马云，减持！

Group 1 - Alibaba's investment arm, Ali Venture, reduced its stake in Huayi Brothers by selling 29,526,820 shares, which is 1.064219% of the total share capital, bringing its holding down from 3.467799% to 2.403580% [1][2] - After the reduction, the combined shareholding of Ali Venture and Jack Ma is now 4.999996%, down from 6.064215%, with Ali Venture holding 66,687,466 shares [2] - Huayi Brothers stated that this reduction will stabilize the company's equity structure and will not adversely affect its normal operations [2] Group 2 - Huayi Brothers is facing financial difficulties, with a recent court order against it related to an advertising contract dispute [3] - The company reported a temporary liquidity crisis due to delayed payments, resulting in overdue debts totaling 52.5 million yuan, which exceeds 10% of its audited net assets for 2024 [5] - For the first three quarters of 2025, Huayi Brothers achieved total revenue of 215 million yuan, a 46% year-on-year decline, and a net loss of 114 million yuan, which is an increase of 168% compared to the previous year [5]