索尼 (SONY) 2025 Q3 法說會逐字稿

Thank you very much for taking time out of your busy schedules to join us today.

非常感謝您在百忙之中抽空參加今天的活動。

As it is the scheduled time to begin, we will now start the Sony Group Corporation fiscal year 2025 third-quarter earnings announcement.

按照預定的開始時間，我們現在開始發布索尼集團公司2025財年第三季財報公告。

I'll be serving as MC.

我將擔任主持人。

I'm [Ishi] from PR.

我是來自 PR 的 [Ishi]。

First, I'd like to introduce the speakers.

首先，我介紹一下演講者。

Representative Corporate Executive Officer, Chairman and CEO, who is to become Representative Corporate Executive Officer and Chairman effective April 1, Kenichiro Yoshida.

代表公司執行長、董事長兼執行長吉田健一郎 (Kenichiro Yoshida) 將於 4 月 1 日起擔任代表公司執行長兼董事長。

Current Representative Corporate Executive Officer, President, COO and CFO, to become Representative Corporate Executive Officer, President and CEO on April 1, Hiroki Totoki.

現任公司代表執行長、總裁、營運長兼財務官，將於 4 月 1 日起擔任公司代表執行長、總裁兼執行長的十時裕樹 (Hiroki Totoki)。

Senior Vice President, Corporate Planning and Control, Lead of Group Diversity, Equity and Inclusion, support for financial services business and entertainment area, Naomi Matsuoka.

企業規劃與控制資深副總裁、集團多元化、公平與包容性負責人、金融服務業務支援與娛樂領域負責人 Naomi Matsuoka。

Senior Vice President in charge of Finance and IR, Sadahiko Hayakawa.

負責財務和投資者關係的高級副總裁，早川貞彥。

Corporate Executive Officer and CFO, Sony Financial Group, Kazuhiro Yamada.

索尼金融集團公司執行長兼財務長 Kazuhiro Yamada。

First, Mr. Yoshida will say a few words, followed by an explanation of the earnings results for the third quarter of the fiscal year ending March 31, 2025, and the full year forecast by Mr. Totoki, Mr. Hayakawa, Ms. Matsuoka, Mr. Yamada, and then we'll move on to the Q&A session.

首先，吉田先生會講幾句話，隨後十時先生、早川先生、松岡女士、山田先生會解釋截至2025年3月31日的財年第三季度的收益結果以及全年預測，然後我們進入問答環節。

After the Q&A session, there will be a photo session for the media with Mr. Yoshida and Mr. Totoki.

問答環節結束後，吉田先生和十時先生將與媒體合影。

The entire event is scheduled to last about 80 minutes.

整個活動預計持續約80分鐘。

Mr. Yoshida, please.

請吉田先生。

Hello, everyone.

大家好。

We recently announced our new management structure effective April 1.

我們最近宣布了將於 4 月 1 日生效的新管理結構。

Hiroki Totoki will be appointed CEO of Sony Group Corporation.

十時裕樹將被任命為索尼集團公司的執行長。

Based on his achievements until now and from the perspective of future long-term growth, I'm convinced that Totoki is ideally equipped to be the next CEO, and the Board is in unanimous agreement.

基於他迄今為止所取得的成就以及從未來長期發展的角度來看，我相信十時木非常適合擔任下一任首席執行官，董事會也一致同意這一點。

Today, I wanted to take this opportunity to join you and share a few words.

今天，我想藉此機會和大家分享幾句話。

Taking a brief look back since returning to Sony from the ISP So-net together with Totoki in December 2013, I served as CFO for four years and then CEO for seven years.

簡單回顧一下，自從2013年12月我和Totoki一起從ISP So-net回歸索尼以來，我擔任了四年的CFO，然後擔任了七年的CEO。

I would like to once again express my gratitude to you all for your feedback, including your encouragement and critical analysis throughout this period.

我想再次向大家表達感謝，感謝你們在這段時間的回饋，包括鼓勵和批判性分析。

I believe that Sony was nurtured by the capital markets.

我認為索尼是受到資本市場培育的。

During my time as CFO, I often spoke within the company about moving from internal negotiation to external accountability.

在我擔任財務長期間，我經常在公司內部談論從內部談判轉向外部問責。

The aim was to verify the effectiveness of our management initiatives by asking ourselves whether they are explainable.

我們的目的是透過問自己管理措施是否可以解釋來驗證這些措施的有效性。

There is a great deal that business leaders can learn from dialogue with the media, analysts and investors, and I myself have learned much.

企業領導者可以透過與媒體、分析師和投資人的對話學到很多東西，我自己也學到了很多。

If I were to mention one thing from my seven years as CEO, it would be our purpose that I defined in my first year.

如果讓我在擔任執行長的七年裡說出一件事，那就是我在第一年就確定的我們的目標。

The keyword within this is Kando inherited from my predecessor, Kazuo Hirai.

這其中的關鍵字是從我的前任平井一夫那裡繼承下來的「感動」。

I think of our purpose as a promise.

我認為我們的目標就是一個承諾。

It is a promise that we make to each and every employee.

這是我們對每一位員工的承諾。

It is based on the belief that you are the driving force behind Kando.

它基於這樣的信念：您是 Kando 背後的驅動力。

I trust that most Sony Group employees think that it is not Yoshida who achieved something, but rather, we are the ones that did it.

我相信，索尼集團的大多數員工都認為，這不是吉田的功勞，而是我們自己所取得的成就。

And we are the ones that will continue to do it.

我們將繼續這樣做。

I believe that this kind of intrinsic strength is vital for connecting our purpose to profit.

我相信這種內在的力量對於將我們的目標與利潤聯繫起來至關重要。

Going forward, I myself, alongside our employees, intend to be part of the driving force behind Kando and offer my support to Totoki and the new management team.

展望未來，我本人和我們的員工將共同成為 Kando 的推動力量，並為 Totoki 和新管理團隊提供支援。

That is all from myself.

這些都是我自己的想法。

With that, I would like to hand over to Totoki.

現在，我想將話題交給十時。

Thank you very much.

非常感謝。

I'm Totoki.

我是十時。

I'm now assigned as the President, CEO and I look forward to taking over the company, Hirai and Yoshida have greatly added value to CEOs and to working to create new value by realizing our creative entertainment division and driving Sony's evolution and further growth.

我現在被任命為總裁兼首席執行官，我期待接管公司，平井和吉田為首席執行官增加了巨大的價值，並通過實現我們的創意娛樂部門和推動索尼的發展和進一步增長來努力創造新價值。

Now, I will explain the contents shown here, and then I will give a general summary at the end.

現在，我將對這裡顯示的內容進行解釋，然後在最後進行總結。

First speaker, Hayakawa-san, please.

第一位發言者是早川先生。

Thank you.

謝謝。

The consolidated sales, excluding the Financial Services segment for the quarter increased 7% compared to the same quarter of the previous fiscal year year-on-year to JPY3,695.7 billion and operating income increased 10% to JPY423 billion.

本季不包括金融服務部門的綜合銷售額與上一財年同期成長 7%，達到 36,957 億日圓，營業收入成長 10%，達到 4,230 億日圓。

Consolidated sales, including Financial Services segment increased 18% year-on-year to JPY4,409.6 billion.

包括金融服務部門在內的綜合銷售額年增18%，達到44,096億日圓。

Operating income increased 1%, to JPY469.3 billion, a record high for the third quarter.

營業收入成長1%，至4,693億日圓，創第三季歷史新高。

And net income increased 3% to JPY373.7 billion.

淨收入成長3%至3737億日圓。

The results by segment for the quarter are shown here.

此處顯示的是本季按部門劃分的業績。

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

接下來，我將解釋我們對 FY24 的綜合績效預測。

Consolidated sales, excluding the Financial Services segment have been upwardly revised slightly from the previous forecast to JPY11,900 billion.

不包括金融服務部門的綜合銷售額較先前的預測略有上調，至 11,9,000 億日圓。

Operating income has been upwardly revised 2% to JPY1,190 billion, and operating cash flow has been upwardly revised 15%, mainly due to the improvements in working capital to JPY1,660 billion.

營業收入上調 2% 至 1.190 兆日元，營業現金流上調 15%，主要由於營運資本改善至 1.660 兆日元。

Consolidated sales, including the Financial Services segment have been upwardly revised 4% from the previous forecast to JPY13,200 billion.

包括金融服務部門在內的綜合銷售額較先前的預測上調了 4%，達到 13,2000 億日圓。

Operating income has been upwardly revised 2% to JPY1,335 billion, and net income has been upwardly revised 10% to JPY1,080 billion.

營業收入調高2%至13,350億日元，淨收入調高10%至10,800億日圓。

The full year forecast by segment is shown here.

此處顯示了按部門劃分的全年預測。

Now, I will move on to an explanation of this state of each business.

現在，我將針對各個業務的這個狀態進行講解。

The first is the Games and Network Services.

第一是遊戲和網路服務。

Sales for the quarter increased 16% year-on-year to JPY1,682.3 billion, primarily due to the increased sales of hardware and third-party software.

本季銷售額年增16%至16,823億日元，主要由於硬體和第三方軟體銷售額的成長。

Although we had a big hit of Marvel's Spider-Man 2 in the same quarter of the previous fiscal year, operating come increased 37% year-on-year to JPY118.1 billion, a record high for the third quarter in the segment, primarily due to the impact of higher revenue from Network Services and third-party software as well as improved profitability of hardware.

雖然上一財年同期受到《蜘蛛人2》的熱烈追捧，但本季營業收入仍同比增長37%至1,181億日元，創下本部門第三季度的歷史新高，主要得益於網絡服務和第三方軟體收入增加以及硬體盈利能力提升的影響。

Promotion expenses per unit of PlayStation 5, on which the promotion was implemented in the current quarter decreased approximately 20% year-on-year, and we think that we are implementing an optimal sales program given the market environment.

本季實施促銷的PlayStation 5每台促銷費用年減約20%，我們認為，考慮到市場環境，我們正在實施最佳的銷售計畫。

We are managing PS5 inventory at an appropriate level with inventory at the end of December, decreasing 46%, compared to the same month of the previous year, significantly contributing to an improvement in cash flow.

我們正在適當管理 PS5 庫存，12 月底的庫存與去年同期相比減少了 46%，這對現金流的改善有很大幫助。

Taking into account the result of the quarter, we have revised upward our full year forecast for sales by 3% to JPY4,610 billion and operating income by 7% to JPY380 billion compared with our previous forecast.

考慮到本季的業績，我們將全年銷售額預測上調 3% 至 46,100 億日元，營業收入預測上調 7% 至 3,800 億日元。

The number of monthly active users MAUs across PlayStation platforms in December increased 5% compared to the same month of the previous year, reaching 129 million accounts, the highest number in PS history.

12月PlayStation全平台月活躍用戶數MAU較去年同期成長5%，達1.29億個帳戶，創PS史上最高紀錄。

Total play time also increased 2% year-on-year, marking the seventh consecutive quarter of year-on-year growth.

總遊戲時間也比去年同期增加了 2%，這是連續第七個季度實現同比增長。

More than 40% of users who purchased the PS5 during the quarter were new users.

本季購買 PS5 的用戶中，超過 40% 是新用戶。

Combined with a moderation in the decrease in the number of PS4 active users, this has contributed substantially to the increase of MAUs.

再加上 PS4 活躍用戶數量下降的減緩，這對 MAU 的成長做出了巨大的貢獻。

Cumulative unit sales of PS5 from the launch until the end of December, essentially the same level as the cumulative unit sales of PS4 for the same period of time since launch, even though PS5 had a higher price.

PS5 自推出至 12 月底的累計銷量，基本上與 PS4 推出以來同一時期的累計銷量持平，儘管 PS5 的售價更高。

Furthermore, MAUs after the same amount of time has passed this launch have increased significantly by approximately 1.4 times.

此外，在本次發布之後的相同時間內，MAU 大幅增加了約 1.4 倍。

This shows that the user base for the PS platform has significantly expanded from PS4 generation due to the PS5's backward compatibility in various user engagement initiatives.

這表明，由於 PS5 在各種用戶參與計畫中的向後相容性，PS 平台的用戶群較 PS4 世代有了顯著擴大。

As for PlayStation Plus revenue in the quarter increased 20% year-on-year on a US dollar basis, primarily due to an increase in average revenue per user, ARPU mainly due to a shift to higher tiers of service and the impact of price revisions.

至於本季的 PlayStation Plus 收入以美元計算年增 20%，主要由於每用戶平均收入的增加，ARPU 主要由於轉向更高級別的服務以及價格修訂的影響。

In this way, in the momentum of the platform business is currently strong, and we expect to see stable earnings growth going forward.

因此，目前平台業務勢頭強勁，我們預期未來獲利將穩定成長。

Last November, we released a better version of a cloud streaming feature on the PS Portal Remote Player.

去年 11 月，我們在 PS Portal Remote Player 上發布了改進版本的雲端串流功能。

This means that PS Plus premium subscribers can now play over 120 PS5 game titles on the PS portal stream directly from cloud service without going through PS5 console.

這意味著 PS Plus 高級訂閱用戶現在可以在 PS 入口網站串流上直接從雲端服務玩超過 120 款 PS5 遊戲，而無需透過 PS5 主機。

By leveraging the lessons from the beta test, we aim to further improve the streaming and gaming user experience, so users can enjoy PS games anytime, anywhere and even more easily.

透過借鑒 Beta 測試的經驗教訓，我們旨在進一步改善串流媒體和遊戲用戶體驗，以便用戶可以隨時隨地更輕鬆地享受 PS 遊戲。

The Game Awards 2024 held on December 13, 2024.

2024 年度遊戲大獎將於 2024 年 12 月 13 日舉行。

Our first-party title Astro Bot won four categories, including Game of the Year and Best Family Game, the most of any title.

我們的第一方遊戲《Astro Bot》贏得了四項大獎，包括年度最佳遊戲和最佳家庭遊戲，是所有遊戲中獲獎最多的。

In addition, the live service game, Helldivers 2 released in February last year won the Best Ongoing Game and Best Multiplayer Game awards.

此外，去年2月發售的線上服務遊戲《Helldivers 2》榮獲「最佳持續遊戲」和「最佳多人遊戲」獎項。

The fact that titles in general, we are aiming to expand in the future, including titles for families and live service games have received these awards is a major stride towards building a broader title portfolio.

事實上，我們計劃在未來擴大遊戲種類，包括適合家庭使用的遊戲和即時服務遊戲，這些遊戲都獲得了這些獎項，這是我們朝著建立更廣泛的遊戲組合邁出的重要一步。

In addition to the awards, it received Helldivers 2 large update Omens of Tyranny released in December 2024 has been well received and user engagement has once again increased significantly.

除了獲獎之外，其於2024年12月發布的Helldivers 2大型更新「Omens of Tyranny」也獲得了好評，用戶參與度再次大幅提升。

Next fiscal year, we plan to release games such as the major title Ghost of Yotei and sequel to the popular title Death Stranding and we expect even further expansion in earnings from first-party software.

下一財年，我們計劃發布主要遊戲《羊蹄山之魂》和熱門遊戲《死亡擱淺》的續集等遊戲，並且我們預計第一方軟體的收益將進一步擴大。

Next is the Music segment.

接下來是音樂部分。

Sales for the quarter increased 14% year-on-year to JPY481.7 billion, primarily due to higher streaming revenue and the impact of the consolidation of ePlus Inc. in visual, media and platform.

本季銷售額年增 14% 至 4,817 億日元，主要由於串流媒體收入增加以及 ePlus Inc. 在視覺、媒體和平台方面的合併的影響。

Operating income increased 28% year-on-year to JPY97.4 billion mainly due to the impact of the increased sales.

營業收入年增28%至974億日元，主要由於銷售額增加的影響。

On a US dollar basis, streaming revenues for the quarter increased 9% year-on-year, including a onetime factor in recorded music and 8% year-on-year in Music Publishing.

以美元計算，本季串流媒體營收年增 9%，其中包括錄製音樂的一次性因素和音樂出版收入年增 8%。

We have revised upward our full year forecast for sales by 3% to JPY1,790 billion and operating income by 3% to JPY340 billion.

我們將全年銷售額預測上調 3% 至 17,900 億日元，營業收入預測上調 3% 至 3,400 億日元。

During the quarter, new albums from artists such as Tyler, The Creator and (inaudible) became hits.

本季度，Tyler、The Creator 和（聽不清楚）等藝術家的新專輯大獲成功。

Recently, Bad Bunny's new album released from Rimas Entertainment on January 5, 2025, has become a huge hit, capturing number one on the Billboard 200 and making him the fastest male artist to reach 1 billion streams on Spotify.

近日，Bad Bunny 的新專輯於2025年1月5日由Rimas Entertainment發行，大獲成功，奪得Billboard 200榜單第一名，並成為Spotify上最快達到10億次播放量的男藝人。

At the 67th Grammy Awards held on February 2, 2025, Beyoncé's Cowboy Carter won the award for Album of the Year.

在2025年2月2日舉行的第67屆葛萊美獎頒獎典禮上，碧昂絲的《Cowboy Carter》榮獲年度最佳專輯獎。

Beyoncé, who has been nominated for 99 Grammys over the course of her career, the most of any artist was nominated in 11 categories this time, and she won three categories, including Album of the Year.

碧昂絲在其職業生涯中曾獲得 99 項格萊美獎提名，此次她獲得了 11 項提名，是所有藝術家中獲得提名最多的一位，並最終贏得了包括年度專輯在內的三項獎項。

The rise of streaming is creating more opportunities for music from local artists to become global hits.

串流媒體的興起為本地藝術家的音樂成為全球熱門歌曲創造了更多機會。

The Sony Music Group is working to enhance local repertoire by discovering and nurturing artists and songwriters at its locations in emerging markets as well as by building and strengthening relationships with independent labels and artists in various regions through the Orchard and AWAL.

索尼音樂集團正致力於在新興市場的分支機構發現和培養藝術家和詞曲作家，以及透過 Orchard 和 AWAL 建立和加強與各個地區獨立唱片公司和藝術家的關係，以增強本地曲目。

In addition, in rapidly growing Latin America and India, we have further solidified our leading positions through strategic investments in leading labels and music catalogs in each region such as Som Livre in Brazil, Rimas in Puerto Rico and Eros in India.

此外，在快速發展的拉丁美洲和印度，我們透過對巴西的 Som Livre、波多黎各的 Rimas 和印度的 Eros 等各地區領先唱片公司和音樂目錄的戰略投資，進一步鞏固了我們的領先地位。

Furthermore, in countries and territories that are expected to grow over the midterm, we have acquired leading local labels in Greece and in the Czech Republic and Sony Music Publishing has established a base in Thailand.

此外，在預計中期增長的國家和地區，我們收購了希臘和捷克共和國領先的本地唱片公司，索尼音樂出版公司也在泰國建立了基地。

Next is the Pictures segment.

接下來是圖片部分。

Sales for the quarter increased 9% year-on-year to JPY398.2 billion, primarily due to higher revenue from theatrical releases such as Venom: The Last Dance and the impact of foreign exchange rates.

本季銷售額年增 9% 至 3,982 億日圓，主要由於《猛毒：最後之舞》等院線電影收入增加，以及匯率的影響。

Operating income decreased 18% year-on-year to JPY34 billion, primarily due to an increase in marketing costs for theatrical releases.

營業收入較去年同期下降18%至340億日圓，主要由於戲院上映的行銷成本增加。

The full year forecast is unchanged from the previous forecast.

全年預測與先前的預測一致。

At this point in time, we expect the impact on the results of the segment from the wildfires in California in the US to be minor.

目前，我們預計美國加州野火對該部門的業績影響較小。

In Motion Pictures, there is still some impact of the strikes such as postponement to the fiscal year ending March 31, 2027, of the theatrical releases of the next Spider-Man and Jumanji movies.

在電影業，罷工仍然產生了一些影響，例如下一部《蜘蛛人》和《勇敢者遊戲》電影的上映時間被推遲到截至 2027 年 3 月 31 日的財年。

However, production activity is recovering.

不過，生產活動正在恢復。

In television productions, the production of new shows, which was impacted by the strikes has almost stabilized.

在電視製作方面，受罷工影響的新節目製作已基本穩定。

At Crunchyroll, streaming of the second season of the anime series, Solo Leveling produced by Aniplex began last month, and it has become a huge hit in many countries and territories.

在 Crunchyroll 上，由 Aniplex 製作的動畫系列《Solo Leveling》第二季開始串流播放，並在許多國家和地區引起了巨大反響。

Additionally, going forward, we aim to further strengthen our engagement with anime fans around the world, including through the scheduled release of Crunchyroll Manga, a digital comic service for paid subscribers in North America.

此外，展望未來，我們也致力於進一步加強與世界各地動漫迷的互動，包括計劃發布面向北美付費訂閱者的數位漫畫服務 Crunchyroll Manga。

Now, I'd like to explain our strategic collaboration with Kadokawa, which spans our three entertainment businesses.

現在，我想解釋一下我們與角川的策略合作，這項合作涵蓋了我們的三大娛樂業務。

We have collaborated with Kadokawa on various projects in the past, but following the conclusion of a capital and business alliance agreement in December and the assumption of a third-party allotment of new shares in January, we have become its largest shareholder.

我們過去曾與角川在多個項目上進行合作，但在 12 月達成資本和業務聯盟協議以及 1 月承擔第三方配售新股之後，我們已成為其最大股東。

Through this alliance, the leadership of both companies are even more committed to promoting collaboration, and we aim to create new value in various entertainment fields by combining Kadokawa's strength in creating original IP with our technologies and global expansion capabilities.

透過此次聯盟，兩家公司的領導階層更加致力於促進合作，我們旨在透過將角川在創造原創IP方面的優勢與我們的技術及全球擴張能力相結合，在各個娛樂領域創造新的價值。

Next is the ET&S segment.

接下來是 ET&S 部分。

Sales for the quarter decreased 4% year-on-year to JPY704.5 billion, primarily due to a decrease in unit sales of televisions, while operating income remained essentially flat at JPY77.1 billion.

本季銷售額年減4%至7,045億日圓，主要因電視機銷售下降，而營業收入基本持平於771億日圓。

The full year forecast is unchanged from the previous forecast.

全年預測與先前的預測一致。

The year-end selling season trended generally as expected across the segment.

整個產業的年底銷售旺季趨勢整體符合預期。

Compared to the year-end selling season of the previous fiscal year, sales of televisions and smartphones, which are not pursuing scale and are focused on high value-added products decreased, but sales in other categories were essentially flat.

與上年度年終銷售季相比，不追求規模化、注重高附加價值產品的電視機和智慧型手機銷售量有所下降，但其他品類銷售量基本持平。

Even the imaging market, where there were concerns of a slowdown, particularly in China, remained relatively stable and the market scale on a unit basis for the quarter increased slightly year-on-year as was the case in the second quarter.

即使是人們擔心經濟放緩的成像市場（尤其是在中國），也保持了相對穩定，本季度的市場規模與去年同期相比略有增長，與第二季度的情況相同。

The sales and profit in our Imaging business decreased slightly year-on-year.

我們影像業務的銷售額和利潤較去年同期略有下降。

We think this was mainly due to our launching two new products in the volume zone of full-frame cameras, including the Alpha 7C Mark II in the same quarter of the previous fiscal year.

我們認為這主要歸功於我們在上一財年同一季度在全片幅相機銷售領域推出了包括Alpha 7C Mark II在內的兩款新產品。

Inventory as of the end of December for the entire segment increased slightly from the same month of the previous year, to JPY350 billion.

截至12月底，整個部門的庫存較上年同期略有增加，至3,500億日圓。

It is being controlled at an appropriate level.

它被控制在適當的水平。

Assuming that the operating environment in this segment will remain severe into next fiscal year and beyond, we intend to implement further fixed cost reduction measures in the fourth quarter in order to increase resilience and strengthen our profit structure.

假設該部門的經營環境在下一財年及以後仍將保持嚴峻，我們打算在第四季度實施進一步的固定成本削減措施，以增強韌性和加強我們的利潤結構。

Expenses for this are reflected in the current forecast.

該項費用已反映在目前預測中。

Since 2012, the market for interchangeable lens digital cameras has seen the single lens reflex camera market shrink at a faster rate than the growth of the mirrorless camera market, which is driven by Sony.

自2012年以來，可換鏡頭數位相機市場，單眼相機市場的萎縮速度快於以索尼為主導的無反光鏡相機市場的成長速度。

As a result, the market as a whole continued its trend towards shrinkage until 2020 when the COVID-19 pandemic was also a factor.

因此，整個市場持續呈現萎縮趨勢，直到2020年，新冠疫情也是一個因素。

However, since 2020, the market has entered a stable re-expansion phase.

但自2020年以來，市場已進入穩定的再擴張階段。

And by 2024, it recovered to a level approaching the peak in 2012 on sales amount basis.

至2024年，銷售額將恢復到接近2012年高峰的水平。

In addition, the interchangeable lens market is continuing to grow steadily with the combined market size for cameras and lenses exceeding JPY1,200 billion in 2024.

此外，可更換鏡頭市場持續穩定成長，2024年相機和鏡頭的總市場規模將超過12,000億日圓。

Since the imaging market has a limited number of players because it requires the integration of multiple advanced technologies such as optics, mechatronics and image processing.

由於成像市場需要整合光學、機電一體化和影像處理等多種先進技術，因此參與者數量有限。

And since we have image sensors and 5G communications technology, we expect to generate high market share and profitability by continuing to offer products that meet the needs of creators.

而且由於我們擁有影像感測器和5G通訊技術，我們希望透過持續提供滿足創作者需求的產品來獲得較高的市場份額和獲利能力。

In addition to the stable sales growth of camera bodies, the creation of new markets and a business where recurring revenue can be expected are steadily expanding with the launch of a variety of lenses that expand the possibilities for creators' expression and solutions and services that add value through software.

除了相機機身的銷售穩定成長之外，透過推出擴大創作者表達能力的各種鏡頭以及透過軟體增加價值的解決方案和服務，新市場的開拓和可預期經常性收入的業務也在穩步擴大。

Next is I&SS segment.

接下來是I＆SS部分。

Sales for the quarter were essentially flat year-on-year at JPY500.9 billion, primarily due to a decrease in sales of mobile image sensors offsetting the impact of foreign exchange rates.

本季銷售額與去年同期基本持平，為 5,009 億日元，主要由於行動影像感測器銷售額的下降抵消了外匯匯率的影響。

Despite the positive impact of foreign exchange rates, operating income decreased 2% year-on-year to JPY97.5 billion, primarily due to increased manufacturing costs and the impact of the decreased sales.

儘管受到匯率的正面影響，營業收入仍年減2%至975億日元，主要由於製造成本增加和銷售額下降的影響。

We have slightly increased the full year sales forecast from the previous forecast to JPY1,790 billion, while the forecast for operating income is unchanged.

我們將全年銷售額預測較先前的預測略有上調至1.79兆日元，而營業收入預測則維持不變。

The global smartphone market continued to slowly recover during the quarter, and mobile sensor sales were essentially in line with our expectations.

本季全球智慧型手機市場持續緩慢復甦，行動感測器的銷售量基本上符合我們的預期。

Sales for the current quarter decreased year-on-year, primarily due to a shift in sales from the second to the third quarter in the previous fiscal year, resulting from the production yield issue on new mobile sensor products.

本季銷售額年減，主要由於上一財年第二季銷售轉移到第三季度，導致新行動感測器產品的生產良率問題。

However, cumulative sales for the nine months through the third quarter increased a significant 15% compared to the same period of the previous fiscal year.

然而，截至第三季的九個月累計銷售額與上一財年同期相比大幅成長了 15%。

Furthermore, the production yields on the same products during the current quarter improved beyond the initial plan in the forecast as of November, reaching nearly normal levels.

此外，本季同類產品的產量良率已超出11月預測的最初計劃，達到接近正常水準。

The average annual growth rate for the mobile sensor sales from the fiscal year ended March 31, 2022, to the fiscal year ending March 31, 2025, is expected to be 23% on a yen basis and 11% on a US dollar basis.

預計2022年3月31日止財年至2025年3月31日止財年的行動感測器銷售額年均成長率（以日圓計算）為23%，以美元計算為11%。

This steady growth is mainly due to rising unit prices resulting from larger sensor rises and higher value-added mobiles.

這種穩定的成長主要得益於感測器尺寸增大和手機附加價值提高導致的單價上漲。

And we believe that we can achieve similar level of sales growth on a US dollar basis in the fiscal year ending March 31, 2026.

而我們相信，在截至2026年3月31日的財政年度，我們可以實現以美元計算的類似水準的銷售成長。

Regarding automotive sensors, the slowdown in the growth of the electric vehicle market, especially in the US and Europe, has an impact, but our expansion of our customer base and improvement in our product performance to date have been successful and the strong demand for EV manufacturing in China as well as shift towards higher pixel count sensors have expanded our business.

關於汽車感測器，電動車市場（尤其是美國和歐洲）成長放緩產生了影響，但我們迄今為止在客戶群擴大和產品性能提升方面取得了成功，而且中國對電動汽車製造的強勁需求以及向更高像素數感測器的轉變擴大了我們的業務。

Although the proportion of automotive sensor sales to our overall segment sales is small, we expect high growth going forward.

儘管汽車感測器銷售額占我們整體分部銷售額的比例很小，但我們預計未來將會實現高速成長。

Now, I would like to explain our response to US tariff policy.

現在我想介紹一下我們對美國關稅政策的回應。

In order to respond to various geographical risk in our G&NS, ET&S and I&SS segment, which handle hardware over the past few years, we have been working to duplicate our supply chains and increase their flexibility.

為了應對過去幾年來處理硬體的G&NS、ET&S和I&SS部門的各種地理風險，我們一直致力於複製我們的供應鏈並提高其靈活性。

Furthermore, we have been preparing recently by doing such things as stockpiling a certain level of strategic inventory in the US, and we expect the impact on our -- the financial performance this year of the additional US import tariffs that have been implemented or whose considerations has been announced at this point in time is minor to be minor.

此外，我們最近一直在做準備，例如在美國儲存一定數量的戰略庫存，我們預計，目前已經實施或宣布的美國額外進口關稅對我們今年財務表現的影響很小。

We intend to continue to respond flexibly and promptly to changing circumstances and implement at the appropriate time, additional measures that we are preparing in order to minimize the impact to our business and the earnings.

我們打算繼續靈活、迅速地應對不斷變化的情況，並在適當的時候實施我們正在準備的額外措施，以盡量減少對我們的業務和收益的影響。

Last is the Financial Services segment.

最後是金融服務部門。

Financial Service revenue for the quarter increased JPY406.7 billion year-on-year to JPY718.5 billion, primarily due to an increase in gains on investment at Sony Life.

本季金融服務收入年增4067億日元，達到7185億日元，主要由於索尼人壽投資收益增加。

Operating income decreased JPY30.9 billion year-on-year to JPY46.4 billion, primarily due to the absence of significant gains related to market fluctuation recorded in the same quarter of the previous fiscal year at Sony Life.

營業收入年減309億日圓至464億日圓，主要由於索尼生命去年同期沒有因市場波動而獲得大幅收益。

Insurance service results, which indicate the earnings potential of Sony Life decreased 11% year-on-year during the current quarter to JPY41.3 billion, but they trended in a stable manner for the nine months through the third quarter, decreasing 4% compared to the same period of the previous fiscal year.

保險服務結果顯示，索尼生命的獲利潛力在本季同比下降了11%至413億日元，但截至第三季的九個月內呈現穩定趨勢，與上一財年同期相比下降了4%。

Moreover, Sony Life's new policy amount for the current fiscal year is increasing smoothly at 12% year-on-year on a cumulative basis through the third quarter.

此外，索尼人壽本財年新保金額截至第三季累計年增12%，成長穩定。

Taking into account the results of the quarter, we have increased the full fiscal year forecast for Financial Services revenue JPY390 billion to JPY1,300 billion.

考慮到本季的業績，我們將全年金融服務收入預測從 3,900 億日圓上調至 1,3,000 億日圓。

The operating income forecast remains unchanged from the previous forecast.

營業收入預測與先前的預測維持不變。

I will now speak about the financial initiatives.

我現在將談談金融舉措。

At Sony Life, assets, such as bonds held on the balance sheet, exceed insurance liabilities, resulting in an overhead situation.

索尼生命保險公司的資產負債表上持有的債券等資產超過了保險負債，導致了管理費用過高的情況。

This situation means that rising interest rate will result in a decrease in net assets.

這種情況意味著利率上升將導致淨資產減少。

So we are working to mitigate the situation this fiscal year.

因此，我們正在努力緩解本財政年度的這種情況。

Specifically, we began selling a portion of the bonds we hold and trading derivatives through the third quarter, and we are considering selling additional bonds in the fourth quarter.

具體來說，我們從第三季開始出售部分持有的債券並交易衍生性商品，我們正在考慮在第四季出售更多債券。

The full year results forecast incorporates the offsetting the losses from these bond sales on the upside to profit from the market fluctuations through the time the current forecast was determined.

全年業績預測包括抵銷這些債券銷售造成的損失，以及在確定當前預測期間從市場波動中獲利。

Through those -- these efforts, we intend to continue to steadily improve our financial position while closely monitoring the balance with the profitability, preparing for the partial spin-off and listing of Sony Financial Group, Inc. scheduled for October this year are progressing smoothly, and we plan to explain our business strategy and listing structure in late May.

透過這些努力，我們打算繼續穩步改善我們的財務狀況，同時密切關注盈利能力的平衡，為今年10月索尼金融集團公司部分分拆和上市做準備，一切進展順利，我們計劃在5月底解釋我們的業務戰略和上市結構。

In closing, I will make some remarks.

最後，我想講幾點。

Having completed the third quarter of the fiscal year ending March 31, 2025, the first year of our fifth mid-range plan, we believe we are making steady progress toward achieving our key performance indicators for the Sony Group set out in the plan -- in our plan.

我們已完成截至 2025 年 3 月 31 日的財年第三季度，即我們的第五個中期計劃的第一年，我們相信，我們正在朝著實現計劃中規定的索尼集團關鍵績效指標的方向穩步前進。

In particular, we view it as positively that G&NS and I&SS, which are driving the profit growth have both been able to significantly increase the profit since the last fiscal year.

尤其是推動利潤成長的G&NS和I&SS自上財年以來均實現了利潤的大幅成長，對此我們給予了正面評價。

Furthermore, in regard to the enhancement of shareholder returns, which we are pursuing in our fifth mid-range plan, we completed the repurchase of the maximum JPY250 billion of our own share decided in May of last year by November.

此外，為了提高股東回報，這是我們第五個中期計畫所追求的，我們在11月之前完成了去年5月決定的最高2,500億日圓的自有股票回購。

So today, we have established a new facility to repurchase maximum JPY50 billion with the deadline of May of this year.

所以今天我們建立了一個新的回購機制，最高回購金額為500億日元，截止今年5月。

We intend to continue to implement repurchase opportunities taking into account the state of such things as share price level and these investment opportunities.

我們打算根據股價水準和這些投資機會等情況，繼續實施回購機會。

That's all for me.

對我來說這就是全部了。

So therefore, speakers have given the financial results.

因此，發言者給出了財務結果。

Now, we'd like to entertain questions from the media and then followed by the Q&A by the analysts and investors and 20 minutes for each the Q&A session.

現在，我們想回答媒體的問題，然後是分析師和投資者的問答時間，每個人的問答時間是 20 分鐘。

(Event Instructions)

(活動須知)

And as to the way of questions, we have given you some information beforehand.

關於提問的方式，我們已經事先向大家做了介紹。

The first, we would like to entertain questions from the media members and some people participating online, please click button for hand-raising on Webex screen.

首先，我們想回答媒體成員和一些線上參與人員的問題，請點擊 Webex 螢幕上的舉手按鈕。

(Event Instructions)

(活動須知)

The person in the front row of the central block, please start asking the question.

請中央區前排的這位開始提問。

I have two questions.

我有兩個問題。

First question is about the fact that Yoshida-san (inaudible) and the other one for Totoki-san.

第一個問題是關於吉田先生（聽不清楚），另一個問題是關於十時先生。

Yoshida-san has assumed the position of CEO seven years ago and many M&As were implemented by Mr. Yoshida and financial service was decided to be split to a certain extent.

吉田先生七年前就任首席執行官，吉田先生實施了許多 M&A，並決定在一定程度上拆分金融服務。

So how do you evaluate the progress state of this business portfolio structure?

那麼您如何評價這個業務組合結構的進展狀態呢？

And the second one is the future -- for Yoshida-san and Totoki-san each.

第二個是吉田先生和十時先生各自的未來。

As a Chairman that in Sony, what kind of role we like to play within Sony?

身為索尼的董事長，我們喜歡在索尼扮演什麼樣的角色？

And maybe your future career plan or ideas in the future.

或許還有你未來的職涯規劃或想法。

To Totoki-san, I have a sort of abstract question.

對於十時先生，我有一個抽象的問題。

That is to say, as a CEO of the company, what do you like to achieve in the mid-range plan, there are the numbers of targets.

是說你身為公司的CEO，在中期計畫裡你想實現什麼，有多少個目標。

But beyond that, what kind of company that you would like to nurture the Sony to become, so your ambition sort of about the future of Sony?

但除此之外，您希望將索尼培育成什麼樣的公司，您對索尼的未來有什麼期望？

Thank you for your two parts of questions.

謝謝你的兩個部分問題。

As to the first part of the question, of course, you told us about the portfolio or how specifically I evaluate and assess that.

至於問題的第一部分，當然，您向我們介紹了投資組合，或者我如何具體評估和評估它。

Thanks for the question.

謝謝你的提問。

As to the portfolio, the management, well, 2021, the Sony Group company was launched.

至於投資組合與管理，嗯，2021 年，索尼集團公司成立了。

And so that was a key point.

這是一個關鍵點。

And there are two purposes for that.

這樣做有兩個目的。

One is the group synergy has to be promoted further.

一是集團協同效應有待進一步提升。

And second purpose is a portfolio management should be done more carefully and perfectly well thought, and there's a progress achieved.

第二個目的是應該更加謹慎、更加完善地進行投資組合管理，並且已經取得了進展。

But Totoki-san will play the central role, including other members, the leaders to consider and polish this further.

但十時先生將發揮核心作用，包括其他成員、領導者將進一步考慮和完善這一點。

My future role as a Chairperson, of course, that I would like to support the Totoki-san's team.

我未來擔任主席的角色，當然想支持十時先生的團隊。

That's all from me.

我要說的就這些。

My future aim and ambition in the future.

我未來的目標和抱負。

Yes.

是的。

At CES, about the Entertainment division, I already told you about this.

在 CES 上，關於娛樂部門，我已經跟你們講過這個了。

But the way -- the ideal state that we'd like to achieve 10 years from now, that is the ideal state we'd like to achieve against the vision, to what extent can we make progress.

但是，我們希望 10 年後達到的理想狀態，也就是我們希望實現的願景的理想狀態，我們能在多大程度上取得進步。

And that's a challenging thing that I would like to aim at to get as close as possible to the vision.

這是一個具有挑戰性的事情，我希望盡可能接近我的願景。

What are the most important driver?

最重要的驅動因素是什麼？

Of course, the human resource diversity we have and business diversity we have.

當然，我們擁有人力資源多樣性和業務多樣性。

We have diverse human resources and human business sections.

我們擁有多元化的人力資源和人力業務部門。

And then by merging that, we can create something brand new.

然後透過合併，我們可以創造一些全新的東西。

I believe in that.

我相信這一點。

And I would like to really try that and then achieve this vision.

我願意真正嘗試這一點並實現這個願景。

So that is the strongest wish I would like to achieve.

所以這是我最想實現的願望。

Thank you.

謝謝。

Let's move on to the next question.

我們繼續討論下一個問題。

The first row in this block.

此區塊中的第一行。

From [Toyo Keizai] I have two questions as well.

來自[東洋經濟] 我也有兩個問題。

So based on Totoki-san's answer, well, there's some overlap with that.

因此，根據 Totoki-san 的回答，嗯，與此有一些重疊。

But in 2018, when you assumed the post in -- Yoshida-san, we have diverse people and diverse business and you said the issue is, can you make the best use of that?

但在 2018 年，當您擔任吉田先生的職務時，我們擁有多元化的人員和多元化的業務，您說問題是，您能否充分利用這一點？

So selection and focus is something that many companies have pursued.

所以選擇和專注是很多公司追求的。

But in management, aiming for diversity, what does that mean?

但在管理中，追求多元化，這又意味著什麼呢？

What's the significance of that and significance of what you have achieved?

那這有什麼意義？

That's my first question.

這是我的第一個問題。

So second question goes to Mr. Totoki.

第二個問題問的是十時先生。

So President, CEO and CFO to -- President, COO, CFO to President and CEO.

因此，總裁、執行長和財務長——總裁、營運長、財務長到總裁兼執行長。

So now I think you are moving from execution to management.

所以現在我認為你正在從執行轉向管理。

So what do you think is going to be the difference in your role -- change in your role?

那麼您認為您的角色會有什麼不同—改變嗎？

And you have now the business CEO or Chief Officer.

現在你有了企業的執行長或首席官。

What's the significance of that new post that you're going to establish?

您要設立的這個新職位有何意義？

So making use of diversity.

因此要利用多樣性。

Well, in the 20th century already, we think that we have generated two major businesses that we capitalize on diversity.

嗯，到了 20 世紀，我們認為我們已經創造了兩大利用多元化優勢的業務。

One is PlayStation game business.

一是PlayStation遊戲業務。

So music and electronics synergy was what led to that.

因此音樂和電子的協同作用導致了這種情況的發生。

And then the other one, anime.

然後另一個是動漫。

In the middle of 1990s, the current Aniplex.

1990年代中期，現在的Aniplex。

So Sony Pictures Japan and Sony Music, there was synergy between those two that led to that.

因此，索尼日本​​影視和索尼音樂之間存在協同效應，從而實現了這一點。

And so under Totoki's leadership, anime and games, I mean, they're very close.

所以在十時樹的領導下，動漫和遊戲非常接近。

So that will be the engagement platform.

這就是參與平台。

So the diversity that we have, we're going to try to convert that more to value.

所以，我們將努力將我們所擁有的多樣性轉化為價值。

That's the action that he's taking.

這就是他正在採取的行動。

That's how I see it.

我就是這麼認為的。

So for myself, so to become CEO, my thoughts on that.

所以對我自己來說，為了成為 CEO，我對此有這樣的想法。

So I'm going to be the Chief Executive Officer.

因此我將擔任執行長。

So person responsible of management of the company.

因此是公司管理的負責人。

So I feel that a big responsibility, Hirai-san and Mr. Yoshida, they have created this value.

所以我覺得自己責任重大，平井先生和吉田先生，他們創造了這個價值。

I want to further expand on that, make it bigger.

我想進一步擴大它，使它變得更大。

So I have that strong determination to achieve that.

所以我有堅定的決心去實現這個目標。

That's what I'd like to tell you.

這就是我想告訴你的。

And the significance of having Chief Officer.

以及擔任首席官員的意義。

So at the head office, as much as possible, we want to simplify the layers.

因此，在總部，我們希望盡可能地簡化層級。

So we want to do delayering.

因此，我們要進行分層去層。

So we have a transparent and open and efficient and lean head office.

因此，我們擁有一個透明、開放、有效率、精簡的總部。

So that's what we intend.

這正是我們的目的。

And so for that, we did this reorganization.

因此，我們進行了這次重組。

And also one more thing about the name.

關於名字還有一件事。

Well, as much as possible, we wanted something that is easy to understand, not just in Japan, but globally because we have a lot of business overseas.

好吧，我們希望盡可能地讓一些東西變得容易理解，不僅在日本，而且在全球範圍內，因為我們在海外有很多業務。

It's much -- it's larger than Japan.

它比日本大得多。

So we wanted a title that's easy to understand globally.

因此，我們想要一個全球都能夠輕鬆理解的標題。

So that's why we changed the name.

這就是我們更改名字的原因。

And in terms of business CEO, the current business, what drives that is CEO and each business segment.

就業務 CEO 而言，目前業務的驅動因素是 CEO 和各個業務部門。

And so for the business segments, we wanted to show the respect and the support from the head office.

因此，對於業務部門，我們希望表現出總部的尊重和支持。

And we wanted to show how we're going to provide the support and how we're going to behave.

我們想展示我們將如何提供支持以及我們將如何表現。

So that is why we established this business CEO.

這就是我們設立這個企業CEO的原因。

So now we would like to move on to the next question.

現在我們想討論下一個問題。

So in the middle, the white jacket, the person in white jacket, please.

那麼中間請坐那位穿白色夾克的人。

[Nishigata] from NHK.

【西潟】NHK報道。

And my question is to -- two questions to Totoki-san.

我的問題是──問十時先生兩個問題。

From April, you will become CEO.

從四月起，您將成為執行長。

And under such circumstances, your company has grown significantly over the last years.

在這種情況下，貴公司在過去幾年裡取得了長足的發展。

But what do you think is a challenge still ahead of you?

但您認為眼前還面臨什麼挑戰？

And how you would like to take that challenge?

您想如何接受這個挑戰？

And so in MLP, JPY1.8 trillion for the growth -- the investment.

因此在 MLP 中，有 1.8 兆日圓用於成長投資。

So as a CEO, what is your policy for investment to the extent that you can disclose to us?

那麼身為首席執行官，您能向我們透露一下您的投資政策嗎？

Thank you.

謝謝。

So let me answer two questions.

因此，讓我回答兩個問題。

What is still lacking?

還缺什麼？

What is the challenge?

挑戰是什麼？

There are many, as a matter of fact.

事實上，有很多。

And of course, there is no company or organization where there is no challenge.

當然，沒有任何一家公司或組織不存在挑戰。

And -- but roughly speaking, on our part, we have to play the game globally.

而且 — — 但粗略地說，就我們而言，我們必須在全球範圍內玩遊戲。

That is the nature of our company.

這就是我們公司的本質。

So for the -- compared to top-notch player globally in terms of scale or in terms of profitability, we have not reached the top level yet.

因此，與規模或獲利能力的全球頂尖企業相比，我們尚未達到頂級水準。

And therefore, whether we are in a top position globally, there are still many things which need to be improved.

因此，無論我們是否處於全球領先地位，仍有許多事情需要改進。

Our headquarters in Japan, and there are many Japanese in headquarters.

我們的總部在日本，總部裡有很多日本人。

And so in order to make it truly global, I believe that is very important for us to change.

因此，為了使其真正全球化，我認為我們必須做出改變。

And the second point is with regard to the strategic investment during the mid-range plan and how we should proceed with that.

第二點是關於中期規劃的策略投入以及我們應該如何進行。

And the policy of investment has not -- will not be significantly different from what we have had.

投資政策與我們過去的政策沒有太大差異。

And for the company, for asset, whether we have a capability to boost the value.

對於公司、資產，我們是否有能力提升其價值。

And of course, we have the great companies, or we have a great asset.

當然，我們擁有優秀的公司，或者說我們擁有優秀的資產。

And it is important, the strategy to acquire them.

獲取這些資源的策略非常重要。

But the point is whether we are able to further add value through those acquisitions.

但關鍵在於我們是否能夠透過這些收購進一步增加價值。

And the second point is whether we are able to set the price properly and whether we have capability to evaluate the capability and set the price based on that.

第二點是我們是否能夠合理定價，是否有能力評估能力並據此定價。

I think those are very important two points.

我認為這是非常重要的兩點。

We'd like to entertain next question.

我們想討論下一個問題。

Central Block in the second row and the person wearing a brown jacket, please.

請坐在第二排中央位置和穿著棕色夾克的人。

[Nishida] the freelance reporter.

【西田】自由記者。

I have two questions.

我有兩個問題。

First point that the questions and request to Mr. Yoshida.

第一點是向吉田先生提出的問題和要求。

So far, your investment plan was presented and Totoki-san also covered that too.

到目前為止，您的投資計畫已經提出來了，十時先生也談到了這一點。

As a CEO of the company, you have prepared the investment plan.

作為公司的CEO，您已經準備好了投資計劃。

Which one do you evaluate high?

您覺得哪一個評價高？

And then the second question is to Mr. Totoki.

第二個問題是問十時先生的。

As of now, that in your management portfolio, there are some things which are going well, but some things were negative areas.

到目前為止，在您的管理組合中，有些事情進展順利，但也有一些事情是負面的。

In some cases, some you must decide to divest or you might make a big change of restructuring, you might have to make that difficult decision as well.

在某些情況下，你必須決定剝離某些資產，或進行重大的重組，你也可能必須做出這個艱難的決定。

But by when do you make such a bold decision?

但你什麼時候做出如此大膽的決定？

And in which way you intend to do that?

您打算用什麼方法來實現呢？

At present, I'd like to hear what you think about those.

目前，我想聽聽您對此的看法。

Thank you for your question.

感謝您的提問。

About the investment plan, I highly appreciate the certain area.

關於投資計劃，我非常欣賞某個領域。

Well, the most impressive investment for me was for me or for Sony's management is that was in 2018, EMI Music Publishing, the acquisition.

嗯，對我或索尼管理層來說，最令人印象深刻的投資是 2018 年對 EMI 音樂出版公司的收購。

That acquisition was most impressive to me. $4 billion investment was made.

那次收購令我印象最深刻。投資額達 40 億美元。

But anyway, the negotiation was mostly done by Mr. Totoki personally.

但不管怎樣，談判大部分都是由十時先生親自進行的。

The music of course, is the original starting point for Sony company.

音樂當然是索尼公司最初的起點。

Name Sony came from the Latin world, sonus, featuring sound and tape recorder and Walkman and CD, -- those were the products we developed.

Sony 這個名字來自拉丁語 sonus，代表著聲音、錄音機、隨身聽和 CD——這些都是我們開發的產品。

Sound was a basis, origin to deliver sound.

聲音是基礎，是傳遞聲音的起源。

That's how we developed the products.

這就是我們開發產品的方式。

On the other hand, CVS Sony created in 1968.

另一方面，CVS Sony 於 1968 年創建。

And then that is where we got closer to artists, how to get closer to artists and we learned that.

這就是我們接近藝術家的地方，我們也學到如何接近藝術家。

In 2018, EMI Music Publishing, the acquisition, and that was like M&A based upon our origin.

2018 年，EMI 音樂出版公司被收購，根據我們的起源，這就像是併購。

And then -- from then on, of course, for creation shift or entertainment focused activity was developed and we made a big bold decision from that time on, I think.

然後 — — 從那時起，當然，為了轉變創作方向或以娛樂為中心的活動就得到了發展，我想，從那時起我們做出了一個大膽的決定。

And to respond to your second question, how do I evaluate the current portfolio?

回答您的第二個問題，我如何評價目前的投資組合？

Well, -- for me, for some time, when I look at the portfolio, it's not static, it's more dynamic.

嗯，對我來說，一段時間內，當我查看投資組合時，它不是靜態的，而是更具動態的。

That's how I perceive the portfolio structure.

這就是我對投資組合結構的看法。

It's not something you implement something suddenly on one day.

這不是某一天突然就能實現的事。

It's a continuous effort continuously monitor.

這是一個持續不斷的努力和監控。

So for the entire portfolio.

對於整個投資組合也是如此。

Some area might not be doing well in certain segment, you might need to make a bold change.

某些領域的某個部分可能做得不好，你可能需要做出大膽的改變。

Then without hesitation, I implement that change.

然後我毫不猶豫地實施了這項變更。

But as to the bold restructure portfolio in October, we make a decision on the spin-off of financial segment.

但對於10月的大膽投資組合重組，我們做出了剝離金融部門的決定。

And when we announced that thing on financial sector, I explained the person who will be [spinned] off or who would spin off, both sides understand that it's necessary spin-off for the future growth.

當我們宣布金融領域的事情時，我解釋了哪些人將被分拆或誰將被分拆，雙方都明白，為了未來的發展，分拆是必要的。

As to the portfolio, as to the major restructuring might be the basic criteria for decision-making.

對於投資組合而言，進行重大重組可能是決策的基本標準。

In other words, if we should keep holding that, that nurture more growth or maybe the other people should manage and then that segment might grow better, then we have to revise drastically.

換句話說，如果我們應該繼續保持這種狀態，培育更多的成長，或者也許其他人應該管理，然後該部分可能會成長得更好，那麼我們就必須大幅修改。

So to that kind of goals or criteria, if we do nothing, then investors might scrutinize and they might come to some critical comments as well if we do nothing.

因此，對於這種目標或標準，如果我們什麼都不做，那麼投資者可能會仔細審查，如果我們什麼都不做，他們也可能會提出一些批評意見。

So if possible, we ourselves, of course, would like to make decision. and to take an action in advance and take a proactive action, which is more ideal.

因此，如果可能的話，我們自己當然願意做出決定。而提前採取行動，採取主動的行動，這才是比較理想的。

So that kind of revision -- restructuring continues to be considered and implemented.

因此，這種修改、重組將繼續被考慮和實施。

Next question.

下一個問題。

To the far right, second from the front, the person in black, please.

最右邊，前面數第二位，有請穿黑衣服的人。

(inaudible) from Bloomberg.

（聽不清楚）來自彭博社。

Question to Totoki-san.

向十時先生提問。

Two questions.

兩個問題。

So about responding to additional tariffs, you said you have strategic inventory that you're building up.

關於應對額外關稅，您說您正在建立戰略庫存。

Any other measures?

還有什麼措施嗎？

In November, you talked about how to do the shipment, you might change where things are produced and you might have a price pass-through.

11 月，您談到如何發貨，您可能會改變產品的生產地點，並且可能會進行價格傳導。

You have to organize those ideas you said.

你必須把你所說的那些想法組織起來。

Any products where you actually implemented those ideas?

您實際實現了這些想法的產品嗎？

That's one question.

這是一個問題。

Then the other.

然後是另一個。

So this is something I wanted to ask based on what you said.

所以這是我根據您所說的內容想要問的問題。

So in order to compete globally, headquarter shift that to someplace else other than Japan.

因此，為了在全球範圍內競爭，總部將轉移到日本以外的其他地方。

Do you have such an idea?

你有這樣的想法嗎？

So first question, in terms of responding to tariffs, as I said the other day, so I think we have those choices that I explained.

所以第一個問題，關於回應關稅，正如我前幾天所說的，我認為我們有我所解釋的那些選擇。

So we are making preparations.

所以我們正在做準備。

We haven't made drastic changes in terms of how we respond.

我們的應對方式並未做出重大改變。

Second, about placing the headquarters outside of Japan.

第二，關於將總部設在日本以外。

That possibility is nil.

但這種可能性為零。

We have no such idea.

我們沒有這樣的想法。

Tokyo is a really nice place.

東京確實是個好地方。

So we don't feel any inconvenience.

所以我們並沒有感覺到任何不便。

So I think it will stay the same.

所以我認為它會保持不變。

Time becomes short.

時間變得短暫。

So the next session will be the last question.

因此下一個環節將是最後一個問題。

The person in gray at the suit, please.

請看那位穿灰色西裝的人士。

[Tanaka] from Asahi.

[田中]來自朝日。

And my question is to Yoshida-san, two questions.

我的問題是問吉田先生的，兩個問題。

And Mr. Yoshida, in 2013, when you returned from So-net to Sony, and when you returned to Sony, there was a deficit and the management was not necessarily very healthy.

還有吉田先生，2013年您從So-net回到索尼的時候，當時索尼有赤字，管理也不一定很健康。

And so as a CFO, for instance, the sale of Vaio and you have to reduce the number of employees.

例如，作為一名財務官，出售 Vaio 之後你必須減少員工數量。

I think you were involved in restructuring of Sony then.

我認為您當時參與了索尼的重組。

And at that point, what was your thought to make those decisions?

那麼在那個時候，您是怎麼想的，為什麼要做出這些決定的呢？

And the restructuring, I'm sure that, that has led to the current the growth phase.

我確信，重組已帶動了目前的成長階段。

So when you look back at the situation then, how do you reflect your action of restructuring then?

那麼當您回顧當時的情況時，您如何反思當時的重組行動？

And the second is when you were CEO, you tried to put emphasis on entertainment area.

第二，當您擔任執行長時，您試圖把重點放在娛樂領域。

So looking from outside, Sony has changed significantly.

所以從外部來看，索尼已經發生了很大的變化。

So as CEO, what is your impression about what you have achieved?

那麼身為首席執行官，您對於自己所取得的成就有何印象？

Thank you.

謝謝。

Since I'm appointed, let me answer.

既然我被任命，就讓我來回答。

When I returned from So-net, it was December 2013, I returned to Sony with Totoki-san.

從So-net回來的時候已經是2013年12月了，我和十時先生一起回到了索尼。

In the early phase after I returned, I decided to withdraw from PC Vaio and also decided to spin off TV to separate business of TV.

回國初期我決定退出Vaio PC業務，同時決定將TV業務分拆出去，將電視業務單獨出來。

And I made proposal to both together with Totoki-san.

而我和十時先生一起向兩人求婚了。

And I think it is common between us that the basic mindset then was that -- and we are not happy to be MA'ed by Sony.

我認為我們當時的基本心態是──我們不願意被索尼收購。

But of course, the Sony took care of us.

但當然，索尼照顧了我們。

So we wanted to contribute to Sony.

所以我們想為索尼做出貢獻。

We are indebted to Sony very much.

我們十分感激索尼。

So after impediment, there was a lot of efforts for that.

因此在出現障礙之後，我們為此付出了很多努力。

And so the Totoki-san was in charge of mobile business, he was involved in restructuring, and that the improvement has led to the current growth.

因此十時先生負責行動業務，他參與了重組，而這項改進導致了目前的成長。

When I was CEO, of course, entertainment was emphasized, and Sony has changed.

當我擔任執行長時，當然強調娛樂，而索尼已經改變了。

Thank you very much for your comment.

非常感謝您的評論。

And the focusing on entertainment, itself is related to Kando that was put forth by the Hirai-san, my predecessor in 2012.

而對娛樂的關注，本身就和我的前任平井先生在2012年提出的Kando有關。

And I fully agree with him.

我完全同意他的觀點。

It was old story, 2005.

那是 2005 年的老故事了。

When I became the President of Sonet, Sony Communication Network was the original name, but I changed it to Sonet Entertainment.

當我擔任Sonet總裁時，該公司原來的名字是“索尼通訊網絡”，但我把它改成了“Sonet娛樂”。

And my thinking then was in 21st century, that was the era of entertainment.

我當時的想法是，21 世紀是娛樂時代。

And the major bearer of that trend is -- was network.

這一趨勢的主要承載者是網路。

So I took challenge together with Totoki-san for that purpose.

所以我就和十時先生一起接受了這個挑戰。

So -- the focus on entertainment, I fully agree with Hirai-san then that was the background.

所以——專注於娛樂，我完全同意平井先生的觀點，這就是背景。

Whether I have fully achieved my purpose, of course, there are still challenges that are left, and we have to continue to take.

無論我是否已經完全實現了我的目標，當然，仍然存在著挑戰，我們必須繼續面對。

So I would like to continue to support Totoki-san, who will take leadership in doing so.

因此，我願意繼續支持十時先生，讓他發揮領導作用。

So we would like to end this part of this Q&A session by media.

好了，我們想結束本次媒體問答環節的這一部分。

Thank you.

謝謝。

We would like to entertain questions from the analysts and investors.

我們願意回答分析師和投資人的問題。

I would like to serve as the MC and Kando of IR Group.

我想擔任IR小組的MC和Kando。

Thank you very much in advance.

先非常感謝您。

(Event Instructions)

(活動須知)

To the right-hand side, second row, please, the person is now designated.

請到右側第二排，現在已指定此人。

Junya Ayada of JPMorgan.

摩根大通的 Junya Ayada。

I have two parts of questions.

我有兩個部分問題。

I have a question about the financial results in the third quarter, the game and network businesses and let me just reflect upon that.

我有一個關於第三季財務業績、遊戲和網路業務的問題，讓我對此進行反思。

Of course, active users made a record high increase so marked in this quarter.

當然，本季活躍用戶數增幅顯著，創下歷史新高。

What's the driving force for such an increase of these users?

這些用戶如此增加的驅動力是什麼？

Hardware console is selling well, and third-party software titles are selling well and add-on also increasing.

硬體控制台銷售良好，第三方軟體銷售良好，附加元件也在增加。

So everything is growing.

所以一切都在生長。

But especially in this fourth quarter, what was the major driving force?

但特別是在第四季度，主要的驅動力是什麼？

And is this a sustainable growth?

這是可持續的成長嗎？

What do you think of that?

您對此有何看法？

That's my first part of the question.

這是我要問的問題的第一部分。

My second part of the question is to Mr. Yoshida.

我的第二部分問題是針對吉田先生的。

Sony management human capital, human resources is my question in the last decade, you have went through the major reform, Mr. Hirai, Mr. Yoshida, Mr. Totoki and each played a role and maybe they reflected just the business environment and era as well.

我的問題是索尼管理的人力資本、人力資源，在過去十年中，你們經歷了重大的改革，平井先生、吉田先生、十時木先生每個人都發揮了作用，也許他們也反映了商業環境和時代。

But three of you played a certain role.

但你們三個人都發揮了一定的作用。

But in one word, what was the role of each top management.

但用一句話來概括，每個高階主管的角色是什麼。

In the capital market in the future, 10 years from now on that in order to create a further better Sony, those three CEOs have maybe nurtured and developed the future generation of management human resources.

在未來的資本市場上，10年後，為了創造更美好的索尼，這三位CEO或許已經培養並發展了未來世代的經營人才。

What do you think of that?

您對此有何看法？

Have you developed and trained the future CEOs?

您是否已經培養並培訓了未來的執行長？

I'd like to answer the first question first.

我想先回答第一個問題。

That is as of the third quarter, as you're aware, that there's a seasonality influence.

從第三季開始，如您所知，存在季節性的影響。

So that the figure should go up most at that season.

因此那個季節這個數字應該會上升最多。

So at that timing, we are fortunate that the consoles really sold well.

所以在那個時候，我們很幸運，遊戲機確實賣得很好。

There was a major influence of good sales of consoles more than we had expected.

遊戲機的良好銷售量產生了超出我們預期的巨大影響。

Much stronger momentum was felt.

我們感受到了更強勁的勢頭。

In addition to that good news, high-quality third-party software titles were available launched during the third quarter.

除了這個好消息之外，第三季還推出了高品質的第三方軟體。

There was a synergy in MAU was achieved the highest in record.

綜效顯現，MAU創歷史新高。

So there's a seasonal fluctuation.

因此存在季節性波動。

So in the fourth quarter, it might come down again.

因此在第四季度，它可能會再次下降。

But still, overall speaking, it's a continuous growth that is ideal state of growth.

但整體來說，還是持續成長，是理想的成長狀態。

So we'd like to continue this momentum.

因此我們希望繼續保持這種勢頭。

As to the hardware, we have achieved a high level of penetration.

在硬體方面，我們已經實現了很高的滲透率。

For the next fiscal year, very strong, the titles, including first-party and third-party titles are likely to be launched.

對於下一財年來說，前景非常強勁，包括第一方和第三方遊戲在內的遊戲都有可能推出。

So the better momentum could be created for us to boost our sales for the next fiscal term.

這樣可以為我們在下一財年提高銷售額創造更好的動能。

Thank you.

謝謝。

So let me respond.

因此請讓我回應一下。

In the last 10 years through the major reform, Mr. Hirai, myself and Totoki-san played a certain role for -- during each term.

在過去十年的重大改革中，平井先生、我和十時先生在每個任期內都扮演了一定的角色。

Of course, Mr. Hirai launched the world Kando.

當然，平井先生開創了世界Kando。

That is entertainment focused approach, I think.

我認為，這是以娛樂為中心的方法。

And I worked together with Mr. Totoki.

並且和十時先生一起工作。

So in the last seven years, especially the creation shift was focus of mine.

所以在過去的七年裡，我特別關注的是創作的轉變。

We should shift to creation.

我們應該轉向創造。

Content creation is one area.

內容創作是一個領域。

However, hardware-wise, camera, the capturing should be also focused and also component and parts, battery is where we exited already, but semiconductor is related to capturing creation.

然而，從硬體方面來說，相機、捕捉也應該是重點，還有零件，電池是我們已經退出的地方，但半導體與捕捉創造有關。

So we should focus on semiconductor as well.

所以我們也應該關注半導體。

So we shifted to creation.

因此我們轉向創造。

And there's a committee of interest used internally that we'd like to close -- get closer to the certain motivation of the users so that the core gamers, we should get closer to them and anime, we should focus on anime as well.

我們內部有一個利益委員會，我們希望能夠更貼近用戶的某些動機，以便核心遊戲玩家更接近他們，而動漫，我們也應該專注於動漫。

And that, I think, was a focus of this present management.

我認為，這正是現任管理階層關注的重點。

But what about the future, there are many ways to describe it.

但對於未來，有很多種描述方式。

Mr. Totoki last year in May, represented that creative entertainment vision was launched by him last year in May, which exemplifies that technology should be continuously treasured, especially computing and sensing should be emphasized -- continue to be emphasized.

十時先生去年五月表示，他去年五月推出了創意娛樂願景，體現了要不斷珍惜科技，特別是要強調計算和感知——繼續強調。

So I expect that to be the focus.

因此我希望這能成為重點。

As to the human resource training, as Mr. Hirai and Totoki, we had lots of experiences in Sony.

關於人力資源培訓，我們和平井先生和十時先生一樣，在索尼有很多經驗。

One point I'd like to raise an example.

我想舉一個例子。

I personally as the PlayStation it linked the 20th century -- 21st century of Sony.

我個人認為 PlayStation 連結了索尼的 20 世紀和 21 世紀。

In other words, it was a packet measure of the last century.

換句話說，這是上個世紀的包裝計量單位。

But now it shifted to and self-transformed to this network one.

但現在它已經轉向並自我轉型到網路化了。

I often say internally that how did we achieve this self-change?

我心裡常說，我們是如何實現這種自我改變的？

That is network split.

這就是網路分裂。

Sony Network Entertainment was created in 2010 and network systems separated.

索尼網路娛樂公司於2010年成立，網路系統分離。

And then again, in 2016, again, they were remerged, integrated.

然後在 2016 年，他們再次合併、整合。

Then Sony Computer Entertainment became a Sony Interactive Entertainment.

隨後，索尼電腦娛樂公司更名為索尼互動娛樂公司。

So the name was changed.

所以名字就改了。

So people are now connected by networking.

人們現在透過網路進行聯繫。

And in addition, the people in the earlier organization, the three people, Kodera, Nishino and these three and [Nito] these three people are the members.

而且還有之前那個組織裡的人，小寺、西野這三人，還有[仁藤]這三人都是成員。

Those three had experience, and they became a supporter of the team Totoki.

這三人都是有經驗的，成為了十時隊的支持者。

They are the major members supporting Mr. Totoki.

他們是支持十時先生的主要成員。

So it's one of the good examples I could cite -- quote.

所以這是我可以引用的很好的例子之一。

Moving on to the next question.

繼續下一個問題。

From the stage to the left, third row from the front, wearing a black jacket, please.

從舞台左側，前排第三排，請穿黑色夾克。

Nakane from Mizuho Securities.

瑞穗證券的 Nakane。

Sorry for my voice.

抱歉我的聲音。

So question -- same question to Yoshida-san and Totoki-san.

所以問題是──問吉田先生和十時先生同樣的問題。

So before it became the group, you had split the TV subsidiary.

所以在成為集團之前，你們已經分拆了電視子公司。

So between group headquarters and the business, you have separated.

因此，集團總部和企業之間是分開的。

So I think that's been your management style.

所以我認為這就是您的管理風格。

So in terms of business management and decision-making, your involvement in each of the business, what would that be?

那麼從業務管理和決策方面來說，您在每項業務中的參與程度是怎樣的？

So Director of the business and as a shareholder, as a group CEO, I mean you have various positions.

因此，作為業務總監、股東、集團首席執行官，我的意思是您擔任各種職務。

And so there is a centrifugal and centripetal power.

因此存在離心力和向心力。

So how do you strike a balance between the 2?

那麼如何在兩者之間取得平衡？

I mean it's easier said than done.

我的意思是說起來容易做起來難。

So inclusive of the message to the future, what were the difficulties that you had or what thought process you went through?

那麼，對於未來的寄語，您遇到了哪些困難或經歷了怎樣的思考過程？

So sorry for the abstract question.

很抱歉，這個問題比較抽象。

So Totoki-san, you worked on mobile and games and you went into the businesses.

十時先生，您從事行動和遊戲行業，並且涉足商業領域。

I think you're that type of manager, but now you're Group CEO.

我認為您就是這種類型的經理，但現在您是集團執行長。

And so how to engage in each businesses?

那麼如何從事各項業務呢？

How is that going to be different from Yoshida-san?

這與吉田先生有何不同？

Is there going to be a difference?

會有什麼差別嗎？

Please tell me.

請告訴我。

So first question, let me talk about that.

那麼第一個問題，讓我來談談。

So in terms of group management, as you rightly pointed out, so I think you need both the centrifugal and centripetal force.

因此就團體管理而言，正如您正確指出的那樣，我認為您同時需要離心力和向心力。

You need both.

兩者都需要。

And I think the crux of that, both -- for both is purpose, I think.

我認為，這兩者的關鍵在於──兩者都是目的，我想。

So it's not -- I said that it's not that Yoshida did something.

所以不是——我說不是吉田做了什麼。

I want the employees to think that we did it, and they actually feel that way.

我想讓員工們認為我們做到了這一點，而且他們實際上也是這麼認為的。

And of course, management responsibility is to connect the purpose to profit.

當然，管理的責任是將目的與利潤連結起來。

But in doing that, I think that is quite important.

但這樣做，我認為這非常重要。

And so there's a purpose, which is our promise.

所以有一個目的，這就是我們的承諾。

And so centrifugal, centripetal force, striking a balance between the two is what I have been working on.

因此，我一直在努力尋找離心力、向心力和兩者之間的平衡。

So maybe a little bit abstract response.

所以也許這是一個有點抽象的回應。

But even now, myself as an individual, I enjoyed working on business hands-on.

但即使是現在，我個人也喜歡親自從事商業工作。

Even if it's difficult, I enjoy that process.

即使很困難，我還是享受這個過程。

So what -- so in more cases, I recall those hands-on experiences.

那又怎樣——在更多的情況下，我會回想起那些親身經歷。

But having experienced both, what I feel is that, I mean, we're going to have to decide how and what do we support in the businesses.

但是經歷過這兩種情況之後，我的感覺是，我們必須決定如何以及在企業中支持什麼。

So some things you have to do and some things unnecessary things you not do, both are important.

因此，有些事你必須做，而有些事不必要的話你不必做，這兩件事都很重要。

And so that is all about creating the balance between centrifugal and centripetal power.

這就是關於在離心力和向心力之間建立平衡的問題。

And so -- so I want to provide this thorough care from the management.

所以——所以我想從管理角度提供這種全面的照顧。

So I want to think what is the best way to do that.

所以我想知道什麼是實現這一目標的最佳方法。

So when things are going well, I try not to interfere.

因此，當事情進展順利時，我盡量不干涉。

That is the style I would like to adopt.

這正是我想要採用的風格。

So now we'd like to move on to the next question.

現在我們想討論下一個問題。

SMBC Nikko, Katsura-san, who joined online, please.

有請三井住友日興的桂先生在線加入。

Katsura from SMBC Securities.

三井住友證券的 Katsura。

I have two questions.

我有兩個問題。

And the first is the business related.

第一個是與業務相關的。

And the G&NS and I&SS have made a very good start this fiscal year.

G&NS 和 I&SS 本財年取得了非常好的開局。

And on the other hand, at the market, we are worried about sustainability.

另一方面，我們擔心市場永續性。

So the many -- the response is what will happen to the next fiscal year.

因此許多人的反應是下一財政年度將會發生什麼。

So since this fiscal year is very good, there will be dip next year.

因此，由於本財年非常好，明年將會下滑。

That is a concern.

這是一個令人擔憂的問題。

So you said the many things about upside.

所以您說了很多關於好處的事情。

But G&NS and I&SS, the FY25, what are the upsides and the downsides.

但 G&NS 和 I&SS、FY25 有哪些優點和缺點。

And the second, the question is to lead the mid- to long range, the plan.

第二，問題在於引領中長期規劃。

So for the new organization, you have already shared that with us.

因此，對於新的組織，您已經與我們分享了。

And with regard to the personnel, you have already covered it.

關於人員問題，您已經介紹過了。

And you mentioned the diversity and returning to the younger generation.

您提到了多樣性和回歸年輕一代。

And so next generation, the talents to take care of the management, what is your expectation to them?

那麼下一代負責管理的人才，您對他們有什麼期望？

And at the very beginning, Yoshida-san said that Sony has been nurtured by capital market.

而且吉田先生一開始就表示，索尼是靠資本市場培育起來的。

And what is your expectation towards vis-a-vis capital market?

對資本市場有什麼預期？

If there are any, please share them with us.

如果有的話，請與我們分享。

So answering your first question, let me answer your first question.

因此，回答您的第一個問題，讓我來回答您的第一個問題。

So you talked about sustainability of the profit for the game and I&SS and what will happen to the next fiscal year.

所以您談到了遊戲和 I&SS 的利潤的可持續性以及下一財年的情況。

And as for game area, rather than sell-through of console now, the MAU has been accumulated, network service plays a main role.

而就遊戲領域而言，目前MAU的累積已經超過​​了主機的銷售量，網路服務扮演主要角色。

So even though there is a higher profit, there will not be the rapid dip.

所以雖然利潤較高，但也不會出現快速下滑的情況。

And as for the next fiscal year, first party, third party, we expect very good titles coming out.

至於下一財年，無論是第一方或第三方，我們都期待推出非常優秀的作品。

So that is a good year.

所以這是美好的一年。

So we have a high expectation for the performance of the next fiscal year.

因此，我們對下一財年的表現抱持著很高的期望。

So we would like to take advantage of those opportunities without missing them.

因此，我們希望充分利用這些機會，而不會錯過它們。

And as for I&SS, through the larger size, the sensor, we will continue to have the high sales.

至於I＆SS，透過更大尺寸的傳感器，我們將繼續保持高銷量。

And by the end of this fiscal year, we'll solve the issues related to yield.

到本財年末，我們將解決與收益相關的問題。

So there will not be the major concerns for the next fiscal year.

因此下一財年不會有重大擔憂。

But smartphone, the market itself, what will evolve in that market.

但是智慧型手機市場本身將會發生怎樣的變化。

So that is a market which has been reaching maturity, but there is AI feature newly incorporated and whether that will vitalize the smartphone market.

因此，這個市場已經趨於成熟，但其中加入了新加入的 AI 功能，這是否會激發智慧型手機市場活力。

I think that is a very important point affecting our business.

我認為這是影響我們業務的一個非常重要的點。

That's all.

就這樣。

Thank you.

謝謝。

So the new management team under the leadership of Totoki-san, I expect a great deal.

因此，我對十時先生所領導的新管理團隊寄予厚望。

And what we expect vis-a-vis the capital market was your question.

您對資本市場有何期待？

So I have had opportunities, the stakeholders, the clients, partners, shareholders, clients.

所以我有機會、利害關係人、客戶、合作夥伴、股東、客戶。

So with those contacts, that has made me think that for our customers and employees, they have focused on a certain area as their expectations for employees.

因此，透過這些聯繫，我認為對於我們的客戶和員工來說，他們已經將重點放在某個領域作為對員工的期望。

Now, of course, they would like to improve the careers and compensation.

現在，他們當然希望改善職業生涯和薪資。

And when you face the capital market, I feel strongly the wide bits of dynamic range of the expectation.

而當面對資本市場時，我強烈感受到預期的動態範圍之廣。

You talked about the diversity.

您談到了多樣性。

But of course, investors have different time frame.

但當然，投資人有不同的時間框架。

And so whether they wish to focus or they accept the portfolio offered by management, there is a difference.

因此，無論他們是希望集中精力，還是接受管理層提供的投資組合，都是有區別的。

So there is a wide dynamic range of the requests and expectations of the market that we can learn from them.

因此，我們可以從市場需求和期望中學習到各種各樣的動態範圍。

So may I answer that question?

那我可以回答這個問題嗎？

The next generation, the management in terms of talents, what I expect from them?

對於下一代，在人才管理方面，我對他們有什麼期望？

So we have come to Internet native generation gradually.

所以我們已經逐漸進入了網路原生代。

And so they have been exposed to the Internet since their younger days.

因此他們從小就開始接觸網路。

So they will be the main -- the people to support Sony's management.

所以他們將成為支持索尼管理的主要力量。

So the sense of the speed and the capability to find something new and limited and very little the resistance to technology.

因此，速度感和發現新事物的能力是有限的，而對科技的抗拒卻很少。

I believe those mindset and attitude will generate something new.

我相信這些思維方式和態度將會產生新的東西。

AI will be widely penetrated, and the next generation is able to handle them very easily.

人工智慧將會被廣泛滲透，下一代人能夠輕鬆地應對它們。

And I have very high expectation, not only the service and products, the way of the working and the management style will change.

我有很高的期望，不僅是服務和產品，工作方式和管理風格也會改變。

And that is how I sense the sign of change.

這就是我感受到的改變的跡象。

And I would like to support and I would like to support those changes actively.

我願意支持並積極支持這些改變。

Thank you.

謝謝。

Time is running short.

時間不多了。

So we'd like to ask just one question per person from now on.

所以從現在開始我們只想向每個人問一個問題。

Thank you for your kind understanding.

感謝您的體諒。

(Event Instructions)

(活動須知)

Online participant from Citigroup Securities, Ezawa-san, please.

請參加花旗證券的線上參與者，Ezawa 先生。

I'm Ezawa of Citigroup.

我是花旗集團的 Ezawa。

I have just one question.

我只有一個問題。

Totoki-san mentioned about the mid-range plan and then 10% profit increase is planned in the scenario in the last nine months, the growth rate you super-achieved -- overachieved like 23% increase of profit achieved already.

Totoki-san 提到了中期計劃，然後計劃在過去 9 個月中實現 10% 的利潤增長，您超額實現了增長率，例如已經實現了 23% 的利潤增長。

So you overachieved.

所以你超額完成任務了。

So after the revised annual plan, in the fourth quarter, there might be some expense to be made like 10% increase might be in the scenario.

因此，在修訂年度計劃後，第四季度可能會有一些費用增加，例如可能會增加10％。

But clearly, you are overachieving the original target. 10% growth scenario versus now, you might have maybe a different actual performance than the original plan.

但顯然，你已經超額完成了原來的目標。與現在相比，10% 的成長情境下，您的實際表現可能與原計劃有所不同。

Is that something that just happened incidentally?

那隻是偶然發生的事嗎？

Or you already knew and expected that you will overachieve.

或者您已經知道並期望自己會超額完成目標。

That's why you may come up -- you might have come up with a more conservative forecast or outlook.

這就是為什麼你可能會得出更保守的預測或展望。

Could you please reflect upon that?

您能否思考一下這個問題？

And if the current growth was not coincidence, but it was a continuous sustainable growth, high growth that you are really continuously achieving, then your mid-range plan needs to be maybe updated more frequently or quickly.

如果當前的成長不是巧合，而是持續的可持續成長、持續的高成長，那麼您的中期計畫可能需要更頻繁或更快地更新。

What do you think of that?

您對此有何看法？

Thank you for your question.

感謝您的提問。

As you're aware, it's a mid-range business plan, the span is three years.

如您所知，這是一項中期商業計劃，跨度為三年。

So this is just the first year.

這只是第一年。

And -- so updating or maybe it's premature in terms of timing to update.

並且 — 因此更新，或從時間上來說更新可能為時過早。

Then we scrutinize outside the environment, there are lots of factors of uncertainty.

然後我們審視外在環境，有很多不確定的因素。

So in three years, we would like to achieve something we had promised to do.

所以三年後，我們想要實現一些我們所承諾的事情。

Every year, there is maybe fluctuation, maybe the speed of implementation might be expedited or slowed down.

每年都可能有波動，執行的速度可能加快，也可能減慢。

It's inevitable because ForEx is also one impact.

這是不可避免的，因為外匯也是一個影響因素。

So tailwind is something we have to make use of.

所以我們必須利用順風。

Against the risks, we should be sensitively and quickly cope with.

針對風險，我們要敏感、迅速應對。

So as much as possible, we would like to achieve a stable growth.

因此，我們希望盡可能實現穩定成長。

Thank you.

謝謝。

This will be the final question.

這將是最後一個問題。

Third row from the front, from the stage to the left-hand side. person with a beige jacket, please.

從正面數第三排，從舞台左側。請找一位穿米色夾克的人。

Nishimura.

西村。

And one question from Okasan Securities.

岡三證券 (Okasan Securities) 提出了一個問題。

We talked about competing on the global stage.

我們談論了在全球舞台上的競爭。

That's what you want to do.

這正是你想要做的。

You're going to make an effort for that.

你會為此而努力。

And so going forward, what about M&A?

那麼未來併購前景如何？

So is it going to be bigger than before?

那麼它會比以前更大嗎？

Are you going to be more aggressive than before about M&A?

您在併購方面會比以前更積極嗎？

And also internally, you said that there are various issues.

而且在內部，您說有各種問題。

So to resolve those issues and to enhance profitability in each business, what potential do you have for growth?

那麼，為了解決這些問題並提高每個業務的獲利能力，您有哪些成長潛力？

And how are you seeing the progress?

您覺得進展如何？

Well, to compete at a global level, well, does it lead to bigger M&A?

那麼，在全球範圍內競爭，是否會導致更大規模的併購？

It's not synonymous.

這不是同義詞。

So we have to find the appropriate opportunity.

所以我們必須尋找合適的機會。

And as I said, has to meet our criteria.

正如我所說，必須符合我們的標準。

If there are those that meet our criteria, we'd like to study them and act on them.

如果有符合我們標準的，我們願意研究它們並採取行動。

And in terms of solving internal issues, how much room do you have for growth based on solving those issues?

在解決內部問題方面，在解決這些問題的基礎上，你們還有多少成長空間？

What my focus in management would be how much growth and profitability can we expect in each business.

我在管理上的重點是我們能預期每個業務有多少成長和獲利。

And so in terms of our competitive positioning, the trends of the competitors and the market growth.

因此就我們的競爭定位、競爭對手的趨勢和市場成長而言。

So based on that, we can set the goal of this is how far we should be able to go.

因此基於此，我們可以設定目標，看看我們應該能走多遠。

And if we -- if we fall short of that, we should discuss what is it that's lacking, we should find that out and then try to bring reality closer to ideal.

如果我們——如果我們做不到這一點，我們應該討論缺少的是什麼，我們應該找出答案，然後努力使現實更接近理想。

I think it's just an iterative process of that.

我認為這只是一個反覆的過程。

So for all of the segments, there's not going to be uniform profitability or growth expectations for each business is an ideal situation, and we want to think together how we can approach that, come closer to that.

因此，對於所有細分市場而言，每個業務的獲利能力或成長預期並不統一，這是一種理想情況，我們希望共同思考如何實現這一目標，並更接近這一目標。

That's all.

就這樣。

With that, we'd like to close Sony Group Corporation consolidated financial results presentation.

至此，我們結束索尼集團公司合併財務業績報告。

And the photo session to follow will be for the media.

接下來的拍照環節將供媒體使用。

So investors, analysts, please leave the room.

因此，請投資人、分析師離開房間。

Thank you so much for joining us today.

非常感謝您今天加入我們。

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

本記錄中的英文陳述是由現場翻譯說出的。

The interpreter was provided by the company sponsoring this event.

翻譯由贊助此活動的公司提供。