欧洲游戏巨头大跌34%

Core Viewpoint - Ubisoft has announced a major restructuring plan, which includes the cancellation of six games, the postponement of seven games, and a significant downward revision of its performance guidance for the fiscal year 2025-2026, leading to a sharp decline in its stock price by over 34% [1][3]. Group 1: Restructuring Plan - The restructuring plan will involve dividing the company's operations into five Creative Houses, each responsible for unique creative categories, with shared core services and oversight from Ubisoft's headquarters [3][5]. - Each Creative House will have independent financial decision-making authority and will be accountable for its financial performance [5]. Group 2: Creative Houses Breakdown - Creative House 1 (Vantage Studio Group): Focuses on expanding flagship series like Assassin's Creed, Far Cry, and Rainbow Six [5]. - Creative House 2: Responsible for competitive cooperative shooting games, including The Division and Ghost Recon [5]. - Creative House 3: Focuses on distinctive online gaming experiences, including For Honor and The Crew [5]. - Creative House 4: Dedicated to immersive fantasy and narrative-driven games, including Heroes of Might and Magic and Prince of Persia [5]. - Creative House 5: Refocuses on family-friendly casual games, including Just Dance and Hungry Shark [5]. Group 3: Cost-Cutting Measures - Ubisoft plans to cut fixed costs by at least €100 million (approximately ¥814 million) compared to the fiscal year 2024-2025, aiming to achieve this a year earlier than initially planned [6][7]. - The total fixed cost reduction since the fiscal year 2022-2023 is expected to reach approximately €500 million, with a target of reducing annualized fixed costs to about €1.25 billion (approximately ¥1.0173 billion) by March 2028 [7]. Group 4: Product Strategy Changes - Ubisoft will stop six game projects that do not meet the new quality standards or align with the prioritized product mix, including a remake of Prince of Persia: The Sands of Time and four unannounced projects [7][8]. - Seven games will receive additional development time to ensure they meet higher quality benchmarks, with one project postponed from fiscal year 2026 to fiscal year 2027 [7]. Group 5: Financial Performance and Future Outlook - Despite the success of new releases like Assassin's Creed: Mirage, Ubisoft's overall performance remains weak, with a 20.5% year-on-year revenue decline to €1.85 billion (approximately ¥15.055 billion) for the fiscal year 2024-2025 [8][9]. - The company projects net revenue of approximately €1.5 billion (approximately ¥12.215 billion) for the fiscal year 2025-2026, with a forecasted operating loss of about €1 billion [8][9]. Group 6: Employee and Union Response - Unions have expressed opposition to the restructuring plan, calling for a strike and demanding the cessation of cost-cutting measures and the preservation of remote work benefits [8].