CR Pharmaceutical (3320.HK) Promote digital transformation and M&A cooperation to create competitive advantage through innovation and differentiation May 25, 2022 191

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKD54.95

Investment highlights
CR Pharmaceutical is a leading integrated pharmaceutical company in China specializing in the
pharmaceutical, distribution and retail of medicines. Its product portfolio includes chemical
drugs, traditional Chinese medicines, biological drugs, and nutraceutical products. Its product
coverage contains cardiovascular system, respiratory system, anti-tumor, central nervous
system, immune system, genitourinary system, blood, digestive tract and metabolism, antiinfection, traditional Chinese medicine, etc. CR Pharmaceutical announced its 2021 annual
results that the company achieved total revenue of HK$236.806 billion, with a YoY increase of
18.2%. The increase was mainly due to the relief of the epidemic and the recovery in
performance. In particular, the pharmaceutical distribution business accounted for the largest
contribution to revenue growth. The overall net profit reached HK$6.647 billion, with a YoY
increase of 24.9%; The net profit attributable to owners of the parent company was HK$3.769
billion, with a YoY increase of 14.3%.

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