本田技研 (HMC) 2026 Q2 法說會逐字稿

I thank you very much for taking time out of your busy schedule to attend our briefing today. We would now like to start Honda Motor Company Limited's financial results briefing for second quarter of fiscal year to March '26.

非常感謝您百忙之中抽空參加今天的簡報會。現在我們開始介紹本田汽車有限公司截至 2026 年 3 月的財政年度第二季的財務表現。

First of all, allow me to introduce the attendees today. Director, Executive Vice President and Representative Executive Officer, Mr. Noriya Kaihara. Good to see you; Director, Managing Executive Officer, Mr. Eiji Fujimura. Good to see you, everyone. Operating Executive, Head of Accounting and Finance Unit, Mr. Masao Kawaguchi. Good to see you everyone.

首先，請容許我介紹一下今天與會的各位嘉賓。董事、執行副總裁兼代表執行長海原典哉先生。很高興見到您；董事、常務執行董事藤村英二先生。很高興見到大家。營運主管、會計財務部主管川口正雄先生。很高興見到大家。

Mr. Kaihara will first present the financial results of the second quarter ended September 30, 2025, and forecast of consolidated results for the fiscal year ending in March 26. Then Mr. Fujimura will present the details.

海原先生將首先介紹截至 2025 年 9 月 30 日的第二季財務業績，以及截至 3 月 26 日的財政年度的合併業績預測。然後藤村先生將介紹詳情。

Over to you, Mr. Kaihara.

接下來就交給您了，凱哈拉先生。

I thank you very much for your continued support for Honda's activities. I would like to present to you the financial results for the second quarter of financial year to March '26. I'd like to start with the highlights of the financial results.

非常感謝您一直以來對本田各項活動的支持。我謹向各位報告截至2026年3月的第二季財務表現。我想先從財務業績的重點說起。

Our operating profit for the second quarter of the year to March '26 came to JPY438.1 billion. Motorcycle operations saw unit sales decline in Vietnam, but global sales trended solidly and strongly, led by Brazil. For results up to second quarter, we've attained a record high unit sales, operating profit and operating margin. In Automobile operations, though there was some positive profit impact due to price revisions, we saw a decline in profit due to impact from tariffs and onetime expenses related to EV.

截至 2026 年 3 月的第二季度，我們的營業利潤為 4,381 億日圓。摩托車業務在越南的銷量有所下降，但全球銷量呈現穩健強勁的趨勢，其中巴西市場表現突出。截至第二季度，我們的銷量、營業利潤和營業利潤率均創下歷史新高。在汽車業務方面，雖然價格調整帶來了一些積極的利潤影響，但由於關稅的影響以及與電動車相關的一次性支出，我們看到利潤下降。

Operating cash flow after R&D adjustment, which indicates the resource available for future investment, came to JPY1,281.3 billion, on par with the same period last year. The forecast for the consolidated results for the term ending in March '26 is operating profit of JPY550 billion and profit for the year of JPY300 billion.

研發調整後的營運現金流量（顯示可用於未來投資的資源）為12813億日元，與去年同期持平。截至 2026 年 3 月的合併業績預測為：營業利潤 5,500 億日元，年度利潤 3,000 億日圓。

We are revising the previous forecast, considering the decline in Automobile unit sales and the reduction in production volume expected as of now due to semiconductor shortage, though we expect profit growth due to yen depreciation.

考慮到汽車銷量下降以及目前由於半導體短缺預計導致產量減少，我們正在修訂先前的預測，儘管我們預計日圓貶值將帶來利潤成長。

In Motorcycle operations, while we expect declines in unit sales in Vietnam, we hope to recover this in other regions, thus we maintained 21.3 million units. For Automobiles, in addition to lower sales volume, mainly in China and ASEAN, declines due to semiconductor shortage has been taken into consideration for North America. We are revising down from 3.62 million to 3.34 million units.

在摩托車業務方面，雖然我們預計越南的銷量會下降，但我們希望在其他地區能夠彌補這一損失，因此我們維持了 2,130 萬輛的銷量。對於汽車產業而言，除了銷量下降（主要在中國和東協地區）之外，北美地區由於半導體短缺導致的銷量下滑也已被考慮在內。我們將預期產量從362萬輛下調至334萬輛。

To give you the consolidated results for the second quarter of the year to March '26, Operating profit was JPY438.1 billion, lower by JPY304.4 billion compared to the same period last year. Investment earnings due to the equity method were JPY10.8 billion, higher by JPY31.6 billion. And the half year profit attributable to the owner of the parent was JPY311.8 billion, lower by JPY182.8 billion.

為您提供截至 2026 年 3 月的第二季綜合業績，營業利潤為 4,381 億日圓，比去年同期減少了 3,044 億日圓。採用權益法核算的投資收益為108億日元，比之前增加了316億日元。歸屬於母公司所有者的半年利潤為3118億日元，減少了1828億日元。

Next, I'd like to cover the forecast for the consolidated results for the term ending in March '26. Compared to the previous forecast, our forecast is operating profit of JPY550 billion, down by JPY150 billion and the profit for the year attributable to the owner of the parent of JPY300 billion, down by JPY120 billion. The exchange rate against the US dollar is assumed at JPY145 for the full year period. Forecast for the full year dividend for the fiscal year ending March '26 is JPY70 per share, unchanged from the previously published forecast.

接下來，我想介紹截至 2026 年 3 月的合併績效預測。與先前的預測相比，我們的預測是營業利潤為 5500 億日元，減少了 1500 億日元；歸屬於母公司所有者的年度利潤為 3000 億日元，減少了 1200 億日元。假設全年日圓兌美元匯率為145日圓。截至 2026 年 3 月的財政年度全年股息預測為每股 70 日元，與先前公佈的預測相同。

Next, Mr. Fujimura will present the details of the results.

接下來，藤村先生將介紹結果的詳細情況。

Allow me to present the results. The group unit sales during the six months to the second quarter were as follows: compared to the same period last year, for Motorcycle operations, though there was a decline in Vietnam with growth mainly in Brazil and the Philippines, it came to 10.763 million units. For Automobile business, it came to 1.68 million units due to declines mainly in China. For Power Products, though there were declines in Asia, Europe led the growth and the total came to 1.699 million units. The consolidated results during the six months to the second quarter were as explained earlier.

請容許我介紹一下結果。截至第二季末的六個月內，集團單位銷售量如下：與去年同期相比，摩托車業務雖然在越南有所下滑，但主要成長來自巴西和菲律賓，銷量達到 1,076.3 萬輛。汽車業務方面，銷量為 168 萬輛，主要原因是中國市場的下滑。雖然亞洲市場出現下滑，但電源產品市場仍維持成長，歐洲市場銷售達 169.9 萬台。如前所述，截至第二季末的六個月的綜合業績如下。

Next, I'd like to present the factor analysis of operating profit for second quarter compared to the same period last year. Operating profit was JPY438.1 billion, down by JPY304.4 billion compared to the same period last year. Factors affecting the operating profit were: first, impact from sales was positive by JPY83.9 billion due to expanding motorcycle unit sales.

接下來，我想對第二季營業利潤與去年同期進行因素分析。營業利潤為4,381億日圓，較去年同期減少3,044億日圓。影響營業利潤的因素有：首先，由於摩托車銷售成長，銷售額帶來839億日圓的正面影響。

Selling price and cost factors was an increase of JPY162.4 billion due to effective price revision. Expenses gave us a negative impact of JPY26 billion. R&D expenses led to a profit decline of JPY20.4 billion. Currency effect resulted in a negative impact of JPY116.2 billion. EV-related and onetime expense led to a negative impact of JPY223.7 billion and impact from tariffs led to a profit decline of JPY164.3 billion.

由於價格有效調整，售價和成本因素增加了1624億日圓。支出給我們造成了260億日圓的負面影響。研發支出導致利潤下降204億日圓。匯率波動造成了1162億日圓的負面影響。與電動車相關的一次性支出導致2,237億日圓的負面影響，關稅的影響導致利潤下降1,643億日圓。

Our trial calculation, excluding the EV-related onetime expenses and the tariff impact, comes to operating profit of JPY836.2 billion, on par with the same period last year.

我們試算的結果（不包括與電動車相關的一次性支出和關稅影響）顯示，營業利潤為 8,362 億日圓，與去年同期持平。

Regarding operating profit by business segment, Motorcycles, JPY368.2 billion; Automobiles, JPY72 billion of losses; and Financial Services, JPY143.2 billion profit; and the Power Products and other businesses, we put up JPY200 billion of losses. Operating profit of Motorcycles business was JPY368.2 billion, up by JPY42.4 billion year-on-year due to the following factors.

依業務部門劃分，營業利潤如下：摩托車業務獲利3,682億日圓；汽車業務虧損720億日圓；金融服務業務獲利1,432億日圓；電力產品及其他業務虧損2,000億日圓。摩托車業務的營業利潤為3,682億日圓，較上年同期成長424億日圓，主要受以下因素影響。

Regarding sales impact, JPY60.2 billion increase by additional sales volume mainly in Asia and South America. Regarding price and cost impact, profit increased by JPY32.3 billion due to the effective price revisions and so on, JPY7 billion decline of the profit due to expenses, JPY3.5 billion positive profit by R&D and JPY41.3 billion profit decline due to the foreign currencies and JPY5.3 billion decline of the profit due to tariffs.

銷售影響方面，主要得益於亞洲和南美洲的額外銷售量，銷售額增加了 602 億日圓。關於價格和成本的影響，由於有效的價格調整等原因，利潤增加了323億日元；由於支出，利潤減少了70億日元；由於研發，利潤為正35億日元；由於外匯波動，利潤減少了413億日元；由於關稅，利潤減少了53億日元。

In Automobiles business, operating profit declined by JPY351 billion year-on-year, resulting in JPY72 billion operating losses due to the following factors. Regarding sales impact, profit declined by JPY24.5 billion, accounting for the losses associated with the restructuring of the group companies.

汽車業務方面，由於以下因素，營業利潤年減3,510億日元，導致營業虧損720億日圓。就銷售影響而言，由於集團公司重組帶來的損失，利潤下降了245億日圓。

Price cost impact, increase of the profit by JPY130 billion due to the effective price revisions and so on. Expenses, JPY33.8 billion increase of profits. Research and development, JPY24.4 billion decline. Foreign currency effect, JPY64 billion decline. Onetime EV-related expenses, JPY223.7 billion decline. And tariff impact, profit declined by JPY158.1 billion.

價格成本影響，由於有效的價格調整等原因，利潤增加1300億日圓。支出，利潤增加338億日圓。研發支出減少244億日圓。受外匯匯率影響，日圓下降640億日圓。一次性電動車相關支出減少2,237億日圓。受關稅影響，利潤下降了1581億日圓。

Next, regarding the cash flow situation. Free cash flow, excluding Financial Services business was JPY760.6 billion. Net cash balance at the end of the first half was JPY3,053.9 billion and operating cash flow after R&D adjustment was JPY1,281.3 billion.

接下來，我們來談談現金流狀況。不計金融服務業務的自由現金流為7,606億日圓。上半年末淨現金餘額為30539億日元，經研發調整後的營運現金流量為12813億日圓。

Next, I'll explain consolidated forecast for fiscal year ending March 2026. Regarding the group's unit sales as compared to the previous forecast, in Motorcycles business, reflecting reduction in volume in Asia and increase in regions mainly in Brazil and others, we will maintain the volume of 21.3 million units.

接下來，我將解釋截至 2026 年 3 月的財政年度的綜合預測。與先前的預測相比，集團摩托車業務的銷量將保持2130萬輛的水平，這反映了亞洲銷量的減少以及主要在巴西和其他地區的銷量的增長。

In Automobiles business, in addition to the volume decline mainly in Asia, we reflect a volume reduction by 110,000 units in North American region due to the impact of the semiconductor shortages. Thus, we would expect the volume to be 3.34 million units. In Power Products business, there are some regional reviews to be reflected, we will keep the previous forecast of 3.67 million units. I've explained the consolidated business forecast of the fiscal year ending March 2026.

在汽車業務方面，除了亞洲地區的銷量下降外，由於半導體短缺的影響，北美地區的銷量也減少了 11 萬輛。因此，我們預計銷量將達到 334 萬台。在電源產品業務方面，有一些區域性審查需要反映，我們將維持先前367萬台的預測。我已經解釋了截至 2026 年 3 月的財政年度的綜合業務預測。

Next, I'll explain factors of ups and downs of operating profits year-on-year. The operating profit would decline by JPY663.4 billion year-on-year because of the following factors. Regarding the sales impact, although losses were put up in conjunction with the group company's restructuring, thanks to the unit volume increase of Motorcycles and so on, we expect the profit to increase by JPY3.3 billion.

接下來，我將解釋導致營業利益逐年波動的原因。由於以下因素，營業利潤將年減6634億日圓。關於銷售影響，雖然由於集團公司重組而出現虧損，但由於摩托車等產品的銷售增加，我們預計利潤將增加33億日圓。

Regarding price and cost impact, JPY280 billion increase of the profit is expected due to the price revisions and so on. Expenses declined by JPY91.5 billion. R&D expenses declined profit by JPY126 billion. Foreign currency impacts declined by JPY214 billion, and gross tariff impact decline of profit by JPY385 billion. And the potential decrease of the production volume due to the semiconductor supply shortages is incorporated in the forecast based on the current assumptions, which would be JPY150 billion negative.

關於價格和成本影響，由於價格調整等原因，預計利潤將增加2800億日圓。支出減少了915億日圓。研發支出導致利潤減少1260億日圓。外匯影響減少了 2,140 億日元，毛關稅影響導致利潤減少了 3,850 億日元。根據目前的假設，預測中已考慮了半導體供應短缺可能導致的產量下降，這將造成 1500 億日圓的負面影響。

Next, I'll explain the factors behind the operating profit changes in expectations comparing to the previous forecast. Operating profit is expected to decline by JPY150 billion from the previous guidance because of the -- regarding the sales impact, incentive hikes and unit sales decrease of Automobiles and so on, the profit would decline by JPY83 billion.

接下來，我將解釋與先前的預測相比，營業利潤預期會改變的因素。由於銷售影響、激勵措施增加以及汽車銷售下降等因素，預計營業利潤將比先前的預期減少1,500億日圓，利潤將減少830億日圓。

Regarding price cost impact, we revisited the recovery from the tariff impact. Thus, the profit would decline by JPY70 billion. Regarding foreign currency impact, because of changes of the exchange rate to JPY145 for $1, JPY88 billion positive profit on that. For tariff, we scrutinized the impact in values, and it will be JPY65 billion positive. And regarding semiconductor shortage, the impact will be JPY150 billion negative for the profits. Lastly, this is the forecast of the capital expenditures, depreciation and amortization and R&D expenditures.

關於價格成本影響，我們重新檢視了關稅影響後的恢復情況。因此，利潤將減少700億日圓。關於外匯影響，由於匯率變動至 1 美元兌 145 日圓，因此帶來 880 億日圓的正利潤。對於關稅，我們仔細研究了其對金額的影響，結果顯示將帶來 650 億日圓的正面收益。而半導體短缺問題將對利潤造成1500億日圓的負面影響。最後，這是對資本支出、折舊和攤銷以及研發支出的預測。

That is all. Thank you very much for your attention.

就這些。非常感謝您的關注。

Thank you very much for your attention. Then we'd like to proceed to the Q&A session. (Operator Instructions)

非常感謝您的關注。接下來我們將進入問答環節。（操作說明）

Okay. The first question, Ms. Ukita from Yomiuri Newspaper.

好的。第一個問題，來自讀賣新聞的宇喜田女士。

I hope you can hear my voice.

希望你能聽到我的聲音。

Yes, we can.

是的，我們可以。

My first question is, so the Motorcycles is operating great. And then for Automobiles, it's JPY73 billion losses. So I'm sure there are tariffs and semiconductor impact. But I just want to ask for your input or your general comment on your prospects for the future.

我的第一個問題是，這輛摩托車運作狀況良好嗎？此外，汽車業虧損730億日圓。所以我相信關稅和半導體產業都會受到影響。但我只是想聽聽您對未來前景的看法或意見。

Okay. Let me take that question, our overall perception. And then for details, I will ask Mr. Fujimura for some more comments.

好的。讓我來回答這個問題，也就是我們整體的看法。至於細節方面，我將請藤村先生提供更多意見。

First of all, so for Motorcycles, we had the best record high results. So we had a decline in Vietnam. But in Brazil and Thailand, we were able to maintain our good profit. For the second half, so for the full year, we expect things to proceed fairly well. So we need to be considering about whether we can cover the potential decline in Vietnam. But I think generally speaking, it should be okay.

首先，就摩托車而言，我們取得了有史以來最好的成績。所以我們在越南的業務出現了下滑。但在巴西和泰國，我們保持了良好的利潤。下半年，也就是全年，我們預期情況會進展得相當順利。因此，我們需要考慮我們是否能夠應對越南可能出現的經濟衰退。但總的來說，我認為應該沒問題。

For Automobiles, so the ICE and HEV gave us some cash so far. Now we need to spend that money into intelligence and hybrid -- sorry, electric vehicles. So we have been doing okay. In North America, we had the HEV good sales revenues. So we believe that the profitability has been increasing -- improving. However, because of the tariff directive and also due to the changes in environmental regulations, so the business environment has been changing dramatically.

就汽車而言，內燃機汽車和混合動力汽車目前為止都為我們帶來了一些收益。現在我們需要把這筆錢投入到智慧和混合動力——抱歉，是電動車——領域。我們一切都還不錯。在北美，我們的混合動力車銷售收入不錯。因此，我們認為獲利能力一直在提高——不斷改善。然而，由於關稅指令以及環境法規的變化，商業環境發生了巨大變化。

For tariffs, I think compared to other OEMs, we have a pretty high local procurement ratio in North America. So in that sense, I think the impact should be limited. Still, we have over JPY300 billion impact. So for the tariffs, actually, in a sense, as Mr. Fujimura mentioned, we consider this as a new normal, which we believe would continue for some time.

就關稅而言，我認為與其他原始設備製造商相比，我們在北美地區的本地採購比例相當高。所以從這個意義上講，我認為影響應該是有限的。儘管如此，我們的影響力仍然超過3000億日元。所以對於關稅問題，實際上，正如藤村先生所提到的，我們認為這是一種新的常態，我們相信這種情況會持續一段時間。

And while we can maintain the good results in North America, the sales volume in China and Asia has been declining. Particularly in Asia, the profitability in the HEV and ICE worsened beyond our expectations. So we would need some fundamental changes in actions for those. So for future actions, what we are thinking of, we need to maintain the build in Asia and Oceania, the profitability structure to make gains from ICE and HEV.

雖然我們在北美市場保持了良好的業績，但中國和亞洲的銷售額卻一直在下降。尤其是在亞洲，混合動力汽車和內燃機汽車的獲利能力惡化程度超出了我們的預期。因此，我們需要在行動上做出一些根本性的改變。因此，對於未來的行動，我們正在考慮的是，我們需要在亞洲和大洋洲保持建設，以及盈利結構，以便從內燃機和混合動力汽車中獲利。

So the number of models and the number of volume, so we need to revise our investment plans, so that we need to further reinforce the competitiveness of HEV. So we need to further enhance the profitability in ICE and HEV. So we do need to review our product lineup, and then we need to focus our attention in our profitable models, and then we need to invest in those. So we need to really bring up the overall volume.

因此，由於車型數量和銷量不足，我們需要修改投資計劃，以進一步增強混合動力汽車的競爭力。因此，我們需要進一步提高內燃機汽車和混合動力汽車的獲利能力。所以我們需要重新審視我們的產品線，然後把注意力集中在獲利的產品型號上，並對這些型號進行投資。所以我們需要真正提高整體銷售量。

And in particular, in line with the current situation, we need to rationalize the fixed expenses. I think that's something we need to work on quickly. And also for BEV, so far, we have been, well, making quite a lot of expenditures. So for future by shifting over to our own BEV, so we would need to have a breakeven at least. So we need to curb the losses, I would say, going forward.

尤其需要根據當前形勢，合理化固定支出。我認為這是我們需要盡快著手解決的問題。此外，就電動車而言，到目前為止，我們已經投入了相當多的資金。因此，為了未來轉型使用我們自己的純電動車，我們至少需要實現收支平衡。所以我認為，今後我們需要遏止損失。

And then for tariffs, as I mentioned, we believe this is going to continue into the future as well. So we want to go by the policy of produce where there is demand, so that we can combat, through our supply chain, the impact from the tariffs. That's something we will continue. Particularly for the improvement of profitability for Automobiles, that's something we need to do. And overall, we need to improve our profitability overall.

至於關稅，正如我之前提到的，我們認為這種情況在未來也會持續下去。所以我們希望採取哪裡有需求哪裡就生產哪裡的政策，這樣我們就可以透過我們的供應鏈來應對關稅的影響。我們會繼續這樣做。尤其對於提高汽車產業的獲利能力而言，這是我們必須要做的事情。總而言之，我們需要提高整體獲利能力。

Anything you want to add in terms of number?

您在數字方面還有什麼要補充的嗎？

Okay. Ms. Ukita, thank you for your question. This time, we have the JPY438 billion. So the Automobiles is JPY73 billion losses. And then for Motorcycles, it's JPY370 billion positive. So for Motorcycles, it's the best highest record. So those are pretty peculiar numbers that we've got here. But as we've mentioned from the beginning of the term, there's a lot of noise from kind of external factors.

好的。宇喜田女士，感謝您的提問。這次，我們有4380億日元。因此，汽車業虧損730億日圓。摩托車產業則實現了3700億日圓的獲利。所以對於摩托車來說，這是最好的最高紀錄。所以，我們這裡得到的這些數字相當奇怪。但正如我們在本學期一開始就提到的，有許多來自外在因素的干擾。

So to add a little bit about the JPY438 billion, we have this impact, this negative of JPY450 billion. That's the onetime cost. So the JPY890 billion, that's our normal standardized performance, I'd say. This JPY450 billion negative, as introduced in the material, we have JPY160 billion due to tariffs and then the EV provision for losses, we will allocate JPY250 billion throughout the year.

所以，關於 4,380 億日元，我們還要補充一點，它會帶來 4,500 億日圓的負面影響。那是一次性成本。所以8900億日元，我認為是我們正常的標準化表現。正如材料中所述，這4500億日元的負值，其中1600億日元是由於關稅造成的，另外2500億日元是電動汽車損失準備金，我們將在年內撥出這2500億日元。

So we have put it in the budget. And then of that, we allocated JPY225 billion of that into the first half. And then we have the group restructuring. So we have some losses from the transfer of our subsidiary, which is JPY43 billion. And also in the financial operations and in the US and the UK, we had some settlement of like JPY20 billion for litigation.

所以我們已經把它列入預算了。然後，我們將其中的2250億日元分配給了上半年。然後是集團重組。因此，我們因轉讓子公司而蒙受了一些損失，金額為 430 億日圓。此外，在金融業務方面，我們在美國和英國也達成了一項金額約 200 億日圓的訴訟和解協議。

So put them together, it's JPY890 billion. So we have like JPY20 billion for financials, but most of this was related to Automobiles. So all of those included, we have this JPY73 billion losses for Automobiles. So versus the plans, as I mentioned, those noises or the external factors had almost been incorporated. What may have been excluded may have been the financial operations and then also the Asia and China volume decline. Those were worse than our initial anticipation.

加起來總共是8900億日圓。所以我們有大約 200 億日元用於金融領域，但其中大部分與汽車業有關。綜上所述，汽車業損失了730億日圓。所以，與我之前提到的計畫相比，那些噪音或外在因素幾乎都被納入了計畫之中。可能被排除在外的包括金融業務以及亞洲和中國的業務量下降。情況比我們最初的預期還要糟糕。

So for the impact for the full year, at the beginning of the fiscal year, what I mentioned was that we were thinking of JPY500 billion. That was the target that we mentioned at the very beginning. But compared to the last fiscal year, we have a negative JPY450 billion due to exchange rate, and we need to recover from that. So that's another tariff, JPY450 billion, so JPY900 billion. So all of that put together. So JPY1.4 trillion, that's our actual performance.

所以，就全年的影響而言，在財政年度開始時，我提到過，我們當時考慮的是 5,000 億日圓。那就是我們一開始就提到的目標。但與上個財政年度相比，由於匯率原因，我們出現了4,500億日圓的負虧損，我們需要彌補這項損失。所以這是另一項關稅，4500億日元，也就是9000億日元。所以，把所有這些因素加在一起。所以，1.4兆日元，這就是我們實際的業績。

But we put it together, the prospects or the forecast for the year is, against the JPY550 billion, because of the exchange rate, semiconductors and the tariffs, it came to like JPY1.3 trillion. That's about the idea we have. Initially, we used to say JPY1.4 trillion. That we said JPY1 trillion was the Financial operations and Motorcycles, and the rest was Automobiles, and then the battery EV of JPY600 billion negative.

但我們綜合來看，今年的前景或預測是，由於匯率、半導體和關稅等因素，相對於 5,500 億日元，最終約為 1.3 兆日圓。這就是我們的想法。最初，我們說的是1.4兆日圓。我們之前說過，1兆日圓是金融業務和摩托車業務，其餘的是汽車業務，然後是6000億日圓的電動車業務虧損。

But for the Motorcycles and Finance, we have the Vietnam in decline, but we used to say JPY1 trillion, but we have recovered. So it's JPY1 trillion is okay. But for the JPY100 billion decline, at that time, we were thinking of BEV losses from JPY600 billion, but we had a provision of JPY50 billion. So put that together, JPY650 billion.

但就摩托車和金融領域而言，越南經濟處於衰退期，我們過去曾說過1兆日圓，但現在已經復甦。所以1兆日圓是可以接受的。但對於1,000億日圓的跌幅，當時我們考慮的是電動車業務6,000億日圓的損失，但我們已提列了500億日圓的準備金。加起來就是6500億日元。

We used to say ICE of JPY1 trillion back then. Now that came down to JPY900 billion. That's as far as it declined. So putting those together, because of our business structure, as Mr. Kaihara mentioned, first, we need to reboost our profitability in the ICE.

我們以前常說ICE的市值是1兆日圓。現在金額降到了9000億日元。它就此衰退到了這種程度。因此，綜合以上幾點，由於我們的業務結構，正如凱哈拉先生所提到的，首先，我們需要提高我們在ICE領域的獲利能力。

And then for battery EV, it's JPY650 billion. This is the gross profit of JPY250 billion. That's all for the provisions. Now we have ended putting in the provision. So we're going to start the -- we will try to eliminate -- we will try to bring down the negative from the gross profit level as close as zero to possible. The rest will be for R&D expenditures. So probably we will come to JPY450 billion. So that will be the baseline for the next year.

而電池電動車的投入則為6,500億日圓。這是2500億日圓的毛利。物資供應就這些了。現在我們已經完成了這項準備。所以我們將開始——我們將努力消除——我們將努力將毛利中的負值降到盡可能接近零的水平。剩餘部分將用於研發支出。所以，我們大概會達到4500億日圓。所以這將是明年的基準線。

And then for the tariffs as well, of course, net, we do have JPY330 billion or so impact. So we will need to work through those, how much of this recover in a few years. I just mentioned P&L a little bit, but the cash expenditure control is well in place. So if you look at the balance sheet and the cash flow, the strength of those are continuing as well. So particularly for the cash control, we need to have a good monitor over that. And then with the need to recover our P&L for the Automobiles quickly.

當然，關稅方面，淨影響約為 3,300 億日圓。所以我們需要仔細研究這些問題，看看幾年內能恢復多少。我剛才稍微提到了損益表，但現金支出控制措施已經到位。所以，如果你看一下資產負債表和現金流量表，你會發現這兩個指標依然強勁。因此，尤其是在現金管控方面，我們需要一個好的監控機制。然後，我們需要盡快恢復汽車業務的損益。

And then having said that, of course, we need to put in our resources to prepare ourselves for the future. So we want to put those together. And then we want to do a stable dividend with the DOE. So we want to be able to provide a stable dividend to our shareholders as well. So we want to have a good P&L and balance sheet balance. We want to have a good, well-balanced structure. And so we want to recover our profitability for the time being now and also get prepared for the future. For Automobiles, as I mentioned, we do have a keen sense of crisis, and then we are ready to take actions.

當然，話雖如此，我們還是需要投入資源，為未來做好準備。所以我們希望把它們結合起來。然後我們希望與美國能源部合作，實現穩定的股利。所以我們也希望能夠提供股東穩定的股利。所以我們希望損益表和資產負債表都能保持良好的平衡。我們希望建立一個良好、均衡的組織結構。因此，我們希望暫時恢復獲利能力，並為未來做好準備。正如我之前提到的，對於汽車產業，我們確實有敏銳的危機意識，一旦出現危機，我們就會立即採取行動。

Thank you very much.

非常感謝。

Thank you very much. One more question, may I? You said already perhaps about impact by the chips. It's already incorporated in those values, about JPY150 billion. And in North America, there is this impact in reality. But what is the prospect for the procurement? And do you think the situation will improve or getting worse? Do you have a risk of such? Please tell us?

非常感謝。我可以再問一個問題嗎？你之前可能已經提到過晶片的影響了。這筆金額已經包含在這些數值中，大約是1500億日圓。而在北美，這種影響確實存在。但採購前景如何？你認為情況會好轉還是會惡化？你是否面臨這樣的風險？請告訴我們？

I will answer the question then. So for the semiconductors, for the customers, suppliers, we are causing the troubles with that. Sorry about it. As we said right at the beginning, it's already reported in the media, a company called Nexperia. The chips from the company has been stopped, suspended.

那我到時候再回答這個問題。所以對於半導體產業、對客戶、供應商來說，我們正在造成這些問題。抱歉。正如我們一開始所說，媒體已經報道過，這家公司名為 Nexperia。該公司的晶片供應已經停止，暫停了。

Therefore, we have impact on the procurement. And then we work together with the Tier 1 manufacturers to try to minimize the impact on the production. And as for the October 27, in the production plant in North America, we are adjusting the production situation today.

因此，我們對採購有影響。然後我們與一級供應商共同努力，盡量減少對生產的影響。至於 10 月 27 日，我們在北美的生產工廠今天正在調整生產情況。

So as of now, we have an impact of 110,000 units that's reflected. And then I said JPY250 billion, but operating profit of JPY150 billion that is put up in this announcement today. And I heard that shipment has resumed in China now. And we have already started our communications to the suppliers, and we are trying our best so that we can get supplies of those chips as much as we can.

截至目前，我們已經反映了11萬單位的影響力。然後我說的是2500億日元，但今天公佈的公告中提到的營業利潤是1500億日元。我聽說中國的貨運已經恢復了。我們已經開始與供應商溝通，並且正在盡最大努力盡可能地獲得這些晶片的供應。

And going forward, it is difficult to tell definitively. But as of now, in the week of November 21, probably in that week, we wish to resume our production eventually, and we are trying to achieve that now. And as of today, the parts that are coming up now back in the network and then getting better, and we are seeing some signs.

至於未來走向，很難做出確切的判斷。但就目前而言，我們希望在 11 月 21 日那一周，大概就是那一周，最終恢復生產，我們現在正在努力實現這一目標。截至目前，網路中正在恢復的部分正在逐漸好轉，我們看到了一些跡象。

However, it is not definitive as of yet. So we are communicating with this very closely, so that we can try to resume and that is the situation today. Thank you.

然而，目前尚未有定論。所以我們正在與相關部門密切溝通，以便努力恢復生產，這就是目前的情況。謝謝。

Thank you.

謝謝。

Thank you. Thank you to Ms. Ukita as well. We'd like to take the next question from Nikkei Newspaper, Mr. Okinaga, please.

謝謝。也感謝宇喜田女士。接下來，我們請《日經新聞》的沖永先生提問。

This is Okinaga from Nikkei Newspaper. For the impact from Nexperia, I'd like to ask another follow-up question. So why has Honda suffered such a big damage? And then you said that you hope to start production on the week of November 21. But have you considered procuring alternative parts? So do you think that the impact should not go beyond JPY 150 billion?

這是來自《日經新聞》的沖永。關於 Nexperia 的影響，我想再提起一次後續問題。那麼，本田為何遭受如此巨大的損失呢？然後您說希望在 11 月 21 日那週開始生產。但您是否考慮過採購替代零件？所以你認為影響不會超過1500億日元嗎？

Okay, thank you very much Mr. Okinaga. Okay. First of all, so the reason why we have this much impact is this time, the components -- well, I cannot give you any details about the component, but the components was sourced from one supplier. That was one major factor. And another thing is, in the past, for semiconductors, yes, we have had some impacts such as this.

好的，非常感謝沖永先生。好的。首先，我們之所以能產生如此大的影響，是因為這次的組件——嗯，我不能透露任何關於組件的細節，但這些組件都來自同一個供應商。這是其中一個主要因素。還有一點是，過去對半導體產業來說，是的，我們確實也遇到過類似的衝擊。

So we have worked together with the supplier to hold the kind of interim inventory or appropriate inventory level. We asked them to hold that. That has happened. However, it was single sourced. And then also in North America, the sales have been going very well that we have been producing almost at full capacity.

因此，我們與供應商合作，保持適當的臨時庫存或庫存水準。我們要求他們暫緩執行。這事已經發生了。然而，它是單一來源的。此外，在北美，銷售情況也非常好，我們的產能幾乎已經達到飽和。

So in that sense, well, the interim inventory was getting low as well. So because of that, the supplier was impacted. Then promptly that impact led to impact our production as well. For whether we are considering some alternative sourcing, of course, yes, we are considering alternative, let's say, products or off-the-shelf products. So to the extent we are able to find out, yes, we are using them.

所以從這個意義上講，中期庫存也越來越低了。因此，供應商受到了影響。隨後，這種影響也迅速波及到我們的生產。至於我們是否考慮其他採購方式，當然，是的，我們正在考慮其他替代方案，比如說，產品或現成產品。所以就我們目前所能了解到的情況來看，是的，我們正在使用它們。

So at an as early stage as possible, we want to apply whatever we can utilize. So that is why sometime during the week of November 21, we believe we should be able to resume production. So for future supplies in China, if they ever stop shipping shipment again, we will never know the impact. But should that ever happen, if you're asking me, that's going to be another impact. I cannot say for 100% sure, no. But at this point in time, as far as we know, from the intelligence that we have, we should be able to resume operation by the date that I mentioned. That concludes my answer.

因此，我們希望儘早應用一切可以利用的資源。因此，我們認為在 11 月 21 日那一周的某個時候，我們應該能夠恢復生產。因此，對於未來中國的供應，如果他們再次停止發貨，我們將永遠無法知道會造成什麼影響。但如果這種情況真的發生，依我看，那將會產生另一種影響。我不能百分之百確定，答案是否定的。但就目前我們掌握的情報來看，我們應該能夠在我提到的日期恢復行動。我的回答到此結束。

Thank you very much.

非常感謝。

Thank you very much. I would ask another question. The reason for your downward revision. So at August, you said JPY650 billion EV-related onetime expenses. Has this gotten better?

非常感謝。我還想問另一個問題。您的降薪原因。所以，在8月份，你提到了6500億日元的電動車相關一次性支出。情況好轉了嗎？

And then for sales, in North America, I think is it difficult to raise prices in North America? So that turned out to be negative. So I just want to know the reason. And then you said that you want to bring down the gross profit -- gross losses to zero. So I would like to ask about what you plan to do.

那麼就銷售而言，在北美地區漲價是否困難呢？結果證明是負面的。我只想知道原因。然後你說你想把毛利──毛虧損降到零。所以我想問你打算怎麼做。

Okay. Thank you very much for the second question. Let me try to answer that. For the EV-related onetime expenses -- sorry, first, the tariffs impact. Against the number that we gave you last time, we have been able to minimize the impact. So therefore, our profitability, it is getting better.

好的。非常感謝你的第二個問題。讓我試著回答這個問題。對於與電動車相關的一次性支出——抱歉，首先是關稅的影響。與我們上次給出的數字相比，我們已經將影響降到了最低。因此，我們的獲利能力正在提高。

And then for the EV impact, we have put in some more amount. So in that sense, the impact has become greater. For the price hikes in North America, initially, for North America, we were assuming that we will be able to raise prices and then we have been prepared for that. However, price hikes, it's nothing we can do easily by ourselves. So we need to evaluate the market situation.

此外，我們也投入了一些資金用於電動車的影響。從這個意義上講，其影響變得更大了。對於北美地區的漲價，最初，我們假設能夠提高北美地區的價格，我們已經為此做好了準備。然而，物價上漲並不是我們靠自己能夠輕易做到的。所以我們需要評估市場情勢。

What has happened is that in North America, particularly in the US, other OEMs incentives have been getting higher. So the actual market selling price has not gone up in real terms. Therefore, of course, we have done the annual price revisions. However, looking at the other companies' status, we found it difficult to raise prices due to the tariffs impact.

目前的情況是，在北美，尤其是在美國，其他汽車製造商的激勵措施越來越高。所以，實際市場售價並沒有真正上漲。因此，我們當然也進行了年度價格調整。然而，從其他公司的狀況來看，由於關稅的影響，我們發現很難提高價格。

So we were not quite able to gain that positive impact due to the price hikes that we had anticipated at the very beginning. Unfortunately, we cannot expect that. So for the second half of this year as well, for the price hike, I don't think we can really expect good impacts to come from that at all. That completes my answer.

因此，由於我們一開始就預料到的價格上漲，我們未能完全獲得預期的正面影響。很遺憾，我們不能指望這種情況會發生。所以對於今年下半年的價格上漲，我認為我們根本無法指望它會帶來任何好的影響。我的回答到此結束。

So I'll explain those numbers in addition. And then last time, JPY450 billion negative gross tariff impact and then JPY100 billion recovery, so JPY350 billion net impact from tariff. And then this time, gross JPY385 billion. And actually, gross impact is less of JPY685 billion.

所以，我再對這些數字做進一步解釋。上次，關稅造成的總負面影響為 4,500 億日元，之後又收回了 1,000 億日元，因此關稅造成的淨影響為 3,500 億日元。而這一次，總收入達到了3,850億日圓。實際上，總影響不到6850億日圓。

And then recovery is about JPY150 billion, and net impact is about JPY335 billion. Eventually, that is the net impact. And then the gross impact, JPY650 billion. Of course, we had an accurate understanding today. But for as much as JPY500 billion, we have export from Thailand or Asian countries to US, and we were concerned about a possible recession and its impact over there.

然後，復甦資金約1500億日元，淨影響約為3350億日元。最終，這就是淨影響。然後，總影響為 6500 億日元。當然，我們今天對情況有了準確的了解。但高達 5,000 億日圓的出口額來自泰國或亞洲國家，銷往美國，我們擔心經濟衰退可能對美國造成影響。

So we incorporated that in our expectation before, but now we released it. And that means we have less of JPY650 billion from gross. And then we have a net recovery from JPY1,100 billion to JPY650 billion. Actually, in the Automobiles market, it is difficult to revise the prices. So therefore, we need to delete that part for the Automobiles, and that is why we have those numbers.

所以之前我們已經把這一點納入了預期，但現在我們把它釋放出來了。這意味著我們從毛收入中少了6500億日元。然後，淨復甦幅度從 11,000 億日圓降至 6,500 億日圓。事實上，在汽車市場，價格很難調整。所以，我們需要刪除汽車部分的那個數字，這就是我們有這些數字的原因。

Thank you very much, Mr. Okinaga. So if you have questions, please tell us two questions in sequence. Okay. We'll take the next question from Yasunaga-san from NHK.

非常感謝沖永先生。如果您有任何疑問，請按順序提出兩個問題。好的。接下來，我們將回答來自 NHK 的 Yasunaga 先生的問題。

This is Yasunaga from NHK. Can you hear my voice?

這是NHK的安永。你聽得到我的聲音嗎？

Yes.

是的。

Thank you. Just one question because others have asked the same questions. In the Automobiles business, China and Asia, you had some declines, you said. But in your company, you are very much struggling with your sales in China. That's the impression. So there was GT. GT's launch timing has been postponed. I'd like to hear about the facts about it.

謝謝。因為其他人也問過同樣的問題，所以只問一個問題。您說，在汽車業務方面，中國和亞洲市場出現了一些下滑。但是貴公司在中國的銷售業績卻非常糟糕。給人的印象就是這樣。所以就有了GT。GT的發佈時間已經延後。我想了解事情的真相。

And then what are you going to do? And then where is the difficulty of the market. So I'd like to hear about that.

然後你打算怎麼辦？那麼，市場的難點在哪裡呢？所以我很想聽聽這方面的情況。

Okay. Thank you very much, Mr. Yasunaga. For the China market, let me try to answer that question. For Chinese market -- overall market, actually, because of the incentive has been reduced. So the total market has been declining slightly. But basically, it's sideways movement. That's the total market.

好的。非常感謝安永先生。對於中國市場，讓我試著回答這個問題。就中國市場而言——實際上是整個市場，因為激勵措施減少了。因此，整體市場略有下滑。但基本上，它是橫向移動。這就是整個市場。

And then for this time, for Honda, particularly for ICE, well, actually, the price discount has been staying at a high level. So we have been struggling a lot. So in a sense, value for money, we are behind others. We are aware of that.

而這一次，對於本田來說，特別是對於燃油車來說，實際上，價格折扣一直保持在高水準。所以，我們一直過得很辛苦。所以從某種意義上來說，就性價比而言，我們落後於其他公司。我們明白這一點。

And then for BEV, so for the features, the NOA, navigate on autopilot, that's not provided on our cars. So people consider our cars pricey. And then other companies put in this to put the momentum and then offer it at a lower price. So that is why it's difficult actually. And then that is the situation in China.

至於 BEV，就功能而言，例如 NOA（自動駕駛導航），我們的汽車不提供此功能。所以人們覺得我們的車很貴。然後其他公司也加入進來，以保持市場勢頭，並以更低的價格提供該產品。所以，這就是難點所在。這就是中國的情況。

And then for electric vehicle, as pointed out earlier, the E-Series, the 1, 2 and 3 were in our horizon, but we felt the need to completely review this. So we came up with a GT we had assumed. However, we did have to postpone it in reality.

至於電動車，正如前面提到的，E 系列 1、2 和 3 都在我們的考慮範圍內，但我們覺得有必要對此進行全面審查。所以我們得到了一個我們之前假設的GT值。然而，實際上我們不得不推遲這件事。

So this we were thinking of next year -- initially, for next fiscal year, sorry. However, we will, for the time being -- I cannot tell you exactly when that's going to be, but we will postpone that. And then from the planning stage as well, we need to consider right from the planning stage how we want to launch this model. So for electric vehicle, this current situation will continue for some time.

所以，我們原本打算明年這樣做——最初是指下一個財政年度，抱歉。但是，就目前而言，我們會推遲——我無法確切地告訴你具體時間，但我們會推遲。此外，從規劃階段開始，我們就需要考慮如何推出這個模式。因此，對於電動車而言，目前的這種狀況還會持續一段時間。

And then against that kind of business environment, for ICE, we need to make solid sales from those. Fortunately, we have completed depreciation of all the factories. So we need to enforce our business structure in the indirect and then also optimize manpower and then do a more precise sales prediction and then we'll try to make our business more profitable. That is what we are doing right now. And then this is all I can say for now.

在這種商業環境下，對ICE來說，我們需要從中獲得穩定的銷售額。幸運的是，我們所有工廠的折舊工作已經完成。因此，我們需要加強間接業務結構，優化人力資源，進行更精確的銷售預測，然後努力使我們的業務更加獲利。這就是我們現在正在做的事情。我目前只能說這麼多。

Thank you very much.

非常感謝。

Thank you very much, Mr. Yasunaga. Next question from Asahi Shimbun, Mr. Miura, please.

非常感謝安永先生。朝日新聞的下一個問題，請三浦先生回答。

Miura from Asahi Newspaper. Thank you for your explanation. I have two questions. One, in the Motorcycles business, Vietnam, you had a decline of their businesses. And then they had restrictions on the electrification vehicles. And how much of those impacts did do you incorporate in this statement? And then what is your action against it?

來自朝日新聞的三浦。謝謝你的解釋。我有兩個問題。第一，在越南的摩托車產業，他們的業務出現了下滑。然後他們對電動車也做出了限制。那麼，你在聲明中考慮了多少這些影響？那麼，你對此採取了什麼行動？

And question two is about Automobiles, about specifically EVs in China. And you said that you're going to have a radical action. And then what is the reason why you have a struggle in the Chinese market? What do you think is the cause for that?

第二個問題是關於汽車的，具體來說是關於中國的電動車。你說過你要採取激進的行動。那麼，你在中國市場遇到困難的原因是什麼呢？你認為造成這種情況的原因是什麼？

Mr. Miura, thank you for your question. To start with Vietnam for Motorcycles. In Vietnam, as you know -- well, it is not yet implemented in the market; however, ICE motorcycles now would be regulated, especially in the city area. And then they said that they might apply this new regulation starting middle of the next year or so.

三浦先生，感謝您的提問。先從越南的摩托車市場說起。如你所知，越南目前尚未在市場上實施；但是，內燃摩托車現在將受到管制，尤其是在城市地區。然後他們表示，他們可能會從明年年中左右開始實施這項新規定。

However, with that in place, actually, when the announcement was made last summer, people started refraining their buying of the products. And then we were expecting some negative impact on the Vietnamese business. However, in October, we are seeing the business is coming back slightly.

然而，事實上，在去年夏天宣布這項消息後，人們就開始減少購買這些產品。然後我們預計會對越南業務產生一些負面影響。然而，10月份我們看到業務略有回升。

And then probably other things that this regulation is still only -- we don't know if that is practically to be applied in Vietnam. So for some time, probably current model of the ICE-based vehicles will suffice. And then, of course, electrification will start sometime later. And then starting this year, we have already launched the two ICON e and CUV e, those two electrified vehicles over there in Vietnam and the idea is to try to sell more of those EV over there.

此外，這項規定可能還包含其他一些內容——我們不知道它是否能在越南實際應用。因此，在一段時間內，目前以內燃機為基礎的汽車可能就足夠了。當然，電氣化會在之後某個時候開始。從今年開始，我們已經在越南推出了 ICON e 和 CUV e 這兩款電動車，我們的想法是嘗試在那裡銷售更多電動車。

And in Thailand, we have a plan to start the production of a new EV model. And we are thinking about accelerating the start of this model production. And sometime earlier next year, probably in March, April time next year, we would like to try to bring over those new EVs to Vietnam. So even when they have the new regulations practically in place over there, we can offer the EV vehicles over there.

在泰國，我們計劃開始生產一款新的電動車車型。我們正在考慮加快該型號產品的生產啟動。明年年初，大概是明年三、四月的時候，我們希望嘗試把這些新型電動車引進越南。所以即使他們那邊的新法規實際上已經到位，我們也可以在那裡提供電動車。

So this time, we are expecting unit volume be a little bit less. However, we have Brazil businesses and Thai businesses quite well. So that will compensate for the situations in Vietnam. So that is our Motorcycles business in Vietnam.

所以這次，我們預計單位銷售量會略有下降。然而，我們在巴西和泰國的業務都發展得相當不錯。這樣就能彌補越戰局勢帶來的損失。這就是我們在越南的摩托車業務概況。

China EV, may I?

我可以買中國產電動車嗎？

Please.

請。

So EVs in China, as we said earlier, basically, Yen series, the new products are over there. And looking at the vehicle in comparison to others, for instance, the price range, they are higher, more expensive than the other products; CNY150,000 for other products, whereas ours CNY200,000. And our product is not price competitive so much.

所以，正如我們之前所說，中國的電動車，基本上，日元系列的新產品都在那裡。例如，與其他車輛相比，我們的車輛價格更高，比其他產品更貴；其他產品的價格為 15 萬元人民幣，而我們的產品的價格為 20 萬元。而且我們的產品在價格上並不具競爭力。

And also, we have NOA, navigation on autopilot system. It's an automated driving system, basically. The competitors' product have NOA; however, not on our product yet. Therefore, going forward, we will change the models in the future, and we will try to do that earlier. And the moment the local autopilot system could be obtained so that we can add this autopilot system to our products.

此外，我們還有NOA，即自動駕駛導航系統。它本質上是一個自動駕駛系統。競爭對手的產品有NOA（無水電協議），但我們的產品目前還沒有。因此，未來我們將改變模型，並且我們將努力更早地進行改變。一旦能夠獲得本地自動駕駛系統，我們就可以將該自動駕駛系統添加到我們的產品中。

Doing so, we can strengthen the intelligence of the products and also cost competitiveness, we need to approach, to0. So currently, we are trying to expand the local procurement in China. That way we can improve the competitiveness of the product, and that is what we are trying.

這樣做，我們可以增強產品的智慧性，並提高成本競爭力，我們需要接近0。所以目前，我們正在努力擴大在中國的本地採購。這樣我們就能提高產品的競爭力，而這正是我們正在努力的方向。

Thank you very much. Thank you.

非常感謝。謝謝。

Thank you, Mr. Miura. The next question from Toyo Keizai Weekly, Yokoyama-san, please.

謝謝您，三浦先生。橫山先生，請聽《東洋經濟週刊》的下一個提問。

This is Yokoyama from Toyo Keizai.

這是東洋經濟的橫山。

Yes, we can hear you all right, thank you.

是的，我們都能聽清楚，謝謝。

I have two questions as well. The first question, your full year prospects with the impact from semiconductor JPY150 billion, and then you have JPY450 billion profit, and then you are thinking of JPY550 billion. So I guess you do have quite a plan for your profit to suffer in the second half. So can you give me some numbers about what the factors why you see a lower profit for the second half?

我也有兩個問題。第一個問題是，考慮到半導體業務的影響，你對全年前景的預期是 1500 億日元，然後你預計利潤為 4500 億日元，然後你正在考慮 5500 億日元。所以，我猜你們確實有計畫讓下半年的利潤下滑。那麼，您能否提供一些數據，說明導致下半年利潤下降的因素有哪些？

And my second question is for the profitability in Automobiles business. So right now, for the Automobiles, the ICE IOS, 8% is what you're thinking about for the ICE. For BEV, you're going to have your own battery and then you start from zero gross profit. But when would it turn into profits? When would it?

我的第二個問題是關於汽車產業的獲利能力。所以現在，對汽車來說，ICE iOS，你對ICE的預期是8%。對於純電動車來說，你需要自己配備電池，然後從零開始賺取毛利。但什麼時候才能轉化為利潤呢？什麼時候會這樣？

And also, do you have any additional measures to gain more profits? So I think it might be difficult sensitive whether you're going to get into the profit for the Automobiles this year. So I just want to know.

另外，你們還有其他增加利潤的措施嗎？所以我認為，今年能否從汽車產業獲利可能還很難說。所以我只是想知道。

Okay. First of all, thank you for the question, Yokoyama-san. For the difference between the first half and the second half, of course, we have this JPY150 billion tariff impact that will continue in the second half as well. But on the onetime expense, we have the BEV provision that was in the first half. So those would offset each other. Well, that's what we expect it to do.

好的。首先，謝謝橫山先生的提問。當然，上半年和下半年之間的差異在於，這1500億日圓的關稅影響將持續到下半年。但就一次性支出而言，我們有上半年提列的電動車準備金。這樣就能互相抵銷了。嗯，這正是我們預期的結果。

And then for the first half and the second half, there will be a negative of JPY40 billion about the foreign exchange and the rest will be the substantial portion. Maybe it's better to tell you the numbers. We have JPY440 billion, and it goes down to JPY110 billion. So JPY320 billion, that will be the difference between the first and the second half.

然後，上半年和下半年將分別出現 400 億日圓的外匯虧損，其餘部分將是相當大的一部分。或許直接告訴你數字會比較好。我們有4400億日元，然後降到了1100億日元。所以，3200億日元，這將是上半年和下半年之間的差額。

So let me explain that, first of all. So as I said, with the semiconductor and the onetime expenses, those will offset each other. And then so JPY320 billion and then we take away JPY40 billion for the impact and then JPY290 billion, that would be the actual substance difference. So concerning this difference between first half and second half, as you can imagine, so the expenses and R&D, there is a difference between the first and the second half. I hope you can see that, which is the pattern.

首先，讓我解釋一下。正如我所說，半導體成本和一次性支出可以相互抵消。所以，實際的實質差異是 3200 億日元，減去 400 億日元的影響，剩下的 2900 億日元。所以，關於上半年和下半年之間的差異，正如你所想，費用和研發方面，上半年和下半年之間存在差異。我希望你能看出其中的規律。

And then for quality-related issues based on the sales base, there's a bit of a difference in calculation. But anyway, those are mainly those numbers. Incentives, when it comes to incentive, we have this negative of 110,000 units decline in North America. We don't know how we're going to use this incentive. But going by the original expected volume for North America, we were able to keep the original target.

至於基於銷售基礎的品質相關問題，計算方法略有不同。不過，總之，主要就是這些數字。就激勵措施而言，北美地區的銷量下降了 11 萬台。我們不知道該如何利用這項激勵措施。但按照北美地區的預期銷量，我們得以達成原定目標。

However, maybe we need to increase the incentive a little bit. But now that accounts for the difference between the first half and the second half. We have not really decided -- we need to discuss with American Honda how we're going to make those work actually. Okay. That's all for the numbers.

不過，或許我們需要稍微提升一下激勵力道。但現在這就解釋了上半場和下半場的差異。我們還沒有真正決定——我們需要和美國本田公司討論一下，我們究竟該如何讓這些計畫真正運作起來。好的。數字部分就到此為止。

Okay. And then let me try to answer the rest about the EV, the gross profit for EV. For North America, that's the assumption for the answering my question. So this year, we do have losses. We have JPY650 billion. We have that. So this includes onetime expenses as well. So next business year, I think we will start from a JPY400 billion range level, that level.

好的。然後讓我試著回答關於電動車的其他問題，例如電動車的毛利。對於北美地區而言，這是我回答問題的前提假設。所以今年我們確實出現了虧損。我們有6500億日元。我們有。所以這也包括一次性支出。所以我認為，下一個財年我們將從4000億日元左右的水平開始。

And then from there, of course, we won't have the IRA subsidy. So the business environment is very, very challenging. So because of that, we cannot be pursuing a far larger sales volume. However, we do have good prospects for the supply from GM. So now we will have more and more BEV of our own development.

當然，到那時，我們就無法獲得IRA補助了。所以，目前的商業環境非常非常具有挑戰性。因此，我們不能追求更大的銷售量。不過，我們對通用汽車的供應前景持樂觀態度。所以現在我們將擁有越來越多我們自主研發的純電動車。

So now we need to think about focus on how to reduce the manufacturing cost for own BEV, and then also, it's important to consider whether we can produce at a very efficient way. And then with those efforts, we need to minimize the losses to the best we can. However, looking at the market, it's very difficult to read how the market would move. So at the very beginning of mass production, of course, the burden of fixed cost will be heavy.

所以現在我們需要考慮如何降低自有電動車的製造成本，同時，也要考慮我們能否以非常有效率的方式進行生產。然後，透過這些努力，我們需要盡可能地減少損失。然而，從市場來看，很難預測市場將如何走勢。因此，在大規模生產的初期，固定成本的負擔當然會很重。

So we just need to work on how best we can flexibly produce, reduce cost so as to enhance or improve profitability. If you ask me when, I guess all I can say is that as soon as we can, we want to make it to profit. Thank you.

因此，我們只需要研究如何才能最靈活地生產，降低成本，從而提高獲利能力。如果你問我何時能獲利，我只能說，我們希望盡快實現獲利。謝謝。

So the Automobiles business, at this time do you have any disclosure for the expectations, the profit or losses?

那麼，就汽車業務而言，目前您是否有任何關於預期、利潤或虧損方面的揭露資訊？

So we do not disclose as per product levels. JPY550 billion, and we have to subtract from that level. So for the Motorcycles, it will be about JPY600 billion to JPY700 billion, same as last year; and JPY300 billion for Finance, like last year. And both together, we would earn JPY1 trillion. We said that, and then we could actually assume from that.

因此，我們不按產品層級揭露資訊。5500億日元，我們需要從中減去這個金額。因此，摩托車產業的規模約為6,000億日圓至7,000億日圓，與去年相同；金融業的規模約為3,000億日圓，與去年相同。兩者合計，我們將獲得1兆日圓的收入。我們這麼說過，然後我們就可以據此做出推論。

For the Automobiles, we would end up in losses. But for EV, onetime JPY250 billion; for also chips, onetime JPY150 billion again. Both together JPY400 billion negative altogether. Plus this term, we have a tariff impact as well on the top. So the number will be including all those factors.

如果投資汽車產業，我們最終會虧損。但電動車領域一次性撥款2,500億日圓；晶片領域也一次性撥款1,500億日圓。兩者合計虧損4000億日圓。此外，本期我們也將面臨關稅方面的額外影響。所以最終的數字將包含所有這些因素。

And then as we said before, we need to earn money, revenue based on ICE; and losses coming from the BEV should be controlled better. And not just P&L, we have to look into the spending out of the cash flow. We have to control the time line of spending too. So that is how I'd like to manage.

正如我們之前所說，我們需要賺錢，需要從內燃機汽車中獲得收入；而來自純電動車的虧損應該得到更好的控制。不只看損益表，還要看現金流中的支出狀況。我們還必須控制支出的時間表。這就是我希望的管理方式。

Thank you very much. This is all thank you.

非常感謝。非常感謝。

Thank you very much, Mr. Yokoyama. I do see a lot of hands raised, but due to the time restriction, we'd like to make the next question the last. From TV Tokyo, Ms. Nagaya.

非常感謝橫山先生。我看到很多人舉手，但由於時間限制，我們希望下一個問題成為最後一個問題。來自東京電視台的長谷女士。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你們的聲音。

One question. For this fiscal year's forecast, three months ago, you revised upward. But this time, you're revising downward. So when you make the forecast, are you -- I just want to know about the approach, are you being very conservative?

一個問題。三個月前，你們對本財年的預測進行了向上修正。但這一次，你的修改是向下進行的。所以，在進行預測時，你是──我只是想知道你的方法，你是採取非常保守的做法嗎？

The second is your forecast for the unit sales for -- I think you covered a lot of China. But excluding China, for other ASEAN markets, I think there is a bit of a decline. Compared to three months ago, we are struggling in Asia so much. What's the reason? What are the factors?

第二個問題是您對銷售的預測—我認為您涵蓋了中國的大部分市場。但除了中國以外，我認為其他東協市場都出現了一定程度的下滑。與三個月前相比，我們在亞洲的處境非常艱難。原因是什麼？影響因素有哪些？

Thank you very much for your question, Ms. Nagaya. So how to put up our plans. So I wouldn't say we are conservative putting together those plans, because usually, the idea is that the transparency is our focus. So whatever we get to know, we try to incorporate in those explanations to give you the explanation.

非常感謝您的提問，長谷女士。那麼，我們該如何實施我們的計劃呢？所以，我不會說我們在製定這些計劃時很保守，因為通常情況下，我們的重點是透明度。所以，無論我們了解到什麼，我們都會嘗試將其融入解釋中，以便向您解釋清楚。

And then tariff issue, for instance, we would have those -- the alleviation of tariff impact and then calculating all those returns, refund, we would have that much of refund included. And then these are the well calculated impacts. And exchange rate, ForEx, for JPY70 billion plus, we include that too. The chips, that is the extra one, that is a bit of a special one, but JPY50 billion tariff impact that is included, as we said, and plans are put together based on the principle that it is not always conservative. Please be acknowledged about it.

例如，關稅問題，我們會考慮減輕關稅影響，然後計算所有退款，我們會把退款金額也算進去。這些是經過深思熟慮的影響。匯率（ForEx），金額超過 700 億日元，我們也將其考慮在內。這些晶片，也就是額外的晶片，有點特殊，但正如我們所說，其中包含了 500 億日元的關稅影響，而且計劃的製定原則是，它並不總是保守的。請對此表示認可。

And then the forecast of the unit sales in ASEAN regions, the decline of the unit sales is a bit significant as what you said is quite right, because in ASEAN region, the unit sales, the volume is expected to be down a bit, 750,000 units less. So it is a significant reduction as compared to the first forecast. And then especially Indonesia, Thailand, in those countries, or Malaysia as well. There are the government policies to be looked at also and also the market is a bit shrinking too, because of which we have expected a reduction of the volume in Thailand.

至於東協地區的銷售預測，正如你所說，銷量下降幅度相當大，因為東協地區的銷售量預計會略有下降，減少 75 萬台。因此，與第一次預測相比，這是一個顯著的下降。尤其是在印尼、泰國以及馬來西亞等國家。此外，還要考慮政府政策，而且市場也在略微萎縮，因此我們預期泰國的銷售量會下降。

The competitors' competition is something that accounts for the situation too. For instance, selling prices, we are losing price competitiveness against the others. And so sales are stagnant, and we need to react and take actions against the situation, especially in ASEAN countries. We need to have radical measures against it. And then from this term -- next term, next year, we do not have a new launch models, big minor change of the city.

競爭對手之間的競爭也是造成這種情況的原因之一。例如，在銷售價格方面，我們正在失去與其他公司的價格競爭力。因此，銷售停滯不前，我們需要對這種情況做出反應並採取行動，尤其是在東協國家。我們需要採取激進措施來應對它。然後從本學期開始——下學期，明年，我們沒有新的車型發布，城市也不會有大的細微變化。

That's one thing I can share with you. And then the big minor change of the city, the timing of that could be a kind of opportunity to take advantage for us to get back to the ASEAN market. But nevertheless, the ASEAN market is tough. And because of that, we decided to revise our expectations.

這是我可以和你分享的一件事。然後，這座城市發生的一個較大的小變化，其時機可能為我們重返東協市場提供了一個機會。但即便如此，東協市場依然競爭激烈。正因如此，我們決定調整預期。

And then again, the conservativeness about the volume expectations. It is rather a solid conservative number, I thought. And also you mentioned about the competition of the competitors. Would that include the Chinese supplier, that is always the case. Is that right?

此外，對銷售預期也較為保守。我認為這是一個相當保守的可靠數字。你也提到了競爭對手之間的競爭。這是否包括中國供應商？當然包括。是這樣嗎？

So in terms of the volume of the sales, this is the number that we will commit to achieve. That is how we set up this volume. And about the competitors, of course, the Chinese suppliers, their accounts as well. But in the ASEAN markets, there are emerging Chinese products coming in. And against them, the existing manufacturers are providing more incentives, prices are kind of discounted against Chinese.

因此，就銷售量而言，這是我們承諾要達到的數字。這就是我們設定這個音量的方法。當然，還有競爭對手，中國供應商，以及他們的帳戶。但在東協市場，一些新興的中國產品正在湧入。而針對這些競爭對手，現有廠商提供了更多優惠，價格也比中國產品更具競爭力。

And then that is making the situation more competitive in terms of the prices. That is the market situation over there. Thank you very much. Thank you, Ms. Nagaya.

這樣一來，價格方面的競爭就更加激烈了。這就是那裡的市場情況。非常感謝。謝謝您，長谷女士。

Thank you very much.

非常感謝。

Thank you, Ms. Nagaya.

謝謝您，長谷女士。

Okay. Thank you very much. We would like to close now the financial results briefing. The material is listed on our website. So please refer to it. Thank you very much for your participation.

好的。非常感謝。我們現在就結束財務業績簡報。該資料已列在我們的網站上。所以請參考它。非常感謝您的參與。

Thank you very much

非常感謝

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.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。