马云及阿里创投减持华谊兄弟，持股比例跌破5%，二十年资本合作将走向何方？

Core Viewpoint - The announcement from Huayi Brothers indicates a significant reduction in shareholding by Alibaba's venture capital arm, which may impact the company's shareholder structure but is stated not to affect its normal operations or control [1][2]. Shareholding Changes - Alibaba's venture capital, Hangzhou Alibaba Venture Capital Co., Ltd., reduced its stake from 6.064215% to 4.999996%, exiting the list of shareholders with over 5% ownership [1][2]. - The individual shareholding of Alibaba's venture capital decreased from 3.467799% to 2.403580% [1][2]. - The total shares held by Alibaba's venture capital before the reduction were 96,214,286, which decreased to 66,687,466 after the transaction [2]. Historical Context - Alibaba's investment in Huayi Brothers began nearly two decades ago, with Jack Ma joining the board in 2006 [4][5]. - The shareholding of Alibaba and its affiliates reached a peak of 8.07% in 2017, but has since declined significantly [6][8]. - Huayi Brothers has faced financial difficulties, including losses exceeding 50 billion yuan in 2018 and 2019, leading to liquidity issues [6][9]. Financial Performance - Huayi Brothers has reported continuous losses for seven consecutive years, totaling over 80 billion yuan [9]. - For the first three quarters of 2025, the company's revenue was 2.15 billion yuan, a decrease of 46% year-on-year, with a net profit of -1.14 billion yuan, a decline of 168.15% [9]. - The company's stock price has plummeted over 93% from its peak of 31.91 yuan per share, closing at 2.08 yuan per share as of December 18, 2025 [9].