索尼 (SONY) 2022 Q1 法說會逐字稿

Ladies and gentlemen, it is now time to start Sony Group Corporation's Fiscal 2021 First Quarter Earnings Announcement. And my name is [Okada], in charge of Corporate Communications. I shall be serving as the emcee today.

女士們，先生們，現在是開始索尼集團公司 2021 財年第一季度收益公告的時候了。我的名字是[Okada]，負責企業傳播。今天我將擔任司儀。

Now this session is being held for journalists, analysts and institutional investors to whom we have sent out invitations in advance. And this is being live webcast through our Investor Relations website today. First, we have Hiroki Totoki, the Executive Deputy President and CFO, to present to you the fiscal 2021 consolidated results and also the consolidated results forecast for fiscal 2021. And then we'll have a Q&A session. The duration is about 70 minutes.

現在這個會議正在為我們已經提前發出邀請的記者、分析師和機構投資者舉辦。今天正在通過我們的投資者關係網站進行網絡直播。首先，由常務副總裁兼首席財務官 Hiroki Totoki 向您介紹 2021 財年的綜合業績以及 2021 財年的綜合業績預測。然後我們將進行問答環節。持續時間約為 70 分鐘。

Mr. Totoki, please.

Totoki 先生，請。

Thank you very much. And I would like to talk about these 2 topics today. We have changed our accounting standards to IFRS from the current fiscal year. So the results for the current quarter or forecast for the current fiscal year and the results for the previous fiscal year, which I will explain today, are all based on IFRS.

非常感謝。今天我想談談這兩個話題。我們已從本財政年度開始將會計準則更改為 IFRS。因此，我今天將解釋的當前季度的結果或當前財政年度的預測以及上一財政年度的結果都是基於 IFRS 的。

Fiscal '21 first quarter consolidated sales increased 15% compared to the same quarter of the previous fiscal year to JPY 2,256.8 billion and consolidated operating income increased a significant JPY 58.3 billion year-on-year to JPY 280.1 billion, both record highs for the first quarter.

21財年第一季度合併銷售額與上一財年同期相比增長15%至22,568億日元，合併營業收入同比大幅增長583億日元至2,801億日元，均創歷史新高四分之一。

Income before income taxes increased JPY 14.6 billion year-on-year to JPY 283.2 billion and net income attributable to Sony Group Corporations's shareholders increased JPY 18.2 billion to JPY 211.8 billion. This slide shows the result by segment for fiscal '21 first quarter.

所得稅前收入同比增加 146 億日元至 2,832 億日元，歸屬於索尼集團股東的淨利潤增加 182 億日元至 2,118 億日元。這張幻燈片按部分顯示了 21 財年第一季度的結果。

Next I will show the consolidated results forecast for fiscal '21. Our consolidated sales forecast remains unchanged from the previous forecast. Our operating income forecast has increased JPY 50 billion from our previous forecast to JPY 980 billion, primarily reflecting the results of fiscal '21 first quarter.

接下來，我將展示 21 財年的綜合業績預測。我們的綜合銷售預測與之前的預測保持不變。我們的營業收入預測從之前的預測增加了 500 億日元至 9800 億日元，主要反映了 21 財年第一季度的業績。

We have also upwardly revised our forecast for income before income taxes to JPY 955 billion, and our forecast for net income attributable to Sony Group Corporation's shareholders to JPY 700 billion. Our forecast for consolidated operating cash flow, excluding the Financial Services segment, has decreased JPY 20 billion from the previous forecast to JPY 890 billion. Although forecasted operating cash flow will benefit from the upward revision in the forecast for profit, we project an increase in acquisition of content assets such as music catalogs, which are included in operating cash flow under IFRS. This slide shows our forecast by segment for fiscal '21.

我們還將所得稅前收入預測上調至 9,550 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 7,000 億日元。我們對不包括金融服務部門的合併經營現金流的預測從之前的預測減少了 200 億日元至 8900 億日元。儘管預測的經營現金流將受益於利潤預測的上調，但我們預計音樂目錄等內容資產的收購將增加，這些資產在 IFRS 下包含在經營現金流中。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. First is the Game & Network Services segment. Fiscal '21 first quarter sales increased 2% year-on-year to JPY 615.8 billion, primarily due to an increase in hardware sales resulting from the launch of PlayStation 5 and impact of foreign exchange rates, partially offset by lower software sales. Operating income decreased a significant JPY 40.6 billion year-on-year to JPY 83.3 billion, primarily due to the impact of the decrease in software sales, a deterioration in hardware profit and an increase in selling, general and administrative expenses.

我現在將解釋我們每個業務部門的情況。首先是遊戲和網絡服務部門。 '21 財年第一季度銷售額同比增長 2% 至 6158 億日元，主要是由於 PlayStation 5 的推出和外匯匯率的影響導致硬件銷售額增加，部分被軟件銷售額下降所抵消。營業收入同比大幅減少 406 億日元至 833 億日元，主要是由於軟件銷售減少、硬件利潤惡化以及銷售、一般和管理費用增加的影響。

Our fiscal '21 forecast remaining -- remains unchanged from the previous forecast. And there is no change to this fiscal year's target of selling more than 14.8 million units of PlayStation 5, which was the number of units we sold of PlayStation 4 in the fiscal year after its launch.

我們對 '21 財年的預測仍然存在——與之前的預測保持不變。本財年銷售超過 1480 萬台 PlayStation 5 的目標也沒有改變，這是我們在 PlayStation 4 推出後的財年銷售的台數。

Fiscal '21 first quarter software and network services revenue decreased 15% compared to the same quarter of the previous fiscal year when stay-at-home demand was high around the world, primarily due to a decrease in software add-on revenue from third-party titles. Nevertheless, Software sales increased 38% compared to the same quarter of the fiscal year ended March 31, 2020, that is fiscal 2019, which was before the COVID-19 pandemic, and we believe that the game market has expanded significantly over the last 2 years.

與上一財年同期相比，21 財年第一季度軟件和網絡服務收入下降了 15%，當時全球居家需求很高，這主要是由於來自第三季度的軟件附加收入下降。黨的頭銜。儘管如此，與截至 2020 年 3 月 31 日的財年同期（即 2019 財年，即 COVID-19 大流行之前的財年）相比，軟件銷售額增長了 38%，我們認為遊戲市場在過去 2 年顯著擴張年。

Similarly, total game play time of PlayStation users in fiscal '21 first quarter decreased 32% year-on-year, but increased 18% compared to the same quarter of fiscal 2019, showing continued steady growth.

同樣，PlayStation 用戶在 21 財年第一季度的總遊戲時間同比減少 32%，但與 2019 財年同期相比增加了 18%，顯示出持續穩定增長。

Sales of first-party software decreased compared to the same quarter of the previous fiscal year when the Last Of Us Part II was a big hit. But sales of all the titles we have released during the quarter, including Ratchet & Clank: Rift Apart and MLB The Show 21 exceeded our expectations. Thanks in part to strong add-on sales, MLB The Show 21 contributed significantly to sales and profit during the quarter. We have begun to release our first-party titles on platforms other than PlayStation and MLB The Show 21 was one such title, which followed upon the initial success we had with the PC versions of Horizon Zero Dawn and Days Gone.

與上一財年同期相比，第一方軟件的銷售額有所下降，當時《最後生還者》第二部分大受歡迎。但我們在本季度發布的所有遊戲的銷量，包括 Ratchet & Clank: Rift Apart 和 MLB The Show 21，都超出了我們的預期。部分歸功於強勁的附加銷售，MLB The Show 21 在本季度對銷售和利潤做出了重大貢獻。我們已經開始在 PlayStation 和 MLB 以外的平台上發布我們的第一方遊戲，《The Show 21》就是這樣一個遊戲，緊隨其後的是我們在 PC 版的《地平線零黎明》和《Days Gone》中取得了初步成功。

PlayStation Studios, which oversees our first-party software production on a global basis, is accelerating investments to strengthen its production capabilities. In June, we announced the acquisition of Housemarque, which is the 13th studio under PlayStation Studios. Housemarque is a Finnish studio from Finland that has been successful for more than 20 years due to its superb technological capability and creativity. And it has received extremely high praise for Returnal, which developed and released exclusively on PS5 in fiscal '21 first quarter. Seven of our 13 studios have been acquired and have produced numerous hits and compelling IP, such as the Last Of Us series, the Horizon series and Ghost of Tsushima.

PlayStation Studios 負責監督我們在全球範圍內的第一方軟件製作，它正在加速投資以增強其製作能力。 6 月，我們宣布收購 PlayStation Studios 旗下的第 13 家工作室 Housemarque。 Housemarque 是一家來自芬蘭的芬蘭工作室，憑藉其精湛的技術能力和創造力取得了 20 多年的成功。並且在 21 財年第一季度在 PS5 上獨家開發和發布的 Returnal 獲得了極高的評價。我們 13 家工作室中有 7 家已被收購，並製作了眾多熱門作品和引人入勝的 IP，例如《最後生還者》系列、地平線系列和對馬鬼魂。

In July, we announced the acquisition of Nixxes, a Dutch software development company that has excellent technology for porting game software between different platforms such as PCs. We expect that Nixxes will offer technological support to all our studios in a horizontal manner. Going forward, we intend to continue to proactively make strategic investments with the aim of developing new IP, supporting our multi-platform strategy and strengthening our service offerings, including through add-on content.

7 月，我們宣布收購荷蘭軟件開發公司 Nixxes，該公司擁有在 PC 等不同平台之間移植遊戲軟件的卓越技術。我們希望 Nixxes 能夠以橫向的方式為我們所有的工作室提供技術支持。展望未來，我們打算繼續積極進行戰略投資，旨在開發新的知識產權、支持我們的多平台戰略並加強我們的服務產品，包括通過附加內容。

Next is Music segment. Fiscal '21 Q1 sales increased a significant 44% year-on-year to JPY 254.9 billion as sales increased in all categories, driven primarily by growth in streaming.

接下來是音樂部分。 21 財年第一季度銷售額同比大幅增長 44% 至 2549 億日元，主要受流媒體增長的推動，所有類別的銷售額均有所增長。

Sales of products related to Demon Slayer - Kimetsu No Yaiba - The Movie: Mugen Train were the primary driver of the increase in sales of Visual Media and Platform, primarily due to the benefit of the increase in sales. Operating income increased significantly to JPY 55.4 billion, JPY 19.7 billion higher than the same quarter of the previous fiscal year in which a JPY 7.2 billion onetime gain was recorded for the transfer of an equity stake in a third party.

與《鬼滅之刃》相關產品的銷售是視覺媒體和平台銷售增長的主要驅動力，主要是由於銷售增長帶來的好處。營業收入大幅增加至 554 億日元，比上一財年同期因轉讓第三方股權而錄得 72 億日元的一次性收益增加了 197 億日元。

Fiscal '21 sales are expected to increase JPY 50 billion compared to our previous forecast to JPY 1.040 trillion, and fiscal '21 operating income is expected to increase JPY 28 billion compared to our previous forecast to JPY 190 billion. The previous fiscal year's operating income included onetime gains of JPY 13.2 billion, mainly from the transfer of equity stakes and the historic blockbuster hit Demon Slayer. Nevertheless, we expect operating income this fiscal year to exceed that of last fiscal year because of the strong current momentum.

'21 財年的銷售額預計將增加 500 億日元，而我們之前的預測為 1.040 萬億日元，而 '21 財年的營業收入預計將增加 280 億日元，而我們之前的預測為 1900 億日元。上一財年的營業收入包括132億日元的一次性收益，主要來自股權轉讓和歷史大片《惡魔殺手》。儘管如此，由於當前的強勁勢頭，我們預計本財年的營業收入將超過上一財年。

Streaming revenue, which is the largest growth driver in this business grew considerably due to strong paid streaming and the recovery in advertising-supported streaming, which was negatively impacted by the COVID-19 pandemic. During the quarter, streaming revenue increased significantly 53% year-on-year in Recorded Music and 70% year-on-year in Music Publishing.

由於強勁的付費流媒體和受 COVID-19 大流行負面影響的廣告支持的流媒體的複蘇，流媒體收入是該業務的最大增長動力，因此大幅增長。在本季度，錄製音樂的流媒體收入同比顯著增長 53%，音樂出版的流媒體收入同比增長 70%。

We are steadily improving our ability to generate hits by discovering and nurturing new artists. In this quarter as well, we had an average of 36 songs in Spotify's global top 100 songs ranking, and debut songs from our new artists are increasing in this hit ranking.

通過發現和培養新的藝術家，我們正在穩步提高我們產生熱門歌曲的能力。同樣在本季度，我們平均有 36 首歌曲進入了 Spotify 的全球前 100 首歌曲排行榜，並且我們的新藝術家的出道歌曲在這個熱門排行榜中不斷增加。

In the area of strategic investment, we completed the acquisition of the DIY Artist Service business, AWAL, in May. This acquisition will strategically complement The Orchard in the growing indie market, enabling us to provide service to artists in various stages of their careers.

在戰略投資方面，我們於5月完成了對DIY藝術家服務業務AWAL的收購。此次收購將戰略性地補充 The Orchard 在不斷增長的獨立市場中的優勢，使我們能夠為處於職業生涯各個階段的藝術家提供服務。

In June, we announced the acquisition of Somethin' Else, a major British podcast production company and Alamo Records, a music label focused on hip hop in the U.S.

6 月，我們宣布收購英國主要播客製作公司 Somethin' Else 和專注於美國嘻哈音樂的唱片公司 Alamo Records。

And in July, we announced an alliance with the rapidly growing online game platform, Roblox. The alliance provides our artists the opportunity to connect with the Roblox community through virtual events and other means, and it creates revenue-generating opportunities that go beyond music. Through proactive strategic investments and partnerships such as these, we aim to further grow our business and generate higher profitability than our competitors.

7 月，我們宣布與快速發展的在線遊戲平台 Roblox 結盟。該聯盟為我們的藝術家提供了通過虛擬活動和其他方式與 Roblox 社區建立聯繫的機會，並創造了超越音樂的創收機會。通過諸如此類的積極戰略投資和合作夥伴關係，我們的目標是進一步發展我們的業務並產生比競爭對手更高的盈利能力。

Next is the Pictures segment. FY '21 Q1 sales increased 17% year-on-year to JPY 204.7 billion, mainly due to an increase in sales of Media Networks and Motion Pictures, partially offset by a decrease in sales of television productions. Operating income decreased JPY 1.7 billion year-on-year to JPY 25.4 billion, mainly due to the decrease in sales and increase in production cost and television productions.

接下來是圖片部分。 21 財年第一季度銷售額同比增長 17% 至 2047 億日元，主要是由於媒體網絡和電影的銷售額增加，部分被電視作品銷售額的下降所抵消。營業收入同比減少 17 億日元至 254 億日元，主要是由於銷售額下降以及製作成本和電視製作增加。

Fiscal '21 sales are expected to decrease JPY 20 billion compared to our previous forecast to JPY 1.120 trillion, primarily due to later than originally anticipated theatrical release of Motion Pictures product and deliveries of TV programming product. Fiscal '21 operating income is expected to increase JPY 7 billion compared to our previous forecast to JPY 90 billion, mainly due to an increase in licensing revenue, partially offset by the impact of the decrease in sales.

與我們之前的預測相比，21 財年的銷售額預計將減少 200 億日元至 1.120 萬億日元，這主要是由於電影產品的影院上映和電視節目產品的交付晚於最初預期。 '21 財年的營業收入預計將增加 70 億日元，而我們之前的預測為 900 億日元，這主要是由於許可收入的增加，部分被銷售額下降的影響所抵消。

In Motion Pictures, while U.S. box office revenue has recovered to about 40% to 50% of what it was prior to COVID-19, it remains uncertain when the situation will return to normal due to a resurgence of COVID-19. Given these circumstances, we are taking a flexible approach to our release strategy for films that are ready to be introduced to the market so as to maximize long-term value of those works.

在電影方面，雖然美國票房收入已恢復到 COVID-19 之前的 40% 至 50% 左右，但由於 COVID-19 的死灰復燃，何時恢復正常仍不確定。鑑於這些情況，我們對準備投放市場的電影採取靈活的發行策略，以最大限度地提高這些作品的長期價值。

For example, while we decided to further postpone the theatrical release of major films like Venom and Hotel Transylvania: Transformania, we decided to license to video streaming services the films Cinderella and Vivo, which were originally scheduled for theatrical release. Meanwhile, demand for content from video streaming services remains strong, and the increase in licensing revenue from new releases and catalog product has exceeded the decrease in revenue caused by the lack of major theatrical releases in the previous fiscal year.

例如，雖然我們決定進一步推遲《毒液》和《特蘭西瓦尼亞酒店：變形金剛》等主要電影的院線上映，但我們決定將原定在院線上映的電影《灰姑娘》和《Vivo》授權給視頻流媒體服務。與此同時，視頻流媒體服務的內容需求依然強勁，新片和目錄產品的授權收入增長超過了上一財年因缺乏主要影院上映而導致的收入下降。

In Media Networks, our video direct-to-consumer services are increasing their customer base significantly with paid subscribers since June 2020, increasing approximately 80% at our anime DTC service animation and approximately 700% at SonyLIV, our video DTC service in India. Pure Flix, which we acquired last fiscal year, has also increased its paying subscribers quickly, reaching a number today that we thought at the time of acquisition, it would take another year to achieve.

在媒體網絡方面，自 2020 年 6 月以來，我們的視頻直接面向消費者的服務正在顯著增加其付費用戶的客戶群，我們的動漫 DTC 服務動畫增加了約 80%，我們在印度的視頻 DTC 服務 SonyLIV 增加了約 700%。我們在上一財年收購的 Pure Flix 也迅速增加了付費用戶，今天達到了我們在收購時認為還需要一年時間才能實現的數字。

Next is the Electronics Products & Solutions segment. Mainly due to an increase in unit sales of televisions and digital cameras as well as the impact of foreign exchange rates, sales for the quarter increased significantly to JPY 576.3 billion, a 59% increase compared to the same quarter of the previous fiscal year, which was severely and negatively impacted by COVID-19.

接下來是電子產品和解決方案部門。主要由於電視機和數碼相機的單位銷售額增加以及匯率的影響，本季度銷售額大幅增長至 5763 億日元，與上一財年同期相比增長 59%，其中受到 COVID-19 的嚴重負面影響。

Operating income increased a significant JPY 80.6 billion to JPY 71.8 billion year-on-year, primarily due to the benefit of the increase in sales and an improvement in the product mix. Fiscal '21 sales expected to increase JPY 60 billion compared to the previous forecast to JPY 2.320 trillion, and operating income is expected to increase JPY 22 billion to JPY 170 billion to reflect the results of fiscal '21 first quarter.

營業收入同比大幅增長 806 億日元至 718 億日元，主要得益於銷售額的增長和產品結構的改善。與之前的預測相比，21 財年的銷售額預計將增加 600 億日元至 2.320 萬億日元，營業收入預計將增加 220 億日元至 1700 億日元，以反映 21 財年第一季度的業績。

In the TV business, the market were high-end value-added live screen products, which is our forecast remains strong. But we are beginning to see a decline in the stay-at-home demand focus -- the stay-at-home demand that has continued since last fiscal year in the market for low-priced small and medium-sized products. While the supply of TV panels is tight, we have maintained price and shifted our focus to higher value-added models, resulting in average selling price rising a significant 38% year-on-year.

在電視業務方面，市場為高端增值直播屏產品，我們的預測依然強勁。但我們開始看到居家需求焦點有所下降——自上一財年以來，低價中小型產品市場的居家需求一直在持續。在電視面板供應緊張的情況下，我們維持價格，並將重點轉向高附加值機型，導致平均售價同比大幅上漲 38%。

In the digital camera business, which suffered a significant contraction in demand around the world due to COVID-19, sales were strong in -- meaning all reasons due to recover in demand and a shift to -- shift in the market to high performance and high-spec products as well as a strong product competitiveness.

在數碼相機業務中，由於 COVID-19 導致全球需求大幅收縮，銷售強勁——這意味著所有原因都是由於需求恢復和轉向——市場轉向高性能和產品規格高，產品競爭力強。

At the same time, the recent resurgence of COVID-19 in Southeast Asia has caused governments to place restrictions on personal and corporate activity, and we have had to reduce our operations at our factories in Malaysia from the end of May. There's a risk that our parts of a component supply chain could also be negatively impacted. Fiscal year '21 forecast incorporated -- incorporates this emerging supply side risk as well as demand side risk such as lower stay-at-home demand from the second half of the fiscal year.

與此同時，最近東南亞 COVID-19 的死灰復燃已導致政府對個人和企業活動施加限制，我們不得不從 5 月底開始減少我們在馬來西亞工廠的運營。我們的零部件供應鏈部分也可能受到負面影響。納入了 21 財年的預測——將這種新興的供應方風險和需求方風險納入其中，例如本財年下半年的居家需求下降。

Next is the Imaging & Sensing Solutions. Fiscal '21 first quarter sales increased 6% year-on-year to JPY 218.1 billion and operating income increased JPY 4.3 billion year-on-year to JPY 30.5 billion. Fiscal year '21 sales are expected to decrease JPY 30 billion compared to our previous forecast to JPY 1.100 trillion, but our operating income forecast remains unchanged from the previous forecast.

接下來是成像和傳感解決方案。 21財年第一季度銷售額同比增長6%至2181億日元，營業收入同比增長43億日元至305億日元。與我們之前預測的 1.100 萬億日元相比，21 財年的銷售額預計將減少 300 億日元，但我們的營業收入預測與之前的預測保持不變。

In the mobile sensor business, shipments to Chinese manufacturers have slowed since May, primarily due to the stagnation of the Chinese smartphone market and inventory adjustments. However, since we have incorporated this level of demand to some extent into our forecast, we recorded sales and profit for the quarter that was essentially in line with our expectations. We were able to offset year-on-year decrease in shipments to a certain Chinese customer and generate overall segment sales and profit that exceeded the same quarter of the previous fiscal year because of a steady increase in shipments to a major non-Chinese customer and the recovering demand for image sensors for additional cameras.

在移動傳感器業務方面，自 5 月以來，對中國製造商的出貨量有所放緩，這主要是由於中國智能手機市場的停滯和庫存調整。然而，由於我們在一定程度上將這種需求水平納入了我們的預測，因此我們記錄的本季度銷售額和利潤基本符合我們的預期。由於對主要非中國客戶的出貨量穩步增長，我們能夠抵消對某中國客戶的出貨量同比下降，並產生超過上一財年同期的整體部門銷售額和利潤，以及增加相機對圖像傳感器的需求正在恢復。

Regarding the efforts we have made to expand our customer base, adoptions of our image sensors by Chinese smartphone manufacturers is progressing smoothly, and we have made strides in recovering our market share on a volume basis so far this fiscal year. In addition, we have gotten off to a good start when it comes to getting a high value-added image sensors design into our flagship models that many smartphone manufacturers plan to launch in the fiscal -- in the first half of 2022.

關於我們為擴大客戶群所做的努力，中國智能手機製造商採用我們的圖像傳感器進展順利，本財年到目前為止，我們在恢復市場份額方面取得了長足進步。此外，在將高附加值的圖像傳感器設計融入我們許多智能手機製造商計劃在 2022 財年上半年推出的旗艦機型方面，我們取得了良好的開端。

On the other hand, we are concerned about the high-end smartphone market in China, which is lacking momentum because they are no big hit products like those that have been sold in 2019 and 2020 by the Chinese manufacturer, as previously mentioned. Since the situation could have an impact on the speed of which our mobile sensor business profitability is expected to recover from the next fiscal year, we are monitoring the situation as well as the recovery of the Chinese smartphone market in the short term.

另一方面，我們擔心中國的高端智能手機市場缺乏動力，因為它們不像前面提到的中國製造商在 2019 年和 2020 年銷售的那些大熱產品。由於這種情況可能會影響我們的移動傳感器業務盈利能力預計從下一財年開始恢復的速度，因此我們正在關注這種情況以及中國智能手機市場在短期內的複蘇情況。

Last is the Financial Services segment. Fiscal '21 first quarter Financial Services revenue decreased 6% year-on-year to JPY 414.4 billion, primarily due to a decrease in net gains on investments in a separate account at Sony Life Insurance Company Limited. Operating income decreased JPY 12 billion year-on-year to JPY 24 billion, mainly due to the impact of a onetime loss recorded at a consolidated subsidiary of Sony Life.

最後是金融服務部門。 21 財年第一季度金融服務收入同比下降 6% 至 4144 億日元，主要是由於索尼人壽保險公司獨立賬戶投資的淨收益減少。營業收入同比減少 120 億日元至 240 億日元，主要是受索尼人壽合併子公司的一次性虧損影響。

As was announced today by Sony Life, in May of this year, we discovered an unauthorized withdraw of approximately JPY 70 billion out of the bank account in the name of SA Reinsurance Limited, an overseas consolidated subsidiary of Sony Life. As a result, we recorded a loss equal to the amount of the withdrawal in first quarter. After making this discovery, Sony Life immediately took action, including reporting the matter to the relevant authorities and is continue to work with authorities investigating the matter to recover the funds and gain full accounting of what occurred. We sincerely apologize for causing concern, but this matter has no impact on the insurance contracts that the customers of Sony Life have entered into.

正如索尼人壽今天宣布的那樣，今年 5 月，我們發現從索尼人壽海外合併子公司 SA Reinsurance Limited 名義的銀行賬戶中未經授權提取了約 700 億日元。結果，我們記錄了與第一季度提款金額相等的損失。發現這一發現後，索尼人壽立即採取了行動，包括向有關當局報告此事，並繼續與調查此事的當局合作，以追回資金並全面了解發生的情況。對於引起關注，我們深表歉意，但此事對索尼人壽客戶已簽訂的保險合同沒有影響。

Our fiscal year '21 forecast for Financial Services revenue remains unchanged from the previous forecast. Operating income is expected to decrease JPY 17 billion compared to the previous forecast of JPY 153 billion. At the IR Day held in May, we explained our strategy to maximize the value of the Financial Services business, the strength in group management to sustainably grow the business in a profitable way. To demonstrate a progress in line with the strategy from this earnings announcement, we have decided to disclose 2 important indicators for assessing the covered value of Sony Life: Market Consistent Embedded Value, MCEV; and new policy value in our supplemental information document every quarter.

我們對金融服務收入的 21 財年預測與之前的預測保持不變。與之前預測的 1530 億日元相比，營業收入預計將減少 170 億日元。在 5 月舉行的 IR 日上，我們解釋了我們最大化金融服務業務價值的戰略，以及集團管理以盈利方式可持續發展業務的實力。為展示與本財報公佈的戰略相符的進展，我們決定披露 2 個用於評估 Sony Life 涵蓋價值的重要指標：市場一致的嵌入價值，MCEV；以及我們每季度的補充信息文件中的新政策價值。

We also increased the dividend that the Financial Services business paid at the end of the previous fiscal year by JPY 20 per share to JPY 90 per share. The business is expected to make additional contributions to the Sony Group's through stable dividend increases. This concludes my remarks. Thank you.

我們還將金融服務業務在上一財年末支付的股息從每股 20 日元增加到每股 90 日元。預計該業務將通過穩定的股息增長為索尼集團做出額外貢獻。我的發言到此結束。謝謝你。

That was Hiroki Totoki, Executive Deputy President and CFO. Now at 4:25 p.m. Japan time, there will be a session with the media people. And then there will be a question-and-answer session with the investors and analysts at 4:50 p.m. And the duration of the Q&A session will be 20 minutes each. So if you have signed up in advance, please call into the number that has been designated in advance. And if you have not signed up in advance, you'll be able to listen to the Q&A session over the webcast. So please wait until we start the Q&A session. Thank you.

那是執行副總裁兼首席財務官 Hiroki Totoki。現在下午 4 點 25 分日本時間，將有一個與媒體人的會議。然後將在下午 4 點 50 分與投資者和分析師進行問答環節。問答環節的時間為每人20分鐘。因此，如果您已經提前報名，請撥打提前指定的號碼。如果您沒有提前註冊，您將能夠通過網絡直播收聽問答環節。所以請等到我們開始問答環節。謝謝你。

Ladies and gentlemen, we'll be starting our Q&A session with the media people. So please wait for a short while before we start.

女士們，先生們，我們將開始與媒體人士的問答環節。所以在我們開始之前請稍等片刻。

Ladies and gentlemen, thank you for waiting. We'd like to now start Q&A session with the journalists. The responses will be made by Executive Deputy President and CFO, Hiroki Totoki; and Senior Executive Vice President in charge of Communications, Shiro Kambe; and Senior Vice President in charge of Corporate Planning, Control, Finance and IR, Naomi Matsuoka. (Operator Instructions)

女士們，先生們，謝謝你們的等待。我們現在想開始與記者的問答環節。執行副總裁兼首席財務官 Hiroki Totoki 將做出回應；負責通信的高級執行副總裁 Shiro Kambe；和負責公司計劃、控制、財務和 IR 的高級副總裁 Naomi Matsuoka。 （操作員說明）

Now I'd like to start the Q&A session.

現在我想開始問答環節。

(Operator Instructions) [Mr. Inomata] from NHK is the first person to ask a question. Mr. Inomata ?

（操作員說明）[Mr. NHK的Inomata]是第一個提出問題的人。豬俁先生？

I hope you can hear me. I am [Inomata] from NHK. I have 2 questions regarding the shortage of semiconductors. So PlayStation 5 and Electronics is doing favorable. So currently, what is the impact of the shortage of semiconductors? And what do you expect going forward?

我希望你能聽到我的聲音。我是NHK的【豬俁】。我有兩個關於半導體短缺的問題。所以 PlayStation 5 和 Electronics 做得很好。那麼目前，半導體短缺的影響是什麼？您對未來有何期待？

And the second question, once again, about the shortage of semiconductors. Taiwan TSMC may be building a factory in Japan, and I do hear about the partnership with Sony. So is there anything that you can comment on about this TSMC issue?

第二個問題，再次是關於半導體短缺的問題。台積電可能正在日本建廠，我確實聽說過與索尼的合作。那麼對於台積電這個問題，您有什麼可以評論的嗎？

Thank you for the question. Number one question was regarding the impact on the shortage of semiconductors. And number two was the media reports about TSMC and our potential partnership with them when they build a factory in Japan. So for those 2 questions, I would like to respond.

感謝你的提問。第一個問題是關於對半導體短缺的影響。第二是關於台積電的媒體報導以及我們在日本建廠時與他們的潛在合作夥伴關係。所以對於這兩個問題，我想回答一下。

The shortage of semiconductors have impacts in various areas. And through various measures, we have been taking some actions. For PS5 this year, the number of units to be sold today -- this year has been set. The target has been set. And we have secured a number of chips that's necessary to achieve that. And regarding the supply of the semiconductors, we're not concerned.

半導體短缺對各個領域都有影響。並且通過各種措施，我們一直在採取一些行動。對於今年的 PS5，今天要售出的單位數量——今年已經確定。目標已經確定。我們已經獲得了一些實現這一目標所必需的芯片。至於半導體的供應，我們並不擔心。

And also for Consumer Electronics segment, we do use a lot of semiconductors in various areas. So some availability of parts and components is a source of concern. But we do have access to second sources. And for parts and components, we have some strategic inventory as well. So we have been taking various measures so that the production and sales will not be impeded. So for now, the time being, we have been able to control the situation. But going forward, we cannot remain complacent. So we would like to have access to good information so that we will be able to smoothly continue to produce and sell our products.

對於消費電子領域，我們確實在各個領域使用了大量半導體。因此，零件和組件的某些可用性是一個值得關注的問題。但我們確實可以訪問第二個來源。對於零部件，我們也有一些戰略庫存。所以我們一直在採取各種措施，使生產和銷售不會受到阻礙。所以就目前而言，我們已經能夠控制局勢。但展望未來，我們不能自滿。因此，我們希望能夠獲得良好的信息，以便我們能夠順利地繼續生產和銷售我們的產品。

Regarding the media reports that you have mentioned, we have not sent out that information. So as of now, there's nothing that we can say about this. But as was mentioned by Mr. Yoshida, the CEO, in the past, in general, the logic chips supply is something that is very critical if you look at the Japanese industry as a whole. In order to maintain international competitiveness, the logic chips are very critical. That is the end of my response. Thank you.

關於你提到的媒體報導，我們沒有對外發出。所以到目前為止，我們對此無話可說。但正如首席執行官吉田先生所提到的，從整體上看，總體而言，邏輯芯片供應是非常關鍵的事情。為了保持國際競爭力，邏輯芯片非常關鍵。我的回答到此結束。謝謝你。

From Nikkei Newspaper, [Ban-san], please.

來自日經新聞，請[Ban-san]。

[Ban-san] (inaudible) from Nikkei Newspaper. Are you there? Hello?

[Ban-san]（聽不清）來自日經新聞。你在嗎？你好？

Yes, we hear you. Please go ahead. [Mr. Ban], are you still there? Do you hear us?

是的，我們聽到了。請繼續。 [先生。班]，你還在嗎？你能聽見我們說話麼？

[Mr. Ban], I'm sorry. Since the line has been disrupted and disconnected, we would like to proceed to the next person.

[先生。班]，對不起。由於線路已經中斷和斷開，我們想繼續接下一個人。

From Financial Times, [Inagaki-san], please.

請來自《金融時報》，[Inagaki-san]。

Do you hear me?

你聽到我了嗎？

Yes, we hear you.

是的，我們聽到了。

From Financial Times, my name is [Inagaki]. I would like to ask you about your camera business. This is not directly related to the financial results, sorry. From Tokyo Olympics and Paralympics games, mirrorless cameras of Sony is being used more widely. From consumer market to the professional mirrorless market, what is your evaluation on this?

來自《金融時報》，我的名字是[稻垣]。我想問你關於你的相機業務。這與財務結果沒有直接關係，抱歉。從東京奧運會和殘奧會開始，索尼的無反相機得到了更廣泛的應用。從消費市場到專業微單市場，您對此有何評價？

Thank you very much for your question about the camera business. I'm very sorry, because of the sponsorship matter, we are not allowed to speak on anything related to the ongoing sports event. For camera business, about the camera business itself from last year, because of the pandemic, people are staying home and lacking shooting opportunities. So last fiscal year, the situation was very difficult for cameras. However, it seems that the situation is improving. From this fiscal year, this business is going smoothly. And going forward, this trend is expected to continue. As a general rule, Alpha -- professional Alpha, Dutch market share, is increasing and improving. Thank you very much.

非常感謝您提出有關相機業務的問題。非常抱歉，因為贊助問題，我們不能談論任何與正在進行的體育賽事有關的事情。對於相機業務，從去年開始，相機業務本身，由於疫情，人們都呆在家裡，缺乏拍攝機會。所以上個財年，相機的情況非常艱難。不過，情況似乎正在好轉。從本財年開始，這項業務進展順利。展望未來，這種趨勢預計將持續下去。作為一般規則，Alpha——專業的Alpha，荷蘭的市場份額，正在增加和改善。非常感謝。

Thank you. We'd like to take on the next question. [Mr. Nishida], a freelance reporter.

謝謝你。我們想回答下一個問題。 [先生。西田]，自由記者。

I hope I'm being heard clearly.

我希望我被清楚地聽到了。

Yes.

是的。

I have 2 questions, please. The first question is about the game business. You stated that there has been some deterioration of the profitability of the hardware. Are you saying that hardware contribution of profitability is yet to happen or rather that is a question of balance between the software and the hardware. Can you elaborate a little more?

我有2個問題，請。第一個問題是關於遊戲業務的。你說硬件的盈利能力有所惡化。你是說硬件對盈利的貢獻還沒有發生，還是說這是一個軟件和硬件之間的平衡問題。你能詳細說明一下嗎？

The second is on electronics camera. You've stated this in brief. Things are doing very well. It's a good business. For the camera electronics, do you think that you have reached a point where camera or electronics can continue to contribute to your earnings? Or do you think that it will take a little more time before it can be a true contributor to your earnings?

第二個是電子相機。你已經簡要說明了這一點。事情進展得很好。這是一門好生意。對於相機電子產品，您是否認為您已經達到相機或電子產品可以繼續為您的收入做出貢獻的地步？還是您認為它需要更多時間才能真正為您的收入做出貢獻？

Thank you. The first question is about the game business, the deterioration of profitability of the hardware. What did I mean by that statement? And the second is about the camera business or overall electronics business future earnings contribution. I think you're asking about the trend or the probability of how electronics business will contribute. I would like to accommodate or cover those 2 questions.

謝謝你。第一個問題是關於遊戲業務，硬件盈利能力的惡化。我那句話是什麼意思？第二個是關於相機業務或整體電子業務未來收益的貢獻。我認為您是在詢問電子業務將如何做出貢獻的趨勢或可能性。我想容納或涵蓋這兩個問題。

Hardware, this is in comparison with the PS4. So the PS5 profitability in April, we have put together a focus for this period and the assumption of forecast remain unchanged. Things are progressing as we have planned and is going on very smoothly. The overall electronics business, we have improved to structure the [fabric], and we have entered into many structure reform.

硬件，這是與PS4的比較。所以 PS5 4 月份的盈利情況，我們把這個時期的重點放在了一起，預測的假設保持不變。事情正在按照我們的計劃進行，並且進展非常順利。整個電子業務，我們已經改進了結構，並且我們已經進入了許多結構改革。

Through such efforts, I think we are more robust and rigid in terms of management. Of course, it is subject to the demand changes, and we have to take more action measures to withstand those changes. But personally, I believe that they can continue to contribute to our earnings. They have improved their business so that they are a genuine contributor to our business. Thank you.

通過這樣的努力，我認為我們在管理上更加穩健和剛性。當然，它會受到需求變化的影響，我們必須採取更多的行動措施來承受這些變化。但就個人而言，我相信他們可以繼續為我們的收入做出貢獻。他們改善了業務，從而成為我們業務的真正貢獻者。謝謝你。

[Masuda-san] from Nikkei, please.

來自日經的[增田先生]，請。

[Masuda] from Nikkei here. I hope you can hear me.

[增田] 來自日經指數。我希望你能聽到我的聲音。

Yes, I can hear you.

是的，我能聽到你的聲音。

I have first question related to an earlier question. So this year, the stay-at-home demand for gaming has come down, but electronics and also music is favorable. So you have upwardly revised the projections. So in various segments, some people are saying that they should be sold off, but you are now having a structure that is very resilient to changes. So how do you assess your transformation efforts?

我的第一個問題與較早的問題有關。所以今年，在家玩遊戲的需求有所下降，但電子產品和音樂都是有利的。所以你向上修正了預測。所以在各個領域，有些人說他們應該被賣掉，但你現在擁有一個對變化非常有彈性的結構。那麼，您如何評估您的轉型努力？

Question number two, PS5 or gaming business. So currently, the number of units to be sold and also the number of active users on a monthly basis. I think on a quarterly basis, it's coming down slightly, it seems. So you're looking for long-term growth, but currently you are seeing some declines. So how do you assess the situation?

第二個問題，PS5 或遊戲業務。因此，目前，要出售的單位數量以及每月的活躍用戶數量。我認為按季度計算，它似乎略有下降。所以你正在尋找長期增長，但目前你看到一些下降。那麼你如何評估情況呢？

Thank you for the question. You had 2 questions. The first one was we have diversity of businesses and are we resilient, how was the result of the transformation or restructuring of our company. Number two is related to game business. So the monthly active users on a quarterly basis seems to be coming down as a trend. So how do you -- how do we assess the long-term growth?

感謝你的提問。你有 2 個問題。第一個是我們擁有多元化的業務，我們是否有彈性，我們公司轉型或重組的結果如何。第二個與遊戲業務有關。因此，每季度的月活躍用戶似乎呈下降趨勢。那麼，您如何——我們如何評估長期增長？

So regarding your first question, well, the restructuring had taken place. But in addition to that, we have a lot of different game titles or games. And I think each of the businesses have been able to transform the structure and the strength of their businesses. And I think that has been a major achievement. So the level of corporate management capabilities have been increased. So there were some very positive momentum. There were some negative aspects as well, but each business has been able to respond to the situations. And now we are able to now devise a strategy to seek long-term growth.

所以關於你的第一個問題，嗯，重組已經發生了。但除此之外，我們還有很多不同的遊戲名稱或遊戲。而且我認為每個企業都能夠改變其業務的結構和實力。我認為這是一項重大成就。從而提高了企業管理能力的水平。所以有一些非常積極的勢頭。也有一些負面的方面，但每個企業都能夠應對這種情況。現在，我們現在能夠制定一項尋求長期增長的戰略。

Regarding the game business, yes, it's true. If you look at it on a quarterly basis, well, fiscal 2020 first quarter, there was biggest impact on the stay-at-home demand. So if you compare that, yes, it does seem like there is a decline on a significant basis. But if you compare it with fiscal 2019, as I mentioned in my speech, there is an increase over the 2 years ago. So I think on the long term, there is a growing trend, and I think the growth is here to stay. So for us, we are going to provide better services and better experiences to our users so that we will be able to capture the opportunity to further grow this market. Thank you.

關於遊戲業務，是的，這是真的。如果你按季度來看，那麼，2020 財年第一季度，對居家需求的影響最大。所以如果你比較一下，是的，看起來確實有很大的下降。但是，如果您將其與 2019 財年進行比較，正如我在演講中提到的那樣，與 2 年前相比有所增加。所以我認為從長遠來看，有一個增長的趨勢，我認為這種增長會持續下去。所以對我們來說，我們將為我們的用戶提供更好的服務和更好的體驗，以便我們能夠抓住機會進一步發展這個市場。謝謝你。

Since time is running out, the next question will be the last one. From Bloomberg, Furukawa-san, please.

由於時間不多了，下一個問題將是最後一個問題。請來自彭博社的古川先生。

Furukawa from Bloomberg. Can you hear me?

來自彭博社的古川。你能聽到我嗎？

Yes, we can hear you.

是的，我們可以聽到你的聲音。

About semiconductor, I have a question. In July, close to the Kumamoto factory, you applied for acquisition of the land or plot. For the CMOS sensor, JPY 285 billion was -- when it was decided to invest in CMOS with that amount, have you already have that in plan? Is it -- is this plot going to be the CMOS factory? Or is it a joint venture with TSMC? That's the first question.

關於半導體，我有一個問題。 7 月，在熊本工廠附近，您申請收購土地或地塊。對於 CMOS 傳感器，2850 億日元是——當決定投資 CMOS 時，您是否已經有這個計劃？是不是——這個地塊會是CMOS工廠嗎？還是與台積電合資？這是第一個問題。

Second question about game business. In May, about the profitability of PS5, there was this view that the breakeven point will be reached in June. Is it in the positive range from July onwards? Or is it still in the negative range?

第二個關於遊戲業務的問題。 5月份，關於PS5的盈利能力，有觀點認為6月份將達到盈虧平衡點。從 7 月開始，它是否在正值範圍內？還是還在負數範圍內？

Thank you very much for your questions. About the I&SS first, but the land acquisition in Kumamoto. Is it -- was it included in this fiscal year's CapEx plan?

非常感謝您的提問。先是關於I&SS，然後是熊本的土地徵用。是不是 - 它是否包含在本財年的資本支出計劃中？

The plot acquisition is not a short-term matter. It is a long-term investment. So to a certain extent, always, it's included in the investment plan. In that sense, it was included. I can safely say that. Now this is the plot assessment to Kumamoto TEC. We applied for the acquisition of the plot, but for more details, let me refrain from making any further comments.

地塊收購不是短期的事情。這是一項長期投資。所以在一定程度上，它總是包含在投資計劃中。從這個意義上說，它被包括在內。我可以放心地說。現在這是對熊本TEC的情節評估。我們申請了地塊的收購，但關於更多細節，我不做任何進一步的評論。

But the profitability of PS5 in -- there was this view of reaching breakeven point in June, but PS5 breakeven point for standard edition, more correctly on standard edition, that's how we explain the situation. And it's been progressing according to the plan. Overall, hardware profitability and peripherals hardware profitability, including peripherals, as we have been saying, is proceeding smoothly. Thank you very much.

但是PS5的盈利能力在——有一種觀點認為6月份就達到了盈虧平衡點，但是PS5標準版的盈虧平衡點，更準確地說是標準版，這就是我們解釋情況的方式。並且一直在按計劃進行。總體而言，硬件盈利和外設包括外設在內的硬件盈利，正如我們一直所說的，進展順利。非常感謝。

Thank you. I'm afraid the time has come for us to close this session for the media members. The analyst session will begin from 15 minutes past the hour since there will be some change of the members who will be responding to the questions.

謝謝你。恐怕是我們為媒體成員結束本次會議的時候了。分析師會議將從整點 15 分鐘開始，因為回答問題的成員會發生一些變化。

(Break)

（休息）

We are about to begin of the session for investors and analysts. We seek for your further patience. Indulge us. The session will start shortly.

我們即將開始投資者和分析師的會議。我們尋求您的進一步耐心。縱容我們。會議將很快開始。

Ladies and gentlemen, we would like to begin the session for analysts and investors. I am Hayakawa, in charge of IR. From Sony, Mr. Totoki -- Hiroki Totoki, the CFO; and Ms. Naomi Matsuoka, the Senior Vice President in charge of Corporate Planning and Control Finance and IR; and Mr. Hirotoshi Korenaga, the Senior Vice President in charge of Accounting, will be answering to your questions.

女士們，先生們，我們想開始分析師和投資者的會議。我是負責IR的早川。來自索尼的 Totoki 先生——首席財務官 Hiroki Totoki； Naomi Matsuoka 女士，負責公司計劃和控制財務和 IR 的高級副總裁；負責會計的高級副總裁 Hirotoshi Korenaga 先生將回答您的問題。

(Operator Instructions) From JPMorgan, Mr. Ayada. Ayada from JPMorgan.

（操作員說明）來自摩根大通，綾田先生。摩根大通的綾田。

I have 2 questions. The first question is EP&S assessment evaluation for the first quarter. I may be repeating myself, TV and the camera, the average selling price must have gone up. The factors that contributed to the rise is an improvement of the product mix. The substantive improvement. And also, it may be affected by supply and demand situation in the market. Can you elaborate on those factors? You can make just a qualitative statement rather than quantitative statement. And also the inventory in the distribution in the market. Bearing that in mind, what are the potential or the probability of the prices going up in the second quarter?

我有 2 個問題。第一個問題是第一季度的EP&S評估評價。我可能在重複自己，電視和相機，平均售價肯定上漲了。促成增長的因素是產品組合的改進。實質性改善。此外，它可能會受到市場供需情況的影響。你能詳細說明這些因素嗎？你可以只做定性陳述而不是定量陳述。以及市場分佈中的庫存。考慮到這一點，第二季度價格上漲的潛力或可能性有多大？

The second question is on I&SS. And I am asking this question many times. The capacity of the first quarter and the number of wafers for the first quarter and your prospects for the second quarter, the wafer. And also second quarter and beyond, what are your projections on the unit price of wafer? Will there be any meaningful changes?

第二個問題是關於 I&SS。我多次問這個問題。第一季度的產能和第一季度的晶圓數量以及您對第二季度晶圓的前景。以及第二季度及以後，您對晶圓單價的預測是什麼？會有什麼有意義的改變嗎？

Thank you very much for your questions. Your first question is about the assessment evaluation of EP&S. And the second question had to do with I&SS. I would like to respond to those questions. ASP is indeed going up. Is it attributable to the betterment of the product mix or to the supply and demand situation? It's difficult to really break down into those factors. That can only make some sort of qualitative statement.

非常感謝您的提問。您的第一個問題是關於EP&S的評估評估。第二個問題與 I&SS 有關。我想回答這些問題。 ASP確實在上漲。是由於產品結構的改善還是供需狀況？很難真正分解成這些因素。那隻能做出某種定性陳述。

For TV, both factors were at play. Product strategy, like screens, TVs were promoted, high end. We are intentionally shifting to that end of the product. So the beginning of the first quarter, the market itself -- the market for 32 inches and smaller are coming down. There is a downward trend. So in that context, I think our product mix plan proved to be right, and I think we are right in prospecting the supply and demand.

對於電視來說，這兩個因素都在起作用。產品策略，如屏幕，電視被推廣，高端。我們有意轉向產品的這一端。所以第一季度開始，市場本身——32英寸和更小的市場正在下降。有下降趨勢。所以在這種情況下，我認為我們的產品組合計劃被證明是正確的，我認為我們在預測供需方面是正確的。

And camera, I think we have a good product mix, too. Unlike last year, when there was a COVID-19 impact, each country has progressed in vaccination and the market, particularly the mirrorless, full-size mirrorless camera market is recovering. So there is a tailwind that we enjoyed. The market inventory or distribution inventory, at this point of time, be it camera or TV, there are no particular concerns. The level does not warrant us or require us to be concerned. But towards the end of this fiscal year, the second half, I think the panel price would become softer. How are we going to handle that situation will hold the key.

還有相機，我認為我們也有很好的產品組合。與去年發生 COVID-19 影響時不同，每個國家在疫苗接種和市場方面都取得了進展，特別是無反光鏡、全尺寸無反光鏡相機市場正在復蘇。所以我們很享受順風。市場庫存或分銷庫存，在這個時間點，無論是相機還是電視，都沒有特別的擔憂。該級別不保證我們或要求我們關注。但到本財年末下半年，我認為面板價格會變得更疲軟。我們將如何處理這種情況將是關鍵。

I&SS was another question. On the qualitative aspect, the first quarter -- at the end of first quarter, the master process, it was 130,000 per month. That was our capacity. There has been changes in the mobile mix. So there has been a decline from 141,000, the earlier projection. At the end of second half, expectation is that the figure will be 138,000 per month. In the first quarter actuals, the simple average for 3 months was 137,000. Last year, the fourth quarter, at the end of the fourth quarter, the average input was 138,000. So again, it's working at the fullest and it is as we have assumed or planned.

I&SS 是另一個問題。在質量方面，第一季度——在第一季度末，主流程，每月 130,000。那是我們的能力。移動組合發生了變化。因此，較早前的預測 141,000 有所下降。在下半年末，預計這個數字將是每月138,000。第一季度實際，3 個月的簡單平均數為 137,000。去年四季度，四季度末平均投入13.8萬。因此，它再次發揮最大作用，正如我們假設或計劃的那樣。

Fiscal '21, we are shipping for new models. So we are accelerating or increasing the capacity utilization. And the first quarter this fiscal year for the 3-year -- 3-month average, it will be 138,000, again, as we have projected. So that's more of a quantitative aspect. Compared to the previous fiscal year, there has been a decline of 10%. A certain Chinese customer is affecting this trend.

'21 財年，我們正在為新型號發貨。所以我們正在加速或提高產能利用率。正如我們預測的那樣，本財年第一季度的 3 年 - 3 個月平均值將再次達到 138,000 人。所以這更像是一個定量的方面。與上一財年相比，下降了10%。某位中國客戶正在影響這一趨勢。

Moving on to the next question. Nakane-san from Mizuho Securities, please.

繼續下一個問題。請瑞穗證券的中根先生。

Nakane speaking. I'm from Mizuho Securities. So two questions. Number one, the operating income have been revised. So there's one -- so Music and Pictures and EP&S, those are the factors for the revision. So very roughly, so there were upsides in the first quarter -- and also, what are -- for electronics, there are some destabilizing factors in some areas. So there are some negative factors that could have impacted the upward revision. So in the 3 categories, can you share with us your thoughts about how they were factored in?

中根說話。我來自瑞穗證券。所以兩個問題。第一，修改了營業收入。所以有一個——音樂、圖片和 EP&S，這些是修訂的因素。所以非常粗略，所以第一季度有上行空間 - 以及電子產品的上行空間，在某些領域存在一些不穩定因素。因此，有一些負面因素可能會影響向上修正。那麼在這 3 個類別中，您能否與我們分享您對它們是如何被考慮在內的想法？

My second question, it's in the semi macro view of Totoki-san. So in the North American market and China, how about the demand environment until the end of this year? How do you view or how do you think this demand with electronics, sensors and games and music? I think the situation will vary. So you don't have to talk about all the segments, but please talk about the macro environment that you anticipate towards the end of this year. Those are my 2 questions.

我的第二個問題，它是在Totoki-san的半宏觀視圖中。那麼在北美市場和中國，到今年年底的需求環境如何？您如何看待或如何看待電子產品、傳感器、遊戲和音樂的這種需求？我認為情況會有所不同。所以你不必談論所有的細分市場，但請談談你預計到今年年底的宏觀環境。這是我的兩個問題。

Thank you for the question. So first question, the revision of the operating income that we have made. So how much is it coming from the first quarter and how much is it coming from the rest of the year? And your second question is related to a very broad question actually. But in North America and China, how do I assess the demand situation? I guess you're looking at the overall economic situation of these 2 markets.

感謝你的提問。所以第一個問題，我們所做的營業收入的修正。那麼第一季度有多少，今年剩下的時間有多少？你的第二個問題實際上與一個非常廣泛的問題有關。但在北美和中國，我如何評估需求情況？我猜你正在關注這兩個市場的整體經濟狀況。

So regarding the revision of the operating income, excluding the Financial Services, if I may talk about some other segments. Well, basically, generally speaking, in the first quarter, especially for EP&S, the first quarter actuals were very strong. The performance was very strong. So that really pushed up the expectations. So if you factor it down beyond the second half, maybe you would think that it's not going to grow that much. But beyond the second half, the demand of TV, we don't know what is going to happen, and also the infection or the resurgence of COVID-19, that could have some impact on production, sales and supply chain. And we don't really know what is going to happen. It's hard to anticipate. So we have factored in those risks in making our projections.

所以關於營業收入的修正，不包括金融服務，如果我可以談談其他部分。嗯，基本上，一般來說，第一季度，特別是對於 EP&S，第一季度的實際情況非常強勁。表現非常強勁。所以這真的推高了期望。因此，如果您將其考慮到下半年之後，也許您會認為它不會增長那麼多。但除了下半年電視的需求，我們不知道會發生什麼，以及 COVID-19 的感染或死灰復燃，這可能會對生產、銷售和供應鏈產生一些影響。而且我們真的不知道會發生什麼。很難預料。因此，我們在進行預測時已將這些風險考慮在內。

And for Music, first quarter, it was very strong. The streaming services was very favorable and it's growing very well. And in the past, we had the advertising support and streaming was very difficult because of COVID-19. Subscription was good, but not ad-supported ones. But the ad market is now recovering. So the projection for ad-supported streaming was also included in a reasonable way.

對於音樂，第一季度非常強勁。流媒體服務非常受歡迎，而且發展得很好。過去，由於 COVID-19，我們有廣告支持，流媒體非常困難。訂閱很好，但不是廣告支持的。但廣告市場現在正在復蘇。因此，廣告支持的流媒體的投影也以合理的方式包括在內。

Now for Pictures, we have made a revision based on our projections throughout the year based on what we know now. I think that would be fair thing to say.

現在對於圖片，我們根據我們現在所知道的全年預測進行了修訂。我認為這樣說是公平的。

Now regarding the North American market and the Chinese market and what would be the demand situation until the end of the year, that is actually a very tough question. So if you look at the current situation, it's very favorable, and I do wish that this favorable condition will continue. But on the other hand, there is a resurgence of COVID-19, and we have to try to address the impact of that. The theatrical releases of films hopefully will be recovered. That's what we saw 2 months ago. But now, we believe that a full theatrical release is going to be really difficult. So for theatrical releases of pictures, pictures for families or children, I would say, I don't think we will be able to do very well because people will be reluctant to take their kids to theaters. So they are such concerns in North America.

現在關於北美市場和中國市場，到年底的需求情況如何，這實際上是一個非常棘手的問題。所以如果你看目前的情況，這是非常有利的，我希望這種有利的情況能夠持續下去。但另一方面，COVID-19 又捲土重來，我們必須努力解決其影響。電影的院線上映有望恢復。這是我們兩個月前看到的。但現在，我們相信完整的影院上映將非常困難。因此，對於電影、家庭或兒童的照片，我會說，我認為我們不會做得很好，因為人們不願意帶他們的孩子去劇院。所以他們在北美是這樣的擔憂。

Now in China, in terms of COVID-19 impact, on a relative basis, it is less concerning. That is my view. But more recently in China, there are some restrictions that have stepped up for major Chinese companies, and that is a trend that is ongoing. So you cannot assess things from the economic or purely economic standpoint. So you have to really look at these other developments or trends when you look at the Chinese market. Thank you.

現在在中國，就 COVID-19 的影響而言，相對而言，它不太令人擔憂。這就是我的看法。但最近在中國，對中國主要公司的一些限制已經加強，這是一種持續的趨勢。因此，您無法從經濟或純經濟的角度評估事物。因此，當您查看中國市場時，您必須真正關注這些其他發展或趨勢。謝謝你。

From SMBC Nikko Securities, Katsura-san, please.

請來自 SMBC 日興證券，桂先生。

Can you hear me?

你能聽到我嗎？

Yes, we can hear you.

是的，我們可以聽到你的聲音。

Two questions from me. One, well, this is related somewhat to the previous question. The regulation of the Chinese platform is what's the impact of such regulations, restrictions on the mobile games, maybe the direct segment or certain platforms is affected. So for entertainment segment or entertainment business, what kind of impact would that regulation in China have on the entertainment business of Sony? That's first question.

我的兩個問題。一，嗯，這與上一個問題有些相關。中國平台的監管是這樣的規定的影響，對手機遊戲的限制，可能是直接部分或某些平台受到影響。那麼對於娛樂領域或者娛樂業務來說，中國的這項規定會對索尼的娛樂業務產生什麼樣的影響呢？這是第一個問題。

Second, operating income. There was an upward revision by JPY 50 billion by segment. And you explained about the situation in Q1 and onwards. However, the sales remains unchanged and the FX, you are reevaluating when yen to be weaker. There is so much uncertainties to -- well, I think it was -- in the case of Toyota, to hold the target unchanged and the operating income of Sony was upwardly revised. What are the reasons? What are the major points to do so?

二是營業收入。按分部向上修正了 500 億日元。你解釋了第一季度及以後的情況。然而，銷售保持不變，外匯，當日元走弱時，您正在重新評估。有太多的不確定性——嗯，我認為是——就豐田而言，保持目標不變，索尼的營業收入被上調。原因是什麼？這樣做的要點是什麼？

Thank you for your questions. First question about the regulations on the Chinese platforms and what kind of impact would that have to our entertainment business. Your second question, under uncertain circumstances, we upwardly revised the operating income forecast. So what are the background?

謝謝你的提問。第一個問題是關於中國平台的規定以及這對我們的娛樂業務會有什麼樣的影響。您的第二個問題，在不確定的情況下，我們上調了營業收入預測。那麼背景是什麼？

So -- but the first question about the regulation, at this moment, China as a market. When we look at the China market, it is not that we depend heavily on that market. It's an overall picture. In terms of the percentage of sales, it's limited. That's what I can say about that. However, these kind of regulations has been implemented cyclically so far. For example, censorship issue in China and about the film's release in China have been restricted in the past. So for us, we need to come to grips with the facts and at an earliest stage take actions other than that. We don't have other options. More than ever, we try to be more sensitive about the situation in China in our response.

所以 - 但關於監管的第一個問題，此時，中國作為一個市場。當我們看中國市場時，並不是我們嚴重依賴那個市場。這是一個整體的畫面。就銷售百分比而言，它是有限的。這就是我能說的。但是，到目前為止，此類法規一直在循環實施。例如，中國的審查問題以及電影在中國的發行在過去一直受到限制。所以對我們來說，我們需要認清事實，並儘早採取除此之外的行動。我們沒有其他選擇。在我們的回應中，我們比以往任何時候都試圖對中國的局勢更加敏感。

Now about the equity participation or investment, we did make investments with the -- they are not the level at which having an impact on the management. The timing of the investment, when we look at it, it's -- they don't have any risks of incurring loss. So we are investing for the partnership on a long-term basis, and we would like to continue this stance.

現在關於股權參與或投資，我們確實進行了投資 - 它們不是對管理層產生影響的水平。投資的時機，當我們看時，它是——他們沒有任何招致損失的風險。因此，我們正在為合作夥伴關係進行長期投資，我們希望繼續保持這一立場。

Now this is an uncertain time and forecast of the operating income. Basically, sales or revenues are some of them -- some of the categories increased the sales and other declined. So it seems to me, there's a matter of adjustments. After the first quarter's results, looking at it, we just made adjustments. So this is a natural accumulation. So as our overall picture, it's not that we put a big message into it. We take risks and opportunities into consideration to come to this forecast. Thank you.

現在這是一個不確定的時間和營業收入的預測。基本上，銷售額或收入是其中的一部分——一些類別增加了銷售額，而另一些則下降了。所以在我看來，有一個調整的問題。第一季度的結果出來後，看了一下，我們只是做了調整。所以這是一種自然的積累。因此，就我們的整體情況而言，並不是我們在其中加入了重要信息。我們在做出這一預測時考慮了風險和機遇。謝謝你。

The time is limited, so we will take the last question. We apologize, but the next question will have to be the last question. And may I ask you to ask only one question in the interest of time. Mr. Ono of Morgan Stanley.

時間有限，所以我們將回答最後一個問題。我們很抱歉，但下一個問題必須是最後一個問題。出於時間的考慮，我可以請你只問一個問題。摩根士丹利的小野先生。

Ono of Morgan Stanley. You said one question. Now I believe that the media members also asked this question. And in the supplementary information on game, you talked about the monthly active user, 104 million, I think, is the number. In the fourth quarter, the figure was 109 million, and there was some decline. And Totoki-san explained that it's a seasonality factor, so you are not concerned. But now it's 104 million. How do you look at this 104 million? In the overall context, the monthly active user, MAU, Yoshida-san referred to 1.6 million. Would this situation impact what Mr. Yoshida said when he used the figure 1.6 million?

摩根士丹利的小野。你說了一個問題。現在我相信媒體成員也問過這個問題。在遊戲的補充信息中，你談到了每月活躍用戶，我認為是1.04億。第四季度，這個數字是1.09億，並且有一些下降。時時先生解釋說這是季節性因素，所以你不必擔心。但現在是1.04億。你怎麼看這1.04億？在整體情況下，月活躍用戶 MAU 吉田先生提到了 160 萬。這種情況會影響吉田先生在使用160萬這個數字時所說的話嗎？

Thank you. This will -- it's not a strong figure. 104 million, of course, it's not a strong number, but are we looking at as a declining trend? We don't think so. The first quarter -- and we are trying to analyze different elements, but there were no conspicuous trend that we could capture. Maybe this month, next month, we will have to continue to watch and do the analysis. At the risk of repetition, may I say that last year's, the stay-at-home demand was such a significant demand as a hindsight. So compared to that period last year as a trend, of course, compared to fiscal '19, there is an increase. So we would monitor the situation carefully, and we will deepen the engagement and enhance -- upgrade the platform. We will make such efforts. Therefore, for this coming -- or this fiscal year, we will take some actions to support this business. Thank you.

謝謝你。這將 - 這不是一個強大的數字。 1.04 億，當然，這不是一個強大的數字，但我們是否將其視為下降趨勢？我們不這麼認為。第一季度——我們正在嘗試分析不同的元素，但我們無法捕捉到明顯的趨勢。也許這個月，下個月，我們還要繼續觀察和分析。冒著重複的風險，我可以說去年的居家需求是事後諸葛亮的巨大需求。因此，與去年同期相比，作為趨勢，當然，與 19 財年相比，有增加。所以我們會仔細監控情況，我們會加深參與並加強——升級平台。我們會做出這樣的努力。因此，對於即將到來的 - 或本財年，我們將採取一些行動來支持這項業務。謝謝你。

Thank you very much. The time has come to close this session. We would like to close the earnings announcement for Sony. Thank you very much for your participation.

非常感謝。是時候結束本次會議了。我們想結束索尼的收益公告。非常感謝您的參與。