Incident: On April 2, 2013, the company and New World Department Store Investment (China) Group Co., Ltd. signed a “Letter of Intent for Share Transfer”. The company plans to transfer 48.92% of the shares of Shanghai Hongxin Real Estate Co., Ltd., a participating subsidiary, to Xinbai Investment. Opinion: 1. The transfer of 48.92% of shares is expected to yield an investment income of nearly 300 million yuan. 2. The acquisition of some shares in Yangcheng Lake for 6.474,700 yuan accounted for 29.52% of its share capital. 3. Divestment of real estate helps the company focus on its main business and accelerate refinancing. Conclusion: The company announced the transfer of 48.92% of Hongxin Real Estate's shares, which is expected to receive investment income of nearly 300 million yuan, which is beneficial to the company's supplementary funding to broaden the marketing channels of Great Lake Fish and Tokushan Liquor. The company began transforming from resources to brands in 10 years to promote natural, high-quality, and pollution-free Great Lake fish through the implementation of the hotel-only “Thousand Stores Project”. Currently, the products have reached more than 200 stores in Hunan Province. Among them, Beijing is the company's development focus outside of the province. The company has established a marketing center and respite base in Beijing, and sales to hotels and businesses. Super. The revenue growth rate of the Beijing region is expected to be over 50% this year, and the Tianjin region will also be developed together in the future. The company has now obtained 29.52% of the shares of Yangcheng Lake Company. The possibility of further equity integration is not ruled out in the future. At that time, the Dahu Fish+Yangcheng Crab dual-wheel drive can be achieved through existing sales stores in Yangcheng Lake. In terms of liquor, as an established winery in Hunan, the company Tokuyama Liquor has a good mass base and brand awareness. This has provided the cornerstone for Tokushan Liquor to break out of Changde and achieve explosive growth in the provincial market. Through communication with the liquor marketing team, we believe that the morale of the company's sales staff is high, and that sales leadership methods are appropriate and dedicated. It is expected that this year Liquor will achieve quantitative breakthroughs in group purchases and hotel channels, and that revenue will more than double compared to last year. The company withdrew additional sales projects earlier. We expect that the divestment of the real estate business will help speed up the company's additional distribution process. The increase will continue after the company submits the 2012 annual report. We expect to contribute 0.59 yuan EPS based on the company's investment income of 250 million yuan and current share capital of 427 million yuan. Given the increase in the company's water fishing mu production, the Qiandian Project and the development of fishery processing product channels, we expect the company to experience a good situation of fresh water product release and rapid growth in liquor revenue next year. The 2012 and 2013 EPS is expected to be 0.07 yuan and 0.61 Yuan, corresponding to PE 102 times and 12 times, maintains the “recommended” rating.