刚刚！马云，减持！

Core Viewpoint - Jack Ma has reduced his stake in Huayi Brothers, with Alibaba Investment reducing its shareholding from 3.467799% to 2.403580%, and the combined stake of Alibaba Investment and Jack Ma falling from 6.064215% to 4.999996% [2][3]. Shareholding Changes - Alibaba Investment reduced its holdings by 29,526,820 shares, representing 1.064219% of Huayi Brothers' total share capital [2]. - After the reduction, Alibaba Investment holds 66,687,466 shares, while Jack Ma retains 72,037,730 shares, maintaining his individual stake at 2.596417% [3]. Company Financial Performance - Huayi Brothers reported a total revenue of 215 million yuan for the first three quarters of 2025, a decline of 46% year-on-year [6]. - The company recorded a net loss attributable to shareholders of 114 million yuan, which is an increase of 168% compared to the previous year [6]. - Cumulative net losses from 2018 to 2024 exceeded 8.2 billion yuan, with specific annual losses of 1.169 billion, 3.978 billion, 1.048 billion, 246 million, 981 million, 539 million, and 285 million yuan [6]. Legal and Operational Challenges - Huayi Brothers and its legal representative, Wang Zhongjun, are facing a consumption restriction order due to an advertising contract dispute, with the applicant being Beijing Tairui Feike Technology Co., Ltd. [4]. - The company is experiencing temporary liquidity issues, with overdue debts totaling 52.5 million yuan, which exceeds 10% of its audited net assets for 2024 [6].