Company Coverage
The United Laboratories International (3933 HK): 1H26: Miss on Licence Lapse; Growth To Resume In 2H26
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$8.20
HK$11.00
+34.2%
HK$13.00
Analyst
Analyst
Highlights
- TUL’s 1H26 results missed as a lapse in licence income resulted in a significant decrease in revenue and margins. Excluding licence income, overall operations remained stable in 1H26.
- We expect revenue and earnings to resume steady growth in 2H26, supported by a low bulk-medicine price base and continued finished-product expansion, while new product launches should further enrich the portfolio and generate significant revenue streams from 2027.
- Maintain BUY with a lower target price of HK$11.00.

Analysis
- 1H26 results missed. The United Laboratories International's (TUL) 1H26 revenue fell 18.0% yoy to Rmb6,165.9m and net profit dropped 81.6% yoy to Rmb347.6m, or Rmb333.5m adjusted. No interim dividend was declared.

Highlights
- TUL’s 1H26 results missed as a lapse in licence income resulted in a significant decrease in revenue and margins. Excluding licence income, overall operations remained stable in 1H26.
- We expect revenue and earnings to resume steady growth in 2H26, supported by a low bulk-medicine price base and continued finished-product expansion, while new product launches should further enrich the portfolio and generate significant revenue streams from 2027.
- Maintain BUY with a lower target price of HK$11.00.

Analysis
- 1H26 results missed. The United Laboratories International's (TUL) 1H26 revenue fell 18.0% yoy to Rmb6,165.9m and net profit dropped 81.6% yoy to Rmb347.6m, or Rmb333.5m adjusted. No interim dividend was declared.

BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$8.20
HK$11.00
+34.2%
HK$13.00
Analyst
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
Related articles

17 Sept 2026
Trip.com (9961 HK) - 2Q26: In-line Results; 3Q26 Growth To Slow On Regulatory Pressure; Expect A Recovery In 2027

29 Sept 2026
Alibaba Group (9988 HK): APSARA Conference 2026 Key Takeaways

8 Oct 2026
Geely Auto (175 HK): Exports And New Technologies Offset Weak Domestic Sales
Our latest research
16 Oct 2026
TA: SITC International (1308 HK) / China Hongqiao Group (1378 HK)
15 Oct 2026
TA: Lenovo Group (0992 HK) / SHEIN Global (0625 HK)
14 Oct 2026
