本田技研 (HMC) 2023 Q2 法說會逐字稿

Thank you very much for attending. This is Honda Motor Company FY '23 second quarter financial results announcement meeting.

非常感謝您的出席。這是本田汽車公司 FY '23 第二季度財務業績公佈會。

First, I'd like to introduce the executives represented -- Director, Executive Vice President and Representative Executive Officer, CFO, Kohei Takeuchi.

首先，我想介紹代表的高管——董事、執行副總裁兼代表執行官、首席財務官 Kohei Takeuchi。

This is Takeuchi speaking. Thank you.

這是竹內說話。謝謝你。

Operating Executive and Head of Accounting, Finance, Supervisory Unit, Eiji Fujimura.

Eiji Fujimura 運營主管兼會計、財務、監督部門負責人。

How do you do? I am Fujimura.

你好嗎？我是藤村。

Would like to ask Kohei Takeuchi to first announce the FY '23 second quarter financial results and FY '23 forecast followed by Fujimura, who will give the details on the above. Mr. Takeuchi, the floor is yours.

想請 Kohei Takeuchi 首先公佈 FY '23 第二季度財務業績和 FY '23 預測，然後是 Fujimura，他將提供上述細節。竹內先生，地板是你的。

First of all, I'd like to thank all of you for your support towards Honda products and activities. I'd like to thank our customers and all stakeholders. Thank you.

首先，我要感謝大家對本田產品和活動的支持。我要感謝我們的客戶和所有利益相關者。謝謝你。

We apologize that the delay in vehicle production is causing inconvenience to our customers who are waiting these products. We are working hard to deliver our products as soon as possible. We hope to gain your understanding.

對於車輛生產的延遲給等待這些產品的客戶帶來不便，我們深表歉意。我們正在努力盡快交付我們的產品。我們希望得到您的理解。

Now to explain the financial results for the second quarter of FY '23 and give a summary of the forecast for the fiscal year. First, FY '23 results. Amidst a difficult business environment, including the semiconductor shortage, driving down automotive production and unit sales combined with soaring raw material prices, Honda has been making company-wide efforts to improve profitability. In addition, the increase in motorcycle unit sales and the impact of yen depreciation and sales revenue and operating profit for the first 6 months have increased year-on-year.

現在解釋 23 財年第二季度的財務結果，並總結本財年的預測。首先，FY '23 結果。在艱難的商業環境中，包括半導體短缺、汽車生產和單位銷售下降以及原材料價格飆升，本田一直在全公司範圍內努力提高盈利能力。此外，受摩托車銷量增長和日元貶值影響，前6個月銷售收入和營業利潤同比增長。

In the second quarter, specific semiconductor shortage affected production of main models, mainly in North America. But we made worldwide production allocations, utilized substitute parts and replaced models sold, resulting in a year-on-year increase in group unit sales of automobiles.

第二季度，特定半導體短缺影響了主要型號的生產，主要在北美。但我們在全球範圍內進行生產配置，使用替代零件並更換銷售車型，導致汽車集團銷量同比增長。

In addition, sales revenue, operating profit and profit for the period of -- all increased year-on-year due to price increases commensurate with improved product value and strong Motorcycle business impact of the yen's depreciation. In the FY '23 forecast, group unit sales of automobiles is lowered by 100,000 units to 4.1 million units, taking into account the impact of semiconductor supply shortages.

此外，銷售收入、營業利潤和當期利潤均同比增長，原因是價格上漲與產品價值提高相稱，以及日元貶值對摩托車業務的強勁影響。在 FY '23 預測中，考慮到半導體供應短缺的影響，汽車的集團單位銷量下調 10 萬輛至 410 萬輛。

In addition to the decline in unit sales, we expect to see continued inflationary pressure on costs. However, we have revised upward our previous forecast for sales revenue, operating profit and profit for the period, reflecting profitability improvement efforts, motorcycle unit sales increase and recent weak yen. Despite the challenging business environment, Honda will continue to accelerate initiatives for electrification and new growth in preparation for the future.

除了單位銷售額下降外，我們預計成本將面臨持續的通脹壓力。然而，我們上調了之前對銷售收入、營業利潤和當期利潤的預測，以反映盈利能力改善措施、摩托車銷量增長和近期日元疲軟。儘管商業環境充滿挑戰，本田仍將繼續加快電氣化和新增長計劃，為未來做好準備。

Next, the status of our Automobile business in major markets. First half sales decreased from the same period year-on-year due to semiconductor supply shortages and others despite the positive effect of new model launches.

其次，我們的汽車業務在主要市場的情況。儘管受到新機型發布的積極影響，但由於半導體供應短缺等原因，上半年銷售額同比有所下降。

In the second quarter, sales in Japan and China increased year-on-year. But in the U.S., shortage of certain semiconductors drove down production of mainstay models and inventories at dealers. Although demand is expected to be firm, we have revised downward our previous forecast for FY '23.

第二季度，日本和中國的銷售額同比增長。但在美國，某些半導體的短缺導致主要車型的生產和經銷商的庫存下降。儘管預計需求堅挺，但我們下調了之前對 23 財年的預測。

In the second quarter, Honda announced its initiatives for electrification. In the U.S., Honda has agreed with LG Energy Solutions to establish a joint venture to produce EV batteries and to manufacture them in the State of Ohio. Honda has also decided to evolve the 3 existing plants in Ohio as home to EV production in North America.

第二季度，本田宣布了電氣化計劃。在美國，本田已與 LG Energy Solutions 達成協議，成立一家合資企業生產 EV 電池，並在俄亥俄州生產。本田還決定將俄亥俄州的 3 家現有工廠發展為北美電動汽車生產基地。

In China, Honda has established a new JV with Dongfeng Motor Group and also Guangzhou Automobile Group to procure EV batteries. In addition, we signed an MOU with CATL to further strengthen our partnership, aiming to establish a long-term stable procurement system in China and further enhance our competitiveness. Honda will continue to accelerate its efforts towards electrification.

在中國，本田與東風汽車集團和廣州汽車集團建立了新的合資企業，以採購電動汽車電池。此外，我們與寧德時代簽署了諒解備忘錄，進一步加強合作夥伴關係，旨在在中國建立長期穩定的採購體系，進一步提升我們的競爭力。本田將繼續加快電氣化進程。

Next, the Motorcycle business status. Although there were some effects of semiconductor supply shortages, sales in many countries were higher than in the same period of the previous year due to replacement of models sold and the use of substitute parts, et cetera.

其次，摩托車業務狀況。儘管有半導體供應短缺的一些影響，但由於更換銷售型號和使用替代零件等原因，許多國家的銷售額高於上年同期。

In Vietnam, we recorded record high sales for the month of September. Although sales in Pakistan affected by flooding as well as China and other countries dropped, sales in India, Vietnam and other countries were strong, leading to an upward revision of the previous forecast for consolidated FY '23 unit sales.

在越南，我們 9 月份的銷售額創下歷史新高。儘管受洪水影響的巴基斯坦以及中國和其他國家的銷量下降，但印度、越南和其他國家的銷量強勁，導致上調了此前對 23 財年綜合銷量的預測。

In September, Honda announced its launch -- it will launch more than 10 electric motorcycle models globally by 2025 and 3.5 million unit sales by 2030 to achieve carbon neutrality.

9月，本田宣布推出——到2025年在全球推出10款以上電動摩托車車型，到2030年銷量達到350萬輛，實現碳中和。

Here is an overview of the first half of FY '23. And despite a decrease in automobile production and unit sales due to semiconductor shortages and rising raw material prices, operating profit increased JPY 11.2 billion, reaching JPY 453.4 billion due to price increases commensurate with enhanced product value and reduced incentives as well as increased motorcycle unit sales and currency impact. Earnings per share attributable to owners of the parent was JPY 338.5 billion mainly attributable to share of profit of investments accounted for using the equity method of Japanese affiliates. The table shows unit sales and profit and loss.

以下是 23 財年上半年的概覽。儘管由於半導體短缺和原材料價格上漲導致汽車產量和銷量下降，但營業利潤增加了 112 億日元，達到 4534 億日元，原因是價格上漲與產品價值的提高和激勵措施的減少以及摩托車銷量的增加相稱和貨幣影響。歸屬於母公司所有者的每股收益為 3,385 億日元，主要歸因於採用權益法核算的日本關聯公司的投資利潤份額。該表顯示了單位銷售額和損益。

Next, consolidated FY '23 forecast. Although we expect to see continued pressure on costs in addition to the impact of lower automobile unit sales, we revised upwards the forecast operating income by JPY 40 billion to JPY 870 billion, reflecting further efforts to improve profitability, including higher motorcycle unit sales in India, Vietnam as well as other countries and currency impact.

接下來，合併 FY '23 預測。儘管除了汽車銷量下降的影響外，我們預計成本將繼續承受壓力，但我們將營業收入預測上調 400 億日元至 8700 億日元，以反映為提高盈利能力所做的進一步努力，包括印度摩托車銷量的增加，越南以及其他國家和貨幣的影響。

Earnings per share attributable to owners of the parent is revised upward by JPY 15 billion to JPY 725 billion. Exchange rate assumptions are JPY 135 and to the dollar for the second half, JPY 135 to the dollar for the full year. Unit sales and profit/loss are shown in the table.

歸屬於母公司所有者的每股收益上調 150 億日元至 7250 億日元。下半年匯率假設為 135 日元兌 1 美元，全年匯率假設為 135 日元兌 1 美元。單位銷售額和損益如表所示。

As for dividends, interim dividend is JPY 60 per share. The annual dividend forecast remains unchanged and is JPY 120 per share. Honda will continue to strive for stable and sustainable dividend payments, aiming for a consolidated dividend payout ratio of 30%.

至於股息，中期股息為每股 60 日元。年度股息預測保持不變，為每股 120 日元。本田將繼續努力實現穩定和可持續的股息支付，目標是綜合股息支付率達到 30%。

Regarding share buyback announced on August 10, as of October 31, the total number of shares repurchased was 50.33 million shares at a total cost of JPY 53 billion.

關於8月10日公佈的股份回購，截至10月31日，回購股份總數為5033萬股，總成本為530億日元。

Fujimura, Operating Executive and Head of Accounting of Finance Supervisory Unit, will give the details.

財務監督部運營主管兼會計主管藤村將提供詳細信息。

Let me explain. Honda Group's cumulative unit sales until the second quarter FY 2023 were as follows. Motorcycle business is 9.202 million units sold mainly with the incremental sales in Asian countries year-on-year. And Automobile business is 1.785 million units due to the decline in sales in North America. And Power Products businesses, it was 2.935 million units due to a decline in North America.

讓我解釋。本田集團截至 2023 財年第二季度的累計銷量如下。摩托車業務920.2萬輛，主要是亞洲國家銷量同比增長。北美銷量下降，汽車業務為178.5萬輛。而電源產品業務，由於北美地區的下滑，為 293.5 萬台。

Next, let me explain factors behind ups and downs of the profit before income tax for the first 2 quarters year-on-year. The profit before taxes were JPY 515.8 billion, JPY 44.5 billion decline year-on-year. Operating profit was JPY 453.4 billion, up by JPY 11.2 billion year-on-year.

下面我就前兩季度所得稅前利潤同比漲跌的原因進行說明。稅前利潤為5158億日元，同比下降445億日元。營業利潤為 4534 億日元，同比增加 112 億日元。

Excluding factors of foreign currency impact, the profit was practically negative by JPY 141.9 billion. The breakdowns are as follows. Regarding the impact of sales, profit declined by JPY 100.1 billion due to reduction in unit sales, changes in model mix and profit decline in financial businesses.

排除外匯影響因素，實際利潤為負數 1,419 億日元。細目如下。至於銷售額的影響，由於單位銷售額的減少、車型組合的變化以及金融業務的利潤下降，利潤減少了 1001 億日元。

Regarding impact of retail prices and costs, there were impacts by soaring raw materials prices and product pricing, reflecting product value improvement. However, the profit increased by JPY 8.2 billion.

在零售價格和成本的影響方面，受到原材料價格和產品價格飆升的影響，反映了產品價值的提升。但是，利潤增加了 82 億日元。

Regarding miscellaneous expenses, profit declined by JPY 41.9 billion due to quality related cost. Regarding research and development expenditures, profit declined by JPY 8.2 billion.

在雜項費用方面，由於質量相關成本，利潤下降了 419 億日元。在研發支出方面，利潤下降了 82 億日元。

In terms of sales revenues and operating profits in each of the business categories, operating profit in Motorcycle business was at JPY 224.7 billion. And of Automotive businesses, OP was at JPY 63.5 billion, and of our Financial Services businesses, it was JPY 153 billion.

按各業務類別的銷售收入和營業利潤計算，摩托車業務的營業利潤為 2,247 億日元。在汽車業務中，OP 為 635 億日元，在我們的金融服務業務中，OP 為 1,530 億日元。

Out of the Automobile and the Financial Service businesses combined, the operating profit associated with automobile sales is estimated to be JPY 211.3 billion when aggregated together. Next, operating profit of the Power Products and Other businesses was JPY 12 billion, which includes operating losses of aircraft and aircraft engine businesses being JPY 12 billion.

在汽車業務和金融服務業務中，與汽車銷售相關的營業利潤合計估計為 2,113 億日元。其次，電源產品和其他業務的營業利潤為 120 億日元，其中包括飛機和飛機發動機業務的營業虧損 120 億日元。

Next, I will explain about our cash flow situations. Free cash flow of the non-Financial Services businesses was 153.3 billion. Net cash at the end of the second quarter was JPY 2,560.9 billion.

接下來，我將解釋我們的現金流情況。非金融服務業務的自由現金流為1533億。第二季度末的淨現金為 25,609 億日元。

Let me talk about our forecast of consolidated business performance for FY 2023. With regard to the Honda Group's unit sales in the Motorcycle business as compared to the previous forecast, the expected unit sales will be 18.43 million mainly reflecting the flood in Pakistan and the demand decline in China and so on. When consolidated, we expect unit sales to be 12.02 million units, up by 360,000 units, reflecting a good sales performance in countries such as India and Vietnam.

讓我談談我們對 2023 財年綜合業務業績的預測。關於本田集團摩托車業務的單位銷售額與之前的預測相比，預計單位銷售額將為 1843 萬輛，主要反映了巴基斯坦的洪水和需求中國衰落等等。合併後，我們預計單位銷量為 1,202 萬輛，增加 36 萬輛，反映出在印度和越南等國家/地區的良好銷售業績。

Unit sales expected in our Automobile business would be 4.1 million mainly reflecting a decline in North America. For Power Products businesses, we maintained the previous forecast of 5.556 million units.

我們汽車業務的預期單位銷售額為 410 萬輛，主要反映了北美的下降。對於電源產品業務，我們維持之前 555.6 萬台的預測。

Next, I'll explain factors behind our (inaudible) of profit before income tax as compared to the results from last year. We expect the profit before tax to be JPY 1,080 billion, up by JPY 9.8 billion year-on-year and operating profit to be around the same level from the results of the last fiscal year. Excluding foreign currency impacts, we expect a negative profit of JPY 287.2 billion, of which the breakdowns are as follows.

接下來，我將解釋與去年的結果相比，我們（聽不清）所得稅前利潤背後的因素。我們預計稅前利潤為 10,800 億日元，同比增加 98 億日元，營業利潤與上一財年的結果基本持平。排除外匯影響，我們預計負利潤為 2872 億日元，具體情況如下。

For the impact of the sales, our profit will be increasing by JPY 41.8 billion due to unit sales increase of motorcycles and automobiles. Regarding retail price and cost impact, profit declined by JPY 110 billion due to soaring raw materials prices and so on.

對於銷售額的影響，由於摩托車和汽車的單位銷售額增加，我們的利潤將增加 418 億日元。在零售價格和成本影響方面，由於原材料價格飆升等原因，利潤減少了 1100 億日元。

Regarding miscellaneous expenses area, our profit would decline by JPY 152 billion due to incremental sales and quality-related costs. For research and development expenditures category, we expect the profit to drop by JPY 67 billion.

在雜項費用方面，由於銷售額增加和與質量相關的成本，我們的利潤將減少 1520 億日元。對於研發支出類別，我們預計利潤將下降 670 億日元。

Comparing our new expectations to the previous forecast, the differences as well as profit before income taxes will be up revised by JPY 40 billion, operating profit to be up revised by JPY 40 billion. Excluding foreign currency impact, we expect a negative profit of JPY 80 billion for which breakdowns are: regarding the sales impact, down by JPY 128 billion mainly due to unit sales decline in automobiles.

將我們的新預期與之前的預測進行比較，差異以及所得稅前利潤將上調 400 億日元，營業利潤將上調 400 億日元。排除外匯影響，我們預計負利潤為 800 億日元，具體情況如下： 關於銷售影響，減少 1280 億日元，主要是由於汽車銷量下降。

And in the area of the retail pricing cost impact, although some cost increase is expected due to inflation impact, we will manage price -- pricing practices to reflect enhanced product values to add profits by JPY 36 billion. Regarding research and development expenditures, we expect the profit to go up by JPY 16 billion.

在零售定價成本影響方面，儘管由於通貨膨脹的影響預計會增加一些成本，但我們將管理價格——定價實踐以反映增強的產品價值，從而增加 360 億日元的利潤。關於研發支出，我們預計利潤將增加 160 億日元。

Finally, for CapEx, depreciation and amortization as well as R&D spending for FY 2023, we revised the previous expectations to reflect the currency impact. That concludes my explanation. Thank you very much.

最後，對於 2023 財年的資本支出、折舊和攤銷以及研發支出，我們修改了之前的預期以反映貨幣影響。我的解釋到此結束。非常感謝。

Thank you very much. Thank you for your attention. And now I would like to proceed to Q&A.

非常感謝。感謝您的關注。現在我想進入問答環節。

(Operator Instructions) We'd like to go to (inaudible).

（操作員說明）我們想去（聽不清）。

My name is (inaudible) from Nikkan Jidosha Shimbun newspaper. Can you hear me?

我的名字來自 Nikkan Jidosha Shimbun 報紙（聽不清）。你能聽到我嗎？

Yes.

是的。

I have 2 questions. First, currently we're seeing a depreciation of the yen, and this has boosted your profit. But can -- in order to maximize your benefit when it comes to production and procurement, what kind of ideas will come up when Honda localizes its production? But are you making any changes to your approach?

我有兩個問題。首先，目前我們看到日元貶值，這增加了您的利潤。但是可以——為了在生產和採購方面最大化你的利益，當本田本地化生產時會產生什麼樣的想法？但是你對你的方法有什麼改變嗎？

The second question, worldwide, there is a concern of a recession at your major markets, U.S. and China. How do you see the prospect of the economy?

第二個問題，在全球範圍內，人們擔心你們的主要市場美國和中國會出現衰退。您如何看待經濟前景？

Mr. (inaudible), so first of all, in regards to your exchange rate question, well as you rightly mentioned, we have the policy of producing where the demand exists. This is our basic policy. That is how we have set up our production sites.

先生（聽不清），所以首先，關於你的匯率問題，正如你正確提到的那樣，我們有在有需求的地方生產的政策。這是我們的基本政策。這就是我們建立生產基地的方式。

And so it's locally produced and locally consumed, meaning that we are -- of course, given the major fluctuation in the currency rate, it does have an impact to a certain extent. But compared to other manufacturers exporting from Japan, compared to those manufacturers, I don't think that our impact is that big.

所以它是本地生產和本地消費的，這意味著我們——當然，考慮到貨幣匯率的大幅波動，它確實在一定程度上產生了影響。但是相對於其他日本出口的廠家，相對於那些廠家，我覺得我們的影響沒有那麼大。

But, having said that, still, to explain the currency impact, the U.S.-denominated only, if there's JPY 1, there is a difference of the current situation, there is a swing of 10 billion, used to be 12 billion, but it's now 10 billion of which half is the export of components or the loyalty received from overseas?

但是，話雖如此，還是要解釋貨幣影響，僅以美元計價，如果有1日元，現在的情況有所不同，有100億的波動，以前是120億，但現在現在100億，其中一半是元器件出口還是從海外收到的忠誠度？

So it's mainly cash flow. And also, we generate profit overseas, and we convert this into Japanese yen. In that conversion, we have half of the difference. So that is the impact of currency.

所以主要是現金流。而且，我們在海外產生利潤，並將其轉換成日元。在那個轉換中，我們有一半的差異。這就是貨幣的影響。

But as for the yearly forecast, we are estimating now JPY 135 against the dollar. And so this would be an impact of JPY 120 billion in profit. But still, the supply chain. We have suppliers and others relationship. So it's not the case that we can immediately shift our production to Japan. Basic philosophy is to produce where the demand exists will remain in place. That's in regards to your currency question.

但至於年度預測，我們現在估計日元兌美元匯率為 135 日元。因此，這將產生 1200 億日元的利潤影響。但是，供應鏈。我們有供應商和其他關係。所以我們不能立即將生產轉移到日本。基本理念是在需求存在的地方生產，並將留在原地。那是關於你的貨幣問題。

And about the U.S. and China's economy, well, the midterm election is -- the vote count is underway right now in the United States. Given the 8% inflation continuing towards the end of the year, as everyone says, there is likely to be an impact on the economy. So we also share that concern.

關於美國和中國的經濟，嗯，中期選舉是——美國目前正在進行計票。正如大家所說，鑑於 8% 的通貨膨脹率將持續到年底，這可能會對經濟產生影響。所以我們也有同樣的擔憂。

But if we look at the current situation, our car supply for certain models due to the shortage of semiconductors, we have lost some unit sales, but customers are waiting for our products. So looking at the current situation in regards to our customers, we believe that the cars we produce will be purchased by our customers.

但如果我們看看目前的情況，由於半導體短缺，我們某些車型的汽車供應，我們失去了一些銷量，但客戶正在等待我們的產品。因此，從我們客戶的現狀來看，我們相信我們生產的汽車將由我們的客戶購買。

But economically, as is being said, there is the interest rate increase, the inflation occurring. And therefore, there will be some impact to a certain extent. And keeping this in mind, we will continue with our operation.

但在經濟上，正如所說，利率上升，通貨膨脹發生。因此，會在一定程度上產生一定的影響。牢記這一點，我們將繼續我們的行動。

Likewise, in China, the Chinese GDP compared to a few years ago is declining. But automobiles annually, the passenger car is about 23 million units per annum, in line with that, especially the market electrification. Last month also -- this month, we see 20% or 19% ratio. And therefore, we have this electric -- EV car on the market, and the first one. And we've announced a second. We are focused on electrification, and we want to meet our customers' demands also in China. And this is how we want to market our products in China.

同樣，在中國，與幾年前相比，中國的國內生產總值也在下降。但是汽車每年，乘用車每年約2300萬輛，符合這一點，尤其是市場電氣化。上個月也是——本月，我們看到 20% 或 19% 的比例。因此，我們在市場上推出了這款電動汽車，而且是第一輛。我們已經宣布了第二個。我們專注於電氣化，我們也希望滿足中國客戶的需求。這就是我們希望在中國營銷我們的產品的方式。

So next question, Yomiuri newspaper, Nakamura, please.

那麼下一個問題，請讀賣新聞，Nakamura。

Nakamura from Yomiuri Shimbun newspaper. Can you hear me? Two questions. First of all, sales. The price increases are in overseas and also potential price increases in Japan, please share with me the potential.

讀賣新聞的中村。你能聽到我嗎？兩個問題。首先是銷量。價格上漲是在海外，日本也有潛在的價格上漲，請與我分享潛力。

And Japan and Southeast Asia markets are good, and what is reason behind? And how long do you think it would continue on going forward, the Motorcycle business?

而日本和東南亞市場都不錯，背後的原因是什麼？您認為摩托車業務會持續多久？

So thank you for your question, pricing, retail price situations and the pricing reflecting the product values. That's how we call it. And in the U.S., including the inflation situations, we are repricing that to reflect our values of the product.

因此，感謝您提出問題、定價、零售價格情況以及反映產品價值的定價。我們就是這樣稱呼它的。在美國，包括通貨膨脹情況在內，我們正在重新定價以反映我們的產品價值。

Of course, raw materials prices soaring, and also safety equipments are rearranged as well. So including all that, people buy the products. And in the U.S., the stock level is quite low. Including that situation, we try to price the product in an appropriate level for them to buy.

當然，原材料價格飆升，安全設備也在重新佈局。所以包括所有這些，人們購買產品。在美國，庫存水平很低。包括那種情況，我們盡量把產品定價在一個合適的水平，讓他們購買。

And in Japan, when we have such a soaring raw material prices, of course, that has impact on the revenue. However, we also have a sort of relationship with like competitors, the peer companies in the semi industries. We will look at how they are reacting and then if necessary, we would do repricing, increasing the prices. But at this moment in Japan, we do not have specific information as of today.

而在日本，當我們的原材料價格飆升時，當然會對收入產生影響。然而，我們也與類似的競爭對手、半導體行業的同行公司有某種關係。我們將研究他們的反應，然後如有必要，我們會重新定價，提高價格。但目前在日本，截至今天我們還沒有具體信息。

And as for the motorcycle situations, thankfully, in the second quarter, the Motorcycle business performance was very good. Specifically, the best area is our Asian markets, specifically Vietnam, Thailand, number of the units sold was very good, which gave us additional revenue.

至於摩托車情況，值得慶幸的是，在第二季度，摩托車業務表現非常好。具體來說，最好的區域是我們的亞洲市場，特別是越南、泰國，售出的單位數量非常好，這給了我們額外的收入。

And how long will that continue? Well, as of now, without any economic or turmoils or the kind for this term, Thai and the Vietnamese market will continue as it is perhaps -- and also for the Motorcycle businesses, we have an EV, electrification plans for India and the countries toward -- excuse me, in Indonesia from 2030 and '35. And including that, we will try to come up with the appropriate pricing and so forth for the electrification plans with motorcycle. Thank you.

這會持續多久？好吧，截至目前，沒有任何經濟或動盪或本學期的那種情況，泰國和越南市場可能會繼續保持原樣 - 對於摩托車業務，我們有電動汽車，印度和其他國家的電氣化計劃走向——對不起，從 2030 年到 35 年在印度尼西亞。包括在內，我們將嘗試為摩托車的電氣化計劃提出適當的定價等。謝謝你。

Nikkei. Mr. Tanabe, please?

日經指數。田邊先生，好嗎？

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Well, about automobile, about the unit sales past forecast. In North America, you said that it's been reduced. Well, I think there might be some differences in the unit semiconductor shortage depending on the region. So what about Japan and North America and Asia? Can you give some regional differences? And do you think that this is likely to continue? What is likely to happen in the next fiscal year? That's the first question.

好吧，關於汽車，關於過去預測的單位銷量。在北美，你說它已經減少了。嗯，我認為單位半導體短缺可能會因地區而異。那麼日本以及北美和亞洲呢？你能給出一些地區差異嗎？你認為這可能會持續下去嗎？下一個財政年度可能會發生什麼？這是第一個問題。

The second question is about the way of thinking towards the exchange rate. Well, it's contributed to the profit to quite an extent. But if this continues longer, I think there might be some challenges ahead. So can you candidly share with us how you assess the currency forecast?

第二個問題是關於匯率的思維方式。嗯，它在相當程度上貢獻了利潤。但如果這種情況持續更長時間，我認為未來可能會遇到一些挑戰。那麼您能否坦誠地與我們分享您如何評估貨幣預測？

Thank you very much, Tanabe-san. First, about the units, the automobile units. And due to the shortage of semiconductors, we have downward revised by 100,000 units, U.S. And we are trying to catch up here in Japan and Asia. But it's a 100,000-unit downward revision.

非常感謝你，田邊桑。第一，關於單位，汽車單位。由於半導體短缺，我們下調了 100,000 台美國，我們正努力在日本和亞洲趕上。但這是一個 100,000 個單位的向下修正。

As I already explained earlier, it is a specific type of semiconductor that has this issue with semiconductor. And it has an impact on our CR-V, Civic. And so for these specific models, we have seen this impact of the shortage.

正如我之前已經解釋過的，它是一種特定類型的半導體，存在半導體問題。它對我們的CR-V思域產生了影響。因此，對於這些特定型號，我們已經看到了短缺的影響。

And this, the second quarter, this was the situation. And in North America in the second half of the year, we think that it will be difficult to increase the production. And therefore, it's difficult for us to catch up. And this is the downward revision for U.S.

這就是第二季度的情況。而在下半年的北美，我們認為將很難增加產量。因此，我們很難趕上。這是美國的向下修正。

What about China? When it comes to China, naturally, in the first half, there was an impact. But in the second half, the production system is such that we think that we can catch up. And therefore, we think we can catch up.

中國呢？說到中國，上半場自然是有影響的。但在下半場，生產系統讓我們認為我們可以趕上。因此，我們認為我們可以趕上。

Meanwhile, Asia. You mentioned about Asia, Indonesia, et cetera, the numbers are growing. And therefore, as I said, it's not -- well, the cars in Asia are relatively small. So with the smaller cars, there are the semiconductors available. So we can catch up there.

與此同時，亞洲。你提到了亞洲、印度尼西亞等地，這個數字正在增長。因此，正如我所說，亞洲的汽車並不是——嗯，汽車相對較小。因此，對於較小的汽車，可以使用半導體。所以我們可以趕上那裡。

With the supply of semiconductors this fiscal year, we have inconvenienced our customers to quite an extent. We apologize. But there, well, the old semiconductors sometimes experience a shortage. So we have to try to observe carefully, and we need to monitor carefully the situation because there are some abrupt incidents occurring in the supply.

隨著本財年的半導體供應，我們在一定程度上給客戶帶來了不便。我們抱歉。但是在那裡，舊的半導體有時會出現短缺。所以我們要盡量仔細觀察，我們需要仔細監控情況，因為供應中出現了一些突發事件。

Now about the currency situation, as I've already explained, we believe that we should be producing where the demand exists. Therefore, the currency impact is limited. But given the fluctuation occurring in such a short period of time, this volatility, it does have an impact, and we cannot hedge against this. We need to have a currency where there is long-term stability.

現在關於貨幣情況，正如我已經解釋過的那樣，我們認為我們應該在有需求的地方生產。因此，貨幣影響有限。但是考慮到在這麼短的時間內發生的波動，這種波動，它確實有影響，我們無法對沖這一點。我們需要一種長期穩定的貨幣。

Next question, Newspeak. Newspeak's Mr. (inaudible)

下一個問題，新話。 Newspeak 先生（聽不清）

Newspeak's (inaudible) speaking. A few questions. First on operating profit of the Automobile businesses. As compared to last year, you already descended a bit lower. And as you said before, of course, do you have any additional explanations on the top of the presentation about this? In what situation can you expect the OP to go up?

新話（聽不清）說話。幾個問題。首先是汽車業務的營業利潤。與去年相比，你已經下降了一點。正如您之前所說，當然，您在演示文稿的頂部對此有任何其他解釋嗎？在什麼情況下您可以預期 OP 會上升？

And the second question is about electrification. The Ohio plant will be the hub for EV production. And as there are IRA, Inflation Reduction Act there. But how do you take the benefits of the Ohio electrification production hub?

第二個問題是關於電氣化。俄亥俄州工廠將成為電動汽車生產中心。由於有 IRA，那裡有通貨膨脹減少法案。但是您如何利用俄亥俄州電氣化生產中心的優勢呢？

So operating profit of automobile was rather lower as compared to last year. And as you said, one is semiconductor supplies. Because of that, a number of the units have to be constrained. That is the big factor. And also OP of automobile have to be improved. And in the last 2, 3 years, we've been making efforts to push it up, for instance, reducing fixed cost, closure of the plants in Europe and Japan and so forth. And those are materializing as suggested.

因此汽車營業利潤較上年有所下降。正如你所說，一個是半導體供應。因此，必須限制一些單位。這是一個重要因素。並且還必須改進汽車的OP。在過去的2、3年裡，我們一直在努力推動它，比如降低固定成本，關閉歐洲和日本的工廠等等。這些正在按照建議實現。

We have Honda architecture, specific designs and so on or specification to make a better efficiency. The numbers are reflecting those efforts. However, in terms of the unit sales, it's not yet there because of the semiconductor constraints.

我們有本田架構、特定設計等或規範來提高效率。這些數字反映了這些努力。然而，就單位銷售額而言，由於半導體的限制，它還沒有出現。

We are still in the process of improvement. The numbers still be restrained. And of course, there are hypothetical situations as well. And we are on track, in fact, towards the unit sales improvement and Ohio electrification hub. You mentioned IRA Act and 700 -- 750 -- $7,500 and [$3,750] so on according to your (inaudible). There are still details to be decided, but we will produce batteries with LG.

我們仍在改進過程中。人數仍然受到限制。當然，也有假設情況。事實上，我們正朝著單位銷售改善和俄亥俄州電氣化中心的方向發展。根據您的（聽不清），您提到了 IRA 法案和 700-750-7,500 美元和 [3,750 美元] 等等。還有一些細節有待決定，但我們將與 LG 一起生產電池。

And we have 2 plants, Marysville and it's delivered to other plants and so on in Ohio, and those places will be a hub for the EV products. And of course, the principle is to make a production where the demand exists, and this is working well. And also, we have to take the benefits from the IRA incentive plans. Thank you.

我們有 2 家工廠，Marysville，它被交付給俄亥俄州的其他工廠等，這些地方將成為 EV 產品的中心。當然，原則是在有需求的地方進行生產，而且效果很好。而且，我們必須從 IRA 激勵計劃中受益。謝謝你。

NSK, [Toma]?

NSK，[Toma]？

This is [Toma] from NSK. Can you hear me?

我是NSK的[Toma]。你能聽到我嗎？

Yes.

是的。

First, I'm looking at the numbers announced. The sales revenue, I though it was record high. There was a record high, if any. Can you elaborate on which part was the record high in terms of the record sales revenue?

首先，我正在查看公佈的數字。我認為銷售收入創歷史新高。如果有的話，創下歷史新高。您能否詳細說明哪一部分的銷售收入創歷史新高？

And about the profit, upgrading profit, I don't think it's a record high. But what are the reasons cost-wise? What cost was increased? Can you explain? That's the first part.

關於利潤，升級利潤，我不認為這是歷史新高。但成本方面的原因是什麼？增加了什麼成本？你可以解釋嗎？這是第一部分。

And second question about support to suppliers. And can you elaborate on what you're thinking about giving support to the suppliers?

第二個問題是關於對供應商的支持。您能否詳細說明您對向供應商提供支持的想法？

Mr. [Toma], thank you for the question. First, in regards to the sales revenue this time, the FY '23 forecast and the second quarter 3 months and the first half 6 months all recorded a record high. But it was mainly attributable to the currency.

[Toma] 先生，謝謝你的提問。首先，關於這次的銷售收入，FY '23 預測和第二季度 3 個月和上半年 6 個月都創下了歷史新高。但這主要歸因於貨幣。

And in terms of unit volume, it was not a record high. So we really did not say proudly that this was a record high. And so -- and due to that, the unit sales was not high. It was mainly attributable to the currency. And therefore, the operating profit was not a record high.

就單位數量而言，它不是歷史新高。所以我們真的沒有驕傲地說這是歷史新高。因此——因此，單位銷售額並不高。這主要歸因於貨幣。因此，營業利潤沒有創歷史新高。

But in the second quarter, 3 months, the motorcycle profit margin was 17% or more -- operating margin, 17% or more. So this is a very high number.

但在第二季度的前三個月，摩托車的利潤率為 17% 或更高——營業利潤率為 17% 或更高。所以這是一個非常高的數字。

About the supplier support, yes. Well, we also in this FY '23 forecast compared to last fiscal year, there is a rise in the raw material price and also the logistics, inflation, et cetera. So the inflation part is having an impact significantly on the cost.

關於供應商支持，是的。好吧，我們也在這個 23 財年的預測中與上一財年相比，原材料價格以及物流、通貨膨脹等都有所上漲。因此，通貨膨脹部分對成本產生了重大影響。

And suppliers, likewise, are experiencing the same pressure. And well, in line with the situation of the different suppliers, we consult with them and think about what needs to be done.

同樣，供應商也面臨著同樣的壓力。那麼好吧，根據不同供應商的情況，我們跟他們商量一下，想想需要做些什麼。

So it's not the case where for all the suppliers, we'll be providing the same support, but we have to tailor to the different situations of the suppliers. We consult with them and to provide, if necessary, support or take other measures. So we have to decide for each case.

所以並不是所有的供應商，我們都會提供同樣的支持，但是我們必須針對供應商的不同情況進行調整。我們與他們協商，並在必要時提供支持或採取其他措施。因此，我們必須針對每種情況做出決定。

Next one, Wall Street Journal, [Ms. Davies], please?

下一個，華爾街日報，[女士。戴維斯]，好嗎？

I have one follow-up on semiconductors. We're hearing from some other automakers that they feel like they've made it past the worst of the shortages. Is that similar in Honda's view at the moment?

我有一篇關於半導體的後續文章。我們從其他一些汽車製造商那裡聽說，他們覺得自己已經度過了最嚴重的短缺時期。在本田看來，這是否與現在相似？

And my second question is on electrification. A few weeks ago, we heard from General Motors that they're pushing back some of their EV timelines because they're having trouble ramping up battery capacity. Is Honda seeing any impact from that issue, especially with regard to jointly developed vehicles and timelines around those?

我的第二個問題是關於電氣化的。幾週前，我們從通用汽車公司得知他們正在推遲一些電動汽車的時間表，因為他們在提高電池容量方面遇到了困難。本田是否認為該問題有任何影響，特別是在聯合開發的車輛和相關時間表方面？

So a semiconductor question, whether or not the worst time has been over. I think from the personal viewpoint, high level, the worst shortage period of the semiconductor at large has been gone -- has gone for general use of our semiconductor.

所以一個半導體問題，最壞的時期是否已經過去。我認為從個人的角度來看，高層，整個半導體最嚴重的短缺時期已經過去了——我們的半導體已經普遍使用了。

However, we have different types of semiconductors and different applications in the vehicles and so on. Where the matching are well supported, the worst time has been over. But still in some specific areas, we still have the shortage. I don't think we have passed the worst time for the specific application area of the semiconductor.

然而，我們有不同類型的半導體和不同的車輛應用等。在匹配得到很好支持的地方，最糟糕的時期已經過去。但在某些特定領域，我們仍然存在短缺。我不認為我們已經度過了半導體特定應用領域的最糟糕時期。

So we try to address the situation so that we can make a delivery of the products to the customers as soon as we can, and of course, to optimize our production and delivery situations. We are working on that.

因此，我們努力解決這種情況，以便我們能夠盡快將產品交付給客戶，當然，還要優化我們的生產和交付情況。我們正在努力。

And also electrification with GM and EV timeline delays, at this moment, we have a program with GM after 2025. We have 2 vehicle plans with GM with their supplies. And for that particular one, battery production capacity is not going to affect that. We haven't heard of that yet.

還有通用汽車和電動汽車時間表延遲的電氣化，目前，我們與通用汽車有一個 2025 年後的計劃。我們與通用汽車有 2 個車輛計劃及其供應。對於那個特定的電池，電池生產能力不會影響它。我們還沒有聽說過。

And will all of the GM vehicles be electrified? I don't know if that is the case. They might need batteries as many as those. And then we haven't heard, and I don't know how they're going to say that, but that is our response. Thank you.

通用汽車的所有汽車都會電氣化嗎？我不知道是不是這樣。他們可能需要和那些電池一樣多的電池。然後我們還沒有聽到，我不知道他們會怎麼說，但這就是我們的回應。謝謝你。

And next, (inaudible), please?

接下來，（聽不清）好嗎？

(inaudible), can you hear me?

（聽不清），你能聽到我說話嗎？

Yes.

是的。

About the raw material cost, that's my first question. The raw material cost and inflation you mentioned. Well, what is the outlook? What do you think this situation will be? Is it going to stop, the rise will stop? Or is it likely to continue to rise into next fiscal year? I think this will have an impact on your profitability for automobiles. So what is your outlook forecast for inflation going forward?

關於原材料成本，這是我的第一個問題。你提到的原材料成本和通貨膨脹。那麼，前景如何？你認為這種情況會怎樣？它會停止嗎，上漲會停止嗎？或者它可能會繼續上升到下一個財政年度？我認為這將對您的汽車盈利能力產生影響。那麼您對未來通貨膨脹的前景預測是什麼？

And the second about some numbers, a very detailed question. Well, looking at the end of September, I think that you have a positive for the operating profit, but the net profit is negative. So where do -- what is the cause of this negative?

第二個是關於一些數字，一個非常詳細的問題。好吧，看看 9 月底，我認為您的營業利潤為正，但淨利潤為負。那麼在哪裡 - 這種消極的原因是什麼？

Yes. Let me explain about the raw material part and also the logistics cost inflation, what is the outlook. Well, yes. It depends on the material, but for example, the bare metal, et cetera, for the past few years -- a few months, it is not rising. But it's showing a slight downturn. So I think that this is reflected in partially our forecast.

是的。讓我解釋一下原材料部分以及物流成本通脹，前景如何。嗯，是。這取決於材料，但例如裸機等，過去幾年 - 幾個月，它沒有上漲。但它顯示出輕微的下滑。所以我認為這部分反映在我們的預測中。

But is it going to dramatically decline? Well, it depends on the material, the raw material you're talking about. But those raw materials for batteries, I think the supply is not sufficient. And I cannot say anything about that, but other raw materials, if the current situation would continue, I think the rise will be more gradual.

但它會急劇下降嗎？嗯，這取決於材料，你所說的原材料。但是那些電池的原材料，我覺得供應是不夠的。我對此無話可說，但其他原材料，如果目前的情況繼續下去，我認為上漲將更加緩慢。

But still, will we see a dramatic decrease in the near future? Well, depending on the material. As electrification progresses, I think that some of the production balance, et cetera, the demand and supply balance and prices are determined. So at this point in time, there might be some changes, but we have to capture those changes early on so that we can provide good products to our customers. And that is how we want to address this issue.

但是，我們會在不久的將來看到急劇下降嗎？好吧，取決於材料。隨著電氣化的進展，我認為一些生產平衡，等等，供需平衡和價格是確定的。所以在這個時間點，可能會有一些變化，但是我們必須及早捕捉到這些變化，這樣我們才能為我們的客戶提供好的產品。這就是我們想要解決這個問題的方式。

About the operating profit, about the first 6 months, I think you were asking about the first 6 months about the operating profit. Well, really, it is positive. But the reason for the negative is the nonoperating profit and also for the share profit and investments accounted for using equity method.

關於營業利潤，關於前 6 個月，我想你問的是前 6 個月的營業利潤。嗯，真的，這是積極的。但負數的原因是營業外利潤，以及使用權益法核算的股份利潤和投資。

Now as for the first, I think the interest rate and exchange rate is volatile and hard to finance. So they are doing the procurement of funding. And so the derivative, we have hedged. And the assessment of the hedge, et cetera, is one of the negative factors. So this is nonoperating profit.

現在關於第一個，我認為利率和匯率波動很大，很難融資。所以他們正在採購資金。因此，我們對衍生品進行了對沖。對沖評估等是不利因素之一。所以這是營業外利潤。

And as for the share profit of investment accounted for using the equity method, well, in China, well, the business -- it's rather than the business per se, positive or negative. Recently, the share prices are declining. And therefore, we have the balance sheet based on the equity method.

至於使用權益法核算的投資份額利潤，嗯，在中國，嗯，是企業——而不是企業本身，無論是正的還是負的。最近，股價正在下跌。因此，我們有基於權益法的資產負債表。

But if we could compare this to the share prices, and those that we can say, some using the equity method, if the share price -- if there is a gap, we have to do -- write it off. And therefore, that is the reason why we have a negative for the net profit.

但是，如果我們可以將其與股價進行比較，以及我們可以說的那些，一些使用權益法，如果股價——如果存在差距，我們必須做——註銷。因此，這就是我們對淨利潤不利的原因。

Next question, Automotive News, Hans-san, please.

下一個問題，請汽車新聞，Hans-san。

Can you hear me? Hello? Ask a question in English, can I?

你能聽到我嗎？你好？用英語問一個問題，可以嗎？

Sure.

當然。

My question is about the EV strategy in the United States, specifically with regard to the EV partnership with Sony. Can you give us any new guidance on how Honda plans to approach the retailing of those EVs in the United States? Will Honda use its existing retail network to support the sales of those Sony-Honda EVs? Or will it be completely -- or I should say, sales and servicing of those EVs? Or will it need some kind of different and independent servicing network?

我的問題是關於美國的電動汽車戰略，特別是關於與索尼的電動汽車合作夥伴關係。您能否就本田計劃如何在美國零售這些電動汽車提供任何新指導？本田是否會使用其現有的零售網絡來支持這些索尼-本田電動汽車的銷售？或者它會完全——或者我應該說，這些電動汽車的銷售和服務？還是需要某種不同的獨立服務網絡？

So Sony and Honda joint venture has kicked off established in September. And the other day, (inaudible) made a joint announcement together. And how we're going to sell the products, of course, with that framework, we're going to -- we have established a new joint venture company, Mobility. That will be not Honda, not Sony, but it will be a new Mobility. That is why we established a new company.

於是索尼與本田的合資企業已於9月拉開序幕。前幾天，（聽不清）一起發布了聯合聲明。當然，我們將如何使用該框架銷售產品，我們將建立一家新的合資公司 Mobility。那將不是本田，也不是索尼，而是一種新的移動性。這就是我們成立新公司的原因。

And how we are going to sell, it is not defined as yet, clearly, so I can't share with you at the moment. And using the existing network may not be the case.

以及我們將如何銷售，目前還沒有明確定義，所以我目前無法與您分享。而使用現有網絡可能並非如此。

However, service network, we have 1,000 Honda and 300 Acura service network 1,000 Honda and 300 Acura at our service network, of course, U.S. would make use of that. However, the way to sell maybe in line with the new kind of mobility new world, completely new things. So personally, I think it is going to be something new, but all those things are still under contemplation. So I don't think I can refer to that today. But it is going to be nonconventional, no Sony, no Honda, something totally new. And that is how we have started up with this joint venture company. So please expect us for the next one.

但是，服務網絡，我們有 1,000 個本田和 300 個謳歌服務網絡我們的服務網絡有 1,000 個本田和 300 個謳歌，當然，美國會利用它。然而，銷售方式可能符合新的移動新世界，全新的事物。所以就個人而言，我認為這將是一些新的東西，但所有這些東西仍在考慮之中。所以我認為我今天無法提及。但這將是非常規的，沒有索尼，沒有本田，而是全新的東西。這就是我們成立這家合資公司的方式。所以請期待我們的下一個。

Next question, (inaudible).

下一個問題，（聽不清）。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

My name is (inaudible) from Nikkan Kogyo Shimbun newspaper. Now looking at the current situation, you said that you will replace some of the models to be sold. But in what regions? What kind of models did you replace? Can you elaborate on that?

我的名字來自 Nikkan Kogyo Shimbun 報紙（聽不清）。現在看現在的情況，你說要換掉一部分要賣的機型。但在哪些地區？你更換了什麼樣的型號？你能詳細說明一下嗎？

And the second, well, you mentioned that about the operating margin of automobiles but the unit volume, et cetera. But the motorcycles were not that much impacted. And that is the reason why the operating margin for motorcycles is good. Can I interpret it that way?

第二，嗯，你提到了汽車的營業利潤率，但單位體積等等。但摩托車並沒有受到太大影響。這就是摩托車營業利潤率高的原因。我可以這樣解釋嗎？

Well, in what regions, what kind of models have been replaced, et cetera, I cannot make any specific reference. But in the first half or the first 6 months or 3 months for Civic and CR-V, we had a shortage of semiconductors. And in the second half, we think in the United States, we -- given the current production situation, it will be difficult to catch up.

那麼在哪些地區，更換了哪些型號等等，我不能做任何具體的參考。但是在思域和 CR-V 的上半年或前 6 個月或 3 個月，我們的半導體短缺。而在下半年，我們認為在美國，我們 - 鑑於目前的生產情況，將很難趕上。

So instead, the small models in Japan and Asia, we -- these are those for which we do not have a shortage of semiconductors. And therefore, we place them with these models. So -- and on weekly and also a regional basis, we are doing such things so that we can deliver products to our customers as soon as possible. So such replacements are taking place.

因此，相反，日本和亞洲的小型模型，我們 - 這些是我們不缺乏半導體的模型。因此，我們將它們與這些模型放在一起。所以 - 每周和區域基礎上，我們都在做這樣的事情，以便我們能夠盡快將產品交付給我們的客戶。所以這樣的替換正在發生。

About the automobile profit margin, well, yes, we -- because of the shortage of semiconductors, we are not achieving the unit sales that we intended to. So we cannot achieve the margin that we wanted to. Motorcycles, likewise, are impacted by semiconductors. And depending on the country, the market, I believe motorcycles -- which motorcycles sell are different. And therefore, we're able to cover with that difference.

關於汽車利潤率，嗯，是的，我們 - 由於半導體短缺，我們沒有實現我們預期的單位銷售。所以我們無法實現我們想要的利潤率。同樣，摩托車也受到半導體的影響。根據國家和市場的不同，我相信摩托車——銷售的摩托車是不同的。因此，我們能夠彌補這種差異。

Those which have high margins, in those countries, the unit volume has increased. And therefore, in Thailand and Vietnam, and that is the reason for the positive. So it's not the case that we do not have any problem. But fortunately, those markets which -- where we have a high margin were the areas in which we saw growth in the unit sales. Thank you.

那些利潤率高的國家，在那些國家，單位數量增加了。因此，在泰國和越南，這就是積極的原因。所以我們並不是沒有任何問題。但幸運的是，那些我們擁有高利潤率的市場是我們看到單位銷售額增長的領域。謝謝你。

Next question Toyo Keizai (inaudible), please.

有請 Toyo Keizai（聽不清）的下一個問題。

Toyo Keizai. I have 2 questions. First question is a confirmation. In the PowerPoint, the factors behind the profit before tax, you had (inaudible) for the JPY 6 billion of the retail price factor for the ups and downs. You had raw materials situation plus you had managed repricing successfully to make this number. Is that how it went? Please share with us your strategy as well.

東洋經濟。我有兩個問題。第一個問題是確認。在 PowerPoint 中，稅前利潤背後的因素是（聽不清）60 億日元零售價格的漲跌因素。你有原材料情況，加上你成功地重新定價以達到這個數字。是這樣嗎？也請與我們分享您的策略。

And also you talked about the pricing and also in mini vehicles, Kei cars, they're produced Japan, consumed in Japan. And in fact, the soaring raw prices are directly impacting the mini vehicles. And what is the impact on that because pricing is difficult on that?

你還談到了定價，還有微型車、Kei 汽車，它們在日本生產，在日本消費。事實上，原材料價格飆升直接影響到微型車。由於定價困難，對此有何影響？

So let me explain the first part. For the first half, like this time, we say JPY 36 billion plus. Despite raw material prices hike, we managed. That was the -- about -- what the question was about.

所以讓我解釋一下第一部分。上半年，像這次一樣，我們說 360 億日元以上。儘管原材料價格上漲，我們還是成功了。那就是——關於——問題的內容。

But throughout the year, annually speaking, for this fiscal year as compared to last one, raw material prices from the previous forecast because of inflation situation, distribution, labor cost and supplier, of course, suffer the same issues. But cost pressure is JPY 390 billion, the cost pressure upward total up to that much.

但全年，每年來說，本財年與上一財年相比，由於通脹情況、分銷、勞動力成本和供應商，原材料價格與之前的預測相比，當然會遇到同樣的問題。但成本壓力是 3900 億日元，成本上升的壓力總和就這麼多。

And our approach is to try to provide -- have a pricing that reflects values. And of course, throughout the year, inflation and supplier situation, specifically the price negotiation, and actually, those events happening in the second half, rather. So when we do pricing, we actually take up in first half already, anticipating what's going to happen next. But actually, that is a plus positive impact on the first half.

我們的方法是嘗試提供 - 具有反映價值的定價。當然，全年通貨膨脹和供應商情況，特別是價格談判，實際上，這些事件發生在下半年。因此，當我們進行定價時，我們實際上已經在上半場開始了，預計接下來會發生什麼。但實際上，這對上半年來說是一個積極的影響。

But throughout the year, I don't think we can absorb all of those costs increase factors. And then we have differences of the impact in second half and first half. And that is how those absent factors are allocated over the period.

但全年，我認為我們無法吸收所有這些成本增加因素。然後我們在下半場和上半場的影響有所不同。這就是那些缺席的因素在這段時間內的分配方式。

So pricing in Japan as (inaudible) said speaking of the domestic market, of course, we are looking at the competitors as well. And those mini cars -- mini vehicles, we have a -- the OEMs for supply that too. And we, of course, watch out the prices of those products of other companies, and it is kind of difficult to reflect the raw material price hike situations to the price of the products directly.

因此，正如（聽不清）所說，在日本定價談到國內市場，當然，我們也在關注競爭對手。還有那些微型車——微型車，我們有——原始設備製造商也提供。當然，我們也關注其他公司的那些產品的價格，原材料漲價的情況很難直接反映到產品的價格上。

We have to make a decision thinking over the competitor's product. And when we have the new model, new specification, we may pass it on -- the price hike part for the price of the product, but we would try to do that as we go going forward.

我們必須考慮競爭對手的產品來做出決定。當我們有了新型號、新規格時，我們可能會傳遞它——產品價格的漲價部分，但我們會在前進的過程中努力做到這一點。

The next question will be the last question. (inaudible) please.

下一個問題將是最後一個問題。 （聽不清）請。

Can you hear? About motorcycle sales, a detailed question about Indonesia. Compared to others, I think the growth is not that fast. Is the reason -- what is the reason? You talked about EV motorcycles. But in Asia, the competitors -- do you see that there is pressure coming from your competitors to try to push EV motorcycles, electrified motorcycles?

你能聽到嗎？關於摩托車銷售，關於印度尼西亞的詳細問題。與其他人相比，我認為增長不是那麼快。原因是——原因是什麼？你談到了電動摩托車。但在亞洲，競爭對手——您是否看到來自您的競爭對手的壓力試圖推動電動摩托車、電動摩托車？

(inaudible), thank you very much. Indonesia is more than 100%, but the growth is slower than other regions. What -- which -- where did this come from? Can you elaborate on your question?

（聽不清），非常感謝。印尼超過100%，但增速低於其他地區。什麼——哪個——這是從哪裡來的？你能詳細說明你的問題嗎？

Excuse me. In the second quarter, the Indonesian sales, it says 101.9%. And in the fourth quarter it's 90%, I think. So that ratio I'm talking about.

打擾一下。第二季度，印度尼西亞的銷售額為 101.9%。我認為在第四季度是 90%。所以我說的是這個比例。

Sorry. I'll look it up. Well, in regards to Indonesia, there is an impact of the recession, the slowdown of the economy, especially last year. When it comes to Thailand and Vietnam, there was a lockdown in Asia, as you recall.

對不起。我會查一下。那麼，就印度尼西亞而言，經濟衰退、經濟放緩產生了影響，尤其是去年。說到泰國和越南，正如你記得的那樣，亞洲出現了封鎖。

And because of that impact, at that point in time, Vietnam and Thailand grew. So this is in comparison. I hope that you'll understand that to be the case.

由於這種影響，在那個時間點，越南和泰國實現了增長。所以這是對比。我希望你能理解是這樣的。

And about the electrification of motorcycles in Asia, in India, there is this new manufacturer, who just started up. And they have a very forward-looking plan, sales plan, and it seems to be working. And Indonesia, again, competitors are putting pressure on us in terms of electrified motorcycles.

關於亞洲的摩托車電氣化，在印度，有一家剛剛起步的新製造商。而且他們有一個非常有前瞻性的計劃，銷售計劃，而且看起來很奏效。印度尼西亞再次在電動摩托車方面向我們施加壓力。

But we -- also, as I explained the other day, heading towards 2030 and '35, we want to aim for a large unit sales in Asia when it comes to EV motorcycles. It's true that competitors are putting pressure on us because of their growth, but mobile battery pack, we're using battery.

但是我們——正如我前幾天解釋的那樣，在邁向 2030 年和 35 年之前，我們希望在電動摩托車方面在亞洲實現大量銷量。的確，競爭對手因為他們的成長給我們施加壓力，但是手機電池組，我們用的是電池。

And the rickshaw in India, we installed battery and are doing demonstration tests there. So I think in Asia mainly in the motorcycle sector, we are trying to electrify, put together a strategy in this market going forward. Thank you.

還有印度的人力車，我們裝上了電池，正在那裡做示範測試。因此，我認為在亞洲，主要是在摩托車行業，我們正在努力實現電氣化，並在這個市場製定一項戰略。謝謝你。

So this concludes our presentation section today, our financial results presentations, of course. Those materials and the presentation package are available on our website, and thank you very much indeed for your participation.

所以今天我們的演示部分到此結束，當然是我們的財務結果演示。這些材料和演示文稿包可在我們的網站上找到，非常感謝您的參與。