予"买入"评级。 ...

该行表示，联邦制药作为中国领先的全产业链制药集团，目前正以创新管线为增长引擎，在传统业务优 势赋能下，加速向代谢疾病创新药企转型。传统业务方面，作为青霉素中间体、原料药龙头，联邦垂直 一体化布局打通产业链，依托成熟的发酵工艺和规模优势，持续巩固成本竞争力。动保、胰岛素制剂业 务稳健成长，为业绩增长注入持续动能。创新业务，实现UBT251(GLP-1/GIP/GCG三靶点激动剂)重磅 授权，彰显研发实力。 智通财经APP获悉，中泰证券发布研报称，预计联邦制药(03933)2025-2027年收入150.88、146.51、 160.36亿元，同比增长9.7%、-2.9%、9.5%，归母净利润27.58、26.38、29.56亿元，25-27年同比增长 3.7%、-4.3%、12.1%，对应PE分别为11、12、10倍，考虑到公司创新管线空间广阔;传统业务竞争格局 稳固，胰岛素制剂、动保业务不断夯实，首次覆盖联邦制药，给予"买入"评级。 ...