存储"超级周期"下，任天堂也难抵内存涨价潮。 近日，电子游戏巨头任天堂披露了一份远不及市场预期的财报。截至2025年12月31日的2026财年前三财季，其净销售额为19058亿日元，同比暴增 99.3%；营业利润为3003亿日元，同比增长21.3%；净利润为3588亿日元，同比增长51.3%；但净利润率为18.8%，同比下降6个百分点。 其中单看2026财年第三财季，即2025年第四季度，任天堂实现营收8063亿日元，同比增长86%，但低于市场预期的8477亿日元；营业利润为1552亿日 元，同比增长23.1%，同样低于市场普遍预期的1807亿日元；净利润达到1599亿日元，同比增长24.43%。 这一略显保守的全年业绩预期，叠加美国加征关税的持续影响与当前存储芯片价格普遍上涨的双重压力，引发了市场对任天堂未来利润率承压的普遍担 忧。 当地时间2月4日，任天堂股价一度下跌12.28%，创下近18个月以来的最大单日跌幅，最终收跌10.98%，报8973日元/股。 秦铭蔚/摄 在2月3日的第三财季决算说明会上，当被问及内存等零部件价格上涨对 Switch 2硬件盈利能力的影响时，任天堂总裁古川俊太郎回应称，近期内 ...

IT之家 2 月 3 日消息，任天堂今日发布 2026 财年前三财季（截至 2025 年底）报告： | | FY25/Q1-Q3 | FY26/Q1-Q3 | | | --- | --- | --- | --- | | 売上高 | 9,562 億円 | 19,058 億円 | +9 | | 営業利益 | 2,475 億円 | 3,003 億円 | +2 | | 営業利益率 | 25.9 % | 15.8 % | -1 | | 経常利益 | 3,271 億円 | 4,558 億円 | +3 | | 四半期純利益 | 2,371 億円 | 3,588 億円 | +5 | | 四半期純利益率 | 24.8 % | 18.8 % | | 前三财季销售金额 19058 亿日元（IT之家注：现汇率约合 852.85 亿元人民币），同比增长 99.3%； 前三财季营业利润 3003 亿日元（现汇率约合 134.38 亿元人民币），同比增长 21.3%； 前三财季净利润 3588 亿日元（现汇率约合 160.56 亿元人民币），同比增长 51.3%。 从销量来看，前三财季 Switch 2 游戏机销售 1737 万台，Swi ...

《公司的秘密7》年度研报合集 "穿越热点，看到秘密" 预售已开启 2026年1月25日之后开始发货 01 所有人都在追的热点公司， 在《第一财经》杂志内部，研报长期被视为一种"静态报道"。 所谓静态，不追逐当下热度，不围观股价起伏；看长线、看基本面，看那些暂时不喧哗但真正重要的变 量。 而它们往往不会是社交媒体上最热闹的那一批，过去6册《公司的秘密》几乎都遵循了这一逻辑。 在即将发布的第7册里，这个规律被打破了。 我们把它拆解给你看 回看 2025 年我们发表的 12 篇研报，你会发现一个明显变化——它们几乎全部围绕年度商业热点展开。 △ 点击即可预订《公司的秘密7》 当然，这些公司之所以能被《第一财经》杂志选中成为研报对象，并不是因为声量，而是因为足够重要 和有趣。 和以往一样，编辑和记者做的，并不是复述新闻、放大情绪，而是持续做一件"有点反直觉"的事：从财 报、采访和公开数据里，挖掘那些被常规商业报道有意或无意忽略的信息。 你会看到—— 寒武纪，在夏天一度超越茅台，成为中国 A 股市值第二 泡泡玛特出海业绩增长超 400%，Labubu 成为全球级网红 霸王茶姬、地平线、Figma，完成各自行业里具有标志 ...

Core Insights - The seventh edition of "Company Secrets" is now available for pre-sale, focusing on in-depth financial analysis rather than superficial business advice [1] - The publication aims to uncover the underlying logic of companies' profitability and losses, featuring case studies from various companies [1] Summary by Topics Company Performance - NIO's L90 achieved a monthly sales figure of 15,000 units, attributed to a pricing strategy of 260,000 and platform-based production, marking a significant recovery from 5,000 monthly sales to over 40,000 [1] - Pop Mart's revenue reached 3.4 billion, with profits surpassing global toy giant Mattel, driven by the normalization of IP blockbuster products [1] - Bawang Tea's revenue increased by 167% within a year, supported by a high-end positioning strategy and expansion into lower-tier markets [1] Industry Trends - The publication also addresses challenges faced by Nintendo with the Switch, Hengrui's transformation in centralized procurement, and Cambrian's resurgence in AI computing power [1]

Core Insights - The article announces the launch of the seventh edition of "The Company's Secrets," which is a compilation of in-depth research reports on large companies, focusing on financial performance and underlying business logic rather than superficial industry trends [3]. Group 1: Key Highlights of the Seventh Edition - NIO's L90 achieved a monthly sales figure of 15,000 units, attributed to a pricing strategy of 260,000 and a platform-based production model, marking a significant recovery from previous monthly sales of 5,000 [3]. - Pop Mart has adapted to changing market conditions by normalizing IP blockbuster releases, generating a revenue of 3.4 billion, surpassing global toy giant Mattel in profits [3]. - Bawang Tea Ji has ambitious plans with 7,000 stores, achieving a revenue increase of 167% through a strategy of high-end positioning and market expansion [3]. - The edition also covers challenges faced by Nintendo's Switch, Hengrui's transformation in centralized procurement, and Cambrian's resurgence in AI computing power, providing actionable insights for investors [3]. Group 2: Availability and Promotions - The previous six editions of "The Company's Secrets" have sold out completely, indicating strong demand for the content [4]. - The seventh edition is available for pre-order, offering immediate access to all content and previous editions, along with promotional gifts such as a calendar [5]. Group 3: Community Engagement - There are exclusive community benefits available for those who engage with the publication, enhancing the value proposition for readers [7].

Core Viewpoint - Nintendo released a system update (version 21.2.0) for both the Switch and Switch 2 on January 13, 2026, which is primarily a maintenance update aimed at fixing bugs and enhancing system stability without introducing new features [1] Group 1 - The update is categorized as a routine maintenance patch [1] - The update does not include any new functionalities [1] - Nintendo warns that non-standard Switch 2 consoles may encounter issues post-update, potentially leading to abnormal operation [1] Group 2 - The company specifies that non-standard consoles are not covered under warranty after the update [1]

Core Insights - The Global Silicon Photonics Market is projected to grow at a CAGR of 25.50% from 2026 to 2032, increasing from USD 2.02 Billion in 2024 to USD 10.48 Billion by the end of the forecast period [1][3]. Market Dynamics - Rising demand for high-speed data transmission is a key driver, with industries relying on silicon photonics for high-bandwidth, low-latency data transmission, particularly in telecommunications and data centers [9]. - Energy-efficient solutions offered by silicon photonics are crucial for businesses aiming to reduce operational costs and carbon footprints, thus enhancing market growth [10]. - Advancements in semiconductor technology are making silicon photonics more accessible and cost-effective, attracting interest from sectors like healthcare and automotive [11]. - High initial costs and complex integration challenges are significant barriers to widespread adoption, particularly for small and medium enterprises [12][13]. - Limited awareness in emerging markets poses challenges, as businesses may miss out on the benefits of silicon photonics due to a lack of education and technical competence [14]. Geographical Insights - North America leads the Silicon Photonics Market due to its advanced technological infrastructure and significant investments in data centers, while Asia-Pacific is rapidly industrializing and challenging this dominance [15]. Competitive Landscape - Key players in the market include Finisar, Acacia, Mellanox Technologies, Cisco, Intel, Hamamatsu Photonics, IBM, Global Foundries, STMicroelectronics, and Broadcom, each employing various market strategies and innovations [16]. Industry Segmentation - The market is segmented by component (Active and Passive Components), application (telecom, data centers, healthcare, automotive), product (Transceiver, Variable Optical Attenuator, Switch, Cable, Sensor), and geography [4][17].

Core Viewpoint - The Ugreen CD127 Type-C 20W charger is currently on promotion, offering a significant discount from its original price, making it an attractive option for consumers seeking a reliable fast charger [2][3] Pricing and Promotion - The original price of the Ugreen CD127 charger is 21.10 yuan, and with an additional discount of 3.2 yuan, the final price is reduced to 17.9 yuan [2][3] Product Features - The charger features a Type-C interface and provides a power output of 20W, supporting both PD and QC fast charging protocols [2][3] - It is certified with PD, allowing it to quickly charge devices such as iPhone, iPad, and Switch, and can also power certain laptops, making it versatile for various devices [2][3] - The charger comes in an elegant package with dimensions of 43.2 x 42.2 x 23 mm [2][3] User Considerations - It is noted that the charger may cause the phone to heat up during charging, which could be a consideration for potential buyers [2][3] - The product is recommended for those who need a widely compatible and reliable fast charger and are not concerned about the heating issue [2][3]

Gaming Hardware & Technology - The industry anticipates the Steam Machine, a small form factor hybrid PC console, offering easy access to Steam games on TVs without requiring high-end gaming rigs or expensive graphics cards [1] - Potential PlayStation handheld device is rumored, featuring dedicated offline play and possible docking capabilities, similar to Nintendo Switch [3] Game Releases & Expectations - Grand Theft Auto 6 is expected to be a major game launch in 2026, but its release date remains uncertain [1][2] - Grand Theft Auto 5 is the highest-grossing game of all time, indicating high anticipation and market potential for its successor [2] Future Trends & Speculation - The industry is speculating about the potential release of a PlayStation 6 (PS6) in 2027 [3]

Core Insights - The current era rewards stability and prudence in business practices [2][27] - Companies with strong cash reserves can navigate challenges more effectively [18][27] Group 1: Case Study of Nintendo - Nintendo revolutionized the gaming industry with the launch of Wii, selling over 100 million units and significantly increasing its market value [5][24] - The failure of Wii U led to substantial losses, with stock prices plummeting back to 10,000 yen and market value evaporating by over 85% [9][10] - Despite pressure from the market to cut costs and pivot to software, Nintendo's leadership maintained a conservative financial strategy, preserving cash reserves of over 1 trillion yen [17][18] - This financial stability allowed Nintendo to retain talent, invest in R&D, and explore innovative ideas without immediate pressure for profitability [20][21][22] - The successful launch of the Switch in 2017, which sold over 140 million units, marked a significant recovery for Nintendo [24][25] Group 2: Principles of Stability - Companies should maintain a robust cash reserve to ensure operational flexibility during downturns [27][35] - Stability encompasses three key aspects: capability stability, financial stability, and mental resilience [33][34][35] - The ability to adapt and learn new skills is crucial for long-term success in a changing market [34] - Financial stability provides the freedom to make choices without immediate economic pressure [35] - Mental resilience allows individuals and companies to navigate challenges while maintaining a clear strategic vision [36]