There is perhaps no place that better embodies this company's extraordinary past or its limitless future than right here at Disneyland.

也許沒有什麼地方能比迪士尼樂園更能體現這家公司非凡的過去和無限的未來了。

It's here among these fantastical lands, immersive attractions, and gateways to galaxies far, far away that our stories and characters come to life and the spirit of boundless creativity courses through every detail.

正是在這些奇幻的土地、身臨其境的景點和通往遙遠星系的通道中，我們的故事和人物栩栩如生，無窮無盡的創造精神貫穿每個細節。

Disney is in the business of storytelling and nothing is more important to this company than creativity.

迪士尼的業務是講故事，對於這家公司來說，沒有什麼比創意更重要了。

It was true nearly 70 years ago when Walt introduced the world to this very special place and it's true today.

將近 70 年前，當沃特把這個非常特別的地方介紹給全世界時就是如此，今天也是如此。

When you think about it, our movies, shows, and theme parks are all really just different kinds of storytelling and our brands, including Disney, ESPN, ABC,

仔細想想，我們的電影、節目和主題公園其實都是在講不同的故事，而我們的品牌，包括迪斯尼、ESPN 和 ABC、

Pixar, Marvel, Lucasfilm, National Geographic,

皮克斯、漫威、盧卡斯影業、國家地理、

FX, Searchlight, and more are part of a dynamic collection of businesses all pushing the envelope of creativity and innovation to tell great stories to the world.

FX、Searchlight 等公司都是充滿活力的企業集團的一部分，它們都在推動創意和創新，向世界講述精彩的故事。

At last year's annual meeting, we had just embarked on an important transformation to restore creativity to the center of our businesses and return Disney to a period of sustained growth.

在去年的年會上，我們剛剛開始了一場重要的變革，目的是讓創意重新成為我們業務的中心，讓迪士尼重新回到持續增長的時期。

As we gather today, we stand on a far more solid foundation, which has been fortified by our ambitious course of action over this past year.

今天，我們齊聚一堂，我們的基礎要堅實得多，在過去的一年裡，我們雄心勃勃的行動鞏固了這一基礎。

We are once again building our businesses for growth.

我們再次為業務增長而努力。

As we demonstrated during our most recent earnings report, we have turned the corner and entered a new positive era for The Walt Disney Company.

正如我們在最近的財報中所展示的那樣，我們已經轉危為安，進入了華特迪士尼公司新的積極時代。

Anchoring all of this work are four key building priorities.

所有這些工作的基礎是四個關鍵的建設重點。

We are reinvigorating creativity at our film studios.

我們正在重振電影製片廠的創造力。

We're on the path to achieving sustained profitability in streaming.

我們正走在實現流媒體持續盈利的道路上。

We're positioning ESPN for the future and turning it into the preeminent digital sports platform.

我們為 ESPN 的未來定位，將其打造成卓越的數字體育平臺。

And we're turbocharging growth in our experiences business, including our domestic and international parks and our cruise line.

此外，我們正在推動體驗業務的增長，包括國內和國際樂園以及遊輪航線。

We're executing at a rapid pace and we're doing so from a position of renewed strength with tremendous optimism.

我們的執行速度非常快，而且我們是在重新獲得力量的基礎上，抱著非常樂觀的態度來做這件事的。

First, let's talk about our film and television studios, which are coming off a stellar award season.

首先，讓我們來談談我們的電影和電視製片廠，它們剛剛經歷了一個輝煌的頒獎季。

Disney led the industry with 20 Oscar nominations, winning five, including Best Actress for Emma Stone's performance in Searchlight's Poor Things.

迪斯尼獲得了 20 項奧斯卡提名，其中包括艾瑪-斯通（Emma Stone）在探照燈公司出品的《可憐的事》（Poor Things）中的表演獲得最佳女主角。

You received 27 Golden Globe nominations and won top prizes for Poor Things and FX's The Bear.

您憑藉《可憐的事》和 FX 的《熊》獲得了 27 項金球獎提名，並贏得了最高獎項。

And at this year's Primetime Emmy Awards, we took home 37 wins, more than any other entertainment company.

在今年的艾美獎頒獎典禮上，我們獲得了 37 個獎項，比其他任何娛樂公司都多。

As we continue to reinvigorate our film studios, we have an incredibly robust slate of upcoming theatrical releases.

在我們繼續重振電影製片廠的同時，我們即將在影院上映的影片陣容強大得令人難以置信。

And this year alone, audiences can look forward to Kingdom of the Planet of the Apes,

僅在今年，觀眾就可以期待《猩球王國》的上映、

Deadpool and Wolverine,

死侍和金剛狼

Alien Romulus, and Mufasa, The Lion King.

外星人羅穆盧斯》和《獅子王》中的穆法薩。

Another big title coming to theaters this year is Pixar's Inside Out 2.

今年即將上映的另一部大片是皮克斯的《Inside Out 2》。

And today I'm pleased to share a special sneak peek.

今天，我很高興與大家分享一個特別的搶先體驗。

The next three days could determine the next four years of our lives.

接下來的三天可能會決定我們未來四年的生活。

Oh, I think that's overstating things a bit.

哦，我覺得這有點言過其實了。

Oh la la, Joy is so old school.

哦啦啦，喬伊真老派。

What?

什麼？

Look, we all have a job to do.

聽著，我們都有工作要做。

You make Riley happy, sadness makes her sad, fear protects her from the scary stuff she can see, and my job is to protect her from the scary stuff she can't see.

你讓萊莉快樂，悲傷讓她難過，恐懼保護她遠離她能看到的可怕事物，而我的工作就是保護她遠離她看不到的可怕事物。

I plan for the future.

我為未來做打算。

Oh, I can show you.

哦，我可以給你看。

You're gonna love this.

你一定會喜歡的

Oh, I was using that as a cup holder.

哦，我把它當杯架用了。

Our little girl's growing up so fast.

我們的小女兒長得真快。

These girls are so cool.

這些女孩太酷了

We can't let her know we're excited.

我們不能讓她知道我們很興奮。

I got this.

我得到了這個。

I could help. Thank you, not now.

我可以幫忙謝謝，現在不行

Yeah, yeah.

是啊，是啊。

That's not gonna haunt us for the rest of our lives at all.

這根本不會困擾我們的餘生。

No!

不

Let Operation New Riley begin.

讓 "新雷利行動 "開始吧

Come on.

來吧

Riley needs us.

萊莉需要我們

Have I ever steered you wrong before?

我以前有沒有誤導過你？

Ah!

啊！

Many times.

很多次

Inside Out 2 and the many emotions in Riley's teenage mind will arrive in theaters on June 14th.

反斗奇兵 2》將於 6 月 14 日上映。

In November, we will release our highly anticipated animated sequel to Moana, and today you're seeing an exclusive first look at artwork from the film.

今年 11 月，我們將推出備受期待的動畫續集《莫阿娜》，今天，我們將為您獨家首發影片的藝術照。

Three years since her first voyage,

距離她的首次航行已經過去了三年、

Moana is heading out on an epic journey to find and reconnect the people of the ocean.

莫阿娜將踏上史詩般的旅程，尋找並重新連接海洋中的人們。

We can't wait to take audiences on another amazing journey with Moana and Maui, and we are excited to confirm that both Auli'i Cravalho and Dwayne Johnson are back reprising their roles.

我們迫不及待地想帶領觀眾踏上莫阿娜和毛伊的另一段奇妙旅程，我們非常高興地確認，奧利伊-克拉瓦略和德維恩-約翰遜將再次出演他們的角色。

We're also looking forward to the live-action remake of the original film that's currently in development.

我們也期待著正在開發中的原版電影真人翻拍版。

Moana remains an incredibly popular franchise.

莫阿娜》仍然是一個非常受歡迎的特許經營項目。

In fact, the original film from 2016 recently crossed one billion hours streamed on Disney+, and was the most streamed movie of 2023 on any platform in the U.S.

事實上，2016 年的原版電影最近在 Disney+ 上的流媒體播放時長突破了 10 億小時，是 2023 年在美國任何平臺上播放時長最多的電影。

It's just one of the many successful titles in our rich library of movies and shows on Disney+, a library that just got a lot bigger with the official launch of Hulu on Disney+, last week.

這只是我們在 Disney+ 上豐富的電影和節目庫中的眾多成功作品之一，隨著上週 Hulu on Disney+ 的正式推出，我們的電影和節目庫變得更加龐大。

With our expansive collection of enduring classics and new hits available together in one place,

我們收藏了大量經久不衰的經典作品和熱門新歌、

Disney+, truly has something for everyone.

迪士尼+"確實能滿足每個人的需求。

And there's even more coming soon, including a new season of the hit show, The Bear.

還有更多節目即將播出，包括熱門節目《熊》的新一季。

Take a look at this exclusive clip from season three.

來看看第三季的獨家片段吧。

Our streaming strategy also extends into the world of sports, and ESPN continues to deliver meaningfully for the company.

我們的流媒體戰略還延伸到了體育領域，ESPN 繼續為公司帶來有意義的成果。

ESPN recently announced an extension to their exclusive worldwide media rights agreement with a college football playoff through the 2031-32 season.

ESPN 最近宣佈延長其全球獨家媒體版權協議，將大學橄欖球季後賽延長至 2031-32 賽季。

This solidifies ESPN as the home to all rounds of college football's premier post-season event, which will now incorporate an expanded 12-team playoff with 11 total games rather than a four-team bracket.

這將鞏固 ESPN 在大學橄欖球季後賽所有賽事中的主場地位，季後賽將從四支球隊的分組賽改為由 12 支球隊參加、共 11 場比賽的擴大季後賽。

We believe in the power of sports and their unique ability to convene and engage audiences, and we're hard at work building ESPN into the preeminent digital sports destination to reach even more fans in innovative new ways.

我們相信體育的力量及其召集和吸引觀眾的獨特能力，我們正在努力將 ESPN 打造成卓越的數字體育目的地，以創新的新方式吸引更多的粉絲。

One way we will do this is through the joint venture we announced earlier this year, in conjunction with Fox and Warner Brothers Discovery, to create a new streaming service that brings together our collective portfolios of sports channels.

我們將通過今年早些時候宣佈與福克斯公司和華納兄弟探索公司成立的合資企業來實現這一目標，該合資企業將創建一個新的流媒體服務，彙集我們的體育頻道組合。

This new service will provide consumers with more of the sports they want in a single place, including content from all the major professional sports leagues and college sports.

這項新服務將在一個地方為消費者提供更多他們想要的體育內容，包括所有主要職業體育聯盟和大學體育的內容。

Then in the fall of 2025, we will make the full suite of ESPN's channels available as a standalone and highly interactive digital destination.

然後在 2025 年秋季，我們將把全套 ESPN 頻道作為一個獨立的、高度互動的數字目的地。

This will give consumers the ability to stream their favorite live games and studio programming and take advantage of an immersive, customizable sports experience that includes betting, fantasy sports, e-commerce, and more.

這將使消費者能夠通過流媒體觀看他們喜愛的現場比賽和演播室節目，並享受身臨其境的定製體育體驗，包括投注、夢幻體育、電子商務等。

And just as we've done with Hulu, this standalone ESPN service will be available on Disney+, for bundle subscribers, creating an even more unified streaming experience.

正如我們在 Hulu 上所做的那樣，這項獨立的 ESPN 服務也將在 Disney+ 上向捆綁用戶提供，從而創造更加統一的流媒體體驗。

Overall, our current and future direct-to-consumer offerings are a clear differentiator for the company in a very competitive landscape.

總之，在競爭激烈的市場環境中，我們目前和未來直接面向消費者的產品顯然是公司的一大優勢。

We remain poised to reach profitability in our combined streaming business by the end of this fiscal year and deliver significant, sustained growth in the future.

我們仍準備在本財政年度結束前實現合併後流媒體業務的盈利，並在未來實現顯著、持續的增長。

We have the most valuable brands and franchises, a deep library of popular titles built over the last 100 years, powerful content engines, multiple consumer touchpoints, and the best advertiser technology in the streaming business globally.

我們擁有最有價值的品牌和特許經營權、歷經百年打造的深厚的熱門節目庫、強大的內容引擎、多個消費者接觸點，以及全球流媒體業務中最好的廣告商技術。

And no one has the breadth of what Disney has when it comes to streaming.

在流媒體方面，迪斯尼的業務範圍之廣無人能及。

Another key growth business and a clear differentiator for the company is our experiences business, and we're constantly seeking creative new ways to turn our IP into top-quality experiences.

我們的體驗業務是公司另一項重要的增長業務，也是公司明顯的差異化優勢，我們一直在尋找創造性的新方法，將我們的知識產權轉化為頂級體驗。

That even further with our recently announced relationship with Epic Games to create a games and entertainment universe that brings together our brands and franchises with Epic's cultural phenomenon, Fortnite.

最近，我們宣佈與 Epic Games 建立合作關係，將我們的品牌和特許經營權與 Epic 的文化現象遊戲《堡壘之夜》（Fortnite）結合起來，打造一個遊戲和娛樂世界。

Younger audiences in particular are huge consumers of video games, and this new universe will give players the opportunity to forge even greater connections with Disney.

尤其是年輕觀眾，他們是視頻遊戲的忠實消費者，而這個新宇宙將為玩家提供與迪斯尼建立更緊密聯繫的機會。

Turning to our parks, we continue to deliver experiences like no other for guests around the world while generating enormous growth for the company.

談到我們的樂園，我們將繼續為世界各地的遊客帶來無與倫比的體驗，同時為公司帶來巨大的增長。

Last November, we opened World of Frozen at Hong Kong Disneyland, and the response from guests has been tremendous.

去年 11 月，我們在香港迪士尼樂園開設了 "冰雪奇緣"，遊客反響熱烈。

And we're looking forward to bringing a Frozen-themed land to Disneyland Paris.

我們期待著將冰雪奇緣主題樂園帶到巴黎迪士尼樂園。

Meanwhile, at Shanghai Disney Resort, the opening of Zootopia in December has been met with equally rave reviews, becoming the most successful expansion since the park's opening.

與此同時，在上海迪士尼度假區，12 月開園的《動物世界》同樣好評如潮，成為開園以來最成功的擴建項目。

And this June, Fantasy Springs will open at Tokyo DisneySea, immersing guests in the stories of Frozen, Tangled, and Peter Pan in the largest expansion of the Tokyo Disney Resort to date.

今年 6 月，東京迪士尼海洋將開放夢幻溫泉，讓遊客沉浸在《冰雪奇緣》、《唐老鴨》和《小飛俠》的故事中，這是東京迪士尼度假區迄今為止最大的一次擴建。

With such a deep well of untapped IP and buildable land, there are so many experiences that have yet to be brought to our parks around the world.

我們擁有如此深厚的未開發 IP 和可建設用地，還有許多體驗有待我們帶到世界各地的公園中去。

And we plan to turbocharge growth in this sector with a robust amount of strategic investment.

我們計劃通過大量的戰略投資來推動這一領域的增長。

And right here at Disneyland, we're pleased to have reached an exciting milestone as our ambitious Disneyland Forward initiative goes before the Anaheim City Council for final approval later this month.

在迪斯尼樂園，我們很高興達到了一個令人興奮的里程碑，因為我們雄心勃勃的 "迪斯尼樂園前進 "計劃將於本月晚些時候提交阿納海姆市議會最終準許。

We're thrilled about many potential new stories that our guests could experience at Walt's original theme park, including the opportunity to embark on all new Avatar adventures with a visit to the world of Pandora.

我們很高興遊客能在華特最初的主題公園體驗到許多潛在的新故事，包括有機會前往潘多拉世界開始全新的 "阿凡達 "探險。

You've heard me mention before our intention to bring Avatar to Disneyland, and our Imagineers have been hard at work dreaming up what guests might expect.

你們以前聽我說過，我們打算把《阿凡達》帶到迪斯尼樂園，我們的幻想家們一直在努力夢想著遊客們可能期待的樣子。

And today I'm excited to give you a first look at the creative inspiration for this possible new destination.

今天，我很高興向大家先容一下這個可能的新目的地的創意靈感。

It was Walt himself who said that Disneyland will never be completed.

是沃爾特自己說迪斯尼樂園永遠不會完工。

It will continue to grow as long as there is imagination left in the world.

只要世界上還有想象力，它就會繼續發展。

Those words continue to ring true, both here at Disneyland and in every Disney park around the world.

無論是在迪士尼樂園，還是在世界各地的迪士尼樂園，這些話依然擲地有聲。

Walt also understood the power storytelling has to connect us all to one another.

沃爾特還深知，講故事具有將我們彼此聯繫在一起的力量。

And our company, like our storytelling, has always been a force for good in the world.

我們的公司，就像我們的故事一樣，始終是世界上一股善的力量。

And that's why Disney is dedicated to conducting our businesses with clarity of purpose and a deep sense of integrity, as we strive to have a positive impact in the communities in which we operate.

正因如此，迪士尼致力於以明確的目標和深刻的誠信意識開展業務，並努力在我們開展業務的社區產生積極影響。

This includes our efforts to bring joy and comfort to children's hospitals around the world.

這包括我們為世界各地的兒童醫院帶來歡樂和安慰的努力。

Our Heroes Work Here initiative, which has resulted in the hiring of more than 13,000 veterans since 2012.

我們的英雄在這裡工作"（Our Heroes Work Here）倡議，自 2012 年以來，已聘用了 13,000 多名退伍軍人。

Disney Aspire, which covers tuition for eligible hourly and part-time Disney employees, recently celebrated its fifth anniversary with more than 15,000 enrolled employees.

迪斯尼 Aspire 計劃為符合條件的迪斯尼小時工和兼職員工提供學費，該計劃最近迎來了五週年慶典，已有超過 15,000 名員工報名參加。

And our longstanding relationship with Make-A-Wish.

以及我們與 "許願成真 "組織的長期合作關係。

Disney remains the number one wish granter in the world, having granted more than 150,000 wishes to children facing critical illness.

迪斯尼仍然是世界上最大的願望實現者，已經為身患重病的兒童實現了 15 萬多個願望。

All of this ongoing work is part of our overarching commitment to being a responsible citizen of the world.

所有這些持續開展的工作都是我們作為負責任的世界公民的總體承諾的一部分。

It is a true privilege to lead this remarkable company at this pivotal moment.

能在這個關鍵時刻上司這家卓越的公司，我深感榮幸。

And I wanna personally thank our employees and cast members around the world for their passion and dedication, for their enduring commitment to excellence, and for their ability to adapt and innovate through periods of great change.

我要親自感謝我們世界各地的員工和演員，感謝他們的熱情和奉獻，感謝他們對卓越的不懈追求，感謝他們在巨大變革時期的適應和創新能力。

Disney and Make-A-Wish inspire me every day I come to work, and I am truly grateful to them.

迪斯尼和 "許願成真 "基金會激勵著我每天的工作，我由衷地感謝他們。

I've often said that one of the greatest attributes of Disney is the mere fact that people expect so much from us.

我常說，迪士尼最大的特點之一就是人們對我們的期望值太高。

What will they think of next, you might hear someone say, or only Disney can do that.

你可能會聽到有人說，或者只有迪斯尼才能做到這一點。

We welcome that challenge because it motivates us and energizes us to always be bold in everything we do, and to always be ready for new challenges.

我們歡迎這種挑戰，因為它激勵著我們，使我們始終大膽地做每一件事，時刻準備迎接新的挑戰。

Our plans are ambitious, our strategy is working, and our future is bright.

我們的計劃雄心勃勃，我們的戰略行之有效，我們的未來一片光明。

So on behalf of all of us at Disney, we're grateful to you, our shareholders, for your continued support and belief in this amazing company and its extraordinary future.

是以，我們代表迪斯尼的全體員工，感謝各位股東對這家了不起的公司及其非凡未來一如既往的支持和信任。

Thank you.

謝謝。