Studio KAI 因鉅額財務虧損面臨破產危機
Studio KAI Faces Potential Insolvency After Major Financial Losses
Updated at: May 26, 2026 at 01:20 PM
2026年4月，動畫產業因東京的Studio KAI陷入資產負債表破產的消息而震驚。
In April 2026, the animation industry was shaken by news that Tokyo-based Studio KAI has entered a state of balance-sheet insolvency.
繼2025年的財報之後，該公司揭露了高達5.65億日圓的淨虧損，這是自2019年成立以來，連續第七年出現財務衰退。
Following its fiscal report for 2025, the company revealed a staggering net loss of 565 million yen, marking its seventh consecutive year of financial decline since its founding in 2019.
儘管該工作室憑藉《賽馬娘 Pretty Derby》和《被判為英雄》等高品質作品獲得讚譽，但其商業模式卻難以獲利。
Despite the studio's acclaim for high-quality productions like 'Umamusume: Pretty Derby' and 'Sentenced to Be a Hero,' its business model has struggled to find profitability.
與許多競爭對手不同，Studio KAI為其133名員工提供全職聘僱，這項作法導致了高昂的營運成本。
Unlike many competitors, Studio KAI prioritizes full-time employment for its 133 staff members, a practice that contributes to high overhead costs.
這種情況凸顯了動畫產業中一個反覆出現的矛盾：由於產業僵化的「製作委員會」模式，熱門節目往往無法為製作公司本身帶來足夠的回報。
This situation highlights a recurring paradox in the anime industry: popular shows frequently fail to generate sufficient returns for the production houses themselves due to the industry’s rigid 'production committee' model.
雖然資產負債表破產意味著負債目前超過資產，但這並不等同於立即宣告倒閉。
While insolvency indicates that liabilities currently exceed assets, it is not an immediate declaration of bankruptcy.
儘管如此，此案例亦提醒了人們，即使是成功的知名中型工作室，在現今動盪的市場中也面臨著財務不穩定的嚴峻現實。
Nevertheless, the case serves as a stark reminder of the financial instability facing even successful mid-sized studios in today’s volatile market.
