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.

您好，感謝您參與百度 2018 年第一季度財報電話會議。

(Operator Instructions) Today's conference is being recorded.

（操作員說明）今天的會議正在錄製中。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

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

我現在想將會議轉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.

大家好，歡迎來到百度2018年第一季度財報電話會議。

Baidu's earnings release was distributed earlier today, and you can find a copy on our website as well as on newswire services.

百度的財報發佈於今天早些時候，您可以在我們的網站以及新聞專線服務上找到一份副本。

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.

今天的電話會議是百度首席執行官李彥宏；百度首席運營官陸奇；和百度首席財務官 Herman Yu。

After our prepared remarks, we will hold a Q&A session.

在我們準備好發言後，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.

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作出的前瞻性陳述。

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

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當前的預期存在重大差異。

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.

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，包括我們關於表格 20-F 的年度報告。

Baidu does not undertake any obligation to update any forward-looking statement except as required under applicable law.

除適用法律要求外，百度不承擔更新任何前瞻性陳述的義務。

Our earnings press release and this call include discussions of certain unaudited non-GAAP financial measures.

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原則財務措施的討論。

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.

我們的新聞稿包含未經審計的非公認會計原則措施與未經審計的最直接可比的公認會計原則措施的對賬，可在我們的投資者關係網站 ir.baidu.com 上查閱。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

此外，本次電話會議的網絡直播也將在百度 IR 網站上播放。

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

我現在將把電話轉給我們的首席執行官 Robin。

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

大家好，感謝您加入今天的電話會議。

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.

我們在 2018 年有一個強勁的開端，我們的核心業務呈現強勁增長，我們繼續執行我們的戰略，以加強百度的移動基礎並在人工智能領域處於領先地位。

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.

在第一季度，我們強勁的收入增長是由我們傳統搜索業務的實力推動的，通過人工智能技術提供的更好的貨幣化能力。

For search and feed, we have focused on improving the user experience of our twin-engine Baidu app.

對於搜索和提要，我們專注於改善雙引擎百度應用的用戶體驗。

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.

隨著我們從百家號或 BJH 賬戶擴展內容提供，並增強 feed 的算法，3 月份，我們看到百度應用的 DAU 達到 1.37 億，同比增長 18%，每日總時長增長 30%一年又一年。

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.

我們的旗艦應用程序具有強大而獨特的優勢，因為我們利用百度的海量人工智能計算和大數據資產為我們的提要算法提供支持，根據用戶在我們平台上進行的廣泛活動為他們提供個性化推薦。

Let me talk a little about Baidu's product values.

先說一下百度的產品價值。

We fundamentally believe that user engagement should be built on content that enrich our users and have a positive societal impact.

我們從根本上認為，用戶參與應該建立在豐富我們用戶並產生積極社會影響的內容之上。

For example, we proactively clean up indecent content and limit the volume of entertainment gossip news in one's feed.

例如，我們主動清理不雅內容，並限制用戶信息流中的娛樂八卦新聞量。

Our product philosophy is to broaden our users' interests and expand content consumption across a wide range of high-quality content.

我們的產品理念是拓寬用戶的興趣，並在廣泛的優質內容中擴大內容消費。

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.

我們提高了信息質量，例如在Feed中顯示百度百科內容，利用之前為Feed廣告保留的空間來幫助用戶識別假新聞。

We use AI to identify and remove click baits and vulgar content.

我們使用人工智能來識別和刪除點擊誘餌和低俗內容。

Upholding such product values may mean putting in greater effort to grow our users and revenue.

維護這樣的產品價值可能意味著要付出更大的努力來增加我們的用戶和收入。

We believe such a strategy will pay off in the long run.

我們相信這樣的策略將在長期內獲得回報。

On search, we are pushing the boundaries of the Baidu app experience.

在搜索方面，我們正在突破百度應用體驗的界限。

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.

去年 11 月，我們推出了百度熊掌賬號，讓品牌和商家可以鏈接各種網站和社交平台的內容，以標準化的格式展示，並通過關注、發布、支付和商家驗證功能建立社交關注度。

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.

在第一季度，我們加強了溝通功能，讓用戶可以直接從品牌廣告中使用 Bear Paw 帳戶向品牌和企業發送消息或致電。

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.

此類交互記錄在用戶日誌中，使用戶能夠在以後定位品牌，並使品牌能夠通過 Bear Paw 帳戶公告繼續與感興趣的用戶對話。

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.

通過引導搜索結果的價值來支持百度應用程序中社交資產的開發，熊掌賬戶顯著提高了百度搜索對品牌和企業的價值主張。

Equally important, Bear Paw accounts now cover approximately 30% of Baidu's search results, resulting in a better search experience for Baidu app users.

同樣重要的是，Bear Paw 帳戶現在覆蓋了大約 30% 的百度搜索結果，從而為百度應用用戶帶來了更好的搜索體驗。

On the advertising front, Baidu AI is powering robust growth in search and feed monetization.

在廣告方面，百度人工智能正在推動搜索和信息流貨幣化的強勁增長。

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.

例如，動態廣告使用機器學習和豐富的廣告客戶數據集（如產品目錄）向我們的用戶展示高度相關的個性化產品廣告，從而提高轉化率。

In Q1, we upgraded our Dynamic Ad by layering in Baidu's big data on top of the product catalogs from advertisers.

在第一季度，我們通過在廣告商的產品目錄之上疊加百度的大數據來升級我們的動態廣告。

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.

借助新的基於人工智能的動態圖像功能，每位用戶在百度平台上看到的根據用戶偏好略有不同的個性化廣告。

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.

例如，3 月份，汽車門戶網站 XCAR 是我們的 Dynamic Ads 客戶之一，並使用我們基於 AI 的動態圖像功能向用戶實時推廣最合適的車型。

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.

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、房地產和旅遊行業的廣告客戶提供產品目錄。

We are in the early innings of leveraging AI to improve ad relevancy and effectiveness.

我們正處於利用人工智能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.

除了搜索和信息流，人工智能還使百度能夠進入另外兩個巨大的市場——自動駕駛和聲控互聯網。

On Apollo, we are moving at China speed.

在阿波羅上，我們正以中國的速度前進。

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.

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加入我們的戰略合作夥伴名單。

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.

在中國政府的支持下，將Apollo指定為國家隊的自動駕駛平台，選擇Apollo作為雄安智慧城市的自動駕駛解決方案，並在北京、重慶和福建省獲得自動駕駛執照。成為世界級自動駕駛領導者的巨大機會。

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.

在 DuerOS 上，正如西方正在採用語音驅動的設備一樣，我們看到了語音激活互聯網在中國起飛的跡象。

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.

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能從根本上說是一種比遙控器、開關和移動應用程序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.

DuerOS 在會話 AI 方面具有天然優勢，這需要高度結構化的數據集，例如來自搜索的數據集。

We continue to see DuerOS expand its network of strategic partners, including leading TV manufacturers like Skyworth and leading home electronic manufacturers like Haier.

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.

3 月，我們的合作夥伴 Ainemo 推出了基於 DuerOS 的小度@Home，這是中國第一款帶顯示屏的智能音箱。

Xiaodu @ Home, a portable hub for entertainment communication and education sold out its first 10,000 units within the first minute it went online.

小度@家，一個用於娛樂交流和教育的便攜式中心，在上線的第一分鐘內就售罄了首批 10,000 台。

Based on initial customer feedback, customer satisfaction reached 99%.

根據初步客戶反饋，客戶滿意度達到 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.

我們對小度@Home的初步成果感到非常興奮，它有可能成為具有顯示空間的智能音箱中的品類殺手。

Turning to iQIYI.

轉向愛奇藝。

I would like to congratulate Gong Yu and the iQIYI management team for a successful IPO.

恭喜龔宇和愛奇藝管理團隊IPO成功。

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.

愛奇藝通過專注於娛樂，專注於IP創作，利用人工智能計算提高點擊率，引領中國在線娛樂領域。

iQIYI numbers have been impressive.

愛奇藝的數字令人印象深刻。

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.

在百度的幫助下，龔宇和愛奇藝管理團隊在8年內創造了領先的在線視頻業務，估值超過130億美元。

We hope to incubate more businesses with large market opportunities and strong synergies with Baidu in the future.

我們希望未來能孵化出更多與百度有較大市場機會和強協同效應的業務。

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

有了這個，我現在將把電話轉給 Qi 來了解我們的業務亮點。

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.

讓我為您提供一組下一級運營細節，這些細節對於推動 Robin 剛剛經歷的第一季度運營亮點至關重要。

For Search, we are making steady improvements.

對於搜索，我們正在穩步改進。

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.

關於我們的工程和產品能力，可以索引更豐富和更高質量的內容，以啟用更多搜索查詢模式，並通過更引人入勝的視覺和交互設計呈現搜索結果，這些設計在移動設備上效果更好。

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.

作為搜索進度的關鍵指標，我們以第一個搜索結果滿足用戶查詢的 TOP-1 結果覆蓋率已從第四季度的 30% 上升至第一季度查詢的 1/3。

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.

我們努力的另一大部分致力於建設和運營 Bear Paw 帳戶平台，因為它是振興移動網絡和推動搜索未來增長的基礎部分。

In Q1, we secured a series of high-quality publishers and many of them managed their video content via Bear Paw account.

在第一季度，我們獲得了一系列優質發行商，其中許多發行商通過 Bear Paw 帳戶管理其視頻內容。

For Feed, we are making strides in elevating our engineering infrastructure and product operation capabilities.

對於 Feed，我們在提升工程基礎設施和產品運營能力方面取得了長足的進步。

For example, we deployed a new architecture that will enable much faster iterations of algorithm development, leading to a faster pace of product innovation.

例如，我們部署了一種新架構，可以加快算法開發的迭代速度，從而加快產品創新的步伐。

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.

我們正在構建和部署更多的人工智能功能，特別是在我們的百家號內容平台中，以提供人工智能驅動的創作工具，從而在我們的平台上產生更多、更高質量的內容。

As a result, our product quality and user engagement continues to gain ground throughout Q1.

因此，我們的產品質量和用戶參與度在整個第一季度繼續取得進展。

Video continues to be a key focus area for us.

視頻仍然是我們關注的重點領域。

And in Q1, we further expanded our video content coverage in Feed to 48%, up from 19% 1 year ago.

在第一季度，我們將 Feed 中的視頻內容覆蓋率進一步擴大到 48%，高於一年前的 19%。

For flagship Baidu app, we continued to make good progress in elevating the underlying performance and AI capabilities of the client code base.

百度旗艦應用在提升客戶端代碼庫的底層性能和人工智能能力方面繼續取得良好進展。

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.

同時，我們系統地提升了產品能力，特別是通過社交分享、微信、更流暢的內容導航等多種功能，實現了更豐富的用戶交互。

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.

在廣告方面，我們將通過開發更先進的人工智能技術、更深更廣的數據資產、更強大的運營能力來繼續做大做強。

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.

第一季度的一個亮點是，我們首次部署了一個強大的基於強化學習的基礎設施，可以顯著提高我們更好地將廣告與用戶匹配的能力，並提高點擊率和轉化率。

We also reached new engineering milestone with a dual-tower DNN callback model, which has increased click-through rates meaningfully.

我們還通過雙塔 DNN 回調模型達到了新的工程里程碑，該模型顯著提高了點擊率。

These are foundations on which we build up and operate an increasing suite of levers that can sustainably drive advertising performance.

這些是我們建立和運營越來越多的槓桿的基礎，這些槓桿可以可持續地推動廣告績效。

Our oCPC program is one such strong lever.

我們的 oCPC 計劃就是這樣一個強大的槓桿。

In Q1, with oCPC, we simplified the bidding process for our customers and are able to offer more reliable online and offline conversions.

在第一季度，通過 oCPC，我們為客戶簡化了投標流程，並能夠提供更可靠的線上和線下轉化。

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.

舉個具體的例子，中國汽車 OEM 長安汽車使用 oCPC，點擊率顯著提高，每次轉化成本顯著下降。

As a result, Chang'an increased daily average spend on search and feed five-fold.

結果，長安在搜索和信息流上的日均支出增加了五倍。

We plan to roll out oCPC to more verticals throughout 2018.

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.

動態廣告和潛在客戶行動廣告是額外的槓桿，將繼續增強我們的多渠道營銷平台以及視頻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，我將談談我們在支持人工智能的新業務方面取得的進展。

For Apollo, we made strong progress in our core technologies and platform elevation.

對於 Apollo，我們在核心技術和平台提升方面取得了長足的進步。

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.

具體來說，我們推出了具有更強大功能的 Apollo 2.5，例如支持多種車型，包括轎車、SUV、卡車、公共汽車和多功能車，以更高的成本效率支持高速路況，增強的開發設施和 Apollo Scape ，一個更強大的開放數據集，用於訓練對自動駕駛至關重要的強大模型。

The productization and commercialization of the Apollo ecosystem continues to accelerate with BYD joining us as the 100th partner last week.

隨著上週比亞迪作為第 100 個合作夥伴加入我們，阿波羅生態系統的產品化和商業化繼續加速。

Even more importantly, safety is our highest priority, and we are working very hard to strengthen our development process to better safeguard vehicle safety.

更重要的是，安全是我們的重中之重，我們正在努力加強我們的開發流程，以更好地保障車輛安全。

We are also working closely with the multiple government departments and organizations to devise a safety framework for autonomous driving in the future.

我們還與多個政府部門和組織密切合作，為未來的自動駕駛制定安全框架。

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.

對於 DuerOS，我們專注於關鍵的智能家居使用場景，構建更深入、更完整的體驗，真正獲得市場認可和用戶參與。

For example, we made strong progress for product experience for smart-speakers with graphical display.

例如，我們在圖形顯示智能音箱的產品體驗方面取得了長足的進步。

This led to the very successful launch of the Ainemo Xiaodu @ Home product that Robin mentioned earlier.

這導致Robin之前提到的Ainemo小度@Home產品非常成功地推出。

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.

我們非常專注於運送更多此類產品並推動更廣泛的使用，因為此類產品真正有機會成為智能家居未來的主要控制設備。

We also made strong progress in platform capabilities, powering more and more devices from over 160 partners.

我們還在平台能力方面取得了長足進步，為來自 160 多個合作夥伴的越來越多的設備提供支持。

Organizationally, we formed the new Smart Living Group to better leverage our resources and drive stronger performance.

在組織上，我們成立了新的智能生活集團，以更好地利用我們的資源並推動更強勁的業績。

Our ABC intelligent cloud business continued its rapid growth in Q1, as we built out needed expertise vertical by vertical.

我們的 ABC 智能雲業務在第一季度繼續快速增長，因為我們逐個垂直地建立了所需的專業知識。

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.

例如，在金融服務垂直領域，我們剛剛與中國銀聯旗下的中國銀聯商戶服務公司建立了戰略合作夥伴關係，為中國數百萬商戶提供全方位的支付服務。

We will offer a full financial service solution to China UMS and their merchants, including ABC intelligent financial service cloud.

我們將為中國銀聯及其商戶提供完整的金融服務解決方案，包括農行智能金融服務雲。

China Merchants Bank, Ping An Life Insurance and other top-tier financial services providers are also cooperating with Baidu Cloud.

招商銀行、平安人壽等頂級金融服務商也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.

總的來說，我們對我們的進展感到滿意，我們期待在 2018 年繼續我們的工作。

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

有了這個，我將把電話轉給赫爾曼來檢查財務。

Thank you, Qi.

謝謝你，齊。

Hello, everyone.

大家好。

Welcome to Baidu's First Quarter 2018 Earnings Conference Call.

歡迎來到百度 2018 年第一季度財報電話會議。

As Robin mentioned, iQIYI successfully IPO-ed at the end of March, and raised approximately $2.25 billion.

正如 Robin 所說，愛奇藝在 3 月底成功 IPO，募集資金約 22.5 億美元。

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.

同樣在 3 月，百度通過發行 5 年期和 10 年期債券籌集了 15 億美元的債務，其中 10 億美元將用於償還將於 8 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.

此外，我們正在剝離百度的金融服務集團，該集團在我們的資產負債表上被歸類為“持有待售資產”。

We will provide you with more information upon further development of this project.

關於該項目的進一步發展，我們將為您提供更多信息。

These financial transactions added together will provide Baidu with greater cash to invest in its core business.

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.

現在讓我來看看財務亮點。

All monetary amounts are in RMB unless stated otherwise.

除非另有說明，所有貨幣金額均以人民幣為單位。

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.

請注意，自 2018 年 1 月 1 日起，百度採用 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。

To increase comparability with Q1 2018 numbers, 2017 revenue numbers for today's discussion have been adjusted net of VAT.

為了增加與 2018 年第一季度數據的可比性，今天討論的 2017 年收入數據已扣除增值稅後進行了調整。

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.

此外，我們重新定義了我們的非公認會計原則淨收入，以排除投資處置損益、長期投資減值以及根據所得稅影響調整的長期投資的公允價值變動。

We believe excluding such items, mostly non-cash, will provide meaningful, supplemental information about the operating performance and liquidity of our core business.

我們認為，排除此類項目（主要是非現金項目）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信息。

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

2018年第一季度總收入達到209億元人民幣，同比增長31%。

Online marketing revenues were CNY 17.2 billion, up 23% year-over-year.

網絡營銷收入172億元，同比增長23%。

We had approximately 475,000 online marketing customers in the first quarter, up 5% year-over-year.

我們在第一季度擁有大約 475,000 名在線營銷客戶，同比增長 5%。

Revenue per online marketing customer was approximately RMB 36,100, up 19% year-over-year.

每位網絡營銷客戶的收入約為人民幣 36,100 元，同比增長 19%。

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.

第一季度其他服務收入同比增長 85% 至 37 億元人民幣，這主要是由於愛奇藝會員資格和我們的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.

百度核心營收161億元，同比增長26%，愛奇藝營收49億元，同比增長57%。

Moving on to cost of sales.

繼續討論銷售成本。

Cost of sales in the first quarter was CNY 9.9 billion, up 20% year-over-year.

一季度銷售成本為99億元人民幣，同比增長20%。

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.

第一季度內容成本同比增長 59% 至 42 億元人民幣，主要是由於愛奇藝內容採購增加。

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.

由於新的收入確認指南要求從 2018 年第一季度開始從收入和銷售成本中排除增值稅，其他收入項目的成本同比和環比下降。

Moving on to operating expenses.

繼續運營費用。

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.

第一季度銷售和管理費用為人民幣 31 億元，同比增長 12%，主要是由於渠道和營銷推廣的增加，部分被百度外賣和 O2O 推廣的削減所抵消。

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.

一季度研發費用為33億元人民幣，同比增長16%，主要是由於人員相關成本增加所致。

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.

第一季度分配給相關成本和費用項目的股權激勵為人民幣 7.78 億元，而 2017 年同期為人民幣 6.31 億元。

Operating income in the first quarter was CNY 4.6 billion, up 128% year-over-year.

一季度營業收入46億元，同比增長128%。

Non-GAAP operating income was CNY 5.3 billion, up 103% year-over-year.

Non-GAAP 營業收入為 53 億元人民幣，同比增長 103%。

Operating income for Baidu Core was CNY 5.6 billion, up 90% year-over-year.

百度核心營業收入為56億元人民幣，同比增長90%。

Non-GAAP operating income for Baidu Core was CNY 6.4 billion, up 81% year-over-year.

百度核心的非美國通用會計準則營業收入為人民幣 64 億元，同比增長 81%。

Non-GAAP operating margin for Baidu Core reached 39% compared to 27% last year.

百度核心的非美國通用會計準則營業利潤率達到 39%，而去年為 27%。

Other income, net in the first quarter was CNY 1.9 billion, compared to CNY 21 million in the corresponding period of 2017.

第一季度其他收入淨額為 19 億元人民幣，而 2017 年同期為 2100 萬元人民幣。

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.

增加的主要原因是根據 2018 年 1 月 1 日生效的新會計準則投資，對私人公司投資按市值計價確認收益。

Income tax expense in the first quarter was CNY 1.1 billion, compared to CNY 405 million in the corresponding period of 2017.

第一季度所得稅費用為 11 億元人民幣，而 2017 年同期為 4.05 億元人民幣。

Effective tax rate was 17% compared to 19% last year.

有效稅率為 17%，而去年為 19%。

Net income attributable to Baidu in the first quarter was CNY 6.7 billion and diluted EPS was RMB 19.

一季度歸屬於百度的淨利潤為67億元人民幣，攤薄後每股收益為19元人民幣。

Non-GAAP net income attributable to Baidu was CNY 4.6 billion and non-GAAP EPS was RMB 13.

Non-GAAP 歸屬於百度的淨利潤為 46 億元人民幣，non-GAAP EPS 為 13 元人民幣。

Adjusted EBITDA in the quarter reached CNY 6.1 billion, and EBITDA margin reached 29% compared to 23% from the same quarter last year.

本季度調整後 EBITDA 達到 61 億元人民幣，EBITDA 利潤率達到 29%，而去年同期為 23%。

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.

百度核心的調整後 EBITDA 為 71 億元人民幣，調整後 EBITDA 利潤率從去年的 34% 達到 44%，反映出百度基於人工智能的平台業務的強大運營槓桿。

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.

截至 2018 年 3 月 31 日，百度持有現金、現金等價物、限制性現金和短期投資 1105 億元人民幣，約合 176 億美元，未反映綠鞋前 22.5 億美元的 IPO 收益。季度結束後。

Our net operating cash inflow and capital expenditures were CNY 8.5 billion and CNY 2 billion, respectively.

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.

截至第一季度末，員工總數約為 39,000 人，同比下降 10%。

Turning to second quarter 2018 financial guidance.

轉向 2018 年第二季度的財務指導。

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，我們預計收入將在 249 億元至 262 億元之間，同比增長 26% 至 33%。

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

該預測是我們當前的初步觀點，可能會發生變化。

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

有了這個，我現在開始提問。

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

（操作員說明）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.

我想知道您是否可以與我們分享更多關於您的新聞提要廣告產品在第一季度的表現的信息。

And a follow-up on that, could you also comment on your thought on the pricing?

對此進行跟進，您能否也評論一下您對定價的看法？

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.

例如，行業中新聞提要廣告的 eCPM，因為看起來，就整個行業而言，eCPM 上升了很多，尤其是例如，對於新聞提要中的一些競爭對手。

So I'm just wondering how much potential in general for the industry in this monetization front?

所以我只是想知道這個行業在這個貨幣化方面的總體潛力有多大？

Okay.

好的。

Let me take this question.

讓我來回答這個問題。

There's 2 parts.

有2個部分。

First is about our overall advertising performance in our feed product.

首先是關於我們在飼料產品中的整體廣告表現。

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.

首先，眾所周知，Feed 作為一種產品體驗，是基於搜索平台的廣告的自然延伸，因此我們可以充分利用我們現有的平台能力和我們的客戶群。

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.

同時，我們的信息流也為品牌廣告提供了增長機會，因為用戶參與度在考慮渠道方面正在向渠道上部移動。

So therefore, our product enables our other advertising products to tap into those new revenue stream opportunities.

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。

Specifically, we are enriching a set of ad product.

具體來說，我們正在豐富一組廣告產品。

For example, the canvas ads meaning that when you open up the app, you have a very graphical, rich, engaging set of experiences.

例如，畫布廣告意味著當您打開應用程序時，您將擁有一組非常圖形化、豐富且引人入勝的體驗。

And that turns out to be performing very well.

結果證明效果非常好。

The other type of advertising product which wasn't available earlier is guaranteed delivery.

另一種之前不可用的廣告產品是保證交付。

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.

因為在品牌廣告中，通過提要產品，GDs-保証投放類型的廣告以非常有效的方式為某些廣告商提供活動目標。

And even more importantly, let me go back to the fundamental levers that I've talked about.

更重要的是，讓我回到我談到的基本槓桿。

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.

oCPC、動態廣告、潛在客戶行動廣告，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。

We see substantial head rooms ahead of us in terms of further improving our advertising products.

在進一步改進我們的廣告產品方面，我們看到了巨大的空間。

And the second part is about the overall trend of CPM.

第二部分是關於CPM的總體趨勢。

Let me just emphasize the nature of advertising products.

讓我強調一下廣告產品的性質。

The nature of advertising product for the performance part is really conversion economics.

表演部分的廣告產品的本質是真正的轉換經濟學。

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.

因此，只要我們能夠通過人工智能技術不斷提高轉化率，通過更大更好的數據資產，我們將能夠在一段時間內提高我們的每千次展示費用。

So we see that again with substantial headroom for growth in front of us.

因此，我們再次看到這一點，我們面前有很大的增長空間。

Let me just add a few more points.

讓我再補充幾點。

Thanks, Qi.

謝謝，齊。

I just want to clarify what Qi had talked about product, ads and also AI and just a quick clarification.

我只是想澄清一下 Qi 談到的產品、廣告和人工智能，只是快速澄清一下。

When we talk about app opening ad, that's not part of our feed.

當我們談論應用程序打開廣告時，這不是我們提要的一部分。

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.

我們的提要是由我們在提要中展示的廣告定義的，只是為了澄清，但 Qi 總體上解釋瞭如何通過擁有這些廣告，我們還能夠在第一季度獲得更多（聽不清），第一季度的提要比第四季度略有上升。

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.

如您所知，中國的長期趨勢是，在第四季度，您通常會有非常強勁的支出，尤其是在電子商務方面，因此正如 Qi 剛剛解釋的那樣，作為強大產品的 Feed 的亮點是我們環比略有上升。

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.

實際上，我的問題是對許多技術改進的跟進。

So can you elaborate a bit of the reinforcement learning for this Phoenix Nest online marketing system that you highlight on your prepared remarks?

那麼，您能否詳細說明一下您在準備好的評論中強調的這個 Phoenix Nest 在線營銷系統的強化學習？

And what are the industry verticals that will be benefiting from that?

哪些垂直行業將從中受益？

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?

然後對於您的 oCPC，除了汽車之外，還有哪些其他垂直行業也可能在今年剩餘時間內從這些功能中受益？

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.

而且，如果您還可以量化您在過去幾個月中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行空間，如果您可以分享其中的一些內容，那就太好了。

Okay.

好的。

Let me take that question.

讓我來回答這個問題。

First is about the new infrastructures deployed in Q1 that's based on reinforcement learning.

首先是關於第一季度部署的基於強化學習的新基礎設施。

A little bit of background- Machine learning, as we all know, has very, very powerful capabilities that drive a lot of our industries.

一點背景知識-眾所周知，機器學習具有非常非常強大的功能，可以推動我們的許多行業。

Reinforcement learning is a particular kind.

強化學習是一種特殊的類型。

The key strength of reinforced learning is that you do not need to label data.

強化學習的關鍵優勢在於您不需要標記數據。

Meaning that the actual activity data-views or clicks or conversions learned by itself, so the learning is a lot more efficient.

這意味著實際的活動數據——查看或點擊或轉化是自己學習的，因此學習效率更高。

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.

二是能夠挖掘更多的數據信號，進一步提升經濟收益和廣告質量的能力。

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.

第三部分是強化學習可以在我們所說的在線學習中完成，這意味著您不必離線訓練模型然後將其轉移到在線。

So the speed of development is also efficient.

所以開發的速度也是有效率的。

As an example, in our industry, as we all know, reinforcement learning is the underlying technology delivered in AlphaGo.

舉個例子，在我們的行業中，眾所周知，強化學習是 AlphaGo 提供的底層技術。

And there is also proven track record of applying reinforcement learning in other applications.

在其他應用程序中應用強化學習也有良好的記錄。

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.

在在線廣告中，我們非常認為這是我們正在部署到我們的廣告平台中的一種新優勢，並且在一段時間內，它將使我們能夠持續推動更好的表現。

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.

然後問題的第二部分是關於我們談到的一系列產品槓桿，特別是 oCPC，可以應用於垂直行業。

Because of the nature of oCPC, it is essentially optimized from using conversion as optimization baseline.

由於 oCPC 的性質，它本質上是通過使用轉換作為優化基線進行優化的。

And use that to improve not only the conversion ratio but also the ad budget efficiency.

並以此來提高轉化率和廣告預算效率。

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.

結果，由於市場設計，廣告預算增加，支出增加，這幾乎可以應用於所有垂直領域。

The key for us is to kind of prioritize our effort.

對我們來說，關鍵是要優先考慮我們的努力。

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.

首先將 oCPC 部署在大型垂直領域，更有意義的垂直領域，但在一段時間內，我們完全期望在越來越多的垂直領域部署 oCPC，以在我們所有的廣告產品前沿（包括搜索和信息流）提供更好的經濟效益。

Yes, great.

對，很好。

And let me just add specific examples of what just Qi said, oCPC.

讓我補充一下 Qi 剛才所說的 oCPC 的具體例子。

As mentioned, this is optimized cost per click.

如前所述，這是優化的每次點擊成本。

And as you know, Baidu system is based on number of clicks.

如您所知，百度系統是基於點擊次數的。

But for many industries, what advertisers want is something that is more certain.

但對於很多行業來說，廣告主想要的是更加確定的東西。

For example, if you're an app developer, what you want to know is not how much the cost per click is.

例如，如果您是應用程序開發人員，您想知道的不是每次點擊的成本是多少。

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.

例如，您想知道用戶查看您的廣告並下載您的應用程序需要多少費用。

And there are industries, for example, in autos and so forth that you want to know what's the cost per lead.

還有一些行業，例如汽車等，您想知道每條潛在客戶的成本是多少。

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.

百度所做的是，因為我們過去對所有這些客戶都有豐富的歷史，然後我們可以通過我們巨大的人工智能計算能力來運行它，並且能夠基本上根據你的廣告類型，詞的類型進行預測如果您在 oCPC 上花費盡可能多的錢，我們可以幫助您優化內容等等大概是這樣。

That way it reduces the uncertainty of an advertiser and they will be willing to pay more because of that less uncertainty.

這樣就減少了廣告商的不確定性，他們會因為不確定性減少而願意支付更多費用。

So you can think about it that way.

所以你可以這樣想。

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.

因此，對於一個歷史悠久且我們擁有大量數據的行業，我們可以幫助他們進行優化，而這些正是我們擁有的潛力。

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.

我的問題是關於你們的自動駕駛汽車的進展。

I understand that Baidu just celebrated 1 year anniversary for the Apollo project.

據了解，百度剛剛慶祝了阿波羅項目一周年。

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?

我知道發展還處於早期階段，但回想起來，您認為過去一年的主要成就是什麼？

And what would you do to do better?

你會怎麼做才能做得更好？

Looking into the future, what would be your key focus to stay ahead of the curve, given the intensified competition domestically?

展望未來，在國內競爭加劇的情況下，保持領先地位的重點是什麼？

Yes.

是的。

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.

因此，首先，關於 Apollo 平台過去 1 年的關鍵進展，有幾個重要的領域需要指出。

One is the platform capabilities.

一是平台能力。

We deployed Apollo 1.0 within short span.

我們在短時間內部署了 Apollo 1.0。

Now we just deployed Apollo 2.5.

現在我們剛剛部署了 Apollo 2.5。

The platform capability and technology is moving at a rapid pace.

平台能力和技術正在快速發展。

Second is the ecosystem health.

二是生態系統健康。

Our developer community, member partners, the different agencies, government departments that are embracing, supporting Apollo has been growing leaps and bounds.

我們的開發者社區、成員合作夥伴、不同的機構、正在擁抱、支持 Apollo 的政府部門一直在飛速發展。

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.

第三，更重要的是，我們合作夥伴的 L3 和 L4 車輛的產品化和商業化正在以比我們最初預期的快得多、快得多的速度發展。

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.

展望未來，我們的重點領域將是，繼續建立我們的技術基礎，但更重要的是，加快車輛的產品化和商業化。

For example, we mentioned in this year, we have the partner to commercially deploy L4 minibus vehicles.

比如我們今年提到，我們有合作夥伴商業部署L4小巴車輛。

In next calendar years, we have several OEM partners deploy L3 commercially available vehicles.

在接下來的日曆年，我們有幾個 OEM 合作夥伴部署 L3 商用車輛。

And as long as we keep excellent pace of all those, the Apollo platform will continue to gain strength against the competition.

只要我們在所有這些方面保持出色的步伐，Apollo 平台將繼續在競爭中獲得優勢。

As we mentioned in the earlier calls, the Apollo ecosystem also has a very clear and healthy business model.

正如我們在之前的電話會議中提到的，Apollo 生態系統也有一個非常清晰和健康的商業模式。

We are very similar to Android.

我們與安卓非常相似。

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.

平台技術是開放參與，開放使用，但我們也像谷歌一樣銷售我們的服務，如果你使用安卓來構建手機，你使用谷歌搜索服務。

In this case, it would be our HD maps services and the future services that we deploy.

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。

So overall, our focus is continue to speed up the development ecosystem, particularly the productization and the commercialization of our partners' vehicles.

因此，總體而言，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。

That will further increase Baidu's competitive strengths.

這將進一步增強百度的競爭優勢。

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.

所以我的第一個問題是關於你的 Q2 指導。

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.

如果我們從你的百度集團層面的指導中排除愛奇藝指導，那麼根據我的計算，百度核心收入增長將在第二季度加速。

So can you help us understand what's the key reason behind?

那麼你能幫助我們了解背後的關鍵原因是什麼嗎？

Is your core search or your news feeds the key drivers?

您的核心搜索或新聞提要是關鍵驅動因素嗎？

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.

特別是在 4 月初，政府對你的競爭對手今日頭條和其他幾個新聞應用啟動了新一輪的媒體和內容審查，應用商店的下載被暫停了幾天或幾週。

So do you think Baidu news feed may benefit from these and attract some incremental advertiser budget from the advertisers?

那麼您認為百度新聞提要可能會從中受益並從廣告商那裡吸引一些增加的廣告商預算嗎？

And a quick follow-up question on the margin.

還有一個快速跟進的問題。

So this quarter, you delivered quite strong operating margin expansion.

因此，本季度，您實現了相當強勁的營業利潤率擴張。

I remember last quarter, you guided actually year-over-year margin compression in 2018.

我記得上個季度，您實際上指導了 2018 年的同比利潤率壓縮。

So after the strong quarter, do you still maintain the previous guidance?

那麼在強勁的季度之後，您是否仍然維持之前的指導？

Okay.

好的。

So let me try to answer your questions on revenues and margins.

所以讓我試著回答你關於收入和利潤率的問題。

In our guidance we built in the factor in iQIYI, but I think we also consider just overall as a consolidated number.

在我們的指導中，我們在愛奇藝中加入了這個因素，但我認為我們也將整體視為一個綜合數字。

So we don't really separate what's iQIYI and then the rest is Baidu, just as an FYI.

所以我們並沒有真正區分什麼是愛奇藝，剩下的就是百度，僅供參考。

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.

但實際上，根據我們的指導，我們預計我們的增長率應該與我們在第一季度看到的同比增長大致相似。

Your question was on media censorship.

你的問題是關於媒體審查的。

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.

我認為正如 Robin 在他準備好的評論中提到的那樣，我們認為我們定位產品的方式實際上是在努力優化用戶在我們平台上的長期生活中的用戶體驗。

So having clean content rather than having very quick wins and using content that's not very appropriate is really not our style.

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真的不是我們的風格。

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.

我們將專注於更健康的內容，我們專注於更多樣化的內容，並利用我們的人工智能來實際推廣最相關和最適合用戶的內容。

So I think as a result, we're better positioned for high-quality content.

所以我認為結果是，我們更適合高質量的內容。

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.

關於今日頭條發生的事情，我不認為我們會關注與今日頭條正面交鋒的廣告收入或廣告市場的規模。

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.

我認為我們關注的是我們目前的銷售和營銷市場的規模，這在中國非常重要，然後我們也會考慮實際進入關鍵客戶並能夠獲得一些品牌預算的機會，因為我們看到每個提要在提要上的內容消費方面做得很好，做得很好給了我們更多的庫存來實際進行展示等等。

So that's where we see the opportunity with the SME market.

這就是我們看到中小企業市場機會的地方。

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.

正如 Qi 所提到的，我們利用大數據進行廣告投放的許多新產品，使其對客戶和關鍵客戶更有效，隨著 Feed 的增加，我們將擁有更多的品牌庫存，然後我們將能夠從關鍵客戶中成長。

Those are kind of the key drivers of faster growth.

這些是加快增長的關鍵驅動力。

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.

所以總結一下，我認為強勁的收入和指導可以歸功於技術創新，無論是在用戶方面還是在客戶方面。

And less from the impact of the regulatory environment changes.

而且受監管環境變化的影響較小。

And then, Greg, quickly on your question on margin.

然後，格雷格，快速回答你的邊際問題。

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.

我們看待利潤的方式是，我認為如果你將百度視為一個平台，去年我們在做諸如糯米的 O2O 和百度外賣等等，我們還有其他業務，我們已經分拆出來了。

So last year was a transformation year.

所以去年是轉型的一年。

And through that, our strategy has been more clear, strengthening our mobile and leading in AI.

通過這種方式，我們的戰略更加清晰，加強了我們的移動和人工智能領域的領先地位。

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.

當我們圍繞基於人工智能的平台重新制定業務戰略時，即使我們在搜索、信息流、自動駕駛以激活互聯網，也會產生很多協同效應。

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.

因此，自從我們繞了一圈以來，您在第一季度所看到的，您看到了平台運營槓桿，我們有能力繼續下去。

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.

正如我們在上次電話會議中所說，我們的利潤率非常有趣，尤其是當您從中突破愛奇藝時，我們也在尋找增長的機會。

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.

從搜索方面來看，我們正在機會主義地看待 TAC，我們在戰略上認為，我們將花費，我們正在考慮優化美元而不是利潤。

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.

對於我們的旗艦百度應用程序，我們也在尋找可以在渠道方面進行增量投資的領域，我們認為它將獲得正的投資回報率。

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.

所以我認為這將繼續我們今年的計劃，我們將在經濟方面更加投機和更長遠地看待它。

And if we do find more opportunities there, it could hit our margins a little bit.

如果我們確實在那裡找到更多機會，它可能會稍微影響我們的利潤。

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.

然後就像我上次提到的那樣，如果我們花費更多的渠道成本，用戶的生命週期價值可能在一個季度為正，因為你在花費它的那個季度有渠道成本，利潤率可能會下降一點少量。

But I think longer term, that is better for Baidu.

但我認為從長遠來看，這對百度更好。

So we'll continue to have that strategy going forward, but at the same time, that will be on an opportunistic basis.

因此，我們將繼續推進該戰略，但與此同時，這將是一個機會主義的基礎。

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

你今天的下一個問題來自高盛的 Piyush Mubayi。

Dr. Qi, a question on autonomous vehicle for you.

齊博士，問你一個關於自動駕駛汽車的問題。

We understand that the commercial application for AV may still be in an early stage.

據我們了解，AV 的商業應用可能仍處於早期階段。

But you mentioned commercial vehicles twice.

但你兩次提到商用車。

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?

我想知道您是否可以比較和對比客運部門和商業部門，並告訴我們哪些可以更快地進入市場？

And if you could potentially talk through the monetization opportunities relative to the 2 businesses.

如果您可以討論與這 2 個業務相關的貨幣化機會。

Okay.

好的。

So let me comment on the 3 aspects of what you just mentioned.

所以讓我評論一下你剛才提到的三個方面。

So first of all, just as a matter of clarification and to put the facts in our statement.

因此，首先，作為澄清問題並將事實放在我們的聲明中。

When we talk about commercially available vehicles, that's on the passenger side, meaning that these are the L4 vehicles.

當我們談論商用車輛時，這是在乘客方面，這意味著這些是 L4 車輛。

These are 6-seater minibuses that will be commercially available on the later part of this calendar year.

這些是 6 座小巴，將於今年下半年上市。

And there's several OEM partners will be available in 2019 and some in 2020.

並且有幾個 OEM 合作夥伴將在 2019 年和一些在 2020 年提供。

These are sedans.

這些是轎車。

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.

這些是 L3 車輛，這意味著乘客仍需要坐在車內，坐在方向盤前，但車輛能夠執行越來越多的自動駕駛功能。

Those are commercially available vehicles for passengers, not for commercial, let's say, trucks or logistic vehicles.

這些是供乘客使用的商用車輛，而不是商用車輛，例如卡車或物流車輛。

That's the mixture that we state the facts.

這就是我們陳述事實的混合物。

That's number one.

那是第一名。

Number two, on the commercial opportunities.

第二，關於商業機會。

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.

我要強調的關鍵是，我們需要考慮以更低的速度、更可控的環境進行商業部署，這才是關鍵。

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.

有更多商業上可行的機會，個人消費者或企業客戶願意為此付費，但自動駕駛汽車的駕駛行為處於較低的速度和更受控的環境中。

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.

6 座巴士就是一個很好的例子，因為在商業上，已經有大量預訂該車輛的訂單，你可以想像將這些小巴部署在工業園區、旅遊區，它們以較低的速度運行非常受控的環境。

Therefore, safety can be guaranteed, can be fully protected.

因此，安全可以得到保證，可以得到充分保護。

And similar for our L3 vehicles for next year.

明年我們的 L3 車輛也是如此。

And having said all of that, let me also talk about the relative areas of commercially viable opportunity for passenger vehicles and commercial vehicles.

說了這麼多，讓我也談談乘用車和商用車商業上可行機會的相關領域。

Indeed, in our inbound partnership requirements that we're working with more and more partners on commercial vehicles.

事實上，在我們的入境合作夥伴要求中，我們正在與越來越多的商用車合作夥伴合作。

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.

例如，物流車輛、卡車和所有這些，因為有更多機會在更受控的環境中以較低的速度部署這些車輛。

So that's the landscape that's evolving at the very fast pace, and Apollo stands to gain substantial more opportunities.

所以這就是正在以非常快的速度發展的景觀，阿波羅將獲得更多的機會。

Lastly is about the business model.

最後是關於商業模式。

For Apollo, we are very clear upfront in our business models.

對於 Apollo，我們非常清楚我們的商業模式。

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.

我們將平台開放，免費供我們的合作夥伴使用，但他們需要使用一組關鍵服務，其中之一是高清地圖，它代表高清地圖。

These are maps not meant for human eyeballs to see.

這些地圖不是供人眼看到的。

These are maps for the sensor of the devices that's in the car to see.

這些是車內設備的傳感器可以查看的地圖。

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.

這是我們經濟模型的關鍵部分，我們看到我們的客戶——當前客戶和未來客戶非常健康地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 的林娟。

This is Juan.

這是胡安。

So my first question is on short video.

所以我的第一個問題是關於短視頻。

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?

不知道您能不能跟我們分享一下目前短視頻內容變現的進展以及短視頻內容製作的策略是什麼？

And the second question is regarding Xiaodu @ Home.

第二個問題是關於小度@Home。

I wonder what is your target for Xiaodu @ Home and any new hardware products that are going to be launched later this year.

我想知道你對小度@Home 的目標是什麼，以及今年晚些時候將推出的任何新硬件產品。

And when we do expect DuerOS partnership with hardware manufacturers to start generating revenue?

當我們確實期望 DuerOS 與硬件製造商的合作開始產生收入時？

I'll answer the short video question and Qi will address the Xiaodu @ Home one.

我將回答短視頻問題，齊將解決小杜@Home 的問題。

The short video is an important content form for the Baidu app.

短視頻是百度APP的重要內容形式。

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.

百度提要中短視頻內容的百分比或滲透率一直在非常非常快地增長，從青少年增長到幾乎占我們總發行量的一半，因此我們看到了對此的強勁需求。

And in terms of monetization, we also see quickly improving monetization capabilities for short form videos.

在變現方面，我們也看到短視頻變現能力的快速提升。

And we believe this is going to be a very profitable business going forward.

我們相信這將是一項非常有利可圖的業務。

And let me answer the second part of the question.

讓我回答問題的第二部分。

First of all, just as kind of the strategic backdrop, as Herman and Robin made.

首先，就像赫爾曼和羅賓製作的戰略背景一樣。

The conversational Internet or voice-activated Internet conversational AI platform has tremendous and large long term economic opportunities.

會話互聯網或語音激活的互聯網會話人工智能平台具有巨大的長期經濟機會。

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.

對於百度，我們在設備上進行了投資組合，這些設備可以成為熱門設備，提高使用量和用戶參與度，使百度能夠建立我們的 DuerOS 平台。

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.

因此，在所有這些設備中，我們有自己的第一方設備，我們是構建這些設備的主體，以及合作夥伴構建的第三方設備。

And this particular device, Xiaodu @ Home, is what typically called second-party devices.

而這個特殊的設備，小度@Home，就是通常所說的第二方設備。

They are one of our strategic partners, meaning that they collaborate with our teams very, very closely.

他們是我們的戰略合作夥伴之一，這意味著他們與我們的團隊非常非常密切地合作。

The brand experience, the operation of this product, the design engineering are very much done together by the 2 teams.

品牌體驗、產品運營、設計工程都是由兩個團隊共同完成的。

And we're super pleased with the momentum this device is able to generate.

我們對這款設備能夠產生的勢頭感到非常滿意。

At the same time, we fully expect, as part of the remaining 2018, the DuerOS platform will roll out more devices across several categories.

同時，我們完全預計，作為 2018 年剩餘時間的一部分，DuerOS 平台將推出多個類別的更多設備。

First is smart speakers with a graphical display.

首先是具有圖形顯示的智能揚聲器。

We believe this has a high likelihood of becoming the future control devices for the smart home environment because there is the video screen.

我們認為這很有可能成為未來智能家居環境的控制設備，因為有視頻屏幕。

This product is a lot more programmable and operatable.

該產品更具可編程性和可操作性。

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.

除了音樂、簡單的指示，人們越來越多地將其用於內容消費、家庭成員之間的交流，包括垂直學習和遠程醫療。

There are tremendous growth potentials for that device.

該設備具有巨大的增長潛力。

We are planning to support more third parties and the future first-party devices in that category.

我們計劃在該類別中支持更多第三方和未來的第一方設備。

Having said that, there are also multiple devices rolled out.

話雖如此，還推出了多種設備。

For example, speakers without a screen.

例如，沒有屏幕的揚聲器。

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.

這也是組合的重要組成部分，因為想像一個有多個房間的家——覆蓋更大的空間，你需要那些可以響應語音命令並提供有用服務的揚聲器類型。

In addition, we are fully expecting, developing additional first-party hardware products and third-party hardware products.

此外，我們完全期待，開發更多的第一方硬件產品和第三方硬件產品。

But our intent is to be super choosy and selective in those products.

但我們的目的是在這些產品中超級挑剔和挑剔。

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.

就我們可以運送的設備數量而言，這些產品中的每一個都有可能成為熱門設備，但更重要的是，我們可以在這些設備上產生的使用量和參與度。

Lastly, let me talk about the general economics.

最後，讓我談談一般經濟學。

This is broad platforms.

這是廣泛的平台。

The economics can be divided up into several segments.

經濟學可以分為幾個部分。

First, the device give Baidu the opportunity to have future entry points for information, for content, for services.

首先，該設備讓百度有機會擁有信息、內容和服務的未來入口點。

And advertising is their natural affinity.

廣告是他們天生的親和力。

As a matter of fact, we already have ongoing early-stage advertising operations with partners for our DuerOS platform.

事實上，我們已經與合作夥伴為我們的 DuerOS 平台進行了早期的廣告運營。

That's one.

那是一個。

The second is that the DuerOS platform has economics, such as licensing economics in the long term.

二是DuerOS平台有經濟學，比如長期的許可經濟學。

And they're taking a VIG, just like iOS will take a VIG on any services sold to the platform.

他們正在接受 VIG，就像 iOS 將在出售給該平台的任何服務上接受 VIG 一樣。

But these are in a very long term.

但這些都是長期的。

In a short term, we're very focused on building hit devices, generating great experiences for users and usages.

在短期內，我們非常專注於打造熱門設備，為用戶和使用創造出色的體驗。

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.

並且專注於一些短期廣告，因為它們非常自然，並且截至今天，我們確實與合作夥伴一起為我們的 DuerOS 平台運營一些廣告產品。

To emphasize, it's really in a long term.

需要強調的是，這確實是長期的。

We can go into substantial economics, but it will take time.

我們可以深入研究經濟學，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.

我有一個關於比賽的問題。

Can management give us some color how we see the intensified competition in conversational platform as well as autonomous driving?

管理層能否給我們一些顏色，我們如何看待對話平台和自動駕駛的激烈競爭？

Should we expect us to step up the investment on this front because of competition?

我們是否應該期望我們因為競爭而加大這方面的投資？

Yes.

是的。

So let me first talk about the competition on the autonomous vehicle front.

那麼讓我先談談自動駕駛汽車方面的競爭。

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.

在我們重點關注的中國市場，根據我們從行業格局中看到的一切，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。

There are a few important reasons behind that we are enjoying a competitive edge.

我們享有競爭優勢背後有幾個重要原因。

First is that, Baidu is investing in the autonomous driving technology much earlier than most of the others.

首先，百度在自動駕駛技術上的投資遠遠早於其他大多數公司。

We started working on this more than 4 years ago.

我們在 4 年多前就開始著手這方面的工作。

As a result, our technological capabilities are stronger.

因此，我們的技術能力更強。

The second is that we took a very important position standing for open access to technology, building a collaborative ecosystem.

二是我們採取了非常重要的立場，即開放獲取技術，構建協作生態系統。

We have been broadly embraced pretty much by almost all OEM partners and Tier 1 partners.

幾乎所有 OEM 合作夥伴和一級合作夥伴都廣泛接受了我們。

And also, as a result of that, we are also being very much supported by various government agencies and departments.

而且，因此，我們也得到了各個政府機構和部門的大力支持。

For example, the Chinese government designated Apollo as one of the 4 national open platforms.

例如，中國政府將 Apollo 指定為 4 個國家開放平台之一。

Particularly, Apollo is the platform of choice for autonomous driving.

特別是，Apollo 是自動駕駛的首選平台。

So overall, in combination, we very much see Baidu is in a strong competitive position in the space of autonomous vehicle.

所以總的來說，綜合起來，我們非常看到百度在自動駕駛汽車領域處於強有力的競爭地位。

Relative to conversational AI, the competition is more intense, as you observed.

正如您所觀察到的，相對於對話式 AI，競爭更加激烈。

Having said that, Baidu is in a strong position for a number of important reasons.

話雖如此，百度之所以處於強勢地位，有幾個重要原因。

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.

一是百度的技術能力，結合了語音識別、自然語言理解，最重要的是百度的知識圖譜，這是過去 18 年積累的，因為我們的搜索引擎傳統。

For the conversation platform to truly understand what the user means, you need to have a large knowledge graph.

為了讓對話平台真正理解用戶的意思，你需要有一個龐大的知識圖譜。

Otherwise, just the speech recognition won't be able to go enough to understand the meaning of users.

否則，僅僅語音識別將不足以理解用戶的意思。

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.

第二個是百度的搜索引擎還帶來了廣泛的在線服務，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交互。

For example, I talked about the smart speakers with a graphical display.

例如，我談到了帶有圖形顯示的智能揚聲器。

Baidu has strong content assets in iQiyi.

百度在愛奇藝擁有強大的內容資產。

Baidu has strong content related to our search engine, whether it's knowledge from Baidu Encyclopedia or different verticals.

百度擁有與我們的搜索引擎相關的強大內容，無論是來自百度百科或不同垂直領域的知識。

So in aggregate, Baidu is also able to offer a strong set of content services as part of the platform.

因此，總體而言，百度還能夠提供一套強大的內容服務作為平台的一部分。

But more importantly, it's really the speed of innovation, particularly the hardware and software in combinations.

但更重要的是，它確實是創新的速度，尤其是硬件和軟件的組合。

We are very pleased with the rate of iterations that our teams will be able to do.

我們對我們的團隊能夠完成的迭代速度感到非常滿意。

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.

正如我們所提到的，我們是中國市場上第一家擁有圖形顯示的智能揚聲器，具有非常非常強大的體驗並被消費者完全接受。

And that we have a very big pipeline of products that's similar, that consists of a strong portfolio of those products.

而且我們有一個非常大的類似產品管道，其中包括這些產品的強大組合。

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.

只要我們保持創新步伐的力度，充分利用百度的強大資產，我們非常非常有信心百度將能夠繼續在該領域的競爭中獲得更多優勢。

Herman, do you want to address the margin question?

赫爾曼，你想解決邊距問題嗎？

Yes.

是的。

I think we talked about the margins a little bit earlier.

我想我們之前談到了利潤。

As you saw in Q1, our margin improved significantly from the year before.

正如您在第一季度看到的那樣，我們的利潤率比前一年顯著提高。

But part of it is the reduction in marketing costs with regards to our O2O.

但部分原因是我們的 O2O 營銷成本的降低。

And we also increased the spending for our channels and so forth.

我們還增加了渠道支出等等。

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.

我認為進入第二季度，我認為我們有能力獲得更高的利潤率，但我們希望在 TAC 以及營銷資金方面進行機會性支出。

So I think depending on what opportunity there would be, our margins may go down, but it'll depend on the market situation.

所以我認為取決於會有什麼機會，我們的利潤率可能會下降，但這取決於市場情況。

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.

問題圍繞著自動駕駛的商業化速度與語音揚聲器的種類等問題展開。

So monetization of the HD maps on autonomous driving is pretty clear.

因此，自動駕駛高清地圖的貨幣化非常明顯。

What will be the comparable kind of element of how we monetize voice interactions or voice modality?

我們如何通過語音交互或語音模式獲利的類似元素是什麼？

And between the pace of the 2, autonomous driving and voice search which do you think is tracking faster?

而在2、自動駕駛和語音搜索的步伐之間，你覺得哪個追踪更快？

Yes.

是的。

Let me address the 2 parts of the question.

讓我解決問題的兩個部分。

First of all, with regard to the commercialization of autonomous driving and the relative clarity of our business model.

首先，關於自動駕駛的商業化和我們商業模式的相對清晰。

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.

基於我們所看到的一切，幾乎每週當我們與我們的 OEM 客戶和我們的一級客戶交談時，我們看到了更多商業上可行的場景，我們的技術可以部署。

So overall, it is really accelerating.

所以總的來說，它確實在加速。

For example, this week there's Beijing auto show.

例如，本周有北京車展。

As a matter of fact, we just discovered new commercially viable opportunities just by talking to the partners during the auto show exhibitions.

事實上，我們只是在車展期間與合作夥伴交談，才發現了新的商業上可行的機會。

So it is really accelerating.

所以它真的在加速。

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.

而關於百度的經濟機會，高精地圖本身是很長期的——我強調的是長期，本身就很有意義。

Having said that, we fully expect to tap into future economic opportunities for Baidu.

話雖如此，我們完全期待為百度挖掘未來的經濟機會。

There's more and more commercially viable opportunities as part of the Apollo platform Baidu will tap into.

作為百度將利用的 Apollo 平台的一部分，有越來越多的商業上可行的機會。

For example, we publicly talked about building something called ACU, which stands for Apollo Computing Unit.

例如，我們公開談論過構建一個名為 ACU 的東西，它代表 Apollo Computing Unit。

You can imagine that.

你可以想像。

Essentially, we're doing a lot of R&D.

本質上，我們正在進行大量的研發工作。

It's a hardware box that you can plug sensors and silicon into it.

這是一個硬件盒，您可以將傳感器和矽插入其中。

And silicon-wise, you can use NVIDIA, Intel or Baidu has its own silicon solutions through FPGA.

而在芯片方面，您可以使用 NVIDIA、英特爾或百度通過 FPGA 擁有自己的芯片解決方案。

That's another product that would be ramped up very quickly.

那是另一種將很快推出的產品。

That can grow into another future economic opportunities.

這可以成長為另一個未來的經濟機會。

And there are a number of different services.

並且有許多不同的服務。

As part of the announcement of Apollo 2.5, we launched a new set of cybersecurity services initiatives.

作為 Apollo 2.5 發布的一部分，我們推出了一套新的網絡安全服務計劃。

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.

就其本身而言，由於未來車輛有很多安全要求，這些安全服務也可以在一段時間內虛擬化。

So that's the Apollo side of economic opportunities in the long term.

所以從長遠來看，這就是經濟機會的阿波羅方面。

On the conversational AI side, let me just recalibrate what I mentioned earlier.

在對話式人工智能方面，讓我重新校准我之前提到的內容。

It's very, very important to talk through the economic opportunities and the relative speed of deployment.

討論經濟機會和部署的相對速度非常非常重要。

Let me first talk about the speed of deployment.

先說一下部署速度。

Based on the industry structure, the speed of the deployment of the conversational AI platform really depends on the hit devices.

基於行業結構，對話式人工智能平台的部署速度確實取決於熱門設備。

In the United States, it's because of Echo, Amazon pushed it into hit devices.

在美國，正是因為 Echo，亞馬遜將其推向了熱門設備。

And then that platform started to take off.

然後那個平台開始起飛。

In China, it is going to go through a similar structural evolution.

在中國，它將經歷類似的結構演變。

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.

而且我們非常看到百度正處於推動這款熱門設備的前沿，我們相信這將是一款具有圖形顯示的智能揚聲器，因為中國的家庭環境與美國有很大不同。

So that's number one.

所以這是第一名。

And we will be able to be on the leading front.

我們將能夠處於領先地位。

In that case, --in the long term, there will be hardware economics for Baidu to tap into, that's naturally.

在這種情況下，——從長遠來看，百度將有硬件經濟學可以利用，這是很自然的。

And then once the hit devices start to take off, the platform will be anchored.

然後一旦命中設備開始起飛，平台就會被錨定。

The platform will be used on more and more devices.

該平台將在越來越多的設備上使用。

On the platform side, first, this platform gives Baidu new entry points.

在平台方面，首先，這個平台給了百度新的切入點。

And that directly, these entry points will be able to create advertising revenue opportunities, as I mentioned earlier.

正如我之前提到的，直接地，這些切入點將能夠創造廣告收入機會。

Right now, we are indeed operating with a few advertising partners as part of deployment for our DuerOS devices.

目前，我們確實與一些廣告合作夥伴合作，作為我們 DuerOS 設備部署的一部分。

But I will emphasize we are very early, and there are just a few partners we're working with.

但我要強調的是，我們還很早，我們正在與幾個合作夥伴合作。

And then second, outside of the entry points, advertising revenues, the platform itself has economics attached to it.

其次，在切入點、廣告收入之外，平臺本身也有經濟價值。

The typical form will be licensing revenues because the services will be richer and richer.

典型的形式是許可收入，因為服務會越來越豐富。

We envision right now the speakers, but can be many different form of devices.

我們現在設想揚聲器，但可以是許多不同形式的設備。

The platform will have licensing economics.

該平台將具有許可經濟學。

And the platform has VIGs, essentially like app store iOS.

該平台具有 VIG，本質上類似於應用商店 iOS。

If you sell your services on app store iOS, Apple takes 30% of VIG.

如果你在 iOS 應用商店銷售你的服務，Apple 會拿走 30% 的 VIG。

So that's, again, another future revenue streams once the platform gets established.

因此，一旦平台建立，這又是另一個未來的收入來源。

Relative speed depends on hit device, but the long-term economic opportunity can be tremendous for Baidu.

相對速度取決於熱門設備，但百度的長期經濟機會可能是巨大的。

The emphasis for us is really focusing on building great devices and great consumer experiences leading to high engagement.

我們的重點是真正專注於構建出色的設備和出色的消費者體驗，從而提高參與度。

And then over time, we'll be able to tap into those revenue streams.

然後隨著時間的推移，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.

所以只是一個家政問題。

Sorry if I have missed it previously.

對不起，如果我以前錯過了。

Just wondering what's the revenue contribution from the newsfeed ad during the quarter?

只是想知道本季度新聞源廣告的收入貢獻是多少？

And how are we thinking about the growth trajectory going for the rest of this year?

我們如何看待今年剩餘時間的增長軌跡？

Are we still maintaining a 20% sequential growth target?

我們是否仍維持 20% 的環比增長目標？

Karen.

凱倫。

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.

正如我之前提到的，本季度的 Feed 環比略有上升，因為從 Q4 到 Q1，中國的季節性廣告通常有所下降。

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.

因此，我們實際上可以抵消下跌並連續上季度上漲的事實，我認為這只是顯示了我們飼料的實力。

And as I mentioned also on the last call that from Q4 to Q1 you should expect that.

正如我在上次電話會議中提到的那樣，從第四季度到第一季度，你應該期待這一點。

But with Q1 to Q2, we probably have a seasonality.

但是對於第一季度到第二季度，我們可能有一個季節性。

So we expect that, that will be up higher on a sequential basis in Q2 versus Q1.

因此，我們預計第二季度與第一季度相比，這一數字將連續上升。

Thank you.

謝謝你。

And that concludes our call today.

我們今天的電話到此結束。

Thank you, everyone, for dialing in.

謝謝大家撥入。

We'll join you guys next quarter.

我們將在下個季度加入你們。

We are now approaching the end of the conference call.

我們現在接近電話會議的尾聲。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。