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） ...

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].

游戏开发商艺电(EA.US)盘前涨1.5%。消息上，艺电公布截至6月底止的2026财年首财季财报，录盈利 按年下跌28%至2.01亿美元，收入增长0.7%至16.7亿美元，两者皆优于预期，受惠于《F1 25》赛车游戏 的强劲表现。季内，订单量增长2.9%，达到13亿美元。(格隆汇) | EA 艺电 | | | | --- | --- | --- | | 147.790 ↓ -4.200 -2.76% | | 收盘价 07/29 16:00 美东 | | 150.000↑ 2.210 +1.50% | | 盘前价 07/30 04:05 美东 | | 些 外 24 华 S 9 目 ♥ 自选 | | ● 快捷交易 | | 最高价 153.290 | 开盘价 152.410 | 成交量 317.22万 | | 最低价 146.970 | 昨收价 151.990 | 成交额 4.71亿 | | 平均价 148.548 | 市盈率ITM 36.95 | 总市值 371.35亿 (…) | | 振 幅 4.16% | 市盈率(静) 34.77 | 总股本 2.51亿 | | 换手率 1.41% | 市净率 6.105 | ...