百度 (BIDU) 2018 Q1 法說會逐字稿

Hello, and thank you for standing by for Baidu's First Quarter 2018 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

您好，感謝您參加百度2018年第一季財報電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。

I would now like to turn the meeting over to your host for today's conference, Sharon Ng, Baidu's Director of Investor Relations.

現在，我想將會議交給今天會議的主持人，百度投資者關係總監 Sharon Ng。

Hello, everyone, and welcome to Baidu's First Quarter 2018 Earnings Conference Call. Baidu's earnings release was distributed earlier today, and you can find a copy on our website as well as on newswire services. On the call today, we have Robin Li, Baidu's Chief Executive Officer; Qi Lu, Baidu's Chief Operating Officer; and Herman Yu, Baidu's Chief Financial Officer. After our prepared remarks, we will hold a Q&A session.

大家好，歡迎參加百度2018年第一季業績電話會議。百度的財報已於今天早些時候發布，您可以在我們的網站和新聞通訊社上找到一份副本。參加今天電話會議的有百度執行長李彥宏、百度營運長陸奇和百度財務長俞敏洪。在我們準備好發言之後，我們將舉行問答環節。

Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC, including our annual report on Form 20-F. Baidu does not undertake any obligation to update any forward-looking statement except as required under applicable law.

請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。潛在風險和不確定性包括但不限於我們向美國證券交易委員會提交的公開文件中概述的風險和不確定性，包括我們的 20-F 表年度報告。除適用法律要求外，百度不承擔更新任何前瞻性聲明的義務。

Our earnings press release and this call include discussions of certain unaudited non-GAAP financial measures. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures and is available on our IR website at ir.baidu.com.

我們的收益新聞稿和本次電話會議包括對某些未經審計的非公認會計準則財務指標的討論。我們的新聞稿包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的對賬，可在我們的 IR 網站 ir.baidu.com 上查閱。

As a reminder, this conference is being recorded. In addition, a webcast of this conference call will also be available on Baidu's IR website.

提醒一下，本次會議正在錄製中。此外，本次電話會議的網路直播也將在百度投資者關係網站上提供。

I will now turn the call over to our CEO, Robin.

現在我將電話轉給我們的執行長羅賓。

Hello, everybody, and thank you for joining today's call.

大家好，感謝大家參加今天的電話會議。

We had a strong start in 2018, with our core business exhibiting robust growth, and we continue to execute on our strategy to strengthen Baidu's mobile foundation and lead in AI. In the first quarter, our strong revenue growth was driven by strength in our traditional search business through better monetization capability powered by AI technology.

2018 年我們開局強勁，核心業務呈現強勁成長，我們持續執行策略，加強百度的行動基礎並在人工智慧領域保持領先地位。第一季度，我們強勁的營收成長得益於傳統搜尋業務的強勁成長，以及人工智慧技術支援下更好的貨幣化能力。

For search and feed, we have focused on improving the user experience of our twin-engine Baidu app. As we extend the content offering from Baijiahao, or BJH account, and enhance the algorithms of feed, in March, we saw the DAU of Baidu app reach 137 million, up 18% year-over-year and total daily time spend up 30% year-over-year. Our flagship app has a strong, distinct advantage because we power our feed algorithms with Baidu's massive AI computing and big data assets to provide our users with personalized recommendations, based on the wide range of activities that they conduct on our platforms.

對於搜尋和資訊流，我們專注於改善雙引擎百度應用程式的使用者體驗。隨著我們擴展百家號（BJH）的內容供應並增強資訊流演算法，3 月份，百度應用程式的每日活躍用戶達到 1.37 億，年成長 18%，每日總使用時間年增 30%。我們的旗艦應用程式具有強大而獨特的優勢，因為我們利用百度龐大的人工智慧運算和大數據資產為我們的推送演算法提供支持，根據用戶在我們平台上進行的廣泛活動為他們提供個人化推薦。

Let me talk a little about Baidu's product values. We fundamentally believe that user engagement should be built on content that enrich our users and have a positive societal impact. For example, we proactively clean up indecent content and limit the volume of entertainment gossip news in one's feed. Our product philosophy is to broaden our users' interests and expand content consumption across a wide range of high-quality content. We have improved information quality, such as showing Baidu Encyclopedia content in feed, using space which was previously reserved for feed ads to help users to identify fake news. We use AI to identify and remove click baits and vulgar content. Upholding such product values may mean putting in greater effort to grow our users and revenue. We believe such a strategy will pay off in the long run.

我先簡單講一下百度的產品價值觀。我們從根本上相信，用戶參與度應該建立在豐富用戶內容並對社會產生正面影響的內容之上。例如，主動清理不良內容，限制娛樂八卦新聞的發布量。我們的產品理念是拓寬用戶的興趣，並透過廣泛的高品質內容擴大內容消費。我們提升了資訊質量，例如在資訊流中展示百度百科內容，利用先前用於資訊流廣告的空間來幫助用戶識別虛假新聞。我們使用人工智慧來識別和刪除點擊誘餌和粗俗內容。堅持這樣的產品價值觀可能意味著我們要付出更大的努力來增加使用者和收入。我們相信，從長遠來看，這樣的策略將會帶來回報。

On search, we are pushing the boundaries of the Baidu app experience. Last November, we launched the Baidu Bear Paw account, which enables brand and businesses to link their content from various websites and social platforms, display them in a standardized format and build social followings through follow, announce, payment and business verification features.

在搜尋方面，我們正在突破百度應用程式體驗的界限。去年 11 月，我們推出了百度熊掌號，該帳號允許品牌和企業連結來自各個網站和社交平台的內容，以標準化格式展示，並透過關注、發布、支付和企業驗證功能建立社交關注。

In the first quarter, we strengthened the communication feature by enabling users to message or call brands and businesses with Bear Paw account directly from their brand ads. Such interactions are recorded in the user log, enabling users to locate the brands at a later date, and enabling brands to continue the conversation with interested users through Bear Paw account announcements. By channeling the value of search results to enable the development of social assets in the Baidu app, Bear Paw accounts significantly improves the value proposition of Baidu search for brands and businesses. Equally important, Bear Paw accounts now cover approximately 30% of Baidu's search results, resulting in a better search experience for Baidu app users.

第一季度，我們加強了溝通功能，讓用戶可以直接從品牌廣告向擁有 Bear Paw 帳戶的品牌和企業發送訊息或致電。這些互動都會記錄在使用者日誌中，方便用戶日後找到品牌，也方便品牌透過熊掌號公告繼續與有興趣的用戶對話。熊掌號透過引導搜尋結果的價值來促進百度應用程式社交資產的開發，顯著提升了百度搜尋對品牌和企業的價值主張。同樣重要的是，熊掌帳號目前涵蓋了百度約30%的搜尋結果，為百度應用程式用戶帶來了更好的搜尋體驗。

On the advertising front, Baidu AI is powering robust growth in search and feed monetization. Dynamic Ads, for example, uses machine learning and rich advertiser datasets such as product catalogs to display highly relevant, personalized product ads to our users, driving higher conversion rates. In Q1, we upgraded our Dynamic Ad by layering in Baidu's big data on top of the product catalogs from advertisers. With the new AI-based dynamic image feature, each user sees a slightly different, personalized ad based on the user's preferences on Baidu's platform. For example, in March, XCAR, an automotive portal, was one of our Dynamic Ads customers, and used our AI-based dynamic image feature to promote the most fitting car model to users on a real-time basis. Early results show --Dynamic Ads with the new dynamic image feature have increased click-through rates by double digits and have the potential to serve advertisers with product catalogs, such as those from the retail, auto, real estate and travel industries. We are in the early innings of leveraging AI to improve ad relevancy and effectiveness.

在廣告方面，百度人工智慧正在推動搜尋和資訊流貨幣化的強勁成長。例如，動態廣告使用機器學習和豐富的廣告商資料集（如產品目錄）向我們的用戶展示高度相關、個人化的產品廣告，從而提高轉換率。在第一季度，我們透過在廣告商的產品目錄上疊加百度大數據來升級我們的動態廣告。借助新的基於人工智慧的動態圖像功能，每個用戶都會根據百度平台上用戶的偏好看到略有不同的個人化廣告。例如，3月份，汽車入口網站XCAR成為我們的動態廣告客戶之一，並使用我們基於AI的動態圖像功能即時向用戶推薦最合適的車型。早期結果顯示，具有新動態圖像功能的動態廣告已將點擊率提高了兩位數，並有可能為零售、汽車、房地產和旅遊等行業的廣告商提供產品目錄。我們正處於利用人工智慧提高廣告相關性和有效性的早期階段。

Beyond search and feed, AI is enabling Baidu to address 2 other huge markets— autonomous driving and voice-activated Internet.

除了搜尋和資訊流之外，人工智慧還使百度能夠開拓另外兩個龐大的市場——自動駕駛和語音啟動網路。

On Apollo, we are moving at China speed. In the past few months, we have added leading domestic auto manufacturers, like Great Wall Motors, BYD and Sokon Group, to our list of strategic partners. With the support of the Chinese government, designating Apollo as the autonomous driving platform on the national team, selecting Apollo as the autonomous driving solution for the smart city of Xiongan and receiving autonomous driving licenses in Beijing, Chongqing as well as Fujian province,Apollo has a huge opportunity to become a world-class leader in autonomous driving.

在阿波羅計畫上，我們正​​以中國速度前進。在過去的幾個月裡，我們已將長城汽車、比亞迪和小康集團等國內領先的汽車製造商添加到我們的戰略合作夥伴名單中。在中國政府的支持下，Apollo被指定為國家隊的自動駕駛平台，選擇Apollo作為雄安新區的自動駕駛解決方案，並在北京、重慶和福建等地獲得自動駕駛牌照，Apollo擁有巨大的機會成為世界級的自動駕駛領導者。

On DuerOS, just as voice-powered devices are being adopted in the West, we are seeing signs of voice-activated Internet taking off in China. In March, voice commands on DuerOS surpassed 200 million times, more than double last December's volume, which suggests conversational AI is fundamentally a more natural way to operate home electronics than remote controls, switches and mobile apps.

在 DuerOS 上，正如語音設備在西方被廣泛採用一樣，我們也看到了語音激活互聯網在中國興起的跡象。今年 3 月，DuerOS 上的語音命令超過 2 億次，是去年 12 月的兩倍多，這表明對話式人工智慧從根本上來說是一種比遙控器、開關和行動應用程式更自然的操作家用電子產品的方式。

DuerOS has a natural advantage in conversational AI, which requires highly structured datasets like those from search. We continue to see DuerOS expand its network of strategic partners, including leading TV manufacturers like Skyworth and leading home electronic manufacturers like Haier.

DuerOS 在對話式人工智慧方面具有天然優勢，因為它需要像搜尋那樣高度結構化的資料集。我們繼續看到 DuerOS 擴大其戰略合作夥伴網絡，包括創維等領先的電視製造商和海爾等領先的家用電子製造商。

In March, our partner Ainemo launched DuerOS-powered Xiaodu @ Home, the first smart speaker in China with a display. Xiaodu @ Home, a portable hub for entertainment communication and education sold out its first 10,000 units within the first minute it went online. Based on initial customer feedback, customer satisfaction reached 99%. We are very excited by the initial results of Xiaodu @ Home, which has the potential to be a category killer in the smart speaker with display space.

3月，我們的合作夥伴愛因莫推出了搭載DuerOS的小度@Home，這是中國首款帶顯示器的智慧音箱。小度@Home是一款隨身攜帶的娛樂通訊和教育中心，上線第一分鐘，首批10,000台就銷售一空。根據初步客戶回饋，客戶滿意度達到 99%。我們對小度@Home的初步成果感到非常興奮，它有潛力成為具有展示空間的智慧音箱領域的佼佼者。

Turning to iQIYI. I would like to congratulate Gong Yu and the iQIYI management team for a successful IPO. iQIYI has led the online entertainment space in China by specializing in entertainment, focusing on IP creation and leveraging AI computing to improve its hit rates. iQIYI numbers have been impressive. With the help of Baidu, Gong Yu and the iQIYI management team created a leading online video business with a valuation of over US$13 billion in 8 years. We hope to incubate more businesses with large market opportunities and strong synergies with Baidu in the future.

轉向愛奇藝。恭喜龔宇及愛奇藝管理團隊成功上市。愛奇藝專注於娛樂、注重IP打造、利用人工智慧運算提升點擊率，引領中國線上娛樂領域。愛奇藝的業績令人印象深刻。在百度的幫助下，龔宇和愛奇藝管理團隊在8年內將愛奇藝打造成了估值超過130億美元的領先線上影片企業。我們希望未來能孵化更多具有巨大市場機會、與百度有強大綜效的企業。

With that, I will now turn the call over to Qi to go through our business highlights.

說完這些，我現在將電話轉給齊，讓他介紹我們的業務亮點。

Thank you, Robin.

謝謝你，羅賓。

Let me provide you with a set of next level operating details that are key to powering our Q1 operating highlights that Robin just went through.

讓我為您提供一系列下一級營運細節，這些細節對於推動 Robin 剛剛經歷的 Q1 營運亮點至關重要。

For Search, we are making steady improvements. On our engineering and product capabilities to index richer and higher-quality content to enable more search query modalities, and to present search results via more engaging visual and interaction designs that work better on mobile devices. As a key indicator of search progress, the coverage of TOP-1 results whereby we satisfy user queries with the first search result, has reached 1/3 of queries in Q1, up from 30% in Q4. Another big part of our efforts was devoted to building-out and operating the Bear Paw account platform, as it is a fundamental part of revitalizing the mobile Web and fueling the future growth of search. In Q1, we secured a series of high-quality publishers and many of them managed their video content via Bear Paw account.

對於搜索，我們正在穩步改進。我們在工程和產品能力上能夠索引更豐富、更高品質的內容，以支援更多的搜尋查詢模式，並透過更具吸引力的視覺和互動設計來呈現搜尋結果，從而更好地適應行動裝置。作為搜尋進度的關鍵指標，TOP-1結果覆蓋率（即搜尋結果中第一個滿足用戶查詢的覆蓋率）在第一季已經達到了1/3，而第四季這一數字為30%。我們的另一個重大努力是致力於建立和營運熊掌帳戶平台，因為它是振興行動網路和推動未來搜尋成長的基本組成部分。第一季度，我們鎖定了一系列優質發布商，其中許多發布商透過熊掌帳號管理影片內容。

For Feed, we are making strides in elevating our engineering infrastructure and product operation capabilities. For example, we deployed a new architecture that will enable much faster iterations of algorithm development, leading to a faster pace of product innovation. We are building and deploying more AI capabilities, especially in our Baijiahao content platform to offer AI-powered authoring tools, which leads to more and higher-quality content on our platform. As a result, our product quality and user engagement continues to gain ground throughout Q1. Video continues to be a key focus area for us. And in Q1, we further expanded our video content coverage in Feed to 48%, up from 19% 1 year ago.

對於飼料，我們正在大力提升我們的工程基礎設施和產品營運能力。例如，我們部署了一種新的架構，可以實現演算法開發更快的迭代，從而加快產品創新的速度。我們正在建構和部署更多的人工智慧功能，特別是在我們的百家號內容平台中，提供由人工智慧驅動的創作工具，為我們的平台帶來更多、更高品質的內容。因此，我們的產品品質和用戶參與度在第一季持續提升。影片仍然是我們關注的重點領域。並且在第一季度，我們進一步將動態消息中的影片內容覆蓋率從一年前的 19% 提高到了 48%。

For flagship Baidu app, we continued to make good progress in elevating the underlying performance and AI capabilities of the client code base. At the same time, we systematically improved product capabilities, especially in richer user interactions through a variety of features such as social sharing, micro-channels and smoother content navigations.

對於旗艦百度應用程序，我們在提升客戶端程式碼庫的底層性能和人工智慧能力方面繼續取得良好進展。同時，我們有系統地提升了產品能力，特別是透過社交分享、微信、更流暢的內容導航等多種功能，實現了更豐富的用戶互動。

On the advertising front, we'll continue to build up strength by developing more advanced AI technologies, deeper and broader data assets, and stronger operation capabilities. One highlight in Q1 is that, for the first time, we deployed a powerful reinforcement learning based infrastructure that can significantly improve our ability to better match ads to our users and increase click-through rates and conversions. We also reached new engineering milestone with a dual-tower DNN callback model, which has increased click-through rates meaningfully. These are foundations on which we build up and operate an increasing suite of levers that can sustainably drive advertising performance.

在廣告方面，我們將繼續增強實力，開發更先進的人工智慧技術、更深更廣泛的數據資產以及更強大的營運能力。第一季的一個亮點是，我們首次部署了基於強大強化學習的基礎設施，這可以顯著提高我們更好地匹配廣告和用戶的能力，並提高點擊率和轉換率。我們還透過雙塔 DNN 回呼模型達到了新的工程里程碑，這顯著提高了點擊率。在這些基礎之上，我們建立並運作了一系列可以持續推動廣告成效的槓桿。

Our oCPC program is one such strong lever. In Q1, with oCPC, we simplified the bidding process for our customers and are able to offer more reliable online and offline conversions. As a specific example, Chang'an, a Chinese auto OEM, used oCPC and saw click-through rates increase significantly and the cost per conversion decline meaningfully. As a result, Chang'an increased daily average spend on search and feed five-fold. We plan to roll out oCPC to more verticals throughout 2018.

我們的 oCPC 計劃就是這樣一個強而有力的槓桿。在第一季度，我們利用 oCPC 簡化了客戶的競價流程，並能夠提供更可靠的線上和線下轉換。舉一個具體的例子，中國汽車原始設備製造商長安使用 oCPC 後，點擊率顯著提高，每次轉換成本顯著下降。結果，長安的每日平均搜尋和資訊流支出增加了五倍。我們計劃在 2018 年將 oCPC 推廣到更多垂直領域。

Dynamic Ads and lead-gen action ads are additional levers that will continue to enhance the monetization of our multi-channel marketing platform, as well as new advertising products such as video advertising.

動態廣告和領先行動廣告是額外的槓桿，將繼續增強我們的多通路行銷平台以及影片廣告等新廣告產品的貨幣化。

Next, I will talk about our progress on our AI-enabled new businesses.

接下來我來講我們在人工智慧賦能新業務的進展。

For Apollo, we made strong progress in our core technologies and platform elevation. Specifically, we launched Apollo 2.5 with much greater capabilities such as support for multiple vehicle types, including sedans, SUVs, trucks, buses and utility vehicles, support for high-speed road conditions at much higher cost efficiency, enhanced development facilities, and Apollo Scape, a substantially more powerful open dataset for training powerful models that are key to autonomous driving. The productization and commercialization of the Apollo ecosystem continues to accelerate with BYD joining us as the 100th partner last week. Even more importantly, safety is our highest priority, and we are working very hard to strengthen our development process to better safeguard vehicle safety. We are also working closely with the multiple government departments and organizations to devise a safety framework for autonomous driving in the future.

對於Apollo來說，我們在核心技術和平台提升方面取得了長足的進步。具體來說，我們推出了 Apollo 2.5，它具有更強大的功能，例如支援多種車型，包括轎車、SUV、卡車、巴士和多功能車，它具有更強大的功能，例如支援多種車型，包括轎車、SUV、卡車、巴士和多功能車，以更高的成本效率支援高速路況，增強開發設施，以及 Apollo Scape，這是一個更強大的開放資料集，用於訓練對自動駕駛至關重要的強大模型。隨著比亞迪上週加入我們成為第 100 家合作夥伴，Apollo 生態系統的產品化和商業化持續加速。更重要的是，安全是我們的首要任務，我們正在努力加強我們的開發流程，以更好地確保車輛安全。我們也與多個政府部門和組織密切合作，制定未來自動駕駛的安全框架。

For DuerOS, we're focused on key smart-home usage scenarios and building deeper and more complete experiences that can truly gain market adoption and user engagement. For example, we made strong progress for product experience for smart-speakers with graphical display. This led to the very successful launch of the Ainemo Xiaodu @ Home product that Robin mentioned earlier. We are very focused on shipping more such products and driving stronger usages as this type of product has genuine opportunities to be the primary control device for the future of Smart-Home. We also made strong progress in platform capabilities, powering more and more devices from over 160 partners.

對於DuerOS，我們專注於關鍵的智慧家庭使用場景，並建立更深入、更完整的體驗，以真正獲得市場採用和用戶參與。例如，我們在圖形顯示的智慧揚聲器的產品體驗方面取得了長足的進步。這也促成了Robin之前提到的愛因莫小度@Home產品的非常成功的推出。我們非常注重運送更多此類產品並推動更強大的用途，因為此類產品真正有機會成為未來智慧家庭的主要控制設備。我們還在平台能力方面取得了長足的進步，為來自 160 多個合作夥伴的越來越多的設備提供支援。

Organizationally, we formed the new Smart Living Group to better leverage our resources and drive stronger performance. Our ABC intelligent cloud business continued its rapid growth in Q1, as we built out needed expertise vertical by vertical. For example, in the financial services vertical, we just formed a strategic partnership with China UnionPay subsidiary, China UnionPay Merchant Services, which provides comprehensive payment services for millions of merchants in China. We will offer a full financial service solution to China UMS and their merchants, including ABC intelligent financial service cloud. China Merchants Bank, Ping An Life Insurance and other top-tier financial services providers are also cooperating with Baidu Cloud.

在組織上，我們成立了新的智慧生活集團，以更好地利用我們的資源並實現更強勁的業績。隨著我們逐步建立所需的垂直專業知識，我們的 ABC 智慧雲業務在第一季持續快速成長。例如，在金融服務垂直領域，我們剛與中國銀聯子公司中國銀聯商戶服務公司建立了策略合作夥伴關係，該公司為中國數百萬商家提供全面的支付服務。我們將為銀聯商務及其商家提供包括農銀智慧金融服務雲在內的全套金融服務解決方案。招商銀行、平安人壽等頂級金融服務機構也正在與百度雲展開合作。

Overall, we are pleased with our progress, and we look forward to continuing our work in 2018.

總體而言，我們對所取得的進展感到滿意，並期待在 2018 年繼續我們的工作。

With that, I will turn the call over to Herman to go through the financials.

說完這些，我會把電話轉給赫爾曼，讓他處理一下財務狀況。

Thank you, Qi. Hello, everyone. Welcome to Baidu's First Quarter 2018 Earnings Conference Call. As Robin mentioned, iQIYI successfully IPO-ed at the end of March, and raised approximately $2.25 billion. Also in March, Baidu raised $1.5 billion of debt offering 5-year and 10-year bonds, $1 billion of which will be used to pay off an existing bond that will mature in August.

謝謝你，齊。大家好。歡迎參加百度2018年第一季業績電話會議。正如Robin所提到的，愛奇藝於3月底成功IPO，融資約22.5億美元。此外，百度在三月透過發行五年期和十年期債券籌集了 15 億美元，其中 10 億美元將用於償還將於八月到期的現有債券。

In addition, we are in the process of spinning off Baidu's Financial Services Group, which has been classified as "assets held for sale" on our balance sheet. We will provide you with more information upon further development of this project. These financial transactions added together will provide Baidu with greater cash to invest in its core business.

此外，我們正在剝離百度金融服務集團，該集團在我們的資產負債表中被歸類為「持有待售資產」。隨著該項目的進一步發展，我們將為您提供更多資訊。這些金融交易加在一起將為百度提供更多現金來投資其核心業務。

Let me now go through the financial highlights. All monetary amounts are in RMB unless stated otherwise. Note that starting on January 1, 2018, Baidu adopted ASC 606, a new revenue accounting standard that nets value added tax from the revenue and cost of revenues line items. To increase comparability with Q1 2018 numbers, 2017 revenue numbers for today's discussion have been adjusted net of VAT.

現在讓我來介紹一下財務要點。除非另有說明，所有金額均以人民幣計算。請注意，自 2018 年 1 月 1 日起，百度採用了 ASC 606，這是一項新的收入會計準則，從收入和收入成本項目中扣除增值稅。為了提高與 2018 年第一季數據的可比性，今天討論的 2017 年收入數字已扣除增值稅進行調整。

In addition, we redefined our non-GAAP net income, to exclude investment disposal gain and loss, impairment of long-term investments and fair value change of long-term investments adjusted for income tax effects. We believe excluding such items, mostly non-cash, will provide meaningful, supplemental information about the operating performance and liquidity of our core business.

此外，我們重新定義了非公認會計準則淨收入，以排除投資處置損益、長期投資減損以及根據所得稅影響調整的長期投資公允價值變動。我們相信，排除這些項目（大部分是非現金）將提供有關我們核心業務的經營業績和流動性的有意義的補充資訊。

Total revenues in the first quarter 2018 reached CNY 20.9 billion, up 31% year-over-year.

2018年第一季總營收達209億元人民幣，年增31%。

Online marketing revenues were CNY 17.2 billion, up 23% year-over-year. We had approximately 475,000 online marketing customers in the first quarter, up 5% year-over-year. Revenue per online marketing customer was approximately RMB 36,100, up 19% year-over-year. Other services revenues in the first quarter were up 85% year-over-year to CNY 3.7 billion, mainly as a result of robust growth in iQIYI membership and fees for our financial services business.

網路行銷收入為172億元人民幣，較去年同期成長23%。第一季度，我們擁有約475,000名網路行銷客戶，年增5％。每位網路行銷客戶收入約為人民幣36,100元，較去年同期成長19%。第一季其他服務收入年增 85% 至 37 億元人民幣，主要由於愛奇藝會員數量和金融服務業務費用的強勁增長。

Revenue from Baidu Core was CNY 16.1 billion, up 26% year-over-year, while revenue from iQIYI reached CNY 4.9 billion, up 57% year-over-year.

其中，「百度核心」營收為161億元，年增26%；「愛奇藝」營收為49億元，年增57%。

Moving on to cost of sales. Cost of sales in the first quarter was CNY 9.9 billion, up 20% year-over-year. Content cost in the first quarter was up 59% year-over-year to CNY 4.2 billion, mainly due to increased content purchasing by iQIYI. Other cost of revenues item decreased year-over-year and sequentially, as a result of the new revenue recognition guidance, which requires the exclusion of VAT from revenue and cost of sales starting in Q1 2018.

繼續討論銷售成本。第一季銷售成本為99億元人民幣，較去年同期成長20%。第一季內容成本年增59%至42億元人民幣，主要由於愛奇藝增加內容購買。由於新的收入確認指南要求從 2018 年第一季開始從收入和銷售成本中排除增值稅，其他收入成本項目較去年同期下降。

Moving on to operating expenses. Sales and G&A expenses in the first quarter were CNY 3.1 billion, up 12% year-over-year, mainly due to the increase in channel and marketing promotions, partially offset by the cutback in Baidu Deliveries and O2O promotions.

繼續討論營運費用。第一季銷售及一般行政費用為 31 億元，年增 12%，主要由於通路和行銷促銷活動的增加，但被百度外送和 O2O 促銷活動的減少部分抵銷。

R&D expenses in the first quarter were CNY 3.3 billion, up 16% year-over-year mainly due to an increase in personnel-related costs.

第一季研發費用為33億元，年增16%，主要由於人員相關成本的增加。

Share-based compensation, which is allocated to related cost and expense line items, in the first quarter was CNY 778 million, compared to CNY 631 million in the corresponding period in 2017.

第一季度，分配至相關成本和費用項目的股權激勵費用為 7.78 億元，而 2017 年同期為 6.31 億元。

Operating income in the first quarter was CNY 4.6 billion, up 128% year-over-year. Non-GAAP operating income was CNY 5.3 billion, up 103% year-over-year. Operating income for Baidu Core was CNY 5.6 billion, up 90% year-over-year. Non-GAAP operating income for Baidu Core was CNY 6.4 billion, up 81% year-over-year. Non-GAAP operating margin for Baidu Core reached 39% compared to 27% last year.

第一季營業收入46億元，年增128%。非美國通用會計準則營業收入為人民幣53億元，較去年同期成長103%。百度核心營業收入為56億元人民幣，較去年同期成長90%。非美國通用會計準則下，「百度核心」營業收入為64億元人民幣，較去年同期成長81%。百度核心的非美國通用會計準則營業利益率達 39%，而去年同期為 27%。

Other income, net in the first quarter was CNY 1.9 billion, compared to CNY 21 million in the corresponding period of 2017. The increase was primarily due to the recognition of gain from the mark to market of private company investments, in accordance with the new accounting standard investments taking effect on January 1, 2018.

第一季其他淨收入為人民幣 19 億元，而 2017 年同期為 2,100 萬元人民幣。成長的主要原因是，根據2018年1月1日生效的新會計準則投資，確認了私人公司投資的市價收益。

Income tax expense in the first quarter was CNY 1.1 billion, compared to CNY 405 million in the corresponding period of 2017. Effective tax rate was 17% compared to 19% last year.

第一季所得稅費用為人民幣11億元，而2017年同期為人民幣4.05億元。有效稅率為17%，去年同期為19%。

Net income attributable to Baidu in the first quarter was CNY 6.7 billion and diluted EPS was RMB 19. Non-GAAP net income attributable to Baidu was CNY 4.6 billion and non-GAAP EPS was RMB 13.

第一季歸屬於百度的淨利為67億元人民幣，攤薄每股收益為19.非美國通用會計準則下歸屬於百度的淨利為46億元人民幣，非美國通用會計準則下每股收益為13元。

Adjusted EBITDA in the quarter reached CNY 6.1 billion, and EBITDA margin reached 29% compared to 23% from the same quarter last year. Adjusted EBITDA for Baidu Core was CNY 7.1 billion and adjusted EBITDA margin reached 44% compared to 34% last year, reflecting the strong operating leverage of Baidu's AI-based platform businesses.

本季調整後EBITDA達61億元人民幣，EBITDA利潤率達29%，去年同期為23%。百度核心的調整後EBITDA為71億元人民幣，調整後EBITDA利潤率達到44%，而去年同期為34%，這反映了百度基於人工智慧的平台業務強勁的營運槓桿。

As of March 31, 2018, Baidu had cash, cash equivalents, restricted cash and short-term investments of RMB 110.5 billion, or approximately USD 17.6 billion, which does not reflect the IPO proceeds of USD 2.25 billion before green shoe, that came in after quarter end. Our net operating cash inflow and capital expenditures were CNY 8.5 billion and CNY 2 billion, respectively.

截至 2018 年 3 月 31 日，百度擁有現金、現金等價物、限制性現金和短期投資為人民幣 1105 億元，約合 176 億美元，這還不包括季度末之後獲得的 22.5 億美元（綠鞋條款之前）的 IPO 收益。我們的淨經營現金流入和資本支出分別為人民幣85億元和人民幣20億元。

Total headcount as the end of the first quarter was approximately 39,000, down 10% year-over-year.

截至第一季末，總員工人數約39,000人，年減10％。

Turning to second quarter 2018 financial guidance.

轉向2018年第二季的財務指引。

For the second quarter 2018, we expect revenues to be between CNY 24.9 billion and CNY 26.2 billion, representing a 26% to 33% increase year-over-year.

對於2018年第二季度，我們預計營收將在人民幣249億元至人民幣262億元之間，年增26%至33%。

This forecast is our current and preliminary view and is subject to change.

此預測是我們目前的初步觀點，可能會改變。

With that, I'll now open the call for questions.

現在，我開始回答問題。

(Operator Instructions) Your first question today comes from the line of Eddie Leung from Merrill Lynch.

（操作員指示）您今天的第一個問題來自美林證券的 Eddie Leung。

I'm wondering if you could share a little bit more color with us on the performance of your news feed advertising products in the first quarter. And a follow-up on that, could you also comment on your thought on the pricing? For example, the eCPM of news feed advertisement in the industry, because it seems like, just in general for the industry, the eCPM went up quite a bit, especially, for example, for some of your competitors in news feed. So I'm just wondering how much potential in general for the industry in this monetization front?

我想知道您是否可以與我們分享第一季新聞推播廣告產品的表現。另外，您能否就定價問題發表一下看法？例如，行業內新聞推送廣告的 eCPM，因為看起來，就整個行業而言，eCPM 上升了不少，特別是對於新聞推送中的一些競爭對手而言。所以我只是想知道這個行業在貨幣化方面總體上有多大的潛力？

Okay. Let me take this question. There's 2 parts. First is about our overall advertising performance in our feed product. First, as you all know, feed as a product experience, is a natural extension of a search platform-based advertising so that we can fully leverage our existing platform capability and our customer base. At the same time, our feed also open up growth opportunities to get into brand advertising because the user engagement is very much moving up in terms of consideration funnels towards the upper part of the funnel. So therefore, our product enables our other advertising products to tap into those new revenue stream opportunities. Specifically, we are enriching a set of ad product. For example, the canvas ads meaning that when you open up the app, you have a very graphical, rich, engaging set of experiences. And that turns out to be performing very well. The other type of advertising product which wasn't available earlier is guaranteed delivery. Because in brand advertising, with the feed products, GDs-guaranty delivery type of advertising delivers campaign objectives for certain advertisers in a very effective way. And even more importantly, let me go back to the fundamental levers that I've talked about. oCPC, dynamic ads, lead-gen action ads, all of those are powerful levers that naturally apply to our feed product, so it's a combination of all of those. We see substantial head rooms ahead of us in terms of further improving our advertising products. And the second part is about the overall trend of CPM. Let me just emphasize the nature of advertising products. The nature of advertising product for the performance part is really conversion economics. So therefore, as long as we can keep improving conversion rates through AI technology, through bigger and better data assets, we will be able to improve our CPMs over a period of time. So we see that again with substantial headroom for growth in front of us.

好的。讓我來回答這個問題。有 2 個部分。首先是關於我們feed產品中的整體廣告表現。首先，眾所周知，資訊流作為一種產品體驗，是基於搜尋平台的廣告的自然延伸，因此我們可以充分利用現有的平台能力和客戶群。同時，我們的動態也為品牌廣告帶來了成長機會，因為用戶參與度在考慮漏斗的上部大幅上升。因此，我們的產品使我們的其他廣告產品能夠利用這些新的收入來源機會。具體來說，我們正在豐富一套廣告產品。例如，畫布廣告意味著當您打開應用程式時，您將獲得非常圖形化、豐富且引人入勝的體驗。事實證明，其表現非常好。另一種以前沒有的廣告產品是保證投放。因為在品牌廣告中，透過 feed 產品，GDs-guaranty 投放類型的廣告可以非常有效的方式為特定廣告主實現廣告活動目標。更重要的是，讓我回到我所談論的基本槓桿。oCPC、動態廣告、Lead-gen Action 廣告，所有這些都是強大的槓桿，自然適用於我們的 feed 產品，因此它是所有這些的組合。我們認為，在進一步改進我們的廣告產品方面，我們還有很大的發展空間。第二部分是CPM的整體趨勢。我只想強調一下廣告產品的性質。廣告產品的效果部分的本質其實就是轉化經濟學。因此，只要我們能夠透過人工智慧技術、透過更大、更好的數據資產不斷提高轉換率，我們就能夠在一段時間內提高我們的 CPM。因此，我們再次看到，我們面前還有巨大的成長空間。

Let me just add a few more points. Thanks, Qi. I just want to clarify what Qi had talked about product, ads and also AI and just a quick clarification. When we talk about app opening ad, that's not part of our feed. Our feed is defined by ads that we show in feed just as a clarification but Qi was explaining overall how by having these, we would also be able to get more (inaudible) in Q1, feed was slightly up in Q1 over Q4. As you know, the secular trend is in China is that in Q4 you typically have a very strong spending, especially with ecommerce so the highlight of feed as strong product, as Qi just explained, is that we were slightly up on a sequential basis.

我再補充幾點。謝謝，齊。我只是想澄清一下齊談到的產品、廣告和人工智慧，並做一個快速的澄清。當我們談論應用程式啟動廣告時，這並不是我們資訊流的一部分。我們的 feed 是由我們在 feed 中展示的廣告定義的，這只是一個澄清，但 Qi 總體上解釋瞭如何通過這些廣告，我們也能在第一季度獲得更多（聽不清），第一季度的 feed 比第四季度略有上升。如您所知，中國的長期趨勢是，第四季度的支出通常非常強勁，尤其是電子商務，因此飼料作為強勁產品的亮點，正如齊剛才解釋的那樣，我們的支出環比略有增長。

Your next question comes from the line of Alicia Yap from Citigroup.

您的下一個問題來自花旗集團的 Alicia Yap。

Actually my questions, are following up to a lot of the technology improvements. So can you elaborate a bit of the reinforcement learning for this Phoenix Nest online marketing system that you highlight on your prepared remarks? And what are the industry verticals that will be benefiting from that? And then similarly for your oCPC, other than automobile, what other industry vertical could also be potentially benefit from these features the rest of this year? And if you also could quantify the potential upside of the revenues and monetization ability driven by all these technology enhancements that you have implemented over the past few months, if you can share some of that, would be good.

實際上，我的問題是關於許多技術改進的。那麼，您能否詳細說明一下您在準備好的發言中強調的鳳巢網路行銷系統的密集學習？哪些垂直行業將從中受益？那麼對於您的 oCPC 來說，除了汽車之外，今年剩餘時間還有哪些其他垂直產業也可能從這些功能中受益？如果您還能量化過去幾個月實施的所有這些技術改進所帶來的收入和貨幣化能力的潛在上升空間，如果您能分享其中的一些，那就太好了。

Okay. Let me take that question. First is about the new infrastructures deployed in Q1 that's based on reinforcement learning. A little bit of background- Machine learning, as we all know, has very, very powerful capabilities that drive a lot of our industries. Reinforcement learning is a particular kind. The key strength of reinforced learning is that you do not need to label data. Meaning that the actual activity data-views or clicks or conversions learned by itself, so the learning is a lot more efficient. And second, it is able to tap into more data signals so that the ability to elevate the economic yield and ad quality will be further improved. The third part is that reinforcement learning very much can be done in what we call online learning, meaning that you do not have to train the model offline then move it to online. So the speed of development is also efficient. As an example, in our industry, as we all know, reinforcement learning is the underlying technology delivered in AlphaGo. And there is also proven track record of applying reinforcement learning in other applications. In online advertising, we very much see this as a new strength that we are deploying into our advertising platform and over a period of time, it will give us the ability to sustainably drive better performance. And then the second part of the question is in regard to the set of product levers that we talked about, particularly oCPC, which industry verticals can be applied to. Because of the nature of oCPC, it is essentially optimized from using conversion as optimization baseline. And use that to improve not only the conversion ratio but also the ad budget efficiency. As a result, because of the marketplace design, the ad budgets increase, the spend will increase and this can be applied in pretty much all verticals. The key for us is to kind of prioritize our effort. Deploying oCPC in large verticals, more meaningful verticals first but over a period of time, we fully expect to deploy oCPC in more and more verticals to deliver better economics across all our advertising product front, including both search and feed.

好的。讓我來回答這個問題。首先是關於第一季部署的基於強化學習的新基礎架構。一點背景介紹－眾所周知，機器學習具有非常強大的功能，可以推動許多產業的發展。強化學習是一種特殊的學習。強化學習的關鍵優勢在於您不需要標記數據。這意味著實際活動數據（瀏覽量、點擊量或轉換量）是自行學習的，因此學習效率更高。二是能夠挖掘更多的數據訊號，進一步提高經濟收益和廣告品質的能力。第三部分是強化學習可以在我們所謂的線上學習中完成，這意味著您不必離線訓練模型然後將其轉移到線上。所以開發速度也很有效率。舉個例子，在我們的產業中，眾所周知，強化學習是 AlphaGo 所採用的底層技術。且強化學習在其他應用上也有良好的應用記錄。在線上廣告方面，我們非常重視這一點，將其部署到我們的廣告平台中，並且在一段時間內，它將使我們能夠持續地推動更好的業績。然後問題的第二部分是關於我們討論的產品槓桿集，特別是 oCPC，可以應用於哪些垂直產業。由於oCPC的特性，它本質上是以轉換率為最佳化基準進行最佳化的。並利用這一點不僅可以提高轉換率，還可以提高廣告預算效率。因此，由於市場設計，廣告預算增加，支出也會增加，幾乎可以應用於所有垂直行業。對我們來說，關鍵是要確定努力的優先順序。首先在大型垂直領域部署 oCPC，更有意義的垂直領域，但經過一段時間，我們完全希望在越來越多的垂直領域部署 oCPC，以便在我們所有的廣告產品前端（包括搜尋和 feed）實現更好的經濟效益。

Yes, great. And let me just add specific examples of what just Qi said, oCPC. As mentioned, this is optimized cost per click. And as you know, Baidu system is based on number of clicks. But for many industries, what advertisers want is something that is more certain. For example, if you're an app developer, what you want to know is not how much the cost per click is. You want to know, for example, how much cost would it be for a user to look at your ads and be able to download your apps. And there are industries, for example, in autos and so forth that you want to know what's the cost per lead. What Baidu has done is, because we have a rich history of all these customers in the past, we can then run it through our huge AI computing power and be able to predict basically based on the type of ads you have, the kind of words you have, and the kind of photos that you use and so forth and we help you optimize the content and so forth that we're able to forecast if you spend as much on oCPC, Therefore your results for CPA for these actions that you would like would be approximately this. That way it reduces the uncertainty of an advertiser and they will be willing to pay more because of that less uncertainty. So you can think about it that way. So for an industry that have a long history of and we have a lot of data, we can help them optimize, and those are the potential that we have.

是的，太棒了。讓我再補充一些齊剛才提到的具體例子，oCPC。如上所述，這是優化的每次點擊費用。眾所周知，百度系統是基於點擊次數的。但對於很多產業來說，廣告商想要的是更確定的東西。例如，如果您是應用程式開發人員，您想知道的不是每次點擊的費用是多少。例如，您想知道用戶查看您的廣告並下載您的應用程式需要花費多少成本。還有一些行業，例如汽車行業等，你想知道每個潛在客戶的成本是多少。百度所做的是，由於我們擁有過去所有這些客戶的豐富歷史記錄，因此我們可以透過我們強大的人工智慧運算能力來運行它，並能夠根據您的廣告類型、您擁有的文字類型和您使用的照片類型等進行預測，我們幫助您優化內容等，我們能夠預測如果您在 oCPC 上花費那麼多，因此您希望的這些操作的 CPA 結果大約是這樣的 CPA 結果。這樣就減少了廣告商的不確定性，由於不確定性減少，他們會願意支付更多費用。所以你可以這樣想。因此，對於一個歷史悠久且擁有大量數據的行業，我們可以幫助他們進行最佳化，這就是我們所擁有的潛力。

Your next question comes from the line of Grace Chen from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Grace Chen。

My question is about the progress of your autonomous cars. I understand that Baidu just celebrated 1 year anniversary for the Apollo project. I understand that development is still in the early stage, but in retrospect, what do you view as the key achievements in the past 1 year? And what would you do to do better? Looking into the future, what would be your key focus to stay ahead of the curve, given the intensified competition domestically?

我的問題是關於你們的自動駕駛汽車的進展。據我了解，百度剛剛慶祝了阿波羅計畫一週年。我知道開發仍處於早期階段，但回顧起來，您認為過去一年的主要成就是什麼？您會怎麼做才能做得更好？展望未來，鑑於國內競爭日益激烈，您將把哪些重點放在保持領先地位？

Yes. So first of all, with regard to the key progress over the last 1 year for the Apollo platform, there are several important areas to call out. One is the platform capabilities. We deployed Apollo 1.0 within short span. Now we just deployed Apollo 2.5. The platform capability and technology is moving at a rapid pace. Second is the ecosystem health. Our developer community, member partners, the different agencies, government departments that are embracing, supporting Apollo has been growing leaps and bounds. Third, which is more important, is the productization and commercialization of our partners for L3 and L4-based vehicles is moving at a much, much faster pace than we originally anticipated, much, much faster. Now going forward, our key focus areas will be, continue to build up our technology foundations, but more importantly, to speed up the productization and commercialization of vehicles. For example, we mentioned in this year, we have the partner to commercially deploy L4 minibus vehicles. In next calendar years, we have several OEM partners deploy L3 commercially available vehicles. And as long as we keep excellent pace of all those, the Apollo platform will continue to gain strength against the competition. As we mentioned in the earlier calls, the Apollo ecosystem also has a very clear and healthy business model. We are very similar to Android. The platform technology is open for participating, open for use, but we also sell our services just like Google if you use Android to build a handset, you use Google Search services. In this case, it would be our HD maps services and the future services that we deploy. So overall, our focus is continue to speed up the development ecosystem, particularly the productization and the commercialization of our partners' vehicles. That will further increase Baidu's competitive strengths.

是的。首先，關於阿波羅平台過去一年來的關鍵進展，有幾個重要領域需要指出。一是平台能力。我們在短時間內部署了 Apollo 1.0。現在我們剛剛部署了Apollo 2.5。平台能力和技術正在快速發展。第二是生態系健康。我們的開發者社群、成員夥伴、各個機構、政府部門對 Apollo 的支持都在突飛猛進。第三，更重要的是，我們的合作夥伴針對L3和L4車型的產品化和商業化進程比我們最初預期的要快得多，快得多。展望未來，我們的重點領域是繼續建立我們的技術基礎，但更重要的是加速汽車的產品化和商業化。例如我們今年提到，我們有合作夥伴進行L4小巴車輛的商業化部署。在接下來的幾年裡，我們將有幾家 OEM 合作夥伴部署 L3 商用車輛。只要我們保持所有這些方面的出色步伐，Apollo 平台就將繼續在競爭中獲得優勢。正如我們在先前的電話會議中提到的，Apollo 生態系統也擁有非常清晰和健康的商業模式。我們與 Android 非常相似。該平台技術是開放的，可供參與和使用，但我們也像谷歌一樣銷售我們的服務，如果你使用 Android 來建立手機，你就可以使用谷歌搜尋服務。在這種情況下，它將是我們的高清地圖服務和我們部署的未來服務。因此總的來說，我們的重點是繼續加快開發生態系統，特別是合作夥伴車輛的產品化和商業化。這將進一步增強百度的競爭實力。

Your next question comes from the line of Gregory Zhao from Barclays.

您的下一個問題來自巴克萊銀行的 Gregory Zhao。

So my first question is about your Q2 guidance. If we exclude iQIYI guidance from your Baidu group level guidance, so based on my calculation, so the Baidu Core revenue growth will accelerate in Q2. So can you help us understand what's the key reason behind? Is your core search or your news feeds the key drivers? And particularly in early April, the government launched some new round of media and content censorship to your competitor like Toutiao and several other news apps, the download was suspended for several days or weeks in the app store. So do you think Baidu news feed may benefit from these and attract some incremental advertiser budget from the advertisers? And a quick follow-up question on the margin. So this quarter, you delivered quite strong operating margin expansion. I remember last quarter, you guided actually year-over-year margin compression in 2018. So after the strong quarter, do you still maintain the previous guidance?

所以我的第一個問題是關於您的第二季指導。如果我們從百度集團層級的指導中排除愛奇藝的指導，那麼根據我的計算，百度核心營收成長將在第二季加速。那麼您能幫助我們了解背後的關鍵原因是什麼嗎？您的核心搜尋或新聞提要是關鍵驅動因素嗎？特別是在四月初，政府對今日頭條等幾款新聞應用程式的競爭對手啟動了新一輪的媒體和內容審查，這些應用程式在應用程式商店的下載被暫停了幾天甚至幾週。那麼，您是否認為百度新聞推送可能會從中受益並從廣告商那裡吸引一些增量廣告預算？還有一個關於邊緣的快速後續問題。因此本季度，你們實現了相當強勁的營業利潤率成長。我記得上個季度，您預測 2018 年利潤率將年減。那麼，在經歷了這個強勁的季度之後，您是否仍維持先前的預期？

Okay. So let me try to answer your questions on revenues and margins. In our guidance we built in the factor in iQIYI, but I think we also consider just overall as a consolidated number. So we don't really separate what's iQIYI and then the rest is Baidu, just as an FYI. But we expect actually, based on our guidance that our growth rate should be similar to what we saw in Q1 approximately on a year-over-year basis. Your question was on media censorship. I think as Robin mentioned in his prepared remarks that the way we position our products, we believe, is really trying to optimize the user experience over the long-term life of the user on our platform. So having clean content rather than having very quick wins and using content that's not very appropriate is really not our style. We would focus on more wholesome content, we focus on more diversified content and leverage our AI to actually promote content that's most relevant and best for the user. So I think as a result, we're better positioned for high-quality content. And with regards to what happened with Toutiao, I don't think that we look at the size of our advertising dollar or advertising market which is focused head to head with Toutiao. I think what we look at is the current size of our sales and marketing market, which is very significant in China, and we then also look at our opportunity to actually go into key accounts and be able to get some of that brand budget as we see with every feed doing very well with the content consumption on feed, doing very well gives us more inventory to actually do display and so forth. So that's where we see the opportunity with the SME market. As Qi mentioned, a lot of the new products we've done with advertising leveraging big data so that it becomes more effective for customers and with the key accounts, as feed increases, we'll have more brand inventories and then we'll be able to hopefully grow from key accounts. Those are kind of the key drivers of faster growth.

好的。因此，讓我嘗試回答您關於收入和利潤的問題。在我們的指導中，我們將愛奇藝納入了因素，但我認為我們也將整體視為一個合併數字。因此，我們並沒有真正區分什麼是愛奇藝，什麼是百度，僅供參考。但實際上，根據我們的指導，我們預計我們的成長率應該與第一季的成長率大致相同。您的問題是關於媒體審查的。我認為，正如羅賓在他的準備好的演講中提到的那樣，我們相信，我們定位產品的方式實際上是為了優化用戶在我們平台上的長期體驗。因此，擁有乾淨的內容而不是快速獲勝並使用不太合適的內容確實不是我們的風格。我們將專注於更全面的內容，我們專注於更多樣化的內容，並利用我們的人工智慧來真正推廣與用戶最相關、最適合用戶的內容。因此我認為，從結果來看，我們更有能力提供高品質的內容。至於今日頭條的情況，我認為我們不應該只專注於我們的廣告收入規模或廣告市場，而應該專注於與今日頭條的正面交鋒。我認為，我們關注的是當前銷售和行銷市場的規模，這在中國非常重要，然後，我們也會專注於真正進入關鍵客戶的機會，並獲得一些品牌預算，因為我們看到每個資訊流在內容消費方面都表現良好，做得很好，這給了我們更多的庫存來實際進行展示等等。因此，我們看到了中小企業市場存在的機會。正如齊所提到的，我們利用大數據進行廣告投放的許多新產品，以便對客戶和關鍵客戶更有效，隨著資訊流的增加，我們將擁有更多的品牌庫存，然後我們就有望從關鍵客戶那裡獲得成長。這些都是推動更快成長的關鍵因素。

So just to sum up, I think that the strong revenue and guidance can be attributed to technology innovation, both on the user front and on the customer front. And less from the impact of the regulatory environment changes.

總而言之，我認為強勁的收入和指引可以歸因於用戶和客戶方面的技術創新。且受監管環境變化的影響較小。

And then, Greg, quickly on your question on margin. The way we see margin is, I think if you look at Baidu as a platform, last year, we were doing things such as O2O on Nuomi on Baidu Deliveries and so forth, and we have other businesses that we have since spun off. So last year was a transformation year. And through that, our strategy has been more clear, strengthening our mobile and leading in AI. And as we re-strategize our businesses around AI-based platform, there's a lot of synergies for that even though we're in search, we're in feed, we're in autonomous driving to activate Internet. So what you've seen in the first quarter since we have one lap around us, you're seeing that the platform operating leverage, and we have that ability to continue. And as we said in the last call that our profit margin is very interesting, especially when you break out iQIYI from that, we are also looking for opportunities to grow. From the search side, we're looking opportunistically at TAC where we think strategically, we will spend, we're looking at optimizing dollar rather than margin. And also for our flagship Baidu app, we're also looking at areas where we can invest incrementally on the channel side where we think it's going to have positive ROI. So I think that is continuing our plan this year, and we'll look at it more opportunistically and longer term on the economic side. And if we do find more opportunities there, it could hit our margins a little bit. And then as I mentioned earlier last time that if we spend more channel cost, the lifetime value of the user could be positive on a quarter basis because you have the channel cost in the quarter that you spend it, the margin could be dampened a little bit. But I think longer term, that is better for Baidu. So we'll continue to have that strategy going forward, but at the same time, that will be on an opportunistic basis.

然後，格雷格，我們快速回答你關於保證金的問題。我們對利潤率的看法是，如果你把百度看作一個平台，去年我們在糯米、百度外賣等業務上開展了 O2O 業務，而且我們還有其他業務，後來我們將其剝離出來。所以去年是轉型之年。透過這種方式，我們的策略變得更加清晰，加強我們的行動業務並在人工智慧領域保持領先地位。當我們圍繞基於人工智慧的平台重新制定業務策略時，儘管我們從事搜尋、資訊流和自動駕駛以激活互聯網，但仍有許多協同效應。因此，您在第一季看到的是，自從我們繞了一圈以來，您看到了平台運營槓桿，並且我們有能力繼續下去。正如我們在上次電話會議上所說，我們的利潤率非常有趣，特別是當你把愛奇藝從中分離出來時，我們也在尋找成長機會。從搜尋方面來看，我們正在機會主義地尋找 TAC，從策略角度考慮，我們會花錢，我們專注於優化美元而不是利潤。對於我們的旗艦百度應用程序，我們也在尋找可以在通路方面逐步投資的領域，我們認為這將帶來積極的投資報酬率。所以我認為這是我們今年計劃的延續，我們將從經濟角度更具機會性和更長遠的眼光來看待它。如果我們確實在那裡找到更多機會，這可能會對我們的利潤率產生一點影響。正如我上次提到的，如果我們投入更多的通路成本，用戶的終身價值在季度基礎上可能會為正，因為你在花費通路成本的季度中，利潤率可能會略有下降。但我認為從長遠來看，這對百度更有利。因此，我們將繼續推行這項策略，但同時，這也是一種機會主義的做法。

Your next question today comes from the line of Piyush Mubayi from Goldman Sachs.

今天的下一個問題來自高盛的 Piyush Mubayi。

Dr. Qi, a question on autonomous vehicle for you. We understand that the commercial application for AV may still be in an early stage. But you mentioned commercial vehicles twice. And I wondered if you could just compare and contrast the passenger segment and the commercial segment and take us through which ones could come to market faster? And if you could potentially talk through the monetization opportunities relative to the 2 businesses.

齊博士，我想問您一個關於自動駕駛汽車的問題。我們了解到 AV 的商業應用可能仍處於早期階段。但您兩次提到了商用車。我想知道您是否可以比較一下客運領域和商業領域，並告訴我們哪些領域可以更快進入市場？您是否可以談談與這兩家企業相關的獲利機會？

Okay. So let me comment on the 3 aspects of what you just mentioned. So first of all, just as a matter of clarification and to put the facts in our statement. When we talk about commercially available vehicles, that's on the passenger side, meaning that these are the L4 vehicles. These are 6-seater minibuses that will be commercially available on the later part of this calendar year. And there's several OEM partners will be available in 2019 and some in 2020. These are sedans. These are L3 vehicles meaning that the passengers still need to sit in the car, in front of the wheel, but the vehicle is able to perform increasingly more and more autonomous driving capabilities. Those are commercially available vehicles for passengers, not for commercial, let's say, trucks or logistic vehicles. That's the mixture that we state the facts. That's number one. Number two, on the commercial opportunities. The key thing I want to emphasize is that we need to think about the commercial deployment at the lower speed, the more controlled environment, and that's the key. There are a lot more commercially viable opportunities, individual consumers or business customers are willing to pay for, but the autonomous vehicle driving behaviors are at the lower speed and in a more controlled environment. The 6-seater bus is a prime example of that because commercially, there's already a stream of incoming bookings for that vehicle, you can imagine deploying those minibuses in an industrial park, in a tourist regions, they are operating in a lower speed in a very much controlled environment. Therefore, safety can be guaranteed, can be fully protected. And similar for our L3 vehicles for next year. And having said all of that, let me also talk about the relative areas of commercially viable opportunity for passenger vehicles and commercial vehicles. Indeed, in our inbound partnership requirements that we're working with more and more partners on commercial vehicles. For example, logistic vehicles, trucks and all of those because there are even more opportunities to deploy those at a lower speed in a more controlled environment. So that's the landscape that's evolving at the very fast pace, and Apollo stands to gain substantial more opportunities. Lastly is about the business model. For Apollo, we are very clear upfront in our business models. We make the platform available open, free for our partners to use but they would need to use a key set of services and one of those is HD maps, which stands for high-definition maps. These are maps not meant for human eyeballs to see. These are maps for the sensor of the devices that's in the car to see. And this is a key part of our economic model and we're seeing very healthy adoptions of our HD maps by our customers- current customers and the future customers.

好的。那我來就你剛才提到的三個面向進行評論。因此，首先，我們只是想澄清事實，並在我們的聲明中陳述事實。當我們談論商用車輛時，指的是乘客側，也就是 L4 車輛。這些是 6 人座小型巴士，將於今年下半年上市。2019 年將有幾家 OEM 合作夥伴加入，2020 年將有部分 OEM 合作夥伴加入。這些是轎車。這些是 L3 車輛，這意味著乘客仍然需要坐在車內，在方向盤前面，但車輛能夠執行越來越多的自動駕駛功能。這些都是商用的客運車輛，而不是商用車輛，例如卡車或物流車輛。這就是我們陳述事實的混合。這是第一點。第二，關於商業機會。我想強調的關鍵是，我們需要在較低速度、更可控的環境下考慮商業部署，這是關鍵。有許多更具商業可行性的機會，個人消費者或商業客戶願意為此付費，但自動駕駛汽車的駕駛行為是在較低的速度和更受控制的環境中進行的。6 人座巴士就是一個很好的例子，因為從商業角度來看，這種車輛的預訂量已經很大，你可以想像在工業園區、旅遊區部署這些小型巴士，它們在非常受控的環境中以較低的速度運行。因此，安全是可以保證的，可以得到充分的保護。我們明年的 L3 車輛也類似。說了這麼多，我還想談談乘用車和商用車在商業上可行的機會的相對領域。事實上，在我們的入站合作要求中，我們正在與越來越多的商用車合作夥伴合作。例如，物流車輛、卡車等等，因為在更可控的環境中，有更多機會以較低的速度部署它們。這就是正在快速發展的格局，阿波羅將獲得更多的機會。最後是關於商業模式。對於 Apollo，我們的商業模式非常明確。我們向合作夥伴開放並免費提供該平台，但他們需要使用一組關鍵服務，其中之一就是 HD 地圖，即高清地圖。這些地圖並不適合人類的眼睛觀看。這些是汽車內設備感測器可查看的地圖。這是我們經濟模式的關鍵部分，我們看到我們的客戶（現有客戶和未來客戶）非常熱衷於採用我們的高清地圖。

Your next question comes from the line of Juan Lin from 86Research.

您的下一個問題來自 86Research 的 Juan Lin。

This is Juan. So my first question is on short video. I'm wondering if you can share with us the current progress of monetization for the short video content and what is the strategy in short video content production? And the second question is regarding Xiaodu @ Home. I wonder what is your target for Xiaodu @ Home and any new hardware products that are going to be launched later this year. And when we do expect DuerOS partnership with hardware manufacturers to start generating revenue?

這是胡安。我的第一個問題是關於短視頻的。想請您分享一下目前短影片內容變現的進展以及在短影片內容製作方面的策略是怎樣的？第二個問題是關於小度@Home的。我想知道您對小度@Home的目標是什麼，以及今年稍後將推出的任何新硬體產品。我們預計 DuerOS 與硬體製造商的合作何時開始產生收入？

I'll answer the short video question and Qi will address the Xiaodu @ Home one. The short video is an important content form for the Baidu app. The percentage or the penetration of short video content on the Baidu feed has been growing very, very quickly from the teens to almost half of our total distribution, so we're seeing strong demand on that. And in terms of monetization, we also see quickly improving monetization capabilities for short form videos. And we believe this is going to be a very profitable business going forward.

我來回答短片的問題，齊老師來回答小度@Home的問題。短影片是百度App的重要內容形式。百度資訊流中短視頻內容的百分比或滲透率一直在快速增長，從十幾歲增長到總分發量的近一半，因此我們看到了強勁的需求。在貨幣化方面，我們也看到短影片的貨幣化能力正在快速提高。我們相信，未來這將是一項非常有利可圖的業務。

And let me answer the second part of the question. First of all, just as kind of the strategic backdrop, as Herman and Robin made. The conversational Internet or voice-activated Internet conversational AI platform has tremendous and large long term economic opportunities. For Baidu, we have a portfolio of investments on devices that can become hit devices that elevates the amount of usages and the user engagements to enable Baidu to build up our DuerOS platform. So among all those devices, we have our first-party devices, which we are the principals of building those devices, and third-party devices which are partner-built. And this particular device, Xiaodu @ Home, is what typically called second-party devices. They are one of our strategic partners, meaning that they collaborate with our teams very, very closely. The brand experience, the operation of this product, the design engineering are very much done together by the 2 teams. And we're super pleased with the momentum this device is able to generate. At the same time, we fully expect, as part of the remaining 2018, the DuerOS platform will roll out more devices across several categories. First is smart speakers with a graphical display. We believe this has a high likelihood of becoming the future control devices for the smart home environment because there is the video screen. This product is a lot more programmable and operatable. In addition to music, simple instructions, people are increasingly using it for content consumption, for communication among family members and including the verticals for learnings, for telemedicines. There are tremendous growth potentials for that device. We are planning to support more third parties and the future first-party devices in that category. Having said that, there are also multiple devices rolled out. For example, speakers without a screen. It's also an important part of the mix because imagining a home with multiple rooms -- covering a larger space, you need those types of speakers which can respond to voice commands providing useful services back. In addition, we are fully expecting, developing additional first-party hardware products and third-party hardware products. But our intent is to be super choosy and selective in those products. Each of those products will have the potential to become a hit device in terms of the number of device volumes that we can ship, but more importantly, the usage amount, the engagements that we could generate on those devices. Lastly, let me talk about the general economics. This is broad platforms. The economics can be divided up into several segments. First, the device give Baidu the opportunity to have future entry points for information, for content, for services. And advertising is their natural affinity. As a matter of fact, we already have ongoing early-stage advertising operations with partners for our DuerOS platform. That's one. The second is that the DuerOS platform has economics, such as licensing economics in the long term. And they're taking a VIG, just like iOS will take a VIG on any services sold to the platform. But these are in a very long term. In a short term, we're very focused on building hit devices, generating great experiences for users and usages. And focusing a little bit of a short-term advertising because they're very natural, and we do operate some advertising products with the partners as of today for our DuerOS platform. To emphasize, it's really in a long term. We can go into substantial economics, but it will take time.

讓我來回答問題的第二部分。首先，就像 Herman 和 Robin 所說的那樣，這是一種戰略背景。對話式網路或語音啟動網路對話式人工智慧平台具有巨大的長期經濟機會。對於百度來說，我們對可能成為熱門設備的設備進行了投資組合，這些設備可以提高使用量和用戶參與度，從而使百度能夠建立我們的 DuerOS 平台。因此，在所有這些設備中，我們有第一方設備（我們是這些設備的製造主體），以及由合作夥伴製造的第三方設備。而這個小度@Home設備，就是我們通常所說的第二方設備。他們是我們的策略夥伴之一，這意味著他們與我們的團隊合作非常非常密切。品牌體驗、產品營運、設計工程都是由兩個團隊共同完成的。我們對該設備能夠產生的動力感到非常滿意。同時，我們完全預計，在 2018 年剩餘時間裡，DuerOS 平台將在多個類別中推出更多設備。首先是具有圖形顯示的智慧揚聲器。我們相信，由於有視訊螢幕，這很有可能成為未來智慧家居環境的控制設備。該產品具有更高的可編程性和可操作性。除了音樂和簡單的指示之外，人們越來越多地使用它來消費內容、家庭成員之間的交流，以及垂直學習、遠距醫療。該設備具有巨大的成長潛力。我們計劃支援更多第三方和該類別的未來第一方設備。話雖如此，但也推出了多種設備。例如，沒有螢幕的揚聲器。它也是一個重要組成部分，因為想像一個有多個房間的家——覆蓋更大的空間，你需要那些可以回應語音命令並提供有用服務的揚聲器。此外，我們完全期待開發更多第一方硬體的產品和第三方硬體產品。但我們的目的是對這些產品進行嚴格的挑選和篩選。就我們能夠出貨的設備數量而言，每一款產品都有可能成為熱門設備，但更重要的是，就使用量以及我們在這些設備上能夠產生的參與度而言。最後我來談談總體經濟狀況。這是廣闊的平台。經濟學可以分成幾個部分。首先，該設備為百度提供了未來獲取資訊、內容和服務的切入點的機會。而廣告則是他們天然的親和力。事實上，我們已經與合作夥伴就 DuerOS 平台進行了早期廣告營運。那是一個。第二，DuerOS平台具有經濟性，例如長期的授權經濟性。他們正在收取 VIG，就像 iOS 對平台上銷售的任何服務收取 VIG 一樣。但這些都是非常長期的事情。短期內，我們非常專注於打造熱門設備，為使用者和用途創造出色的體驗。我們專注於短期廣告，因為它們非常自然，截至目前，我們確實與合作夥伴一起為我們的 DuerOS 平台經營一些廣告產品。需要強調的是，這確實是一個長期的過程。我們可以深入研究實質經濟學，但這需要時間。

Your next question comes from the line of Thomas Chong with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Thomas Chong。

I have a question on the competition. Can management give us some color how we see the intensified competition in conversational platform as well as autonomous driving? Should we expect us to step up the investment on this front because of competition?

我有一個關於比賽的問題。管理層能否向我們介紹對話平台和自動駕駛領域日益激烈的競爭？我們是否應該預期由於競爭而加大這方面的投資？

Yes. So let me first talk about the competition on the autonomous vehicle front. Within China market, which is our key focus area, based on everything we have been seeing from the industry landscape, we believe Baidu is in a very strong position to drive the autonomous vehicle productization and commercialization, and the entire ecosystem forward. There are a few important reasons behind that we are enjoying a competitive edge. First is that, Baidu is investing in the autonomous driving technology much earlier than most of the others. We started working on this more than 4 years ago. As a result, our technological capabilities are stronger. The second is that we took a very important position standing for open access to technology, building a collaborative ecosystem. We have been broadly embraced pretty much by almost all OEM partners and Tier 1 partners. And also, as a result of that, we are also being very much supported by various government agencies and departments. For example, the Chinese government designated Apollo as one of the 4 national open platforms. Particularly, Apollo is the platform of choice for autonomous driving. So overall, in combination, we very much see Baidu is in a strong competitive position in the space of autonomous vehicle. Relative to conversational AI, the competition is more intense, as you observed. Having said that, Baidu is in a strong position for a number of important reasons. One is Baidu's technological capabilities, the combination of speech recognition, the natural language understanding and, most importantly, Baidu's knowledge graph, that's accumulated over the last 18 years because of our search engine heritage. For the conversation platform to truly understand what the user means, you need to have a large knowledge graph. Otherwise, just the speech recognition won't be able to go enough to understand the meaning of users. The second is that Baidu's search engine also brings a broad suite of online services, which is an important part of the mix because we can provide a rich set of services and interactions. For example, I talked about the smart speakers with a graphical display. Baidu has strong content assets in iQiyi. Baidu has strong content related to our search engine, whether it's knowledge from Baidu Encyclopedia or different verticals. So in aggregate, Baidu is also able to offer a strong set of content services as part of the platform. But more importantly, it's really the speed of innovation, particularly the hardware and software in combinations. We are very pleased with the rate of iterations that our teams will be able to do. As we mentioned, we are the first in the China market to have a smart speaker with a graphical display with very, very strong experiences and fully embraced by the consumers. And that we have a very big pipeline of products that's similar, that consists of a strong portfolio of those products. As long as we keep up the intensity of the pace of innovation, fully leverage Baidu's strong assets, we are very, very confident Baidu will be able to continue to gain more ground against competition in that arena.

是的。那麼首先讓我來談談自動駕駛汽車領域的競爭。在我們重點關注的中國市場，根據我們所看到的行業格局，我們相信百度在推動自動駕駛汽車產品化和商業化以及整個生態系統向前發展方面處於非常有利的地位。我們享有競爭優勢的背後有幾個重要的原因。首先，百度在自動駕駛技術上的投入比大多數公司都要早。我們四年多前就開始致力於此。因此，我們的技術能力更加強大。第二，我們非常重視科技的開放獲取，建構協作生態系統。我們受到了幾乎所有 OEM 合作夥伴和一級合作夥伴的廣泛歡迎。因此，我們也得到了各政府機構和部門的大力支持。例如，中國政府將阿波羅列為四大國家開放平台之一。特別是，Apollo 是自動駕駛的首選平台。整體而言，我們認為百度在自動駕駛汽車領域具有強大的競爭地位。正如您所觀察到的，相對於對話式人工智慧，競爭更加激烈。話雖如此，百度仍因一些重要原因而處於強勢地位。一是百度的技術能力，包括語音辨識、自然語言理解，最重要的是百度的知識圖譜，這些都是我們18年來在搜尋引擎領域累積下來的。為了讓對話平台真正理解使用者的意思，你需要有一個龐大的知識圖譜。否則，僅依靠語音辨識是不足以理解使用者的意思的。第二，百度的搜尋引擎也帶來了廣泛的線上服務，這是組合的重要組成部分，因為我們可以提供豐富的服務和互動。例如，我談到了具有圖形顯示器的智慧揚聲器。百度在愛奇藝擁有強大的內容資產。百度擁有與我們的搜尋引擎相關的強大內容，無論是來自百度百科的知識還是不同的垂直領域。因此，整體而言，百度也能夠在平台上提供一套強大的內容服務。但更重要的是創新的速度，特別是硬體和軟體的組合。我們對我們的團隊能夠完成的迭代速度感到非常滿意。正如我們所提到的，我們是中國市場上第一家推出帶有圖形顯示器的智慧音箱的公司，這款音箱體驗非常強大，並且受到了消費者的廣泛歡迎。我們擁有非常龐大的類似產品線，由強大的產品組合組成。只要我們保持創新步伐的力度，充分利用百度的強大資產，我們非常有信心百度能夠繼續在該領域的競爭中取得更大的進展。

Herman, do you want to address the margin question?

赫爾曼，你想談談利潤問題嗎？

Yes. I think we talked about the margins a little bit earlier. As you saw in Q1, our margin improved significantly from the year before. But part of it is the reduction in marketing costs with regards to our O2O. And we also increased the spending for our channels and so forth. And I think going into Q2, I think that we have the capability of having higher margins, but we want to spend opportunistically with regards to TAC, and also with regards to the marketing dollars. So I think depending on what opportunity there would be, our margins may go down, but it'll depend on the market situation.

是的。我想我們之前已經討論過利潤問題了。正如您在第一季看到的，我們的利潤率較上年同期大幅提高。但部分原因是我們 O2O 行銷成本的降低。我們也增加了通路等方面的支出。我認為進入第二季度，我們有能力獲得更高的利潤率，但我們希望在 TAC 和行銷費用方面抓住機會。所以我認為，根據存在的機會，我們的利潤率可能會下降，但這取決於市場狀況。

Your next question comes from the line of Han Joon Kim from Deutsche Bank.

您的下一個問題來自德意志銀行的 Han Joon Kim。

The question revolves around kind of the pace of commercialization of autonomous driving versus kind of the voice-enabled speakers and so forth. So monetization of the HD maps on autonomous driving is pretty clear. What will be the comparable kind of element of how we monetize voice interactions or voice modality? And between the pace of the 2, autonomous driving and voice search which do you think is tracking faster?

問題圍繞著自動駕駛商業化的速度以及語音揚聲器等的發展速度。因此，自動駕駛高清地圖的貨幣化非常明確。我們如何將語音互動或語音模式貨幣化，其可比較元素為何？那麼，您認為自動駕駛和語音搜尋這兩者的速度哪個更快呢？

Yes. Let me address the 2 parts of the question. First of all, with regard to the commercialization of autonomous driving and the relative clarity of our business model. Based on everything we are seeing, pretty much every week when we talk to our OEM customers and our Tier 1 customers, we see more commercially viable scenarios that our technology can be deployed. So overall, it is really accelerating. For example, this week there's Beijing auto show. As a matter of fact, we just discovered new commercially viable opportunities just by talking to the partners during the auto show exhibitions. So it is really accelerating. And with regard to the Baidu economic opportunity, the HD maps itself is very long term -- I emphasize the long term, is very meaningful by itself. Having said that, we fully expect to tap into future economic opportunities for Baidu. There's more and more commercially viable opportunities as part of the Apollo platform Baidu will tap into. For example, we publicly talked about building something called ACU, which stands for Apollo Computing Unit. You can imagine that. Essentially, we're doing a lot of R&D. It's a hardware box that you can plug sensors and silicon into it. And silicon-wise, you can use NVIDIA, Intel or Baidu has its own silicon solutions through FPGA. That's another product that would be ramped up very quickly. That can grow into another future economic opportunities. And there are a number of different services. As part of the announcement of Apollo 2.5, we launched a new set of cybersecurity services initiatives. By itself, because there are a lot of security requirements for future vehicles, these security services can also be virtually monetized over a period of time. So that's the Apollo side of economic opportunities in the long term. On the conversational AI side, let me just recalibrate what I mentioned earlier. It's very, very important to talk through the economic opportunities and the relative speed of deployment. Let me first talk about the speed of deployment. Based on the industry structure, the speed of the deployment of the conversational AI platform really depends on the hit devices. In the United States, it's because of Echo, Amazon pushed it into hit devices. And then that platform started to take off. In China, it is going to go through a similar structural evolution. And we very much see Baidu is in the frontier of pushing that hit device, which we believe will be a smart speaker with graphical display because the China home environment is substantially different from the United States. So that's number one. And we will be able to be on the leading front. In that case, --in the long term, there will be hardware economics for Baidu to tap into, that's naturally. And then once the hit devices start to take off, the platform will be anchored. The platform will be used on more and more devices. On the platform side, first, this platform gives Baidu new entry points. And that directly, these entry points will be able to create advertising revenue opportunities, as I mentioned earlier. Right now, we are indeed operating with a few advertising partners as part of deployment for our DuerOS devices. But I will emphasize we are very early, and there are just a few partners we're working with. And then second, outside of the entry points, advertising revenues, the platform itself has economics attached to it. The typical form will be licensing revenues because the services will be richer and richer. We envision right now the speakers, but can be many different form of devices. The platform will have licensing economics. And the platform has VIGs, essentially like app store iOS. If you sell your services on app store iOS, Apple takes 30% of VIG. So that's, again, another future revenue streams once the platform gets established. Relative speed depends on hit device, but the long-term economic opportunity can be tremendous for Baidu. The emphasis for us is really focusing on building great devices and great consumer experiences leading to high engagement. And then over time, we'll be able to tap into those revenue streams.

是的。讓我來回答一下這個問題的兩個部分。首先，關於自動駕駛的商業化，以及我們商業模式的相對清晰。根據我們所看到的一切，幾乎每週與 OEM 客戶和一級客戶交談時，我們都會看到更多可以部署我們的技術的商業上可行的場景。所以總體來說，它確實在加速。例如本周有北京車展。事實上，我們只是在車展期間與合作夥伴交談就發現了新的商業可行機會。所以它確實在加速。就百度的經濟機會而言，高清地圖本身就具有非常長遠的意義——我強調的是長遠意義。話雖如此，我們完全期待為百度挖掘未來的經濟機會。隨著阿波羅平台的推出，百度將利用越來越多的商業可行機會。例如，我們公開談論過建構一種稱為 ACU 的東西，它代表阿波羅運算單元。你可以想像一下。本質上，我們正​​在進行大量的研發。它是一個硬體盒，您可以將感測器和矽片插入其中。從矽片角度來看，您可以使用 NVIDIA、Intel 或百度透過 FPGA 擁有自己的矽片解決方案。這是另一種產量會迅速增加的產品。這可以發展成為未來的另一個經濟機會。並且有許多不同的服務。作為 Apollo 2.5 發布的一部分，我們推出了一系列新的網路安全服務計劃。就其本身而言，由於未來車輛的安全要求很高，這些安全服務在一段時間內也可以虛擬地貨幣化。這就是阿波羅長期的經濟機會。在對話式人工智慧方面，讓我重新調整一下我之前提到的內容。討論經濟機會和相對部署速度非常非常重要。我先說部署速度。從產業格局來看，對話式AI平台的部署速度其實取決於熱門裝置。在美國，亞馬遜憑藉 Echo 將其推向了熱門設備。然後該平台開始起飛。在中國，也將經歷類似的結構性演變。我們非常看好百度在推動這款熱門設備的前沿，我們相信它將是一款帶有圖形顯示的智慧揚聲器，因為中國的家庭環境與美國有很大不同。這是第一點。我們將能夠處於領先地位。在這種情況下，從長遠來看，百度自然會利用硬體經濟。一旦被擊中的設備開始起飛，平台就會被固定住。該平台將會被應用在越來越多的裝置上。在平台方面，第一，這個平台給了百度新的切入點。正如我之前提到的，這些切入點將能夠直接創造廣告收入機會。目前，我們確實正在與一些廣告合作夥伴合作，作為我們 DuerOS 設備部署的一部分。但我要強調的是，我們還處於早期階段，我們只與少數合作夥伴合作。其次，除了切入點、廣告收入之外，平臺本身還具有經濟效益。典型的形式將是許可收入，因為服務將越來越豐富。我們現在設想的是揚聲器，但可以是許多不同形式的設備。該平台將實行許可經濟學。該平台有 VIG，本質上類似於應用程式商店 iOS。如果您在 iOS 應用程式商店上銷售您的服務，Apple 會收取 30% 的 VIG。因此，一旦平台建立起來，這又將成為另一個未來的收入來源。相對速度取決於點擊設備，但對於百度來說，長期的經濟機會是巨大的。我們真正關注的是打造出色的設備和出色的消費者體驗，從而提高參與度。隨著時間的推移，我們將能夠利用這些收入來源。

Your next question today comes from the line of Karen Chan from Jefferies.

您今天的下一個問題來自 Jefferies 的 Karen Chan。

So just a housekeeping question. Sorry if I have missed it previously. Just wondering what's the revenue contribution from the newsfeed ad during the quarter? And how are we thinking about the growth trajectory going for the rest of this year? Are we still maintaining a 20% sequential growth target?

所以這只是一個普通問題。如果我之前錯過了，請見諒。我只是想知道本季新聞推播廣告的收入貢獻是多少？我們如何看待今年剩餘時間的成長軌跡？我們是否仍維持20%的季成長目標？

Karen. As I mentioned earlier, feed in this quarter was slightly up on a sequential basis, because from Q4 to Q1, seasonally in China, advertising usually has dropped. So the fact that we can actually counter the drop and have a sequential up quarter, I think it just shows the strength of our feed. And as I mentioned also on the last call that from Q4 to Q1 you should expect that. But with Q1 to Q2, we probably have a seasonality. So we expect that, that will be up higher on a sequential basis in Q2 versus Q1.

卡倫。正如我之前提到的，本季的廣告流量較上季略有上升，因為從第四季到第一季度，中國的廣告流量通常會出現季節性下降。因此，事實上我們能夠真正抵消下滑趨勢並實現連續上漲，我認為這恰恰表明了我們的供給實力。正如我在上次電話會議上提到的那樣，從第四季度到第一季度，您應該預料到這一點。但從第一季到第二季度，我們可能存在季節性。因此，我們預計第二季的環比成長將高於第一季。

Thank you. And that concludes our call today. Thank you, everyone, for dialing in. We'll join you guys next quarter.

謝謝。今天的通話到此結束。謝謝大家的撥入。我們將於下個季度加入你們。

We are now approaching the end of the conference call. Thank you for your participation in today's conference. You may now disconnect. Good day.

我們現在即將結束電話會議。感謝大家參加今天的會議。您現在可以斷開連線。再會。