百度 (BIDU) 2018 Q2 法說會逐字稿

Hello, and thank you for standing by for Baidu's Second 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年第二季財報電話會議。（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. Thank you, and please go ahead.

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。謝謝，請繼續。

Hello, everyone, and welcome to Baidu's Second 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.

大家好，歡迎參加百度2018年第二季業績電話會議。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。

On the call today, we have Robin Li, Baidu's Chief Executive Officer; and Herman Yu, Baidu's Chief Financial Officer. After our prepared remarks, we will hold a Q&A session.

參加今天電話會議的有百度執行長李彥宏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 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。除非適用法律要求，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 measure 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 our call today.

大家好，感謝您今天參加我們的電話會議。

We had another strong quarter in Q2, with our core business exhibiting robust revenue growth, driven by AI-powered monetization capabilities and Baidu feed continuing its strong traffic and revenue momentum. Our AI businesses are also gaining strong traction.

我們在第二季度再次表現強勁，核心業務收入強勁增長，這得益於人工智慧驅動的貨幣化能力以及百度資訊流持續保持強勁的流量和收入勢頭。我們的人工智慧業務也正在強勁發展。

Earlier this month, we held Baidu Create, our annual AI developer conference in Beijing, which drew over 7,300 developers and partners from around the world. Our goal for Baidu Create is to bring developers together to share ideas on how they can leverage Baidu's AI to grow their business. I'll further elaborate on our announcements at Baidu Create and how we use AI to accelerate the growth of our businesses as we review our Q2 results.

本月初，我們在北京舉辦了年度人工智慧開發者大會“百度創造”，吸引了來自全球 7,300 多名開發者和合作夥伴。Baidu Create 的目標是讓開發人員聚集在一起，分享如何利用百度的人工智慧來發展業務的想法。在回顧第二季業績時，我將進一步闡述我們在百度創造大會上發布的公告，以及我們如何利用人工智慧來加速業務成長。

Let's begin the quarter with search and feed. We continue to push the boundary of the search experience by fulfilling 37% of search queries with TOP 1 results, and 38% through Bear Paw accounts, and over 1/6 of our search page views returning high quality videos.

讓我們從搜尋和回饋開始本季。我們繼續突破搜尋體驗的界限，透過 TOP 1 結果滿足 37% 的搜尋查詢，透過 Bear Paw 帳戶滿足 38% 的搜尋查詢，並且超過 1/6 的搜尋頁面瀏覽量返回高品質影片。

At Baidu Create, we announced the launch of Baidu's smart mini program to take advantage of emerging trend in China, where apps with lower frequency are connecting to super apps to bypass the ever rising cost of app preinstalls. Baidu's smart mini program is unique. In that, it allows app developers to quickly convert another platform's mini program into Baidu's. app developers have free access to Baidu's AI capabilities, and once Baidu's open-sourced mini program is set up, the app developer can also plug into any third-party super app in Baidu's network. Baidu's smart mini program offers a seamless native-app experience to other apps, which will extend Baidu's long-tail content reach and derive better conversion.

在百度創建大會上，我們宣布推出百度智慧小程序，以利用中國的新興趨勢，即使用頻率較低的應用程式連接到超級應用程序，以繞過不斷上升的應用程式預裝成本。百度的智慧小程式獨具特色。這樣，應用程式開發人員就可以快速將其他平台的小程式轉換為百度的。應用程式開發者可以免費使用百度的人工智慧功能，一旦百度的開源小程式建立起來，應用程式開發者還可以插入百度網路中的任何第三方超級應用程式。百度智慧小程式為其他應用程式提供無縫的原生應用程式體驗，這將擴大百度長尾內容的覆蓋範圍並帶來更好的轉換。

In June, average daily active users of Baidu App reached 148 million, up 17% year over year. Total user time spent on Baidu App grew approximately 30% in June year over year. Feed consumption continued to trend in a healthy manner, with video consumption up 270% year-over-year. We added over 200 MCNs in the second quarter. For example, People's Daily, a major state-owned news platform in China, joined our content network Baijiahao, making over 2,000 media sources on its platform, representing over 38,000 Baijiahao accounts, available to Baidu feed users. We continue to leverage Baidu's strategic advantage to power our feed algorithms with Baidu's AI and massive long-tail user insight to provide users with more interesting and wider range of content.

6月份，百度App日均活躍用戶數達1.48億，年增17%。6 月份，百度 App 用戶總使用時間年增約 30%。資訊流消費持續呈現健康趨勢，影片消費年增 270%。我們在第二季度增加了超過 200 個 MCN。例如，中國主要的國有新聞平台《人民日報》加入了我們的內容網絡“百家號”，使其平台上的 2,000 多個媒體資源（代表超過 38,000 個“百家號”帳戶）可供百度資訊流用戶使用。我們繼續利用百度的策略優勢，透過百度的人工智慧和大量長尾用戶洞察來增強我們的資訊流演算法，為用戶提供更有趣、更廣泛的內容。

On the monetization front, Baidu's AI has also been the strategic thrust behind our ad innovation and ad effectiveness, from augmented reality to video ads to performance-based ads.

在商業化方面，百度的人工智慧也是我們廣告創新和廣告成效背後的策略推動力，從擴增實境到影片廣告再到基於效果的廣告。

Dynamic Ads has been a strong revenue driver, incorporating product and user data from our customers. This quarter, we expanded Dynamic Ads to advertisers in the education and financial services industry beyond e-commerce, travel, auto and real estate.

動態廣告一直是強大的收入驅動力，整合了來自我們客戶的產品和用戶數據。本季度，我們將動態廣告擴展到電子商務、旅遊、汽車和房地產以外的教育和金融服務業的廣告商。

Optimized cost per click, or oCPC, continue to be an important component of revenue growth, as we expand beyond game developers to financial services, real estate and education.

隨著我們將業務範圍從遊戲開發商拓展到金融服務、房地產和教育，優化每次點擊費用（oCPC）繼續成為收入成長的重要組成部分。

For mobile action ads, we expanded beyond enabling users to call and chat with the advertisers directly from the ads on Baidu, to enabling the users to take advantage of an instant coupon or click-to-buy. With strong intent data, Baidu is able to continuously provide our customers with these useful, interest-generation and purchase features, which have generated meaningful lift in click-through-rate.

對於行動行動廣告，我們不僅允許用戶直接從百度廣告與廣告主通話和聊天，還允許用戶利用即時優惠券或點擊購買。憑藉強大的意向數據，百度能夠持續為我們的客戶提供這些有用的、能夠激發興趣並促進購買的功能，從而顯著提升點擊率。

We are also seeing good results from Moonrise, Baidu's deployment of deep reinforcement learning to improve ad performance. Using deep reinforcement learning, which is rewards-based, linking actions to desired results, Moonrise can suggest better keywords, photos and videos from Baidu's huge content library to advertisers and increase conversion and overall ads effectiveness.

我們也看到 Moonrise 取得了良好的效果，這是百度部署深度強化學習來提高廣告效果的舉措。Moonrise 使用基於獎勵的深度強化學習，將行動與期望結果聯繫起來，可以從百度龐大的內容庫中向廣告商推薦更好的關鍵字、照片和視頻，從而提高轉換率和整體廣告效果。

Baidu is an early adopter of AI. Together with massive user intent data and interest graphs, we see great opportunities to help advertisers leverage Baidu's large traffic, open-platform advantages and highly-effective performance-based ads.

百度是人工智慧的早期採用者。結合海量用戶意圖數據和興趣圖譜，我們看到了巨大的機會，可以幫助廣告商利用百度的龐大流量、開放平台優勢和高效的基於效果的廣告。

Turning to DuerOS, our IoT operating system, DuerOS, is expanding quite rapidly. In June, DuerOS installed base reached 90 million, nearly doubled in the last 6 months. Voice queries on DuerOS in June surpassed 400 million times, again doubling over a 3-month period. To drive the adoption of DuerOS, we offer third-party tool kits as well as first-party and second-party smart devices. In June, we launched Xiaodu Smart Speaker, which sold out 10,000 units within the first 90 seconds went on sale online.

談到DuerOS，我們的物聯網作業系統DuerOS正在迅速擴張。6月份，DuerOS安裝量達9,000萬，半年內成長近一倍。6 月 DuerOS 語音查詢量突破 4 億次，三個月內又翻了一番。為了推動 DuerOS 的採用，我們提供第三方工具包以及第一方和第二方智慧型裝置。6月，我們推出小度智慧音箱，上線90秒內銷售量突破1萬台。

Xiaodu Video Smart Speaker, which was launched in April with AINemo, continues to sell well and has garnered overwhelmingly positive user reviews. We are seeing toddlers as young as 4-year-olds and senior citizens becoming an important customer base, reflecting the ease of use of conversational AI powered by DuerOS.

今年 4 月與 AINemo 聯合推出的小度視訊智慧音箱持續熱銷，並獲得了用戶一致好評。我們看到 4 歲的幼兒和老年人正在成為重要的客戶群，這反映了 DuerOS 支援的對話式 AI 的易用性。

In addition to retail, DuerOS is partnering with Intercontinental Hotels Group to bring smart rooms to China, where hotel customers can control their rooms and learn about hotel information through DuerOS conversational AI.

除了零售之外，DuerOS 還與洲際酒店集團合作，將智慧客房引入中國，飯店客戶可以透過 DuerOS 對話式 AI 控制房間並了解飯店資訊。

Aside from hospitality industry, DuerOS is also making inroads in the auto industry, forming partnership with the likes of BMW Group, Daimler AG, Ford Motor, Hyundai, KIA, Chery, BAIC and FAW Group and Byton, to allow car owners to activate AI input modalities, such as voice, image and visual and facial recognition to enable closed loop services, including ordering movie tickets and booking hotels.

除了飯店業，DuerOS 也進軍汽車產業，與寶馬集團、戴姆勒股份公司、福特汽車、現代、起亞、奇瑞、北汽集團、一汽集團和拜騰等公司建立合作夥伴關係，讓車主啟動語音、影像、視覺和臉部辨識等人工智慧輸入方式，實現閉環服務，包括訂購電影票和預訂飯店。

Incidentally, we are seeing fast adoption of voice input in China. Baidu Mobile Input saw average daily voice input grow almost 150% year-over-year in June and averaged 335 million times per day in the last week of July.

順便說一句，我們看到語音輸入在中國的普及速度很快。百度手機輸入法 6 月份日均語音輸入量年增近 150%，7 月最後一日均語音輸入量達到 3.35 億次。

Just like computers and smartphones, software will be a key determining factor for user experience of IoT devices, which means users will want better AI input modality, better search technology and better content ecosystem.

就像電腦和智慧型手機一樣，軟體將成為物聯網設備使用者體驗的關鍵決定因素，這意味著使用者將需要更好的AI輸入方式、更好的搜尋技術和更好的內容生態系統。

On Apollo, we are moving at China Speed. Earlier this month, we worked with King Long Motors to launch the first fully autonomous Level 4 minibus, Apolong, a shuttle bus built without steering wheel. Neolix Technology also launched an L4 vehicle powered by Apollo -- a mini-cart for cargo deliveries this month. We are excited about the commercialization of Apollo-powered vehicles, which is a testament to Apollo's comprehensive ecosystem, from AI technologies to OEM software-to-hardware integration, to Tier 1 parts suppliers to IoV-enabled backend infrastructure.

在阿波羅計畫上，我們正​​以中國速度前進。本月初，我們與金龍汽車合作推出了首款完全自動駕駛的 4 級小型巴士阿波龍，這是一款沒有方向盤的穿梭巴士。新石器科技本月也推出了由阿波羅驅動的 L4 汽車——一款用於運送貨物的微型貨車。我們對 Apollo 汽車的商業化感到非常興奮，這證明了 Apollo 的綜合生態系統，從人工智慧技術到 OEM 軟體到硬體集成，到一級零件供應商，再到支援 IoV 的後端基礎設施。

China is the largest auto market in the world, with 28.9 million new vehicles sold last year, presenting a huge opportunity for Apollo to making driving easier and help provide environmental and traffic solutions.

中國是全球最大的汽車市場，去年新車銷售2,890萬輛，為阿波羅簡化駕駛、提供環境和交通解決方案提供了巨大的機會。

In March last year, I challenged our team to open source Baidu's autonomous driving platform and release a commercially viable vehicle. Within 16 months, our team worked with OEM partners to release two Level 4 vehicles off the assembly line, which is not an easy feat in the automotive industry, where manufacturing delays are common. Recently, I post another tough challenge to our team, help Baidu users identify quality, reliable natural services.

去年三月，我向我們的團隊發起挑戰，要求開源百度的自動駕駛平台並發布一款具有商業可行性的汽車。在 16 個月內，我們的團隊與 OEM 合作夥伴合作，推出了兩輛 4 級汽車，這在製造延遲很常見的汽車行業中並非易事。最近，我向我們的團隊發布了另一個艱鉅的挑戰，幫助百度用戶識別優質、可靠的自然服務。

In China, there are currently 31,000 licensed hospitals, but no effective mechanism to identify those with unscrupulous services. In the past, Baidu focused on banning bad ads. As a major information source in China, I believe, we should use AI and step up efforts to significantly improve the quality of medical content and weed out bad hospitals, even if they are licensed and operate within the realm of law. Having access to reliable medical service is a basic necessity to having a quality of life. Within a year, I challenge my team to come up with a solution to improve trust to online medical information on Baidu properties.

中國目前有3.1萬家持照醫院，但卻缺乏有效的機制來辨識那些提供不道德服務的醫院。過去，百度專注於禁止不良廣告。作為中國的主要資訊來源，我認為我們應該利用人工智慧，加大力度，大幅提高醫療內容的質量，淘汰不良醫院，即使它們有執照並在合法範圍內運營。獲得可靠的醫療服務是提高生活品質的基本必需品。在一年之內，我向我的團隊提出挑戰，要求他們提出一個解決方案，以提高對百度網站上的線上醫療資訊的信任度。

Turning to iQIYI. iQIYI continues to perform well with strong growth in membership and advertising revenue in Q2. Total subscribing members reached 67 million in Q2, adding a record-high of 29 million subscribing members in the past year. Forming a large membership base lays a solid foundation for iQIYI to promote its self-produced content. We see iQIYI's award-winning content production, coupled with Baidu's huge traffic and technology as a powerful combination in online entertainment. Our shared synergies provide iQIYI with a unique advantage, particularly as the fastest-growing OTT industry in China continues to scale and conversational AI receives broader adoption into Chinese households.

轉向愛奇藝。愛奇藝第二季持續表現良好，會員收入和廣告收入強勁成長。第二季總訂閱會員數達到6,700萬，創去年新增2,900萬訂閱會員的歷史新高。龐大的會員基礎的形成，為愛奇藝推廣自製內容奠定了堅實的基礎。我們認為愛奇藝屢獲殊榮的內容製作，加上百度的巨大流量和技術，是網路娛樂領域的強大組合。我們的協同效應為愛奇藝提供了獨特的優勢，尤其是在中國成長最快的 OTT 產業不斷擴大規模以及對話式人工智慧在中國家庭得到更廣泛應用的情況下。

In summary, we are pleased with the momentum that we have built, moving forward an AI-first company. We look forward to further updating you on our progress next quarter.

總而言之，我們對我們所建立的勢頭感到滿意，我們正在向一家以人工智慧為先的公司邁進。我們期待下個季度進一步向您通報我們的進展。

With that, let me turn the call over to Herman to go through the financial highlights.

說完這些，讓我把電話轉給赫爾曼，讓他介紹一下財務亮點。

Thank you, Robin. Hello, everyone. Welcome to Baidu's Second Quarter 2018 Call.

謝謝你，羅賓。大家好。歡迎參加百度2018年第二季電話會議。

Before I begin Q2's review, let me make a few notes. All monetary amounts in my discussion are in RMB, unless stated otherwise.

在我開始回顧 Q2 之前，讓我先做一些筆記。我討論中的所有金額均以人民幣為單位，除非另有說明。

Turning on January 1, we adopted ASC 606, a new revenue accounting standard that nets value-added tax from the revenue and cost of revenue lines. To increase comparability with 2018 numbers, 2017 revenue numbers have been adjusted net of value-added tax.

從 1 月 1 日起，我們採用了 ASC 606，這是一項新的收入會計準則，從收入和收入成本中扣除增值稅。為了提高與 2018 年數據的可比性，2017 年的收入數字已扣除增值稅進行調整。

We completed the spinoff of our Global DU business, in addition to Baidu Deliveries and Baidu Games, and are in the process of spinning off Du Xiaoman, or DXM, our financial services business. For today's discussion on Baidu Core, we have excluded the spun-off and to-be-spin-off businesses, including Du Xiaoman to give more visibility on the performance of Baidu Core, not including the spun off in planned-to-spin-off businesses.

除了百度外帶和百度遊戲之外，我們還完成了全球 DU 業務的剝離，並且正在剝離我們的金融服務業務度小滿（DXM）。在今天關於「百度核心」的討論中，我們排除了包括度小滿在內的已經分拆和即將分拆的業務，以便更清楚地了解「百度核心」的表現，而不包括已經分拆和計劃分拆的業務。

With that, let's turn to Q2. We had another solid quarter in the second quarter.

接下來，讓我們進入第二季。我們在第二季又取得了穩健的業績。

Total revenues reached RMB 26.0 billion, up 32% year-over-year and non-GAAP operating income reached RMB 6.5 billion, up 31% year-over-year.

總營業收入達人民幣260億元，較去年成長32%；非美國通用會計準則營業收入達65億元人民幣年增31%。

Revenue from Baidu Core, excluding spin offs reached RMB 19.0 billion, up 30% year over year and non-GAAP operating profit of Baidu Core, excluding spin offs, reached RMB 7.7 billion with non-GAAP operating margin reaching 41%.In the second quarter, our sales and marketing expenses came in under budget. We're targeting non-GAAP operating margin in the third quarter to be several points lower than in the second quarter, assuming we're able to invest in the traffic acquisition as planned.

「百度核心」營收（不含分拆）達到人民幣190億元，年增30%，非美國通用會計準則下「百度核心」營運利潤（不含分拆）達到人民幣77億元，非美國通用會計準則下營運利潤率達41%。第二季度，我們的銷售和行銷費用低於預算。假設我們能夠按計畫投資流量獲取，我們的目標是第三季的非 GAAP 營業利潤率比第二季低幾點。

Revenue from announced spin offs was slightly above RMB 1.0 billion in the second quarter. We expect this portion of the revenue to decline in the future, upon the completion of each divestiture. For example, in July, we completed divestiture of Global DU, and as a result, we no longer consolidate its revenue. We're providing this level of revenue detail to give investors more visibility to gauge Baidu's revenues post the completion of the expected divestitures.

第二季宣布的分拆業務收入略高於人民幣10億元。我們預計，未來每次資產剝離完成後，這部分收入將會下降。例如，7月份，我們完成了對Global DU的剝離，因此，我們不再合併其收入。我們提供這種程度的收入細節，是為了讓投資人更清楚地了解百度在預期資產剝離完成後的收入狀況。

Our strategy to transform Baidu into an AI-first company to drive synergy and accelerate long-term growth, while redirecting management attention and resources from non-core businesses to new businesses, is seeing good traction.

我們的策略是將百度轉變為以人工智慧為先的公司，以推動協同效應並加速長期成長，同時將管理層的注意力和資源從非核心業務轉移到新業務，而這項策略正在取得良好的進展。

In the second quarter, feed plus AI businesses together made up almost 20% of Baidu Core revenue excluding spin offs. Together feed plus AI businesses grew over 150% year-over-year, AI is powering search with better user experience and continuously increasing Baidu's ad effectiveness. AI is also powering the growth of feed and new AI businesses, which, we believe, will shift Baidu's revenue structure proportionally to higher-growth areas over time.

第二季度，資訊流和人工智慧業務合計佔百度核心收入（不包括分拆業務）的近 20%。資訊流加AI業務年增超過150%，AI賦能搜索，帶來更佳的用戶體驗，並持續提升百度的廣告效果。人工智慧也推動了資訊流和新人工智慧業務的成長，我們相信，隨著時間的推移，這將使百度的收入結構按比例轉向更高成長的領域。

By divesting non-core businesses, we expect the announced spin offs together will generate approximately USD 1.8 billion in cash, which we plan to repurpose for better return on capital.

透過剝離非核心業務，我們預計宣布的分拆將總共產生約 18 億美元現金，我們計劃重新利用這些資金以獲得更好的資本回報。

In June, we announced a share repurchase program for up to USD 1 billion over the next 12 months. Program-to-date, we have given back to our shareholders approximately USD 187 million.

6 月份，我們宣布了未來 12 個月內最高 10 億美元的股票回購計畫。截至目前，我們已向股東返還約 1.87 億美元。

Let me now go through the rest of the financial highlights.

現在讓我來介紹一下其餘的財務亮點。

Online marketing revenues were RMB 21.1 billion, up 25% year-over-year. We had approximately 511,000 online marketing customers, up 9% year-over-year, and revenue per customer was approximately [RMB 41,200] (corrected by company after the call), up 16% year over year.

網路行銷收入為人民幣211億元，年增25%。我們擁有約51.1萬個網路行銷客戶，較去年成長9%，每客戶收入約為[人民幣4.12萬元]（電話會議後公司已更正），較去年同期成長16%。

Other revenues were RMB 4.9 billion, up 75% year-over-year, mainly resulting from the robust growth in iQIYI membership and other businesses.

其他營收為人民幣49億元，較去年成長75%，主要得益於愛奇藝會員及其他業務的強勁成長。

Revenue from iQIYI in the second quarter reached RMB 6.2 billion, up 51% year-over-year.

愛奇藝第二季營收達62億元人民幣，較去年同期成長51%。

Cost of sales, excluding stock compensation, in the second quarter was RMB 12.0 billion, up 28% year-over-year. Content cost in the second quarter was up 68% year-over-year to RMB 5.2 billion, mainly due to the increased content purchases by iQIYI, and for Baijiahao, Baidu's feed content network.

第二季不包括股票報酬的銷售成本為人民幣120億元，較去年同期成長28%。第二季內容成本年增68%至人民幣52億元，主要由於愛奇藝增加內容採購，以及百度資訊流內容網百家號採購增加。

SG&A expenses, excluding stock compensation in the second quarter were RMB 4.2 billion, up 56% year-over-year, mainly due to the increase in channel and promotional marketing, partly offset by the cutback in Baidu Deliveries and O2O promotions.

第二季度，不包括股票薪酬的銷售、一般及行政費用為人民幣 42 億元，年增長 56%，主要由於渠道和促銷營銷費用的增加，但被百度外賣和 O2O 促銷活動的減少部分抵消。

R&D expenses, excluding stock compensation, in the second quarter were RMB 3.3 billion, up 24% year-over-year, mainly due to an increase in personnel-related costs.

第二季研發費用（不含股票薪酬）為人民幣33億元，較去年同期成長24%，主要由於人員相關成本的增加。

Operating income in the second quarter (technical difficulty) was RMB 6.5 billion, up 31% year-over-year. Non-GAAP operating income of Baidu Core, excluding spin offs, was RMB 7.7 billion and non-GAAP operating margin for Baidu Core, excluding spin offs, was 41%.

第二季營業收入（技術難度）為人民幣65億元，較去年同期成長31%。百度核心的非美國通用會計準則營業利潤（不含分拆業務）為 77 億元，百度核心的非美國通用會計準則營業利潤率（不包括分拆業務）為 41%。

Income tax expense in the second quarter was RMB 1.1 billion compared to RMB 0.6 billion last year. Effective tax rate was 18% compared to 11% last year, which we benefited from the disposal of certain subsidiaries.

第二季所得稅支出為人民幣11億元，去年同期為人民幣6億元。有效稅率為 18%，而去年為 11%，這得益於我們處置了某些子公司。

Net income attributed to Baidu in the second quarter was RMB 6.4 billion, and diluted EPS was RMB 18. Non-GAAP net income attributed to Baidu was [RMB 7.4] billion, (corrected by company after the call) up 57% year-over-year, and non-GAAP diluted EPS was RMB 21.

第二季歸屬於百度的淨利為64億元人民幣，攤薄每股收益為18.非美國通用會計準則下，百度淨利為人民幣74億元（電話會議後公司已修正），較去年同期成長57%，非美國通用會計準則下攤薄每股收益為人民幣21.25元。

Adjusted EBITDA in the second quarter reached RMB 7.4 billion and adjusted EBITDA margin reached 29%.

第二季調整後EBITDA達74億元人民幣，調整後EBITDA利潤率達29%。

Adjusted EBITDA for Baidu Core reached RMB 8.6 billion, and adjusted EBITDA margin was 43%.

百度核心調整後EBITDA達86億元人民幣，調整後EBITDA利潤率為43%。

As of June 30, 2018, cash and short-term investments was RMB 128.3 billion. For the second quarter, cash flow from operating activities was RMB 7.1 billion, and capital expenditures were RMB 1.5 billion. Total headcount as of June 30 was approximately 39,700, down 6% year-over-year.

截至2018年6月30日，現金及短期投資為人民幣1,283億元。第二季度，經營活動現金流為71億元人民幣，資本支出為15億元。截至 6 月 30 日，總員工人數約 39,700 人，年減 6%。

As of June 30, excluding iQIYI, cash and short-term investments was RMB 115.2 billion. For the second quarter, cash flow from operating activities was RMB 7.0 billion, and capital expenditures were RMB 1.3 billion. Excluding iQIYI, total headcount as of June 30 was approximately 32,900, down 9% year-over-year.

截至6月30日，不包括愛奇藝，現金及短期投資為人民幣1,152億元。第二季經營活動現金流為70億元人民幣，資本支出13億元。不包括愛奇藝，截至 6 月 30 日的總員工人數約為 32,900 人，年減 9%。

Turning to third quarter guidance, we expect total revenues to be between RMB 27.37 billion and RMB 28.77 billion, representing a 23% to 30% increase year-over-year. Excluding the impact from announced divestitures, including Global DU and Du Xiaoman, Baidu expects revenues to be between RMB 26.56 billion and RMB 27.92 billion, representing a 26% to 33% increase year-over-year.

展望第三季業績指引，我們預期總營收將在 273.7 億元至 287.7 億元人民幣之間，年增 23% 至 30%。不計全球度和度小滿等已宣布的資產剝離的影響，百度預計第四季度營收將在人民幣 265.6 億元至人民幣 279.2 億元之間，同比增長 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。

I will now open the call to questions. Operator, please?

我現在開始提問。接線員，請說？

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

（操作員指示）您的第一個問題來自美林證券的 Eddie Leung。

Quickly, just wonder if you could share more color with us on the programs you have made on news feed, in terms of both usage and monetization? And how does that compare with our competitors? And then just a quick follow-up on your guidance. We have known some scandals related to P2P financing and that we've seen recently. Have we seen any impact on our revenue in the third quarter from these sorts of events?

很快，我只是想知道您是否可以從使用情況和貨幣化方面與我們分享更多關於您在新聞推送上製作的程序的細節？與我們的競爭對手相比如何？然後只是快速跟進您的指導。我們知道一些與P2P融資有關的醜聞，最近也看到了一些醜聞。此類事件是否對第三季的營收產生了影響？

Yes. Eddie, on the news feed progress, as I mentioned during the prepared remarks, things have been growing very, very quickly. And we have seen growth both in terms of DAUs as well as time spent per user. And the relevancy of those recommended news feed content keep improving. We believe we have the best user experience now. And comparing to most of the other super apps, I think, we are gaining share. But our news feed is designed to enrich peoples' lives, not really just help them to kill time. So we want our users to learn something valuable anytime they come to the Baidu App. And that's why we think news feed is actually a part of our core business, and it's an integral part of the search plus feed super app. And we do expect this kind of trend will continue. And we think our news feed already reaches the largest audience among all the comparable products in China. With more than 600 million monthly users for our search product, we still have a lot of room to grow in terms of the news feed product. And on the P2P advertisers, we always had a very tight control and high bar for P2P advertisers. We haven't seen any meaningful impact on our revenue as of today, and probably going forward, we wouldn't see any meaningful impact either.

是的。艾迪，關於新聞推播的進展，正如我在準備好的發言中提到的那樣，事情進展得非常非常快。我們看到每日活躍用戶 (DAU) 和每用戶使用時間都有成長。且推薦的新聞內容的相關性不斷提高。我們相信我們現在擁有最好的用戶體驗。與大多數其他超級應用程式相比，我認為我們的市場份額正在增加。但我們的新聞推播旨在豐富人們的生活，而不僅僅是幫助他們消磨時間。因此，我們希望用戶每次使用百度應用程式時都能學到一些有價值的東西。這就是為什麼我們認為新聞推送實際上是我們核心業務的一部分，並且是搜尋加推送超級應用程式不可或缺的一部分。我們確實預計這種趨勢將會持續下去。我們認為，我們的新聞推送已經涵蓋了中國所有同類產品中最大的受眾群體。我們的搜尋產品每月有超過 6 億用戶，但在新聞推送產品方面，我們仍有很大的成長空間。對於 P2P 廣告商，我們始終對其有非常嚴格的控制和高門檻。截至今天，我們還沒有看到對我們的收入有任何重大影響，而且將來可能也不會看到任何重大影響。

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

下一個問題來自花旗集團的 Alicia Yap。

I do have some follow-ups on the reasons operating environments for the overall news feed and advertising content censorship. Have we actually seen more step up by the regulators on paying more closely attentions to some of these ad contents format and the content that carry the ads? Is the change of this regulatory environment temporary? Or should we expect more normalized ad growth for the industry after that? Specifically, any impact for Baidu family on this step up? And then just on the housekeeping question, for the SG&A, there's quite a bit of increase this quarter. Are there any onetime cost associated with the business divestiture? Or is it mainly from the promotional channel cost increase?

我確實對整體新聞推播和廣告內容審查的營運環境的原因有一些後續關注。我們是否真的看到監管機構加大力度，更密切地關注某些廣告內容格式以及載有廣告的內容？這種監管環境的改變是暫時的嗎？或者我們應該期待此後該行業的廣告成長更加正常化？具體來說，此舉對百度家族有什麼影響？然後就內部管理問題而言，對於銷售、一般和行政費用 (SG&A)，本季有相當大的成長。業務剝離是否會產生一次性成本？還是主要來自於促銷通路成本的增加？

We always hold a very high standard on our content for news feed. We do not want to give users something that's illegal or something that's on the borderline. Again, we want to enrich our users life, and we want our users learn something valuable. So we haven't seen any negative impact over the past couple of quarters because our standards have always been higher.

我們對新聞推送內容始終抱持非常高的標準。我們不想給用戶非法或邊緣的東西。再次強調，我們希望豐富用戶的生活，我們希望用戶學到一些有價值的東西。因此，過去幾季我們沒有看到任何負面影響，因為我們的標準一直較高。

So on the SG&A, yes, the majority of the growth year-over-year has been related to promotional activities and also channel costs. There were over RMB 100 million that related to a certain bad debt that we had to reserve for, but I think that will be more of a one-off than a continuing item.

因此，就銷售、一般及行政費用而言，是的，同比增長的大部分與促銷活動和通路成本有關。其中有超過 1 億元與我們必須撥備的某項壞帳有關，但我認為這更像是一次性項目，而不是持續項目。

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

您的下一個問題來自摩根士丹利的 Grace Chen。

My question is about -- in the recent Baidu Create conference, Baidu announced introduction of smart mini program. Can you provide a bit more color about the progress of implementation, feedback from customers, any performance metrics that you can share with us? Such that which verticals have adopted the smart mini program first and what other verticals may present bigger potential? And also, can you elaborate a bit more about how the smart mini program would fit in your overall strategy for search or feed business? What would be the sustainable long-term growth rate of social feed business? And lastly, it will be great if you could give us some guidance in terms of the margins in the second half year, in particular, some guidance for the variance cost items, such as traffic acquisition costs, content costs and R&D?

我的問題是──在最近的百度創造大會上，百度宣布推出智慧小程式。您能否詳細介紹實施進度、客戶回饋以及可以與我們分享的任何效能指標？那麼哪些垂直產業已經率先採用了智慧小程序，又有哪些垂直產業可能展現出更大的潛力呢？另外，您能否詳細說明一下智慧小程式如何融入您的搜尋或資訊流業務的整體策略？社交資訊流業務的長期可持續成長率是多少？最後，如果您能就下半年的利潤率給我們一些指導，特別是針對差異成本項目（例如流量獲取成本、內容成本和研發）的一些指導，那就太好了？

Grace, is that right? Your first question was on smart mini program and the progress there?

格蕾絲，是嗎？您第一個問題是關於智慧小程式及其進展的？

Yes, the first question is smart mini program and in terms of the implementation right now, your feedbacks, and in terms of which verticals they have adopted the smart mini program? And second question is about the guidance for the margins in the second half, especially, in terms of variance cost items such as traffic acquisition costs, content costs and R&D?

是的，第一個問題是智慧小程序，就目前的實施情況而言，您的回饋如何，以及哪些垂直產業採用了智慧小程序？第二個問題是關於下半年利潤率的指導，特別是流量獲取成本、內容成本和研發等差異成本項目的指導？

Okay. On the smart mini program, we received overwhelmingly positive responses from the partners we have contacted with. And our latest version of Baidu App already supports the mini program. It will give users much better experience and well drive higher conversion in the future. Right now, some of the verticals are already ready, including games and travel-related verticals. And we are implementing other verticals to well continue to evolve very quickly. And we have promised to open source this by the end of this year, which means that other large apps can just plug into the API and be ready to support all kinds of mini programs in the same ecosystem. So we're seeing a very high level of interest, and we're just implementing all kinds of features. We're already seeing a number of exemplary partners online, for example, train tickets, the conversion rate is much higher than before.

好的。在智慧小程式方面，我們接觸過的合作夥伴的反應非常正面。而我們最新版本的百度App已經支援小程式了。它將為用戶提供更好的體驗，並在未來推動更高的轉換率。目前，一些垂直行業已經準備就緒，包括遊戲和旅遊相關的垂直行業。我們正在實施其他垂直領域，以繼續快速發展。我們承諾在今年年底前將其開源，這意味著其他大型應用程式只需插入 API 即可準備在同一生態系統中支援各種小程式。因此，我們看到了非常高的興趣，並且我們正在實現各種功能。我們已經在網路上看到一些優秀的合作夥伴，像是火車票，轉換率比以前高很多。

Grace, on your question on second half margin, as I mentioned in the prepared remarks, we think that we should see our margin dip several points from second quarter. We've been talking about this since the beginning of the year that we intend to increase our investments in traffic acquisition. I think that's probably the main line item. In addition to that, we'll also continue to increase our investment in content acquisition, so that our feed can continue to be able to acquire traffic and push long tail content. So I think those are the main items that could potentially increase our budget, sales and marketing and also cost of revenues in the content line.

格蕾絲，關於你關於下半年利潤率的問題，正如我在準備好的發言中提到的那樣，我們認為我們的利潤率應該會從第二季度下降幾個百分點。我們從今年年初就一直在談論這個問題，我們打算增加對流量獲取的投資。我認為這可能是主要項目。除此之外，我們也將繼續增加對內容獲取的投入，以便我們的資訊流能夠持續獲取流量並推送長尾內容。所以我認為這些是可能增加我們的預算、銷售和行銷以及內容線收入成本的主要項目。

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

您的下一個問題來自瑞士信貸的 Thomas Chong。

I've got questions about AI initiatives in DuerOS and Apollo. Can management give us any additional color in terms of the monetization time line? And when should we expect revenue contribution in the coming quarters? And my other question is about on the regulatory front, should we expect there will be more regulations to come up in the search or on the news feed side?

我對 DuerOS 和 Apollo 中的 AI 計劃有一些疑問。管理層能否就貨幣化時間表向我們提供更多詳細資訊？我們什麼時候可以預期未來幾季的營收貢獻？我的另一個問題是關於監管方面的，我們是否應該預期在搜尋或新聞推送方面會出現更多的監管規定？

On the AI initiatives, both DuerOS and Apollo are growing very, very quickly. We're seeing tremendous growth or adoption rate from the users who use our IoT devices, and we see a lot of OEMs' strong interest to work with us. But this 2 business lines are in its very early stage, so we do not exact any meaningful revenue contribution in the coming quarters. But having said that, I would say that these 2 business lines are the most advanced ones among its peers. If anyone starts to be able to generate meaningful revenue, we will be the first one to achieve that goal. Especially for Apollo, I think we enjoy an advantage that the Chinese government is very supportive of this kind of technological innovation and are willing to cooperate on the infrastructure level, which means that they want to install sensors on the roads, so that cars do not need to buy very expensive LiDAR or other type of sensors in order to drive autonomously. So we are very excited about the future of these new initiatives. And on the regulatory environment, for both search and news feeds, we have been in existence in the search business for a very long time, and we're seeing changes or fluctuations from time to time. And we think we are able to cope with that going forward as usual. And news feed, we've also been operating this for a little more than 2 years. And we are able to maintain a high standard and close dialogue with the regulator. And we do not see anything changing significantly going forward.

在人工智慧領域，DuerOS 和 Apollo 都發展得非常非常快。我們看到使用我們的物聯網設備的用戶數量或採用率正在大幅增長，我們看到許多原始設備製造商對與我們合作表現出濃厚的興趣。但這兩條業務線尚處於起步階段，因此我們預計未來幾季不會有任何有意義的收入貢獻。但話雖如此，我想說這兩條業務線是同業中最先進的。如果有人開始能夠創造有意義的收入，我們將是第一個實現這一目標的人。特別是對於阿波羅來說，我認為我們享有一個優勢，那就是中國政府非常支持這種技術創新，並願意在基礎設施層面進行合作，這意味著他們希望在道路上安裝感測器，這樣汽車就不需要購買非常昂貴的雷射雷達或其他類型的感測器來實現自動駕駛。因此，我們對這些新措施的未來感到非常興奮。就監管環境而言，無論是搜尋還是新聞推送，我們都已經在搜尋業務中存在了很長時間，並且我們會不時看到變化或波動。我們認為我們能夠像往常一樣應對這個問題。而新聞推送，我們也經營了兩年多一點。並且我們能夠與監管機構保持高標準和密切的對話。我們認為未來不會有任何重大變化。

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

您的下一個問題來自 86Research 的 Juan Lin。

My first question is on short video. I wonder whether there is a crackdown against short video apps that are not in compliance with content censorship has put some weight on the short video supply of our platform and whether that will impact our short video strategy going forward? Also, I wonder what is the current revenue contribution and the monetization progress for our video content? How does video ads compare to news feed ads in terms of the level of monetization? Second question is on TAC. You mentioned that company will step up spending on traffic acquisition for the second half of the year, given that traffic acquisition prices remain pretty high, I wonder whether we're going to adjust our OEM traffic acquisition strategy and the measurement of ROI for traffic acquisition going forward?

我的第一個問題是關於短視頻的。不知道現在針對不符合內容審查的短影片APP的打壓，會不會對我們平台的短片供給造成一些影響，會不會影響我們以後的短影片策略？另外想問一下我們影片內容目前的收益貢獻和變現進度怎麼樣？就獲利水準而言，影片廣告與新聞推播廣告相比如何？第二個問題是關於 TAC 的。您提到公司下半年會加大流量獲取的投入，考慮到流量獲取的價格目前還是比較高的，不知道我們未來是否會調整OEM流量獲取策略，以及流量獲取投資回報率的衡量方式？

All right, Juan, I'll answer your short video question and Herman will answer the TAC question. Short video is growing very, very quickly. We're new to this business, but we have seen tremendous growth over the past few quarters. And video content represents well over half of our total news feed content distribution volume. And short video is also very positive to our revenue generation, which means it actually makes money from day 1 if you look at the monetization capability angle. And in terms of regulations regarding to short video, I think, it's the same standard with text and images. And we have a sophisticated system to identify unwanted content, and we're able to use AI, use machine learning to really filter out those unwanted content and send the most relevant content to our users.

好的，胡安，我將回答您的簡短視訊問題，赫爾曼將回答 TAC 問題。短視頻增長非常非常快。我們對這個行業還很陌生，但過去幾季我們已經看到了巨大的成長。影片內容佔了我們新聞推送內容分發總量的一半以上。短片對我們的創收也非常有利，這意味著如果從獲利能力的角度來看，它實際上從第一天起就能賺錢。至於短影片的監管，我認為與文字、圖片的監管標準是一樣的。我們擁有一套先進的系統來識別不想要的內容，我們能夠使用人工智慧、使用機器學習來真正過濾掉那些不想要的內容，並將最相關的內容發送給我們的用戶。

The question, Juan, on TAC, I think in terms of overall traffic acquisition cost, the way we look at it is, on TAC, in the past, we look at trying to get absolute margins -- gross margin from TAC purchases, and we've changed that strategy since the beginning of the year. We believe that maximizing profit rather than maximizing margin will be a better strategy, and we've been doing that since the beginning of the year. So to the extent that we think that there is incremental dollars to be had, we'll continue to acquire TAC. With that said, we're also looking at the ROIs coming from TAC versus app downloads and trying to grow Baidu App. And so far, we think that we're able to actually increase Baidu App spending, app installs, faster than TAC because we see that ROI has been more positive. So I think in the last 2 quarters, you're seeing us trying to increase our investments in traffic acquisition. TAC we have not increased too significantly. However, under sales and marketing channel cost, you've seen that increase significantly because we've found ways to get pretty good ROI by doing such marketing investments.

胡安，關於 TAC 的問題，我認為就整體流量獲取成本而言，我們看待 TAC 的方式是，過去，我們試圖獲得絕對利潤——從 TAC 購買中獲得毛利率，而我們從今年年初就改變了這一策略。我們相信，利潤最大化而不是利潤率最大化是一個更好的策略，而且我們從今年年初就一直這樣做。因此，只要我們認為可以獲得增量資金，我們就會繼續收購 TAC。話雖如此，我們也關注 TAC 與應用程式下載量帶來的投資報酬率，並試圖發展百度應用程式。到目前為止，我們認為我們實際上能夠比 TAC 更快地增加百度應用支出和應用安裝量，因為我們看到投資回報率更加積極。因此我認為在過去兩個季度中，您會看到我們試圖增加對流量獲取的投資。TAC 我們並沒有大幅增加。然而，在銷售和行銷通路成本方面，您會看到該成本大幅增加，因為我們已經找到了透過此類行銷投資獲得相當不錯的投資回報率的方法。

Your next question comes from the line of Jerry Liu of UBS.

您的下一個問題來自瑞銀的 Jerry Liu。

My question is on advertising. Wanted to ask about revenue growth in the next few quarters. If we're to maintain roughly our current revenue growth rate, do we see a lot of legs left in dynamic ads and oCPC and some of the initiatives today? And when can we see mini programs start to kick in?

我的問題是關於廣告的。想詢問未來幾季的營收成長情況。如果我們要大致維持目前的營收成長率，我們是否認為動態廣告、oCPC 和當今的一些舉措還有很大的發展空間？我們什麼時候可以看到小程式開始發揮作用？

Yes. As you know, the Internet population in China is not growing as quickly as before, so I think the total pie is not getting much larger. But that really means the technology will play a much more important role, both in terms of user experience and in terms of monetization. And regarding to ads, we do see a lot of room in terms of better monetization, technology, including oCPC and including mini programs. Once the advertisers adopt the mini programs, they should see a much better conversion because the user experience is more like a native app instead of just a web page. And user data are connected and the relevancy should be improved. So going forward, over the next few quarters, I think a big revenue driver will be technology innovation on the monetization front.

是的。如你所知，中國的網路人口成長速度不像以前那麼快了，所以我認為整體規模不會變大很多。但這實際上意味著該技術將在用戶體驗和貨幣化方面發揮更重要的作用。關於廣告，我們確實看到在更好的貨幣化、技術方面有很大的發展空間，包括oCPC和小程式。一旦廣告商採用小程序，他們就會看到更好的轉換率，因為用戶體驗更像是原生應用程序，而不僅僅是網頁。且用戶資料是打通的，關聯性有待提高。因此展望未來，我認為在接下來的幾個季度中，貨幣化方面的技術創新將成為一大收入驅動力。

The next question is from Han Joon Kim of Deutsche Bank.

下一個問題來自德意志銀行的 Han Joon Kim。

And just had quick questions. I've noticed that the revenue mix from mobile actually decreased for the first time. So I just wanted to get your perspective on how you see the PC and the mobile mix shifting? And if this is still a one-off or some signs of change in the market? And as a follow-up to your question or topic about #1 kind of results having a better impact, does that mean that the #1 keyword basically gets better pricing? And so it dilutes the impact of #2 and #5? How does the blended eCPM rate kind of shifts when you're #1 results becomes much more dominant result out of all the results?

我只是有一些簡單的問題。我注意到來自行動端的收入組合實際上首次出現下降。所以我只是想了解一下您對 PC 和行動裝置組合轉變的看法？這是否仍是一次性事件或是市場變化的跡象？作為關於#1 結果具有更好影響的問題或主題的後續問題，這是否意味著#1 關鍵字基本上獲得了更好的定價？那麼它削弱了#2 和#5 的影響嗎？當您排名第一的結果在所有結果中佔據主導地位時，混合 eCPM 率會發生怎樣的變化？

Yes. Han Joon, I think you're referring to our mobile revenue. When you're looking year-over-year, our mobile revenue, I think, actually grew as a percentage of total. I think it's just a seasonal fluctuation between Q1 and Q2. And that change was 1%, which I don't think is material. I don't think I kind of read through a 1% variation quarter-over-quarter is too meaningful. I think, overall, we're still seeing a faster growth from mobile side. And I'll have Robin answer the Top 1 results from our search.

是的。韓俊，我想您指的是我們的行動收入。如果按年來看，我認為我們的行動收入在總收入中所佔的百分比實際上是有所增長的。我認為這只是第一季和第二季之間的季節性波動。這個變化是 1%，我認為這並不重要。我認為季度環比 1% 的變化意義不大。我認為，總體而言，我們仍然看到行動端的更快成長。我會讓羅賓回答我們搜尋到的前 1 個結果。

When we think about how to develop our products, we always consider the users' needs first. So we want to try to meet users' needs as quickly as possible, providing the right answer as the #1 result achieves that. And in the meantime, I don't think it will hurt monetization significantly, because in a lot of cases such kind of #1 result has commercial values too, and users are well served in the meantime and we can make some money out of it. For example, when people are looking for airline tickets, the first results get very well satisfying users' needs without them landing on the website, and in the meantime, it has got clear commercial value. So when it comes to the ranking of search results, we always think of the users' interest first, and we think in the long run, users will come back more often and contribute more time to our app, and eventually, we will also be able to monetize the overall user base better.

當我們思考如何開發我們的產品時，我們總是先考慮使用者的需求。因此，我們希望盡快滿足用戶的需求，並提供正確的答案，就像第一名的結果實現這一點一樣。同時，我認為這不會對盈利造成重大損害，因為在很多情況下，這種排名第一的結果也具有商業價值，同時用戶得到了良好的服務，我們可以從中賺取一些錢。例如，當人們搜尋機票時，用戶無需進入網站就能得到最先顯示的結果，很好地滿足了用戶的需求，同時具有明顯的商業價值。因此，在搜尋結果排名方面，我們始終將用戶的興趣放在首位，並且我們認為從長遠來看，用戶會更頻繁地回來並為我們的應用程式貢獻更多時間，最終，我們也將能夠更好地將整體用戶群貨幣化。

The next question is from Wendy Huang of Macquarie.

下一個問題來自麥格理的 Wendy Huang。

I just have 3 housekeeping questions. The first is to follow up on the PC mobile revenue mix. So on the flip side, given that the PC dynamics exposure actually increased, does that imply the PC revenue growth, actually in the quarter, is more than 30%? And also, what's CPC trend for both PC and mobile behind that? And secondly, you disclosed about the Baidu App DAU and user time spent year-over-year trend. I just wonder if you can also share a sequential trend or maybe the Q1 data for the DAU and time spent? Lastly, on the spinoff business, if my calculation is correct, I think the spinoff Internet financing and Global DU is about RMB 800 million to RMB 850 million. So what is actually the margin of this spinoff business? And how shall we take in to consideration of this spinoff impact on the margin side in the Q3 as well?

我只有 3 個基本問題。首先是跟進PC行動端收入結構。那麼，另一方面，鑑於 PC 動態曝光實際上有所增加，這是否意味著本季的 PC 收入成長率實際上超過了 30%？另外，這背後的 PC 和行動裝置的 CPC 趨勢是什麼？其次，您揭露了百度App日活躍用戶數和用戶使用時間的年比趨勢。我只是想知道您是否可以分享連續趨勢或 DAU 和花費時間的 Q1 數據？最後，關於分拆業務，如果我的計算正確的話，我認為分拆的網路融資和全球DU大約是8億到8.5億人民幣。那麼這項衍生業務的實際利潤率是多少？我們該如何考慮此次分拆對第三季利潤率的影響？

Let me answer your first question on the mobile revenue. So mobile revenue as a percentage of total was 76.6%. So we were 1% less than last quarter. But when you compared to last year, we were [72%] (corrected by company after the call). So when you look at the last 4 quarters and so forth, mobile revenue was still growing. So as I mentioned at the question before, I don't think a 1% variation is something to worry about. I think, overall, we're seeing, if you look at the last 4 quarters, mobile revenue is actually trending up because fortunately traffic from mobile is also higher.

讓我來回答您關於行動收入的第一個問題。因此行動收入佔總收入的百分比為 76.6%。因此我們比上一季減少了 1%。但與去年相比，我們的成長率為 [72%]（公司在電話會議後進行了更正）。因此，當你回顧過去 4 個季度等時，你會發現行動收入仍在成長。因此，正如我之前在問題中提到的那樣，我認為 1% 的變化沒什麼好擔心的。我認為，總體而言，如果你看過去 4 個季度，我們會發現行動收入實際上呈上升趨勢，因為幸運的是來自行動的流量也更高。

On the DAU and time spent metric, I think, the trend for Q1 and Q2 was very consistent. As you know, Q1 is seasonally a weak quarter. So in Q2, if we compare to Q1, the sequential growth is very significant. So it's better to compare Q1 with the year-over-year numbers and Q2 also year-over-year numbers. This numbers, we have said in the last earnings call that both are growing. And comparing to most of the super apps, we are growing faster than most of them.

就 DAU 和花費時間指標而言，我認為第一季和第二季的趨勢非常一致。眾所周知，第一季是季節性疲軟的一個季度。因此，如果我們將第二季與第一季進行比較，則連續成長非常顯著。因此，最好將第一季的數據與去年同期的數據進行比較，將第二季的數據與去年同期的數據進行比較。我們在上次收益電話會議上說過，這兩個數字都在成長。與大多數超級應用程式相比，我們的成長速度比大多數超級應用程式都要快。

And then the last question with regards to spinoff revenues and margins, I think that question is going to be hard to answer. Really depends on whether we're able to close the deal during the quarter or at the end of the quarter. In [the prepared remarks] (corrected by company after the call), we laid out what Baidu Core would be without the spinoff. We presented in our prepared remarks the amount excluding the spinoffs. So the difference you can see what we're estimating. For the announced spinoffs in Q3, we're anticipating approximately may be RMB 800 million from the spinoff, that's assuming full quarter of our Du Xiaoman financial services. But should we close this deal beforehand, then obviously, we would only have a portion. With regards to the profitability of the spinoff as a whole, we're seeing profitability, but that is pretty minor compared to all of Baidu. So I think after the spinoff, we would probably lose between RMB 800 million to RMB 1 billion a quarter. And then with regards to profitability, we'll lose some profitability, but it will not be too significant.

最後一個問題是關於分拆收入和利潤，我認為這個問題很難回答。這實際上取決於我們是否能夠在本季或本季末完成交易。在[準備好的評論]（電話會議後由公司更正）中，我們闡述了沒有分拆的「百度核心」將會是什麼樣子。我們在準備好的評論中給出了不包括分拆的金額。因此你可以看到我們估計的差異。對於第三季宣布的分拆，我們預計分拆帶來的收入約為 8 億元人民幣，這是假設我們的度小滿金融服務整個季度的收入。但如果我們提前完成這筆交易，那麼顯然我們只能得到一部分。就整個分拆公司的獲利能力而言，我們看到了獲利，但與整個百度相比，這項獲利能力相當小。所以我認為分拆之後我們每季的虧損大概是8億到10億元之間。就獲利能力而言，我們會損失一些獲利能力，但不會太嚴重。

Our next question comes from the line of Alex Yao of JPMorgan.

我們的下一個問題來自摩根大通的 Alex Yao。

I have a question on the core ads growth outlook. If my math is right, I think, the core ads growth rate for third quarter revenue guidance is around high-teens to mid-20s. Can you give us a sense of what's driving this core as growth rate, i.e. pay click growth versus monetization growth? And then is it fair to say majority of the pay clicks growth is driven by the newly added inventory from feeds? And secondly, is Du Xiaoman the last and non-core asset that we're going to spinoff?

我對核心廣告成長前景有疑問。如果我的計算正確的話，我認為第三季營收預測的核心廣告成長率大約在 15% 到 20% 之間。您能否向我們介紹一下推動這核心成長率的因素？付費點擊成長與貨幣化成長？那麼是否可以說付費點擊量的增長大部分是由來自 feed 的新添加的庫存推動的？第二，度小曼是不是我們要剝離的最後一個非核心資產？

I'll take that, Alex. When you say core business, I guess, you're meaning Search. Is that correct?

我接受，亞歷克斯。我想，當您說核心業務時，您指的是搜尋。對嗎？

Yes, I mean taking out the video -- the iQIYI business everything else left over.

是的，我的意思是去掉愛奇藝的視訊業務，剩下的一切都去掉。

Okay. So our Search plus feed, I think, overall, is growing pretty significantly. We don't really break out in terms of how much of that is traffic, how much of that is clicks. I think it is a mixture. When you're looking at Search in itself, obviously, you're seeing the effectiveness of using different type of AI technologies, coupled with our large pool of data to continue to increase the efficiency of Search, that's helping drive our revenue. And then with feed, I think, you're seeing both. You're seeing not only additional traffic, you're seeing increasing user time spent. You're seeing us introducing some of the new search products, monetization product into feed. You're also seeing different formats, for example, like AR that's helping drive some of the display ads that we didn't have before. So there are several dimensions that are driving feeds. With regards to Du Xiaoman -- what was the question, again?

好的。因此，我認為，我們的搜尋和資訊流總體上正在顯著增長。我們並沒有真正統計出其中有多少是流量，有多少是點擊量。我認為它是混合物。當你查看搜尋本身時，顯然你會看到使用不同類型的人工智慧技術的有效性，再加上我們龐大的資料庫來繼續提高搜尋的效率，這有助於提高我們的收入。然後透過 feed，我想你會看到兩者。您不僅會看到額外的流量，還會看到用戶花費的時間增加。您會看到我們將一些新的搜尋產品、貨幣化產品引入資訊流中。您還會看到不同的格式，例如 AR，它有助於推動一些我們以前沒有的展示廣告。因此，有幾個維度在推動資訊流。至於杜小曼──問題又是什麼？

You guys have been spinning off or disposing non-core assets for quite a few quarters. Is Du Xiaoman the last non-core asset you are going to spinoff?

你們已經剝離或處置非核心資產好幾個季度了。度小曼是你們要剝離的最後一個非核心資產嗎？

Yes. Normally for these business decisions, we will announce it publicly when we have made a decision internally. So thus far, Du Xiaoman is the last one that we have announced, and that's the one that in the process we're spinning off.

是的。通常對於這些商業決策，當我們內部做出決定時，我們會公開宣布。到目前為止，度小曼是我們宣布的最後一個品牌，也是我們正在剝離的品牌。

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

您的下一個問題來自高盛的 Piyush Mubayi。

My question is around DuerOS, which has now reached 90 million installed base. Is there any monetization that we could build into our forecast? That's the first question. Second, following up on Alex's question, it appears that your guidance suggest a slight slowing down into the third quarter on year-on-year basis for the Core, Herman? I think, if you could just comment on that? Or is it just because your range is wide enough and we're reading too much into that number?

我的問題是關於 DuerOS 的，目前它的安裝基數已經達到 9000 萬。我們可以將任何貨幣化因素納入我們的預測中嗎？這是第一個問題。其次，回答亞歷克斯的問題，赫爾曼，您的指導似乎表明核心業務第三季度的同比增速將略有放緩，對嗎？我想，您能對此發表評論嗎？或者只是因為你的範圍夠廣，而我們對這個數字的解讀多了？

On the DuerOS, we are still focusing on expanding the installed base and improve user experience. There is a clear path to revenue and profit, because users will increasingly rely on voice-activated devices for all kinds of information, content and services. So eventually, we wouldn't worry about monetization, but for the next few quarters, we would not think that DuerOS will contribute a significant portion of our revenue.

在DuerOS上，我們仍然專注於擴大安裝基礎並改善使用者體驗。收入和利潤的途徑很明確，因為用戶將越來越依賴語音啟動設備來獲取各種資訊、內容和服務。因此，最終我們不會擔心貨幣化問題，但在接下來的幾個季度中，我們認為 DuerOS 不會為我們的收入貢獻很大一部分。

And Piyush, on your question with regards to following up on Alex's question on Search plus feed. I think the reason why you're seeing on a year-over-year basis that we're slowing down from second quarter is because of the 1 year lap from last year. If we recall the growth rate of our advertising last year, 2017, I think, first quarter we were at a negative. Second quarter, we were going, like, 7% year-over-year. And by third quarter, we significantly increased and we were growing [29%] (corrected by company after the call). As you probably know, we had a medical situation back in 2016. And by the third quarter of last year, basically, our revenue started going over [29%] (corrected by company after the call). So we have a higher base, obviously, coming into this year. So I think it's that 1 year lap of going to be a more normalized growth rate -- sorry, in third quarter last year, that's causing this quarter to be like this.

Piyush，關於您關於跟進 Alex 關於搜尋加資訊流的問題的問題。我認為，您看到與去年同期相比，我們從第二季度開始成長放緩的原因是因為與去年相比有一年的差距。如果我們回顧去年（2017 年）的廣告成長率，我認為第一季是負成長。第二季度，我們的銷售額年增了 7%。到第三季度，我們的業績大幅成長，成長率為 [29%]（電話會議後公司進行了更正）。您可能知道，我們在 2016 年遇到了醫療問題。到去年第三季度，我們的收入基本上開始超過 [29%]（電話會議後公司進行了更正）。因此，顯然，今年我們的基數更高了。所以我認為，這一年的時間將使成長率更加正常化——抱歉，去年第三季的情況就是如此，這導致了本季出現這種情況。

And we'll take the final question from Tian Hou of T.H. Capital.

最後一個問題來自 T.H. Capital 的 Tian Hoo。

My question is related to your Apollo. So Apollo has started to make it into a car or minibus and in the Level 4. I think it's a great accomplishment. So I wonder from here to Level 5, what are some of the milestones you guys are going to do to accomplish that? How long it may take so from here to Level 5? That's my question.

我的問題與您的 Apollo 有關。因此，Apollo 已經開始將其應用於汽車或小型巴士，並達到 4 級等級。我認為這是一個偉大的成就。所以我想知道從現在到第 5 級，你們要完成哪些里程碑來實現這一目標？那麼從現在到 5 級要多久？這就是我的問題。

Yes. As you know, auto is a huge industry, it involves a lot of ecosystem partners, and we're working with many of them on Level 3, Level 4. And we're also working with the government to design better infrastructure or smarter roads for autonomous driving. So that's why you see that the Level 4 minibus actually launched before any passenger cars with Level 3 technologies. They're going to be used in designated areas at a slower speed, which will make sure that the safety is not an issue. So the Apollo ecosystem is a very comprehensive one. We will be selling simulation software. We will be selling HD maps. We'll be selling ACU, which is Apollo Computing Unit consisting of both hardware and software. We will have solutions for valet parking. And we have a broad spectrum of services offering to our partners. As we move forward, we'll be able to monetize from both Level 3 and Level 4, and probably some other related areas.

是的。眾所周知，汽車是一個龐大的產業，它涉及許多生態系統合作夥伴，我們正在與其中許多合作夥伴在 3 級、4 級自動駕駛領域合作。我們也正在與政府合作，為自動駕駛設計更好的基礎設施或更聰明的道路。所以這就是為什麼你會看到 4 級小型巴士實際上在任何採用 3 級技術的乘用車之前推出。它們將在指定區域以較低的速度行駛，以確保安全不會成為問題。所以 Apollo 生態系統非常全面。我們將銷售模擬軟體。我們將出售高清地圖。我們將出售 ACU，即由硬體和軟體組成的阿波羅計算單元。我們將提供代客泊車解決方案。我們為合作夥伴提供廣泛的服務。隨著我們不斷前進，我們將能夠從第 3 級和第 4 級以及其他一些相關領域中獲利。

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。