索尼 (SONY) 2026 Q2 法說會逐字稿

(interpreted) Since its time, we'd like to start the Sony Group Corporation's FY2025 Q2 consolidated financial results presentation. This is Ishi from PR. I'll be the emcee. So today, we will present the FY 2025 Q2 financial results as well as the full year forecast from Lin Tao, the CFO, Corporate Executive Officer. We will have questions and answers after that. The total time will be 70 minutes.

（翻譯）現在，我們想開始索尼集團公司 2025 財年第二季合併財務業績報告。我是來自公關部的伊什。我將擔任主持人。今天，我們將介紹 2025 財年第二季的財務業績，以及財務長兼企業執行長林濤對全年的預測。之後我們會進行問答環節。總時長為70分鐘。

Lin Tao's financial results will be presented in English based on the pre-recorded video which will be streamed.

林濤的財務表現將以預先錄製的影片形式，以英語進行直播發布。

Hello, everyone, today I will explain the content shown here. Sales of continuing operations for the quarter increased 5% compared to the same quarter of the previous fiscal year to JPY3,107.9 billion. Operating income increased 10% to JPY429 billion. Both were record highs for the second quarter.

大家好，今天我將為大家解釋這裡展示的內容。本季持續經營業務的銷售額比上年同期成長5%，達到31079億日圓。營業收入成長10%，達到4,290億日圓。這兩個數字均為第二季歷史新高。

Net income increased 7% to JPY311.4 billion. The financial results by settlement are shown here. As for our four year result forecast, we upwardly revised sales from our previous forecast 3% to JPY12 trillion, operating income 8% to JPY1,430 billion, and net income 8% to JPY1,050 billion.

淨利成長7%，達到3114億日圓。此處顯示的是按結算方式劃分的財務結果。至於我們未來四年的業績預測，我們將銷售額較先前的預測上調了 3% 至 12 兆日元，營業收入上調了 8% 至 14,300 億日元，淨收入上調了 8% 至 10,500 億日元。

We expect the impact of additional US tariffs on the operating income of our continuing operations to decrease JPY20 billion from our previous forecast to JPY50 billion. We have reflected that impact in the forecast for each segment from this quarter.

我們預計，美國額外加徵關稅對我們持續經營業務的營業收入的影響將使我們的營業收入比先前的預測減少 200 億日元，至 500 億日圓。我們已將這種影響反映在本季各細分市場的預測中。

We upwardly revised our forecast for operating cash flow 18% to JPY1,500 billion. The forecasts for each segment are shown here.

我們將經營現金流預測上調了 18%，至 15,000 億日圓。這裡顯示了各個細分市場的預測結果。

Now I will turn to an overview of each business. First is the G&NS segment. FY25 Q2 sales increased 4% year on year, primarily due to the growth of network service revenue and the software sales. Despite the impact of the increase in sales, operating income decreased 13% year on year.

現在我將對每家企業進行概述。首先是G&NS部分。2025財年第二季銷售額年增4%，主要得益於網路服務營收和軟體銷售的成長。儘管銷售額成長帶來了一定影響，但營業收入較去年同期下降了 13%。

This was primarily due to the recording of approximately JPY49.8 billion in non-recurring losses resulting from an impairment of intangible and other assets and a correction in the amount of previously capitalized development costs. Excluding these non-recurring items, operating income would have increased 23%.

這主要是由於無形資產和其他資產減損導致約 498 億日圓的非經常性損失的記錄，以及先前資本化的開發成本金額的修正。如果剔除這些非經常性項目，營業收入將成長 23%。

We upwardly revised our sales forecast 3% from the previous forecast to JPY4,470 billion. This is primarily due to the impact of foreign exchange rates. Despite the negative impact of the non-recurring items and the inclusion of a JPY30 billion tariff impact that we are recording from this quarter, our JPY500 billion operating income forecast is unchanged from the previous forecast. This is primarily due to the positive impact of foreign exchange rates.

我們將銷售預測值比先前的預測值上調了 3%，至 44,700 億日圓。這主要是由於外匯匯率的影響。儘管非經常性項目以及本季計入的 300 億日圓關稅影響產生了負面影響，但我們 5,000 億日圓的營業收入預測與先前的預測保持一致。這主要是由於外匯匯率的正面影響。

Our PlayStation platform continues to demonstrate its strengths as the best place to play and the best place to publish. User engagement trended well, with the number of monthly active users across all of the PS in September increasing 3% compared to last September to 119 million accounts, and total play time for the quarter also increased 1% year on year.

我們的 PlayStation 平台持續展現其優勢，成為最佳的遊戲平台和最佳的發行平台。用戶參與度呈現良好趨勢，9 月份 PS 平台所有遊戲的每月活躍用戶數比去年 9 月增長了 3%，達到 1.19 億個帳戶，該季度的總遊戲時長也同比增長了 1%。

Game software and network service sales are steadily growing. We expect this trend to continue in the second half, due to a continued shift to higher tiers in our network service business and the contribution of first party titles.

遊戲軟體和網路服務銷售額正在穩步增長。我們預計下半年這一趨勢將持續，這得益於我們的網路服務業務持續向更高層級轉型以及第一方遊戲的貢獻。

As for PS5 hardware, we plan to expand the install base during the year end sales season while continuing to balance that expansion with the profitability of the entire segment.

至於 PS5 硬件，我們計劃在年底銷售旺季擴大裝機量，同時繼續在擴大裝機量的同時，兼顧整個業務板塊的盈利能力。

Although performance varies by title, our live service game overall accounted for more than 40% of our first party software revenue, similar to the previous quarter and are a recurring source of revenue. Regarding Destiny 2, partially due to the changes in the competitive environment, the level of sales and user engagement have not reached to the expectation we had at the time of the acquisition of Bungie.

雖然不同遊戲的表現有所不同，但我們的線上服務遊戲總體上占我們第一方軟體收入的 40% 以上，與上一季類似，並且是經常性的收入來源。關於《天命2》，部分原因是競爭環境的變化，其銷售額和用戶參與度並未達到我們收購 Bungie 時所預期的水平。

While we will continue to make improvements, we downwardly revised the business projection for the time being and recorded an impairment loss against a portion of the assets at Bungie.

雖然我們將繼續改進，但我們暫時下調了業務預測，並對 Bungie 的部分資產提列了減損損失。

On the other hand, Helldivers 2, which was also released for Xbox in August of this year, is doing extremely well, not only attracting new users on Xbox, but also seeing increased engagement from existing users on PS5 and PC. This resulted in a significant increase in sales of the title year on year.

另一方面，同樣於今年8月登陸Xbox平台的《地獄潛者2》表現極為出色，不僅吸引了Xbox平台的新用戶，也提高了PS5和PC平台現有用戶的參與度。這使得該遊戲的銷量比去年同期增長顯著。

MLB, the show 25, released in March, also continued to perform well during the quarter. In a single player AAA title space, following the release of Death Stranding 2 on the beach in June, we released Ghost of Yote in October.

MLB 第 25 季於 3 月發布，本季也持續保持良好表現。在單人 AAA 遊戲領域，繼 6 月在海灘發布《死亡擱淺 2》之後，我們在 10 月發布了《幽靈之約特》。

The Ghost of Yotei surpassed 3.3 million units sold globally as of November 2, becoming a major hit like its predecessor. Building on this recent progress, we aim to strengthen our studio business and expand our IP franchises through continuous learning and improvement.

截至11月2日，《妖怪手錶2：妖尾》全球銷量突破330萬份，像前作一樣成為熱門遊戲。基於近期取得的進展，我們旨在透過不斷學習和改進，加強我們的工作室業務並擴展我們的IP特許經營權。

Next is the music segment. FY25 Q2 sales increased 21% year on year and operating income increased 28%, reaching record highs for the second quarter. This was primarily due to a higher visual media and platform revenue driven primarily by the success of the theatrical release of Demon Slayer: Kimetsu No Yaiba Infinity Castle. It was also due to an increase in streaming revenue.

接下來是音樂環節。2025財年第二季銷售額年增21%，營業收入較去年同期成長28%，創第二季歷史新高。這主要是由於《鬼滅之刃：無限城堡》劇場版上映的成功，帶動了視覺媒體和平台收入的成長。這也得益於串流媒體收入的成長。

On a US dollar basis, streaming revenue for the quarter increased 12% year on year in recorded music and 25% in music publishing. We have upwardly revised our four year forecast for sales 6% to JPY1,980 billion compared to the previous forecast and operating income 7% to JPY385 billion.

以美元計，本季串流媒體收入在錄製音樂方面同比增長 12%，在音樂出版方面同比增長 25%。我們已將未來四年的銷售額預測上調 6% 至 19,800 億日元，營業收入預測上調 7% 至 3,850 億日元。

During the quarter, SMEJ made great strides, recording its highest ever quarterly sales and operating income and contributing significantly to the growth of this segment. Demon Slayer, produced by Aniplex, became a global hit due to our collaboration with Toho for distribution in Japan, as well as the strengthening and expanding of distribution overseas by Crunchyroll and Sony Pictures.

本季度，SMEJ取得了長足進步，創下了有史以來最高的季度銷售額和營業收入，並為該業務部門的成長做出了重大貢獻。由 Aniplex 製作的《鬼滅之刃》憑藉我們與東寶株式會社在日本的合作發行，以及 Crunchyroll 和索尼影業加強和擴大海外發行，在全球範圍內取得了巨大成功。

As of October 13, 77.53 million people worldwide, including in Japan, have seen the movie and the total box office revenue has exceeded JPY94.8 billion.

截至10月13日，包括日本在內，全球已有7,753萬人觀看了這部電影，票房總收入超過9,48億日圓。

Kokuho has enjoyed a long run in theaters in Japan and has captivated a large audience, being selected as Japan's entry to the 98th Academy Awards in the Best International Feature Film category. The successes of Demon Slayer and Kokuho are examples of how we can increase the value of IP by discovering appealing IP and combining them with the production capability of talented creators.

《國寶》在日本戲院上映時間很長，吸引了大量觀眾，並被選為日本角逐第98屆奧斯卡最佳國際影片獎的代表作品。《鬼滅之刃》和《黑豹》的成功就是很好的例子，說明我們可以透過發現有吸引力的IP，並將其與有才華的創作者的製作能力相結合，來提高IP的價值。

We look forward to attracting not only fans, but also many creators and actors. In recorded music, Arista and (inaudible), an artist affiliated with SMEJ, have been breaking records on music charts both in Japan and overseas.

我們期待不僅能吸引粉絲，還能吸引許多創作者和演員。在錄製音樂方面，Arista 和（聽不清楚）一位與日本音樂娛樂公司 (SMEJ) 有關的藝術家在日本和海外的音樂排行榜上屢創佳績。

Thanks to synergy with the theatrical release of the anime Chainsaw Man – The Movie: Reze Arc. Outside of Japan, SMG is also achieving very strong results. The global success of artists and songwriters such as Tyler, the Creator and Bad Bunny has led to a double-digit increase year on year of sales and operating income for the quarter.

由於與動畫《電鋸人》劇場版《電鋸人：蕾澤篇》的上映產生了協同效應。在日本以外，SMG也取得了非常強勁的業績。泰勒·克雷特和壞兔子等藝術家和詞曲作者在全球範圍內取得的成功，使得本季度銷售額和營業收入同比增長了兩位數。

In addition, SMG is further enhancing its relationship with DSPs. It entered into licensing agreements with Spotify during the quarter and in collaboration with several other record labels, agreed to support Spotify's efforts to ensure that AI is used in a manner that will benefit artists and songwriters.

此外，SMG正在進一步加強與DSP的關係。本季度，該公司與 Spotify 簽訂了許可協議，並與其他幾家唱片公司合作，同意支持 Spotify 為確保人工智慧以有利於藝術家和詞曲作者的方式使用所做的努力。

Next is the picture segment. FY25 Q2 sales decreased 3% year on year and operating income decreased 25%. This was primarily due to the impact of a decrease in sales from theatrical release, which benefited from hits like It Ends With Us in the same quarter of the previous fiscal year. Partially offsetting the decrease in operating income was the impact of higher sales at Crunchyroll.

接下來是圖片展示部分。2025財年第二季銷售額年減3%，營業收入較去年同期下降25%。這主要是由於戲院上映的銷售額下降所致，而上一財年同期，戲院上映的銷售額得益於《我們終將結束》等熱門電影的上映。Crunchyroll 銷售額的成長部分抵銷了營業收入的下降。

There is no change to our full year forecast for sales and operating income. Crunchyroll continues to work to enhance the 360 degree IP experience of anime fans through the theatrical distribution of Demon Slayer, the launch of Crunchyroll Manga Service and other efforts.

我們對全年銷售額和營業收入的預測沒有改變。Crunchyroll 將繼續透過《鬼滅之刃》的戲院發行、推出 Crunchyroll 漫畫服務等舉措，提升動畫迷的 360 度 IP 體驗。

Crunchyroll manga, which currently digitally distributes hundreds of popular Japanese Manga titles, has been positively received by fans and publishers since its launch in October. We expect it will contribute to an increase in fan engagement and growth in subscribers.

Crunchyroll 漫畫自 10 月推出以來，一直受到粉絲和出版商的好評，目前以數位方式發行數百部熱門日本漫畫作品。我們預計這將有助於提高粉絲參與度和增加訂閱用戶數量。

In television productions, new seasons of popular existing series were released this quarter, such as Dark, Gen V, and Twisted Metal. In motion pictures, production has begun on the major title Spider-Man Brand New Day and the Next Jumanji, which are scheduled to be released next fiscal year.

本季度，一些熱門劇集推出了新一季，例如《黑暗》、《第五代》和《烈火戰車》。在電影方面，重磅影片《蜘蛛人：全新的一天》和《勇敢者遊戲3》已經開拍，預計下一財年上映。

Fans are eagerly awaiting the two titles, with five years having passed since the previous Spider-Man film, Spider-Man: No Way Home and seven years have passed since the previous Jumanji film Jumanji: The Next Level.

影迷們翹首以盼這兩部影片，距離上一部蜘蛛人電影《蜘蛛人：無路可退》已經過了五年，距離上一部勇敢者遊戲電影《勇敢者遊戲2：再戰巔峰》也過去了七年。

Next is the ET&S segment. FY25 Q2 sales decreased 7% year on year, primarily due to a decrease in unit sales of TVs. Operating income decreased 13% year on year, primarily due to the impact of the decrease in sales, partially offset by reductions in operating expenses.

接下來是ET&S部分。2025財年第二季銷售額年減7%，主因是電視機銷量下降。營業收入較去年同期下降 13%，主要原因是銷售額下降，部分被營業費用的減少所抵銷。

We have slightly increased our four year forecast for sales from the previous forecast to JPY2,300 billion and we have decreased our operating income forecast 11% to JPY160 billion, reflecting a JPY20 billion impact from tariffs from this quarter.

我們將未來四年的銷售額預測從先前的預測略微上調至 23,000 億日元，並將營業收入預測下調 11% 至 1,600 億日元，這反映了本季關稅帶來的 200 億日元的影響。

In the imaging markets, demand has slowed in two regions, China, where government subsidies that last through the first quarter ended June 30 significantly declined and the US primarily due to the impact of additional tariffs. However, this decrease in demand is essentially in line with our previous forecast, and global demand remains solid, primarily because of Asia.

在影像市場，兩個地區的需求已經放緩：中國，由於截至 6 月 30 日的第一季政府補貼大幅減少；以及美國，主要是由於額外關稅的影響。然而，這種需求下降基本上符合我們先前的預測，全球需求依然強勁，主要原因是亞洲的需求。

The severe operating environment for TVs and smartphones continues, but we are adapting by proactively reducing operating expenses and have been able to minimize the impact on profitability. At the segment level, there are no major changes to the demand outlook for the year-end sales season and the second half of the fiscal year.

電視和智慧型手機的經營環境依然嚴峻，但我們正在積極調整，主動降低營運成本，並將對獲利能力的影響降到最低。從細分市場層面來看，年底銷售旺季和下半年的市場需求前景並沒有重大變化。

We plan to continue to control costs and inventory and operate our business cautiously. In our sports business, which is a growth area, we completed the acquisition of STATSports in October. STATSports excels in active tracking technology, which collects and analyses real time data on athletes' physical condition and performance during games.

我們計劃繼續控製成本和庫存，謹慎經營業務。在我們的體育業務（一個成長領域）中，我們於 10 月完成了對 STATSports 的收購。STATSports 在主動追蹤技術方面表現出色，該技術能夠收集和分析運動員在比賽期間的身體狀況和表現的即時數據。

By combining this data with the optical tracking technology of Hawk-Eye and KinaTrax, we aim to provide industry leading sports data solutions to teams and athletes around the world. We also hope to accelerate the growth of our sports business overall.

透過將這些數據與 Hawk-Eye 和 KinaTrax 的光學追蹤技術相結合，我們旨在為世界各地的團隊和運動員提供領先業界的運動數據解決方案。我們也希望加快體育業務的整體成長。

Last is the I&SS segment. Sales for the quarter increased 15% year on year and operating income increased 50%, both reaching record quarterly highs for the segment.

最後是I&SS部分。本季銷售額年增 15%，營業收入年增 50%，兩項數據均創下該業務板塊季度新高。

This was primarily due to higher unit prices resulting from larger sized sensors for mobile devices and increased sales volume of sensors for consumer cameras. We upwardly revised our four year forecast for sales, 2% to JPY1,990 billion and operating income 11% to JPY310 billion, primarily due to the impact of foreign exchange rates.

這主要是由於行動裝置感測器尺寸增加導致單價上漲，以及消費相機感測器銷量增加所致。我們上調了未來四年的銷售額預測，上調 2% 至 19900 億日元，營業收入預測，上調 11% 至 3100 億日元，主要原因是匯率的影響。

Based on the trends in the final product market and the demand forecasts from our customers to date, we have decided not to include any impact from tariffs in this forecast for this segment.

根據最終產品市場的趨勢以及我們客戶迄今為止的需求預測，我們決定不將關稅的影響納入該細分市場的預測中。

The smartphone market continues to show signs of gradual recovery on a global basis. Sales of mobile sensors during the quarter increased significantly year on year due to higher unit prices resulting from larger sensors being used in new products by our major customer and a higher shipment volume than our previous forecast.

全球智慧型手機市場持續呈現逐步復甦的跡象。由於主要客戶在新產品中使用了更大的感測器，導致單價上漲，以及出貨量高於我們先前的預測，本季行動感測器的銷售額同比增長顯著。

In addition, growth of the market for cameras that use new video shooting styles such as handhelds contributed to the growth in sales.

此外，採用手持等新型影片拍攝方式的相機市場的成長也促進了銷售額的成長。

Our customers might have brought forward the purchase of components during the first half of the fiscal year due to the additional tariffs and other factors. Therefore, we have kept our fiscal year sales forecast unchanged from the previous forecast when the impact of foreign exchange rate is excluded.

由於額外關稅和其他因素，我們的客戶可能在本財年上半年提前購買了零件。因此，在不考慮匯率影響的情況下，我們維持本財年銷售預測與前一年預測不變。

We expect sales for the fiscal year to increase an already significant 11% from the previous fiscal year. During the third quarter ending December 31, 2025, we plan to carefully assess the possibility of another upward revision.

我們預期本財年的銷售額將比上一財年成長11%，增幅已相當可觀。在截至 2025 年 12 月 31 日的第三季度，我們計劃仔細評估再次上調的可能性。

The higher sales of image sensors and our fixed cost management through an accelerated review of low profit business and a shift of resources and costs to priority areas are contributing significantly to profit growth this fiscal year. During this mid-range plan period, we intend to continue to focus on improving the efficiency of business operations and product development.

影像感測器銷售成長，以及我們透過加快對低利潤業務的審查並將資源和成本轉移到優先領域來控制固定成本，都對本財年的利潤成長做出了重大貢獻。在本中期計劃期間，我們將繼續專注於提高業務營運效率和產品開發效率。

In the next mid-range plan period, we aim to build on those efforts by continuing to work to improve the profitability of the business by considering measures that balance business expansion with improved efficiency of capital expenditure.

在下一個中期計劃階段，我們計劃在這些努力的基礎上，繼續努力提高業務盈利能力，考慮採取平衡業務擴張和提高資本支出效率的措施。

To summarize, excluding non-recurring items, the G&NS, music, and I&SS segment all achieved record high operating income during the quarter, and we believe that our business momentum is strong.

總而言之，剔除非經常性項目後，G&NS、音樂和I&SS部門在本季度均實現了創紀錄的營業收入，我們相信我們的業務發展勢頭強勁。

Looking ahead to the second half of the fiscal year, given the uncertain business environment, we intend to continue to operate our business cautiously while striving to steadily achieve results. The upwardly revised operating income forecast for this fiscal year presented today projects an average annual growth rate of operating income of 18% compared to the final year of our fourth mid-range plan.

展望下半年的財政年度，鑑於不確定的商業環境，我們打算繼續謹慎經營業務，同時努力穩步取得業績。在今天公佈的本財年營業收入預測向上修正後，預計營業收入年均成長率將達到 18%，與我們第四個中期計畫的最後一年相比。

A cumulative operating income margin for the fifth mid-range plan to date of 11.3%. This demonstrates that we are making steady progress towards achieving the targets of our fifth mid-range plan. As for shareholder return, we established today a share repurchase facility of a maximum of JPY100 billion to be executed by May 2026.

第五個中期計畫至今的累計營業利益率為 11.3%。這表明我們在實現第五個中期計劃目標方面正穩步取得進展。至於股東回報，我們今天設立了最高額度1,000億日圓的股票回購機制，將於2026年5月前執行。

We successfully completed the partial spin off of the financial services business on October. We would like to reiterate our sincere gratitude to our shareholders and investors. This concludes my remarks.

我們已於10月份成功完成了金融服務業務的部分分拆。我們謹再次向股東和投資人表達我們誠摯的謝意。我的發言到此結束。

Thank you.

謝謝。

(interpreted) So that was the presentation from Lin Tao. From 4:25 we will accept questions from the media. And from 4:50 we will accept questions from investors and analysts.

（翻譯）以上就是林濤的報告。從4點25分開始，我們將接受媒體提問。從下午 4:50 開始，我們將接受投資者和分析師的問題。

The time allocated for questions and answers is 20 minutes each. Those of you who have registered your questions beforehand. Please click the link which says participate in the webinar. As for the instructions on how to ask questions, please refer to the information that was sent to you beforehand.

問答環節各佔20分鐘。已經提前登記過問題的各位。請點選「參加網路研討會」連結。至於如何提問，請參考先前發送給您的資訊。

And we will break for a while.

我們將休息一會兒。

(break)

（休息）

(interpreted) We are about to start the Q&A session for the media. You are kindly requested to wait for a few more minutes. Thank you for waiting. Let's start the Q&A session.

（翻譯）我們即將開始媒體問答環節。請您稍等片刻。感謝您的耐心等待。讓我們開始問答環節。

To answer your questions, we have on the podium, Lin Tao, CFO, Corporate Executive Officer; Hirotoshi Korenaga, Senior Vice President In Charge of Accounting; Naoya Horii, Senior Vice President In Charge of Corporate Planning and Control, Disc Manufacturing Business and Storage Media Business.

為了回答您的問題，我們請到了以下幾位：公司財務長兼企業執行長林濤；負責會計的高級副總裁弘俊古永；負責公司企劃控制、光碟製造業務和儲存媒體業務的高級副總裁堀井直哉。

We will take questions from the ladies and gentlemen of the media. Please be reminded that each one may ask up to two questions. To ask questions, please click raise hand button on the Webex screen.

我們將接受媒體朋友的提問。請注意，每人最多可以問兩個問題。如有任何疑問，請點擊 Webex 畫面上的「舉手」按鈕。

The first one is from NHK, Mr. Taruno or Ms. Taruno, please.

第一通電話來自NHK，請問是樽野先生還是樽野女士？

(interpreted) Thank you. I have two questions. You have just explained the results this time in and out of Japan. What about the market conditions as you see it, including the consumer behaviors and activities. That's my first question, and the second is that Demon Slayers or Kokuho have become such a big hit.

（翻譯）謝謝。我有兩個問題。您剛才已經解釋了這次日本國內外的調查結果。您如何看待市場狀況，包括消費者的行為和活動？這是我的第一個問題，第二個問題是，《鬼滅之刃》或《鬼滅之刃》為什麼會如此受歡迎。

There's a music and pictures related contents business, how are you going to grow these content-related businesses and what kind of initiatives are you going to continue?

公司目前有音樂和圖片相關的內容業務，你們將如何發展這些內容相關業務？你們將繼續推動哪些措施？

(interpreted) Thank you for your questions. First, about the market conditions and the business sentiment in and out of Japan, for Japan and the US, it seems that there is some stability quite recently, however, we are doing business globally, and the US economy is something that we focus on.

（翻譯）謝謝你們的提問。首先，關於日本國內外的市場狀況和商業信心，就日本和美國而言，最近似乎出現了一些穩定性，但是，我們在全球範圍內開展業務，而美國經濟是我們關注的重點。

In the latter half towards the latter half of the year, it seems that there are signs of slowing down in the US economy in terms of inflation, the inflation rate is going up and the job applicant ratio is coming down, and statistics because of the closure of the government services, we do not have much data, but it seems to me that there is a lack of transparency and certainty. Towards the latter half of this year, we are being cautious and trying to be conservative in our business operations.

今年下半年，美國經濟似乎出現了放緩的跡象，通貨膨脹率上升，求職者比例下降，由於政府服務關閉，我們沒有太多統計數據，但我覺得缺乏透明度和確定性。今年下半年，我們將採取謹慎的態度，在業務運作上力求保守。

About your second question, Demon Slayer and Kokuho. Thanks to patronage, in Japan and outside Japan, they have become such a big hit, and then they contributed a big positive impact on our business.

關於你的第二個問題，《鬼滅之刃》和《黑豹》。由於日本國內外的支持，它們獲得了巨大的成功，並對我們的業務產生了巨大的正面影響。

Going forward as for our content IP, we will continue to adapt the titles to the films and the motion pictures, and then partnering with the distributors both in and out of Japan, we would like to grow this business, not only Demon Slayers, but especially in Hollywood, the box office revenue, very high box office revenue was achieved, and I think culturally this gives us a big power.

展望未來，就我們的內容IP而言，我們將繼續把作品改編成電影和電視電影，然後與日本國內外的發行商合作，我們希望發展這項業務，不僅是《鬼滅之刃》，尤其是在好萊塢，票房收入非常高，我認為這在文化上賦予了我們巨大的力量。

So Japanese content make it successful in Hollywood going forward is good not only for Sony, but for content publishers of Japan. As a whole Going forward, in addition to the deployment of IPs, 360 degree utilizations and LPs, merchandizing, we will make an effort to expand this. Thank you very much.

因此，日本內容在好萊塢取得成功，不僅對索尼有利，對日本的內容出版商也有好處。展望未來，除了部署智慧財產權、360 度利用和 LP、商品銷售之外，我們還將努力擴大這方面的規模。非常感謝。

(interpreted) We will take the next question. Yoshida-san from Nikkei.

（譯）我們來回答下一個問題。日經新聞的吉田先生。

(interpreted) This is Yoshida from Nikkei. I hope you can hear me. Yes, we can hear you. I do have two questions. The first one is as follows the live service in game business. In the development status of a marathon and whether you wish to launch it this year, have you made any changes to the plan? That's the first question.

（譯）這是來自日經新聞的吉田。希望你能聽到我說話。是的，我們能聽到你們的聲音。我有兩個問題。第一個是遊戲產業的線上服務。關於馬拉鬆的籌備情況以及您是否希望今年舉辦該賽事，您對計劃做了哪些更改？這是第一個問題。

And then also looking at the actual performance of the add-on service from July and in September, and you recorded the underperformance for the first time in 13 quarters and then this might have been attributable to the delay in the live service or new title of releases. That's the first question.

此外，從 7 月和 9 月的附加服務實際表現來看，你們記錄到 13 個季度以來首次出現表現不佳的情況，這可能是由於即時服務或新遊戲發布延遲造成的。這是第一個問題。

And second question. So you said that the Demon Slayer has a really culturally significant impact. And what is the reason in your view that, these, titles are exceeding your expectation in terms of performance?

第二個問題。所以你的意思是說，《鬼滅之刃》有非常重要的文化影響力。您認為這些遊戲在表現方面超出您預期的原因是什麼？

(interpreted) Thank you very much for your question. The first question, with regards to the developments instead of a marathon, yes, we are still working on it, and, from October 22 and then 28 for a week, there was a technical test that involves 80,000 people, and as a result, the gameplay and then retention, those are the key KPIs that we tested on, and then we are in the process of analyzing the performance against those KPIs and as needed, we will make corrections and then we are fully dedicated to launching the title schedule, and then, yes, we assume that we will launch this within this year, and that is included in the forecast.

（翻譯）非常感謝您的提問。關於開發進度而非馬拉松式開發的第一個問題，是的，我們仍在努力。 10月22日至28日，我們進行了為期一週的技術測試，共有8萬人參與。測試結果顯示，遊戲玩法和用戶留存率是我們測試的關鍵KPI。目前，我們正在分析測試結果與這些KPI的比較情況，並根據需求進行調整。我們將全力以赴地推進遊戲發布計劃。是的，我們預計在今年內發布這款遊戲，這已納入我們的預測。

And with regards to add-on, compared to last fiscal year, there has been a reduction, as you mentioned, but with regard to add-on, and whether it's add-on or full game, and it really depends on the most popular titles most played by the gamers and users. So we don't believe that this represents a reduction or slowdown and as we gear up for the year-end sales season, and we have launched a new titles and I hope that the performance will be even strengthened.

至於附加內容，正如您所提到的，與上個財政年度相比有所減少，但就附加內容而言，無論是附加內容還是完整遊戲，這實際上取決於玩家和用戶玩得最多的熱門遊戲。因此，我們並不認為這代表銷量下降或成長放緩。隨著我們為年底銷售旺季做好準備，並推出了新遊戲，我希望銷量能進一步提升。

And then second question, so Demon Slayer upside and the reason for it, first, as a content business or thinking about the nature of the contents business. It's really difficult to accurately predict the performance and then the previous title was really successful during the pandemic.

第二個問題，《鬼滅之刃》的優勢和原因，首先，作為內容業務，或思考內容業務的本質。要準確預測遊戲表現真的很難，而且前作在疫情期間非常成功。

And at the time of the launch, and we had a lot of confidence. However, this title exceeded the expectation, and this could be attributable to the great performance in the overseas market in Hollywood. And we generated top grossing revenue and that was unprecedented. So from that perspective, we were able to deliver a performance that was unexpected.

在產品發布的時候，我們信心十足。然而，這部電影的票房成績超出了預期，這可能要歸功於它在好萊塢海外市場的出色表現。我們創造了最高的營收紀錄，這是前所未有的。所以從這個角度來看，我們能夠呈現出一場出乎意料的演出。

(interpreted) Let's go to the next question from (inaudible).

（翻譯）我們來看下一個問題。（聽不清楚）

(interpreted) I have two questions. The first question is about the music segment. 25 million I think was the upward revision that you made in operating income. I wonder how much of the contribution was from the Demon Slayer. I understood that it was already reflected in the forecast, but in the visual media platform, it was like a JPY200 billion revenue. So what kind of contribution did this upside impact make?

（翻譯）我有兩個問題。第一個問題是關於音樂業務的。我認為你們將營業收入向上修正了2500萬美元。我想知道《鬼滅之刃》貢獻了多少。我知道這已經反映在預測中了，但在視覺媒體平台上，這相當於2000億日圓的收入。那麼，這種利好因素究竟產生了什麼樣的影響呢？

Now, the next is on pictures. The 250 billion was the operating income. I believe that in the first half, you had a little bit of a difficulty. The TV production, I understand, is kind of going down. You mentioned about the sequels, but I'm wondering what the sequels -- how the sequels will be contributing? Those are the two questions.

接下來是關於圖片的內容。2500億是營業收入。我認為上半場你遇到了一些困難。據我了解，電視節目的製作水準正在下降。你提到了續集，但我很好奇續集會如何發展？這就是兩個問題。

(interpreted) Thank you very much for the questions. In the music segment, the upward revision -- it was the 25 billion upward revision that we meant. The contributions were from Demon Slayer and Kokuho and the streaming music. Kokuho and Demon Slayer together they contributed about 50% of the upside impact.

（翻譯）非常感謝各位的提問。在音樂部分，向上修正──我們指的是向上修正 250 億。貢獻者包括《鬼滅之刃》和黑鵬以及串流音樂。《黑鵬》和《鬼滅之刃》合計貢獻了約 50% 的上漲影響。

And as for the pictures, the full year forecast for the first half, the picture segment, the nature of the picture segment tends to have this launch in the latter half rather than in the first half. So please understand that this is a seasonal impact.

至於電影方面，根據全年上半年的預測，電影板塊的特性決定了電影市場往往在下半年而不是上半年迎來爆發式成長。所以請理解，這是季節性影響。

So TV production and movie production are structurally. We are seeing the depressed business of the industry, so how can we control the cost and produce projects or items that will be very successful. As for the pictures segment, Crunchyroll is one of the driving force for growth.

所以電視製作和電影製作在結構上是相同的。我們看到產業業務低迷，那麼我們如何控製成本並生產出非常成功的專案或產品呢？至於圖片領域，Crunchyroll 是其成長的主要驅動力之一。

The subscribers as well as the sales have both increased since the previous year. So in the pictures segment, Crunchyroll, we'll be focusing on that in order to grow the business.

訂閱用戶數量和銷售額均較上年增加。所以，在圖片業務板塊，Crunchyroll，我們將專注於發展這方面業務。

Thank you.

謝謝。

(interpreted) Let us proceed to the next question. From Yomiuri Newspaper, Nakayama-san, please.

（翻譯）讓我們繼續討論下一個問題。中山先生，請從讀賣新聞社投稿。

(interpreted) Thank you. My name is Nakayama, Yomiuro Newspaper. Thank you for the opportunity. I have two questions, if I may. One, a very detailed question. As you have just said, in the music, the operating incomes, half of the upside comes from Demon Slayer and Kokuho. If you could give me a breakdown between Demon Slayer and Kokuho, I would appreciate it. Second, about the impact of tariff JPY50 billion.

（翻譯）謝謝。我是中山，來自讀浦新聞社。謝謝您給我這個機會。如果可以的話，我有兩個問題。第一，一個非常詳細的問題。正如你剛才所說，在音樂方面，營運收入的一半成長來自《鬼滅之刃》和《國寶》。如果你能幫我分析《鬼滅之刃》和《黑鵬》之間的差別，我將不勝感激。其次，關於關稅的影響，金額為500億日圓。

And last time you talked about the utilization of the strategic inventory, what would be the background of this JPY20 billion worth of decline? Now about the breakdown. For each individual title, may I refrain from making comments on the breakdown of each title and about the tariffs impact will answer.

上次您談到戰略庫存的利用情況時，這200億日圓的下降背景是什麼？現在來說說故障分析。對於每個具體的標題，我能否不就每個標題的細分情況以及關稅的影響發表評論？我會回答這個問題。

(interpreted) Thank you for your question. As you rightly pointed out, the impact of the tariff used to be JPY70 billion e and now it is JPY50 billion is JPY20 billion worth of decline. In the I&SS segment.

（翻譯）謝謝你的提問。正如你所指出的，關稅的影響以前是700億日元，現在是500億日元，減少了200億日元。在I&SS領域。

The impact of the tariff. In the previous time we incorporated that to a certain extent in the I&SS segment, but if you look at the final products market and the orders received from the customers, we look at these factors and then this time.

關稅的影響。之前我們在 I&SS 領域已經在一定程度上考慮過這些因素，但是如果你看看最終產品市場和客戶訂單，我們會考慮這些因素，而這一次，我們更注重這些因素。

In this particular segment, we do not see any further need to incorporating the impact of the tariff on this, so we excluded that. The JPY20 billion decline comes mainly from the I&SS segment. Thank you.

在這個特定部分，我們認為沒有必要再考慮關稅的影響，所以我們將其排除在外。200億日圓的減少主要來自I&SS部門。謝謝。

(interpreted) We are running short on time. So the next person will be the last questionnaire. Nadisawa-san from Mainichi Newspaper.

（翻譯）我們時間不多了。所以下一個人會是最後一個填寫問卷的人。來自每日新聞的奈津澤先生。

(interpreted) This is Nadisawa from Mainichi. And I have a question about games segment. And PlayStation 5, celebrating its sixth anniversary since 2020 and then also this year, and the performance is quite good and then you are looking to expand the install base. And as for, can you talk a little bit about the future strategy? Thank you very much.

（譯）我是來自每日的Nadisawa。我還有一個關於遊戲方面的問題。PlayStation 5 自 2020 年起迎來了它的第六個週年紀念日，今年也是它的第六個週年紀念日，它的性能相當不錯，因此你們希望擴大其安裝基礎。至於未來策略，您能否談談？非常感謝。

This year, and we are in year six since the launch, and PS5 has been growing in its installed base and our view is that -- and compared to conventional console life cycles and looking at the PS4 life cycle, it seems to be getting longer and longer.

今年是 PS5 發布後的第六年，PS5 的裝機量一直在增長，我們認為——與傳統的遊戲機生命週期相比，看看 PS4 的生命週期，PS5 的生命週期似乎越來越長了。

And especially the PS4, which was launched in 2013 and it's been over a decade since then, but there are many active users enjoying the console. And they're enjoying the other consoles. So from that perspective, we believe that the PS5 is only in the middle of the journey and then we are really planning to expand it even further and as for the year-end sales season.

尤其是 PS4，它於 2013 年發布，至今已超過十年，但仍有許多活躍用戶在享受這款遊戲機。他們也很喜歡其他遊戲機。所以從這個角度來看，我們認為 PS5 目前還處於發展歷程的中期，我們計劃進一步拓展其市場，尤其是在年底的銷售旺季。

And thinking about the customer lifetime value and then also thinking about the profitability we want to promote so that we will expand the installed base. And as for the future launches and successors, and then we are not in a position to make any comments about that, and that's all we have.

我們會考慮客戶終身價值，同時也會考慮我們想要提升的獲利能力，以便擴大用戶群。至於未來的產品發布和後續產品，我們目前不便發表任何評論，以上就是我們所能說的全部內容。

(interpreted) So this concludes the Q&A session for the media. And the Q&A session for the investors and analysts will commence at 4:40 PM.

（翻譯）媒體問答環節到此結束。投資人和分析師問答環節將於下午 4:40 開始。

(break)

（休息）

(interpreted) We will soon begin the Q&A session for investors and analysts. Please remain on standby. Thank you for waiting. We will now take questions from investors and analysts. I am Kong Dong from the IR Group, and I will serve your moderator. Thank you.

（翻譯）我們即將開始投資人和分析師問答環節。請保持待命狀態。感謝您的耐心等待。現在我們將接受投資者和分析師的提問。我是來自IR集團的孔東，我將為你們的版主服務。謝謝。

(Operator Instructions)

（操作說明）

SMBC Nikko, Katsura-san, please go ahead.

SMBC 日光，桂小姐，請開始。

(interpreted) Thank you very much. This is Katsura from SMBC Nikko. And I'd like to ask about G&NS and then I&SS. And the first question is, about G&NS. Apart from JPY14.9 billion impairment and the operating income for the second quarter is 15.3%, and Q1 is 15.8%, and you are able to achieve this high level of profit. Without major titles, and this could be a threshold, and can you talk a little bit about how do you see it? And are there any factors contributing to this great performance? That's the first question.

（翻譯）非常感謝。這是SMBC日光電視台的桂。我想問一下 G&NS 和 I&SS 的情況。第一個問題是關於G&NS的。撇開 149 億日圓的減損損失不談，第二季的營業收入為 15.3%，第一季為 15.8%，你們能夠實現如此高的利潤水準。如果沒有重大作品，這可能是一個門檻，您能談談您對此的看法嗎？有哪些因素促成了這優異表現？這是第一個問題。

And then also, the price is increasing and that might have the negative impact on the PS5, the hardware profitability. So what's your plan for the, next, the remainder of the year and then next fiscal year? And then with regards to I&SS, and you said that you are going to strike a good balance between business expansion and the profitability improvement and in North America, smartphone seems to be doing really well.

此外，價格上漲可能會對 PS5 的硬體獲利能力產生負面影響。那麼，你對今年剩餘時間和下一個財政年度有什麼計劃？關於 I&SS，您說過您將在業務擴張和盈利能力提升之間取得良好的平衡，而且在北美，智慧型手機似乎發展得非常好。

About three months ago there was a lot of news. And with regards to changes in geopolitical situation, what sort of plans that you are planning to take for the midterm and then do you have any updates? So those are the two questions.

大約三個月前，有很多新聞發生。關於地緣政治情勢的變化，您計劃在中期選舉中採取什麼樣的措施？有什麼最新消息嗎？所以，這就是兩個問題。

(interpreted) First, I would like to take the questions on game. And the profitability in Q2, and the major contributing factor is the ForEx and network service and then, and SG&A and there was a reduction in M&A expenses. And so from that perspective, we were able to realize a high, relatively high, rate of profitability, whether this is a sustainable or not, that is the question. And basically the network service which commands a higher profit and then software, and especially a first party software, if they perform really well, and we should be able to maintain a high level of profitability.

（翻譯）首先，我想回答一些關於遊戲的問題。第二季獲利能力的主要貢獻因素是外匯和網路服務，其次是銷售、一般及行政費用，此外併購費用也有所減少。因此，從這個角度來看，我們實現了較高的盈利率，但這是否可持續，這是一個問題。基本上，網路服務利潤更高，軟體利潤更高，尤其是第一方軟體，如果它們表現得非常好，我們應該能夠保持較高的獲利水平。

And with regards to memory prices and then with the potential impact on the hardware profitability, and then for this fiscal year, and we have already secured all the parts that we need, but because the market is continued to fluctuate, so we keep a close eye on the situation on the market. And of course the supplies and then parts and then their prices go when they go up, and of course that will have an impact on the profit of the hardware for the FY as the next fiscal year and then onward.

至於記憶體價格及其對硬體獲利能力的潛在影響，以及本財年的情況，我們已經確保了所需的所有零件，但由於市場持續波動，因此我們會密切關注市場狀況。當然，耗材和零件的價格上漲也會影響硬體在下一財年及以後的利潤。

And we have already achieved the 80 million install baseball PS5 and assuming this will grow next year. Instead of additional hardware profitability, and we want to really continue to monetize the installed base that we have already secured, and I think that would be the priority. And the second question, will be addressed by Horii-san. Thank you very much for your question.

我們已經實現了PS5棒球遊戲8000萬次的安裝量，並預計明年這個數字還會成長。與其追求額外的硬體獲利，我們更希望繼續將已經擁有的裝機量變現，我認為這才是首要任務。第二個問題將由堀井先生回答。非常感謝您的提問。

(interpreted) the first half of the question, so the business expansion for the next year and then also enhancement of the investment efficiency. And we have been able to manage these quite well this year and then especially on the expenses side, we have been able to restrain the expenses, so that we can generate the sales growth versus previous year, and yes, we want to maintain this and then further improve into the next year.

（解釋）問題的前半部分，即來年的業務擴張以及投資效率的提高。今年我們在這方面做得相當不錯，尤其是在費用方面，我們控制了支出，從而實現了比前一年更高的銷售成長。是的，我們希望保持這種成長勢頭，並在明年進一步提高。

And as for our response to the geopolitical risks, continuously and with regards to production in the US, we want to ensure the quality, so that we can produce in a stable way, and trying to do that in-house, that would be really difficult to achieve. However, and working closely with the different partners or making a joint investment, and what else we can do to really address this issue of the US production. There is no clear answer, but we will continue to explore all the options. Thank you.

至於我們對地緣政治風險的應對措施，就美國的生產而言，我們希望持續確保質量，以便能夠穩定生產，而試圖在內部做到這一點，真的很難實現。然而，與不同的合作夥伴密切合作或進行聯合投資，我們還能做些什麼來真正解決美國生產這個問題？目前還沒有明確的答案，但我們會繼續探索所有可能的方案。謝謝。

(interpreted) Nomura Securities, Okazaki-san.

（翻譯）野村證券，岡崎先生。

(interpreted) So this time, the impairment loss, Bungie's intangible assets was reflected in that in the balance sheet, how much assets do you still have and what is the risk of the impairment loss?

（解釋）所以這次，減損損失反映在了 Bungie 的無形資產中，這體現在資產負債表中。你們還有多少資產？減損損失的風險是什麼？

The second question has to do with the PlayStation 5. In Q1 and Q2, I think you sold more than in the previous year, but towards the end of the year, you said you're going to expand. Well, are you, aiming to have an upward revision or is the sales going to be more than the previous year?

第二個問題與 PlayStation 5 有關。我認為你們在第一季和第二季的銷量都比上一年有所成長，但在年底，你們表示將進行擴張。那麼，你們的目標是向上修正預期，還是銷售額會超過前一年？

(interpreted) First on the impairment loss, Bungie, this is an impairment loss of bungee. The intangible assets as well as the tangible assets, so that they are the target for the impairment loss and goodwill that is reflected -- that is supported by the whole game segment, so there will not be any impairment loss for the goodwill.

（解釋）首先是關於減損損失，Bungie，這是蹦極的減損損失。無形資產和有形資產都是減損損失和商譽的反映對象——這得到了整個遊戲部門的支持，因此不會產生任何商譽減損損失。

So for this time, Destiny 2, which is a game, performance did not reach the expectation that we had when we acquired Bungie, so the balance, the assets, well, more specific, it's very difficult to give you specifics, but yes, we still have some intangible assets, and the question of whether there is still any risk remaining or not, Marathon which is going to be launched and Destiny 2, the performance -- if the performance is not going to reach what we expect, of course there is a risk of impairment loss, but we don't believe that this will impact the whole game segment, at least at this point in time. Your second question was about the installed base in Q1 and Q2, it was more than in the previous year.

所以就目前而言，《命運2》這款遊戲的表現並沒有達到我們收購Bungie時的預期，因此，資產平衡方面，更具體一些的話，很難給出確切的數字，但確實，我們仍然有一些無形資產。至於是否還存在任何風險，即將推出的《馬拉松》和《天命2》的表現——如果表現達不到我們的預期，當然存在資產減值的風險，但我們認為這至少在目前不會影響整個遊戲業務板塊。您的第二個問題是關於第一季和第二季的裝機量，它比去年同期要多。

So 150 million units is the goal we have for the year. And the number of units we believe we have forecasted for this year, we believe we can reach that. Thank you.

因此，我們今年的目標是1.5億輛。我們相信，我們今年能夠達到我們預測的銷售目標。謝謝。

(interpreted) JPMorgan, Ayada-san.

（譯）摩根大通，綾田桑。

(interpreted) My name is Ayada from JPMorgan. I have a question about games and I&SS, one question each. For games, as has been discussed earlier, network service sales in dollar terms increased by 35% in the second quarter and what would be the breakdown if possible? I would like to know.

（翻譯）我叫Ayada，來自摩根大通。我有一個關於遊戲和 I&SS 的問題，各一個。如前所述，遊戲網路服務銷售額在第二季以美元計增長了 35%，如果可能的話，請提供詳細的細分數據。我想知道。

Two years ago there was a price increase. Maybe there's an effect from that and then the shift to the higher priced products or the number of paying subscribers increased, I think these are the possible items. What will be the breakdown in terms of priority?

兩年前價格上漲過。或許是這種情況產生了影響，導致消費者轉向購買價格更高的產品，或是付費用戶數量增加，我認為這些都是可能的原因。優先順序劃分的具體內容是什麼？

I&SS, in the first half, it seems that some customers brought forward the purchase of the components, but in the third quarter, the input of wafers from 155 to 160 there seems to be a shift. So against this backdrop towards the US and the Chinese market, what would be your take on the market conditions? I am sure there is an upside, so please explain the risks and upsides of both. Thank you.

I&SS方面，上半年似乎有些客戶提前購買了組件，但第三季晶圓的投入量似乎從155到160發生了變化。鑑於美國和中國市場的這種背景，您如何看待目前的市場狀況？我相信兩者肯定都有好處，所以請解釋兩者的風險和好處。謝謝。

(interpreted) The network service and the factors contributing to the increase in sales, as you rightly said, price comes at the top of the list, the price increase the impact still lingers, and then the number of subscribers or users increased compared to the previous year, and the product mix, Tier 2 and Tier 3, higher tier users.

（解釋）正如您所說，網路服務和促進銷售成長的因素中，價格位列榜首，價格上漲的影響依然存在，其次是用戶數量較上年有所增長，以及產品組合，包括二線和三線用戶，以及更高層級的用戶。

We have more and more people going into the higher tiers, I think those are the contributing factors for the increased sales, but there is a factor contributing to the increase in operating income, that is to say, acquisition of the contents an efficient way of acquisition, looking at the data that contributed to the operating income improvements, and I&SS. Thank you for your question.

越來越多的人進入更高層級，我認為這是銷售額成長的促成因素，但還有一個因素促成了營業收入的成長，那就是內容的高效獲取，看看促成營業收入改善的數據，以及 I&SS。謝謝你的提問。

As you rightly pointed out, in the first half, the shipment, the censor shipment exceeded what we expected and for the full year forecast, we place it unchanged. The supply chain of the sector because of the US tariffs or the shift in the production base, because of this, there seems to be a certain level of opaqueness or lack of clarity.

正如您所指出的，上半年，審查器的出貨量超過了我們的預期，對於全年預測，我們維持不變。由於美國關稅或生產基地轉移，該行業的供應鏈似乎存在一定程度的不透明或缺乏清晰度。

So what we shift -- that some of them go directly to the final markets and some of them still linger in the supply chain. So we have to look at this. And the third quarter, we will continue full capacity wafer import. Opportunistically if things go well, we can see the increase in sales, and then from next fiscal year onwards, of course we can think of accumulating the strategic inventory as well.

因此，我們改變了一些做法——其中一些直接進入最終市場，而另一些則仍然停留在供應鏈中。所以我們必須研究一下這個問題。第三季度，我們將繼續滿載晶圓進口。如果一切順利，我們可以看到銷售額的成長，然後從下一個財政年度開始，我們當然也可以考慮累積策略庫存。

So about the amount of volume of the input, we look at these factors, I cannot mention each and individual customer's situation, but generally, as has been reported in the media, depending on the costs, there are ups and downs. And the smartphone market is still on the recovery, gradual recovery track. That's our understanding. At this point in time, in terms of market and customers, North America seems to offer a bigger chance and opportunities. Thank you.

關於投入量，我們會考慮這些因素。我無法提及每個客戶的具體情況，但總的來說，正如媒體報導的那樣，根據成本的不同，投入量會有起伏。智慧型手機市場仍在復甦，但復甦進程緩慢。我們也是這麼理解的。就目前而言，從市場和客戶的角度來看，北美似乎提供了更大的機會和機會。謝謝。

(interpreted) Ezawa-san, Citigroup Securities.

（翻譯）Ezawa先生，花旗證券。

(interpreted) This is Ezawa from Citigroup Securities. We have one question, big question for game. So there was a mention of the, treating R&D capital in as an expenses. Can you talk a little bit more about that? And Is this related to some sort of impairment, or -- and also the titles related to this, if there are any specific titles related to this, and if you could talk about them, that'd be great.

（翻譯）這裡是花旗證券的埃札瓦。我們有一個問題，一個對遊戲來說非常重要的問題。所以有人提到了將研發資金當作費用處理。能再詳細談談這方面嗎？這是否與某種損傷有關？或者——還有，如果有什麼具體的名稱與此相關，能否談談它們？

And then furthermore, and also, the development asset capitalization, and as we run your business, and will you foresee this will happen more often. And that is the one big question.

此外，還有發展資產資本化，隨著我們經營您的業務，您是否預見到這種情況會更頻繁地發生？這就是關鍵問題所在。

The next question is also, this has to do with the development asset and if you look at the supplementary presentation, and when you look at the depreciation by segment, it appears that there's no apparent increase. However, and the depreciation of the development is not really included, I believe, in the capitalization of a development for the game biz. What would be the scale of the asset for the gaming development?

下一個問題也與開發資產有關，如果你查看補充報表，並按部門查看折舊，似乎沒有明顯的成長。然而，我認為，遊戲開發項目的折舊並沒有真正計入其資本化成本。遊戲開發所需的資產規模會有多大？

(interpreted) Thank you for your questions. Okay. So, the capitalization and then correction, and this is not attributable to the nature of the business. Korenaga-san will talk more about the details of the revision.

（翻譯）謝謝你們的提問。好的。所以，資本化和隨後的調整，與業務性質無關。Korenaga先生將就修訂的細節作更詳細闡述。

(interpreted) Thank you for the question. So this value is not an impairment of asset and in the past. And there was the network development which was treated as an intangible asset and then part of it, And should not have been capitalized, and we found out. So that's why for the past years and then for this fiscal year, we made the correction in one go.

（翻譯）謝謝你的提問。所以這個價值並非資產減值，而是過去的事。還有網路開發，它被視為無形資產的一部分，而且不應該被資本化，後來我們發現了這一點。所以這就是為什麼過去幾年以及本財年，我們都一次進行了調整的原因。

And specifically, the network related asset and R&D, are capitalized by console and hardware, R&D are treated as expenses. So this treatment was mistakenly done in the past, and which we made a correction retroactively. That's all. And through operational improvements, we will prevent the recurrence. So we believe that this will not happen again.

具體而言，網路相關資產和研發費用按主機和硬體計入資本，研發費用按支出計入資本。所以，過去這種治療方法是錯誤的，我們已經追溯性地進行了糾正。就這樣。透過改進運營，我們將防止此類事件再次發生。所以我們相信這種事不會再發生。

And the next one is, the game capitalization and then the depreciation or monetization, so the depreciation of the game itself. And we do this in accordance with the rules, so it's not that in all the games are capitalized. And we will work closely with the auditing firm.

接下來是遊戲資本化，然後是折舊或貨幣化，也就是遊戲本身的折舊。我們這樣做是符合規則的，所以並不是所有遊戲中的字母都要大寫。我們將與審計公司密切合作。

So at the stage of the development and basically we will be able to finalize the value of the asset, later in the process. So in terms of value, it's not really that high and on an annual basis.

因此，在開發階段，我們基本上可以在流程後期確定資產的價值。所以從價值來看，它其實不算高，而且是按年計算的。

And we believe the tens of billions in tens of billions and billions of JPY, that that level. And then as for the depreciation expenses, So when we launched the contents, we started to depreciate and that is the nature of the business. Thank you.

我們相信，數百億日元，數百億日元，就是那個水準。至於折舊費用，當我們推出內容時，就開始提列折舊，這就是業務的本質。謝謝。

(interpreted) Goldman Sachs Securities, Munakata-san.

（翻譯）高盛證券，宗像先生。

(interpreted) Munakata from Goldman Sachs Securities. Thank you for this opportunity. One question on G&NS. So the full year operating profit, I think it was 500 billion, but the tariff impact was not included in the forecast, and when you consider these items, I believe that the profitability has improved. And the current platform, I think it's looking at the hardware and other services which the prices are going up, so by looking at the competitors trends.

（翻譯）高盛證券的宗像感謝您給我這次機會。關於地質與核子科學的一個問題。因此，全年營業利潤我認為是 5000 億，但預測中沒有包含關稅的影響，考慮到這些因素，我認為盈利能力有所提高。我認為，目前的平台正在關注硬體和其他服務的價格上漲，因此需要觀察競爭對手的趨勢。

Next year, after next year, in order to improve your profitability, what will be the upside? It will be probably the game contents and these items. Are you planning to revise the prices of the game contents, for example?

明年、後年，為了提高獲利能力，有哪些提升空間？很可能就是遊戲內容和這些物品。您是否打算調整遊戲內容的價格？

(interpreted) Thank you very much for the question. The game business for next year. Well, first, we have to focus on the year-end season and try to expand the installed based units. So that we can have 90 million units by the time we start next year. The upside and downside, the upside for next year, the first party contents, the Insomniac Studio is developing that. The Wolverine will be launched. So tent pole, contents, that's there, a marathon.

（翻譯）非常感謝您的提問。明年的遊戲產業展望。首先，我們必須集中精力應對年底的銷售旺季，努力擴大已安裝的單元數量。這樣，到明年年初我們就能擁有9,000萬台的產量。有利有弊，明年的利好因素是第一方內容，Insomniac Studio 正在開發這些內容。金剛狼即將上市。所以，帳篷支柱，內容，就在那裡，一場馬拉松。

It's a live service, so if we can be launched this year, next year I think we will enjoy revenue and profitability. On the other hand, the market situation, somebody else asked this question. The components and the supply chain are not very transparent, so we have to be careful about that, looking at the profitability, how to balance that.

這是一項即時服務，所以如果我們今年能夠上線，我認為明年我們就能實現收入和獲利。另一方面，關於市場情況，有人也問過這個問題。零件和供應鏈的透明度不高，所以我們必須謹慎對待，考慮獲利能力，以及如何平衡這兩者。

So going forward, when we plan next year's strategy, we need to take that into account. As for prices, I don't have anything that I can comment. Thank you very much.

因此，展望未來，在製定明年戰略時，我們需要將這一點考慮在內。至於價格方面，我沒有什麼好評論的。非常感謝。

(interpreted) Since it's time, we'd like to conclude Sony Group Corporation's consolidated financial results presentation. Thank you very much.

（翻譯）現在時間到了，我們想結束索尼集團公司的合併財務業績報告。非常感謝。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。