每经记者｜岳楚鹏 李宇彤 每经编辑｜陈柯名 兰素英 9月29日深夜，美国游戏巨头艺电（Electronic Arts，以下简称"EA"）发布公告称，已与沙特主权财富基金公共投资基金（PIF）、银湖资本（Silver Lake） 及特朗普女婿贾里德·库什纳所领导的Affinity Partners组成的财团达成最终协议，以550亿美元的全现金方式进行收购。 交易完成后，EA将从纳斯达克退市，成为一家私人控股公司。这笔交易不仅远超市场预期，更刷新了全球并购史，被EA董事会称为"史上规模最大的全 现金私有化收购"。 EA的私有化，是全球游戏产业格局裂变的缩影。 游戏行业分析师张书乐在接受《每日经济新闻》记者（以下简称"每经记者"）微信采访时表示："全球优质游戏资源正在大洗牌，一些游戏大厂，尤其是 诞生于互联网科技领域的跨界游戏大厂如微软、腾讯主导全球并购后，全球游戏资源开始进入'强强融合'新阶段。" 图片来 源：视觉中国-VCG31N2238131184 550亿美元！史上最大私有化收购 根据协议条款，该财团将以每股210美元的现金收购EA 100%的股份。这一价格较EA 9月25日（最后一个完全不受影响的交易日） ...

交易完成后，EA将从纳斯达克退市，成为一家私人控股公司。这笔交易不仅远超市场预期，更刷新了全球并购史，被EA董事会称为"史上规模最大的全现 金私有化收购"。 EA的私有化，是全球游戏产业格局裂变的缩影。 游戏行业分析师张书乐在接受《每日经济新闻》记者（以下简称"每经记者"）微信采访时表示："全球优质游戏资源正在大洗牌，一些游戏大厂，尤其是诞 生于互联网科技领域的跨界游戏大厂如微软、腾讯主导全球并购后，全球游戏资源开始进入'强强融合'新阶段。" 根据协议条款，该财团将以每股210美元的现金收购EA 100%的股份。这一价格较EA 9月25日（最后一个完全不受影响的交易日）的收盘价（168.32美元） 溢价约25%。 该财团的交易资金来源包括：PIF、银湖资本和Affinity Partners分别提供的现金，PIF持有的EA现有股份的展期，以及由摩根大通银行全额承诺的200亿美元 债务融资，其中180亿美元预计将在交易完成时到位。 每经记者｜岳楚鹏 李宇彤 每经编辑｜兰素英 9月29日深夜，美国游戏巨头艺电（Electronic Arts，以下简称"EA"）发布公告称，已与沙特主权财富基金公共投资基金（PIF） ...

Group 1 - Electronic Arts (EA) is in talks for privatization with a consortium led by Silver Lake Management, the Saudi Public Investment Fund, and Jared Kushner's Affinity Partners [1] - The deal could be announced as early as next week and is expected to be one of the largest transactions announced in 2025, potentially becoming the largest leveraged buyout in history [1] - EA's stock price rose approximately 15% to $193.35, giving the company a market capitalization of about $48 billion [1] Group 2 - EA is set to release "Battlefield 6" on October 10, competing with Microsoft's "Call of Duty" in the video game shooting market [2] - The video game industry is experiencing sluggish growth, having laid off tens of thousands of employees over the past three years following a surge in player numbers during the COVID-19 pandemic [2] - Earlier this year, EA cut hundreds of jobs, marking the third major round of layoffs since 2023 [2]

Core Viewpoint - EA is in advanced negotiations for a potential privatization deal worth up to $50 billion, which could become the largest leveraged buyout in history and significantly alter the global gaming industry landscape [1][6]. Group 1: Deal Details - The deal is expected to be announced as early as next week and could surpass the previous record for leveraged buyouts set in 2007 with the TXU acquisition at approximately $32 billion [1][6]. - The acquisition consortium is led by Silver Lake Partners, the Saudi Public Investment Fund (PIF), and Jared Kushner's Affinity Partners, with JPMorgan responsible for arranging the financing [1][4]. Group 2: Financial Impact - Following the news of the potential deal, EA's stock surged nearly 15% to a record high of $193.35, raising the company's market capitalization to approximately $48 billion [1]. - The deal is positioned to be one of the largest transactions announced in 2025, indicating strong investor interest in the gaming sector [6]. Group 3: Consortium Strength - Silver Lake Partners manages around $110 billion in assets and has existing investments in the gaming sector, including a stake in Unity Software, a major client of EA [4]. - The Saudi PIF holds about 10% of EA and has been active in the gaming industry, including a recent $5 billion acquisition of Scopely and a 6.5% stake in Take-Two Interactive [4]. - Affinity Partners, founded by Jared Kushner, has garnered support from investors including the PIF [4]. Group 4: Industry Context - The gaming industry is currently experiencing a slowdown after a period of explosive growth during the COVID-19 pandemic, leading to significant job cuts across the sector [9]. - EA has faced performance fluctuations, with its latest football game underperforming, but recent reports indicate better-than-expected results from its overall product lineup [10].

在多家游戏媒体对《战地6》技术总监Christian Buhl 采访里，这位总监一反以往大作的游戏优化常态，表示他们的团队的目标是让《战地6》在不开启优 化工具的情况下也能稳定流畅运行。 EA希望《战地6》在不依赖DLSS的情况下也能流畅运行："我们的目标是无需借助额外技术就能实现高性能表现" 2025年重回原生渲染？这可能性远超你的想象。 "我们希望《战地 6》不开启 DLSS 也能运行顺畅，同时保留选择权，如果你想用也能开启。我相信我们所有的默认性能目标，都是在不开启这类优化的 情况下设定的。" 同时Christian Buhl也证实，《战地6》在发售时将不上线光追，发售后的一段时间内也没有相关实装计划。 2025年的今天Christian总监这番话听着有点天方夜谭，要知道现在非常多的单机游戏不开超分辨率不借助个帧生成，已经很难说可以最低标准"60帧流畅 游玩"，甚至某些知名IP续作堂而皇之地将这些技术写进了游戏最低配置里。 虽然这位总监这番话有很大的炒作嫌疑，但是你又不得不说其放在现在别有一番韵味，特别是被誉为优化重灾区的虚幻5游戏，最近还在外网掀起了一场 对UE5的口诛笔伐。 其实对于为什么虚幻五游戏 ...

Core Viewpoint - The gaming industry is facing significant pressure regarding pricing strategies, with major companies like EA and Microsoft opting to maintain current price points despite rising development costs and market pressures [3][4][7]. Group 1: Company Strategies - EA's CEO Andrew Wilson stated that the company does not plan to change its pricing strategy for upcoming titles, including the anticipated "Battlefield 6," which will continue to be priced at $70 [3][4]. - Microsoft has also decided against raising the price of its games, including "The Outer Worlds 2," maintaining a price of $69.99, which aligns with current market conditions [3][4]. - Both companies are under pressure to expand their gaming revenue, as evidenced by EA's reported net profit decline of 28.2% to $201 million for Q1 of fiscal year 2026 [4][7]. Group 2: Market Dynamics - The gaming industry has seen a rapid increase in game prices, with the jump from $60 to $70 occurring in just four years, contrasting with the previous 20-year period where prices remained stable [7][13]. - The current economic climate, including inflation and rising development costs, has created a challenging environment for game developers, leading to layoffs and project cancellations at both EA and Microsoft [4][7][11]. - Players are increasingly resistant to price hikes, with many expressing that they would not purchase games if prices were raised, indicating a significant backlash against potential increases [7][13]. Group 3: Future Implications - The trend of maintaining game prices may lead to a shift in how games are monetized, with companies potentially offering incomplete products at launch and relying on DLCs to provide a complete experience [15]. - The gaming market is transitioning into a phase where the average revenue per user (ARPU) is increasing, but the overall user base is stagnating, leading to a perception among players that games are becoming more expensive [13][15]. - The expectation for high-quality, expansive games at unchanged prices is becoming increasingly untenable, suggesting that a pricing adjustment may be inevitable in the future [11][15].

Industry Overview - The Chinese gaming industry achieved record highs in revenue and user scale in the first half of 2025, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08%, and user scale nearing 679 million, up 0.72% [4][3] - The growth is attributed to the successful launch of several new games, the steady performance of evergreen titles, and the strong momentum in esports and mini-program games [4] Event Highlights - The 2025 ChinaJoy opened in Shanghai, featuring 743 companies and showcasing cutting-edge technologies such as 3D printing, AI gaming applications, and brain-computer interfaces [5] - The event emphasized the integration of gaming with technology and culture, with significant participation from both major and independent game developers [6][7] Company Developments - Chuangmeng Tiandi received a strategic investment of 39 million HKD from Playrix, marking a shift from a "distribution agency" model to a "equity binding" partnership, which is expected to enhance long-term cooperation [8][9] - Giant Network's new mobile game "Supernatural Action Team" surpassed 1 million concurrent users shortly after launch, indicating strong market performance and contributing to a significant increase in the company's stock price [10] - The new simulation game "Talking Tom Cat 2" achieved over 11 million downloads within two weeks of its overseas launch, ranking highly in multiple countries' app stores [11] Regulatory and Legal Issues - Tencent's "Honor of Kings" faced a lawsuit regarding its matchmaking algorithm, marking a significant legal challenge in the gaming industry [12] - Sony filed a lawsuit against Tencent, alleging that Tencent's new game "Wild Origin" plagiarized its title "Horizon Zero Dawn" [13] International Developments - EA announced a transformation of the "Battlefield" series into a "platform" model, indicating a shift towards long-term operation and continuous updates for the franchise [14][15] - The esports events for the 2026 Asian Games were confirmed, including popular titles such as "League of Legends" and "Honor of Kings" [16] Esports Events - The Delta DDC Diamond Championship concluded with Team TB winning the title, showcasing the competitive landscape of esports in China [17]

Investment Rating - The report maintains a "Buy" rating for Electronic Arts (EA) with a target price of $179.80 [1][11]. Core Insights - EA reported FY26Q1 net revenue of $1.67 billion, exceeding consensus expectations by 7.4% and showing a year-over-year increase of 0.7%. Net bookings reached $1.3 billion, surpassing expectations by 4% and reflecting a year-over-year growth of 2.9% [1]. - The growth is primarily driven by the strong performance of core products, particularly the global football and rugby series, while the decline in "Apex Legends" was less severe than anticipated. Despite increased investment in new game releases leading to a 4.9 percentage point drop in net profit margin to 12%, the company achieved a net profit of $201 million, exceeding expectations by 51.6% [1]. - EA plans to release "Battlefield 6" within FY26 and maintains its full-year guidance unchanged [1]. Summary by Sections Financial Performance - FY26Q1 net bookings were $1.3 billion, higher than the previous guidance of $1.23 billion. Game net bookings were $214 million, up 27.4% year-over-year, driven by the new title "Split Fiction" [1]. - Real-time service net bookings were $1.08 billion, down 0.9% year-over-year, impacted by the performance of "FC" and the rugby series, partially offset by the better-than-expected decline in "Apex Legends" [1]. - Key game series performance: 1. "FC" series net bookings showed single-digit growth year-over-year, with "FC Online" achieving double-digit growth and "FC Mobile" surpassing 50 million installations. 2. Rugby series net bookings maintained positive growth year-over-year, although a decline of 8% is expected in Q2 due to high base effects, with a recovery anticipated in H2. 3. "F1 25" launched in Q1, benefiting from the concurrent F1 movie release, resulting in a 27% year-over-year increase in net bookings [1]. Earnings Forecast and Valuation - The report slightly lowers FY26-28E net revenue estimates by 1%, 0.8%, and 0.8% to $7.19 billion, $8.11 billion, and $8.36 billion, respectively, primarily due to pressure on net bookings from the rugby series [3]. - FY26-28E net profit estimates are also reduced by 4.7%, 2.3%, and 2.6% to $911 million, $1.38 billion, and $1.43 billion, respectively, due to rising promotional costs for "Battlefield 6" [3]. - The valuation is switched to FY27, assigning a PE of 33x, consistent with peer averages, leading to a target price of $179.80, down from a previous estimate of $184.60 [3][11]. Upcoming Releases - The first trailer for "Battlefield 6" was released on July 24, with over 7 million views by July 29. The game is expected to launch within FY26 on PS5, Xbox XJS, and PC, with the highest historical investment in its development [2]. - The core football game "FC 26" is set to release on September 26 across all platforms, including Switch 2, focusing on enhancing player experience with competitive and realistic gameplay modes [2].