登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 财说丨双轮驱动难掩业绩震荡，吉宏股份实控人开启减持潮 智通财经记者 | 陶知闲 吉宏股份 2025 年前三季度的业绩数据堪称 "亮眼"：营业收入 50.39 亿元，同比增长 29%；归属净利润 2.16 亿元，同比大幅增长 60%。 公司表示，增长核心来自两大主业的协同发力。其中，跨境社交电商业务是主要增长引擎，该业务营收 与利润均实现较大幅度增长，直接带动整体业绩提升。 包装业务则贡献了稳定支撑。公开信息显示，吉宏股份的纸制快消品包装业务在国内纸制包装市场占有 率位居首位，形成了较强的规模优势。 "跨境电商行业在 2025 年迎来阶段性复苏，叠加吉宏股份的泛品策略能够覆盖更多需求场景，这是其业 绩增长的重要外部因素。" 长期跟踪消费与跨境电商行业的分析师王玥伦对智通财经记者表示，"而包 装业务作为传统主业，依托头部客户的稳定订单，实现了稳健增长，两者形成了一定的互补效应。" 但光鲜数据背后，是公司近四年业绩的剧烈震荡，暴露出盈利能力的不稳定性。智通财经记者梳理数据 发现，2021 年至 ...

Core Viewpoint - Huayi Brothers Media Co., Ltd. announced that its shareholder, Alibaba Investment, and Jack Ma will reduce their stake below 5%, which is part of a strategic plan to stabilize the company's shareholding structure and will not adversely affect its operations [1][2]. Shareholder Changes - Alibaba Investment's shareholding will decrease from 3.467799% to 2.403580%, while the combined stake of Alibaba Investment and Jack Ma will drop from 6.064215% to 4.999996% [1][2]. - The reduction will occur through a block trade on December 17, 2025, at an average price of 2.11 yuan per share, involving the sale of 29,526,820 shares [2]. Company Background - Huayi Brothers, founded in 1994, is a prominent entertainment group in mainland China and was the first to list on the Growth Enterprise Market in 2009 [3]. - As of the end of Q3 2025, the top five shareholders are Wang Zhongjun (11.51%), Alibaba Investment (3.47%), Jack Ma (2.60%), Wang Zhonglei (2.39%), and Tencent (1.01%) [3]. Financial Performance - The company has reported continuous losses since 2018, with total losses exceeding 8 billion yuan over seven years [4]. - For the first three quarters of 2025, Huayi Brothers achieved revenue of 215 million yuan, a decline of 46.08% year-on-year, and a net loss attributable to shareholders of 114 million yuan, an increase of 168.15% year-on-year [4][5]. - The decline in revenue is primarily attributed to reduced income from the film and entertainment business [4]. Debt and Financial Issues - As of December 10, 2025, the company has overdue debts totaling 52.5 million yuan, which exceeds 10% of its audited net assets for 2024 [6]. - The company is facing temporary liquidity issues due to delayed receivables, leading to some debts not being repaid on time [6]. - Additionally, the controlling shareholder Wang Zhongjun's 153.92 million shares are subject to a second judicial auction, representing 48.54% of his holdings and 5.55% of the total shares [6].

Core Insights - Alibaba's investment arm, Alibaba Venture Capital, has reduced its stake in Huayi Brothers by 29.52 million shares, representing 1.064219% of the total share capital, decreasing its ownership from 3.467799% to 2.403580% [1] - The combined stake of Alibaba Venture Capital and its concerted party, Jack Ma, has dropped from 6.064215% to 4.999996%, totaling 139 million shares, thus no longer being a shareholder with over 5% ownership [1] - The reduction in stake is seen as beneficial for the stability of the company's equity structure and is not expected to adversely affect its normal operations [1] Financial Performance - Huayi Brothers reported a revenue of 215 million yuan for the first three quarters of 2025, a significant decrease of 46.08% year-on-year [2] - The company incurred a net loss attributable to shareholders of 114 million yuan, compared to a loss of 42 million yuan in the same period last year [2] Debt Situation - As of December 10, 2025, Huayi Brothers has overdue debts totaling 52.5 million yuan, which exceeds 10% of the company's audited net assets for 2024 [1] - The overdue debts include various amounts owed to Hangzhou Bank, with the largest being 20 million yuan due on October 21, 2025, and additional smaller amounts due in late October and November [2]

| 股东名称 | 股份性质 | 本次权益变动前所持股份 | 占上市公司 | 本次权益变动后所持股份 | | | --- | --- | --- | --- | --- | --- | | | | 持股数(股) | 总股本比例 (%) | 持股数(股) | 占上市公司总 股本比例(%) | | 阿里创投 | 无限售流 | 96,214,286 | 3.467799 | 66,687,466 | 2.403580 | | 马云 | 通股 | 72.037.730 | 2.596417 | 72,037,730 | 2.596417 | | 2000000 合计 | | 168,252,016 | 6.064215 | 138,725,196 | 4.999996 | 华谊兄弟表示，本次减持有利于公司股权结构的稳定，不会对公司正常经营产生不利影响。阿里创投及 一致行动人马云在此次权益变动后，仍合计持有公司股份1.387亿股，占公司总股本的4.999996%。公司 会继续深耕公司核心主营发展，以高质量发展保护广大股东权益。 昔日影视龙头，如今正面临困境。天眼查显示，近日，华谊兄弟及其法定代表人王忠军(王中军)新增一 ...

12月17日晚，华谊兄弟（300027）发布公告，公司收到股东杭州阿里创业投资有限公司（以下简称"阿里创投"）和马云出具的相关文件，获悉阿里创投于 12月17日通过大宗交易方式减持公司股份，导致阿里创投及其一致行动人马云的权益变动触及1%及5%的整数倍，阿里创投的持股比例由3.467799%下降 至2.403580%，阿里创投及其一致行动人马云的持股比例由6.064215%下降至4.999996%。 | | | | 股东名称 | 股份性质 | 本次权益变动前所持股份 | | 本次权益变动后所持股份 | | | --- | --- | --- | --- | --- | --- | | | | 持股数(股) | 占上市公司 总股本比例 | 持股数(股) | 占上市公司总 股本比例(%) | | | | | (%) | | | | 阿里创投 | 无限售流 通股 | 96,214,286 | 3.467799 | 66,687,466 | 2.403580 | | 马云 | | 72,037,730 | 2.596417 | 72,037,730 | 2.596417 | | 合计 | | 168,252,016 ...

Summary of Key Points Core Viewpoint - Jack Ma has reduced his stake in Huayi Brothers, with the shareholding of Alibaba's investment arm decreasing significantly, indicating a shift in ownership dynamics within the company [1][2]. Shareholding Changes - Alibaba's investment arm, Alibaba Chuangtou, sold 29,526,820 shares, reducing its stake from 3.467799% to 2.403580% of Huayi Brothers' total shares [1][2]. - The combined shareholding of Alibaba Chuangtou and Jack Ma decreased from 6.064215% to 4.999996% after the transaction [1][2]. - Post-reduction, Alibaba Chuangtou holds 66,687,466 shares, while Jack Ma retains 72,037,730 shares, maintaining his individual stake at 2.596417% [2]. Company Financial Status - Huayi Brothers is facing financial difficulties, with a reported total revenue of 215 million yuan for the first three quarters of 2025, a 46% year-on-year decline [5]. - The company has accumulated significant losses over the years, totaling over 8.2 billion yuan from 2018 to 2024, with a net loss of 1.14 billion yuan in the latest reporting period, marking a 168% increase in losses compared to the previous year [5]. - As of December 10, 2025, Huayi Brothers has overdue debts totaling 52.5 million yuan, exceeding 10% of its audited net assets for 2024 [5]. Legal and Operational Challenges - Huayi Brothers and its legal representative, Wang Zhongjun, are facing a consumption restriction order due to an advertising contract dispute, indicating ongoing legal challenges [3].

阿里创投及其一致行动人马云合计持股比例由6.064215%降至4.999996%，不再是公司持股5%以上股 东。此次减持有利于公司股权结构稳定，不会对公司正常经营产生不利影响。 华谊兄弟（300027.SZ）今日公告称，公司股东阿里创投于2025年12月17日通过大宗交易方式减持 2952.68万股，持股比例由3.467799%降至2.403580%。 12月10日，华谊兄弟发布公告称，公司受经济形势影响，因部分回款资金未能如约到位，造成暂时性流 动资金紧张，使得公司阶段性出现个别债务未能如期偿还的情形。经公司相关部门统计核实，截至2025 年12月10日，公司在银行等金融机构逾期债务合计为5250万元，超过公司2024年经审计净资产的10%。 同一天，华谊兄弟还发布一份公告披露，控股股东、实际控制人王忠军持有的公司15392万股无限售流 通股股票拟被第二次司法拍卖，占其所持有公司股份总数的48.54%，占公司总股本的 5.55%。 最新的三季度财报显示，华谊兄弟该季实现营业收入6259.56万元，同比下降31.61%；归属于上市公司 股东的净亏损3946.2万元；基本每股收益-0.01元。前三季度实现营业收 ...

华谊兄弟(300027.SZ)今日公告称，公司股东阿里创投于2025年12月17日通过大宗交易方式减持2952.68万股，持股比例由3.467799%降至2.403580%。 阿里创投及其一致行动人马云合计持股比例由6.064215%降至4.999996%，不再是公司持股5%以上股东。此次减持有利于公司股权结构稳定，不会对公司 正常经营产生不利影响。 12月10日，华谊兄弟发布公告称，公司受经济形势影响，因部分回款资金未能如约到位，造成暂时性流动资金紧张，使得公司阶段性出现个别债务未能如 期偿还的情形。经公司相关部门统计核实，截至2025年12月10日，公司在银行等金融机构逾期债务合计为5250万元，超过公司2024年经审计净资产的 10%。 同一天，华谊兄弟还发布一份公告披露，控股股东、实际控制人王忠军持有的公司15392万股无限售流通股股票拟被第二次司法拍卖，占其所持有公司股 份总数的48.54%，占公司总股本的 5.55%。 截至2025年12月17日收盘，华谊兄弟每股报收2.17元，公司总市值约60.21亿元。 最新的三季度财报显示，华谊兄弟该季实现营业收入6259.56万元，同比下降31.61%；归 ...

人民财讯12月17日电，华谊兄弟(300027)12月17日公告，阿里创投于12月17日通过大宗交易方式减持公 司股份，导致阿里创投及其一致行动人马云的权益变动触及1%及5%的整数倍，阿里创投的持股比例由 3.467799%下降至2.403580%，阿里创投及其一致行动人马云先生的持股比例由6.064215%下降至 4.999996%。本次减持有利于公司股权结构的稳定，不会对公司正常经营产生不利影响。本次变动之后 阿里创投及其一致行动人马云不再是华谊兄弟持股5%以上股东。 转自：证券时报 ...

Core Viewpoint - The reduction of shareholding by Alibaba's investment arm, Ali Venture, is aimed at stabilizing the company's equity structure and will not adversely affect its normal operations [1][3]. Group 1: Shareholding Changes - Ali Venture reduced its shareholding from 3.467799% to 2.403580%, while the combined shareholding of Ali Venture and its concerted actor, Jack Ma, decreased from 6.064215% to 4.999996% [1][3]. - Following this reduction, Ali Venture and Jack Ma no longer qualify as shareholders holding more than 5% of the company [1][3]. - After the shareholding change, Ali Venture and Jack Ma collectively hold 138,725,196 shares, representing 4.99996% of the total share capital [3]. Group 2: Impact on Company Operations - The shareholding reduction is stated to be beneficial for the stability of the company's equity structure and is not expected to negatively impact the company's normal business operations [1][3]. - The company will continue to focus on its core business development and high-quality growth to protect the interests of its shareholders [3].