Tianfeng Securities: CR Medical (03320) 25H1 three major business units' revenue performance is stable, rating adjusted to "Buy".

According to the Wisdom Financial APP, TF Securities released a research report stating that the revenue performance of the three major divisions of CR Pharma (03320) in the first half of 2025 was stable, and the decrease in net profit was mainly due to the impairment impact of joint ventures. Considering the incremental contribution of the company's external mergers and acquisitions and innovative research and development, it is expected that the revenue performance of the three major divisions will be stable. In terms of profits, considering the impairment impact in 2025, it is expected to gradually return to normal in 2026-2027. At the same time, considering that the pharmaceutical division, which contributes significantly to profits, may see a decline in gross profit margin due to changes in product structure during the external integration process, the forecasted net profit attributable to shareholders for 2025-2027 is revised from 45.35/49.76/53.77 billion yuan to 37.49/46.63/50.41 billion yuan, and the rating is adjusted to "hold".