索尼 (SONY) 2025 Q1 法說會逐字稿

It's time.

是時候了。

We'd now like to start the Sony Group Corporation Consolidated Earnings Announcement Meeting.

我們現在要召開索尼集團公司合併收益公告會議。

I'm Okada from PR.

我是公關部的岡田。

I'll be serving as emcee.

我將擔任司儀。

I'd like to introduce the presenters.

我想介紹一下主持人。

President, COO, and CFO, Hiroki Totoki; Senior Vice President in charge of Corporate Planning and Control, Lead of Group DEI, Support for Finance Business and Entertainment Area, Naomi Matsuoka; Senior Vice President in Charge of Finance and IR, Sadahiko Hayakawa; Sony Financial Group, Inc., Senior Managing Director and CFO, Kazuhiro Yamada.

總裁、營運長兼財務長 Hiroki Totoki；負責企業規劃和控制的高級副總裁、集團 DEI 負責人、金融業務和娛樂領域支持 Naomi Matsuoka；負責財務和 IR 的高級副總裁早川定彥 (Sadahiko Hayakawa)；索尼金融集團資深董事總經理兼財務長 Kazuhiro Yamada。

These four will be making presentations about the results of the first-quarter fiscal '24 and forecast for the full year.

這四位人士將介紹 24 財年第一季的業績以及全年的預測。

And afterwards, we'll have Q&A.

之後，我們將進行問答。

Total session time expected to be about 70 minutes.

預計總會議時間約 70 分鐘。

Mr. Totoki, please.

十時先生，有請。

First, I would like to briefly discuss the recent changes in the financial market environment.

首先我想簡單介紹一下近期金融市場環境的變化。

We are extremely concerned about the sudden fluctuations in exchange rates and possibility of economic downturn particularly in the United States.

我們對匯率突然波動以及經濟下滑的可能性（特別是美國）感到極為擔憂。

The result, the forecast we are presenting today does not incorporate any of the recent rapid market changes.

結果，我們今天提出的預測沒有考慮到任何近期快速的市場變化。

I believe that your interest in foreign exchange, the assumption assumed rate is evaluated at the rate very similar to today's rate.

我相信您對外匯的興趣，假設的假設利率是按照與今天的利率非常相似的利率來評估的。

And with that, we evaluate our performance.

由此，我們評估我們的表現。

However, we will closely monitor the impact on the real economy and our business going forward and aim to take any necessary actions swiftly and provide an update if any significant changes occur.

然而，我們將密切關注對實體經濟和我們未來業務的影響，並致力於迅速採取任何必要行動，並在發生任何重大變化時提供最新資訊。

The -- now we will explain this content.

——現在我們就來解釋一下這個內容。

Starting from this time, Mr. Yamada from Sony Financial Group will provide an explanation of the Financial Services segment in addition to Ms. Matsuoka and Mr. Hayakawa and I will then give a summary at the end.

從這次開始，除了松岡女士和早川先生之外，索尼金融集團的山田先生將對金融服務部門進行解釋，然後我將在最後進行總結。

Now, Hayakawa-san, please?

現在，早川同學，可以嗎？

Consolidated sales including the financial services segment for the quarter increased a significant 12% compared to the same quarter of the previous fiscal year to JPY2,567.4 trillion, and operating income increased a significant JPY50.6 billion to JPY249.1 billion.

本季包括金融服務部門在內的綜合銷售額較上一財年同季大幅成長 12%，達到 2,567.4 兆日圓，營業收入大幅成長 506 億日圓，達到 2,491 億日圓。

Consolidated sales increased 2% year on year to JPY3.011.6 trillion.

合併銷售額年增2%，達到3011.6兆日圓。

Operating income JPY26.1 billion to JPY279.1 billion.

營業收入261億日圓至2791億日圓。

And the income -- net income increased JPY14.1 billion to JPY231.6 billion.

收入－淨利潤增加了 141 億日元，達到 2,316 億日圓。

The results by segment for this quarter are shown on this slide.

此幻燈片顯示了本季按部門劃分的結果。

Next, I will explain our consolidated results forecast for FY24.

接下來，我將解釋我們對 2024 財年的綜合業績預測。

The consolidated sales forecast excluding financial services has been upwardly revised by 3% to JPY 11.700 trillion.

不包括金融服務的綜合銷售預測上調 3%，至 11.700 兆日圓。

The operating income forecast has been upwardly revised by JPY35 billion to JPY1.165 trillion, and the net income forecast has been upwardly revised by JPY55 billion to JPY875 billion.

營業收入預測調高350億日圓至1.165兆日圓，淨利預測調高550億日圓至8750億日圓。

Our operating cash flow forecast remains unchanged from the previous forecast at JPY1,400 trillion.

我們的營運現金流預測與先前的 1,400 兆日圓預測保持不變。

Consolidated sales are expected to increase 2% from the previous forecast to JPY12,610 trillion.

綜合銷售額預計將比先前的預測成長 2%，達到 12,610 兆日圓。

Operating income is expected to increase JPY35 billion to JPY1.310 trillion and net income is expected to increase JPY55 billion to JPY980 billion.

營業收入預計將增加 350 億日元，達到 1.310 兆日元，淨利潤預計將增加 550 億日元，達到 9,800 億日元。

The net income forecast is JPY9.4 billion, higher than the recorded in the previous fiscal year.

淨利預測為94億日圓，高於上一財年的紀錄。

Operating income on both on a consolidated basis including financial services and the consolidated basis expected to be record highs.

包括金融服務在內的合併基礎上的營業收入預計將創歷史新高。

The full-year forecast by segment is shown here.

此處顯示了按細分市場劃分的全年預測。

Now I will move on to the explanation of the overview of each business.

下面我就各個業務的概況進行說明。

The first is the G&NS segment.

第一個是 G&NS 部分。

Although hardware sales decreased FY24, Q1 sales increased a significant 12% year on year to JPY864.9 billion, primarily due to the impact of foreign exchange rates and increased first-party software sales.

儘管 2024 財年硬體銷售額下降，但第一季銷售額同比大幅增長 12% 至 8,649 億日元，主要是由於匯率影響和第一方軟體銷售額增加。

Operating income increased a significant JPY16 billion year on year to JPY65.2 billion mainly due to the benefit of increased revenue from the first-party software and network services despite increased cost including expenses resulting from the restructuring we undertook on a global basis.

儘管我們在全球範圍內進行的重組導致成本（包括費用）增加，但營業收入同比大幅增加160億日元，達到652億日元，主要是由於第一方軟體和網路服務收入增加。

For FY24, we are now forecasting sales to be JPY4.320 trillion, an increase of JPY120 billion from the previous forecast and operating income to be JPY320 billion, an increase of JPY10 billion.

對於 24 財年，我們目前預測銷售額為 4.320 兆日元，比先前的預測增加 1,200 億日元，營業收入為 3,200 億日元，比先前的預測增加 100 億日元。

Despite not releasing any tentpole titles, user engagement during the quarter remained high, driven primarily by expanding PlayStation 5 installed base and contributions from the solid franchise software titles.

儘管沒有發布任何主打遊戲，但本季的用戶參與度仍然很高，這主要是由於 PlayStation 5 安裝基數的擴大以及可靠的特許經營軟體遊戲的貢獻。

The number of monthly active users of PlayStation was 116 million accounts, the highest number ever recorded for June, up 7% compared with the same month of the previous fiscal year, and total play time also increased 8%.

PlayStation 月活躍用戶數為 1.16 億個帳戶，為 6 月的最高數字，較上財年同月成長 7%，總遊戲時間也成長 8%。

In terms of our software titles, Helldivers 2 is performing better than our May forecast and PC version of Ghost of Tsushima and the Destiny 2 expansion content, The Final Shape, are also contributing to earnings.

就我們的軟體產品而言，《地獄潛伏者2》的表現優於我們5 月份的預測，PC 版《對馬島之魂》和《命運2》資料片《The Final Shape》也為盈利做出了貢獻。

This month, we plan to launch our live service game, Concord, followed in September by Astro Bot and the PC version of our smash hit title, God of War: Ragnarok.

這個月，我們計劃推出我們的即時服務遊戲 Concord，隨後在 9 月推出 Astro Bot 和我們紅極一時的遊戲《戰神：諸神黃昏》的 PC 版本。

As for the network services, US dollar-based sales increased 13% year on year, driven mainly by a steady shift to premium services and increase in ARPU, average revenue per user, resulting from price revisions in PS Plus.

網路服務方面，以美元計算的銷售額年增13%，主要是由於PS Plus價格調整導致ARPU（每位用戶平均收入）穩定轉向優質服務。

Under the new management structure, the Platform business group is steadily maintaining and expanding the number of active users and user engagement as priority initiatives and intends to work to further strengthen the PS platform and establish a stable earnings base.

在新的管理架構下，平台業務集團將穩定維持和擴大活躍用戶數量和用戶參與度作為首要舉措，並打算進一步加強 PS 平台並建立穩定​​的獲利基礎。

Additionally, the Studio business group is strengthening its development schedule, the management, and optimizing development projects in order to consistently and continuously release hit titles.

此外，工作室事業部正在加強開發進度、管理和優化開發項目，以持續不斷推出熱門遊戲。

Next, the music segment.

接下來是音樂部分。

FY24 Q1 sales increased a significant 23% year on year to JPY442 billion primarily due to the impact of foreign exchange rates as well as increased live box office revenue and the streaming revenue in recorded music.

24 財年第一季銷售額年增 23% 至 4,420 億日圓，主要是由於匯率的影響以及現場票房收入和錄製音樂的串流媒體收入的增加。

Operating income increased JPY12.5 billion year on year to JPY85.9 billion, mainly due to the benefit of the increased sales and favored impact of foreign exchange rate, JPY6 billion remeasurement gain resulting from the consolidation of company previously accounted for using the equity method was recorded during the Q1 of the previous fiscal year.

營業收入較去年增加125億日圓至859億日圓，主要是受惠於銷售額增加及匯率利好影響，以及原權益法核算公司合併產生的60億日圓重估收益為上一財年第一季度記錄的。

On a US dollar basis, FY24 Q1 streaming revenue in the recorded music increased 5% and music publishing increased 20% year on year, 19% and 36% respectively on a yen basis.

以美元計算，2024 財年第一季錄製音樂的串流營收年增 5%，音樂出版收入年增 20%，以日圓計算分別成長 19% 和 36%。

For FY24, we expect sales to increase JPY50 billion from the previous forecast to JPY1,740 trillion and operating income increased JPY15 billion to JPY330 billion.

對於 2024 財年，我們預計銷售額將比先前的預測增加 500 億日元，達到 1,740 兆日元，營業收入將增加 150 億日元，達到 3,300 億日元。

Global market growth in calendar year 2023 was 10% higher in recorded music and 11% high in music publishing, both compared to the previous year.

與前一年相比，2023 年全球錄製音樂市場成長了 10%，音樂出版市場成長了 11%。

In addition to an increase in the number of paying subscribers for streaming services and market expansion in emerging markets, recent price revision by music distributors have led to market growth for the ninth consecutive year in recorded music and the 11th consecutive year in music publishing.

除了串流媒體服務付費用戶數量的增加和新興市場的市場擴張之外，音樂發行商最近的價格調整也導致錄製音樂市場連續第九年增長，音樂出版市場連續第十一年增長。

In the midterm, the market is expected to continue to grow at a mid- to high single-digit average annual growth rate, driven by increased ARPU and further growth in emerging markets.

中期來看，在 ARPU 增加和新興市場進一步成長的推動下，市場預計將繼續以中高個位數的年均成長率成長。

From early on, Sony Music Entertainment has been strategically focusing on capturing the expansion of the India market and building a robust ecosystem as seen from the 100% consolidation of The Orchard in 2015 and the acquisition of AWAL in 2021.

從早期開始，索尼音樂娛樂就策略性地專注於擴大印度市場並建立強大的生態系統，從 2015 年 100% 整合 The Orchard 和 2021 年收購 AWAL 可以看出。

Through The Orchard approximately 50 locations around the world, we are expanding our business rapidly growing emerging markets.

透過 The Orchard 在全球約 50 個地點，我們正在快速成長的新興市場擴展我們的業務。

We're providing a wide range of services such as digital music distribution and data analysis using the latest technology.

我們提供廣泛的服務，例如使用最新技術的數位音樂發行和數據分析。

By actively pursuing strategic investments in emerging markets, including the Brazilian label and Sam Libre and Remus Entertainment and the label of Latin Music superstar, Bad Bunny, to which The Orchard has been providing services.

積極在新興市場進行策略性投資，包括巴西廠牌 Sam Libre 和 Remus Entertainment 以及 The Orchard 一直為其提供服務的拉丁音樂巨星 Bad Bunny 廠牌。

We have established a strong presence in Latin America, India, Africa, and other markets around the world.

我們在拉丁美洲、印度、非洲和世界其他市場建立了強大的影響力。

As can be seen with the success of Sony Music Entertainment Japan, it's artists, UOB and overseas markets, we have been able to create hits that transcend national and regional borders through The Orchard.

從日本索尼音樂娛樂公司、其藝術家、大華銀行和海外市場的成功可以看出，我們已經能夠透過 The Orchard 創作出超越國家和地區邊界的熱門歌曲。

Next is the pictures segment.

接下來是圖片部分。

FY24 Q1 sales increased 5% year on year to JPY337.3 billion due to the impact of foreign exchange rates, despite a decrease in US dollar-based sales, primarily resulting from a decrease in the number of television programs delivered and a decrease in the number of theatrical releases.

受匯率影響，24 財年第一季銷售額同比增長5% 至3,373 億日元，儘管以美元計價的銷售額有所下降，這主要是由於交付的電視節目數量減少以及電視節目數量減少所致。

Operating income decreased JPY4.7 billion year on year to JPY11.3 billion, primarily due to the impact of the decrease in US dollar-based sales.

營業收入較去年同期減少47億日圓至113億日圓，主要是因為美元銷售額減少的影響。

For FY24, we forecast sales to be JPY1.520 trillion, an increase of JPY40 billion from the previous forecast and operating income to be JPY125 billion, an increase of JPY 5 billion.

對於 2024 財年，我們預測銷售額為 1.520 兆日元，比先前的預測增加 400 億日元，營業收入為 1,250 億日元，比先前的預測增加 50 億日元。

In the first half of the calendar year 2024, theatrical box office revenue in the US remained at a level approximately 20% lower than the previous year, primarily due to the impact of the strikes.

2024年上半年，美國戲院票房收入仍比前一年下降約20%，這主要是由於罷工的影響。

However, from June onwards, the release of tentpole films from major studios, including ours, has increased, and we expect Box Office revenue to gradually improve.

不過，從6月開始，包括我們在內的各大製片廠的主力影片上映量有所增加，我們預計票房收入將逐步改善。

During the quarter, the sequel to a popular franchise, Bad Boys: Ride or Die and The Garfield Movie, which we distributed worldwide have both been hits.

本季度，我們在全球發行的熱門系列電影《絕地戰警：乘勝追擊》和《加菲貓大電影》的續集都很受歡迎。

It Ends With Us, a film adaptation of a best-selling novel is scheduled to be released on August 9.

改編自暢銷小說的電影《我們到此為止》定於 8 月 9 日上映。

The trailer set a record of approximately 130 million views in the first 24 hours following its release.

預告片發布後24小時內觀看量創下約1.3億次的紀錄。

And we are hopeful that it will be an indicator of the success of our efforts to discover excellent original works and turn them into films.

我們希望這將成為我們發現優秀原創作品並將其轉化為電影的努力成功的標誌。

As for Crunchyroll, the number of paying subscribers exceeded 15 million in July.

至於Crunchyroll，7月付費訂閱者數超過1500萬人。

In order to capitalize on the rapid expansion of the animal market, we have signed a global distribution agreement with Amazon Prime Channels.

為了利用動物市場的快速擴張，我們與亞馬遜 Prime Channels 簽署了全球分銷協議。

And after launching in the US and the UK in October last year, we began distribution via Amazon in Brazil, France, India and other countries since April this year.

去年10月在美國和英國推出後，我們從今年4月開始透過亞馬遜在巴西、法國、印度和其他國家分銷。

In addition to further expand opportunities for engagement with Anime fans, we've announced our plan to expand our e-commerce site, Crunchyroll store, which was previously only available in North America and Australia to 34 European countries.

除了進一步擴大與動漫迷互動的機會外，我們還宣布計劃將我們的電子商務網站 Crunchyroll 商店（之前僅在北美和澳洲提供）擴展到 34 個歐洲國家。

On June 12, Sony Pictures Entertainment completed its acquisition of Alamo Drafthouse Cinema.

6月12日，索尼影視娛樂公司完成了對Alamo Drafthouse Cinema的收購。

Alamo operates 41 theaters across the US, where customers can enjoy a movie while dining.

Alamo 在美國經營 41 家戲院，顧客可以在用餐時欣賞電影。

And the company is a leader in the dine-in cinema industry and rank 7 in North America in terms of box office share.

該公司是堂食影院行業的領導者，票房份額在北美排名第七。

It has approximately 4 million enthusiastic loyalty members over indexing on younger demographics.

它擁有大約 400 萬熱情的忠誠會員，對年輕人群進行索引。

By building upon Alamo's connections with the spend community, we look forward to creating synergies with the content IP, including not only movies, but also games, music and anime.

透過建立 Alamo 與消費社群的聯繫，我們期待與內容 IP 產生協同效應，不僅包括電影，還包括遊戲、音樂和動漫。

We also look forward to opportunities for Alamo and Crunchyroll to collaborate.

我們也期待 Alamo 和 Crunchyroll 的合作機會。

With this acquisition, SB established a new business division, Sony Pictures experiences and aims to further strengthen its efforts in the experiential live entertainment business.

透過此次收購，SB成立了新的索尼影業體驗業務部門，旨在進一步加強其在體驗式現場娛樂業務方面的努力。

And next is the ET&S segment.

接下來是 ET&S 部分。

Although television sales decreased, FY24 Q1 sales increased 5% year-on-year to JPY600.9 billion, mainly due to the impact of foreign exchange rates.

儘管電視銷售額下降，FY24第一季銷售額年增5%至6,009億日元，主要是由於匯率的影響。

Operating income increased JPY8.4 billion year-on-year toJPY 64.1 billion primarily due to the favorable impact of foreign exchange rates.

營業收入較去年增加84億日圓至641億日圓，主要是由於匯率的有利影響。

For FY24, we forecast sales to be JPY2.420 trillion, an increase of JPY50 billion from the previous forecast and operating income to be JPY190 billion, unchanged from the previous forecast.

對於 24 財年，我們預測銷售額為 2.420 兆日元，較先前的預測增加 500 億日元，營業收入為 1,900 億日元，與先前的預測持平。

With regard to operating income, despite the favorable impact of foreign exchange rates, we are maintaining our previous forecast by incorporating the risk of the worsening market environment and the impact of rising logistics cost.

營業收入方面，儘管受到匯率的利多影響，但考慮到市場環境惡化的風險和物流成本上升的影響，我們維持先前的預測。

Looking at the market environment during the quarter, our key product categories in Japan, Europe and North America trended accordingly -- according to our expectations.

從本季的市場環境來看，我們在日本、歐洲和北美的主要產品類別也出現了相應的趨勢——符合我們的預期。

While in China, the television market contracted significantly and the digital camera market, including solutions grew significantly.

而在中國，電視市場大幅萎縮，而包括解決方案在內的數位相機市場則大幅成長。

As for the television business, we were able to achieve highly resilient operations during the quarter by focusing on inventory control and cost-cutting initiatives.

至於電視業務，我們透過專注於庫存控制和成本削減舉措，在本季實現了高度彈性的營運。

We will aim to continue to do so while also focusing on high value-added products, such as the new Bravia9 Series, which we believe will further enrich the cinema viewing experience at home.

我們將繼續這樣做，同時也專注於高附加價值產品，例如新的 Bravia9 系列，我們相信這將進一步豐富家庭劇院觀賞體驗。

And as for the imaging business, which includes digital cameras, we intend to pay close attention to demand trends in China, where the market is growing rapidly and aim to further expand profitability by further diversifying a greater audience primarily through the launch of the new (inaudible) product ZVE-10 Mark.

至於包括數位相機在內的影像業務，我們打算密切關注中國市場的需求趨勢，該市場正在快速成長，並旨在透過推出新的（主要是透過推出新的（聽不清楚）產品ZVE-10 標記。

In addition, by emphasizing inventory control across the segment, we were able to further reduce inventory at the end of the quarter compared to the same quarter of the previous fiscal year, which is also contributing greatly to the stabilization of profitability in the business segment.

此外，透過強調整個板塊的庫存控制，我們能夠在季末比上一財年同季度進一步減少庫存，這也為該業務板塊盈利能力的穩定做出了巨大貢獻。

In preparation for possible future change in the business environment, we aim to focus on managing inventory and accounts receivable based on conservative demand forecast as early can't control cash flows.

為了因應未來可能發生的商業環境變化，我們的目標是根據保守的需求預測重點管理庫存和應收帳款，因為早期無法控制現金流。

Next is the I&SS segment.

接下來是 I&SS 部分。

Fiscal '24 Q1 sales increased significantly by 21% year-on-year to JPY353.5 billion, mainly due to the impact of foreign exchange rates and increased sales of image sensors for mobile devices.

24財年第一季銷售額較去年同期大幅成長21%至3,535億日圓，主要由於匯率影響以及行動裝置影像感測器銷售額增加。

Operating income increased significantly by JPY23.9 billion year on year to JPY36.6 billion, mainly due to the favorable impact of foreign exchange rates and the increased sales.

營業收入較去年大幅增加239億日圓至366億日圓，主要由於匯率的利多影響以及銷售額的增加。

For fiscal '24, we expect sales to increase JPY10 billion from the previous forecast to JPY1.850 trillion.

對於 24 財年，我們預計銷售額將從先前的預測增加 100 億日元，達到 1.85 兆日圓。

We expect operating income to increase JPY5 billion from the previous forecast to JPY275 billion as the favorable impact of foreign exchange rates is partially offset by the impact of a significant decrease in demand for micro OLEDs used in AR and VR.

我們預計營業收入將從先前的預測增加 50 億日圓至 2,750 億日圓，因為匯率的有利影響被 AR 和 VR 中使用的 Micro OLED 需求大幅下降的影響部分抵消。

The global smartphone product market during the quarter continued to show a gradual but steady recovery like in the previous quarter.

本季全球智慧型手機產品市場持續呈現與上季一樣逐步但穩定的復甦。

In addition, the trend toward polarization of price ranges in the product market particularly in China continues.

此外，產品市場特別是中國的價格範圍兩極化的趨勢仍在持續。

This has accelerated the expansion of the high-end smartphone market, which has led to further progress of the expansion of the size of the sensors we ship.

這加速了高階智慧型手機市場的擴張，從而帶動了我們出貨的感測器尺寸擴大的進一步進展。

As such, the market environment is progressing generally in line with our previous forecast.

因此，市場環境的進展大致符合我們先前的預測。

From the second quarter onwards, we expect the trend towards larger sensors for ultra-wide angle and telephoto cameras to continue.

從第二季開始，我們預計超廣角和長焦相機採用更大感光元件的趨勢將持續下去。

We believe that this trend, together with improved sensor performance to improve camera video capabilities will be medium-term growth drivers for the mobile sensor market.

我們相信，這一趨勢，加上感測器性能的提高，以提高相機視訊功能，將成為行動感測器市場的中期成長動力。

In terms of production, improvements in yields for mobile sensors are progressing as planned in May and we aim to achieve a normal run rate during this fiscal year.

在生產方面，移動感測器產量的提高正在按計劃在 5 月取得進展，我們的目標是在本財年實現正常的運行率。

Additionally, we will aim to make maximum use of existing production capacity and be selective in making new investments, together with other development and operational efficiency measures we intend to work to improve profitability, a key theme of this midrange plan.

此外，我們的目標是最大限度地利用現有產能，並有選擇性地進行新投資，以及我們打算努力提高盈利能力的其他開發和營運效率措施，這是本中期計劃的關鍵主題。

Last is the Financial Services segment.

最後是金融服務部門。

Fiscal '24 Q1 Financial Services revenue decreased significantly by 34% year-on-year to JPY448.6 billion primarily due to the impact of market fluctuations at Sony Life.

24財年第一季金融服務營收年減34%至4,486億日圓，主要受到索尼人壽市場波動的影響。

Operating income decreased significantly by JPY24.5 billion year on year to JPY30 billion compared to the same quarter of the previous fiscal year, which benefited from the recording of a gain on the sale of bonds at Sony Life.

營業收入較上一財年同季大幅減少245億日圓，至300億日圓，受惠於索尼人壽出售債券的收益。

Insurance service results at Sony Life, which are the baseload of profitability for the business continued their stable trend at JPY41.8 billion.

索尼人壽的保險服務業績是該業務盈利的基礎，繼續保持穩定的趨勢，達到 418 億日圓。

Fiscal '24 forecast remains unchanged from the previous forecast with financial services revenue of JPY910 billion and operating income of JPY145 billion.

24 財年的預測與先前的預測保持不變，金融服務收入為 9,100 億日元，營業收入為 1,450 億日圓。

With regard to financial services revenue, gains from the separate account at Sony Life exceeded our main forecast due to the impact of market fluctuations.

金融服務收入方面，受市場波動影響，索尼人壽獨立帳戶收益超出我們主要預期。

However, taking into account factors such as uncertainty about market fluctuations, we are maintaining our previous forecast.

但考慮到市場波動的不確定性等因素，我們維持先前的預測。

Now we will discuss the opportunities and challenges for growing our Life Insurance business.

現在我們將討論發展人壽保險業務的機會和挑戰。

Sales of insurance products at Sony Life have grown significantly over the last 5 years.

在過去 5 年裡，索尼人壽的保險產品銷售量大幅成長。

In terms of sales channels, the agency channel has grown significantly in addition to our mainstay, Life Planner channel.

在銷售通路方面，除了我們的支柱Life Planner通路外，代理商通路也有了顯著成長。

And in terms of customers, our business with corporate customers has grown significantly in addition to our traditional strengths in individual customers.

在客戶方面，除了傳統的個人客戶優勢外，我們的企業客戶業務也大幅成長。

The new policy amount for the agency channel and with corporate customers in fiscal '23 grew 2.3x and 3.7x, respectively, compared to fiscal 2019.

與 2019 財年相比，23 財年針對代理商通路和企業客戶的新保單金額分別成長了 2.3 倍和 3.7 倍。

Due to this growth, Sony Life's share of new policy amount in fiscal '23 reached 16%, continuing to rank first in the industry for two consecutive years.

由於這一增長，索尼人壽23財年新保單金額份額達到16%，連續兩年位居行業第一。

Even though Japan's population is declining, we have continued to increase our sales of insurance products by expanding our share and we believe that we have ample opportunities for growth going forward.

儘管日本人口正在下降，但我們透過擴大份額繼續增加保險產品的銷售，我們相信未來有充足的成長機會。

On the other hand, we believe that there is an issue with how easily our business performance and financial soundness are affected by market fluctuation factors, particularly interest rates.

另一方面，我們認為我們的業務表現和財務穩健性很容易受到市場波動因素（尤其是利率）的影響。

Regarding new policies currently being sold, we have already reduced the sales ratio of so-called high capital load products, such as whole life insurance, and we are also preparing to further enhance hedging against market fluctuation risks.

對於目前銷售的新保單，我們已經降低了終身壽險等所謂高資金負荷產品的銷售比例，並準備進一步加強對市場波動風險的對沖。

Regarding our efforts to address financial issues, including existing contracts, we plan to present our progress to date and future initiatives at the second quarter earnings announcements.

關於我們解決財務問題（包括現有合約）的努力，我們計劃在第二季財報公告中介紹迄今為止的進展和未來舉措。

In the financial services segment, at the business segment meeting we held in May, we said adjusted net income of JPY120 billion as a key performance indicator for the fiscal year ending March 31, 2027.

在金融服務領域，在我們5月份舉行的業務部門會議上，我們表示調整後淨利潤為1200億日元，作為截至2027年3月31日的財年的關鍵業績指標。

As a result, from this quarter, we have begun disclosing adjusted net income, the details of the adjustments and other metrics.

因此，從本季開始，我們開始揭露調整後淨利、調整細節和其他指標。

Finally, I would like to give you a general summary.

最後，我想給大家做一個總體總結。

As I mentioned, in at the beginning, looking whether it's uncertainty or instability of the market, making it more difficult to forecast the future performance.

正如我在一開始提到的，看看市場是否存在不確定性或不穩定，這使得預測未來的表現變得更加困難。

But we have the fifth MRP and we have a strategy to enhance our resilience to changes in the environment.

但我們有第五個 MRP，我們有一個策略來增強我們對環境變化的適應能力。

And we recognize that we've entered in the period in which the real value of that strategy is being called into question.

我們認識到，我們已經進入了該戰略的真正價值受到質疑的時期。

So in terms of our business portfolio, our entertainment area is the biggest.

所以就我們的業務組合而言，我們的娛樂領域是最大的。

Relatively speaking, impact of macroeconomics is not so large.

相對而言，宏觀經濟的影響並沒有那麼大。

It's not so direct, but we have to think about various risks and carefully conduct our business.

不是那麼直接，但是我們要考慮各種風險，謹慎地開展業務。

So no change in that thinking.

所以這種想法沒有改變。

The key performance indicators for the entire group laid out in our mid-range plan include a 10% or higher growth rate of operating income and a 10% or higher 3-year cumulative operating income margin on a consolidated basis, excluding financial services.

中期計畫中提出的整個集團的關鍵績效指標包括營業收入成長率在10%以上，以及合併基礎上的3年累計營業利潤率在10%以上（不包括金融服務）。

Our Q1 results represent steady progress toward that goal.

我們第一季的業績代表了朝著這一目標的穩步進展。

That we can say.

我們可以這麼說。

We plan to make every effort to maintain these targets and our goal of strengthening shareholder returns and we intend to regularly provide updates on our progress.

我們計劃盡一切努力維持這些目標和加強股東回報的目標，並定期提供最新進展。

That's all from my presentation.

這就是我的演講的全部內容。

So those are the presentations by Totoki, Matsuoka, Hayaka, and Yamada.

以上是Totoki、Matsuoka、Hayaka 和Yamada 的演講。

From 4:27, we'll have a Q&A session with the media.

從4點27分開始，我們將進行媒體問答環節。

From around 6:50, we'll have Q&A with investors and analysts.

從6:50左右開始，我們將與投資者和分析師進行問答。

Will take approximately 20 minutes for each of those QA sessions.

每次 QA 會議大約需要 20 分鐘。

Those who have preregistered to ask questions, please connect to the phone number provided.

已預先登記提問的人士，請撥打所提供的電話號碼。

And please read the material provided for how to ask questions.

請閱讀所提供的資料，以了解如何提問。

Now please wait until we are ready to resume.

現在請等待，直到我們準備好恢復。

(break)

（休息）

Thank you very much for waiting.

非常感謝您的等待。

So now we would like to answer the questions from media.

現在我們回答一下媒體的提問。

Those who answer the questions are the same as the speakers that made a presentation previously.

回答問題的人與先前進行演講的演講者相同。

So now we would like to begin question-and-answer session.

現在我們要開始問答環節。

(Operator Instructions) So the first question is from Toyo the Securities,

（操作員指示）第一個問題來自東洋證券，

(inaudible).

（聽不清楚）。

So Maki from Toyo.

所以來自東洋的真希。

And I have a question about G&NS.

我有一個關於 G&NS 的問題。

For you conducted the restructuring, the exercise and for studio, the business group, the for instance, management of the development project, et cetera, over the last three months.

在過去的三個月裡，你們進行了重組、演練以及工作室、業務組、開發專案的管理等。

And going the forward now is in August within this fiscal year.

現在推進是在本財年的八月。

What kind of the restructuring you are going to conduct?

您將進行什麼樣的重組？

What is your plan for that?

你對此有何計劃？

Thank you for your question.

謝謝你的提問。

So at this moment, Banji restructuring has been already announced -- and at this moment, as you correctly pointed out, for this restructuring, the purpose is cost structure and portfolio optimization.

那麼此時此刻，斑吉重組已經宣布了——正如你正確指出的那樣，此時此刻，這次重組的目的是成本結構和投資組合優化。

Those are the purposes.

這些就是目的。

And simultaneously, we have to enhance the efficiency of the business.

同時，我們必須提高業務效率。

So back office functions there should be integrated with the studio of SIE.

所以那裡的後台功能應該要跟SIE的工作室整合起來。

So the band itself as it is considered best to and new live service Marathon -- titled Marathon, the headcounts and also resource will be concentrated

因此，樂團本身被認為是最好的新現場服務馬拉松——名為馬拉松，人員數量和資源將集中

there.

那裡。

So high quality and wonderful games game experiences should be developed.

所以應該要開發高品質、精彩的遊戲體驗。

So we would like to concentrate resources there.

所以我們希望將資源集中在那裡。

And functions other than that, and other types of development, the title development will be transferred to the PlayStation, the PS -- the studio group.

除此之外，還有其他類型的開發，遊戲的開發將轉移到PlayStation、PS工作室組。

And so there will be some reallocation of the resources.

因此，資源將會進行一些重新分配。

So in any case, the organizational, the structure will be changed.

所以無論如何，組織、結構都會改變。

And so we would like to optimize our overall studio structure.

所以我們想優化我們的整體工作室結構。

That's all.

就這樣。

Thank you.

謝謝。

Sato-san, please?

佐藤先生，可以嗎？

This is Sato-san, Nike.

我是佐藤先生，耐吉。

I have yeo questions.

我有問題。

First, about the IT strategy in general.

首先，關於總體 IT 策略。

Paramount's acquisition.

派拉蒙收購。

Why do you not submit another proposal?

您為什麼不提交另一個提案？

And the entertainment IT sector, what sort of size of investment are you planning for?

那麼娛樂IT領域，你們計劃投資多少規模？

And of the operating income, how much of the proportion will be IP hold?

而營業收入中，IP佔多少比例？

What is your final vision?

您的最終願景是什麼？

And the second is about the global economy.

第二個是關於全球經濟。

Well, there's a slowdown.

嗯，有一個放緩。

And also, we see a division of the US and China.

此外，我們也看到美國和中國的分裂。

How do you see this?

您對此有何看法？

And what are the measures you have in place to address this?

你們採取了哪些措施來解決這個問題？

And what I expect is towards the next President Administration of the US and what concern do you have.

我對美國下一屆總統政府的期待與關切是什麼？

Well, about the IP strategy, well, in general, I believe that your question was asking about the general strategy.

嗯，關於智慧財產權策略，嗯，總的來說，我認為你的問題是在問整體策略。

But as the reason why I do not propose again a proposal to acquire Paramount.

但也因為如此，我不再提出收購派拉蒙的提議。

Well, we believe that at this point in time, Perma acquisition.

那麼，我們認為在這個時間點上，Perma 被收購了。

It does not fit well with our strategy.

這與我們的策略不太相符。

And that is a judgment that we have handed down.

這是我們所做的判斷。

And the proportion of IP earnings within our operating income is still difficult.

而且IP收入在我們營業收入中所佔的比例仍然很難。

But the entertainment business, in some way or other, IP is related.

但娛樂業在某種程度上與IP相關。

And so IP is at the core based on which we carry out our business and generate revenue.

因此，智慧財產權是我們開展業務和創造收入的核心。

And therefore, the proportion or the targeted proportion of IP earnings is difficult for me to say.

因此，IP收入的比例或目標比例我很難說。

So entertainment on the whole, we would like to focus on strengthening the IP.

所以娛樂性整體來說，我們要專注於加強IP。

And this remains unchanged.

這一點保持不變。

But do we have a target?

但我們有目標嗎？

Well, we, as much as possible, we want to grow the business and then a consolidated basis with with CAGR.

好吧，我們希望盡可能地發展業務，然後以複合年增長率為基礎進行鞏固。

The operating income at 10% and also the profit margin, 10%.

營業收入為 10%，利潤率為 10%。

We have this target.

我們有這個目標。

So we would like to put in different measures to achieve these goals.

因此，我們希望採取不同的措施來實現這些目標。

And about the global economy.

還有關於全球經濟。

Well, currently, the global economy itself is is led driven by the US, especially the consumption in the United States.

那麼目前全球經濟本身是由美國帶動的,特別是美國的消費。

And in our business, what we must focus on is economy and consumption in the United States.

而在我們的業務中，我們必須關注的是美國的經濟和消費。

And currently, we see that there is -- are some signals indicating an economic slowdown.

目前，我們看到有一些跡象顯示經濟放緩。

As the macroeconomic numbers, figures, we do see that signal, but how deep this will be, how long it will continue, it's very difficult for us to foresee.

隨著宏觀經濟數字、數字的出現，我們確實看到了這個訊號，但這種情況會持續多久，我們很難預見。

But there are such signals, and therefore, we must watch closely the developments.

但這樣的訊號是存在的，所以我們必須密切注意事態的發展。

And about the expectations towards the next US administration, well, Sony in any way, want to respect the choice of the American people.

關於對下一屆美國政府的期望，索尼無論如何都希望尊重美國人民的選擇。

And what changes would result as a result of the election is something that we will keep an eye on.

這次選舉會帶來哪些變化，值得我們關注。

That is all.

僅此而已。

Thank you

謝謝

Next question,

下一個問題，

(inaudible)

（聽不清楚）

(inaudible) from Nike business.

（聽不清楚）來自耐吉業務。

Two questions.

兩個問題。

(inaudible) Control, so surpass 15 million you said.

（聽不清楚）控制，所以超過你說的1500萬。

So I think that is a good news.

所以我認為這是一個好消息。

That kind of momentum do you think will continue for the time being?

您認為這種勢頭暫時會持續下去嗎？

So what's the current situation?

那麼目前的情況如何呢？

And what's the future growth prospect?

未來的成長前景如何？

And in the presentation, you talked about enhancing resilience.

在演講中，您談到了增強復原力。

So that's the strategy of the MRP and you said that the true value of that is being put into question.

這就是 MRP 的策略，你說它的真正價值正在被質疑。

So with the high uncertainty, in trying to enhance resilience, what will be the most important factor you think?

那麼，在不確定性很高的情況下，在努力增強韌性的過程中，您認為最重要的因素是什麼？

Thank you for the questions.

謝謝你的提問。

First, about Crunchyroll, current situation and our expectations.

首先，關於 Crunchyroll，現狀和我們的期望。

Matsuoka will respond to that question.

松岡將回答這個問題。

Matsuoka-san, please.

松岡先生，請。

For Crunchyroll, earlier, we talked about that.

對於 Crunchyroll，早些時候我們討論過這一點。

So 15 -- we exceeded 50 million in July.

15 月—我們在 7 月突破了 5,000 萬。

And so we have great works like Yaiba, (inaudible) all of these works are contributing.

所以我們有像 Yaiba 這樣的偉大作品，（聽不清楚）所有這些作品都在做出貢獻。

And as was mentioned in the -- well, we are using Amazon Prime and platforms.

正如我們在 - 中提到的，我們正在使用 Amazon Prime 和平台。

So we have the partnerships with them that's contributing to the increased subscribers.

因此，我們與他們建立了合作夥伴關係，這有助於增加訂戶。

And also, we're distributing through theaters, and that is also going well.

而且，我們正在透過戲院發行，進展也很順利。

So an email creators in Japan, we have strong partnerships with them and capitalizing on that, we are expanding our contents.

因此，作為日本的電子郵件創建者，我們與他們建立了牢固的合作夥伴關係，並利用這一點，我們正在擴展我們的內容。

In terms of price, we are providing an attractive price level, very valuable service.

在價格方面，我們提供有吸引力的價格水平、非常有價值的服務。

And so we have established a very advantageous position.

因此我們已經建立了非常有利的地位。

And overseas, we are trying to cultivate great IP, and we have a coproduction with Japanese animators and creators.

而在海外，我們正努力培育優秀的IP，我們與日本的動畫師和創作者進行了合拍。

And so in Europe, Latin America, India, Southeast Asia.

歐洲、拉丁美洲、印度、東南亞也是如此。

So we were expanding and working on multiple languages, we'll focus on that.

因此，我們正在擴展並致力於多種語言，我們將重點關注這一點。

And so that's one initiative.

這就是一項倡議。

And also for the expansion of the partnerships that I mentioned earlier that will be harnessed to try to increase number of subscribers.

還有我之前提到的擴大合作關係，這些合作關係將被用來嘗試增加訂戶數量。

To respond to the second question, how to strengthen the resilience.

回答第二個問題，如何增強韌性。

So uncertainty is rising.

因此不確定性正在上升。

What's the most important to enhance resilience was the question.

增強韌性最重要的問題是。

In the short term, financially, inventory control, cash flow control, those things.

短期而言，在財務方面，庫存控制，現金流控制等等。

What we can do with finance, we certainly will do.

我們能用金融做的事，我們一定會做。

And I personally, what I think is most essentially important is diversity of people.

我個人認為最重要的是人的多樣性。

We have diverse operations.

我們有多元化的業務。

And that's 1 reason we need diverse people.

這就是我們需要多元化人才的原因之一。

But with diverse people, you have diverse ideas being generated and we will not be focused on just one idea.

但對於不同的人來說，就會產生不同的想法，我們不會只專注在一個想法上。

We will have the power to generate new ideas and we'll be able to analyze from various angles.

我們將有能力產生新的想法，我們將能夠從不同的角度進行分析。

So we can have that kind of synergy effect, it's difficult to, of course, manage diversity, but I personally would like to pursue the diversity of our people.

所以我們可以產生這種協同效應，當然，管理多元化很困難，但我個人希望追求我們員工的多元化。

That's all.

就這樣。

So we would like to move on to the next question, Tanaka-san from Asahi Shimbun, please.

那麼我們想繼續下一個問題，請來自《朝日新聞》的田中先生。

This is Tanaka speaking from Asahi Shimbun.

我是田中，來自《朝日新聞》。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

This is Tanaka from Asahi Shimbun.

我是《朝日新聞》的田中。

In connection to the previous question regarding Paramount.

關於之前有關派拉蒙的問題。

I have additional questions.

我還有其他問題。

Up to now, you made a proposal about acquisition.

到目前為止，您提出了有關收購的建議。

And you did not make it very clear even then -- and if there is anything that you can disclose, what was your motivation or intention to start your move on acquisition?

即使那時你也沒有說得很清楚──如果有什麼可以透露的，你開始收購的動機或意圖是什麼？

And you also said that you would not repropose because it is not well fitted to your strategy.

您還說您不會重新提出建議，因為它不太適合您的策略。

So can you elaborate on that, please?

那您能詳細說明一下嗎？

As a Sony's strategy, what is the place -- what is the point which is unfitted to your business acquisition case?

作為索尼的策略，有什麼地方——什麼點是不適合你的業務收購案例的？

For each individual project, it's very difficult for me to answer the question.

對於每個單獨的項目，我很難回答這個問題。

However, as I have mentioned so far, on our part, high-quality IP, and we have been focusing on the asset.

然而，正如我到目前為止所提到的，就我們而言，高品質的IP，我們一直專注於資產。

And that particular asset at the profit price, and that can be acquired.

並且可以以利潤價格獲得該特定資產。

And if that kind of deal structure is established, we would like to become very serious about acquiring that kind of the target company.

如果建立了這種交易結構，我們將非常認真地收購此類目標公司。

But the company, Paramount, that the corporation is quite large in size.

但是派拉蒙這家公司，這個公司的規模還是相當大的。

And for instance, if we have to acquire the entire organization, it would be quite risky because our capital allocation itself, it may not be well fitted to our capital allocation strategy.

比方說，如果我們必須收購整個組織，那麼風險就會很大，因為我們的資本配置本身，可能不太適合我們的資本配置策略。

That is the primary reason.

這是主要原因。

Thank you.

謝謝。

Nishikatasan, please, from NHK.

有請 NHK 的西片山。

Two questions.

兩個問題。

First, about the Paramount acquisition.

首先，關於派拉蒙收購。

If you were able to submit another proposal, if you had thought that you could strike a deal at an appropriate price, would you have done so?

如果您能夠提交另一個提案，如果您認為可以以合適的價格達成交易，您會這樣做嗎？

And the second is about the CMOS sensor, or EVs are being produced internally in China these days?

第二個是關於 CMOS 感測器，或者現在中國正在內部生產電動車？

And are there any concerns that you have in terms of the sales of your CMOS sensors because EVs are mainly being produced in China?

由於電動車主要在中國生產，您對 CMOS 感測器的銷售是否有任何擔憂？

Well, in regards to your first question, I think I will really answer that.

嗯，關於你的第一個問題，我想我會認真回答。

So I really don't have anything to add to what I've already responded.

所以對於我已經回覆的內容，我真的沒有什麼好補充的。

I apologize.

我道歉。

And secondly, about your second question about the electric vehicles.

其次，關於你關於電動車的第二個問題。

And the fact that they are trying to produce domestically electric vehicles. well, the sensors for automobiles, I think you're talking about.

事實上，他們正在嘗試生產國產電動車。嗯，我想你說的是汽車感測器。

But we including the Chinese manufacturers, not just doing business in China, but instead, we are supplying to global OEMs, the sensors for automobiles.

但我們包括中國製造商，不僅是在中國做生意，我們也向全球整車廠供應汽車感測器。

And therefore, in China also, we have competitors.

因此，在中國我們也有競爭對手。

And we want to make sure that we do not lose out in terms of our technology.

我們希望確保我們不會在技術方面遭受損失。

But census for Ottawa bills, sensors for smartphones, they are different.

但渥太華帳單的人口普查、智慧型手機的感應器，它們是不同的。

And the market is still small for automotive sensors.

汽車感測器的市場仍然很小。

How much this will grow is something that we have to observe carefully.

這個成長到什麼程度，是我們必須仔細觀察的。

That is all.

僅此而已。

Thank you.

謝謝。

We're starting to run out of time.

我們的時間已經不多了。

So we will take one more question.

所以我們再問一個問題。

So please make it just one question because of time constraints.

由於時間有限，請只回答一個問題。

Are there no more questions?

沒有更多問題了嗎？

Seeing none, we will end this Q&A session for the media.

沒有看到，我們的媒體問答環節就結束了。

Investor Analyst Q&A session will start at 4:48.

投資人分析師問答環節將於4:48開始。

(break)

（休息）

Thank you for waiting.

謝謝您的等待。

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

我想開始投資人分析師問答環節。

I'm with IR Group, Condo.

我在 IR Group 工作，Condo。

I'll be serving as moderator.

我將擔任主持人。

And as was the case for the media session, these 4 will be responding to your questions.

就像媒體會議的情況一樣，這 4 位將回答你們的問題。

(Operator Instructions) So first question, BofA Securities, Hirakawa-san, please?

（操作員指示） 那麼第一個問題，美國銀行證券公司平川先生可以嗎？

Hirakawa of BofA Securities.

美國銀行證券的平川。

About games and music question.

關於遊戲和音樂的問題。

So about the games, monthly active user 7% YoY growth.

就遊戲而言，每月活躍用戶年增 7%。

That was a very strong growth.

這是一個非常強勁的成長。

And can you talk about the background in a little more detail because there was an update of large update that last year, and that led to increase the monthly active users.

您能否更詳細地談談背景，因為去年有一次大型更新，這導致了每月活躍用戶的增加。

And are there any other factors?

還有其他因素嗎？

I want to ask the background?

我想問一下背景？

That's the first question.

這是第一個問題。

And should I continue the questions, please?

請問我應該繼續提問嗎？

About the music, earlier, you talked about music streaming sales, midterm growth mid- to higher single digits was your forecast.

關於音樂，早些時候，您談到了音樂串流媒體銷售，您的預測是中期增長中到更高個位數。

And until Q3 last year was double digit without the ForEx impact.

直到去年第三季度，在沒有外匯影響的情況下，數字都達到兩位數。

So that was the growth you had.

這就是你的成長。

Now 6% in Q1 seems to be slowing down a bit.

現在第一季的 6% 似乎有所放緩。

And so do you think that you've come down to the midterm growth trajectory?

那麼您認為您已經達到中期成長軌跡了嗎？

Or was there a onetime factor for Q1 and it's slower than this year's overall pace?

或者第一季是否存在一次性因素，導致其成長速度慢於今年的整體成長率？

Because at the beginning of the year, you said that for this year, subscription price rise was expected.

因為年初你說今年認購價格上漲是預料之中的。

So I was expecting a little bit higher.

所以我的期望有點高。

So those questions, please.

那麼，請提出這些問題。

Thank you for the questions.

謝謝你的提問。

So let's take the first gaming network service question.

那我們來回答第一個遊戲網路服務問題。

I'll respond to that.

我會對此做出回應。

The music question, Matsuoka will respond.

音樂問題，松岡來回答。

So for games MAU year-on-year, 7% growth, very good number is how we see it.

因此，遊戲的每月活躍用戶數年增了 7%，我們認為這個數字非常好。

And of course, the five installed base is accumulating PS5.

當然，這五個安裝基礎正在累積 PS5。

And we have the franchise software contribution.

我們有特許經營軟體的貢獻。

So third-party free to play also strong.

所以第三方免費玩也很強。

I won't go into the individual title names, but those tailwinds have had an effect.

我不會詳細討論各個標題的名稱，但這些順風已經產生了影響。

I think that's one of the factors.

我認為這是因素之一。

Matsuoka-san, please.

松岡先生，請。

So streaming service.

所以串流媒體服務。

So if you look at that, the overall growth is in line with the previous trends.

因此，如果你看一下，整體成長與先前的趨勢一致。

And it may seem as if growth is slowing.

而且成長似乎正在放緩。

The factors behind that are for Q1 -- over a year ago, we raised the prices for multiple DSP.

背後的因素是第一季——一年多前，我們提高了多個 DSP 的價格。

And so the impact of that is now diminished.

因此，其影響現在已經減弱。

And for -- and we have the ad streaming service revenue of that, that is declining a bit.

我們的廣告串流服務收入正在略有下降。

And however, in a constant currency basis, early, we said 5% in dollar terms.

然而，在固定貨幣基礎上，我們早些時候以美元計算表示為 5%。

But if you look at that in constant terms, it's higher, 6% -- in the 6% range according to our calculations.

但如果你按照常數計算，你會發現這個數字更高，為 6%——根據我們的計算，在 6% 的範圍內。

So overall, streaming growth rate is in line with our projections.

因此整體而言，串流媒體成長率符合我們的預測。

Thank you.

謝謝。

Next question is from SMBC Nikko, Katsura.

下一個問題是 SMBC Nikko Katsura 提出的。

Can you hear me?

你聽得到我嗎？

My name is Katsura from SMBC Nikko.

我叫桂，來自 SMBC Nikko。

So my question pertains to I&SS semiconductor and also regarding the financial services.

我的問題涉及 I&SS 半導體以及金融服務。

And regarding I&SS, so mostly supply to major companies in North America.

至於I&SS，主要供應給北美的大公司。

And if you have any plus and minus over the last three months, please share that with us.

如果您在過去三個月中有任何優點和缺點，請與我們分享。

Now at this moment, you increase the production in your supplementary document and production capacity compared to our original.

現在，與我們原來相比，您增加了補充文件的產量和生產能力。

The projection seems to be stronger and bigger.

投影似乎更強更大。

So what is your concept on that?

那麼您對此有何想法？

In the mid- to long term, there is a risk of your competitors entering the market.

從中長期來看，您的競爭對手有進入市場的風險。

I think that has been discussed in the market.

我認為市場上已經討論過這一點。

So from mid to long term, what is your view of your position in the market?

那麼從中長期來看，您對自己的市場地位有何看法？

This is the first question about semiconductor.

這是關於半導體的第一個問題。

And regarding my second question, on the operating income of the second quarter, I think the progress rate is the 21% in its operating income.

關於我的第二個問題，關於第二季的營業收入，我認為營業收入的進度是21%。

And of course, there are upside and downside risk under the current market condition.

當然，在當前市場狀況下，存在上行和下行風險。

What is your view about that?

您對此有何看法？

Thank you for you question.

謝謝你的提問。

Regarding I&SS, I would like to answer the question.

關於I&SS，我想回答一下這個問題。

And about Financial Services, and I would like to ask Imada-san to answer the question.

關於金融服務，我想請今田先生回答這個問題。

And regarding Well, regarding individual the customers, Setting this aside, Well, we increased the production that you mentioned.

關於嗯，關於個別客戶，先把這個放在一邊，嗯，我們增加了你提到的產量。

The reason is for the high end, the products, we have increased the shipping for that.

原因是對於高端產品，我們為此增加了運費。

For that reason, we have increased the production.

因此，我們增加了產量。

And the risk of other companies entering the market, it did not -- it has not started now under the very severe competitive environment, we always have competitors, and we constantly analyze our competitors, and we try to overcome our weakness so that we can be advantageous in technology position.

而其他公司進入市場的風險，它沒有——現在還沒有開始，在非常嚴峻的競爭環境下，我們總是有競爭對手，我們不斷地分析我們的競爭對手，我們努力克服我們的弱點，這樣我們就可以具有技術地位優勢。

And as for the long term, it's very difficult to make comments.

至於長期來看，很難發表評論。

But during the MLP period, the risk from our competitors joining the market.

但在MLP期間，我們的競爭對手加入市場的風險。

If there is any concrete examples, I believe that the probability of this risk is quite small.

如果有具體的例子的話，我相信這種風險的機率是相當小的。

That's my answer.

這就是我的答案。

And so about Financial Services, Yamada-san, please.

關於金融服務，山田先生有請。

.

。

Thank you for your question.

謝謝你的提問。

The first quarter, the progress rate, 25%, that is a little bit low.

第一季度，進度，25%，有點低。

There are two reasons.

有兩個原因。

The first is at Sony Life, there is a larger number of surrender increased surrender, particularly dollar-based.

首先是在索尼人壽，退保數量增加，尤其是以美元為基礎的退保。

The rate interest rate is getting higher, and there is a yen depreciation.

利率越來越高，日圓貶值。

And for that reason, that reads the surrender of the products policies.

因此，這就是產品政策的放棄。

And about the Non-Life, for instance, natural disaster that has impacted.

關於非生命，例如，受到影響的自然災害。

And for that reason -- and of course, we try to overcome that in midterm and how we should look at these ups and downs.

基於這個原因——當然，我們會努力在中期克服這個問題，以及我們應該如何看待這些起伏。

And for -- during the first quarter, thus, our sales performance has been quite good, and that is considered to be upside potential.

因此，在第一季度，我們的銷售業績相當不錯，這被認為是有上升潛力的。

But for the life insurance, the sales performance, even that is good, does not lead to profitability.

但對於壽險來說，即使銷售業績再好，也無法帶來獲利。

Depending upon the offering of the services, sell the effects have been penetrated gradually.

隨著服務的提供，銷售效果逐漸滲透。

And for the sales activities, there is increase of surrender.

對於銷售活動，退保增加。

And of course, that is mainly due to the market condition, but life planners we have to provide good information to the customers so that they are able to make judgment.

當然，這主要是由於市場狀況，但是人生規劃者我們必須向客戶提供良好的信息，以便他們能夠做出判斷。

I think that will give upside potential.

我認為這將帶來上升潛力。

And also for the market downside, the market there is change in conditions.

而且對於市場下檔來說，市場狀況也有變化。

But the -- compared to the end of June, the interest rate falls.

但與六月底相比，利率下降。

And also, for the stock stock market, there is some fall in foreign exchange, we see the yen appreciation.

此外，對於股市來說，外匯有所下跌，我們看到日圓升值。

So for the interest rate, we are quite positive about that.

因此，對於利率而言，我們對此非常樂觀。

And foreign exchange and stock price, we are negative.

而外匯和股票價格，我們都是負面的。

And so this market condition may be reflected in upside and downside.

因此，這種市場狀況可能會反映在上行和下行方面。

So we have to pay constant attention to the market condition so that we can always constantly control the profitability.

所以我們要時時關注市場行情，這樣才能時時控制獲利能力。

Thank you.

謝謝。

And next, from Mizuho Securities, Nakane-san, please?

接下來是瑞穗證券的中根先生，可以嗎？

This is Nakane from Mizuho Securities.

我是瑞穗證券的中根。

I also have two questions.

我還有兩個問題。

But it's a related question, but first is of the investor return and buyback, and the next is balance sheet.

但這是一個相關的問題，但首先是投資者的回報和回購，其次是資產負債表。

From May, looking at your buybacks in three months, it's closer to JPY100 billion.

從5月開始，看看三個月內的回購情況，接近1000億日圓。

And on average, the price is more than JPY14,000.

平均價格超過14,000日圓。

So relevant to the share price, you are continuing with the buyback and it seems to be that you -- well, there's strategic investments, so it's the best to invest in Sony.

與股價如此相關，你正在繼續回購，而且似乎你——嗯，有戰略投資，所以投資索尼是最好的。

And that is the reason why investing in sun.

這就是投資陽光的原因。

And so I think that was your stance, but have you changed your policy?

所以我認為這就是你的立場，但是你改變了你的政策嗎？

So that is one thing.

所以這是一回事。

And also the second is excluding financial service balance sheet.

第二個是排除金融服務資產負債表。

I think we had less than 30% capital ratio, but now it's more than 40%.

我認為我們的資本比率還不到30%，但現在已經超過40%了。

And when it was 30%, you said that more than 40% would be your target, more or less, I believe.

當它是30％時，你說超過40％將是你的目標，或多或少，我相信。

But now you currently exceeds 50%, and the leverage is not working.

但現在你目前超過了50%，槓桿就不行了。

So excluding Financial Service, the shareholders' equity ratio.

因此不包括金融服務業和股東權益比率。

What is the minimum that you have in mind?

您心目中的最低限度是多少？

So I'm pleased to tell me about that.

所以我很高興告訴我這件事。

So these are my two questions.

這是我的兩個問題。

Thank you very much.

非常感謝。

There are two questions.

有兩個問題。

So Hayakawa-san will first respond.

那麼早川同學首先會做出回應。

Yes.

是的。

Thank you for the question.

謝謝你的提問。

About your first question, yes, as you said, we as a company have been buying back our shares.

關於你的第一個問題，是的，正如你所說，我們作為一家公司一直在回購我們的股票。

And it has been part of our strategic investment.

它一直是我們戰略投資的一部分。

And looking at the financial situation of business performance and share prices have been trying to do it with agility.

並且觀察企業業績和股價的財務狀況，一直試圖靈活地做到這一點。

And so this has not changed.

所以這並沒有改變。

But from this fiscal year, the fifth we like to strengthen our shareholder return.

但從本財年第五個財年開始，我們希望加強股東回報。

And therefore, we want to increase the total payout ratio to 40%.

因此，我們希望將總支付率提高到40%。

And therefore, I think we are shareholder return.

因此，我認為我們是股東回報。

And this has been incorporated.

這已被納入。

And also currently, looking at the share prices, we are buying.

目前，從股價來看，我們正在買入。

So I'm pleased to understand that, that is the current case.

所以我很高興了解，這就是目前的情況。

That's the answer to your first question.

這就是你第一個問題的答案。

The second, as you say, as of the end of June, looking at -- it's a 50.4% shareholder equity ratio.

第二個，如你所說，截至 6 月底，股東權益比率為 50.4%。

And we think that -- losing for the shareholder equity ratio, we have not changed our thing and we want to have a healthy balance sheet and looking at the investment opportunity and the market changes.

我們認為，由於股東權益比率的損失，我們沒有改變我們的做法，我們希望擁有健康的資產負債表，並專注於投資機會和市場變化。

We want to have a competitive finance in place and we want to try to achieve a 40% more financial services.

我們希望擁有有競爭力的金融服務，並努力實現金融服務增加 40%。

And from that point of view, currently, we -- because of the accumulation of profit, shared equity ratio has increased, but we think that with that was explained, we can try to improve the capital efficiency on our balance sheet.

從這個角度來看，目前，由於利潤的積累，股本比率有所增加，但我們認為，透過這個解釋，我們可以嘗試提高資產負債表上的資本效率。

That is all.

僅此而已。

Thank you very much.

非常感謝。

Next, JPMorgan Securities, Ayada-san, please?

下一位是摩根大通證券，有請綾田先生嗎？

Ayada from JPMorgan.

來自摩根大通的綾田。

I also have two questions about games and I&SS.

我還有兩個關於遊戲和 I&SS 的問題。

First about games, add-on sales growing substantially in dollar basis, about 20% growth in revenue seems.

首先是遊戲，附加組件銷售額以美元計算大幅成長，收入似乎增加了 20% 左右。

But the breakdown, I want to know if you can make some supplemental comments about that.

但具體來說，我想知道你是否可以對此提出一些補充意見。

What's included here first, add-on and third-party add-on first being less share and large titles that was strong, (inaudible) last year and others.

首先，附加組件和第三方附加組件首先是較少份額的大型遊戲，這些遊戲在去年（聽不清楚）和其他方面表現強勁。

Within third-party, I think you can have those three categorization.

在第三方中，我認為可以有這三種分類。

So can you show the breakdown?

那你能展示一下具體情況嗎？

And the 1Q add-on structure, how is that going to reflect in the Q2 onwards?

第一季的附加結構將如何反映在第二季以後？

And the second question is about the I&SS inventory.

第二個問題是關於 I&SS 庫存的。

As of end of -- from end of March, it has increased about JPY100 billion.

截至3月底，增加了約1000億日元。

And so I think there's -- because of seasonal factors, work in progress.

所以我認為，由於季節性因素，工作正在進行中。

But if you look at the final inventory, what's the current level?

但如果你看看最終的庫存，目前的水準是多少？

Is it high?

高嗎？

Low?

低的？

I think the unit price is going up for chips, and that's why the value is going up.

我認為晶片的單價正在上漲，這就是價值上漲的原因。

But in terms of volume terms, finished product inventory, is it sufficient?

但就數量而言，成品庫存是否充足？

And based on that, Q2 onwards, what would be the utilization?

在此基礎上，從第二季開始，利用率會是多少？

What's your view on that, please?

請問您對此有何看法？

Thank you.

謝謝。

I'd like to answer both questions.

我想回答這兩個問題。

First, game and network service add-on sales growing.

首先，遊戲和網路服務附加產品銷售成長。

You point out that, that's correct.

你指出來，這是正確的。

Most from third-party.

大部分來自第三方。

First party a little bit, but mostly it's for third party.

有一點是第一方，但主要是第三方。

I think I can say it that way.

我想我可以這樣說。

And also for individual titles, it's difficult to comment.

而且對於個別標題，也很難發表評論。

But for -- it's divided into several titles and the biggest title that you can imagine that is growing and that is true.

但對於 - 它分為幾個標題和最大的標題，你可以想像它正在增長，這是事實。

But others as well, there are various titles growing steadily.

但其他方面也是如此，各種頭銜都在穩步增長。

I think I can put it that way.

我想我可以這樣說。

Also, indices, Basically, as you point out, there's an impact of seasonality, that is the big impact.

另外，指數，基本上，正如您所指出的，存在季節性的影響，這是很大的影響。

And finished inventory in terms of volume, is it sufficient?

成品庫存量是否充足？

Was your question.

是你的問題。

Looking at the sales size, it's at a rational level -- reasonable level.

從銷售規模來看，它處於理性水平——合理水平。

Q2 onwards, what will be utilization, mobile image sensors were at full capacity almost.

從第二季度開始，利用率如何，移動影像感測器幾乎滿載。

That's my view.

這是我的觀點。

Thank you.

謝謝。

The time is running short.

時間不多了。

So the next question will be the last question.

所以下一個問題將是最後一個問題。

So please limit your question to one question.

因此，請將您的問題限制為一個問題。

Yes, so from UBS Securities, please?

是的，請問是瑞銀證券的嗎？

My question is about economic condition that Aoki-san already explained that the foreign exchange and also US are the major impact factors.

我的問題是關於經濟狀況，青木先生已經解釋過，外匯和美國是主要的影響因素。

And for those two factors, well, I believe that the depending upon the categories, I think there is a change in the impact.

對於這兩個因素，我認為根據類別，影響會發生變化。

So what are the categories which are affected?

那麼受影響的類別有哪些呢？

And for instance, US economy and the foreign exchange, you put more emphasis.

例如美國經濟和外匯，你比較強調。

And in your business model, in a realistic way, if the -- well, I think there are any things that you are worried about.

在你的商業模式中，以現實的方式，如果——嗯，我認為有一些事情是你擔心的。

If those things happen, you're worried about that if you are -- how do you define and interpret the feature of economic concerns this time?

如果發生這些事情，你會擔心，如果你──你如何定義和解釋這次經濟問題的特徵？

Thank you very much.

非常感謝。

So regarding foreign exchange, the sensitivity issue should be addressed.

所以關於外匯，應該要解決敏感度問題。

So Hakan will answer that question.

那麼哈坎將回答這個問題。

Thank you for your question.

謝謝你的提問。

And for our forecast for the financial results, by presenting that, in an immediate past, there was the rapid foreign exchange, the fluctuation.

對於我們對財務表現的預測，我們指出，在不久的將來，外匯匯率快速波動。

But -- so we have updated with yen depreciation for both the euro and the US dollar.

但是，我們更新了歐元和美元的日圓貶值情況。

And ISS is most affected in terms of sensitivity.

就靈敏度而言，國際太空站受到的影響最大。

And so the immediate forecast we have to update for each category.

因此，我們必須更新每個類別的即時預測。

And thus, for the foreign exchange sensitivity for music and the pictures, the accounting translation is included.

因此，對於音樂和圖片的外匯敏感性，會計折算也包含在內。

For $1, JPY50, the sensitivity exists.

對於 1 美元、50 日元，敏感性是存在的。

And so including the accounting the the translation.

等等，包括會計翻譯。

And for JPY65, so by those numbers, you can see the impact.

對於 65 日元，透過這些數字，您可以看到影響。

But that is the sensitivity for the next year -- for the 1 year.

但這是明年的敏感度——一年的敏感度。

And so there is the foreign exchange hedge, the hedge effect, and that will be offset to a certain extent.

所以就有了外匯對沖，對沖效應，這個會在某種程度上被抵銷。

And on the fifth, there was a yen appreciation up to JPY140.

第五天，日圓升值高達140日圓。

But currently, the JPY146 or JPY147 is high, but we would like to check the factors for fluctuation, and we would like to address this issue properly and manage that.

但目前146日圓或147日圓很高，但我們想檢查波動因素，我們想妥善解決這個問題並進行管理。

And if it is needed for electronics, the product price revision has been carried out.

而如果是電子產品需要的話，產品價格已經進行了調整。

So we will be very flexible in even including the transferring that impact into price.

因此，我們將非常靈活地甚至將這種影響轉移到價格中。

And so in overall picture, after August, if there is a JPY10 the yen depreciation in dollar and euro will move in parallel with that, in that assumption in terms of sensitivity on a consolidated basis, the JPY70 billion to JPY80 billion worsening is anticipated.

因此，整體而言，8月之後，如果日圓兌美元和歐元貶值10美元，日圓將隨之貶值，在綜合敏感度假設下，預計將惡化700億日圓至800億日圓。

But that is just a matter of a simulation.

但這只是一個模擬問題。

And before foreign exchange moves that way, -- of course, we do have some of the advance the countermeasures taken, and we have to also make some adjustment and also cost will be the cut in accordance with that.

在外匯走勢朝這個方向發展之前，當然，我們確實已經採取了一些提前採取的對策，我們也必須做出一些調整，成本也會相應降低。

So may not directly impact our financial results.

因此可能不會直接影響我們的財務表現。

And at this moment, overall sales and compared to our business scale.

而此時此刻，整體銷售額和我們的業務規模相比。

On a consolidated basis, the foreign exchange impact is not that great within a certain range.

綜合來看，在一定範圍內，外匯影響並不大。

So we would like to continue to control this and manage this solidly.

因此，我們希望繼續控制並紮實管理。

And from the prospective business model, in the macro picture, the risks, which may impact our business significantly.

從未來的商業模式來看，宏觀上，風險可能會對我們的業務產生重大影響。

Well, it's very difficult to think about them, but geopolitical risk is certainly the big risk.

嗯，很難考慮它們，但地緣政治風險肯定是最大的風險。

And when appears in the macro picture that may give a major impact.

當出現在宏觀圖片中時，可能會產生重大影響。

For image sensor, US-China relations have significantly impacted our business in the past.

對於影像感測器而言，中美關係過去對我們的業務產生了重大影響。

We do experiences.

我們做體驗。

So regarding geopolitical risk, we have to be always very cautious about it.

所以對於地緣政治風險，我們必須時時保持非常謹慎的態度。

Thank you very much.

非常感謝。

It's time for us to end, and we'd like to thank you for taking part in our Q1 earnings announcement meeting.

我們該結束了，我們要感謝您參加我們的第一季財報公佈會議。

Thank you.

謝謝。

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。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。