索尼 (SONY) 2026 Q1 法說會逐字稿

(interpreted) It's now time to begin the Sony Group Corporation consolidated earnings announcement meeting. I'll be serving as the MC. I am Ishii from Corporate Communications.

（翻譯）現在開始索尼集團公司合併收益公告會議。我將擔任主持人。我是企業傳播部的石井。

Today, the financial results for the fiscal '25 first quarter and the full year forecast will be presented by Lin Tao, Corporate Executive Officer and CFO. Then, an overview of the financial services segment, which is scheduled for partial spinoff and listing at the end of September, will be given by Toshihide Endo, President and CEO of Sony Financial Group, Inc.

今天，公司執行長兼財務長林濤將公佈 2025 財年第一季的財務業績和全年預測。隨後，索尼金融集團總裁兼執行長遠藤敏英將概述計劃於9月底部分分拆並上市的金融服務部門。

That will be followed by a Q&A session. The entire session is scheduled to last about 70 minutes. Please note that Ms. Tao wishes to deliver her remarks directly in English to the global audience, so a pre-recorded video will be streamed on the English channel.

接下來是問答環節。整個會議預計持續約 70 分鐘。請注意，陶女士希望用英語直接向全球觀眾發表她的講話，因此將在英語頻道播放預先錄製的影片。

Hello, everyone. Today, I will explain the content shown here. After that, Mr. Endo will explain the financial results of Sony Financial Group. Sales of continuing operations for the quarter increased 2% compared to the same quarter of the previous fiscal year, to JPY2,621.6 billion. And operating income increased 36% to JPY340 billion, both of which were record highs for the first quarter. Net income increased 23% to JPY259 billion. The financial results by segment are shown here.

大家好。今天我就針對這裡展示的內容進行講解。隨後，遠藤先生將講解索尼金融集團的財務表現。本季持續經營銷售額較上一財年同期成長 2%，達到 26,216 億日圓。營業收入則增加36%至3,400億日圓，兩項皆創第一季新高。淨收入成長23%至2590億日圓。此處顯示各部門的財務結果。

Next, I will explain to our full year results forecast. Our sales forecast is unchanged from our previous forecast of JPY11,700 billion, and we have upwardly revised our operating income forecast from our previous forecast by 4% to JPY1,330 billion, and our net income forecast by 4% to JPY970 billion We raised our forecast for operating cash flow by 2% to JPY1,270 billion. The forecasts for each segment are shown here.

接下來我對我們的全年業績預測進行說明。我們的銷售額預測與先前的 11,7000 億日元保持不變，我們將營業收入預測從先前的預測上調了 4% 至 1,3300 億日元，將淨收入預測上調了 4% 至 9,700 億日元，我們將營業現金流預測上調了 2% 至 1,2700 億日元。每個部分的預測顯示在這裡。

Now, I will provide an update on the impact of additional US tariffs. Although there have been significant developments in the past few weeks regarding the situation surrounding the additional tariffs, there are still some fluid aspects, such as product-specific tariffs. We plan to carefully assess the impact and our response throughout this fiscal year based on multiple scenarios. Furthermore, we need to carefully consider the impact on each business of the product and pricing strategies we aim to undertake in response to the additional tariffs.

現在，我將介紹美國加徵關稅的最新影響。儘管過去幾週有關附加關稅的情況有了重大進展，但仍存在一些不確定因素，例如針對特定產品的關稅。我們計劃根據多種情境仔細評估本財年的影響和我們的應對措施。此外，我們需要仔細考慮我們為應對額外關稅而採取的產品和定價策略對每個業務的影響。

Taking this into consideration, we have decided to present the impact of the additional tariffs as an estimate for all of our continuing operations, as was the case in the previous forecast. We expect the impact on operating income for FY25 to be approximately JPY70 billion, which is a decrease of JPY30 billion from the previous forecast, based on the tariff rates announced as of August 1. We had nearly completed the diversification of the production locations of our main products by the end of the quarter, and we expect to complete the measures we're planning by the end of the first half of the fiscal year. We intend to continue to monitor the situation and take actions to minimize the impact.

考慮到這一點，我們決定將額外關稅的影響作為我們所有持續經營業務的估計值，就像先前的預測一樣。根據 8 月 1 日公佈的關稅稅率，我們預計對 25 財年的營業收入的影響約為 700 億日元，比先前的預測減少 300 億日圓。截至本季末，我們已基本完成主要產品生產地點的多元化，並預計將於本財年上半年末完成計劃中的措施。我們打算繼續監測局勢並採取行動將影響降至最低。

Now, I will turn to an overview of each business. First is the G&NS segment. FY25 Q1 sales increased 8% year-on-year to JPY936.5 billion, primarily due to an increase in third-party software sales, partially offset by the negative impact of foreign exchange rates. User engagement continued to increase year-on-year with the number of monthly active users across all of the PlayStation in June increasing 6% compared to the same month of the previous year to 123 million accounts. And total playtime for the quarter also increased 6% year-on-year.

現在，我將概述一下每個業務。首先是G&NS部分。25財年第一季銷售額年增8%至9,365億日元，主要由於第三方軟體銷售額的成長，但部分被外匯匯率的負面影響所抵銷。用戶參與度較去年同期持續提升，6 月整個 PlayStation 的每月活躍用戶數量與去年同期相比增長了 6%，達到 1.23 億個帳戶。本季的總遊戲時間也比去年同期增加了 6%。

Operating income increased approximately 2.3 times year-on-year to JPY148 billion, a new quarterly record high for the segment, primarily due to the impact of the increased sales of third-party software and increase in network service revenue.

營業收入年增約2.3倍至1,480億日元，創下該部門季度新高，主要得益於第三方軟體銷售額增加以及網路服務收入增加的影響。

As a consequence of the recent strong user engagement trend, we have upwardly revised our FY25 forecast for sales slightly from last time to JPY4,320 billion and our FY25 forecast for operating income by 4% to JPY500 billion. The improvement in operating income for FY25 compared to the previous fiscal year is expected to be driven primarily by an increase in our strong network service revenue, cost reduction, and an increase in first-party software revenue.

由於近期用戶參與度強勁，我們將 25 財年的銷售額預測較上次略微上調至 4,3,200 億日圓，並將 25 財年的營業收入預測上調 4% 至 5,000 億日圓。25 財年的營業收入與上一財年相比有所改善，預計主要得益於我們強勁的網路服務收入的成長、成本的降低以及第一方軟體收入的增加。

In our Studio business, our live service game revenue is steadily growing, thanks to the MLB, The Show series, Destiny 2 and Helldivers 2, and it contributed more than 40% of our first-party software revenue during the quarter. In the single-player AAA title space, we plan to release Ghost of Yotei in October, following the release of the trending to on the beach, which received a Metacritic score of 90. We look forward to many game fans enjoying these titles.

在我們的工作室業務中，由於 MLB、The Show 系列、《天命 2》和《地獄潛伏者 2》，我們的線上服務遊戲收入穩步增長，並在本季度貢獻了我們第一方軟體收入的 40% 以上。在單人 AAA 遊戲領域，我們計劃在 10 月發布《羊蹄鬼》，此前我們發布了廣受歡迎的《海灘之謎》，該遊戲在 Metacritic 上的評分為 90 分。我們期待眾多遊戲迷能夠享受這些遊戲。

We decided to postpone the release of Marathon to further improve the quality of the gameplay. Based on community feedback, we think we can further enhance the overall gaming experience by deepening gameplay and elevating narrative immersion. So we're working hard to do that. MAU in June, four years and seven months after the launch of PS5, increased 32% from the 93 million MAU accounts in June 2018, the same period after the launch of PS4, and they continue to consistently grow.

我們決定推遲發布《馬拉松》以進一步提高遊戲品質。根據社群回饋，我們認為可以透過深化遊戲玩法和提升敘事沉浸感來進一步增強整體遊戲體驗。所以我們正在努力做到這一點。PS5 上市四年零七個月後的 6 月 MAU 較 2018 年 6 月（PS4 上市後同期）的 9,300 萬 MAU 帳戶成長了 32%，並且仍在持續成長。

Content and service revenue is expected to grow approximately 50% on a US dollar basis in current year fiscal year forecast compared to the level recorded in the fiscal year ended March 31, 2019, exceeding the MAU growth. This indicates that in addition to the increase in the number of users, an increase in spending per user is contributing to revenue growth. We expect content and service revenue to continue to grow steadily from next fiscal year onwards as well, thanks to the user community we have cultivated to date.

與截至 2019 年 3 月 31 日的財年相比，本財年預測內容和服務收入預計以美元計算成長約 50%，超過 MAU 的成長。這表明，除了用戶數量的增加之外，每用戶支出的增加也促進了收入的成長。我們預計，由於我們迄今為止培育的用戶社區，從下一個財年起，內容和服務收入將繼續穩步增長。

Next is the Music segment. FY25 Q1 sales increased 5% year-on-year to JPY465.3 billion, primarily due to higher revenue from streaming service and increase in revenue from a mobile game partially offset by the impact of foreign exchange rates. Operating income increased 8% to JPY92.8 billion.

接下來是音樂部分。25財年第一季銷售額年增5%至4,653億日元，主要由於串流媒體服務收入增加以及手機遊戲收入增加，但外匯匯率的影響部分抵消了這一增長。營業收入成長8%，達到928億日圓。

On a US dollar basis, streaming revenue for the quarter increased 7% year-on-year in recorded music and 8% in Music Publishing. We have upwardly revised our previous FY25 forecast for sales and operating income slightly to JPY1,870 billion and JPY360 billion, respectively.

以美元計算，本季串流媒體收入在錄製音樂方面同比增長 7%，在音樂出版方面增長 8%。我們已將 2025 財年的銷售額和營業收入預測分別略微上調至 18,700 億日圓和 3,600 億日圓。

In recorded music, albums from Sony Music Entertainment owned and distributed labels claimed 42% of weekly top 10 global albums on Spotify during the quarter with Bad Bunny's new release taking the number 1 spot for six consecutive weeks. The contribution of catalog products to our revenue continues to increase, and we remain committed to acquiring catalogs in both the recorded Music and Music Publishing business since we believe that the opportunity to increase the monetization of these assets by acquiring more of them will continue.

在錄製音樂方面，索尼音樂娛樂旗下唱片公司旗下的專輯在本季度佔據了 Spotify 全球每週十大專輯的 42%，其中 Bad Bunny 的新專輯連續六週位居第一。目錄產品對我們收入的貢獻持續增加，我們仍然致力於收購錄製音樂和音樂出版業務的目錄，因為我們相信，透過收購更多目錄來增加這些資產的貨幣化機會將會持續存在。

In Visual Media and platform, Demon Slayer: Kimetsu no Yaiba - The Movie: Infinity Castle, which was released on July 18 in Japan, has been a massive hit attracting 12.55 million people to theaters and generating JPY17.6 billion in box office revenue as of August 3. We plan to release the film in the US, Europe and certain countries and territories in Asia, Central and South America, distributing it along with Crunchyroll and Sony Pictures, and we look forward to it being a major global success.

在影像媒體和平台方面，7 月 18 日在日本上映的《鬼滅之刃：劇場版：無限城堡》大獲成功，吸引了 1,255 萬人入場觀影，截至 8 月 3 日，票房收入達 176 億日圓。我們計劃在美國、歐洲以及亞洲、中美洲和南美洲的某些國家和地區上映這部電影，並與 Crunchyroll 和索尼影業一起發行，我們期待它在全球取得巨大成功。

Next is the Pictures segment. FY25 Q1 sales decreased 3% year-on-year to JPY327.1 billion, and operating income increased 65% to JPY18.7 billion. On a US dollar basis, sales increased 4% year-on-year and operating income increased 76%, primarily due to higher sales deliveries in Television Productions. There is no change to our forecast from the previous forecast.

接下來是圖片部分。FY25第一季銷售額年減3%至3,271億日元，營業收入成長65%至187億日圓。以美元計算，銷售額年增 4%，營業收入成長 76%，主要原因是電視製作業務的銷售交付量增加。我們的預測與先前的預測相比沒有變化。

In Television Productions, the second season of the Last of Us, which was renewed for a third season, received several Emmy nominations. In feature films, 28 years later has become a box office hit after crossing $150 million globally, and K-pop Demon Hunters produced by Sony Picture Animation has achieved massive success, becoming the most-watched Netflix original animated film of all time. Crunchyroll is steadily growing its paying subscribers and is expanding the global anime community through such activities as hosting the Crunchyroll anime awards in Tokyo in May.

在電視製作方面，《最後生還者》第二季已續訂第三季，並獲得了多項艾美獎提名。在長片方面，《28年後》在全球突破1.5億美元，成為票房大片，索尼影視動畫製作的韓國流行音樂電影《鬼獵人》取得了巨大成功，成為有史以來觀看次數最多的Netflix原創動畫電影。Crunchyroll 的付費訂閱用戶數量正在穩步增長，並透過 5 月在東京舉辦 Crunchyroll 動漫獎等活動擴大全球動漫社群。

Now I will explain our strategic partnership with Bandai Namco, which we announced on July '24. Through this partnership, we plan to accelerate our collaboration with Bandai Namco even more than before, working to do such things as co-create new IP, collaborate on video production, distribution and merchandising in the anime and manga fields as well as strengthen marketing through the sharing of data.

現在我將解釋一下我們與萬代南夢宮的戰略合作夥伴關係，我們在 7 月 24 日宣布了這一消息。透過此次合作，我們計劃比以往更加加速與萬代南夢宮的合作，致力於共同創造新的IP，在動漫領域的影片製作、發行和商品銷售方面進行合作，並透過數據共享加強行銷。

Additionally, in the field of experience show entertainment, we aim to create new condo experience by bringing together the strengths of both companies, such as Bandai Namco's knowledge and value and Sony's technology.

此外，在體驗式娛樂領域，我們旨在透過融合萬代南夢宮的知識和價值以及索尼的技術等兩家公司的優勢，創造新的公寓體驗。

Next is the ET&S segment. FY25 Q1 sales decreased 11% year-on-year to JPY534.3 billion, primarily due to a decrease in unit sales of TVs and the impact of foreign exchange rate. Operating income decreased 33% to JPY43.1 billion, primarily due to the impact of decrease in sales and the impact of foreign exchange rates.

接下來是 ET&S 部分。FY25第一季銷售額年減11%至5,343億日元，主要由於電視銷量下降以及外匯匯率的影響。營業收入下降33%至431億日元，主要由於銷售額下降以及外匯匯率的影響。

There is no change to our forecast from the previous forecast. Except for televisions, where competitors engaged in more aggressive pricing than we had anticipated. Market conditions during the quarter progressed generally in line with our expectation across the other major product categories.

我們的預測與先前的預測相比沒有變化。電視機除外，競爭對手的定價策略比我們預期的更為激進。本季其他主要產品類別的市場狀況大致符合我們的預期。

The Imaging business performed well, essentially in line with our original projection, supported by the continued tailwind of the subsidy program in China. Last June, at the largest Hollywood film production equipment exhibition, Cine Gear Expo 2025, we exhibited a system that links zinc's spatial reproduction display with the Venice extension system Mini As a form of new content creation. It attracted strong interest from the film production creators in attendance. In this segment, we aim to accelerate the expansion of our creation center business through these products and solution services.

在中國補貼計畫持續推動下，影像業務表現良好，基本上符合我們最初的預測。去年6月，在好萊塢最大的電影製作設備展Cine Gear Expo 2025上，我們展出了將鋅的空間再現顯示與威尼斯擴展系統Mini相連結的系統，作為新內容創作的一種形式。引起了在場電影製作人的濃厚興趣。在這一領域，我們旨在透過這些產品和解決方案服務加速我們的創作中心業務的擴展。

Next is the I&SS segment. Despite the impact of foreign exchange rate, sales for the quarter increased 15% year-on-year to JPY408.2 billion, primarily due to increased shipment of sensors for mobile phones and digital cameras. Operating income increased 48% to JPY54.3 billion as the impact of the increase in sales significantly exceeded the negative impact of foreign exchange rate. There is no change to our forecast from the previous forecast.

接下來是 I&SS 部分。儘管受到匯率的影響，本季銷售額仍年增15%，達到4082億日元，主要原因是手機和數位相機感光元件出貨量增加。由於銷售額成長的影響大大超過了外匯匯率的負面影響，營業收入成長 48% 至 543 億日圓。我們的預測與先前的預測相比沒有變化。

The market for smartphone continued to recover gradually on a global basis. Excluding the impact of foreign exchange rates, mobile sensor sales for the quarter grew steadily due to an increase in sensor shipment volume and an increase in unit price on a US dollar basis. Although recent shipment volume is increasing year-on-year, taking into account the possibility that customers are bringing forward orders due to the additional tariffs, we expect the annual shipment volume to be on par with the previous fiscal year.

全球智慧型手機市場持續逐步復甦。排除匯率的影響，由於感測器出貨量的增加和美元單價的上漲，本季行動感測器銷售額穩步增長。雖然近期出貨量同比有所增加，但考慮到客戶因附加關稅而提前下單的可能性，我們預計全年出貨量將與上一財年持平。

From FY25 Q2 onwards, we expect sales to steadily increase due to rising unit price resulting from further progress toward larger-sized sensors and higher added value despite an expected deterioration in foreign exchange rate compared to the previous fiscal year.

從 2025 財年第二季開始，儘管預計匯率與上一財年相比有所惡化，但隨著感測器尺寸進一步增大和附加價值不斷提高，單價將上漲，我們預計銷售額將穩步增長。

In the consumer camera space, in addition to robust demand for single-lens camera, the growing demand for video is driving demand for sensors used in new video camera, such as handheld cameras. We aim to benefit from this market expansion and create new revenue opportunities.

在消費性相機領域，除了對單鏡頭相機的強勁需求外，不斷增長的視訊需求也推動了對新型攝影機（如手持相機）中使用的感測器的需求。我們的目標是從這個市場擴張中獲益並創造新的收入機會。

To summarize, we believe that during the quarter, we made steady progress toward achieving the numerical targets we established in our fifth midrange plan as profits continue to increase, primarily in the G&NS, Music and I&SS segment.

總而言之，我們相信，在本季度，我們朝著實現第五個中期計劃中設定的數字目標取得了穩步進展，因為利潤繼續增長，主要是在 G&NS、音樂和 I&SS 部門。

On the other hand, we expect that uncertainty in the business environment, such as additional tariffs in the US will have a greater impact from FY25 Q2 onwards, and we will focus on conducting business operations that anticipate change while preparing for risks.

另一方面，我們預計，美國加徵關稅等經營環境的不確定性將從2025財年第二季開始產生更大的影響，我們將專注於開展預測變化的業務運營，同時做好應對風險的準備。

This concludes my remarks.

我的發言到此結束。

(interpreted) Now Mr. Endo will provide an overview of the Financial Services segment performance. Mr. Endo, please.

（翻譯）現在，遠藤先生將概述金融服務部門的表現。請遠藤先生。

(interpreted) Now I will explain the financial results of the Sony Financial Group. On an IFRS basis, adjusted net income for the quarter increased JPY0.3 billion compared to the same quarter of the previous fiscal year to JPY23 billion, primarily due to the improvement in the loss ratio at the Sony Assurance.

（譯）現在我來介紹一下索尼金融集團的財務表現。依照國際財務報告準則，本季調整後淨收入較上一財年同期增加3億日圓，達到230億日圓，主要由於索尼保險公司賠付率的改善。

Adjusted net income of Sony Life decreased JPY1.0 billion year-on-year to JPY15.6 billion, primarily due to the impact of rising interest rates, partially offset by an improvement in funding costs as a result of the decrease in repo transaction. Insurance accounting under IFRS requires an amount prepared for the future uncertainty be recorded as a risk adjustment liability.

索尼人壽調整後淨收入年減10億日圓至156億日圓，主要由於利率上升的影響，但回購交易減少導致的融資成本改善部分抵銷了這一影響。根據國際財務報告準則，保險會計要求將為未來不確定性準備的金額記錄為風險調整負債。

As interest rates rose during the quarter, risk of mass cancellations increased from an accounting valuation perspective, which reduced adjusted net income through the recognition of a loss and a decrease in contractual service margin amortization.

由於本季利率上升，從會計估值角度來看，大規模取消的風險增加，從而透過確認損失和減少合約服務利潤攤銷來減少調整後的淨收入。

The new business acquisition at Sony Life continued to trend at the high level of the previous fiscal year with the annualized premiums from the policies enforced during the quarter increasing JPY16.1 billion to JPY1,313.6 billion, demonstrating strong growth, especially in the corporate insurance sales channel. The recruitment of Life Planners and an agency supporter is progressing well, and our sales channels are continuing to expand.

索尼生命新業務收購延續了上一財年的高位趨勢，本季執行的保單年化保費增加了161億日元，達到13136億日元，顯示出強勁的增長勢頭，尤其是在企業保險銷售渠道。人生規劃師及代理支持者的招募工作進展順利，我們的銷售管道也不斷擴大。

Next, I will explain the progress of our measures to strengthen our financial foundation. As I explained at the Investor Day in May, the interest rate sensitivity of our assets exceeds that of our liability, resulting in an overhedged position at Sony Life. To address this, we are selling bonds and an undertaking reinsurance over the course of two years, including this fiscal year.

接下來，我向大家介紹我們強化財政基礎的措施的進展。正如我在五月的投資者日上所解釋的那樣，我們資產的利率敏感性超過了負債的利率敏感性，導致索尼生命的對沖過度。為了解決這個問題，我們將在包括本財年在內的兩年內出售債券並承擔再保險。

In the quarter, we accelerated the sales of bonds that we had planned to sell over the course of the full fiscal year. As a result, the ESR level at the end of the quarter improved 3 percentage points, mitigating a significant negative impact of rising interest rates. Our consolidated ESR was 184%, and then Sony Life stand-alone ESR was 163%. Loss on sales of securities deducted as an adjustment item from the adjusted net income.

本季度，我們加快了原計劃在整個財年內出售的債券的銷售。因此，本季末的 ESR 水準提高了 3 個百分點，減輕了利率上升帶來的重大負面影響。我們的合併 ESR 為 184%，索尼人壽獨立 ESR 為 163%。證券銷售損失作為調整項目從調整後的淨收入中扣除。

Going forward, we aim to further strengthen our financial foundation by accumulating economic value-based capital through the acquisition of a high-level new insurance contract and efforts to reduce risks. There is no change to our full year forecast of JPY60 billion in income before income taxes.

展望未來，我們的目標是透過獲得高水準的新保險合約和努力降低風險來累積基於經濟價值的資本，從而進一步加強我們的財務基礎。我們對全年稅前收入 600 億日圓的預測沒有改變。

Our forecast for adjusted net income has been reduced by 9% to JPY98 billion. We downwardly revised forecast because we have revised our long-term interest rate assumption this time from the previous 2.7% to 3.3%, the average interest rate level in July and because we have incorporated additional risks. However, going forward, we will continue to make every effort to bring adjusted net income as possible to our initial plan by accelerating the acquisition of new policies and reviewing expenses.

我們對調整後淨收入的預測已下調 9% 至 980 億日圓。我們下調預測是因為我們這次將長期利率假設從先前的 2.7% 修正為 3.3%，即 7 月的平均利率水平，並且我們納入了額外的風險。不過，展望未來，我們將繼續盡一切努力，透過加快獲取新保單和審查費用，使調整後的淨收入盡可能達到我們的初步計劃。

Lastly, preparation for the listing on September 29 are progressing smoothly. And we plan to submit the final application for the listing to the Tokyo Stock Exchange tomorrow, August 8. Additionally, at the Board meeting of Sony Financial Group Incorporated, we will -- which will be held on the same day, we plan to officially approve the establishment of a share repurchase facility with a limit of JPY100 billion, effective from September 29 of this year through August the following year.

最後，9月29日上市的準備工作進展順利。我們計劃於明天，8月8日，向東京證券交易所提交最終上市申請。此外，我們計劃在同日召開的索尼金融集團董事會上正式批准設立總額為1,000億日圓的股票回購機制，有效期為今年9月29日至隔年8月。

There is no change to the JPY25 billion we plan to pay at fiscal year-end dividend. Heretofore, we have announced our financial results at the Sony Group's earnings announcement, including when we were a listed company in the past. From the second quarter onward, we will hold our financial results briefings as an independently listed company. We are fully committed to becoming a financial services group that is truly valued by a wide range of stakeholders, including shareholders and investors. We sincerely appreciate your continued support after the listing.

我們計劃在財年末支付的250億日圓股利沒有變動。到目前為止，我們都會在索尼集團的收益發表會上公佈我們的財務業績，包括過去我們作為上市公司的時候。從第二季開始，我們將作為獨立上市公司舉行財務業績發表會。我們致力於成為真正受到股東、投資者等廣大利害關係人重視的金融服務集團。衷心感謝您在上市後繼續給予的支持。

(interpreted) The presentations were given by Ms. Tao and Mr. Endo. We will begin the Q&A session for media representatives at 4:25 PM, followed by the Q&A session for investors and analysts at 4:50 PM. Each Q&A session is scheduled to last approximately 20 minutes.

（翻譯）演講由陶女士和遠藤先生進行。我們將於下午 4:25 開始媒體代表問答環節，隨後於下午 4:50 開始投資者和分析師問答環節。每個問答環節預計持續約 20 分鐘。

For those who have registered in advance to ask questions, please click the joint webinar link and remain on standby in the session. Please kindly make sure to review the guidance document, sent in advance for details on how to ask questions and important notes. We will be resuming shortly.

對於已提前註冊提問的人士，請點擊聯合網路研討會連結並在會議期間待命。請務必查看提前發送的指導文件，以了解如何提問和重要說明的詳細資訊。我們將很快恢復。

(interpreted) Thank you for waiting. We will now start the Q&A session. First, the officers on stage, Corporate Executive Officer and CFO, Lin Tao; Senior Vice President in charge of Finance and IR Sadahiko Hayakawa; Senior Vice President in charge of Corporate Planning and Control, Disk Manufacturing business and Storage Media business, Naoya Horii; President and CEO, Sony Financial Group Inc., Toshihide Endo.

（翻譯）感謝您的等待。我們現在開始問答環節。首先上台的是公司執行長兼財務長林濤，主管財務和投資者關係的高級副總裁早川貞彥，主管企業規劃和控制、磁碟製造業務和存儲媒體業務的高級副總裁堀井直哉，索尼金融集團公司總裁兼首席執行官遠藤敏英。

We will now take the questions from the members of the media. (Event Instructions)

現在我們回答媒體記者的提問。（活動須知）

Todd-san of Yomiuri Newspaper.

讀賣新聞的托德先生。

(interpreted) Can you hear? About tariffs, two questions. So initially, tariff outlook was JPY100 billion. Now that's been reduced by JPY30 billion to JPY70 billion. Can you explain in a little more detail why the decline? That's one.

（翻譯）你聽得見嗎？關於關稅，有兩個問題。因此，最初的關稅預期是 1000 億日元。現在已減少了300億日元至700億日元。您能否更詳細地解釋一下下降的原因？那是一個。

The other thing the Trump administration in the US, talking about 100% tariff rate for semiconductors. I don't know how it will be applied for Japan. But what will be the risk if that becomes 100%?

另一件事是美國川普政府談論對半導體徵收 100% 的關稅。我不知道它將如何應用於日本。但如果達到 100% 的話風險會是什麼呢？

(interpreted) Thank you for the question. Let me respond the JPY100 billion tariff impact that we explained previously and the difference this time for Q1, for semiconductors, there's no impact in G&NS games and Sony Electronics total of JPY100 billion-plus impact. That's according to assumptions.

（翻譯）感謝您的提問。讓我來回應一下我們之前解釋過的 1000 億日元關稅影響，以及這次第一季的差異，對於半導體而言，G&NS 遊戲沒有受到影響，索尼電子總共沒有受到 1000 億日元以上的影響。這是根據假設。

So there was some postponement and there was a strategic inventory, and this was smaller than in Q2 onwards. And based on the assumptions and the measures, Q2 onwards, the decline, it's lower compared to expectation in May. For ETS, I&SS, JPY20 billion to JPY30 billion each. So that's a total of JPY70 billion impact from tariffs. That's now factored into our forecast.

因此有一些推遲，並且有一個戰略庫存，而且比第二季度及以後的庫存要小。根據假設和措施，從第二季開始，降幅低於 5 月的預期。對於 ETS、I&SS，各為 200 億至 300 億日圓。因此，關稅總共造成了700億日圓的影響。這已經考慮到我們的預測中。

So you asked about the Trump administration's semiconductor tariffs. Today, we announced our forecast. That's based on the tariff rate that was officially announced August 1. So there's a lot of information coming out about tariffs and the situation is shifting daily, but we rely on the officially announced numbers. And based on that, we will evaluate that direct and indirect impact that we will continue to do going forward.

所以你問到了川普政府的半導體關稅。今天，我們公佈了我們的預測。這是根據8月1日正式公佈的關稅稅率計算的。因此，關於關稅的資訊很多，情況每天都在變化，但我們依賴官方公佈的數據。在此基礎上，我們將評估未來將繼續產生的直接和間接影響。

One additional thing. In our business, semiconductor components itself, direct export to the US is very limited. So I would just like to make that point.

還有一件事。就我們的業務而言，半導體元件本身對美國的直接出口非常有限。所以我只想強調這一點。

(interpreted) Let's move on to the next question. from Nike Yoshida-san and ask your questions. Yoshida-san, are you there? Can you hear me?

（翻譯）我們繼續下一個問題。來自耐克吉田先生並提出您的問題。吉田先生，你在嗎？你聽得到我嗎？

(interpreted) This is Nike Uchida speaking. Sorry about that. I do have two questions. The first one is about animation and -- so in evaluation of the titles are in pictures. Demon Slayer got off to a really great start. And then also National Treasure has been hugely successful. And how are you evaluating the box office performance of these two titles compared to your initial estimate?

（譯）我是 Nike Uchida。很抱歉。我確實有兩個問題。第一個是關於動畫的——因此在評估標題時要用圖片。《鬼滅之刃》的開局確實很棒。《國家寶藏》也獲得了巨大的成功。與最初的估計相比，您如何評價這兩部影片的票房表現？

And with regards to Demon Slayer, and it is expected the box office revenue will continue to increase, and then do you think that this will be good enough to so that you have caused you to really revise upward your forecast, including merchandising?

關於《鬼滅之刃》，預計票房收入將繼續成長，那麼您認為這是否足以讓您真正上調預測，包括商品銷售？

And then also your investment in Bandi Namco Holdings. And so you have been aggressively investing in IP content creation. And so how are you evaluating the result of the investment so far? And is there any specific investment that cause you to upward revise your forecast?

還有您對 Bandi Namco Holdings 的投資。所以你們一直在積極投資 IP 內容創作。那麼，您如何評價迄今為止的投資結果？是否有任何具體的投資促使您上調預測？

(interpreted) So the first question, I will take that. And then second question will be answered by Hayakawa-san. With regards to anime titles and as you said, the Demon Slayer and a National Treasure have been quite successful. And we are getting really positive feedback. And these titles whether they are in line with our expectation, but Demon Slayer because there are previous release, which was left by many users and was a really successful IP. So we had a really high expectation for this IP. So that has been factored in our forecast.

（翻譯）那麼第一個問題，我來回答。然後第二個問題將由 Hayakawa 先生回答。關於動畫標題，如你所說，《鬼滅之刃》和《國家寶藏》相當成功。我們得到了非常正面的回饋。而這些作品是否符合我們的預期，但是《鬼滅之刃》因為有之前的發行，留下了很多用戶的喜愛，是一個非常成功的IP。所以我們對這個IP抱有很高的期望。因此，這已在我們的預測中考慮在內。

But as for the National Treasure and under the umbrella of Aniplex and median studio was producing this title, and this was the first title and which has met with a really positive response and this significantly outperformed our expectation. But in terms of the overall impact on our revenue and profit, the impact is not that sizable. And so that has been already included in the forecast for our outlook.

但就《國家寶藏》而言，它是在 Aniplex 和 median studio 的保護下製作的，這是第一部獲得非常積極反響的作品，大大超出了我們的預期。但從對我們的收入和利潤的整體影響來看，影響並不是那麼大。這已經包含在我們的展望預測中了。

(interpreted) So the thank you very much for the question. So the investment in Bandai. And of course, we have been shifting to the creation. So for example, the entertainment three businesses basically account for 60% of consolidated revenue. So basically, our business portfolio is shifting more to the creation. And as for the electronics business, in TV and compared to upward devices, and we are now shifting creation devices that include digital camera. So as a result, we are seeing more stability in profitability and revenue and also the productivity of our performance is increasing.

（翻譯）非常感謝您的提問。因此對萬代進行了投資。當然，我們已經轉向創造。比如說娛樂三大業務基本上就佔了合併收入的60%。所以基本上，我們的業務組合正在更多地轉向創作。至於電子業務，除了電視和向上設備之外，我們現在正在轉向包括數位相機在內的創作設備。因此，我們的獲利能力和收入更加穩定，而且我們的績效生產力也在提高。

And then against such backdrop, and for example, in the Music business, the music streaming and EMI Music Publishing has been acquired and then we increased the music catalog. And as I mentioned in the speech and in gaming business and moving away from a hardware-centric business to, more to the community-based engagement business, and then that has been increasing.

在這樣的背景下，例如在音樂業務中，音樂串流媒體和 EMI 音樂出版公司被收購，然後我們增加了音樂目錄。正如我在演講中提到的，遊戲業務正在從以硬體為中心的業務轉向以社區為基礎的參與業務，而這項業務一直在成長。

So now as we make more transition to entertainment creation, the stability and productivity, our performance is increasing. So this upward revision might not have been a direct result of these. However, the music publishing and also our acquisition of a music catalog. And then also the acquisition of a Crunchyroll, and these are the areas where we are seeing growth. And as a portfolio, we have been expanding our businesses and also improving our profitability.

因此，現在隨著我們向娛樂創作的轉變，我們的穩定性和生產力以及業績都在提高。因此，這次上調可能不是這些因素的直接結果。然而，音樂出版以及我們對音樂目錄的收購。然後我們也收購了 Crunchyroll，這些都是我們看到成長的領域。作為一個投資組合，我們一直在擴大業務並提高獲利能力。

(interpreted) Moving on to the next question. Nishine, reporter, please.

（解釋）繼續下一個問題。請記者 Nishine 發言。

(interpreted) This is Nishida. I have two questions about the Semiconductor business and Electronics business. First about the Semiconductor business. Today, it was reported in the news that Apple investing in the US. As partner, it has, so it's possible that they will have production facility in the US. So this type of risk might not appear this year. But towards the end of this year to next year, how would you mitigate this risk like risk hedge?

（譯）我是西田。我有兩個關於半導體業務和電子業務的問題。首先談談半導體業務。今天有消息指出蘋果正在美國投資。作為合作夥伴，他們有可能在美國設立生產設施。所以這種風險今年可能不會出現。但從今年年底到明年，你們會如何像風險對沖那樣來降低這種風險呢？

Number two, in the electronics, I would like, I have a question on smartphones. In the first half, it Xperia 1 VII, there has been a risk of recall and what would be the impact on the sales and impact on the smartphone business itself?

第二，在電子產品方面，我有一個關於智慧型手機的問題。上半年Xperia 1 VII有召回風險，這對銷售以及智慧型手機業務本身會造成什麼影響？

(interpreted) Ken, thank you for the question. I have received two questions. And I would like to respond to the smartphone questions on ET&SS, and ISS question, Horii-san will respond later on.

（翻譯）肯，謝謝你的提問。我收到了兩個問題。我想回答有關 ET&SS 的智慧型手機問題，以及國際太空站的問題，Horii-san 稍後會回答。

About the Xperia -- about the defect of Xperia smartphone. So we are very sorry that we cause inconvenience to the users. I would like to apologize. About identifying the defect and the countermeasures have already been completed, the malfunction itself was coming from the production process the impacted loss, and so we have exchanged the parts which have been impacted.

關於Xperia—關於Xperia智慧型手機的缺陷。因此，我們非常抱歉給用戶帶來不便。我想道歉。關於缺陷的認定和對策已經完成，故障本身是來自生產過程的影響損失，所以我們已經更換了受到影響的零件。

And about the quality. So this is a big management agenda for Sony. So we will work so that this will not happen going forward. The Smartphone business itself is an extremely important business for us. The telecom technology is a technology that we have been nurturing for a long time. And also, this is used to other areas other than smartphones. So we will continue to grow this business.

還有品質。所以這對索尼來說是一個重大的管理議程。因此，我們會努力避免這種情況再次發生。智慧型手機業務本身對我們來說是一項極為重要的業務。電信技術是我們長期培養的技術。而且，這也適用於智慧型手機以外的其他領域。因此我們將繼續發展這項業務。

The first question about the semiconductors, Horii-san, please?

第一個問題是關於半導體的，堀井先生，可以問一下嗎？

(interpreted) Thank you for the question. About -- so I cannot respond to questions pertaining to a particular customer, however, about the risks and countermeasures on overall risk, I would like to respond. As you have indicated in the US, we do not have any semiconductor production facilities in the US. In the short term, it is not really feasible to produce in the US in the short term.

（翻譯）感謝您的提問。關於－所以我無法回答有關特定客戶的問題，但是，關於整體風險的風險和對策，我想回答。正如您在美國所指出的，我們在美國沒有任何半導體生產設施。短期來看，在美國生產短期內其實不太可行。

However, where the source is and offering very high-quality devices to the customers and how to make the final product deliver to the customers as attractive as possible. This is what we have been working on from before. And we will make sure that we will provide devices that even exceed that of competitors. And this type of risks always exists. And as a device manufacturer, the competitiveness and quality of the product. With this, we would like to get involved in this market. Thank you.

然而，源頭在哪裡，如何向客戶提供高品質的設備，以及如何使最終產品盡可能吸引客戶。這正是我們之前一直致力於的事情。我們將確保提供超越競爭對手的設備。而這種風險始終存在。並且作為設備製造商，產品的競爭力和品質。藉此，我們想涉足這個市場。謝謝。

(interpreted) We'd like to move on to the next question. Tanuno-san from NHK, please.

（翻譯）我們想繼續下一個問題。請 NHK 的 Tanuno 先生發言。

(interpreted) Tanuno from NHK, can you hear? About the US tariffs, I want to ask about the impact. In the last announcement, the president said that there is no major change occurring in the short term, but there's time lag about the economic sentiment and so you look carefully. So about your views about the economy? What's the current situation with the US consumers? And also for this fiscal year, when you talked about the earnings, and you said that there are uncertainties, and you'll be watching carefully. But in terms of the performance forecast, if you can also talk about that, please?

（翻譯）NHK 的 Tanuno，你聽到了嗎？關於美國關稅，我想問其影響。在上次聲明中，總統表示短期內不會發生重大變化，但經濟情緒存在時間滯後，因此需要仔細觀察。那麼您對於經濟有何看法？美國消費者目前的狀況如何？對於本財年，當您談到收益時，您說存在不確定性，您會密切注意。但是就業績預測而言，您也可以談談嗎？

(interpreted) Thank you. I'd like to respond to that question. About the US economy, it's slightly decelerating, slowing down a bit, but a rapid deterioration, we expect can be avoided. However, we need to carefully monitor the situation is what we think. Q2, so April to June US GDP, was 3% growth higher than expectations. Personal consumption starting to show recovery. But compared to last year, the strength is less. And concerning our business as a portfolio, we have hardware, and we have to carefully watch the situation for hardware.

（翻譯）謝謝。我想回答這個問題。關於美國經濟，它正在稍微減速，有點放緩，但我們預計可以避免快速惡化。然而，我們認為我們需要仔細監控情況。第二季度，即4月至6月美國GDP成長率高於預期3%。個人消費開始復甦。但與去年相比，力道減弱。就我們的業務組合而言，我們有硬件，我們必須密切注意硬體的情況。

On the other hand, for Entertainment business as a whole, they can withstand the impact of the economy. Their business is less impacted by the economic situation. That's the nature of that business. So the impact have half -- those impacts have been already factored into our forecast that we announced today.

另一方面，對於整個娛樂產業來說，他們可以承受經濟的衝擊。他們的業務受經濟情勢的影響較小。這就是該業務的本質。因此影響有一半——這些影響已經被計入我們今天宣布的預測中。

Thank you.

謝謝。

(interpreted) We are running out of time. So the next question will be the last one. Ryo Sato-san from Nikkei Business.

（解釋）我們的時間不多了。所以下一個問題將是最後一個。《日經商業》的 Ryo Sato-san。

(interpreted) This is Ryo Sato from Nikkei Business. And I do have one question, and during the presentation, you talked about the partnership with the Bandai Namco, and then also last year, you forged a name partnership with Kadokawa. So -- and what will be the time line of the seeing result in terms of the performance, and I know that Kadokawa and in Bandai Namco, you already have the partnership before your decision to investment. So what are the changes that we can expect after the investment?

（譯）我是《日經商業》的佐藤亮。我確實有一個問題，在演講中，您談到了與萬代南夢宮的合作關係，而且去年您還與角川建立了同名合作關係。那麼，從業績表現來看，預計實現結果的時間線是怎麼樣的呢？我知道角川和萬代南夢宮在做出投資決定之前就已經建立了合作關係。那麼投資之後我們可以期待什麼改變呢？

(interpreted) Thank you for the questions. You are right, in Bandai Namco and Sony Group are already collaborating through partnership on the round and especially game, music and anime areas. And before our investment, we treat them as a really important partner for collaboration. So with this recently announced investment and we can go deeper and wider in terms of collaboration. We are seeing a possibility of that. More specifically, the game and anime IP using us as access so that we can really expand the community.

（翻譯）謝謝您的提問。您說得對，萬代南夢宮和索尼集團已經透過合作夥伴關係在各個領域開展合作，特別是在遊戲、音樂和動漫領域。在投資之前，我們將他們視為非常重要的合作夥伴。因此，透過最近宣布的投資，我們可以在合作方面進行更深入、更廣泛的合作。我們看到了這種可能性。更具體地說，遊戲和動漫IP利用我們作為入口，以便我們能夠真正擴大社群。

And then also, the Bandai Namco is really great at creating venues. And we believe that Sony's technology can really shine in the venues by Bandai Namco so that we can really collaborate together to deliver kando experience. And we believe that that's something that we can do.

而且，萬代南夢宮在創建場館方面確實非常出色。我們相信，索尼的技術能夠在萬代南夢宮的場館中大放異彩，這樣我們就能真正合作，提供感動體驗。我們相信我們能夠做到。

And in terms of time line, and this is kind of difficult to say, but I think we -- and there are longer term collaboration or there are immediate collaboration, including IP community building, and there are some low-hanging fruits that can be achieved within one year. So -- and looking at the overall collaboration at the group level, we want to produce the appropriate outlet and then to see if we can, we here producing returns, and we will regularly consider and assess the situation going forward. That's all.

至於時間表，這有點難說，但我認為我們有長期合作或短期合作，包括 IP 社區建設，而且有一些唾手可得的成果可以在一年內實現。因此，從集團層面的整體合作來看，我們希望找到合適的出路，然後看看我們是否可以在這裡產生回報，並且我們將定期考慮和評估未來的情況。就這樣。

(interpreted) So that concludes the Q&A session for the members of the media. So the Q&A session for investors and analysts will start at 4:50 PM.

（翻譯）媒體成員的問答環節到此結束。因此，投資者和分析師的問答環節將於下午 4:50 開始。

(break)

（休息）

(interpreted) Okay. Thank you for waiting. We will now begin the Q&A session with investors and analysts. I'm Condo from IR Group, and I will be moderating this session. As with the media session, the four individuals here will be responding to the questions. Now let's begin the Q&A.

（翻譯）好的。感謝您的等待。我們現在開始與投資人和分析師的問答環節。我是 IR Group 的 Condo，我將主持本次會議。與媒體發布會一樣，這裡的四個人將回答問題。現在我們開始問答環節。

(Operator Instructions) Mizuho Securities, Nakane-san.

(操作員指示) 瑞穗證券，Nakane 先生。

So this is Nakane from Mizuho. Do you hear me?

這位是瑞穗公司的 Nakane。你聽見我說話了嗎？

Yes, we do.

是的，我們有。

I have two questions. The first question is about finance. And the second question is on games. So about the, so you are trying to improve the asset overhedge in finance. So the progress from the first quarter and the business environment is changing. So please tell me if there has been any changes from the first quarter.

我有兩個問題。第一個問題是關於財務的。第二個問題是關於遊戲的。所以，您正在嘗試改善金融中的資產對沖。因此，第一季的進展和商業環境正在改變。那麼請告訴我與第一季相比是否有任何變化。

The second question is on gaming. About marathon. In the profit, you have factored in some negative in the profit that -- so how have you incorporated that the sales and profit as well as the timing of launching Marathon. So please give us hands-on. And about Banji, the, so it seems like an autonomous region. So we would like to hear about the governance of Bunge. And also, you can say if this is not probable, but the worst-case scenario, if you are not going to launch it, if there are any risks such as impairments, so I have such two questions here.

第二個問題是關於遊戲的。關於馬拉松。在利潤中，您已經將一些負面利潤考慮在內 - 那麼您是如何將銷售額和利潤以及推出 Marathon 的時間考慮在內的呢？所以請親自動手吧。至於班吉，它看起來像是自治區。因此，我們想了解邦吉的治理情況。而且，您可以說這不太可能，但在最壞的情況下，如果您不打算啟動它，如果存在任何風險，例如損害，那麼我在這裡有兩個問題。

(interpreted) Okay. Thank you for the questions. Endo-san will respond to the first question. And the second question, I will respond.

（翻譯）好的。謝謝您的提問。Endo-san 將回答第一個問題。第二個問題，我會回答。

(interpreted) Okay. I will respond to the first question. About asset sales, improvement of finances. In the Investor Day, in FY25 and FY26, we have explained and announced the measure for FY25 and '26. And the partial sale of assets, what was scheduled for this fiscal year has been advanced.

（翻譯）好的。我來回答第一個問題。關於資產出售，改善財務狀況。在25財年和26財年的投資者日上，我們已經解釋並宣布了25財年和26財年的措施。而原定於本財年進行的部分資產出售也已提前完成。

So these were sold in advance. And thanks to this, this is done to improve the ESR and selling bonds. And through these activities, Sony Life's ESR improvement. It has improved by 3 percentage points. This fiscal year, the interest has risen significantly. So there has been lots of downside pressure on ESR. But overcoming that, we have been able to prevent ESR from slumping.

所以這些都是提前賣出的。並且由於這一點，這樣做是為了提高 ESR 和出售債券。並且透過這些活動，索尼生活的ESR得到提升。提高了3個百分點。本財年，利息大幅上升。因此，ESR 面臨著很大的下行壓力。但我們克服了這個問題，就能夠防止 ESR 下滑。

Group consolidated was 189%, but that was end of FY24. But now this quarter, we have kept the ESR to 184%. And so that is within the ESR target range. So we have been, so this is thanks to advancing our initiatives to improve our finances. So these advanced initiatives were carried out. And about selling US bonds, as I said in the Investor Day, the the losses -- the liabilities, so we are trying to sell the bonds as reinsurance. So these are still remaining, and we will be working on that going forward. Beyond that, in FY '25, '26 and beyond, we don't have any plans out of now.

集團合併利潤率為 189%，但那是 24 財年末的數據。但現在本季度，我們已將 ESR 保持在 184%。因此這在 ESR 目標範圍內。我們一直如此，這要歸功於我們推動改善財務狀況的舉措。所以這些先進的措施就得以實施。關於出售美國債券，正如我在投資者日所說的那樣，損失就是負債，所以我們試圖將債券作為再保險出售。所以這些仍然存在，我們將繼續努力。除此之外，在 25、26 財年及以後，我們現在還沒有任何計畫。

(interpreted) Second question, I would like to respond to the question on Marathon. First, about Marathon, how we factored in the forecast we expect the launch to happen within this fiscal year. But having said that, this is not a commitment. We cannot -- no official announcement has been given yet. So we are expecting this to be launched within this fiscal year. However, compared to sales is very small compared to the overall sales and the timing of launch.

(翻譯) 第二個問題，我想回答關於馬拉鬆的問題。首先，關於馬拉松，我們如何將預測納入考量，我們預計該服務將在本財年內推出。但話雖如此，這並不是一項承諾。我們不能——目前還沒有發布任何官方公告。因此我們預計它將在本財年內推出。然而，與整體銷售和推出時機相比，銷量非常小。

So we are now doing modification development. And based on the progress in the autumn time frame, we believe we can communicate when we will be launching that. We can launch that, either from Banji or PlayStation. And about governance of Banji, as you have said, when we the governance at the time of acquisition, we were offering a very independent environment. So that was one way of thinking. However, thereafter, we have gone through structural reform as we have announced last year. So this type of -- from this type of independence -- this independence is getting lighter.

所以我們現在正在進行修改開發。根據秋季時間表內的進展情況，我們相信我們可以告知何時啟動該計劃。我們可以從 Banji 或 PlayStation 啟動它。關於 Banji 的治理，正如您所說，在收購時的治理中，我們提供了一個非常獨立的環境。這是一種思考方式。然而，此後，正如我們去年宣布的那樣，我們進行了結構性改革。因此，這種獨立性正在變得越來越弱。

So Banji is shifting into a role, which is part -- which is becoming more part of PlayStation Studio. And integration is also proceeding. So in the long term, if you can see this as an ongoing process, so the direction is to become part of PlayStation Studio. And about the launch of Marathon, we are now fixing the problems. So we believe this launch will happen. And if this launch is canceled, we -- so we need to do the revision of the valuation. However, as of now, this is not expected.

因此，Banji 的角色正在轉變，它正在成為 PlayStation Studio 的一部分。並且整合也正在進行中。因此從長遠來看，如果你能將其視為一個持續的過程，那麼方向就是成為 PlayStation Studio 的一部分。關於 Marathon 的推出，我們現在正在解決問題。因此我們相信這次發射將會實現。如果這次發布被取消，我們就需要修改估值。然而，截至目前，這還不是預期的情況。

(interpreted) Goldman Sachs, Munakata-san.

（譯）高盛，宗像先生。

(interpreted) Munakata-san from Goldman Sachs. I also have two questions about the games. First, improvement of margins. Y-o-Y, it seems that the margin has improved quite substantially. But what will be the mix between hardware and software? And what is the gross margin of hardware and what is inside software? I think there's also contribution from network services. So can you talk about this in more detail?

（譯）高盛的宗像先生。我對比賽還有兩個問題。首先，利潤率的提高。與去年同期相比，利潤率似乎有了大幅提高。但是硬體和軟體的結合將會是怎麼樣的呢？硬體的毛利率是多少？軟體裡面又是什麼？我認為網路服務也做出了貢獻。那麼您能更詳細地談談這個問題嗎？

Also, second quarter onwards, tariff impact will be larger than Q1 is what's expected. So this high margin, is that something that you'll be able to sustain? That's the first question.

此外，從第二季開始，關稅的影響將比預期的第一季更大。那麼，你們能夠維持這麼高的利潤率嗎？這是第一個問題。

Second question, about Marathon, I also want to ask -- so it's a title that's attracting a lot of attention, strengthening live service games. So how do you look at the current status of your strategy to strengthen that? So you look at the quality before launch and you're making a decision and you're postponing.

第二個問題，關於馬拉松，我也想問一下——這是一個吸引了很多關注的遊戲，加強了即時服務遊戲。那麼，您如何看待當前加強此策略的現狀？因此，您會在發布之前查看品質並做出決定，然後推遲發布。

So I think you're making a flexible decision. I think that's a good thing. But on the other hand, it's a negative thing that the title doesn't appear. So how do you look at the current situation? In terms of strengthening live service games, where do you see the issues, please?

所以我認為你做了一個靈活的決定。我認為這是一件好事。但另一方面，標題沒有出現也是壞事。那麼您如何看待當前情勢？請問在加強線上服務遊戲方面，您認為有哪些問題？

(interpreted) Thank you for the questions. So I'd like to respond to those questions. First, about the game margins. For Q1, mainly what drove the margins was third-party software and network service and also decline in acquisition costs and decline in SG&A cost. So the margin as a whole, going forward, the factors that will drive the margins, there are two major parts. One is network service and the other is first-party studio contents. Structurally, those would -- those should lead to improvement of margin.

（翻譯）謝謝您的提問。所以我想回答這些問題。首先，關於比賽利潤。對第一季而言，利潤率成長的主要原因是第三方軟體和網路服務，以及收購成本和銷售、一般及行政費用的下降。因此，就利潤率而言，展望未來，推動利潤率的因素主要有兩個部分。一是網路服務，二是第一方工作室內容。從結構上講，這些應該會導致利潤率的提高。

For network service, the number of subscribers increasing and ARPU rising and the shift to higher tier and the optimization of content acquisition costs. These are things we're working on diligently. So structurally, they should contribute to the margin.

對於網路服務，用戶數量增加，ARPU上升，向更高層級的轉變以及內容獲取成本的最佳化。這些都是我們正在努力做的事情。因此從結構上來說，他們應該對利潤做出貢獻。

The other thing is about the first-party content. And as you point out, not everything is going well. But this fiscal year, well, compared to fiscal '24, first party is seeing higher revenue and profit, and that will contribute to higher margins. Our first-party portfolio, if that should stabilize, then we think that margin increase will be sustainable.

另一件事是關於第一方內容。正如您所指出的，並非一切都進展順利。但本財年與 24 財年相比，第一方營收和利潤更高，有助於提高利潤率。如果我們的第一方投資組合能夠穩定下來，那麼我們認為利潤率的成長將是可持續的。

Second question about Marathon and also live service game, the overall status. Last year, Concord and this year, Marathon was postponed. So somewhat the negative news has been coming out. But if you look at the past five years -- five years ago, live service games was almost nonexistent for the PlayStation Studios. We have held Daver 2 MLD, NGT7 and Bungie's Destiny 2. So we have these four live services contributing to sales and profit in a stable manner.

第二個問題是關於馬拉松和現場服務遊戲的整體狀況。去年，康科德馬拉松和今年的馬拉松都被推遲了。因此，一些負面消息不斷傳出。但如果你回顧過去五年——五年前，PlayStation Studios 幾乎沒有提供即時服務遊戲。我們舉辦過 Daver 2 MLD、NGT7 和 Bungie 的 Destiny 2。因此，我們有這四個即時服務來穩定地為銷售和利潤做出貢獻。

For Q1, live service ratio was about 40%. For the full year, it's a little less, probably between 20% to 30%. So in terms of the transformation, it's not entirely going smoothly. But from a longer-term perspective, if you look at the changes over five years, you see that there has definitely been a change. Of course, we recognize that there are still issues, many issues. So we should learn the lessons from mistakes and make sure that we introduce live service content where there's less waste and it's more smooth. So that's all for myself.

第一季度，直播服務佔比約40%。就全年而言，這個數字會少一些，大概在 20% 到 30% 之間。所以就轉型而言，並不是完全順利的。但從更長遠的角度來看，如果你觀察過去五年的變化，你會發現確實發生了變化。當然，我們認識到仍然存在很多問題。因此，我們應該從錯誤中學習，確保我們推出的即時服務內容浪費更少、更順暢。這就是我自己的全部了。

(interpreted) SMBC Nikko Securities, Katsura-san,

（翻譯）三井住友日興證券，Katsura 先生，

(interpreted) This is Katsura from SMBC Nikko Securities. I do have two questions and tariff related and also your revision to the forecast for this fiscal year. With regards to the first question about the tariff, this is just a confirmation in 1Q, I mean, the quarter-one, basically JPY110 billion. And then so this has been already factored in by each segment. And so basically, in all segments, I think the negative impact has been reduced -- and so I just want to confirm that.

（翻譯）我是三井住友日興證券的桂。我確實有兩個問題，與關稅有關，還有您對本財政年度預測的修改。關於第一個問題，關於關稅，這只是第一季的確認，我的意思是第一季度，基本上是 1100 億日元。所以每個部分都已經考慮到了這一點。因此，基本上，在所有領域，我認為負面影響已經減少了——所以我只是想確認這一點。

And then also the second question is about the full year forecast. And the gaming is improving JPY20 million and then also tariff impact has been reduced by JPY30 billion. And I think those are the main changes that you have made. But for game area, and there is an upward performance in Q1. But compared to that, I think the revision is smaller than the outperformance, but maybe that is not limited to Q1 or the full year.

第二個問題是關於全年預測。博彩業的收入提高了 2,000 萬日元，關稅影響也減少了 300 億日元。我認為這些就是你們所做的主要改變。但就遊戲領域而言，Q1表現有所上升。但與此相比，我認為修正幅度小於超出預期，但這可能不僅限於第一季或全年。

But -- and also for music area, FGO and also gaming and Demon Slayer are positive profit drivers, but it seems that you seems to be more conservative and cautious in terms of the full year forecast. And then -- so can you talk to me about your thinking about the revision from the macro perspective?

但是——對於音樂領域來說，《FGO》以及遊戲和《鬼滅之刃》都是積極的利潤驅動因素，但就全年預測而言，你似乎更加保守和謹慎。然後——那麼您能從宏觀角度跟我談談您對修訂的看法嗎？

(interpreted) So the first question, Horii-san will take that on. And then second question will be answered by me.

（譯）那麼第一個問題，由堀井先生來回答。然後我將回答第二個問題。

(interpreted) Thank you very much for your question. So with regards to tariff and then your understanding is correct. And in Q1 and basically, the impact was already included in the actual performance and the P&L of each business for the full year, and JPY70 billion is basically its view at the company level.

（翻譯）非常感謝您的提問。因此，關於關稅，您的理解是正確的。而在第一季度，基本上影響已經計入全年各項業務的實際業績和損益中，700億日圓基本上是公司層面的看法。

And as we continue to see a progress in the actual performance, and I think it would be more difficult to really -- for the head office to really observe that impact. But for the Q1 announcement, and yes, you are right about that and in terms of thinking, and that's all I wanted to say.

隨著我們繼續看到實際表現的進步，我認為總部要真正觀察到這種影響會更加困難。但是對於第一季的公告，是的，你是對的，從想法上來說，這就是我想說的全部。

The second question for the full year forecast and then thinking behind that. And for game in Q1, and we see a really outperformance in profit. And for the full year, and basically, we made upward revision by JPY20 billion and thinking about the positive drivers, network service and then also the positive impact of the ForEx.

第二個問題是全年預測以及背後的思考。對於第一季的遊戲，我們看到利潤表現非常出色。對於全年而言，我們基本上將目標上調了 200 億日元，考慮了積極的驅動因素、網路服務以及外匯的積極影響。

And also, as was mentioned, the first-party game because of the delay of the launch of a Marathon, which had a negative impact on the profit. And then that is also partially offset. So that's why we made an upward revision by JPY20 billion in profit.

而且如同先前提到的，第一方遊戲《馬拉松》由於推出延遲，對利潤產生了負面影響。然後這也被部分抵消了。這就是我們將利潤上調200億日圓的原因。

And then for Music, and there are a number of hits, fortunately. But again, the impact on the overall business has been rather limited. And the blockbuster like Demon Slayer, we basically expected that will be a huge hit from the beginning of the year. So that's why that is not a factor for the revision this time.

然後是音樂，幸運的是，有很多熱門歌曲。但同樣，對整體業務的影響相當有限。而像《鬼滅之刃》這樣的大片，我們基本上從年初就預料到它會大賣。所以這不是這次修訂的因素。

And also, in Sony Group overall from Q2 onward, the US tariff impact will be felt more pronouncedly. And then also there will be more uncertainties. So in Q1, and we had a really good performance. But from Q2 onward, we need to -- we are more conservative and we need to be -- we need to take a more cautious approach.

而且，從第二季開始，索尼集團整體將更加明顯地感受到美國關稅的影響。而且還會有更多的不確定性。因此在第一季度，我們的表現非常好。但從第二季開始，我們需要更加保守，我們需要採取更謹慎的態度。

(interpreted) so we have a little time remaining. So we would like to accept one question each from two people. Okazaki-san from Nomura Securities.

（解釋）所以我們還剩下一點時間。因此，我們想接受兩個人各提出一個問題。野村證券的岡崎先生。

(interpreted) So this is Okazaki from Nomura. About I have a question on game. To the revision of production basis to respond to US tariffs, you said you have completed this within this quarter. So where are the games sold in US produced now? And also the cost, I think, will influence the sales. So I would like to hear about the pricing strategy of game consoles.

（翻譯）我是野村證券的岡崎。關於遊戲我有一個問題。對於為應對美國關稅而修改生產基礎，您說已經在本季度內完成了這項工作。那麼現在美國銷售的遊戲是在哪裡生產的呢？而且我認為成本也會影響銷售。所以我想了解一下遊戲機的定價策略。

(interpreted) Okay. I would like to respond. So about gaming consoles, so we are diversifying our supply chain. As for consoles, we have already transformed the production. And if we include peripherals, so the transfer to outside China, we will be completing that by the end of the first half. Hardware sold in the U.S. are now sourced outside China.

（翻譯）好的。我想回應一下。關於遊戲機，我們正在使我們的供應鏈多樣化。至於遊戲機，我們已經轉變了生產方式。如果包括外圍設備，那麼向中國境外的轉移，我們將在上半年末完成。目前，在美國銷售的硬體均來自中國境外。

About the pricing strategy of hardware, so that is really pertains to our future competitive strategy. So it's very difficult to comment on this. But the overall thinking is the -- our annual profit and lifetime value and also the sell-in volume and the expected content sales going forward. So all these factors will be considered as well as the receptiveness of the consumers to prices. So we would like to flexibly decide on the prices.

關於硬體的定價策略，這實際上關係到我們未來的競爭策略。因此對此發表評論非常困難。但總體想法是——我們的年度利潤和終身價值以及銷售量和未來預期的內容銷售。因此，所有這些因素以及消費者對價格的接受程度都會被考慮。因此我們希望靈活地決定價格。

(interpreted) Final question from JPMorgan Securities. Ayada-san, Ayada, do you hear?

（翻譯）摩根大通證券的最後一個問題。綾田同學，綾田，你聽到了嗎？

(interpreted) Ayada from JPMorgan. You say one question. So maybe it's a difficult question for you to respond to. And it overlaps with the previous question, but I want to come back to this. For I&SS, for North America, this is biggest customer. And as a part of its effort to increase procurement from the US, they've officially made a comment that they're going to procure chips from a Korean supplier.

（口譯）來自摩根大通的 Ayada。你說一個問題。所以這對你來說可能是一個很難回答的問題。它與上一個問題重疊，但我想回到這個問題。對於 I&SS 和北美來說，這是最大的客戶。而作為加強從美國採購力度的努力之一，他們已正式表示將從韓國供應商採購晶片。

In that context, as a general matter, in enhancing product competitiveness, you're going to try to maintain your positioning. But that context itself may not be valid just by your competitiveness, you may not be able to absorb those changes. So what I want to ask about is inclusive of those things, this kind of situation, has it been considered as a risk?

在這種背景下，一般來說，在提高產品競爭力時，你會努力保持你的定位。但僅憑你的競爭力，這種背景本身可能並不有效，你可能無法吸收這些變化。所以我想問的是，包括這些事情在內，這種情況是否被視為一種風險？

And have you been making preparations or simulations that this could happen as a risk? In terms of timing, it may be somewhat more into the future. Maybe you have some preparation period of several years. And during that time, you will be able to come up with countermeasures. So I think this will relate to capital expenditure plan. So please respond to the extent possible.

您是否已經做好準備或模擬可能發生的風險？從時間上來說，可能還要晚一些。也許你有幾年的準備期。在此期間，您將能夠想出對策。所以我認為這與資本支出計畫有關。因此請盡可能作出回應。

(interpreted) Thank you for the question. So Horii will respond.

（翻譯）感謝您的提問。所以堀井會做出回應。

(interpreted) Thank you for the question. Yes. this situation had we foreseen this and taken measures. Well, partly, we had considered this and assume this, but it's not that we have answers to all parts of this. Now it's just this morning that this was reported. So we have to check about the accuracy of the reporting, and that we'll be debating internally. Based on that this is an issue of that kind of nature as of now, I'd like to limit my comment to that extent.

（翻譯）感謝您的提問。是的，我們已經預見了這種情況並採取了措施。嗯，在某種程度上，我們已經考慮過這個問題並假設了這一點，但這並不意味著我們對所有問題都有答案。今天早上才報道了此事。因此，我們必須檢查報告的準確性，並且我們將進行內部辯論。鑑於目前這是一個此類問題，我想將我的評論限制在這種程度。

(interpreted) So with that, we'd like to conclude Sony Group earnings announcement meeting. Thank you so much for joining us today.

（譯）至此，我們想結束索尼集團財報公告會議。非常感謝您今天加入我們。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。