Thank you. My name is Yoshida. Today, I would first like to explain the consolidated financial results for the first quarter of the fiscal year ending March the 31, 2024. Next page. The consolidated net sales for the first quarter of the fiscal year ending March the 31, 2024, was up 16.5% year-on-year and down 13.9% quarter-on-quarter to a total of JPY 292.37 billion. Operating income were down 57.4% year-on-year and down 82.3% quarter-on-quarter, to a total of JPY 6.079 billion. Profit for the period attributable to owners of a parent was down 65.9% year-on-year and down 88.9% quarter-on-quarter, to a total of JPY 3.661 billion. Net sales hit a quarterly record high for the first quarter. We estimate that foreign currency translations have a quarter-on-quarter impact, and was +JPY 4 billion in net sales and +JPY 0.7 billion in operating income. Year-on-year impact of +JPY 16.2 billion in net sales and +JPY 2.1 billion in operating income. Moving on to the next slide. This is our quarterly trend in net sales, operating income and operating margin. The operating margin for the first quarter was 2.1%, down, was 2.1%, down 3.6 percentage points year-on-year and down 8 percentage points quarter-on-quarter. Compared to the results for the fourth quarter of the fiscal year ended March 31, 2023, excluding special factors such as foreign exchange, forward contracts and other restructuring costs, operating income for the first quarter of the fiscal year ending March 31, 2024, decreased to 57.8% quarter-on-quarter, and the operating margin dropped to 2.1 percentage points. Moving on to the next slide. Here shows the difference between the forecast as of May and actual results for net sales and operating income by business segment for the first quarter. Net sales for Precision Technologies, PT, was generally on par with our forecast. MLS were below the projection due to a slowdown in sales of products for Office Automation data center industrial machinery applications. SE enjoyed a higher-than-projected sales, mainly for optical devices. AS were generally on track with the forecast. Operating income for PT was lower than expected due to a decline in profitability, resulting from production adjustments for bearings. MLS was generally on track with our forecast, as we experienced lower-than-projected operating income, mainly for optical devices. AS were generally on track with the forecast. Moving on to the next slide. Now let's take a look at our results by segment, starting with the PT, Precision Technologies segment. On the left is a graph indicating quarterly net sales strength, and on the right is a graph with a bar chart, quarterly operating income trends, along with a line chart of operating margins. First quarter net sales decreased 2.4% quarter-on-quarter to a total of JPY 47.9 billion. Sales of ball bearings decreased 3% quarter-on-quarter to a total of JPY 34.3 billion. The monthly external shipment volume was down 9.2% quarter-on-quarter, for an average of 187 million units. This is due to a slowdown in the markets, mainly the data center market. Sales of rod ends and fasteners totaling JPY 9.7 billion, were down 0.7% over the previous quarter. Sales of pivot assemblies decreased 1.8% quarter-on-quarter to a total of JPY 4 billion. Operating income for the quarter totaled JPY 8.2 billion, and the operating margin was 17.1%. On a quarter-on-quarter basis, operating income decreased to 5.4%, while the operating margin dropped 0.6 percentage points. Compared to the results for the fourth quarter of the fiscal year ended March 31, 2023, excluding special factors such as foreign exchange, forward contracts and other restructuring costs, operating income for the first quarter of the fiscal year ending March 31, 2024, decreased 19.6% quarter-on-quarter, and operating margin dropped to 3.7 percentage points. Looking at our results by product, quarter-on-quarter, we see that operating income for ball bearings decreased, pivot assemblies increased, rod ends and fasteners remained unchanged. Moving on to the next slide. Now let's look at the Motor, Lighting & Sensing segment. Net sales decreased 8.7% quarter-on-quarter to total JPY 87.8 billion. Looking at the results by product, we see the sales of motors decreased 9.5% quarter-on-quarter to reach JPY 66.4 billion. This is mainly due to declining demand for HDD and OA motors. Sales of electronic devices were up 4.7% from the previous quarter, to a total of JPY 12.6 billion. Sales of sensing device totaling JPY 8.1 billion, were down 13% from the previous quarter. Operating income came to JPY 1.8 billion, and the operating margin was 2.1%. On a quarter-on-quarter basis, the operating margin increased 6.9 percentage points. Compared to the results for the fourth quarter of the fiscal year ending March 2023, excluding special factors, such as foreign exchange forward contracts and other restructuring costs, operating income for the first quarter of the fiscal year ending March 2024 decreased 23.2% quarter-on-quarter, and operating margin dropped 0.4 percentage points. Moving on to the next slide. Let's look at the performance for the Semiconductor & Electronics segment. Net sales decreased 33.9% quarter-on-quarter to total JPY 81.7 billion. This was mainly due to decreased sales of optical devices. Operating income total JPY 0.5 billion, while the operating margin was 0.6%. Operating income decreased 12%, and the operating margin increased 0.1 percentage points quarter-on-quarter. This is mainly due to the drop in operating income resulting from decreased sales of optical devices. Compared to the results for the fourth quarter of the fiscal year ending March 2023, excluding special factors such as foreign exchange forward contracts and other restructuring costs, operating income for the first quarter of fiscal year ending March 2024 decreased 89.4% quarter-on-quarter, and the operating margin dropped 3.4 percentage points. Moving on to the next slide. Let's look at the Access Solutions segment. Net sales increased 6% quarter-on-quarter to a total of JPY 73.6 billion. This was mainly due to the addition of the results of Minebea AccessSolutions, which was integrated on January 27th, 2023. Operating loss total JPY 0.5 billion, the operating margin was - 0.7%. Operating margin dropped 3.32 percentage points quarter-on-quarter. Compared to the results for the fourth quarter of fiscal year March 2023, excluding special factors such as foreign exchange forward contracts and other restructuring costs, operating margin for the first quarter fiscal year March 2024 dropped 2.9 percentage points. Moving on to the next slide. The bar graph here shows trends in profit attributable to owners of the parent, while the line graph chart changes in the profit for the period per share. The profit for the period was JPY 3.7 billion. Earnings per share was JPY 9. Next, we have the quarterly in-inventory trend. At the end of the first quarter, inventory totaled JPY 303.3 billion, which is JPY 40 billion-JPY 40.2 billion more than it was three months ago. Moving on to the next slide. This graph contains a bar chart showing trends in net interest-bearing debt, which is a total interest-bearing debt minus cash and cash equivalents, and a line chart indicating free cash flows. At the end of the first quarter, net interest-bearing debt totaling JPY 193.7 billion was down JPY 8 billion from what it was at the end of the previous fiscal year. Regarding the net interest-bearing debt forecast at the end of the year, ending March 31st, 2024, we expect our cash position to improve due to our high cash-generating capacity. Moving on to the next slide. Although the first quarter results were in line with our guidance, we have decided to leave our initial forecast for the first half and a full year unchanged, in light of short-term market uncertainties and foreign exchange trends. The exchange rate is assumed to be JPY 130 to the U.S. dollar. Moving on to the next slide. This slide shows the forecast by business segment. This is all for my presentation. Mr. Kainuma, over to you. Thank you. This is Kainuma speaking. Please turn to page 14. Today's points. My message is shown under overall. This shows what I wanted to say. Number one, operating income landed in line with the guidance. Because of a downturn in data centers, which is continuing, this is a significant hurdle, but recovery is a matter of time, I'm sure of that. Our mid to long-term business plan remains unchanged. I said data center, but as you all know, as an industry, mobile phones, industrial machines, semiconductors, air conditioners, OA, and others, a very broad range of sectors are showing slowdown. Related to data centers, high value added products that we have, such as bearings, hard disk motors, and hard disk pivot assembly, or fan motors, these items are influenced. In general-... Operating income compared to the previous year is low. As we have been saying, this is a temporary fluctuation of the economy, so I think we don't have to be so much concerned about it, but rather when will the market return? Actually, air conditioners are selling very well. Though air conditioners are selling, there was a large amount of inventory, so this year, at the current moment, there is not much production. When production starts in November, I believe there will be an increase, so including that, it may take some time. In general, we are influenced by the global economy. We are sensitive to the economic situation. With the slowdown, on the other hand, cost increases. That is our situation, but as I have been saying, in the future, we have this outlook for the future. Under such a situation, one thing I want to report to you is Access Solutions. This year, operating income is expected to exceed JPY 10 billion. Q1 was poor, you may think, but recovery is advancing. About JPY 1.1 billion increase operating income is expected for September. We are in the process of recovery, but still slightly more than 80% compared to the peak. There is a decline in volume, but compared to a reduction of 40%-50%, we are seeing quite a good recovery, and we will continue to move on with our recovery trend. This is the outlook that we have at the moment. Access Solutions, including COVID-19, we are finally out of a long tunnel. We are seeing prospects of getting out of a tunnel. Next page, page 15. In general, bearings have slowed down, but I think you can say that automotives have recovered. There may be questions about it, but there's a recovery of 80 million units per month, so slightly more than 80%, which is 80 million units. With increasing volume, I think that we can see some increase. The problem is, when will data centers recover? Many people say a lot of things, frankly speaking, at the moment, there is no clear information on when, in what month, there will be recover. As you know, the volume of information will increase, for sure. With digitization, digital storage capacity building went too far, which led to the present situation, but soon there will be a catch-up, and then the next investments will start. It's not a big change in technology, but for a while, we will keep watching the situation. For aircraft, there is still a lot of supply chain problems. For the aircraft OEMs, the build rate is not yet as much as was expected, as I understand, but soon I believe that there is a recovery trend. Going forward, I think we can have expectations on this sector. Recently, India has decided to purchase aircrafts, so this business in India, using components manufactured in India, aircrafts in India, will start. The Mach Aero India plant in Bangalore, we have made investments here to build new capacity. Next is page 16, Motor, Lighting & Sensing. In here, what I personally wonder, frankly speaking, is backlight. Backlight, at a time, was the leading the profit in our company before integration with Mitsumi. ...JPY 60 billion operating income was led by backlights. As you know, the organic EL model appeared, and now this is used only for the low-end products, and volume is also declining greatly. The Ban Wa plant, which was the Sony's television factory, we were using that factory fully, but there's, with a declining mobile backlights, frankly speaking, this is one of our management challenges about what to do with that. Luxury cars, I cannot tell the name, but in total of about JPY 100 billion in seven years, project order was received. For other luxury cars, I'm quite confident that we will be able to get orders. In Ban Wa, in Thailand, we can be sure that this will be full for automotive use. It's no longer necessary to think about how to utilize that facility anymore. Backlight for luxury cars, if this production increases, we may think about some other factories. This issue is something that I can say has been resolved, but these are automobiles. This will start from the 2025 model. Until then, the capacity utilization may be somewhat low. HDD motors. Motors in general is doing well, as you can see here. From 2023-2026, a JPY 100 billion of motor demand increase is being anticipated. It means that out of which 70% will be related to automotive. I think the biggest issue is the HDDs. The HDD motors, the margin is high, but now the utilization rate is at a low level. It's not the issue solely to the HDD, for the various types of semiconductors. We have Flash, DRAM. Currently, all of them is not doing well. It's not a case that there's a technological change, rather, it's a kind of a economic cycle that is the reason of this performance. We will be, looking at the recovery of this market. Going to the next slide. It's slide number 17. This is the former Mitsumi business. The semiconductor prices, it has been picking up because we are very busy last year. The customers just wanted us to ship the products, but after that, gradually, it has started to slow down, and the BP ratio was under one at some time, but it is over that right now. Compared to last year, the utilization situation is not the same as last year, the cost increase seen from this situation is what we are experiencing right now. Going towards the next fiscal year, the Yasu plant has been able to put in the equipment, it's about JPY 1 billion loss has been generated at the Yasu plant. For next fiscal year, middle of next fiscal year, the middle to the second half of the next fiscal year, I think the situation will turn around. The power semiconductor... this will be the base for power semiconductor business. We are, I am, expecting a lot in this business. The, the, in 2020 and 2035, it will be JPY 13 trillion, three, four, five, JPY 5 trillion, 31.2 x compared to 2023, about JPY 5 trillion for the next generation power semiconductor. We are talking about JPY 100 billion. For in terms of Semiconductors, there's no reason for us to be worried. Compared to last year, what is pushing down the profit is OIS. That is what we think. Our competitors have reduced their selling prices because of this, and on top of that, we have been seeing a loss through the operation, because the mobile phones, it's ramping up from now. Due to these various factors, and be- because we have seen these multiple factors, the performance is as such. From our point of view- We are powerfully and steadily conducting cost reduction. We have been able to get a lot of share. In the second half, I think there's a lot of room for us to recover. Going to page 18, the Access Solutions. JPY 1.1 billion, as was the end in September. Going, I think basically we have been able to see a path towards JPY 10 billion for this fiscal year. The European operation from May, it has started to be profitable starting in May. Here, various handles, door handles, we are getting orders for various handles, and I've, and we've talked about this before, so that was certain major automobile makers. Seven-year, JPY 100 billion project has been closed. Various automobiles, specifically for European models, for the luxury cars, there's a lot of business negotiations that have been closed for these various handles, like the sports type cars, the high-end luxury cars. These types of orders has started to come in. From the customer's point of view, so our so-called integration products, for instance, for the door handles, there are sensors equipped or antennas are equipped. Through this, they have evaluated our technological capability highly, and specifically in Europe, our evaluation is quite high at the customer side. We actually feel that. This Access Solutions for the semiconductor market, due to the COVID-19 situation, we have been struggling for a long period of time, but at last, I think we have been able to see the light at the end of the tunnel for this business. Going to page 19. That said, start at JPY 6 billion of operating income. It is in line with the guidance, but I think people are saying that, "Oh, is this, are you all right with this level?" I think there are various views about this. What I am showing you is one way to look at this. Currently, this level of operating income, we have started with the first quarter, and in hindsight, about four years ago, in fiscal year March 2020, that was fiscal year 20 19. If you look, this was what we announced in May of that year. That is the outlook for that year. That was about JPY 77 billion. That was operating income, but it started at JPY 7.3 billion in the first quarter. Actually, for that year, we have conducted a downward revision, and it was JPY 62.6 billion. That was 81% of the JPY 77 billion. This overall, I think basically it's about the same number, falling in the same range. This year is JPY 95 billion, this outlook. The JPY 32.4 billion gap is shown, is there between this years and 2020. If you look at the right-hand side, during the four years, there is a huge difference, and the forex rates, the current rates, and the... looking at, and the gap with the plan. There is actually a gap between the actual currency rate and what we are assuming. If you just put this all together, this August, the first week in August, changing the full year outlook and showing you that this will be the outlook, maybe it is, is too early to talk about that. In terms of, based on the timing of when the data center business is going to recover, we have to observe that. I think the next time we're going to make an announcement will be November, if there is any revisions. I think it will be in the end of the second quarter, where we will have a better view of what's going to happen in the second half. Meaning that, when we go to the second quarter, we'll be able to see what's going to happen in the second half. If something happens, maybe we'll make an announcement, but for today, we will not. It's very difficult for us to revise a full year forecast. For the full year forecast, it will be maintained as of before. Going to page 20. That said, well, some people will become worried, I assume. Well, from our point of view, even at this share price level, I think it's quite cheap. For the shareholders have supported us for a long period of time, and we, because we are in line with the shareholders, we are very sure that we can grow and develop going forward, and we decided that we should send out a message. That is the reason why we have resolved to conduct the share buyback. From my point of view, I, we have decided that we should do what we have to do. That's all from me. Next, we are going to the Q&A session. We have a first question from Goldman Sachs Securities, Takayama-san. Thank you very much. Can you hear me? Yes, we can hear you. I have three questions. First, on slide page 13, showing the plan for first and second half, and we can see the calculation. Compared to the second quarter standard level that we assumed, after that, would it be higher or lower than that? In these four segments, what is your outlook so far compared to the beginning of the fiscal year, the assumed level for Q2 or Q3? Could you describe what is your outlook at the moment? Yes, I, Yoshida, will answer that question. With regards to this question, I think your question was about the second quarter. As Mr. Kainuma explained, for the full year, there are still uncertainties, so I will explain limiting only to the situation of the second quarter. As you know, the current figures of the second quarter is based on the first half figures of May, and the results of first quarter is deducted from that. The current situation, what is the actual situation compared to that? First, Precision Technologies, PT. Ball bearings, center on the ball bearings, recovery of data center is still unclear, so it is still weak. Automotives are advancing smoothly, so the drop in data center, the depth of a drop is very deep, so the situation may still be weak. Within ball bearings, for aircraft, the ball bearings are also included. In this case, compared to our assumption in the beginning of the year, it is better. I believe it is better. For Precision Technologies, for the second quarter currently, compared to the figures that we have shown by subtracting the figure, compared to that, the situation may be slightly weaker. In Motor, Lighting & Sensing, first, backlight for electronic devices is advancing within our assumption. For motors, automotives are faring well, but HDD-related motors and OA, so motors, excluding automobiles, are slightly slowing down. In particular, HDD motors are slightly slowing down at the current moment. Semiconductor & Electronics. First, for optical device, when there is a new start of new models. Compared to our assumption, because of issues in the timing of the start, there may be some delays, but I don't think there will be such a major difference. For a mechanical component, it may be slightly better, and for Semiconductors, it is in line with assumption. That is the situation of Semiconductors & Electronics. For Access Solutions, currently, sales or production slowdown in China is affecting, so there is a slow start. Japan, U.S., countries where components of China are sold, there will be shipments to these places, which will lead to an outcome. For second quarter, in general, compared to the guidance, I think it is within the line of our assumptions. That is the general overall situation. Thank you very much. That is very clear. My second question, JPY 40 billion increase was seen quarter-on-quarter for inventory, and is that affecting the production? Could you explain the breakdown and the impact on the production of operations? First, the major factors of increasing inventory is also seasonality in case of smartphones and games. So inventory is needed at the start, which is a major factor. So this is the main reason. In some areas, as I will, as it may be explained later, for bearings and bearings inventory is being slightly increased, which is also influencing. Motors, non-automotive motors, it is slower than what was assumed, so there is some inventory accumulated. In principle, smartphones and games, to be prepared for the demand season, their strategic inventory increased. I understand. Thank you. Lastly, Mr. Kainuma, I have a question. When will data center recover is still unclear, but for example, in, in terms of inventory, processing, at the worst case, what would be the situation? Do you have any scenario that you could share? Ball bearings, pivot, HDD, fans may be influenced, but would there be some production adjustment, or will there be different operations for each? Including that, could you tell me what is your plan? Yes. First, my impression, my feeling, well, it is difficult to explain theoretically, but in such a case, I think rather than a gradual recovery, there will be a rapid recovery. When that point comes, we must be prepared to be able to provide sufficient supply. We have to be prepared for that, so we must keep a certain level of inventory for that. Our capacity to provide supplies is highly evaluated by our customers, so we must secure our supply capability. I think this is important. However, having said so, including hard disks and bearings, there must be a certain level, and beyond that, we should not exceed a certain level. We are working on that. While this is a result of inventory evaluation, but I'm sure as a season, we are at the bottom, so I don't think we have to act in a haste at the moment. Yes. Thank you very much. Thank you. Let's go to the next question. From Morgan Stanley, MUFG Securities, Sato-san, please. I'm Sato from Morgan Stanley Securities. Thank you very much for your presentation. I have three questions. The first question is about the ball bearings, April to June, external sales, internal sales, production, and July to September outlook. Can you give me the volume? That's my first question. April, April, for external sales, April to June external sales, JPY 181, JPY 190, JPY 191. Internal sales from, starting from April, JPY 42, JPY 42, JPY 42. When, from, July onwards, external sales outlook, July, JPY 191, August, JPY 191, September, JPY 203. Internal sales, JPY 40, JPY 42, JPY 39. That is the number. What, what about the production? Can you give us, give me some numbers that you can give me about the production? April, JPY 267. May, JPY 288. June, JPY 280. From July onwards period, we have JPY 288, JPY 283, we have JPY 254. Thank you. July, this can be, this be considered at the actual numbers? Yes. Thank you. My second question is about the former Mitsumi segment. If you look at the previous year, the, compared to the decline of the sales, the profit decline seems to be larger than that. Can this, can be explained, at, by the optical device business? Well, for the optical device business, that would be the biggest factor, that is true. For the Semiconductors, the first quarter in the previous year, it was at the peak. Again, there we have seen a decline in sales. I think these two will be the factors to that can be explained. Towards the second quarter, I think you have explained that already, but so seasonal, on a seasonal basis, the actuator for the smartphones in North America is going to increase, and then, that will bring you to, in line with the plan for the optical devices and semiconductor. What is your second quarter outlook? Is the shipment is being conducted as planned? Can you give me a, some insight in that? In terms of the optical devices, well, first of all, so the production volume overall, what's going to happen to this? I think that is, I mean, one factor. In terms of the shipment in itself, it is increasing very smoothly, and including the number that the customers are asking for. Basically, there's no problem at all. That's the situation right now. On the other hand, with the former models, will be has been a bit slow for us. Maybe there is a maybe a possibility of a undershoot. In terms of the semiconductor, currently, the Chinese smartphones related orders has started to recover, and there's some positive signs. Overall, it, we haven't seen a strong recovery. In that sense... We can't say that there's no problem at all. I, I can't express this business in that way. For the semiconductor business, from the first quarter to the second quarter, what type of changes are you going, anticipating? As Mr. Kainuma has explained, the BP ratio has gone over one in the first quarter. I think it was basically the bottom. That's what I feel. That's what we feel. That said, from the second quarter onwards, the, are all those semis are going to recover at once? I don't think that will be the case. I think that's what we are right now. Thank you. My third question is, the data center related business, not, not only HDD motors, we, you sell ball bearings as well. You have a wide product lineup. With the, if you compare HDD motors and ball bearings, the results for the first quarter and the second quarter outlook, is there any difference in the demand outlook or the demand trend? First of all, for the ball bearings, for our company, for the data center business, so the customers are the fan motor makers, and the fan motor makers will deliver to the data center makers. Within the supply chain, we are more on, in the kind of lower tier, so to speak, we are further away from the product. For HDDs, we are closer to the product itself. Last year, the data center related demand, orders or the production in terms of the time gap, HDD was, what do we, I think was faster, and I think in terms of ball bearings, the adjustment is about delayed about the first quarter. In terms of the recovery for both of the products, it is not the situation that we're going, seeing a difference in terms of the recovery between these two products, at least for the second quarter and the third quarter, well, at least, we think that's difficult to foresee. That's the situation for the second half. As we have been explaining, it's very difficult to give you a kind of a solid outlook. That's the situation that we have right now. The motors that you directly do business with the customer. Is it safe to assume that the recovery is going to be quicker for the motors? Well, it's, we can't say at this point. Thank you. Understood. Thank you. The next question is from UBS Securities, Hirata-s an. Thank you. I'm Hirata from UBS Securities. Can you hear me? Yes, we can hear you. Thank you very much. I have one question. About generative AI, which is now a buzzword, how would that impact your business? Currently, generative AI-related use is increasing, leading to some failures in servers. How would the bearings be used in generative AIs? Would there be any changes in the cooling method? There are many discussions about it, so not in the short term, but in terms of long-term opportunities, what are your views? Yes, first of all, generative AI chips themselves, I understand, generate a very strong heat, so a device to cool is needed. There may be issues in the method of cooling, for instance, in our bearings, which is, it's more precise and rotates at high speed. By thinking of many ways, many methods, including such issues as a bearing, we believe there may be a big business opportunity. In addition to that, many other business opportunities. Currently, there is nothing that we can say for sure so far, yet, but including those, I expect there will be many opportunities. I think that is all that I can say about, about it so far. Thank you very much. Thank you very much. Oh, one additional question. In the previous fiscal year, there was a negative impact with foreign exchange forward contract. The impact of a foreign exchange for the contract, you, you don't have such impact this year? Yes, your understanding is correct. Thank you. Let's go to the next question. From Mitsubishi UFJ Morgan Stanley Securities, Uchino-san, please. Please go ahead. This is Uchino from Mitsubishi. Thank you for taking my question. Thank you. I have one question. For the Access Solutions, profit, profitability has improved, you have mentioned that. Currently, what has been the reasons of this improvement? Can you give me some insight in that? Another point is that for the mid to long term, there's a lot of added value that's going to be added for the handles. I think this kind of a integration, leverage is going to be exerted. I think there's a lot of projects that you'll be able to get. What will be the contribution to the profitability? Compared to the conventional products, these new products, I think, the profitability will go up considerably. I would like to hear your mid to long-term view about this. Thank you. I think, there's a lot of points that I can mention, but in Europe, which we were struggling, but we were not loss-making anymore. I think that's a major improvement that we can boast about, and I think, that's the point. In Europe, the issues in Europe was quite complicated, and, about we have, we just had come by 300 people there. On top of that, in Germany, the plant, they have stopped producing products, and then they just assessed that into East Europe, and that's the system that we have. Compared to the past, I think things has changed a lot. Another point I want to make is that, right now, there's a lot of product starts, and I think there's a lot of confusion on the people on the, working in the front line, but this will be solved going forward. I think when you're in the manufacturing industry, it's all the same, but as long as you're able to produce a certain volume, and if you'll be able to go over a certain break-even point, it means that. Well, to exaggerate a bit, so meaning that besides the material costs, there'll be profit. The point is that the volume, to bring the volume to the mass production phase, I think that's the most important point. In that sense, I think at last, the world has started to change. For instance, to give a good example, using, well, Japan, using Japan, their margins, well, used to be high. It was, they had a solid margin. In that sense, if this situation recovers, of course, we'll be able to expect that. It's volume.... that they have been struggling, and structurally, they have been struggling, but we have been able to improve those areas. I think that's the major reason behind their profitability. In terms of the mass, at the beginning of the year, it wasn't doing well. The reason is that, the Japanese players in China, they were lagging behind in the EV. The sales volume has gone down. I think that has been the major point. Sooner, soon, rather than later, we're going to catch up and the overall volume is going to increase. I think we'll be able to turn profitable. These will be the areas that we are seeing improvement. In the mid to long term, as you have pointed out, we are focusing on Sogozo. This is integration. This is according to our strategy, not only motors, but we have antennas. Sensors will be equipped. These various... Well, other companies will buy and assemble and produce their products. We are vertically integrated, and on top of that, we have a specialized development. We want to differentiate from the other companies and the customers, specifically in Europe. I think this the recognition level has become very high. When you talk about independent Mitsumi, they recognize us as a very solid handle maker. We are established as the company. Looking at the order situation, I feel that way. This is basically starting from the 2025 model. It will take a bit more time, but if we are able to build up the volume, the operating margin will be completely different from what you're seeing right now. From our point of view, we want to have a commonized engine. If we can commonize that in Southeast Asia, where it is low cost in terms of labor, and then in East Europe, maybe we can process that. That is the strategy that we are establishing right now. There is no other door handle maker with producing this volume. They're looking into the Southeast Asia. I think at least 10% is what we have to be generating. Towards that, we are doing various types of trials. That's the situation that we are right now. Thank you. In the short term, for this fiscal year, the JPY 10 billion profit is what it going. The foundation is already laid, but from the July, right now, maybe, maybe it's difficult to say how much the improvement is going to be conducted. Yes, I think that's the correct way to look at the situation. Understood. Thank you. It's now time to end this conference call. This concludes the Q&A session.