索尼 (SONY) 2025 Q4 法說會逐字稿

Thank you very much for coming to attend this meeting despite of your busy schedule. Now we'd like to start Sony Group Corporation's corporate strategy and earnings announcement presentation 2025. I'm going to serve as emcee. My name is Ishii from PR department. Thank you very much.

非常感謝您在百忙之中抽空來參加這次會議。現在我們開始索尼集團公司2025年的企業策略和獲利公告展示。我將擔任主持人。我叫石井，來自公關部。非常感謝。

First, I would like to invite President and CEO of Sony Group Corporation, Mr. Totoki. He will be talking about the corporate strategy for Sony Group Corporation. Then, I will invite Ms. Tao and Mr. Yamada. They will be talking about FY24 earnings and results, and FY25 results forecast.

首先，我想邀請索尼集團公司總裁兼執行長十時先生。他將談論索尼集團公司的企業策略。接下來，我邀請陶女士和山田先生。他們將討論 FY24 的收益和結果以及 FY25 的結果預測。

And then after that, we are going to entertain questions. We are expecting the total of 90 minutes to complete the entire session. Totoki-san, please, the floor is yours.

然後，我們將回答問題。我們預計整個會議總共需要 90 分鐘。十時先生，請您發言。

Ladies and gentlemen, thank you very much for coming. Today, first, I would like to talk about -- I'd like to first take a mid- to long-term look at Sony Group's business and our overall strategic direction. Over the last several years, our business direction has shifted significantly towards entertainment.

女士們、先生們，非常感謝你們的光臨。今天，首先，我想談談──我想先從中長期角度審視索尼集團的業務和我們的整體策略方向。在過去的幾年裡，我們的業務方向已顯著轉向娛樂。

The decision to lean more heavily into this space was driven, of course, by the strength and growth of our entertainment businesses. But it also was driven by the power of entertainment to move people and to fill the world with emotion, which is, of course, at the heart of Sony Group's purpose.

當然，我們決定更深入地進軍這個領域，是受到娛樂事業的實力和成長所驅動。但它也受到娛樂的力量的驅動，即感動人們並讓世界充滿情感，這當然是索尼集團的核心宗旨。

In recent years, we have leaned heavily into expanding content in each category, such as games, music, film, and TV program. IP expansion across our various businesses, strategic investments in content, music catalogs, and growth areas such as anime, and the development and use of innovative technologies to support creation. All of which has been transformative for the Sony Group, and it has led to very strong results disclosed today.

近年來，我們大力拓展遊戲、音樂、電影、電視節目等各類別的內容。我們各個業務領域的 IP 擴展、內容、音樂目錄和動漫等成長領域的策略性投資以及創新技術的開發和使用以支持創作。所有這些都為索尼集團帶來了變革，並帶來了今天公佈的非常強勁的業績。

Looking at those results, it is worth noting that our entertainment business accounts for roughly 61% of our consolidated sales. And we have seen the resilience of entertainment businesses during economic downturn, like during the COVID-19 pandemic. Our efforts in entertainment content and creation technologies are working steadily. And our priorities and commitment to growing these categories remain unchanged.

從這些結果來看，值得注意的是，我們的娛樂業務約占我們綜合銷售額的 61%。我們已經看到了娛樂業在經濟低迷時期（例如在新冠疫情期間）的韌性。我們在娛樂內容和創作技術方面的努力正在穩步推進。我們對發展這些類別的優先事項和承諾保持不變。

Building on our momentum and results to date, and working with a laser-like focus to realize our long-term Creative Entertainment Vision will be at the core of our corporate strategies moving forward. Launched last year, our long-term Creative Entertainment Vision illustrates how we want to deliver KANDO through creativity and technology. A vision of a future that will create infinite realities together with creators, partners, and employees through synergies among our various businesses.

基於我們迄今為止的發展動能和成果，全心全意地努力實現我們的長期創意娛樂願景將是我們未來企業策略的核心。我們去年推出的長期創意娛樂願景闡述了我們希望如何透過創造力和技術來實現 KANDO。透過各事業間的協同作用，與創造者、合作夥伴、員工一起創造無限現實的未來願景。

Let's take a look at the entertainment businesses that will be integral to making our Creative Entertainment Vision a reality. First, the Game and Network Services segment, which is doing extremely well. The expansion of PlayStation 5, both in the number of active users and per user spend, is expected to continue and drive steady profit.

讓我們來看看那些對於實現我們的創意娛樂願景至關重要的娛樂業務。首先是遊戲和網路服務部門，該部門表現非常出色。PlayStation 5 的活躍用戶數量和每位用戶支出預計將持續擴張並帶來穩定的利潤。

As we look ahead, we will seek to capitalize on our momentum to drive sustainable profitable growth and invest thoughtfully to create the future of play. We expect to see stable growth in revenue and profits from network businesses due to the growth of monthly active users, corresponding to the further and steady expansion of the installed base. Specifically, we will seek higher revenue and profits from PlayStation Plus and maximize ARPU, average revenue per user, of PlayStation store through the personalization and by pricing optimization.

展望未來，我們將努力利用我們的勢頭來推動可持續的盈利增長，並進行深思熟慮的投資以創造遊戲的未來。我們預計，隨著每月活躍用戶數的成長以及安裝基數的進一步穩定擴大，網路業務的收入和利潤將穩定成長。具體來說，我們將從 PlayStation Plus 中尋求更高的收入和利潤，並透過個人化和定價優化來最大化 PlayStation 商店的 ARPU（每位用戶平均收入）。

In this fiscal year, we anticipate further growth in studio businesses through a broader user base driven by new title launches from narrative-based single-player titles like Ghost of Yōtei and live service games such as Marathon, as well as continuing success of already launched catalog contents and ongoing live services titles like Helldivers 2 and Destiny 2. We also plan to focus on stronger profitable peripherals, such as PlayStation Portal, where our recently introduced beta cloud streaming feature allows users to enjoy their games on the go more easily.

在本財年，我們預計工作室業務將透過更廣泛的用戶群進一步成長，這得益於新推出的基於敘事的單人遊戲（如《YÅtei 的幽靈》）和即時服務遊戲（如《馬拉松》），以及已推出的目錄內容和正在進行的即時服務遊戲（如《地獄潛行者 2》和《命運 2》）的持續成功。我們還計劃專注於更強大的盈利外圍設備，例如 PlayStation Portal，我們最近推出的測試版雲端串流功能可讓用戶更輕鬆地隨時隨地享受遊戲。

In the Music segment, we remain focused on strengthening our position in the global music market while continuing to improve profitability. Maintaining strong relationships with digital streaming platforms, Sony Music Group has had great success enhancing its core business value proposition, which includes repertoire centers in major markets around the world, robust label and artist services, tailored service to independent artists and DIY distribution, and music publishing.

在音樂領域，我們將繼續致力於加強我們在全球音樂市場的地位，同時繼續提高獲利能力。透過與數位串流平台保持牢固的關係，索尼音樂集團在提升其核心業務價值主張方面取得了巨大成功，其中包括全球主要市場的曲目中心、強大的唱片公司和藝術家服務、針對獨立藝術家的定制服務和 DIY 發行以及音樂出版。

In FY24, our music business in Japan notably enjoyed great success in bringing Japanese artists, such as Yoasobi, to the global market and plan to continue to build on this area. As we look ahead in this segment, we plan to continue to strengthen these important ecosystems and focus on growing organically and via deliberate acquisitions throughout our business and in high-growth markets, such as Latin America, India, and other Asian countries, exploring additional strategic investments in key areas of business as well as music catalogs to expand revenue opportunities and increase asset value; discovering and nurturing talent as well as building and strengthening relationships with local independent labels and artists to enhance our presence; servicing fans who passionately support specific artists and content; and expanding IP through biopics and documentaries involving Sony Music artists as well as live events.

在 24 財年，我們在日本的音樂業務取得了巨大成功，將 Yoasobi 等日本藝術家推向了全球市場，並計劃繼續在這一領域發展。展望這一領域的未來，我們計劃繼續加強這些重要的生態系統，並專注於透過整個業務以及拉丁美洲、印度和其他亞洲國家等高成長市場中的有機成長和有意收購，探索在關鍵業務領域以及音樂目錄進行額外的戰略投資，以擴大收入機會並增加資產價值；發現和培養人才以及建立和加強與當地獨立唱片公司和藝術家的關係以增強我們的影響力；為熱情支持特定藝術家和內容的粉絲提供服務；並通過涉及索尼音樂藝術家的傳記片和紀錄片以及現場活動來擴大知識產權。

And finally, we will continue exploring the use of cutting-edge technologies, such as AI, in ways that create value and also protect the rights of our artists. The film industry overall continues to recover from issues such as the COVID-19 and strike-related shutdowns over the last few years, which impacted the number of film and TV productions.

最後，我們將繼續探索使用人工智慧等尖端技術來創造價值並保護藝術家的權利。總體而言，電影業正在從過去幾年新冠疫情和罷工相關的停工等問題中復蘇，這些問題影響了電影和電視的製作數量。

Our film business, like the rest of Hollywood, continues to rebuild from these events and has some new titles on the horizon, as was presented at the most recent CinemaCon event. In 2026, Sony Pictures Entertainment expects to see the release of the latest Spider-Man movie, Spider-Man: Brand New Day, as well as new film adaptation of the CAPCOM game, Resident Evil, and the latest Jumanji film.

我們的電影業務與好萊塢的其他業務一樣，繼續從這些事件中重建，並即將推出一些新影片，正如最近的 CinemaCon 活動所展示的那樣。2026 年，索尼影視娛樂預計將上映最新的蜘蛛人電影《蜘蛛人：全新的一天》，以及 CAPCOM 遊戲《生化危機》的新電影改編版，以及最新的《勇敢者遊戲》電影。

We expect strong IP lineups to continue, including the final film in the Spider-Verse animated trilogy, Spider-Man: Beyond the Spider-Verse in 2027. And The Beatles, a fourth film cinematic event directed by Sam Mendes with exclusively hit theaters in 2028. Anime is also expected to be a significant growth driver for the Picture segment as the anime-focused streaming service Crunchyroll steadily expands its paid subscribers and services.

我們期待強大的 IP 陣容繼續上映，包括 2027 年上映的蜘蛛人動畫三部曲的最後一部電影《蜘蛛人：超越蜘蛛人》。《披頭四》是山姆門德斯執導的第四部電影，將於 2028 年上映。隨著以動漫為中心的串流服務 Crunchyroll 穩步擴大其付費用戶和服務，動漫也有望成為圖片領域的重要成長動力。

But more broadly, as we look ahead, we see SPE as a central hub for many of the synergistic, cross-company collaborations that are central to our Creative Entertainment Vision. In recent years, we have seen the value and potential of well-executed cross-business collaborations across the Sony Group companies.

但從更廣泛的角度來看，展望未來，我們將 SPE 視為許多協同、跨公司合作的中心樞紐，而這些合作對於我們的創意娛樂願景至關重要。近年來，我們看到了索尼集團旗下各公司之間良好跨業務合作的價值和潛力。

Examples include PlayStation Productions, adaptation of our outstanding game IPs such as Uncharted and The Last of Us to film and television, with over 10 titles currently in production, or the many collaborations among Sony Music artists and our other businesses, and among our Sony technologies and many of our creative businesses.

例如，PlayStation Productions 將我們優秀的遊戲 IP（如《神秘海域》和《最後生還者》）改編成電影和電視，目前有超過 10 部作品正在製作中，或者索尼音樂藝術家與我們其他業務之間的眾多合作，以及我們的索尼技術和許多創意業務之間的眾多合作。

As we look ahead, we will lean into broader collaborations in anime. And through our engagement platform initiative, we will aim to create opportunities and synergies by connecting fan communities within and outside Sony across various entertainment sectors and in our location-based entertainment efforts.

展望未來，我們將傾向動漫領域更廣泛的合作。透過我們的參與平台計劃，我們將致力於透過連結索尼內部和外部各個娛樂領域以及基於位置的娛樂活動的粉絲社群來創造機會和協同效應。

Anime continues to be a major area which leads the growth for the Sony Group across many parts of our business. At the heart of everything is anime's vibrant creator and fan communities, which Crunchyroll will be celebrating later this month at its 2025 Crunchyroll Anime Awards in Tokyo on the 25th.

動漫持續成為引領索尼集團許多業務成長的主要領域。一切的核心是動漫充滿活力的創作者和粉絲社區，Crunchyroll 將於本月 25 日在東京舉行的 2025 年 Crunchyroll 動漫獎上慶祝這一盛事。

Building on our already successful Aniplex and Crunchyroll businesses, we have moved forward with several initiatives over the last several months to expand our reach in anime and strengthen content development, including an upcoming anime series adaptation of Sony Interactive Entertainment's hit IP, Ghost of Tsushima Legends, to be produced in collaboration with PlayStation Productions' Aniplex, Crunchyroll, and Sony Music Entertainment.

在我們已經成功的 Aniplex 和 Crunchyroll 業務的基礎上，我們在過去幾個月中推進了多項舉措，以擴大我們在動漫領域的影響力並加強內容開發，包括即將推出的索尼互動娛樂熱門 IP《對馬島之魂傳奇》動漫系列改編版，該系列將與 PlayStation Productions 的 Aniplex、Crunchyroll 和索尼音樂娛樂製作。

The establishment of HAYATE Inc., a company jointly funded by Aniplex and Crunchyroll to plan and produce high-quality anime, works for global anime fans; a strategic capital and business alliance formed with KADOKAWA Corporation to promote further media mixes and global expansion of both companies' IP; and an establishment of a strategic partnership with brand Bandai Namco Holdings Inc., and Web3 startup Gaudiy Inc.

由Aniplex和Crunchyroll共同出資成立的HAYATE株式會社，致力於策劃和製作高品質動漫，服務全球動漫迷；與角川株式會社建立戰略資本和商業聯盟，以促進進一步的媒體組合和兩家公司知識產權的全球擴張；並與品牌萬代南夢宮控股公司、Web3 初創公司 Gaudiy Inc. 建立戰略合作夥伴關係。

And as we look ahead, the anime industry's market size is expected to continue growing at a CAGR in the high single digits from 2023 to 2030, especially with the anime streaming market, which is Crunchyroll's core business that is expected to grow at a CAGR in the high 10% range by 2030. In this market environment, we also plan to further accelerate Crunchyroll's growth by enhancing service offerings and acquiring users.

展望未來，預計動漫產業的市場規模將在 2023 年至 2030 年期間繼續以高個位數的複合年增長率增長，尤其是動漫串流媒體市場，這是 Crunchyroll 的核心業務，預計到 2030 年其複合年增長率將達到 10% 以上。在這樣的市場環境下，我們也計劃透過增強服務產品和吸引用戶來進一步加速 Crunchyroll 的成長。

Our strategy is to broaden services offered to anime fans, which include e-commerce for anime merchandise, a mobile game library service, and manga offerings. To further expand Crunchyroll's user base, which has now grown to over 17 million paid members as of March 31, 2025, we are closely collaborating with PlayStation Network, which has the largest monthly active users in the Sony Group.

我們的策略是擴大為動漫迷提供的服務，包括動漫商品的電子商務、手機遊戲庫服務和漫畫產品。為了進一步擴大 Crunchyroll 的用戶群（截至 2025 年 3 月 31 日，付費會員已超過 1,700 萬），我們正與索尼集團每月活躍用戶最多的 PlayStation Network 密切合作。

Specifically, since February, new customers and renewing customers can smoothly register for Crunchyroll's paid services from PS5, which we expect to contribute further increases in paid membership. We will leverage PlayStation Network's monetization capabilities to enhance Crunchyroll's service.

具體來說，自 2 月起，新客戶和續訂客戶可以從 PS5 開始順利註冊 Crunchyroll 的付費服務，我們預計這將進一步增加付費會員數量。我們將利用 PlayStation Network 的貨幣化功能來增強 Crunchyroll 的服務。

This back-end integration is part of the engagement platform initiative we introduced last year, which aims to create business opportunities and synergies by connecting diverse fan communities both within and outside Sony across various entertainment sectors. Based on the robust network infrastructure of PlayStation Network, we will utilize core back-end functions such as payment, data infrastructure, and security across various network services within the Sony Group, aiming to build a new platform that connects users and creators by meeting fans' interests and desires.

這種後端整合是我們去年推出的參與平台計劃的一部分，該計劃旨在透過連接索尼內部和外部各個娛樂領域的不同粉絲社群來創造商業機會和協同效應。基於 PlayStation Network 強大的網路基礎設施，我們將利用索尼集團內部各種網路服務的支付、資料基礎設施和安全等核心後端功能，旨在透過滿足粉絲的興趣和願望來建立一個連接用戶和創作者的新平台。

Alongside strengthening fan engagement, we also plan to enhance the development and operation of a common infrastructure that can be utilized across the Sony Group for better monetization. This will allow each company within the group to focus resources on enhancing competitiveness and differentiation in their respective businesses, aiming for business growth through expanding and deepening customer engagement.

除了加強粉絲參與度之外，我們還計劃加強可供整個索尼集團利用的通用基礎設施的開發和運營，以實現更好的貨幣化。這將使集團內的每個公司能夠集中資源來提高各自業務的競爭力和差異化，旨在透過擴大和深化客戶參與來實現業務成長。

Looking further into the future, we are at early stages in exploring the potentials of LBE to maximize the value of the IP across various entertainment sectors. Aspirational cross-business collaborative efforts to date that merge IP and technology to create new experiences have all illustrated a growth potential for future.

展望未來，我們正處於探索 LBE 潛力的早期階段，以最大限度地提高 IP 在各個娛樂領域的價值。迄今為止，將 IP 和技術融合在一起以創造新體驗的理想跨業務合作努力都展現了未來的成長潛力。

Up to this point, I have discussed growth and strategies within our entertainment businesses, but our innovative technology is also critically important for realizing our Creative Entertainment Vision. In the Entertainment, Technology, and Services segment, we have shifted the focus of our business towards those that create content.

到目前為止，我已經討論了我們娛樂業務的成長和策略，但我們的創新技術對於實現我們的創意娛樂願景也至關重要。在娛樂、科技和服務領域，我們已將業務重點轉向內容創作者。

Building on the success of Alpha, we are expanding our imaging ecosystem as a growth driver. This includes broadening offerings of tools and solutions for cinematographers, live streaming, and remote workflow for industry-leading creators, and image authenticity technologies for news agencies. In addition, we also plan to continue to focus on technologies in growth areas such as sports entertainment.

在 Alpha 成功的基礎上，我們正​​在擴展我們的成像生態系統作為成長動力。這包括為電影攝影師提供更廣泛的工具和解決方案、為行業領先的創作者提供直播和遠端工作流程，以及為新聞機構提供影像真實性技術。此外，我們也計劃繼續關注體育娛樂等成長領域的技術。

We acquired KinaTrax last year to enhance our capabilities to utilize existing sports data like Hawk-Eye's officiating and play analysis. And we plan to continue to expand alternative broadcast through sports data and real-time content creation technology that enhance fan engagement and attract new audiences. To support the leap in entertainment, we also plan to continue to revolutionize content creation technology.

我們去年收購了 KinaTrax，以增強我們利用現有體育數據（如 Hawk-Eye 的裁判和比賽分析）的能力。我們計劃繼續透過體育數據和即時內容創作技術擴大替代廣播，以增強粉絲參與並吸引新的觀眾。為了支持娛樂產業的飛躍，我們也計劃繼續革新內容創作技術。

Key solutions include spatial content creation support system, XYN; and Real-Time VFX and 360 Virtual Mixing Environment, which is now expanding into sound creation for films, games, and animation. Furthermore, in the Imaging and Sensing Solution segment, we expect the image sensor as a key device for capturing the real world to enhance the accuracy of content creation and elevate the reality of entertainment experiences to the next level.

主要解決方案包括空間內容創建支援系統XYN；以及即時視覺特效和 360 虛擬混音環境，目前正在擴展到電影、遊戲和動畫的聲音創作。此外，在成像和感測解決方案領域，我們期望影像感測器作為捕捉現實世界的關鍵設備，以提高內容創作的準確性，並將娛樂體驗的真實感提升到一個新的水平。

For mobile image sensors, which is the pillar of the business, we are expecting the ongoing trend towards larger sensor size to continue for the coming few years. The demand for further evolution in image sensor performance, such as resolution, noise reduction, dynamic range, and power consumption, remains high. We will work to introduce a new-generation process in order to accommodate the production of such innovative sensors.

對於作為業務支柱的移動影像感測器，我們預計未來幾年感測器尺寸不斷增大的趨勢將持續下去。對於影像感測器性能（例如解析度、降噪、動態範圍和功耗）進一步發展的需求仍然很高。我們將努力引入新一代工藝，以適應此類創新感測器的生產。

Combining this next-generation process with sensors, such as the 2-Layer Transistor Pixel stacked [Trista], we plan to continue delivering more value-added differentiated sensors, thereby meeting our customers' expectations. As we aim for further growth of the I&SS business in these ways, a major challenge will be controlling the necessary capital investments at an appropriate level and enhancing investment efficiency.

透過將此新一代製程與感測器（例如 2 層電晶體像素堆疊 [Trista]）相結合，我們計劃繼續提供更多增值的差異化感測器，從而滿足客戶的期望。當我們以這些方式進一步發展 I&SS 業務時，一個重大挑戰將是控制必要的資本投資在適當的水平並提高投資效率。

To this end, we plan to explore a range of options. Beyond the mobile sensor business, we plan to continue generating stable profit through cameras and sensors for industrial equipment and social infrastructure for businesses with future growth potential, such as automotive sensors, who aim for mid- to long-term growth under optimal development costs and frameworks while carefully assessing the speed of market growth and business potential.

為此，我們計劃探索一系列選擇。除了行動感測器業務之外，我們還計劃透過用於工業設備和社會基礎設施的攝影機和感測器繼續為具有未來成長潛力的業務（例如汽車感測器）創造穩定的利潤，這些業務旨在在最佳開發成本和框架下實現中長期成長，同時仔細評估市場成長速度和業務潛力。

In conclusion, the diversity of our business and our people will be of paramount importance in realizing a creative environment vision. Sony has about 110,000 employees actively working in various companies and organizations around the world, creating an environment of diverse and varied viewpoints, ideas, and strategies.

總之，我們的業務和員工的多樣性對於實現創意環境願景至關重要。索尼在全球擁有約11萬名員工活躍於各家公司和組織，營造出一個觀點、想法和策略多元化、多樣化的環境。

The synergies generated by organically connecting diverse businesses and people are the source of Sony's unique competitive advantage. As we look ahead, we will continue to evolve, unleash the creativity of creators, and strive for a world of infinite realities, entertainment, and excitement. Thank you very much.

將不同的業務和人員有機地連接起來所產生的協同效應是索尼獨特競爭優勢的來源。展望未來，我們將繼續發展，釋放創作者的創造力，並努力創造一個無限真實、娛樂和刺激的世界。非常感謝。

That was the presentation by Totoki, and now we'd like to proceed to earnings announcement. Now I'd like to begin the FY24 financial results and FY25 financial results forecast. Allow me to introduce the executives on stage: Sony Group President and CEO, Hiroki Totoki; Executive Officer, CFO, Lin Tao; Senior Vice President, Sadahiko Hayakawa; Sony Financial Group and Corporate Executive Officer, CFO, Kazuhiro Yamada.

以上是 Totoki 的演講，現在我們想進行收益公告。現在我想開始 FY24 財務表現和 FY25 財務業績預測。請容許我介紹台上的高階主管：索尼集團總裁兼執行長十時裕樹；執行長、財務長 林濤；資深副總裁 Sadahiko Hayakawa；索尼金融集團及公司執行長、財務長山田和弘 (Kazuhiro Yamada)。

First, Mr. Totoki, please. Now, we'd like to proceed to explaining our earnings result and forecast. And from that after, Lin Tao and Kazuhiro Yamada will be presenting. Lin Tao has become CFO of our group from April 1, please.

首先有請十時先生。現在，我們想繼續解釋我們的獲利結果和預測。此後，林濤和山田和弘將擔任主持人。林濤自4月1日起擔任我們集團的財務長。

Thank you very much. Consolidated sales excluding the Financial Service segment for FY24 were JPY12.0439 trillion, and operating income was JPY1.2766 trillion; both record highs. Operating cash flow was JPY1.9724 trillion, primarily due to an improvement compared to the previous fiscal year on year in the working capital of the G&NS and I&SS segments.

非常感謝。24財年不包括金融服務部門的綜合銷售額為12.0439兆日元，營業收入為1.2766兆日圓；均創歷史新高。經營現金流為1.9724兆日圓，主要由於G&NS和I&SS部門的營運資本較上一財年同期有所改善。

Consolidated sales including the Financial Service segments were JPY12.9571 trillion. Operating income was JPY1.4072 trillion, and net income was JPY1.1416 trillion. The results by segment for FY24 are shown here. Today, at a meeting of our Board of Directors, we approved the plan for the execution of the partial spin-off of our Financial Service business.

包括金融服務部門在內的合併銷售額為12.9571兆日圓。營業收入為14072億日元，淨收入為11416億日元。此處顯示了 2024 財年各部門的表現。今天，在我們的董事會會議上，我們批准了部分分拆金融服務業務的計畫。

Pursuant to this approval, the financial results of the Financial Service business during the current fiscal year until the execution of the spin-off will be classified as discontinued operation in our consolidated financial statements. At the time of execution of the spin-off in October, accounting treatment will be carried out to exclude the Financial Service business from consolidation. And the assets and liabilities of the Financial Service business will be separated from the consolidated statements of financial positions.

根據此項批准，金融服務業務在本財政年度直至分拆執行期間的財務業績將在我們的合併財務報表中歸類為已終止經營。在10月份實施拆分時，將進行會計處理，將金融服務業務排除在合併範圍之外。金融服務業務的資產和負債將從合併財務狀況表中分離出來。

After the execution of the spin-off, the profit and loss of the Financial Service business will be recorded as operating income or loss in continuing operations in accordance with the equity method. In light of this, the results forecast for FY25 will be presented for continuing operations only. And results forecast for Sony Financial Group will be disclosed at our earnings announcement before the execution of the spin-off and at Sony FG's earnings announcement after the execution of spin-off.

分拆實施後，金融服務業務的損益將依權益法核算為持續經營的營業收入或虧損。有鑑於此，2025 財年的業績預測將僅針對持續經營業務。而對索尼金融集團的業績預測，將在分拆實施前的本公司收益公告以及分拆實施後的索尼金融集團收益公告中揭露。

As we announced in our disclosure, regarding the start of preparation for the spin-off in February of last year, at the time of the deconsolidation of the Financial Service business, we plan to carry out an accounting treatment in accordance with the International Financial Reporting Standards to transfer in one lump sum the accumulated other comprehensive income of the Financial Service business recorded in the equity section of the consolidated statements of the financial position to the profit and loss of the discontinued operation.

正如我們在去年 2 月開始準備分拆的披露中宣布的那樣，在金融服務業務不再合併時，我們計劃按照國際財務報告準則進行會計處理，將合併財務狀況表權益部分中記錄的金融服務業務的累計其他綜合收益一次性轉入已終止經營的損益。

Accumulated other comprehensive income for the Financial Service business as at the end of the past eight quarters has been trending as shown here, although it is expected to fluctuate to a certain degree going forward. An accounting loss is expected to be recorded in the discontinued operation based upon the account recorded at the time of spin-off.

截至過去八個季度末，金融服務業務累計的其他綜合收入一直呈現如圖所示的趨勢，但預計未來會出現一定程度的波動。根據分拆時記錄的帳戶，預計在終止經營業務中將記錄會計損失。

This accounting treatment is merely a transfer between line items in the equity section of the consolidated statement of the financial position, does not impair total equity, and has no impact on the profit and loss of the continuing operations or our cash flow.

此會計處理僅為合併財務狀況表權益部分項目之間的轉移，不會損害權益總額，也不會對持續經營的損益或我們的現金流量產生影響。

Moreover, this transfer is an accounting treatment pertaining to the consolidated Sony, that results from the deconsolidation of the Financial Service business and has no impact onto the consolidated financial position of Sony Financial Group. For more details, please refer to the materials regarding the spin-off disclosed today.

此外，此次轉移是與合併索尼相關的會計處理，是由於金融服務業務的分割而產生的，對索尼金融集團的合併財務狀況沒有影響。欲了解詳情，請參閱今日揭露的分拆相關資料。

Now, I will explain our full-year results forecast for the continuing operations for FY25. The full-year forecast is sales of JPY11.700 trillion, operating income of JPY1.380 trillion before reflecting the impact of any additional US tariff. Now, I will explain the impact of US tariff policy.

現在，我將解釋我們對 25 財年持續經營業務的全年業績預測。全年預測為銷售額11.700兆日元，營業收入1.380兆日圓（未考慮美國額外關稅的影響）。下面我來解釋一下美國關稅政策的影響。

The situation surrounding additional US tariffs is changing daily, and the future is uncertain. But G&NS, ET&S, and I&SS segments, which are currently expected to be impacted, are responding quickly to the additional tariffs that have already been implemented and are considering responses to multiple possible future scenarios.

圍繞美國加徵關稅的情況每天都在變化，未來充滿不確定性。但目前預計將受到影響的G&NS、ET&S和I&SS部門正在對已經實施的額外關稅做出快速反應，並正在考慮對未來多種可能情況的應對措施。

Under the tariff rate we assumed, we expect to be able to manage the impact on profitability of our continuing operations this fiscal year to approximately JPY100 billion or less than 10% of the operating income forecast we just showed, by stockpiling strategic inventory in the US, adjusting product shipment allocation on the global basis, raising price on certain products, with an eye on market trends and other means.

在我們設想的關稅稅率下，我們預計透過在美國儲備策略庫存、在全球範圍內調整產品出貨分配、提高特定產品的價格、關注市場趨勢等方式，能夠將對本財年持續經營盈利能力的影響控制在約1000億日元，即不到我們剛才提出的營業收入預測的10%左右。

And we plan to continue to closely monitor the situation and take appropriate measures. And we expect to provide an update on the impact of financial results at our first-quarter earnings announcement in early August.

我們計劃繼續密切關注局勢並採取適當措施。我們預計將在 8 月初的第一季財報公告中提供有關財務業績影響的最新資訊。

The FY25 forecast for operating income of continuing operation incorporating this impact is flat year over year at JPY1.280 trillion, while net income is expected to decrease 13% to JPY930 billion, primarily because the valuation gains on equity securities and the decrease in tax expenses we recorded in the previous fiscal year will not recur, while forecast for the operating cash flow is JPY1.240 trillion, primarily due to a normalization of the working capital in G&NS resulting from the significant improvement in the previous fiscal year and expected increase in motion picture production cost. The forecast for each segment is shown here.

計入該影響後，2025財年持續經營的營業收入預測與去年持平，為1.280兆日元，而淨收入預計將下降13%至9300億日元，這主要是因為我們在上一財年記錄的股權證券估值收益和稅費減少不會再次出現，而經營現金流預測為1.240萬億日元，這主要是由於上一財年的顯著改善以及電影製作成本預計增加導致G&NS營運資金正常化。這裡顯示了每個部分的預測。

Now I will move on to provide an overview of each business. The first one is G&NS. FY24 sales increased 9% year on year to JPY4.670 trillion, primarily due to an increase in third-party software sales and the impact of falling exchange rates. The operating income increased 43% year on year to JPY414.8 billion, a new record for the segment due to increase in all categories except for first-party software.

現在我將繼續概述每個業務。第一個是G&NS。FY24銷售額年增9%至4.670兆日元，主要由於第三方軟體銷售額增加以及匯率下跌的影響。營業收入年增 43% 至 4,148 億日元，創下該部門的新紀錄，原因是除第一方軟體外所有類別的收入均有所增長。

User engagement in the FY24 fourth quarter continued its strong momentum, with the number of monthly active users across PlayStation in March, increasing 5% compared to the same month of the previous year to 124 million accounts; and third-party software and network service revenue increasing year on year.

24財年第四季用戶參與度延續強勁勢頭，3月份PlayStation的月活躍用戶數與去年同期相比增長了5%，達到1.24億個帳戶；第三方軟體及網路服務營收年增。

Our full-year forecast for FY25 is sales of JPY4.300 trillion and operating income of JPY480 billion. In addition to the stable profit growth for the platform business from the extended user base, we expect major first-party titles scheduled to release this fiscal year to contribute to sales and profit.

我們對 25 財年的全年預測是銷售額為 4.300 兆日圓，營業收入為 4,800 億日圓。除了擴大用戶群為平台業務帶來穩定的利潤成長外，我們預計本財年計畫發布的主要第一方遊戲也將為銷售和利潤做出貢獻。

To respond to the recently adopted US tariffs, we have been making preparations, such as diversifying PS5 hardware production sites and stockpiling inventory in the US. And we expect to implement additional measures at the appropriate time after assessing any changes in the situation going forward.

為了因應最近美國實施的關稅，我們一直在做準備，例如在美國分散 PS5 硬體生產基地和囤積庫存。我們預計將在評估未來情勢的任何變更後，在適當的時候實施額外措施。

Next is the Music segment. FY24 sales increased 14% year on year to JPY1.8426 trillion. And operating income increased 18% to JPY357.3 billion, a new record high for this segment. On a US dollar basis, the growth rate of streaming revenues for FY24 increased 5% year on year in recorded music and 13% in music publishing.

接下來是音樂部分。24財年銷售額年增14%至1.8426兆日圓。營業收入成長18%，達到3,573億日圓，創下該部門的新高。以美元計算，2024財年串流媒體收入成長率在錄製音樂方面較去年同期成長5%，在音樂出版方面較去年同期成長13%。

Our full-year forecast for FY25 is sales of JPY1.850 trillion and operating income of JPY355 billion. Primarily due to the negative impact of ForEx, we expect operating income for the segment to be essentially flat year on year. But we expect the operating income of Sony Music Group, managing our overseas music business, to grow in the high single digits on a US dollar basis.

我們對 2025 財年的全年預測是銷售額為 1.850 兆日圓，營業收入為 3,550 億日圓。主要由於外匯的負面影響，我們預計該部門的營業收入將與去年同期基本持平。但我們預計，管理海外音樂業務的索尼音樂集團的營業收入將以美元計算實現高個位數成長。

Next is the Picture segment. Despite a decrease in sales in television productions, FY24 sales increased slightly year on year to JPY1.5059 trillion, primarily due to ForEx impact. Operating income was essentially flat year on year at JPY117.3 billion, primarily due to impact of the lower sales as mainly offset by the positive impact of ForEx.

接下來是圖片部分。儘管電視作品銷售額下降，但 24 財年的銷售額同比略有增長，達到 1.5059 兆日元，這主要受外匯影響。營業收入與去年同期基本持平，為 1,173 億日圓，主要由於銷售額下降的影響，但被外匯的正面影響所抵銷。

Our full-year forecast for FY25 is sales JPY1.5 trillion, operating income JPY125 billion. We expect operating income to grow approximately 10% year on year on a US dollar basis, excluding the impact of ForEx, primarily driven by Crunchyroll.

我們對 25 財年的全年預測是銷售額 1.5 兆日元，營業收入 1,250 億日圓。我們預計，不包括外匯的影響（主要受 Crunchyroll 的推動），營業收入以美元計算將年增約 10%。

Next is the ET&S segment. FY24 sales decreased 2% year on year to JPY2.409, primarily due to a decrease in unit sales of televisions and smartphones. Despite the impact of a sales decrease and additional restructuring charges in FY24 Q4, operating income increased 2% year on year to JPY190.9 billion, primarily due to operational expense reduction. The interchangeable lens camera market performed well in FY24 Q4, mainly in the Chinese market, which benefited from subsidies and grew approximately 9% year on year on a unit basis.

接下來是 ET&S 部分。FY24銷售額較去年同期下降2%至24.09億日元，主要原因是電視和智慧型手機銷量下降。儘管受到24財年第四季銷售額下降和額外重組費用的影響，營業收入仍年增2%至1909億日元，這主要得益於營運費用的減少。可換鏡頭相機市場在FY24 Q4表現良好，主要集中在中國市場，受惠於補貼，以單位計算年增約9%。

Our full-year forecast for FY25 is sales of JPY2.280 trillion and operating income of JPY180 billion. This fiscal year, we plan to operate our business conservatively, prioritizing risk mitigation because we anticipate disruptions to markets and supply chains by recently adopted US tariffs.

我們對 25 財年的全年預測是銷售額為 2.280 兆日圓，營業收入為 1,800 億日圓。本財年，我們計劃謹慎經營，優先降低風險，因為我們預計最近實施的美國關稅將擾亂市場和供應鏈。

Next is I&SS segment. FY24 sales increased 12% year on year to JPY1.799 trillion, primarily due to the impact of ForEx and increased sales of mobile sensors. Despite an increase in manufacturing expenses, operating income increased 35% year on year to JPY261.1 billion, primarily due to favorable impact of ForEx.

接下來是 I&SS 部分。FY24銷售額年增12%至1.799兆日圓，主要受外匯影響及行動感測器銷售額增加所致。儘管製造費用增加，營業收入年增35%至2611億日元，主要得益於外匯的有利影響。

The benefit of increase in sales and improved manufacturing yields, both sales and operating income were record highs of the segment. Customer demand remains strong in FY24 Q4, and design-ins for 2025 models are progressing smoothly.

受銷售額成長和製造產量提高的推動，該部門的銷售額和營業收入均創歷史新高。2024財年第四季客戶需求依然強勁，2025年車型的設計進展順利。

Our full-year FY25 forecast is sales of JPY1.960 trillion and operating income of JPY280 billion. In FY25, we expect to achieve growth in sales and profit, primarily due to an expansion of mobile sensor sizes despite expected appreciation of the yen compared to FY24. So far, we have not seen any changes in our customers' order prospects due to additional US tariff impact.

我們對 2025 財年全年的預測是銷售額為 1.960 兆日圓，營業收入為 2,800 億日圓。在 25 財年，我們預計銷售額和利潤將實現成長，這主要歸因於行動感測器尺寸的擴大，儘管與 24 財年相比日圓預計升值。到目前為止，我們還沒有看到客戶的訂單前景因美國額外關稅的影響而發生任何變化。

Next is the Financial Services segment. Financial services revenues for FY24 decreased JPY838.6 billion year on year to JPY931.4 billion, primarily due to a decrease in net gains on investments at Sony Life. Operating income decreased JPY43 billion year on year to JPY130.5 billion, primarily due to the recording of a gain from the transfer of a portion of the shares of Sony Payment Services Inc., in the fiscal year ended March 31, 2024, and a decrease in profit related to minimum guarantees for variable life insurance at Sony Life due to market fluctuations in FY24. Sony Life's new policy amount in FY24 increased 11% year on year, continuing its steady growth.

接下來是金融服務部門。24財年金融服務收入年減8,386億日圓至9,314億日圓，主因是索尼生命投資淨收益減少。營業收入年減430億日圓至1,305億日元，主因是2024年3月31日止財年，索尼支付服務公司部分股份轉讓產生的收益，以及24財年市場波動導致索尼人壽可變壽險最低擔保相關利潤減少。索尼人壽FY24新保金額較去年同期成長11%，延續穩定成長態勢。

Next, I will explain Sony Financial Group's FY25 forecast. Starting with this announcement, in lieu of the Financial Services revenue we had before, we are disclosing operating revenue excluding a portion of gains on investments as a sales metric. As for profit metrics in lieu of operating income, we are presenting income before income taxes and adjusted net income, which is net income excluding unrealized gains and losses due to market fluctuations; gains and losses on sales of securities; and other one-time gains and losses.

接下來我將解釋索尼金融集團的FY25預測。從本公告開始，我們將以不包含部分投資收益的營業收入作為銷售指標來揭露，以取代先前的金融服務收入。至於取代營業收入的利潤指標，我們呈現的是稅前收入和調整後淨收入，即扣除因市場波動而產生的未實現損益後的淨收入；證券出售的損益；以及其他一次性損益。

Of the profit metrics, we have established adjusted net income as the most important key performance indicator because we believe it more appropriately reflects the profitability of our business. For FY25, we expect operating revenue to be JPY1 trillion, adjusted net income to increase JPY46 billion year on year to JPY107.5 billion, and income before income to decrease JPY70.8 billion year on year to JPY60 billion.

在利潤指標中，我們將調整後淨收入確立為最重要的關鍵績效指標，因為我們認為它更能適當地反映我們業務的獲利能力。對於25財年，我們預計營業收入為1兆日元，調整後淨收入將年增460億日圓至1075億日元，稅前利潤將年減708億日元至600億日元。

During the current fiscal year, in order to strengthen Sony Life's financial position, which we have been working on, and to delve deeper and make significant progress reducing risks resulting from policy cancellation, we plan to replace yen-denominated long-term bonds and reinsure a block of our US dollar-dominated whole life insurance policies which have a high capital load.

在本財政年度，為了加強索尼生命的財務狀況（我們一直在努力做到這一點），並深入研究並取得重大進展，降低因取消保單而產生的風險，我們計劃替換以日元計價的長期債券，並對一部分以美元為主、資本負擔較高的終身壽險保單進行再保險。

As a result, we plan to sell surplus US dollar-denominated bond assets to cover our declining insurance liabilities and income before income taxes is expected to decrease significantly for the next two years, mainly due to the impact of gains and losses on these sales.

因此，我們計劃出售剩餘的美元計價債券資產，以彌補我們不斷下降的保險負債，並預計未來兩年所得稅前收入將大幅下降，主要原因是這些銷售收益和損失的影響。

This series of measures is expected to significantly improve the ratio of duration matching of the yen-denominated assets and liabilities, which account for the majority of our balance sheet; significantly reduce policy cancellation risk associated with US dollar-dominated insurance; and increase a level of ESR to a certain degree.

這一系列措施預計將顯著改善占我們資產負債表大部分的日圓資產和負債的久期匹配率；大幅降低美元主導型保險的保單取消風險；並在一定程度上提高 ESR 水準。

Driven by factors, such as an increase in the new policy amount, Sony Life's adjusted net income is growing steadily and distributable amount, which leads to shareholder value, expected to remain stable. In preparation for the spin-off and listing, we will hold a Financial Services Investor Day on May 29. In addition to providing more detail on the measures for improving our financial position that we explained today, we plan to discuss Sony FG strength business plan and the listing structure for the spin-off. So please watch it.

受新保單金額增加等因素推動，索尼人壽的調整後淨收入穩步增長，可分配金額預計將保持穩定，從而為股東創造價值。為了準備分拆上市，我們將於5月29日舉辦金融服務投資者日。除了提供今天解釋的改善財務狀況的措施的更多細節外，我們還計劃討論索尼 FG 實力業務計劃和分拆上市結構。所以請觀看。

Finally, I would like to explain the progress of our fifth mid-range plan. The key performance indicators for the entire group in this MRP, a growth rate of operating income of a continuing operation of 10% or more and a three-year cumulative operating income margin of continuing operations of 10% or more.

最後我來介紹一下我們第五個中期計畫的進展。本次MRP中整個集團的關鍵績效指標為：持續經營業務營業收入成長率達10%以上，持續經營業務三年累計營業收入利潤率達10%以上。

In FY24, the G&NS and I&SS segments were the main drivers of profit growth, leading to overall operating income growth of 23% year on year and an operating income margin of 10.6%, giving us a very good start at the first fiscal year of the MRP.

在24財年，G&NS和I&SS部門是利潤成長的主要驅動力，導致整體營業收入年增23％，營業收入利潤率達到10.6％，為我們在MRP第一個財年取得了非常好的開端。

The full-year operating income forecast with FY25, which incorporates the impact of tariffs as that we presented today, shows a two-year cumulative average growth rate of 11% and operating income margin of 10.8%. Although the environment remains uncertain, we believe that we are on track to achieve our targets.

我們今天提出的將關稅影響納入其中的 25 財年全年營業收入預測顯示，兩年累計平均成長率為 11%，營業收入利潤率為 10.8%。儘管環境仍然不確定，但我們相信我們正朝著實現目標的方向前進。

Regarding capital allocation for the period of the current MRP, we have revised our forecast for cumulative three-year operating cash flow, which is our main source of capital from the initial plan of JPY4.5 trillion to JPY4.8 trillion, taking into account the results of the previous fiscal year.

關於本期MRP期間的資本配置，我們結合上一財年的業績，將作為主要資本來源的累計三年營業現金流預測從最初計劃的4.5萬億日元修改為4.8萬億日元。

We have made strengthening shareholder returns a priority for the MRP. So we intend to use the current increase in allocatable capital for greater shareholder returns. For FY25, we have established a JPY250 billion share buyback facility and aim to increase the pace of our increase in dividends, raising the annual dividend by JPY5 per share year on year after the stock split to JPY25 per share.

我們已將提高股東回報作為 MRP 的首要任務。因此，我們打算利用當前可分配資本的增加來獲得更大的股東回報。對於25財年，我們建立了2,500億日圓的股票回購機制，並旨在加快股利成長步伐，將股票分割後的年度股利較去年同期提高每股5日圓至每股25日圓。

A strategic investments budget of JPY1.8 trillion and capital expenditures budget of JPY1.7 trillion remain unchanged from the original plan. Given that the business environment is uncertain, including the impact of additional US tariffs and concerns about a global economic slowdown, going forward, we plan to operate our business this fiscal year under cautious and conservative assumptions.

1.8兆日圓的戰略投資預算和1.7兆日圓的資本支出預算與原計劃不變。鑑於商業環境的不確定性，包括美國額外關稅的影響以及對全球經濟放緩的擔憂，展望未來，我們計劃在謹慎和保守的假設下經營本財年的業務。

If there are significant changes in the business environment going forward, we plan to swiftly and flexibly revise the capital allocation plan we have presented this time. That is all for now. Thank you.

如果未來的商業環境發生重大變化，我們計劃迅速且靈活地修改此次提出的資本配置計畫。目前就這些了。謝謝。

So that has been the briefing from Tao-san and Yamada-san. So at 4:45 PM, we'd like to start the Q&A session for media. And then maybe around 5:10 PM, we are going to select questions from the investors and analysts. We are expecting 20 minutes for each section.

以上就是 Tao 先生和 Yamada 先生的簡報。因此，下午 4:45，我們想開始媒體問答環節。然後大概在下午 5:10 左右，我們將從投資者和分析師那裡選取一些問題。我們預計每個部分需要 20 分鐘。

For online distribution, some of you who have already registered the questions, please click the link to participate on the webinar. And regarding how to raise questions and some housekeeping announcements, please refer to the information which we have already sent to you. So please be patient until we resume. Thank you.

對於線上分發，已經註冊問題的各位，請點擊連結參加網路研討會。關於如何提出問題以及一些內部公告，請參閱我們已經發送給您的資訊。因此請耐心等待，直到我們恢復。謝謝。

(break)

（休息）

It's a bit too early, but we'd like to answer to the questions coming from the media. People who are joining from online, if you have questions, please go to WebEx screen and raise your hands button. And if you have questions from this room, please raise your hands physically.

現在有點太早了，但我們願意回答媒體提出的問題。在線上加入的人們，如果您有任何問題，請前往 WebEx 畫面並舉手按鈕。如果您在本會議室有問題，請舉手提問。

And in this room, please make sure that you use a microphone. Please give up to two questions maximum. Okay, so if you have any questions, please. Okay, so from this block, please.

在這個房間裡，請確保使用麥克風。請最多提出兩個問題。好的，如果您有任何問題，請儘管提問。好的，請從這個區塊開始。

I am [Yoshida] from Nikkei Newspaper. I have two questions. The first question is a question to Totoki-san. For entertainment, the fusion of the entertainment businesses have been ongoing and also trying to have the live shooting of the game. And also the animation is also booming. For each segment, the speed of the collaboration or alliance amongst the different segments within this entertainment, how do you see that progress?

我是日經新聞的[吉田]。我有兩個問題。第一個問題是問十時先生的。娛樂方面，一直在進行娛樂事業的融合，也嘗試進行比賽的實況拍攝。而且動畫也正在蓬勃發展。對於每個細分市場，您如何看待娛樂產業內不同細分市場之間的合作或聯盟速度的進展？

And also Ghost of Tsushima, the first-party animation, first-party game animation, this is maybe one significant milestone. So yes, for the future, how many animations you are going to expect to produce and also if you have any business target that would be disclosable, please?

還有《對馬島之魂》，第一方動畫，第一方遊戲動畫，這也許是個重要的里程碑。那麼，是的，對於未來，您預計製作多少動畫，以及您是否有任何可以揭露的業務目標？

And next question is to Tao-san. JPY100 billion is your impact for the additional tariff, and semiconductor has not been changed. But those JPY100 billion, the major segments, what kind of businesses are included in this JPY100 billion impact? And also into the future, maybe there are some factors for fluctuations, such as ForEx. What kind of valuable factors you are assuming for this impact?

下一個問題是問 Tao-san 的。1000億日圓是附加關稅的影響，半導體沒有變化。但是那些1000億日元，主要的板塊，哪些業務會被納入到這1000億日元的影響範圍呢？而且未來可能會出現一些波動的因素，例如外匯。您認為這種影響有什麼樣的有價值的因素？

Yes. Thank you. Thank you very much. To the first question, the synergy of the entertainment businesses, you asked me about the speed, sense of speed.

是的。謝謝。非常感謝。對於第一個問題，娛樂事業的協同作用，您問我速度、速度感。

Well, I think, yes, we have been accelerating the project. Why? This is because, yes, it was a top-down direction. So for the entire group direction, we are trying to move with these projects, but now we are making bottom-up to produce different projects. So now we are on this phase, which is the most important element.

嗯，我想，是的，我們一直在加速這個專案。為什麼？這是因為，是的，這是一個自上而下的方向。因此，對於整個集團的方向來說，我們正在嘗試隨著這些項目而發展，但現在我們正在自下而上地開展不同的項目。所以現在我們正處於這個階段，這是最重要的因素。

As business management, what we can do is trying to set up the environment. So synergy is only produced from the bottom-up approach. So once we start to see multiple projects based upon the bottom-up approach, that would be the designable and that would be the source of competitiveness.

身為企業管理，我們能做的就是盡力建立環境。因此，只有自下而上地才能產生協同效應。因此，一旦我們開始看到基於自下而上的方法的多個項目，這將是可設計的，也是競爭力的來源。

Well, yes, in terms of the acceleration, I'm sure that we are going to be able to accelerate. And of course, each business has to be strong, and each segment has to have good materials or good production projects. So each segment has to be stronger, of course.

嗯，是的，就加速而言，我相信我們能夠加速。當然，每個業務都要強大，每個環節都要有好的材料或是好的生產項目。因此，每個部分當然都必須更加強大。

And regarding the animation, I think this is not just limited to the animation. But right now, over 10 titles, we already made them to the TV programs and also to the movies or films. And through the IPs, we are now producing those pieces. So the pipeline is going to be bigger, and that is really important.

而關於動畫，我認為這不只限於動畫。但目前，我們已經將 10 多件作品製作成電視節目和電影。現在我們正在透過 IP 製作這些作品。因此管道將會變得更大，這非常重要。

Tao-san, please?

請問陶先生嗎？

Yes, regarding the tariff, let me answer to the tariff question. JPY100 billion impact have been assuming the official tariff rate, which has been announced in hardware. Hardware business is included in this; in terms of our portfolio, G&NS games, and also ET&S and I&SS semiconductors. So those three segments, we are actually incorporating on par basis from these three businesses.

是的，關於關稅，讓我來回答一下關稅問題。1000億日圓的影響已經假設了硬體中已經公佈的官方關稅稅率。其中包括硬體業務；就我們的投資組合而言，包括 G&NS 遊戲以及 ET&S 和 I&SS 半導體。因此，我們實際上是按這三個業務的同等基礎來合併這三個部分。

In terms of the tariff, we are not just simply calculating the simple tariff to come up with JPY100 billion. But thinking about the currently available information and also looking at the market trend, we may pass on to the price and also shipment allocation.

在關稅方面，我們並不是只簡單計算簡單的關稅就能得出1000億日圓。但考慮到目前可用的資訊並觀察市場趨勢，我們可能會影響價格和出貨分配。

So we are taking different measures in managing to come up to the JPY100 billion impact. That's what we are thinking. Thank you very much.

因此，我們正在採取不同的措施來達到 1000 億日圓的影響。我們就是這麼想的。非常感謝。

Maybe to add, well, May 12, US has additional tariff reduction for China. Maybe this JPY100 billion is not reflecting that tariff reduction between China and US.

也許還要補充一下，5月12日，美國對中國進一步削減了關稅。也許這1000億日圓並沒有反映出中美之間的關稅削減。

Next question, please. Those who have questions, please raise your hand. The person in gray, the gray shirt. Over here, please.

請回答下一個問題。有問題的人請舉手。穿灰色衣服的人，灰色襯衫。請到這邊來。

[Yamamoto], a freelance writer. I have two questions to Mr. Totoki. The first is about LBE, location-based entertainment, and the outlook. I, at the CS, I have today enjoyed the immersive entertainment. But the LBE, I think they are temporary, mostly, in the past. But how will this evolve in the future? What is Sony aiming to achieve?

[山本]，自由撰稿人。我有兩個問題想問十時先生。第一個是關於LBE、基於位置的娛樂及其前景。我，在CS，今天享受了身臨其境的娛樂。但我認為 LBE 大多都是暫時的，已經過去了。但未來會如何發展呢？索尼的目標是什麼？

For example, entertainment technology, and I think this will be a showcase, a contact point with the consumer. And I think it's very important that you promote LBE. So I'm just wondering whether you have more permanent LBEs instead of one-time or temporary. So what is your outlook? If any, please share that with us.

例如娛樂技術，我認為這將是一個展示，一個與消費者的接觸點。我認為推廣 LBE 非常重要。所以我只是想知道您是否有更多永久的 LBE，而不是一次性或臨時的。那你的看法是什麼？如果有的話，請與我們分享。

And the second, if I may, the second question is about creation of new businesses at Sony. There's Sony Acceleration Platform, which is being promoted to create new businesses. And what is the outlook of the outputs, outcome, and what is your expectation going forward, please?

第二個問題，如果可以的話，是關於索尼新業務的創立。還有索尼加速平台，正在推廣以創建新業務。請問您對產出和成果的前景如何？您對未來的期望是什麼？

Thank you for the questions. First, about LBE. Well, to be honest, we are still searching for different possibilities. But we are doing a lot of attempts, not just in Japan, but also overseas. Well, we take certain risks in some cases. Or it could be that as a licensor, we do -- using the license, the LBE simulator types of experiments. So that is what we're doing right now.

謝謝您的提問。首先，關於LBE。嗯，說實話，我們仍在尋找不同的可能性。但我們做了很多嘗試，不只是在日本，也包括海外。嗯，在某些情況下我們會承擔一定的風險。或者作為授權方，我們可以利用許可證、LBE 模擬器進行類型的實驗。這就是我們現在正在做的事情。

However, as for myself, as you say rightly, in order to expand our IP, this LBE will be a very effective tool. And it goes beyond generations. I think we can come up with things that people of all generations would love. Because going to these events with family is something that we should be pursuing. But we cannot leapfrog -- and for example, think of something like a theme park -- investing in creating a theme park on our own.

但是，就我個人而言，正如您所說，為了擴展我們的 IP，這個 LBE 將是一個非常有效的工具。它超越了世代。我認為我們可以想出各個年齡層的人都會喜歡的東西。因為和家人一起參加這些活動是我們應該追求的事情。但我們不能跨越式發展——例如，想像一下主題樂園之類的東西——我們自己投資創造一個主題樂園。

We're not thinking of any such thing. In order to reach that level, we have to think of which pathway to take, and we have to think about the optimum pathway. We also are trying to verify this. And together with partners, different partners, we have to work on this. So we are searching for such collaboration right now.

我們沒有想過這樣的事。為了達到那個水平，我們必須思考要走哪條路，我們必須思考最好的路。我們也在嘗試驗證這一點。我們必須與不同的合作夥伴一起努力實現這一目標。因此我們現在正在尋找這樣的合作。

And in regards to creating new businesses, well, a recent outcome in 2024 from April, Sony thermal technology, there is this device to cool down your body. Well, it's very hot in the summer these days, so this device itself is increasing its sales year on year. So as a business, it's already been established. This week, I received a report that they are growing their sales, so I'm looking forward to the future.

至於創建新業務，嗯，2024 年 4 月的最新成果是索尼熱技術，有這種設備可以讓你的身體降溫。嗯，最近夏天很熱，所以這個設備本身的銷售量也逐年增加。因此，作為一項業務，它已經建立。本週，我收到一份報告說他們的銷售額正在成長，所以我對未來充滿期待。

SAP, well, rather than doing incubation on its own, they're trying to offer to companies aiming to become a grower and to do incubation and provide the hardware or tools to do the incubation. So through such initiatives, both inside and outside Sony, we want to create new businesses. If we can do that, that will make us very happy. Thank you.

SAP 並不是單獨進行孵化，而是嘗試為那些希望成為成長型企業並進行孵化的公司提供服務，並提供孵化所需的硬體或工具。因此，我們希望透過索尼內部和外部的此類舉措來創造新的業務。如果我們能做到這一點，我們會非常高興。謝謝。

Any other questions? In the center block, a second from the right, the person in the very front row.

還有其他問題嗎？在中心區，從右邊數第二個，坐在最前排的人。

[Kugane Sankei] from Sankei Shimbun. I want to ask about strategy to Mr. Totoki. So based on Trump tariff, automobile manufacturers and electronic -- electricity manufacturers are shifting to manufacturing and producing in the US.

【九金產經】出自《產經新聞》。我想向十時先生詢問一下戰略方面的問題。因此，基於川普的關稅，汽車製造商和電子電力製造商正在轉向在美國製造和生產。

Well, the business model, I think it's going to change going forward. Sony, I think, has already started doing this in the Entertainment segment. Are you thinking of producing in the US, for example, locally? Now, even though you don't become a platformer, you may have a good IP. So maybe that might be very beneficial and advantageous to you.

嗯，我認為商業模式未來會改變。我認為，索尼已經開始在娛樂領域這樣做了。您是否考慮在美國本地進行生產？現在，即使你沒有成為平台遊戲，你也可能擁有一個好的 IP。所以這可能對你來說非常有益和有利。

Thank you for the question. Yes, producing manufacturing locally. In the Entertainment, rather than saying for Entertainment segment, I want to look at it from the hardware segment and the software segment. In Entertainment, gaming, like consoles, these hardwares, of course, can be produced locally. I think that would be an efficient strategy.

謝謝你的提問。是的，在當地生產製造。在娛樂方面，我不想只說娛樂部分，而是想從硬體部分和軟體部分來看。在娛樂、遊戲、遊戲機等這些硬體當然可以在本地生產。我認為這是一個有效的策略。

But PS5 is being manufactured in many areas. Whether it's going to be manufactured in the US or not, it needs to be considered going forward. We're not in such a critical situation. In the Entertainment segment, especially contents creation, recently, in the movies -- well, Mr. Trump is saying that he's going to have a 100% tariff on films which are not produced, made in the United States. That was announced, but that is still pending apparently. So these are some of the movements that we need to consider.

但PS5正在許多地區生產。無論是否在美國生產，都需要考慮。我們的情況還沒有那麼危急。在娛樂領域，特別是內容創作，最近在電影方面——川普先生說，他將對非美國製作的電影徵收 100% 的關稅。該消息已宣布，但顯然仍未解決。這些是我們需要考慮的一些動作。

Regarding Entertainment, if you take films, pictures for example, of course, locations are being made in various areas. And it is all put together as a story. And there are pictures that are filmed outside of the US because the Hollywood cost has gone up -- skyrocketed. So it's not so much a US problem. But rather, it's an issue that is specific to the state of California. So as for contents, we don't know how it will evolve. So we are paying attention -- close attention to the trends.

關於娛樂，如果你拍攝電影、照片，當然，地點是在各個地區。所有這些都被組合成一個故事。由於好萊塢的成本上漲，有些影片是在美國境外拍攝的。所以這不太是美國的問題。但這是加州特有的問題。所以就內容而言，我們不知道它將如何發展。因此，我們密切關注趨勢。

Now whether we're going to become a platformer or not, as I explained today, Crunchyroll itself is a platform. And SIE PlayStation is a giant platformer for games. So we are general contents. We don't do general contents production, but we do have several platforms. So how can we strengthen that and expand that? I think that will be an important topic going forward.

現在，無論我們是否要成為平台遊戲，正如我今天解釋的那樣，Crunchyroll 本身就是一個平台。SIE PlayStation 是一款大型遊戲平台遊戲。所以我們是一般內容。我們不做一般的內容製作，但我們確實有幾個平台。那我們要如何才能加強和擴大這一點呢？我認為這將是未來的重要主題。

Next question, please. Okay. So the central block, the person on the right-hand side, please.

請回答下一個問題。好的。所以請中間那位，右邊的人過來。

Thank you. [Tsuchiya] from Asahi Newspaper. I have two questions to Totoki-san. The first question is a bit of the ambiguous, a broad question regarding the Trump tariff and also ForEx is getting yen appreciation. So do you feel any deterioration of the growth right now? That's the first question.

謝謝。 [Tsuchiya]來自朝日新聞。我有兩個問題想問十時先生。第一個問題有點模糊，是一個有關川普關稅以及外匯市場日圓升值的廣泛問題。那麼，您現在是否感覺到成長有任何惡化？這是第一個問題。

And the second question is, yes, you talked about the spin-off of the Financial Service business; so not just limited to the Financial Services, but let's say the semiconductors and other segments. Do you plan to kind of a spin-off of the other segments? Do you have the idea that other segments to be spun off? Those are the two questions.

第二個問題是，是的，您談到了金融服務業務的分拆；因此不僅限於金融服務，還包括半導體和其他領域。您是否打算將其他部分分拆出來？您有拆分其他業務的想法嗎？這是兩個問題。

Thank you very much for the question. To the first question, regarding the sense of growth or economic situation, yes, we have been watching how things are evolving. But do we have any major change right now? Well, as far as our business is concerned, we are not really seeing a big change.

非常感謝您的提問。對於第一個問題，關於成長或經濟狀況的感覺，是的，我們一直在關注事態的發展。但我們現在有什麼重大改變嗎？嗯，就我們的業務而言，我們並沒有看到太大的變化。

However, maybe, yes, there is usually a little bit of time lag when we start to see some deceleration. So that's what we have to be watching for. And maybe the employment is going to be the first indicator, especially in the US. The employment situation is something which we are watching for. That's our first answer.

然而，也許，是的，當我們開始看到一些減速時，通常會出現一點時間延遲。所以這就是我們必須關注的。也許就業將成為第一個指標，尤其是在美國。就業情況是我們正在關注的。這是我們的第一個答案。

And to your second things about the business portfolio. Well, spin-off is tending to attract a lot of attention, but this is just one of the methodologies. And what we want to do is more important. Well, yes, the business portfolio is always dynamic, not static. But it's always dynamic. What we have to think about is, as entire Sony and also its business segments, how each segment is able to grow to the maximum level. That's something which we have to think about.

關於業務組合的第二個問題。嗯，衍生產品往往會吸引很多關注，但這只是其中一種方法。而我們想要做的事情才是更重要的。是的，業務組合總是動態的，而不是靜態的。但它始終是動態的。我們要思考的是，作為整個索尼，以及它的業務部門，每個部門如何能達到最大的成長。這是我們必須思考的事情。

In the Financial Services business, as a solution, we decided to spin off that business. Other business segments, do we have any plans? We do not have the plans to spin off the other segments. But as necessary, we have to think about the different options, maybe one of the options on the table. So that's what I can say. But as of now, for the short term, are we going to think about any spin-off? No. That's the question. Thank you.

在金融服務業務中，作為一種解決方案，我們決定剝離該業務。其他業務板塊我們有什麼計畫嗎？我們沒有剝離其他部門的計劃。但必要時，我們必須考慮不同的選擇，也許是桌面上的選擇之一。這就是我能說的。但就目前而言，就短期而言，我們會考慮任何分拆嗎？不。這就是問題所在。謝謝。

The time is limited. So the next will be the last question. The person in the center, the front row. This person, the second from the left, my left.

時間有限。接下來是最後一個問題。前排中間的人。這個人，左邊第二個，我的左邊。

[Toyokazai Umegaki] is my name. I have two questions. I think it will be mainly for Totoki-san about the anime business, Aniplex and Crunchyroll. They are crossing over two segments. And how much contribution are they making to your profitability?

我的名字是[豐岡梅梅垣]。我有兩個問題。我認為它將主要為十時先生介紹動漫業務、Aniplex 和 Crunchyroll。他們正在跨越兩個部分。他們對你的獲利能力做出了多大的貢獻？

It's hard to see as an outsider. You spend a lot of time explaining about this today as well. So what is the size of the profit? How much growth you're expecting? Can you quantify to the best means possible? And well, it might be that it would be better to make it into one business segment. Because as a person like me who's looking into the business performance, it's easier for me to understand.

身為局外人很難看清這一點。您今天也花了很多時間來解釋這一點。那麼利潤規模到底有多大呢？您期望增長多少？您能以最佳方式進行量化嗎？嗯，也許最好將其分成一個業務部門。因為對於像我這樣專注於業務表現的人來說，這更容易理解。

Yes, thank you for your question and comment. Yes. Well, Aniplex is in the Music segment, and Crunchyroll is in the Film segment. But, well, we are not disclosing the performance of each company. But to the best means possible in our explanation of the different business segments, we try to convey this to you, communicate this to you.

是的，感謝您的提問和評論。是的。嗯，Aniplex 屬於音樂領域，而 Crunchyroll 屬於電影領域。但是，我們不會透露每家公司的業績。但我們在解釋不同業務部門時，會盡最大努力向您傳達這一點，與您溝通這一點。

Once it reaches a certain size -- well, yes, I took your comment that it might be better to reorganize. Well, yes, that is one way of thinking. But not just for the sake of people understanding our business forecast and should we do such things.

一旦達到某個規模——嗯，是的，我接受了你的評論，最好重新組織。嗯，是的，這是一種思考方式。但不僅僅是為了讓人們了解我們的業務預測以及我們是否應該做這樣的事情。

Instead, we have to think about the motivation of the organization and the expertise of the people working there. We always have to think about the optimum way, and we'll keep in mind such options. But at this point in time, we do not have any plans to make any changes to the organization.

相反，我們必須考慮組織的動機和在那裡工作的人的專業知識。我們總是要思考最佳的方式，我們會記住這樣的選擇。但目前，我們還沒有對組織做出任何改變的計畫。

And the second is about I&SS. Well, the profit has increased this year, but you talked about reviewing investment. So are there any thoughts on this plus? And also, the automobile sensor and the mid- to long-term growth. I think that you've included this. So what is your outlook of the market growth and the overall outlook? Thank you.

第二個是關於 I&SS。嗯，今年利潤是增加了，但你談到了審查投資。那麼對於這個優點您有什麼想法嗎？還有汽車感測器和中長期成長。我認為你已經把這個包括在內了。那麼您對市場成長和整體前景有何看法？謝謝。

Well, about the investment, we are always thinking about this. But in my speech, I did touch on this briefly. But we have to think of the long run and think about the sensitive evolution in the long run, because we have to invest in manufacturing.

嗯，關於投資，我們一直在考慮這個問題。但在我的演講中我確實簡要地談到了這一點。但我們必須從長遠考慮，考慮長期敏感的演變，因為我們必須投資製造業。

And this investment, how should we implement the investment, is something of importance to us. And are we going to do it 100% alone, or are we going to invite an investment partner, like [Hublight]? So there are different options.

而這個投資，我們該如何實施這項投資，對我們來說是很重要的。我們是要完全獨立完成，還是要邀請投資夥伴，例如[Hublight]？因此有不同的選擇。

So at what timing we execute is something that we are always thinking about. We have to think about the necessary investment and also our capability. So this is also the positioning in the market. So we have to think about the optimum option.

因此，我們在什麼時候執行是我們一直在思考的事情。我們必須考慮必要的投資以及我們的能力。所以這也是在市場上的定位。所以我們必須考慮最佳選擇。

And about the automobile sensors, automobile sensors as a market is growing. But, yes, growth is significant in, as you know, Chinese OEM EVs, electric vehicles. But the Chinese OEM electric vehicles, there's fierce competition. And it's only after surviving that competition, if they have extra capacity, they go overseas. And therefore, they are very strict about pricing.

關於汽車感測器，汽車感測器市場正在成長。但是，正如你所知，中國 OEM 電動車的成長確實很顯著。但中國OEM電動車的競爭十分激烈。只有在競爭中存活下來之後，如果有多餘的產能，他們才會走向海外。因此，他們對定價非常嚴格。

The automobile sensor market is growing in size, but we have to keep an eye on these developments. Because it's not a business necessarily where you can expect a large margin and large profitability. Having said so, rather than saying our outlook has changed, we are updating the market trend and think about our business alliance and make adjustments in our strategy. That is the way we look at it. Thank you.

汽車感測器市場規模正在成長，但我們必須密切關注這些發展。因為這不一定是可以期望獲得高利潤和高利潤的業務。話雖如此，但並不是說我們的前景發生了改變，而是我們正在更新市場趨勢，思考我們的商業聯盟，並調整我們的策略。這就是我們看待這個問題的方式。謝謝。

This concludes the questions from the media. The questions from the investors and analysts will start at 5:10 PM -- 5:08 PM, excuse me.

媒體提問到此結束。投資人和分析師的提問時間是下午 5:10 到 5:08，不好意思。

(break)

（休息）

Next, we'd like to move on to the question-and-answer session with investors and analysts.

接下來，我們想進入與投資人和分析師的問答環節。

This is [Kando] from the IR Group. I'll be the moderator. For those of you participating online, please click the raise hand button on your WebEx screen. If you have any questions in this room, please raise your hand and we will bring a microphone. Two questions limited to each person.

我是 IR 組的 [Kando]。我將擔任主持人。對於線上參與的用戶，請點選 WebEx 畫面上的舉手按鈕。如果您在這個房間裡有任何問題，請舉手，我們會拿來麥克風。每人限問兩個問題。

Anyone would like to ask a question? The second row on the right-hand side from the emcees and moderators' side.

有人想問問題嗎？司儀和主持人右側第二排。

[Hirakawa] from Innovation Investment. First about the games, the first question. In the strategic presentation, I think you were trying to increase the monthly users. And this is increasing quarter by quarter. This monthly active users, why is it increasing?

[平川]來自創新投資。首先關於遊戲，第一個問題。在戰略演示中，我認為您正在嘗試增加每月用戶數量。而這一數字逐季度都在增加。這個月活躍用戶，為什麼會成長呢？

And how do you plan to continue increasing that going forward? Can you please elaborate on that point? Especially in 2026 and 2027, I think the sales of the consoles are going to go down. Therefore, I want to know about this.

您計劃如何繼續提高這一水平？能詳細說明一下這一點嗎？特別是在 2026 年和 2027 年，我認為遊戲機的銷售量將會下降。因此我想了解一下這個。

And may I answer each one of your questions? So on the Game and Network Service, I'd like to ask Tao-san to respond to that question.

我可以回答您的每一個問題嗎？那麼關於遊戲和網路服務，我想請 Tao-san 來回答這個問題。

MAU, during the past 14 quarters, it always has been positive year on year. The generation evolving from PS4 to PS5, we've seen some changes. Rather than changing from one generation to the next generation, PS4 continues to be used actively. I think that is one of the most conspicuous differences.

過去 14 個季度中，MAU 一直保持年增。從PS4到PS5這一代的進化，我們看到了一些變化。PS4 並沒有從一代轉變為下一代，而是繼續被積極使用。我認為這是最顯著的差異之一。

So going forward, every year, PS5 sales will continue to increase, and the transition from PS4 to PS5 may happen. However, many of the users are new users. So in the future, MAU, I believe, will continue to increase. I have that confidence. Thank you very much.

因此展望未來，PS5 的銷售量每年都會持續成長，並且可能會發生從 PS4 到 PS5 的過渡。不過，很多用戶都是新用戶。所以我相信未來MAU還會繼續增加。我有這個信心。非常感謝。

The second question about the console sales. In the Q4, The sales was 2.8 million, which was slightly less than Q3. But Q4, if you think about the tariff, I think maybe you should have brought it forward. But this Q4, 2.8 million units, when you compare that to your domestic plans and also the 2026 console sales, what kind of plans do you have for the 2026 console sales?

第二個問題關於遊戲機的銷售量。第四季銷量為280萬輛，較第三季略有下降。但是第四季度，如果你考慮關稅，我認為也許你應該提前提出它。但是今年第四季的280萬台，如果拿來跟你們國內的計劃，還有2026年的遊戲機銷量來對比的話，你們對2026年的遊戲機銷量有什麼計劃呢？

Yes, the Q4 unit sales, it was as expected. Q3, as you know, was the holiday season. So of course, the sales was very high, including promotion. We had new titles, and it was the most active season. Q4, in terms of the season, I think it was more composed. So the numbers, the units, it was as expected.

是的，第四季的單位銷售量符合預期。如您所知，第三季是假期。因此當然銷售額非常高，包括促銷。我們有新的頭銜，這是最活躍的季節。Q4，就賽季而言，我認為它更加沉著。因此，數字、單位都符合預期。

Now, about this year's sales. This is a domestic image. It is 15 million unit sales is what we are anticipating. It's not that we have a very strong intention. Because there are a lot of tariffs and uncertain issues around the environment. So rather than looking for the unit sales, we want to look at the entire market and try to have a flexible approach to the shipment. Thank you.

現在，談談今年的銷售情況。這是一張國內的圖片。我們預計銷量為 1500 萬台。這並不是說我們的意圖非常強烈。因為存在著許多關稅和環境方面的不確定問題。因此，我們並不關注單位銷量，而是著眼於整個市場，並嘗試採取靈活的方式來進行出貨。謝謝。

Next question, please. If you have a question, please raise your hands. Now the third row from the front on the right-hand side block.

請回答下一個問題。如果您有疑問，請舉手。現在是從前面數第三排右邊的座位。

Thank you. I am Ayada from JPMorgan Securities. I have two questions. The first question is regarding the impact of the tariff, JPY100 billion. Let's see if the assumption continues for the next fiscal year. This JPY100 billion impact is expected for the next fiscal year?

謝謝。我是摩根大通證券的阿亞達。我有兩個問題。第一個問題是關於1000億日圓關稅的影響。讓我們看看這個假設是否會在下一個財政年度繼續下去。預計下一財年將產生 1,000 億日圓的影響嗎？

So yes, it will be pushing down by JPY100 billion for the next year. Or by implementing some of the actions, you may be able to reduce this impact. Or maybe Game, ET&S, I&SS, yes, I'm sure those are the segments which are impacted by the tariff.

所以是的，明年將會下降 1000 億日圓。或者透過實施一些行動，您也許能夠減少這種影響。或者可能是遊戲、ET&S、I&SS，是的，我確信這些是受關稅影響的部分。

But maybe thinking about timeline of the actions, maybe there are some segments which have more difficulties in taking those measures and having a less impact. Would you please talk about that?

但考慮到行動的時間表，也許有些部分在採取這些措施時會遇到更多困難，而且影響較小。你能談談這個嗎？

Okay. To that question, let me answer to the question. Well, we do not have a specific simulation. But the measures which we are already implementing, on top of the measures, we may have to implement other measures so that we can minimize the impact. That could be the reality.

好的。對於這個問題，讓我來回答一下。嗯，我們沒有具體的模擬。但是，除了我們已經實施的措施之外，我們可能還需要實施其他措施，以盡量減少影響。這可能就是現實。

So how we are going to take those actions or measures, well, usually, we have to reduce the fixed cost and, yes, trying to be competitive. This is leading to more competitiveness, so maybe we have to do it. Of course, we have to do it. And of course, the shipment, from where we are going to make the shipment, that is also a huge impact factor. So thinking about the flexibility of supply chain, we have to refine and adjust the supply chain.

那麼我們將如何採取這些行動或措施呢？通常，我們必須降低固定成本，並且努力提高競爭力。這將增強競爭力，所以也許我們必須這樣做。當然，我們必須這麼做。當然，從哪裡發貨也是一個巨大的影響因素。所以考慮到供應鏈的靈活性，我們必須對供應鏈進行細化和調整。

And also, in terms of so many SKUs for a certain segment, if it's not profitable, then maybe we may have to think about discontinuing or terminating the business if it's not profitable. Or maybe we may have to switch to the next different model. Or maybe we have to pass the additional cost onto the price.

而且，就某個細分市場的如此多 SKU 而言，如果它無利可圖，那麼我們可能不得不考慮停止或終止該業務。或者我們可能必須切換到下一個不同的模型。或者我們必須將額外的成本轉嫁到價格上。

So yes, some segments are difficult to take measures. But in terms of taking measures, I&SS -- well, the price -- this is not the business model which we can control the price. So maybe this is a little bit more indirect influence. However, in that case, the level of the investment has to be reviewed. So that could be one option.

所以是的，有些部分確實很難採取措施。但在採取措施方面，I&SS——嗯，價格——這不是我們可以控制價格的商業模式。所以也許這是一種更間接的影響。然而，在這種情況下，投資水準必須重新審查。所以這可能是個選擇。

Well, the assumptions change within really short time -- short term right now. And if this is going to continue for the next year, I think we have to think about a lot more measures. Thank you.

嗯，假設在很短的時間內就會改變──目前是短期內的。如果這種情況在明年繼續下去，我認為我們必須考慮更多的措施。謝謝。

The second question is for G&NS. The operating income -- the assumption for the operating income for this fiscal year, the reason for the increase, the first-party increase of the profit and also add-on contents -- not the first-party but third-party game contents.

第二個問題是針對 G&NS 的。營業收入——本財年的營業收入假設，增加的原因，第一方利潤的增長以及附加內容——不是第一方而是第三方遊戲內容。

Well, regarding the first party, yes, maybe the major titles are based upon the previous titles. And also regarding the third party, including add-on, I think in the past, you don't really have huge numbers onto the forecast at the beginning of the year. Well, what's the difference in terms of the expectation to that segment. Thank you.

嗯，關於第一方，是的，也許主要的標題是基於以前的標題。另外關於第三方，包括附加元件，我認為在過去，你在年初的預測中並沒有大量的數字。那麼，對於該部分的期望有什麼不同呢？謝謝。

Regarding the first-party titles for this fiscal year, Ghost of Yōtei, Death Stranding 2, and Marathon, so those have been already announced. So we have major multiple titles in this fiscal year. So in this regard, Stranding 2 and Ghost of Yōtei, we have the sequels. So yes, we can expect to a certain extent of the fans are going to also enjoy the new titles.

關於本財年的第一方遊戲，《妖帝之魂》、《死亡擱淺 2》和《馬拉松》已經公佈了。因此，我們在本財政年度有多個重要頭銜。因此從這個角度來看，《擱淺 2》和《妖帝之魂》都有續集。所以是的，我們可以在一定程度上預期粉絲們也會喜歡這些新遊戲。

Regarding the Marathon, this is a new genre relatively speaking. So maybe we see a little bit of the risk. However, this is kind of a reasonable forecast to be incorporated. Regarding the third-party titles, we also have quite promising lineups of the third-party titles. So yes, the installed base of the console and MAU, we are expecting the solid numbers in terms of the consumption. So we believe this is reasonable. And also, GTA VI is not included in our forecast. Thank you.

對於馬拉松來說，相對來說這是一個新的流派。所以我們可能看到了一點風險。然而，這是合理的預測。關於第三方遊戲，我們也有相當有希望的第三方遊戲陣容。所以是的，就遊戲機和 MAU 的安裝基數而言，我們預期消費方面會有可靠的數字。所以我們認為這是合理的。而且，GTA VI 也不在我們的預測之內。謝謝。

Next question, please, online. Nakane-san from Mizuho Securities, please.

下一個問題，在線。請瑞穗證券的 Nakane 先生發言。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Nakane from Mizuho Securities. Thank you. I have a question to Tao Lin-san. You become CFO. And what issues do you have in mind? What do you want to do? What is your ambition going forward? For example, Pictures and Games. Well, pictures, ROIC is 6%, so it's the lowest. And Crunchyroll, it's quite visible. But the filmmaking, television production, I think it's quite tough in various ways.

瑞穗證券的 Nakane。謝謝。我有一個問題想問陶林先生。您成為財務長。您考慮過哪些問題？你想讓我做什麼？您未來的目標是什麼？例如圖片和遊戲。嗯，圖片上看，ROIC 是 6%，所以是最低的。而且 Crunchyroll 也相當顯眼。但我認為電影製作、電視製作在各方面都相當困難。

So Tao-san, how would you like to boost the ROIC? What policies are you thinking of? How will you address this issue? As a first, about Game. Well, under the new organization, PL cash flow has improved significantly. Well, Tao-san, you were the CFO there. And the top line is increasing. I do understand that.

那麼 Tao-san，您想如何提高投資報酬率 (ROIC) 呢？您正在考慮什麼政策？您將如何解決這個問題？首先，關於遊戲。嗯，在新的組織下，PL 的現金流有了顯著改善。嗯，陶先生，您是那裡的財務長。且營業額還在持續成長。我確實明白這一點。

But operation-wise, what changes have taken place with generating this profit and cash flow? Please talk about the changes made yet. I think you're extending the SG&A to certain extent. So operation-wise, I think there's room to make it more efficient so as to improve profitability. So what other measures do you have in mind for that purpose? Thank you.

但從營運角度來看，產生這些利潤和現金流發生了哪些變化？請談談目前所做的改變。我認為你在一定程度上延長了銷售、一般和行政費用。因此從營運角度來看，我認為還有提高效率的空間，從而提高獲利能力。那麼為了實現這一目標您還考慮採取什麼其他措施呢？謝謝。

What I want to do? Well, my top mission is to ensure the healthiness of financial performance and work together with Mr. Totoki to achieve his goals. So the Sony Pictures about the structures, yes, I do understand that.

我想要做什麼？嗯，我的首要任務是確保財務表現的健康並與十時先生共同努力實現他的目標。是的，我確實理解索尼影業關於結構的說法。

And so we have Crunchyroll, which is distributing anime. And it's a very important strategic company for us. and as Totoki, CEO, explained, SIE and PlayStation Network know-how will be leveraged as to create synergy. So I want to support the business in such a way.

因此我們有了 Crunchyroll，它負責發行動漫。對我們來說，這是一家非常重要的策略公司。正如執行長十時所解釋的那樣，SIE 和 PlayStation Network 的專業知識將被利用來產生協同效應。所以我想透過這種方式來支持這項業務。

And second, about SIE, what has changed? Well, I think there are two major changes. One, (inaudible) units was the focus, but now they are focused on MAU. The management approach has changed. So I think this is a major change in policy. So it's [this new] CEO's strong leadership. And I think that the management is focusing on engagement and MAU, and this is leading to profitability.

第二，關於 SIE，有什麼改變？嗯，我認為有兩個主要的變化。首先，（聽不清楚）單位是重點，但現在他們的重點是 MAU。管理方式已經改變。所以我認為這是政策上的重大改變。所以這是（這位新任）執行長的強大領導力。我認為管理層專注於參與度和 MAU，這將帶來盈利能力。

The second change, the first-party studio. In the past, there were various issues. And Totoki-san was temporarily the CEO and talked about various structural reforms. And compared to a few years ago, the financial discipline is displaced.

第二個變化，第一方工作室。過去存在著各種各樣的問題。十時先生暫時擔任執行長並談到了各種結構改革。與幾年前相比，財務紀律已經喪失。

Well, we're still halfway, but there's still upside opportunity here. But I think the mindset has changed significantly. That is all. Thank you.

好吧，我們還在半途，但這裡仍然存在上行機會。但我認為人們的心態已經改變了很大。就這樣。謝謝。

Thank you. So let's move on to the next question. There is a person in the middle of the room raising his hand.

謝謝。那麼讓我們繼續討論下一個問題。房間中間有一個人舉起了手。

(inaudible) from Nomura Securities. I want to ask about game and I&SS, one question each. PlayStation 5, the production in the US, what kind of plans do you have? I think the ratio of production in China is higher. But if you're trying to diversify, please let us know. I think you have some inventory in the US. So how much have you been able to consolidate that?

（聽不清楚）來自野村證券。我想問關於遊戲和 I&SS 的問題，各一個問題。PlayStation 5，在美國生產，你們有什麼樣的計畫？我認為中國的生產比例更高。但如果您想實現多樣化，請告知我們。我認為你們在美國有一些庫存。那麼，您能在多大程度上鞏固這一點？

Next one is I&SS. I think the manufacturing process needs to change. Well, what will that be? Is it the mobile manufacturing, or could it be some kind of automotive equipments? I think you have made investments in the past. So compared to the past, how much investment are you planning? When?

下一個是 I&SS。我認為製造流程需要改變。那麼，那會是什麼呢？是行動製造，還是某種汽車設備？我認為您過去曾進行過投資。那麼與過去相比，您計劃進行多少投資？什麼時候？

On games, I'd like to answer your question. PlayStation and the peripherals is being produced in four countries. China has high ratio; yes, that's true. But the supply chain has been diversified, and it's not just China. But there are other countries in which it's going to be produced, manufactured. As for inventory, of course, the details change from day to day. But it's the inventory for three months distribution. That is the image.

關於遊戲，我想回答你的問題。PlayStation 及其周邊設備正在四個國家生產。中國的比例較高；是的，確實如此。但供應鏈已經多樣化，不只限於中國。但其他國家也會生產和製造它。至於庫存，當然，細節每天都在變化。但這是三個月分佈的庫存。這就是圖像。

I&SS, the manufacturing process review, a new process is going to be introduced. The sensor needs to evolve. It becomes much more -- we need a much more mobile type of image sensors, which will need a much higher precision.

I&SS，即製造流程審查，即將引入一項新流程。感測器需要進化。它變得更加——我們需要一種更加移動的影像感測器，它需要更高的精度。

So it's not in the current MRP, but the next one and the following mid-range plan will incorporate that. In 2030, it will gradually start to incorporate these changes. The details will be announced when we update our MRP every three years. So at that time, we can announce or give you the details.

因此它不在目前的 MRP 中，但下一個和接下來的中期計劃將納入它。2030年，它將逐步開始融入這些變化。每三年更新 MRP 時將會公佈詳細資訊。因此，到時候我們可以宣布或向您提供詳細資訊。

The investment size is very difficult to compare to the past. This MRP, I think, yes, it went down. But if you look at the one before this one, I think we are probably getting closer to the two MRPs back. So it depends on the fab that is going to start operation in Kumamoto.

投資規模與過去相比很難相比。我認為這個 MRP 是下降了。但如果你看一下之前的那個，我認為我們可能已經接近兩個 MRP 了。所以這取決於即將在熊本開始運作的工廠。

Of course, we're not going to do the investment without any plans. It depends on the demand. We have to have an optimal type of gradual investment that will take into account the demand.

當然，我們不會毫無計劃地進行投資。這取決於需求。我們必須有一種能夠考慮到需求的最佳漸進式投資。

Our time is limited, so next question is going to be the last question.

我們的時間有限，所以下一個問題將是最後一個問題。

SMBC Nikko Securities, Katsura-san, please. Two questions. The first is regarding tariff, JPY100 billion and one-third for each segment. And game is a little bit smaller, and semiconductor is a bit higher than what I expected. In case of Games, allocations are changing. That's what you explained. But I&SS, should we understand this as indirect impact? That's our first question.

有請三井住友日興證券的桂先生。兩個問題。第一個是關稅，1000億日元，每個航段三分之一。遊戲規模稍微小一些，半導體規模比我預期的還要高。在奧運的情況下，分配情況正在改變。這就是你所解釋的。但是 I&SS，我們應該將其理解為間接影響嗎？這是我們的第一個問題。

The next is operating cash flow. So the additional part will be returned on slide 29. And that was what I heard. And yes, regarding the strategic investment -- so yes, those will be on the shareholders' return. But JPY1.8 trillion, which is the strategic investment, so as a first initial year, what will be the level and also the future thinking? Thank you.

接下來是經營現金流。因此，附加部分將返回投影片 29。這就是我所聽到的。是的，關於策略投資——是的，這些將取決於股東回報。但是1.8兆日圓是戰略投資，那麼作為第一年，這個水準會是怎樣，未來的想法又是什麼？謝謝。

Well, thank you very much. To your first question, I&SS, as you expected, it's indirectly influenced. So the end product's demand decrease is reflected onto the simulations. And in terms of the capital allocation, (inaudible), please?

嗯，非常感謝。對於您的第一個問題，I&SS，正如您所預料的，它受到了間接影響。因此，最終產品的需求下降反映在模擬中。關於資本配置，（聽不清楚）可以嗎？

Yes, let me answer to the question. Regarding the capital allocation, the strategic investment progress, yes, the capital allocation for last fiscal year, the execution cashed out already and also made decisions. And that is counted as capital allocation progress.

是的，讓我來回答這個問題。關於資本配置，策略投資的進展，是的，上個財年的資本配置，執行已經兌現，也做出了決定。這也算是資本配置的進步。

From the previous year, it's about JPY500 million or maybe JPY510 billion that's been progressed. And the cumulative for the three years, as was explained by Tao-san, JPY1.8 trillion, which is not changed. But the growth investment -- we always try to see the opportunities for growth investment. And that is going to continue, and that is what we are going to invest.

與前一年相比，已經取得了約 5 億日圓或 5,100 億日圓的進展。而三年累計，正如陶先生所解釋的，是1.8兆日元，沒有變化。但對於成長投資－我們總是試圖尋找成長投資的機會。這種趨勢將會持續下去，這也是我們將要投資的。

The operating cash flow, yes, we are going to create that to the shareholder return. So we have to have a good balance in terms of the capital allocation. So we are better at the capital allocation. Thank you.

是的，我們將創造經營現金流來回報股東。因此，我們必須在資本配置方面取得良好的平衡。所以我們在資本配置方面做得更好。謝謝。

Okay, so with that, we would like to close this Sony Group Financial Group, the corporate strategy and earnings announcement presentation 2025. Once again, thank you very much for your participation.

好的，至此，我們想結束索尼集團財務集團 2025 年企業策略與收益公告演示。再次非常感謝大家的參與。

So now all the speakers are going to this stage. Thank you.

現在所有發言者都上台了。謝謝。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。