索尼 (SONY) 2024 Q3 法說會逐字稿

We will now begin FY 2023, Q3 consolidated financial results announcement for Sony Group Corporation. I am Okada from Corporate Communications, I will serve as a master of ceremonies.

我們現在將開始公佈索尼集團公司 2023 財年第三季合併財務表現。我是企業傳播部的岡田，我將擔任司儀。

People on the stage are Mr. Hiroki Totoki, President, COO and CFO; Ms. Naomi Matsuoka, Senior Vice President in charge of Corporate Planning and Control, Lead of Group Diversity, Equity and Inclusion, support for financial services and entertainment area; Mr. Sadahiko Hayakawa, Senior Vice President in charge of Finance and IR. These 3 people will be explaining the FY '23 Q3 results and full year forecast, followed by Q&A. A total of 70 minutes is allocated.

台上的人是總裁、營運長兼財務長Hiroki Totoki先生； Naomi Matsuoka 女士，資深副總裁，負責企業規劃和控制，集團多元化、公平和包容性、金融服務和娛樂領域支援主管； Sadahiko Hayakawa 先生，資深副總裁，負責財務和投資者關係。這三人將解釋 FY '23 Q3 業績和全年預測，然後進行問答。總共分配了 70 分鐘。

Mr. Totoki, the floor is yours.

十時先生，請發言。

Today, after Ms. Matsuoka and Mr. Hayakawa explain the content shown here, I will summarize the entire earnings briefly. Mr. Hayakawa, please go ahead.

今天，在松岡女士和早川先生解釋了這裡顯示的內容之後，我將簡要總結整個收益。早川先生，請繼續。

Matsuoka and Hayakawa will explain.

松岡和早川將進行說明。

Consolidated sales for the quarter were JPY 3,747.5 billion, a significant increase of 22% compared to the same quarter of the previous fiscal year, a record high on a quarterly basis. And the consolidated operating income increased JPY 41.8 billion year-on-year to JPY 463.3 billion, the second highest level on a quarterly basis. Net income increased JPY 42.4 billion year-on-year to JPY 363.9 billion, and adjusted EBITDA increased JPY 75.5 billion to JPY 605 billion. Nine-month cumulative consolidated operating cash flow, excluding the Financial Services segment was JPY 618.5 billion. The full year forecast is for sales to be JPY 12,300 billion, a decrease of JPY 100 billion from the previous forecast for operating income to be JPY 1,180 billion, an increase of JPY 10 billion from the previous forecast. And for net income to be JPY 920 billion, an increase of JPY 40 billion from the previous forecast. Adjusted EBITDA is expected to be JPY 1,770 billion, a decrease of JPY 15 billion from the previous forecast, primarily reflecting the impact of the foreign exchange rate on nonoperating profit and loss.

該季度綜合銷售額為37,475億日元，較上一財年同季大幅成長22%，創季新高。綜合營業收入較去年增加418億日圓至4,633億日元，為季度第二高水準。淨利潤年增424億日圓至3,639億日元，調整後EBITDA增加755億日圓至6,050億日元。九個月累計綜合經營現金流量（不包括金融服務部門）為 6,185 億日圓。全年預測銷售額為12.3兆日圓，比先前的預測減少1,000億日圓；營業收入為1.18億日元，比先前的預測增加100億日圓。淨利為9200億日元，比之前的預測增加400億日元。調整後EBITDA預計為17,700億日元，較先前預測減少150億日元，主要反映匯率對營業外損益的影響。

The consolidated operating cash flow forecast, excluding the Financial Services segment, is expected to be JPY 1,080 billion, a decrease of JPY 80 billion from the previous forecast, mainly reflecting an increase in working capital in the G&NS segment.

不包括金融服務部門的合併經營現金流預測預計為10,800億日元，較先前的預測減少800億日元，主要反映了G&NS部門營運資金的增加。

Now I will move on to overview of each business segment. First is G&NS segment. FY '23 Q3 sales increased a significant 16% year-on-year to JPY 1,444.4 billion, primarily due to increased third-party software sales and the impact of foreign exchange rates. Operating income decreased significant JPY 30.1 billion year-on-year to JPY 86.1 billion, primarily due to a deterioration in the profitability of PlayStation 5 hardware mainly due to promotions and adjusted OIBDA decreased JPY 26.8 billion to JPY 113.1 billion. The full year forecast is for sales to be JPY 4,150 billion, a decrease of JPY 210 billion from the previous forecast, and operating income and adjusted OIBDA remain unchanged.

現在我將概述每個業務部門。首先是G&NS 部分。 23 財年第三季銷售額年增 16% 至 14,444 億日圓，主要是由於第三方軟體銷售額的增加以及外匯匯率的影響。營業收入較去年同期大幅下降 301 億日圓，至 861 億日圓，主要是由於促銷導致 PlayStation 5 硬體獲利能力惡化，調整後的 OIBDA 減少 268 億日圓，至 1,131 億日圓。全年預測銷售額為41,500億日元，較之前預測減少2,100億日元，營業收入和調整後的OIBDA維持不變。

Inventory-related reserves that were additionally recorded in the current quarter, mainly due to an increase in inventory resulting from the decline in PS5 unit sales in the current quarter are expected to be recorded as a recovery gain in the fourth quarter due to a decrease in inventory. As a result, there is no impact on our full year operating income forecast, but there is an expected shift in profit of approximately JPY 30 billion from the current quarter to the fourth quarter. PS5 hardware unit sales in the quarter were 8.2 million units, which fell short of the target to hit our annual shipments of 25 million units, but was a record high number of quarterly unit sales for PS5 and the cumulative sales have exceeded 50 million units.

本季額外記錄的庫存相關儲備，主要是由於本季 PS5 銷量下降導致庫存增加，預計將在第四季度錄得恢復性收益，原因是銷量下降存貨。因此，這對我們全年營業收入的預測沒有影響，但預計利潤將從當季轉移到第四季約 300 億日圓。本季 PS5 硬體銷量為 820 萬台，雖然未達到我們全年出貨量 2,500 萬台的目標，但創下了 PS5 季度銷量的歷史新高，累計銷量已超過 5,000 萬台。

Due to the impact of the increasing popularity of PS5 and third-party free-to-play hit titles, key user engagement metrics have increased significantly with monthly active users for all our peers in December, reaching a record high of 120 million accounts and total game play time for the quarter increasing 13% year-on-year. Based on the results for this quarter, PS5 unit sales for this fiscal year are expected to be around 21 million units.

由於 PS5 和第三方免費熱門遊戲日益流行的影響，關鍵用戶參與度指標在 12 月份所有同行的每月活躍用戶數均顯著增加，達到創紀錄的 1.2 億帳戶和總帳戶數。該季度遊戲玩家時長較去年同期成長13%。根據本季的業績，預計本財年 PS5 銷量約為 2,100 萬台。

Regarding first-party software, the cumulative sales of Marvel's Spider-Man 2, which was released in last October exceeded 10 million copies as of February 4. And the Marvel's Spider-Man game series has now sold through over 50 million units, including on PC. The game is our second blockbuster hit in 2 years following God of War Ragnarok, which was released in the same period last year and is making a major contribution to profits.

第一方軟體方面，去年10月發售的《漫威蜘蛛人2》截至2月4日累計銷售量突破1,000萬份。漫威蜘蛛人系列遊戲目前銷售量已超過5,000萬套，其中包括個人電腦。該遊戲是我們繼去年同期發布的《戰神諸神黃昏》之後兩年內的第二款重磅遊戲，對利潤貢獻巨大。

Regarding network services, despite the impact of a slight year-on-year decrease in the number of PS Plus subscribers, sales increased 11% year-on-year, mainly due to the impact of a further shift to higher-end services and price revisions.

網路服務方面，儘管受到PS Plus用戶數量同比小幅下降的影響，但銷售額同比增長11%，主要是受到進一步轉向高端服務和價格的影響修訂。

Now I would like to explain our current view on the outlook for this segment next fiscal year. Regarding the PS5 hardware, which will enter its fifth year since launch, partially due to its entering the latter half of the console cycle, we aim to optimize sales with a greater emphasis on balance with profits. So we anticipate a gradual decline in unit sales from next fiscal year onwards. We expect third-party software sales to continue to expand gradually due to the expansion of the PS5 installed base and the high level of user engagement.

現在我想解釋一下我們目前對該部門下一財年前景的看法。至於 PS5 硬件，自推出以來將進入第五個年頭，部分原因是它進入了主機週期的後半段，我們的目標是優化銷售，更加註重與利潤的平衡。因此，我們預計從下一財年開始單位銷售量將逐漸下降。由於 PS5 安裝基數的擴大和用戶參與度的高水平，我們預計第三方軟體銷售將繼續逐步擴大。

In Network Services, we expect subscribers to be on par with this fiscal year or slightly less due to the impact of price revision we implemented in this fiscal year, but we expect sales to gradually expand due to a shift to attractive premium services. Regarding first-party software, we aim to continue to focus on producing high-quality works and developing live service games. But while major projects are currently under development, we do not plan to release any new major existing franchise titles next fiscal year, like God of War Ragnarok and Marvel's Spider-Man 2. Although the burden of acquisition-related costs will ease next fiscal year, we expect profit from first-party software to decrease slightly from this fiscal year due to the impact of the decrease in sales.

在網路服務方面，由於我們在本財年實施的價格調整的影響，我們預計訂戶數量將與本財年持平或略有下降，但由於轉向有吸引力的優質服務，我們預計銷售額將逐漸擴大。在第一方軟體方面，我們的目標是繼續專注於製作優質作品和開發直播服務遊戲。不過，雖然主要項目目前正在開發中，但我們不打算在下財年發布任何新的現有主要特許經營遊戲，例如《戰神諸神黃昏》和漫威的《蜘蛛人2》。儘管與收購相關的成本負擔將在下財年減輕，由於銷售下降的影響，我們預期第一方軟體的利潤將比本財年略有下降。

Based upon this, operating income for the next fiscal year is currently expected to increase slightly from this fiscal year. However, while, this is our baseline, we are reviewing measures for further improvement in profitability in advance of announcing -- annual forecast results announcement this May.

據此，目前預計下一財年營業收入將較本財年小幅成長。然而，雖然這是我們的基準，但我們正在審查進一步提高獲利能力的措施，然後再宣布今年五月的年度預測結果。

Next is the Music segment. FY '23, Q3 sales increased 16% year-on-year to JPY 422.1 billion, and operating income increased JPY 13.1 billion to JPY 76.1 billion, both significant increases. Adjusted OIBDA increased JPY 19.9 billion year-on-year to JPY 98.5 billion. Streaming revenue for the quarter on a U.S. dollar basis continued to grow, increasing 12% for Recorded Music and 17% for Music Publishing. Profit contribution from Visual Media and Platform was a mid-single-digit percentage of the operating income of the segment.

接下來是音樂部分。 23 財年第三季銷售額年增 16% 至 4,221 億日圓，營業收入成長 131 億日圓至 761 億日元，均大幅成長。調整後的 OIBDA 年比增加 199 億日元，達到 985 億日圓。本季以美元計算的串流媒體收入持續成長，錄製音樂成長 12%，音樂出版成長 17%。視覺媒體和平台的利潤貢獻佔該部門營業收入的中個位數百分比。

The FY '23 forecast is for sales to increase JPY 10 billion from the previous forecast JPY 1,570 billion. Operating income to be unchanged and adjusted OIBDA to increase JPY 10 billion to JPY 360 billion.

23 財年的銷售額預測將從先前的 15,700 億日圓增加到 100 億日圓。營業收入維持不變，調整後的 OIBDA 增加 100 億日圓至 3,600 億日圓。

In recent years, the expansion of the streaming market has greatly expanded the revenue opportunities and asset value of music catalogs that have been released for a certain period of time. During the quarter, the total streams of 5 of our holiday song catalogs by our artists succeeded 1 billion in the United States. Mariah Carey's album, Merry Christmas, ranked in the top 10 of SME's album sales for the quarter 29 years after it was released. In Music Publishing, the use of catalogs synchronized with images, such as background music from movies and advertisements is also an important source of revenue. Today, we have established a strong foundation that we expect will contribute to achieving stable revenue and expanding our market share in the Music business by acquiring the publishing rights to the large catalog works led by EMI Music Publishing and the catalogs of industry-leading artists such as Bruce Springsteen and Paul Simon.

近年來，串流媒體市場的擴張極大地擴大了已發布一段時間的音樂目錄的收入機會和資產價值。本季度，我們藝術家創作的 5 首節日歌曲目錄在美國的總播放量達到了 10 億次。瑪麗亞凱莉 (Mariah Carey) 的專輯《聖誕快樂》(Merry Christmas) 發行 29 年後，在該季度 SME 專輯銷量中名列前十。在音樂出版中，使用與圖像同步的目錄，例如電影和廣告中的背景音樂，也是一個重要的收入來源。今天，我們已經奠定了堅實的基礎，透過收購EMI 音樂出版公司主導的大型目錄作品以及行業領先藝術家的目錄的出版權，我們預計將有助於實現穩定的收入並擴大我們在音樂業務的市場份額。布魯斯·斯普林斯汀和保羅·西蒙。

Moreover, depending on the rights for each catalog, we plan to expand opportunities to use the music and are working to create new revenue, such as in the artist merchandise and event promotion areas. Of the 4 major awards presented at the 66th Grammy Awards on February 5, Miley Cyrus won Record of the Year, and Victoria Monet won Best New Artist. Sony Music Group artists and songwriters won awards in multiple other categories, including SZA, who was nominated in 9 categories, the most of any artist this year and won in 3 of them.

此外，根據每個目錄的權利，我們計劃擴大使用音樂的機會，並努力創造新的收入，例如在藝術家商品和活動推廣領域。 2月5日第66屆葛萊美獎頒發的4個主要獎項中，麥莉·賽勒斯獲得年度唱片獎，維多利亞·莫奈獲得最佳新人獎。索尼音樂集團的藝術家和詞曲作者在多個其他類別中獲獎，其中 SZA 在 9 個類別中獲得提名，是今年獲得提名最多的藝術家，並在其中 3 個類別中獲獎。

Next is the Pictures segment. In the current quarter, sales increased by 10% year-on-year to JPY 366.3 billion and operating income increased significantly JPY 16.2 billion year-on-year to JPY 41.6 billion, mainly due to increases in television and digital streaming licensing revenues and home entertainment sales and motion pictures. Adjusted OIBDA increased JPY 16.3 billion year-on-year to JPY 54.6 billion. The FY '23 forecast is for sales to increase JPY 10 billion from the previous forecast to JPY 1,470 billion and for operating income and adjusted OIBDA, they will remain unchanged. Although the Hollywood strikes have finally ended, delays in script development have caused continued changes in movie release schedules and delays in the delivery of television shows. As a result, we estimate the impact of the strikes on profits in the current fiscal year to be a little less than JPY 20 billion.

接下來是圖片部分。本季銷售額年增10%至3663億日元，營業收入年增162億日圓至416億日元，主要得益於電視和數位串流媒體授權收入以及家庭收入的成長娛樂銷售和電影。調整後的 OIBDA 年比增加 163 億日元，達到 546 億日圓。 23 財年的銷售額預測將比先前的預測增加 100 億日元，達到 14,700 億日元，而營業收入和調整後的 OIBDA 將保持不變。儘管好萊塢的罷工終於結束了，但劇本開發的拖延導致電影上映時間表不斷變化，電視節目的交付也不斷延遲。因此，我們估計罷工對本財年利潤的影響略低於200億日圓。

Next fiscal year, in addition to continued delays and releases, it is expected that digital streaming licensing and other revenues will decline due to a decrease in the number of films released this fiscal year. So the negative impact on profits due to the strikes is expected to reach its peak and the amount of such impact on a U.S. dollar basis is expected to be slightly less than twice as much as in the current fiscal year. On the other hand, the paying subscribers of Crunchyroll, which is driving growth in this segment, exceeded 13 million as of the end of December last year and have expanded at an average pace of 23% a year since we acquired the business in August 2021. In addition to continuing to provide appealing anime content to core fans, we are focusing on measures to broaden the anime fan base and deepen engagement by collaborating with external partners, such as Amazon expanding the service into growth markets such as Brazil, India and Southeast Asia. And further expanding in business areas such as theatrical distribution, anime movies and e-commerce.

下一財年，除了持續的延遲和上映外，預計數位串流媒體授權和其他收入將因本財年發行的電影數量減少而下降。因此，罷工對利潤的負面影響預計將達到頂峰，以美元計算的影響金額預計將略低於本財年的兩倍。另一方面，推動該領域成長的Crunchyroll的付費用戶截至去年12月底已超過1300萬，自我們於2021年8月收購該業務以來，以平均每年23%的速度增長除了繼續向核心粉絲提供有吸引力的動漫內容外，我們還專注於採取措施擴大動漫粉絲基礎並透過與外部合作夥伴合作加深參與度，例如亞馬遜將服務擴展到巴西、印度和東南亞等成長市場亞洲。並進一步拓展院線發行、動畫電影、電子商務等業務領域。

Amortization costs associated with the acquisition are expected to decrease significantly from next fiscal year onwards, and we expect this to further contribute to profit in this segment. For the next fiscal year, despite the challenging environment, where the impact from the strikes on profitability is expected to increase, we are aiming for a level of operating income that exceeds the current fiscal year as we intend to further grow our Crunchyroll business, develop and produce content all over the world, enhance theatrical distribution by distributing films from third-party studios and maintain a strong focus on cost control.

預計從下一財年起，與收購相關的攤銷成本將大幅下降，我們預計將進一步貢獻該部門的利潤。在下一財年，儘管環境充滿挑戰，預計罷工對盈利能力的影響將會加大，但我們的目標是實現超過本財年的營業收入水平，因為我們打算進一步發展我們的 Crunchyroll 業務，開發並在世界各地製作內容，透過發行第三方工作室的電影來加強院線發行，並高度重視成本控制。

Next is the Entertainment, Technology & Services segment. FY '23 Q3 sales decreased 2% year-on-year to JPY 735.7 billion, mainly due to lower sales of televisions, and operating income decreased JPY 3.9 billion to JPY 77.2 billion, and adjusted OIBDA was JPY 103.4 billion, down JPY 1.9 billion. The FY '23 forecast is for sales to decrease JPY 10 billion from a previous forecast to JPY 2,430 billion and for operating income and adjusted OIBDA, the OIBDA, they will remain unchanged.

接下來是娛樂、科技和服務部門。 23財年第三季銷售額年減2%至7,357億日圓，主要是由於電視機銷量下降，營業收入減少39億日元至772億日元，調整後的OIBDA為1,034億日元，減少19億日元。 23 財年的預測是銷售額將從先前的預測減少 100 億日圓至 24,300 億日圓，而營業收入和調整後的 OIBDA（OIBDA）將保持不變。

In North America, expected growth was not being made. There was no sign of major decline in demand and expected sales were relatively steady. In the Chinese market, while demand for television fell sharply, demand for digital cameras was higher than expected. And overall performance was roughly in line with the expectation. Furthermore, as a result of careful production and sales control, the overall inventory level in the segment at the end of December, was significantly reduced to JPY 341.3 billion, an 18% decrease year-on-year.

在北美，沒有實現預期的成長。需求沒有大幅下降的跡象，預期銷售相對穩定。在中國市場，雖然電視需求大幅下降，但數位相機的需求卻高於預期。整體表現大致符合預期。此外，由於嚴格控制生產和銷售，截至12月底該部門的整體庫存水準大幅下降至3,413億日元，年減18%。

Regarding televisions in the fourth quarter, we plan to further reduce the inventory and reduce costs based on results of the year-end selling season. Regarding digital cameras and interchangeable lenses, we aim to continue to expand our businesses, including through the introduction of new products to the market.

第四季電視方面，我們計劃根據年末銷售旺季的情況，進一步減少庫存，降低成本。關於數位相機和可互換鏡頭，我們的目標是繼續擴大我們的業務，包括向市場推出新產品。

Next is the Imaging & Sensing Solutions segment. FY '23 sales for the quarter increased significantly, 21% year-on-year to JPY 505.2 billion primarily due to an increase in sales of image sensors for mobile. And operating income increased JPY 14.9 billion to JPY 99.7 billion, both new record high for the segment.

接下來是成像和感測解決方案部分。 23 財年該季度的銷售額大幅成長，年增 21%，達到 5,052 億日圓，這主要是由於行動影像感測器銷售額的成長。營業收入增加 149 億日元，達到 997 億日元，均創該領域新高。

Adjusted OIBDA increased JPY 29.0 billion year-to-year to JPY 163.7 billion. The FY '23 forecast is unchanged from the previous forecast. We believe that smartphone product market, which has continued to experience negative growth compared to the last calendar year has hit the bottom in the current quarter. But the North American market is still showing declines compared to the last calendar year, and there is still uncertainty in the outlook.

調整後的 OIBDA 年比增加 290 億日元，達到 1,637 億日圓。 23 財年的預測與先前的預測相同。我們認為，與前一年相比持續負成長的智慧型手機產品市場在本季已經觸底。但北美市場較前一年仍呈現下滑趨勢，前景仍存在不確定性。

During this quarter, sales increased significantly year-on-year, primarily due to a recovery of the smartphone product market and the introduction of large-size sensors for high-end products. Nevertheless, we plan to continue to operate our business cautiously for the time being while continuing to monitor product market trends and the inventory status.

本季銷售額較去年同期大幅成長，主要得益於智慧型手機產品市場的復甦以及高階產品大尺寸感測器的推出。儘管如此，我們計劃暫時繼續謹慎經營業務，同時繼續監控產品市場趨勢和庫存狀況。

The yield rate of mobile sensors, which is the most important issue for current fiscal year is progressing following the improvement curve assumed in the previous forecast. And the impact on profitability has not changed from the previous forecast.

移動感測器的良率是本財年最重要的問題，它正在按照先前預測中假設的改善曲線取得進展。而且對獲利能力的影響與先前的預測相比沒有變化。

Regarding the sensor business, other than the mobile sensor, the delay in recovery in the sensor market for industry and social infrastructure has become particularly noticeable. So we plan to proceed with position adjustments and the improve inventory in the fourth quarter.

感測器業務方面，除移動感測器外，工業和社會基礎設施感測器市場的遲緩復甦尤為明顯。所以我們計劃在第四季繼續進行部位調整和改善庫存。

Sales in the segment during the current mid-range plan are expected to grow significantly by an average of 22% year-on-year basis and 8% on U.S. dollar basis. We have been able to steadily transition our mobile sensors to become larger and more value added. And we believe that we will be able to continue to grow our business in a period of the next mid-range plan.

在目前的中期計畫中，該部門的銷售額預計將大幅成長，平均年增 22%，以美元計算成長 8%。我們已經能夠穩步將我們的行動感測器變得更大、更具附加價值。我們相信，我們將能夠在下一個中期計劃的一段時間內繼續發展我們的業務。

On the other hand, at a time when sales are not increasing as planned, primarily due to the market environment, we recognize that significant increase in manufacturing costs, mainly due to capital expenditure and production operational losses such as those brought on the -- by deterioration yield issues. That needs to be addressed in order to further improve profitability going forward.

另一方面，在銷售沒有按計劃增長（主要是由於市場環境）的情況下，我們認識到製造成本大幅增加，這主要是由於資本支出和生產運營損失，例如惡化良率問題。為了進一步提高未來的獲利能力，需要解決這個問題。

Regarding image sensor capital expenditure, in the period next mid-range plan, we plan to leverage production capacity and strategic inventory, we will built up ahead of time to optimize the investment.

關於圖像感測器資本支出，在下一個中期計劃中，我們計劃利用產能和策略庫存，提前建立以優化投資。

Lastly, there is the Financial Services segment. For the current quarter, mainly due to the impact of market fluctuations on Sony Life, Financial Services revenue increased JPY 287.3 billion year-on-year to JPY 311.7 billion, and the operating income increased JPY 30.2 billion to JPY 77.3 billion, both significant increase.

最後是金融服務部門。本季，主要受市場波動對索尼人壽的影響，金融服務收入較去年同期增加2,873億日圓至3,117億日圓，營業收入增加302億日圓至773億日圓，均大幅成長。

Adjusted OIBDA increased JPY 30.5 billion year-on-year to JPY 84.3 billion. Sony Life's cumulative new policy amount in force during the 9 months ended December 31, 2023, continue to grow steadily, increasing 22% year-on-year to JPY 7.3 trillion. FY '23 Financial Services revenue is expected to increase JPY 90 billion from our previous forecast to JPY 1,300 billion. Annual operating income is expected to increase JPY 20 billion from the previous forecast to JPY 175 billion reflecting the recording of a gain mainly from the transfer of portion of the shares of Sony Payment Services Inc. by Sony Bank. Adjusted OIBDA is unchanged from the previous forecast.

調整後的 OIBDA 年比增加 305 億日元，達到 843 億日圓。截至2023年12月31日的9個月內，索尼人壽累計生效的新保單金額持續穩定成長，年增22%至7.3兆日圓。 23 財年金融服務收入預計將從我們先前的預測增加 900 億日圓至 13,000 億日圓。預計全年營業收入將比先前的預測增加200億日元，達到1750億日元，反映出主要來自索尼銀行轉讓索尼支付服務公司部分股份的收益。調整後的 OIBDA 與先前的預測相比沒有變化。

Please note that the forecasting corporate costs associated with profit quality improvement measure at Sony Life going forward excluding the record of the gain mainly from the transfer I just mentioned, we have made no change of our previous forecast.

請注意，預測與索尼人壽未來利潤品質改善措施相關的企業成本，不包括我剛才提到的主要來自轉讓的收益記錄，我們沒有改變先前的預測。

Finally, I would like to speak about the main points regarding the forecast for this fiscal year and outlook for each business in next fiscal year and beyond. Regarding the outlook for the current fiscal year, consolidated operating income for the quarter reached the level approaching the record high level achieved in the third quarter of the fiscal year ended March 31, 2022. And I think we have created good momentum towards completing the current mid-range plan.

最後，我想談談本財年的預測以及下一財年及以後各業務的展望的要點。關於本財年的前景，本季的綜合營業收入達到了接近截至2022 年3 月31 日的財年第三季度創紀錄高水平的水平。我認為我們已經為完成當前的目標創造了良好的勢頭。中期計劃。

Looking ahead to the next fiscal year, in the G&NS segment, we expect operating income to slightly increase from the current fiscal year as the gradual growth in third-party software and network services due to the expansion of PS5 installed base offsets a decrease in profit from first-party software.

展望下一財年，在G&NS業務領域，我們預計營業收入將較本財年小幅增長，因為PS5安裝基數的擴大導致第三方軟體和網路服務的逐步增長抵消了利潤的下降來自第一方軟體.

In the Pictures segment, although the impact of the strike is expected to peak next fiscal year, we are aiming for a level of operating income that exceeds the current fiscal year, mainly due to the expected growth of control development of a global production and through control of costs.

在影視領域，儘管罷工的影響預計將在下財年達到頂峰，但我們的目標是實現超過本財年的營業收入水平，這主要是由於全球製作控制發展的預期增長以及透過控製成本。

In the I&SS segment, we expect moderate sales growth due to a recovery of the smartphone market as well as increasing the size and value added of mobile sensors, which have been promoting to date.

在I&SS領域，我們預計由於智慧型手機市場的復甦以及迄今為止一直在推廣的行動感測器的尺寸和附加價值的增加，銷售額將出現溫和增長。

Regarding image sensor, capital expenditure during the period of the next mid-range plan, we currently assume that we will be able to keep it to approximately 70% to 80% of the current mid-range plan period by taking full advantage of existing production facility and strategic inventory.

關於影像感測器，下一個中期計劃期間的資本支出，我們目前假設透過充分利用現有生產，我們將能夠將其保持在當前中期計劃期間的約70％至80％設施和戰略庫存。

In the Financial Services segment, we were able to obtain approval for the corporate restructuring plan for partial spinoff under the Act of Segmenting Industrial Competitiveness of Japan.

在金融服務部門，根據日本產業競爭力分割法，部分剝離的企業重組計畫獲得了批准。

Based on the approval, we are working in earnest to prepare for the spinoff and listing of the shares of Sony Financial Group, Inc. in October '25.

在此基礎上，我們正​​認真做好索尼金融集團公司25年10月股票分拆上市的準備。

That's all for my explanation.

這就是我的解釋。

Thank you very much. We have given presentation by Totoki, Hayakawa and Matsuoka from 4:25, we have Q&A for media. And from 4:50 Q&A for investors and analysts. 20 minutes for each Q&A session. (Operator Instructions) Please wait until the Q&A session begins.

非常感謝。從4點25分開始，我們由Totoki、Hayakawa和Matsuoka進行了演講，我們有媒體問答。 4:50 開始為投資者和分析師進行問答。每場問答時間 20 分鐘。 （操作員說明）請等待問答環節開始。

Thank you for waiting. We will now entertain questions from the media. As it was the case of presentation, the people are shown on the slide are the people who will respond to your questions. I'd like to now begin the Q&A session. (Operator Instructions)

謝謝您的等待。現在我們將回答媒體提問。與簡報的情況一樣，幻燈片上顯示的人是會回答您的問題的人。我現在開始問答環節。 （操作員說明）

The first question it's Tsutsumi from Nikkei Shimbun Newspaper.

第一個問題是《日經新聞》的堤。

Tsutsumi from Nikkei Shimbun. I have 2 questions. First question. The strategic investment and CapEx of the current midrange plan. You referred to this in the semiconductor group as a whole FY '21 to the end of this fiscal year, in 3 years. At the end of the day, how much would be the amount of investment?

來自《日經新聞》的堤。我有 2 個問題。第一個問題。當前中期計劃的策略性投資和資本支出。您在 21 財年到本財年結束的整個半導體集團中提到了這一點，即 3 年。最終，投資金額是多少？

Also, based upon that, next mid-range plan, the strategic investment and the CapEx. What will be the direction and the size? What would be the level of investment? Are there going to be increase? Or strategic investment will increase, but the CapEx will be flat? Can you please give us the direction and also the size.

此外，在此基礎上，制定下一個中期計畫、策略投資和資本支出。方向和大小是什麼？投資水準是多少？還會有增加嗎？或者策略投資會增加，但資本支出會持平？您能給我們方向和尺寸嗎？

The second question, in the medium term, ROIC forecast for each business segment, entertainment and semiconductors. What applications and uses will drive growth, the products and services as well. Can you please elaborate? These are my 2 questions.

第二個問題，中期來看，ROIC對各業務板塊、娛樂和半導體的預測。哪些應用程式和用途將推動成長，產品和服務也是如此。能詳細說明一下嗎？這是我的兩個問題。

Thank you very much for your questions. Your first question, regarding the current mid-range plan and strategic investment and capital expenditure from FY '21 through FY '23. The cumulative amount, CapEx will be about JPY 1.9 trillion. M&A and other strategic investment is JPY 1.8 trillion. That is our forecast.

非常感謝您的提問。你的第一個問題是關於目前的中期計畫以及從 21 財年到 23 財年的策略投資和資本支出。累計資本支出約 1.9 兆日圓。併購及其他戰略投資為1.8兆日圓。這是我們的預測。

The investment is progressing steadfastly. So in the medium term, this investment will bear fruit. And then next mid-range plan and the size of investment and the direction of investment. Officially, in spring next fiscal year, we would like to give you explanation.

投資工作穩步推進。因此從中期來看，這項投資將會取得成果。然後是下一步的中期計劃以及投資規模和投資方向。正式地，我們想在下個財年的春季向您做出解釋。

CapEx, I&SS investment. As compared to the past, it will be 70% to 80% I explained in my presentation. The largest amount -- largest of the CapEx investment into I&SS. So there will be a slight increase in investment in this area.

資本支出、I&SS 投資。與過去相比，我在演講中解釋過，會是70%到80%。金額最大－I&SS 資本支出投資中最大的一筆。所以這方面的投資會稍微增加。

With regards to strategic investment, there are opportunities that we have to look at. So it's very difficult to say precisely. But about the same level as this fiscal year or might be a slight decrease from this year. Strategic investment, as you know, include return to the shareholders. So including that, we have to think about strategic investment. And then from next year, the direction of ROIC. Entertainment area, the driver of the ROIC will be gained.

在策略投資方面，有一些機會值得我們關注。所以很難準確地說。但與本財年的水平大致相同，或者可能比今年略有下降。大家知道，策略投資包括對股東的回報。所以包括這一點，我們必須考慮戰略投資。然後從明年開始，ROIC的方向。娛樂領域，ROIC的驅動力將獲得。

And in terms of improvement, Music, we have expectations for improvement in Music. Music in the current midrange plan, acquisition of large catalogs and the foundation of the business and the competitives have been strengthened. Going forward, based upon the catalog base, we are going to further expand this. That's all from me. Thank you.

在音樂方面的改進方面，我們對音樂的改進抱持著期望。目前的中檔音樂計劃、大型目錄的收購以及業務的基礎和競爭力都得到了加強。展望未來，我們將在目錄庫的基礎上進一步擴展。這就是我的全部。謝謝。

Next question, [Mr. Megaki] from Toyo Keizai -- Toyo Securities.

下一個問題，[先生] Megaki] 來自東洋經濟 - 東洋證券。

I have 2 questions. The first question is about the spin-off that was released today. When I read this, by implementing this spin-off, entertainment and other areas that you are focusing on will not bring in any cash. So the purpose of conducting this spin-off and also trying to improve the business. What is the relationship between the 2?

我有 2 個問題。第一個問題是關於今天發布的衍生產品。當我讀到這篇文章時，透過實施這個分拆，你所關注的娛樂和其他領域不會帶來任何現金。所以進行這次分拆的目的也是為了改善業務。 2者之間是什麼關係？

My second question has to do with Indian strategy. So I understand that your negotiations with Zee for a merger didn't -- wasn't successful. I understand that you spent some time explaining about India, but are you thinking about a change in your strategy? What will you do with that investment you were thinking about that merger? How will you use that money?

我的第二個問題與印度的戰略有關。所以我知道你們與 Zee 的合併談判並沒有成功。我知道您花了一些時間解釋印度，但您是否正在考慮改變策略？您將如何處理您考慮合併的投資？你將如何使用這筆錢？

Thank you for the question. About the financial spinoff. Regarding that point, as you know, we will do an actual -- we will not use any cash. But on the balance sheet, I think there's about JPY 20 trillion asset and liability recorded. And if we streamline that, the business capital allocation will become easier to handle.

感謝你的提問。關於財務分拆。關於這一點，如您所知，我們將採取實際行動—我們不會使用任何現金。但在資產負債表上，我認為記錄了約 20 兆日圓的資產和負債。如果我們簡化這一點，企業資本配置將變得更容易處理。

On the other hand, in financials or by -- they can, of course, try to grow on their own because they are going to become a listed company. So for both companies, I think this will be a win-win situation. That is our aim.

另一方面，在金融方面或通過——他們當然可以嘗試自己成長，因為他們將成為一家上市公司。所以對於兩家公司來說，我認為這將是一個雙贏的局面。這就是我們的目標。

And regarding the Zee merger, the negotiations has been announced. The negotiations are not progressing at the moment but the strategy itself, India on a long-term basis has a great growth potential. It's a very appealing market. Therefore, we will try to seek various opportunities. And if we can find another opportunity that would replace this type of plan, we will look into that, and we will also continue to look into organic growth and our strategy.

而關於Zee合併，談判已經宣布。目前談判尚未取得進展，但從策略本身來看，印度長期來看具有巨大的成長潛力。這是一個非常有吸引力的市場。因此，我們會努力尋找各種機會。如果我們能找到另一個機會來取代此類計劃，我們將對此進行研究，我們還將繼續研究有機成長和我們的策略。

The amount of money that was expected to be used for that merger? Well, that investment wasn't -- isn't going to change capital allocation or it will not change our behavior in our investment. So at the moment, we don't have any concrete plans.

預計用於該合併的資金數量是多少？嗯，這項投資不會改變資本配置，也不會改變我們的投資行為。所以目前我們還沒有任何具體的計畫。

Now we can move to the next question. [Jiroka] from NewsPicks.

現在我們可以進入下一個問題。 [Jiroka] 來自 NewsPicks。

Yes. My name is [Jiroka] from NewsPicks. First question is about the Gaming business. Over the last few years, you had shortages of smart chips, semiconductor chip supply was the problem. But then to the smartphone chip is becoming more difficult to produce additional value by miniaturizing it. In the past, if you wait for 2 or 3 more years, more advanced CTGT, like can reduce the energy consumption with a much lower prices. You could do that, right? So the hardware itself you can sell at JPY 30,000 or so. You could take that strategy.

是的。我的名字是 NewsPicks 的 [Jiroka]。第一個問題是關於遊戲業務的。過去幾年，智慧晶片短缺，半導體晶片供應就是問題。但隨後智慧型手機晶片變得越來越難以透過小型化來產生附加價值。過去，如果再等2、3年，更先進的CTGT，例如可以以更低的價格降低能耗。你可以這麼做，對吧？所以硬體本身可以賣到 30,000 日圓左右。你可以採取這個策略。

But right now, 4, 5 or 3 nanometers, if you are trying to get those miniaturized semiconductor chips, it will become more expensive. So taking that strategy to become more expensive or more complicated. But at the same time, you could expand on the network to have different ways to develop the GPA? Or do you think still we need to rely on hardware with the pricing so that you can widely sell them? Do you still not giving that option? So that's my question.

但現在，4、5或3奈米，如果你想獲得那些小型化的半導體晶片，它會變得更昂貴。因此，採取這種策略會變得更加昂貴或更複雜。但同時，你可以在網路上擴展，以不同的方式來提高 GPA 嗎？或者您認為我們仍然需要依賴硬體的定價，以便您可以廣泛銷售它們？你還不給這個選擇嗎？這就是我的問題。

Second question is about cash flow. For several years -- years ago, you had [JPY 4 billion] cash flow. But right now, operating cash flow because of many reasons is quite behind the plan compared with the plan. But operating cash flow will be the -- like a driver of where you would make investment. Therefore, would you become slightly hesitant to make less of investment? Or would you want to like reduce inventory? There are other ways to increase cash, right? So do you think allocations of capital as big as previously is going to be possible? There are also financing. There are many different options to manage your cash, right? So currently, can you talk a little more context about how do you see about the use of cash and how much cash that you could generate and invest?

第二個問題是關於現金流。幾年前，你擁有 [40 億日圓] 現金流。但目前，經營性現金流由於多種原因與計劃相比有相當差距。但營運現金流將成為投資方向的驅動因素。因此，您是否會猶豫是否要減少投資？或者您想減少庫存嗎？有其他方法可以增加現金，對嗎？那麼您認為像以前那樣大規模的資本配置有可能嗎？還有融資。有很多不同的選擇來管理您的現金，對嗎？那麼目前，您能否多談談您如何看待現金的使用以及您可以產生和投資多少現金？

Well, first question about G&NS. There is a structural issue, as you have pointed out. And you said it exactly right, PS5 today is using [Nano] that is on single digit. In the past, PS4, or let's say previous version, chip shrink benefit is very difficult to combine unlike older generation. Therefore, cost reduction is very difficult. Simply put -- I simplify the explanation.

嗯，第一個問題是關於 G&NS 的。正如你所指出的，存在著結構性問題。你說得一點都沒錯，今天的 PS5 使用的是個位數的 [Nano]。在過去，PS4，或者說以前的版本，晶片縮小的好處很難像老一代那樣結合起來。因此，降低成本是非常困難的。簡而言之——我簡化了解釋。

Now our sales strategy, we used to have a steep discount, but we do not want to rely on that. We want to make sure our business is profitable as well as we want to focus on user engagement together with the volume of sales of units. You need to strike a nice balance between all those components. So generation from PS4 to 5, one of the biggest difference is we shifted more focus on network service. That's one.

現在我們的銷售策略，我們曾經有很大的折扣，但我們不想依賴它。我們希望確保我們的業務獲利，並且希望專注於用戶參與度和銷售量。您需要在所有這些組件之間取得良好的平衡。所以從PS4到5代，最大的區別之一就是我們把更多的注意力轉向了網路服務。這是一個。

And from PS4 to PS5, we can continue to handle with the consumer -- customers. So user engagement is something that we want to sustain so that we can sustain the level of MAU. That will be the most critical things in our business right now. Now our plan for the hardware, that is like one is the commercial strategy that gets to do with the commercial strategy. And what will be the right pricing for customers.

從 PS4 到 PS5，我們可以繼續與消費者——客戶打交道。因此，我們希望保持用戶參與度，這樣我們才能維持每月活躍用戶的水平。這將是我們目前業務中最關鍵的事情。現在我們的硬體計劃，就像是與商業策略相關的商業策略。以及對客戶來說合適的定價是多少。

But whatever that might be, you have to -- you cannot enjoy a game without client device in your hand. So in that sense, a PS portal will be 1 device that we just came up with as a conduct an experiment, but we are getting some feedback. We are hoping to get more feedback. But we can get those feedback while customers using them. So that our services and our network are mature if I evolve by receiving those feedback.

但無論那是什麼，你都必須——如果手中沒有客戶端設備，你就無法享受遊戲。因此，從這個意義上說，PS 門戶將是我們剛剛作為實驗提出的設備，但我們正在收到一些回饋。我們希望得到更多回饋。但我們可以在客戶使用它們時獲得這些回饋。如果我透過收到這些回饋而不斷發展，我們的服務和網路就會成熟。

Now the other question that you raised was on the cash flow. As you said it rightfully so, we had about [JPY 4.2 billion] in cash flow in financial years ago. This year, the operating cash flow is relatively lower. But working capital has actually have grown quite a bit. If you just cut it off in 3 years, it may look like our operating income is lower, but inventory level can be reduced. We can collect accounts payable and we can get the cash.

你提出的另一個問題是關於現金流。正如您所說，我們在財務年前擁有約[42億日圓]的現金流。今年以來，經營現金流量相對較低。但營運資金其實已經成長了不少。如果三年後就砍掉，看起來我們的營業收入可能會低一些，但庫存水準可以降低。我們可以收取應付帳款，我們可以獲得現金。

So in a big sense there's no major change. And I would say you've -- you can actually understand it like that. And if you look at the rating agencies, we do actually have more opportunity for financial leverage should it need to. If required, we can also take that as an option.

所以從大的意義上來說，沒有什麼大的改變。我想說你實際上可以這樣理解。如果你看看評級機構，我們實際上確實有更多的機會利用財務槓桿（如果需要的話）。如果需要，我們也可以將其作為一種選擇。

Next question, [Abe] from Nikkan Kogyo Shimbun, please.

下一個問題，有來自日刊工業新聞的[安倍晉三]。

Abe from Nikkan Kogyo Shimbun. DNS Camera. I have 2 questions regarding the camera. The first question by situation by market, for China, sales -- unit sales volume was larger than your forecast. What about other markets, North America, Europe and domestic in Japan? What is the trend of the sales?

日刊工業新聞的安倍。 DNS 相機。我有 2 個關於相機的問題。第一個問題依市場狀況來看，對中國來說，銷售量——單位銷售量比你的預測還要大。那麼其他市場，北美、歐洲和日本國內呢？銷售趨勢如何？

Second question is the level of inventory. ET&S segment as a total as of the end of December, reduction in the inventory as compared to the same period last year. What about the inventory level of camera? These are my 2 questions.

第二個問題是庫存水準。截至12月底，ET&S部門總計庫存較去年同期減少。相機的庫存水準如何？這是我的兩個問題。

Thank you for your questions. First, ET&S segment, and you're talking about camera, and what is the market trend was your question. China has been doing well. For the third quarter, North America and the European market have been moving rather relatively well. The inventory itself, there is no particular problem in the inventory level at a level that we are satisfied with, and we are able to maintain that inventory level.

謝謝您的提問。首先，ET&S 細分市場，您談論的是相機，您的問題是市場趨勢是什麼。中國一直做得很好。第三季度，北美和歐洲市場的表現相對較好。庫存本身，庫存水準沒有什麼特別的問題，處於我們滿意的水平，我們能夠維持這個庫存水準。

I think we don't have much time left. I think the next question will be the last question. From Yomiuri Shimbun, Murase-san. Murase from Yomiuri Shimbun.

我想我們剩下的時間不多了。我認為下一個問題將是最後一個問題。來自讀賣新聞的村瀨先生。讀賣新聞的村瀨。

Sorry, this is a different question. This is about the Nikkei average, and I believe that it is the highest -- record high. Were you expecting this? I'm sure the investors have a lot of expectations towards the Sony Group. How do you feel about this?

抱歉，這是一個不同的問題。這是關於日經平均指數的，我相信它是最高的——創紀錄的新高。你期待這個嗎？我相信投資者對索尼集團抱有很大的期望。你覺得這個怎麼樣？

Thank you for the question. Since the beginning of this year, we're seeing this increase -- significant increase. Quite frankly, I, myself, did not expect this kind of trend. So in that sense, I kind of regret that my forecast didn't come true, but I'm very happy that the market's expectation of us is quite high. We hope to make sure that we don't underperform against that type of expectation and to demonstrate growth and development. Thank you.

感謝你的提問。自今年年初以來，我們看到了這種成長——顯著的成長。坦白說，我自己並沒有預料到會有這樣的趨勢。所以從這個意義上說，我有點遺憾我的預測沒有實現，但我很高興市場對我們的期望很高。我們希望確保我們的表現不會低於這種預期，並展現出成長和發展。謝謝。

Since it's time, we'd like to conclude the Q&A session with the media. Q&A with the investors and analysts will start at 4:47.

時間到了，我們的媒體問答環節就到此結束了。投資人和分析師的問答將於4:47開始。

We will soon be starting question-and-answer session with the investor and analysts. Please give us a few more moment while we get started.

我們很快就會開始與投資人和分析師的問答環節。在我們開始之前，請再給我們一些時間。

Thank you for waiting. We'd like to now start questions from the investors and analysts. I'll be facilitating this meeting -- this session. My name is (inaudible) from IR Group. Very good to see you all. Respondents, just like all media sessions are being going to be responded by 3 of them on slide. And please note about the information that we have distributed to you ahead of time about how to use telephone, how to control it and other things to be careful about. (Operator Instructions) We'll start. (Operator Instructions)

謝謝您的等待。我們現在開始向投資人和分析師提問。我將主持這次會議——這次會議。我的名字是（聽不清楚），來自 IR 集團。很高興見到大家。受訪者，就像所有媒體會議一樣，將由其中 3 人在投影片上回應。請注意我們提前向您分發的關於如何使用電話、如何控制電話以及其他注意事項的資訊。 （操作員指示）我們開始。 （操作員說明）

With that, I'd like to ask Katsura from SMBC Nikko.

說到這裡，我想請教SMBC日興的桂。

My name is Katsura from SMBC Nikko. I would like to, yes, ask 2 questions. First question is about on I&SS, fourth quarter inventories like your plan is going to be shrinking the inventory level. But it is looking at Slide 7 in tandem while you are showing how much inventory that you are expecting. But how much are you planning to shrink? Do you -- can you give any idea about how small the inventory level is going to be?

我叫桂，來自 SMBC Nikko。是的，我想問兩個問題。第一個問題是關於 I&SS，第四季度的庫存，就像你們的計劃一樣，庫存水準將會縮減。但當您顯示預期的庫存量時，它會同時查看投影片 7。但你打算縮小多少？您能透露一下庫存水準將會有多小嗎？

Addendum 7 -- 19 talks all about utilization. So maybe you can do that calculation about that. But can you also talk about how we should interpret it after Q1 next year?

附錄 7 - 19 全部討論了使用率。所以也許你可以對此進行計算。但您能否也談談明年第一季之後我們該如何解讀？

Second question for the next year, Game & Network Service, Pictures. And I think you mentioned back then in those sections, you made about aiming at certain levels. But can you also talk about other segments about similar perspectives and other segments as well.

明年的第二個問題，遊戲和網路服務，圖片。我想你當時在那些部分提到過，你瞄準了某些水平。但您是否也可以談談類似觀點和其他細分市場的其他細分市場。

Okay. Thank you very much for your question. I&SS fourth quarter inventory to that question, well, in terms of that in a 3 quarters levels is actually quite a small level. So the impact overall is quite limited. In general, I would say it will end up to about being flat. Flat or plus incremental small addition on top of third quarter.

好的。非常感謝您的提問。 I&SS 第四季庫存對於這個問題來說，就 3 季的水平而言，實際上是一個相當小的水平。所以整體影響還是相當有限的。總的來說，我想說最終會趨於平緩。第三季持平或小額增量。

Now you asked also about inventory level for next financial year. And we are expecting our top line growth to grow. And so inventory will also grow as fast as the top line but that should be covered during the business planning process for next financial year, and I hope that is good enough for answer to your question.

現在您也詢問了下一個財政年度的庫存水準。我們預計我們的收入成長將會成長。因此，庫存也將像收入一樣快速增長，但這應該在下一個財政年度的業務規劃過程中涵蓋，我希望這足以回答您的問題。

Now for FY '24 in general, what I've talked about, yes, I mentioned about Game, Pictures, I&SS. Yes, I mentioned about them for perspective for FY 2024. For Music, market on a streaming single high digit or mid-digit, single to mid-digit was the growth. And we hope to grow faster than that.

現在，對於 24 財年的整體情況，我所談論的，是的，我提到了遊戲、圖片、I&SS。是的，我提到它們是為了展望 2024 財年。對於音樂來說，串流媒體市場的高位或中位數、個位數到中位數是成長。我們希望成長得更快。

So finance, well, the base profit level is going to gradually slowly grow. It's going to take some time, right? But the new policy amount is going up, too. So it's not changed since it's going to keep growing in a steady or gradual growth because of adoption of IFRS, we have to do risk hedging because there can be volatility because of the change of the standard. That is the risk. We are going to be investing some costs. Therefore, we believe relatively gradual growth for finance.

因此，金融方面，基本利潤水準將逐漸緩慢成長。這需要一些時間，對吧？但新保單金額也在上漲。所以它不會改變，因為由於採用了IFRS，它會保持穩定或漸進的成長，我們必須做風險對沖，因為標準的改變可能會波動。這就是風險。我們將投入一些成本。因此，我們認為金融的成長相對緩慢。

Pictures, I actually mentioned it already. Flat or plus incremental on top or flat for Picture, like I said. But in any case, we will be giving the next financial year's guidance during the springtime. So we hope to cover more details at that time. Thank you.

圖片，其實我已經提過了。就像我說的，平坦或加上頂部增量或平坦的圖片。但無論如何，我們將在春季提供下一財年的指導。所以我們希望屆時能涵蓋更多細節。謝謝。

Next question, Okazaki-san from Nomura Securities.

下一個問題是野村證券的岡崎先生。

Okazaki from Nomura Securities. Game, I have questions regarding Game. MAU became a record high level. PS5 cumulative sales is already exceeding. So PS5 alone will not be able to satisfy that. Why is it MAU has grown to this level? Can you please explain a bit more in detail?

野村證券的岡崎。遊戲，我有關於遊戲的問題。 MAU 創歷史新高。 PS5累計銷量已經超過。因此僅靠 PS5 是無法滿足這項要求的。為什麼MAU會成長到這個水準？能更詳細地解釋一下嗎？

MAU is a metric for user engagement and an important metric. While MAU is increasing, in the fourth quarter, the profit is not as much as expected. MAU increases, but the profit was not as high. What is the background for this?

MAU是衡量用戶參與度的指標，也是重要指標。雖然MAU正在增加，但第四季的利潤卻沒有預期的那麼多。 MAU 增加，但利潤卻沒那麼高。這樣做的背景是什麼？

Thank you for your question. First, with regards to MAU, for one thing, there is seasonality. Third quarter is the holiday season. So there's seasonality factor. And then free-to-play titles, we had the big hits. So we are enjoying benefits from that. These are the 2 major factors drivers for increasing the MAU.

謝謝你的問題。首先，就月活躍用戶而言，一方面有季節性。第三季是假期。所以有季節性因素。然後是免費遊戲，我們獲得了巨大的成功。所以我們正在享受其中的好處。這是增加每月活躍用戶數的兩個主要因素。

And then engagement metric. Third quarter, I already explained a bit, special factors were there. And about JPY 30 billion of profit will be shifted to the fourth quarter from the third quarter PS5 inventory valuation-related number. In the second half, it will be leveled. But if you only look at the third quarter, the profit level, as it appears is slightly less than what it actually is.

然後是參與度指標。第三季度，我已經解釋了一點，有特殊因素。而約300億日圓的利潤將從第三季PS5庫存估值相關數字轉移到第四季。下半場將扳平。但如果只看第三季度，看起來的利潤水準略低於實際水準。

The next question from Mizuho Securities. Nakane-san.

瑞穗證券的下一個問題。中根桑。

Nakane from Mizuho Securities. I have 2 questions. The first question to Mr. Totoki, the first question is as follows. It's 4 months since you became the President. What have you noticed or realized since you have become the President? Next quarter, there's no first party, large first parties but the W3C titles going to be have. Now in FY 2025, what kind of measures are you considering? If you can share with us your impressions.

瑞穗證券的中根。我有 2 個問題。第一個問題問Totoki先生，第一個問題如下。你就任總統已有 4 個月了。自從您就任總統以來，您注意到或意識到了什麼？下個季度，將不再有第一方，大型第一方，但將有 W3C 標題。 2025財年，您正在考慮採取哪些措施？如果您可以與我們分享您的印象。

The second question is about the return to shareholders. I understand that the strategic investment is going to become slightly lower. So basically, I understand that your measures of investment will not change significantly. But if you have any comments on that point.

第二個問題是關於股東回報。據我了解，戰略投資將會略有下降。所以基本上，我知道你們的投資措施不會有重大變化。但如果您對此有任何意見。

Yes. Thank you very much for your question. Yes, i.e., actually, I am the chairperson. It's been about 4 months. And I'm trying to demonstrate leadership and trying to have as many meetings as possible with the management team. I also visit studios and everyone is working really hard to fulfill their responsibility, to try to optimize the business. And I understand that.

是的。非常感謝您的提問。是的，實際上，我是主席。已經過去4個月左右了。我正在努力展示領導力，並嘗試與管理團隊舉行盡可能多的會議。我也參觀了工作室，每個人都在非常努力地履行自己的責任，並努力優化業務。我明白這一點。

But overall, growth, overall growth and sustainable profitability or increasing margin, how will that translate to these goals? I don't think people understand that deeply. I think that is the problem of the organization. So as far as I'm concerned, I try to understand what is happening in the company, in the industry and also with the perspective of the analysts, and try to explain in a transparent manner so that people can recognize and notice these issues so that we can have a harmonized approach going forward. That is a very general comment since I became the chairperson.

但總體而言，成長、整體成長和可持續獲利能力或提高利潤率，這將如何轉化為這些目標？我不認為人們理解得那麼深。我認為這是組織的問題。所以就我個人而言，我會嘗試去了解公司、行業以及分析師的角度正在發生的事情，並嘗試以透明的方式進行解釋，以便人們能夠認識到並注意到這些問題。我們未來可以採取統一的方法。這是我擔任主席以來的一個非常籠統的評論。

There are concrete points, which I will not go into today. Now about visiting the studios and about Bungie. And I've had meetings with the leaders there, the studios. People who work in the studios have very high motivation. They're very highly motivated. They're very good people, and they're very creative people. They have great creative minds and they also have knowledge about live streaming.

有一些具體的要點，我今天不講。現在介紹參觀工作室和 Bungie。我與那裡的領導者、工作室進行了會面。在工作室工作的人都有很高的積極性。他們的積極性非常高。他們是非常好的人，而且是非常有創造力的人。他們擁有出色的創意頭腦，也擁有直播的知識。

However, having said that, when it comes to the business itself, I think there is room for improvement. And that's got to do about how to use the money or about the schedule of development or how to fulfill one's accountability towards development, et cetera. Those are my frank impressions. So I will continue to engage in dialogue with the people so that we can find the right way to proceed.

不過話雖如此，就業務本身而言，我認為還有改進的空間。這牽涉到如何使用這筆錢，或是關於開發進度，或是如何履行一個人對發展的責任等等。這些都是我的坦率印象。因此，我將繼續與人們進行對話，以便我們找到正確的前進道路。

Now shareholder returns and dividends. As you mentioned, no major change there. We will have to deal with shareholder returns in an honest way. And that is part of the strategic investment and we believe that if the solution is considered to be the optimum solution, then we will go ahead with that solution.

現在股東回報和股息。正如您所提到的，沒有重大變化。我們必須以誠實的方式處理股東回報。這是戰略投資的一部分，我們相信，如果解決方案被認為是最佳解決方案，那麼我們將繼續採用解決方案。

Now let me move to the next question. I'd like to ask Yasui from UBS Securities to ask the next question please.

現在讓我轉向下一個問題。我想請瑞銀證券的安井問下一個問題。

This is Yasui from UBS Security. I have 2 -- I want to ask 2 questions. And so basically, it's a single question. Operating profit, Game and Semiconductor, they were actually, top line is growing, but the profit level is not really growing up. Respective 3 years were not, what are the things that you think, Totoki-san, what do you think what you need to have, whether it's possible or not, is there any particular initiative or angle that you're going to get at to improve the bottom line, not only the top line?

我是瑞銀證券的安井。我有 2 個——我想問 2 個問題。基本上，這是一個問題。遊戲和半導體的營業利潤實際上是在成長，但利潤水準並沒有真正成長。各自的3年都沒有，你認為什麼，Totoki-san，你認為你需要什麼，是否可能，有什麼特別的倡議或角度，你會得到提高底線，而不僅僅是頂線？

Thank you. For gaming question. Profit margin, especially the operating margin was not really a wonderful situation. Well, partly because we are currently in a transition where the PS5 as a hardware units are expanding as a process. But what we need to manage is that PS4 and the previous general -- unlike PS4 or previous generations, consoles -- if you look at the console cycle, cost reduction within the cycle is very difficult to come by. And that is a big challenge. Because if you think about PS console device, unlike high spec -- specification computers, it's affordable price, while with a very safe comfortable environment with a very great experience. That's wonderful things about PlayStation.

謝謝。對於遊戲問題。利潤率，尤其是營業利益率的情況確實不太好。部分原因是我們目前正處於一個過渡時期，PS5 作為一個硬體單元正在作為一個流程進行擴展。但我們需要管理的是，PS4和之前的通用性——與PS4或前幾代主機不同——如果你看主機週期，週期內的成本降低是很難實現的。這是一個巨大的挑戰。因為如果你考慮 PS 控制台設備，與高規格電腦不同，它的價格實惠，同時具有非常安全舒適的環境和非常好的體驗。這就是 PlayStation 的美妙之處。

But compared to the past, in order the cost for building that experience, memory chipsets, the prices of -- the cost of all those components are going up as a fact. And how can we given the situation can put our product plans together to make it affordable so that without relying on steep discounts to reasonably sell them to continue our commercial journey on a sustainable basis. I personally think that's important. And there is an opportunity in that, and that's how I see it.

但與過去相比，為了建構這種體驗的成本，記憶體晶片組以及所有這些組件的價格實際上都在上漲。在這種情況下，我們如何將我們的產品計劃放在一起，使其價格實惠，以便在不依賴大幅折扣的情況下合理銷售它們，以可持續的方式繼續我們的商業之旅。我個人認為這很重要。這裡面有一個機會，我就是這麼認為的。

And the other potential driver is the first-party title generation because in the past, as you all know, we wanted to popularize console. And title was something -- and the first-party title main purpose was to make the hardware or the console popular, right? It is true, right? But there is a synergy to it. So if we have a strong first-party content, not only with our console, but also other platform like computers. And the first-party can be grown with multi-platforms and that can help operating profit to improve. So that's another one that we want to track where you walk on. I personally think there are opportunities out there for improvement of margin. So I would like to go aggressive on improving our margin performance.

另一個潛在的驅動因素是第一方遊戲的生成，因為眾所周知，過去我們希望普及遊戲機。標題是重要的東西 - 第一方標題的主要目的是讓硬體或控制台流行，對嗎？這是真的，對吧？但它有一個協同作用。因此，如果我們擁有強大的第一方內容，不僅是我們的主機，還包括其他平台（例如電腦）。而第一方可以透過多平台來成長，這可以幫助營運利潤提高。這是我們想要追蹤您走過的地方的另一件事。我個人認為有提高利潤率的機會。因此，我想積極改善我們的利潤表現。

Now to I&SS so far in the past, R&D and capital investment comes together but the sales is now recouping what we have invested. That's basically what we had at a problem. Because workforce, we need to focus to minimize the operating loss. We need to also manage investment plans. So the cost and investment opportunities needs to be meeting at the right balance.

現在就 I&SS 而言，到目前為止，研發和資本投資是結合在一起的，但現在的銷售正在收回我們的投資。這基本上就是我們遇到的問題。因為勞動力，我們需要集中精力盡量減少營運損失。我們還需要管理投資計劃。因此，成本和投資機會需要達到適當的平衡。

But in I&SS, in the past, as you all know, sensors (inaudible) mobile sensor, let's say. Is it becoming a larger format. And also what's driving the other things about the prices, like having more cameras embedded. So more cameras as well as a larger format of the sensor, both requires having a bigger capacity, but a larger format as well as more cameras, more lenses in smartphone. Is that going to continue forever? Probably not, maintained at the level of today, but having more functionalities to it, right? So having higher functionality is something that is now demand at.

但在 I&SS 中，眾所周知，過去感測器（聽不清楚）是移動感測器。它是否變得更大的格式。還有其他因素推動價格上漲，例如嵌入更多攝影機。因此，更多的相機以及更大規格的感應器，都需要更大的容量，但智慧型手機中更大的規格以及更多的相機、更多的鏡頭。這種情況會永遠持續下去嗎？可能不會，維持今天的水平，但有更多的功能，對吧？因此，擁有更高的功能是現在的需求。

How can we build that high functionality, you think, without too much redundancy in the process. That's the question, right? Because if we can address that, I think the more profit margin is going to go up. Thank you.

您認為，我們如何建立如此高的功能，而在此過程中沒有太多冗餘。這就是問題，對吧？因為如果我們能夠解決這個問題，我認為利潤率將會提高。謝謝。

Time is running short. So I'd like to ask the questions to be -- please limit yourself to 1 question per person. Next question, please. Morgan Stanley, MUFJ Securities, Ono-san, please.

時間不多了。所以我想問的問題是──請限制每人 1 個問題。請下一個問題。有請摩根士丹利、三菱日聯證券、小野先生。

Ono from Morgan Stanley. About Game. I have 1 question. Next fiscal year, a slight increase in profit you are expecting, JPY 270 billion this year and in the past, the peak was more than JPY 300 billion. So the peak in FY '21 with PS5, it's very difficult to exceed the peak level of JPY 300 billion in '21. I may be asking repeated question. But MAU, JPY 123 million is to be increased. And further, is it possible to exceed the peak in profit level, especially in the cycle, the 5th year is a peak of the hardware and 6th year is the peak of hardware and 7th year is the peak of the margin. That was a cycle, as I understand this in the past.

來自摩根士丹利的小野。關於遊戲。我有 1 個問題。下個財年，你所期待的利潤會小幅增長，今年是2700億日元，而過去，峰值是3000億日元以上。因此，PS5 在 21 財年的峰值，很難超過 21 財年 3,000 億日圓的峰值水準。我可能會問重複的問題。但每月活躍用戶數將增加 1.23 億日圓。再進一步，利潤水準是否有可能超過峰值，特別是在周期中，第5年是硬體的峰值，第6年是硬體的峰值，第7年是利潤率的峰值。這是一個循環，正如我過去所理解的那樣。

So 6th year, next year will be the 6th year of the release and the software mainly is if it is third-party, I think it is regrettable. But how should we interpret this? Can you please explain?

那麼第6年，明年就是發布的第6年了，軟體主要是第三方的，我覺得很遺憾。但我們該如何解釋這一點呢？你能解釋一下嗎？

Well, PS4 can be one big reference for us. Under COVID-19 -- we had a COVID-19 period so we cannot accurately say, 5th year, 6th year and 7th year for PS5, there may be some argument. Margin or the profit level. Absolute amount of profit is to be increased. And for that, it is challenging but I'd like to try and increase. At the time of PS -- compared to PS5, market itself, including the third-party titles, the market is increasing for PS5. But the profitability of hardware is higher for PS4.

嗯，PS4 可以為我們提供很大的參考。在COVID-19下－我們有一個COVID-19時期，所以我們不能準確地說PS5是第5年、第6年和第7年，可能會有一些爭論。保證金或利潤水準。利潤的絕對金額將會增加。為此，這是具有挑戰性的，但我想嘗試並增加。在PS時代－與PS5相比，市場本身，包括第三方遊戲，PS5的市場正在成長。但PS4的硬體獲利能力更高。

So with BOM cost will not decrease with the new console. So how we can hit the balance with the margin and continue to spread the -- disseminate PS5 is important.

因此，新控制台的 BOM 成本不會降低。因此，我們如何在利潤率上取得平衡並繼續傳播——傳播PS5是很重要的。

And second point, this fiscal year and next fiscal year, the cost -- acquisition cost of the past is also incurred. So as the acquisition-related cost burden decreases, that will become a factor for increase in profit. So we have to think this in an integrated fashion. And in the era of PS5, we -- I do not think that -- I am not going to give up and renew the peak. So in the next mid-range plan, we would like to challenge and try to exceed the peak of the past.

第二點，本財年和下財年，過去的成本－購置成本也產生了。因此，隨著收購相關成本負擔的減輕，這將成為利潤增加的因素。所以我們必須以綜合的方式來思考這個問題。在 PS5 時代，我們——我不認為——我不會放棄並續寫巔峰。所以在接下來的中期計劃中，我們要挑戰並嘗試超越過去的巔峰。

The next person will be the last person to ask the question. Ayada-san from JP Morgan.

下一個將是最後一個提出問題的人。來自摩根大通的綾田女士。

This is Ayada from JPMorgan Securities. On Games, you have been saying 123 million of the MAU and you had a great hit with free title. And I understand that these are titles to which you invest. Well, regarding those games, I think new movies have been added or you have a collaboration with Disney, which are different expectations toward growth from the past. From your perspective, these third-party titles, what are your expectations toward those titles? And as an investor, what are your expectations? And the profitability for Games for next fiscal year, you didn't mention about the add-ons. So what's happening there?

我是摩根大通證券公司的綾田。在遊戲方面，您表示每月活躍用戶數為 1.23 億，並且免費遊戲取得了巨大成功。我知道這些都是您投資的產權。那麼對於那些遊戲來說，我認為增加了新的電影或與迪士尼有合作，這與過去對成長的期望是不同的。從您的角度來看，這些第三方遊戲，您對這些遊戲有什麼期望？作為投資者，您的期望是什麼？至於下一財年遊戲的獲利能力，你沒有提到附加組件。那麼那裡發生了什麼事？

Like you say, those titles are contributing significantly. That's true. Collaboration with other companies is something that we can't comment. Well, those companies are attractive companies to which we would like to invest, and that's very -- it's a positive development for us. And that collaboration, we hope that, that will generate an upside for us.

正如你所說，這些頭銜做出了重大貢獻。這是真的。與其他公司的合作我們無法評論。嗯，這些公司都是有吸引力的公司，我們願意投資，這對我們來說是一個積極的發展。我們希望這種合作能為我們帶來好處。

And add-on sales for next fiscal year, whether that is being reflected or not, well, the business plan hasn't been fixed yet. So at this point in time, it's hard for me to comment on that point. But the third-party titles will -- if they grow, that will be very positive for us, and we hope to utilize that momentum -- take advantage of that momentum.

下一財年的附加銷售，無論是否有反映，商業計劃尚未確定。所以在這個時候，我很難對此發表評論。但第三方遊戲將——如果它們成長，這對我們來說將是非常積極的，我們希望利用這種勢頭——利用這種勢頭。

Since it's time, we'd like to conclude the consolidated financial results announcement from Sony Group. Thank you very much.

現在是時候結束索尼集團的合併財務業績公告了。非常感謝。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]