<p>法国视频游戏巨头育碧与腾讯完成了一项战略交易，腾讯将投资 11.6 亿欧元（12.5 亿美元）现金，以获得育碧新成立的子公司 Vantage Studios 的股份，该子公司专注于开发公司的三大旗舰系列：刺客信条、孤岛惊魂和彩虹六号。</p>
<p>这笔交易为育碧提供了关键的流动性，育碧一直面临财务压力，同时标志着腾讯在扩展其全球优质 AAA 知识产权组合和寻求更深行业协同方面迈出了新的一步。</p>
<p>腾讯目前持有育碧约 9.6% 的股份，而其对 Vantage Studios 的投资仅涉及育碧的一个子公司，并不影响其整体持股比例。</p>
<p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/shadows.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/shadows.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE"/></p>
<p><strong>育碧借助腾讯投资寻求财务复苏</strong></p>
<p>近年来，育碧面临着日益加大的财务和运营压力。尽管 2025 财年上半年净预订同比增长 20.3%，达到 7.7 亿欧元（8.93 亿美元），但公司仍录得 1.613 亿欧元（1.87 亿美元）的净亏损。其现金储备难以覆盖 AAA 游戏开发的高成本。</p>
<p>更具挑战性的是，审计调整触发了 2.86 亿欧元（3.09 亿美元）贷款的违约条款，使其信用评级面临下调风险。腾讯的 11.6 亿欧元投资（12.5 亿美元）及时提供了支持：投资的一部分将用于偿还下个月到期的债务，其余部分将用于优化资产负债表并支持 Vantage Studios 的长期运营。</p>
<p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/shadows-1.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/shadows-1.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE"/></p>
<p><strong>重塑游戏：育碧剥离知识产权，押注常青运营</strong></p>
<p>Vantage Studios 的成立对育碧来说是一个关键举措。该工作室汇聚了来自六个主要研发中心的 2300 名经验丰富的开发者，包括蒙特利尔和魁北克，其中 80% 曾参与《刺客信条：瓦尔哈拉》和《彩虹六号：围攻》等热门作品的开发。其核心战略是将三大旗舰知识产权转向以服务为基础的游戏（GaaS）模式，特点是频繁更新、多平台可用、免费入场和强大的社交功能。</p>
<p>对于《刺客信条》，育碧可能希望通过即将推出的中国主题作品加深在亚洲的影响力。对于《彩虹六号》，计划采用腾讯的 GaaS 方法测试一种混合模式，结合前期购买和游戏内交易，同时进一步构建其电子竞技生态系统。对于《孤岛惊魂》，育碧正在开发开放世界生存元素，以吸引年轻玩家。</p>
<p>这种 “分开但相连” 的方式使得知识产权的所有权仍归育碧，同时授予 Vantage Studios 永久的、独占的全球运营许可。</p>
<p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/far-cry-6.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/far-cry-6.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE"/></p>
<p><strong>腾讯增强 AAA 能力，测试全球扩张路径</strong></p>
<p>尽管在 2024 年创造了 1977 亿元人民币（279 亿美元）的游戏收入，其中近三分之一来自海外，但腾讯在主机 AAA 领域长期以来缺乏强大的存在。通过 Vantage Studios，腾讯可以利用中国主题作品扩展到东南亚主机市场，逐步缩小与索尼和微软的区域竞争差距。该工作室还为腾讯提供了一个测试新运营模式的平台，同时协调其技术和运营。</p>
<p>该交易的结构包括五年的股权锁定和育碧的两年控制承诺，旨在应对欧盟反垄断审查，同时为双方提供时间以协调其运营。</p>
<p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/rainbow-1.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/rainbow-1.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE"/></p>
<p><strong>游戏巨头共享知识产权力量的新方式</strong></p>
<p>该交易建立了一种新的 “知识产权剥离加战略投资” 模式。通过剥离其核心系列，育碧减少了企业复杂性并重新聚焦资源，而腾讯则通过少数股权获得世界级资产，避免了完全收购所带来的文化摩擦。</p>
<p>分析师表示，这种结构可能成为面临成本上升和市场日益分散的主要出版商的常见解决方案。两家公司能否在创意雄心与收入增长之间建立可持续的共生关系仍然是一个高风险的赌注。</p>

育碧(ADR)

<p>腾讯向育碧的 Vantage Studios 投资 12.5 亿美元，重点关注《刺客信条》等旗舰系列。这项战略交易为育碧在财务压力下提供了流动性，并使腾讯能够扩展其 AAA 游戏组合。Vantage Studios 将采用服务型游戏模式，增强育碧的知识产权，同时保持所有权。此次合作旨在促进育碧的财务复苏以及腾讯在主机市场的全球扩张</p>

<p>French video game giant Ubisoft and Tencent have completed a strategic deal in which Tencent will invest €1.16 billion ($1.25 billion) in cash for a stake in Ubisoft’s newly created unit, Vantage Studios, which is dedicated to developing the company’s three flagship franchises: Assassin’s Creed, Far Cry and Rainbow Six.</p>
<div class="lb-trans"><p>法国视频游戏巨头育碧与腾讯完成了一项战略交易，腾讯将投资 11.6 亿欧元（12.5 亿美元）现金，以获得育碧新成立的子公司 Vantage Studios 的股份，该子公司专注于开发公司的三大旗舰系列：刺客信条、孤岛惊魂和彩虹六号。</p>
</div><p>The transaction provides crucial liquidity for Ubisoft, which has been struggling with financial pressures, and marks a new step for Tencent as it expands its global portfolio of premium AAA intellectual property and seeks deeper industry synergies.</p>
<div class="lb-trans"><p>这笔交易为育碧提供了关键的流动性，育碧一直面临财务压力，同时标志着腾讯在扩展其全球优质 AAA 知识产权组合和寻求更深行业协同方面迈出了新的一步。</p>
</div><p>Tencent currently holds around 9.6% of Ubisoft, while its investment in Vantage Studios only involves a Ubisoft subsidiary and does not affect its overall ownership stake.</p>
<div class="lb-trans"><p>腾讯目前持有育碧约 9.6% 的股份，而其对 Vantage Studios 的投资仅涉及育碧的一个子公司，并不影响其整体持股比例。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/shadows.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE" alt="" original-src="https://i0.wp.com/technode.com/wp-content/uploads/2025/11/shadows.jpg?resize=780%2C439&amp;ssl=1"/></p>
<p><strong>Ubisoft eyes financial recovery with Tencent investment</strong></p>
<div class="lb-trans"><p><strong>育碧借助腾讯投资寻求财务复苏</strong></p>
</div><p>Ubisoft has faced mounting financial and operational pressures in recent years. While net bookings for the first half of fiscal 2025 rose 20.3% year-on-year to €770 million ($893 million), the company still posted a net loss of €161.3 million ($187 million). Its cash reserves have struggled to cover the high costs of AAA game development.</p>
<div class="lb-trans"><p>近年来，育碧面临着日益加大的财务和运营压力。尽管 2025 财年上半年净预订同比增长 20.3%，达到 7.7 亿欧元（8.93 亿美元），但公司仍录得 1.613 亿欧元（1.87 亿美元）的净亏损。其现金储备难以覆盖 AAA 游戏开发的高成本。</p>
</div><p>Compounding the challenge, audit adjustments triggered default clauses on a €286 million loan ($309 million), putting its credit rating at risk of downgrade. Tencent’s €1.16 billion investment ($1.25 billion) acts as a timely boost: a portion of the investment will be used to repay debt maturing next month, with the remainder used to optimize the balance sheet and support the long-term operations of Vantage Studios.</p>
<div class="lb-trans"><p>更具挑战性的是，审计调整触发了 2.86 亿欧元（3.09 亿美元）贷款的违约条款，使其信用评级面临下调风险。腾讯的 11.6 亿欧元投资（12.5 亿美元）及时提供了支持：投资的一部分将用于偿还下个月到期的债务，其余部分将用于优化资产负债表并支持 Vantage Studios 的长期运营。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/shadows-1.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE" alt="" original-src="https://i0.wp.com/technode.com/wp-content/uploads/2025/11/shadows-1.jpg?resize=780%2C439&amp;ssl=1"/></p>
<p><strong>Revamping the game: Ubisoft spins off IP and bets on evergreen operations</strong></p>
<div class="lb-trans"><p><strong>重塑游戏：育碧剥离知识产权，押注常青运营</strong></p>
</div><p>The establishment of Vantage Studios represents a critical move for Ubisoft. The studio brings together 2,300 experienced developers from six major R&amp;D centers, including Montreal and Quebec, 80% of whom have worked on hit titles such as Assassin’s Creed Valhalla and Rainbow Six Siege. Its core strategy is to transition the three flagship IPs toward a Games-as-a-Service (GaaS) model characterized by frequent updates, multi-platform availability, free entry points, and strong social features.</p>
<div class="lb-trans"><p>Vantage Studios 的成立对育碧来说是一个关键举措。该工作室汇聚了来自六个主要研发中心的 2300 名经验丰富的开发者，包括蒙特利尔和魁北克，其中 80% 曾参与《刺客信条：瓦尔哈拉》和《彩虹六号：围攻》等热门作品的开发。其核心战略是将三大旗舰知识产权转向以服务为基础的游戏（GaaS）模式，特点是频繁更新、多平台可用、免费入场和强大的社交功能。</p>
</div><p>For Assassin’s Creed, Ubisoft may be looking to deepen its presence in Asia with upcoming Chinese-themed titles. For Rainbow Six, it plans to adopt Tencent’s GaaS methodology to test a hybrid model that blends upfront purchase with in-game transactions, while further building out its esports ecosystem. For Far Cry, Ubisoft is developing open-world survival elements to draw in younger players.</p>
<div class="lb-trans"><p>对于《刺客信条》，育碧可能希望通过即将推出的中国主题作品加深在亚洲的影响力。对于《彩虹六号》，计划采用腾讯的 GaaS 方法测试一种混合模式，结合前期购买和游戏内交易，同时进一步构建其电子竞技生态系统。对于《孤岛惊魂》，育碧正在开发开放世界生存元素，以吸引年轻玩家。</p>
</div><p>This “separate but connected” approach keeps IP ownership with Ubisoft while granting Vantage Studios a permanent, exclusive global licence to operate the franchises.</p>
<div class="lb-trans"><p>这种 “分开但相连” 的方式使得知识产权的所有权仍归育碧，同时授予 Vantage Studios 永久的、独占的全球运营许可。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/far-cry-6.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE" alt="" original-src="https://i0.wp.com/technode.com/wp-content/uploads/2025/11/far-cry-6.jpg?resize=780%2C439&amp;ssl=1"/></p>
<p><strong>Tencent strengthens AAA capabilities, tests global expansion path</strong></p>
<div class="lb-trans"><p><strong>腾讯增强 AAA 能力，测试全球扩张路径</strong></p>
</div><p>Despite generating RMB 197.7 billion ($27.9 billion) in gaming revenue in 2024, with nearly one-third from overseas, Tencent has long lacked a strong presence in the console AAA segment. Through Vantage Studios, Tencent can use Chinese-themed titles to expand into the Southeast Asian console market, gradually narrowing the regional competitive gap with Sony and Microsoft. The studio also provides Tencent with a platform to test new operational models while coordinating its technology and operations.</p>
<div class="lb-trans"><p>尽管在 2024 年创造了 1977 亿元人民币（279 亿美元）的游戏收入，其中近三分之一来自海外，但腾讯在主机 AAA 领域长期以来缺乏强大的存在。通过 Vantage Studios，腾讯可以利用中国主题作品扩展到东南亚主机市场，逐步缩小与索尼和微软的区域竞争差距。该工作室还为腾讯提供了一个测试新运营模式的平台，同时协调其技术和运营。</p>
</div><p>The deal’s structure, which includes a five-year equity lock-up and a two-year control commitment from Ubisoft, navigates EU antitrust scrutiny while providing both parties time to align their operations.</p>
<div class="lb-trans"><p>该交易的结构包括五年的股权锁定和育碧的两年控制承诺，旨在应对欧盟反垄断审查，同时为双方提供时间以协调其运营。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/technode.com/wp-content/uploads/2025/11/rainbow-1.jpg/query-cmVzaXplPTc4MCw0Mzkmc3NsPTE" alt="" original-src="https://i0.wp.com/technode.com/wp-content/uploads/2025/11/rainbow-1.jpg?resize=780%2C439&amp;ssl=1"/></p>
<p><strong>A new way for game giants to share IP power</strong></p>
<div class="lb-trans"><p><strong>游戏巨头共享知识产权力量的新方式</strong></p>
</div><p>The deal establishes a new model of “IP carve-out plus strategic investment.” By spinning off its core franchises, Ubisoft reduces corporate complexity and refocuses resources, while Tencent secures access to world-class assets through a minority stake, avoiding the cultural frictions often associated with full acquisitions.</p>
<div class="lb-trans"><p>该交易建立了一种新的 “知识产权剥离加战略投资” 模式。通过剥离其核心系列，育碧减少了企业复杂性并重新聚焦资源，而腾讯则通过少数股权获得世界级资产，避免了完全收购所带来的文化摩擦。</p>
</div><p>Analysts say this structure could become a common solution for major publishers facing rising costs and an increasingly fragmented market. Whether the two companies can build a sustainable symbiosis between creative ambition and revenue growth remains a high-stakes bet.</p>
<div class="lb-trans"><p>分析师表示，这种结构可能成为面临成本上升和市场日益分散的主要出版商的常见解决方案。两家公司能否在创意雄心与收入增长之间建立可持续的共生关系仍然是一个高风险的赌注。</p>
</div>

Tencent’s $1.25 billion bet on Vantage Studios: a turning point for Ubisoft?

腾讯对 Vantage Studios 的 12.5 亿美元投资是否成为育碧的转折点？