软银集团在7月至9月季度录得净亏损1.12万亿日元（约合71亿美元）。最大的单项冲击是为美国AI数据中心采购的电力设备计提37亿美元减值。软银曾预付该笔款项，随后改变了计划。
SoftBank Group swung to a net loss of ¥1.12tn ($7.1bn) in the July to September quarter. The biggest single hit was a $3.7bn writedown on power equipment for US AI data centres. SoftBank had paid for it in advance, then changed its plans.
此次软银亏损与去年同期2.5万亿日元的利润形成对比。据彭博社报道，分析师此前预期盈利1290亿日元，这是软银近两年来首次出现净亏损。据CNBC报道，营收为2.22万亿日元，高于分析师预期。
The SoftBank loss compares with a ¥2.5tn profit a year earlier. Analysts had expected a profit of ¥129bn this time, Bloomberg reported, and it is SoftBank’s first net loss in almost two years. Revenue came in at ¥2.22tn, above analysts’ estimates, according to CNBC.
软银表示，为“预防短缺”，曾预付款项以锁定美国数据中心项目的发电设备。据路透社报道，至9月底这些预付款已达95亿美元，随后计划生变。首席会计官君和田和子称，取消订单时无法追回费用。软银可在未来十年内就后续采购申请最高21亿美元的回扣。
The turbine orders SoftBank said it had made advance payments to secure power generation equipment for US data centre projects “in anticipation of shortages”. Those payments reached $9.5bn by the end of September, and plans then changed. SoftBank could not get the fees back when it cancelled orders, chief accounting officer Kazuko Kimiwada said, as Reuters reported. SoftBank can claim rebates of up to $2.1bn on future purchases over the next ten years.
公司未披露设备细节。《华尔街日报》援引知情人士报道，软银在2025年底至2026年初之间预订了逾13吉瓦的燃气轮机，主要来自GE Vernova。该报称，这相当于六座胡佛大坝的发电容量。据报道，软银随后取消了无法使用的预订。
The company gave no detail on the equipment. The Wall Street Journal, citing people familiar with the orders, reported that SoftBank had reserved more than 13 gigawatts of gas turbines, mostly from GE Vernova, between late 2025 and early 2026. That is more than six Hoover Dams’ worth of capacity, the WSJ said. SoftBank then cancelled the reservations it could not use, according to the report.
GE Vernova对《华尔街日报》表示，此举对公司“无负面或正面影响”。彭博社报道，其股价在财报发布后仍下跌，Bloom Energy股价亦随之下跌。
GE Vernova told the WSJ the moves had “no negative or positive impact” on the company. Its shares still fell after the results, along with those of Bloom Energy, Bloomberg reported.
埃隆·马斯克在上周于X平台声称软银违约。首席财务官后藤芳实予以否认。
Elon Musk had claimed on X the week before that SoftBank defaulted on the orders. Chief financial officer Yoshimitsu Goto rejected that.
据《华尔街日报》报道，后藤表示：“这完全不正确。不存在违约。”后藤称，软银正在进行“全面重新评估”，包括设备采购方式。他说：“我们需要在油门和刹车之间取得平衡。”
“This is simply not correct at all. There is no such default,” Goto said, according to the WSJ. Goto said SoftBank is carrying out “a thorough reassessment” that includes how it buys equipment. “We need to balance between gas and brake,” he said.
借贷成本翻倍 部分分析师认为利息支出是更大的问题。彭博社报道，截至9月的六个月利息支出较上年同期翻倍多，达到6760亿日元。路透社报道，软银本季度筹集了565亿美元，创历史新高，其中包括118.7亿美元的定期贷款和100亿美元的美元债券。
Borrowing costs double Some analysts see the interest bill as the bigger problem. Interest expenses for the six months to September more than doubled from a year earlier to ¥676bn, Bloomberg reported. SoftBank raised $56.5bn in the quarter, its highest ever, Reuters reported, including an $11.87bn term loan and a $10bn dollar bond.
“更令人担忧的因素是财务成本的增加，”信金资产管理策略师泽村和树对彭博社表示。
“The more worrying factor is the increase in financial costs,” Kazuki Sawamura, a strategist at Shinkin Asset Management, told Bloomberg.
软银称其财务状况在自身设定的限度内。软银首席财务官后藤芳光表示，截至9月底，其贷款价值比为15.9%，低于其自设的25%上限。
SoftBank says its finances are within its own limits. Its loan-to-value ratio was 15.9% at the end of September, below the 25% ceiling it sets for itself, Goto said.
OpenAI仍是软银最大的押注。公司表示，截至9月底，其累计投资额为546亿美元，公允价值为996亿美元。知情人士透露，OpenAI最新一轮融资估值达1.25万亿美元，尚未计入上述数字。后藤芳光表示，相关公告极有可能在本季度发布。
OpenAI and the portfolio OpenAI remains SoftBank’s largest bet. Its cumulative investment stood at $54.6bn at the end of September, with a fair value of $99.6bn, the company said. OpenAI’s latest funding round, which people familiar with it have valued at $1.25tn, is not yet in the figures. Goto said an announcement was highly likely in the current quarter.
愿景基金部门亏损816亿日元。字节跳动带来的13亿美元收益未能弥补Coupang和Grab等上市持仓的下跌。Arm和英特尔股价下跌也拖累了业绩。
The Vision Fund segment lost ¥81.6bn. A $1.3bn gain on ByteDance did not cover falls in listed holdings such as Coupang and Grab. Lower share prices at Arm and Intel also weighed on results.
股价剧烈波动，支出持续 软银股价在周二财报发布前上涨约14%，随后周三上午在东京下跌逾10%。自6月创下历史新高以来，股价已腰斩。我们在11月9日报道，抛售潮和中国叫停其ABB机器人交易后，投资者正在质疑其AI战略。
Shares swing, spending goes on SoftBank’s shares rose about 14% on Tuesday, before the results, then fell more than 10% on Wednesday morning in Tokyo. They have lost more than half their value since their record in June. On 9 November we wrote that investors were questioning its AI strategy after a selloff and China’s block on its ABB robotics deal.
软银仍在持续支出。财报发布前一天，软银与Grab承诺投入18.5亿美元种子资金，用于在马来西亚建设AI数据中心，这延续了孙正义对该国的规划。周四，软银领投了Agile Robots 5亿美元的融资轮。
SoftBank is still spending. The day before the results, SoftBank and Grab committed $1.85bn in seed capital for AI data centres in Malaysia, building on Son’s plans for the country. On Thursday it led Agile Robots’ $500M round.
彭博情报预计，软银将在2027年筹集更多资金。其年度利息支出有望突破1万亿日元。
Bloomberg Intelligence expects SoftBank to raise more money in 2027. Its annual interest bill is heading above ¥1tn.