索尼 (SONY) 2027 Q2 法說會逐字稿

Thank you very much for taking time to join us today. We will now begin the Sony Group Corporation Fiscal Year 2026 second quarter earnings announcement. I am Ishii from Corporate Communications. I'll be acting as moderator. Thank you.

非常感謝各位今天撥冗參加。現在開始索尼集團公司 2026 會計年度第二季財報發布。我是企業傳播部的石井。我將擔任主持人。謝謝。

First, Ms. Lin Tao, Executive Officer and CFO, will present the second quarter results and fiscal year 2026 forecast, followed by question-and-answer session. Please note that to ensure our international audience can hear the speaker's own words, the presentation via the English feed will be delivered in a pre-recorded video. The session is expected to last approximately 70 minutes. Ms. Tao, please.

首先將由執行長官兼財務長林濤女士說明第二季業績與 2026 會計年度展望，之後進行問答。請注意，為確保國際觀眾能聽到講者本人原音，英文頻道的簡報將以預錄影片方式播出。本場預計約 70 分鐘。林女士，請。

Hello. I'm Lin Tao, CFO of Sony Group Corporation. Welcome to Q2 earnings announcement. Consolidated sales for the second quarter ended September 30, 2026, increased 10% compared to the same quarter of the previous fiscal year to JPY3,429.4 billion, and consolidated operating income increased 45% to JPY622.3 billion. Both were record highs for the second quarter.

大家好。我是索尼集團公司財務長林濤。歡迎參加第二季財報發布。截至 2026 年 9 月 30 日止第二季，合併銷售額較前一會計年度同季成長 10%，至 3 兆 4,294 億日圓；合併營業利益成長 45%，至 6,223 億日圓。兩者皆創第二季歷史新高。

Net income increased 44% to JPY449.6 billion. The financial results by segment are shown in the Q2 FY26 results by segment slide. In the All Other segment, we recorded an additional loss of approximately JPY30 billion related to Sony Honda Mobility during the quarter. This substantially completed the recognition of losses associated with the downsizing of the company's operations.

淨利成長 44%，至 4,496 億日圓。各事業別財務結果如「FY26 Q2 各事業別業績」投影片所示。在「其他」事業別，本季認列與 Sony Honda Mobility 相關的追加損失約 300 億日圓。這使得與該公司縮減營運規模相關之損失認列大致完成。

We have increased our FY26 sales forecast 4% compared to our previous forecast to JPY13 trillion. Our operating income forecast 9% to JPY1,870 billion and our net income forecast 10% to JPY1,330 billion. The forecast for operating cash flow is now JPY1,600 billion. The impact of US tariff refunds and memory market conditions on the full year operating income forecast remains largely unchanged. The forecast by segment is shown in FY26 results forecast by segment slide.

我們將 FY26 銷售額預測較先前預測上調 4%，至 13 兆日圓。營業利益預測上調 9%，至 1 兆 8,700 億日圓；淨利預測上調 10%，至 1 兆 3,300 億日圓。營業現金流預測目前為 1 兆 6,000 億日圓。美國關稅退稅與記憶體市場狀況對全年營業利益預測的影響，整體而言仍大致不變。各事業別預測如「FY26 各事業別業績預測」投影片所示。

I will now give an overview of each business. First is G&NS segment. FY26 Q2 sales increased 9% year-on-year to JPY1,208.5 billion. Operating income increased 83% to JPY220.1 billion, a record high for the second quarter. Excluding one-time losses of JPY49.8 billion recorded in the same quarter of the previous fiscal year, operating income increased 29%. For the full fiscal year, we have increased the sales forecast 6% compared to the previous forecast to JPY4,830 billion.

接下來我將概述各項業務。首先是 G&NS 事業別。FY26 第二季銷售額年增 9%，至 1 兆 2,085 億日圓。營業利益年增 83%，至 2,201 億日圓，創第二季歷史新高。若排除前一會計年度同季認列的一次性損失 498 億日圓，營業利益成長 29%。就全年而言，我們將銷售額預測較先前預測上調 6%，至 4 兆 8,300 億日圓。

We have increased the operating income forecast 6% compared to the previous forecast to JPY700 billion, primarily due to the impact of higher third-party software and network service sales and decreased costs. The number of monthly active users across the PlayStation platform in September increased 7% compared to the same month of the previous fiscal year to 127 million accounts. That was a record high for September. Total play time for the quarter increased 4% year-on-year.

我們將營業利益預測較先前預測上調 6%，至 7,000 億日圓，主要反映第三方軟體與網路服務銷售增加，以及成本下降的影響。9 月 PlayStation 平台的月活躍用戶數較前一會計年度同月成長 7%，至 1.27 億個帳戶。這是 9 月的歷史新高。本季總遊玩時間年增 4%。

The year-on-year trend for both metrics improved significantly compared to the first quarter of this fiscal year, which we believe demonstrates that the baseline of engagement is steadily improving. With regard to PS5 hardware, we have been able to offset the rise in memory prices through adjustments to promotions and pricing as well as additional cost reduction, and we expect hardware profitability for the current fiscal year to remain on par with the previous fiscal year.

兩項指標的年增趨勢相較本會計年度第一季均顯著改善，我們認為這顯示用戶參與度的基礎正穩步提升。就 PS5 硬體而言，我們透過促銷與定價調整以及進一步降本，抵銷了記憶體價格上漲的影響，並預期本會計年度硬體獲利能力將與前一會計年度大致持平。

Regarding memory procurement for next fiscal year, based on discussions held so far with various suppliers, we have aligned on the quantity of memory needed for our projected hardware unit sales. Regarding first-party titles, cumulative sales of Marvel's Wolverine released in September exceeded 2.4 million units, contributing to the improved results of the entire segment for the quarter. We leveraged our expertise building the Marvel's Spider-Man franchise to create a differentiated action game experience for Marvel's Wolverine.

關於下一會計年度的記憶體採購，根據目前與各供應商的討論，我們已就符合預估硬體銷量所需的記憶體數量達成一致。關於第一方作品，9 月推出的《Marvel’s Wolverine》累計銷量已超過 240 萬套，帶動本季整體事業別業績改善。我們運用打造《Marvel’s Spider-Man》系列的專業能力，為《Marvel’s Wolverine》創造出具差異化的動作遊戲體驗。

Users have praised the new title for its highly immersive action, high-quality production and richly layered storytelling. We have decided to postpone the release of God of War: Laufey to the first quarter of next fiscal year. We will continue to develop the game to ensure that it provides a premium experience that meets the expectation of the title's diverse fan base. Although new PS5 unit sales are gradually declining as expected in this stage of the console life cycle, the PS platform continues to expand and grow in a stable manner.

用戶對新作高度沉浸的動作體驗、高品質製作與層次豐富的敘事給予高度評價。我們已決定將《God of War: Laufey》的發售延後至下一會計年度第一季。我們將持續打磨本作，以確保提供符合該作品多元粉絲群期待的頂級體驗。雖然在主機生命週期此階段，新 PS5 主機銷量如預期逐步下滑，但 PS 平台仍持續以穩健方式擴大並成長。

Looking ahead to next fiscal year, we aim to continue to enhance user engagement and further strengthen monetization through the release of strong titles and the expansion of our service. We also intend to make solid progress in preparing for the next-generation platform.

展望下一會計年度，我們將透過推出強勢作品與擴大服務，持續提升用戶參與度並進一步強化變現能力。我們也將穩健推進下一世代平台的準備工作。

Next is the Music segment. FY26 Q2 sales increased 10% year-on-year to JPY598.4 billion. Operating income increased 6% to JPY122.8 billion, setting a record high profit for the second quarter. This was primarily due to an increase in music streaming revenue despite the absence of the hit theatrical release of Demon Slayer: Kimetsu no Yaiba, which was recorded in the same quarter of the previous fiscal year.

接下來是音樂事業別。FY26 第二季銷售額年增 10%，至 5,984 億日圓。營業利益年增 6%，至 1,228 億日圓，創第二季歷史新高。主要原因是音樂串流收入增加，儘管前一會計年度同季曾有《鬼滅之刃》劇場版熱賣所帶來的貢獻，而本季並無此項。

For the full fiscal year, we have increased our sales forecast 5% compared to the previous forecast to JPY2,300 billion and our operating income forecast 6% from the previous forecast to JPY445 billion. Streaming revenue for the quarter on a US dollar basis increased 7% year-on-year in Recorded Music and 6% in Music Publishing.

就全年而言，我們將銷售額預測較先前預測上調 5%，至 2 兆 3,000 億日圓；營業利益預測較先前預測上調 6%，至 4,450 億日圓。以美元計，本季串流收入在錄製音樂（Recorded Music）年增 7%，在音樂出版（Music Publishing）年增 6%。

The single Choosin' Texas by Ella Langley is a huge hit, exceeding 1.8 billion cumulative streams globally and breaking multiple records on the music charts. The song has spent a total of 26 weeks at number 1 on the US Billboard singles chart, breaking the record previously held by a Mariah Carey song released approximately 30 years ago. It also reached a record total of 19 weeks at number 1 on the Digital Songs chart. There has been a clear increase in the consumption of catalog songs driven by the growth of streaming.

Ella Langley 的單曲〈Choosin' Texas〉大獲成功，全球累計串流播放量已超過 18 億次，並在音樂榜單上打破多項紀錄。該曲在美國 Billboard 單曲榜累計共 26 週位居第 1，打破約 30 年前由瑪麗亞·凱莉（Mariah Carey）歌曲所保持的紀錄。同時也在數位歌曲榜（Digital Songs）累計達到破紀錄的 19 週第 1。在串流成長帶動下，目錄歌曲（catalog songs）的消費呈現明顯增加。

Through September of this year, catalog songs, songs that were released more than 18 months ago, accounted for more than half of the streams on Spotify Global Top 200. Due to the big success of Michael Jackson's biopic, his catalog generated more than 3 billion streams on Spotify's Global Top 200 in the nine months since January of this year, increasing from approximately 100 million in calendar year 2025.

截至今年 9 月，在 Spotify 全球 Top 200 的串流中，目錄歌曲（即發行超過 18 個月的歌曲）占比已超過一半。由於麥可·傑克森（Michael Jackson）傳記電影大獲成功，自今年 1 月起的 9 個月內，他的目錄作品在 Spotify 全球 Top 200 的串流量累計超過 30 億次，較 2025 曆年約 1 億次大幅增加。

Gen Z listeners accounted for approximately half of the increase in streams, illustrating how the power of visual storytelling has revitalized our catalog and attracted new listeners. We believe such evergreen catalogs are assets that will continue to generate value over the long term, even in the age of AI. Next is the Picture segment.

Z 世代聽眾約占串流增量的一半，顯示視覺敘事的力量如何讓我們的曲庫重獲新生並吸引新聽眾。我們相信，這類常青曲庫是資產，即使在 AI 時代也將持續在長期創造價值。接下來是 Pictures（影視）事業部門。

FY26 Q2 sales increased 48% year-on-year to JPY513.7 billion, and operating income was approximately 7 times higher at JPY92.6 billion. This was record high operating income for the second quarter. For the full fiscal year, we increased our sales forecast 6% compared to our previous forecast to JPY1,760 billion and our operating income forecast 33% to JPY200 billion, primarily due to an increase in revenue from theatrical releases. Spider-Man: Brand New Day, released in July, was a record-breaking hit with worldwide cumulative box office revenue exceeding USD 2.5 billion.

FY26 第 2 季銷售額年增 48% 至 5,137 億日圓，營業利益約為 926 億日圓，約為去年的 7 倍。這是第二季創下的歷史新高營業利益。就全年而言，我們主要因院線上映收入增加，將銷售額預測較先前預測上調 6% 至 1 兆 7,600 億日圓，並將營業利益預測上調 33% 至 2,000 億日圓。7 月上映的《蜘蛛人：嶄新之日》（Spider-Man: Brand New Day）成為破紀錄的賣座強片，全球累計票房收入超過 25 億美元。

It is the highest grossing film of all time in North America and the third highest grossing film of all time globally. Following the film's release, unit sales of related game titles approximately doubled and all the SMG released features in the film have generated more than 1 billion cumulative streams. This demonstrates how the real-world experience of watching the movie in the theater serves as a catalyst for enhancing IP value across the Sony Group in multiple ways.

該片為北美影史票房最高的電影，亦為全球影史票房第三高的電影。電影上映後，相關遊戲作品的銷量約翻倍，而片中所有已發行的 SMG 相關曲目累計串流播放量均已超過 10 億次。這顯示在戲院觀影的真實體驗，如何在多個面向成為催化劑，推動 Sony 集團整體的 IP 價值提升。

SPE has a strong lineup of upcoming releases. There is Jumanji: Open World this December and the animated film, Spider-Man: Beyond the Spider-Verse, next fiscal year. The success of theatrical release not only contributes to performance in a single fiscal year, but also generates significant revenue opportunities in the future through post theatrical distribution windows. We will continue to strive to deliver compelling films by combining our global beloved IP and creative strength with our global marketing and distribution capabilities.

SPE 擁有強勁的後續上映片單。今年 12 月將推出《野蠻遊戲：開放世界》（Jumanji: Open World），以及下一財年上映的動畫電影《蜘蛛人：超越蜘蛛宇宙》（Spider-Man: Beyond the Spider-Verse）。院線上映的成功不僅有助於單一財年的業績，也會透過院線後各發行窗口在未來創造可觀的營收機會。我們將持續結合全球深受喜愛的 IP 與創意實力，以及全球行銷與發行能力，致力於推出引人入勝的電影作品。

Regarding the anime business, which is centered on Crunchyroll, we are combining the strengths of our Sony Group companies to expand our content offering and broaden our reach to fans to achieve sustainable revenue growth. To expand our content offering, we launched Crunchyroll Storyworks. Through this initiative, Crunchyroll, Aniplex and SPE aim to collaborate with Japanese creators to strengthen the adaptation of stories from around the world into anime and produce live-action adaptations of Japanese anime.

關於以 Crunchyroll 為核心的動畫業務，我們正結合 Sony 集團各公司的優勢，擴充內容供給並擴大觸及粉絲，以實現可持續的營收成長。為擴充內容供給，我們推出了 Crunchyroll Storyworks。透過此計畫，Crunchyroll、Aniplex 與 SPE 旨在與日本創作者合作，強化將全球各地的故事改編為動畫，並製作日本動畫的真人版改編作品。

To expand our reach to fans, we plan to introduce a dedicated Crunchyroll hub on the PS5 home screen next spring. This new feature aims to capture the cross-demand between games and anime, which share a large overlap in their fan bases, by providing a cross-discovery feature that allows users to seamlessly discover related content. We will continue to focus on expanding our reach by creating in-person fan experiences in collaboration with Japanese publishers and production partners.

為擴大觸及粉絲，我們計畫於明年春季在 PS5 主畫面導入專屬的 Crunchyroll 中樞（hub）。此新功能旨在透過跨內容探索功能，讓使用者能無縫發現相關內容，以掌握遊戲與動畫之間（兩者粉絲群高度重疊）的交叉需求。我們也將持續與日本出版社及製作夥伴合作，打造線下粉絲體驗，以擴大觸及範圍。

Through these initiatives, we aim to further raise global awareness of anime, expand our fan base and addressable market and solidify the mid- to long-term revenue growth of the Sony Group's anime-related business. Next is the ET&S segment. FY26 Q2 sales decreased slightly year-on-year to JPY567.8 billion. Operating income increased 5% to JPY64.1 billion, primarily due to the impact of US tariff refunds despite the impact of the lower sales.

透過這些舉措，我們旨在進一步提升動畫在全球的認知度，擴大粉絲基礎與可服務市場，並鞏固 Sony 集團動畫相關業務的中長期營收成長。接下來是 ET&S 事業部門。FY26 第 2 季銷售額年減小幅至 5,678 億日圓。儘管銷售額下降帶來影響，但主要受美國關稅退稅影響，營業利益成長 5% 至 641 億日圓。

The full year forecast remains unchanged from the previous forecast. Although conditions remained challenging in the Imaging business this quarter, primarily due to a slowdown in the Chinese market, we minimized the impact of increased memory cost and lower unit sales on earnings by expanding market share led by new products and by accelerating the shift toward high value-added products.

全年預測維持與先前預測不變。本季影像業務環境仍具挑戰，主要因中國市場放緩；但我們透過以新產品帶動市占提升並加速轉向高附加價值產品，將記憶體成本上升與出貨量下降對獲利的影響降至最低。

Regarding the joint venture with TCL, discussions between the two companies to finalize the details of the joint venture's organizational structure and operations are progressing smoothly ahead of full-scale operation in April of next year. True RGB BRAVIA, which was launched in June and has been selling well around the world, features a suite of high value-added technologies that are expected to contribute significantly to improving the profitability of our display business this fiscal year.

關於與 TCL 的合資事業，雙方就合資公司的組織架構與營運細節之定案討論進展順利，並朝向明年 4 月全面營運穩步推進。6 月推出且在全球銷售表現良好的 True RGB BRAVIA，搭載一系列高附加價值技術，預期將在本財年對提升顯示器業務的獲利能力做出重大貢獻。

Combined with TCL's business scale and cost competitiveness, we expect these technologies to become a major competitive advantage for the joint venture from next fiscal year. Last is the I&SS segment. FY26 Q2 sales decreased 6% year-on-year to JPY577.6 billion, and operating income increased 12% to JPY154.6 billion. This was a record high for quarterly operating income. Our sales forecast is essentially unchanged compared with the previous forecast at JPY2,120 billion.

結合 TCL 的業務規模與成本競爭力，我們預期這些技術將自下一財年起成為合資事業的重要競爭優勢。最後是 I&SS 事業部門。FY26 第 2 季銷售額年減 6% 至 5,776 億日圓，營業利益年增 12% 至 1,546 億日圓。這是單季營業利益的歷史新高。我們的銷售額預測與先前預測相比基本維持不變，為 2 兆 1,200 億日圓。

We have increased our operating income forecast 7% compared to the previous forecast to JPY450 billion. In the smartphone market this quarter, growth declined approximately 20% year-on-year, mainly due to the impact of conditions in the memory market. Although the market for mid-range and lower phones declined significantly, we believe the decline in the high-end market was limited. Shipment volumes of our mobile sensors have trended generally in line with the market.

我們將營業利益預測較先前預測上調 7% 至 4,500 億日圓。本季智慧型手機市場年增率下滑約 20%，主要受記憶體市場狀況影響。儘管中階與入門機種市場明顯下滑，我們認為高階市場的下滑幅度有限。我們行動感測器的出貨量走勢大致與市場一致。

We expect the proportion of shipments in the first and second halves of this fiscal year to differ from the prior fiscal years due to supply chain inventory levels and changes in customer product cycles. We will continue to adjust our sales forecast for the current fiscal year while monitoring factors such as supply constraints for components used in end-user products such as memory and the impact on demand of rising prices for high-end products.

由於供應鏈庫存水位與客戶產品週期變化，我們預期本財年上、下半年出貨占比將與過往財年不同。我們將在監測記憶體等終端產品所用零組件的供給限制，以及高階產品漲價對需求的影響等因素的同時，持續調整本財年的銷售額預測。

Thanks to the dedicated efforts of our on-site staff and the support of our partner companies, operations at Kumamoto Technology Center, which was damaged by the July 28 Kumamoto earthquake, have already recovered to pre-earthquake levels. However, we have reflected a loss of approximately JPY16 billion this fiscal year in our results forecast primarily due to damage to work in progress inventory, equipment repairs and lost opportunities during the production downtime.

在現場員工的全力投入與合作夥伴公司的支援下，於 7 月 28 日熊本地震受損的熊本技術中心，其營運已恢復至震前水準。然而，我們已在本財年業績預測中反映約 160 億日圓的損失，主要來自在製品存貨受損、設備修復，以及停產期間的機會損失。

On August 11, Sony and TSMC signed definitive agreement to establish a joint venture. Through a collaboration with TSMC in the joint venture, we expect both companies to enhance the performance and cost competitiveness of image sensors and drive the creation of new value in the era of physical AI. We also expect to lay the foundation for further improvement in the capital efficiency of this segment over the long term.

8 月 11 日，Sony 與台積電（TSMC）簽署最終協議以成立合資公司。透過在合資公司中與台積電合作，我們預期雙方將提升影像感測器的性能與成本競爭力，並在實體 AI 時代推動新價值的創造。我們亦預期可為本事業部門長期進一步提升資本效率奠定基礎。

While some of the profits we recorded in the first half of FY26 came from such things as tariff refunds and demand being brought forward, we achieved consolidated operating income of over JPY1 trillion for the first time in history for either half of the fiscal year. We believe this strong performance was achieved through the symbiotic combination of the stable growth in our distribution platforms, including PlayStation Network and Crunchyroll and hit content driven by our strong IP and creative talent such as Spider-Man, Wolverine and Ella Langley. In our next mid-range plan, which begins next fiscal year, we plan to maintain this momentum and aim for further growth across the ecosystem of the entire Sony Group.

雖然 FY26 上半年所認列的部分利益來自關稅退稅與需求提前釋放等因素，但我們在上半年合併營業利益首度突破 1 兆日圓，創下歷史新高（就任何半年度期間而言）。我們相信，這項強勁表現來自於分發平台（包括 PlayStation Network 與 Crunchyroll）的穩健成長，與由強大 IP 與創意人才所驅動的爆款內容（如蜘蛛人、金鋼狼與 Ella Langley）之共生結合。在自下一財年開始的下一期中期計畫中，我們將維持此一動能，並以 Sony 集團整體生態系的進一步成長為目標。

This concludes my presentation. Thank you.

我的簡報到此結束。謝謝。

So that was announcement from Ms. Lin Tao. From 16:50, we will have the Q&A session for media. And from 17:15, we would have the investors and analyst Q&A session. Q&A session will be 20 minutes each.

以上是林濤女士的公告。從16:50開始，我們將進行媒體問答。並且從17:15開始，我們將進行投資人與分析師問答。每場問答各為20分鐘。

(Operator Instructions) Please wait a few moments. (Break)

(接線員指示) 請稍候片刻。(休息)

We'll be starting the media Q&A session shortly, so please wait a few moments. First, I will introduce you today's presenters. We have Corporate Executive Officer and Chief Financial Officer, Ms. Lin Tao; Senior Vice President, in charge of Accounting, Mr. Hirotoshi Korenaga; Senior Vice President in charge of Corporate Planning and Control, Mr. Naoya Horii. First, we take questions from the media. (Operator Instructions) Who have a question, please go ahead. First question from Nikkei, Mr. Yoshida, please.

我們將很快開始媒體問答，請稍候片刻。首先，我來介紹今天的簡報人員。我們有公司執行長兼財務長林濤女士；負責會計的資深副總裁是是枝弘利先生；以及負責企業規劃與控管的資深副總裁堀井直也先生。首先，我們先接受媒體提問。(接線員指示) 有問題者請發言。第一個問題請日經新聞的吉田先生。

Yes. I am Yoshida from Nikkei. And for the game, I'd like to ask two questions. First question is in 2026 full year forecast, the operating income you had revised so that the game software, I think there's an impact from that. But aside from your own software, but the Grand Theft Auto VI, is it because that it is more favorable performance?

是的，我是日經新聞的吉田。關於遊戲業務，我想問兩個問題。第一個問題是，在2026財年全年預測中，你們上修了營業利益，我想其中有遊戲軟體的影響。但除了自家軟體之外，像《俠盜獵車手VI》（Grand Theft Auto VI），是否因為其表現更為有利而帶來影響？

That is the first question. And the second question is about the next-generation of platform. How is the development going? And I don't think there was an explanation about that. But from this year, so that you are going to have the investment in earnest for the next-generation platform. So please tell us how it is progressing? Is it progressing according to your schedule? And also for this year, so G&NS, the development, is it going to surpass the FY 2025? Is that correct? So those two questions, please.

以上是第一個問題。第二個問題是關於次世代平台。開發進度如何？我想你們先前沒有就此做說明。但從今年開始，你們將正式加大對次世代平台的投資。請告訴我們目前進展如何？是否按你們的時程推進？另外，今年G&NS的開發費用是否會超過2025財年？是這樣嗎？以上兩個問題，謝謝。

All right. Thank you for the question. And the first question is that for the operation -- operating income, operating profit, so that we had revised upwards. And the reason is that third-party software itself had surpassed our expectations. And that as I have been saying, in MAU of September, so we had 127 million accounts, and then the play time has been quite favorable.

好的。謝謝您的提問。第一個問題是關於營運—也就是營業收入、營業利益，我們已上修。原因是第三方軟體的表現本身超出我們的預期。並且如我一直所說，截至9月的MAU為1.27億個帳戶，遊玩時間也相當理想。

So engagement itself is quite good, going on very nicely. So third-party sales is due to those high engagement of the game players. And for those titles that we are going to be releasing, I cannot go into the details of what we are going to do, but we have very high expectations towards that. And for the second question, so this is a next-generation R&D. We are progressing as scheduled.

因此，整體互動度非常好，進展相當順利。第三方銷售的成長，來自於玩家高互動度。至於我們接下來將推出的作品，我無法就細節多談，但我們對其抱持非常高的期待。第二個問題，關於次世代研發（R&D），我們正按計畫推進。

So for the next-generation investment, so the second half would be a large impact of the investment amount. And the development itself is on schedule. And maybe there are some changes due to the accounting rules so that maybe that can be made in next year, not this year. Thank you.

至於次世代投資，下半年投資金額的影響會較大。而開發本身仍按時程進行。另外，可能因會計規則的變更，有些事項也許會在明年而非今年反映。謝謝。

Toyo Keizai, Yamashita-san.

東洋經濟，山下先生。

So this is Yamashita from Toyo Keizai. I have two questions. The first question about looking at the year-to-date for the second half, you have upwardly revised the operating income. So the year-to-date, how much was the upside compared to your original estimation? And the second question is about your gaming business.

我是東洋經濟的山下。我有兩個問題。第一個問題是，從年初至今來看下半年，你們上修了營業利益。那麼年初至今，相較於原先估計，上修幅度有多少？第二個問題是關於你們的遊戲業務。

About securing, so you mentioned that you are deciding how to secure the memories for the next year. GTA 6 launch might be one of the reasons the users will purchase the new PlayStation. So hardware sales, will it be the same as normal years? So what is your expectations on hardware sales next year?

關於確保（供應），你們提到正在決定明年如何確保記憶體。《GTA 6》的上市可能是促使用戶購買新PlayStation的原因之一。那麼硬體銷售會和往年一樣嗎？你們對明年的硬體銷售有何期待？

Your first question is about the operating income year-to-date operating income, how much was it higher than originally forecasted? Horii-san will explain later. And I will answer the second question. So will -- GTA is encouraging users to repurchase the hardware? And what is the outlook for the next year? This year, after -- even after the price adjustment of hardware, sell-in and sell-in had good momentum.

您第一個問題是關於年初至今的營業利益，比原先預測高出多少？稍後將由堀井先生說明。我先回答第二個問題。也就是—《GTA》是否會促使用戶再次購買硬體？以及對明年的展望如何？今年在—即使在硬體調價之後，出貨（sell-in）與出貨（sell-in）的動能仍然良好。

On the other hand, the hardware life cycle gradually, we are expecting less sales of new hardware. So for new hardware sales, in terms of units, this will go down gradually. So about the -- but we want to manage the profitability of hardware without incurring big losses. In addition to that, we already have about 100 million units of PS5 installed. And also, there are PS4 users amounting to 127 million accounts and how we can have these players play and increase their engagement. This will be our focus. About the first half, we would like Horii-san to answer.

另一方面，隨著硬體生命週期逐步推進，我們預期新硬體銷售會減少。因此，新硬體銷售在台數上將逐步下滑。不過，我們希望在不承受重大虧損的情況下，管理硬體的獲利能力。此外，我們PS5的累計裝機量已約1億台。同時也有PS4用戶合計達1.27億個帳戶，我們將聚焦於如何讓這些玩家持續遊玩並提升互動度。這將是我們的重點。至於上半年部分，請堀井先生回答。

So looking at the performance expectations per quarter, we do not disclose. So my answer will be qualitative. In the second quarter, the upside of Spider-Man was the biggest factor. In addition to that, there was strong gaming engagement. So these were the two main reasons for increased revenue and profitability. So the extent is about four digits. Thank you.

關於各季度的業績預期，我們不予揭露。因此我將以定性方式回答。第二季《蜘蛛人》的上修是最大的因素。此外，遊戲互動度也很強勁。這兩點是營收與獲利提升的主要原因。幅度大約是四位數。謝謝。

Freelance, Nishida-san.

自由記者，西田先生。

This is Nishida. I have two questions. First, well, we see increase in cyberattacks. And what impact is it having on Sony? Well, as for the SIE network for the family account, there seems to be some impact, but other business is included.

我是西田。我有兩個問題。第一，近來網路攻擊增加。這對Sony造成了什麼影響？就SIE網路的家庭帳戶而言，似乎有一些影響，但也包含其他業務。

For example, what are you investing in to come up with measures, what monitoring are you carrying out? So what sort of impact is it having on your business? The second question about the image sensors for smartphones and the market conditions. Can you elaborate? Currently, I think that there is a weakening in the market, but the Chinese market impact included, especially your high-end market where you are strong? How do you predict the market to develop, please?

例如，你們為了因應而投入哪些資源、進行哪些監控？對你們的業務造成了什麼樣的影響？第二個問題是關於智慧型手機用影像感測器與市場狀況。能否進一步說明？目前我認為市場有走弱的情況，也包含中國市場的影響，尤其是你們具優勢的高階市場。請問你們如何預測市場的發展？

The first question, I will respond. The second will be by Horii about the cyberattack impact. First of all, we are aware that there have been a series of incidents, and we, as management, take this seriously. And we apologize to the customers and stakeholders to whom we have inconvenienced. We would like to take this opportunity to express our apologies.

第一個問題我來回答。第二個問題將由堀井就網路攻擊的影響進行說明。首先，我們已知近期發生了一連串事件，作為管理層我們嚴肅看待。同時，對於因此造成不便的客戶與利害關係人，我們深表歉意。也藉此機會再次致上我們的歉意。

Now as for the specifics, well, there are different incidents, and I cannot give the details, but cyberattacks are becoming more complex and sophisticated. And even more in the past, we recognize that we need to put in measures. And going forward, well, because we can use AI on the defense side as well. So including that, we want to increase its priority and take out corporate-wide activities. About the smartphone shipment, Horii will respond.

至於細節方面，因為事件各有不同，我無法逐一說明，但網路攻擊正變得更加複雜且更具高度化。而且相較以往，我們也認知到必須加強相關對策。展望未來，防禦端也可以運用AI。因此包含這一點在內，我們希望提高其優先順序，並推動全公司層級的活動。關於智慧型手機出貨，將由堀井回答。

Yes. Thank you for the question. Well, smartphone product market situation, well, there are different survey companies, which are providing us with data. But basically, the low end and midrange dip versus the high end. I think the impact is less in the high end.

是的，謝謝您的提問。關於智慧型手機產品市場狀況，確實有不同的調查公司提供我們資料。但基本上，低階與中階市場下滑，相較之下高階市場較為穩健。我認為高階市場受到的影響較小。

I think there is a difference in situation between these two segments. Well, mainly in China, the high-end market is, well, amongst the brands, there are quite a different situation. And the manufacturers, which have a large share, are becoming stronger and those others are losing their share. That is what we're seeing right now. That is our understanding. Now as for the future, we have to exercise prudence. We have to observe more carefully the market before making a judgment. That is all.

我認為這兩個區隔的情況有所不同。尤其在中國，高階市場在各品牌之間呈現相當不同的態勢。市占較大的製造商正變得更強，而其他廠商則在流失市占。這是我們目前所看到的情況。這是我們的理解。至於未來，我們必須審慎以對。在做出判斷之前，必須更仔細觀察市場。以上。

Sankei Newspaper, Takagi-san.

《產經新聞》高木先生。

Yes. This is Takagi from Sankei Newspaper. Yes, I have one question about the cyberattack, related to the cyberattack. So you said that you're not going to the details, individual matters, but the SIE, so what happened at SIE, I don't think that there's any formal announce yet.

是的，我是《產經新聞》的高木。我有一個與網路攻擊相關的問題。您剛才表示不會談及細節與個別事項，但關於SIE發生的事情，我認為目前尚未有正式公告。

But SNS, we hear on the social media that the customers have very much concerned about what happened. So the PlayStation service, regarding the PlayStation service, what kind of the cyberattack impact do you have? Can you explain about that?

不過在SNS上，我們聽到社群媒體上客戶對於發生了什麼非常關切。因此，關於PlayStation服務，這次網路攻擊造成了哪些影響？能否請您說明？

Yes. Thank you for the question. So about the PlayStation, kind of impact of the cyberattack. So we are now making the investigation and that, yes, we had already taken measures to counter this attack. And for the customers who had been impacted, we had already took appropriate measures. So please understand that we have taken appropriate measures. Thank you.

是的，謝謝您的提問。關於PlayStation以及網路攻擊的影響。目前我們正在進行調查，並且是的，我們已經採取了對抗此次攻擊的措施。對於受到影響的客戶，我們也已採取適當的處置。請理解我們已採取適當措施。謝謝。

Let's move on to the next question. (Operator Instructions) There seems to be no more questions. So we would like to close the Q&A session for the media. The Q&A session for investors and analysts will begin at 5:10 p.m.

我們進入下一個問題。（接線員指示）看起來沒有更多問題。因此，我們將結束媒體的問答環節。投資人與分析師的問答環節將於下午5:10開始。

Thank you for waiting. We will now take questions from investors and analysts. I am Shinchi from the IR department, and I will be serving as your moderator. And the same three panelists from the media session will answer your questions. So please let us now begin the Q&A session.

感謝各位等候。接下來我們將接受投資人與分析師的提問。我是IR部門的新地，將擔任主持人。媒體場次的同樣三位與談人將回答各位的問題。那麼，現在開始問答環節。

(Operator Instructions)

（接線員指示）

Munakata-san, Goldman Sachs.

高盛，宗像先生。

I am Munakata from Goldman Sachs. I have two questions. Number one is about gaming. And the second question is about the overall situation. About the gaming business, you mentioned that the engagement has been rising. The MAU play time is already very high. So thinking about next year onwards, do you think there will be further upside to the engagement next year onward? What type of users do you think will be more active?

我是高盛的宗像。我有兩個問題。第一個是關於遊戲業務。第二個是關於整體情勢。關於遊戲業務，您提到互動度（engagement）正在上升。MAU與遊玩時間已經非常高。因此展望明年以後，您認為互動度還會有進一步上行空間嗎？您認為哪一類型的使用者會更活躍？

This month, there will be a launch of a big title. So there will be big momentum in the holiday season. But how do you think the market will keep on growing in the -- continuously? That is my first question. Second question, the entertainment business, you have upwardly revised that is gaming, Music and Pictures. So your capability to generate revenue and profit is increasing.

本月將推出一款大型作品。因此在年末假期旺季會有很大的動能。但您認為市場將如何持續成長——並且持續地成長？這是我的第一個問題。第二個問題，娛樂業務方面，您上修了遊戲、音樂與影視的預測。因此你們創造營收與獲利的能力正在提升。

And I think your communication with investors is getting more active because the next mid-range plan will be starting from next year. So which businesses do you think will have still room for growth? And what will be the driver? Maybe it's not one single business, but ecosystem as a whole. But please give us hints on where the upsides reside.

而且我認為你們與投資人的溝通也更為積極，因為新的中期計畫將從明年開始。那麼，您認為哪些業務仍有成長空間？其驅動因素會是什麼？也許不是單一業務，而是整體生態系。但請給我們一些提示，上行空間主要在哪裡。

Thank you for the question. About your first question, gaming, how we see increase of MAU and engagement next year onward. For us, MAU, playtime and ARPU. The monetization part, the ARPU, especially, will become very important KPIs. MAU and playtime is depending on how interesting the game titles are.

謝謝您的提問。關於第一個問題，遊戲業務，我們如何看待明年以後MAU與互動度的提升。對我們而言，MAU、遊玩時間與ARPU（每用戶平均收入）。其中變現部分，尤其ARPU，將成為非常重要的KPI。MAU與遊玩時間則取決於遊戲作品是否足夠有趣。

And the game, which is about to be launched, I think, will be a big catalyst on increasing these KPIs. GTA VI there will be contribution this fiscal year. But even looking at series games titles in the past, these games have driven the growth for multiple years. So I think this new title will be contributing even after next year, but this is not the only driver. There are thousands of game titles on the PlayStation platform already, one or two.

即將推出的那款遊戲，我認為將成為推升這些KPI的重要催化劑。GTA VI在本會計年度將會有所貢獻。但即使回顧過去的系列作品，這類遊戲也往往能帶動多年的成長。因此我認為這款新作在明年之後也會持續貢獻，但這並非唯一的驅動因素。PlayStation平台上已經有數千款遊戲作品，不是一兩款而已。

And also, there may be surprise hits, which we do not yet anticipate. So that is what is interesting about the gaming business. So I think these highly -- high variation of interesting games will be driving engagement. And about your second question about the overall picture and where the upsides are, there are many upsides.

此外，也可能出現我們目前尚未預期的爆款。這正是遊戲業務有趣之處。因此我認為這些高度多樣、富有吸引力的遊戲內容將推動互動度。至於第二個問題，關於整體圖像以及上行空間在哪裡，其實有很多上行機會。

First of all, finally, in my opinion, we have been investing on entertainment for many years. And finally, we are seeing mega hits every year, and we will be able to deploy the IP in a very multilateral, multifaceted manner. So we are now going into that stage. And looking at the platform, not only PlayStation Network, Crunchyroll is growing and also cross-discovery of PlayStation and Crunchyroll, I think the platform will be activated further. In addition to that, the semiconductor joint venture with TSMC. Up till now, Sony was advancing linearly, but this JV will bring a new way for us to advance and grow. So I have high expectation on that, too. Thank you.

首先，在我看來，我們多年來持續投資娛樂領域。而且終於，我們每年都能看到超級熱門作品（mega hits），並且能以非常多元、全方位的方式運用IP。我們現在正進入這個階段。從平台角度來看，不僅是PlayStation Network，Crunchyroll也在成長；此外，PlayStation與Crunchyroll之間的交叉導流與內容發掘（cross-discovery），我認為也會讓平台更加活絡。除此之外，與台積電（TSMC）的半導體合資事業。過去Sony是線性地推進，但這個合資將帶來新的推進與成長方式。因此我對此也抱持很高期待。謝謝。

BofA Securities, Hirakawa-san.

美銀證券，平川先生。

My name is Hirakawa from BofA Securities. Well, it's a short-run question, but about gaming. And the memory prices are rising. And you said that you have secured the necessary volume. But next fiscal year, if you were to introduce a new console, I think that the game profitability will decline as a result of having to make investment.

我是美銀證券的平川。我有一個偏短期的問題，關於遊戲業務。記憶體價格正在上漲。你們提到已確保必要的供應量。不過，若在下一個會計年度導入新主機，我認為因為必須進行投資，遊戲業務的獲利能力會下滑。

And so for the next fiscal year's memory price and forecast, well, is it to the level that you can absorb it for pricing policies? And in case of new console, for example, at the gross margin level, will there be a break? So can you explain about your forecast for next fiscal year? The second, from next fiscal year, image sensor strategic customer share will not be 100%. And so you are communicating with the strategic customers. What sort of scenario can you anticipate? On our part, I think that your strong position will remain in place, but can you explain about the impact?

因此，關於下一個會計年度的記憶體價格與你們的預測，是否在你們的定價政策可吸收的水準？另外，若推出新主機，例如在毛利率層面，是否會出現一個「斷點」？能否說明你們對下一個會計年度的展望？第二點，從下一個會計年度起，影像感測器策略客戶的份額將不再是100%。因此你們正在與策略客戶溝通。你們可以預期什麼樣的情境？我認為你們的強勢地位仍會維持，但能否說明其影響？

About your question regarding our gaming business and the profitability from next fiscal year onward. As you say, the memory prices will be one of the challenges the management will face. Well, on our part, well, I'm looking at the gaming business on the whole. One of the most important index is at the healthy game platform. Well, we have 127 million accounts and how actively they engage and how we can monetize in a sound way will be key to supporting our profitability.

關於您提到的遊戲業務，以及從下一個會計年度起的獲利能力。如您所言，記憶體價格將是管理層面臨的課題之一。就我們而言，我們是以整體來看遊戲業務。其中最重要的指標之一，是平台的健康度。我們有1.27億個帳戶，使用者參與的活躍程度，以及我們能否以健全的方式變現，將是支撐獲利能力的關鍵。

In addition to that, from next fiscal year onward, there will be the investment for the new platform. And for future growth, we have to attach great importance to our new platform. We have to make the necessary investments for that. But we have to support this soundness of our platform and try to think how rationally we can invest in our platform, and we can announce that at appropriate timing in the future. About your second question, about our major customers and image sensor customers.

此外，從下一個會計年度起，將會有對新平台的投資。為了未來成長，我們必須高度重視新平台。也必須為此進行必要的投資。但同時，我們必須維持平台的健全性，並思考如何以合理的方式投資於平台；未來也會在適當時點對外說明。關於第二個問題，關於我們的主要客戶與影像感測器客戶。

About our customers' procurement strategy. Well, we are not in a position to comment. But on our part, we do have to assume certain scenarios. I cannot give you the details, but in general, the customers will source from different sources. I think this is normal business practice that we must assume. In line with that, of course, our company have to think about our production capacity in line with the scenarios that we are assuming. Well, for us, what does this mean?

關於客戶的採購策略。我們不便評論。不過，就我們而言，確實必須假設某些情境。我無法提供細節，但一般而言，客戶會從不同來源採購。我認為這是我們必須納入考量的正常商業作法。基於此，當然我們公司也必須依照所假設的情境來思考產能配置。那麼，對我們而言這代表什麼？

Well, basically, well, technical competitiveness, cost competitiveness need to be maintained. Well, I think there will be fierce competition. And so what we can control is our technical superiority and cost superiority. And with that in mind, from next fiscal year and after, we will make the plans. Does Mr. Horii have something to add? Thank you.

基本上，就是必須維持技術競爭力與成本競爭力。我認為競爭將會非常激烈。因此我們能掌控的，就是技術優勢與成本優勢。基於這樣的想法，我們會制定下一個會計年度及其後的計畫。堀井先生是否要補充？謝謝。

Well, speed will be key, I think. And we have to try to adapt to the changing environment and run our business next fiscal year and onward. The TSMC collaboration that we've announced this time, well, amidst this fierce competition, in order for us to win, we have to work with them and work on both our technical and cost front and win in the market ultimately. That is all. Thank you.

我認為速度將是關鍵。我們必須努力因應環境變化，並在下一個會計年度及其後推動業務。這次我們宣布與台積電（TSMC）合作，在激烈競爭之中，為了勝出，我們必須與其合作，同時在技術與成本兩方面著力，最終在市場上取勝。以上。謝謝。

JPMorgan Securities, Ayada-san.

摩根大通證券，綾田先生。

I'm Ayada from JPMorgan Securities. I have two questions. For the gaming, the second quarter actual and the full year estimate. And for the second quarter, as you have been explaining to us that second quarter active user had increased and the play time has increased very strong. So that I'd like to ask the background factors, how do you analyze why it was so strong?

我是摩根大通證券的綾田。我有兩個問題。第一個是關於遊戲業務：第二季實績與全年預估。你們一直向我們說明第二季活躍用戶增加、遊玩時間也大幅增加。我想請教其背景因素：你們如何分析為何會如此強勁？

And first quarter to second quarter, is the case that it goes down, but it hasn't been the case this time. So maybe there was a special factor for that. That is the first point. And the second question is about for the same gaming industry about the profit going up, but the cost improvement, you have said, but the cost improvement what kind of a cost improvement?

通常第一季到第二季會下滑，但這次並沒有發生。所以可能有某些特殊因素。這是第一點。第二個問題同樣關於遊戲業：你們提到獲利上升是因為成本改善，但所謂成本改善是指哪一類成本的改善？

Is it due to the development or is it for the sales promotion or other cost factors? And if possible, please tell us about the hardware. So it was 9 million at the beginning of the quarter, but then is there any change to that?

是因為開發成本，還是銷售促進，或其他成本因素？另外若可以，也請談談硬體。期初指引是900萬台，這方面是否有任何變化？

All right. Thank you very much for the question. And first of all, the second quarter engagement, the background factors to that. And the gaming engagement in most cases, depend on the way people play the games. So it's not everything due to the seasonality factors.

好的。非常感謝您的提問。首先是第二季互動度（engagement）的背景因素。遊戲的互動度在多數情況下取決於人們玩遊戲的方式。因此並非完全由季節性因素所致。

And in that sense, if you have the large-scale titles, well, for those of you to play, the big titles has been launched the new season and then the engagement would go up. So that's usually the case that goes up with the big titles release. And in any sense, it's very positive that people play longer hours and engage. So we have big titles that will be launched very shortly so that we hope that those momentum of having high engagement in the platform is a very good performance for us.

從這個角度來看，如果有大型作品，對於玩家而言，大作推出新賽季後，互動度就會上升。通常會隨著大作發售而上升。無論如何，玩家遊玩時間更長、參與度更高，這是非常正面的。我們也有即將推出的大型作品，因此我們希望平台維持高互動度的動能，對我們而言是非常好的表現。

And the second one about the cost improvement. So the forecast, well, compared to the last time forecast, we can see cost improvement. That's your question, right? So that is because for the next-generation title development, timing is different. So the next-generation investment itself, we are on schedule, but some of them, the accrual basis is different so that it's going to be on next year's. So because of the lag in the timing of the quarters.

第二點關於成本改善。您的問題是：與上次的預測相比，這次預測顯示成本有所改善，對嗎？是這個意思吧？這是因為次世代作品開發的時程有所不同。次世代投資本身仍按計畫進行，但其中一部分在權責發生基礎（accrual basis）上的認列時點不同，因此會落在明年。也就是因為季度之間的時點落差。

And then about the hardware sales, how many units we expect. So we had 9 million at the beginning of the quarter as a guidance. And then I refrain from saying the actual numbers, but what we had said at the initial period, we are having more units than what we have prepared at the initial stage.

接著關於硬體銷售，我們預期的台數。我們在期初提供的指引是900萬台。我先不透露實際數字，但就我們在期初所說的情況而言，目前的供應台數高於我們在初期階段所準備的數量。

(Operator Instructions)

（操作員指示）

SMBC Nikko Securities, Katsura-san.

SMBC日興證券，桂先生。

I am Katsura from SMBC Nikko Securities. I have two questions. Number one is about I&SS. And the second question is overall. About I&SS, due to the change in the new product launch, you said the seasonality will change from the past.

我是SMBC日興證券的桂。我有兩個問題。第一個是關於I&SS。第二個是整體性的問題。關於I&SS，由於新產品上市時程的變化，您提到季節性將不同於以往。

And looking at the appendix, the capacity and wafer input, the actual wafer input went down. I think that was impacted by the Kumamoto earthquake. So that -- I want to confirm that. And also, how do you perceive seasonality? Will this be leveled more or -- and also how you hold inventory? Before, you had high inventory in Q2 and Q4, while Q4, Q1 had lower performance. So please let me confirm that. And how to -- how you spend the money. Looking at the cash flow from operating activities, JPY1.6 trillion. So you have upwardly revised by JPY100 billion.

另外看附錄中的產能與晶圓投入量，實際晶圓投入量下降了。我認為這受到熊本地震的影響。所以——我想確認這一點。此外，您如何看待季節性？未來會更趨於平坦嗎？——以及您如何持有庫存？過去您在Q2與Q4的庫存較高，而Q4、Q1的表現較低。所以請讓我確認這點。另外，關於——您如何運用資金。從營業活動現金流來看是1.6兆日圓。因此您上修了1,000億日圓。

And the business -- looking at the business environment of entertainment as a whole, so how you will be investing and how you see the environment and how you see the target -- potential targets of investments. So please elaborate on your strategic investment.

另外，從整體娛樂業的經營環境來看，您將如何投資、如何看待環境，以及如何看待投資目標——潛在的投資標的。因此請就您的策略性投資多作說明。

Thank you for the question. About your first question, was about the production and how we hold inventory for semiconductors. Horii-san will be answering that question later. And second question was about capital allocation and strategic investment, which I will first respond to. You are right when you say our operating cash flow has been upwardly revised. In the midterm, the current midterm, the -- our operating cash flow generation capacity has increased steadily.

謝謝您的提問。關於第一個問題，是關於半導體的生產以及我們如何持有庫存。稍後將由堀井先生回答。第二個問題是關於資本配置與策略性投資，我先回覆。您所說的沒錯，我們的營業現金流已上修。在中期——目前這個中期——我們的營業現金流創造能力持續穩健提升。

Currently, we -- while we invest in the growth investment, while keeping the financial health, we still have room to increase shareholder returns. About the strategic investment, we have already made the decision on JPY1.5 trillion of strategic investment. And we continue to -- we will continue to strategically invest mainly in the entertainment business. So Horii-san will now answer the first question on semiconductor.

目前，在維持財務健全的同時進行成長投資，我們仍有空間提高股東回饋。關於策略性投資，我們已經就1.5兆日圓的策略性投資作出決定。並且我們將持續——主要在娛樂事業進行策略性投資。接下來由堀井先生回答第一個關於半導體的問題。

So this is impacted by the timing of the launch of the new products by the customers. So as you say, the third quarter had highest volume because there was this end of the year sale. But this fiscal year, some of the new products were not launched back in September. So for the second half, there was some impact to the volume in the second half. But we are talking about the cycle here.

這受到客戶新產品上市時點的影響。如您所說，第三季因年末銷售而有最高出貨量。但在本會計年度，有些新產品並未在9月如期上市。因此在下半年，出貨量在下半年受到一些影響。不過我們談的是週期。

But once this cycle transition is complete, it's just a matter of timing. So I don't think there will be much impact on the full year volume. But this fiscal year is a transition period. So that really changed the balance between the first and second half. And your second -- there was -- you also had a question about the volume of the wafer input. The input of the wafers have actually gone down. And as you say, this was impacted by the Kumamoto earthquake. That's all. Thank you.

但一旦這個週期轉換完成，就只是時點問題。所以我認為對全年出貨量不會有太大影響。不過本會計年度是過渡期。因此確實改變了上半年與下半年的平衡。另外第二點——您也問到晶圓投入量。晶圓投入確實下降了。如您所說，這受到熊本地震的影響。以上。謝謝。

SBI Securities, Tsuro-san, please.

SBI證券，津呂先生，請。

First question. There seems to be an audio problem. The Americans are suffering from high interest rates, likewise in Europe.

第一個問題。似乎有音訊問題。美國人正承受高利率之苦，歐洲也是如此。

Thank you for the question. But as a holiday season, we are seeing inflation worldwide. And how do we see the business given this environment? I think, was the question. Well, yes, inflation is on the rise worldwide. And especially for the hardware, we are seeing high prices and prices rising. This is something that we are paying attention to.

謝謝您的提問。不過在假期季節，我們看到全球通膨。在這樣的環境下，我們如何看待業務？我想這是您的問題。是的，全球通膨正在上升。特別是在硬體方面，我們看到高價格且價格上漲。這是我們正在關注的。

And because of high prices, how the demand will change is something that we have to look out for because we are selling the end product. It is an important indicator. But other than hardware, when it comes to content and service, it is less impacted by inflation and such a business environment.

而由於價格偏高，需求將如何變化是我們必須留意的，因為我們銷售的是終端產品。這是一項重要指標。但除了硬體之外，就內容與服務而言，受通膨等經營環境影響較小。

Our entertainment business, it accounts for 70% of our net sales and profit. And this impact -- well, the inflation impact is less. But we have to continue to see how inflation will affect the consumption behavior. That is all. Thank you.

我們的娛樂事業占我們淨銷售額與利潤的70%。而這個影響——也就是通膨的影響——較小。但我們仍需持續觀察通膨將如何影響消費行為。以上。謝謝。

It's time for us to end our Sony Group earnings announcement. Once again, thank you for your attendance.

索尼集團財報發表會到此結束。再次感謝各位出席。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中以英文呈現的發言，係由現場電話會議中的口譯員所口譯。該口譯員由主辦本活動的公司提供。