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　　 Changjiang Securities

　　 Humanwell Pharmaceutical On November 30, 2012, the company announced that it planned to transfer the real estate business to Wuhan Modern Technology, the largest shareholder of the company, by means of equity transfer, asset transfer and termination of entrustment, with a total transaction amount of 584.18 million yuan and an estimated transfer income of 45 million yuan. After the completion of this related party transaction, the company withdrew from the real estate business, which has no impact on the main business of medicine. This plan is a related party transaction and needs to be submitted to the General Meeting of Shareholders for deliberation. The transfer consideration is reasonable, with a total price of 584 million yuan. This transfer announced that the company officially withdrew from the real estate business and further focused on the main business of medicine. The company will complete the divestiture of real estate business before the end of the year, and there will be no obstacles to refinancing at that time, which will help accelerate the non-public issuance of no more than 60 million shares. It is optimistic that the refinancing will be completed in the first half of 2013. Diagnostic reagents and other businesses will make up for the vacancy of real estate performance. Considering the impact of the Bari consolidated statement, it is estimated that the EPS in 2012-2013 will be 0.88 yuan and 1.18 yuan respectively, which may exceed the expectation. The current stock price is obviously undervalued, maintaining the "recommended" rating.

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