索尼 (SONY) 2027 Q1 法說會逐字稿

We thank you very much for joining us today. We will now begin the Sony Group Corporation's first-quarter earnings announcement. I am Ishii of Corporate Communications. I will be ending this session. Today, fiscal 2026 first-quarter consolidated results and consolidated forecast will be presented by Executive Officer and CFO, Lin Tao, followed by questions and answers.

非常感謝各位今天與我們一同參與。現在開始索尼集團公司第一季財報說明會。我是企業溝通部的石井。本場會議將由我來結束。今天將由執行役員兼財務長林濤女士說明2026會計年度第一季合併業績與合併業績預測，之後進行問答。

The English prerecorded presentation by Ms. Tao will be streamed through the English channel. We are planning for a total of 70 minutes. Ms. Tao, please.

濤女士的英文預錄簡報將透過英文頻道串流播放。本次會議預計總長70分鐘。濤女士，請。

Hello, everyone. Welcome to Sony Group earnings announcement. Before explaining our financial results, I would like to discuss the impact of the 2026 Kumamoto earthquake that occurred on July 28.

各位好。歡迎參加索尼集團財報說明會。在說明我們的財務業績之前，我想先談談7月28日發生的2026年熊本地震所帶來的影響。

First, I would like to express my heartfelt sympathy to those affected by the earthquake and to those whose daily lives have been disrupted. We have several semiconductor facilities located in Kumamoto prefecture and neighbouring prefectures. And while all these facilities were affected by the earthquake, there were no casualties other than a few people who sustained minor injuries.

首先，我謹向受地震影響的各位，以及日常生活受到干擾的各位，致上由衷的慰問。我們在熊本縣及鄰近縣份設有多座半導體設施。雖然這些設施皆受到地震影響，但除少數人受輕傷外，並無其他人員傷亡。

The Kumamoto Technology Center of Sony Semiconductor Manufacturing Corporation, in Kikuyo Town, Kumamoto Prefecture, which is relatively close to the epicentre, experienced shaking at a seismic intensity of five-plus and suspended production immediately after the earthquake. Restoration efforts to resume production are currently underway.

位於熊本縣菊陽町、相對接近震央的索尼半導體製造公司熊本技術中心，觀測到震度5強的搖晃，並在地震發生後立即暫停生產。目前正進行復原作業以恢復生產。

Our production sites in Nagasaki, Oita and Kagoshima had no significant damage to buildings or equipment and production has resumed. We will continue our efforts to fully restore production, and we'll update you on the progress and impact on our business at the appropriate time. As it is currently difficult to reasonably estimate the financial impact of this earthquake, the impact has not been incorporated into the full year results forecast we will show today.

我們位於長崎、大分與鹿兒島的生產據點，建物與設備未見重大損害，且已恢復生產。我們將持續努力全面恢復生產，並將在適當時機向各位更新進度及對業務的影響。由於目前難以合理估算本次地震的財務影響，因此今日所示的全年業績預測尚未納入其影響。

Now I will turn to the earnings presentation. Consolidated sales for the first-quarter ended June 30, 2026, increased 8% compared to the same quarter of the previous fiscal year to JPY2,837.8 billion, and consolidated operating income increased 40% to JPY476.5 billion, both record highs for the first-quarter. Net income increased 32% to JPY342.2 billion. The financial results by segment are shown in the Q1 FY26 results by segment slide.

接下來進入財報簡報。截至2026年6月30日止第一季合併銷售額較前一會計年度同季成長8%至2兆8,378億日圓，合併營業利益成長40%至4,765億日圓，兩者皆創第一季歷史新高。淨利成長32%至3,422億日圓。各事業別的財務結果如「FY26 Q1 事業別業績」投影片所示。

We have increased our FY26 sales forecast 2% compared to our previous forecast to JPY12.50 trillion. Our operating income forecast 8% to JPY1,720 billion and our net income forecast 4% to JPY1,210 billion. We expect operating cash flow to be JPY1,500 billion, unchanged from the previous forecast. Regarding US tariff refunds, we expect approximately JPY80 billion of the tariffs, which the Sony Group as a whole paid to be refunded during the current fiscal year.

我們將FY26銷售額預測較先前預測上調2%至12.50兆日圓。營業利益預測上調8%至1兆7,200億日圓，淨利預測上調4%至1兆2,100億日圓。營業活動現金流量預期為1兆5,000億日圓，與先前預測相同。關於美國關稅退稅，我們預期索尼集團整體所支付的關稅中，約800億日圓將於本會計年度內退還。

And we have allocated most of that amount to an upward revision of our consolidated operating income forecast. The FY26 result forecast by segment is shown in the FY26 results forecast by segment slide. In all other segments, Sony Financial Group, which was previously accounted for under the equity method, no longer meets the accounting standard of an equity affiliate since SFGI's shareholders' meeting last month. Consequently, we have concluded the recording of equity method income or loss in FY26 Q1, and it is not included in our results forecast from the second-quarter ending September 30, 2026.

而我們已將其中大部分金額用於上修合併營業利益預測。FY26事業別業績預測如「FY26 事業別業績預測」投影片所示。另外，在其他事業方面，先前以權益法認列的索尼金融集團，因上月SFGI股東大會後已不再符合權益法關聯企業的會計認列標準。因此，我們已於FY26第一季結束權益法損益的認列，且自截至2026年9月30日止第二季起，該項亦不納入我們的業績預測。

This is strictly a change in accounting treatment and does not imply any change in the position of SFGI within the Sony Group nor a change in our collaborative or capital relationship with SFGI.

這純粹是會計處理方式的變更，並不代表SFGI在索尼集團內的定位有所改變，也不代表我們與SFGI之間的合作或資本關係有所改變。

Now I will turn to an overview of each business. First is the G&NS segment. FY26 Q1 sales were essentially flat year-on-year at JPY937.1 billion. Operating income increased 37% year-on-year to JPY202 billion, primarily due to the impact of US tariff refunds, partially offset by an increase in costs, including investment for the next-generation platform and restructuring costs.

接下來我將概述各項業務。首先是G&NS事業。FY26第一季銷售額年增基本持平，為9,371億日圓。營業利益年增37%至2,020億日圓，主要受惠於美國關稅退稅影響，但部分被成本增加所抵銷，成本增加包含次世代平台投資與重整費用。

We increased our sales forecast 3% from the previous forecast to JPY4,540 billion, primarily due to the impact of foreign exchange rates. We increased our operating income forecast 10% from the previous forecast to JPY660 billion, primarily due to the impact of the US tariff refunds and foreign exchange rates as well as additional cost improvements. The number of monthly active users across PlayStation platform in June increased 2% compared to last June to 125 million accounts, a record high for June.

我們將銷售額預測較先前預測上調3%至4兆5,400億日圓，主要反映匯率影響。我們將營業利益預測較先前預測上調10%至6,600億日圓，主要受惠於美國關稅退稅與匯率影響，以及額外的成本改善。6月PlayStation平台的月活躍用戶數較去年6月增加2%至1.25億個帳戶，創6月歷史新高。

Although total play time during the quarter decreased 4% year-on-year, we think that user engagement continued to be solid because the same period of the previous fiscal year benefited from season updates to major titles and new hit titles.

雖然本季總遊玩時間年減4%，但我們認為用戶參與度仍維持穩健，因為前一會計年度同期受惠於主要作品的季節更新以及新爆款作品的推出。

We expect further improvements in engagement metrics going forward because many major titles are scheduled to be released toward the end of calendar year. Regarding the impact of memory market conditions on PS5 hardware, we have secured the quantity of memory necessary to meet our projected sales volume for the current fiscal year, and there is no change to our plan for hardware profitability to remain similar to the previous fiscal year.

展望未來，由於多款主要作品預計在年底前後推出，我們預期參與度相關指標將進一步改善。關於記憶體市場狀況對PS5硬體的影響，我們已確保足以滿足本會計年度預估銷售量所需的記憶體數量，且硬體獲利能力維持與前一會計年度相近的計畫不變。

We continue to aim for further growth of the installed base while closely monitoring PS5 hardware demand trends and the potential for securing additional memory. In the Studio business, live service titles such as latest instalments in the MLB The Show Series and Helldivers 2 now in its third year since release, continued to contribute steadily to revenue. With the release of Season 2 in June, Marathon has maintained a high user retention rate while also acquiring new users. As for titles on sale this fiscal year, Stellar Blade released in April, received high acclaim with another Metacritic score of 88 and is steadily expanding its user base.

我們將在密切關注PS5硬體需求趨勢及追加記憶體取得可能性的同時，持續以進一步擴大裝機量為目標。在工作室業務方面，《MLB The Show》系列最新作等即時服務型作品，以及自發售以來已進入第三年的《Helldivers 2》，持續穩定貢獻營收。《Marathon》於6月推出第2季後，在維持高用戶留存率的同時也吸引了新用戶。至於本會計年度販售的作品，4月推出的《Stellar Blade》獲得高度好評，Metacritic評分再度達到88分，並持續穩健擴大用戶基礎。

In addition, going forward, we expect Marvel Token Fighting Souls set for release in August, Marvel's Wolverine set for release in September and God of War Ragnarok set for release in February of next year to continue to drive performance in this segment. Next is the Music segment. FY26 Q1 sales increased 21% year-on-year to JPY562 billion, primarily due to the impact of foreign exchange rates as well as increased revenue from live events and higher streaming revenue in Recorded Music. Operating income increased 14% to JPY105.9 billion, a record high for the first-quarter.

此外，展望未來，我們預期8月預定推出的《Marvel Token Fighting Souls》、9月預定推出的《Marvel's Wolverine》，以及明年2月預定推出的《God of War Ragnarok》，將持續帶動本事業的業績表現。接下來是音樂事業。FY26第一季銷售額年增21%至5,620億日圓，主要受惠於匯率影響，以及現場活動收入增加與錄製音樂串流收入提升。營業利益年增14%至1,059億日圓，創第一季歷史新高。

We increased our forecast for sales 2% from the previous forecast to JPY2,190 billion and our forecast for operating income 5% to JPY420 billion, primarily due to the impact of foreign exchange rates and the consolidation of Recognition Music Group. Streaming revenue for the quarter on a US dollar basis increased 10% year-on-year in Recorded Music and 8% in Music Publishing. Reflecting the global success of the movie, Michael, streams of songs by Michael Jackson, whose music catalog is co-owned by Sony Music Group, increased significantly, reaching approximately four times the level seen before the film's release.

我們將銷售額預測較先前預測上調2%至2兆1,900億日圓，並將營業利益預測上調5%至4,200億日圓，主要反映匯率影響以及Recognition Music Group的合併納入。以美元計價，本季錄製音樂的串流收入年增10%，音樂出版年增8%。受電影《Michael》在全球成功的帶動，索尼音樂集團共同持有其音樂目錄的麥可·傑克森歌曲串流量大幅增加，達到電影上映前約四倍的水準。

We think that the significant increase in streams of his songs by Gen Z indicates that Michael Jackson's music is attracting a new generation of young fans and will continue to be enjoyed for many years to come. As catalog listening continued to grow throughout the market, SMG is leveraging its global catalog management expertise to expand its reach into new markets and audience, thereby continuously enhancing the value of its catalog. We believe that we can expect further value appreciation going forward due to new and greater licensing opportunities enabled by AI.

我們認為，Z世代對其歌曲串流量的顯著成長，顯示麥可·傑克森的音樂正吸引新一代年輕粉絲，並將在未來多年持續受到喜愛。隨著市場整體的目錄型聆聽持續成長，SMG正運用其全球目錄管理專業，拓展至新市場與新受眾，從而持續提升其目錄價值。我們相信，隨著AI所促成的新增且更廣泛的授權機會，未來可望帶來進一步的價值提升。

In FY26 Q1, Ella Langley's new album, Dandy Lion, reached number one on the US Billboard album chart and its lead single broke the all-time record for the longest run at number one by a female artist on the Billboard single chart. This indicates that we are continuing to discover new hit artists, and we plan to further enhance our business foundation by also continuing to focus on catalog.

在 FY26 第 1 季，Ella Langley 的新專輯《Dandy Lion》登上美國 Billboard 專輯榜冠軍，其主打單曲也打破 Billboard 單曲榜女性藝人蟬聯冠軍最長週數的歷史紀錄。這顯示我們持續發掘新的暢銷藝人，並且也計畫持續聚焦於目錄（catalog），以進一步強化我們的業務基礎。

Next is the Pictures segment. FY26 Q1 sales decreased 4% year-on-year to JPY315.1 billion, primarily due to a decline in the number of series delivered in television production, partially offset by higher revenues from Crunchyroll. Operating income increased 33% to JPY24.8 billion, primarily driven by a decrease in marketing costs related to theatrical releases.

接下來是影視（Pictures）事業部門。FY26 第 1 季銷售額年減 4% 至 3,151 億日圓，主要原因是電視製作交付的影集數量減少，但部分被 Crunchyroll 較高的營收所抵銷。營業利益年增 33% 至 248 億日圓，主要受惠於與院線上映相關的行銷成本下降。

We increased our sales forecast 2% from the previous forecast to JPY1,660 billion, primarily due to the impact of foreign exchange rates and our operating income forecast 3% to JPY150 billion. Spider-Man: Brand New Dame, which opens in theatres around the world starting this weekend, is one of Sony Pictures Entertainment's most iconic and long-loved franchises, and we are confident it will be a hit. In June, SPE announced that it will further enhance its experiential entertainment through a strategic investment in Cosm, which specializes in cutting-edge shared reality technology that bridges the virtual and physical world.

我們將銷售額預測較前次上調 2% 至 1 兆 6,600 億日圓，主要反映匯率影響；並將營業利益預測較前次上調 3% 至 1,500 億日圓。《蜘蛛人：Brand New Dame》自本週末起將於全球各地上映，這是 Sony Pictures Entertainment 最具代表性且長期深受喜愛的系列之一，我們有信心將成為賣座作品。6 月，SPE 宣布透過對 Cosm 的策略性投資，進一步強化其體驗式娛樂；Cosm 專精於連結虛擬與實體世界的尖端共享實境技術。

Through this partnership, SPE aims to provide fans around the world with new immersive content experience and expand the value of Sony Group's extensive portfolio of IP. Regarding anime, which is one of the pillars supporting our creative entertainment vision, we are working with creators and partner companies to further grow our business across the Sony Group.

透過此合作夥伴關係，SPE 旨在為全球粉絲提供全新的沉浸式內容體驗，並擴大 Sony 集團龐大 IP 組合的價值。關於動畫（anime），其為支撐我們創意娛樂願景的支柱之一，我們正與創作者及合作夥伴公司攜手，在 Sony 集團內進一步擴大業務成長。

Aniplex and Kadokawa through the anime film distribution company, Animek, which they jointly established in March 2026, have begun distributing theatrical anime films since May. Going forward, they plan to distribute works made by Aniplex and works sourced from Kadokawa's novels and games.

Aniplex 與 Kadokawa 透過其於 2026 年 3 月共同成立的動畫電影發行公司 Animek，自 5 月起已開始發行院線動畫電影。未來，他們計畫發行由 Aniplex 製作的作品，以及改編自 Kadokawa 小說與遊戲的作品。

Aniplex and Crunchyroll are continuing to collaborate on the development and expansion of anime IP, and they have decided to produce a theatrical film of the global popular hit anime Solo Leveling. Crunchyroll continues to grow its subscribers beyond the more than 21 million it had at the end of March this year, and its results in the quarter improved year-on-year. Next is the ET&S segment.

Aniplex 與 Crunchyroll 持續在動畫 IP 的開發與擴展上合作，並已決定製作全球人氣暢銷動畫《Solo Leveling》的劇場版電影。Crunchyroll 的訂閱用戶持續成長，已超過今年 3 月底的 2,100 萬人，本季業績亦較去年同期改善。接下來是 ET&S 事業部門。

In FY26, Q1 sales increased 2% year-on-year to JPY543.9 billion, and operating income was essentially flat at JPY42.6 billion. There is no change to our FY26 forecast. The imaging market this quarter remained stable in all regions, except China, where the market continued to experience negative growth compared to the previous year.

FY26 第 1 季銷售額年增 2% 至 5,439 億日圓，營業利益基本持平，為 426 億日圓。FY26 全年預測維持不變。本季影像市場除中國外，各地區均維持穩定；中國市場相較去年仍持續呈現負成長。

Against this backdrop, strong sales of the Alpha 7 Mark 5, which won the grand prize at the Camera Grand Prix 2026 and the Alpha 7R Mark 6 launched in June helped raise average selling prices and expand our market share in the full-frame camera market, enabling the imaging business as a whole to maintain its sales on par with the same quarter of the previous fiscal year.

在此背景下，榮獲 Camera Grand Prix 2026 大獎的 Alpha 7 Mark 5，以及 6 月上市的 Alpha 7R Mark 6 銷售強勁，帶動平均售價提升並擴大全片幅相機市場的市占率，使影像業務整體銷售額得以維持與上一財年同季相當的水準。

In the displays business, new true RGB BRAVIA models boasting the widest color gamut in the history of our consumer TVs were well received. The continued surge in memory prices remains a key business challenge for this segment this fiscal year. However, the business is doing everything it can to implement cost reduction measures in procurement and design and to adjust its pricing strategies, including foreign exchange management.

在顯示器業務方面，具備本公司消費型電視史上最廣色域的新款 true RGB BRAVIA 機種獲得良好回響。記憶體價格持續飆升，仍是本事業部門本財年的主要經營課題。然而，本業務正全力在採購與設計上推動成本削減措施，並調整包含匯率管理在內的定價策略。

We expect to maintain the profit level projected in the previous forecast for the segment as a whole. Last is the I&SS segment. FY26 Q1 sales increased 26% year-on-year to JPY512.7 billion, mainly due to higher average selling prices of mobile sensors as well as the impact of foreign exchange rates. Operating income increased approximately 2.3 times to JPY122.2 billion and reached a record high for the first-quarter. We have increased our FY26 sales forecast 2% to JPY2,110 billion and our operating income forecast 5% to JPY420 billion from our previous forecast, mainly due to the impact of foreign exchange rates.

我們預期本事業部門整體將維持前次預測所估計的獲利水準。最後是 I&SS 事業部門。FY26 第 1 季銷售額年增 26% 至 5,127 億日圓，主要受惠於行動感測器平均售價上升以及匯率影響。營業利益約增至 2.3 倍，達 1,222 億日圓，創第一季歷史新高。我們將 FY26 全年銷售額預測較前次上調 2% 至 2 兆 1,100 億日圓，並將營業利益預測較前次上調 5% 至 4,200 億日圓，主要反映匯率影響。

While the smartphone market posted negative growth for the second consecutive quarter, high-end manufacturers, primarily our major customer, are expanding their unit sales and market share. In line with this trend, although our mobile sensor unit sales only slightly increased year-on-year, sales grew significant year-on-year due to improved customer and product mix as well as the impact of foreign exchange rates.

儘管智慧型手機市場已連續第二季呈現負成長，但以我們主要客戶為首的高階製造商正在擴大出貨量與市占率。順應此趨勢，雖然我們的行動感測器出貨量僅較去年同期小幅增加，但受惠於客戶與產品組合改善以及匯率影響，銷售額仍顯著年增。

Looking ahead to the second half of the fiscal year, we anticipate that market conditions for memory will also affect shipment volumes of high-end phones. Therefore, we remain cautious in our full year forecast and expect revenue for mobile sensors as a whole to slightly decrease from the previous fiscal year.

展望下半財年，我們預期記憶體的市場狀況也將影響高階手機的出貨量。因此，我們對全年預測仍維持審慎，並預期行動感測器整體營收將較上一財年小幅下降。

Regarding the strategic partnership with TSMC for the development and manufacture of next-generation image sensor announced in May, detailed discussions are progressing smoothly with a view to signing definitive agreements.

關於 5 月宣布與台積電（TSMC）就次世代影像感測器的開發與製造所建立的策略合作夥伴關係，目前正順利推進細部討論，以期簽署最終協議。

To prepare for the establishment of the joint venture with TSMC, we have incorporated approximately JPY10 billion in additional costs for the current fiscal year into our full year forecast. Through our partnership with TSMC, which possesses world-class semiconductor process technology, we aim to further enhance the technological competitiveness of future image sensors, including high-density and to firmly capture growing demand not only in mobile sensors, but also in areas such as physical AI, thereby further solidifying our number one position in the image sensor market.

為籌備與台積電成立合資公司，我們已在本財年全年預測中納入約 100 億日圓的追加成本。透過與擁有世界級半導體製程技術的台積電合作，我們旨在進一步提升未來影像感測器（包含高密度等）的技術競爭力，並確實掌握不僅在行動感測器、亦在實體 AI 等領域持續成長的需求，從而進一步鞏固我們在影像感測器市場的第一名地位。

To summarize, the G&NS, Music and I&SS segments posted record profits for the first-quarter and the Sony Group as a whole has continued to achieve robust profit growth. Even in an uncertain business environment, the profit-generating capacity of each business segment is steadily increasing, and we intend to continue our efforts to deliver solid results in the final fiscal year of the fifth mid-range plan.

總結而言，G&NS、Music 與 I&SS 事業部門在第一季皆創下歷史新高的獲利，Sony 集團整體亦持續實現強勁的獲利成長。即使在不確定的經營環境下，各事業部門的獲利創造能力仍在穩步提升，我們將持續努力，在第五個中期計畫的最後一個財年交出穩健成果。

Regarding the share repurchase program, the cumulative amount purchased through the end of June was approximately JPY120 billion out of the facility we established in May. And we intend to continue to work towards strengthening shareholder returns. This concludes my remarks.

關於庫藏股回購計畫，截至 6 月底，已自我們於 5 月設立的額度中累計回購約 1,200 億日圓。我們也將持續致力於強化股東報酬。以上為我的說明。

This was a presentation by Tao. From 4:25 PM., we will take questions from the media. And from 4:50 PM, we will take questions from investors and analysts. We are planning for approximately 20 minutes for Q&A session.

以上為 Tao 的簡報。下午 4:25 起，我們將接受媒體提問。下午 4:50 起，我們將接受投資人與分析師提問。問答時間預計約 20 分鐘。

(Event Instructions)

（活動說明）

(break)

（休息）

Thank you very much for waiting. Ladies and gentlemen, we would like to start the Q&A session.

讓各位久等了，非常感謝。各位女士、先生，我們現在開始問答時間。

(Operator instructions)

（接線員說明）

First, let me introduce those on stage to take your questions. 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. First, we will take questions from the media.

首先，介紹台上回答提問的成員。林濤，財務長（CFO）、企業執行長；是永俊，會計負責資深副總裁；堀井直也，企業規劃與管理控制負責資深副總裁。首先我們將接受媒體提問。

(Operator Instructions)

（接線員說明）

Nishizono, NHK.

NHK 的 Nishizono。

My name is Nishizono from NHK. I'm sure you're so busy to take care of the aftermath of Kumamoto earthquake. So let me ask the first question about the Kumamoto earthquake. I think the semiconductor facilities in Kumamoto, you announced that from next month onwards, you're going to resume the production. 10 years ago, when there was a Kumamoto earthquake, I think it took about 3 months to go back to the previous level of production.

我是 NHK 的 Nishizono。我想各位正忙於處理熊本地震的後續事宜。因此我先就熊本地震提第一個問題。關於熊本的半導體設施，你們宣布將自下個月起恢復生產。10 年前發生熊本地震時，我記得大約花了 3 個月才恢復到震前的生產水準。

And now by the end of mid-August, you're going to resume -- go back to the previous level. And why could you shorten the time for restoration and BCP countermeasures.

而到了8月中旬底，您將恢復——回到先前的水準。以及為何能縮短復原時間與BCP對策的時間。

Now, but I understand this is the question about the impact of the earthquake. As has been announced in the press release, starting on the 4 of August, Kumamoto Technology Centers will start resumption of the production gradually. And by mid-August, we are scheduled to go back to the pre-earthquake level.

不過我理解這是關於地震影響的問題。如同新聞稿所公布，自8月4日起，熊本技術中心將逐步恢復生產。並且預計在8月中旬回到震前水準。

And other than that, Kumamoto, those production sites in Kyushu, Nagasaki, Oita, and Kagoshima already, they have resumed the production. Compared to 10 years ago, simply put, the damage, the level of damage is so different this time. Of course, BCP and other matters, we learned lessons from the previous earthquake.

此外，除熊本之外，九州的那些生產據點——長崎、大分與鹿兒島——都已經恢復生產。簡單來說，與10年前相比，這次的受損程度完全不同。當然，關於BCP等事項，我們也從前一次地震汲取了教訓。

And we accumulated the expertise and knowledge how to quickly restore the operation. But simply put, this time around, the level of damage is so different from 10 years ago. The buildings and the production facilities for improving the antiseismic strength that we have been doing this for the last 10 years.

我們也累積了能夠快速恢復營運的專業與知識。但簡單來說，這次的受損程度與10年前大不相同。過去10年我們持續強化建物與生產設備的耐震能力。

And also not only our in-house efforts, but our collaborations and cooperation with partner companies have helped us because we discussed with them on these matters. And let me add that for this restoration this time, we enjoy the cooperation from the employees and also our business partners. This contributed to the fact that we can resume the production quickly this time around. So I thank them very much.

另外，不僅是公司內部的努力，我們與合作夥伴公司的協作與配合也幫了很大的忙，因為我們事前就這些事項與他們進行了討論。我也補充說明，這次復原過程中，我們獲得員工以及商業夥伴的協助。這也促成我們這次能夠迅速恢復生產。因此我非常感謝大家。

[Nikos Yoshida, Nikkei Newspaper].

[吉田尼科斯，《日本經濟新聞》]。

Yes. Two questions. First, following up on the previous question, impact to the semiconductor business. So last time, it took about three months. This time, it's expected to be relatively short time to resume to pre-earthquake level operation.

是。兩個問題。第一個，延續前一題，關於對半導體事業的影響。上次大約花了三個月。這次預期恢復到震前水準的時間會相對較短。

But I don't think you have the full scope yet. And I don't think you have stated the monetary impact. Compared to the last time, the monetary impact would be less. Is that your outlook? So give us a qualitative response on that, please.

但我認為你們目前還沒有掌握全貌。而且我也不認為你們已經說明金額上的影響。與上次相比，金額影響會更小。這是你們的展望嗎？請就此給我們一個定性的回應。

Second, about the game business, PS5. So you're going to end the disc products. I think that you made a comprehensive decision on that. And there was some movement against that. And some of the consumer organizations have criticized you. Some have sued you. And so how did you come to that decision? And how do you respond to the criticism? And so was this a decision that was necessary for the next-generation game device? Or was it intended for enhancing the margin? So was that a sales decision?

第二個，關於遊戲事業、PS5。你們將終止光碟產品。我認為你們是做出綜合性的決定。也出現了一些反對的動向。部分消費者團體批評你們。也有人對你們提起訴訟。那麼你們是如何做出這個決定的？又如何回應這些批評？這是為了下一代遊戲裝置所必須的決定嗎？還是意在提升利潤率？也就是說，這是出於銷售面的決策嗎？

Thank you for the question. So to address the first question about the semiconductor business impact of the earthquake, as I said earlier, -- so we are checking various things, and it's difficult to estimate the overall impact, but we'll be resuming more quickly than before. And also the annual performance of semiconductor, we think that the impact will not have a major impact to the full year results for the semiconductors. So PS5 ending disk production, the second question. So on this point, so we announced that January 2028 onwards, we will no longer be manufacturing game disks. So 1.5 years ahead.

謝謝您的提問。先回答第一個關於地震對半導體事業的影響，如我先前所說——我們正在確認各項狀況，整體影響難以估算，但復工速度會比以前更快。另外，就半導體的全年業績而言，我們認為對半導體全年結果不會造成重大影響。第二個問題，關於PS5終止光碟生產。就這一點，我們已宣布自2028年1月起將不再製造遊戲光碟。也就是提前1年半做出公告。

So we made this announcement at this time. There are various reasons we made this decision. The biggest being that the digitalization of content overall has been progressing. That's the big factor. It's not just for PlayStation, but for all kinds of content, digitalization is progressing.

因此我們選擇在此時發布這項公告。做出此決定有各種原因。其中最大的原因是整體內容的數位化正在推進。這是最主要的因素。不僅是PlayStation，各種內容都在加速數位化。

And so when we think about the future, and we put in a lot of thought and time and we cautiously considered this, and we came to this conclusion, and we're going to cautiously move this forward. And to this decision, we have received various opinions and people have strong views. And we understand that the community has put forth those views to us. Games are loved by many people.

因此在思考未來時，我們投入了大量心力與時間，並且審慎評估後得出這個結論，接下來也會謹慎地推進。對於這項決定，我們收到了各式各樣的意見，大家的立場也很強烈。我們理解社群向我們表達了這些看法。遊戲受到許多人的喜愛。

It's a form of entertainment that's loved by people, and it's connected to people's fond memories in many cases. And so we understand those emotions. We want to consider that. And in the future digital ecosystem, how do we engage the gamers is something that we would like to continue to explore. Thank you very much.

這是一種深受人們喜愛的娛樂形式，且在許多情況下與人們珍貴的回憶相連。因此我們理解這些情感。我們也希望將其納入考量。在未來的數位生態系中，如何與玩家互動，是我們希望持續探索的課題。非常感謝。

[ Nishi ] speaking. Can you hear me?

[西]發言。聽得到嗎？

Yes. I also have two questions. First, well, as was asked about the termination of this production. At present, for example, are you seeing users and sales going down? Do you have any forecast?

是。我也有兩個問題。第一個，關於剛才被問到的終止這項生產。目前例如你們是否看到使用者與銷售下滑？你們有任何預測嗎？

Are you saying that you're not in a position to make such forecast yet? So I want to know what you think the impact will be up until 2028. And about imaging, you have made a proposal to acquire Tamron. And is there anything that you can comment on at this point in time?

還是說你們目前尚未能做出這樣的預測？我想了解你們認為直到2028年為止會有什麼影響。另外關於影像業務，你們提出收購騰龍（Tamron）的提案。就目前這個時間點，有沒有任何可以評論的內容？

Thank you very much for your question. About your first question about PlayStation Disk. Well, in -- up until 2028, well, at this point in time, well, we are not seeing any impact on our business as of now. But going forward, about the content sales, I think large part is already digitized. And therefore, as a result of the discontinuation of a disk, we don't see that there will be any negative impact on our business. However, as I already said, the users, the players have attachments, and we have to think about how to respond to those feedbacks. About the second question about Tamron announcement.

非常感謝您的提問。關於第一個問題，PlayStation光碟。嗯——直到2028年為止，就目前而言，我們目前尚未看到對業務造成任何影響。但展望未來，就內容銷售而言，我認為很大一部分已經數位化。因此，因停止光碟而對我們業務造成負面影響的情況，我們並不認為會發生。不過如我先前所說，使用者、玩家對此有情感上的依附，我們必須思考如何回應這些回饋。第二個問題，關於騰龍的公告。

Well, about Tamron, as they have disclosed, we made a proposal to make Tamron into a 100% subsidiary. Now the thinking behind this, first, Tamron for the shareholders of Tamron and also for our imaging business, we think that it is a proposal will lead to the optimum value creation. Our proposal is to enhance Tamron's corporate value. And at the same time, we can combine our strengths and leveraging these strengths, we can lead to this -- to the development of our imaging business. So this was the assumption in making this proposal. That's all. Thank you.

關於騰龍，如其所揭露，我們提出將騰龍納為100%子公司的提案。至於背後的想法，首先，對騰龍的股東以及我們的影像業務而言，我們認為這是一項能帶來最佳價值創造的提案。我們的提案旨在提升騰龍的企業價值。同時，我們也能結合彼此的優勢並加以發揮，進而帶動我們影像業務的發展。這就是我們提出此提案時的基本假設。以上。謝謝。

Toyo Keizai Yamashita-san.

《東洋經濟》山下先生。

Yamashita, Toyo Keizai. I have two questions. First is about the proposal to Tamron. Let's say that this -- if you acquire the precision lens manufacturer like Tamron, it seems that this shows a little bit of difference in the orientations of your past investment. So how do you position this investment?

我是《東洋經濟》的山下。我有兩個問題。第一個是關於對騰龍的提案。假設你們收購像騰龍這樣的精密鏡頭製造商，這似乎顯示與你們過去投資取向有些不同。那麼你們如何定位這項投資？

Second question about I&SS. You talked about the setting up of the joint venture with TSMC and also the cost -- additional cost of JPY10 billion. How are you going to use this JPY10 billion? And when -- give me the time line, when is it going to be used?

第二個關於 I&SS 的問題。您談到與台積電（TSMC）成立合資公司，以及成本——額外成本為 100 億日圓。您打算如何使用這 100 億日圓？以及——請給我時間表，何時會使用？

Thank you for your question. First, about the Tamron's acquisition proposal. Sony places so much emphasis on creativity and technology to deliver Kando. That's our purpose. Therefore, on this creativity, in the past, we have acquired various entities concerning IPs. But for technology, the creativity of the creators have to be supported, and that is one of the pillars of our strategic investment. In that sense, this is a priority area of Sony's strategic investment.

謝謝您的提問。首先，關於 Tamron 的收購提案。Sony 非常重視以創意與技術來傳遞「感動（Kando）」。那是我們的宗旨。因此，就創意而言，過去我們收購了多個與 IP 相關的實體。但就技術而言，必須支援創作者的創意，而這也是我們策略性投資的支柱之一。從這個意義上說，這是 Sony 策略性投資的優先領域。

So we have maintained our consistency in our investment thesis. For the details of the proposal, I am not in the position to make a comment at this moment in time. And the next question about the TSMC joint ventures with the TSMC and its preparation cost, and Horii will answer this.

因此，我們在投資論點上一直保持一致性。至於該提案的細節，我目前不便發表評論。接下來關於與台積電的合資以及其籌備成本的問題，將由堀井回答。

Thank you for your question. This time around, JPY10 billion was allocated or posted for the full year forecast. In starting up the production in the new site, this is going to be a cost to be incurred, and that's why we posted this. So this is the cost required for the production preparation in a general sense of the word. Well, we have not reached the definitive agreement stage.

謝謝您的提問。這次在全年預測中已編列（或計入）100 億日圓。在新據點啟動生產時，將會發生相關成本，因此我們才將其列入。也就是一般意義上的生產籌備所需成本。不過，我們尚未進入最終協議階段。

But our discussion has been advancing smoothly. And from the second half of this year, we would like to see the specific preparation work to begin. If we successfully conclude the agreement for the next fiscal year onwards, we would like to make investment with the current level or even more in order to make the preparation definite.

但我們的討論進展順利。並且從今年下半年起，我們希望開始具體的籌備作業。若能順利在下一財年起完成協議，我們希望以目前水準或更高的金額進行投資，以確保籌備工作落實。

Time is running out. So the next person will be the last person to ask question.

時間不多了。所以下一位將是最後一位提問者。

Asahi Shimbun, Miura-san

《朝日新聞》三浦先生。

Miura San from Asahi Shimbun. I want to also ask about the earthquake, one clarification. So you said that the extent of the damage was smaller than the earthquake of 10 years ago. So in terms of the seismic intensity, Kikuyo Town's intensity compared to a decade ago was slightly less and damage was less. And also, I think that you have increased seismic resistance of the production facilities. I think that's my understanding. Is that correct? Are the reasons that damage was less?

我是《朝日新聞》的三浦。我也想就地震再確認一點。您說這次的損害程度比 10 年前那次地震小。也就是說，就震度而言，菊陽町這次的震度比十年前略低，因此損害較小。另外，我想你們也提高了生產設施的耐震能力。這是我的理解。這樣理解正確嗎？損害較小的原因是這些嗎？

Yes, you're correct.

是的，您理解正確。

It's time to end the media Q&A. We will start the investor analyst Q&A from 4:50 PM -- excuse me, 4:50 PM. We'll be starting the investor analyst Q&A shortly. Please wait a while until we begin. Thank you for waiting. We'd now like to start the investor analyst Q&A session.

媒體問答時間到此結束。我們將於下午 4:50——抱歉，下午 4:50 開始投資人／分析師問答。投資人／分析師問答即將開始。開始前請稍候片刻。感謝您的等候。現在我們開始投資人／分析師問答環節。

I'm N.P. Singh from IR. Those on stage are the three, the same as the media session. We'll start the Q&A. Those have questions.

我是 IR 的 N.P. Singh。台上仍是三位，與媒體場次相同。我們開始問答。有問題的請提問。

(Operator Instructions) SMBC Nikko Securities, Katsura-san.

（接線員指示）SMBC 日興證券，桂先生。

I'm Katsura from SMBC Nikko Securities. I'd like to ask two questions. One is overall and the next is regarding cost. The first question, Well, I may have missed this in the presentation, but you have made upward revisions of which each of the -- amongst the ET&S segments, you did make reference to the US tariff refund on a total basis in the first-quarter annual, how much of the refund has been factored in? Can you share those numbers with us?

我是 SMBC 日興證券的桂。我想問兩個問題。一個是整體面的，另一個是關於成本。第一個問題：我可能在簡報中漏聽了，但你們在 ET&S 各分部中做了上修；你們也提到第一季全年基礎上美國關稅退稅的總體影響，那麼退稅金額中有多少已納入考量？可以和我們分享數字嗎？

And the second is about memory cost. In regards to memory cost, ET&S and G&NS impacted annually, maybe -- well, especially ET&S, I think you said was JPY30 billion. So about these numbers, have there been any changes in how you factored this in? Can you explain that to us, please?

第二個是關於記憶體成本。就記憶體成本而言，ET&S 與 G&NS 在全年受到影響——尤其是 ET&S，我記得您說是 300 億日圓。關於這些數字，你們在納入方式上是否有任何變化？能否請您說明？

Yes. Thank you for the questions. The first question is about the US tariff refund and its impact on our forecast. Well, overall, the whole group, we are estimating JPY80 billion refund. Most of it has been included in our upward revision of our forecast. About the second question about the memory cost. G&NS game and ET&S, both are responding to the memory cost increase.

好的。謝謝您的提問。第一個問題是關於美國關稅退稅及其對我們預測的影響。整體而言，就集團全體，我們估計退稅為 800 億日圓。其中大部分已納入我們此次上修的預測之中。第二個問題是關於記憶體成本。G&NS（遊戲）與 ET&S 兩者都在因應記憶體成本上升。

About game, already, we have secured the numbers necessary for this year. And this has already been reflected in our forecast. ET&S, most of the memory that will be needed has been secured. And the timing at which we can secure all the memory necessarily will be the second-quarter. I think we have a good outlook already. And therefore, the numbers have been included in our forecast this time. That's all.

就遊戲而言，我們已確保今年所需的數量。並且已反映在我們的預測中。ET&S 方面，所需的大部分記憶體也已確保。而能夠確保全部必要記憶體的時間點將在第二季。我認為我們已經有不錯的能見度。因此，這次也已將相關數字納入我們的預測。以上。

Goldman Sachs Securities, Munakata-san.

高盛證券，宗像先生。

Munakat from Goldman Sachs. I would like to ask two questions on games. First, user engagement and market trend and your market share. MAU in June hit the record high and the total play time in June showed a little decline. But what would be the overall trend and movement in this market in your view?

我是高盛的宗像。我想就遊戲問兩個問題。第一，關於用戶參與度、市場趨勢以及你們的市占率。6 月的 MAU 創下歷史新高，但 6 月的總遊玩時間略有下降。就您看來，這個市場整體的趨勢與動向會是如何？

And do you have any conviction that you can keep this market share in the games? Now about the completion or the ending of the disk sales, I'm sure I understand the background. I understand that there will be an effect on the retailers. How do you position your relationship with the retailers? And as the disks disappear, some of the users may feel that it's coming closer to the gaming PC. And how do you differentiate that from the gaming PC?

以及，您是否有信心能維持遊戲業務的市占率？另外，關於實體光碟銷售的完成或終止，我想我理解其背景。我也理解這會對零售商造成影響。你們如何定位與零售商的關係？而隨著光碟消失，部分用戶可能會覺得更接近遊戲 PC。你們如何與遊戲 PC 做出差異化？

Thank you for your question. First, about the engagement of the games and the gaming market. For MAU, it's been steadily increasing and the play time -- well, it showed a slight decrease. But last year, last fiscal year compared to the same time previous year, there was a decrease in the content, and that's the reason in our view. Well, so we don't have major concern on the overall game business.

謝謝您的提問。首先，關於遊戲的參與度與遊戲市場。MAU 一直穩定增加，而遊玩時間——確實略有下降。但我們認為原因在於，與去年、上一財年同一時期相比，內容供給有所減少。因此，我們對整體遊戲業務沒有重大疑慮。

Game as an entertainment we can provide services so that a certain number of users always enjoy our products. And towards the second half of this fiscal year, major contents are set to be released and not only the first-party IP, but the third-party IPs, major titles are coming up in the secondary half, and there will be a boom or boost.

作為一種娛樂形式的遊戲，我們可以提供服務，讓一定數量的用戶持續享受我們的產品。並且在本財年下半年，預計將推出重磅內容；不僅是第一方 IP，第三方 IP 的大型作品也會在下半年陸續推出，將帶來一波熱潮或推升動能。

Now about the market share, how do you define the market share? Hardware in the first-quarter, sell-in and sell-through have been quite robust. Most likely, we feel certain that the market share has not declined. Your second question about the end of the disk sales and its impact on the retailers. For the last 30 years, we have been selling PlayStation and the retail partners have been always important to us.

關於市占率，您如何定義市占率？第一季硬體的 sell-in 與 sell-through 都相當強勁。我們很可能相當確信市占率並未下滑。第二個問題是關於停止光碟銷售及其對零售商的影響。過去 30 年來，我們一直銷售 PlayStation，而零售合作夥伴對我們一直都很重要。

And with the completion of the dis production, we communicated this at an early stage so that we have enough time to be able to listen to various partners' voices. And in the North America, this has already happened.

隨著光碟生產的完成，我們在早期階段就已溝通此事，以便有足夠時間傾聽各合作夥伴的聲音。在北美，這件事已經發生了。

But without disks in the package, there's a code included. That's how we -- how they sell in North America. And about the retailers, there are regional characteristics. And for each regional partner, we try to have thorough dialogue so that we can end up in a win-win situation. Now the differentiation from PC, we don't feel that the disk is the factor to differentiate from the PC.

但在包裝內不含光碟的情況下，會附上一組代碼。這就是我們——也就是他們在北美的銷售方式。至於零售商，各地區有其特性。我們會與各地區合作夥伴進行充分對話，以期達成雙贏。至於與 PC 的差異化，我們不認為光碟是用來與 PC 區隔的因素。

For PC, there's certain ways to play with the PC as a user, it's a long tail. Our strength is that the curated content is one of our strength and the game environment stable -- being stable, that's another strength. And high end -- compared to the high-end gaming PC, our products is more affordable. So we don't feel that the disk itself is a strong factor for differentiation. So going forward, we can coexist peacefully with PC games.

對 PC 而言，使用者有特定的 PC 遊玩方式，呈現長尾特性。我們的優勢之一是精選內容（curated content），另一個優勢是遊戲環境的穩定性。此外，與高階電競 PC 相比，我們的產品更為親民。因此我們不認為光碟本身是強而有力的差異化因素。展望未來，我們可以與 PC 遊戲和平共存。

Mizuho Securities, Nakane san.

瑞穗證券，中根先生。

Yes. One question about music. So the consolidation of the Music Group, I think they have a wonderful catalog. It would be wonderful if that's achieved. But so you have this collaboration with JIC and size of the balance sheet and how much investment in catalog.

是。我有一個關於音樂的問題。關於 Music Group 的整併，我認為他們擁有很棒的曲庫。若能實現將非常好。不過你們與 JIC 的合作、資產負債表規模，以及在曲庫上的投資金額如何？

So in the supplementary material, not so much mentioned. So talk about this. How much risk are you taking? How much risk are you avoiding in this scheme? And also in today's announcement, you gave us some information, but if you can provide some more detail, please.

在補充資料中並未提到太多。請談談這部分。在這個架構下，你們承擔了多少風險？又避免了多少風險？另外，今天的公告提供了一些資訊，但若能再提供更詳細內容，將不勝感激。

Thank you for the question. Recognition Music Group acquisition scheme is what you're asking about, I think. And so concerning this acquisition, raising cash and interest-bearing debt and the GIC part of the GIC fund. So in terms of how we buy, I think we have put together a creative solution. So the music catalog is going to be a very important strategy for us going forward, especially high-quality content is not always readily available.

謝謝您的提問。我想您問的是 Recognition Music Group 的收購架構。關於這次收購，包含籌措現金、計息負債，以及 GIC 基金的部分。就收購方式而言，我們整合出一個具創意的解決方案。音樂曲庫將是我們未來非常重要的策略，尤其是高品質內容並非總是容易取得。

So when we need high-quality catalog, we want to be prepared and be able to buy. And so various financing methodologies, we are preparing to allow us to make those moves.

因此當我們需要高品質曲庫時，我們希望能做好準備並具備收購能力。為此，我們正準備各種融資方法，以便我們能採取這些行動。

JPMorgan Stanley, Ayada-san, please.

摩根大通證券（JPMorgan Stanley），綾田先生，請。

I would like to ask two questions. The first, confirming the numbers about the tariff refund. first-quarter actual is how much? And also the segment breakdown. And the annual JPY80 billion, again, if you can give the breakdown by segment, I would appreciate that.

我想請教兩個問題。第一個是確認關於關稅退稅的數字：第一季實際金額是多少？以及各事業別的拆分。另外，全年 800 億日圓也請提供按事業別的拆分，將不勝感激。

And this time, you've made an upward revision of JPY120 billion. But if you were to divide this, JPY80 billion less is the tariff refund and the rest is foreign exchange? Or is there an upturn in your actual business? Can you explain that?

這次你們上修了 1,200 億日圓。若將其拆分，是否 800 億日圓是關稅退稅、其餘是匯率因素？或是你們實際業務也有好轉？可以說明一下嗎？

That's the first question. And the second question about I&SS, the second-quarter and after the demand based on the user -- well, smartphone, North America, China, the memory cost increase will impact. And so what about that? And other than that, digital camera, the price is going up slightly and automotive FA also, can you give the outlook?

這是第一個問題。第二個問題是關於 I&SS：第二季及之後的需求，會受到使用者端——也就是智慧型手機、北美、中國，以及記憶體成本上升的影響。對此你們怎麼看？此外，數位相機價格略有上升、車用與 FA 方面也請提供展望。

Thank you very much. About the tariff refund and the detail of the refund. This we cannot disclose all the details. But as a way of thinking, the most of the first refund is going to game and the rest is going to SEC. So please understand that that is the case.

非常感謝。關於關稅退稅及其明細。這部分我們無法揭露所有細節。但就思考方式而言，第一筆退稅的大部分會歸於遊戲，其餘則歸於 SEC。請理解大致是這樣的情況。

So that's for the second-quarter. And well, the OP upward revision, a large part is the tax impact and the positive impact of the exchange rate. That's for sure. But what about the actual business? In the first-quarter, as you see, the fundamentals are very strong. But generally speaking, it's just the first-quarter, only three months.

以上是關於第二季。至於營業利益（OP）的上修，很大一部分確實來自稅務影響以及匯率的正面影響。這點可以確定。那麼實際業務如何？如您所見，第一季基本面非常強勁。但一般而言，這只是第一季、僅三個月。

And have we seen a major change in the forecast? Well, no, so far, it's as we forecast in May. But content, semiconductors, there is a possibility that it could go up. And the second question about the semiconductor second-quarter and after the demand outlook. Again, we will continue to -- we think the mobile sensor will be the most important, but Horii can give the details, please.

我們是否看到預測出現重大變化？目前沒有，至今仍如 5 月時的預測。不過在內容、半導體方面，仍有可能上行。至於第二個問題：半導體在第二季及之後的需求展望。同樣地，我們會持續認為行動感測器最為重要，但細節請堀井說明。

Thank you for the question. Yes. As you understand, from the second-quarter and after, there is a bit of uncertainty in the market. And therefore, we have tried to be on the conservative side to a certain extent. At this point in time, the second-quarter that we're in right now rather than that and the second half of the third- quarter and fourth-quarter has included more risk. So for the second-quarter, we will continue to see that the numbers will be positive. That is our forecast.

謝謝您的提問。是的。如您所理解，從第二季之後，市場存在一些不確定性。因此我們在一定程度上採取較保守的立場。就目前而言，相較於正在進行的第二季，下半年（第三季後半與第四季）納入了更多風險。因此在第二季，我們預期數字仍將維持正向。這就是我們的預測。

About the memory cost increase, how we consider this. And the mobile is, as you say, but for other categories, likewise, to a certain extent, it will have an impact on the final product market. We are taking this into account. And it's difficult to say things in general. But for commercial products, we think that it will be around 10% impact on the demand. That is all.

關於記憶體成本上升，我們如何看待。除了您提到的行動端之外，其他類別同樣在一定程度上會影響終端產品市場。我們已將此納入考量。整體而言很難一概而論。但對於商用產品，我們認為對需求的影響約在 10% 左右。以上。

So can you give a total for just the first-quarter, the refund?

那麼第一季的退稅總額可以給一個數字嗎？

About 70% of the refund took place in the first-quarter. So of the JPY80 billion, about 70% took place in the first-quarter. Yes.

約有 70% 的退稅發生在第一季。也就是在 800 億日圓之中，約 70% 發生在第一季。是。

Well, it is time to close the Sony Group's first-quarter results briefing. Thank you very much for your attendance today.

那麼，索尼集團第一季財報說明會到此結束。非常感謝各位今天的出席。