As the time has come, let us start the meeting. Thank you very much for participating in MinebeaMitsumi's business results meeting for the second quarter of fiscal year ending March 31, 2025, despite your busy schedule. First, let me introduce today's participants from my company. To your right, Representative Director, Chairman, CEO Yoshihisa Kainuma. Director, President, Executive Officer, COO, and CFO Katsuhiko Yoshida. Operating Executive, Office of the COO and CFO, and from the Office of the Corporate Management, also from the Public Affairs and IR, General Manager Yusuke Kataoka. Thank you very much. First of all, Yoshida will explain about our financial results, followed by Kainuma, who will explain about the business update and the management strategy. We will go into a Q&A session after that. We are planning to end this session by 7:00 P.M. Based on the environmental policy of the MinebeaMitsumi Group, we do not distribute paper presentation material. Please download the website from the QR code that is shown on the questionnaire paper that is before you, and afterwards, please cooperate by answering the questionnaire. Today's meeting, including the Q&A session, is streamed live on the internet. It is also recorded so that it can be posted on the website. We ask for your understanding. If you're not a member of our company, please refrain from shooting photos or recording. President Yoshida, please, the floor is yours. Good afternoon. My name is Yoshida. Today, I would like to explain the consolidated financial results for the second quarter of the fiscal year ending March 2025. Next slide, please. Consolidated net sales for the second quarter of the fiscal year ending March 2025 was up 11.3% year-on-year and up 18.9% quarter-on-quarter to a total of JPY 422.783 billion. Operating income was up 29.4% year-on-year and up 40.6% quarter-on-quarter to a total of JPY 28.146 billion. Profit for the period attributable to the owners of the parent was down 26.1% year-on-year and decreased by 13.1% quarter-on-quarter to a total of JPY 12.112 billion. Net sales hit a record high for a quarter, and the operating income was a record high for the second quarter. We estimate that foreign currency exchange rates have a quarter-on-quarter impact of plus JPY 2.3 billion and year-on-year impact of plus JPY 25.5 billion in the net sales. Quarter-on-quarter impact was plus JPY 0.2 billion, and year-on-year impact was plus JPY 4.9 billion in operating income. This is a summary result for the first half. Net sales and operating income hit the first half record high. This is the quarterly trend in net sales, operating income, and operating margin. The operating margin for the second quarter was 6.7%. This was up 1.0 percentage points year-on-year and up 1.1 percentage points quarter-on-quarter. This is the difference between the forecast as of August and actual results for net sales and operating income by business segment for the second quarter. Net sales of PT exceeded the forecast for the ball bearings and pivot assemblies due to the recovery of the data center market and the robust sales for aircraft applications. MLS sales exceeded expectations for the motors, mainly HDD motors and motors for automotive applications, but sales of electronic devices fell short of the forecast. SE sales was above expectations, mainly in mechanical components and optical devices. AS was above the expectations in the U.S. market and other markets, but below expectations for the Chinese market. Operating income for PT exceeded the forecast, mainly thanks to an improvement in production volume of ball bearings. MLS was fairly in line with expectations. SE fell short of expectations for mechanical components and optical devices. AS was below expectations. This slide shows the quarterly trends of the Precision Technologies segment. On the left is a graph indicating yearly net sales trends, and on the right is a graph with a bar chart showing yearly operating income trends, along with a line chart for operating margins. Second quarter net sales increased 3.6% quarter-on-quarter to a total of JPY 64.9 billion. Sales of ball bearings increased 3.7% quarter-on-quarter to a total of JPY 44 billion. The monthly external shipment volume was up 8.8% quarter-on-quarter for an average of 243 million units. This was due to recovery in fan motors, mainly used in data centers. Sales of rod ends and fasteners totaling JPY 14.4 billion remained flat from the previous quarter. Sales of PMC increased 12% quarter-on-quarter to a total of JPY 6.5 billion. Operating income for the quarter totaled JPY 14.7 billion, and the operating margin was 22.6%. On a quarter-on-quarter basis, operating income increased 12.8%, and the operating margin rose 1.8 percentage points. This slide shows the quarterly trends for motor, lighting, and sensing segment. Net sales increased 7.3% quarter-on-quarter to a total of JPY 106.4 billion. Looking at the results by product, sales of motors increased 9% quarter-on-quarter to reach JPY 84.1 billion. This was mainly due to strong sales of motors for HDDs and solid sales of motors for non-automotive applications. Sales of electronic devices were down 1.4% from the previous quarter to a total of JPY 11.2 billion. Sales of sensing devices were up 4.8% from the previous quarter to a total of JPY 9.6 billion. Operating income came to JPY 6.8 billion, and the operating margin was 6.4%. On a quarter-on-quarter basis, operating income increased 33.1%, and the operating margin rose 1.2 percentage points. This slide shows the quarterly trends for Semiconductors and Electronics segment. Net sales increased 51.7% quarter-on-quarter to a total of JPY 168.7 billion. This was mainly due to an increase in sales of optical devices and semiconductors, which incorporated Minebea Power Semiconductor Device as a consolidated subsidiary, which was formerly Hitachi Power Semiconductor Device as of May 2, 2024. Operating income totaled JPY 9.3 billion, while the operating margin was 5.5%. Operating income increased 96.7%, and the operating margin increased 1.2 percentage points quarter-on-quarter. This slide shows the quarterly trends for Access Solutions segment. Net sales increased 0.6% quarter-on-quarter to a total of JPY 82 billion. This was mainly due to an increase in sales in the Asian market, mainly for motorcycles and automotive devices. Operating income came to JPY 3.5 billion, and the operating margin was 4.3%, up 17.8% and 0.6% respectively quarter-on-quarter. The bar graph here shows the 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 12.1 billion. Earnings per share was JPY 30. For the second quarter, foreign exchange losses amounted to JPY 9.6 billion due to a revaluation of foreign currency-denominated claims and debts. Next, we have the quarterly inventory trend. At the end of the second quarter, inventory totaled 335.8 billion JPY, which is 23.8 billion JPY less than what it was three months ago. This is mainly due to foreign currency effects. This graph contains a bar chart showing trends in net interest-bearing debt, which is total interest-bearing debt minus cash and cash equivalents, and a line chart indicating free cash flows. At the end of the second quarter, net interest-bearing debt totaling 260.5 billion JPY was up 51.9 billion JPY from what it was at the end of the previous fiscal year due to mainly M&A-related expenses for Minebea Power Semiconductor Device and other companies. Regarding the free cash flow, we expect 24.7 billion JPY for the fiscal year ending March 2025, as the operating cash flow increased in the second half. We maintain the net sales and operating income forecast for the fiscal year ending March 2025. The details by segment are shown on page 17. Regarding the net sales, the PT segment has been revised up, while the AS segment has been revised down. For operating income, the PT segment has been revised up, and the SE segment has been revised down. As for the second half, the revision for the operating income forex assumption is ¥145 to $1. This slide shows a forecast by business segment. This chart shows the difference between the revised forecast this time and the forecast as of August. This concludes my presentation. Thank you for listening. Chairman Kainuma, please. So let me give you a business update and a management strategy. Sorry, my voice is disagreeable, but please forgive me. Let's go to page 19. So what I wanted to say here is that, thankfully, in terms of net sales, as a quarter, has been a record high, and operating income has been a record high for the second quarter. For the first half, both net sales and operating income have been at a record high level. Overall, what stands out is that the AS has been very solid, but the Sub-Core segments, that would be for mobile phones, games, so in terms of products, so that would be backlights for tablets, OIS, and game-related products. These products were lower than our expectations in the first half. In the second half, these areas will not be that strong. That is our expectation. Let's go to the next slide. In the previous earnings announcement, it was a coincidence, but there has been wild fluctuations in the share market, and there has been more than JPY 10 of the forex fluctuations, and today, we have been looking at the U.S. presidential elections, and the yen has depreciated by two JPY, so it's very difficult to foresee what's going to happen in the future, so this time around, basically, we have decided not to revise our forecast, and then going to the next slide, so PT, which has done very well in terms of the forecast of today's operating income, is about JPY 56 billion, so this is, of course, a record high, but it is a record high by a large margin, so I have been saying this from before, but data centers, the market has recovered, and the constant growth in the automobiles is continuing. On top of that, the aircraft business has started to recover, but in terms of the aircraft business, still to recover going forward. So in that sense, right now, we're seeing a very powerful recovery trend. In terms of the aircraft business, in Thailand, India, there will be a transfer to these countries, and the market is going to expand. And within the industry, it is only us that we have this very broad production base. There's no other company that has this level of production bases. So I think going forward, in terms of the expansion of their aircraft business, this will be very effective. Let's go to the next slide. Again, I think you already are aware of this in the past. This is my dream factory. I call it my dream factory. So this is a carbon-neutral plant, and this is a plant for the machined components. So the other day, we had the groundbreaking ceremony. Then next slide, please. So the MLS, the uniqueness is that motor is the profit seems to be about JPY 27 billion for this fiscal year. So at last, we are able to see about a 10% level of operating margin. And these small motors, because the small robot market is going to develop, meaning that there are more needs for grabbing or holding in terms of sense, and on top of that, sensing functions will be asked for. These small motors and sensors combined will be developing in terms of sensors. So this would be noted in the next page, but bed sensors. We have been engaged in this business for a long period of time, but actually, we have been able to realize this as a product. And so, motors, so JPY 27 billion. If we are able to achieve that level of motors, I think the next stage would be to reach JPY 30 billion. Next slide, please. Again, we have already announced this, but in the expo at the Pasona Pavilion, we are going to exhibit this product. So, we'll be able to measure the SAS, and it was very difficult to measure the heart pulse, but there has been a breakthrough within our development. And this is a very precise way to measure the deepness of sleep. So, by July next year, it is decided that it will be launched commercially, and the Pasona is going to build a hotel in Awajishima, and this is going to be introduced to all the rooms in that hotel. I have been anticipating that this is going to happen, and we have been engaged in the development for a long period of time, but actually, we have started to see the fruition of our R&D and technological development. Next slide, please. Going to semiconductors, as you all know, the market is in the doldrums right now. On top of that, we have some special factors for a company. The former Hitachi Power Semiconductor Device customers, in terms of the, there has been cancellation for the E-Axle orders. We were planning to introduce our products, but the program itself has been canceled, so we have not been able to introduce our products, our IGBT products. Right now, we are discussing with the Tier 1 companies in Europe and conducting various initiatives for them to introduce our products. We have been shipping samples. So if we start selling these types of products, this capacity will become. We'll be able to fill the capacity, meaning that we will be able to powerfully go forward once again MEMS. The former Omron has been engaged in the business, brought a range of business, and has shrunk once, but we are trying to engage in this business again. We are shipping various samples to our businesses, and we have started to do business in small steps. What we have to do right now is that in terms of, we have to change the product mix of IGBT, and we have to differentiate the analog semiconductors because China has started to come out with a certain level of products, and we have to differentiate against these Chinese players. Technologically, there's a roadmap already, and we have been started to install the equipment, so we will start to do that, and power device, we have to raise the prices of power devices. We're still doing that because you have to go down to the customer's customers and negotiate, so it will take some time, but we will follow through on these initiatives, and going to the next slide. Again, we have already announced this. This will be the medical-related business of Socionext. We will be buying this business, and by doing so, we will be able to get the 64-channel technology, so the high pixel count and deep imaging will be possible with the handheld devices. For instance, the pregnant women, when they become pregnant, they can utilize these devices, and every day at home, they will be able to check the status of the fetus every day. I think potentially, I've heard that this is potentially a huge market. The core areas will be this business will gain to ABLIC. So 30% of operating margin is the ABLIC business is generating. We want to bring this close to 50% as much as possible. ABLIC is talking about this right now. So becoming the global top will be their objective. Next page, please. Today, I really wanted to talk about this. Access Solutions, the times for Access Solutions will change. In other words, the game change is happening finally. Why automotive now? Many people asked me, but when I became the president, electrical mechanics solutions, I registered as a trademark because I knew that it was the direction for us. Right now, you see many vehicles with door handles attached to the outside of the car, but it will cease to exist going forward. The door handles are no longer machined components, but it's going to be the electronic components with motors, sensors, and antennas. Very complicated components. And what is even more impressive is latch is becoming E-latch, not only soft closure, but automatic door opening. Such components will be increasingly attached to high-end vehicles. A latch was a safety device and spending a lot of money. And even if there are less expensive ones available in the market, people didn't care to switch to the less expensive ones. But now the things have changed, and the new vendors can enter into the market. So our motors, combined with the latch technology, can be sold in the market as the new product. And what is very impressive is, maybe I shouldn't say impressive, but last week, I visited Europe. BMW's new door handle was launched. MAU, the European R&D group, gave a presentation for a full day. Why we are getting so many inquiries. The European competitors are suffering a very weak financial status. COVID and so forth, the markets are shrinking. Now, game-changing electronics are needed more than ever. We are getting so many inquiries, and we cannot accept all of them. We do not have such engineering power or that many plants. I mean, we have many plants, but we don't have space to accommodate all of those inquiries. Therefore, we need to select the others. We are also working to increase prices. Now customers are willing to accept our proposals. In the past, it wasn't like that. The customers sort of rejected our request for price hikes. But now, because only a limited number of vendors can supply what customers want, our chief engineers are having a nervous breakdown sort of because they are getting so many orders to sort out. But it's the biggest opportunity ever because once we get in, it will be an ongoing continuous business. So we would like to capitalize on this opportunity. Next page, please. So integrated products, only two products are listed here, but in addition to these, there are so many more because the integrated products is the keyword. It's a tagline. This is the direction for us, the only direction for us to proceed. So we have been persuading the people inside the company and enlightening them. And it's making steady progress. And the motor driver, we now have a very good one. Not only one model, but the one driver can be used for many different applications. Similar things will be developed one after another. Combine and integrate. We will be able to have many more excellent drivers going forward. Next page, please. In hindsight, when we had the one trillion JPY sales, we talked about the one trillion JPY, but it took us about three years to reach it. So JPY 998 billion or something like that for three years. But then all of a sudden, things cleared and we achieved a target. Now we are talking about the 1.5 trillion JPY in the not so distant past. We were not able to exceed the one trillion JPY. But the bearing, if a bearing can reach JPY 56 billion, JPY 60 billion is very achievable. So analog, not so good, but still generate JPY 23 billion or JPY 24 billion sales. The motor, JPY 27 billion that we are talking about, that means JPY 30 billion is in the vision. High margin electronic parts coming in, then JPY 20 billion is quite possible. Sub-Core products, JPY 20 billion, then JPY 160 billion minus head office expenses. Sometimes it's included and sometimes not, but overhead, excluding overhead, JPY 130 billion is an easy game. I think we are reaching a very crucial time. Last page. Here it says it hasn't been decided, but it will never be less than JPY 20. The share buybacks, I don't know if it's for good or bad, but we have been able to buy back shares at much less price, 2.5 million or JPY 10 billion, either one. By October the 31st, out of upper limit of 2.8 million, 2.57 million shares have already been acquired. We only have a small number remaining. Just for your reference. Well, there's one more page, but this is for your reference. So I would like to conclude my explanation. Thank you for listening. Next, we'll go into the Q&A session. We will limit the questions coming from institutional investors and analysts. When you want to ask a question, please state your company name and your own name. We will bring the microphone to you. For those who have questions, please raise your hand. So in the very front row, in the middle, please. Thank you. Takayama from Goldman Sachs, and I have three questions. One is about the numbers, the assumptions of the numbers. In the second half, SE and Access Solutions, these two businesses, in terms of the profit amount, it seems it will increase. And you talked about the Access Solutions, you want to increase the prices there. Basically, how will this contribute? In terms of SE, if you look at the business environment right now, the semiconductors are not that strong. The second half, are you assuming that it will recover in the second half? I would like to get an explanation about how you're looking into the second half. First of all, in terms of the assumption, as Kainuma has explained, the forex situation and the external environment is very difficult to see. The number in itself, we will not change. We haven't changed our numbers. First of all, please understand that. In terms of the range that we're looking at, it is true that SE-related business, as Kainuma has explained, within the SE business, game-related products and OIS, the business environment is not good. Our operation is not going as we have anticipated. So the numbers that we're showing you right now are slightly bullish. Or this is the number that reflects the nuances that we are seeing, that I have explained. In terms of the Access Solutions business, it is true that in the second half, there's some recovery. And they are reflections of price increases or improvement of the productivity because the Chinese makers in China, so their production is going down. So we're not getting profit out of that business. But in place of China, the North America market, including Mexico, has started to recover. So although we have seen some decline in net sales in China, we have offset that by the North American operations. And we think that this improvement in North America, we think we can continue. So for SE, in terms of the future outlook, it may be slightly weak. But for the Access Solutions at the current point, in terms of the probability of achievement, I think we think that we are quite confident about that. So I forgot to mention this, but as I have in my explanation, so loss-making is good because it means that we can, there's room for us to be profitable. So in China, it has gone down by 30%. And it was the most profitable factory in China. But the loss in the US has gone, and the Mexico plant loss has gone. And we have been offset the loss in the Chinese market. So I think this was a good outcome ultimately. And what we are going to put is going forward. We have already raised the prices. So that's the reason why we are seeing that the second half will be better. It's not the case that the volume of automobiles is increased and the volume is going up. It's the progress of the improvement of the product mix. The loss-making plants will become profitable. That will be the assumptions or background. If that's the case, in terms of the nuance, so you haven't changed your assumption or you haven't changed your numbers in the second half. There's some strengths in the precision or the motors, but there's some weakness. That's the reason why you have decided not to change the numbers. Yes, the forex assumption would be the same. The assumption is that the forex level will be unchanged. There are some external factors. If there are some external factors that we have to account for, maybe it will not be an exact number, but I don't think that there will be a wide variance against our outlook. But it's unclear at this point. My second question is that in terms of the Access Solutions business, so you have talked about price increases or replacing it for added value products. It means you have said that your position is going to be very strong. So if you are able to generate a 10% of margin on a recurring basis, so when is the time that you'll be able to have that type of business? So we are improving your productivity, and we have been able to come to a certain level. But in practicality, maybe 4%-5%, I think that's what we're looking at. So to improve this, the product mix has to change. And of course, we have to increase the prices. So the product mix, when I say change the product mix, it's not the case that you can change immediately for next fiscal year. There's some products that we have started to make next year because from BMW products, it's going to start from two years from now when we start shipping them. So if you consider that, so compared to general electronic components, it'll take some time for the product mix change, maybe taking about two years. Lastly, I would like to ask about the semiconductor in competition with China. And I think you have mentioned that in your presentation. So in your semiconductor business, what is your exposure to China in terms of competitions? And in terms of differentiation and analog power semiconductors, I think it was strong. Japan was strong in these areas, and you were strong. But I think you have to put more focus on differentiation right now. So how are you going to differentiate? What will be the focus? So what's happening right now is that in terms of the quality, it's not exactly the same. The similar products, the competitors start to come out with similar products. And on top of that, their competitors are selling at a low price. I think that's the point. So against that, from our view, we'll have to differentiate so that we can get value out of our products. So we want to enhance the function of each semiconductors. I can't go into details about what it is exactly, but including various processing procedures, we have to change the way we process the semiconductors. We do understand that design-wise, and by conducting these initiatives, we will improve the performance. So in terms of that methodology, I think that's a common practice because in various businesses, for instance, China, the quality is lower, but the price is far lower. So the clients will say they're not satisfied, but because the price is lower, they will go to Chinese products. But your company improving your performance, can you actually compete with them? Will you not be even disadvantaged even if you improve your performance or value? So I think you have competed with Chinese companies in various other areas based on the past learnings. Is there any approach that you can take to win over Chinese competitors? Well, I do not know about the details. But what I have been, the semiconductor people have been explaining to me, by enhancing the performance, if we're looking at our volume of our products, we can differentiate and we can have a presence in the market. So if you look at in totality, you look at China and in terms of where the market is that we compete with the Chinese competitors. So power device, if you look at power devices. So in terms of the future growth areas, that will be EV market. That would be one target market for us. So that's the reason we're looking at the European players. So what I want to say is that within our current portfolio, in terms of our competition with China, it's not the case that the majority of the market is that we compete with China. Even if, as Kainuma said, even if the scenario goes in that direction, as you mentioned, the damage won't be that large. Rather, through differentiation, even if in the China market, even if we cannot compete in the Chinese market, these initiatives can be leveraged in other markets, and we can find business opportunities in other markets. I do not think that this would be a major down, a thing that will put a pressure on us. Thank you. Any other questions? The person is sitting near the aisle. Morgan Stanley, my name is Sato. Thank you very much for your presentation. Let me confirm the numbers if I may. The first one, ball bearings, monthly production and external sales and internal sales, the actuals and the forecast. July onwards, would that be all right? Yes. July production, so the unit is million, 281, 276, 278. And the sales, external, July 245, 277, 246. Internal sales, 55, 52, 52. So these are the actuals of Q2. As for the forecast, the production, October, 284, 302, and 300. And external sales, 243, 247, 248. Internal sales, 49, 49, 45. Thank you. So bearings capacity. What is the monthly production capacity of bearings right now? And how do you think the capacity will change going forward? As you may be aware, our capacity is 370 million units. But we are continuously working on improving productivity. In other words, if really we need to, we can make more. Thank you. My second question is the Sub-Core, what you call Sub-Core products, a camera actuator and game-related and lighting devices. First of all, camera actuators. So Q1 to Q2, what changes you have seen? And what is your outlook for Q3 and game-related from first half to second half? What changes you are expecting? And lighting devices, tablets. Regarding tablets, what kinds of business opportunities do you think you can obtain? First of all, OIS, the total, numbers included Q2, the production, and sales. Both production and sales have grown significantly vis-à-vis the initial guidance. There was an upside in August vis-à-vis the forecast we shared with you in August. There was an upside. But what about going forward and whether the shareholders will be satisfied? The quarterly results were not satisfying to the shareholders. The production and the relative situation vis-à-vis the competitors, we were not able to do everything we wanted to do. And OIS, second half. The numbers remain unchanged. However, the customers' production volume expectations themselves are trending down. That is one thing. Towards the second half, we did not put together aggressive numbers to begin with, but to what extent we can achieve the targets at this point in time, it's quite uncertain. We need to pay due attention to this. Regarding game-related, the customers' roadmaps, there are things related to customers' roadmaps, and I can share with you only limited information. From the first half to second half, well, how should I say? The first half and second half, we believe that the second half numbers will go down. Based upon such assumption, we put together a planar tablet backlight. At the beginning, we had certain expectations, but eventually, at least during this fiscal year, I mean, the work itself has started, but it's not reaching the level we expected regionally. In that sense, as Kainuma explained previously, recently, it's been slightly trending down. By the end of this fiscal year, we are not expecting major changes. Next year onwards, what kinds of business we can gain, we would like to explore carefully. Thank you. I have another question. OIS and game-related, what is your view at this point in time? What we can say at this point is the customers' demands exist, and we will serve our customers by supplying products and what the volume is likely to be and whether there will be new opportunities and whether the competitive landscape will change or not. If you are asking that, I cannot give you clear answers. Likewise, the game-related, the customers' development roadmap, it's related to, so I cannot comment on. If customers are to start this work next year onwards, then we will follow up on that, and we will make contribution to customers' work. And that is the same stance. Thank you very much. Any questions? So the investor on the preferred row, please. Goto, Mizuho Securities. Thank you very much for your explanation. So I would like to ask a question about MLS and PT. First is about MLS. The first quarter, second quarter, the sales against the increase of sales, the profit increase seems to be smaller. And maybe this is the impact coming from the backlight. I would like to confirm the reason behind this. That's my first question. The second question is, in the second half plan towards PT and MLS, how far more can we expect an upside for the PT, MLS in the second half? I would like to ask your idea right now. So SE, there is a risk in terms of the upside. Do you think that there's enough upside to offset the risk on the SE for the second half from PT to MLS? So within the MLS, in terms of the composition, motor, we think sales will increase, net income will increase, and profitability has been improving. So for motors, so it will be more than on track. And as I pointed out initially, lighting device, we thought that there would be some business opportunities, but that has been less than our anticipation. So that is the reason why the overall profitability compared to what Goto-san has anticipated, if it's lower, I think that's the reason behind this. Towards the second half, so the HDD market in itself is not that strong. That will be our assumption. In the mid to long term, I think it will grow going forward. But for this fiscal year, no major improvements, no major increase in sales and profit, is not our anticipation. So that'd be flattish, or maybe a slight adjustment will be coming. And I talked about the motor growth. It's in the non-automotive applications. The third quarter to fourth quarter, I think there is a seasonality that we have to account for. So in that sense, the figures will not grow linearly, meaning that in terms of the potential upside, it's not that much of a potential upside for MLS, for PT. For the mid to long term, as Kainuma has explained, whether it be aviation or bearings, I think there's a strong trend. But right now, in terms of the ball bearings demand for data centers, is it going to recover one step or two steps further? No. And in terms of the contents growth, it's not going to decline. But the market in its, excuse me, the automotive market in itself is not that strong. And in terms of the aviation, overall, I think it's strong. But among the North American customers, there is some talk of production adjustment, so that will impact us. So the numbers that we have shown you, I think basically it's within our target. But is it going to be higher than by a large margin? I think it's difficult to imagine that at the current stage. Did I answer your question? I think you talked about the room for upward increase. So PT, JPY 17.4 billion, is that you talked about in second quarter, the third quarter, the fourth quarter level? Is it the same level as the second quarter? So maybe the forex assumption would be slightly different. In terms of the guidance, we're using JPY 140, JPY 133 for the third and fourth quarter. The second quarter, we use JPY 147. At least the number will be the same level as the second quarter. Thank you. Any other questions? If not, this concludes the MinebeaMitsumi's analyst session. Thank you very much once again for attending the session. Before leaving, please do fill out the questionnaire survey. And also, those of you who are listening through the webcast, please click the link which is shown on the top right-hand side section in order to answer the questionnaire survey. Your cooperation is appreciated.