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Major Chinese maker of active pharmaceutical ingredients (APIs) and finished drugs, notably statins and antibiotics.
Major Chinese maker of active pharmaceutical ingredients (APIs) and finished drugs, notably statins and antibiotics.
Sells ingredients (APIs) to other drugmakers worldwide and finished generic drugs to hospitals and pharmacies in China, with a chain running from fermentation to the final tablet. Insulin is a newer line.
In one line: A Chinese generic-API maker like a Lupin/Teva API arm.
Moat: narrow (scale, cost advantage, regulatory licence). Large-scale, low-cost API fermentation/manufacturing base built over decades.
Headquarters: Shijiazhuang, China · Founded: 1946 · Employees: 18,000
Size United Laboratories International (3933.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $2.00B, the 420th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$7.96 on 6 Nov 2026.
Performance Over six months the shares fell 19.2%, against +5.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 12.9% over the last twelve months (peer median +11.7%); the operating margin is 4.6% (peer median 15.0%).
Valuation It trades at 14.5× forward earnings against a peer median of 23.5× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points below its cost of capital (6.8% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$13.3B | HK$14.3B | HK$14.9B | HK$15.2B | HK$13.2B |
| Revenue growth | — | -4% | -2% | +15% | — |
| Gross profit | HK$4.16B | HK$5.98B | HK$6.59B | HK$7.00B | HK$5.78B |
| EBITDA | HK$1.45B | HK$3.17B | HK$3.76B | HK$4.16B | HK$2.99B |
| Net income | HK$606M | HK$2.26B | HK$2.88B | HK$2.98B | HK$1.84B |
| Free cash flow | HK$254M | HK$1.05B | HK$1.61B | HK$1.17B | HK$1.40B |
| Capital expenditure | HK$1.86B | HK$3.14B | HK$2.03B | HK$1.62B | HK$952M |
| Total debt | n/a | HK$5.56B | HK$3.36B | HK$1.66B | HK$2.77B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| United Laboratories International 3933.HK | $2.00B | -19% | -13% | 5% | 14.5× | 3.7% |
| Zhejiang Huahai Pharmaceutical 600521.SS | $3.86B | +8% | +10% | 12% | 22.1× | 7.3% |
| North China Pharmaceutical 600812.SS | $1.17B | -8% | -21% | 5% | n/a | 1.4% |
| Sbp 1177.HK | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3933.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.5% | -2.8% | 9th highest of 21 |
| 6-month return | -19.2% | +5.3% | 5th lowest of 21 |
| Distance from 52-week high | -42.0% | -27.2% | 5th lowest of 21 |
| Revenue growth (TTM) | -12.9% | +11.7% | 3rd lowest of 21 |
| Operating margin | 4.6% | 15.0% | 4th lowest of 21 |
| Forward P/E | 14.5× | 23.5× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 3.7% | 10.5% | 7th least demanding of 17 |
| Growth delivered (Del g) | +7.8% | +8.7% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | -4.1 pp | +3.4 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | -3.0 pp | +0.0 pp | 7th lowest of 21 |
| EV / EBITDA | 6.3× | 16.5× | 2nd cheapest of 9 |
| Net debt / EBITDA | -4.6× | 1.1× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| United Laboratories International 3933.HK | Hong Kong | $2.00B | -19% | -13% | 5% | 14.5× | 3.7% | +7.8% |
| BrightGene Bio-Medical Technology 688166.SS | China | $2.00B | -51% | +14% | 7% | 87.6× | 38.5% | +9.2% |
| Anhui Anke Biotechnology (Group) 300009.SZ | China | $2.01B | -9% | -9% | 30% | 19.3× | 9.1% | +9.3% |
| Alembic Pharmaceuticals APLLTD.NS | India | $2.01B | +24% | +20% | 12% | 24.4× | 25.0% | +6.5% |
| ApicHope Pharmaceutical 300723.SZ | China | $1.99B | -28% | -28% | -50% | 25.7× | 14.0% | -11.0% |
| Grand Pharmaceutical 0512.HK | Hong Kong | $2.01B | -27% | +7% | 13% | 9.8× | 1.2% | +14.1% |
| Qingdao Baheal Medical 301015.SZ | China | $2.02B | +4% | -6% | 8% | 23.5× | 11.9% | +5.0% |
| Sino Biological 301047.SZ | China | $1.98B | +50% | +20% | 17% | 63.8× | 36.8% | -15.1% |
| Henan Lingrui Pharmaceutial 600285.SS | China | $2.02B | +7% | +5% | 22% | 15.9× | -4.8% | +10.6% |
| Prestige Consumer Healthcare PBH | United States | $2.04B | -18% | -1% | 26% | 9.3× | -0.2% | +2.9% |
| Jinyu Bio-Technology 600201.SS | China | $2.04B | -15% | +22% | 10% | 62.4× | 24.4% | -2.4% |
| Shilpa Medicare SHILPAMED.NS | India | $1.95B | +113% | +28% | 21% | 62.1× | n/a | n/a |
| Tibet Rhodiola Pharmaceutical 600211.SS | China | $1.95B | 0% | +13% | 27% | 13.0× | -0.5% | +16.7% |
| OneSource Specialty Pharma ONESOURCE.NS | India | $1.94B | -12% | +11% | 6% | 45.0× | n/a | n/a |
| Harmony Biosciences HRMY | United States | $1.93B | +7% | +20% | 22% | 8.6× | -10.9% | +40.3% |
| Alivus Life Sciences ALIVUS.NS | India | $1.92B | +32% | +8% | 31% | 24.4× | 20.4% | +6.2% |
| Caplin Point Laboratories CAPLIPOINT.NS | India | $1.92B | +28% | +15% | 31% | 24.6× | 29.3% | +15.7% |
| Shenyang Xingqi Pharmaceutical 300573.SZ | China | $1.91B | -25% | +17% | 33% | 13.7× | 6.0% | +29.1% |
| Harbin Pharmaceutical 600664.SS | China | $2.10B | +55% | +2% | 5% | 23.1× | -2.9% | +8.2% |
| Maze Therapeutics MAZE | United States | $1.90B | +29% | +700% | -728% | n/a | n/a | n/a |
| Zymeworks ZYME | United States | $2.10B | +24% | -70% | -419% | 12.0× | n/a | n/a |