本田技研 (HMC) 2025 Q2 法說會逐字稿

Thank you very much indeed for your participation today. Let's now make a start of the financial results, the press conference for the second quarter FY 2025. Let me introduce the participants today, Director, Executive Vice President, and the Representative Executive Officer, Mr. Shinji Aoyama; Director and Managing Executive Officer, CFO, Mr. Eiji Fujimura.

非常感謝您今天的參與。現在讓我們開始2025財年第二季的財務業績新聞發布會。董事兼常務執行董事、財務長藤村英二先生。

Mr. Aoyama is going to present the outline of the results of the second-quarter FY 2025 and a full year outlook of the year FY2025; followed by Mr. Fujimura to present details of the financial results.

青山先生將介紹2025財年第二季業績概要以及2025財年全年展望；隨後藤村先生介紹了財務表現的詳細資訊。

Mr. Aoyama, the floor is yours.

青山先生，請發言。

Thank you very much for your understanding of our business activities as usual. Let me present our second quarter results of FY 2025. Starting with the highlights, operating profit of the first half of 2025 was JPY742.6 billion with the operating profit margin at 6.2%.

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財年第二季的業績。

The unit sales on a consolidated automobile businesses enjoyed steady sales of ICE and HEV models in North America, as well as the full-fledged start of the EV sales. We had additional sales of the 64,000 in each year-on-year. Total unit sales across the group declined by 155,000 units due to the reduction of the units in China.

合併汽車業務的銷售方面，北美地區ICE和HEV車型的銷售穩定，EV銷售也已全面啟動。我們每年的銷量都增加了 64,000 輛。由於中國銷量減少，集團總銷量下降 155,000 輛。

Regarding motorcycle businesses, we had a favorable unit sales globally, and had achieved cumulative sales of two quarters reaching 10 million units. Operating cash flow after R&D adjustment was JPY1.2851 trillion, the same level last year.

摩托車業務方面，全球銷售良好，已連續兩季累計銷售量突破1,000萬輛。研發調整後的營運現金流為1.2851兆日元，與去年持平。

Regarding the full year consolidated forecast of FY 2025, despite the impact by strengthened incentives for EV sales in North America with the recovery of motorcycle businesses, we will keep the same forecast from the previous guidance that is JPY1.42 trillion.

關於 2025 財年的全年綜合預測，儘管受到北美電動車銷售激勵措施加強和摩托車業務復甦的影響，但我們將維持與先前指引相同的預測，即 1.42 兆日圓。

As for the current profits due to sales decline in China, a profit decline of domestic affiliates causing less investment or profits based on equity methods, we will change the previous forecast down to JPY950 billion, less by JPY50 billion.

對於目前因中國銷售下降、國內關聯公司利潤下降導致投資減少或權益法利潤減少導致的利潤，我們將先前的預測下調至9,500億日元，減少500億日圓。

With regard to the shareholders' returns, we made a decision in the Board of Directors meeting today of interim dividend of JPY34 and annual dividend JPY68 which will be maintained from the same amount from the previous forecast.

關於股東回報，我們今天在董事會會議上決定中期股利34日元，年度股利68日圓，維持與先前預測相同的金額。

As for the share buybacks, in addition to JPY300 billion, which we made a decision on as of May 10, 2024, we have made a resolution to add up to JPY100 billion of the further acquisitions. Let me explain the situations of main market.

至於股票回購，除了我們在2024年5月10日決定的3,000億日圓之外，我們還決定進一步收購1,000億日圓。我先介紹一下主要市場的情況。

For the automobile businesses, unit sales increased in Japan and the US. However, due to the impact by the growing new energy vehicle market, intensifying your price competition in China and so on, the total unit sales declined below the level last year.

對於汽車業務來說，日本和美國的銷量增加。但受新能源汽車市場成長、國內價格競爭加劇等影響，總銷量低於去年水準。

For the motorcycle businesses, despite unit sales decline in Thailand due to economic slowdown, we had steady demand in India, incremental unit sales in Vietnam by economic recovery. Total unit sales exceeded year-on-year.

對於摩托車業務來說，儘管泰國的銷售量因經濟放緩而下降，但印度的需求穩定，越南的銷售量因經濟復甦而增加。總銷售量超過去年同期。

And this is the financial result of the first two quarters of FY 2025. Operating profit was JPY742.6 billion, up by JPY46 billion year-on-year. Investment profit and loss based on the equity method was negative JPY20.7 billion, down by JPY87.4 billion year-on-year.

這是2025財年前兩季的財務表現。權益法投資損益為負207億日圓，較去年同期減少874億日圓。

The profit attributable to the owners of the parents for the interim period was JPY494.6 billion, down by JPY121.6 billion. Next, regarding the consolidated financial outlook for our FY 2025, we will maintain the forecast of operating profit of JPY1.42 trillion, previous guidance still stands.

中期期間母公司股東應佔溢利為4,946億日元，減少1,216億日圓。接下來，關於 2025 財年的綜合財務前景，我們將維持營業利潤 1.42 兆日圓的預測，維持先前的指引。

The profit attributable to the owners of the parents for the year will be down by JPY50 billion, that is to be JPY950 billion. ForEx assumption will be set at JPY143 per dollar for the second half of the year, and for the full year, JPY148.

今年母公司所有者應占利潤將減少500億日元，即9,500億日元。外匯假設下半年將定為每美元 143 日元，全年為 148 日元。

Regarding the dividends, interim payouts for FY 2025 is JPY34 per share. Guidance for annual payout will stay the same at JPY68, no change from the previous guidance. In the Board of Directors meeting held today, we made a decision of a share buybacks. We will execute it with the upper limit of JPY100 billion.

關於股息，2025 財年中期派息為每股 34 日圓。年度支付指導將保持在 68 日元不變，與先前的指導沒有變化。今天召開的董事會會議作出了股票回購的決定。我們將以1000億日圓的上限執行。

Next, Mr. Fujimura will explain the financial details.

接下來，藤村先生將說明財務細節。

And next, I will explain the second quarter results details. First, the FY 2025 second quarter Honda Group six months unit sales. Motorcycle business, 10,382,000 units due mainly to year-on-year increase in Asia. Automobile business, 1,779,000 units mainly due to drop in Asia and particularly China. Power products business, this is 1,653,000 units mainly due to drop in North America and Europe. The consolidated six month financial results have already been explained.

接下來，我將解釋第二季的業績細節。首先是本田集團2025財年第二季六個月的銷售量。摩托車業務10,382,000輛，主要由於亞洲地區較去年同期成長。汽車業務1,779,000輛，主要是由於亞洲，特別是中國的下降。電源產品業務為1,653,000台，主要是由於北美和歐洲的下降。六個月的綜合財務表現已經得到解釋。

Next, the changes in profit before income taxes for the six months compared to the same period last fiscal year, operating profit increased JPY46 billion. The change factors are as follows.

接下來，六個月的稅前利潤與上財年同期相比，營業利潤增加了460億日圓。變化因素如下。

Those sales impacts saw a positive impact on profit due mainly to increase in unit sales. Increase in incentive led to a JPY28 billion decline in profit. Price and cost impacts was positive due to pricing commensurate with products value, resulting in a JPY268.6 billion profit increase.

這些銷售影響對利潤產生了積極影響，主要是由於單位銷售的增加。激勵措施的增加導致利潤下降280億日圓。由於定價與產品價值相匹配，價格和成本產生了積極影響，利潤增加了 2,686 億日圓。

Expenses, increase in personnel and outsourcing costs had a negative impact of JPY105.5 billion. R&D expenses increased JPY80 billion, negatively impacting profit. Currency effects was negative impact of JPY9 billion.

費用、人員和外包成本的增加產生了 1,055 億日圓的負面影響。研發費用增加 800 億日圓，對利潤產生負面影響。貨幣影響為90億日圓的負面影響。

Profit before income taxes declined by JPY137.3 billion, due to a decline in unit sales in China, decrease in equity method profit due to drop in domestic related companies profit, and appraisal loss of foreign currency denominated assets due to stronger yen compared to last year end.

稅前利潤下降了1,373億日元，原因是中國銷量下降、國內關聯公司利潤下降導致權益法利潤減少，以及日圓較上年走強導致外幣資產評估損失年底。

Next, operating profit by business segment. JPY325.8 billion in motorcycle business, JPY258 billion in a motorcycle (sic - see slide 11, "automobile") business, JPY162.7 billion in financial services business, power products business and others saw a loss of JPY3.9 billion.

接下來，以業務部門劃分的營業利潤。摩托車業務虧損 3,258 億日元，摩托車業務（原文如此，請參閱投影片 11，「汽車」）虧損 2,580 億日元，金融服務業務虧損 1,627 億日元，電力產品業務虧損 39 億日元。

Next, cash flow. The FY 2025 six month free cash flow of operating companies excluding financial business operation was JPY372.3 billion. Net cash balance at the end of the second quarter was JPY3,492.3 billion. R&D adjusted operating cash flows was JPY1,285.1 billion.

接下來是現金流。 2025財年除金融業務營運外的營運公司六個月自由現金流為3,723億日圓。第二季末現金淨餘額為34,923億日圓。研發調整後的營運現金流量為 12,851 億日圓。

Next, the FY 2025 full year consolidated financial forecast. Honda Group motorcycle unit sales forecast is 20.2 million units, an increase compared to previous forecasts due to increase in mainly Asia. Automobile is 3.8 million units, reflecting drop in Asia.

接下來是2025財年全年綜合財務預測。本田集團摩托車銷量預測為 2,020 萬輛，較先前的預測有所增加，主要是由於亞洲地區的銷量成長。汽車銷量為 380 萬輛，反映出亞洲的下降。

Power products business, although we have reviewed the forecast by region, the last forecast of 3.66 million units remains unchanged. FY 2025 consolidated financial forecast has already been explained.

電源產品業務，雖然我們按地區回顧了預測，但上次預測的366萬台保持不變。 2025 財政年度合併財務預測已說明。

Next, the change factors behind forecasted profit before income taxes. Operating profit up JPY39 billion from last fiscal year. The change factors are the following. Sales impacts although there is an increase in profit due to increase in unit sales, increased incentives and other factors will result in JPY170.5 billion profit decline.

接下來，預測所得稅前利潤背後的變化因素。營業利潤比上一財年增加 390 億日圓。變化因素如下。銷售影響雖然銷售增加導致利潤增加，但激勵措施增加等因素將導致利潤下降 1,705 億日圓。

Price and cost impacts, positive effect of pricing reflecting increase product value will increase profit by JPY550 billion. Expenses, negative JPY68.5 billion. R&D expenses will increase by JPY125 billion. Currency impacts will have a JPY148 billion negative impact. Profit before income taxes will fall due to drop in unit sales in China and domestic related companies profit equity method profit.

價格和成本影響，反映產品價值增加的定價的積極作用將使利潤增加5500億日元。費用，負 685 億日圓。研發費用將增加1250億日圓。貨幣影響將產生 1,480 億日圓的負面影響。由於中國銷量下降以及國內相關公司權益法利潤下降，所得稅前利潤將下降。

And as exchange rate is assumed to see the yen appreciated against the yen of last fiscal year, there is appraisal loss of foreign currency denominated assets, resulting in JPY207.3 billion drop in profit. Next changes from previous forecast.

由於匯率假設上一財年日圓兌日圓升值，因此外幣資產出現評估損失，導致利潤減少2,073億日圓。接下來的變化與先前的預測不同。

Operating profit forecast unchanged. Breakdown is as follows. Sales impacts due to increasing incentives amongst others, negative JPY99.5 billion. Price and cost impacts, positive JPY48 billion due to pricing commensurate to the product value increase.

營業利益預測不變。細分如下。由於激勵措施增加等因素，銷售受到影響，負 995 億日圓。價格和成本影響，由於定價與產品價值成長相稱，因此增加了 480 億日圓。

Expenses positive due to a JPY2.5 billion cut. R&D expenses negative due to JPY4 billion increase. Currency effects an increase of JPY53 billion. Profit before income taxes down JPY45 billion due to decline in unit sales in China, resulting in a negative equity method profit.

由於削減 25 億日元，支出呈正數。研發費用因增加 40 億日圓而出現負值。貨幣影響增加530億日圓。由於中國銷量下降，所得稅前利潤減少 450 億日圓，導致權益法利潤為負。

Lastly, the forecast for capital expenditures, depreciation and R&D expenditures for FY 2025 are as shown. This concludes my explanation. Thank you.

最後，2025財年的資本支出、折舊和研發支出的預測如下所示。我的解釋到此結束。謝謝。

Thank you for your attention. (Event Instructions) Yomiuri newspaper, Mr. [Nakamura], please ask questions.

感謝您的關注。 （活動說明）讀賣新聞[中村]先生，請提問。

Can you hear me?

你聽得到我嗎？

Yes, thank you.

是的，謝謝。

Thank you. So I have two questions. First one, I have a question about if you see in North America, the Prologue and the DX have already started on sale, and then the incentives are dragging your performance. And as compared to the beginning of the year, what is the incremental incentives as of now? And in this situation, do you still plan to strengthen EV sales over there?

謝謝。所以我有兩個問題。第一，我有一個問題，你是否看到在北美，Prologue和DX已經開始銷售，然後激勵措施會拖累你的業績。與年初相比，目前增量激勵是多少？在這種情況下，你們還打算加強那裡的電動車銷售嗎？

And the question two, so it is at your outlook. You are changing the ForEx assumptions to the yen depreciation direction. Please explain me the backdrop, of course, the Presidential election, other situations might and other political situation might change the ForEx situation. How do you address that?

而第二個問題，就看你的看法了。您正在將外匯假設更改為日圓貶值方向。請解釋一下背景，當然，總統選舉，其他情況和其他政治局勢可能會改變外匯情況。你如何解決這個問題？

Thank you very much, Mr. Nakamura for your question. The North America EV need sales (inaudible) In those two quarters, first half performance of the unit sales, we had about 20,000 unit sales less, fewer in the United States, US, in North America.

非常感謝中村先生的提問。北美電動車需要銷售（聽不清楚） 這兩個季度，上半年的銷售表現，我們少了約2萬輛，在美國、美國、北美少了。

And in the second half, 60,000 more units are planned, and it will be about a little bit less than 80,000 in sales to be included for the full year. And in terms of the incentives, I cannot give you the detailed numbers of those incentives.

下半年計劃再增加6萬輛，算上全年銷售量約略低於8萬輛。至於激勵措施，我無法向您提供這些激勵措施的詳細數字。

However, as compared to the original assumptions, we have about $7,000 per unit more spent on the incentives. And for this one, for the second half this year, we are going to budget the same level of the incentives basically.

然而，與最初的假設相比，我們在激勵措施上每單位多花了約 7,000 美元。對於這一點，今年下半年，我們將基本上為相同程度的激勵措施進行預算。

And the question of strengthening of the sales in these situations, from the '26 model year, we are going to have the Honda EV designed and manufactured by Honda. Those will be on sale in North America. And in order to have good connections to that model, for this model currently sold, we are going to keep the momentum of the sales of the current EV models. That is the basic idea.

在這些情況下加強銷售的問題是，從 26 年車型開始，我們將擁有由本田設計和製造的本田電動車。這些產品將在北美發售。為了與該車型建立良好的聯繫，對於目前銷售的這款車型，我們將保持當前電動車型的銷售勢頭。這是基本的想法。

Of course, we have to look at the basic market situation, incentives, the situation plus how we address the regulations. Those factors have to be considered in order to have a flexible activities.

當然，我們必須看看基本的市場狀況、激勵措施、情況以及我們如何應對法規。為了進行靈活的活動，必須考慮這些因素。

And then ForEx, Fujimaru-san is going to address this question.

那麼ForEx，藤丸先生就來解答這個問題。

I thank you for your question Nakamura-san. In the previous session, in the summer, we said JPY140 for the full year, that was the assumption we had. And then we didn't change from the beginning of the year. We said that it is going to be steady.

謝謝中村先生的提問。在上一交易日的夏季，我們說全年為 140 日元，這是我們的假設。然後我們從年初開始就沒有改變。我們說過它會保持穩定。

But at the time, there were like JPY20 ups and downs fluctuations of the ForEx levels at the time. And the assumption of a JPY140 assumption, actually second half, JPY135, that was the assumption we had in the first half period.

但當時的外匯水準有大約20日圓的上下波動。 140 日元的假設，實際上是下半年的 135 日元，這是我們在上半年的假設。

But now JPY130 -- JPY145 for the third quarter and JPY140 for the fourth quarter. It will be about JPY142.5 or so for the second half. So yen depreciation direction. And then as compared to the time last time, we had a number of those rates down in US and Japan as well, those public interest rates are coming down.

但現在第三季為 130 日元 - 145 日元，第四季為 140 日元。下半年大概是142.5日圓左右。所以日圓有貶值的方向。與上次相比，美國和日本的一些利率也有所下降，公共利率也在下降。

And also actually those reduction of the rates is a little bit squeezed over time. And we have no idea what could happen for the Presidential election. It is now being accounted and we have not factored in the Presidential election matter in our forecast. However, the assumptions we have put up for this term. Thank you.

事實上，隨著時間的推移，利率的降低會受到一些擠壓。我們不知道總統選舉會發生什麼事。現在正在考慮中，我們的預測中沒有考慮總統選舉問題。然而，我們對此術語提出的假設。謝謝。

Thank you very much.

非常感謝。

Thank you very much, Mr. Nakamura. Next question, Nikkei, Mr. [Okinaga], please.

非常感謝您，中村先生。下一個問題，日經，[Okinaga]先生，有請。

This is Okinaga from Nikkei. Can you hear me?

我是日經新聞的衝永。你聽得到我嗎？

Yes, we can hear you. Thank you.

是的，我們能聽到你的聲音。謝謝。

Thank you. I have two questions. First about automobile operating income, the fact that it's declining. The North American business, hybrid is still even though it's doing well, you have inventory piling up. So including EV, what do you see in regards to automobile consumption, including inflation? So what is the outlook of demand consumption in North America? That's the first question.

謝謝。我有兩個問題。首先是汽車營業收入，它正在下降。北美的混合業務儘管表現良好，但仍有庫存堆積。那麼，包括電動車在內，您對汽車消費（包括通膨）有何看法？那麼北美需求消費前景如何？這是第一個問題。

And the second question is about the downward revision. And so you have the negative for the equity method profit. So can you talk about the background? I think the major factor is China buy gasoline cars and also EVs, the current sales and also the forecasted sales.

第二個問題是關於向下修正的問題。因此權益法利潤為負。那麼您能談談背景嗎？我認為主要因素是中國購買汽油車和電動車、當前銷售和預測銷售。

Yes, Mr. Okinaga. Thank you very much for the question. Thank you. Well, about North America, even with the half of the inventory is increasing, you say. Well, it's not necessarily the case. I think that looking at the current situation, and also because the various measures have been taken for the market, and it may appear as if the inventory is slightly increasing, but this is a one-time phenomenon.

是的，沖永先生。非常感謝你的提問。謝謝。嗯，關於北美，即使有一半的庫存在增加，你說。嗯，事實並非一定如此。我覺得從目前的情況來看，也是因為對市場採取了各種措施，可能會出現庫存略有增加的情況，但這是一次性的現象。

In regards to HEV, I think we are doing very well in terms of sales. Well, the overall market, well, the US market, it's about 60 million units per annum. This is the total market that we see. And so we think that this will remain unchanged.

就混合動力汽車而言，我認為我們在銷售方面做得非常好。嗯，整個市場，嗯，美國市場，每年大約6000萬台。這就是我們看到的整個市場。因此我們認為這將保持不變。

But again, well depending on what happens with the Presidential election, we have to see what will be happening. So we have to keep an eye on the market developments. But currently hybrid is doing well, we think. And I hope you'll understand that to be the case. And we also in the second half will be mainly promoting our sales of hybrid.

但同樣，取決於總統選舉的情況，我們必須看看會發生什麼。所以我們必須密切注意市場的發展。但我們認為，目前混合動力表現良好。我希望你能理解這一點。我們下半年也會主要推廣油電混合車的銷售。

Now about the profit of equity method at the negative number that you see here as I explained earlier, in addition to the decline in sales in China, our related companies in Japan, and there has been a decline. So these two combined that we are seeing this a negative profit of equity method.

現在關於權益法利潤為負數，正如我之前所解釋的，除了中國的銷售額下降之外，我們在日本的相關公司也出現了下降。因此，這兩者結合起來，我們看到了權益法的負利潤。

Fujimaru has something to add, I'll ask him.

藤丸有話要補充，我去問他。

Well, about the downward revision, and it has been changed, we've done with revised and the operating profit to JPY950 billion. In the second quarter -- if you look at the second quarter, it was JPY1.42 trillion, and we think that we can maintain this. But if you look at the others below that, about the profit equity method, as Aoyama has already explained, there is the impact of China.

嗯，關於向下修正，它已經改變了，我們已經完成修正並將營業利潤調整為 9500 億日元。第二季度——如果你看看第二季度，它是 1.42 兆日元，我們認為我們可以維持這個水平。但如果你看看下面的其他內容，關於利潤權益法，正如青山已經解釋的那樣，存在中國的影響。

Well, from the beginning of the fiscal year, we have seen a decline of some 300,000 units or more. And so that is one factor. Plus at one time, this factor is the domestic related companies. And again, this is derived from partially China. So there's a negative coming from them. And so there are some one-time factors involved here. And as a result, we have JPY25 billion negative profit of equity method.

從本財年開始，我們看到下降了約 30 萬台甚至更多。這是一個因素。再加上一度，這個因素就是國內相關企業。再說一次，這部分來自中國。所以他們帶來了負面影響。所以這裡牽涉到一些一次性因素。因此，我們的權益法利潤為負 250 億日圓。

And other than that, because of the currency fluctuation that we're seeing right now. Well, for Honda Motor and also our subsidiaries overseas, they have for example, the debts and bonds and also the foreign currency deposits and the appraise -- we have due to the appraisal of these foreign currency denominated assets.

除此之外，由於我們現在看到的貨幣波動。那麼對於本田汽車以及我們在海外的子公司來說，他們有債務和債券，還有外幣存款和評估——我們有這些外幣計價資產的評估。

And so there have been the loss pertaining to non-sales factors, and therefore the operating profit will remain the same. But we are seeing JPY50 billion, these two together resulting in JPY50 billion or so. And also there is a difference in tax systems in different countries. But I think that these two combined has led to a drop of JPY50 billion in profit -- in net profit is that okay?

因此，非銷售因素造成了損失，因此營業利潤將保持不變。但我們看到的是 500 億日元，這兩個加起來就是 500 億日元左右。而且不同國家的稅制也有差異。但我認為這兩者加起來導致利潤下降了 500 億日元——淨利潤可以嗎？

Thank you very much, Mr. Okinaga. Next question from NHK, Mr. [Nishizono], please.

非常感謝沖永先生。 NHK 的下一個問題是[西園]先生。

Hello?

你好？

We can hear you.

我們能聽到你的聲音。

Thank you. Thank you for your explanation. I have a question to Mr. Aoyama. So in this financial results, how do you conclude the results? What is your taking, and then Chinese market impact and your action to that. Could you explain on that please?

謝謝。謝謝你的解釋。我有一個問題想問青山先生。那麼在這份財務表現中，您該如何得出結果呢？您採取什麼措施，然後是中國市場的影響以及您對此採取的行動。您能解釋一下嗎？

Thank you very much, Mr. Nishizono. Well, it is difficult to say in one word how to take the situation now. But as compared to the numbers that we had expected, it is a little bit short of what we were expecting to be honest. However, ForEx no dollars, not against the dollar, but the ForEx against the emerging currencies or Canada, Mexico, Argentina, Turkey.

非常感謝您，西園先生。嗯，很難一言以蔽之地說出如何應對現在的情況。但與我們預期的數字相比，這與我們誠實的預期有一點差距。然而，ForEx沒有美元，不是兌美元，而是ForEx兌新興貨幣或加拿大、墨西哥、阿根廷、土耳其。

The currencies of those countries are kind of involved here, that sort of had a negative JPY30 billion or so because of the ForEx fluctuation. And then it wasn't expected in the beginning, it caused some fluctuation. And we would say is a transient but for the full year basis, but in the immediate three months, for the second quarter, we had a quality cost -- warranty cost, which was a rather high warranty, and JPY110 billion negative impact by the warranty expenses. And this is how I take it.

這些國家的貨幣都受到了影響，由於外匯波動，這些國家的貨幣出現了 300 億日圓左右的負值。然後一開始就沒有預料到，造成了一些波動。我們會說這是一個暫時的情況，但對於全年來說，但在接下來的三個月裡，第二季度，我們有品質成本——保固成本，這是一個相當高的保修，以及1100 億日圓的負面影響。我就是這麼認為的。

And then actually it was away from our expectations. And battery EV incentives increased as discussed earlier. And of course, we have factored in some of them to the negative side. However, we had a certain possibility, and we had anticipated to a certain extent for those matters.

然後實際上它與我們的預期相去甚遠。如同前面所討論的，電池電動車激勵措施增加。當然，我們已經將其中一些負面因素考慮在內。但是我們有一定的可能性，對於那些事情我們也有一定的預期。

And it wasn't really a surprise to me, in fact, and then the unit sales production in China, for instance, it was actually greater than we were expecting. The reduction rate was quite fast, I guess our expectation. And then also the business structure around the fixed cost area, we have been working to reduce them at a high speed as well.

事實上，這對我來說並不意外，例如，中國的單位銷售產量實際上比我們預期的要高。減少速度相當快，我想這是我們的預期。然後是圍繞固定成本領域的業務結構，我們也一直在努力高速減少它們。

So all those -- because of those actions, that down sort of trend for the performance is sort of alleviated. And then I should have -- in North America, we have incentives. And in fact, actually we don't spend as much as we were expecting for the incentives in North America.

因此，由於這些行動，業績下滑的趨勢有所緩解。然後我應該——在北美，我們有激勵措施。事實上，我們在北美的激勵措施上的支出並沒有我們預期的那麼多。

Plus we had a good tailwind by the motorcycle business recovery, and that is good too. And the Chinese market, as I said earlier, NEVs, BEV, and PHEVs, new energy vehicles, those types of the cars increasing very fast. And at the moment, we do not have a competitive product in this end in this area. Therefore, we had to try to reduce the fixed cost because of that. Thank you.

另外，摩托車業務的復甦為我們帶來了良好的推動力，這也很好。而中國市場，正如我剛才所說，NEV、BEV、PHEV、新能源汽車，這些類型的汽車成長得非常快。而目前，我們在這方面還沒有有競爭力的產品。因此，我們不得不嘗試降低固定成本。謝謝。

Thank you very much.

非常感謝。

Thank you very much, Mr. Nishizono. Next, Toyo Keizai, Mr. [Yokoyama], please.

非常感謝您，西園先生。接下來有請東洋經濟先生[橫山]。

This is Yokoyama from Toyo Keizai weekly magazine. Can you hear me? I have two questions. Thank you. First, it's the balance between the first half and second half. Well, according to revision in the second half, I think Mr. Fujimora has talked about the expenses increase, the decrease in the second half. And with this revision, you have -- I think made some changes.

我是《東洋經濟》週刊的橫山。你聽得到我嗎？我有兩個問題。謝謝。首先是上半場和下半場的平衡。嗯，根據下半年的修訂，我認為藤村先生已經談到了下半年費用的增加、減少。透過這次修訂，我認為您做出了一些改變。

And Mr. Aoyama talked about the recall expense, but you're thinking towards the balance between the second first half and second half. And also the sales cost, so I want to hear about this balance. That's the first thing.

青山先生談到了召回費用，但您正在考慮下半年的上半場和下半場之間的平衡。還有銷售成本，所以我想聽聽這種平衡。這是第一件事。

And the second question about China. Well, in the beginning of the fiscal year, both of you, you were talking about restructuring and optimizing production and also personnel. But what is the progress you're seeing so far?

第二個問題是關於中國的。嗯，在財年之初，你們倆都在談論重組和優化生產以及人員。但到目前為止您看到的進展是什麼？

And currently, I believe that the pace of decline in sales is quite quick. And therefore, do you have any plans to rationalize? And how do you think about the production balance between Guangzhou and Dongfeng?

目前，我認為銷售額下降的速度相當快。因此，您有什麼合理化的計劃嗎？您如何看待廣州與東風之間的生產平衡？

Yes, thank you very much. First of all, about the balance between the first half and the second half of the fiscal year, and the difference between the two. Well, as you pointed out is in terms of the cost, it does tend to be that there will be -- it will be skewed more towards the second half. And this fiscal year 2025 again, we think that the same is happening.

是的，非常感謝。首先，關於上半年和下半年的餘額，以及兩者之間的差異。嗯，正如您所指出的，就成本而言，確實往往會出現——它將更偏向下半年。 2025 財年，我們認為同樣的情況正在發生。

And especially R&D part, it does tend to increase towards the second half of the year. This happens every year. And this year again, we are seeing this happening.

尤其是研發部分，下半年確實有增加的趨勢。這種情況每年都會發生。今年，我們再次看到這種情況發生。

Now earlier in the other questions, I partially answered what you've asked, but in terms of warranty, well, in the second quarter, we think that this is a one-time expense. But yes, we will try to make this more positive in the second half, dealing with the warranty issue.

現在，在其他問題的前面，我部分回答了您的問題，但就保固而言，在第二季度，我們認為這是一項一次性費用。但是，是的，我們會在下半年努力讓這一點更加積極，處理保固問題。

And about the currency setting second first half and second half, and there is JPY100 billion negative difference between the first and second half. And in terms of sales impact it's positive. That is our understanding.

而關於上半年和下半年的貨幣設定，上半年和下半年之間存在著1000億日圓的負差。就銷售影響而言，這是正面的。這是我們的理解。

So sales and also selling price and well saying the price, which is specific to the value of the product, it will be a positive. So in the second half, this will be an add-on. The negative will be the currency of JPY100 billion or so. And other expenses R&D included, that will be a negative. But I hope that you understand it to be that way.

因此，銷量和售價，以及具體到產品價值的價格，這將是積極的。所以在下半年，這將是一個附加項目。負數將是1000億日元左右的貨幣。包括研發在內的其他費用，這將是負面的。但我希望你能理解它是這樣的。

Now about China, in regards to China, well I have talked about this in different occasions, but at this point in time, but as you know, in China, we have two joint ventures in both, we have new production capacity, dedicated EV factory with a capacity of 120,000 units per annum.

現在關於中國，關於中國，我在不同的場合談到這一點，但在這個時候，但正如你所知，在中國，我們都有兩家合資企業，我們有新的生產能力，專用電動車工廠年產能12萬台。

One has already started, the other is to be started. And so this will be an add-on to our conventional capacity. But at the same time, we had some 1.49 million units production capacity of the two joint ventures combined.

一個已經開始，一個即將開始。因此，這將是我們傳統產能的補充。但同時，我們兩家合資企業的產能合計約149萬輛。

And in the last year, a little less than a year, together with our joint venture partners, we have been discussing what needs to be done and JPY1.49 trillion and this will be reduced to JPY960,000. Well, yes, including the lines yet to be suspended.

在去年，不到一年的時間裡，我們與我們的合資夥伴一起討論了需要做什麼，將1.49兆日圓減少到96萬日圓。嗯，是的，包括尚未暫停的線路。

So during this FY 2025, it will be dropped to JPY960,000. So including the battery EV dedicated, we are assuming that there will be 1.2 million capacity, and of course 1.2 million units is more than the demand. And so there will have to be some cuts made in the future and internally. And with our partners, we are discussing what needs to be done.

因此，在2025財年，它將降至96萬日圓。因此，包括電動車專用電池在內，我們假設將有120萬輛產能，當然120萬輛是超出需求的。因此，未來必須在內部進行一些削減。我們正在與我們的合作夥伴討論需要做什麼。

What about personnel cut? Well, yes, we are making some progress there. I won't give any specific numbers but both for Guangzhou as well as Dongfeng, for both we have some several thousands of personnel cut, mainly voluntary resignation. And so that is the current status. Thank you.

人員削減怎麼辦？嗯，是的，我們正在這方面取得一些進展。具體數字我就不說了，但是無論是廣州還是東風，我們都裁員了幾千人，主要是自願離職。這就是目前的狀況。謝謝。

Thank you.

謝謝。

Thank you very much, Mr. Yokoyama. So next question from Kyodo Tsushin, Mr. [Okuda], please.

非常感謝橫山先生。那麼下一個問題是由[奧田]共同通信先生提出的。

Okuda speaking from Kyodo. Can you hear me?

奧田在共同社發表演說。你聽得到我嗎？

Yes.

是的。

So the ballot is being counted now in the presidential election, and there was a mention to the ForEx assumptions on Mr. Trump would raise the tariff, and EV promotion can be reviewed, and so on, possibly. And going forward, of course, who would win would matter. But what do you think is the potential impact to the businesses, and how do you address such a situation?

因此，總統選舉現在正在計票，並提到了《外匯》對川普先生將提高關稅的假設，並可能審查電動車的推廣，等等。當然，展望未來，誰會獲勝很重要。但您認為這對企業的潛在影響是什麼？

In the case, for instance, investment plans on EVs in the future, would that be impacted by the results of the election? And the other question, Nissan and Mitsubishi and yourself have collaboration programs. And what is the situation of the alliances?

例如，未來電動車的投資計畫是否會受到選舉結果的影響？另一個問題，日產和三菱和你自己有合作計畫。而聯盟的情況又如何呢？

You said Mr. Kato from Mitsubishi said that they're going to sort of put together the ideas or plans by March next year, and then what is the situation? And also Mitsubishi, would they provide you the PHEVs to you? What is the options with them at the moment? Could you share with us as much as you can please?

你說三菱加藤先生說他們要在明年3月份之前把想法或計畫整合起來，那麼情況是怎麼樣的？還有三菱，他們會提供你 PHEV 嗎？他們目前有什麼選擇？您能盡可能與我們分享嗎？

Thank you very much, Mr. Okuda. So counting, we are casting a very keen eye on them, like yourself. And then who is going to win, whichever the case, no matter the case, we are not necessarily taking the situation in a short to mid-term perspective. We have a longshot perspective as well, especially with regard to the investments.

非常感謝奧田先生。因此，我們正在密切關注他們，就像您一樣。然後誰會贏，無論情況如何，無論情況如何，我們不一定會從短期到中期的角度來看待這種情況。我們也有長遠的眼光，特別是在投資方面。

Whoever the President could be, we should not be too much swayed around by them. We have our automobiles, small car, passenger car areas of the businesses. For that every year, the EV electrification, BEV will increase in the long run.

無論總統是誰，我們都不應該被他們左右太多。我們有我們的汽車、小型車、客車領域的業務。從長遠來看，電動車電氣化、純電動車每年都會增加。

And in Ohio -- in the state of the Ohio, we had the LGES joint venture, LHV batteries. And in Canada, we have a comprehensive value chain programs in Canada. So those programs will be pushed forward basically. However, away from the presidential election, we have to look at the EVs market.

在俄亥俄州，我們擁有 LGES 合資企業 LHV 電池。在加拿大，我們有全面的價值鏈計劃。所以這些計劃基本上都會推進。然而，除了總統選舉，我們還得看看電動車市場。

Of course, we would have our -- for instance, investments on those equipments and so on, used in EVs. And investment can be looked at. And then of course we will have flexible investment plans and executions as per the situations of the market. Therefore, the impact on the investment plans, the presidential election will have no impact on us.

當然，例如，我們會對這些設備等進行投資，用於電動車。投資也可以考慮。當然我們也會根據市場的情況有靈活的投資計畫和執行。因此，對投資計劃的影響，總統選舉對我們不會有影響。

However, in terms of the influence by large, for instance, production in Mexico, quite a few moved or transported there from Mexico to the US, which will be subjected to the tariff for the certain period of time, which will be the area that is necessary, requiring some actions, because we cannot relocate the production sites all of a sudden. So we have to see what happens, and what we can do.

但從大的影響來看，例如墨西哥的生產，有不少是從墨西哥轉移或運輸到美國，在一定時期內會被徵收關稅，這將是影響範圍。因為我們不能突然搬遷生產地點。所以我們必須看看會發生什麼，以及我們能做什麼。

And the collaboration with the Nissan and Mitsubishi. So we don't have any specifics like by when and what. However, PHEV, so on system supply or the equipment supply, actually, we have nothing defined as yet as we simply keep our discussions at the moment. Sorry, I cannot give you the specifics as of now. Thank you very much.

以及與日產和三菱的合作。因此，我們沒有任何具體訊息，例如何時何地。然而，PHEV，系統供應或設備供應，實際上我們還沒有任何定義，我們只是暫時討論。抱歉，目前我無法向您提供具體資訊。非常感謝。

Thank you very much, Mr. Okuda. Next question, please. Bloomberg, Mr. [Inajima], please.

非常感謝奧田先生。請下一個問題。布隆伯格，[稻島]先生，有請。

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. I have two questions. First, well, this has already been asked, but so about the operating profit, the second quarter, what are the major factors of negative impact? So you talked about JPY96.9 billion expenses. Can you give the breakdown of the expenses, please?

謝謝。我有兩個問題。首先，這已經有人問了，那麼對於營業利潤來說，第二季主要有哪些負面影響因素呢？所以你談到了969億日圓的支出。請給一下費用明細？

Mr. Inajima, thank you very much. About the second quarter only, the three months, right, and year-on-year comparison. Well, Fujimura has talked about the full year forecast, but let's have him talk about the likelihood of the forecast included.

稻島先生，非常感謝您。僅關於第二季、三個月（右）和年比比較。好吧，藤村已經談到了全年預測，但讓我們讓他談談包括預測在內的可能性。

Thank you very much, Mr. Inajima. Yes, so year-on-year, your question is about the July, September, and you were asking about expenses, R&D expenses, or just expenses?

非常感謝您，稻島先生。是的，那麼同比，你的問題是關於7月、9月，你問的是費用、研發費用，還是只是費用？

Well, that included. Well, the big items. Yes, the big items compared to the previous year, can you list the big items?

嗯，包括在內。嗯，大件物品。是的，與去年相比的大項目，你能列出大項目嗎？

Well, about the expenses, this is included in our annual but yes, so PR and also personnel cost, well these are all included in the three months. And so I think we were at cruising speed, so to say, right now. And earlier, there was the question about the impact on the annual, and we did -- and I wanted to talk more about that.

嗯，關於費用，這包含在我們的年度費用中，但是是的，所以公關和人員成本，這些都包含在三個月內。所以我認為我們現在處於巡航速度。早些時候，有人問過這對年度報告的影響，我們確實這樣做了——我想更多地談論這個問題。

Well, these three months -- looking at these three months that's just ended, well, as Aoyama has said, the warranty is about JPY80 billion. And annually -- well, at the time of this announcement, I cannot give any specifics as to which supplier, but still we have not reflected this.

嗯,這三個月,看看剛結束的這三個月,嗯,正如青山所說,保固大約是800億日元。每年 - 嗯，在發布此公告時，我無法提供有關哪個供應商的任何具體信息，但我們仍然沒有反映這一點。

And since we did not sign the memorandum of understanding, but it's supposed to has JPY30 billion. But I think that we can set this, and so this is not included in the forecast. And also, annually, there is a negative listed here.

由於我們沒有簽署諒解備忘錄，但應該有300億日圓。但我認為我們可以設定這個，所以這不包括在預測中。而且，每年這裡都會列出負面清單。

But I think, as I said at the outset because of the yen dollar currency effect since we reviewed this significantly, this will disappear. And therefore, this JPY250 billion plus result, we think that JPY360 billion or so should be the actual instead of JPY250 billion. Then (inaudible) will be 6.6%.

但我認為，正如我一開始所說的，由於日圓美元貨幣效應，因為我們對此進行了重大審查，這種情況將會消失。因此，對於這個2500億日元以上的結果，我們認為3600億日元左右應該是實際的，而不是2500億日元。那麼（聽不清楚）將為 6.6%。

And the negative battery EV, well, yes, we are going to sell it in China and Asia. The drop in automobile sales with ICE and motorcycles, we want to offset that. So we think that we can do this throughout the year. And so, based on that, we have the unchanged JPY1.4 trillion.

負極電池電動車，是的，我們將在中國和亞洲銷售它。我們希望抵消內燃機和摩托車汽車銷量的下降。所以我們認為我們可以全年做到這一點。因此，基於此，我們的 1.4 兆日圓保持不變。

So the three months, as I said number-wise, I think our actual would be some JPY100 billion added on to what you see here is due to various factors that it's lower. Thank you.

因此，正如我所說，就數字而言，這三個月我認為我們的實際收入將比您在這裡看到的增加約 1000 億日元，這是由於各種因素導致的較低。謝謝。

Next question, Daniel-san from Reuters, please.

下一個問題，請來自路透社的 Daniel-san。

Hello, Daniel from Reuters, can you hear me?

你好，路透社的丹尼爾，你聽得到我說話嗎？

Yes.

是的。

My question is also about the North American market and some of the questions have already raised, and I like to continue from there. Mr. Trump in the election in the last few months, he mentioned about cars imported from Mexico and the plans to raise the tariff there.

我的問題也是關於北美市場的，有些問題已經提出了，我想從那裡繼續。川普在過去幾個月的選舉中提到了從墨西哥進口汽車以及提高墨西哥關稅的計劃。

So he mentioned that a number of times, and then if he wins the election and he realizes his plan, what is its impact on the businesses? And how would you address on that in order to prevent the negative impact by that, would you add some more comments on that point, please.

所以他多次提到這一點，然後如果他贏得選舉並實現他的計劃，對企業有什麼影響？您將如何解決這個問題，以防止由此產生的負面影響，請您就此添加更多評論。

Thank you very much, Daniel for your question. And again, the tariff on the Mexico, import from Mexico, so the automobile production in Mexico, we have about 200,000 units over there in production, and 80% of those are exported to the US. About 160,000 units or so, that's exported to the US. And the impact would be their business of 160,000, which will be subject to the tariff.

非常感謝丹尼爾提出的問題。再說一遍，墨西哥的關稅，從墨西哥進口，所以墨西哥的汽車生產，我們在那裡生產了大約20萬輛，其中80%出口到美國。大約有 16 萬台左右，出口到美國。受影響的將是他們的16萬家企業，這些企業將受到關稅的影響。

And that is a big impact, I think. And then it is not just Honda, GM, Ford, and other Japanese companies, Japanese OEMs, all of the companies are subjected to the same situation.

我認為這是一個很大的影響。那麼不只是本田、通用、福特等日本企業、日本整車廠，所有的企業都面臨同樣的情況。

And in short, I wouldn't think that the tariff will be imposed right soon. After a certain discussions, it will be done, and will those companies be able to stop the production in Mexico, right away? No, I don't think so.

簡而言之，我不認為關稅會很快徵收。經過一定的討論之後就可以了，那些公司能馬上停止在墨西哥的生產嗎？不，我不這麼認為。

So I wouldn't say the tariff will not be realized, however, there will be a lobbying activities and so on to that point. And of course, if the tariff is a permanent one, I suppose it could be not permanent, maybe we would go for the protection elsewhere which is not subjected to the US tariff that we could do it. Thank you very much.

所以我不會說關稅不會實現，但是，到那時會有遊說活動等等。當然，如果關稅是永久性的，我想它可能不是永久性的，也許我們會去其他不受美國關稅影響的地方尋求保護，我們可以這樣做。非常感謝。

Thank you very much Daniel-san. And next question, Nikkan Jidosha, Mr. [Mizutori], please.

非常感謝丹尼爾桑。下一個問題是日刊自動車，[水鳥]先生。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Thank you. I think it was mentioned in the first question about the EV incentives in the United States. Well, Mr. Aoyama, you said that incentives were $7,000 higher than expected I think you said. But the current situation, if you look at the EV only, well the more you sell, the more the deficit I think.

謝謝。我想第一個問題就提到了美國的電動車激勵措施。嗯，青山先生，您說過激勵措施比預期高 7,000 美元，我想您是這麼說的。但目前的情況，如果你只看電動車，那麼你賣得越多，我認為赤字就越大。

And that with the '26 year model, you can generate profit even with EVs. Is that the correct understanding because it's Honda car? And also US, the CO2 credit, like in California, the revenue and its payment, what will happen if there is an increase in the number of EVs?

憑藉 26 年的車型，即使使用電動車也可以產生利潤。這是正確的理解嗎，因為它是本田汽車？還有美國的二氧化碳信用額，就像加州的收入和付款，如果電動車數量增加，會發生什麼事？

Mr. Mizutori, thank you very much for the question. Yes, the incentive was higher than expected, that is a fact. So this fiscal year '25, against the original assumption, we think that it will be JPY100 billion or so incentive increase. So that is what we're assuming right now. That is the current situation vis-a-vis FY25.

水鳥先生，非常感謝您的提問。是的，激勵措施高於預期，這是事實。因此，與最初的假設相比，本財年'25，我們認為激勵措施將增加約 1000 億日圓。這就是我們現在的假設。這就是 2025 財年的現況。

Now, as for next year and beyond, well as I said earlier, basically there will be the environmental regulations, so we have to respond to those regulations and also profitability. The more you use incentives, this will aggravate the profitability.

現在，至於明年及以後，正如我之前所說，基本上會有環境法規，因此我們必須應對這些法規以及盈利能力。使用激勵措施越多，獲利能力就會惡化。

So we have to think about how to respond to the regulation versus incentives, and we have to think of these two together. But from FY26, we are expecting unit sales to increase. And there will be a sales momentum to a certain extent.

因此，我們必須考慮如何應對監管和激勵措施，並且我們必須將兩者結合起來考慮。但從 2026 財年開始，我們預計銷售量將會增加。並且會有一定的銷售動能。

So we have to think about the units, and also the incentives, and how to respond to the regulation. So overall, we have to balance all these three. But with the FY26 -- well the model year '26, a new model, whether we can generate profit, we'll work hard to generate profit with our new model. Well, as for the specifics, I cannot spell them out right now, but still from model year '26, we want to work hard on that.

所以我們必須考慮單位，還有激勵措施，以及如何應對監管。所以總的來說，我們必須平衡這三者。但對於 26 財年——好吧，26 年車型，一種新車型，無論我們是否能夠產生利潤，我們都會努力通過我們的新車型來產生利潤。嗯，至於具體細節，我現在還不能說清楚，但從 26 年款開始，我們希望在這方面努力。

And as for the CO2 credit, well in the US, it's a bit complicated, because the overall GHG, greenhouse gas emission, that's on one hand. And meanwhile, there is some states like California which are ZEV states, zero emission vehicle states. So there are these two. Now for the model year 2025, California, according to the ZEV Act, ACC 1 is the stage.

至於二氧化碳信用額，在美國，有點複雜，因為整體溫室氣體排放量是一方面。同時，還有一些州，例如加州，是ZEV州，即零排放汽車州。所以就有了這兩個。現在，根據 ZEV 法案，加州 2025 年車型以 ACC 1 為舞台。

And from the model year '26, it will be ACC 2. So transition to the next stage which is more stringent. Therefore well, for the GHG, Honda meets complies with the requirement ACC 1 regulation, which will continue until model year '25. We have -- we are already selling the '25 model year.

從車型年'26開始，它將是ACC 2。因此，對於溫室氣體，本田滿足了 ACC 1 法規的要求，該要求將持續到車型年 '25。我們已經——我們已經在銷售 '25 車型年了。

But up until ACC 1, we are complying right now. But ACC 2, well we have to sell a lot of battery EVs to meet this ACC 2. And so we have to sell, and that will start from model year 2026. And all automobile OEMs are facing the same situation.

但在 ACC 1 之前，我們現在都遵守規定。但是 ACC 2，我們必須銷售大量電池電動車才能滿足 ACC 2 的要求。

So for this, of course, we will increase our battery EV sales. But as of now, if we do it as is, this will increase our deficit. So what are we going to do? We could buy credits. So keeping this possibility in mind, as I said, if we do that.

因此，為此，我們當然會增加電池電動車的銷量。但就目前而言，如果我們按原樣行事，我們的赤字將會增加。那我們要做什麼呢？我們可以購買積分。因此，正如我所說，如果我們這樣做，請牢記這種可能性。

And then the unit sales and incentive and also regulation compliance plus credit, the selling and buying of credits also have to be taken into consideration. So there will be a lot of factors that we have to work on. Well, as for the details, I would like to talk about this at a separate occasion when I talk about how we'll respond to these different regulations. Thank you.

然後，單位銷售和激勵以及監管合規性和信貸、信貸的銷售和購買也必須考慮。因此，我們需要考慮很多因素。那麼具體的具體情況，我想在另一個場合，講到我們如何應對這些不同的規定的時候再講。謝謝。

Thank you for the detailed answer.

謝謝您的詳細回答。

Thank you very much, Mr., Mizutori. And because of the time constraints, the next question is going to be the last one. [Nakajima], Minami Jimusho, Mr. Nakajima, please.

非常感謝您，水鳥先生。由於時間有限，下一個問題將是最後一個問題。 [中島]、南吉武將、中島先生。

Nakajima speaking. So operating profit of your company is supported by the motorcycle businesses, but the Japanese motorcycle business is not doing well, and there are some time very soon, 50 cc, a small vehicle -- small motorcycles will be gone. Can we expect the profit in a short while in the near future?

中島發言。所以你們公司的營業利潤是靠摩托車企業來支撐的，但是日本的摩托車企業做得不好，很快有一段時間，50cc的小型車——小型摩托車就會消失。能否在不久的將來期待獲利？

Thank you for the question. So let's talk about those 50 cc motorcycles. And we may be a little bit responsible for the society with regard to the 50 cc. And actually, this 50 cc category, so called (inaudible) category, actually for this category, it will be revived away from the 50 cc constraints in specific 125 cc or less with a four kilowatt or less sort of power.

謝謝你的提問。那我們來談談那些 50 cc 摩托車。對50cc來說，我們可能對社會負有一點責任。實際上，這個 50 cc 類別，所謂的（聽不清楚）類別，實際上對於這個類別，它將在特定的 125 cc 或更少、功率為 4 千瓦或更少的情況下擺脫 50 cc 的限制。

And with that kind of the motorcycle, the drivers with that category license would continue to drive with the (inaudible) automotive license, regular one would allow them to drive the motorcycle below 125 cc, that is going to be the same category going forward.

對於這種摩托車，擁有該類別許可證的駕駛員將繼續使用（聽不清楚）汽車許可證駕駛，普通許可證將允許他們駕駛低於 125 cc 的摩托車，這將是同一類別的未來。

And then as for the business of that, while we have a so called Dream 10, the midsize, large size, or 155 cc categories. We have those areas businesses, which is very steady and good. Because of the COVID-19, we had a bit of an increase because of that for people who would take a tour riding the motorcycles.

至於業務，我們有所謂的 Dream 10、中型、大型或 155 cc 類別。我們有這些地區的業務，非常穩定、很好。由於新冠肺炎 (COVID-19) 的影響，我們對騎摩托車旅行的人的票價增加。

Such kind of boom had a kind of settled now, but we can do a good business. And we want to take a profit from the business of motorcycles like that in this area. And also in advanced or developed countries including Japan, the profitability of the motorcycles are high. And I would like to see the continuity of the profits.

這種繁榮現在已經平息了，但我們可以做得很好。我們希望從該地區的摩托車業務中獲利。而且在包括日本在內的先進國家，摩托車的獲利能力也很高。我希望看到利潤的連續性。

Thank you. Thank you very much Mr. Nakajima. And with this, we would like to conclude our briefing session. And as for the documents, they are posted on our website. We thank you for your participation.

謝謝。非常感謝中島先生。我們的通報會到此結束。至於文件，它們發佈在我們的網站上。我們感謝您的參與。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。