索尼 (SONY) 2026 Q3 法說會逐字稿

(technical difficulty) Today, I will explain the content shown here. Sales of continuing operations in FY25 Q3 increased 1% compared to the same quarter of the previous fiscal year to JPY3,713.7 billion, and operating income increased 22% to JPY515 billion. Both were record highs for the third-quarter. Net income increased 11% to JPY377.3 billion. The financial results by segment are shown here.

（技術難題）今天，我將解釋這裡顯示的內容。2025 財年第三季持續經營業務銷售額較上年同期成長 1% 至 3,7137 億日圓，營業收入成長 22% 至 5,150 億日圓。這兩個數字均為第三季歷史新高。淨利成長11%，達到3773億日圓。以下列出各業務部門的財務表現。

We upwardly revised our full year sales forecast from the previous forecast 3% to JPY12,300 billion, operating income 8% to JPY1,540 billion and net income 8% to JPY1,130 billion. We increased our forecast for operating cash flow 9% to JPY1,630 billion. The forecast for each segment is shown here. Now I will turn to an overview of each business. First is the G&NS segment.

我們將全年銷售額預測從先前的預測上調 3% 至 123,000 億日元，營業收入預測上調 8% 至 15,400 億日元，淨收入預測上調 8% 至 11,300 億日元。我們將經營現金流預測上調了9%，至16300億日圓。這裡顯示的是每個細分市場的預測結果。現在我將對每家企業進行概述。首先是G&NS部分。

FY25 Q3 sales decreased 4% year-on-year, primarily due to lower hardware unit sales. Operating income increased 19% year-on-year, primarily due to the positive impact of foreign exchange rates and the impact of increased sales and network services and first-party software, setting a record for the third-quarter in this segment.

2025財年第三季銷售額較去年同期下降4%，主要原因是硬體銷量下降。營業收入年增 19%，主要得益於匯率的正面影響以及銷售、網路服務和自有軟體的成長，創下該業務板塊第三季的紀錄。

We upwardly revised our FY25 sales forecast 4% from the previous forecast to JPY4,630 billion and our operating income forecast 2% to JPY510 billion. User engagement trended well during the quarter with the number of monthly active users across all of the PlayStation in December increasing 2% compared to the last December to a record high of 132 million accounts, and total play time for the quarter increased 0.4% year-on-year.

我們將 2025 財年的銷售預測調高 4% 至 46,300 億日圓，營業收入預測上調 2% 至 5,100 億日圓。本季用戶參與度呈現良好趨勢，12 月份 PlayStation 所有平台的每月活躍用戶數比去年 12 月增長了 2%，達到創紀錄的 1.32 億個帳戶，本季總遊戲時間同比增長了 0.4%。

Although conditions in the console hardware market during year-end selling season were more challenging than expected, we were able to steadily expand our PS5 installed base in line with our original plan and exceeded 92 million units on a cumulative selling basis. While PS5 hardware unit sales have decreased moderately in latter half of the console cycle.

儘管年末銷售旺季主機硬體市場的狀況比預期更具挑戰性，但我們仍能按照原計劃穩步擴大 PS5 的裝機量，累計銷量超過 9,200 萬台。雖然在主機生命週期的後半段，PS5 硬體的銷售量略有下降。

Software revenue from the PlayStation store reached a record high during the quarter, primarily driven by the contribution of major third-party franchise titles and new hit releases. PlayStation Plus significantly contributed to the results of the quarter as the shift to higher tiers of the service continued. As for securing a supply of memory, we are already in a position to secure the minimum quantity necessary to manage the year-end selling season of next fiscal year.

本季度，PlayStation 商店的軟體收入創下歷史新高，這主要得益於大型第三方系列遊戲和新熱門遊戲的貢獻。隨著 PlayStation Plus 服務向更高等級的推廣，該服務對本季業績做出了重大貢獻。至於確保內存供應，我們已經能夠確保滿足下一財年年底銷售旺季所需的最低數量。

Going forward, we intend to further negotiate with various suppliers to secure enough supply to meet the demand of our customers. Given the stage of our console cycle, our hardware sales strategy can be adjusted flexibly, and we intend to minimize the impact of the increased memory cost on this segment going forward by prioritizing monetization of the installed base to date and striving to further expand our software and network service revenue.

展望未來，我們計劃與各供應商進一步談判，以確保足夠的供應量，滿足客戶的需求。鑑於我們主機產品週期的階段，我們的硬體銷售策略可以靈活調整，我們將優先考慮現有安裝基礎的貨幣化，並努力進一步擴大我們的軟體和網路服務收入，以最大限度地減少記憶體成本增加對該細分市場的影響。

In the studio business, Ghost of Yotei, a tentpole title we released in October, exceeded the sales of the previous title in the same period of time and significantly contributed to the financial results of the quarter. Our established live service titles like Helldivers 2 and MLB The Show also contributed stable recurring revenue.

在工作室業務方面，我們在 10 月推出的重磅遊戲《妖精的尾巴》的銷量超過了同期上一款遊戲，為本季的財務表現做出了重大貢獻。我們成熟的線上服務遊戲，如《地獄潛者2》和《MLB The Show》，也貢獻了穩定的經常性收入。

We expect that Marathon, which is scheduled to be released on March 5, will be enjoyed by many users, thanks to Bungie having strengthened the gaming experience. Next fiscal year, we plan to release new titles such as Saros and Marvel's Wolverine, and we intend to enhance our effort to increase the revenue of our studio business.

我們預計，由於 Bungie 加強了遊戲體驗，將於 3 月 5 日發布的《馬拉松》將受到許多用戶的喜愛。在下一個財政年度，我們計劃推出《薩羅斯》和《漫威金剛狼》等新作品，並打算加強提高工作室業務的收入。

Next is music segment, primarily due to an increase in live events, sales and streaming revenue in Recorded Music, FY25 Q3 sales increased 13% year-on-year. Operating income increased 9%, reaching a record high for the third-quarter, excluding one-time items. On a US dollar basis, streaming revenues for the quarter increased 5% year-on-year in recorded music and 13% in music publishing.

其次是音樂領域，這主要得益於現場活動、銷售和串流媒體收入的增加，錄製音樂的 2025 財年第三季銷售額年增 13%。不計一次性項目，營業收入成長9%，創第三季歷史新高。以美元計，本季串流媒體營收年增，錄製音樂成長 5%，音樂出版成長 13%。

We upwardly revised our sales forecast 4% from the previous forecast to JPY2,050 billion and our operating income forecast 16% to JPY445 billion. We incorporated a remeasurement gain of approximately JPY45 billion from the acquisition of an additional equity interest in Peanuts Holdings and the forecast for operating income. SMG artists delivered hits during the quarter and the sales of SMG continued to increase by double digits year-on-year, like in the previous quarter.

我們將銷售預測上調了 4%，達到 20,500 億日圓；營業收入預測上調了 16%，達到 4,450 億日圓。我們將收購 Peanuts Holdings 額外股權產生的約 450 億日圓重估收益以及營業收入預測納入其中。SMG旗下藝人在本季度推出了多首熱門歌曲，SMG的銷售額與上一季一樣，繼續保持兩位數的同比增長。

Rosalia new album Lux reached number one globally in its first week on Spotify and Peso Pluma's collaborative album Dinastia as one of the most streamed on Spotify. These global successes and global hit artists are the result of SMG's strategic focus on discovering local artists and supporting their musical endeavors.

Rosalia 的新專輯《Lux》在 Spotify 上發行首周便登上全球榜首，而 Peso Pluma 的合作專輯《Dinastia》也是 Spotify 上播放量最高的專輯之一。這些全球性的成功和全球熱門藝人，都是SMG策略性地專注於發掘本土藝人並支持其音樂事業的成果。

Many SMG artists and songwriters received accolades and nominations at the 68th Annual Grammy Awards held in the US earlier this month, with Bad Bunny winning Album of the Year for Debi Tirar Mas Fotos as Beyonce did last year. In visual media and Platform, the theatrical release of Demon Slayer, Kimetsu No Yaiba The Movie: Infinity Castle, which has exceeded JPY100 billion in global box office revenue.

在本月初於美國舉行的第68屆葛萊美獎頒獎典禮上，SMG旗下眾多藝人和詞曲作者獲得了讚譽和提名，其中Bad Bunny憑藉專輯《Debi Tirar Mas Fotos》榮獲年度專輯獎，與去年的碧昂絲一樣。在視覺媒體和平台上，《鬼滅之刃劇場版：無限城》的全球票房收入已超過1,000億日圓。

Continued to contribute and the mobile game Fate/Grand Order, which celebrated its 10th anniversary in July 2025, contributed more to our results than expected. Next is the picture segment. FY25 Q3 sales decreased 11% year-on-year and operating income decreased 9%, primarily because the same quarter of the previous fiscal year benefited from the contribution of the blockbuster film, Venom: The Last Dance and licensing revenue from other theatrical released films.

持續的貢獻，以及在 2025 年 7 月迎來 10 週年紀念的手機遊戲《Fate/Grand Order》，對我們的業績貢獻超出了預期。接下來是圖片展示部分。2025 財年第三季銷售額年減 11%，營業收入較去年同期下降 9%，主要原因是上一財年同期受益於熱門電影《猛毒：最後的舞蹈》以及其他院線電影的授權收入。

Our forecast is unchanged from the previous forecast. In January, SPE signed a new Pay-1 licensing agreement with Netflix. Through this agreement, Netflix will stream on a global basis SPE's future theatrical films and the Pay-1 window. The initial window within long TV licensing period that follows the theatrical and home entertainment periods.

我們的預測與先前的預測相同。今年1月，SPE與Netflix簽署了一項新的付費1授權協議。透過這項協議，Netflix 將在全球播放 SPE 未來的院線電影和付費一小時窗口期影片。在戲院和家庭娛樂時期之後，電視長期許可期內的初始窗口期。

This agreement is an industry-first global licensing deal that will enable SPE to secure an even more stable revenue base during the period of the deal. Furthermore, the signing of this agreement is proof of SPE's excellent production capabilities and the power of its appealing IP. As an independent production company, we will continue to pursue other licensing opportunities with a wide range of distribution partners beyond the Pay-1 window.

該協議是業界首例全球授權協議，將使 SPE 在協議期間獲得更穩定的收入基礎。此外，該協議的簽署證明了SPE卓越的生產能力及其極具吸引力的智慧財產權的實力。作為一家獨立製作公司，我們將繼續尋求與眾多發行合作夥伴在「付費1」窗口期之外的其他授權機會。

Now I will explain our additional investment in Peanuts IP, which we announced in December as an initiative that spans our music and picture segments. Through this transaction, Sony will gain ownership of 80% of Peanuts worldwide, which owns the rights and manages the business of Peanuts IP, one of the world's leading evergreen IPs.

現在我將解釋我們對 Peanuts IP 的額外投資，這是我們在 12 月宣布的一項涵蓋我們音樂和圖片業務的舉措。透過此交易，索尼將獲得全球花生漫畫公司 80% 的所有權，該公司擁有花生漫畫智慧財產權的版權並管理其業務，花生漫畫是世界領先的常青智慧財產權之一。

While closely collaborating with the family of Mr. Schulz, the creator of Peanuts, which owns the remaining 20%, we aim to further grow the scale of the business and further increase the value of the brand over the long term by leveraging the strength of the Sony Group. Specifically, we aim to enhance SMEJ's music, video and event business by leveraging Peanuts IP and collaborating with SMEJ's artists and content.

在與擁有剩餘 20% 股份的《花生漫畫》創始人舒爾茨先生的家族密切合作的同時，我們旨在利用索尼集團的實力，進一步擴大業務規模，並在長期內進一步提高品牌價值。具體來說，我們的目標是利用 Peanuts 的智慧財產權，並與 SMEJ 的藝術家和內容合作，從而提升 SMEJ 的音樂、影片和活動業務。

Furthermore, by utilizing SPE's production capabilities and distribution network, we aim to make Peanuts IP more accessible to a wider audience and share its charm with people all over the world. The transaction is expected to close during the current fiscal year, subject to certain closing conditions, including regulatory approvals by the relevant authorities.

此外，透過利用SPE的生產能力和分銷網絡，我們旨在讓更多人接觸到花生漫畫IP，並與世界各地的人們分享它的魅力。此交易預計將在本財政年度內完成，但需滿足某些交割條件，包括獲得相關監管機構的批准。

Next is the ET&S segment. FY25 Q3 sales decreased 7% year-on-year, and operating income decreased 23% year-on-year, primarily due to the impact of lower sales, partially offset by an improvement in operating expenses. Our full year forecast remains unchanged from the previous forecast. Despite a continued decline in sales in China due to reduced government subsidies and weakness in the overall market during the shopping season for Singles Day.

接下來是ET&S部分。2025 財年第三季銷售額年減 7%，營業收入較去年同期下降 23%，主要原因是銷售額下降，部分被營業費用的改善所抵銷。我們全年的預測與先前的預測保持一致。儘管由於政府補貼減少以及雙十一購物季整體市場疲軟，中國市場的銷售額持續下滑。

Demand in the global interchangeable lens camera market during the quarter remained strong year-on-year, mainly in Asia. The Alpha 7 Mark 5 released in December has been selling well as a new product for the volume zone of the full-frame mirrorless single-lens reflex camera market. And we expect it will continue to contribute to sales in the fourth-quarter ending March 31, 2026.

本季全球可換鏡頭相機市場需求年增強勁，主要來自亞洲。12 月發布的 Alpha 7 Mark 5 作為一款面向全片幅無反單眼相機市場的新產品，銷售一直不錯。我們預計它將繼續為截至 2026 年 3 月 31 日的第四季銷售額做出貢獻。

Regarding the impact of the situation in the market for memory, we are almost in a position to secure the quantity we need through the year-end selling season for next fiscal year. We will continue to monitor the situation while working to minimize the impact on profitability. On January 20, Sony signed an MOU with TCL aimed at forming a strategic partnership in the home entertainment field.

關於記憶體市場情勢的影響，我們幾乎已經能夠透過年底銷售旺季確保下一財年所需的數量。我們將繼續密切關注事態發展，同時努力將對獲利能力的影響降到最低。1月20日，索尼與TCL簽署了一份諒解備忘錄，旨在建立家庭娛樂領域的策略合作夥伴關係。

In the MOU, both companies agreed that a joint venture between the two companies would operate Sony's home entertainment business, and we are negotiating the details with the intention of executing a definitive agreement by the end of March. By leveraging Sony's high definition and high-fidelity technology, brand strength and operational management capability while utilizing TCL's advanced display technology, cost competitiveness and vertical supply chain strength.

在諒解備忘錄中，兩家公司同意成立一家合資企業來經營索尼的家庭娛樂業務，我們正在就細節進行談判，目標是在 3 月底之前簽署最終協議。透過利用索尼的高清高保真技術、品牌實力和營運管理能力，同時利用TCL的先進顯示技術、成本競爭力和垂直供應鏈實力。

The joint venture aims to further strengthen the competitiveness of this business and realize sustainable growth. Last is the I&SS segment. FY25 Q3 sales increased 21% year-on-year and operating income increased 35%, both of which were record highs for the third-quarter for the segment. These are primarily due to an increase in sales volume and unit prices of mobile image sensors.

該合資企業旨在進一步增強該業務的競爭力，並實現永續成長。最後是I&SS部分。2025 財年第三季銷售額年增 21%，營業收入年增 35%，這兩項數據均為該業務類股第三季的歷史最高紀錄。這主要是由於行動影像感測器的銷售量和單價上漲所致。

We upwardly revised our sales forecast 5% to JPY2,080 billion and operating income forecast 13% to JPY350 billion, primarily driven by the increase in sales volume and sensors for mobile devices and the impact of foreign exchange rates. Mobile image sensor sales during the quarter increased significantly year-on-year due to a gradual recovery in the smartphone market, strong shipments for new products from our major customer and higher die-sized sensor.

我們上調了銷售額預測 5% 至 20800 億日元，營業收入預測 13% 至 3500 億日元，主要原因是移動設備的銷量和傳感器銷量增加以及外匯匯率的影響。由於智慧型手機市場逐步復甦、主要客戶新產品出貨量強勁以及晶片尺寸更大的感測器，本季行動影像感測器的銷售額較去年同期成長顯著。

Because recent orders are stable, we believe that the supply chain concerns we mentioned at the previous earnings announcement have receded, and we have upwardly revised our annual shipment forecast for mobile image sensors. Going forward, we think that the impact of the situation in the memory market will become more apparent, mainly in the form of fewer smartphone made primarily for the low-end market.

由於近期訂單穩定，我們認為上次獲利公告中提到的供應鏈問題已經緩解，因此我們上調了行動影像感測器的年度出貨量預測。展望未來，我們認為這種情況對記憶體市場的影響將更加明顯，主要表現為面向低階市場的智慧型手機產量減少。

Since Sony's image sensors are primarily for the high-end market, at this time, we think the impact will be relatively small. We will continue to monitor the situation while keeping in close contact with our customers. In addition, we are continuing to take action to address low-margin business, as we mentioned at the previous earnings announcement.

由於索尼的影像感測器主要面向高端市場，因此我們認為目前的影響相對較小。我們將繼續密切關注事態發展，同時與客戶保持密切聯繫。此外，正如我們在先前的獲利公告中提到的那樣，我們正在繼續採取措施解決低利潤業務問題。

As a part of that, we have incorporated additional expenses for resource and asset optimization of the relevant business in our forecast for FY25 Q4. We will continue to focus on improving our business portfolio and raise our profitability. To summarize, the G&NS, Music and I&SS segment achieved record high operating income and are driving the profit growth of the Sony Group overall this quarter.

為此，我們在 2025 財年第四季的預測中，已將相關業務的資源和資產優化方面的額外支出納入其中。我們將繼續專注於改善業務組合併提高獲利能力。總而言之，G&NS、音樂和I&SS部門實現了創紀錄的營業收入，並推動了索尼集團本季的整體利潤成長。

We believe that the structural profitability of the group is further improving. Given the continued uncertain business environment, we plan to carefully manage our business and consistently produce results as we approach the fiscal year-end. We intend to take actions this fiscal year to get off to a good start next fiscal year. As for shareholders' returns, today, we increased the maximum of our share repurchase facility established in November 2025 from JPY100 billion to JPY150 billion. This concludes my remarks.

我們認為集團的結構性獲利能力正在進一步提高。鑑於當前商業環境的不確定性，我們計劃謹慎管理業務，並在財年結束前持續取得業績。我們計劃在本財政年度採取措施，為下個財政年度的良好開端做好準備。至於股東回報，今天，我們將2025年11月設立的股票回購機制的最高額度從1,000億日圓提高到1,500億日圓。我的發言到此結束。

(interpreted) That was Ms. Tao. Following the presentation, we will have a Q&A session for the media at 4:20 PM, and for investors and analysts at 4:45 PM. Each Q&A session is scheduled to last approximately 20-minutes.

（翻譯）那是陶女士。演講結束後，我們將於下午 4:20 舉行媒體問答環節，並於下午 4:45 舉行投資者和分析師問答環節。每次問答環節預計持續約 20 分鐘。

(Operator Instructions) Please wait. The session will resume shortly. Thank you for waiting. We'll start the Q&A session. First, we will introduce you today's speakers. Chief Financial Officer, CFO, Corporate Executive Officer, Lin Tao; Senior Vice President in charge of Accounting, Hirotoshi Korenaga; Senior Vice President in charge of Corporate Planning and Control, Naoya Horii. We'll take questions from the media.

（操作說明）請稍候。會議稍後繼續進行。感謝您的耐心等待。我們將開始問答環節。首先，我們將為大家介紹今天的演講嘉賓。財務長、CFO、公司執行長林濤；負責會計的高級副總裁 Hirotoshi Korenaga；負責企業規劃和控制的高級副總裁 Naoya Horii。我們將接受媒體提問。

(Operator Instructions) The first question is from Toyo Keizai, Umegaki.

（操作說明）第一個問題來自東洋經濟株式會社梅垣市。

(interpreted) Yes. I'm Umegaki from Toyo Keizai. Can you hear me?

（翻譯）是的。我是東洋經濟的梅垣。你聽得到我嗎？

(interpreted) Yes.

（翻譯）是的。

(interpreted) All right. So I'd like to ask two questions. The first question is about Marathon, and it's going to be released on March 5, I understand. And it has been delayed. And what kind of considerations did you have until you decided to have this? And well, in the past, there were cases that has been stop short, but what kind of a learning do you have?

（翻譯）好的。所以我想問兩個問題。第一個問題是關於《馬拉松》的，據我了解，它將於3月5日上映。而且已經延期了。在決定擁有它之前，你都考慮過哪些因素？過去也曾發生過一些案例，但這些案例都被迅速制止了，那麼你從中學到了哪些教訓呢？

And for the live service game and what is the strategic significance of having that? And this kind of a platform, I think, but to have quite a number of platforms, what is the significance for the group to have such platforms?

那麼對於線上服務型遊戲來說，擁有這種模式的戰略意義是什麼？我認為，這種平台，但是擁有相當多的平台，對一個團體來說又有什麼意義呢？

(interpreted) Yes. Thank you for your question. And as for the Marathon, well, it has the user tests and then from the users has feedback for Marathon, and in the game, so what was a good point and not good point and such kind of a feedback we had taken into consideration and we had modified. And this time around, so after the modification, we are very confident to release it on March 5.

（翻譯）是的。謝謝你的提問。至於馬拉松遊戲，我們進行了用戶測試，並從用戶那裡獲得了關於馬拉松遊戲的反饋，包括哪些方面好、哪些方面不好等等，我們都考慮到了這些反饋並進行了修改。這一次，經過修改後，我們非常有信心在 3 月 5 日發布。

And live service, the games significance you asked, but here, what is most important for us is that the live service is a recurring revenue. And recurring revenue means that the hit driven. And if it comes a hit, then for a year, it can bring revenue. If not become a hit, then no revenue. So it's such not the volatility high studio, but it's going to give us a constant amount of revenue every year.

至於你問到的遊戲直播服務的重要性，但對我們來說，最重要的是直播服務能帶來持續的收入。而經常性收入意味著熱門產品帶來的效益。如果它大獲成功，那麼一年內就能帶來收入。如果不能成為熱門產品，就沒有收入。所以它不是那種波動性很大的工作室，但它每年都會為我們帶來穩定的收入。

So that's the merit of having a hit live service. But -- well, it's not that we want to have -- so to many of them, it's not what we want to have. So the idea is that so-called AAA and live service game would become integrated into a portfolio management style. That's it for me.

這就是擁有熱門直播服務的好處。但是——嗯，並不是我們想要擁有——所以對他們中的許多人來說，這不是我們想要擁有的。因此，其理念是將所謂的 AAA 遊戲和線上服務遊戲整合到投資組合管理模式中。就這些了。

(interpreted) And the second question is about your stock price. And you had announced your earnings results, and it was a JPY3 plus, but it's almost flat. So that the market valuation is quite severe, I think. And the stock performance is not good because the memory had risen. But it's rather Sony Group, it seems that there has been a harsher view on the Sony Group.

（翻譯）第二個問題是關於你的股票價格。你們之前公佈了獲利結果，原本是成長了3日元，但現在幾乎持平。所以我認為，目前的市場估值相當嚴峻。由於記憶體價格上漲，股票表現不佳。但索尼集團似乎受到了更嚴厲的批評。

So what do you see as a CEO? And you have announced the share buyback, but the market capitalization, in order to raise the market capitalization, if you have any continuous way to keep that going up?

那麼，身為CEO，您認為該怎麼做？你們已經宣布了股票回購計劃，但是為了提高市值，你們有什麼持續提升市值的方法嗎？

(interpreted) All right. Thank you for your question. And about the stock price, so we had several information revisions, but it's not performing well. So I think you have various thoughts about that. But one thing is that memory, there are concerns for the memory supply. And as an industry, yes, that is one concern. And the other is the entertainment stock, generally speaking, is because the capital AI-related would go to the AI related.

（翻譯）好的。謝謝你的提問。至於股價，我們進行了許多資訊修訂，但股價表現並不理想。所以我覺得你對此有很多不同的看法。但有一點要注意，就是記憶體供應問題。對於整個產業而言，這的確是一個值得關注的問題。而另一類股票則是娛樂股，總的來說，這是因為與人工智慧相關的資本會流向與人工智慧相關的領域。

So I think that's why. And then for us, what we can do is that as a business, we will look at the fundamentals to make it even stronger. And the profitability, we would improve so that the portfolio can be optimized. And for us, Sony, long-term strategy, we believe in that so that we would implement that, so that the business performance can be improved and such measures would be communicated, messaged to the stock market so that the stock market would value our approach, and we are going to put our efforts into it. That's all for me.

所以我覺得這就是原因。然後對我們來說，作為一家企業，我們可以做的就是著眼於基本面，使其更加強大。我們會提高獲利能力，從而優化投資組合。對我們索尼來說，我們相信長期策略，因此我們將實施該策略，以提高業務績效，並將這些措施傳達給股市，以便股市認可我們的方法，我們將為此付出努力。我就說這些了。

(interpreted) The AI --

（譯文）人工智慧——

(interpreted) Excuse me, but that's the end of your two questions. Next question (technical difficulty) from Nikkei, please.

（翻譯）不好意思，你的兩個問題到此為止了。下一個問題（技術難題）來自《日經新聞》。

(interpreted) I also have two questions. First, about ET&S structural reform. Today, you have mentioned that the TV business, you're going to move to a joint venture with TCL. And you talked about synergies. So separating the TV business, what's the intent of that? And home entertainment, what's the scope? I'm sure that the details are being still discussed.

（翻譯）我還有兩個問題。首先，關於ET&S結構改革。今天您提到，電視業務方面，您將與TCL成立合資企業。你還談到了協同效應。那麼，將電視業務剝離出來的目的是什麼呢？那麼家庭娛樂的範圍是什麼呢？我相信細節仍在討論中。

So to the extent possible, can you describe the range that this covers? And also, smartphone also positioned as a structural reform business. And you have hit to explain that they will be continued. Has there not been any change to that status? Is an option to collaborate with external source?

所以，請盡可能描述它涵蓋的範圍？此外，智慧型手機也被定位為結構性改革業務。你已經明確表示，這些事情將會持續下去。這種狀況沒有任何變化嗎？是否可以選擇與外部資源合作？

(interpreted) Thank you. For the smartphone, we don't have such plans. So with TCL, we have a strategic partnership for Home Entertainment. So this is about the review of portfolio, and we are constantly doing that to deal with the changing business environment. So optimizing that is the management mission. So Sony has assets that we have accumulated over many years.

（翻譯）謝謝。對於智慧型手機，我們沒有這樣的計劃。因此，我們與TCL建立了家庭娛樂領域的策略夥伴關係。所以，這是關於投資組合審查的，我們一直在進行投資組合審查，以應對不斷變化的商業環境。因此，優化這個目標就是管理階層的使命。所以索尼擁有我們多年來累積的資產。

And we're combining that with the strength of TCL. And so home entertainment business, including TV, can grow more through this partnership. That is the background to this partnership. And what the scope of what business to be covered, Horii will explain.

我們將這一點與 TCL 的優勢結合。因此，包括電視在內的家庭娛樂業務可以透過這種合作關係獲得更大的發展。這就是此次合作的背景。至於涵蓋哪些業務的範圍，堀井將作解釋。

(interpreted) Thank you for the question. So this strategic partnership, the scope of that, as you point out, it's TV. and home audio, those are the areas that we assume will be included. As you point out, the details are still being discussed. So at the appropriate timing, we would like to communicate to you. At this point of time, TV and home audio will be included in the scope.

（翻譯）謝謝你的提問。所以，正如你所指出的，這項策略合作的範圍涵蓋電視和家庭音訊領域，我們認為這些領域將會包含在內。正如你所指出的，細節仍在討論中。因此，我們會在適當的時候與您聯繫。目前，電視和家庭音響設備也將納入考量。

(interpreted) Thank you. Second question about the game business. So this was mentioned in the previous question. So with the surging memory price, so you have secured the supply until the next year-end campaign. So you maybe have secured supply, but will there be impact of the rising prices? For example, PS5, any price increases or the successor, the timing that it will be introduced? And what will be the impact to the next fiscal year? Can you give us your assumptions, please?

（翻譯）謝謝。關於遊戲產業的第二個問題。這一點在前一個問題中已經提到過了。由於內存價格飆升，你們已經確保了供應，直到下一個年底促銷活動。所以你們或許已經確保了供應，但價格上漲會不會產生影響？例如，PS5 的價格是否會上漲？其後續機型何時推出？那會對下一個財政年度產生什麼影響？請問您能否告訴我們您的假設？

(interpreted) So PS5 next fiscal year and onwards, what would be the impact there. So for the business results for next fiscal year, we would like to inform you at the appropriate time. But our thinking is what we'd like to share with you. That is PS5 since launch, it's in the sixth year. So 92 million unit installed base on a sell-in basis, we already have established.

（譯）那麼，PS5 在下一個財政年度及以後會造成什麼影響？對於下一財年的業績，我們將在適當的時候通知您。但我們想與您分享的是我們的想法。這是PS5自售以來的情況，已經是第六年了。因此，我們已經建立了9,200萬台的銷售裝機量。

So we have been able to develop a very robust ecosystem. And this fiscal year as well, the majority of the sales is software content and network service. And these areas, next fiscal year onwards, are going to continue to make significant contributions, and that will be the part that will not be impacted by the memory price.

因此，我們已經能夠建立一個非常強大的生態系統。本財年，銷售額的大部分也來自軟體內容和網路服務。從下一個財政年度開始，這些領域將繼續做出重大貢獻，而且這部分不會受到記憶體價格的影響。

Now as for the new PlayStation hardware sales due to cost increases, there will be some impact. However, it's in the latter part of the life cycle. So that means that in terms of hardware sales, it's been expected all along that it will gradually decline or slow down. So there are several or a wide range of choices or options that we can take. So that's our basic thinking there.

至於由於成本上漲導致的新款 PlayStation 硬體銷量，將會受到一定影響。然而，它處於生命週期的後期。所以這意味著，就硬體銷售而言，人們一直預期它會逐漸下降或放緩。因此，我們有多種選擇或方案可供選擇。這就是我們當時的基本想法。

(interpreted) Moving on to the next question. So I'm very sorry. Please ask both of your questions at the beginning. [Yomiuri Newspaper, Nakayama-san], please.

（翻譯）進入下一個問題。我深感抱歉。請先把你們的兩個問題都問完。 [讀賣新聞社，中山先生]，謝謝。

(interpreted) So this is [Nakayama] from Yomiuri. Do you hear me? So I have two questions. Number one, about music. The streaming revenue growth rate, this -- so do you think the music streaming service will continue to do well? We would like to hear your prospects. And about I&SS, the image sensor for mobile, do you have any background on the increase in the unit price of image sensors for mobile?

（譯）這位是讀賣新聞社的[中山]。你聽見我說話了嗎？我有兩個問題。第一點，關於音樂。串流媒體收入成長率，這個——那麼你認為音樂串流服務會繼續保持良好勢頭嗎？我們想聽聽你們的前景。關於I&SS（行動影像感測器），您是否了解移動影像感測器單價上漲的背景資訊？

(interpreted) About -- I will answer the question on the music business first. The music market, we see will continue to grow in the mid- to long term. Of course, the extent of growth will differ due to the timing, but we believe there will be a constant growth of -- to about five to middle to latter single digit. And there are two drivers to this. First is DSP that is a platform that we offer service on.

（譯）關於－我先回答有關音樂產業的問題。我們認為，音樂市場在中長期將持續成長。當然，成長幅度會因時間而異，但我們相信會持續成長，大約達到五位數到個位數中後期。這背後有兩個驅動因素。首先是DSP，這是我們提供服務的平台。

The ARPU or ARPU is going up, and also the number of users going up. So the average revenue per user and the number of users going up is driving the growth. The second point about I&SS semiconductor, Horii will answer.

ARPU（每位用戶平均收入）或 ARPU 值正在上升，用戶數量也在上升。因此，用戶平均收入和用戶數量的成長是推動成長的主要因素。關於I&SS半導體的第二個問題，堀井將會作答。

(interpreted) The sensor -- so this is the background of increase in the selling price of mobile sensors. As you know, in smartphone products, there is -- the camera feature is a main reason for increase in price. So the smartphone manufacturers are working to increase the camera resolutions as well as the camera features. The image sensors that we provide to the manufacturers, we want to increase the size as well as increase the resolution and add new features.

（解釋）感測器－這就是行動感測器售價上漲的背景。如您所知，在智慧型手機產品中，相機功能是價格上漲的主要原因之一。因此，智慧型手機製造商正在努力提高相機解析度和相機功能。我們希望提高提供給製造商的影像感測器的尺寸、解析度並增加新功能。

So large-scale image sensors as well as increased performance is leading to higher price, and that is really contributing to our results this year. That's all. Thank you.

因此，大規模影像感測器以及性能的提升導致了更高的價格，這確實對我們今年的業績產生了影響。就這樣。謝謝。

(interpreted) All right. So we take another question. (technical difficulty) [Yamamoto-san], please.

（翻譯）好的。那我們再回答一個問題。 （技術故障）[山本先生]，請。

(interpreted) Yes. My name is Yamamoto. So let me ask questions. So about the structural reform and TCL, so we have the strategic alliance, but the display to have the higher resolution. And Home Entertainment, I think though you have the high resolution, I think it is contributing to the technology and also the common kind of R&D. Do you separate the two, the technology and the common R&D base in order to have the next phase of development? So about the strategic alliance, would you tell us your direction or your strategy?

（翻譯）是的。我的名字是山本。那麼，請允許我提問。關於結構改革和TCL，我們有了策略聯盟，但顯示器需要更高的解析度。至於家庭娛樂，我認為雖然它具有高解析度，但它對技術以及常見的研發都做出了貢獻。您是否將技術和共同的研發基地分開，以便進入下一階段的發展？那麼關於策略聯盟，您能告訴我們您的方向或策略嗎？

(interpreted) Yes. Thank you for the question. So first, so we have the basic agreement. And for the technology and for what kind of assets can we have through the joint venture to have the definitive contract, so we are in discussion in order to aim for the final agreement. So if it is confirmed, then we would tell you when it is confirmed.

（翻譯）是的。謝謝你的提問。首先，我們達成了基本協議。至於技術方面，以及我們可以透過合資企業獲得哪些類型的資產才能簽訂最終合同，我們正在進行討論，以期達成最終協議。如果消息屬實，我們會及時通知您。

(interpreted) Running short on time. So the next one will be the last question. Shino-san of Asahi Shimbun, please. Shino-san, do you hear? Well, then, we'll move on to the next person from [Mainichi Shimbun, Shino-san], please.

（譯文）時間緊迫。那麼下一個問題就是最後一個問題了。請朝日新聞的篠先生作證。筱先生，你聽到了嗎？那麼，接下來請《每日新聞》的下一位嘉賓——筱先生。

(interpreted) This is Shino from Mainichi Shimbun. Earlier, you talked about the PlayStation 5 life cycle that you're entering the latter half of the life cycle. But last November, you talked about the Japanese dedicated model for PlayStation, a relatively cheap, lower price model for the Japanese market. So what's the reason for introducing this kind of model in the latter part of the life cycle? And what will be the impact to the financial results? Has there been impact from introducing this new model?

（譯）這是來自每日新聞的志乃。之前您曾談到 PlayStation 5 的生命週期，現在正進入生命週期的後半段。但去年 11 月，你談到了專為日本市場打造的 PlayStation 專用機型，這是一款價格相對低廉的機型。那麼，為什麼要在生命週期的後期才引入這種模型呢？那會對財務業績產生什麼影響？引入這種新模式是否產生了影響？

(interpreted) So the Japan model introduction, well, that was to enhance the presence of PlayStation in the Japanese market. It's one part of that effort. Compared with the global model, it was more reasonably priced. And so publishers and users appreciated that more affordable price. And after launch, in terms of sell-through, it has created an uplift.

（翻譯）所以，在日本推出這款機型，是為了增強 PlayStation 在日本市場的影響力。這是這項努力的一部分。與全球同類產品相比，它的價格更合理。因此，出版商和用戶都對這種更實惠的價格表示讚賞。上市後，就銷售情況而言，它確實帶來了提升。

Now this was not a special model just for that seasonal effort. But for the mid- to long term for the Japanese market, we think that this had a strategic significance. So we want many users to buy this so that publishers will make great games. So we think in that regard, this will have a mid- to long-term impact.

這並非僅為該季節活動而設計的特殊型號。但就日本市場的中長期發展而言，我們認為這具有戰略意義。所以我們希望很多用戶購買這款遊戲，這樣發行商就會製作出優秀的遊戲。因此我們認為，從這個角度來看，這將產生中長期影響。

(interpreted) Now it's time to conclude the Q&A session for the media. So the Q&A session for investors and analysts will start from 4:45. Thank you for waiting. We will now begin the Q&A session for investors and analysts. I am [Kondo] from the IR Department, and I will be your moderator.

（翻譯）現在是時候結束媒體問答環節了。因此，面向投資者和分析師的問答環節將於 4:45 開始。感謝您的耐心等待。現在我們將開始投資人和分析師的問答環節。我是國際關係部的近藤，我將擔任本次會議的主持人。

The speakers will be the same three individuals as in the media session. We will now start the Q&A session. (Operator Instructions) JPMorgan, Ayada-san, please.

發言人將與媒體見面會上的三位發言人相同。現在開始問答環節。（操作員指示）摩根大通，請接聽綾田女士的電話。

I'm Ayada from JPMorgan. I have two questions. The first question is about gaming. The play time and so what do you think about the status of play time and spending in the holiday season? Active users have gone up 2%, but play time is flat and software network revenue is going up. But thinking about the price up, I think in terms of value or volume, it's more or less flat.

我是摩根大通的Ayada。我有兩個問題。第一個問題是關於遊戲的。那麼，您如何看待假期期間的玩耍時間和消費狀況呢？活躍用戶成長了 2%，但遊戲時長保持不變，軟體網路收入卻在成長。但就價格上漲而言，我認為從價值或銷售來看，價格基本上持平。

So it seems like it's dwindling a little bit. Is it because of the economic cycle, business cycle or console cycle? Or is this impact from the title lineup? Or are people using time for things other than game. So we would like your take on that. Your second question, so this might be an abstract question. The impact of AI to the entertainment industry, how should we see that?

所以看來它正在逐漸減少。是因為經濟週期、商業週期還是主機週期？還是這是冠軍陣容帶來的影響？還是人們把時間花在遊戲以外的事情上了？所以我們想聽聽您的看法。你的第二個問題，這可能是個抽象的問題。人工智慧對娛樂產業的影響，我們該如何看待？

For music production and game development, already 90% of creators use AI, so -- based on the data. So by the creators using AI, if there's more content, that would be a very positive effect on platforms such as PlayStation and Crunchyroll or if users use more of their casual -- more time in casual content using AI, would that be negative? So I think the repercussions will be different, whether it's music, anime games or video production. So please share your view.

根據數據，音樂製作和遊戲開發領域已有 90% 的創作者使用人工智慧。所以，如果創作者使用人工智慧，創作更多內容，這對 PlayStation 和 Crunchyroll 等平台來說將是一個非常正面的影響；或者，如果用戶使用人工智慧來觀看更多休閒內容，這會產生負面影響嗎？所以我認為，無論是在音樂、動漫遊戲或影片製作領域，其影響都會有所不同。所以請分享一下您的看法。

Thank you for the question. About the engagement of games in the holiday season, I think this is transitioning quite well. Of course, the play time, I think there are many factors influencing the play time. But I think the biggest factor, I think, is whether there are hit games. Up until now, the games, maybe the large-scale games, which everyone has been playing up until now, the engagement has gone down.

謝謝你的提問。關於假日期間遊戲的參與度，我認為過渡得相當不錯。當然，關於遊戲時間，我認為有很多因素會影響遊戲時間。但我認為最重要的因素是是否有熱門比賽。到目前為止，大家玩的那些遊戲，尤其是那些大型遊戲，參與度已經下降了。

And instead, the players are playing new games. As a platform, we see a momentum. But depending on the game title, how that is played and the play time will be different. Towards the next fiscal year, the large-scale titles will be launched. So I'm very optimistic about this. And about how we see AI, as you say, music, game and animation, how AI is used or the positioning of AI is different.

相反，玩家們正在玩新遊戲。作為一個平台，我們看到了發展動能。但根據遊戲名稱的不同，玩法和遊戲時間也會有所不同。下一個財政年度，我們將推出大型專案。所以我對此非常樂觀。至於我們如何看待人工智慧，正如你所說，在音樂、遊戲和動畫領域，人工智慧的使用方式或人工智慧的定位是不同的。

There is high affinity between AI and game and animation. In the long term, I think it's a very positive thing that there will be more content. But there would be impact in many areas, especially how you develop and produce. So this process from idea to game, I think, would be changing. But it's still early in the day to say what the impact would be and what would be the impact on the cost.

人工智慧與遊戲和動畫之間有著很高的親和力。從長遠來看，我認為內容增加是一件非常正面的事情。但這將在許多方面產生影響，尤其是在開發和生產方面。所以，我認為從構思到遊戲的這個過程將會改變。但現在判斷其影響以及對成本的影響還為時過早。

So at this point of time, it's difficult to really say. But what we can say right now is to use a lot of AI. So we promote using AI, especially in game production. And if that disrupts the existing process, we should be the one disrupting rather than the one being disrupted. That's all. Thank you.

所以目前很難說。但我們現在可以確定的是，要大量使用人工智慧。因此，我們提倡使用人工智慧，尤其是在遊戲製作領域。如果這樣做會擾亂現有的流程，我們應該主動去擾亂它，而不是被動地接受它。就這樣。謝謝。

Mikio Hirakawa, BofA Securities.

平川幹雄，美國銀行證券。

(interpreted) Yes. BofA Securities. My name is Hirakawa. So first question is -- well, it's a rather abstract question, but this is the second year of the midterm business plan, but the operating profit growth is like 10% average as you go. And then this year, it has progressed very smoothly. And the concern from the market is that the next year, the profit level because of the memory or the untransparent price movements, then it might not be so smooth.

（翻譯）是的。美國銀行證券。我的名字是平川。所以第一個問題是——嗯，這是一個相當抽象的問題，但這是中期商業計畫的第二年，但營業利潤成長率平均約為 10%。今年，進展非常順利。市場擔心的是，由於價格波動的記憶效應或不透明性，明年的利潤水平可能不會那麼平穩。

Then what I want to ask you here is now in the midterm business plan, so what kind of certainty do you have? And what kind of risk factors do you have in achieving or what kind of upside do you have? So if you can allude to that is the first question. And the second question is about what you have said. So image sensor, I&SS, so what I have heard is the high end is so ASP rise and the volume expansion, you can have both. So that, I think, was the main thing that you wanted to message to us.

那麼，我想問你的是中期商業計劃，你對此有多大的把握？那麼，你在實現目標的過程中會面臨哪些風險因素呢？或者說，你有哪些潛在收益？所以，如果你能暗示這一點，那就是第一個問題了。第二個問題是關於你剛才說的話。所以影像感測器、I&SS，我聽說高階產品的平均售價上漲，銷售量也隨之成長，兩者可以兼得。所以，我想，這應該是你想傳達給我們的主要訊息。

(interpreted) Okay. Thank you for the question. And about the midterm plan, so the second year and the year are going on quite smoothly. Yes, that is the feeling we have. About the memory price surge, and we can understand the concern from the market about this. And this earnings results for the next year, I think we can go into this more deeper.

（翻譯）好的。謝謝你的提問。關於中期計劃，第二年和第一年的進展都相當順利。是的，我們也有這種感覺。關於記憶體價格飆升的問題，我們能夠理解市場對此的擔憂。至於明年的獲利結果，我認為我們可以更深入地探討一下。

But basically speaking, we would have the momentum very strong here and the memory cost rise. So we have to manage that, and that's the kind of a direction we have and the profitability, of course, we have in mind. And for the attainment of the midterm plan, how certain we are or how confident we are? So it depends on each business segment, but this is a game and Sony Pictures.

但總的來說，我們將迎來強勁的發展勢頭，記憶體成本將會上升。所以我們必須妥善處理這個問題，這就是我們努力的方向，當然，獲利能力也是我們考慮的重點。對於中期計劃的實現，我們有多大把握或信心？所以這取決於各個業務板塊，但這是遊戲和索尼影業。

So next year's software lineup is quite good. So for those segments, I think we have quite a positive kind of outlook. And for the detail, I don't think I can go into here. So when the earnings results for the 2025 fiscal year, I can maybe tell you more about it. And the ESP and the semiconductor and the volume, okay. For this question, I would like to ask Horii-san to answer.

所以明年的軟體陣容相當不錯。因此，對於這些領域，我認為我們持相當樂觀的態度。至於細節，我覺得我在這裡不方便贅述。所以，等到 2025 財年的獲利結果出來後，我或許可以告訴你們更多相關資訊。還有ESP、半導體和音量，好的。關於這個問題，我想請堀井先生回答。

(interpreted) All right. Thank you for the question. So in the speech, we have said that this year, what we have seen this year, okay, and what we are seeing SP and the volume also, we have momentum. So for next year, it's like a launch pad, let's say, that it's in a good position. So I think we can say that we are in a positive position.

（翻譯）好的。謝謝你的提問。所以在演講中，我們已經說過，今年我們看到的情況是，SP 和成交量也表明，我們擁有強勁的勢頭。所以，就明年而言，它就像一個發射台，可以說它處於一個有利的位置。所以我覺得我們可以說我們處於有利地位。

And having said that, in the semiconductor business, there's other businesses like game or (technical difficulty) and -- so memory market condition effect. And let's say, the selection or the options range is different is what I feel. So the final product manufacturers, well, so what kind of measures would they be taking because of this memory market condition?

話雖如此，在半導體產業，還有其他產業，例如遊戲或（技術難題）——因此記憶體市場狀況會產生影響。我覺得，選擇範圍或選項種類可能有所不同。那麼，最終產品製造商會針對這種記憶體市場狀況採取哪些措施呢？

And we would like to have a close contact communication with the customers so that we can have a good understanding of each of the customers we have, and that's procedure we take. But I think we are rather in a passive mode concerning this because of this kind of a characteristic business. And for next year, I think we have a good launch pad in place. And that's exactly what you have pointed out.

我們希望與客戶保持密切的溝通聯繫，以便更好地了解我們的每位客戶，這也是我們採取的措施。但我認為，由於這種業務的特殊性，我們在這方面處於較被動的狀態。我認為，明年我們已經有了良好的啟動基礎。而這正是你所指出的。

(interpreted) Mizuho Securities, Nakane-san.

（譯）瑞穗證券，中根先生。

(interpreted) Two questions. First, so expanding the share buyback. So before you used it up, the facility is being expanded. I think this is the first time you're doing that. You have higher cash flow. Stock price is low. I think those are the backgrounds. So talk about what discussions you had in the Board meeting, and what's the message of expanding this facility in addition to what's in the release? That's the first question.

（翻譯）兩個問題。首先，擴大股票回購規模。所以在你用完之前，這個設施就要擴建了。我想這是你第一次這樣做。你的現金流更充裕。股價低迷。我認為那些是背景。那麼，請談談你們在董事會會議上進行了哪些討論，以及除了新聞稿中提到的內容之外，擴建該設施的意圖是什麼？這是第一個問題。

Second, about the Home Entertainment separation. So from development, design, manufacture, that part, I think it's easy to separate cleanly. But for sales, you have the common platform and domestic and overseas, I think it's still quite a huge size. I understand that the details are still to be worked out. But for the next fiscal year in terms of sales, how is it going to be handled? And on the ET&S side, inclusive of structural reform, is there a possibility of some adjustments to be made? Give us some clues, please.

其次，關於家庭娛樂業務的分離。所以從開發、設計、製造這部分來看，我認為很容易將其清晰地分開。但就銷售而言，無論在國內還是海外，都有統一的平台，我認為這仍然是一個相當大的規模。我知道具體細節還需要敲定。但就下一個財政年度的銷售而言，該如何處理呢？在ET&S方面，包括結構改革在內，是否有可能進行一些調整？請給我們一些線索。

(interpreted) Thank you for the questions. First, about increasing the facility to repurchase shares. So as you say, the business results and the cash flow is better than anticipated. So we want to increase our returns based on that. But in terms of the window, that is up until middle of May. So JPY50 billion increase is what we've decided on this time.

（翻譯）謝謝大家的提問。首先，關於增加股票回購額度的問題。正如你所說，業務成果和現金流都比預期好。所以我們希望在此基礎上提高收益。但就時間窗口而言，這個期限會持續到五月中旬。所以這次我們決定增加500億日圓。

So the company's momentum of earnings and the fundamentals, we are confident about that. That is the message that we would like you to take from this increase in the facility. About the ET&S, for next fiscal year, basically, ET&S will continue to operate. It will have its budget in the same way, and we will communicate in that way. For the joint venture, it's to start from April of fiscal '27.

因此，我們對公司的獲利動能和基本面充滿信心。這就是我們希望您從此次設施擴充中領悟到的訊息。關於ET&S，在下一個財政年度，ET&S基本上將繼續運作。它的預算方式也是一樣，我們將以這種方式溝通。合資企業的營運將於 2027 財年 4 月開始。

So in terms of the additional structural reform for the portfolio, it's always dynamic. So looking at the business situation, it's our job to optimize that. It's one of our main missions. As of now, nothing has been decided yet. That's all.

因此，就投資組合的額外結構性改革而言，它始終是動態的。所以從業務角度來看，我們的工作就是優化它。這是我們的主要任務之一。目前，一切尚未決定。就這樣。

(interpreted) SMBC Nikko Securities, Katsura-san, please.

（翻譯）請問是SMBC日興證券的桂先生嗎？

(interpreted) So I'm Katsura from SMBC Nikko Securities. I have two questions on game and semiconductor. About the gaming question, this quarter, how we see the profit. The third-quarter, so the -- compared to the real profitability of second and third-quarter -- first and second-quarters, I think the third-quarter profit has gone down. This is about the domestic version of hardware, and you did also promotion activity.

（翻譯）我是SMBC日興證券的桂。我有兩個關於遊戲和半導體的問題。關於遊戲業務的問題，本季我們如何看待獲利情況？與第二季和第三季的實際獲利能力相比，我認為第三季的利潤下降了——與第一季和第二季相比。這是關於國內版硬體的，你們也進行了推廣活動。

And also the procurement side, there has been -- maybe you purchased memory in order to secure the inventory. So the landing of the third-quarter and also the full year, so the postponement of first-party title might be a negative factor. So these numbers seemed a little bit low. So maybe you have included some of the countermeasures towards the next term. And the second point is I&SS.

此外，採購方面也存在一些問題——例如，您可能購買了內存以確保庫存。因此，第三季和全年的到來，以及第一方遊戲的延期發布，可能是一個不利因素。所以這些數字似乎有點低。所以，或許你已經制定了一些應對下一任期的措施。第二點是I&SS。

You said you will be taking measures in the fourth-quarter. So if you can say, we would like you to share us the scale of this measure. So my question is about your plan towards the next year.

你說過將在第四季採取措施。所以，如果您方便的話，我們希望您能告訴我們這項措施的規模。所以我的問題是，你對明年有什麼計畫？

(interpreted) Thank you for the question. About the third-quarter profitability for gaming going down compared to the first and second-quarter. So there was -- the main reason was the end of the year sale promotion of the hardware. In addition to the Japan domestic model, we did global promotion. and that led to many users purchasing the console.

（翻譯）謝謝你的提問。第三季遊戲業務獲利能力較第一季和第二季下降。所以，主要原因是硬體的年末促銷活動。除了日本國內市場，我們也進行了全球推廣，這促使許多用戶購買了這款遊戲機。

And that -- due to that, the profit went down in the third-quarter, but this will contribute to the mid- to long-term lifetime value. And towards the end of the fiscal year, as of now, the inventory, we do not have any plans to do anything extraordinary on the inventory. I&SS, we have factored in a part of that into the fourth-quarter. Horii will respond.

因此，第三季的利潤有所下降，但這將有助於提高中長期生命週期價值。截至目前，在財政年度末，對於庫存，我們沒有任何計劃採取任何特別措施。I&SS，我們已將其中一部分計入第四季度。堀井將作出回應。

(interpreted) So as we have explained, the business balance within I&SS segment and some of the assets depreciation amortization done in acceleration. So this type of treatment is currently being processed. And about the scale, about JPY20 billion, so this onetime cost of JPY20 billion will be factored into the fourth-quarter.

（解釋）正如我們解釋的那樣，I&SS 部門的業務平衡以及一些資產折舊攤提以加速方式進行。因此，這種治療方案目前正在研究中。至於規模，大約為 200 億日元，因此這筆 200 億日圓的一次性成本將計入第四季。

(interpreted) All right. So we have not much remaining time. So the next question is going to be the last. (Operator Instructions) Munakata from Goldman Sachs.

（翻譯）好的。所以我們剩下的時間不多了。那麼下一個問題將是最後一個問題了。（操作說明）高盛的宗像

(interpreted) Yes. My name is Munakata from Goldman Sachs. I think you have been saying about the generative AI. I'd like to ask a question about that. And so last week, so Project Genie was announced. And basically speaking, so generative AI, I think there's opportunity and also a threat. So in the stock market, so the generative AI, so the creation might be done by that so that a very interesting game can be made in an instance.

（翻譯）是的。我叫宗像，來自高盛。我想你一直在說的是生成式人工智慧。我想問一個相關問題。於是，上週，Project Genie計畫正式公佈。總的來說，我認為生成式人工智慧既是機會也是威脅。所以在股票市場中，生成式人工智慧可以進行創造，從而在瞬間創造出非常有趣的遊戲。

So that I think a threat is more strong here. But in the game creation, so there has been some comments that to have it in a positive manner. But with the generative AI becoming -- developing, so what is the strength of your game studios and game development? What is your strength in that? So I appreciate you to ask -- to answer this question.

所以我認為這裡的威脅更大。但在遊戲創作過程中，也出現了一些評論，希望以正面的方式看待這個問題。但隨著生成式人工智慧的不斷發展，你們的遊戲工作室和遊戲開發的優勢是什麼？你在這方面的優勢是什麼？所以我很感謝你提出這個問題——也謝謝你回答這個問題。

(interpreted) Well, but the generative AI, so in very various ways, there are trials going on and now is in a test stage, I think. And there are very interesting things that's happening. But before -- I think it's before the commercialization. And as for game, it's not just game, but -- so AI, I think it can be in a toolbox that there's a very strong tool in the toolbox. That's kind of a feeling we have against AI.

（翻譯）嗯，但是生成式人工智慧，以非常不同的方式，正在進行試驗，現在正處於測試階段，我認為。而且，現在正在發生一些非常有趣的事情。但在此之前——我認為是在商業化之前。至於遊戲，它不僅僅是遊戲，而且——所以人工智慧，我認為它可以是一個工具箱，而這個工具箱裡有一個非常強大的工具。這大概就是我們對人工智慧的一種感覺。

So tool itself, it's not going to be a business. So I think we need the sensitivity of artists and the tool to integrate in order to have another business chance or to have entertainment. So that's the kind of understanding we have. In that sense, AI, I don't think it's a threat. But -- so that the creators can use AI fast way. And then we are going to help them make it the commercial product. So I think that's a Sony's mission. Thank you.

所以，就工具本身而言，它不會成為一項業務。所以我認為我們需要藝術家的敏銳度和整合工具，才能獲得另一個商業機會或娛樂機會。這就是我們之間的理解。從這個意義上講，我認為人工智慧並不構成威脅。但是——這樣創作者就可以快速使用人工智慧。然後我們將幫助他們將其商業化。所以我認為這是索尼的使命。謝謝。

(interpreted) With that, we would like to conclude the earnings announcement of Sony Group.

（譯）至此，索尼集團的獲利公告就結束了。

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。