索尼 (SONY) 2025 Q2 法說會逐字稿

In income exceeding the same quarter of the previous fiscal year, we continue to pay close attention to inventory control. And while overall segment sales remain essentially the same as in the same period of the previous fiscal year, we were able to reduce inventory by approximately 10% at the end of the quarter.

在營收超過上一財年同季的情況下，我們繼續密切關注庫存控制。儘管整體部門銷售額與上一財年同期基本相同，但我們在本季末將庫存減少了約 10%。

On the other hand, the imaging business which significantly grew year on year in the first quarter. and in June 30th, 2024, mainly in China was essentially flat year on year in the current quarter. As a result, we have incorporated into our forecast, a proactive change to a more cautious production inventory plan in preparation for the year end selling season in the sports business, which is a gross access area. We are working to further expand our business opportunity by collaborating with the partners and incorporating new technologies centered on Hawkeye which provides a referee decision support edition based on the video data on August 1st. We announced a technology partnership with NFL in the United States.

另一方面，影像業務第一季同比大幅成長。而截至2024年6月30日，主要在中國的本季同比基本持平。因此，我們在預測中納入了積極主動的轉變，採取更謹慎的生產庫存計劃，為體育業務的年終銷售季節做好準備，這是一個總進入領域。我們正在與合作夥伴合作，結合以鷹眼為中心的新技術，進一步擴大我們的業務機會，鷹眼提供了基於8月1日視訊資料的裁判決策支援版本。我們宣布與美國 NFL 建立技術合作夥伴關係。

Through this collaboration, we aim to advance the practical application of a cutting-edge sports related technology such as using Hawkeye to assist refugee decision, improving the accuracy of a measuring key game metrics such as yard game through the video data analysis.

透過此次合作，我們旨在推進尖端體育相關技術的實際應用，例如使用鷹眼輔助難民決策，透過視訊數據分析提高院子比賽等關鍵比賽指標測量的準確性。

Also on October 15th, we completed the acquisition of the Keyna trucks a US company that uses high precision motion capture technology and data analysis to provide support services such as those aimed at improving performance. The company has a strong affinity with High in terms of technology for acquiring highly reliable sports data. We expect great synergy in terms of maximization of data accumulation and use. Although the sports business is large in scale, we expect it to generate stable and high profits and aim to continue to focus on expanding it.

同樣在10月15日，我們完成了對美國公司Keyna Trucks的收購，該公司利用高精度動作捕捉技術和數據分析來提供旨在提高性能的支援服務。該公司在獲取高可靠體育數據的技術方面與 High 有著密切的聯繫。我們期望在資料累積和使用最大化方面產生巨大的協同效應。體育業務雖然規模較大，但我們預計將產生穩定、高額的利潤，並計劃繼續專注於擴張。

Next is the I and SS segment sales for the quarter increased 32% year on year to YEN535.6 billion. Primarily due to increased sales of image sensors of mobile products and the impact of foreign exchange rates.

其次是本季 I 和 SS 部門銷售額年增 32% 至 5,356 億日圓。主要是由於行動產品影像感測器銷售增加以及外匯匯率的影響。

Operating income approximately doubled year on year to YEN92.4 billion. Primarily due to the benefit of the increased sales and the favorable impact of foreign exchange rates. For FY24 we forecast sales to decrease 4% from the previous forecast to YEN1 trillion to YEN770 billion and operating income to decrease 9% to YEN250 billion.

營業收入年增約一倍，達到 924 億日圓。主要是由於銷售額增加以及匯率的有利影響。對於 2024 財年，我們預期銷售額將比先前的預測下降 4%，至 1 兆日圓，至 7,700 億日元，營業收入將下降 9%，至 2,500 億日圓。

The global smartphone market continued its gradual recovery trend was supposed to be only growth continuing in China and Europe and science recovery. In the North America market.

全球智慧型手機市場持續逐步復甦的趨勢，本應只有中國和歐洲的持續成長和科學復甦。在北美市場。

Mobile sensor sales during the quarter significantly increased due to an increase in unit prices resulting from larger dye sizes and steady shipment of image sensors for new products to a major customer. This led to the segment overall recording its highest ever second quarter sales. On the other hand, with regard to the second half, we have downwardly revised our sales and profit forecast for mobile sensors to reflect revision in the production plan of our major customer.

由於染料尺寸增大以及新產品影像感測器向主要客戶的穩定出貨導致單價上漲，本季行動感測器銷售額大幅成長。這導致該部門整體第二季銷售額創下歷史新高。另一方面，就下半年而言，我們下調了行動感測器的銷售和利潤預測，以反映我們主要客戶生產計劃的調整。

The introduction of AI functionality and services into smartphones which is currently underway may bring short term volatility to the high end market depending on the speed of rollout and initial reasons. However, in the mid to long term, we expect that convenience brought by AI will make smartphone functionality more attractive, revitalizing the market and encouraging a shift to high end products on the production side. Improvement in yields for mobile sensors are progressing as planned since the beginning of the fiscal year and we expect to achieve normal run rate in the fourth quarter ending March 31st 2025. Last is the financial services segment. Financial services revenue over the quota decreased YEN167.2 billion year on year to a negative YEN63.3 billion. Primarily due to the impact of market fluctuations at Sony Life.

目前正在將人工智慧功能和服務引入智慧型手機，這可能會為高端市場帶來短期波動，具體取決於推出的速度和最初的原因。但從中長期來看，我們預期人工智慧帶來的便利性將使智慧型手機功能更具吸引力，從而重振市場並鼓勵生產端轉向高階產品。自本財年開始以來，移動感測器產量的提高正在按計劃進行，我們預計在截至 2025 年 3 月 31 日的第四季度實現正常運作率。超額金融服務收入年減1,672億日圓，為負633億日圓。主要是受索尼人壽市場波動影響。

This was due to the significant appreciation of the JPY during the quarter which led to a significant decrease in the JPY based valuation of the asset under management for the foreign currency denominated insurance. However, since the valuation of liabilities declined in a manner, this did not have a significant impact on profitability. Operating income increased YEN50.1 billion year on year to YEN65.7 billion. Primarily due to the impact of interest rate fluctuations at Sony Life insurance service results at Sony Life which are the baseload of profitability for the business continued their stable trend at YEN49 billion.

這是由於本季日圓大幅升值，導致外幣保險管理資產的日圓估值大幅下降。但由於負債估值有所下降，因此對獲利能力並未產生重大影響。營業收入較去年增加501億日圓至657億日圓。主要是由於索尼人壽保險服務利率波動的影響，作為該業務盈利基礎的索尼人壽業績繼續保持穩定的趨勢，達到 490 億日圓。

Therefore, a 24 forecast remains unchanged from the previous forecast. Sony Life's new policy amount continues to be strong with a cumulative first half growth of 14% compared to the same period of the previous fiscal year.

因此，24日的預測與先前的預測保持不變。索尼人壽的新保單金額持續強勁，上半年累計較上一財年同期成長14%。

Preparations for the partial spin off and the listing of Sunni Financial Group INC planned for October next year are progressing smoothly as a part of those preparations and in order to strengthen its governance and accelerate its decision making FGI transitioned to a company with three committees corporate governance structure as of October 1st.

計劃於明年 10 月進行的 Sunni Financial Group INC 部分分拆和上市準備工作進展順利，作為這些準備工作的一部分，為了加強其治理並加快決策速度，FGI 轉型為擁有三個委員會的公司治理公司截至10月1 日的結構。

Next, I will explain efforts to improve and stabilize our economic value based solvency ratio ESL which is an important issue ahead of the listing.

接下來，我將解釋如何改善和穩定基於經濟價值的償付能力充足率ESL，這是上市前的重要議題。

ESL is an indicator of financial soundness of the financial services business. It shows the level of capital relative to the amount of risk calculated based on conservative assumptions after assets and liabilities evaluated on an economic value basis as shown on this slide. The ESR of SFG on a consolidated basis is within the target range. However, the high sensitivity of ESL to interest rate fluctuations is an issue for the life insurance business. And we are implementing measures to reduce in terms of both capital and risk amount with regard to capital, which is the numerator of ESL, the assets held on the balance sheet such as our bonds exceeded insurance liabilities resulting in an overhead situation and a structure in which net assets decrease when interest rates rise. In order to correct this, we sold the portion of our YEN denominated bonds. So as to mitigate the overhedging and we are currently undertaking transaction design to curb capital fluctuations. The amount of risk which is a denominator also increases as interest rates rise. So we are working to refine our risk measurement methods and further improve our risk management.

ESL 是金融服務業務財務穩健性的指標。它顯示了在經濟價值基礎上評估資產和負債後，相對於根據保守假設計算的風險量的資本水平，如本投影片所示。 SFG綜合ESR在目標範圍內。然而，ESL對利率波動的高度敏感度是壽險業務面臨的一個問題。我們正在採取措施減少資本和風險金額，資本是ESL的分子，資產負債表上持有的資產（例如我們的債券）超過了保險負債，導致管理費用情況和結構當利率上升時，淨資產會減少。為了修正這個問題，我們出售了部分日圓計價債券。為了緩解過度對沖，我們目前正在進行交易設計以抑制資金波動。作為分母的風險量也會隨著利率上升而增加。所以我們正在努力完善我們的風險衡量方法，進一步完善我們的風險管理。

We have created a 2 to 3 year road map improving and stabilizing ESL and we will continue to report on our progress and results.

我們制定了一個 2 到 3 年的路線圖來改善和穩定 ESL，我們將繼續報告我們的進展和結果。

Finally, I would like to give you an overall summary. The key performance indicators for the entire group in the fifth mid-range plan are the growth rate of the operating income of 10% or more and a three year cumulative operating income margin of 10% or more both on a consolidated basis excluding the financial services segment. The consolidated result forecast for this fiscally announced today predicts a new record high operating income a year, the growth rate of operating income of more than 10% and operating income margin of 10%. We believe that we have gotten off to a good start in the 1st year of this mid range plan. In the second half, there will be no major first party software title releases in GNS and there will be an adjustment in demand from major customers in as a result of these and other factors, consolidated operating income, excluding the financial services segment is expected to be slightly lower than the same period of the previous fiscal year.

最後我要為大家做一個整體的總結。第五中期計劃全集團關鍵績效指標為不含金融服務的合併營業收入成長率10%以上，三年累計營業利益率10%以上部分。今天公佈的本財年綜合業績預測預計營業收入將創一年新高，營業收入成長率將超過10%，營業利益率將達10%。我們相信，在這個中期計劃的第一年，我們已經有了一個好的開始。下半年，GNS 將不會發布主要的第一方軟體產品，並且由於這些及其他因素，主要客戶的需求將會發生調整，預計綜合營業收入（不包括金融服務部門）將略低於上一財年同期。

However, business momentum is currently good, particularly in the GNS and music segment. We aim to produce solid results in order to achieve the targets of our mid range plan. Moreover, under the mid range plan, we aim to strengthen shareholders' return and the cumulative amount of shares through the end of October. Out of YEN250 billion authorized this fiscal year was YEN237.1 billion. Amid a rapid changing business environment, we will continue to manage our business in a way that will enable us to achieve growth across the entire group while addressing the challenges that each business faces. That's all for my explanation.

然而，目前業務勢頭良好，尤其是在 GNS 和音樂領域。我們的目標是取得紮實的成果，以實現中期計畫的目標。此外，根據中期計劃，我們的目標是加強股東回報和截至10月底的累積股份數量。本財年授權的 2,500 億日圓中，有 2,371 億日圓。在快速變化的商業環境中，我們將繼續以一種能夠使整個集團成長的方式管理我們的業務，同時應對每個業務面臨的挑戰。這就是我的解釋。

So that was the presentation by Mr, Hiroki Totoki, MS Shunsuke Muramatsu, Mr Yoshihiko Hatanaka and Mr Sakie Akiyama.

這是 Hiroki Totoki 先生、Shunsuke Muramatsu 女士、Yoshihiko Hatanaka 先生和 Sakie Akiyama 先生的演講。

After this from 425 we will have Q&A session with media persons and the Q&A with investors. Analysts will start at 450 each session will last for 20 minutes and those of you who have already registered to ask questions, please connect the designated telephone number and the method to ask questions and the other notes associated with that that has been informed to you by a separate invitation.

之後從425開始我們將進行媒體問答和投資者問答。分析師從450開始，每場持續20分鐘，已報名提問的朋友，請連接指定電話及提問方式及相關注意事項，相關事宜已通過單獨的邀請。

So until then, thank you for waiting. Now, I would like to start the Q&A we would like to respond to the questions from media people.

在此之前，謝謝您的等待。下面我就開始問答環節，回答一下媒體朋友的提問。

And as was the case with the presentations, we have these four people who have made presentations responding to your questions. Now, I would like to start the Q&A we ask you to limit your questions to just two questions.

與演示的情況一樣，我們有這四位人士做了演示來回答您的問題。現在，我想開始問答，我們要求您將問題限制為兩個問題。

(Operator Instruction)

（操作員說明）

First we have Maison of Tokyo please.

首先有請東京之家。

This is Maison of Tokyo.I have two questions.

這是東京之家。

First is downward, revision, the overall market is recovering but the is revising downward. What is the outlook for the next fiscal year? And smartphone has been getting image sensor becoming larger and larger. But isn't there any risk having a consolidated business with a large maker?

首先是向下修正，整體市場正在復甦，但正在向下修正。下一財年的前景如何？智慧型手機的影像感測器變得越來越大。但與大型製造商合併業務是否有任何風險？

And the next question is about the game business two years ago in 2 years go in 2022 (in audible) mentioned about the issues and then you have became risk management and then the cutback of the personnel and some studio closure as well. And how much of that reform has progressed as of now.

下一個問題是關於兩年前的遊戲業務，2 年後的 2022 年（音訊）提到了這些問題，然後你就開始了風險管理，然後是人員削減和一些工作室關閉。截至目前，這項改革已經取得了多少進展。

Thank you for your questions.

謝謝您的提問。

The first question about the ISS second question was about game and network services. I will answer both questions first about in the market is said to be recovering but it's very slow. So I think it is just provisional.

第一個問題是關於國際太空站的，第二個問題是關於遊戲和網路服務的。我將首先回答這兩個問題，據說市場正在復蘇，但速度非常緩慢。所以我認為這只是暫時的。

And for this particular quarter, our customer has revised their production plan and we followed our outlook revision downward, but there are different reasons for production adjustment. So it is part of the business as usual. And so it is not to impact the next fiscal year. So as so we have not changed any forecast for the and also your comment about the risk of having a concentrated customer base.

對於這個特定季度，我們的客戶修改了他們的生產計劃，我們也下調了展望，但生產調整的原因不同。所以這是正常業務的一部分。因此，這不會影響下一財年。因此，我們沒有改變任何預測，也沒有改變您對集中客戶群風險的評論。

And that has that is not a a new product challenge and we hope to continue to work on expanding our customer base and about the gaming and we reform, we are not only changing the business structure but also the game development approach. We are taking a new look and also portfolio concept to be introduced. And regardless of the personnel, we have different cost cut in different areas and also optimization of investment in sales and marketing. We are doing all these and as a combination, I think we got a very good result.

這並不是一個新的產品挑戰，我們希望繼續致力於擴大我們的客戶群和遊戲，我們進行改革，我們不僅改變業務結構，而且改變遊戲開發方法。我們正在以新的面貌和投資組合概念推出。無論人員如何，我們在不同領域都有不同的成本削減，並優化銷售和行銷投資。我們正在做所有這些事情，作為一個組合，我認為我們取得了非常好的結果。

Now, the question of to the extent, what extent this reform has progressed, and this is kind of a Kaiser improvement, we need to continue to do which we surely intend to do.

現在的問題是，這項改革進展到什麼程度，這是凱撒式的改進，我們需要繼續做我們肯定打算做的事情。

So. Let's move on to the next questions.

所以。讓我們繼續討論下一個問題。

Iwato San from Niky Business. Please go ahead.

Iwato San 的 Niky Business 。請繼續。

This is Iwato San from Niky Business. I hope you can hear me.

我是 Niky Business 的 Iwato San。我希望你能聽到我的聲音。

Yes, I can hear you fine.

是的，我聽得很清楚。

So I have one question with regards to the game and live service game, the current status. What do you make of that? And you have the huge hit and also you discontinue certain services and basically how do you, how are you managing the portfolio in terms of development?

所以我有一個問題，關於遊戲和直播遊戲的現狀。你對此有何看法？你受到了巨大的打擊，並且你停止了某些服務，基本上你是如何、如何在開發方面管理投資組合的？

Thank you very much for your question. But currently we are still in the process of learning and basically with regards to new IP, of course, you don't know the result until you actually try it.

非常感謝您的提問。但目前我們還在學習的過程中，基本上都是新的IP，當然，只有真正嘗試了才知道結果。

So for us, for our reflection, probably we need to have a lot of gates, including user testing or internal evaluation and the timing of such gates and then we need to bring them forward and then we should have done those gates much earlier than we did. And also we have a siloed organization. So going beyond the boundaries of those organizations in terms of development and also sales.

因此，對我們來說，為了我們的反思，可能我們需要有很多門，包括用戶測試或內部評估以及這些門的時間安排，然後我們需要將它們提前，然後我們應該比我們更早完成這些門做過。而且我們還有一個孤立的組織。因此，在開發和銷售方面超越了這些組織的界限。

And I think that could have been much more smoother and then going forward in our own titles and third party titles, we do have many different windows and we want to be able to select the right and optimal window and so that we can deploy them on our own platform without cannibalization so that we can maximize our performance in terms of the title launches. That's all I have.

我認為這本來可以更加順利，然後在我們自己的遊戲和第三方遊戲中前進，我們確實有許多不同的窗口，我們希望能夠選擇正確和最佳的窗口，以便我們可以將它們部署在我們自己的平台不會被蠶食，這樣我們就可以在遊戲發布方面最大化我們的表現。這就是我所擁有的一切。

Next. We'll move on to the next question.

下一個。我們將繼續討論下一個問題。

Omitempty Nikkei some, please.

請省略一些日經指數。

Omitempty from Nikkei. And can you hear me? Well? Can you just speak more loudly?

日經指數的省略。你聽得到我說話嗎？出色地？你能說得大聲一點嗎？

Omitempty from Nikke. Can you hear me?

Nikke 的省略。你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Thank you. I have two questions and the first question is in the US, the election that Trump had a victory. So for foreign exchange or the tariff, there will be change. How do you perceive the impact of his election on your business? And this year you actually acquired Pink Floyd or Queen the rights. And for the Michael Jackson, the IP of his music has been acquired by you.

謝謝。我有兩個問題，第一個問題是美國大選，川普獲勝。所以對於外匯或是關稅來說，都會有改變。您如何看待他的當選對您的業務的影響？今年你實際上獲得了 Pink Floyd 或 Queen 的版權。而對麥可傑克森來說，他的音樂IP已經被你收購了。

And so for those, the music, how, what is the role, the stable, the revenue or synergy effect on other businesses? What is the expectation about those new business?

那麼對於那些音樂來說，它的作用、穩定性、收入或對其他業務的綜效是什麼？對這些新業務有何期望？

So first, the impact of us Presidential election on our business.

首先，我們總統選舉對我們業務的影響。

Second, with regard to music, Masashi Oka will answer your question and as regard to the impact of Presidential US Presidential election on our part, we respect the choice of us public.

第二，關於音樂，岡正史回答你的問題，關於美國總統選舉對我們的影響，我們尊重我們大眾的選擇。

And so that means that the election results, how it impacts on the global economy or geopolitical situation. I'm not expert on that and there are many experts on those areas. So we'd like to just depend on their analysis. But when it comes to the impact on our own business, the United States has a very broad impact on the global economy and also has a very large geopolitical impact.

這意味著選舉結果及其對全球經濟或地緣政治局勢的影響。我不是這方面的專家，而且這些領域有很多專家。所以我們只想依賴他們的分析。但說到對我們自己企業的影響，美國對全球經濟有非常廣泛的影響，也有非常大的地緣政治影響。

And so of course, that will directly impact on our business. And therefore, we would like to observe the facts of the matter and make analysis about them. And we would like to look at the future and do what we are able to do and when it comes to tariff issue, that has been very often discussed recently, but that is just a general discussion. And so we have to have a very accurate prediction and we have to think about the optimum level of shipment, which country becomes a producer. And in what way we conduct shipment and how we are able to optimize the plan and how we are able to look at the pricing for that.

當然，這將直接影響我們的業務。因此，我們想對事件的事實進行觀察並進行分析。我們希望展望未來，做我們能夠做的事情，當談到關稅問題時，最近經常討論這個問題，但這只是一般性討論。因此，我們必須有一個非常準確的預測，我們必須考慮最佳的運輸水平，哪個國家成為生產國。我們以什麼方式進行裝運，我們如何能夠優化計劃以及我們如何能夠考慮其定價。

And of course, we have been doing that, but we have to once again, look at this and study this carefully. And so the second, the question about music, Masashi Oka will answer your question.

當然，我們一直在這樣做，但我們必須再次仔細地審視和研究這一點。那麼第二個關於音樂的問題，Masashi Oka 會回答你的問題。

Thank you for your question. And which catalog we haven't identified particular catalogs, but those catalogs and the our plan to acquire them will contribute to the stable source of recurring income. And so that may generate the stable return. And so we have many use opportunities and so we are able to create opportunities upside and for IP value of Sony as a whole, for instance, there is a likeness or image, right?

謝謝你的提問。我們還沒有確定哪些目錄是特定的，但這些目錄和我們收購它們的計劃將有助於穩定的經常性收入來源。這樣才能產生穩定的回報。所以我們有很多使用機會，所以我們能夠為索尼整體的智慧財產權價值創造機會，例如，有一個相似或圖像，對吧？

So those are peripheral the new the rights and by acquiring those catalogs and across the Sony Group, we are able to expand the usage of catalogs.

因此，這些都是新權利的外圍，透過收購這些目錄和整個索尼集團，我們能夠擴大目錄的使用。

Therefore, in that sense, of course, we should have always disciplined approach and to look at the opportunities for acquisition of catalogs. Thank you.

因此，從這個意義上說，我們當然應該始終保持紀律性，並尋找獲取目錄的機會。謝謝。

If I may supplement in my speech, as I mentioned.

正如我所提到的，我可以在演講中補充嗎？

So recently in the market, particularly in the streaming market, the service users and listeners their age, the group has become more of a mature age group. In other words, Evergreen music has been more often listened to by those groups. So for us, I believe that that is a very important asset and the fact that we have Evergreen catalogs that also shows our attitude of commitment to the artist and therefore through a and all activities.

所以最近在市場上，特別是在串流媒體市場上，服務使用者和聽眾的年齡層已經變得更加成熟的年齡層。換句話說，這些族群更常聽長青音樂。因此，對我們來說，我相信這是一項非常重要的資產，事實上我們擁有常青目錄，這也表明了我們對藝術家的承諾態度，因此透過所有活動。

And so we would like to use it as the asset to give a very good spinoff effects.

所以我們想用它作為資產來產生非常好的附帶效果。

Okay. Let's move to the next question call on Bloomberg, please.

好的。請讓我們進入彭博社的下一個問題電話會議。

Thank you. This is Rakuwa of Bloomberg. Can you hear me?

謝謝。我是彭博社的拉庫瓦。你聽得到我嗎？

Yes, please go ahead.

是的，請繼續。

I have two questions first about the game business. This quarter PS five hardware is that remain the target YEN30 million units, it's unchanged and is released. So it will be, some people say it will be difficult to have a wide user base with YEN120,000. What is the plan for sales of pe as well? And the second additional investment to and have you made the additional investment if yes and what is the reason for the additional investment?

我首先有兩個關於遊戲業務的問題。本季PS 5硬體仍維持3000萬台目標不變，發布。確實如此，有人說12萬日圓很難擁有廣泛的使用者基礎。 pe的銷售計劃是什麼？第二筆追加投資，如果有的話，您是否進行了追加投資？

Okay. Thank you for the question.

好的。謝謝你的提問。

And the first question about the PS five cells, YEN18 million units has unchanged answer. Short answer is yes, we will remain. The first quarter was slightly weaker than planned and second quarter pretty much a target. And that has been the actuals in the first half for the second half of this fiscal year, we will have some sales promotion in our plan. And in the first half of the year, as we did not introduce a price reduction which we had for playstation four in the past. So we have been able to sell through without the discount.

而關於PS 5電池的第一個問題，1800萬日圓的答案沒有改變。簡短的回答是肯定的，我們會留下來。第一季略弱於計劃，第二季幾乎是目標。這就是本財年上半年的實際情況，下半年我們的計畫中將會有一些促銷活動。今年上半年，我們沒有像過去那樣對 PS4 進行降價。所以我們能夠在沒有折扣的情況下銷售。

Now PS Five Pro unit numbers are included in this P five Pro is rather and core hardcore users are the target of this hardware. So we don't have a large contribution in corporate and compared with the PS five, I think it is in fact stronger. And in terms of the pricing, many people made different comments on that but pricing for PS Five Pro has not had a negative impact I don't think.

現在PS 5 Pro的單位數量已經包含在這款P 5 Pro中，核心硬派用戶是這款硬體的目標。所以我們在企業方面沒有很大的貢獻，與PS 5相比，我認為它實際上更強。在定價方面，很多人對此發表了不同的評論，但我認為 PS 5 Pro 的定價並沒有產生負面影響。

And second question about Lapidus additional investment and we apologize, we do not make comments on individual specific projects like this. But our basic thinking is that the semiconductor industry is needed for the growth of the economy and also for the economic security as such is very important as we are one of the members of that industry, if the semiconductor industry is to be enhanced and we believe that will strengthen the infrastructure and the technology personnel base and that's good for industry. So we want to make a contribution to that. That's it.

關於 Lapidus 額外投資的第二個問題，我們深表歉意，我們不會對此類個別具體項目發表評論。但我們的基本想法是，經濟成長需要半導體產業，經濟安全也需要半導體產業，因此非常重要，因為我們是該產業的成員之一，如果要增強半導體產業，我們相信這將加強基礎設施和技術人員基礎，這對工業有利。所以我們想為此做出貢獻。就是這樣。

We are running out of time.

我們的時間不多了。

So we like we have time for two more persons for questions.

所以我們希望還有時間讓另外兩個人提問。

(Operator Instruction)

（操作員說明）

Suzuki San from Weekly Diamonds.

《鑽石週刊》的鈴木桑。

And my name is Suzuki from the Weekly Diamond. I hope you can hear me and please limit your question to only CNY in the interest of time. I'd like to ask you a question about game business and live service business and then you fail the concord and also you gain a success and you have two different experiences and I'm sure that we have given you of learning and that's what you explained. Can you talk a little bit more about that and what didn't work? And what really work? Can you elaborate on that?

我叫鈴木，來自《鑽石週刊》。我希望您能聽到我的聲音，並且為了節省時間，請將您的問題限制在人民幣範圍內。我想問你一個關於遊戲業務和直播服務業務的問題，然後你失敗了，你也獲得了成功，你有兩種不同的經歷，我相信我們已經給了你學習，這就是你的東西解釋道。您能多談談這一點以及哪些不起作用嗎？什麼真正有效？能詳細說明一下嗎？

Thank you very much for your question.

非常感謝您的提問。

As II I might be repeating myself, but in, in terms of what didn't work and we need to have more detailed confirmation or validation and we should have done those more. And then we need to have more detailed gates to make sure that we check the user test or, and we need to repeat those gates more so that we can, we could have caught and also determining whether that will be accepted by the users or not. And we need to have more information that will enable us to make more sound decision.

作為II，我可能會重複自己，但是，就哪些不起作用而言，我們需要進行更詳細的確認或驗證，我們應該做得更多。然後我們需要有更詳細的關卡來確保我們檢查用戶測試，或者我們需要更多地重複這些關卡，以便我們能夠捕獲並確定用戶是否會接受。我們需要更多的資訊來幫助我們做出更明智的決定。

And I think that's the overall reflection and in terms of what worked and looking back on what worked and then we usually don't do that. But and if things are really working, and then of course, like all the things that I have said work really well to really produce a great result and looking back on the past, so I think we need to go back to the basic and then make it really stronger. That's all.

我認為這就是整體反思，即什麼是有效的，以及回顧什麼是有效的，然後我們通常不會這樣做。但是，如果事情確實有效，那麼當然，就像我所說的所有事情都工作得非常好，真正產生了很好的結果，回顧過去，所以我認為我們需要回到基礎，然後讓它真正變得更強。就這樣。

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 some from Nikkei, please.

請一些來自日經指數的資訊。

Is that all from Nikkei? Can you hear me?

這都是日經指數嗎？你聽得到我嗎？

Yes, please

是的，請

just reconfine your question to one regarding Kold. I have a question.

只是將您的問題重新限制為有關 Kold 的問題。我有一個問題。

So actually poly, well, it's not easy to pay attention to that. And for SOIC group anime films and game, well, you have a diverse content. So you have produced a diverse content. And so how you are going to combine them from Kold the lessons, how you are able to take advantage of the lessons from Concord?

所以實際上聚，嗯，要注意這一點並不容易。對於 SOIC 集團的動畫電影和遊戲來說，你擁有多樣化的內容。所以你製作了多樣化的內容。那麼，您將如何結合 Kold 的經驗教訓，如何利用 Concord 的經驗教訓呢？

So we go in that matter as a lesson, we have learned a lot. But the way to face the issues regarding PC, for instance, the playstation accounts that we have the offer and well, actually by offering them, for instance, sometimes that tends to invite pushback, but for the live service games.

所以我們把這件事當作一個教訓，我們學到了很多。但是，如何面對有關 PC 的問題，例如，我們提供的遊戲機帳戶，實際上透過提供它們，例如，有時這往往會引起阻力，但對於即時服務遊戲來說。

So in order to maintain order of the gaming so that anybody can enjoy the game safely, and we need to create environment conducive to that, of course, enjoying the game freely and having some restrictions may not call it rule. But to ask the users and gamers to follow the manner and those balance is very important, we have to continue to seek the best way to achieve this.

所以為了維護遊戲秩序，讓任何人都可以安全地享受遊戲，我們需要創造一個有利於這個的環境，當然，自由地享受遊戲，有一些限制可能不叫規則。但要求使用者和遊戲玩家遵循的方式和這些平衡非常重要，我們必須繼續尋求實現這一點的最佳方式。

So the time is runs out. So now we would like to bring an end to the question answer for from media. And from 452 we would like to start question answer for the investors and analysts. So please wait for a while.

所以時間已經不多了。現在我們想結束對媒體問題的回答。從第452個問題開始，我們開始為投資人和分析師解答問題。所以請稍等一下。

We would like to begin the session for the analysts and investors. Please wait until the session is opened.

我們想為分析師和投資者開始會議。請等待會議開始。

Thank you for your patience. Now we would like to start the Q&A session for investors and analyst

感謝您的耐心等待。現在我們開始投資人和分析師的問答環節

My name is Kongo, I'm with the IR a group of Sony group cooperation. And as is the case with the media session, we have at least four persons responding to your questions. And when you ask questions, we have sent you the instructions included in the invitation, we ask you to limit your questions to just two questions at the most. So I would like to start. So if you have a question, please press asterisk and number one on your phone.

我叫Kongo，我是索尼集團合作IR組的一員。與媒體會議的情況一樣，我們至少有四人回答您的問題。當您提出問題時，我們已向您發送了邀請中包含的說明，我們要求您將問題限制為最多兩個問題。所以我想開始。因此，如果您有疑問，請按手機上的星號和數字一。

So SNBC Nicole Securities Katsura San, please.

SNBC Nicole Securities Katsura San，有邀請。

Okay. Thank you very much, SF Nico Securities Karra and I would like to talk about ISS and ETS one each for ins in the additional documents. Page 20 wafer production capacity is now at four and you will continue. We will start adjusting that and what will be the period you will be adjusting, making adjustment. And also on page 8, there is an inventory level. So with the addition of the impact from the Forex, has there been any change in the outlook? That's the first question. And the second question about ETS is about the digital camera. You have become more cautious about your outlook for digital cameras market. Now that revision is limited to that only or ETNS as a whole, you are taking another look and as a result, we have flat unchanged as a whole, but the plus and minuses if you could expand on.

好的。非常感謝，SF Nico Securities Karra 和我想在附加文件中分別談談 ISS 和 ETS。第 20 頁晶圓產能現在為 4，您將繼續。我們將開始調整，以及你們將在什麼時期進行調整、進行調整。第 8 頁上也顯示了庫存水準。那麼，加上外匯的影響，前景有什麼改變嗎？這是第一個問題。關於 ETS 的第二個問題是關於數位相機的。您對數位相機市場的前景變得更加謹慎。現在，修訂僅限於 ETNS 整體，您將重新審視一下，結果，我們整體上沒有變化，但如果您可以擴展的話，還有優點和缺點。

Thank you for your question.

謝謝你的提問。

And regarding ISS utilization rate currently, as you know, full production capability is utilized for the third quarter, we plan to have the same section of full operation.

至於目前國際太空站的利用率，如您所知，第三季已充分利用生產能力，我們計劃在同一部分進行全面運作。

And as of now, we have regarding the inventory, I think as of late end of March, we have a little bit more production at the inventory. I talked about the production control adjustment. So we will cut back the inventory a little bit as such. And so we do not consider it needed to adjust the production much. And as for Ts as a whole, there is some change ETS as a whole that is the China the market, the TV market is softening and worldwide.

截至目前，我們的庫存情況，我認為截至三月底，我們的庫存產量有所增加。我講了生產控制的調整。所以我們會稍微削減庫存。所以我們認為不需要對產量進行太大的調整。至於Ts作為一個整體，ETS作為一個整體發生了一些變化，即中國市場、電視市場正在疲軟以及全球範圍內。

Not much change though. So that's how we view the TB market. And for the increased cost for logistics, that was that is now included as a risk in the October assumption and imaging. Because of a competitive condition, there is an increase in the sales promotion cost and also chinese market risk is also incorporated. But initial plan, we had overall risk as a whole as well. So we did not change the forecast for operating income this time. Thank you.

不過變化不大。這就是我們對結核病市場的看法。對於物流成本的增加，現在已將其作為風險納入 10 月的假設和想像中。由於競爭狀況，促銷成本增加，同時也納入了中國市場風險。但在最初的計畫中，我們也面臨整體風險。所以我們這次沒有改變營業收入的預測。謝謝。

Moving on to JP Morgan, Ayata San over to you.

接下來是摩根大通，Ayata San 就交給你了。

This is Ayada from JP Morgan and I have two questions with regards to the game, the first one is in the second quarter and there was a huge shock. So I like I like you to take a pause and then there was an increase in profit by CNYYEN85 billion because of the foreign exchange.

我是摩根大通的 Ayada，我有兩個關於比賽的問題，第一個是在第二季度，有一個巨大的衝擊。所以我希望你們暫停一下，然後由於外匯的影響，利潤增加了 850 億人民幣。

And then also the hardware and third party network. What was the profit contribution of each? And in terms of hardware? And I think you turned you made a profit in the second quarter. And do you think? And then also you mentioned this profit improvement of the hardware in the second quarter. So what was the driver behind that? That was the first question.

然後還有硬體和第三方網路。每個人的獲利貢獻是多少？那麼在硬體方面呢？我認為你在第二季度實現了盈利。你覺得呢？然後您也提到了第二季硬體利潤的改善。那麼這背後的驅動力是什麼？這是第一個問題。

And the second question is looking at the game, especially hardware in the second half and the third party software line up in the second half, not compatible to PS four, but some titles are only compatible with the PS five. And there has been an increase in the number of that. And what's the thinking behind that and upgrade?

第二個問題是看遊戲，尤其是下半年的硬體和下半年的第三方軟體，不相容PS 4，但有些遊戲只相容PS 5。而且這個數字還在增加。升級背後的想法是什麼？

And are you sort of, are you expecting the accelerated transition from PS PS five or because we are talking about third parties and those users with the PC and PS four, they might be able to purchase a four PC and there might be such a risk. And how do you view the such risks and opportunities and I know that you over deliver in the second quarter. So maybe you, maybe you might have decided to increase the market promotional cost in the second half. So with regards to game in the second quarter and in terms of operating income growth, and you have given us your analysis and in our view is very close to what you have said and then also the sequence that you mentioned, you are correct. So in terms of profit growth and we don't, we haven't disclosed that. But speaking about the reason for the improved profitability of hardware in last year's second quarter compared to the current second quarter to the last year's.

您是否期待從 PS PS 5 加速過渡，或者因為我們談論的是第三方以及擁有 PC 和 PS 4 的用戶，他們可能能夠購買 4 PC，並且可能存在這樣的風險。您如何看待此類風險和機會？那麼可能你,可能你可能已經決定在下半年增加市場的促銷費用了。因此，關於第二季度的遊戲和營業收入增長，您向我們提供了您的分析，我們認為與您所說的話以及您提到的順序非常接近，您是正確的。因此，就利潤成長而言，我們沒有透露這一點。但說到去年第二季硬體獲利能力比去年第二季提高的原因。

And we made a switch to the new models. So which means that the cost structure improve and then that also generated a positive contribution to the profit. And then also, and we launched the new models in the third quarter of last year. So basically the cost structure remains unchanged compared to the second half of last year. But the average selling price has improved and which is expected to generate the profit improvement year on year. And with regards to the third quarter, as you know, which is the volume driving quota and of the year. So yes, we have included a marketing promotional expense increase and not drastic, drastic increase. And so if you look at focus on only that, you might see that there will be a slight deterioration of the profitability, but that's all I have. Thank you.

我們轉向了新型號。因此，這意味著成本結構得到改善，進而也對利潤產生了正面的貢獻。然後，我們在去年第三季推出了新型號。所以成本結構與去年下半年相比基本上沒有變動。但平均售價有所改善，預計將帶來年比利潤改善。至於第三季度，如您所知，這是年度銷售驅動配額。所以，是的，我們增加了行銷促銷費用，但不是大幅增加。因此，如果你只關注這一點，你可能會發現盈利能力會略有惡化，但這就是我所擁有的。謝謝。

Sorry, I forgot to address one more question with regards to upgrade.

抱歉，我忘了解決另一個有關升級的問題。

So the third party line up for only for PS five and then you said that there might be an increase in the number of the titles, but because of the timing and because of the late stage of the console cycle, and naturally we have more titles for PS five. But if the transition from PS five and PS five will continue, we believe that transition is happening and as we expect, so if you upgrade to PS Five, basically, and of course, there would be upside in the software purchases and then we see that as a possible opportunities and then as for the risk for third party software for PC and we don't see that as a risk and we haven't seen that as a trend emerging.

所以第三方陣容只適用於 PS 5，然後你說遊戲數量可能會增加，但由於時間安排以及主機週期的後期階段，自然我們會有更多遊戲對於 PS 5。但如果從 PS 5 到 PS 5 的過渡繼續下去，我們相信過渡正在發生，正如我們所期望的那樣，所以如果你升級到 PS 5，基本上，當然，軟體購買會有好處，然後我們看到這是一個可能的機會，然後至於PC 第三方軟體的風險，我們不認為這是一種風險，我們也沒有認為這是一種正在出現的趨勢。

That's all I have. Thank you.

這就是我所擁有的一切。謝謝。

The next question is Citigroup, is Azzara please?

下一個問題是花旗集團，請問是 Azzara 嗎？

Okay.

好的。

It's Azzara from Citigroup. I have two questions and regarding hardware and the results of the game, the relation between this. And also another question pertains to music as for game operating income forecast, the YEN34 billion upward revision and the first half and the second quarter results are better than your plan. So is that just a mere addition of that increase on the second quarter, just in terms of number because hardware profitability improvement, it seems to be the major factor to increase the results of second quarter.

我是花旗集團的阿札拉。我有兩個問題，關於硬體和遊戲結果，以及它們之間的關係。還有一個問題與音樂有關，遊戲營業收入預測上調340億日元，上半年和第二季度業績好於您的計劃。那麼，僅僅是加上第二季度的成長，就數量而言，因為硬體獲利能力的改善，這似乎是第二季業績成長的主要因素。

And the cost structure has improved and the profit has increased so that may increase the profit of the second quarter, but that is not reflected. So I just wonder whether that is reflected in the second quarter results or forecast. And the second question pertains to music Evergreen, the music has been more often listened to by users.

而且成本結構有所改善，利潤增加，因此可能會增加第二季的利潤，但這並沒有反映出來。所以我只是想知道這是否反映在第二季的業績或預測中。第二個問題是關於音樂長青的，音樂已經被更多的使用者聽到了。

And until a few years ago, the hit chart of new songs, Sony music artist, the potion share was the largest and you put a lot of emphasis on that.

直到幾年前，新歌熱門排行榜上，索尼音樂藝術家的魔藥份額是最大的，你非常重視這一點。

And Latin America and Indies, you have made a lot of the emphasis in order to increase the hit songs of the new artist or new songs.

拉丁美洲和印度，為了增加新藝術家或新歌曲的熱門歌曲，你們做了很多重點。

The fact that the change happens reflects the change of your position of the music business or generally in the music industry. This is a general trend of music industry that people listen to the older music more often than just the new songs.

變化的事實反映了您在音樂產業或整個音樂產業中的地位的變化。人們更常聽老音樂而不是新歌，這是音樂產業的普遍趨勢。

Thank you regarding the game, answering your question during the Q2.

感謝您在第二季回答您關於遊戲的問題。

The reason the CSUS the solid that is also reflected in the second half and hardware, the profitability magnitude is larger during the first half. And because the new model was introduced during the first half, the timing was important. And during the second half, sales and marketing, we have to spend more money. And so that is the reason for this difference.

CSUS的穩健也反映在下半年和硬體上，上半年的獲利幅度更大。由於新車型是在上半年推出的，因此時機很重要。在下半年的銷售和行銷方面，我們必須花更多的錢。這就是造成這種差異的原因。

And as for Q4, the first quota, there will be a slightly more upside and I expect that great deal, but I should not have any predetermined forecast for that. So we actually the formulate forecast as is presented now and regarding your question on music, I asked Matsuk so to speak and then I will supplement her comment.

至於第四季度，第一個配額，將會有更多的上升空間，我預計會有很大的變化，但我不應該對此有任何預定的預測。因此，我們實際上製定了現在提出的預測，關於您關於音樂的問題，我問了 Matsuk，然後我將補充她的評論。

Now, in my presentation, as I mentioned earlier for PSB for the maturity, the the market. In other words, in the developed countries, the age group has become older and also in S&S the, some of the old, the songs have been listened to more often than before. So what is called evergreen, the music or songs, the share and also the frequency of that music being listened to has been increasing. That is a general trend of the music industry. But in emerging the market where the growth potential is expected like Latin America or India, there are many pieces of music which have been listened to and we also pay attention to that to acquire the new label, etc.

現在，在我的演講中，正如我之前提到的 PSB 的成熟度和市場。換句話說，在已開發國家，年齡層已經變老，而且在S&S中，有些老歌比以前更常聽。所以所謂的長青，音樂或歌曲、音樂被聆聽的份額和頻率一直在增加。這是音樂產業的大趨勢。但在拉丁美洲或印度等預計有成長潛力的新興市場，有許多音樂作品已經被聽過，我們也關注收購新廠牌等。

So in terms, rather than the preference of users that the composition of the market itself has changed, I think that is a way you should interpret the music, the market right now. So to supplement on our part, the Evergreen catalogs that the results of our investment, they have been listened to the more than we expected that leads to upside our profitability so that we welcome very much. And in addition to that, say new songs in Latin America, that does not mean that they compromise the new songs from Latin America. So we would like to put emphasis on the (in audible) so that we can enjoy the upside of the profitability from the (in audible) Thank you.

因此，就使用者的偏好而言，市場本身的組成已經發生了變化，我認為這是你現在應該解釋音樂和市場的一種方式。因此，就我們而言，長榮目錄補充了我們投資的結果，他們聽取的意見超出了我們的預期，這導致我們的盈利能力上升，因此我們非常歡迎。除此之外，比如說拉丁美洲的新歌，這並不意味著它們會損害拉丁美洲的新歌。因此，我們想強調（音訊），以便我們可以享受（音訊）謝謝帶來的獲利優勢。

Okay, let us move to the next questions and we have Yasi securities.

好的，讓我們進入下一個問題，我們有亞斯證券。

Thank you. Once again, my name is Yasi.

謝謝。再說一次，我的名字是亞斯。

I like to ask two questions and in terms of the music streaming business since summer, that the streaming growth is slowing down. That's what the competitors are saying and that's getting some attention and it used to be double digit growth, but now single digit and also your performance in database was 5% growth only. So it is temporarily slow down or is that kind of a structural, if you could comment on that.

我想問兩個問題，就夏季以來的音樂串流業務而言，串流媒體成長正在放緩。這就是競爭對手所說的，這引起了一些關注，過去是兩位數成長，但現在是個位數，而且資料庫效能也只成長了 5%。所以它暫時放緩或是一種結構性的，如果你能對此發表評論的話。

And the second about semiconductor second quarter portability and about 17 to 18% profitability in the past second quarter, it was like 20% and above. So 17 to 18% is rather slow with better yield, full production. I would imagine the better portability and the wafers input is increasing in dollar base as well. And the way for cost with the change of Forex rate and if you could comment on that situation.

第二個是關於半導體第二季度的可移植性和過去第二季度約 17% 至 18% 的盈利能力，大約是 20% 及以上。所以 17% 到 18% 是相當慢的，但產量更好，滿產。我想像更好的便攜性和晶圓輸入以美元為基礎也會增加。以及外匯匯率變化的成本方式以及您是否可以評論這種情況。

Thank you for the question. First question about the music, Maoka San will respond and on iss second question, I will respond. Masoko San, please regarding streaming and which has two aspects, publishing and production and streaming growth trend is pretty much in line still stable growth.

謝謝你的提問。關於音樂的第一個問題，Maoka San會回答，第二個問題，我會回答。 Masoko San，請談談串流媒體，串流媒體有兩個方面，即出版和製作，串流媒體成長趨勢幾乎保持穩定成長。

But compared with the past like first quarter of 2023 and before there are multiple DSP which raised their price and that kind of made it look like they are growing rapidly. But in terms of music production, the of the streaming, the audio portion has grown from from quarter one to quarter two. As for video streaming service growth is slowing down. That's true. And as a whole that is kind of bringing down the growth rate.

但與過去（例如 2023 年第一季及之前）相比，有多個 DSP 提高了價格，這使得它們看起來像是在快速成長。但就音樂製作而言，串流媒體的音訊部分從第一季成長到了第二季。至於視訊串流服務成長正在放緩。這是真的。總體而言，這在某種程度上降低了成長率。

So that's where but the overall structure has not changed. So the DSP price hike timing and so on may change the streaming growth rate and the DS P paid subscribers are still increasing. And I think that there is a room for price raise in the future. And so those are some of the factors at work and in the background.

就是這樣，但整體結構沒有改變。因此DSP價格上漲時機等可能會改變串流成長率，DSP付費用戶仍在增加。而且我認為未來還有漲價的空間。這些是起作用和背景的一些因素。

Okay. Let me talk about INSS which was the second question and, and margin was 11.4%. And this year 17.3% operating profit margins last year. And this year and last year was slow because of the yield issue we had. And also Q2 did not have a full shipment as we expected. So last year's second quarter was not a good quarter. But this year as far as the shipping is concerned, that has recovered and brought us to the 70.3% of the profitability. Now, can we expect higher?

好的。讓我談談INSS，這是第二個問題，利潤率為11.4%。而今年的營業利益率為去年的17.3%。由於產量問題，今年和去年進展緩慢。而且第二季也沒有像我們預期的那樣實現全面出貨。所以去年第二季並不是一個好的季度。但今年就航運而言，已經恢復並為我們帶來了70.3%的獲利能力。現在，我們可以期待更高嗎？

And that's for high end sensor development is a well, we are making investment in that and also increasing its capacity. So the capital investment depreciation will have to be accounted and we are not 100% successful in terms of investing and still getting enough profitability, but we intend to continue to improve that profitability.

這對於高端感測器的開發來說是一口井，我們正在對此進行投資並提高其產能。因此，必須考慮資本投資折舊，我們在投資方面並不是100%成功，仍然獲得足夠的獲利能力，但我們打算繼續提高獲利能力。

So we are running out of time. So the next person will be the last person to ask the question. And then please limit your questions to only one Nakan and from the musical securities. Please go ahead. Thank you.

所以我們的時間不多了。所以下一個人會是最後一個提出問題的人。然後請將您的問題限制在 Nakan 和音樂證券中。請繼續。謝謝。

My name is Nakan from musical securities and operating cash flow. And that's I would like to ask you about and the financial service and operating cash flow YEN40 billion and has been revised to YEN1.44 trillion. And what's the upside and downside from this? And we can forecast our profit? But what are the other aspects, especially inventory? And then also at this point in time and I know the network business is doing really well. So what about the operating capital?

我叫 Nakan，來自音樂證券和經營現金流。我想問的是金融服務和營運現金流 400 億日元，已修正為 1.44 兆日圓。這有什麼好處和壞處？我們可以預測我們的利潤嗎？但其他方面是什麼，特別是庫存？然後也是在這個時間點，我知道網路業務做得非常好。那麼營運資金呢？

And there might be some impact and then towards the end of the year apart from the profit, what are there any factors that will affect the operating cash flow? And can you at least talk about the factors that will impact the operating cash flow?

可能會有一些影響，那麼到年底除了利潤之外，還有哪些因素會影響經營現金流呢？您至少能談談影響經營現金流的因素嗎？

Thank you very much for your question. So operating cash flow excluding the financial has been upward revised to by YEN40 billion.

非常感謝您的提問。因此，不包括財務的經營現金流量已上調至 400 億日圓。

Thank you very much for that question as you pointed out and then up by YEN40 billion that is driven by the improved profitability of the game business.

非常感謝您提出的這個問題，然後由於遊戲業務盈利能力的提高而增加了 400 億日元。

And as you said, compared to last year and operating cash flow has increased significantly that it is driven by the improvement in the working capital in the game business with regards to the inventory situation compared to and each business has a better control of the inventory and we are tightly controlling the inventory and as we gear up for the year end selling season, the gaming and eet and businesses. Of course, we need to watch closely the market development so that we can accurately forecast the operating cash flow. Thank you very much.

正如您所說，與去年相比，營運現金流大幅增加，這是由於遊戲業務的營運資金改善所推動，與庫存情況相比，每個業務都更好地控制了庫存和我們正在嚴格控制庫存，並為年底銷售旺季、遊戲、EET 和業務做好準備。當然，我們需要密切關注市場的發展，以便準確預測經營現金流。非常感謝。

So, the one with regards to the question as to other key factors that you pay attention to.

因此，這是關於您關注的其他關鍵因素的問題。

So I don't think there are any notable upside downsides apart from the working capital. And for us, as we get closer to the year end selling season, what sort of inventory level that we need to have? And of course, we need to have a processing process in place to normalize that. And then we need to do that in a timely manner and then that will have an impact on the cash flow. So how diligent and how detailed at the granular we will be able to do that. And I think that will have an impact on the working cash flow in cap with that. We would like to conclude the Sony Group, the consolidated financial result announcement session.

因此，我認為除了營運資金之外，沒有任何顯著的不利因素。對我們來說，隨著年底銷售旺季的臨近，我們需要擁有什麼樣的庫存水準？當然，我們需要有一個適當的處理流程來使其正常化。然後我們需要及時這樣做，這將對現金流產生影響。因此，我們將能夠做到這一點，需要多麼勤奮、多麼細緻。我認為這將對營運現金流產生影響。我們即將結束索尼集團合併財務業績公佈會議。

Thank you very much.

非常感謝。