百度 (BIDU) 2018 Q4 法說會逐字稿

Hello, and thank you for standing by for Baidu's Fourth Quarter and Full Year 2018 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Sharon Ng, Baidu's Director of Investor Relations.

您好，感謝您參加百度2018年第四季及全年財報電話會議。（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。現在，我想將會議交給今天會議的主持人、百度投資者關係總監 Sharon Ng。

Hello, everyone, and welcome to Baidu's Fourth Quarter and Full Year 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年第四季及全年業績電話會議。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 that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC, including our annual report on Form 20-F. Baidu does not undertake any obligation to update any forward-looking statements except as required under applicable law.

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

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

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

As a reminder, this conference is being recorded. In addition, a webcast of this conference call will also be available on Baidu's IR website, along with our earnings press release, which is intended to supplement our prepared remarks today during today's call and provide a reconciliation of the differences between GAAP and non-GAAP financial measures. Unless otherwise specified, we refer to non-GAAP measures on the call, which should not be considered as a substitute for the financial information prepared in accordance with GAAP. These GAAP measures are included as additional clarifying items to aid investors in further understanding the company's performance. Please refer to the non-GAAP financial measures section of Baidu's press release for further information about our use of non-GAAP measures.

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發布，同時發布的還有我們的獲利新聞稿，旨在補充我們今天在電話會議上準備的發言，並對 GAAP 和非 GAAP 財務指標之間的差異進行調節。除非另有說明，我們在電話會議上引用的是非 GAAP 指標，這些指標不應被視為按照 GAAP 編制的財務資訊的替代品。這些 GAAP 指標作為附加說明項目納入其中，以幫助投資者進一步了解公司的業績。有關我們使用非公認會計準則 (non-GAAP) 指標的更多信息，請參閱百度新聞稿中的非公認會計準則財務指標部分。

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。

In 2018, we expanded Baidu's business beyond search with AI, by strengthening our mobile foundation and leading in new AI businesses, which puts us on strong footing, as we enter 2019. On mobile, the growth rate of Baidu App DAUs accelerated over the past year, growing 24% year-over-year to 161 million in December 2018, compared to a range of 17% to 19% in the past 4 quarters. Haokan, our short video app, duplicated Baidu App's search-plus-feed strategy and saw its DAUs grow to 19 million in December from 1 million a year ago. Quanmin, our flash video app, whose short videos are usually under 1 minute long, saw its DAUs grow to 4 million within 1 quarter of official launch. Aggregated feed time spent on Baidu, Haokan and Quanmin apps grew 112% year-over-year. The robust growth of Baidu's organic traffic is strengthening our search foundation as well as enabling us to leverage Baidu's AI to become an important player in feed and short video offerings, which are experiencing strong momentum in China.

2018年，我們透過強化行動基礎、引領新的人工智慧業務，將百度的業務拓展到人工智慧搜尋之外，為我們進入2019年奠定了堅實的基礎。在行動領域，百度應用程式日活躍用戶 (DAU) 的成長率在過去一年中加快，2018 年 12 月年增 24% 至 1.61 億，而過去四個季度的成長率為 17% 至 19%。我們的短影片應用程式「好看」複製了百度App的「搜尋+資訊流」策略，其每日活躍用戶從一年前的100萬增長至12月份的1900萬。全民是我們的Flash視訊應用，其短視頻通常長度在1分鐘內，在正式上線一個季度內，其每日活躍用戶就增長到了400萬。百度、好看和全民應用上資訊流的總使用時間較去年同期成長 112%。百度自然流量的強勁成長增強了我們的搜尋基礎，也使我們能夠利用百度的人工智慧成為資訊流和短視頻產品的重要參與者，而這些產品在中國正經歷著強勁的發展勢頭。

On new AI businesses, DuerOS, we believe, has become the most popular voice assistant in China with the largest installed base, reaching 204 million in December. On product innovation, we launched the first smart display in China, Xiaodu @ Home, and were the first to introduce a commercial Level 4 vehicle in China, Apolong, with KingLong Automotive. On cloud, we helped enterprise customers build a competitive edge through Baidu's AI solutions. Enterprise AI has tremendous potential in China by leveraging powerful AI computing, it gives China's traditional industries a technological advantage over its regional peers.

在新的人工智慧業務方面，我們認為，DuerOS 已成為中國最受歡迎的語音助手，擁有最大的安裝基數，12 月達到 2.04 億。在產品創新方面，我們推出了國內首款智慧顯示器小度@Home，並攜手金龍汽車首次在中國推出L4級自動駕駛商用車阿波龍。在雲端，我們透過百度的AI解決方案幫助企業客戶建立競爭優勢。企業人工智慧在中國擁有巨大的潛力，透過利用強大的人工智慧運算，它使中國傳統產業相對於其他地區產業擁有技術優勢。

In 2018, Baidu reached a historic milestone, with revenues surpassing RMB 100 billion. We are excited to pursue the next 100 billion of growth by leveraging Baidu's AI to extend beyond search into fast-growing consumer markets as well as new AI opportunities in enterprise and government sectors.

2018年，百度邁向歷史性的里程碑，營收突破1,000億元。我們很高興能夠利用百度的人工智慧，將搜尋領域拓展到快速成長的消費市場以及企業和政府部門的新人工智慧機遇，從而實現下一個千億級的成長。

Let's begin our Q4 review with search and feed. Our focus in 2018 has been investing in organic traffic to accelerate our growth and strengthening Baidu's content ecosystem to give users a better experience with search and feed. Daily active users on Baidu App, our flagship app, has been accelerating over the past year, due in part to the improved search experience and the strength of our feed.

讓我們從搜尋和回饋開始我們的第四季度回顧。2018 年，我們的重點是投資自然流量，以加速我們的成長，並加強百度的內容生態系統，為用戶提供更好的搜尋和資訊流體驗。我們的旗艦應用程式百度應用程式的每日活躍用戶在過去一年中一直在加速成長，部分原因是搜尋體驗的改善和資訊流的強勁成長。

During the recent Chinese New Year Gala, the most popular TV show in China, Baidu participated in the red envelope giveaway, which turned out to be a success. More users now realize that Baidu App is better, safer and more powerful, as it integrates search and feed seamlessly and provides a native-app-like experience. In the future, we do expect search traffic in the Baidu App to grow much faster than the overall search market.

在最近舉行的中國最受歡迎的電視節目春節聯歡晚會上，百度參與了紅包贈送活動，並取得了成功。現在，越來越多的用戶意識到百度 App 更好、更安全、更強大，因為它無縫整合了搜尋和資訊流，並提供了類似原生應用程式的體驗。未來，我們確實預期百度應用程式的搜尋流量成長速度將遠遠快於整體搜尋市場。

Over the past year, we have made significant progress in expanding our content network on Baijiahao, which now hosts 1.9 million Baijiahao accounts. With significant coverage of top-tier publishers on Baijiahao accounts, we believe Baidu's AI -- we leverage Baidu's AI to push the most relevant content to new Baidu App users and make their onboarding experience smoother. We deployed the same methodology to Haokan earlier this year by attracting a large base of high-quality video content publishers and used the Baidu's AI to enable smoother onboarding for new Haokan users.

在過去的一年裡，我們在擴展百家號內容網絡方面取得了重大進展，目前百家號擁有 190 萬個帳戶。憑藉百家號對頂級出版商的廣泛覆蓋，我們相信百度的人工智慧——我們利用百度的人工智慧向新的百度應用用戶推送最相關的內容，並使他們的入職體驗更加順暢。今年早些時候，我們透過吸引大量優質影片內容發布者，將同樣的方法應用於好看，並利用百度的人工智慧為好看的新用戶提供更順暢的入門體驗。

As a result, Haokan was the second fastest-growing app among the top 10 short video apps in China in terms of DAUs, MAUs and total daily time spent during the 3 months ending December, according to QuestMobile. And the fastest-growing app over the same period was Quanmin, a short video app that we are incubating. Quanmin's DAU grew to 4 million in 1 quarter.

因此，根據QuestMobile的數據，截至12月的三個月內，好看在每日活躍用戶數、月活躍用戶數和每日總使用時間方面成為中國十大短視頻應用中增長速度第二快的應用。而同期成長最快的應用是我們正在孵化的短視頻應用全民。全民的DAU在一個季度內成長到400萬。

Short video is a growing market in China, and we expect this demand to grow even faster with the arrival of 5G. Our foray into short videos is seeing strong results. For example, excluding iQIYI, Baidu distributed over 3.5 billion video views daily in December, that's up 56% from last quarter. With users showing insatiable appetite for short videos, we are leveraging Baidu AI to better tag the video content and personalize each distribution based on user preferences.

短影片在中國是一個不斷成長的市場，我們預期隨著5G的到來，這種需求將會成長得更快。我們進軍短視頻領域並取得了顯著成果。例如，不包括愛奇藝，百度 12 月每日影片播放量超過 35 億次，較上一季成長 56%。隨著用戶對短影片表現出無限的興趣，我們正在利用百度人工智慧來更好地標記影片內容，並根據用戶喜好對每次分發進行個人化。

Whereas Baijiahao accounts fulfill our users' demand for feed content, Baidu's Smart Mini Program allows them to enjoy native-app experience from our partner network of service apps. Through the pull down of the home screen, search results and feed viewing, Baidu App users can access the functionalities of our partner apps directly from the Baidu App. We believe the future of mobile search will shift toward closed-loop, native-app experience from the current search experience that direct users to HTML5 sites. MAUs of our mini program has grown to 147 million in December, up 30% sequentially. In December, we open sourced Baidu's Smart Mini program to allow our top partners to build their own mini-program network.

百家號滿足了使用者對資訊流內容的需求，而百度智慧小程式則讓使用者能夠享受來自我們合作夥伴服務應用網路的原生應用體驗。透過下拉主畫面、搜尋結果和資訊流查看，百度 App 使用者可以直接從百度 App 存取我們合作夥伴 App 的功能。我們相信，行動搜尋的未來將從目前將使用者引導至 HTML5 網站的搜尋體驗轉向閉環、原生應用程式體驗。我們的小程式的每月活躍用戶在 12 月已成長至 1.47 億，較上季成長 30%。12月，我們開源了百度智慧小程序，讓我們的頂級合作夥伴能夠建立自己的小程式網路。

On monetization, the integration of search and feed in Baidu App brings together significant synergies. During the quarter, we expanded our optimized cost per click, or oCPC, offerings to oCPX. For example, we're now offering oCPM for impressions and oCPV for video views, which enable feed ads to use the same optimization algorithms. With feed and search under one roof, we are seeing customers opting for omni-marketing, which is a powerful marketing campaign, leveraging the reach of search, feed and app-opening interstitial ads.

在商業化方面，百度App搜尋與資訊流的整合帶來了顯著的綜效。在本季度，我們將優化的每次點擊費用（oCPC）服務擴展到了 oCPX。例如，我們現在為展示次數提供 oCPM，為影片觀看次數提供 oCPV，這使得資訊流廣告能夠使用相同的最佳化演算法。透過將資訊流和搜尋整合在一起，我們看到客戶選擇全通路行銷，這是一種強大的行銷活動，可以利用搜尋、資訊流和應用程式打開插頁廣告的覆蓋範圍。

Over time, we believe the adoption of Baidu's Smart Mini Program will also be a revenue driver for us. Early A/B testing indicates that advertisers using Baidu's Smart Mini Program are getting better ROI than using HTML5 sites as the landing pages for their advertisements.

隨著時間的推移，我們相信百度智慧小程式的採用也將成為我們的收入驅動力。早期的 A/B 測試表明，使用百度智慧小程式的廣告主比使用 HTML5 網站作為廣告登陸頁面的廣告主獲得更好的投資報酬率。

Turning to DuerOS voice assistant. DuerOS is gaining strong market adoption, with an installed base reaching 204 million in December, up from 141 million in September. Voice queries on DuerOS continue to grow robustly, reaching 1.6 billion in December, representing a sequential CAGR of over 100% for the last 7 quarters.

轉向DuerOS語音助理。DuerOS 的市場應用日益廣泛，12 月安裝量已達 2.04 億，高於 9 月的 1.41 億。DuerOS 語音查詢量持續強勁成長，12 月達到 16 億次，過去 7 個季度的複合年增長率超過 100%。

Our customers want smart devices that understand them better, that provide better search results and that offer more and better services. As a result, we will continue to make heavy investment in AI to provide best-in-class speech recognition and natural language processing technologies. We have also begun testing the DuerOS skills store, where customers can subscribe to both free and fee-based skills. The DuerOS skills store currently offers over 1,000 skills, such as Douyu live video, Dragonfly FM online radio and CITIC Academy online literature, and has a developer community of 27,000 engineers.

我們的客戶希望智慧型設備能夠更了解他們，提供更好的搜尋結果並提供更多更好的服務。因此，我們將繼續大力投資人工智慧，以提供一流的語音辨識和自然語言處理技術。我們也開始測試 DuerOS 技能商店，客戶可以在其中訂閱免費和收費技能。目前，DuerOS技能商店上線鬥魚直播、蜻蜓FM線上電台、中信學院線上文學等超過1000項技能，擁有2.7萬名工程師組成的開發者社群。

In the fourth quarter, our first-party smart device sold exceptionally well. Xiaodu smart speaker was the best-selling smart speaker on JD.com, Pinduoduo and Gome.com during the Double 11 event; and Xiaodu @ Home, our smart display, saw unit sales accelerate from previous quarters.

第四季度，我們的第一方智慧型裝置銷售異常良好。小度智慧音箱在雙十一期間成為京東、拼多多和國美等平台上最暢銷的智慧音箱；我們的智慧顯示器小度@Home的銷量較前幾個季度有所增長。

To expand the use of DuerOS voice assistant in November, we added to our lineup of Xiaodu smart devices. Xiaodu Smartphone Car Mount, a smartphone charger under USD 15 equipped with far-field microphones that enable users to operate DuerOS skills, such as Baidu Maps and Phoenix New Media, through conversational AI, freeing their hands to allow for safer driving. Stay tuned for new Xiaodu smart devices that we will be launching soon. DuerOS for Apollo, a version of DuerOS adopted for in-vehicle usage, has already been preinstalled in Chery's high-end EXEED cars and will be preinstalled in selected models of Ford, Lincoln, Great Wall Motor and Byton cars later this year.

為了擴大DuerOS語音助理的使用範圍，我們在11月增加了小型智慧型裝置的產品線。小度智慧型手機車載支架是一款售價低於 15 美元的智慧型手機充電器，配備遠場麥克風，使用戶能夠透過對話式 AI 操作百度地圖和鳳凰新媒體等 DuerOS 技能，解放雙手，實現更安全的駕駛。敬請期待我們即將推出的全新小度智慧型裝置。DuerOS for Apollo是DuerOS的車載版本，目前已預裝在奇瑞高階EXEED車型上，並將於今年下半年預載在福特、林肯、長城車和拜騰等部分車型上。

Our goal for DuerOS is not only to make interactions with smart devices simpler, we also see a need from users to be able to switch their skills interchangeably across mobile, home and car. Built into DuerOS for Apollo is a skills store that operates mini programs from the Baidu App, which will bring convenience to both our users and the developer community.

DuerOS 的目標不僅是讓與智慧型裝置的互動更加簡單，我們還看到使用者需要能夠在行動裝置、家庭和汽車之間交替切換他們的技能。DuerOS for Apollo 內建了技能商店，可以運行百度 App 的小程序，為用戶和開發者社群帶來便利。

In the hospitality sector, DuerOS now powers Baidu's smart display to provide personal concierge in over 2,000 rooms across a score of hotels in China, particularly 5-star hotels, including the newly opened InterContinental Shanghai Wonderland.

在酒店業，DuerOS 現已為百度的智慧顯示器提供支持，為中國 20 多家酒店的 2,000 多間客房提供私人禮賓服務，尤其是五星級酒店，包括新開業的上海佘山世茂洲際酒店。

Turning to Apollo. At CES in Las Vegas last month, we released Apollo v3.5, which supports autonomous driving on complex urban roads. We also introduced Apollo Open Road for the developer community and Apollo Enterprise, offering solutions to support commercial production, including DuerOS for Apollo, valet parking, assisted highway driving, minibus and intelligent maps.

轉向阿波羅。上個月在拉斯維加斯的CES上，我們發布了Apollo v3.5，支持在複雜的城市道路上自動駕駛。我們也為開發者社群推出了Apollo Open Road，以及Apollo Enterprise，提供支援商業化生產的解決方案，包括Apollo的DuerOS、代客泊車、高速公路輔助駕駛、小巴和智慧地圖。

In the fourth quarter, we added First Automotive Works and Volvo, as Apollo partners for commercial production of Level 4 passenger cars. Apollo has garnered over 135 OEMs, Tier 1 parts suppliers and other strategic partners to date, including recent additions of Volkswagen Automotive, China Unicom, Kalray, Quanta Computer and StarNeto Technology.

第四季度，我們增加了第一汽車製造廠和沃爾沃作為 Apollo 合作夥伴，共同進行 4 級乘用車的商業化生產。截至目前，Apollo 已獲得超過 135 家原始設備製造商、一級零件供應商和其他策略合作夥伴的支持，其中包括最近加入的大眾汽車、中國聯通、Kalray、廣達電腦和星網科技。

Beyond autonomous driving, we are receiving interest from Chinese municipalities to partner with them and provide smart transportation solutions. With the support of local governments, we see commercial opportunities to minimize traffic congestion, reduce air pollution and improve road safety by leveraging Apollo V2X, or vehicle to infrastructure, solutions.

除了自動駕駛之外，中國各城市也對我們合作提供智慧交通解決方案感興趣。在地方政府的支持下，我們看到了利用 Apollo V2X（車輛到基礎設施）解決方案來最大限度地減少交通擁堵、減少空氣污染和提高道路安全的商業機會。

And for Baidu Cloud. In December, we open sourced OpenEdge, an edge computing platform that extends Baidu Cloud's data processing and machine learning to edge devices. Baidu's OpenEdge has received positive feedback from the developer community, reaching #1 on GitHub in the open source edge platform category shortly after launch and continues to hold the top spot in current ranking, as of February.

還有百度雲。12月，我們開源了邊緣運算平台OpenEdge，將百度雲的資料處理和機器學習延伸到邊緣設備。百度 OpenEdge 得到了開發者社群的正面回饋，推出後不久就在 GitHub 開源邊緣平台類別中排名第一，並且截至 2 月繼續保持當前排名榜首。

Baidu Cloud is seeing strong growth in both revenue and customer base, and is expanding AI solutions across different industry verticals, such as telecom, manufacturing, financial services and transportation. For example, last quarter, we showcased a top telecom operator in China that used Baidu AI solution to power one of their call centers. After initial implementation, Baidu AI solution was handling millions of calls per month, and reducing the average customer call time by over 70%. We recently signed with the telecom customer to expand Baidu AI-powered automated call center solution to power several more call centers. At the same time, we are receiving interest from financial institutions as well as airlines to power their customer call centers.

百度雲的營收和客戶群均呈現強勁成長，並正在向電信、製造、金融服務和交通運輸等不同行業垂直領域擴展人工智慧解決方案。例如，上個季度，我們展示了中國一家頂級電信業者使用百度 AI 解決方案為其一個呼叫中心提供支援。初步實施後，百度AI解決方案每月處理數百萬個呼叫，並將平均客戶呼叫時間減少70％以上。我們最近與電信客戶簽約，擴展百度人工智慧自動呼叫中心解決方案，為更多呼叫中心提供支援。同時，金融機構和航空公司也對我們提供支援其客戶呼叫中心感興趣。

Some investors may wonder how the economics will work for Baidu, as we enter enterprise AI. Investing in feed and voice assistant are natural extensions of Baidu's search business. As we venture into enterprise AI, we have the potential to leverage the same AI to significantly expand Baidu's total addressable market into the massive enterprise and government sectors.

一些投資者可能想知道，隨著我們進入企業人工智慧領域，百度的經濟狀況將如何。投資資訊流和語音助理是百度搜尋業務的自然延伸。當我們進軍企業人工智慧時，我們有潛力利用相同的人工智慧將百度的總目標市場大幅擴展到龐大的企業和政府部門。

In the case mentioned above, just like the economics of ERP projects, the economics of cloud-enabled AI solutions may have low margins in the beginning, but with each replication, the project margin improves, and our AI solutions become better with machine learning models and experience accumulated.

在上述案例中，就像 ERP 專案的經濟效益一樣，基於雲端的 AI 解決方案的經濟效益在開始時可能利潤率較低，但隨著每次複製，專案利潤率都會提高，隨著機器學習模型和經驗的積累，我們的 AI 解決方案也會變得更好。

Turning to iQIYI. As an entertainment IP powerhouse in China, iQIYI continues to see strong subscriber growth, adding 36.6 million subscribers in 2018 to 87.4 million members. In fourth quarter, Baidu and iQIYI co-launched a hybrid OTT TV box with Sichuan Cable TV, enhancing the home entertainment experience through AI. And this is the second OTT TV box following the release of Gehua Little Fruit earlier this year.

轉向愛奇藝。身為中國娛樂IP巨頭，愛奇藝用戶數持續強勁成長，2018年新增用戶3,660萬，總會員數達8,740萬。第四季度，百度、愛奇藝與四川有線電視聯合推出混合OTT電視盒，透過人工智慧提升家庭娛樂體驗。這是歌華小果今年以來推出的第二款OTT電視盒。

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

說完這些，讓我把電話轉給 Herman 來介紹一下財務亮點。

Thank you, Robin. Hello, everyone. Welcome to Baidu's fourth quarter and full year 2018 call.

謝謝你，羅賓。大家好。歡迎參加百度2018年第四季及全年電話會議。

Before I begin with financial review, let me make a few notes. All monetary amounts used in my discussion are in RMB, unless stated otherwise. Starting on January 1, 2018, we adopted ASC 606, a new revenue accounting standard that nets value-added tax from the revenue and cost of revenues lines. To increase comparability with 2018 numbers, 2017 revenue numbers and related metrics, such as margins, have been adjusted, assuming net of VAT.

在開始財務審查之前，請允許我做一些筆記。除非另有說明，否則我在討論中使用的所有貨幣金額均為人民幣。從 2018 年 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 年的收入數字和相關指標（例如利潤率）已進行調整，假設扣除增值稅。

We had a terrific year in 2018. Total revenues grew to CNY 102.3 billion, up 28% year-over-year, or 31% year-over-year excluding revenue from spinoff businesses, which were approximately CNY 4.1 billion and CNY 3.1 billion in 2017 and 2018, respectively. Revenues for Baidu Core reached CNY 78.3 billion, up 22% year-over-year, or up 26% year-over-year excluding spinoff revenues.

2018 年是我們度過的豐收年。總收入成長至人民幣 1,023 億元，年增 28%，扣除衍生性業務收入後年增 31%（2017 年和 2018 年衍生業務收入分別約為人民幣 41 億元和 31 億元）。「百度核心」營收達783億元，較去年成長22%，若不計分拆收入，則較去年成長26%。

Non-GAAP net income to Baidu was CNY 23.3 billion, up 35% year-over-year and non-GAAP net margin reached 23%. Non-GAAP net income attributed to Baidu Core was CNY 28.5 billion, up 37% year-over-year and net margins was 36% versus 33% last year.

百度非美國通用會計準則淨利為233億元人民幣，較去年同期成長35%，非美國通用會計準則淨利率達23%。非美國通用會計準則下，百度核心淨利為 285 億元，年增 37%，淨利率 36%，去年同期為 33%。

Adjusted EBITDA reached CNY 24.3 billion, up 4% year-over-year, and EBITDA margin was 24%. Adjusted EBITDA for Baidu Core grew to CNY 31.5 billion, up 18% year-over-year, and adjusted EBITDA margin reached 40% compared to 42% the prior year. Free cash flow was CNY 27.2 billion. Free cash flow generated by Baidu Core was strong at CNY 24.9 billion or USD 3.6 billion.

調整後EBITDA達243億元，年增4%，EBITDA利潤率為24%。百度核心調整後EBITDA增至315億元人民幣，較去年同期成長18%，調整後EBITDA利潤率達40%，而去年同期為42%。自由現金流為272億元。百度核心產生的自由現金流強勁，達到 249 億元或 36 億美元。

Turning to fourth quarter 2018. Total revenues reached CNY 27.2 billion, up 22% year-over-year or 28% year-over-year, excluding spinoff revenues, which was CNY 1 billion in Q4 2017. Revenue from Baidu Core grew to CNY 20.5 billion or USD 3 billion, up 20% year-over-year, excluding spinoff revenues. Marketing customers grew over 10% year-over-year, which can be largely attributed to our industry-leading performance-based ad products, like dynamic ads and oCPX, as Robin mentioned. We saw strong strength coming from education, e-commerce/retail and service customers, which were partially offset by the weakness in health care, gaming, real estate and, to a lesser extent, financial services. The customer sector weakness was mostly impacted by industry-specific policies.

展望2018年第四季。總營收達到 272 億元，年增 22%，不包括衍生收入（2017 年第四季為 10 億元），年增 28%。百度核心營收成長至 205 億元或 30 億美元，較去年同期成長 20%，不包括分拆收入。行銷客戶年增超過 10%，正如 Robin 所提到的，這在很大程度上歸功於我們行業領先的基於效果的廣告產品，例如動態廣告和 oCPX。我們看到教育、電子商務/零售和服務客戶表現出強勁實力，但醫療保健、遊戲、房地產以及金融服務（程度較輕）領域的疲軟在一定程度上抵消了這一優勢。客戶部門的疲軟主要受到行業特定政策的影響。

On the healthcare ads, we successfully rolled out Baidu's new policy to require healthcare customers in the field of andrology and gynecology to shift the landing pages of their ads to Baidu's content platform. By requiring healthcare marketing customers to place their content in structured-data format on Baidu's platform, which allows for comparison across service providers, site commentary and ratings and other important features, we are in a better position to monitor the sites of our healthcare customers and weed out those that offer questionable services. With Phase 1 of the healthcare provider network transition, we are on track to shift the ad landing pages of other healthcare customers this year. The new business model not only would improve the quality of marketing customers and the information on health care sites, it would also give us a better understanding of user interests, which, over time, would allow us to further improve the navigation and relevancy of online healthcare information in China.

在醫療保健廣告方面，我們成功推行了百度的新政策，要求男科和婦科領域的醫療保健客戶將其廣告落地頁面轉移至百度的內容平台。透過要求醫療保健行銷客戶將其內容以結構化資料格式放置在百度平台上，從而可以跨服務提供者進行比較、網站評論和評級以及其他重要功能，我們可以更好地監控醫療保健客戶的網站並剔除那些提供可疑服務的網站。隨著醫療保健提供者網路轉型的第一階段，我們預計今年將轉移其他醫療保健客戶的廣告登陸頁面。新的商業模式不僅可以提高行銷客戶和醫療保健網站資訊的質量，還可以讓我們更好地了解用戶的興趣，隨著時間的推移，這將使我們能夠進一步改善中國線上醫療保健資訊的導航和相關性。

Using similar technologies, we see an opportunity to build a content vertical for online literature and make it easier for authors to distribute their literary works online and receive revenue share. The online literature market in China is shifting toward an ad-supported model versus paid content, which presents Baidu with a huge market opportunity, playing to our strength as a leading marketing platform.

利用類似的技術，我們看到了為網路文學建立垂直內容的機會，並使作者更容易在線上發布他們的文學作品並獲得收入分成。中國的網路文學市場正從付費內容轉向廣告支援模式，這為百度提供了巨大的市場機會，發揮了我們作為領先行銷平台的優勢。

Another bright spot in Baidu's Core revenues is our cloud business, which reached CNY 1.1 billion revenues in the fourth quarter, more than doubling from last year.

百度核心營收的另一個亮點是我們的雲端業務，第四季雲端業務收入達到 11 億元人民幣，比去年同期成長一倍多。

Revenue from iQIYI reached RMB 7 billion, growing at a robust rate of 55% year-over-year. Membership revenue continued to be strong at -- with 37 million subscribers added in 2018, bringing the total subscribers to 87 million in the fourth quarter, driven by premium content and hot originals, like Tang Dynasty Tour, The City of Chaos and Original Sins. iQIYI is becoming a strong entertainment IP powerhouse through its relentless effort on -- and focus on originals, on premium content and multiple monetization models of the same IP, such as membership subscription, online games, e-commerce and cross licensing.

愛奇藝營收達70億元人民幣，較去年成長55%。會員收入持續強勁成長－2018 年新增 3,700 萬名會員，第四季總會員數達到 8,700 萬名，這得益於優質內容和熱門原創作品，如《唐朝奇幻之旅》、《亂世之城》和《原罪》。愛奇藝透過不懈努力，專注於原創作品、優質內容以及同一 IP 的多種貨幣化模式，如會員訂閱、線上遊戲、電子商務和交叉許可，正在成為強大的娛樂 IP 巨頭。

Turning to cost of sales. Excluding stock compensation, cost of sales, was CNY 15.5 billion, up 54% year-over-year. Content cost was up 96% year-over-year to [CNY 7.3 billion] (corrected by company after the call), mainly due to iQIYI's increased investment in content and, to a much lesser extent, investment in Baijiahao content.

轉向銷售成本。不包括股票薪酬，銷售成本為人民幣155億元，較去年同期成長54%。內容成本年增 96% 至 [73 億元人民幣]（該公司在電話會議後進行了更正），主要原因是愛奇藝增加了對內容的投資，以及在較小程度上對百家號內容的投資。

SG&A expenses, excluding stock compensation, were CNY 5.4 billion, up 61% year-over-year, primarily due to the increase in channel and promotional marketing to acquire new users for the Baidu's family of apps. As Robin mentioned, time spent for Baidu App, Haokan and Quanmin together grew 112% year-over-year in Q4, which illustrates our ability to convert marketing dollars into repeatable traffic.

銷售、一般及行政費用（SG&A）為人民幣 54 億元，較去年同期成長 61%，主要由於百度加大通路和促銷行銷力度，為百度系列應用程式吸引新用戶。正如 Robin 所提到的，第四季百度 App、好看和全民的停留時間年增了 112%，這說明我們有能力將行銷資金轉化為可重複的流量。

Our focus to place greater reliance on organic traffic growth means that we are shifting our financial model to spending upfront marketing dollars with returns spread out over the life of the users. In other words, revenue from channel spend has a delayed effect, whereas revenue from TAC is reported in the quarter of expense.

我們更加重視有機流量成長，這意味著我們正在轉變我們的財務模式，將前期行銷費用投入到用戶生命週期中以獲得回報。換句話說，通路支出的收入具有延遲效應，而 TAC 的收入則在費用季度報告。

In the first half of 2018, a big part of our marketing expenses were spent on promoting the Baidu App. In the second half, Baidu App seeing strong growth, our app promotion expanded to other products, such as Haokan short video and Quanmin flash video.

2018年上半年，我們的行銷費用很大一部分用於推廣百度App。下半年，百度App成長強勁，應用推廣拓展至好看短片、全民快閃等產品。

Our traffic-acquisition mix, shifting from TAC traffic to organic traffic, will dampen our profit margin in the near future, but with extensive internal ROI analysis, we believe over the long term, this will strengthen Baidu's foundation in search and feed, especially with users moving toward super apps and the increase in popularity of mini programs in China.

我們的流量獲取組合從 TAC 流量轉向自然流量，這將在不久的將來抑制我們的利潤率，但透過廣泛的內部投資回報率分析，我們相信，從長遠來看，這將加強百度在搜尋和資訊流方面的基礎，特別是隨著用戶轉向超級應用以及小程式在中國的普及率不斷提高。

Turning to R&D expenses. Excluding stock compensation, our R&D expenses were up CNY 3.6 billion, up 19% year-over-year, mainly due to the increase in personnel-related expenses. Non-GAAP operating income in the fourth quarter was CNY 2.7 billion. Non-GAAP operating income for Baidu Core was CNY 5.8 billion, down 17% year-over-year and non-GAAP operating margin for Baidu Core was 28%.

談到研發費用。不計股票薪酬，我們的研發費用增加了36億元人民幣，較去年同期成長19%，主要由於人員相關費用的增加。第四季非美國通用會計準則營業收入為27億元。非美國通用會計準則下，「百度核心」營業收入為人民幣 58 億元，較去年同期下降 17%，非美國通用會計準則下，「百度核心」營業利潤率為 28%。

Income tax expense was CNY 484 million. Effective tax rate was 46% compared to [18%] (corrected by company after the call) last year, primarily due to iQIYI not being able to recognize tax benefit from its losses in the current quarter. Non-GAAP net income to Baidu was CNY 4.6 billion, down 17% year-over-year. Non-GAAP net income attributable to Baidu Core was CNY 6.5 billion, down 1% year-over-year and net margin reached 31% compared to 36% last year. Adjusted EBITDA was CNY 4 billion and adjusted EBITDA margin was 15%. The adjusted EBITDA for Baidu Core was CNY 6.9 billion, down 12% year-over-year and adjusted EBITDA margin reached 34%.

所得稅費用為4.84億元。有效稅率為 46%，而去年同期為 [18%]（電話會議後公司已進行修正），這主要是因為愛奇藝本季未能從虧損中確認稅收收益。非美國通用會計準則下，百度淨利為46億元，年減17%。非美國通用會計準則下，歸屬於百度核心的淨利為65億元，年減1%，淨利率達31%，去年同期為36%。調整後EBITDA為40億元人民幣，調整後EBITDA利潤率為15%。百度核心調整後EBITDA為69億元，年減12%，調整後EBITDA利潤率達34%。

As of December 31, 2018, cash and short-term investments was CNY 141.5 billion or USD 20.6 billion. Excluding iQIYI, cash and short-term investments were CNY 128.7 billion or USD 18.7 billion.

截至 2018 年 12 月 31 日，現金和短期投資為 1,415 億元或 206 億美元。不包括愛奇藝，現金和短期投資為1287億元或187億美元。

Free cash flow was RMB 5.9 billion. Free cash flow to Baidu Core was strong at RMB 5.5 billion or USD 801 million. And total headcount of Baidu Core was approximately 33,700, up 1% year-over-year.

自由現金流為人民幣59億元。百度核心的自由現金流強勁，達到人民幣 55 億元（約 8.01 億美元）。百度核心員工總數約3.37萬人，較去年同期成長1%。

Turning to first quarter guidance. We expect total revenues to be between CNY 23.5 billion and CNY 24.7 billion, representing a 12% to 18% increase year-over-year or 18% to 24% increase year-over-year, excluding spinoff revenues of CNY 1.1 billion for first quarter of 2018.

談到第一季的指引。我們預計總收入將在 235 億元人民幣至 247 億元之間，年增 12% 至 18%，不包括 2018 年第一季 11 億元人民幣的衍生收入，年增 18% 至 24%。

For 2019 margins, please consider the large marketing campaigns that we did around the Chinese New Year time frame, including branding, red-envelope giveaway and so forth. These forecasts are our current and preliminary view, and are subject to change. I'll now open the call to questions.

對於 2019 年的利潤，請考慮我們在農曆新年期間開展的大型行銷活動，包括品牌推廣、紅包贈送等。這些預測是我們目前的初步觀點，可能會改變。我現在開始提問。

(Operator Instructions) And our first question comes from the line of Binnie Wong.

（操作員指示）我們的第一個問題來自 Binnie Wong。

My first question is basically on our investment cycle. In terms of like -- there are a lot of investments you did in 2018. When we look forward in 2019, how should we expect in terms of our investment priorities in 2019? And if we look at the growth coming from few of our new business initiatives, how do you rank in terms of like the growth drivers? Any color on the -- how should we expect on the investment cycle and also the margin trend would be very helpful.

我的第一個問題基本上是關於我們的投資週期。就此而言——您在 2018 年做了很多投資。當我們展望2019年時，我們該如何預期2019年的投資重點？如果我們看一下來自一些新業務計劃的成長，您在成長動力方面排名如何？任何關於——我們應該如何預期投資週期以及利潤趨勢的資訊都會非常有幫助。

Binnie, good morning. As I mentioned in our call, we talked about, you know, there are a few businesses that we'll be focused on going forward that we also have been focused on in the last few quarters. I think the way to look at our margins and our investments are like this. We finished our 3-year plan just in January and our plan was to figure out a way to accelerate our revenue growth based on the new markets that we're going after. And the cost driver, I think, for 2019 will be a function of a few factors. I think number one is when you look at, for example, search and feed, our priority would be to grow our organic traffic. Although, as I mentioned before for our TAC, as long as there's profit to be made, we'll continue going down that path. But the priority I think will be with organic traffic. And that would be a function of investing in the marketing and content cost. And also it's a function of the number of apps that we decide to promote. As I mentioned earlier in 2018, at the beginning of the year, we focused on Baidu App. As we got into the second half, we looked at Haokan. And in the fourth quarter, we also added Quanmin. So that caused our marketing dollars towards the end of 2018 to accelerate. I think going into 2019, you should see us focusing or investing at least in 3 apps and potentially more. Another business that we're very focused on is the DuerOS. And I think for that, you can see it's a function of the number of products that we have, the amount of promotion we have to do for new products and also the number of units that we sell. And I think the last set of investments is in the cloud space. We're seeing cloud doing very well, as Robin mentioned. The cloud, given -- it's a function of how we're growing and preparing to scale our business for the next year. And it's also a function of the number of lighthouse projects that we have. So with every growth plan, our focus is to also grow revenue. So what we'll be looking at this year is to focus on as we're spending these things, are we getting very positive operating metrics? And if so, then we should see revenue growth accelerate in future quarters. So we'll be looking at the operating metrics first, and then we believe that in following quarters, the revenue growth should come. At the same time, just wanted to note that we're also very diligent in terms of controlling cost. So if you look at, for example, in 2018, our core business grew 28% excluding divestitures, at the same time, our headcount only grew 1%. In 2019, our cost control policy in the company will be very similar, where there are areas where we're tightening, we're very focused on improving greater efficiency and so forth. Does that help answer your question?

賓妮，早安。正如我在電話會議中提到的那樣，我們討論了未來我們將重點關注的幾項業務，這些業務也是我們在過去幾個季度中一直關注的業務。我認為看待我們的利潤和投資的方式是這樣的。我們在一月剛完成了我們的三年計劃，我們的計劃是根據我們正在進入的新市場找到一種方法來加速我們的收入成長。我認為，2019 年的成本驅動因素將取決於幾個因素。我認為，首先，當你查看搜尋和資訊流時，我們的首要任務是增加自然流量。不過，正如我之前提到的 TAC，只要有利潤可賺，我們就會繼續沿著這條路走下去。但我認為優先考慮的是自然流量。這將是投資行銷和內容成本的結果。這也是我們決定推廣的應用程式數量的函數。正如我之前提到的，2018年，年初的時候，我們把重點放在了百度App。進入下半場，我們看向了好看。並且在第四季我們還加入了全民。因此，這導致我們在 2018 年底的行銷費用加速增加。我認為進入 2019 年，您應該會看到我們至少關注或投資 3 個應用程序，甚至可能更多。我們非常關注的另一項業務是DuerOS。我認為，您可以看到，這取決於我們擁有的產品數量、我們為新產品所做的促銷量以及我們銷售的單位數量。我認為最後一組投資是在雲端運算領域。正如羅賓所提到的，我們看到雲端運算表現非常好。鑑於雲端運算——它是我們如何發展和準備在明年擴大業務規模的功能。這也是我們擁有的燈塔項目數量的函數。因此，對於每個成長計劃，我們的重點也是增加收入。因此，我們今年要關注的是，當我們花費這些錢時，我們是否獲得了非常積極的營運指標？如果是這樣，那麼我們應該會看到未來幾季的營收成長加速。因此，我們首先會關注營運指標，然後我們相信在接下來的幾個季度中，收入將會成長。同時，我想指出的是，我們在控製成本方面也非常努力。例如，如果你看 2018 年，我們的核心業務（不包括資產剝離）成長了 28%，而與此同時，我們的員工人數僅成長了 1%。2019年，我們公司的成本控制政策將非常相似，在某些領域我們會收緊，我們非常注重提高效率等等。這有助於回答你的問題嗎？

Yes, yes. That's very helpful. And just one last follow-up on the newsfeed. How do you see the competition will be trending in 2019 on the competition on newsfeed sites? In terms of also any sharing ratio with the content creator, how should we see that?

是的，是的。這非常有幫助。最後再跟進一下新聞提要。您如何看待 2019 年新聞推送網站競爭的趨勢？對於與內容創作者的分享比例，我們該如何看待？

Binnie, the question you had was how do we see the newsfeed revenue trending?

Binnie，你的問題是我們如何看待新聞推送收入趨勢？

Competition, the competition dynamics on the newsfeed -- competition investment with other platforms, how do you see that in '19? In terms of strategy, how do we position in terms of -- in view of the competition here? And also in terms of any like revenue sharing with the content creators, as we talked about earlier in last quarter call. Just a follow-up on that, on newsfeed, would be really helpful. Thank you.

競爭，新聞推送中的競爭動態—與其他平台的競爭投資，您如何看待 2019 年的這種情況？從策略角度來說，考慮到這裡的競爭，我們如何定位？正如我們在上個季度早些時候討論的那樣，我們還討論了與內容創作者之間的收入分享。只要在動態消息上對此進行跟進，就會非常有幫助。謝謝。

Okay, this is Robin. Let me answer your question. I think it's very obvious that newsfeed is a fast-growing market. Everyone in the Chinese Internet landscape is trying to expand in this direction. And Baidu, obviously, is leading -- one of the leaders in this space. And by leveraging our strong technological capabilities, we are -- we have been able to grow the newsfeed business at a very rapid rate. We expect this will -- this trend will continue. In terms of cost structure, it's basically revenue-sharing structure for the content contributors in our feed systems. So the more we can drive our feed traffic, the better we can monetize and the better the economics will be for the content contributors. So at the end of the day, it's how many users you can reach and how better you can match content with users.

好的，這是羅賓。讓我來回答你的問題。我認為很明顯新聞推送是一個快速成長的市場。中國網路界的每​​個人都在嘗試朝這個方向擴張。顯然，百度是這一領域的領導者之一。透過利用我們強大的技術能力，我們能夠以非常快的速度發展新聞推送業務。我們預計這種趨勢將會持續下去。就成本結構而言，這基本上是我們資訊流系統中內容貢獻者的收入分成結構。因此，我們越能推動資訊流流量，我們就能越好地將其貨幣化，內容貢獻者的經濟效益也會越好。所以歸根結底，關鍵在於您可以接觸到多少用戶，以及如何更好地將內容與用戶配對。

Yes. Let me just add a little, Binnie, on this. As you can see, newsfeed in the beginning was mainly social based and we realized on users coming on and acquiring fans and so forth. What you're seeing now is newsfeed is getting to a place where there are many people that could create content, especially they create in an organization rather than on an individual basis. So that's why you see Baidu entering at this stage, and we're doing it with Baidu App, and we're also using the same methodology going to video. Because now that the limitation is not about the availability of content because the same person will put the content on different sites. Where Baidu's strength is using our AI algorithm, the technology we've built up, to be able to recommend better than everyone else, so that the users are very sticky. That's why we show you our time spent. So to answer your question, I think our competition, our strength is the ability to use our AI to recommend better and to get the user just to be more sticky. And then I think the content will become a commodity. So in terms of that, I think this year you'll see us probably growing more video content as we're having a few more video apps that we're pushing. Whereas for the nonvideo side, I think that you'll see probably a slower growth because we have built up library of content from past years and just adding incremental new content, which probably would not go as fast for the nonvideo side.

是的。賓妮，讓我就此補充一點。如你所見，最初的新聞推送主要是基於社交的，我們意識到用戶的加入和粉絲的獲取等等。現在您看到的是，新聞推送正在走向一個許多人都可以創建內容的領域，尤其是他們在組織內而不是以個人為基礎進行創建。這就是為什麼你會看到百度進入這個階段，我們也在用百度應用程式來做這件事，我們也在用同樣的方法進入影片領域。因為現在的限制不是關於內容的可用性，因為同一個人會將內容放在不同的網站上。百度的優勢在於利用我們自己建立的人​​力智慧演算法技術，能夠比其他任何人都提供更好的推薦，從而讓用戶非常信賴。這就是我們向您展示我們花費的時間的原因。所以回答你的問題，我認為我們的競爭力，我們的優勢是能夠利用我們的人工智慧來更好地推薦，並讓用戶更加黏性。然後我認為內容將成為一種商品。因此，就這一點而言，我認為今年你會看到我們可能會增加更多的影片內容，因為我們正在推廣更多的影片應用程式。而對於非視訊方面，我認為你可能會看到成長速度較慢，因為我們已經建立了過去幾年的內容庫，並且只是添加了增量新內容，這對於非視訊方面來說可能不會那麼快。

(Operator Instructions) And our next question comes from the line of Alicia Yap from Citigroup.

（操作員指示）我們的下一個問題來自花旗集團的 Alicia Yap。

Good morning, Robin, Herman and Sharon. Thank you for taking my question. I have a question regarding the achievement for the Chinese New Year Gala promotion. So any metrics that you could share with us in terms of the total numbers of users that have successfully bind their bank cards to Baidu Wallet. What is the increase in, let's say, the total real name registration for the Baidu App after the Gala? And then any metrics, in terms of increase on the usage for the DuerOS smart speaker from prior to the Chinese New Year to now post the Chinese New Year. So any metrics you could share would be helpful.

早安，羅賓、赫爾曼和莎倫。感謝您回答我的問題。我有一個關於中國新年聯歡晚會推廣成就的問題。那麼，您可以與我們分享有關已成功將銀行卡綁定到百度錢包的用戶總數的任何指標嗎？比如說春晚之後百度App的實名註冊總量會成長多少？然後，關於 DuerOS 智慧音箱的使用量從農曆新年後到農曆新年後的成長情況，有什麼指標嗎？因此，您分享的任何指標都會有所幫助。

Yes. As you know, that we operated a number of marketing campaigns around the Chinese New Year, and the highlight would be that the Spring Festival Gala. During the whole Chinese Spring Festival period, tens of millions of users participated in our red packet giveaway activities. And many of them start to realize that the Baidu App is different from the Baidu Search from third-party browsers. That is, I think, the biggest achievement for us because before people always go to third-party browser and thought they are using Baidu App. Now we have the chance to show the users that Baidu App offers better, safer and more powerful search and feed capability from our app and the retention rate has been very satisfactory. And meanwhile, we also used this opportunity to promote our smart display, Xiaodu Zaijia, and that has also been very well received and that a lot of users placed the order because of this marketing campaign and the device will be shipped to the users in the coming weeks.

是的。大家知道，我們在農曆新年期間開展了一系列的行銷活動，其中最精彩的莫過於春節聯歡晚會。在整個春節期間，數千萬用戶參與了我們的紅包發放活動。許多人開始意識到百度應用程式與第三方瀏覽器中的百度搜尋不同。我認為這對我們來說是最大的成就，因為以前人們總是使用第三方瀏覽器，並以為他們在使用百度應用程式。現在我們有機會向用戶展示百度應用程式提供了更好、更安全、更強大的搜尋和資訊流功能，並且留存率非常令人滿意。同時，我們也藉此機會推廣了我們的智慧顯示器“小度在家”，這款產品也受到了熱烈歡迎，許多用戶因為這次行銷活動而下了訂單，該設備將在未來幾週內發貨給用戶。

And our next question comes from the line of Eddie Leung from Merrill Lynch.

我們的下一個問題來自美林證券的 Eddie Leung。

Robin, I heard you mentioned that about omni-marketing in your opening remark. As we add more advertising opportunities into our platform, including mini programs and short video on top of search and newsfeed, what's your vision on how your advertisers using these different solutions going forward? And specifically, how would we prepare our advertising system as well as the sales team for the increasingly complex solutions on our platform?

羅賓，我聽說您在開場白中提到了全局行銷。隨著我們在平台上增加更多的廣告機會，包括在搜尋和新聞推送之上的小程式和短視頻，您如何看待廣告商未來如何使用這些不同的解決方案？具體來說，我們如何為平台上日益複雜的解決方案做好廣告系統和銷售團隊的準備？

Yes. Eddie, that's a great question. As you mentioned, we now have a lot of marketing channels for our advertisers, including newsfeed, search, app opening ads, Juping or those off-line ad or screens at public areas. We are promoting oCPX, so that advertisers just need to tell us what they care about and how do they measure success and we are able to use computer programs to distribute their ad messages. So this has been a very good trend for us because this can leverage our technological capabilities and improve conversion for our advertisers. We devote a very meaningful amount of engineering resources to constantly improve the performance of this kind of ad deliveries.

是的。艾迪，這個問題問得非常好。正如您所說，我們現在為廣告主提供了許多行銷管道，包括新聞推播、搜尋、應用程式開屏廣告、聚屏廣告、線下廣告以及公共區域的螢幕。我們正在推廣 oCPX，這樣廣告商只需告訴我們他們關心什麼以及他們如何衡量成功，我們就可以使用電腦程式來分發他們的廣告訊息。所以這對我們來說是一個非常好的趨勢，因為這可以利用我們的技術能力並提高廣告商的轉換率。我們投入了大量的工程資源來持續提高此類廣告投放的效果。

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

我們的下一個問題來自 86Research 的 Juan Lin。

So I would like to ask about the healthcare advertisement. I'm wondering whether the cleanup process of redesigning medical search have been finalized. And in terms of the adjustment of structured content, has such adjustment already been truly applied to all relevant verticals? Does it mean -- if so, does it mean that we should expect revenue to re-start improving -- or monetization re-start improving from here?

所以我想問一下有關醫療保健廣告的問題。我想知道重新設計醫療搜索的清理過程是否已經完成。而在結構化內容的調整方面，這種調整是否已經真正應用在所有相關垂直領域？如果是這樣，這是否意味著我們應該預期收入會重新開始改善，或者貨幣化會從現在開始重新改善？

We have done -- so far, we have done 2 fields. Basically gynecology and also to male field and we're in the process of expanding that into other medical fields. I think we've seen the initial phase to be very successful, better than our original expectation. We're going to need a couple more quarters to roll this thing out. I think the initial is better than our expectation as you guys saw it did very well compared to the guidance revenue that we originally had.

我們已經完成了——到目前為止，我們已經完成了 2 個領域。基本上是婦科和男性領域，我們正在將其擴展到其他醫學領域。我認為初始階段非常成功，比我們最初的預期要好。我們還需要幾個季度來推出這個產品。我認為初始業績比我們的預期要好，因為你們看到，與我們最初的指導收入相比，它表現得非常好。

And our next question comes from the line of Gregory Zhao from Barclays.

我們的下一個問題來自巴克萊銀行的 Gregory Zhao。

So my question is about the content cost. So iQIYI's earnings call, the management has talked about their expectations about long video content cost to gradually come down in 2019. So here, I want to check the contest cost, the trend of your newsfeed and short video content cost and how should we think about the content cost trend in 2019?

我的問題是關於內容成本。因此，在愛奇藝的財報電話會議上，管理層談到了他們對 2019 年長視訊內容成本逐步下降的預期。所以在這裡，我想檢查一下比賽成本、你的新聞推送和短視頻內容成本的趨勢，以及我們應該如何看待2019年的內容成本趨勢？

Greg, yes. For iQIYI is -- Gong Yu mentioned on the call that they see an environment which the content costs toward the end of last year will start to started to come down, it's going to take probably a year or so for it to actually be reflected on the P&L because it takes time for this content to be produced. In addition to the long form, I think this year, content cost is usually 2 types. One is on the nonvideo type, which we've been building significantly last year, as a result of building of the library of content for Baidu App. You saw the Baijiahao content increased pretty significant last year into this year. I think with regards to that piece, you'll see some incremental increases but not too significant. But on the other hand, where -- this year, our focus is in addition to continue to grow Baijiahao, we're looking at also a different type of video apps, one is flash video, which means that the videos are usually less than one minute. And the other one, and short video, which is probably three minutes to five minutes, that kind of product. So that one, we're going to have to continue to ramp up in the content for these apps in order for -- these apps to have more content to grow more users. So you should see us ramping that up.

格雷格，是的。對於愛奇藝來說，龔宇在電話會議上提到，他們看到去年年底內容成本開始下降的環境，這可能需要一年左右的時間才能真正反映在損益表中，因為這些內容的製作需要時間。除了長篇以外，我覺得今年的內容成本通常有兩種。一個是非影片類型，我們去年大力建設非影片類型，這是為百度應用程式建立內容庫的結果。您會看到，從去年到今年，百家號的內容成長相當顯著。我認為就那部分而言，你會看到一些增量，但不會太顯著。但另一方面，今年我們的重點除了繼續發展百家號之外，我們還在關注不同類型的視頻應用，一種是 Flash 視頻，這意味著視頻通常少於一分鐘。另一個是短視頻，大概是三分鐘到五分鐘，就是那種產品。因此，我們必須繼續增加這些應用程式的內容，以便這些應用程式擁有更多內容來吸引更多用戶。所以你應該看到我們正在加大力度。

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

我們的下一個問題來自摩根士丹利的 Grace Chen。

My question is about Baidu's short video investments. We can see that Baidu's short video apps have achieved very good growth. So it would be great if the management can share with us your view about the short video competitor landscape as we see more and more short video apps entering the market. And how Baidu positions itself in this market to differentiate from others? And also, can you share the size of investments in the short videos to help us understand the impact on your financials?

我的問題是關於百度短視頻的投資。我們可以看到，百度短影片應用程式取得了非常好的成長。因此，如果管理層可以與我們分享您對短視頻競爭對手格局的看法，那就太好了，因為我們看到越來越多的短視頻應用進入市場。百度如何在這個市場中定位自己，以區別於其他公司？另外，您能否分享短片中的投資規模，以幫助我們了解對您的財務狀況的影響？

Grace, let me answer the first part of your question. I think video is a secular trend that basically impact everyone. The whole world, the whole Internet, it's moving from text, to images to video. So it's a very large sector. There are lots of things can be done. And I think the innovation has just begun. For Baidu, our competitive advantage is that we have the best matching capability between users and the content. So we can distribute the content more efficiently than everyone else, be it search, newsfeed or short video feeds. I think we will continue to invest in the marketing and distribution of our short video apps. But in the meantime, I think the -- or, at the end of the day, the user experience we can deliver or the matching and distribution capability we have is better than anyone else. That's why we should be able to make the money that we deserves.

格蕾絲，讓我來回答你問題的第一部分。我認為影片是一種長期趨勢，基本上影響著每個人。整個世界，整個互聯網，正在從文字轉向圖像，再轉向視訊。所以這是一個非常大的領域。有很多事情可以做。我認為創新才剛開始。對百度來說，我們的競爭優勢在於我們擁有最佳的使用者和內容配對能力。因此，我們可以比其他人更有效地分發內容，無論是搜尋、新聞推送還是短視頻推送。我認為我們將繼續投資於短視頻應用的營銷和分銷。但同時，我認為——或者說，最終，我們可以提供的用戶體驗或我們擁有的匹配和分發能力比其他任何人都要好。這就是為什麼我們應該能夠賺到我們應得的錢。

Yes, Grace, with regards to the financial model, you're going to probably see these video apps following the same trajectory that we saw for the Baidu Apps. So in the beginning, we're going to have to acquire content for these apps. And then more importantly, we're going to have to spend promotions to grow the users. And how much we spent on promotion really depends on the daily analysis that we have on the ROIs, whether each of the inventory spot is getting that good ROI. If we do see it then, we're going to continue to double down. If ROIs are not good, users are not staying on the apps after they come in, then with that inventory channel, then we will cut off. So it's really a function of if we can grow the users and grow users' stickiness.

是的，Grace，就財務模式而言，您可能會看到這些視訊應用程式遵循與百度應用程式相同的軌跡。因此，一開始，我們必須為這些應用程式取得內容。更重要的是，我們必須投入促銷來增加用戶。我們在促銷上花費多少實際上取決於我們對投資報酬率的日常分析，取決於每個庫存點是否都獲得了良好的投資報酬率。如果我們確實看到了，我們將繼續加倍努力。如果投資回報率不高，用戶進入應用程式後不會停留在應用程式上，那麼我們就會切斷該庫存管道。因此，這實際上取決於我們能否增加用戶並提高用戶黏性。

And next question comes from the line of James Lee from Mizuho Securities.

下一個問題來自瑞穗證券的 James Lee。

And Herman, maybe you can help us maybe crystallize the operating income for the core business in 1Q a little bit here. And given the fact that you talked about your priorities are more on organic growth on apps and also you're going to focus on a promotional costs, should we think about maybe a total cost base? How should we think about that relative to 4Q versus 1Q? So for example, in 1Q '18 your total cost base step down about 13% sequentially. Is that the right way to think about it?

赫爾曼，也許您可以幫助我們稍微明確第一季核心業務的營業收入。鑑於您談到您的優先事項更多地放在應用程式的自然增長上，並且您將關注促銷成本，我們是否應該考慮總成本基礎？相對於第四季和第一季度，我們該如何看待這一點？例如，在 2018 年第一季度，您的總成本基礎較上季下降約 13%。這是正確的思考方式嗎？

James, yes, good question on 1Q. So we gave you revenues. With regards to cost of sales and OpEx, the way I would look at it is that in the first quarter, as Robin mentioned, we made a huge promotion around Chinese New Year and a couple of your days ago, on the Yuanxiao, which is the ending of the Chinese New Year, we also did another promotion on television. So we have to consider that cost. So the way I would look at it is when you look at cost of sales plus OpEx, we could be increasing on a sequential basis upwards to maybe RMB 1 billion. Where we decide from that 0 to RMB 1 billion will really depends on several factors, which I think we're going to have to wait for a few more weeks to be more precise because there are some activities that we have to see for it to pan out. But I would say on a sequential basis, you'll probably see a growth, it could be up to CNY 1 billion, or it could be less than that.

詹姆斯，是的，關於第一季的問題問得很好。所以我們給你收入。關於銷售成本和營運支出，我的看法是，在第一季度，正如羅賓提到的，我們在中國農曆新年期間進行了一次大型促銷，而在幾天前，也就是農曆新年的尾聲——元宵節那天，我們還在電視上進行了另一次促銷。所以我們必須考慮這個成本。因此，我的看法是，當你查看銷售成本加上營運支出時，我們可能會連續增加到 10 億元人民幣。我們決定從 0 到 10 億元的具體數額實際上取決於幾個因素，我認為我們還需要等待幾週才能更加準確，因為我們必須觀察一些活動才能看到結果。但我想說，以連續計算，你可能會看到成長，可能高達 10 億元人民幣，也可能低於這個數字。

And our next question comes from the line of Karen Chan from Jefferies.

我們的下一個問題來自 Jefferies 的 Karen Chan。

So just wondering for fourth quarter 2018, what's the revenue contribution from mobile newsfeed? We noticed a very robust growth in total online advertising customers while pricing side is relatively suppressed. Are we seeing any pricing pressure potentially as a result of the overall industry supply-and-demand dynamic changes there?

那麼，您想知道 2018 年第四季度，行動新聞推播的收入貢獻是多少嗎？我們注意到線上廣告客戶總量成長非常強勁，但定價方面相對受到抑制。我們是否看到由於整個行業供需動態變化而可能產生的定價壓力？

Karen, so the way we look at our business today, we don't look at newsfeed versus search. We actually look at the ROI of the app itself. So as Robin talked about how customers are buying omni-marketing, when they do a package, they're looking at now not only on the search results, they're looking at the same time if the advertising can also work in feed so that when the users -- just saw their advertising in the feed and they did a natural search - and they actually see this - by being able to see the same ad in different ways is actually more effective. So the customers are looking at it that way. It's very hard for us to then be able to decouple. How to allocate the revenue between search and between feed because there's just value for that synergy. So the way we actually look at it is how do we grow organic growth versus inorganic growth. With regards to pricing, we're seeing pricing come down. But I don't think it's because of competitive reasons. Our pricing, because we're performance-based, it's really a function of the industry mix that we have. If you look at Baidu's products, whether it's dynamic ads, whether it's oCPX, whether it's action-oriented ads and so forth, we're industry leader. We're really the best-in-class. So I think it's not a function of whether we're seeing better effectiveness elsewhere. It's a function of, for example, if you have more gaming revenues, for example, you're going to see higher CPMs, maybe you have other type, for example, e-commerce compared to gaming, you're just going to see less, i.e. CPMs. So a lot of it has to do with industry mix. And that's why I mentioned on the call, where the industries are increasing, where the industry sectors are decreasing for Q4, so you guys can get a flavour of how that's impacting our business.

凱倫，我們今天看待業務的方式是，我們不會將新聞推送與搜尋進行比較。我們實際上關注的是應用程式本身的投資回報率。正如羅賓談到客戶如何購買全局行銷時所說，當他們購買套餐時，他們不僅會關注搜尋結果，還會同時關注廣告是否也能在資訊流中發揮作用，這樣當用戶在資訊流中看到他們的廣告並進行自然搜尋時，他們實際上看到了這一點，透過不同的方式看到相同的廣告實際上更有效。所以顧客就是這樣看待這件事的。我們很難脫鉤。如何在搜尋和資訊流之間分配收入，因為這種協同作用才有價值。因此，我們實際上看待這個問題的方式是如何實現有機成長而不是無機成長。關於定價，我們看到價格正在下降。但我不認為這是出於競爭的原因。我們的定價是基於績效的，它實際上是我們所擁有的行業組合的函數。如果你看看百度的產品，無論是動態廣告、oCPX，還是行動導向廣告等等，我們都是產業領導者。我們確實是同類中最好的。所以我認為這與我們是否在其他地方看到了更好的結果無關。舉個例子，如果你有更多的遊戲收入，你會看到更高的 CPM，也許你有其他類型，例如與遊戲相比的電子商務，你會看到更少的 CPM。每千次曝光費用。所以這很大程度與行業組合有關。這就是為什麼我在電話會議上提到，哪些產業正在成長，哪些產業部門在第四季下降，這樣你們就可以了解這對我們業務的影響。

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

您的下一個問題來自高盛的 Piyush Mubayi。

I have a quick question, Robin and Herman. If you could just take us through what you think the organic growth rates are for the overall core business, excluding the near-term corrections that we're seeing because of either macro factors or the adjustments that you're making in specific verticals. So I'm referring to the 21% core growth rate guidance that you've given for the first quarter and what you think it would be on a normalized basis.

我有一個簡單的問題，羅賓和赫爾曼。如果您能向我們介紹您認為整體核心業務的有機成長率是多少，不包括因宏觀因素或您在特定垂直領域所做的調整而導致的短期調整。所以我指的是您給出的第一季 21% 的核心成長率預期，以及您認為在正常基礎上會達到什麼水平。

Yes. I think we have entered a new stage for Chinese Internet, the landscape of the -- population or the penetration dividend has gone. The growth -- the future growth will be driven by technological innovation at least for Baidu. For our core business, both search and feed, we continue to see a lot of room to grow and to improve. On the search side, I've mentioned oCPX that will automate ad delivery, and we've -- Herman also mentioned that we are moving third-party websites to hosted ads, where we have more control on the content and have better visibility on the conversion. We are developing the smart mini programs that will enable advertisers to deliver a better user experiences and that we are also see strong demand for video content, not only from the feed front but also from the search front. We see video search growing at a very fast pace, and we need to develop the technologies that can better understand video content, so that users will be able to find relevant video content more easily.

是的。我認為我們已經進入了中國互聯網的一個新階段，人口紅利或普及率紅利已經消失。成長－至少對於百度而言，未來的成長將由技術創新推動。對於我們的核心業務，包括搜尋和資訊流，我們仍然看到很大的成長和改進空間。在搜尋方面，我提到了可以自動投放廣告的 oCPX，而且我們—Herman 也提到，我們正在將第三方網站轉移到託管廣告，這樣我們可以更好地控制內容，並對轉換有更好的可見性。我們正在開發智慧小程序，使廣告商能夠提供更好的用戶體驗，我們也看到對影片內容的強勁需求，不僅來自資訊流前端，也來自搜尋前端。我們看到影片搜尋正在快速成長，我們需要開發能夠更好地理解影片內容的技術，以便用戶能夠更輕鬆地找到相關的影片內容。

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

您的下一個問題來自瑞士信貸的 Thomas Chong。

I have a big picture about the advertising market. Can management comment about how we see the advertising sentiment changing before and after the Chinese New Year, if any? And how should we think about the trend for our key advertising categories as we head into 2019? And then a quick follow-up on DuerOS and Apollo. Should we expect 2020, as you said that we should expect a meaningful ramp-up in terms of monetization of 2B business?

我對廣告市場有一個大致的了解。管理階層能否評論一下我們看到的農曆新年前後廣告情緒的變化？在進入2019年之際，我們該如何看待主要廣告類別的趨勢？然後快速跟進 DuerOS 和 Apollo。正如您所說，我們是否應該期待 2020 年 2B 業務貨幣化方面出現顯著增長？

Well, I think it's a little bit early to talk about the advertising market trend after Chinese New Year because Chinese New Year is not 1 day. It's like a month-long holiday, typically after the Lantern Festival, advertisers gradually come back. So it's only a couple of days. It's too early for us to tell whether it's different from 2018. And because of the heavy investment we are making this year, we do expect that monetization in 2020 will pick up.

嗯，我認為現在談論農曆新年後的廣告市場趨勢還為時過早，因為農曆新年不是一天。這就像是長達一個月的假期，一般在元宵節之後，廣告商就會逐漸回來。所以只有幾天的時間。現在判斷它與 2018 年是否有不同還為時過早。由於我們今年投入了大量資金，我們預計 2020 年的貨幣化將會加快。

Yes. Let me add a little bit on that. I think first of all, when you mentioned how our advertising sentiment is before and after Chinese New Year, I think that's probably more relevant in terms of brand advertising business. As you know, in brand advertising business, you usually have the master contract, after the Chinese New Year. So our business with the majority is based on performance-based, as I mentioned earlier. So that way, it really depends on our technology, our ability to actually get our marketing customers ROI. So I think one point on that. Secondly, you mentioned how do you see what -- the marketing customer sectors are growing. As I mentioned earlier, in 2018, the fourth quarter, the sectors that were strong for us, education, e-commerce and retail in general, service, we think that that's going to continue to be a strong sectors for us. With regards to gaming, real estate, financial and so forth, I think it's a function of policy changes, as I've mentioned earlier. So if the policies are loosening up, if there are more advertisers coming from these sectors and so forth, we believe we're going to get our share because our performance base, I think, it's best-in-class.

是的。讓我對此做一點補充。我認為首先，當您提到農曆新年前後我們的廣告情緒如何時，我認為這可能與品牌廣告業務更相關。眾所周知，在品牌廣告業務中，通常在農曆新年之後就會簽訂主合約。因此，正如我之前提到的，我們與大多數公司的業務往來都是基於績效的。因此，這實際上取決於我們的技術以及我們真正為行銷客戶帶來投資回報的能力。所以我認為這一點是可以的。其次，您提到了您如何看待行銷客戶部門的成長。正如我之前提到的，2018 年第四季度，我們表現強勁的行業包括教育、電子商務、零售業、服務業，我們認為這些行業將繼續保持強勁。至於遊戲、房地產、金融等等，我認為這是政策改變的結果，正如我之前提到的。因此，如果政策放寬，如果有更多的廣告商來自這些行業等等，我們相信我們將獲得我們的份額，因為我認為我們的業績基礎是一流的。

Next is Han Joon Kim from Deutsche Bank.

接下來是德意志銀行的 Han Joon Kim。

I understand your investment initiatives and so forth. But one thing I would say was that latest kind of investments into online gaming. And when I look at your Baidu App, I see kind of mini programs games, meaning more prominently featured there than before. So I wanted to understand the strategic importance of gaming to you guys and how you think about positioning the interface to focus a little bit more in gaming recently. So just some explanations around that would be great.

我了解你們的投資舉措等等。但我想說的是，最近對網路遊戲的投資。當我查看您的百度應用程式時，我看到了一些小程式遊戲，這意味著它們比以前更加突出。所以我想了解遊戲對你們的戰略重要性，以及你們最近如何考慮將介面定位得更專注於遊戲。因此，只要對此進行一些解釋就很好了。

Yes. The Baidu App is super app, its daily active user of well more than 100 million. And that provides users a chance to spare some time and relax, sometimes just to play a few games based on the mini program structure. We started to roll out the mini games during the Chinese New Year Festival, and we obviously saw very good results, tens of millions of users played this game. From day 1, it has been a profitable business for us.

是的。百度App是超級應用程式，其每日活躍用戶超過1億。這為用戶提供了一個放鬆和休息的機會，有時只需玩一些基於小程式結構的遊戲即可。我們在中國春節開始推出小遊戲，顯然取得了非常好的效果，數千萬用戶玩了這款遊戲。從第一天起，這對我們來說就是一項有利可圖的業務。

Next question comes from the line of Wendy Huang from Macquarie.

下一個問題來自麥格理的 Wendy Huang。

Can you clarify what cloud revenue implied in your first quarter guidance. And also, what's your differentiation strategy in targeting the new cloud customers? And also on the literature side, in your prepared remarks, you mentioned you see great potential there. But on the other hand, we noticed that iQIYI is also doing quite well with their literature product recently. So how do you see the synergies as well as the competition is actually -- between you two in the literature space?

您能否澄清一下第一季指引中雲端收入的意義？此外，您針對新雲端客戶的差異化策略是什麼？另外，在文學方面，您在準備好的發言中提到，您看到了巨大的潛力。但另一方面，我們注意到愛奇藝最近的文學產品也表現得相當不錯。那麼您如何看待你們兩家在文學領域的協同作用和競爭？

[For question on cloud, how do we see in Q1. We don't give forward guidance on a particular set of our business. We normally just look at the business in whole. So I'll be able to talk more about our cloud as we exit Q1. With regards to how we differentiate -- as Robin mentioned on his prepared remarks, talking about the AI solutions, really our competitive strength is that the Baidu Brain the technology that we have that's powering AI solutions for the Baidu cloud. So our ability to grow is to be able to look at the verticals and see where we can provide the AI solutions to the enterprise and to be able to give them more competitive advantage.

[關於雲端的問題，我們如何看待第一季的情況。我們不會針對某一特定業務提供前瞻性指引。我們通常只是從整體上看待業務。因此，當我們退出第一季時，我將能夠更多地談論我們的雲端。關於我們如何實現差異化——正如羅賓在準備好的發言中提到的那樣，在談論人工智慧解決方案時，我們真正的競爭優勢在於百度大腦，即我們擁有的為百度雲提供人工智慧解決方案的技術。因此，我們的成長能力在於能夠專注於垂直領域，了解我們可以在哪些方面為企業提供人工智慧解決方案，並能夠為他們提供更多的競爭優勢。

With regards to literature, our strength is in search, the search traffic and so forth. So while iQIYI is building their library of content, so forth and growing, I think they are probably going to be more related to entertainment. Whereas for Baidu, we're looking at the total web Internet in China. So they would be a proportion of our overall content and strategy, when you couple of that with the amount of traffic that we have in search. I think we will be able to -- really to build a vertical for literature when we look at what iQIYI has in common in the content that Baidu has access to and then plus the search traffic that we have to give an overall industry strategy.

對於文學方面，我們的優勢在於搜尋、搜尋流量等等。因此，當愛奇藝正在建立自己的內容庫並不斷發展時，我認為他們可能會更多地與娛樂相關。而對於百度，我們關注的是整個中國的網路。因此，當你將其與我們的搜尋流量結合時，它們將成為我們整體內容和策略的一部分。我認為，當我們研究愛奇藝在百度可訪問的內容方面的共同點，再加上搜尋流量，我們就能真正為文學建立一個垂直領域，從而製定一個整體的行業戰略。

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。