UNITED LAB (03933) issues profit warning, expected net profit to decrease to approximately 2 billion yuan in 2025.

Federation Pharmaceuticals (03933) announced that it is expected to achieve a profit of approximately 2 billion yuan in 2025, while the profit in 2024 was approximately 2.658 billion yuan. The decrease in profit is mainly due to the decline in market prices of intermediate products and raw materials in the current year, resulting in a decrease in the profit of the intermediate products and raw materials division by approximately 1.6 billion yuan and approximately 400 million yuan compared to 2024. The profit of the formulation products division increased significantly by approximately 1.4 billion yuan, with approximately 1.3 billion yuan coming from licensing fees from Novo Nordisk A/S, partially offsetting the decrease in profit of the intermediate products and raw materials division.