索尼 (SONY) 2026 Q1 法說會逐字稿

Thank you for waiting. We will now start the Q&A session.

感謝您的等待。我們現在開始問答環節。

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, Disc Manufacturing Business, and Storage Media Business, Naoya Horii; President and CEO, Sony Financial Group Inc., Toshihide Endo.

首先上台的各位領導：公司執行長兼財務長林濤；負責財務和投資者關係的高級副總裁早川貞彥；負責企業規劃和控制、光碟製造業務和儲存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執行長遠藤敏英。

(Operator Instructions)

（操作員指示）

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）

[Toda-san, Yomiuri Newspaper].

[戶田先生，讀賣新聞]。

Can you hear? Yes. 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.

你聽得見嗎？是的。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%?

另外，美國川普政府正在討論對半導體徵收 100% 的關稅。我不知道它在日本會如何應用，但如果達到 100%，風險會是什麼？

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. And for G&NS, Games and Sony Electronics, total of JPY100-plus billion impact.

謝謝你的提問。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的不同。對於第一季的半導體而言，沒有影響。而對於G&NS、遊戲和索尼電子而言，總計影響超過1000億日圓。

That's according to assumptions. 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 is lower compared to expectation in May.

這是根據假設。因此有一些推遲，並且有一個戰略盤點。這比第二季及以後的規模要小。並且根據假設和措施，從第二季開始，降幅與 5 月的預期相比有所降低。

So G&NS, ET&S, I&SS, JPY20 billion to JPY30 billion each. So that's total of JPY70 billion impact from tariffs. That's now factored into our forecast.

因此，G&NS、ET&S、I&SS 各為 200 億日圓至 300 億日圓。因此，關稅的影響總額為 700 億日圓。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 the direct and indirect impact that we will continue to do going forward. Thank you.

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，我們將評估未來將持續產生的直接和間接影響。謝謝。

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。

[Nikkei, Yoshida-san]. Yoshida-san, are you there? Can you hear me?

[日經，吉田先生] 吉田先生，你在嗎？你聽得到我嗎？

This is Nikkei, Yoshida speaking. Sorry about that. All right. I do have two questions.

我是日經新聞記者吉田。很抱歉。好的。我確實有兩個問題。

The first one is about animation. So current -- your evaluation of the titles in pictures and Demon Slayer got off to a really great start. And then also National Treasure has been hugely successful. How are you evaluating the box office performance of these two titles compared to your initial estimate?

第一個是關於動畫的。所以現在——你對圖片中的標題和《鬼滅之刃》的評價有了很好的開始。《國家寶藏》也獲得了巨大的成功。與您最初的估計相比，您如何評價這兩部影片的票房表現？

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

而《鬼滅之刃》方面，預計票房收入還會持續增加。您是否認為這足夠好，以至於會促使您上調預測（包括商品銷售）？

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

還有您對萬代控股的投資。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？

So the first question, I will take that. And then second question will be answered by Hayakawa-san.

所以第一個問題，我會回答。然後第二個問題將由 Hayakawa 先生回答。

Excuse me. With regards to anime titles, and as you said, the Demon Slayer and National Treasure, have been quite successful and we are getting a really positive feedback. And these titles, whether they are in line with our expectation. Demon Slayer, because they are our previous release, which was loved by many users, and that was a really successful IP. So we had a really high expectation for this IP. So that has been factored in our forecast.

打擾一下。關於動漫標題，正如你所說，《鬼滅之刃》和《國家寶藏》非常成功，我們得到了非常正面的回饋。而這些標題，是否符合我們的預期。《鬼滅之刃》，因為這是我們之前發布的遊戲，受到許多用戶的喜愛，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, under the umbrella of Aniplex and Median Studio was producing this title, and this was the first title 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 or our outlook.

但就《國家寶藏》而言，該作品由 Aniplex 和 Median Studio 共同製作，這是第一部獲得真正積極反響的作品。這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。這已經包含在預測或我們的展望中了。

So with regards -- thank you very much for the question. So the investment in Bandai, and of course, we have been shifting to creation. So for example, the entertainment three businesses basically account for 60% of our consolidated revenue. So basically, our business portfolio is shifting more to the creation.

因此，非常感謝您提出這個問題。因此，對萬代的投資，當然，我們已經轉向創作。舉例來說，娛樂三大業務基本上占我們綜合收入的60%。所以基本上，我們的業務組合正在更多地轉向創作。

And then as for the Electronics business and TV, compared to output devices, we are now shifting to creation devices that include digital camera. So as a result, we are seeing more stability in profitability and in revenue, and also the productivity of our performance is increasing. And against such backdrop, and for example, in the Music business, Music Streaming and EMI Music Publishing has been acquired, and then we increased the music catalog.

至於電子業務和電視，與輸出設備相比，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。在這樣的背景下，例如在音樂業務方面，我們收購了音樂串流媒體和 EMI 音樂出版公司，從而增加了音樂目錄。

And as I mentioned in the speech, 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. So now, as we make more transition to entertainment creation, the stability and the productivity, our performance is increasing.

正如我在演講中提到的，遊戲業務已經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。所以現在，隨著我們向娛樂創作、穩定性和生產力的進一步轉變，我們的業績正在提高。

So this upward revision might not have been a direct result of these. However, the Music Publishing and also acquisition of a music catalog and also the acquisition of Crunchyroll, 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，這次上調可能不是這些因素的直接結果。然而，音樂出版、音樂目錄的收購以及 Crunchyroll 的收購，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。

Nishida-san, freelance reporter, please.

請自由記者西田先生。

Do you hear me?

你聽見我說話了嗎？

Yes, we do.

是的，我們有。

This is Nishida. I have two questions about the Semiconductors business and Electronics business.

我是西田。我有兩個關於半導體業務和電子業務的問題。

First, about the Semiconductors business. Today, it was reported in the news that Apple investing in the US as partner. So it is 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?

首先，關於半導體業務。今天有消息指出蘋果將以合作夥伴的身份在美國進行投資。那麼他們有可能在美國設立生產設施嗎？所以這種風險今年可能不會出現。但從今年年底到明年，您將如何降低這種風險，例如風險對沖？

Number two, within the Electronics, I have a question on smartphones. In the first half, 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，在電子產品領域，我有一個關於智慧型手機的問題。上半年，Xperia 1 VII 一直有召回風險。這對銷售和智慧型手機業務本身會產生什麼影響？

Thank you for the question. I have received two questions. And I would like to respond to the smartphone questions on ET&S, and I&SS question. Horii-san will respond later on.

謝謝你的提問。我收到了兩個問題。我想回答有關 ET&S 和 I&SS 的智慧型手機問題。Horii-san 稍後會做出回應。

About the defect of Xperia smartphone. So we are very sorry that we caused 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, so we have exchanged the parts which have been impacted.

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。關於缺陷的識別和對策已經完成。故障本身來自生產過程。受影響的損失，所以我們已經更換了受影響的零件。

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.

關於質量，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。

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 smartphone. So we will continue to grow this business.

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。

Thank you for the question. So I cannot respond to questions pertaining to 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 U.S.

謝謝你的提問。所以我無法回答有關特定客戶的問題。但是關於風險和對策，就整體風險來說，我想做出回應。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。

In the short term, it is not really feasible to produce in the US in the short term. 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 exist. And as a device manufacturer, the competitiveness and quality of the product.

短期來看，在美國生產短期內其實不太可行。然而，源頭在哪裡，如何向客戶提供非常高品質的設備，以及如何使最終交付給客戶的產品盡可能具有吸引力，這是我們之前一直在努力的方向。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。

With this, we would like to get involved in this market. Thank you.

藉此，我們想涉足這個市場。謝謝。

Taruno-san from NHK, please. Taruno from NHK, can you hear?

請 NHK 的 Taruno 先生發言。NHK 的 Taruno，你聽得到嗎？

Yes, thank you. 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?

是的，謝謝。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，關於您對經濟的看法，美國消費者目前的狀況如何？

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?

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？

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.

謝謝。我想回答這個問題。關於美國經濟，它正在略微減速，有所放緩，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。

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.

Q2，也就是4月到6月，美國GDP成長3%，高於預期。個人消費開始復甦。但與去年相比，力道減弱。關於我們的業務，作為一個投資組合，我們有硬件，我們必須密切關注硬件的情況。

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 those impacts have been already factored into our forecast that we announced today. Thank you.

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，這些影響已經納入我們今天宣布的預測中。謝謝。

We are running out of time. So the next question will be the last one. Hirata-san, Nikkei Business.

我們的時間不多了。所以下一個問題將是最後一個。平田先生，《日經商業》

Can you hear me? Can you hear?

你聽得到我嗎？你聽得見嗎？

Yes. This is Hirata from Nikkei Business. And I do have one question. During the presentation, you talked about the partnership with the Bandai Namco. And then also last year, you forged a partnership with Kadokawa. So what will be the timeline of seeing the result in terms of the performance?

是的。我是日經商業的平田。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。去年，您還與角川建立了合作關係。那麼，從性能方面來看，什麼時候能看到結果呢？

And I know that Kadokawa and then Bandai Namco, you already have the partnership before your decision to investment. So what are the changes that we can expect after the investment?

我知道，在你們決定投資之前，角川和萬代南夢宮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？

Thank you for the questions. You are right. In Bandai Namco and Sony Group are already collaborating through partnership on the ground, and in especially game, music and in anime areas. And before our investment, we treat them as a really important partner for collaboration. So with this recently announced investment, we can go deeper and wider in terms of collaboration. We are seeing a possibility of that.

謝謝您的提問。你是對的。萬代南夢宮和索尼集團已透過實際合作合作，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取得更深層和更廣泛的進展。我們看到了這種可能性。

More specifically, the game and anime IP using us access so that we can really expand the community. 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.

更具體地說，遊戲和動漫IP利用我們的訪問權限，以便我們能夠真正擴大社群。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，為觀眾帶來 Kando 體驗。我們相信我們能夠做到。

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

至於時間表，這有點難說，但我認為有長期合作或直接合作，包括 IP 社區建設。還有一些唾手可得的成果可以在一年內實現。從集團層面的整體合作來看，我們希望產生適當的成果，然後看看我們是否產生了回報，我們將定期考慮並評估未來的情況。就這樣。

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.

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）

We will start the Q &A session for investors and analysts shortly. Please wait a few more moments until we resume.

我們很快就會開始投資人和分析師的問答環節。請稍等片刻，我們將恢復。

Okay. Thank you for waiting. We will now begin the Q&A session with investors and analysts. I am Kondo from IR Group and I will be moderating this session.

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 Kondo，我將主持本次會議。

As with the media session, the four individuals here will be responding to the questions. Now let's begin the Q&A. (Event Instructions)

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。（活動須知）

Mizuho Securities, Nakane-san.

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。

Thank you. I have two questions. The first question is about finance, and the second question is on games. 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.

謝謝。我有兩個問題。第一個問題是關於金融的，第二個問題是關於遊戲的。所以你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. So how have you incorporated the sales and profit as well as the timing of launching Marathon. So please give us hints.

第二個問題是關於遊戲的。關於馬拉松，在利潤中，你已經將一些負面因素納入考量。那麼，您是如何將銷售額和利潤以及推出 Marathon 的時間結合起來的呢？所以請給我們提示。

And about Bungie, so it seems like an autonomous region. So we would like to hear about the governance of Bungie. 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.

至於 Bungie，它看起來像一個自治區。因此我們想了解一下 Bungie 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，是否存在損害等風險？所以我這裡有兩個這樣的問題。

Okay, thank you for the questions. Endo-san will respond to the first question; and the second question, I will respond.

好的，感謝您的提問。第一個問題由遠藤先生回答，第二個問題由我回答。

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 measures for FY25 and26. And the partial sale of assets, what was scheduled for this fiscal year, has been advanced. So these were sold in advance.

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。原定於本財年進行的部分資產出售已提前完成。所以這些都是提前賣出的。

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.

並且由於這一點，這樣做是為了提高 ESR 和出售債券。而透過這些活動，索尼生命的ESR改善，則提高了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%. So that is within the ESR target range. So this is thanks to advancing our initiatives to improve our finances. So these advanced initiatives were carried out.

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。這要歸功於我們推動改善財政狀況的措施。所以這些先進的措施就得以實施。

And about selling US bonds, as I said in the Investor Day, 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. And beyond that, in FY25, 26 and beyond, we don't have any plans as of now.

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，對於 25、26 財年及以後，我們目前還沒有任何計畫。

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. No official announcement has been given yet.

第二個問題，我想回答一下關於馬拉鬆的問題。首先，關於馬拉松，我們如何考慮預測？我們預計本財年內推出。但話雖如此，這並不是一項承諾。目前尚未發布任何官方公告。

So we are expecting this to be launched within this fiscal year. However, the sales is very small compared to the overall sales and the timing of launch. So we are now doing modification development. And based on the progress, in the autumn timeframe, we believe we can communicate when we will be launching that. We can launch that, either from Bungie or PlayStation.

因此我們預計它將在本財年內推出。然而，與整體銷量和推出時間相比，這一銷量非常小。所以我們現在正在進行修改開發。根據進展情況，我們相信我們可以在秋季公佈何時推出該產品。我們可以從 Bungie 或 PlayStation 上啟動它。

And about governance of Bungie, as you have said, 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 from this type of independence, this independence is getting lighter. So Bungie is shifting into a role, which is becoming more part of PlayStation Studio.

關於 Bungie 的治理，正如您所說，在收購時，我們提供了一個非常獨立的治理環境。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。所以從這種獨立性來說，這種獨立性是越來越輕了。因此，Bungie 的角色正在轉變，並逐漸成為 PlayStation Studio 的一部分。

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.

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。

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, so we need to do the revision of the valuation. However, as of now, this is not expected. Thank you.

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。如果這次發布取消，那麼我們就需要對估值進行修改。然而，截至目前，這還不是預期的情況。謝謝。

Goldman Sachs, Munakata-san.

高盛，宗像先生。

Munakata from Goldman Sachs. Can you hear?

高盛的 Munakata。你聽得見嗎？

Yes, we hear you.

是的，我們聽到了。

Thank you. I also have two questions about the games. First, improvement of margins. YoY, 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?

謝謝。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 is 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.

第二個問題是關於馬拉鬆的，我也想問。因此，這是一個吸引大量關注的遊戲，增強了即時服務遊戲的競爭力。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? And 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？在加強即時服務遊戲方面，您認為有哪些問題？

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.

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。

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 should lead to improvement of margin.

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。從結構上來說，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 shift to higher tier and optimization of content acquisition costs. These are things we're working on diligently. So structurally, they should contribute to the margin.

網路服務，用戶數量增加，ARPU上升，向更高層級轉移，內容獲取成本優化。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 contents. 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 non-existent for the PlayStation Studios. We have held Driver 2 MOD, 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，康科德馬拉松賽和今年的馬拉松賽都被推遲了。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。我們已經舉辦了 Driver 2 MOD、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%.

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。

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 little less waste and it's more smooth. So that's all for myself.

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，更加順暢。這就是我自己的全部了。

SMBC Nikko Securities, Katsura-san.

SMBC日興證券，桂桑。

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.

我是三井住友日興證券的桂。我確實有兩個與關稅有關的問題，還有您對本財年預測的修改。

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. So basically, in all segments, I think the negative impact has been reduced. And so I just want to confirm that.

關於第一個問題，關於關稅，這只是一個確認。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。所以基本上，在所有領域，我認為負面影響已經減少了。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。

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

對於音樂領域，《FGO》和《鬼滅之刃》都是正面的利潤驅動因素，但就全年預測而言，您似乎更加保守和謹慎。那麼您可以從宏觀角度跟我談談對這次修訂的思考嗎？謝謝。

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

因此第一個問題由堀井先生來回答。然後我將回答第二個問題。

Thank you very much for your question. So with regards to tariff, your understanding is correct. In Q1, 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.

非常感謝您的提問。因此，關於關稅，您的理解是正確的。在一季度，基本上這個影響已經計入全年實際業績和各項業務的損益中了，700億日元基本上是公司層面的看法。

And as we continue to see a progress in the actual performance, 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, we see a really outperformance in profit. And for the full year, basically, we made upward revision by JPY20 billion.

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，我們看到利潤表現確實出色。對於全年而言，我們基本上上調了 200 億日元。

And thinking about the positive drivers, network service, and then also the positive impact of the ForEx. And also, as was mentioned, the first-party game, because of the delay of the launch of 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.

並考慮正面的驅動因素、網路服務以及外匯的正面影響。另外，如同先前提到的，第一方遊戲《馬拉松》的推出延遲，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, 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.

然後就音樂而言，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, we had a really good performance. But from Q2 onward, we are more conservative and we need to take a more cautious approach.

而且，對索尼集團整體而言，從第二季開始，美國關稅的影響將更加明顯。而且，還會有更多的不確定性。因此，在第一季度，我們的表現非常出色。但從第二季開始，我們會更加保守，需要採取更謹慎的態度。

So we have a little time remaining. So we would like to accept one question each from two people.

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。

Okazaki-san, Nomura Securities.

野村證券的岡崎先生。

So this is Okazaki from Nomura. 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?

我是野村證券的岡崎。我有一個關於遊戲的問題。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？

And also the cost, I think, will influence the sales. So I would like to hear about the pricing strategy of game consoles.

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。

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 US are now sourced outside China.

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 really pertains to our future competitive strategy. So it's very difficult to comment on this. But the overall thinking is 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，這確實關係到我們未來的競爭策略。因此對此發表評論非常困難。但總體考慮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。

JPMorgan Securities. Ayada-san, please. Ayada-san, do you hear?

摩根大通證券。綾田先生，有請。綾田同學，你聽到了嗎？

Ayada from JPMorgan. Can you hear?

摩根大通的 Ayada。你聽得見嗎？

Yes.

是的。

Thank you. 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.

謝謝。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。

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. 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.

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。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。但該背景本身可能並不有效。

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? And have you been making preparations or simulations that this could happen as a risk?

僅憑你的競爭力，你可能無法吸收這些變化。所以我想問的是包括這些事情。這種情況，已經被認為是一種風險了嗎？您是否已經做好準備或模擬可能發生的風險？

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.

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。

Thank you for the question. So Horii will respond.

謝謝你的提問。所以堀井會做出回應。

Thank you for the question. Yes, this situation, had we foreseen this and taken measures? Well, partly, we had considered this and assumed this, but it's not that we have answers to all parts of this.

謝謝你的提問。是的，這種情況，我們預見了嗎，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過這個問題，但這並不意味著我們對所有問題都有答案。

Now it's just this morning that this was reported. So we have to check about the accuracy of the reporting and we'll be debating internally based on that. This is an issue of that kind of nature. So as of now, I'd like to limit my comment to that extent.

今天早上才報道了此事。因此，我們必須檢查報告的準確性，並在此基礎上進行內部辯論。這是一個此類性質的問題。因此，截至目前，我只想將我的評論限制在這一範圍內。

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

至此，我們想結束索尼集團收益公告會議。非常感謝您今天加入我們。

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