索尼 (SONY) 2022 Q2 法說會逐字稿

Ladies and gentlemen, we will now begin FY '21 Q2 earnings announcement of Sony Group Corporation.

女士們，先生們，我們現在開始發布索尼集團公司 21 財年第二季度的收益公告。

I am Okada from Corporate Communications.

我是企業傳播部的岡田。

I'll be serving as master of ceremonies today.

今天我將擔任司儀。

This session is for media analysts and institutional investors to whom we have sent out an invitation in advance.

本次會議面向我們已提前發出邀請的媒體分析師和機構投資者。

This session is webcast live on our Investor Relations website.

本次會議在我們的投資者關係網站上進行網絡直播。

First, Mr. Hiroki Totoki, Executive Deputy President and Chief Financial Officer, will explain the consolidated results for FY '21 Q2 and consolidated results forecast for FY '21, followed by Q&A.

首先，執行副總裁兼首席財務官 Hiroki Totoki 先生將解釋 FY '21 Q2 的合併結果和 FY '21 的合併結果預測，然後是 Q&A。

Duration is 70 minutes.

持續時間為 70 分鐘。

Mr. Totoki, the floor as yours.

Totoki 先生，您的發言權。

Today, I will discuss the following topics.

今天，我將討論以下主題。

The consolidated results for second quarter ended September 30, '21 increased 13% compared to the same quarter of the previous fiscal year to JPY 2.3694 trillion and consolidated operating income increased JPY 3.2 billion year-on-year to JPY 318.5 billion, both record highs for the second quarter.

截至 21 年 9 月 30 日的第二季度合併業績與上一財年同期相比增長 13% 至 23694 億日元，合併營業收入同比增長 32 億日元至 3185 億日元，均創歷史新高第二季度。

Income before income taxes decreased JPY 20.6 billion year-on-year to JPY 283.1 billion primarily due to a deterioration of valuation gains and losses on securities investment.

所得稅前收入同比減少 206 億日元至 2831 億日元，主要是由於證券投資的估值損益惡化。

Net income attributable to Sony Group Corporation's shareholder was JPY 213.1 billion, a decrease of JPY 245.5 billion compared to the same quarter of the previous fiscal year, which included the recording of JPY 214.3 billion reversal of valuation allowances recorded against the deferred tax assets.

歸屬於索尼集團公司股東的淨利潤為 2,131 億日元，與上一財年同期相比減少 2,455 億日元，其中包括對遞延所得稅資產的估值準備金轉回 2,143 億日元。

Please see Pages 3 to 6 of the presentation material for a description of each profit metrics.

請參閱演示材料的第 3 頁至第 6 頁，了解每個利潤指標的描述。

This slide shows the results by segment for FY '21 Q2.

這張幻燈片按部分顯示了 21 財年第二季度的結果。

Next, I will show the consolidated results forecast for FY '21.

接下來，我將展示 21 財年的綜合業績預測。

Consolidated sales are expected to increase JPY 200 billion compared to our previous forecast to JPY 9.9 trillion, and operating income is expected to increase JPY 60 billion to JPY 1.040 trillion.

合併銷售額預計將增加 2,000 億日元，而我們之前的預測為 9.9 萬億日元，營業收入預計將增加 600 億日元至 1.040 萬億日元。

We have also upwardly revised our forecast for income before income taxes to JPY 990 billion and our forecast for net income attributable to Sony Group Corporation's shareholders to JPY 730 billion.

我們還將所得稅前收入預測上調至 9900 億日元，並將歸屬於索尼集團公司股東的淨利潤預測上調至 7300 億日元。

Forecast for consolidated operating cash flow excluding the Financial Services segment is unchanged at JPY 890 billion.

不包括金融服務部門的合併經營現金流預測保持不變，為 8,900 億日元。

This slide shows our forecast by segment for FY '21.

這張幻燈片顯示了我們對 21 財年的分部預測。

I will now explain the situation in each of our business segments.

我現在將解釋我們每個業務部門的情況。

First is the Game & Network Services segment.

首先是遊戲和網絡服務部門。

FY '21 Q2 sales increased a significant 27% year-on-year to JPY 645.4 billion primarily due to an increase in PlayStation 5 hardware sales and an increase in game software sales of third-party titles.

21 財年第二季度銷售額同比大幅增長 27% 至 6454 億日元，這主要是由於 PlayStation 5 硬件銷售額的增加和第三方遊戲的遊戲軟件銷售額的增加。

Operating income decreased JPY 22.7 billion year-on-year to JPY 82.7 billion primarily due to a deterioration in the profitability of hardware and peripheral devices.

營業收入同比減少 227 億日元至 827 億日元，主要是由於硬件和外圍設備的盈利能力惡化。

FY '21 forecast remains unchanged from the previous forecast.

21 財年的預測與之前的預測保持不變。

Driven by an increase in add-on content sales, Q2 game software sales exceeded those in the same quarter of the previous fiscal year when stay-at-home demand was strong.

在附加內容銷售額增長的推動下，第二季度遊戲軟件銷售額超過了上一財年同期居家需求強勁時的銷售額。

Total game play time of PlayStation users decreased 17% year-on-year.

PlayStation 用戶的總遊戲時間同比減少 17%。

But the fact that add-on content sales exceeded those in the same quarter of the previous fiscal year is a positive sign that the quality of user engagement has increased.

但附加內容銷售額超過上一財年同一季度的事實是用戶參與質量提高的積極信號。

In the second half of this fiscal year, the first-party software titles, Horizon Forbidden West and Gran Turismo 7, as well as major third-party software titles are scheduled to be released.

本財年下半年，第一方軟件《地平線紫禁城》和《GT賽車7》以及主要的第三方軟件均計劃發布。

As more game fans play these exciting titles, we expect user engagement to increase even more.

隨著越來越多的遊戲迷玩這些激動人心的遊戲，我們預計用戶參與度會進一步提高。

At this time, there is no change to our FY '21 unit sales target for PS5 hardware, but several factors are significantly impacting the supply of the product such as the disruption of the global distribution, supply chain and limitations on the supply of components, especially semiconductors.

目前，我們對 PS5 硬件的 21 財年單位銷售目標沒有變化，但有幾個因素正在顯著影響產品的供應，例如全球分銷、供應鏈的中斷和組件供應的限制，尤其是半導體。

We are continuing to exert every effort to maintain the momentum of the PlayStation platform by meeting the expectations of the people who are waiting for PS5.

我們將繼續盡一切努力通過滿足等待 PS5 的人們的期望來保持 PlayStation 平台的勢頭。

To further strengthen our software development capability, we announced the acquisition of Firesprite in September and Bluepoint Games this month.

為了進一步加強我們的軟件開發能力，我們在 9 月宣布收購 Firesprite，本月宣布收購 Bluepoint Games。

Both companies have excellent technical capabilities and superb track records, and they have, heretofore, contributed to the development of many of our gaming software titles.

兩家公司都擁有出色的技術能力和卓越的業績記錄，迄今為止，它們為我們許多遊戲軟件的開發做出了貢獻。

Going forward, we plan to leverage these studios to increase the development capability of the PlayStation Studio and diffuse the expertise necessary to deploy games to PCs and mobile devices.

展望未來，我們計劃利用這些工作室來提高 PlayStation Studio 的開發能力，並傳播將游戲部署到 PC 和移動設備所需的專業知識。

As a result of the acquisition announced since the beginning of this fiscal year, the number of PlayStation studios will increase by 4 to 16, and the number of developers will increase by almost 20%.

由於本財年初宣布的收購，PlayStation 工作室的數量將增加 4 家至 16 家，開發者數量將增加近 20%。

We plan to continue to aggressively invest in our development capability going forward.

我們計劃在未來繼續積極投資於我們的開發能力。

Next is the Music segment.

接下來是音樂部分。

FY '21 Q2 sales increased a significant 18% year-on-year to JPY 271.6 billion primarily due to an increase in streaming revenue.

21 財年第二季度銷售額同比大幅增長 18% 至 2716 億日元，主要是由於流媒體收入的增加。

Despite the impact of the increase in sales, operating income decreased to JPY 50.6 billion, JPY 3.7 billion lower than the same quarter of the previous fiscal year, in which a JPY 5.9 billion onetime gain was recorded for the transfer of business outside of Japan.

儘管受到銷售額增長的影響，但營業收入減少至 506 億日元，比上一財年同期減少 37 億日元，其中因業務轉移到日本境外而錄得 59 億日元的一次性收益。

The combination to the operating income of the quarter from Visual Media and Platform, which includes mobile game application and anime, accounted for approximately 1/4 of the operating income of the segment.

本季度視覺媒體和平台的營業收入（包括手機遊戲應用和動漫）佔該分部營業收入的約1/4。

FY '21 sales are expected to increase JPY 30 billion compared to our previous forecast to JPY 1.070 trillion, and FY '21 operating income is expected to increase JPY 10 billion to JPY 200 billion.

21 財年的銷售額預計將增加 300 億日元，而我們之前的預測為 1.070 萬億日元，21 財年的營業收入預計將增加 100 億日元至 2000 億日元。

Streaming revenue in Q2 continued to grow at a high rate, 58% -- 38% year-on-year in Recorded Music and 47% year-on-year in Music Publishing.

第二季度的流媒體收入繼續保持高速增長，錄製音樂同比增長 58%——38%，音樂出版同比增長 47%。

Sony Music Group, which is responsible for our music business outside of Japan, where the growth of the streaming market is conspicuous, is expected to reach record high operating income this fiscal year for the fifth consecutive year.

索尼音樂集團負責我們在流媒體市場增長顯著的日本以外的音樂業務，預計本財年的營業收入將連續第五年創下歷史新高。

We continue to generate hits, thanks to our enhanced efforts to discover and nurture artists.

由於我們加大了發現和培養藝術家的努力，我們繼續產生熱門歌曲。

In Q2, the Recorded Music business had an average of 38 songs in Spotify's Global Top 100 Songs ranking.

在第二季度，錄製音樂業務平均有 38 首歌曲進入 Spotify 的全球 100 首歌曲排行榜。

Moreover, the new song, Easy On Me, which was released by world renowned singer-songwriter, Adele, after a 6-year absence, on October 14 made history as the most played on Spotify in a single day.

此外，時隔6年的世界著名創作歌手阿黛爾在10月14日發布的新歌《Easy On Me》也創下了Spotify單日播放量最高的歷史記錄。

And we have high expectations for album, 30, which will be released next month.

我們對下個月發行的專輯《30》寄予厚望。

And Sony's competitive advantages in the music business lie in our global ecosystem that can meet the diverse needs of artists and the fact that because our music business is part of the Sony Group, we can offer artists opportunities to express their creativity in areas such as games and pictures.

而索尼在音樂業務上的競爭優勢在於我們的全球生態系統可以滿足藝術家的多樣化需求，並且由於我們的音樂業務是索尼集團的一部分，我們可以為藝術家提供在遊戲等領域表達他們創造力的機會和圖片。

In addition, we are enhancing our many artist-friendly initiatives such as offering them financial and other support.

此外，我們正在加強許多對藝術家友好的舉措，例如為他們提供財務和其他支持。

And we believe these initiatives anticipate the strong financial performance of this segment.

我們相信這些舉措預示著該部門的強勁財務表現。

Next is the Pictures segment.

接下來是圖片部分。

FY '21 Q2 sales increased a significant 40% year-on-year to JPY 260.7 billion primarily due to an increase in sales of Television Productions and Media Networks.

21 財年第二季度銷售額同比大幅增長 40% 至 2607 億日元，主要是由於電視製作和媒體網絡的銷售額增加。

Despite the impact of the increase in sales, operating income decreased JPY 1.2 billion year-on-year to JPY 31.6 billion primarily due to an increase in marketing expenses related to the release of films in theaters.

儘管受到銷售額增長的影響，但營業收入同比下降 12 億日元至 316 億日元，主要是由於與影院上映相關的營銷費用增加。

FY '21 sales are expected to increase JPY 60 billion compared to our previous forecast to JPY 1.180 trillion, and operating income is expected to increase JPY 18 billion compared to our previous forecast to JPY 108 billion.

21財年的銷售額預計將增加600億日元，而我們之前的預測為1.180萬億日元，營業收入預計將增加180億日元，而我們之前的預測為1080億日元。

Primarily in the U.S., we have begun to gradually release major films in theaters, and our film, Venom: Let There be Carnage, which was released this month, generated box office revenue approximately JPY 10 billion in the first 3 days of its release in the U.S., which is the best opening performance of any film during the pandemic.

主要在美國，我們已經開始逐步在影院上映主要電影，我們本月上映的電影《毒液：大屠殺》在上映的前 3 天創造了約 100 億日元的票房收入。美國，這是大流行期間所有電影的最佳開場表演。

We are planning to release our compelling IP from Sony to theaters going forward such as Ghost Busters: Afterlife and Spider-Man: No Way Home.

我們計劃將我們引人入勝的索尼 IP 發佈到未來的影院，例如 Ghost Busters: Afterlife 和 Spider-Man: No Way Home。

On the other hand, we plan to monetize family-oriented films this fiscal year such as Hotel Transylvania: Transformania by directly licensing them to video streaming services as we do not believe they will draw us sufficient theatrical audiences during the pandemic.

另一方面，我們計劃在本財年將面向家庭的電影（例如特蘭西瓦尼亞酒店：變形金剛）通過直接授權給視頻流媒體服務來獲利，因為我們認為它們不會在大流行期間吸引足夠的影院觀眾。

Going forward, we plan to continue to respond appropriately to the changes in the environment through a flexible releasing strategy aimed at maximizing the long-term value of our films.

展望未來，我們計劃通過靈活的發行策略繼續適當應對環境的變化，以最大限度地提高電影的長期價值。

Last month, we signed a nonbinding term sheet to merge subsidiary of Sony Pictures Entertainment, SPE, and Zee Entertainment Enterprises, a media company in India.

上個月，我們簽署了一份不具約束力的條款清單，以合併 Sony Pictures Entertainment、SPE 和印度媒體公司 Zee Entertainment Enterprises 的子公司。

Under the proposed merger, SPE will hold a majority stake in the resulting merged company.

根據擬議的合併，SPE 將持有合併後公司的多數股權。

Under the term sheet, the 2 parties are conducting mutual due diligence, and Zee has agreed to negotiate exclusively with SPE for a period of 90 days with a goal of reaching definitive agreements.

根據條款清單，雙方正在進行相互盡職調查，Zee 已同意與 SPE 進行為期 90 天的獨家談判，以達成最終協議。

India has an economic base, which is rapidly growing, primarily among the younger generation and is the largest linear TV market in the world that is still growing.

印度擁有快速增長的經濟基礎，主要是在年輕一代中，並且是世界上仍在增長的最大的線性電視市場。

In addition, the opportunity for digital distribution services is beginning to grow rapidly due to improvements in India's communications infrastructure.

此外，由於印度通信基礎設施的改善，數字分銷服務的機會開始迅速增長。

SPE's Indian business, which includes the video distribution service, SonyLIV, is a leading TV broadcasting business in India.

SPE 的印度業務（包括視頻分發服務 SonyLIV）是印度領先的電視廣播業務。

And it accounts for slightly less than 40% of the sales of Media Networks in Q2.

它佔媒體網絡第二季度銷售額的比例略低於 40%。

As the growth area in the Pictures segment, we plan to continue to proactively seek opportunities to expand this business by using the profitability of the TV broadcasting business and our content assets to strengthen our digital distribution service.

作為影視業務的增長領域，我們計劃利用電視廣播業務的盈利能力和我們的內容資產，繼續積極尋求擴大該業務的機會，以加強我們的數字發行服務。

Now I will explain our anime business that spans the Music and Pictures segment.

現在，我將解釋我們跨越音樂和圖片部門的動漫業務。

On August 9 of this year, we completed the acquisition of Crunchyroll by Funimation, a joint venture between SPE and Aniplex.

今年 8 月 9 日，我們完成了 SPE 和 Aniplex 的合資企業 Funimation 對 Crunchyroll 的收購。

Crunchyroll is the world's largest anime-dedicated direct-to-consumer service with more than 120 million registered users and more than 5 million paying subscribers in more than 200 countries and territories.

Crunchyroll 是全球最大的動漫專用直接面向消費者的服務，在 200 多個國家和地區擁有超過 1.2 億註冊用戶和超過 500 萬付費用戶。

The market for Japanese anime outside of Japan has grown significantly at a compound annual growth rate of 30% since 2014.

自 2014 年以來，日本以外的日本動漫市場以 30% 的複合年增長率顯著增長。

We aim to create the most beloved video distribution platform for anime fans around the world by delivering compelling content through enhanced distribution service brought about by the integration of Funimation and Crunchyroll.

我們的目標是通過 Funimation 和 Crunchyroll 的集成帶來的增強分發服務提供引人入勝的內容，為全世界的動漫迷創建最喜愛的視頻分發平台。

And next is the Electronics Products & Solutions segment.

接下來是電子產品和解決方案部門。

Primarily due to the impact of foreign exchange rates and an increase in the sales of smartphones, Q2 sales increased 9% year-on-year to JPY 581.9 billion.

主要受匯率影響和智能手機銷量增長的影響，第二季度銷售額同比增長 9% 至 5819 億日元。

Operating income increased a significant JPY 19.3 billion year-on-year to JPY 72.7 billion primarily due to the benefit of the increase in sales and improvement in the product mix.

營業收入同比大幅增長 193 億日元至 727 億日元，這主要得益於銷售額的增加和產品結構的改進。

FY '21 sales are expected to decrease JPY 40 billion compared to our previous forecast to JPY 2.280 trillion, while operating income is expected to increase JPY 20 billion compared to the previous forecast to JPY 190 billion to reflect the results of FY '21 Q2.

與我們之前的預測相比，21 財年的銷售額預計將減少 400 億日元至 2.280 萬億日元，而營業收入預計將比之前的預測增加 200 億日元至 1900 億日元，以反映 21 財年第二季度的結果。

During Q2, we were unable to meet the demand for some products because the resurgence of the COVID-19 pandemic in Southeast Asia led to limitations on our factory operations and on the supply of content.

在第二季度，我們無法滿足對某些產品的需求，因為東南亞 COVID-19 大流行的死灰復燃導致我們的工廠運營和內容供應受到限制。

However, we maintained a high level of profitability due to our ability to maintain prices and shift to higher value-added models.

然而，由於我們有能力維持價格並轉向更高附加值的模式，我們保持了高水平的盈利能力。

In the TV business, although we were able to maintain market prices during Q2, a rapid decrease in panel prices going forward could impact the market prices of our products.

在電視業務方面，雖然我們能夠在第二季度維持市場價格，但未來面板價格的快速下降可能會影響我們產品的市場價格。

So we have incorporated that possibility in our forecast, and we'll closely monitor market trends in order to control inventory and margin.

因此，我們將這種可能性納入了我們的預測，我們將密切關注市場趨勢，以控制庫存和利潤。

In addition, limitations on the supply of components, especially semiconductors, have recently become apparent.

此外，最近對組件，尤其是半導體的供應限制變得很明顯。

And we have incorporated the impact of these shortages in our forecast for the fiscal year.

我們已將這些短缺的影響納入我們對本財年的預測。

Prior to incorporating these risks, the forecasted operating income for the second half of the fiscal year was essentially flat compared to the second half of the previous fiscal year.

在納入這些風險之前，本財年下半年的預測營業收入與上一財年下半年相比基本持平。

Next is the Imaging & Sensing Solutions segment.

接下來是成像和傳感解決方案部分。

FY '21 Q2 sales decreased 9% year-on-year to JPY 278.3 billion, and operating income decreased JPY 1.0 billion year-on-year to JPY 49.7 billion.

21財年第二季度銷售額同比下降9%至2783億日元，營業收入同比下降10億日元至497億日元。

Our FY '21 sales forecast remains unchanged from the previous forecast.

我們的 21 財年銷售預測與之前的預測保持不變。

But operating income is expected to increase JPY 10 billion compared to our previous forecast to JPY 150 billion.

但營業收入預計將增加 100 億日元，而我們之前的預測為 1500 億日元。

Although the mobile sensor business was impacted by the recent weakness in the Chinese smartphone market, a tight supply and demand situation for semiconductors in general and delays in the production of smartphone and components for smartphones in the southeast, there is no major change to our FY '21 forecast for the business primarily due to the positive impact of foreign exchange rates and the reduction in expenses.

儘管移動傳感器業務受到近期中國智能手機市場疲軟、半導體供需總體緊張以及東南部智能手機和智能手機零部件生產延遲的影響，但我們的財年並無重大變化'21 對業務的預測主要是由於匯率的積極影響和費用的減少。

We are taking steps to minimize the impact on our financial performance this fiscal year of restriction on the quality and increase in the price of logic wafers procured from foundries.

我們正在採取措施，盡量減少本財年對從代工廠採購的邏輯晶圓的質量和價格的限制對我們財務業績的影響。

The efforts we have made to expand our customer base are also progressing steadily.

我們為擴大客戶群所做的努力也在穩步推進。

However, securing the logic wafers necessary to increase the quantity and the enhanced added value of our sensors from the next fiscal year has become a major issue.

但是，確保從下一財年開始增加我們傳感器的數量和增加附加值所需的邏輯晶片已成為一個主要問題。

We are continuing to negotiate with our foundries, but the tight supply and demand situation is expected to continue next fiscal year.

我們正在繼續與我們的代工廠進行談判，但預計下個財年供需緊張的局面將持續下去。

Despite these challenges, we upwardly revise our fiscal year forecast for image sensors sold to audio visual and industrial equipment.

儘管存在這些挑戰，我們還是上調了我們對出售給視聽和工業設備的圖像傳感器的財政年度預測。

The market for these sensors is growing faster than anticipated primarily due to recovery in the market for digital cameras and increasing demand for factory automation.

這些傳感器的市場增長速度快於預期，這主要是由於數碼相機市場的複蘇和對工廠自動化的需求不斷增加。

This market is more stable than the market for mobile application and has helped our profitability.

這個市場比移動應用市場更穩定，有助於我們盈利。

So we expect that it will contribute to the stabilization of profit of the entire image sensor business going forward.

因此，我們預計它將有助於未來整個圖像傳感器業務的利潤穩定。

Now I'd like to discuss the potential construction of a semiconductor factory in Japan by Taiwan Semiconductor Manufacturing Company, which was announced by TSMC the other day.

現在我想談談台積電前幾天宣布的台積電在日本建設半導體工廠的可能性。

Sony outsources almost all the production of logic wafers as part of the process of our manufacturing image sensors.

作為我們製造圖像傳感器過程的一部分，索尼幾乎將所有邏輯晶圓的生產都外包了出去。

So securing a stable supply of logic wafers is a critical business issue at the time when the global semiconductor shortage is expected to be prolonged.

因此，在全球半導體短缺預計將長期存在的情況下，確保邏輯晶圓的穩定供應是一個關鍵的商業問題。

Because building a factory of this nature could serve as a possible solution to this problem, in close collaboration with TSMC and the Ministry of Economy, Trade and Industry of Japan, we are studying the possibility of adding TSMC's Japan factory to our sources of logic wafer by leveraging our expertise, managing our own semiconductor factories in Japan to assist TSMC in building the new factory.

因為建立這種性質的工廠可以解決這個問題，我們與台積電和日本經濟產業省密切合作，正在研究將台積電的日本工廠添加到我們的邏輯晶圓來源的可能性通過利用我們的專業知識，在日本管理我們自己的半導體工廠，以協助台積電建設新工廠。

We believe that further strengthening and deepening our partnership with TSMC, which has a world-leading semiconductor production technology, is extremely meaningful for Sony.

我們相信，進一步加強和深化與擁有世界領先半導體生產技術的台積電的合作關係，對索尼來說意義非凡。

However, this matter is subject to further study and discussion.

不過，這件事還有待進一步研究和討論。

Last is the Financial Services segment.

最後是金融服務部門。

FY '21 Q2 Financial Services revenue was JPY 368.4 billion, essentially flat year-on-year.

21 財年第二季度金融服務收入為 3684 億日元，與去年同期基本持平。

And operating income increased JPY 6 billion to JPY 43.1 billion primarily due to an increase in profit at Sony Life Insurance Company Ltd.

營業收入增加 60 億日元至 431 億日元，主要是由於索尼人壽保險公司的利潤增加。

New policy amount in force at Sony Life during Q2 exceeded that in the same quarter of the previous fiscal year primarily due to the strength of our business selling to corporation.

索尼人壽在第二季度生效的新保單金額超過了上一財年同期的金額，這主要是由於我們向公司銷售業務的實力。

FY '21 Financial Services revenue is expected to increase JPY 90 billion compared to our previous forecast to JPY 1.490 trillion.

與我們之前預測的 1.490 萬億日元相比，21 財年金融服務收入預計將增加 900 億日元。

Our forecast for operating income remains unchanged from the previous forecast.

我們對營業收入的預測與之前的預測保持不變。

Lastly, I will discuss the strategic investments we are accelerating in order to grow over the medium to long term.

最後，我將討論我們為實現中長期增長而加速的戰略投資。

Approximately JPY 1 trillion of -- approximately JPY 1.4 trillion in strategic investment we made from April 1, 2018, to March 31, 2021, was used to acquire businesses, while the rest was used to obtain minority equity stakes and repurchase Sony's stock.

我們在 2018 年 4 月 1 日至 2021 年 3 月 31 日期間進行的戰略投資中，約有 1 萬億日元——約 1.4 萬億日元用於收購業務，其餘用於獲得少數股權和回購索尼的股票。

We expect to generate operating cash flow of approximately JPY 180 billion from the acquired businesses over the 3 years from April 1, 2021, to March 31, 2024.

我們預計在 2021 年 4 月 1 日至 2024 年 3 月 31 日的 3 年內，從收購業務中產生的經營現金流約為 1800 億日元。

As a part of our resources for capital allocation, we intend to use this cash flow from further investment accelerating the cycle, thereby returns generated from previous investments are used to invest in future growth.

作為我們資本配置資源的一部分，我們打算利用進一步投資的現金流來加速週期，從而將先前投資產生的回報用於投資未來的增長。

Our ability to invest early in areas with high growth potential has increased.

我們在具有高增長潛力的領域進行早期投資的能力有所提高。

And opportunities to invest have also steadily increased, especially in the entertainment space.

投資機會也在穩步增加，尤其是在娛樂領域。

During the period of current midrange plan, we plan to make strategic investment more than JPY 2 trillion, including Sony's stock repurchases.

在當前中端計劃期間，我們計劃進行超過2萬億日元的戰略投資，包括索尼的股票回購。

The total amount paid so far for companies and assets that have already been acquired, including Crunchyroll, is approximately JPY 280 billion.

迄今為止，已為包括 Crunchyroll 在內的已收購公司和資產支付的總金額約為 2800 億日元。

The total amount of investment already decided upon is approximately JPY 120 billion.

已確定的總投資額約為1200億日元。

Last week, we announced the sale of GSN Games, a casual mobile game business under [SPE] (corrected by the company after the call).

上週，我們宣佈出售 [SPE] 旗下的休閒手游業務 GSN Games（公司在電話會議後更正）。

We plan to reallocate the capital generated from the sale of businesses and assets like this to strategic investment in growth area.

我們計劃將出售此類業務和資產產生的資金重新分配到增長領域的戰略投資。

This concludes my remarks.

我的發言到此結束。

Thank you very much.

非常感謝。

It was Totoki, Executive Vice President and CFO.

是執行副總裁兼首席財務官 Totoki。

From now -- from 5 minutes to 4, we'll have a QA by journalists, and from 4:20, Q&A for investors and analysts.

從現在開始 - 從 5 分鐘到 4 分鐘，我們將進行記者問答，從 4:20 開始，我們將進行投資者和分析師的問答。

We are scheduled to have 20 minutes each for Q&A.

我們計劃每人有 20 分鐘的問答時間。

Those media, investors, analysts who have registered in advance, please connect to the number designated in advance.

已提前報名的媒體、投資人、分析師，請提前撥打指定號碼。

Also, those of you who have not registered in advance, you can continue to see the Q&A session on the webcast.

另外，還沒有提前報名的小伙伴們，可以繼續看網絡直播的問答環節。

Would you kindly wait until the Q&A session begins.

請您等到問答環節開始。

We'll start Q&A from media shortly, which you can wait for a few minutes.

稍後我們將開始媒體問答，您可以等待幾分鐘。

Thank you very much for waiting.

非常感謝您的等待。

Now we are going to entertain questions from the media.

現在我們將接受媒體的提問。

We have with us Hiroki Totoki, Executive Deputy President and CFO; Naomi Matsuoka, Senior Vice President, in charge of Corporate Planning, Control, Finance and IR.

我們有常務副總裁兼首席財務官 Hiroki Totoki； Naomi Matsuoka，高級副總裁，負責公司規劃、控制、財務和 IR。

(Operator Instructions)

（操作員說明）

Now we'd like to start Q&A session.

現在我們要開始問答環節。

(Operator Instructions)

（操作員說明）

The first is Inamoto-san from NHK.

首先是NHK的稻本先生。

I'm Inamoto from NHK.

我是NHK的稻本。

Can you hear me?

你能聽到我嗎？

Yes, we can.

我們可以。

I have 2 questions.

我有 2 個問題。

First question has to do with the impact of COVID-19.

第一個問題與 COVID-19 的影響有關。

The state of emergency was lifted and economic activities are recovering gradually.

緊急狀態解除，經濟活動逐步恢復。

The impact -- how do you factor in the impacts this time?

影響——這次你如何考慮影響？

And also, are there going to be changes in the stay-home demand?

此外，居家需求是否會發生變化？

And what would be the possible impacts upon your business?

對您的業務可能產生的影響是什麼？

That's my first question.

這是我的第一個問題。

Second question.

第二個問題。

The semiconductor production, TMSC of Taiwan -- TSMC is going to establish a plant in Japan, and you are a candidate for working together with TSMC.

半導體生產，台灣台積電——台積電要在日本建廠，你是與台積電合作的候選人。

To the extent that you can share with you, can you explain how you're going to collaborate with them?

在可以與您分享的範圍內，您能解釋一下您將如何與他們合作嗎？

Thank you for your questions.

謝謝你的提問。

Two questions, I am going to respond to both of your questions.

兩個問題，我將回答你的兩個問題。

First, impact of COVID-19; and secondly, TSMC construction of the plant of TSMC and our position as to that.

首先，COVID-19 的影響；其次，台積電在台積電的工廠建設以及我們對此的立場。

With regard to your first question, COVID-19.

關於您的第一個問題，COVID-19。

In the second quarter, the impact of the production and logistics is large, and we have difficulty and challenge in managing, but frontline people have worked well, and it was managed well as a business.

第二季度，生產和物流的影響很大，我們在管理上遇到了困難和挑戰，但是一線的人工作得很好，把它作為一個業務來管理。

Going forward, pandemic might spread in the future and it may subside.

展望未來，大流行可能會在未來蔓延，並且可能會消退。

So we have to -- we should be accumulating the know-how to respond to such pandemics and respond accordingly.

所以我們必須——我們應該積累應對此類流行病的專業知識並做出相應的反應。

Last year, in game business, impact -- effect of the stay-home demand was large.

去年，在遊戲業務中，居家需求的影響很大。

And this was a tailwind for our business.

這對我們的業務來說是順風。

This year, this tailwind is less -- we have less impact from stay-home demand.

今年，這種順風較小——我們對居家需求的影響較小。

Your second question, TSMC's new factory.

你的第二個問題，台積電的新工廠。

As I mentioned earlier, for us, image sensor logic wafer and a stable procurement of that is a very important thing for us.

正如我之前提到的，對我們來說，圖像傳感器邏輯晶圓和穩定的採購對我們來說是非常重要的事情。

And the stable supply of semiconductor is the key for the Japanese industry as a whole.

而半導體的穩定供應是整個日本產業的關鍵。

Therefore, to be -- as much as possible, we'd like to collaborate on this front.

因此，盡可能地，我們希望在這方面進行合作。

As for the details, it is a matter -- there are many things which are still under discussion.

至於細節，那是個問題——還有很多事情還在討論中。

And of course, when decisions are made, promptly, we are going to explain to you.

當然，當做出決定時，我們會及時向您解釋。

Thank you.

謝謝你。

The next question, Asahi Shimbun Newspaper, [Sasaki-san], please.

下一個問題，朝日新聞，請[佐佐木先生]。

Asahi Shimbun Newspaper, [Sasaki].

朝日新聞，[佐佐木]。

Can you hear me?

你能聽到我嗎？

Yes, please.

是的，請。

I have 2 questions.

我有 2 個問題。

First, imaging and the imaging issue.

首先，成像和成像問題。

As you explained, TSMC and Sony will be collaborating, I understand.

正如你所解釋的，台積電和索尼將合作，我理解。

But more specifically, are you going to hold a stake in the company?

但更具體地說，你會持有公司的股份嗎？

Can I ask -- answer that?

我可以問 - 回答嗎？

And also, you said that it will contribute to the Japanese industry on the whole.

而且，您說它將為整個日本工業做出貢獻。

But automotive sectors -- excuse me?

但是汽車行業——對不起？

So I believe that automotive sectors will also be involved in about gaming.

所以我相信汽車行業也會涉及到遊戲。

The PS5 production is not picking up.

PS5 的生產沒有回升。

The second quarter again is 3.3 million units, so it's slow.

第二季度又是 330 萬台，所以速度很慢。

And I'm wondering if you can reach 14 million that you are targeting towards.

我想知道您是否可以達到您的目標 1400 萬。

So is there a possibility that you'll be reducing your target?

那麼有沒有可能你會降低你的目標？

Can you elaborate on that?

你能詳細說明一下嗎？

So these are my 2 questions.

所以這是我的兩個問題。

Thank you for your questions.

謝謝你的提問。

I will respond to both questions.

我會回答這兩個問題。

Well, first, about the TSMC and the factory of TSMC, whether we will hold a stake in the new factory.

那麼，首先，關於台積電和台積電的工廠，我們是否會持有新工廠的股份。

Well, we are targeting towards securing stable supply.

好吧，我們的目標是確保穩定的供應。

And that is the reason why we are going to support them in building and operating this new factory.

這就是為什麼我們要支持他們建造和運營這家新工廠的原因。

And so when it comes to investment and the amount in investment, those details, this is currently under study and being discussed.

因此，當涉及到投資和投資金額時，這些細節目前正在研究和討論中。

And therefore, once something is decided, we would like to promptly inform you.

因此，一旦做出決定，我們會及時通知您。

And about PlayStation 5. Well, this fiscal year's target -- well, this fiscal year.

關於 PlayStation 5。嗯，本財年的目標——嗯，本財年。

In the second year of PS4, it was, to be more precise, 14.8 million units.

PS4 的第二年，更準確地說是 1480 萬台。

And we were targeting to exceed this number, and we have not changed this target.

我們的目標是超過這個數字，我們沒有改變這個目標。

Meanwhile, well, worldwide, there is a disruption in the logistics and mainly semiconductors device supply are being constrained.

與此同時，在全球範圍內，物流中斷，主要是半導體設備供應受到限制。

And this is having a larger impact.

這正在產生更大的影響。

And as you know, the hardware sales due in the first quarter was less unit-wise.

如您所知，第一季度的硬件銷售量較少。

And so this is having an impact on us and likewise, for the second quarter.

所以這對我們和第二季度都有影響。

But I think that with our effort in putting in place different measures, the PS platform momentum can be maintained.

但我認為，通過我們採取不同措施的努力，PS平台的勢頭是可以保持的。

And especially to the users that are waiting for the PS5, we want to be able to supply as many PS5s as possible to our customers who are waiting.

尤其是對於等待 PS5 的用戶，我們希望能夠為等待的客戶提供盡可能多的 PS5。

That is our thinking.

這就是我們的想法。

Thank you.

謝謝你。

The next question, from Nikkei, [Mr.

下一個問題來自日經，[Mr.

Bam], please.

巴姆]，請。

This is [Bam] from Nikkei.

這是來自日經的[Bam]。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

And the answer to Asahi Shimbun question, you have a comprehensive negotiation and consultation.

而朝日新聞問題的答案，你們進行了全面的談判和協商。

And can we understand that includes equity investment?

我們能理解這包括股權投資嗎？

TSMC, in their press conference for the joint venture, normally, they didn't engage in that.

台積電，在他們的合資新聞發布會上，通常情況下，他們沒有參與。

But this time, case-by-case, they study this possibility.

但這一次，他們逐案研究這種可能性。

So equity investment or the part of the factory is on and some funding is provided.

因此，股權投資或部分工廠正在進行，並提供了一些資金。

Do you have that kind of equity investment?

你有這種股權投資嗎？

Thank you very much for your question about this particular issue.

非常感謝您提出關於這個特定問題的問題。

Let me be redundant.

讓我變得多餘。

Let me repeat myself.

讓我重複一遍。

Currently, the discussion is underway and consultation is underway.

目前，正在進行討論和協商。

And therefore, I'm not able to make comments further.

因此，我無法進一步發表評論。

And once decisions are made, I would like to share with -- that decision immediately with you.

一旦做出決定，我想立即與您分享該決定。

(Operator Instructions) [Mr.

（操作員說明）[Mr.

Masuda-san] from Nikkei Shimbun, please.

來自日經新聞的增田先生，請。

[Masuda] from Nikkei.

[增田]來自日經。

Can you hear me?

你能聽到我嗎？

Yes, we can.

我們可以。

I have 2 questions.

我有 2 個問題。

Earlier, semiconductor -- their plant was stopped due to COVID-19, and you had difficulty in managing the situation.

早些時候，半導體——他們的工廠因 COVID-19 而停產，你很難管理這種情況。

In order to conduct a stable procurement, how are you managing this?

為了進行穩定的採購，您是如何管理的？

Can you elaborate me that?

你能詳細說明一下嗎？

And also the impact of the shortage of semiconductor is seen in games and electronics.

半導體短缺的影響也體現在遊戲和電子產品中。

And how much monetary impact is there?

有多少貨幣影響？

Can you explain?

你可以解釋嗎？

Second question, capital allocation.

第二個問題，資金配置。

In the -- you have been conducting acquisitions, and cumulatively, JPY 180 billion operating cash flow is forecasted.

在--您一直在進行收購，預計累計運營現金流為1800億日元。

More specifically, in what area are you going to do this?

更具體地說，你打算在哪個領域做這件事？

Are you going to do investment or return to the shareholders?

你是要投資還是回報股東？

Thank you for your questions.

謝謝你的提問。

I would like to respond to both of the questions.

我想回答這兩個問題。

First, semiconductor -- shortage of semiconductor and other issues of the supply chain.

一、半導體——半導體短缺等供應鏈問題。

In order to stably procure, what can we do?

為了穩定採購，我們能做些什麼？

In various ways, we have been addressing this question.

我們一直在以各種方式解決這個問題。

Making commercialization of parts and components and also we ask the affiliated companies to produce for us.

使零部件商品化，也請關聯公司代為生產。

And where there's a forecast of a shortage, we will be increasing the level of inventory higher than usual and also change the design so that other parts and components can be used.

在預測出現短缺的情況下，我們將比平時增加庫存水平，並改變設計，以便可以使用其他零部件。

So various measures can be taken with a combination of these measures.

因此，可以通過這些措施的組合來採取各種措施。

So far, at least up until the first half of this fiscal year, we have been able to minimize the negative impact.

到目前為止，至少在本財年上半年之前，我們已經能夠將負面影響降到最低。

And as to the monetary amount, how much impact is there, I think it's difficult to tell how much.

至於金額，有多大的影響，我覺得很難說。

But rather, I think that we are managing the situation rather well.

但相反，我認為我們處理得很好。

In the second half, this situation is likely to continue.

下半年，這種情況很可能會持續下去。

So as I touched upon in my presentation, we have factored in the risk in the EP&S segment.

因此，正如我在演講中提到的那樣，我們已將 EP&S 部分的風險考慮在內。

With regards to your second question, capital allocation going forward.

關於你的第二個問題，未來的資本配置。

Basically, from this fiscal year, for 3 years, in the mid-range plan, more than JPY 2 trillion is to be allocated for strategic investment.

基本上，從本財年開始，3年的中期計劃中，將分配超過2萬億日元用於戰略投資。

As we have stated, strategic investment for the growth of the business in the future, we will be making strategic investments.

正如我們所說，為了未來業務的增長進行戰略投資，我們將進行戰略投資。

That is our top most priority, followed by CapEx and return to the shareholders, share buyback, repurchase of our shares, that is the order.

那是我們的首要任務，其次是資本支出和回報股東，股票回購，回購我們的股票，這是順序。

Next question, [Nishida-san], freelancer, please.

下一個問題，[西田同學]，請自由職業者。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

I have 2 questions.

我有 2 個問題。

First, imaging sensor -- about the imaging sensor.

一、成像傳感器——關於成像傳感器。

I think there is some instability for those for smartphones and -- but what about the product mix changes?

我認為智能手機存在一些不穩定性，但是產品組合的變化呢？

Can you explain about the changes in product mix?

你能解釋一下產品組合的變化嗎？

Are you going to shrink the smartphone portion?

你打算縮小智能手機的部分嗎？

Or are you going to add on more for the industrial applications?

還是您要為工業應用添加更多內容？

So can you give me a total view about it?

那你能給我一個整體的看法嗎？

PlayStation 5, the second question.

PlayStation 5，第二個問題。

Well, the production is not picking up.

好吧，生產並沒有回升。

And therefore, I would like to know what is happening about the momentum.

因此，我想知道勢頭正在發生什麼。

And I do understand that there is a problem about unit sales and consumer momentum.

而且我確實理解單位銷售和消費者動力存在問題。

Are you not facing any adverse situation?

你沒有遇到任何不利的情況嗎？

Or do you need to come up with measures in the mid- to long term?

還是需要提出中長期的措施？

Can you talk about your future plans?

能談談你未來的計劃嗎？

Again, I will try to respond to both of those questions.

再次，我將嘗試回答這兩個問題。

Well, about the image sensor -- imaging sensor, those for smartphones and the other is for industrial equipment cameras and for those applications.

好吧，關於圖像傳感器——圖像傳感器，用於智能手機，另一個用於工業設備相機和這些應用程序。

So it's a mix of those semiconductors are imaging sensors.

所以它是這些半導體的混合體是成像傳感器。

We are planning to add on.

我們正計劃增加。

But about the size, scale, and the smartphone market is much bigger.

但關於規模、規模和智能手機市場要大得多。

And therefore, I think we have to observe the trend in the smartphone market.

因此，我認為我們必須觀察智能手機市場的趨勢。

We have to carefully monitor what is happening in the smartphone market.

我們必須仔細監控智能手機市場正在發生的事情。

That's the first part.

這是第一部分。

And about PS5, we -- as early as possible, we'd like to release as many units.

關於 PS5，我們希望盡可能早地發布盡可能多的單位。

This is what we have in mind.

這就是我們的想法。

But so far, overall, in MAU, it's about 100 million people.

但到目前為止，總體而言，MAU 約為 1 億人。

PS5, ratio-wise, it's less than 20%.

PS5，按比例計算，不到 20%。

And so when it comes to user engagement, PS5 sales does not immediately have impact on users' engagement.

因此，在用戶參與度方面，PS5 銷量不會立即對用戶參與度產生影響。

So it's hard to believe that there will be a direct impact now.

所以很難相信現在會有直接的影響。

The add-on content, it is more than last -- the second quarter year-on-year because we think that the user engagement has improved.

附加內容，它比去年第二季度更多，因為我們認為用戶參與度有所提高。

We want to try to positively take advantage of this momentum in PS5.

我們希望在 PS5 中積極利用這一勢頭。

And also, we have another release in the fourth quarter, and therefore, we would like to carefully monitor the trend.

此外，我們在第四季度還會發布另一個版本，因此，我們希望仔細監控這一趨勢。

Thank you.

謝謝你。

Time is getting short.

時間越來越短了。

And therefore, the next question will be the last question.

因此，下一個問題將是最後一個問題。

From Nikkan Kogyo Shimbun, [Yaskawa-san], please.

日刊工業新聞，請[安川先生]。

Can you hear me?

你能聽到我嗎？

Yes, we can, please.

是的，我們可以，拜託。

[Yaskawa] from Nikkan Kogyo Shimbun.

[安川]日刊工業新聞。

I have 2 questions.

我有 2 個問題。

Regarding the yen depreciation and how much the business incorporates the impacts of the cheap yen.

關於日元貶值以及企業在多大程度上吸收了日元貶值的影響。

And the government -- regarding the quarterly disclosure, the government will begin the discussion about that.

而政府——關於季度披露，政府將開始討論。

And how -- what is your view about this new initiative by the government?

以及如何 - 您對政府的這項新舉措有何看法？

Thank you very much for your question.

非常感謝您的提問。

The first question is about the impact of the yen depreciation on the business results.

第一個問題是關於日元貶值對經營業績的影響。

And the second is regarding the review and the revision of the quarterly disclosure, what is our view on it.

二是關於季度披露的審核和修改，我們對此有何看法。

And regarding the first question, I would like to answer your question.

關於第一個問題，我想回答你的問題。

And the second question will be answered by Matsuoka-san.

第二個問題將由松岡先生回答。

So regarding the cheap yen, the currency, this time, compared to the previous forecast, the forecast this time is -- the currency assumption is the euro is -- 1 yen higher for the yen, JPY 131 to JPY 130.

所以關於便宜的日元，這次的貨幣，與之前的預測相比，這次的預測是——貨幣假設是歐元——日元上漲1日元，131日元到130日元。

And so there is a change assumption.

所以有一個變化假設。

And for dollar, the exchange rate is -- stays at the same level, JPY 110.

而對於美元，匯率是 - 保持在同一水平，即 110 日元。

And so this impact has not changed significantly as this indicates.

因此，這種影響並沒有像這表明的那樣發生顯著變化。

And this has been already disclosed, and 1 yen higher means -- and what is the impact on the consolidated results.

而這已經被披露了，1日元上漲意味著——對綜合結果有什麼影響。

And for the Game Network Service and EP&S and I&SS businesses, 1 yen higher means that in terms of dollar, it's positive.

而對於遊戲網絡服務和 EP&S 和 I&SS 業務，上漲 1 日元意味著以美元計，這是積極的。

And in terms of euro, JPY 5.5 billion negative impact is recorded.

以歐元計，產生了 55 億日元的負面影響。

And that is a simulation that we include for our forecast.

這是我們在預測中包含的模擬。

And for Music and Pictures combined, 1 yen higher means that in terms of dollar, the JPY 2 billion negative impact.

而對於音樂和圖片來說，上漲 1 日元意味著以美元計，將產生 20 億日元的負面影響。

And that is the impact on the operating profit, operating income.

這就是對營業利潤、營業收入的影響。

And so that is the sensitivity that we use for forecast.

這就是我們用於預測的敏感性。

Excuse me, dollar is JPY 111, that is our assumption.

對不起，美元是 111 日元，這是我們的假設。

So 1 yen lower.

所以低了1日元。

So that is JPY 111 versus -- against the dollar.

所以這是 111 日元兌 - 兌美元。

The second question.

第二個問題。

So I will answer the question.

所以我會回答這個問題。

I believe that there are many different opinions on this.

我相信對此有很多不同的看法。

But on our part, for the policy, the discussion is still underway.

但就我們而言，就政策而言，討論仍在進行中。

And at this moment, I would like to refrain from making any comments.

在這一刻，我不想發表任何評論。

That's the comment from myself.

這是我自己的評論。

Since time is up, we would like to now bring to an end the question from the media members in order to change the questioners.

由於時間到了，我們現在想結束媒體成員的提問，以便更換提問者。

And our question and answer from the analysts will begin at 04:21.

分析師的問答將從04:21開始。

(Break)

（休息）

Thank you very much for waiting, ladies and gentlemen.

非常感謝您的等待，女士們，先生們。

Now we are going to entertain questions from the investors and analysts.

現在我們將回答投資者和分析師的問題。

(inaudible) as emcee, Hayakawa from Finance and IR.

（聽不清）作為司儀，來自 Finance and IR 的 Hayakawa。

The respondents are Hiroki Totoki, Executive Deputy President and Chief Financial Officer; Naomi Matsuoka, Senior Vice President, in charge of Corporate Planning and Control, Finance and IR; and Hirotoshi Korenaga, Senior Vice President, in charge of Accounting.

受訪者是常務副總裁兼首席財務官 Hiroki Totoki； Naomi Matsuoka，高級副總裁，負責公司計劃和控制、財務和 IR；和負責會計的高級副總裁 Hirotoshi Korenaga。

(Operator Instructions)

（操作員說明）

The first question, JPMorgan, Ayada-san, please.

第一個問題，摩根大通，綾田先生，請。

Ayada from JPMorgan.

摩根大通的綾田。

Game and semiconductor, I have one question each.

遊戲和半導體，我各有一個問題。

First is about games, user engagement.

首先是關於遊戲，用戶參與。

In the supplementary material, Page 9, monthly active user and member of PlayStation Plus and how you analyze the numbers.

在補充材料第 9 頁中，每月活躍用戶和 PlayStation Plus 會員以及您如何分析這些數字。

Monthly active users have been decreasing over the past quarters, but it has stopped the decline.

過去幾個季度，每月活躍用戶一直在下降，但已經停止下降。

And PS Plus members on a quarter-on-quarter basis is increasing.

PS Plus 會員數量環比增加。

Third quarter, towards the Christmas period, quarter -- are you expecting that there will be a stop in the decline of MAU and PS Plus?

第三季度，臨近聖誕節，季度——你是否期待MAU和PS Plus的下降會停止？

At this timing, we are not expecting that the number will increase.

在這個時候，我們預計這個數字不會增加。

PS Plus collection contributed to increasing the number of members.

PS Plus 收藏有助於增加成員數量。

If you have any ideas, please let us know.

如果您有任何想法，請告訴我們。

My second question, image sensor.

我的第二個問題，圖像傳感器。

As usual, capacity and the record of wafer input and actual results.

像往常一樣，容量和晶圓輸入和實際結果的記錄。

Also in relation to that, Totoki-san earlier talked about the procurement of logic in the future.

同樣與此相關，戶時先生之前談到了未來的邏輯採購。

And this is -- might become a point of concern in the future.

這是 - 可能成為未來的一個關注點。

But putting that aside for the time being, from mobile customers -- encouraged from the mobile customers, especially in this area, toward next year, the mix will increase with the size becoming larger.

但暫且不說，移動客戶——尤其是在這一領域的移動客戶的鼓勵下，到明年，隨著規模的擴大，這種組合將增加。

So is there any change?

那麼有什麼變化嗎？

As you talk with the customers, what are the focus of the discussion with the customers?

在與客戶交談時，與客戶討論的重點是什麼？

Can you share with us your ideas?

你能和我們分享你的想法嗎？

Thank you very much for your questions.

非常感謝您的提問。

Both questions, I am going to respond to both of the questions that you have asked.

這兩個問題，我將回答你提出的兩個問題。

First point, MAU, monthly active users, and the PS Plus members, the trend of the membership.

第一點，MAU，月活躍用戶，以及PS Plus會員，會員的趨勢。

How do I look at this was the question.

我怎麼看這是一個問題。

PS Plus.

PS加。

At the end of June, there was a decrease in the number of members, but it was a temporary phenomenon as we analyze.

6月底，會員人數有所減少，但我們分析這是暫時的現象。

It is not -- what trigger the temporary decline is difficult to pinpoint, but at any rate, it has already hit the bottom.

不是——觸發暫時性下跌的原因很難確定，但無論如何，它已經觸底了。

Second quarter, especially including promotion activities, it was increased, taking measures to increase the membership.

第二季度，特別是包括推廣活動，增加了，採取措施增加會員。

So promotion becoming effective is not wrong at all.

所以推廣變得有效並沒有錯。

And the recent trend is such that whether or not there is a stay-home demand, it fluctuates and difficult to analyze.

而且最近的趨勢是，無論是否有待在家裡的需求，它都是波動的，難以分析。

So after the second quarter has ended and the factor of the stay-home demand is -- has already disappeared as we move to the year-end holiday seasons, we look at the current situation as positive and we'd like to come up with strong momentum.

因此，在第二季度結束後，隨著我們進入年終假期，居家需求的因素已經消失，我們認為目前的情況是積極的，我們想提出勢頭強勁。

And then I&SS capacity.

然後是 I&SS 容量。

The numbers, FY '21 second quarter end, in total, 140,000 per month.

21 財年第二季度末的數字總計為每月 140,000。

And the third quarter end, 137,000 per month.

第三季度末，每月137,000。

It is expected.

這是預期的。

And this is due to the change in model mix.

這是由於模型組合的變化。

And the number of wafers input in the second quarter result, 3-month average is about 139,000.

而第二季度的晶圓投入量結果，3個月平均約為13.9萬片。

As of first quarter, forecast was 138,000.

截至第一季度，預測為 138,000。

So it is practically about the same level as forecasted at full capacity.

因此，它實際上與滿負荷預測的水平大致相同。

In the third quarter, the number of wafers, simple average of 3 months, is 138,000.

第三季度的晶圓數量，簡單平均3個月，為138,000片。

We are expecting full utilization.

我們期待充分利用。

And the trend of larger size as they are changed smoothly, the discussion with the customers, not only next year, but we are talking with looking into the longer future.

並且隨著尺寸變大的趨勢順利地改變，與客戶的討論，不僅是明年，而且我們正在談論著眼於更長遠的未來。

And as we have expected and forecast, the trend of larger size is likely to continue.

正如我們所預料和預測的那樣，更大尺寸的趨勢很可能會持續下去。

Specific customer in China is going to drive larger size.

中國的特定客戶將推動更大的規模。

And the vacuum created by their disappearance is not completely filled.

他們的消失所造成的真空並沒有被完全填滿。

So the pace might slow down slightly as compared to what I have explained last year.

因此，與我去年解釋的相比，速度可能會略微放緩。

Next question.

下一個問題。

SMBC Nikko, Katsura-san, please?

SMBC Nikko，桂先生，好嗎？

The supply chain issue including the pandemic impact and Page 22, cash allocation, on your slide.

供應鏈問題，包括大流行的影響和第 22 頁，現金分配，在您的幻燈片上。

That included, I would like to ask 2 questions.

其中包括，我想問兩個問題。

First, about the impact of COVID-19.

首先，關於 COVID-19 的影響。

Well, to the extent in your presentation, you said that second half of the year compared to last year, do you think that there will be a risk of JPY 38 billion to JPY 40 billion?

那麼，就您的發言而言，您說下半年與去年相比，您認為會有380億日元到400億日元的風險嗎？

But other than that, the game or I&SS, the impact in those categories as well, overall, the pandemic impact, how do you see it?

但除此之外，遊戲或 I&SS，以及這些類別的影響，總體而言，大流行的影響，你怎麼看？

So if you could elaborate on the overall impact on different segments.

因此，如果您可以詳細說明對不同細分市場的總體影響。

And the second, Page 22 is capital allocation.

第二，第 22 頁是資本配置。

And in the 3 years, it was 5.3 and CapEx of more than JPY 2 trillion.

而在 3 年裡，它是 5.3，資本支出超過 2 萬億日元。

And at TSMC talks, once this comes up, which -- and once it's made public, which will be included in?

在台積電的會談中，一旦出現這個問題——一旦公開，哪些會被包括在內？

It's just a hypothetical question, but -- and the reason why I ask this is as an investment size, it's huge, and we hear and we're wondering if there is an add-on effect.

這只是一個假設性問題，但是 - 我之所以問這個問題是因為投資規模很大，而且我們聽到並且想知道是否存在附加效應。

I just want to understand the thinking behind this.

我只是想了解這背後的想法。

And other than that, the strategic investment, you said about JPY 120 billion has already been decided.

除此之外，戰略投資，你說的大約1200億日元已經確定了。

And I believe that India's Zee is included here or if it's not, please say so.

我相信印度的 Zee 包括在內，或者如果不是，請說出來。

So more than JPY 2 trillion.

所以超過2萬億日元。

I think in terms of the implementation size, it's still limited.

我認為就實現規模而言，它仍然是有限的。

So can you elaborate?

那你能詳細說明一下嗎？

Thank you for your questions.

謝謝你的提問。

Well, first, your first question about the supply chain risk.

好吧，首先，您關於供應鏈風險的第一個問題。

So as you have rightly said, for EP&S, it is included.

所以正如你所說的，對於 EP&S，它是包括在內的。

And the amount is close to what you were saying.

而且金額和你說的差不多。

So this is factored in, estimated.

所以這是考慮在內的，估計的。

But if there are other segments, well, I cannot say anything for sure, but I think those game network segment, which is also producing hardware, will be impacted.

但是如果還有其他的細分市場，嗯，我不能肯定地說，但是我認為那些也在生產硬件的遊戲網絡細分市場會受到影響。

But unlike EP&S, I believe that the supply delay and impact on profit and loss will be totally different.

但與EP&S不同，我相信供應延遲和對損益的影響會完全不同。

And in case of PS5, just because shipment is late, it will not aggravate -- this fiscal year's performance is not as direct an impact.

而對於 PS5 來說，僅僅因為出貨延遲，並不會加劇——本財年的表現並沒有那麼直接的影響。

So I think for this fiscal year, the risk is maybe factored in the EP&S.

所以我認為在本財年，風險可能會被計入 EP&S。

And that is the current thinking behind what we have put together here for this fiscal year in the forecast.

這就是我們在本財年的預測中匯總的內容背後的當前想法。

And now about capital allocation, the TSMC.

現在關於資本配置，台積電。

If I talk about TSMC, I will have to go into the detailed specifics.

如果我談論台積電，我將不得不進入詳細的細節。

And it's very difficult for me to explain, trying to avoid that.

我很難解釋，試圖避免這種情況。

But in general terms, if we are going to hold a stake, it will be a strategic investment.

但總的來說，如果我們要持有股份，這將是一項戰略投資。

If it's CapEx, it will be included under CapEx.

如果是資本支出，它將包含在資本支出下。

Please understand that to be the case.

請理解是這樣的。

But this is still under discussion, and there is nothing decided.

但這仍在討論中，還沒有決定。

Please understand that is the current situation.

請理解這是目前的情況。

And about the content, about Zee, Matsuoka-san can explain that part.

至於內容，關於Zee，松岡先生可以解釋那部分。

You talked about whether Zee is included in the strategic investment, which has already been decided.

你談到了Zee是否包括在戰略投資中，這已經決定了。

No, it is not included.

不，它不包括在內。

And we have to follow up on what happens from here and after.

我們必須跟進從這里和之後發生的事情。

Well, the ones that are included on those already decided, those are the ones where we have already made an official approval and made a decision.

好吧，那些已經決定的那些，那些是我們已經正式批准並做出決定的那些。

So that is included in the ones that have been already decided.

所以這包括在已經決定的那些中。

But in order to get to that stage, Zee, as I explained, we are still doing due diligence and nothing is finalized and decided yet.

但是為了達到那個階段，Zee，正如我解釋的那樣，我們仍在盡職調查，還沒有最終確定和決定。

Now we would like to move on to the next question.

現在我們想繼續下一個問題。

Nakane-san from Mizuho Securities.

瑞穗證券的中根先生。

My name is Nakane from Mizuho Securities.

我是瑞穗證券的中根。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

I had 2 questions.

我有 2 個問題。

They are not related to the consolidated results this time.

與本次合併結果無關。

The first question is Mr. Yoshida mentioned in MLP connected to 1 billion people.

第一個問題是MLP中提到的吉田先生連接10億人。

And for games, there are other figures disclosed, but Crunchyroll and Zee may be included and many other new connections will be emerging.

而對於遊戲，還有其他數據披露，但可能會包括 Crunchyroll 和 Zee，並且還會出現許多其他新的聯繫。

So to the extent possible, the Crunchyroll 120 million, and that is what you mentioned.

所以在可能的範圍內，Crunchyroll 1.2 億，這就是你提到的。

At the end of September, if there is anything that you can disclose, please share that with us.

在 9 月底，如果您有任何可以透露的信息，請與我們分享。

And if possible, at the end of the term, the fiscal year, what is your prospect?

如果可能的話，在學期末，財政年度，你的前景如何？

And how -- what way are you going to disclose those figures?

以及如何 - 您將如何披露這些數據？

And the second question is related to the project in India.

第二個問題與印度的項目有關。

And at this moment, under the current mid-range plan on a group basis, how clear the strategy about India is within the group?

而此時，在目前集團化的中端計劃下，集團內部對印度的戰略有多清晰？

And according to my understanding so far, in each business segment has its own strategy.

而據我目前的了解，在每個業務領域都有自己的策略。

And currently, the synergy is emphasized.

目前，協同作用得到了強調。

But still, it looks like each business has its own.

但是，看起來每個企業都有自己的。

And in India, Media Network and other pictures and films, pictures and music, I think the situation is getting better.

而在印度，媒體網絡和其他圖片和電影、圖片和音樂，我認為情況正在好轉。

And for instance, the collaboration between the different segments like in America, and therefore, the regional strategy, if you have any strategy group-wide, please let us know.

例如，美國等不同部門之間的合作，因此，區域戰略，如果您有任何集團範圍內的戰略，請告訴我們。

So your questions -- there are -- the questions from you, and I will answer 2 questions.

所以你的問題——有——來自你的問題，我將回答兩個問題。

And Matsuoka-san will supplement my answer.

松岡先生會補充我的回答。

And the connection with 1 billion people, our challenge for that target.

與 10 億人的聯繫，是我們對這個目標的挑戰。

And that is our long-term vision.

這是我們的長期願景。

And also, that is defined as our aspiration.

而且，這被定義為我們的願望。

That's the way I interpret.

我就是這樣解讀的。

And so every quarter or every fiscal year, it's not like something that we show like subscription.

因此，每個季度或每個財政年度，它都不像我們展示的訂閱。

And so connecting with 1 billion people, in order to fulfill that vision, we do need to make investments strategically, and that has been executed and other measures are incorporated and group synergy is also fully maximized.

因此，連接 10 億人，為了實現這一願景，我們確實需要進行戰略性投資，並且已經執行並結合其他措施，並充分發揮集團協同作用。

Personally, I believe that throughout a year, we engage in different kinds of activities, and there are updates about the activities.

就個人而言，我相信在一年中，我們從事不同類型的活動，並且有關於活動的更新。

And following that cycle, I think we are able to share that information with you.

在這個週期之後，我認為我們能夠與您分享這些信息。

And as for the policy of disclosure, we do not have any, the finalized one yet.

至於披露政策，我們還沒有最終確定的政策。

So what we do and announced it, whether we are able to connect with 1 million people, I hope that you observe the trend and progress and give us your feedback.

所以我們做了什麼並宣布了，我們是否能夠連接到 100 萬人，我希望您觀察趨勢和進展，並給我們您的反饋。

And second question, that is the group-wide strategy vis-a-vis India.

第二個問題，這是針對印度的集團範圍內的戰略。

In answering that question, there is SonyLIV.

在回答這個問題時，有 SonyLIV。

And within the group in India, this business unit is a very important driver to promote the growth.

而在印度集團內部，這個業務部門是推動增長的非常重要的推動力。

And so that is the reason we engage in the deal in India.

這就是我們在印度進行交易的原因。

So information obtained through this project and the opportunities for other business areas.

所以通過這個項目獲得的信息以及其他業務領域的機會。

And among the top executives within the group, the discussion is constantly held.

並且在集團內的高層管理人員之間，不斷地進行討論。

So through those dialogue, group synergy will be manifested and realized, in my view.

因此，在我看來，通過這些對話，團隊協同作用將得到體現和實現。

And not just limiting this as a slogan, we'd like to translate that into actions.

不僅將其限制為口號，我們還希望將其轉化為行動。

Matsuoka-san, do you have any point to supplement?

松岡同學，你有什麼要補充的嗎？

India, as you know, is a big area with the potential for great growth.

如您所知，印度是一個具有巨大增長潛力的大地區。

And SonyLIV has been increasing subscriber size at the end of September, the 470 million is the number.

而SonyLIV在9月底一直在增加用戶規模，4.7億就是這個數字。

And therefore, going forward, in India, as Totoki-san mentioned now, the video and music, the pictures and music, we would like to use the synergy between the 2. And also going forward, the gain potential does exist in India.

因此，在印度，正如 Totoki 先生現在提到的，視頻和音樂、圖片和音樂，我們希望利用兩者之間的協同作用。而且展望未來，印度確實存在增益潛力。

So that potential will be also taken into the consideration, and a lot of discussions and dialogue has been going on.

因此，這種潛力也會被考慮在內，並且已經進行了很多討論和對話。

Time is running short.

時間不多了。

So the next person will be the last person.

所以下一個人將是最後一個人。

Morgan Stanley MUFG Securities, Ono-san.

摩根士丹利三菱日聯證券，小野山。

I'm Ono from Morgan Stanley.

我是摩根士丹利的小野。

I have a question and confirmation regarding CMOS in the market.

我對市場上的 CMOS 有疑問和確認。

Supply chain CMOS sensor for mobile, Sony is lowering the price, and the market -- the inventory of mobile sensor is getting unhealthy, some people say.

一些人說，手機供應鏈CMOS傳感器，索尼正在降低價格，市場——手機傳感器的庫存越來越不健康。

And to the extent that you can share with us, what are the changes in the mobile?

在您可以與我們分享的範圍內，移動設備發生了哪些變化？

How do you look at the changes in the market?

您如何看待市場的變化？

And in relation to that, last time, at the time of the first quarter results, mobile wafer unit price has gone down by 10% year-on-year.

與此相關的是，上一次，在發布第一季度業績時，移動晶圓單價同比下降了 10%。

Currently, on a monetary amount basis, for mobile and for AV, mainly camera, the ratio is about 70% to 30%, according to my understanding.

目前，按金額計算，手機和AV，主要是相機，據我了解，這個比例大約是70%到30%。

Including the first question, as you think about the mix in the future, there's going to be a further forecast upon AV or related to the question by Ayada-san, custom order will support next year and go back to mobile, which will result in improvement of profit.

包括第一個問題，考慮到未來的組合，Ayada-san的問題或與AV相關的進一步預測，明年將支持自定義訂單並返回移動，這將導致利潤的提高。

So can you please explain this?

那麼你能解釋一下嗎？

Sorry for the vague question.

很抱歉這個模糊的問題。

Thank you very much for your questions.

非常感謝您的提問。

The market of mobile sensor, how do I look at this market?

移動傳感器市場，我如何看待這個市場？

If I am to explain this, mobile market will continue to expand.

如果我要解釋這一點，移動市場將繼續擴大。

And of course, for the industrial machine and for AV, stably -- it's stable and the margin is high.

當然，對於工業機器和 AV，穩定——它是穩定的，而且利潤率很高。

But in terms of the size of the market, mobile market is much larger.

但就市場規模而言，移動市場要大得多。

You said 70% to 30%, but the ratio of mobile is even higher than that.

你說70%到30%，但移動端的比例甚至更高。

Well, the inventory level of the sensor market, to the extent of my knowledge, by -- the kind of inventory, which will have a difficulty for negotiation with the customers, we do not hear such voices at all.

那麼，傳感器市場的庫存水平，據我所知，這種庫存，與客戶談判有困難，我們根本沒有聽到這樣的聲音。

Prices, it is in the course of negotiation and discussion with the customers, price is discussed.

價格，是在與客戶談判討論的過程中，商量價格。

But when it comes to specific prices, I would like to refrain from referring to specific prices.

但說到具體價格，我想避免提及具體價格。

On our part, our policy remains unchanged.

就我們而言，我們的政策保持不變。

For high-end, larger size, this market will grow and expand.

對於高端、更大的尺寸，這個市場將會增長和擴大。

So this is where we can leverage the strength of our technology.

因此，這是我們可以利用我們技術優勢的地方。

Higher quality and larger number of pixels are more minute, and there is move to pursue both.

更高質量和更大數量的像素更微小，並且有追求兩者的舉動。

So depending upon the needs of the customers, we have to grasp the needs of the customers.

所以要根據客戶的需求，把握客戶的需求。

And we will be competing in the field where our strengths can be maximized.

我們將在可以最大限度發揮我們優勢的領域進行競爭。

So the big trend remains unchanged.

所以大趨勢不變。

The production capacity will be increased as demand increases and strengthen R&D.

產能將隨著需求的增加和研發的加強而增加。

This policy remains unchanged.

該政策保持不變。

That's all from me.

這都是我的。

Thank you very much.

非常感謝。

It's time now for us to end today's Q2 earnings announcement meeting.

現在是我們結束今天第二季度收益公告會議的時候了。

Thank you for your participation.

感謝您的參與。