本田技研 (HMC) 2025 Q1 法說會逐字稿

Thank you very much indeed for your participation despite your busy schedule today. And now I would like to start our press conference, financial results press conference for the fiscal first quarter ended June 30, 2024.

非常感謝您今天在百忙之中的參與。現在我想開始我們的新聞發布會，即截至 2024 年 6 月 30 日的第一財季財務業績新聞發布會。

To start with, I'd like to introduce the speakers today, Managing Executive Officer, CFO, Mr. Eiji Fujimura, nice to meet you. Operating Executive, Head of Accounting and Finance Supervisory Unit Mr. Masao Kawaguchi. Nice to meet you.

首先，我想介紹一下今天的演講者，常務執行官、財務長 Eiji Fujimura 先生，很高興認識您。營運執行官、會計和財務監督部門負責人川口正雄先生。很高興見到你。

So let's start with Mr. Fujimura's presentation about the quarter one of the FY 2025 results and the forecast of the FY 2025 full year. And Mr. Kawaguchi, he will elaborate on this a little bit later.

那麼，讓我們先由藤村先生介紹 2025 財年第一季的業績以及 2025 財年全年的預測。川口先生，稍後他會詳細闡述這一點。

Thank you very much for your understanding of our business activities as usual. Let me present our first quarter business results of FY 2025. Starting with the highlights of the financial results, unit sales in motorcycle business, the first quarter increased globally, mainly in India and Brazil. In the automotive business as well we had a robust sales of the hybrid models and thanks to the pricing scheme that reflects improved commercial values.

非常感謝您一如既往地對我們業務活動的理解。讓我介紹一下我們 2025 財年第一季的業務表現。從財務表現的亮點開始，第一季摩托車業務的單位銷售在全球範圍內有所增長，主要是在印度和巴西。在汽車業務中，我們的混合動力車型的銷售也很強勁，這要歸功於體現商業價值提高的定價方案。

The profit increased year on year in both motorcycle and automobile businesses. As a result, operating profit of the entire company marked the highest ever quarterly profit of JPY484.7 billion or 9% of the operating profit margin.

摩托車、汽車業務利潤年增。結果，整個公司的營業利潤達到有史以來最高的季度利潤4,847億日元，佔營業利潤率的9%。

For China where a tough market environment still continues, we will revise the volume forecast down by 220,000 units, whereas we will maintain our previous guidance of the operating profit -- operating profit margin and the profit for the period attributable to the owners of the parent. ForEx assumption will stay the same because the recent fluctuation of the currency is substantial.

對於中國市場環境依然嚴峻的情況，我們將銷量預測下調22萬輛，而我們將維持先前對營業利潤（營業利潤率和歸屬於母公司所有者的期間利潤）的指導。外匯假設將保持不變，因為近期貨幣波動很大。

Then, let me explain the outline of the financial results. Speaking of the main market situation of the automobile businesses, hybrid models have been successful, making the unit sales increased in Japan and the United States. In China due to expanding new energy vehicle market and aggressive price competition. The unit sales declined year on year in the motorcycle businesses unit sales declined due to economic slowdown in Thailand.

接下來，我就財務績效的概要進行說明。就汽車企業的主要市場情況而言，混合動力車型取得了成功，使得日本和美國的銷量增加。在中國，由於新能源汽車市場的擴大和激烈的價格競爭。由於泰國經濟放緩，摩托車業務的單位銷售量較去年同期下降。

However, the unit sales increased year on year due to steady demand in India and Brazil. Thus on the whole, the total business increased year on year in this segment. Regarding the financial results of the first quarter FY 2025, our operating profit marked JPY484.7 billion, up by JPY90.2 billion year on year, shares of profit of investments accounted for using the equity method was JPY1.4 billion, which was down by JPY41.4 billion.

然而，由於印度和巴西的需求穩定，單位銷售量較去年同期成長。因此整體來看，該板塊的業務總量較去年同期有所成長。2025財年第一季財務業績方面，營業利潤為4,847億日元，較去年同期增加902億日元，權益法核算的投資利潤份額為14億日元，較去年同期下降414億日元。

Profit for the quarter attributable to owners of the parent was JPY394.6 billion, up by JPY31.1 billion. Operating profit marked the highest ever as a quarterly results. With regard to the consolidated business outlook for the FY 2025, operating profit will be JPY1.42 trillion. Our previous forecast will stand the same shares of profit of investments accounted for using the equity method will decline due to the unit sales in China being revisited.

本季歸屬於母公司所有者的利潤為 3,946 億日元，增加 311 億日元。營業利潤創下季度業績以來的最高水準。2025財年的綜合業務前景為營業利潤為1.42兆日圓。我們先前的預測是，由於重新審視中國的銷量，採用權益法核算的投資利潤的相同份額將會下降。

However, profit for the financial year attributable to the owners of the parent will be JPY1 trillion for which the previous forecast will be maintained. Full year ForEx assumption will stay the same at JPY140 for $1, no change of our previous guidance. Annual dividends for FY 2025 is expected to be JPY68 per share and no change of the previous guidance.

然而，本財年歸屬於母公司所有者的利潤將為1兆日元，維持先前的預測。全年外匯假設將保持在 1 美元兌換 140 日元，我們先前的指導沒有變化。2025 財年的年度股利預計為每股 68 日元，先前的指引沒有改變。

We announced the share buybacks in the press conference on May 10, for which the progress as of July 31, was that we have acquired a total of 12.36 million shares worth JPY20 billion altogether. By the way, Honda is are working on endeavor in the improvement -- on the improvements of the corporate governance as one of the priority issues of our business management, recently in the stock market, we are seeing the trends by reviewing the cross holding of the shares.

我們在5月10日的記者會上宣布了股票回購的消息，截至7月31日，我們已回購了總計1,236萬股股票，價值200億日圓。順便說一句，本田正在努力改善——改善公司治理作為我們營運管理的優先事項之一，最近在股票市場上，我們透過回顧交叉持股看到了趨勢。

Honda will aim to unwind the cross holding practice soon in order to enhance disciplines of corporate management furthermore. In July this year, Honda shares owned by non-life insurance or banking institutions have been sold off in the public as much as JPY500 billion worth. Having those shares available in public will help broaden our shareholder's base and a wider range of shareholders can support us for medium and long-term perspective.

本田的目標是盡快取消交叉持股做法，以進一步加強企業管理紀律。今年7月，非人壽保險或銀行機構持有的本田股票已被公開拋售，價值高達5,000億日圓。公開發行這些股票將有助於擴大我們的股東基礎，更廣泛的股東可以支持我們的中長期前景。

Bringing them in co-creation with us, Honda will aim to build a stronger brand and the business foundation in order to realize further improvements of our corporate values. In addition, Honda sold the shares that we have been holding foe those non-life insurance and banking institutions as well. Honda will take the lead to unwind across-holding policy so that we can improve our corporate governance further on.

本田將讓他們與我們共同創造，打造更強大的品牌和業務基礎，以實現企業價值的進一步提升。此外，本田也向非壽險和銀行機構出售了我們一直持有的股份。本田將帶頭解除交叉持股政策，進一步完善公司治理。

Next, Mr. Kawaguchi will explain the details of the financial results.

接下來，川口先生將詳細說明財務表現。

At this time, I would like to explain the details of our results. First of all, Honda group sales volume for the first three months is as follows: compared to the same period last year. Sales in motorcycle business operations rose to 5,062,000 units, mainly due to an increase in Asia. Due to a decline in China, automobile sales totaled 869,000 unit.

這次，我想詳細解釋一下我們的結果。首先，本田集團前三個月銷售情況如下：與去年同期相比。摩托車業務銷量成長至 5,062,000 輛，主要是由於亞洲的成長。由於中國市場下滑，汽車銷量總計86.9萬輛。

Sales in power product business operations totaled 822,000 units, mainly due to sales declines in North America and Europe. The first quarter consolidated financial results for fiscal year 2025, is as explained earlier. I would like to explain the factors behind the increase or decrease in profit before tax compared to the same period of last year. Operating profit increased by JPY90.2 billion compared to the same period last year and totaled JPY484.7 billion.

電力產品業務銷售量總計82.2萬台，主要是因為北美和歐洲銷售量下降。2025 財年第一季綜合財務業績如前。我想解釋一下稅前利潤與去年同期相比增減的因素。營業利潤較去年同期增加902億日圓，總計4,847億日圓。

As to the increase and decrease factors behind this change, sales impact, although there was an increase in profit due to an increase in unit sales and increase in incentives led to a negative impact of JPY28.4 billion. Selling prices and cost impact due to the effect of selling prices commensurate with the improvement of product value, a positive impact of JPY159.8 billion was realized. Expenses negatively impacted profit by JPY61.5 billion. R&D expenses, likewise, JPY27 billion.

就這項變化背後的增減因素而言，雖然銷量增加和激勵措施增加導致利潤增加，但銷售額影響卻產生了284億日圓的負面影響。銷售價格與成本影響 由於銷售價格的影響與產品價值的提高相稱，實現了 1,598 億日圓的正面影響。費用對利潤產生了 615 億日圓的負面影響。研發費用同樣為 270 億日圓。

The positive impact of exchange rates resulted in an increase of JPY47.5 billion. Now profit before income taxes due to a decrease in sales volume in China. There was a decrease in equity method profit. However, operating profit for the quarter increased by JPY44.5 billion compared to the same period last year and totaled [JPY5.594] billion.

匯率的正面影響導致增加475億日圓。由於中國銷量下降，現在所得稅前獲利。權益法利潤減少。然而，本季營業利潤與去年同期相比增加了 445 億日元，總計 [55.94] 億日圓。

Now operating profit by business segment. Motorcycle business achieved a record high of JPY177.6 billion for a quarter. For automobile business, the total was JPY222.8 billion. The total for potential services business was JPY84.9 billion. The result for power products, business and others was an operating loss of JPY700 million.

現在以業務部門劃分的營業利潤。摩托車業務單季創歷史新高1,776億日圓。汽車業務方面，總額為2,228億日圓。潛在服務業務總額為849億日圓。電力產品、業務及其他業務的營運虧損達 7 億日圓。

Free cash flow of operating companies excluding financial business operations was JPY73.9 billion. The quarter end balance of net cash was JPY3,744.3 billion. Operating cash flow, excluding R&D, which represents the source of future investments, totaled JPY435 billion Next, let me explain the details of the consolidated forecast for FY25. Group sales volume for motorcycle business operations is 19.8 million units unchanged from our previous forecast.

不包括金融業務營運的營運公司的自由現金流為739億日圓。季末淨現金餘額為 37,443 億日圓。除去代表未來投資來源的研發的營運現金流量總計為 4,350 億日圓 接下來，讓我解釋一下 2025 財年綜合預測的細節。摩托車業務集團銷量為 1,980 萬輛，與我們先前的預測持平。

The automobile business forecast has been revised downwards to 3.9 million units, reflecting a decline in China as well as other changes compared to the previous forecast. Power products business operations, previous forecast of 3.66 million units remains unchanged. The consolidated financial forecast for FY25 is as explained earlier. The outlook for capital investment, depreciation and amortization and R&D expenditures for FY25 remains unchanged.

汽車業務預測已下調至390萬輛，反映出中國市場的下滑以及與先前預測相比的其他變化。電源產品業務運作方面，先前預測的366萬台維持不變。25 財年的綜合財務預測如前所述。25 財年資本投資、折舊和攤提以及研發支出的前景維持不變。

This concludes my presentation. Thank you very much for your attention.

我的演講到此結束。非常感謝您的關注。

(Operator Instructions) NHK, Mr. Noguchi.

（操作員指示）NHK，野口先生。

Noguchi from NHK. Can you hear us?

NHK 的野口。你聽得到我們說話嗎？

Yes

是的

Thank you. Two questions, please. First, Chinese situations, Chinese business. In China, the market situation is very tough now. In this fiscal year, you're -- revising your unit sales by 220,000, but you also have a plan to start a new plant for EV production. And what is your forecast to outline of upcoming production structures in China? Please explain. And can I explain the second question too?

謝謝。請教兩個問題。第一，中國情，中國生意。在中國，現在的市場情況非常嚴峻。在本財年，您將單位銷量修改為 220,000 輛，但您也計劃啟動新工廠來生產電動車。您對中國未來的生產結構有何預測？請解釋一下。我也可以解釋一下第二個問題嗎？

Yes please.

是的，請。

Question two. It is about ForEx, foreign currency exchange, and we have assumption of JPY140 for $1. That is same as before. It is for our previous guidance, but now it is fluctuating very dramatic JPY146 and JPY147 as of today, which is very different from what it was yesterday. And in addition, the Nikkei share prices also fluctuated very dramatically. And how do you take this fluctuations?

問題二。這是關於 ForEx，即外幣兌換，我們假設 1 美元兌換 140 日元。這和以前一樣。這是我們之前的指導，但截至今天，它的波動非常劇烈，為 146 日元和 147 日元，與昨天有很大不同。此外，日經指數的股價波動也非常劇烈。您如何看待這種波動？

Thank you very much, Mr. Noguchi. Speaking of Chinese situation, as we are mentioning in start of the fiscal year, we are thinking about 1.2 million car production capacity in China. And by the end of this fiscal year, new EV plant with the two new joint venture programs with the one and the other to start in sequence.

非常感謝您，野口先生。說到中國的情況，正如我們在本財年開始時所提到的，我們正在考慮中國120萬輛汽車的產能。到本財年年底，新的電動車工廠與兩個新的合資項目將依次啟動。

And then we are trying to bring it down to about 1.2 million a capacity in the end, we will tried to reduce by 100,000 units, a reduction also, that was what we said in the beginning. And 1 billion in ICE and 200,000 units for EV. That was the plan for the reduction as we explained. But as of today, in the first quarter and as of July, we have set the plan of 1.06 million, and then we are bringing it down to 140,000 units.

然後我們試著把它降低到大約120萬個產能，最後我們會試著減少10萬個單位，也是減少，這就是我們一開始說的。內燃機汽車銷量為 10 億輛，電動車銷量為 20 萬輛。正如我們所解釋的，這就是削減計劃。但截至今天，第一季和截至7月，我們制定了106萬台的計劃，然後我們將其降至14萬台。

That is the plan of the capacity as of now. And we are going to have 500, 1,000 units to be adjusted, that is associated with the fixed cost. And the China as such is has been a very sensitive issue and we couldn't explain to well about it. We could disclose too much, but now the Chinese headquarters have agreed will be a part of our company eventually.

這是目前的產能計劃。我們將調整 500、1,000 個單位，這與固定成本有關。中國本身就是一個非常敏感的問題，我們無法很好地解釋它。我們可以透露太多，但現在中國總部已經同意最終成為我們公司的一部分。

And then as far as we can make this, we could make a decision. We have addressed 1.5 billion worth of the capacity and the rest of the 200,000 will be addressed sometime sooner. So 1 million or a bit less with less than 1 million ICE production capacity, that is what we are going to aim and we have done whatever we could do for the end of the fiscal year this year.

然後只要我們能做到這一點，我們就可以做出決定。我們已經解決了價值 15 億的容量問題，其餘的 20 萬容量將在不久的將來得到解決。因此，100 萬輛或更少，ICE 產能不到 100 萬輛，這就是我們的目標，我們已經在今年財年結束時竭盡全力。

And ICE market has shrunk as much more than we expected, and the NAV market is growing more than our expectations and also discount competition is going continuing. And then JPY400,000 reduction of the actual selling prices because of the discounts practice today. Therefore, the commercial effort is a very difficult over there. And going forward, as of now but we have not decided fully, but we will watch out the situations and that will make a decision. And then, of course, we have to watch out ICE market-- ICE market going forward.

ICE 市場的萎縮程度超出了我們的預期，而 NAV 市場的成長超出了我們的預期，而且折扣競爭仍在繼續。然後，由於今天的折扣，實際售價降低了 40 萬日圓。因此，那裡的商業努力是非常困難的。展望未來，到目前為止，我們還沒有完全決定，但我們會觀察情況，然後做出決定。當然，我們必須關注 ICE 市場——未來的 ICE 市場。

So BEV, a dedicated platform is being prepared for the upcoming winter. And with that, we will try to improve our presence in the market. So we will try hard on that. In conclusion, we explained are in the beginning about optimization of the capacity.

因此，BEV，一個專門的平台正在為即將到來的冬天做準備。以此為基礎，我們將努力提高我們在市場上的影響力。所以我們會在這方面努力。總之，我們在一開始就解釋了容量的最佳化。

We are working on the resources and the EV part with the more attractive products for EVs. We are preparing for that, too, though the situation is tough, as we said in the start of the fiscal year, we are going to do make our efforts as we explained before.

我們正在研究資源和電動車部分，為電動車提供更具吸引力的產品。我們也在為此做準備，儘管情況很嚴峻，正如我們在本財年開始時所說的那樣，我們將像之前解釋的那樣做出努力。

And ForEx, as you mentioned earlier, JPY140 for the full year assumption. We thought it would be a very conservative assumption as some people said. However, in retrospect, in the golden week holiday period, we had a switching to the yen depreciation and we say JPY140 and JPY145 and JPY135 for $1 in the first half and second half, respectively, and now and the prices approaching JPY245 as we anticipated .

至於外匯，正如您之前提到的，全年假設為 140 日元。正如一些人所說，我們認為這將是一個非常保守的假設。不過回想起來，在黃金周假期期間，我們轉向日元貶值，上半年和下半年我們分別說1美元兌140日元、145日元和135日元，現在價格正如我們預期的接近245日元。

And practically speaking the first quarter press conference like today, we discussed and then thought we could say the FX forecast could be set 445, as we would disclose. But now, we had a [JPY20] down already in July. And last week onwards, we've had 10 year differences already. Now, not just dollars, but including emerging market currencies, the ForEx is going to be more difficult to handle. And JPY 145 and JPY 135 are first and second half split.

實際上，像今天這樣的第一季新聞發布會，我們進行了討論，然後認為我們可以說外匯預測可以設定為 445，正如我們將要披露的那樣。但現在，我們在 7 月就已經下跌了 [JPY20]。從上週開始，我們已經有10年的差距了。現在，不僅是美元，包括新興市場貨幣在內，外匯都將變得更加難以處理。145日圓和135日圓分為上半場和下半場。

That was something the situation is actually, realizing itself. And then we decided eventually that we could keep the previous guidance. Our staff made was great efforts to try to keep it that way, and I'm thankful for their efforts to.

這就是實際情況，它自己意識到了這一點。然後我們最終決定可以保留先前的指導。我們的員工為保持這種狀態付出了巨大的努力，我感謝他們的努力。

But today, the currency is around JPY145. Going forward, we don't know as second half JPY135. I'm not sure if that is good enough to contain the yen depreciation potential. But in the first quarter as of July, we have the yen depreciation and then JPY12 effect for four month period, JPY3 for one month, let's say. And then if that goes that way, maybe JPY3 depreciation further on based on this assumption.

但今天，該貨幣約為 145 日圓。展望未來，我們不知道下半年是 135 日圓。我不確定這是否足以遏制日圓貶值的潛力。但在截至 7 月的第一季度，日圓貶值，然後 4 個月內 12 日圓的影響，一個月 3 日圓的影響。如果這樣的話，基於這個假設，日圓 3 可能會進一步貶值。

And then we have about a JPY30 billion effect on our business for $1 change of the currency. And then, again, for this currency matters, our principle is to produce our products where they demand exist. Therefore, apart from those currency and money matters, we always find the place where they are presently exist and it is the pace of our activities of our production and sales.

然後，貨幣變動 1 美元，我們的業務將受到約 300 億日圓的影響。然後，再說一次，對於這種貨幣來說，我們的原則是在他們需要的地方生產我們的產品。因此，除了那些貨幣和金錢問題之外，我們總是找到它們目前存在的地方，那就是我們生產和銷售活動的節奏。

Then we can earn money and then we can reinvest the money earned there in the same place again for the investment. So this way Honda can become the growing company, growing the market locally too. And that is our principle since our founding time.

然後我們就可以賺錢，然後我們可以將在那裡賺到的錢再投資到同一個地方進行投資。這樣本田就可以成為不斷成長的公司，同時也擴大當地市場。這就是我們自成立以來的原則。

And eventually we found that we have a very good pre-currency toughness as so to say thanks to that principle. But now your question will also pertain to the stock market fluctuation. But, I'm afraid, it might, when that does some impact on the actual economy and then leading to a more anxiety kind of mindset for the currency.

最終我們發現，我們在貨幣發行前具有非常好的韌性，可以說，這要歸功於這項原則。但現在你的問題也跟股市波動有關。但是，我擔心，當這對實際經濟產生一些影響，然後導致對貨幣更加焦慮的心態時，它可能會發生。

But in the Motorcycle businesses, we have our businesses in Asia where the volatility is really high. Therefore, we have been tightening up our structure so that we can bring down the breakeven points to be resilient and tough against such fluctuation in the market. The business structure have to be made that way. And also, if the financial situation in the market changes, we have a finance business that accounts for half of the balance sheet.

但在摩托車業務中，我們的業務位於亞洲，那裡的波動性非常高。因此，我們一直在收緊結構，以便能夠降低損益平衡點，以應對市場的波動。業務結構必須如此。而且，如果市場的財務狀況發生變化，我們的金融業務就佔到資產負債表的一半。

The bad debt, for instance, or the residual value losses or the procurement situation, they get confused, so on. If such things would happen, that might impact on our operation. However, the residual values, for instance, if we handle that too much, it would disrupt short-term business operations. So that is not something we would do. But, we have a very tough structure, a very stronger structure against financial fluctuation already.

例如壞賬，或殘值損失或採購狀況，他們會感到困惑，等等。如果發生這樣的事情，可能會影響我們的營運。但是，例如殘值，如果我們處理得太多，就會擾亂短期的業務運作。所以這不是我們會做的事情。但是，我們已經擁有一個非常堅固的結構，一個非常強大的結構來應對金融波動。

We have heightened our resilience, for the economic fluctuation, and we've made our business structure, to withstand such fluctuation already. So, I think we can withstand again. However, JPY 20 fluctuation in a month period will be, of course, a very tough situation. Although we believe that, stability is good, however, we need to try to be equipped with the resilient and tough business structure of Honda.

我們增強了應對經濟波動的彈性，並且我們已經制定了能夠承受這種波動的業務結構。所以，我認為我們可以再次承受。然而，一個月內波動20日圓當然會是一個非常艱難的情況。雖然我們認為穩定性很好，但我們需要努力配備本田堅韌的業務結構。

Thank you very much, Mr. Noguchi.

非常感謝您，野口先生。

Mainichi Shimbun, Mr. Okinaga.

《每日新聞》，沖永先生。

My name is Okinaga from Mainichi Shimbun. Can you hear me?

我是《每日新聞》的沖永。你聽得到我嗎？

Yes, we hear you.

是的，我們聽到了。

Thank you very much. So my first question is regarding the North American market. With the increase in interest rates, the incentive has been raised by other companies, manufacturers and they're selling more units. However, they're not going to see more profits. So what is the outlook of the business? Is it growing? Can you please elaborate on that?

非常感謝。所以我的第一個問題是關於北美市場的。隨著利率的上升，其他公司、製造商的激勵措施也隨之提高，他們的銷售也隨之增加。然而，他們不會看到更多的利潤。那麼該業務的前景如何？它在增長嗎？能詳細說明一下嗎？

And my question number two, that is regarding the partnership with Mitsubishi and Nissan. The positive impact from that is not reflected in the business plan for now. However, is there any possibility of positivity coming out from this term, or would that be from next term onward?

我的第二個問題是關於與三菱和日產的合作關係。其正面影響目前尚未反映在業務計劃中。然而，這個學期或下個學期以後是否有可能產生正面的影響？

Mr. Okinaga, thank you very much for your question. As for the North American market, As Mr. Noguchi mentioned earlier in his question, from now on, due to the labor situation as well, I think their economy is declining slightly. And also, the interest rate reduction will be happening in September by FRB, and the recession will be supported, and soft landing is also forecasted.

沖永先生，非常感謝您的提問。至於北美市場，正如野口先生剛才在提問中提到的，從現在開始，由於勞動力狀況的原因，我認為他們的經濟正在小幅下滑。另外，FRB將在9月降息，對經濟衰退起到支撐作用，預計還會出現軟著陸。

So the presumption is, those conditions will impact, the future situation. And currently, we can say that, our schedule, our plan is going according to schedule. First quarter, as for the market, the situation is about the same as last year. However, as for our retail section, that is a positive 1%. Back in June, other manufacturers were impacted a little bit, and our dealership and management system went through a cyber attack.

因此，我們的假設是，這些條件將會影響未來的情況。目前，我們可以說，我們的日程、我們的計劃正在按計劃進行。一季度，就市場而言，情況與去年大致相同。然而，對於我們的零售部門來說，這是一個積極的 1%。早在六月，其他製造商就受到了一些影響，我們的經銷商和管理系統也遭受了網路攻擊。

And we did have some impact as well at Honda. And it has to be resolved as well. However, due to the impact from the first quarter, the positive in retail by 10,000 units was impacted by 1%. As for the resale in Mexico, for example, had a confusion in logistics. So there is actually negative 20,000 units. However, this can be recouped as well.

我們在本田也確實產生了一些影響。它也必須得到解決。但受第一季影響，萬台零售利好受到1%的影響。以墨西哥的轉售為例，物流方面就存在混亂。所以實際上有負20,000個單位。然而，這也是可以彌補的。

What's needing this is hybrid vehicles. As far the hybrid vehicles such as such as CR-V, Accord, the sales is going well. And since June, have launched Civic Hybrid on top of that. So, because of that, for consolidated term, we are aiming for 430 units or beyond.

需要的是混合動力汽車。目前CR-V、雅閣等混合動力車銷售情況良好。自六月以來，又推出了 Civic Hybrid。因此，就綜合而言，我們的目標是 430 台或更多。

For example, CR-V and Accord, the 50% is hybrid, and the demand is there. However, we had to also consider the production capacity, so it'll be hard for us to further increase the production there. However, from next term onward, it'll take time, but we aim for increase our production capacity for those models.

例如CR-V和雅閣，50%是混合動力，需求就在那裡。但我們還要考慮產能，所以我們很難進一步提高那裡的產量。然而，從下個學期開始，這需要時間，但我們的目標是提高這些型號的生產能力。

As for the inventory, other manufacturers are increasing, and also their incentive level has come back to before Corona level. However, as I have mentioned repeatedly, since corona era, before Corona or COVID, the inventory is standard days were 60 days, and we were in collaboration with our dealers and working with the inventory. And we decided to control the inventory situation, based on 30 days instead. Due to the dealership system problem, that I mentioned, it had some negative impact on the situation. However, excluding that, we have been able to control based on 30 days.

至於庫存，其他廠商都在增加，而且他們的激勵水準也回到了新冠疫情之前的水準。然而，正如我一再提到的，自新冠時代以來，在新冠或新冠疫情之前，庫存的標準天數為 60 天，我們與經銷商合作並處理庫存。我們決定控制庫存狀況，改為以30天為基礎。由於我提到的經銷商系統問題，它對情況產生了一些負面影響。然而，排除這一點，我們已經能夠控制在30天的基礎上。

So as for incentive level, ours is the lowest level in the industry, and we are spending some cash at a total of, $1,600. And Acura is having a hard time. But, as a Honda overall, we have been able to limit that to a lowest level. So our assumption for us to be able to go forward throughout the term, throughout this year, at the same level.

那麼就激勵水準而言，我們的激勵水準是業界最低的，我們總共花了一些現金，1,600美元。而謳歌的日子也不好過。但是，作為本田的整體，我們已經能夠將其限制在最低水平。因此，我們的假設是我們能夠在整個任期內、整個今年以相同的水平前進。

And as for the partnership with Nissan and Mitsubishi, I'm not positive about seeing any positive impact from that in this term. As Mibe mentioned and explained, we are looking at the EV models coming in the future. Complementarity of models might happen even after that, but software development, investment, those things we have been discussing. So we're at the phase of MOU. So it's not like we will see anything positive from this term.

至於與日產和三菱的合作關係，我並不樂觀地認為在這個期限內會產生任何正面影響。正如 Mibe 提到和解釋的那樣，我們正在研究未來推出的電動車車型。即使在那之後，模型的互補性也可能會發生，但軟體開發、投資，這些我們一直在討論的事情。所以我們正處於諒解備忘錄階段。所以我們不會從這個術語中看到任何積極的東西。

That's it for me. Thank you very much.

對我來說就是這樣。非常感謝。

Nakamura, Yomiuri Shimbun newspaper.

中村，《讀賣新聞》。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Nakamura speaking from Yomiuri newspaper. Nice to meet you. Earlier, NHK generally stressed the question about the interest rate. The Bank of Japan is voicing today that they cannot raise the interest rate if the market is not really good. And how do you take those same policy? And US presidential election today, including your US businesses, what is your forecast or outlook about your businesses in the US with regard to the election?

中村在《讀賣新聞》上發表演說。很高興見到你。此前，NHK普遍強調了利率問題。日本央行今天表示，如果市場不太好，他們就不會升息。您如何看待同樣的政策？今天美國總統大選，包括你們在美國的企業，你們對你們在美國的企業對於大選的預測或展望是怎樣的？

Thank you very much, Mr. Nakamura. So, Mr. Uchida, Vice President of the Bank of Japan because of his statement, the market kind of stabilized or settled down in a way. But we are not really looking for very drastic changes that is almost causing sort of panic reactions. It is not something we would wish, of course. And if the market reacts with that sort of attitude in place, it is good. JPY155 was the level from two weeks before or last week even.

非常感謝您，中村先生。因此，由於日本央行副行長內田先生的言論，市場在某種程度上趨於穩定或穩定下來。但我們並不是真的在尋找幾乎引起恐慌反應的劇烈變化。當然，這不是我們所希望的。如果市場以這種態度做出反應，那就很好。155日元是兩週前甚至上週的水平。

At the time, we thought that the interest rate hikes by the Bank of Japan was already factored in. And we were surprised after all and to manage operations, it was a bit of surprise. However, of course, we are subject to any changes that could happen at any given time.

當時，我們認為日本央行升息已經被考慮。畢竟我們對管理營運感到驚訝，這有點令人驚訝。然而，當然，我們會受到任何特定時間可能發生的任何變化的影響。

And we will tried to toughen up our business structure to be able to withstand. However, if the changes are too dramatic and too fast, it is not easy to catch up, of course. And the impact of the presidential election, I don't think it is appropriate to say who would win then.

我們將努力強化我們的業務結構，使其能夠承受。然而，如果變化太劇烈、太快，想要趕上當然不容易。至於總統選舉的影響，我認為現在不適合說誰會獲勝。

But based on the current situation in the United States, before the election, presidential election, things coming up already. We've had a ER market in the United States sort of stalling. I you're kind of coming to be kind of a stagnant and the used car prices of EVs in the US is a staying very low.

但是根據美國現在的情況，在大選之前，總統選舉之前，事情就已經發生了。美國的急診室市場已經陷入停滯。我覺得你會變得有點停滯不前，美國電動車的二手車價格一直保持在非常低的水平。

That means the EV users, the customers who bought EV's, then see that the same type of the car they bought, sold at a very cheap prices. They thought they bought EV's because it is one of their kind, but now the prices are not high and they don't find the EVs have a good value as one of the assets they should own.

這意味著電動車用戶，即購買電動車的客戶，會看到他們購買的同類型汽車以非常便宜的價格出售。他們認為購買電動車是因為它是他們的同類產品之一，但現在價格並不高，而且他們認為電動車作為他們應該擁有的資產之一並不具有良好的價值。

So that then leads to the confidence in the companies like ours. And we want to respect our customers loyalty as well. And that is something being impacted may be in the presidential election questions you may like to hear from us how we would take the regulations and so on going forward. Mr. Trump or the Republicans would have a certain tendency for the regulation matters.

這樣就可以增強對像我們這樣的公司的信心。我們也希望尊重客戶的忠誠度。這可能會在總統選舉問題中受到影響，您可能想聽聽我們如何採取這些規定等等。川普先生或共和黨人在監管問題上會有一定的傾向。

And this is something you already know of, so I'm not going to explain from myself today. But by 2028 or no matter, you know, about presidential election till '28 or so on. Our business aim is going over the longer perspective, 2035 or so. That is to try to resolve the social issues and those have to be handled and addressed by the society as a whole.

這是你們已經知道的事情，所以我今天不會親自解釋。但到 2028 年或無論如何，你知道，關於總統選舉，直到 28 年前左右。我們的業務目標是放眼長遠，約 2035 年。就是要努力解決社會問題，需要全社會共同處理解決。

And we want to realize our targets in the long run, and we want to focus on such long-term target without being distracted. And then, of course, politics matters in some cases. However, those changes or impact will be within the four-year period of the tenure. And then we will have to try to craft our business management way so that we can go and withstand the period.

我們希望從長遠來看實現我們的目標，我們希望專注於這樣的長期目標，而不是分心。當然，在某些情況下，政治也很重要。然而，這些變化或影響將在任期的四年內發生。然後我們將不得不嘗試制定我們的業務管理方式，以便我們能夠經受住這段時期。

Shukan Toyo Keizai, Mr. Yokoyama.

東洋經濟週刊，橫山先生。

Excuse me. It seems that the connection is not going well. So, we'd like to go for the next questioner. Mr. Yokoyama, thank you very much.

打擾一下。看來連接不太順利。那麼，我們想請下一位提問者。橫山先生，非常感謝您。

Thank you. I'm Yokoyama from Toyo Keizai. I have two questions as well. The first one, so the token or Mutoshi putting regarding what is the consolidated outlook, I'd like to confirm something.

謝謝。我是東洋經濟的橫山。我也有兩個問題。第一個，關於綜合前景的代幣或 Mutoshi 投資，我想確認一些事情。

So, the profit progress seems like it's going well based on the operation profit. As for motorcycles and automobiles, you said you're not making any projectional change. And so, the risk and opportunities based on those two, I was wondering why you did not change anything there. Maybe you were looking at the second half of the year, and because you mentioned earlier that expenses are expected to increase in the second half. So, please elaborate on that.

因此，從營業利潤來看，獲利進展似乎進展順利。至於摩托車和汽車，你說你不會做出任何預測性的改變。因此，基於這兩者的風險和機遇，我想知道為什麼你沒有改變那裡的任何東西。也許你關注的是下半年，因為你之前提到下半年支出預計會增加。那麼，請詳細說明這一點。

Question number two, this is regarding supplier support, the incentive or cost of shouldering for the inflation and against inflation. What kinds of support or initiatives are in place? If you know, including figures, if you could elaborate on that, that would be great. Thank you very much.

第二個問題，這是關於供應商支持、承擔通貨膨脹和對抗通貨膨脹的激勵或成本。採取了哪些類型的支持或措施？如果你知道，包括數字，如果你能詳細說明這一點，那就太好了。非常感謝。

Thank you, Mr. Yokoyama. For question number two, maybe Kawaguchi can answer, including concrete figures. So, the financial results for the first quarter as modest motorcycles and four-wheel drives or automobiles rather, both are performing very well. Our RRS 9%, which is the highest level in the our history. In Thailand, there is some fluctuations there and also some problems in Vietnam. But overall, we are seeing upward trend. Brazil, India, and Turkey are leading that trend.

謝謝橫山先生。對於第二個問題，也許川口可以回答，包括具體數字。因此，第一季的財務表現與摩托車和四輪驅動車相當，兩者都表現得非常好。我們的 RRS 9%，這是我們歷史上的最高水準。泰國有一些波動，越南也有一些問題。但總體而言，我們看到了上升趨勢。巴西、印度和土耳其正在引領這一趨勢。

As for India, until July, the top share has been achieved in the past four months. And for this month, they were aiming for achieving the first place, so that's what's happening in India. And since 2018, their target or they have achieved 5 million per quarter. And they have achieved that, so it's going strong.

至於印度，截至7月份，近四個月的份額已經達到第一。這個月，他們的目標是獲得第一，而這就是印度正在發生的事情。而從2018年開始，他們的目標還是達成了每季500萬。他們已經實現了這一點，所以它正在變得強勁。

And for the consolidated year, it's still first three months, so we want to monitor a little more. However, we are expecting that they will surpass 20 million. And as for automobiles, centering around the head, it's going well in North America, and incentive increase is naturally there. However, we are only leveraging it slightly as for the price hike and pricing as well.

對於合併年度來說，現在仍然是前三個月，因此我們希望進行更多監控。然而，我們預計他們將超過 2000 萬。而汽車方面，以頭部為中心，在北美發展得很好，激勵措施自然也就有了。然而，我們只是稍微利用它來提高價格和定價。

We are going according to plan from the onset of this fiscal year. For each model, we cannot increase the production capacity in North America any further. So, it's not like we can adjust it much more in line in this area. On the other hand, we have China's impact at 220,000 units, and we have negative of several or hundred million.

從本財年開始，我們將按計劃進行。對於每種型號，我們無法進一步增加北美的產能。所以，我們不能在這個領域做更多的調整。另一方面，我們對中國的影響是22萬台，我們有幾億台的負數。

So, including automobiles or motorcycles, rather, we would like to recoup the negative of JPY1.48 trillion through our efforts, corporate efforts. And also, our outlook for the profit is also going down, unfortunately. However, the interest rate to shareholders, as for the first quarter, the tentative impact is seen on the corporate taxation system. So, we can offset our negativity through that.

因此，包括汽車或摩托車在內，我們希望透過我們的努力、企業的努力來彌補1.48兆日圓的負值。而且，不幸的是，我們的利潤前景也在下降。然而，就第一季而言，對股東的利率調整，初步影響是對企業稅收系統的影響。所以，我們可以透過它來抵消我們的負面情緒。

And JPY1 trillion that we mentioned at the onset of the fiscal year or the term, we would like to maintain that because this is only the first quarter. So, the progress is going well. And like I said, there is some negativity from China. So, from that perspective, it looks like it's going well.

我們在財年或財年開始時提到的 1 兆日圓，我們希望維持這個數字，因為這只是第一季。所以，進展順利。正如我所說，中國存在一些消極情緒。所以，從這個角度來看，事情似乎進展順利。

However, we do have to make more effort to maintain at a high level that we are aiming for it throughout the year. So, I believe I answered both of your questions. So, Mr. Kawaguchi will answer your question number two regarding the support for suppliers.

然而，我們確實需要付出更多努力才能保持我們全年目標的高水準。所以，我相信我回答了你的兩個問題。那麼，川口先生將回答您關於供應商支援的第二個問題。

Basically, of course, we have to have suppliers support in order for us to do our manufacturing activity in order to deliver our products to our customers. So, of course, each supplier has their own reasons and background for their performance. So we would like to collaborate well, and we are collaborating with each supplier in order for them to be able to perform well. And there is also inflation impact, including labor costs.

當然，基本上，我們必須有供應商的支援才能進行製造活動，以便將我們的產品交付給客戶。當然，每個供應商的表現都有自己的原因和背景。所以我們希望能夠很好地合作，我們正在與每個供應商合作，以便他們可以表現良好。還有通貨膨脹的影響，包括勞動成本。

There is some burden on the suppliers, some suppliers. And if that's the case we are ready to help them sign on. Especially last year, we had a semiconductor problem and our production was not stable with not only in Japan. However, in North America, where inflation is quite significant. We have been discussing with suppliers and we have been shouldering partially their costs as well.

供應商有一些負擔，一些供應商。如果是這種情況，我們準備好幫助他們簽約。特別是去年，我們遇到了半導體問題，不僅在日本，我們的生產也不穩定。然而在北美，那裡的通貨膨脹相當顯著。我們一直在與供應商討論，我們也承擔了他們的部分成本。

So that is the current situation and the situation will continue on in a similar manner this year, and it is hard to forecast the inflation trend. But we cannot tell you a specific number, but our costs is reflecting such a situation and if for the first quarter in the documents that we shared with you today, there is a profit fluctuation factor compare to the same period last year, and there was impact the selling price and cost and explained element in one material one document.

目前的情況就是這樣，今年的情況也會如此，通膨的走勢很難預測。但是我們不能告訴你具體的數字，但是我們的成本就反映了這樣一個情況，如果我們今天給大家分享的文件中第一季度相比去年同期有一個利潤波動的因素，並且有影響銷售價格和成本並在一份資料一份文件中解釋的要素。

And there is a 150 billion impact, as I explained here. And this is the impact of selling price and this is slightly a positive impact. However, this is market situation of materials, including metals and that has loosened compared to last year.

正如我在這裡所解釋的，這會產生 1500 億美元的影響。這是售價的影響，這是輕微的正面影響。然而，這是包括金屬在內的材料市場狀況，與去年相比有所放鬆。

So excluding that, our cost is almost even not much change is happening there. The suppliers activity to counter inflation, we are supporting them in such an activity in the similar way as last year.

因此，排除這一點，我們的成本幾乎沒有太大變化。供應商應對通貨膨脹的活動，我們以與去年類似的方式支持他們的此類活動。

Thank you very much.

非常感謝。

Mr. Inajima, Bloomberg.

稻島先生，彭博。

Bloomberg, Inajima speaking. Can you hear me?

彭博社、稻島先生發言。你聽得到我嗎？

Yes.

是的。

Thank you. Bloomberg, Inajima speaking. Can you hear me? Thank you. So, some of the answers until now have already resolved my question. But as a follow-up question, especially that you don't change the full year forecast. The forex exchange volatility is still high. Is that one of the reasons why you didn't change the forecast? And also, US presidential election-related question.

謝謝。彭博社、稻島先生發言。你聽得到我嗎？謝謝。所以，到目前為止的一些答案已經解決了我的問題。但作為一個後續問題，特別是你不會改變全年預測。外匯波動仍然很大。這是你沒有改變預測的原因之一嗎？還有與美國總統選舉相關的問題。

If Mr. Trump is back in the Oval Office, they say that they're going to have some regulations that might affect the Japanese OEMs, who has the likelier high impact by the tariff increase, Honda as well. And maybe other companies might have to pass on or pass through those incremental tariff to the crises. That might kind of work positively for the business, as I thought. If you have a similar view, please clarify.

如果川普先生回到橢圓形辦公室，他們說他們將制定一些可能影響日本原始設備製造商的法規，日本原始設備製造商可能會受到關稅增加的巨大影響，本田也是如此。也許其他公司可能不得不將這些增量關稅轉嫁給危機。正如我所想，這可能會對業務產生積極的影響。如果您也有類似的看法，請澄清。

Thank you very much, Mr. Inajima. So the reason why we didn't change the operating profit forecast for the full year, one of the reason is a ForEx currency because it is not a clear-cut trend we see. Therefore, we didn't change our outlook. In the recent around two weeks is a change, we couldn't make our decision for US dollar, and also we have other currencies involved because we have a rather complicated price components transactions in different regions.

非常感謝您，稻島先生。因此，我們之所以沒有改變全年的營業利潤預測，原因之一是外匯貨幣，因為它不是我們看到的明確趨勢。因此，我們沒有改變我們的看法。最近兩週左右發生了變化，我們無法對美元做出決定，而且我們還涉及其他貨幣，因為我們在不同地區有相當複雜的價格組成交易。

The cross transaction with the different currencies involved quite complicated. Therefore, change of the or forecast it within a three month situation would not be really justified, we thought.

不同貨幣的交叉交易涉及相當複雜。因此，我們認為，在三個月內改變或預測情況是不合理的。

And then we have other segment businesses and regional businesses, and quite a few of those can be or are going on in line with our expectations, like Chinese yuan, the equity-based businesses, for instance. However, your question is operating profit related, right.

然後我們還有其他細分業務和區域業務，其中許多可以或正在符合我們的預期，例如人民幣、股權業務。但是，你的問題與營業利潤有關，對吧。

So, the forecast of the OP with regard to the Chinese impact, Honda Motor received a royalty money from the parent company, China, and we send KG parts or components to China as well where we get some profit as well. But where we have less fewer number of the vehicles in China, we would have an impact. It will be like a loss of some tens of billions yen impact.

因此，OP關於中國影響的預測是，本田汽車從母公司中國獲得了特許權使用費，我們也將KG零件發送到中國，我們也從中獲得了一些利潤。但如果中國的車輛數量較少，我們就會產生影響。這將帶來類似數百億日圓損失的影響。

However, 1.24 trillion forecast still stands because we could absorb such impact with some efforts still. And again, a presidential election? In the previous Trump administration, we had a USMCA. We had a tariff in place, and then we still have an impact by that even today in relation to the Mexico business's involvement. The impact still is in place.

然而，1.24兆的預測仍然成立，因為我們仍然可以透過一些努力來吸收這種影響。再說一次，總統選舉？在上屆川普政府中，我們有《美墨加協定》。我們制定了關稅，即使在今天，我們仍然對墨西哥業務的參與產生影響。影響仍然存在。

So, we don't know what sort of regulations they would impose. For instance, local content ratio, that may be one of the impact area. However, we need to know the details of what is coming up. And in comparison, CBU, complete unit, we don't have bigger portions of a CBU transaction.

因此，我們不知道他們會實施什麼樣的法規。例如，局部含量比，這可能是影響範圍之一。然而，我們需要了解即將發生的事情的細節。相比之下，CBU，完整的單位，我們沒有更大的 CBU 交易部分。

However, what is the impact on that? That's another question because we don't send that to many CBUs from the US or from Asia to the US. So, depending on the origin and the destination of those CBUs, impact will be variable. And from Canada to US, from Mexico to the US.

然而，這有什麼影響呢？這是另一個問題，因為我們不會將其從美國發送給許多 CBU，也不會從亞洲發送給美國。因此，根據這些 CBU 的出發地和目的地，影響會有所不同。從加拿大到美國，從墨西哥到美國。

And other routes, the US headquarters have a three-country or three-party trading, which is complementary to each other. And it might have some impact, but we could try to sustain our business. And from Mexico to America, maybe less impact to that perhaps. But without details known to us, it is very difficult to explain.

和其他航線一樣，美國總部有三國或三方貿易，這是互補的。這可能會產生一些影響，但我們可以嘗試維持我們的業務。從墨西哥到美國，影響可能較小。但如果我們不知道細節，就很難解釋。

Thank you very much.

非常感謝。

(Operator instructions) Nikkan Jidosha Shimbun, Mr. Mizutori.

（操作員指示）日刊自動車新聞，水鳥先生。

I'm Mizutori from Nikkan Jidosha Shimbun. Can you hear me?

我是日刊自動車新聞的水鳥。你聽得到我嗎？

Yes, we hear you.

是的，我們聽到了。

I have two questions regarding hybrid. The first one is regarding your last page on a PowerPoint. The previous number of sales is there, I believe. So looking at the number the hybrid sales units looks like it's increasing. You said it's going well in North America.

我有兩個關於混合動力的問題。第一個是關於 PowerPoint 上的最後一頁。以前的銷售量是有的，我相信。因此，從混合銷售單位的數量來看，它似乎在增加。你說北美進展順利。

And overall, there is a reason for a sales unit reduction actually. So can you please elaborate on that? And also the second question is related to that as well. The overall sales is going not so well in China. So what is the positioning of HEV in China? Toyota is enhancing HEV in China, and they're trying to improve the situation even further. How are you going to do with HEV positioning in China?

總的來說，銷售量減少其實是有原因的。能詳細說明一下嗎？第二個問題也與此相關。中國的整體銷售情況不太好。那麼HEV在中國的定位是什麼呢？豐田正在中國加強混合動力車，並試圖進一步改善這種情況。您打算如何做好混合動力車在中國的定位？

Thank you and Mr. Mizutori. So as for the sales units of HEV in China, the 5% reduction in the passenger car category is what's being planned. So, the change in the category including hybrid, we have seen 30% reduction in ICE, including the hybrid. On the contrary, NEV is increasing. So, the hybrid included in ICE is decreasing in China slightly. Last year, it was 60,000, but now it's less than half of that. So, that's impact from China situation.

謝謝你和水鳥先生。因此，就混合動力車在中國的銷量而言，乘用車類別的銷量減少5%是計劃中的。因此，包括混合動力在內的類別的變化，我們看到 ICE 減少了 30%，包括混合動力。相反，新能源汽車正在增加。因此，納入ICE的混合動力車在中國略有減少。去年是六萬，現在已經不到一半了。所以，這是中國局勢的影響。

So excluding that, Chinese factors the HEV for this quarter, about 50% of increase is observed compared to last year, us how it's going in China, we had to still monitor. But as we mentioned at the onset of the term, last year global model of hybrid at 800,000, we are aiming for 1 million this year. That is our plan currently.

因此，排除這一因素，中國本季的混合動力車與去年相比成長了約 50%，我們仍需密切關注中國的情況。但正如我們在學期開始時提到的，去年全球混合動力車型的銷量為 80 萬輛，今年我們的目標是 100 萬輛。這就是我們目前的計劃。

So, the unit sales in China is going down at the moment. So, we are still struggling in that area. But either way, this year, our target is to increase the production volume to 1 million in the ICE presence, including hybrid, in some way or another, we are going to have to support. So, in China, as market is strangling, we have to consider how to fight under such circumstances within ICE, we segment SUV.

因此，目前中國的銷量正在下降。所以，我們仍然在這個領域苦苦掙扎。但無論如何，今年我們的目標是將 ICE 的產量增加到 100 萬輛，包括混合動力車，我們必須以某種方式提供支援。所以，在中國，在市場被絞殺的情況下，我們必須考慮在ICE內部如何在這種情況下戰鬥，我們細分SUV。

For example, we are losing in ICE market as well with those models. We also had to make effort in such categories as well. Either way, as I mentioned earlier, on top of that, the we the battery EV exclusive platform is what we are planning for a full-fledged production in China for those models. So we will be focusing on that category. Does that answer your question?

例如，我們在 ICE 市場上的這些型號也正在失敗。我們也必須在這些類別上做出努力。不管怎樣，正如我之前提到的，最重要的是，我們計劃在中國全面生產這些車型的電池電動車獨家平台。因此，我們將重點關注該類別。這能回答你的問題嗎？

Yes.

是的。

Thank you, Mr. Mizutori. This concludes our financial results briefing. The financial results materials are available on our company website. Please refer to them. Thank you everyone for your participation.

謝謝你，水鳥先生。我們的財務業績簡報到此結束。財務業績資料可在我們公司網站上取得。請參考他們。感謝大家的參與。