<p>法國視頻遊戲巨頭育碧與騰訊完成了一項戰略交易，騰訊將投資 11.6 億歐元（12.5 億美元）現金，以獲得育碧新成立的子公司 Vantage Studios 的股份，該子公司專注於開發公司的三大旗艦系列：刺客信條、孤島驚魂和彩虹六號。</p>
<p>這筆交易為育碧提供了關鍵的流動性，育碧一直面臨財務壓力，同時標誌着騰訊在擴展其全球優質 AAA 知識產權組合和尋求更深行業協同方面邁出了新的一步。</p>
<p>騰訊目前持有育碧約 9.6% 的股份，而其對 Vantage Studios 的投資僅涉及育碧的一個子公司，並不影響其整體持股比例。</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>育碧藉助騰訊投資尋求財務復甦</strong></p>
<p>近年來，育碧面臨着日益加大的財務和運營壓力。儘管 2025 財年上半年淨預訂同比增長 20.3%，達到 7.7 億歐元（8.93 億美元），但公司仍錄得 1.613 億歐元（1.87 億美元）的淨虧損。其現金儲備難以覆蓋 AAA 遊戲開發的高成本。</p>
<p>更具挑戰性的是，審計調整觸發了 2.86 億歐元（3.09 億美元）貸款的違約條款，使其信用評級面臨下調風險。騰訊的 11.6 億歐元投資（12.5 億美元）及時提供了支持：投資的一部分將用於償還下個月到期的債務，其餘部分將用於優化資產負債表並支持 Vantage Studios 的長期運營。</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>重塑遊戲：育碧剝離知識產權，押注常青運營</strong></p>
<p>Vantage Studios 的成立對育碧來説是一個關鍵舉措。該工作室匯聚了來自六個主要研發中心的 2300 名經驗豐富的開發者，包括蒙特利爾和魁北克，其中 80% 曾參與《刺客信條：瓦爾哈拉》和《彩虹六號：圍攻》等熱門作品的開發。其核心戰略是將三大旗艦知識產權轉向以服務為基礎的遊戲（GaaS）模式，特點是頻繁更新、多平台可用、免費入場和強大的社交功能。</p>
<p>對於《刺客信條》，育碧可能希望通過即將推出的中國主題作品加深在亞洲的影響力。對於《彩虹六號》，計劃採用騰訊的 GaaS 方法測試一種混合模式，結合前期購買和遊戲內交易，同時進一步構建其電子競技生態系統。對於《孤島驚魂》，育碧正在開發開放世界生存元素，以吸引年輕玩家。</p>
<p>這種 “分開但相連” 的方式使得知識產權的所有權仍歸育碧，同時授予 Vantage Studios 永久的、獨佔的全球運營許可。</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>騰訊增強 AAA 能力，測試全球擴張路徑</strong></p>
<p>儘管在 2024 年創造了 1977 億元人民幣（279 億美元）的遊戲收入，其中近三分之一來自海外，但騰訊在主機 AAA 領域長期以來缺乏強大的存在。通過 Vantage Studios，騰訊可以利用中國主題作品擴展到東南亞主機市場，逐步縮小與索尼和微軟的區域競爭差距。該工作室還為騰訊提供了一個測試新運營模式的平台，同時協調其技術和運營。</p>
<p>該交易的結構包括五年的股權鎖定和育碧的兩年控制承諾，旨在應對歐盟反壟斷審查，同時為雙方提供時間以協調其運營。</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>遊戲巨頭共享知識產權力量的新方式</strong></p>
<p>該交易建立了一種新的 “知識產權剝離加戰略投資” 模式。通過剝離其核心繫列，育碧減少了企業複雜性並重新聚焦資源，而騰訊則通過少數股權獲得世界級資產，避免了完全收購所帶來的文化摩擦。</p>
<p>分析師表示，這種結構可能成為面臨成本上升和市場日益分散的主要出版商的常見解決方案。兩家公司能否在創意雄心與收入增長之間建立可持續的共生關係仍然是一個高風險的賭注。</p>

育碧(ADR)

<p>騰訊向育碧的 Vantage Studios 投資 12.5 億美元，重點關注《刺客信條》等旗艦系列。這項戰略交易為育碧在財務壓力下提供了流動性，並使騰訊能夠擴展其 AAA 遊戲組合。Vantage Studios 將採用服務型遊戲模式，增強育碧的知識產權，同時保持所有權。此次合作旨在促進育碧的財務復甦以及騰訊在主機市場的全球擴張</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>法國視頻遊戲巨頭育碧與騰訊完成了一項戰略交易，騰訊將投資 11.6 億歐元（12.5 億美元）現金，以獲得育碧新成立的子公司 Vantage Studios 的股份，該子公司專注於開發公司的三大旗艦系列：刺客信條、孤島驚魂和彩虹六號。</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>這筆交易為育碧提供了關鍵的流動性，育碧一直面臨財務壓力，同時標誌着騰訊在擴展其全球優質 AAA 知識產權組合和尋求更深行業協同方面邁出了新的一步。</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>騰訊目前持有育碧約 9.6% 的股份，而其對 Vantage Studios 的投資僅涉及育碧的一個子公司，並不影響其整體持股比例。</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>育碧藉助騰訊投資尋求財務復甦</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>近年來，育碧面臨着日益加大的財務和運營壓力。儘管 2025 財年上半年淨預訂同比增長 20.3%，達到 7.7 億歐元（8.93 億美元），但公司仍錄得 1.613 億歐元（1.87 億美元）的淨虧損。其現金儲備難以覆蓋 AAA 遊戲開發的高成本。</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>更具挑戰性的是，審計調整觸發了 2.86 億歐元（3.09 億美元）貸款的違約條款，使其信用評級面臨下調風險。騰訊的 11.6 億歐元投資（12.5 億美元）及時提供了支持：投資的一部分將用於償還下個月到期的債務，其餘部分將用於優化資產負債表並支持 Vantage Studios 的長期運營。</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>重塑遊戲：育碧剝離知識產權，押注常青運營</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 的成立對育碧來説是一個關鍵舉措。該工作室匯聚了來自六個主要研發中心的 2300 名經驗豐富的開發者，包括蒙特利爾和魁北克，其中 80% 曾參與《刺客信條：瓦爾哈拉》和《彩虹六號：圍攻》等熱門作品的開發。其核心戰略是將三大旗艦知識產權轉向以服務為基礎的遊戲（GaaS）模式，特點是頻繁更新、多平台可用、免費入場和強大的社交功能。</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>對於《刺客信條》，育碧可能希望通過即將推出的中國主題作品加深在亞洲的影響力。對於《彩虹六號》，計劃採用騰訊的 GaaS 方法測試一種混合模式，結合前期購買和遊戲內交易，同時進一步構建其電子競技生態系統。對於《孤島驚魂》，育碧正在開發開放世界生存元素，以吸引年輕玩家。</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>這種 “分開但相連” 的方式使得知識產權的所有權仍歸育碧，同時授予 Vantage Studios 永久的、獨佔的全球運營許可。</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>騰訊增強 AAA 能力，測試全球擴張路徑</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>儘管在 2024 年創造了 1977 億元人民幣（279 億美元）的遊戲收入，其中近三分之一來自海外，但騰訊在主機 AAA 領域長期以來缺乏強大的存在。通過 Vantage Studios，騰訊可以利用中國主題作品擴展到東南亞主機市場，逐步縮小與索尼和微軟的區域競爭差距。該工作室還為騰訊提供了一個測試新運營模式的平台，同時協調其技術和運營。</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>該交易的結構包括五年的股權鎖定和育碧的兩年控制承諾，旨在應對歐盟反壟斷審查，同時為雙方提供時間以協調其運營。</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>遊戲巨頭共享知識產權力量的新方式</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>該交易建立了一種新的 “知識產權剝離加戰略投資” 模式。通過剝離其核心繫列，育碧減少了企業複雜性並重新聚焦資源，而騰訊則通過少數股權獲得世界級資產，避免了完全收購所帶來的文化摩擦。</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>分析師表示，這種結構可能成為面臨成本上升和市場日益分散的主要出版商的常見解決方案。兩家公司能否在創意雄心與收入增長之間建立可持續的共生關係仍然是一個高風險的賭注。</p>
</div>

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

騰訊對 Vantage Studios 的 12.5 億美元投資是否成為育碧的轉折點？