本田技研 (HMC) 2027 Q1 法說會逐字稿

Thank you for taking time to join us today. We will now begin the announcement of Honda Motor Company Limited, fiscal first quarter ended June 30, 2026, financial results. First, the executives in attendance, Masao Kawaguchi, Executive Officer and CFO.

感謝各位撥冗參加今天的會議。現在開始公布本田技研工業株式會社截至2026年6月30日止會計年度第一季財務業績。首先介紹出席的高階主管：執行役員兼CFO川口雅夫。

This is Kawaguchi. How do you do?

我是川口。您好。

Sumihiro Takahashi, Operating Executive, Head of Accounting and Finance Unit.

執行役員、會計與財務本部本部長高橋純弘。

This is Takahashi speaking. How do you do?

我是高橋。您好。

Kawaguchi will outline the fiscal first quarter financial results and FYE March 31, 2027, financial forecast, followed by Takahashi giving the details.

接下來將由川口說明本會計年度第一季財務業績及截至2027年3月31日止會計年度的財務預測，之後由高橋補充細節。

Mr. Kawaguchi, please.

川口先生，請。

At the outset, I would like to express my heartfelt sympathies to all those affected by the earthquake that hit Kumamoto on July 28 and their families. I also sincerely pray for the swift recovery and reconstruction of the affected areas.

首先，對於7月28日熊本地震受災的各位及其家屬，我謹致上由衷的慰問。並衷心祈願災區能夠早日復原與重建。

This slide shows the operating status of our major production sites after the 2026 Kumamoto earthquake. Regarding Kumamoto factory, production is suspended from the evening of July 28 to August 7 for nine days, and recovery efforts are underway. Thanks to these efforts. Operations have been partially resumed today we will continue to work towards full-scale operations.

本頁投影片顯示2026年熊本地震後，我們主要生產據點的營運狀況。關於熊本工廠，自7月28日傍晚起至8月7日止共9天暫停生產，目前正進行復原作業。在各方努力之下。今日已部分恢復運作，後續將持續朝全面恢復營運努力。

Regarding our automobile production sites. There have been parts shortages resulting from damage sustained by some suppliers. At Saitama factory, operations will be suspended for a total of six days until August 19, including the summer break. And at Suzuka factory, operations will be suspended from August 6 tomorrow to the 19, in total five days, including the summer break. We will monitor developments and decide when to resume production and will announce at the appropriate timing.

關於汽車生產據點。由於部分供應商受損，導致零件短缺。埼玉工廠將停工至8月19日，包含暑休在內合計停工6天。鈴鹿工廠則自明日8月6日起至19日止停工，包含暑休在內合計停工5天。我們將持續掌握情勢並決定復工時間，並於適當時機對外公告。

Next, fiscal results for the first quarter of the fiscal year ending March 31, 2027.

接著說明截至2027年3月31日止會計年度第一季的財務業績。

Operating profit for the first quarter was a record high JPY530.7 billion. No EV-related losses were posted in this first quarter. Motorcycle business, all-time high quarterly operating profit and operating profit margin were achieved driven by strong global sales, particularly in India and Brazil.

第一季營業利益創下歷史新高，達5,307億日圓。本季未計入任何與EV相關的損失。機車事業在全球銷售強勁帶動下（尤其是印度與巴西），達成單季營業利益與營業利益率的歷史新高。

Automobile business. Despite struggle in China, unit sales steadily increased mainly in North America, resulting in operating profit of JPY192.1 billion and an operating margin of 5.0%. Regarding consolidated business forecasts for the fiscal year ending March 31, 2027, we revised the exchange rate assumption to JPY155 per US dollar. Operating profit has been revised upward by JPY150 billion to JPY650 billion.

汽車事業方面。儘管在中國市場面臨挑戰，但以北美為主的銷售台數穩健增加，使營業利益達1,921億日圓、營業利益率為5.0%。關於截至2027年3月31日止會計年度的合併業績預測，我們將匯率前提修正為1美元兌155日圓。營業利益上修1,500億日圓至6,500億日圓。

Uncertainty in the Middle East calls for careful risk assessment regarding unit sales, material costs and other factors. Therefore, these assumptions remain unchanged from the previous forecast. EV-related losses have also been revised to reflect the updated currency assumptions. Excluding EV-related losses, adjusted operating profit is projected at JPY1.17 trillion, up JPY170 billion from the previous forecast.

中東局勢的不確定性，使我們必須就銷售台數、原材料成本等因素進行審慎的風險評估。因此，相關前提假設維持與前次預測相同。EV相關損失亦已反映更新後的匯率前提進行修正。扣除EV相關損失後的調整後營業利益預估為1.17兆日圓，較前次預測增加1,700億日圓。

Next, financial foundation and shareholder returns. As of the end of the first quarter, net cash of non-financial services business stood at JPY3.3 trillion. We continue to maintain a substantial net cash position and a strong financial profile.

接著說明財務基礎與股東報酬。截至第一季末，非金融服務事業的淨現金為3.3兆日圓。我們將持續維持充裕的淨現金水位與穩健的財務體質。

Regarding shareholder returns. The forecast for the annual dividend for the fiscal year ending March 31, 2027, remains unchanged from the previous forecast at JPY70 per share. While targeting DOE 3%, we will strive to provide stable and sustainable dividends.

關於股東報酬。截至2027年3月31日止會計年度的年度股利預測，維持前次預測不變，為每股70日圓。在以DOE 3%為目標的同時，我們將致力於提供穩定且可持續的股利。

Now, the details of the financial results will be given by Mr. Takahashi.

接下來將由高橋先生說明財務業績的細節。

Next, I will explain the financial results. At first, the first quarter total group unit sales year on year was motorcycle sales increased mainly in Asia and other regions, in particular Brazil to 5,663,000 units. Automobile sales decreased to 786,000 units, led by lower sales in Asia, particularly China. Power product sales decreased mainly in North America to 752,000 units.

接著由我說明財務業績。首先，第一季集團總銷售台數與去年同期相比，機車銷售主要在亞洲等地區增加，尤其是巴西，達5,663,000台。汽車銷售因亞洲（特別是中國）銷售下滑而減少至786,000台。動力產品銷售主要在北美減少至752,000台。

Next, the Q1 consolidated financial results year on year. Operating profit increased by JPY286.5 billion to JPY530.7 billion. Equity method investment profit increased by JPY18.4 billion to JPY22.6 billion. Quarterly profit attributable to owners of the parent company increased by JPY254.2 billion to JPY450.9 billion.

接著說明第一季合併財務業績與去年同期相比。營業利益增加2,865億日圓至5,307億日圓。權益法投資利益增加184億日圓至226億日圓。歸屬於母公司業主之季度淨利增加2,542億日圓至4,509億日圓。

Next, I'll explain factors behind changes in adjusted operating profit, excluding AV-related losses year-on-year. Adjusted operating profit was JPY530.7 billion, up by JPY164.5 billion year on year. Sales impact was negative by JPY6.1 billion because of the incremental incentives despite a unit sales increase.

接著說明扣除AV相關損失後，調整後營業利益的年增減變動因素。調整後營業利益為5,307億日圓，較去年同期增加1,645億日圓。銷售影響因在銷售台數增加的同時加碼銷售獎勵（incentives），為負61億日圓。

Price and cost impact, negative by JPY3.3 billion due to the impact of the soaring material cost, expenses impact, positive by JPY6.7 billion, R&D impact as JPY1.7 billion negative, foreign currency impact positive by JPY90.8 billion and the tariff impact was positive by JPY78.1 billion.

價格與成本影響因原材料成本飆升，為負33億日圓；費用影響為正67億日圓；研發影響為負17億日圓；外匯影響為正908億日圓；關稅影響為正781億日圓。

Regarding operating profit by business segments, in motorcycle business, operating profit was JPY233.9 billion, marking the highest ever operating profit and its margin of the quarter. In automobile business, operating profit was JPY192.1 billion, financial services business made JPY105.8 billion, and power products and other businesses ended in JPY1.1 billion operating losses.

按事業別的營業利益方面，機車事業營業利益為2,339億日圓，創單季營業利益與其利益率的歷史新高。汽車事業營業利益為1,921億日圓；金融服務事業為1,058億日圓；動力產品及其他事業則為11億日圓的營業損失。

For motorcycle businesses, we achieved JPY233.9 billion operating profit, up by JPY44.9 billion year on year. Regarding factors for the changes, sales impact was positive by JPY20.6 billion due to incremental unit sales mainly in India and Brazil.

機車事業方面，營業利益達2,339億日圓，較去年同期增加449億日圓。變動因素方面，銷售影響因印度與巴西等地銷售台數增加，為正206億日圓。

Price and cost impact, negative by JPY2.1 billion due to the impact of soaring material cost, expenses impact positive by JPY1.5 billion, R&D impact JPY2 billion negative, foreign currency impact positive by JPY28.5 billion and the tariff impact was negative by JPY1.6 billion.

價格與成本影響因原材料成本飆升，為負21億日圓；費用影響為正15億日圓；研發影響為負20億日圓；外匯影響為正285億日圓；關稅影響為負16億日圓。

For automobile business. We achieved JPY192.1 billion adjusted operating profit, up by JPY99.7 billion year on year. Regarding factors for the changes, sales impact was negative by JPY38.6 billion due to incremental sales incentives. Price and cost impact negative by JPY1.9 billion due to the impact of soaring material costs. Expenses impact positive by JPY5.6 billion, R&D impact JPY800 million positive, foreign currency impact positive by JPY52.2 billion, and tariff impact was positive by JPY81.6 billion.

汽車事業方面。調整後營業利益達1,921億日圓，較去年同期增加997億日圓。變動因素方面，銷售影響因加碼銷售獎勵，為負386億日圓。價格與成本影響因原材料成本飆升，為負19億日圓。費用影響為正56億日圓；研發影響為正8億日圓；外匯影響為正522億日圓；關稅影響為正816億日圓。

Regarding cash flow situations. Free cash flows of our non-financial services businesses was JPY128.3 billion, net cash at the end of the period was JPY3 trillion, JPY331.8 billion and operating cash flows after R&D adjustment was JPY737.1 billion.

關於現金流狀況。非金融服務事業的自由現金流為1,283億日圓；期末淨現金為3兆3,318億日圓；研發調整後的營業現金流為7,371億日圓。

Let me move on to the consolidated financial forecast for financial year ending in March 2027. We will keep the unit sales of the group same as the previous forecast, which will be motorcycles, 22.8 million units, automobiles, 3.39 million units and the power products, 3.65 million units.

接著說明截至2027年3月止會計年度的合併業績預測。集團銷售台數將維持與前次預測相同：機車2,280萬台、汽車339萬台、動力產品365萬台。

With regard to the consolidated financial forecast of the financial year ending March 27, operating profit will be JPY650 billion, up by JPY150 billion over the previous guidance and profit for the year attributable to owners of the parent will be JPY400 billion, up by JPY140 billion. Adjusted operating profit will be JPY1.170 trillion, up by JPY170 billion. Assumption for currency will be $155 throughout the year.

關於截至3月27日止財政年度的合併財務預測，營業利益將為6,500億日圓，較先前指引增加1,500億日圓；歸屬於母公司業主之本期利益將為4,000億日圓，增加1,400億日圓。調整後營業利益將為1.170兆日圓，增加1,700億日圓。匯率假設為全年1美元兌155日圓。

Regarding factors for changes in expected operating profit as compared to the previous forecast. Adjusted operating profit will increase by JPY170 billion because of the ForEx assumption modified to JPY155 per dollar. Regarding factors behind the difference of forecasted operating profit from the results of the previous term, adjusted operating profit will increase by JPY130.6 billion year on year, for which sales impact will be positive by JPY266.7 billion due to increase of the unit sales of the motorcycles and automobiles. Price and cost impact will be negative by JPY313 billion due to the impact of soaring material costs affected by Middle East and so on, although the cost reduction and the price group visuals will work positively for the profit.

關於相較於先前預測之預期營業利益變動因素。由於外匯假設調整為1美元兌155日圓，調整後營業利益將增加1,700億日圓。關於預測營業利益與前一期間實績之差異因素，調整後營業利益將年增1,306億日圓，其中銷售影響因機車與汽車銷量增加而正向貢獻2,667億日圓。價格與成本影響因受中東等因素導致原材料成本飆升而為負向3,130億日圓，儘管成本削減與價格組合改善將對獲利帶來正面作用。

Expenses impact negative by JPY8 billion, R&D impact JPY10 billion positive, foreign currency impact will be positive by JPY28 billion, reflecting the updated assumptions and the tariff impact will be positive by JPY147 billion.

費用影響為負向80億日圓，研發影響為正向100億日圓，外幣影響將為正向280億日圓（反映更新後假設），關稅影響將為正向1,470億日圓。

Forecast for over capital expenditures, depreciation and amortization and R&D spending for FYE March 2027 will be expected as in the table. CapEx will reflect additional investments and so on for the acquisition of the factory buildings of a joint battery manufacturing company with LG Energy Solutions in the United States.

截至2027年3月止年度之資本支出、折舊與攤銷以及研發支出之預測如表所示。資本支出將反映在美國與LG Energy Solution之合資電池製造公司收購工廠建物等所需之追加投資。

Last but not least, regarding dividends, annual dividends for FYE March 2027 will be no different from the previous guidance, keeping JPY70 per share. That is all. Thank you very much for your attention.

最後，關於股利，截至2027年3月止年度之年度股利將與先前指引相同，維持每股70日圓。以上報告完畢。非常感謝各位的聆聽。

(Operator Isntructions) The first question is from Asahi Shinbun newspaper. Mira-san, please.

(主持人說明) 第一個問題來自《朝日新聞》。請Mira女士。

This is Mira from Asahi Shinbun. Thank you for the explanation. I have two questions.

我是《朝日新聞》的Mira。感謝說明。我有兩個問題。

First, about the EV related losses. In the first quarter, it is not factored in, but what is the reason? And also, throughout the year, it has increased to JPY520 billion. But aside from the foreign exchange, are there other factors that affect this result? That's the first question.

第一個是關於與EV相關的損失。第一季並未納入，原因是什麼？另外，全年已增加至5,200億日圓。但除了匯率之外，是否還有其他因素影響這個結果？這是第一個問題。

May I answer now? Can you ask your second question too?

我可以現在回答嗎？也請您把第二個問題一併提問可以嗎？

Yes, the second question. It is related to automobile market. I do understand that you have continuing to have difficulty in China, but can you explain the details? Also, for the full year, I think the forecast is lower than expected, yet you have not revised your forecast for the full year sales. And also in July, I think you have entered into extension of maintenance contract.

好的，第二個問題。與汽車市場有關。我理解你們在中國仍持續面臨困難，但能否說明細節？另外，就全年而言，我認為預測低於預期，但你們並未修正全年銷售預測。還有，我記得你們在7月已就維護合約進行延長。

Thank you for the question. About the first question, about the EV-related losses, allow me to answer that question first about the EV-related losses. As North America EV strategy has changed. And as a result, in March, we made the announcement that maximum JPY2.5 trillion losses will be posted.

謝謝您的提問。關於第一個問題、也就是與EV相關的損失，我先回答這一點。由於北美EV策略已改變。因此，我們在3月宣布，最多將計入2.5兆日圓的損失。

And this is what we announced. In the previous year, of which, already JPY1.3 trillion has been included. And for this fiscal year, well, at the outset of this fiscal year, when we announced it, we were saying JPY500 billion. But the breakdown is -- the most of it, is the compensation to our suppliers.

這就是我們當時的宣布內容。其中，前一年度已經納入1.3兆日圓。而本財政年度，在本年度一開始我們宣布時，原本是說5,000億日圓。但其明細——大部分是對供應商的補償。

About our suppliers and the negotiation that we're having vis-a-vis compensation, currently we are just -- we've just started communication with the suppliers. And we cannot say at this point in time how much compensation will be required. That is the current status.

關於供應商以及我們就補償所進行的協商，目前我們才——剛開始與供應商溝通。因此此時此刻我們無法說明需要多少補償金額。這是目前的狀況。

And therefore, in this first quarter, it's not the case that we can include this in our numbers. So that is the current situation. However, through the various communications, the premise that we set out at the beginning of the fiscal year is not being impacted. So that is our understanding. Therefore, this time in our forecast again, we have maintained the JPY500 billion that we have originally forecast.

因此，在第一季並不是我們能把這部分納入數字的情況。這就是目前的情形。不過，透過各種溝通，我們在本年度開始時所設定的前提並未受到影響。這是我們的理解。因此，這次在預測中，我們仍維持原先預測的5,000億日圓。

And with the foreign exchange impact, it has been revised to JPY520 billion. Most of our suppliers are in North America, so there is a big foreign exchange impact. And therefore, the foreign exchange impact has been reflected this time in our forecast.

再加上匯率影響後，已修正為5,200億日圓。我們的大多數供應商位於北美，因此匯率影響很大。因此，這次我們已在預測中反映匯率影響。

The second question about automotive. Your sound was cut off. You were asking about China. Is that correct?

第二個問題關於汽車業務。您的聲音剛剛中斷了。您是在問中國的情況。是這樣嗎？

Yes. It's about China.

是的。是關於中國。

In the forecast, I think you are forecasting 500,000. But looking at the actual sales, I think this is lower than expected. So what is your outlook?

在預測中，我想你們預估是50萬台。但看實際銷售，我覺得低於預期。所以你們的展望如何？

And also, excuse me, about an extension of the joint venture in July. Can you explain about China?

另外，不好意思，關於7月延長合資的事。能否說明一下中國的情況？

First of all, overall, the market itself, the macroeconomics is very weak. And therefore, the overall market is not good. In addition to that, this is due to the oil price increase, I believe, but the breakdown is that ICE, hybrid, these, including EV, NEV, new energy. Are you seeing the numbers grow at this cost of ICE and hybrid. So I think that as a result of the oil price increase, this transition is increasing in the first quarter.

首先，整體而言，市場本身、也就是宏觀經濟非常疲弱。因此整體市場表現不佳。此外，我認為這與油價上漲有關，其結構上，ICE、油電混合等（包含EV、NEV新能源）在ICE與油電混合的成本面前，您是否看到數量在成長。因此我認為，因油價上漲，這種轉換在第一季正在加速。

Just looking at China's ICE and hybrid, compared to last year, I think that the market has shrunk by about 40%. So Honda has been selling mainly ICE and hybrid, and that is the reason why we are seeing this impact.

僅看中國的ICE與油電混合車，相較去年，我認為市場縮小了約40%。本田主要銷售ICE與油電混合車，這就是我們看到此影響的原因。

In addition to that, Honda, we are at the transition point of a model change. And so this first quarter, the retail unit, it's slightly more than 80,000. So it's about 50% less than last fiscal year first quarter. As you pointed out in the initial at the outset of this fiscal year, we were saying 480,000 for the whole year. So 80,000 plus is -- judging from what we said at the outset of this fiscal year behind schedule.

此外，本田正處於車型改款的轉換期。因此第一季零售台數略高於8萬台。約較上一財年第一季減少50%。如您在本財年一開始所指出的，我們當時對全年是說48萬台。因此8萬多台——以本財年初所說的目標來看是落後進度。

Now, one of the reasons for this is because, as Mira-san has asked, well, GAC, well, we were originally planning to have the contract terminated in 2028, and amongst the Chinese companies, including the dealers, they were thinking that in 2028 the contract will not be extended. I think there are quite a few who are worried that the joint venture agreement would not. And that was one of the reasons why we saw the sales growth low.

現在，其中一個原因是，正如Mira女士所問，關於廣汽（GAC），我們原本規劃合約在2028年終止，而在中國企業之間（包含經銷商）普遍認為到2028年合約不會延長。我想有不少人擔心合資協議不會延續。這也是我們看到銷售成長偏低的原因之一。

But as for this contract, well, we knew that it will expire in 2028 and therefore going joint venture partner GAC.

但就這份合約而言，我們知道它將於2028年到期，因此我們與合資夥伴廣汽——

We have talked with them about a future strategy, trying to come up, make a comeback recovery using local resources and also looking into how we should run the joint venture. We have had in-depth discussion with our partner.

我們已與他們討論未來策略，嘗試運用在地資源來推動回歸與復甦，同時也檢視合資事業應如何營運。我們已與合作夥伴進行深入討論。

And as a result, we have looked into how we can see a recovery in the Chinese market. And we have an idea as to what strategy needs to be taken. And there were quite a few customers and dealers who were worried, but now we've reached this agreement to extend the contract. And this is the reason why we wanted to make this announcement early on. And we were early to extend the contract. That was the reason that was the situation.

因此，我們也檢視了如何在中國市場實現復甦。我們對於需要採取何種策略已有想法。先前有不少客戶與經銷商感到擔憂，但現在我們已達成延長合約的協議。這也是我們希望及早發布此項公告的原因。我們也提前完成了合約延長。情況就是如此。

Thank you. Thank you for that.

謝謝。謝謝您的說明。

Thank you very much, Mr. Miura. So next question from Nikpon Kaisa Shimbu newspaper. Mr. Mukano, please. Mr. Mukano, please.

非常感謝，三浦先生。接下來是日本經濟新聞的提問。請向野先生。請向野先生。

Mr. Mukano speaking. Can you hear me?

我是向野。聽得到嗎？

Yes. Thank you. I have two questions. First one, the sales in China. Going forward, sales might stay low and do you plan to have additional restructuring or sorting out of the plans, for instance, in the May update you mentioned about the Chinese platform or the electronic supplies and so on. And what is the progress today and what is your prospect about the upcoming progress in this regard?

是的。謝謝。我有兩個問題。第一個是關於中國的銷售。展望未來，銷售可能仍會偏低，請問是否計畫進一步重整或調整相關計畫？例如在5月更新時您提到中國平台或電子供應等。目前進度如何？對於接下來在這方面的進展，您的展望是什麼？

And there's question two. The collaboration and negotiation is going on with Nissan and could you update me about current status and then for Honda? What is the meaning of this collaboration with Nissan for Honda?

第二個問題是，與日產的合作與協商正在進行中，能否更新目前狀態？以及對本田而言，與日產合作的意義是什麼？

Thank you for your question. Question one about China. If the air market still stays sour, what would happen? That's the question. And then until now, as Honda, we tried to adapt to the Chinese market by having a drastic and speedy adjustment of the production situations.

謝謝您的提問。第一個問題關於中國。如果市場仍然低迷，會發生什麼事？您的問題是這個。截至目前，作為本田，我們透過大幅且迅速地調整生產狀況，來因應中國市場。

For instance, ICE, we had a 1.5 million car, the capacity before. We had a lot of collaborations for the production adjustment with the two joint venture companies with a high speed. Then in this term in June for the Guangzhou AC, we decided to stop the airline from China.

例如在燃油車（ICE）方面，我們過去的產能為150萬輛。我們與兩家合資公司以很快的速度協作進行生產調整。此外，在本期6月，針對廣州（AC），我們決定停止在中國的某條產線。

Therefore, we had a capacity of less than 1.5 million cars and then Ice and hybrid. We now have a 700 plus capacity today that is the current status of the production capacity. And as for the fixed cost, of course, capacity is also supported by the indirect cost labors and so on that we need to streamline the sales force as well and we have made a lot of progresses in all of those areas.

因此，我們的產能已低於150萬輛；在燃油車與油電混合車方面，目前的產能約為70萬輛以上，這就是現階段的生產產能狀況。至於固定成本，當然產能也牽涉到間接人力成本等，因此我們也需要精簡銷售體系，並且在這些領域都已取得相當多的進展。

And then as I said before, currently Chinese ice and hybrid market is shrinking and that is. Rapidly and drastically progressing with the shrinkage of the market therefore we do not have the specific as yet at the moment but we will watch out the market situations and we will keep discussing about the situations with the partner company and the another thing about China the utilization of the local suppliers if you look at the Chinese market.

另外如我先前所說，目前中國的燃油車與油電混合車市場正在萎縮，而且萎縮速度非常快、幅度也很大。因此目前我們尚未有具體結論，但會持續觀察市場情勢，並與合作夥伴公司持續討論。

SDVs and advanced technologies developed very fast and also we can commonize the parts and so on with the suppliers over there which make them competitive. And the cars which make the customers in China. Feel valuable about the cause. That is quite successful over there in their part.

SDV與先進技術發展非常迅速，而且我們也能與當地供應商在零件等方面進行共通化，提升競爭力。而且能讓中國的消費者感受到產品的價值。在他們那邊，這方面相當成功。

And then in order for us to deliver the cause to their satisfaction, it is important, critical to make a good use of the local suppliers for us. And for ICE, the local suppliers can be utilized better. And for the next full model change, we are having very good discussions with those suppliers for the next model change. And if we can complete those plans we have on the table, we will be able to provide competitive products for China.

因此，為了提供能讓他們滿意的產品，善用在地供應商對我們而言非常重要、也是關鍵。在燃油車（ICE）方面，更能有效運用在地供應商。針對下一次的全面改款，我們正與這些供應商進行非常良好的討論。如果能完成目前桌面上的這些計畫，我們就能為中國提供具競爭力的產品。

And for the EVs, we will have more discussions with the partner company that try to use the utilize their platform and discussions and going. At the moment. So we will take advantage of them so that we can improve the lineup of the Chinese market to adapt to the market. This way we can try to improve the competitiveness of the products for them.

至於電動車（EV），我們也會與合作夥伴公司進一步討論，嘗試利用他們的平台；相關討論正在進行中。目前就是這樣。因此我們會善加利用，以改善中國市場的產品陣容、因應市場需求。透過這種方式，我們將努力提升產品競爭力。

And once we are successful there, I mean it will take another year or so before we become truly successful in reality. And until now we have to be working very hard. And those initiatives we have at the moment are going on track.

而一旦我們在那裡取得成功，我的意思是，真正反映在實際成果上可能還需要再一年左右。在此之前我們必須非常努力。目前這些措施都在按計畫推進。

And the second question is about alliance with Nissan. In 2024 already, we even before the possible integration of the air. We were talking about possible collaboration, partnership and SDVs and we were already talking about possible joint programs, SDV, joint development, batteries and exchange or sharing of the air vehicle platforms and so on.

第二個問題是關於與日產的聯盟。其實在2024年，即使在可能的整合之前，我們就已在討論可能的合作夥伴關係與SDV，也已談到可能的聯合專案，例如SDV共同開發、電池，以及車輛平台的互換或共享等。

And then the management integration has been abandoned, unfortunately, and even that we revisited the electrification airport and so on, and in that backdrop, SDV's importance still is there. So in each of those areas, we would like to work together with Nissan so that we can take advantage of the volume we have from each other. And I think this is a very good strategy for both of us. At the moment, we do not have any specific anchor I can share.

之後管理整合很遺憾地被放棄了；即便如此，我們也重新檢視了電動化等方向，而在這樣的背景下，SDV的重要性仍然存在。因此在各個領域，我們希望與日產合作，彼此運用各自的規模優勢。我認為這對雙方都是非常好的策略。目前我沒有任何可以分享的具體定案。

And of course, things going very fast there and we will try and work harder so that we can give you some input sometime soon. And of course, we like to take advantage of the volume we have and theirs as well so that. We can deliver the valuable products for the markets.

當然，相關進展非常快速，我們也會更努力，期望不久後能提供一些資訊。同時，我們也希望善用我們與對方的規模優勢，以便為市場提供更有價值的產品。

Thank you very much. Thank you very much, Mr. Mukuno. Yomiuri Shimbu newspaper. Mr. Okita, please.

非常感謝。非常感謝，向野先生。接下來是讀賣新聞的提問。請沖田先生。

And this is Okita speaking. Can you hear me?

我是沖田。聽得到嗎？

Yes, thank you.

是的，謝謝。

Thank you very much for this opportunity. About the financial results. You say that you have an all-time high profit. So what is your impression? And I think the foreign exchange impact is large, but the reason for the increase in sales, unit sales.

非常感謝提供這個機會。關於財務結果，您提到創下歷史新高的獲利。您的感想是什麼？另外我認為匯率影響很大，但銷售增加、銷量（單位銷售）成長的原因是什麼？

And about Kumamoto earthquake, I think the impact is being prolonged. All automobile manufacturers are being impacted, and I think that you are targeting for a recovery soon. Can you talk about what would happen if the suspension were to be prolonged?

另外關於熊本地震，我認為其影響正在延長。所有汽車製造商都受到影響，我想你們也以盡快復原為目標。如果停產（或暫停）狀況延長，會發生什麼情況？能否談談？

About the first quarter, how we see the numbers, yes, we have an all-time high. So, JPY530 billion, this is a very powerful number, operating profit. And compared to our plan, though we have not disclosed this against that plan, it exceeds our original anticipation.

關於第一季，我們如何看待這些數字，是的，我們創下歷史新高。因此，5300億日圓，這是一個非常強勁的數字，指的是營業利益。與我們的計畫相比，雖然我們未揭露相對於該計畫的數字，但它超出我們原先的預期。

Well, the first quarter, to begin with, in the case of Honda, the development cost and SG&A. Well, it tends to be that it concentrates in the second-half, and the numbers tend to be higher in the first quarter. But in addition to that, I think the foreign exchange impact. Well, currently, there has been a joint US. And Japan intervention, but there has been a fluctuation.

嗯，首先就第一季而言，以本田的情況來看，開發成本與銷售、一般及管理費（SG&A）。一般來說，這些費用往往集中在下半年，而第一季的數字通常會比較高。除此之外，我認為還有匯率的影響。嗯，目前美國與日本有聯合干預，因此匯率出現波動。

But the first quarter, the yen was weaker than we expected, and also the raw material costs. This, again, compared to initial estimate, from the beginning of this year, we have been seeing that the steel prices and other raw material costs were going up, so that was that impact, and the Middle East utlook is uncertain. We were anticipating that there would be inflation. Therefore, in the beginning, we were thinking that there will be a JPY360 billion cost increase. So this was factored in.

不過在第一季，日圓比我們預期更弱，另外還有原物料成本。這部分同樣地，與期初估計相比，從今年年初開始我們就看到鋼價等原物料成本上升，因此有那樣的影響，而且中東情勢前景不確定。我們原本預期會有通膨。因此，一開始我們認為成本將增加3,600億日圓。所以這已經納入考量。

The first quarter in April, May, there were increase in raw material costs, but in June, it started to settle down. And therefore, compared to what we were assuming, expecting, it did not go up as much as we had thought. And also the units. Sales. As you said, the motorcycle business did well, plus automotiles too. As I said, China, we did struggle, but in North America especially, we saw that unit sales increased significantly.

第一季在4月、5月原物料成本有上升，但到6月開始趨於穩定。因此，與我們原先的假設、預期相比，並沒有如我們想像般上升那麼多。另外還有銷量。銷售。如您所說，機車業務表現良好，汽車也是。如我所說，中國方面我們確實吃力，但特別是在北美，我們看到銷量大幅增加。

Well, the gasoline prices are high now. So the market and customers are trying to switch to low fuel consumption hybrid vehicles. So this was an advantage.

嗯，現在汽油價格很高。因此市場與消費者正嘗試轉向低油耗的油電混合車。這對我們是有利因素。

In April, May, share increased to more than 10% for the first time in five years. And this also had contributed to the high operating profit in the first quarter.

在4月、5月，市占率五年來首次提升到10%以上。這也促成了第一季較高的營業利益。

Going forward, the Middle East impact will be seen in various areas. It is hard for us to predict what will happen. And therefore, do you think that this is as much as we can do? Well, there is no one-time factor, but we have to look at what the automobile sales would be like in the United States. Well, July was good, but we have to carefully monitor what will be happening in the US market.

展望未來，中東的影響將在各個領域顯現。我們很難預測會發生什麼。因此，您認為這已經是我們能做到的程度了嗎？嗯，沒有一次性的因素，但我們必須觀察美國的汽車銷售會是什麼情況。嗯，7月表現不錯，但我們必須謹慎監控美國市場接下來的動向。

About the motorcycle unit sales, India, last year, the GST, this tax was cut and therefore the market was strong. And this is still continuing now. We're thinking that we wanted to increase the numbers more, but because of the production capacity and others, India, we are increasing the capacity, but I think we should be trying to increase it more. But thanks to India as well as Brazil, the economy is stable and thanks to that. We have increased our motorcycle production capacity in Brazil, too. So these were the contributors.

關於機車銷量，印度去年因為GST（商品及服務稅）下調，因此市場很強。而且這股趨勢現在仍在延續。我們原本希望能把數量再提高一些，但因為產能等因素；在印度我們正在擴充產能，但我認為還應該再更積極提升。不過也多虧印度以及巴西，經濟相對穩定，因而帶來助益。我們也在巴西提高了機車的生產能力。這些都是貢獻因素。

Now, the second question about Kumamoto earthquake. If I may repeat, I would like to express my sympathy to those who have been affected by the mega earthquake. Our motorcycle plant is in Kumamoto. The impact of the earthquake there, well, at the time of the earthquake, the sprinkler reacted and so the plant was soaked in water and we are trying to recover now. But as for the equipment, so far, we don't see that there has been any major damage done to the equipment. Currently within the plant, they are making the confirmation with.

接著第二個問題，關於熊本地震。容我重申，我想向受到這次大地震影響的各位表達慰問。我們的機車工廠位於熊本。地震對那裡的影響是，嗯，地震當時灑水系統啟動，導致廠房被水浸泡，我們目前正在進行復原。不過就設備而言，截至目前我們沒有看到設備有任何重大損害。目前在廠內正進行確認。

And where we can start, restart, we are restarting. So as soon as possible, we would like to fully restart operation. About automobiles, Saitama and Suzuka factories. Well, unfortunately, our suppliers have been hit by the earthquake and we are communicating with them right now.

並且在可以開始、重新啟動的部分，我們就先行復工。因此我們希望能盡快全面恢復運作。至於汽車方面，埼玉與鈴鹿工廠。很遺憾地，我們的供應商受到地震影響，我們目前正與他們保持聯繫。

And every day the situation is changing so we are keeping in close communication to understand when production can restart. But well, there will be a summer break next week we were originally planning for this summer break, so up until that point in time, we have decided to suspend production and after the summer break for about two days or three days rather we will suspend operation.

而且情況每天都在變化，因此我們保持密切溝通，以掌握何時能重啟生產。不過，嗯，下週原本就有暑休，我們原先就規劃了這段暑休，因此在那之前我們決定暫停生產；另外在暑休之後，大約也會再停工兩到三天。

But during the summer break up until the 19th. I think we will be getting a lot of information and based on that we would like to make the judgment. Thank you.

不過在暑休期間直到19日為止，我想我們會取得大量資訊，並據此做出判斷。謝謝。

Thank you very much.

非常感謝。

Thank you. Next, from Kyoto Tsushin, please. Koshika, are you there?

謝謝。接下來請京都通信。小鹿先生，您在線上嗎？

Thank you. Can you hear me? So, thank you for explanation. And Kyoto Tsushin, Koshika speaking. Kumamoto earthquake said its impact. Could you elaborate a little bit more about it? Saitama, Suzuka Plant and your subsidiary auto body had a plan to stop and specifically what kind of parts or components affected by that.

謝謝。聽得到嗎？那麼，感謝您的說明。我是京都通信的小鹿。關於熊本地震所說的影響，能否再更詳細說明一些？埼玉、鈴鹿工廠以及貴公司的子公司車體（auto body）有停工計畫，具體而言是哪些零件或部件受到影響？

And the suppliers, there are, well -- how many suppliers have been affected causing some troubles for the suppliers. And other automotive companies probably starting up again on the 6th of the month and then there are some time differences or lags in your case and what is the situation for you? Could you elaborate on that please?

另外，供應商方面，有多少家供應商受到影響、造成供應商端的一些問題？其他汽車公司可能在本月6日就會重新開工，但你們這邊似乎有時間差或延遲，貴公司的情況如何？能否也請您說明一下？

Thank you for your question. So further information about it, right? And Saitama and Suzuka automotive plants and auto body as well. Several parts, components, we are at the moment checking on the situation. Damper is one of those major products affected at the moment.

謝謝您的提問。所以您是要更進一步的資訊，對嗎？關於埼玉與鈴鹿的汽車工廠，以及車體公司也是。有數個零件、部件，我們目前正在確認狀況。減震器（damper）是目前受影響的主要產品之一。

And Astemo Group company, they have a plant near the epicenter and I heard that they had quite a bigger damage on that. And I'm sure that they are focusing on the recovery. And we are talking with each other, trying to find out when they can restart again. And of course, they are working very hard, struggling to restart. And at the moment, it is kind of difficult to get precise information.

另外，Astemo集團公司在震央附近有工廠，我聽說那邊的損害相當嚴重。我相信他們正把重心放在復原上。我們也彼此溝通，試圖確認他們何時能再次重啟。當然，他們非常努力，正艱難地推進復工。但目前要取得精確資訊有點困難。

Same story for us demo, but they are working very hard on that. And as far as we know at the moment, well, up until now, we decided that we should stop for a while until the recovery could come and the situation is quite dynamic, changing every day and I'm sure they're working very hard, but if there are any updates, we will let you know. Thank you very much.

我們這邊也是同樣的情況，但他們正在非常努力處理。就我們目前所知，嗯，截至目前我們決定先停一段時間，直到復原有進展；情勢相當動態、每天都在變化，我相信他們也非常努力，但若有任何更新，我們會通知各位。非常感謝。

The next question, please. Mr. Fui, please. Daily Automotive Newspaper.

下一個問題，請。請Fui先生。《日刊汽車新聞》。

This is Fui speaking. Can you hear me? Thank you. I would like to ask about sales. Mr. Kawaguchi said that North America is doing well. On page 7 about the factors that are contributing to the operating profit, you say that the product mix is plus. But about incentives, you said that incentives are increasing. So I think there might be an offset there.

我是Fui。聽得到嗎？謝謝。我想請教銷售方面。川口先生提到北美表現良好。在第7頁關於促成營業利益的因素中，你們說產品組合（product mix）是正向貢獻。但關於獎勵金（incentives），你們又說獎勵金正在增加。所以我想這之間可能會互相抵銷。

Incentives, they are mainly in North America, I believe. Well, hybrid is strong, but I think it might be that incentives are increasing because of the competitive market. Can you explain about the situation in North America? That's one.

獎勵措施我認為主要是在北美。嗯，油電混合車表現強勁，但我想在競爭激烈的市場下，獎勵措施可能正在增加。您能說明一下北美的情況嗎？這是第一點。

Plus, the second question is about the domestic situation. Domestic sales is also doing well. And focus, you are trying to increase the sales, but what are the factors contributing to this increase and what is the. The outlook at the same time. Plus, everyone is asking about this, about the Kumamoto earthquake. I think this has an impact on sales. At this point in time, can you estimate how much impact it will have on unit sales and what you plan to do to recover, please?

另外，第二個問題是關於國內情況。國內銷售也表現不錯。而且就重點而言，您正試圖提高銷量，那麼促成這項成長的因素是什麼，以及同時的展望如何。另外，大家都在問熊本地震的事。我認為這會對銷售造成影響。就目前這個時間點，您能否估算它對銷量（台數）會有多大影響，以及您打算如何復原，謝謝？

Yes, and thank you for the question. About North America, as I said, the gasoline prices are sorry. And therefore the customers are wanting to purchase hybrids and even gasoline, ICE vehicles. I think of that because fuel economy is very good, our models are popular.

好的，謝謝您的提問。關於北美，如我所說，汽油價格——抱歉。因此，顧客想購買油電混合車，甚至是汽油、內燃機（ICE）車款。我認為這是因為我們車款的燃油經濟性非常好，所以很受歡迎。

How about incentives? Compared to last year, well, the models themselves, our major models are on the verge of a model change. And this is as originally planned, but from the fourth quarter of last fiscal year, we have increased incentives because of the competition with the competitors. And therefore, we have tried to compete in terms of sales. Well, this is the incentive as planned.

那獎勵措施呢？與去年相比，嗯，車型本身，我們的主力車款正接近改款。這原本就在計畫之中，但從上一會計年度第四季起，因為與競爭對手的競爭，我們提高了獎勵措施。因此，我們嘗試在銷售面上與對手競爭。嗯，這些獎勵措施是按計畫進行的。

Last fiscal year, looking back, we had the issue of tariffs and there was a special demand coming for people rushing in to buy before the tariffs were introduced. So compared to the first quarter, you might say that you cannot see the numbers clearly, but just looking at the first quarter alone. Even if we look at just the first quarter, you will see and also from the share perspective and incentive perspective, I think that we have had a very solid result in this first quarter.

回顧上一會計年度，我們有關稅的議題，並且出現了在關稅導入前搶購的特殊需求。因此，與第一季相比，您可能會覺得數字不太清楚，但若只看第一季。即使只看第一季，從市占角度與獎勵措施角度來看，我認為我們在本第一季取得了非常穩健的成果。

Going forward, I think that competitors will intensify competition. I think we will try to bring down the incentives as much as possible. Looking at the July actual numbers, I think we are progressing well. The rest is up to the gasoline price. I think the customer's preference will be impacted by how the gasoline prices hover so that is something that we have to look into and about Japan registered cars and well, I think that we have exceeded the previous year.

展望未來，我認為競爭對手會加劇競爭。我們會盡可能降低獎勵措施。從7月的實績數字來看，我認為進展良好。其餘就取決於汽油價格。我認為顧客偏好會受到汽油價格走勢的影響，因此這是我們必須關注的點；至於日本的登錄車方面，嗯，我認為我們已超過去年。

Looking at the market, it's about 107% increase year on year. And we are saying 108%. So I think that the market average was 107%, whereas we are 108% registered cars, especially Super-ONE. This model has been very popular amongst our customers. Of course, there was partially the subsidy that has to explain, but it's a great. With boost mode and it's very Honda like.

從市場來看，年增約107%。而我們說的是108%。也就是說，市場平均是107%，而我們的登錄車是108%，特別是Super-ONE。這個車型在顧客之間非常受歡迎。當然，部分原因也與補助有關，需要說明，但它是一個很棒的產品。具備boost模式，很有Honda的風格。

So the fans appreciate the EV, because of its Honda identity and a vessel and step wagon and freed these models too. We have carried out sales promotion and this has been very effective. So thanks to that, we have seen this growth in the domestic market.

因此，粉絲們因其Honda的品牌特質而喜愛這款EV；另外Vezel、Step Wagon與Freed等車型也是如此。我們推動了銷售促進活動，效果非常好。因此，我們在國內市場看到了這樣的成長。

Now what about the outlook? Well, this fiscal year, I think that we will. Model change which will be appealing to our customers and therefore we want to grow sales through these new models but the BYD Rakko is a big topic and if you look at the details I think the Chinese have been very conscious about the preference of Japanese customers.

那麼展望如何？嗯，在本會計年度，我認為我們將進行改款，這會對顧客更具吸引力，因此我們希望透過這些新車型來擴大銷售；但BYD Rakko是個很大的話題，若看細節，我認為中國方面非常在意日本顧客的偏好。

Price wise also it's very strategic and it is a threat but looking at it from a different perspective, the Japanese EV market is only about 2%. EV is not that popular. So with this new EV player, so to say, it might be that this would have a positive impact on the market. And Honda also, we want to try to deduce different EV models to the Japanese market, and therefore we want to try to build up the EV market here in Japan.

在價格方面也很有策略性，確實是一項威脅；但換個角度看，日本EV市場只有約2%。EV並不算普及。因此，所謂新的EV玩家加入，可能會對市場帶來正面影響。Honda也希望把不同的EV車型導入日本市場，因此我們想在日本把EV市場做大。

Thank you. About the earthquake impact, how about that?

謝謝。關於地震的影響呢？

Yes, to be very honest, we don't know how much impact it will have on our unit sales at this point in time. That's our honest position. But I don't think that there will be such a big impact. At this point in time, I cannot give you any numbers as to how much impact it will have. Thank you.

是的，坦白說，就目前這個時間點，我們還不知道它會對我們的銷量（台數）造成多大影響。這是我們誠實的立場。但我不認為會有那麼大的影響。目前我無法提供會造成多大影響的任何數字。謝謝。

Thank you, Mr. Fukui. Next question from Toyo Keizi. Mr. Yamada, please.

謝謝您，福井先生。下一個問題來自《東洋經濟》。山田先生，請。

Yamada from Toyo Keizi. Thank you for your presentation. So motorcycles, very good. And you talked about India, Brazil. There utilizing the full capacity of the plant, I heard. And as for the plans, your unit sales plans is kept and changed. And is this something you anticipated from the beginning, or is that because of some other reasons behind, such as the scheduling and so on, not in a confidence, for instance?

我是《東洋經濟》的山田。謝謝您的簡報。機車表現非常好。您提到印度、巴西。我聽說那邊工廠正在滿載運轉。而就計畫而言，你們的銷量計畫維持不變、沒有調整。這是你們一開始就預期到的嗎？還是背後有其他原因，例如排程等因素，而不是說缺乏信心之類的？

And another question is EV-related losses. In the quarter one, you do not have a full inclusion because of the supplier negotiations still going on. And can we expect some of those losses to be put up in the second quarter onward or little by little in the second-half and onward? What is the plan to handle those [illosis]?

另一個問題是與EV相關的損失。在第一季，由於與供應商的協商仍在進行中，因此尚未完整反映。我們是否可以預期其中一部分損失會從第二季起，或是在下半年起逐步計入？你們打算如何處理這些[illosis]？

Thank you for your question second question will be addressed by Takashi-san and motorcycles the unit sales is really good and quarter one it is better than our immediate plans our plans at the moment and for the second-half this one we did not have a major concerns or anything.

謝謝您的提問。第二個問題將由Takashi先生回答。至於機車，銷量確實很好，第一季的表現優於我們目前的近期計畫。至於下半年，我們沒有什麼重大疑慮或問題。

Maybe one thing could be the regulations in Vietnam. Since last year, we were talking about the restrictions of those riding of the motorcycles in some areas. However, they have a stepwise approach. Therefore, it is not causing a serious effect on that.

可能有一點是越南的法規。從去年起，我們一直在談某些地區對機車騎乘的限制。不過他們採取分階段的方式。因此，並未造成嚴重影響。

And the Middle East, no one knows at the moment as to what is the impact to be for the global economy. We have to monitor what's going on, including motorcycle businesses. We will watch carefully what's going on to update the plans for the unit sales.

另外，中東方面，目前沒有人知道會對全球經濟造成什麼影響。我們必須監控正在發生的情況，也包括機車業務。我們會仔細觀察情勢，以更新銷量計畫。

Okay, so EV related losses, we announced that in March. And from April we have many negotiations with them, talking about what kind of the loss is expected from now, and we are still in the middle of the negotiations with them. And in the first quarter period, the negotiation went on continually, so we were not able to put it up in the book.

好的，關於EV相關損失，我們在3月已經公告。從4月起，我們與對方進行了許多協商，討論從現在起預期會發生何種損失，而我們仍在協商當中。在第一季期間，協商持續進行，因此我們無法在帳上計入。

And then we had lots of conversation with many suppliers, and then we will have more information once we get more confidence in those. In fact, by that, we will be able to put them up as we go so much through the first half, so much through the second-half and so on. So those will be calculated and factored into those financial results, step-wise approach as we go. So please understand how we do.

接著我們與許多供應商進行了大量溝通，等我們對相關內容更有把握後，就會有更多資訊。事實上，屆時我們就能在推進過程中逐步計入，例如上半年計入一部分、下半年再計入一部分，依此類推。因此，這些將以分階段方式計算並反映在財務結果中。敬請理解我們的處理方式。

Thank you very much for explanation.

非常感謝您的說明。

Thank you, Yamada-sam.

謝謝您，山田先生。

The next question, please. NHK, Taruno-san, please.

請下一位提問。NHK 的樽野先生，請。

This is Taruno from NHK, thank you. Can you hear me?

我是 NHK 的樽野，謝謝。聽得到嗎？

Yes, thank you.

是的，謝謝。

Thank you. I also have a question in relation to the Kumamoto earthquake. From the 19th onward, you say that you'll make a judgment looking at the situation, but are you going to think about well -- are you going to look into alternative sourcing or is it up to [Astimo] that you will make the judgment? You say that you don't know what point in time the recovery can take place. So am I quite in understanding that that is the current situation?

謝謝。我也有一個與熊本地震相關的問題。您說從 19 日起會視情況做判斷，但您會考慮替代採購來源，還是由 [Astimo] 來做判斷呢？您也說目前還不知道何時能夠復原。所以我理解目前就是這樣的狀況，對嗎？

The other question is about the foreign exchange. I think one of the major reasons for this good result is the currency. I believe that the impact is about JPY10 billion per [JPY1] fluctuation but over the past 10 years this has been going down. The yen is weak and this is a positive for you. But what is your thinking towards the foreign exchange? If it's a weaker yen, is it an advantage for you or is that not necessarily the case? Can you explain? Thank you.

另一個問題是關於外匯。我認為這次良好業績的一個主要原因是匯率。我理解匯率每變動 [1 日圓] 的影響約為 100 億日圓，但過去 10 年這個數字一直在下降。日圓走弱對貴公司是正面因素。但您對外匯的看法是什麼？如果日圓更弱，對你們是優勢，還是不一定如此？能否說明？謝謝。

Thank you. Well, about the Kumamoto impact, we are saying we'll resume on the 19th for automotive, but as we said, we have a Tier 1, Tier 2, Tier 3 suppliers who have been affected. And we don't know at this point in time what the situation will be. So we don't have 100% understanding of what the current status is.

謝謝。關於熊本的影響，我們表示汽車相關將於 19 日恢復，但如同我們所說，我們有 Tier 1、Tier 2、Tier 3 的供應商受到影響。而目前我們也不知道屆時情況會如何。因此，我們對目前狀態尚未能 100% 掌握。

But as far as the information that we have at hand, we believe that at least until the 19th we should suspend production. That is our current status. But is the case where we will have a drastic plan to source alternatively, well, we have to talk with our suppliers about that.

但就我們手上掌握的資訊來看，我們認為至少到 19 日為止應該停產。這是我們目前的狀況。至於是否需要大幅度地改採替代來源，我們必須與供應商進一步討論。

So at this point in time, we cannot say that it will be necessary to source from alternative sources or not. Unfortunately, we cannot say anything definitive. But despite this mega earthquake, everyone is making every effort to try to recover. And we also want to keep in close communication with the people there. That is the only thing that we could do at this point in time.

因此，在此時點我們無法說是否一定需要改由替代來源採購。很遺憾，我們無法做出任何明確的說法。不過，儘管發生這次重大地震，大家都在盡最大努力復原。我們也希望與當地人員保持密切溝通。這是目前我們唯一能做的事情。

About the currency impact and about the sensitivity, well, in principle, we try to produce where the demand is. Like others, Honda, we are not exporting that much from Japan to the United States. That is the system that we have. Meanwhile, we have a large profit in the US.

關於匯率影響與敏感度，原則上我們會在需求所在地生產。與其他公司一樣，本田從日本出口到美國的量並不多。這就是我們的體制。同時，我們在美國有很大的獲利。

So when we convert this back into Japanese yen on our financial statements, we do see that the numbers are large. And taking all these things into consideration, we think the sensitivity is between JPY10 billion to JPY12 billion per yen. And so we say the EV related losses, but we have a lot of American. And payment to these suppliers because the U.S.

因此，當我們在財務報表上換算回日圓時，數字看起來會很大。綜合考量這些因素後，我們認為匯率敏感度約為每 1 日圓 100 億至 120 億日圓。另外我們提到與 EV 相關的損失，但我們有很多在美國的（業務）。以及對這些供應商的付款，因為是以美元計價。

Denominated compensation will mean that the weaker yen will be a disadvantage for currency, especially in Asia and also in motorcycles, Brazil. Well, we are doing business in different markets. And for example, from India, we are exporting to different destinations. And I think that also has an impact.

以美元計價的補償（或支付）意味著日圓走弱在匯率上會成為不利因素，特別是在亞洲，以及機車業務的巴西等地。我們在不同市場經營業務。例如，我們也會從印度出口到不同目的地。我認為這也會產生影響。

So we cannot simply say that once the yen moves from JPY1, then we have a JPY10 billion impact. It's not as simple as that. So there are areas which are good and other areas that are bad. So we can offset. This is what we think is necessary to meet these fluctuations in the currency. That is all.

因此，我們不能簡單地說日圓每變動 1 日圓就會有 100 億日圓的影響。並沒有那麼單純。有些領域是有利的，也有些領域是不利的。因此可以相互抵銷。我們認為這是因應匯率波動所必須的作法。以上。

Thank you. That was very easy to understand.

謝謝。非常容易理解。

Thank you, Taruno-san. Unfortunately, because of the time constraints, the next question is going to be the last one. Nikkei Automotive, Tochiya, please.

謝謝您，樽野先生。很遺憾因為時間關係，下一個問題將是最後一題。日經 Automotive 的栃谷先生，請。

Nikkei, Tochiya speaking. Can you hear me? Yes. Thank you. So semiconductor supplies, DRAM memory, GM, and Ford have a long-term supply agreement and recently AI provides a lot of demands for the memories and so on. But are there risks for the soaring prices or supply risks? Are there any impact on their businesses and what is the countermeasures in the future for the semiconductors?

我是日經的栃谷。聽得到嗎？是的。謝謝。關於半導體供應，DRAM 記憶體方面，GM 與 Ford 有長期供應協議，且近期 AI 帶動了大量記憶體等需求。那麼是否存在價格飆升或供應風險？對你們的業務是否有影響？未來針對半導體的對策是什麼？

Thank you for your question. And as you said right now, DRAM and NAND memories, as the cars have meters, ADAS, ECU display audios, which require semiconductors and then cars will be more intelligent going forward and will need more semiconductors going forward.

謝謝您的提問。如您剛才所說，DRAM 與 NAND 記憶體方面，隨著車輛配備儀表、ADAS、ECU、顯示器音響等，需要使用半導體；未來車輛將更智慧化，也會需要更多半導體。

And as you mentioned, needs for the memories. Actually, the needs from the data centers and other businesses are very strong, therefore, it is tight. And then memory suppliers are trying hard as well to try to keep the good balance of the supply. And probably, after the year '27, the efforts will be more effective in terms of the supplies.

另外如您提到，記憶體的需求方面，實際上資料中心與其他產業的需求非常強勁，因此供應相當吃緊。記憶體供應商也在努力維持供需的良好平衡。而且大概在 2027 年之後，這些努力在供應面會更有效果。

But for Honda, we try to get a stable procurement based on the various initiatives. For instance, for the automotive bill, legacy memories, let's say, we are quite positive about those legacy-type memories and we would have more dealing with those suppliers of the semiconductor of the legacy ones. And then we would go for the long-term agreement where possible, and we have many initiatives that trying to get hold on those semiconductor.

但對本田而言，我們透過各項措施來確保穩定採購。例如，就汽車用料而言，所謂的既有（legacy）記憶體，我們對這類既有型記憶體的採用相當積極，也會與提供既有型半導體的供應商有更多往來。此外，在可能的情況下我們會簽訂長期協議，並推動多項措施以確保這些半導體的供應。

I cannot give you the details at the moment, however Honda has a good hands the measures to get the supplies and I do not have any problems. We don't have any problems about the procurement of that. However, the cost is soaring, getting more expensiv.

目前我無法提供細節，不過本田已採取充分措施以確保供應，我認為沒有問題。在採購方面我們沒有問題。然而，成本正在飆升，變得更昂貴。

Then because of the supply demand situation, the memory prices are going up. And right from the beginning of the financial year, we gave you the forecast and then we already factored in the additional JPY20 billion, JPY30 billion cost increase because of the supply of the semiconductors, and we already know that. Thank you.

由於供需狀況，記憶體價格正在上升。而在會計年度一開始，我們就已向各位提供預測，並已將因半導體供應所導致的追加成本增加 200 億至 300 億日圓納入考量，我們已經掌握這點。謝謝。

Thank you, Mr. Tochiya.

謝謝您，栃谷先生。

And with this, we would like to conclude our briefing session. The materials that we've used, they are posted on our website for you to refer to.

那麼，我們的說明會到此結束。本次使用的資料已刊登於我們的網站，供各位參考。

Once again we thank you for your participation.

再次感謝各位的參與。