大股东阿里拟减持，苏宁股价下跌近5%

Core Viewpoint - The ability to demonstrate sustainable "blood-making" capacity has become an urgent issue for Suning [1] Group 1: Stock Performance and Shareholder Actions - On September 23, Suning's stock price fell by 4.81%, reaching 1.78 CNY per share [1] - A pre-disclosure announcement indicated that Hangzhou Haoyue, a major shareholder, plans to reduce its stake in Suning, which currently holds 20.09% of the total shares [1] - Hangzhou Haoyue intends to reduce up to 263 million shares, accounting for 2.85% of the total share capital, over a three-month period [1] Group 2: Financial Performance - Suning reported a net loss of 865 million CNY attributable to shareholders, an increase in loss by 530 million CNY compared to the previous year [3] - The net cash flow from operating activities was 1.49 billion CNY, a decrease of 33.48% year-on-year due to increased receivables from national subsidies [3] - Despite the challenges, Suning aims to achieve comprehensive profitability at the operational level as a new goal [2] Group 3: Market Context and Future Outlook - Suning's stock has seen a decline of 11% over the past 120 days, with a 52-week high of 2.38 CNY and a low of 1.32 CNY [2] - The company previously experienced a significant drop to 1.12 CNY per share in June 2024, but a profit forecast announcement led to a temporary stock price increase [2] - The ongoing adjustments in national subsidy policies and competitive market conditions continue to challenge Suning's store operations and financial management [3]