The CR125 went water cooled in 19xx and early models have no exhaust valve but do have the reed valve manifold as part of the barrel casing. Later model moved the reed intake into the crankcase halves similar to a Vespa and included a large exhaust valve system run by a centrifugal gear powered directly off the crank.
It only has two crankcase transfers but a very wide exhaust port as you can just see in the top photo.
More to come as I learn it.