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- 2025-12-27
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发表于 2025-12-18 12:41 · 浙江
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Sony expects PlayStation 5 hardware profitability to continue through fiscal year 2025, ending March 2026, supported by secured component supplies. However, rising memory costs may reduce future profits, shifting focus to monetizing the existing PS5 installed base through software and network services to maintain overall profitability.
Sony says that the PlayStation 5 will maintain its current sales profitability throughout FY2025, but that period ends quite soon in March, and after that period it's possible the PS5--and potentially the PS5 Pro--will be sold for less profit than it is now.
Hardware profitability is crucial for Sony and Nintendo (Microsoft never sold an Xbox at a profit, and that could be why they're now merging Xbox consoles with Windows). Right now, Sony is able to produce and sell each PS5 console at a profit, but that may change in the future due to rising storage memory costs.
Diminished hardware profitability will drag the company's margins and put more stress on software and services. This is something Sony is potentially planning for as it is now focusing on "monetizing the PS5's installed base"rather than expanding that said installed base.
In a recent Q2 earnings call with investors and analysts, Sony Chief Financial Officer Lin Tao says that Sony has already acquired sufficient NAND chips and components to preserve PS5 hardware profitability through FY25, which ends on March 2026, but future periods aren't guaranteed.
Below is a transcript of what was said about PS5 profitability in the call:
"In Q2, the major contributing factor to profitability was foreign exchange rates, network and services, a reduction in SG&A, and there was a reduction in M&A, we were able to achieve a relatively high level of profitability. Whether or not this is a sustainable one, that is the question.
"Network services command higher profits than software. Especially with first-party software--if these games perform really well, we should be able to maintain a higher level of profitability.
"With regards to memory prices and the potential impact on hardware profitability, in this fiscal year we have already acquired all of the parts that we need. Now because the market continues to fluctuate, we need to keep a close eye on the market situation. And of course, when the prices of these parts go up, that will have an impact on the profitability of the hardware for next fiscal year and onward.
"We have already achieved 84 million PS5 sales, and assuming this will grow next year, instead of additional hardware profitability, we want to really continue to monetize the installed base that has already secured. I think that will be a priority."
索尼预计，在有保障的组件供应的支持下，PlayStation 5硬件的盈利能力将持续到2025财年，到2026年3月结束。 然而，内存成本的上升可能会降低未来的利润，将重点转移到通过软件和网络服务将现有的PS5安装基础货币化，以保持整体盈利能力。
索尼表示，PlayStation 5将在整个2025财年保持目前的销售盈利能力，但该期间很快在3月结束，在此期间之后，PS5——以及潜在的PS5 Pro——的销售利润可能会比现在低。
硬件盈利能力对索尼和任天堂来说至关重要（微软从未以盈利的价格出售过Xbox，这可能是他们现在将Xbox控制台与Windows合并的原因）。 目前，索尼能够以盈利的价格生产和销售每个PS5游戏机，但由于存储成本的上升，这在未来可能会发生变化。
硬件盈利能力的下降将拖累公司的利润率，并给软件和服务带来更大的压力。 这是索尼可能正在计划的事情，因为它现在专注于“将PS5的安装基础货币化”，而不是扩大上述安装基础。
在最近与投资者和分析师的第二季度收益电话会议上，索尼首席财务官林涛表示，索尼已经购买了足够的NAND芯片和组件，以保持PS5硬件的盈利能力，直到2026年3月25日结束，但未来时期不能保证。
以下是通话中关于PS5盈利能力的内容的记录：
“在第二季度，盈利能力的主要促成因素是外汇汇率、网络和服务，SG&A的减少，并购的减少，我们能够实现相对较高的盈利水平。 这是否是可持续的，这就是问题所在。
“网络服务的利润高于软件。 尤其是第一方软件——如果这些游戏表现非常好，我们应该能够保持更高的盈利水平。
“关于内存价格和对硬件盈利能力的潜在影响，在本财政年度，我们已经获得了我们需要的所有部件。 现在，由于市场持续波动，我们需要密切关注市场情况。 当然，当这些零件的价格上涨时，这将对下一个财政年度及以后硬件的盈利能力产生影响。
“我们已经实现了8400万的PS5销售，假设明年这将增长，而不是增加硬件盈利能力，我们希望真正继续将已经获得的安装基础货币化。 我认为这将是一个优先事项。”
看来索尼当前库存只能撑到2026年3月25日 |
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