百度 (BIDU) 2019 Q1 法說會逐字稿

Hello, and thank you for standing by for Baidu's First Quarter 2019 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2019年第一季財報電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。現在，我想將會議交給今天會議的主持人，百度投資者關係總監 Sharon Ng。

Hello, everyone, and welcome to Baidu's First Quarter 2019 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2019年第一季業績電話會議。百度的財報已於今天早些時候發布，您可以在我們的網站和新聞通訊社上找到一份副本。

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；以及百度財務長餘承東。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. We've made minor adjustments to our non-GAAP measures and retroactively applied these changes for comparison purposes. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures, and is available on our IR website at ir.baidu.com.

我們的收益新聞稿和本次電話會議包括對某些未經審計的非公認會計準則財務指標的討論。我們對非公認會計準則指標進行了微調，並為了比較目的而追溯應用了這些變更。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. I will now turn the call over to our CEO, Robin.

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。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. Our first quarter revenue, for the most part, were solid, reaching RMB 24.1 billion, up 21% year-over-year, excluding revenue from divested business. Our Q1 revenue were impacted by industry-specific government policies and our self-directed health care initiative, which required health care marketing customers to move their ad landing pages onto Baidu's platform.

大家好，感謝您今天參加我們的電話會議。我們第一季的營收整體穩健，達到 241 億元，年增 21%，不包括剝離業務的收入。我們第一季的收入受到行業特定政府政策和自主醫療保健計劃的影響，該計劃要求醫療保健行銷客戶將其廣告登陸頁面轉移到百度平台上。

Towards the end of Q1, we began to see the impact of macro environment, compounded by a significant release of ad inventory into the market, causing CPM post Chinese New Year, to not rebound as pronounced as we had historically experienced. Although the Chinese government has announced many economic policies to bolster the economy, given the current macro conditions, tighter government scrutiny on content, cut backs from the VC community and so forth, we are taking a cautious view that online marketing in the near term will face a more challenging environment.

在第一季末，我們開始看到宏觀環境的影響，再加上大量廣告庫存釋放到市場，導致春節後的 CPM 並沒有像我們歷史上經歷過的那樣明顯反彈。儘管中國政府已經宣布了許多經濟政策來提振經濟，但考慮到當前的宏觀條件、政府對內容的審查越來越嚴格、風險投資界的削減等等，我們謹慎地認為，短期內在線營銷將面臨更具挑戰性的環境。

We are reviewing our resource requirement and improving our execution capabilities, which Herman will discuss in more detail later. While greater operational efficiency will be a focus for us, our priority will be to strengthen our mobile business and make the necessary investments to position Baidu for higher, long-term growth.

我們正在審查我們的資源需求並提高我們的執行能力，Herman 稍後將詳細討論。雖然提高營運效率是我們的重點，但我們的首要任務是加強行動業務，並進行必要的投資，以使百度實現更高、更長期的成長。

We are working on a CRM offering for our marketing customers, which we plan to release later this year that will feature better user targeting, customer engagement and sales force management. Coupled with our performance-based marketing services, our Platform-as-a-Service, will allow our marketing customers to move from user interest and intent targeting to live messaging or call to order taking in a seamless process.

我們正在為我們的行銷客戶開發 CRM 產品，計劃於今年稍後發布，該產品將具有更好的用戶定位、客戶參與和銷售團隊管理功能。結合我們基於績效的行銷服務，我們的平台即服務將使我們的行銷客戶能夠從用戶興趣和意圖定位轉向即時訊息或電話訂購，實現無縫流程。

Our CRM app will consolidate Baidu's marketing services placement systems, including search, feed and Baidu Union, for easier campaign targeting and management. Baidu CRM will leverage Baidu's massive user insight, our sales force management experience and technologies and our AI capabilities.

我們的 CRM 應用程式將整合百度的行銷服務投放系統，包括搜尋、資訊流和百度聯盟，以便更輕鬆地進行行銷活動的定位和管理。百度 CRM 將利用百度大量的使用者洞察力、我們的銷售團隊管理經驗和技術以及我們的人工智慧能力。

For example, our smart invitation feature provides personalized prompts to invite users to chat online with sales reps when Baidu AI matches the user interest with relevant customer offering. To better manage its sales force and better understand their customer calls, our customers can run a report to identify sales agents who were rude on a customer call and summarize comments made by customers during sales calls, leveraging Baidu's advanced Natural Language Processing capabilities.

例如，當百度人工智慧將使用者興趣與相關客戶產品配對時，我們的智慧邀請功能會提供個人化提示，邀請使用者與銷售代表在線上聊天。為了更好地管理銷售人員並更好地了解客戶電話，我們的客戶可以運行報告來識別在客戶電話中表現粗魯的銷售代理，並利用百度先進的自然語言處理功能總結客戶在銷售電話中發表的評論。

In March, Baidu's mobile reach expanded to 1.1 billion monthly active devices, providing rich intent and interest-based user insights. Our focus on in-app services, expanding our ecosystem of content and services and optimizing user relationship management offer an exciting future for us to grow, to continuously improve our user experience, stickiness and mind share. Strengthening our in-app services and user relationship management are the foundation that allows us to go deeper into the marketing funnel to offer our customers CRM capabilities beyond our leading performance-based ad.

3 月份，百度行動裝置覆蓋範圍擴大至每月 11 億活躍設備，提供豐富的基於意圖和興趣的用戶洞察。我們專注於應用程式內服務，擴大我們的內容和服務生態系統，優化用戶關係管理，為我們的發展提供了令人興奮的未來，讓我們能夠不斷改善用戶體驗、用戶黏性和心智份額。加強我們的應用程式內服務和使用者關係管理是我們深入行銷管道的基礎，以便為客戶提供超越我們領先的基於績效的廣告的 CRM 功能。

Beyond the 1.1 billion mobile devices, we hope to expand Baidu's platform reach to DuerOS smart devices in homes and in autos and out-of-home digital screens which will enhance Baidu's omni-marketing capabilities.

除了11億台行動裝置之外，我們希望將百度平台的覆蓋範圍擴展到家庭、汽車和戶外數位螢幕中的DuerOS智慧型設備，這將增強百度的全局行銷能力。

Our vision for AI-first Internet is to provide the best user experience to our users as they move across Baidu's family of 20-plus apps as well as prepare our users to move from mobile-only to a cross-platform experience, seamlessly crisscrossing back and forth on mobile, in homes and in autos. We are quite excited about the opportunities ahead, for example, to offer cross-platform distribution capabilities to Baidu's content providers and service app developers.

我們對 AI-first 互聯網的願景是，在用戶使用百度 20 多個應用程式時為他們提供最佳的用戶體驗，並幫助用戶從僅限行動裝置的體驗轉向​​跨平台體驗，在行動裝置、家庭和汽車上無縫切換。我們對未來的機會感到非常興奮，例如，為百度的內容提供者和服務應用程式開發人員提供跨平台分發功能。

To keep pace with the fast-changing technology environment, Baidu has adopted a young leadership development program to incubate talent for middle management and above, to align with the market that we serve and provide an option for leaders to retire, pursue their personal interests and release their responsibilities.

為了跟上快速變化的技術環境，百度推出了年輕領導力發展計劃，為中層及以上管理人員培養人才，以適應我們所服務的市場，並為領導者提供退休、追求個人興趣和釋放責任的選擇。

Over the past year, excluding iQIYI, Baidu added 7 Vice Presidents, both newly promoted and new hires, to our strong executive team of over 20 members. Hailong Xiang, our Senior Vice President of Search business, has tendered his resignation which I have accepted. I'd like to thank Hailong for his 14 years of service at Baidu.

在過去的一年裡，除愛奇藝外，百度新增了 7 位副總裁，包括新晉升和新聘用的人員，使我們擁有超過 20 名成員的強大管理團隊。我們的搜尋業務資深副總裁向海龍已提出辭職，我已接受他的辭呈。感謝海龍在百度14年的服務。

I'd also like to congratulate Dou Shen for his promotion to Senior Vice President, overseeing Baidu's mobile business, which we have renamed from our search business. Dou previously served as Vice President of Baidu's mobile products and has served in various other roles at Baidu since joining in 2012, including web search, display advertising and financial services group. Prior to Baidu, Dou worked at Microsoft and cofounded Buzzlabs. Dou holds a PhD in computer science from the Hong Kong University of Science and Technology.

我還要祝賀竇申晉升為高級副總裁，主管百度的行動業務（該業務已從搜尋業務更名為行動業務）。竇先生曾任百度行動產品副總裁，自 2012 年加入百度以來，曾擔任過多個其他職務，包括網路搜尋、展示廣告和金融服務集團。在加入百度之前，竇先生曾在微軟工作並共同創立了 Buzzlabs。竇先生擁有香港科技大學電腦科學博士學位。

Let's begin our Q1 review with search plus feed. We continue to increase the scale and bolster the content and service offering in Baidu App to give our users unmatched native app-like experience for search and feed. Combining feed with search increases user stickiness. We are employing this strategy with Haokan and investing in Video Search.

讓我們從搜尋加回饋開始我們第一季的回顧。我們將繼續擴大百度 App 的規模並增強其內容和服務，為用戶提供無與倫比的原生應用程式搜尋和資訊流體驗。將資訊流與搜尋結合，可以增加使用者黏性。我們正在對好看採取這項策略，並投資於影片搜尋。

DAU for Baidu App and Haokan are growing robustly. In March, Baidu App DAUs reached 174 million, up 28% year-over-year, and Haokan short video DAUs reached 22 million, up 768% year-over-year. Total feed time spent on Baidu App and short video apps grow robustly, up 83% year-over-year in March.

百度App和好看的DAU正在強勁成長。3月份，百度App日活躍用戶達1.74億，較去年成長28%；好看短片日活躍用戶達2,200萬，較去年同期成長768%。百度App及短視頻App用戶資訊流總時長強勁成長，3月份較去年同期成長83%。

We continue to expand Baidu's ecosystem of third-party content and services, which enable news feed and short videos as well as services and related information traditionally found only in apps, searchable on Baidu. Baijiahao, our feed content network, now hosts 2.1 million publisher accounts, up 89% year-over-year as more and more top publishers, creators and media companies are taking advantage of Baidu's large search plus feed distribution scale.

我們繼續擴展百度的第三方內容和服務生態系統，使新聞推送、短視頻以及傳統上只能在應用程式中找到的服務和相關資訊都可以在百度上搜尋。我們的動態內容網路百家號目前擁有 210 萬個發布商帳戶，年增 89%，越來越多的頂級發布商、創作者和媒體公司正在利用百度龐大的搜尋和動態分發規模。

Our Smart Mini Program, including its user base and developer network, continue to scale. MAUs of Baidu's Smart Mini Program in March reached 181 million, up 23% sequentially. Service providers, large and small, are adopting Baidu's Smart Mini Programs as we leverage our search capabilities. For example, Baidu's Smart Mini Program has become the largest traffic channel for a leading social commerce company in China behind its mobile app. Notably, our AI-powered algorithms help male users on the Baidu platform find interesting content in the social commerce company's Smart Mini Program, increasing a user group that has been historically underrepresented. Baidu's Smart Mini Program allows users to search by the content within the Mini Program, employing our strong search capabilities.

我們的智慧小程序，包括其用戶群和開發者網絡，正在不斷擴大。百度智能小程式3月月活躍用戶達1.81億，季增23%。隨著我們利用搜尋功能，大大小小的服務提供者都在採用百度的智慧小程式。例如，百度智慧小程式已成為中國某領先社群電商公司僅次於其行動應用的最大流量管道。值得注意的是，我們的人工智慧演算法可協助百度平台上的男性用戶在社群商務公司的智慧小程式中找到有趣的內容，從而擴大了歷史上代表性不足的用戶群。百度智能小程式利用我們強大的搜尋能力，讓使用者能夠透過小程式內的內容進行搜尋。

Baidu's Smart Mini Program is also helping users to find less frequented apps with long-tail content. For example, an online urban dictionary adopted Baidu's Smart Mini Program and saw its user experience dramatically improve, with daily search traffic increasing by 27x and Baidu's Smart Mini Program becoming its most significant source of traffic.

百度智能小程式還可以幫助用戶找到具有長尾內容的較少使用的應用程式。例如，某線上城市字典採用百度智慧小程式後，使用者體驗大幅提升，每日搜尋流量成長27倍，百度智慧小程式成為其最重要的流量來源。

In addition, we are strengthening our vertical offerings, such as health care and online literature, filtering out poor and questionable content with Baidu AI. We are adding mini games in the Baidu App with more vertical offerings to come.

此外，我們正在加強醫療保健和網路文學等垂直領域的服務，利用百度人工智慧過濾掉不良和可疑的內容。我們正在百度應用程式中添加小遊戲，並將推出更多垂直產品。

Through the Chinese New Year Gala campaign, we educated users that Baidu App is an all-in-one app, allowing users to search, watch short videos and read headline news, quickly find long-tail information, make direct purchases from Smart Mini Program, play mini games and read online literature, just to name a few. Baidu App also offers voice search, augmented reality search and visual search as well as OCR translation.

透過春節聯歡晚會活動，我們向用戶介紹了百度App是一款集搜尋、看短片、觀看頭條新聞、快速找到長尾資訊、從智慧小程式直接購物、玩小遊戲、看網路文學等功能於一體的一體化應用程式。百度 App 還提供語音搜尋、擴增實境搜尋和視覺搜尋以及 OCR 翻譯。

Our focus on growing in-app search traffic and expanding our content and services ecosystem is proving to be the right strategy. In addition to growing feed time spend, Baidu App saw search traffic growing in the mid-teens over last year.

事實證明，我們專注於增加應用程式內搜尋流量和擴展我們的內容和服務生態系統是正確的策略。除了資訊流花費時間的成長之外，百度應用程式的搜尋流量在去年也實現了十五六倍的成長。

Turning to monetization. Our focus to grow in-app traffic build an ecosystem for content, services and vertical offerings, and improve user relationship management will provide tremendous potential to improving recommendation relevancy and native app-like experience for our users as well as continuously improving marketing ROI for our customers.

轉向貨幣化。我們專注於增加應用程式內流量，建立內容、服務和垂直產品的生態系統，並改善用戶關係管理，這將為提高推薦相關性和用戶原生應用般的體驗以及不斷提高客戶的行銷投資回報率提供巨大的潛力。

For example, Jia.com, a home interior-design e-commerce platform, saw leads conversion to in-person consultation from Baidu's Smart Mini Program increases nearly 30% compared to its HTML5 site. Our focus on in-app traffic and user relationship management will also allow us to provide CRM offering to our customers which will strengthen our relationships with our customers and open a large opportunity for future growth. We are also expanding Baidu's online -- Baidu's advertising partner network to over 1.5 million out-of-home digital screens, covering 362 cities across 31 provinces.

例如，家居室內設計電子商務平台家 (Jia.com) 發現，與 HTML5 網站相比，透過百度智慧小程式轉化為面對面諮詢的潛在客戶增加了近 30%。我們對應用程式內流量和用戶關係管理的關注也使我們能夠為客戶提供 CRM 產品，這將加強我們與客戶的關係，並為未來的成長開闢巨大的機會。我們也將百度的線上廣告合作夥伴網路拓展至超過 150 萬塊戶外數位螢幕，覆蓋 31 個省份的 362 個城市。

Turning to DuerOS. Our DuerOS voice assistant continues to lead in China with installed base reaching 275 million, increasing 279% year-over-year and monthly voice queries reaching 2.37 billion, increasing 817% year-over-year in March. We are expanding the service offering in the DuerOS skills store with wide-ranging genre from watching short videos and long videos to playing online games, from listening to children's stories to setting up tools to help users find their phone. App developers are finding that DuerOS skills, or voice-enabled apps, can translate into great user experience and user retention. For example, almost 40% of live video Douyu skill's monthly active users on DuerOS continue to use the skill 4 months after initial sign on, which shows incredible user stickiness.

轉向DuerOS。我們的DuerOS語音助理繼續在中國保持領先地位，3月安裝量達到2.75億，年增279%，每月語音查詢量達到23.7億次，較去年同期成長817%。我們正在擴展 DuerOS 技能商店的服務範圍，從觀看短片和長影片到玩線上遊戲，從聽兒童故事到設定工具來幫助用戶找到他們的手機。應用程式開發人員發現，DuerOS 技能或支援語音的應用程式可以轉化為出色的用戶體驗和用戶保留率。例如，鬥魚直播技能在DuerOS上的月活躍用戶中，近40%在首次註冊4個月後仍繼續使用該技能，展現出驚人的用戶黏性。

DuerOS first-party device and the breakout quarter, with first quarter Xiaodu series smart devices surpassing the unit sales of all 2018. OEM manufacturers are adopting DuerOS voice assistant as well. For example Skyworth, a leading smart TV manufacturer in China, recently switched the wake word on its TVs to Xiaodu Xiaodu, and Huawei tablets come with tablet mounts that convert the tablet into speech-recognition-enabled DuerOS smart devices.

DuerOS 第一方設備迎來突破性進展，第一季小度系列智慧型裝置銷量超越 2018 年全年。OEM製造商也正在採用DuerOS語音助理。例如，中國領先的智慧電視製造商創維最近將其電視的喚醒詞更改為“小度小度”，而華為平板電腦配備了平板電腦支架，可將平板電腦轉換為支援語音識別的DuerOS智慧型裝置。

On the auto front, Chery Automobile EXEED sedans are selling with DuerOS infotainment system preinstalled. DuerOS for Apollo has received a very positive initial customer feedback, particularly for facial recognition capabilities, to activate personalized settings, online payment and AR navigation. On the service front, over 190 Smart Mini Programs from Baidu App and skills from DuerOS home devices are now available in the skills store of DuerOS for Apollo, including iQIYI, E Designated Driving and GeekPark.

車款方面，奇瑞汽車EXEED轎車預載了DuerOS資訊娛樂系統。DuerOS for Apollo 已獲得非常積極的初步客戶回饋，尤其是臉部辨識功能、啟動個人化設定、線上支付和 AR 導航。服務方面，超過190個百度App智慧小程式以及DuerOS家庭設備技能現已上線DuerOS for Apollo技能商店，包括愛奇藝、E代駕、極客公園等。

Turning to Apollo. The Beijing Transportation Commission recognized Apollo as the leader in autonomous driving, amassing over 10x the test miles of the next industry player, according to the commission's 2018 Beijing Autonomous Driving Vehicles Road Test Report issued in March. The report measures safety and quality control of autonomous driving and bases its assessment on test miles monitored by the commission as compared to self-reported miles used by other autonomous driving reports. The Apollo developer community has now expanded to 15,000 strong. We are pleased to see that Apollo autopilot technologies have been adopted in many innovative scenarios, including street cleaning, goods delivery and shuttle services.

轉向阿波羅。根據北京市交通委員會 3 月發布的《2018 年北京自動駕駛汽車道路測試報告》，北京交通委員會認定 Apollo 為自動駕駛領域的領導者，其測試里程是第二名的 10 倍以上。該報告衡量了自動駕駛的安全性和品質控制，並根據委員會監控的測試里程與其他自動駕駛報告中使用的自我報告里程進行比較進行評估。Apollo 開發者社群現已擴大到 15,000 人。我們很高興地看到，Apollo自動駕駛技術已應用於街道清潔、貨物配送、接駁車服務等諸多創新場景。

Transportation related to vehicles and road infrastructure represent approximately 11% of China's GDP, according to the National Bureau of Statistics. With the Chinese government open to experimenting the smart transportation to improve urban living, we see an opportunity to partner with local governments to implement autonomous driving and smart transportation solution across China. We are working with municipalities to pilot robotaxi by the second half of this year. We are also working with Haidian District of Beijing to develop an AI-powered city brain to improve municipal services. Our entrance into smart transportation is opening doors to the government market and potentially expanding into broader smart city solutions to help Chinese cities modernize.

根據國家統計局的數據，與車輛和道路基礎設施相關的交通運輸約佔中國 GDP 的 11%。隨著中國政府願意嘗試智慧交通以改善城市生活，我們看到了與地方政府合作在中國各地實施自動駕駛和智慧交通解決方案的機會。我們正與各市政當局合作，計劃在今年下半年試行自動駕駛計程車。我們也與北京市海淀區合作，開發人工智慧城市大腦，改善市政服務。我們進入智慧交通領域正在向政府市場打開大門，並有可能擴展到更廣泛的智慧城市解決方案，以幫助中國城市現代化。

Turning to Baidu Cloud. Our cloud business continued to exhibit strong revenue momentum, growing triple digits year-over-year. Last October, we discussed implementing Baidu AI call center solution at one of top telecom operators in China. Baidu Brain is now handling approximately 5.6 million calls per month. Our telecom operator customer was pleased with Baidu's AI enterprise solution and has signed up to expand Baidu AI call center solutions for half of their call center nationwide. In addition, we are receiving orders from enterprise customers in other industries, such as financial services, airline and energy.

轉向百度雲。我們的雲端業務持續展現強勁的營收勢頭，較去年同期成長三位數。去年十月，我們討論了在中國一家頂級電信業者實施百度人工智慧呼叫中心解決方案。百度大腦目前每月處理約 560 萬次呼叫。我們的電信業者客戶對百度的AI企業解決方案非常滿意，並已簽約將百度AI呼叫中心解決方案擴展到其全國一半的呼叫中心。此外，我們也接到了金融服務、航空和能源等其他產業企業客戶的訂單。

At the Baidu Cloud Internet Summit in April, we released a stack of enterprise solutions for companies working with videos. We also released a library of new toolkit that can help developers create, edit, analyze and manage video content using Baidu AI, including content-adaptive encoding, fully interactive augmented reality and a comprehensive video AI model training platform. These solution stacks and toolkit will benefit customers in the video, education, gaming and health care industries.

在四月的百度雲互聯網高峰會上，我們針對視訊企業發布了一系列企業解決方案。我們還發布了一個新的工具包庫，可以幫助開發人員使用百度AI創建、編輯、分析和管理視訊內容，包括內容自適應編碼、完全互動式擴增實境和全面的視訊AI模型訓練平台。這些解決方案堆疊和工具包將使影片、教育、遊戲和醫療保健行業的客戶受益。

Baidu Cloud is focused on using Baidu AI to solve our customer problems and increase corporate productivity. We differentiate through heavy investment in AI and our support for open source deep learning platform.

百度雲專注於利用百度人工智慧解決客戶問題並提高企業生產力。我們透過對人工智慧的大量投資和對開源深度學習平台的支援來脫穎而出。

According to the World Intellectual Property Organization 2019 Artificial Intelligence Report, Baidu is the leading company globally in patent application for deep learning. Baidu is also the only Chinese Internet company listed among the top 30 AI patent applicants worldwide.

根據世界智慧財產權組織《2019年人工智慧報告》，百度是全球深度學習專利申請領先的公司。百度也是唯一躋身全球人工智慧專利申請量前30名的中國網路公司。

In March, developer downloads of PaddlePaddle, our leading Chinese open source deep learning platform, was up 40% sequentially. PaddlePaddle helps developers to enhance and streamline their deep learning development modules and drive greater adoption of deep learning in real-world applications on Baidu Cloud.

3月份，我們領先的中國開源深度學習平台PaddlePaddle的開發者下載量較上季成長了40%。PaddlePaddle 幫助開發者增強和簡化他們的深度學習開發模組，並推動深度學習在百度雲端的實際應用中得到更廣泛的應用。

Turning to iQIYI. IQIYI continues to see strong subscriber growth with membership reaching 96.8 million, increasing 58% year-over-year and further strengthening iQIYI's foundation to offer blockbuster original entertainment content.

轉向愛奇藝。愛奇藝持續保持強勁的用戶成長勢頭，會員數量達到 9,680 萬，年增 58%，進一步增強了愛奇藝提供大量原創娛樂內容的基礎。

A quick word on Baidu's corporate social responsibility. Baidu data centers have obtained more than 400 technology and innovation patents in China and abroad. For example, our Yangquan Cloud Computing center, the first double 5A energy-saving data center in China, is widely regarded as an industry role model with an annual PUE of 1.09, reaching to a top-tier level at global standard, much higher than the average level in China. In 2018, through technology innovation and clean energy adoption, Yangquan Cloud Computing center reduced carbon dioxide emission by 177,000 tons. For more information on Baidu's corporate social responsibility effort, please refer to our newly published CSR report, the website link to which can be found in our earnings release.

簡單談談百度的企業社會責任。百度資料中心已獲得國內外400多項技術創新專利。例如，我們的陽泉雲端運算中心是國內首個雙5A節能資料中心，年PUE值達1.09，達到國際一流水平，遠高於國內平均水平，被譽為業界典範。2018年，陽泉雲端運算中心透過技術創新、採用清潔能源，減少二氧化碳排放17.7萬噸。有關百度企業社會責任工作的更多信息，請參閱我們最新發布的企業社會責任報告，該網站連結可在我們的收益報告中找到。

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。

Thanks Robin. Hello, everyone. Welcome to Baidu's first quarter 2019 call. Before I begin the financial review, let me make a few comments. All monetary amounts used in my discussion are in renminbi, and all growth rates assume year-over-year growth, unless stated otherwise.

謝謝羅賓。大家好。歡迎參加百度2019年第一季電話會議。在開始財務審查之前，請允許我發表一些評論。除非另有說明，我在討論中使用的所有貨幣金額均為人民幣，所有增長率均假設同比增長。

For the first quarter 2019, total revenues reached CNY 24.1 billion, up 15%, or 21%, excluding spinoff revenue of CNY 1.1 billion. At the same time, we incurred net loss of CNY 327 million due to our investment in CCTV's Chinese New Year Eve Gala marketing campaign as well as increased loss from iQIYI. Our net margin also decreased with our focus on in-app growth over TAC revenue growth. In-app growth changes our business model requiring us to spend more heavily upfront on marketing, for app installs and user education, while monetization occurs over the lifetime of the users, TAC revenue, on the other hand, is earned in the quarter TAC is incurred. Investing in AI and leveraging user insight to improve user relationship management, can offer us greater growth potential than Union traffic. Revenue from TAC declined in the first quarter, as bidding for Union traffic, especially on mobile, continues to be competitive. Our goal for Union traffic is to maximize profit, unlike some of our peers who's bidding on negative margins. The fierce market competition for TAC is also weighing down our Q1 margin. The bright side on TAC is that Baidu's ad network is expanding into out-of-home digital screens, which complement Baidu's omni-marketing strategy to reach our users in multiple ways and is becoming a source of future revenue growth.

2019年第一季，總營收達241億元人民幣，年增15%，增幅達21%，其中不包括11億元人民幣的分拆營收。同時，由於我們對中央電視台春節聯歡晚會行銷活動的投入以及愛奇藝虧損的增加，我們淨虧損3.27億元人民幣。由於我們更重視應用程式內成長而非 TAC 收入成長，我們的淨利潤率也有所下降。應用程式內成長改變了我們的商業模式，要求我們在行銷、應用安裝和用戶教育方面投入更多前期資金，而貨幣化發生在用戶的整個生命週期內，而 TAC 收入則是在 TAC 發生的季度獲得的。投資人工智慧並利用用戶洞察來改善用戶關係管理，可以為我們提供比聯盟流量更大的成長潛力。由於聯盟流量（尤其是行動流量）的競標競爭持續激烈，TAC 的第一季營收出現下降。我們對聯盟交通的目標是實現利潤最大化，這與我們的一些以負利潤競標的同行不同。TAC 的激烈市場競爭也拖累了我們第一季的利潤率。TAC 的亮點在於，百度的廣告網路正在擴展到戶外數位螢幕，這與百度的全球行銷策略相輔相成，可以透過多種方式接觸用戶，並成為未來收入成長的來源。

As Robin mentioned, we are reviewing our business for opportunities to increase operational efficiency. This process will occur over the next few months, and we will look for opportunity to lessen the currently planned increase of approximately CNY 1 billion in cost structure each quarter for the remaining quarters this year. Nevertheless, our priority remains to strengthen our mobile foundation, including growing our search plus feed apps, and to lead in new AI businesses.

正如羅賓所提到的，我們正在審查我們的業務，尋找提高營運效率的機會。這個過程將在未來幾個月內發生，我們將尋找機會減少今年剩餘季度目前計劃的每個季度約10億元人民幣的成本結構增長。儘管如此，我們的首要任務仍然是加強我們的行動基礎，包括發展我們的搜尋和資訊流應用，並引領新的人工智慧業務。

Our Board recently approved USD 1 billion for a stock repurchase. The plan for which is effective until July 1st next year. This is in addition to the current USD 1 billion stock buyback plan in place, approximately USD 500 million of which is available for repurchase until the end of next month.

我們的董事會最近批准了 10 億美元的股票回購。該計劃有效期至明年7月1日。這是在目前實施的 10 億美元股票回購計畫之外的額外舉措，其中約 5 億美元可在下月底前回購。

Overall, we remain optimistic about Baidu's future. In the past 19 years, we have weathered macro conditions, government policy changes and technological changes, each time returning to growth several quarters later. We're excited about our current strategy to make the fastest growing areas of content searchable while adding news feed to our distribution channel; to grow our ecosystem and content services and vertical offerings, enabling us to perform user relationship management and to take advantage of our AI capabilities to capture market opportunities, with voice assistant, cloud and autonomous driving, which may cause us to sacrifice short-term profit but optimize sustainable, long-term growth.

整體而言，我們仍然對百度的未來持樂觀態度。在過去的 19 年裡，我們經歷了宏觀環境、政府政策變化和技術變革的考驗，每次都在幾個季度後恢復成長。我們對當前的策略感到非常興奮，即讓增長最快的內容領域可搜索，同時將新聞提要添加到我們的分發渠道；發展我們的生態系統和內容服務及垂直產品，使我們能夠進行用戶關係管理，並利用我們的人工智能能力抓住市場機遇，包括語音助手、雲和自動駕駛，這可能會導致我們短期利潤，但可以優化可持續的長期增長。

Let me now turn to Q1 financial review. Revenue from Baidu Core grew to CNY 17.5 billion or USD 2.6 billion, up 16%, excluding spinoff revenues, which is CNY 0.1 billion lower than the midpoint assumption we had used for our Q1 guidance. During Q1, we saw revenue stream coming from education, retail/e-commerce and services sector, which was partially offset by weakness in health care, online gaming, financial services, primarily due to industry-specific government regulations and our self-directed health care initiative.

現在讓我來談談第一季財務回顧。「百度核心」營收成長至 175 億元人民幣（26 億美元），年增 16%，不包括分拆收入，比我們第一季指引中使用的中間值假設低 1 億元。在第一季度，我們看到收入流來自教育、零售/電子商務和服務業，但醫療保健、線上遊戲、金融服務業的疲軟部分抵消了這一增長，這主要是由於特定行業的政府法規和我們自主指導的醫療保健計劃。

At the end of March, the majority of our health care customers have been switched -- have switched their ad landing pages onto our platform. Though our structured data initiatives will dampen near-term revenue growth Q2 -- in Q2, we'll have a full quarter impact. We believe better service quality and user experience will strengthen Baidu's foundation for sustainable long-term growth. Our structured data initiative is generating healthy traffic growth, and we plan to roll out this initiative to other service sectors, such as moving companies, home services and express delivery, to improve the user experience in these areas.

截至三月底，我們的大多數醫療保健客戶已將他們的廣告登陸頁面轉移到我們的平台上。儘管我們的結構化資料計劃將抑制第二季度的短期收入成長，但在第二季度，我們將對整個季度產生影響。我們相信更好的服務品質和使用者體驗將增強百度長期可持續成長的基礎。我們的結構化數據計劃正在產生健康的流量成長，我們計劃將該計劃推廣到其他服務領域，例如搬家公司、家庭服務和快遞，以改善這些領域的用戶體驗。

Our new AI services are growing fast, particularly our cloud business, which generated CNY 1.3 billion in revenues in the first quarter, up 133%. Revenue from iQIYI reached CNY 7 billion, growing at a robust rate of 43%. Membership revenue continues to be strong with 9.4 million subscribers added in Q1, driven by premium content and hot originals.

我們的新型人工智慧服務成長迅速，特別是雲端業務，第一季實現營收13億元人民幣，成長133%。愛奇藝營收達70億元人民幣，成長43%。會員收入持續強勁，受優質內容和熱門原創內容的推動，第一季新增了 940 萬訂閱用戶。

Turning to cost of sales. Excluding stock compensation and intangible asset amortization, cost of sales was CNY 14.6 billion, up 49%. Content cost was up 47% to CNY 6.2 billion, mainly due to iQIYI's increased investment in content, and to a much lesser extent, investment in feed content.

轉向銷售成本。不包括股票薪酬和無形資產攤銷，銷售成本為人民幣146億元，成長49%。內容成本上漲 47% 至 62 億元人民幣，主要由於愛奇藝增加了對內容的投資，以及在較小程度上對資訊流內容的投資。

SG&A expenses. Excluding stock compensation, SG&A expenses were CNY 5.5 billion, up 94%, primarily due to the increase in channel and promotional marketing, mainly for Baidu family of apps, including marketing campaigns around the Chinese New Year Eve as well as increasing personnel-related expenses.

銷售、一般及行政費用。不包括股票薪酬，銷售、一般及行政費用為人民幣 55 億元，增長 94%，主要由於渠道和促銷營銷的增加，主要針對百度系列應用程序，包括農曆除夕前後的營銷活動以及人員相關費用的增加。

R&D expenses, excluding stock compensation, were CNY 3.5 billion, up 25%, primarily due to an increase in personnel-related expenses. Non-GAAP operating income was CNY 0.4 billion. Non-GAAP operating income for Baidu Core was CNY 2.1 billion, and non-GAAP operating margin for Baidu Core was 12%.

研發費用（不含股票薪酬）為人民幣 35 億元，成長 25%，主要由於人員相關費用的增加。非美國通用會計準則營業收入為4億元。非美國通用會計準則下，「百度核心」營業收入為21億元人民幣，非美國通用會計準則下，「百度核心」營業利益率為12%。

Income tax was CNY 294 million compared to CNY 1.1 billion last year. Lower income taxes mainly due to lower pretax income from Baidu Core.

所得稅為2.94億元，去年為11億元。所得稅減少主要由於百度核心稅前收入減少。

Non-GAAP net income to Baidu was CNY 967 million, and non-GAAP net margin was 4%. Non-GAAP net income attributable to Baidu Core was CNY 1.8 billion, and non-GAAP net margin for Baidu Core was 10%.

百度非美國通用會計準則淨利為9.67億元人民幣，非美國通用會計準則淨利率為4%。非美國通用會計準則下歸屬於「百度核心」的淨利為18億元人民幣，非美國通用會計準則下「百度核心」的淨利潤率為10%。

Adjusted EBITDA was CNY 1.8 billion, and adjusted EBITDA margin was 7%. Adjusted EBITDA for Baidu Core was CNY 3.4 billion, and adjusted EBITDA margin for Baidu Core reached 19% in Q1.

調整後EBITDA為18億元人民幣，調整後EBITDA利潤率為7%。第一季度，「百度核心」調整後EBITDA為34億元人民幣，調整後EBITDA利潤率達19%。

As of March 31, 2019, cash and short-term investments were CNY 143.6 billion or USD 21.4 billion. Excluding iQiyi, cash and short-term investments for Baidu Core was CNY 125.7 billion or USD 18.7 billion.

截至 2019 年 3 月 31 日，現金和短期投資為 1,436 億元或 214 億美元。不計愛奇藝，百度核心的現金和短期投資為1257億元或187億美元。

Operating cash flow was CNY 1.7 billion. Operating cash flow for Baidu Core was CNY 1.3 billion or USD 191 million. Total headcount of Baidu Core was approximately 32,600, down 1% year-over-year.

經營現金流為17億元。百度核心的經營現金流為13億元或1.91億美元。百度核心員工總數約3.26萬人，較去年同期下降1%。

Turning to second quarter guidance. We expect total revenues to be between CNY 25.1 billion and CNY 26.6 billion, representing negative 3% to 2% increase year-over-year, or 1% to 6% increase year-over-year, excluding spinoff revenues of CNY 1 billion for Q2. Excluding spinoff revenues, our guidance assumes Baidu Core will grow between negative 2% and 4% increase year-over-year. These forecasts are current and preliminary view and are subject to change.

轉向第二季度指引。我們預計總收入將在 251 億元人民幣至 266 億元之間，年增 1% 至 6%，不包括第二季 10 億元人民幣的衍生收入。不計分拆收入，我們預期「百度核心」的年增長率將在-2%至-4%之間。這些預測是當前的初步觀點，可能會改變。

I will now open the call to questions. Thank you.

我現在開始提問。謝謝。

Operator, first question, please.

接線員，請問第一個問題。

(Operator Instructions) Your first question comes from the line of Alicia Yap of Citigroup.

（操作員指示）您的第一個問題來自花旗集團的 Alicia Yap。

I have a question regarding the ads outlook and also the second quarter guidance. Could you share with us, firstly, the reasons why Mr. Hailong Xiang decided to leave? Is it related to your young manager promotion program? Will these be any potential short-term impact to the search team morale or any impact to sentiment among your key search advertisers? Based on your second quarter guidance, Herman, I just wanted to clarify, you mentioned earlier. So Core Baidu revenues is implying about a negative 2% to plus 4% year-over-year, right? So does this has anything to do with the departure of Mr. Xiang? Or is it mainly the macro softness impact on the apps demands? And how long do you expect this challenging outlook to last?

我對廣告前景和第二季指引有疑問。首先，您能否與我們分享一下項海龍先生決定離職的原因？這和你們的年輕經理晉升計劃有關嗎？這些是否會對搜尋團隊的士氣或主要搜尋廣告商的情緒產生潛在的短期影響？赫爾曼，根據您第二季的指導，我只是想澄清一下，您之前提到過。那麼百度核心收入的年增幅大約是-2%到+4%，對嗎？那麼這和項先生的離職有關係嗎？或者主要是宏觀柔軟度對應用程式需求的影響？您預計這種充滿挑戰的前景將持續多久？

Alicia, let me answer the first part of your question. Ms. Xiang resigned for personal reasons, and Shen Dou is promoted to Senior Vice President who's in charge of our mobile ecosystem which was formerly named search company. I think Dou is very strong. He has proven track record in managing a lot of businesses, most recently our feed business has been growing very fast. And if you look at the user front, we have already built a relatively strong mobile ecosystem with a large apps of super apps with very high DAU, the time spent is growing, search traffic in the app is growing, and our organic content and services from Baijiahao as well as Smart Mini Programs are all growing. So going forward, we are confident that, that when we build the stronger sales team and stronger monetization capability, we should be right on track for higher growth.

艾莉西亞，讓我來回答你問題的第一部分。項女士因個人因素辭職，沈鬥升任高級副總裁，負責我們行動生態系統（原搜尋公司）。我覺得竇文濤很強。他在管理許多企業方面有著良好的業績記錄，最近我們的飼料業務發展非常迅速。從用戶角度來看，我們已經建立了一個相對強大的行動生態系統，擁有大量超級應用，這些應用的 DAU 非常高，用戶使用時間在增長，應用內的搜尋流量正在增長，百家號和智能小程式的有機內容和服務也在增長。因此，展望未來，我們有信心，當我們建立更強大的銷售團隊和更強大的貨幣化能力時，我們應該走上更高成長的軌道。

Alicia, this is Herman. Yes, I wanted to just confirm what you noticed. With regards to our guidance for Q2, we are assuming that Baidu Core will be growing approximately negative 2% to positive 4% year-over-year for Q2. And you asked us what were the considerations that we have for Q2, I think several aspects. As Robin mentioned in his prepared remarks, let me kind of summarize the key factors. I think one is macro factors that we talked about. Number two is we started seeing, after Chinese New Year, that there's been an increase in inventory, ad inventory release in the market. And as a result, that has been impacting our CPM. So obviously, we're going to be focusing on improving our monetization capabilities going forward. Thirdly, we talked about our health care initiative. I recall in November last year, we said that we're going to be doing this health care initiative for structured data. We are still on track. We're moving everyone, health care trying to move everyone onto Baidu's landing page. So that was done in March. So you're going to absorb a full quarter of that impact in Q2. We think over the long run, since we now understand the users better, we will understand their behavior as we're navigating on the structure site. We think that, albeit in the long term, we can continue to improve the experience we're seeing in traffic from that initiative actually increasing growth. So I think over time, we're going to be able to improve our conversion. And lastly, what we're assuming for the policies that have impacted us, whether it's on gaming, whether it's on financial services, on real estate, on auto and so forth, will continue to be this way. So if these industry-specific policies improve, that will be upside for us, okay?

艾莉西亞，這是赫爾曼。是的，我只是想確認一下你注意到了什麼。關於我們對第二季的預期，我們假設百度核心第二季的年成長率約為負 2% 至正 4%。您問我們對第二季有哪些考慮，我認為有幾個面向。正如羅賓在準備好的演講中提到的那樣，讓我總結一下關鍵因素。我認為一個是我們談到的宏觀因素。第二，我們開始看到，農曆新年過後，市場上的庫存和廣告庫存釋放增加。因此，這影響了我們的 CPM。因此顯然，我們將專注於提高我們未來的貨幣化能力。第三，我們討論了我們的醫療保健計劃。我記得去年 11 月，我們說過我們將針對結構化資料開展這項醫療保健計畫。我們仍在正軌上。我們正在讓每個人都參與進來，醫療保健領域也試圖讓每個人都進入百度的登陸頁面。所以那是在三月完成的。因此，您將在第二季度吸收整整四分之一的影響。我們認為從長遠來看，由於我們現在更了解用戶，我們將了解他們在結構網站上導航時的行為。我們認為，儘管從長遠來看，我們可以繼續改善從該計劃中看到的流量體驗，實際上會增加成長。所以我認為隨著時間的推移，我們將能夠提高我們的轉換率。最後，我們假設對我們產生影響的政策，無論是博彩業、金融服務業、房地產業、汽車業等等，都會繼續如此。因此，如果這些針對特定產業的政策得到改善，對我們來說就是有利的，好嗎？

Your next question comes from the line of Eddie Leung of BofA Merrill Lynch.

您的下一個問題來自美銀美林的 Eddie Leung。

Just wondering if you could share more color with us on the growth rate you have seen some of your key verticals, client or advertiser verticals regarding the softness in the first quarter and second quarter. Specifically, are we seeing an across-the-board weakness with a similar magnitude? Or are we seeing a couple of verticals dragging down the overall growth rate? And if so, could you talk a little bit about that field verticals? I suppose maybe vertical in financial services. Anything along the line would be very helpful.

我只是想知道您是否可以與我們分享更多關於成長率的細節，您已經看到了一些關鍵垂直行業、客戶或廣告商垂直行業在第一季和第二季的疲軟表現。具體來說，我們是否看到了類似程度的全面疲軟？或者我們看到一些垂直行業拖累了整體成長率？如果是的話，您能否稍微談談該領域的垂直領域？我想也許是金融服務領域的垂直領域。任何相關的事情都會非常有幫助。

Eddie, this is Herman. Let me answer that. As we -- as I mentioned in the prepared remarks, several industries probably have the slowest growth rate, health care, online gaming and financial services. I think these 3 will probably be the hardest hit on a year-over-year basis. Beyond that, as we mentioned, this is a macro impact. It's impacting our CPMs. So as a result, you're seeing a slowdown growth rate in many industries beyond those 3 that I mentioned.

艾迪，這是赫爾曼。讓我來回答這個問題。正如我在準備好的發言中提到的那樣，幾個行業的成長率可能是最慢的，即醫療保健、線上遊戲和金融服務。我認為這三個可能是同比受打擊最嚴重的。除此之外，正如我們所提到的，這是一個宏觀影響。它影響了我們的每千次曝光費用 (CPM)。因此，除了我提到的這三個行業之外，你還會看到許多行業的成長率都在放緩。

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

您的下一個問題來自巴克萊銀行的 Gregory Zhao。

One follow-up of your guidance please. We're looking to the business segment of Baidu Core, we know they are search, feed and cloud. But I just want to understand the group's trend of each individual segment and what's the driver for each segment in your Q2 guidance? And also a quicker follow-up. During your prepared remarks, you mentioned that the efficiency improvement plan and you also mentioned the RMB 1 billion. So is that for -- is that on saving quarter-by-quarter? Or more investment quarter-by-quarter?

請跟進您的一次指導。我們正在關注百度核心的業務部門，我們知道它們是搜尋、資訊流和雲端。但我只是想了解集團每個細分市場的趨勢，以及您第二季指引中每個細分市場的驅動因素是什麼？且後續跟進也更加迅速。您在準備好的發言中提到了效率提升計劃，也提到了10億元。那麼，這是按季度儲蓄嗎？或逐季增加投資？

Greg, this is Herman. So 2 questions, one on drivers of search, feed and cloud. So I'll go first and Robin can add. So I think as we mentioned earlier, for our Q2 guidance, the 4 factors that we're looking at right now that's impacting our growth rate, the macro, our initiative for structured data and the fact that the market is seeing significant increase in supply of inventory, and some industry-specific policies, I think those would give you a good indication of the drivers. Obviously, we're going to be focusing monetization. We talked about how we're going to focus on CRM. We're going to focus on other initiatives to increase our CPMs so that we can become more competitive. I think those are the drivers for advertising. And then we break out specifically for cloud that it's CNY 1.3 billion, growing at 133% year-over-year. I think the driver for us is to continue to expand into different industries and to replicate a lot of the solutions, enterprise solutions that we have so that it's much faster to grow with existing solutions rather than having to customize new solutions. So that's kind of our strategy to accelerate the growth of our cloud business. And then with regards to cost structures, we originally had planned at the beginning of the year to increase our cost of sales and operating expenses by CNY 1 billion per quarter. So the increase incrementally CNY 1 billion quarter-over-quarter for the remaining quarters of this year. We have started looking at each of these areas. Our goal is to decrease the increase sequentially through our business reviews.

格雷格，這是赫爾曼。所以有兩個問題，一個關於搜尋、資訊流和雲端的驅動因素。所以我先來，然後羅賓可以補充。所以我認為，正如我們之前提到的，對於我們的第二季度指引，我們現在關注的影響我們增長率的四個因素，宏觀經濟、我們的結構化數據計劃以及市場庫存供應顯著增加的事實，以及一些行業特定的政策，我認為這些可以很好地表明驅動因素。顯然，我們將專注於貨幣化。我們討論瞭如何關注 CRM。我們將專注於其他措施來提高我們的 CPM，從而提高我們的競爭力。我認為這些都是廣告的驅動力。然後我們具體來看雲端運算業務，其收入為 13 億元人民幣，年增 133%。我認為我們的驅動力是繼續擴展到不同的行業，並複製我們現有的許多解決方案和企業解決方案，以便利用現有解決方案更快地發展，而不必客製化新的解決方案。這就是我們的加速雲端業務成長的策略。關於成本結構，我們最初在年初計劃每季增加銷售成本和營運費用10億元。因此，今年剩餘幾季的季增將達到 10 億元。我們已經開始研究上述每個領域。我們的目標是透過業務審查逐步減少增幅。

Yes, let me give you a little more color on the growth drivers for search, feed and cloud. Cloud, like I mentioned, was growing by a triple digit, a fast growth rate. For search and feed, like I mentioned before, the DAU, the time spent and page views are all growing in the Baidu app. So we have a relatively solid foundation on the user front. But on the customer front, we need to get more sophisticated, especially when we have all the user information in our native app. We can actually shifting our focus from managing traffic to managing users and customers. For example, when a customer switched their landing page from HTML5 one to Smart Mini Program, we typically see that the conversion improved by 30% to 50%. And the traditional Baidu online marketing business is -- you already call it pay for performance. And when the performance improved, let's say, the 30% to 50%, we certainly should be able to take a cut from that. And that should just -- the initial result, we believe that there is still a lot of room to improve. And the reason for that is that in the same app, when we have the user information, their mailing address, their demographic information and their telephone number, they don't need to fill out a lot of new forms before they place an order from the Baidu App. This will significantly improve the conversion rate and provide a more native app-like experience for both the users and online customers. And this kind of trend, I think we'll be able to last for quite a few years and will drive our growth for the core business.

是的，讓我給你詳細介紹一下搜尋、資訊流和雲端的成長動力。正如我所提到的，雲端運算正以三位數的速度成長，這是一個快速的成長率。對於搜尋和資訊流，正如我之前提到的，百度應用程式中的 DAU、花費的時間和頁面瀏覽量都在增長。所以我們在用戶方面有比較堅實的基礎。但在客戶方面，我們需要變得更加複雜，特別是當我們在原生應用程式中擁有所有使用者資訊時。我們實際上可以將重點從管理流量轉移到管理用戶和客戶。例如，當客戶將其目標網頁從 HTML5 切換到智慧小程式時，我們通常會看到轉換率提高 30% 到 50%。而傳統的百度網路行銷業務是——你已經稱之為按效果付費。當效能提高時，比如說提高 30% 到 50%，我們當然應該能夠從中抽取一部分。這只是初步結果，我們認為仍有很大改進空間。原因在於，在同一個應用程式中，當我們擁有用戶資訊、他們的郵寄地址、他們的人口統計資料和他們的電話號碼時，他們不需要在從百度應用程式下訂單之前填寫大量新表格。這將顯著提高轉換率，並為用戶和線上客戶提供更像原生應用程式的體驗。我認為這種趨勢將能夠持續相當多年，並將推動我們核心業務的成長。

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。

So my question is also on core business. As you mentioned, the DAU of Baidu App was up by 28% year-over-year. And now that we're already in the middle of the second quarter, I wonder if you have seen a similar DAU improvement on a year-over-year basis for the second quarter? Also, there's the disparity between user growth and the revenue growth for the core business obviously. So I wonder when should we see user growth start to contribute to the core revenue growth? Second question is out-of-home screen and OTV. I wonder how big is the online TV and offline screen advertising business? What is the margin profile of these 2 business lines? And what is the growth trend for these 2 business lines?

所以我的問題也是關於核心業務的。正如您所說，百度App的DAU年增了28%。現在我們已經進入第二季中期，我想知道您是否看到第二季的 DAU 同比也有類似的成長？此外，用戶成長和核心業務收入成長之間顯然存在差距。所以我想知道我們什麼時候可以看到用戶成長開始為核心收入成長做出貢獻？第二個問題是戶外螢幕和OTV。我想知道線上電視和線下螢幕廣告業務有多大？這兩條業務線的利潤率如何？這兩條業務線的成長趨勢如何？

It's going to be a gradual process to see user growth turning into revenue growth. Like I mentioned, there are a lot of work we can do and we already started to do this kind of work. We will focus more on managing our users and managing our customers so that the conversion will continue to improve and so that customers are willing to pay more going forward. And on the outdoor digital screens, those are not really offline screens, those are online screens. We can leverage that as well as our mobile, in-home devices, auto, in auto services to do omni-marketing. And when we are able to connect that the users and customers across all different platforms, I believe that, that customers will be better served.

用戶成長轉化為收入成長將是一個漸進的過程。正如我所提到的，我們可以做很多工作，而且我們已經開始做這類工作了。我們將更加重視管理我們的用戶和管理我們的客戶，以便轉換率不斷提高，並使客戶願意在未來支付更多費用。戶外數位螢幕其實不是離線螢幕，而是線上螢幕。我們可以利用這一點以及我們的行動裝置、家用設備、汽車、車載服務來進行全方位行銷。當我們能夠將所有不同平台上的用戶和客戶連接起來時，我相信客戶將得到更好的服務。

So just a quick follow up on the user growth for the second quarter. So far, have you seen a similar year-over-year growth in terms of core mobile Baidu App in terms of user growth so far in the second quarter?

因此，讓我們來快速了解第二季的用戶成長情況。到目前為止，就第二季度迄今為止的用戶成長而言，核心行動百度應用程式是否出現了類似的同比增長？

I would say that our user growth continued to be healthy, but we typically do not give up on a daily basis update on the DAU growth.

我想說我們的用戶成長持續健康，但我們通常不會放棄每天更新 DAU 成長情況。

Yes, just to address your plan onto that, Juan. The 28% year-over-year is what we reported for March. So if you're implying that was this impacted by the Chinese New Year. Chinese New Year, as you know, happened in the first half of February. So whatever that impact, it does have a branding effect that allows our users to continue to come back even after Chinese New Year. So I think March is a good indication of the fact that the marketing campaign worked and that people remember and that people are willing to come back to Baidu App.

是的，胡安，我只是想談談你的計劃。我們報告的 3 月數據是年增 28%。所以如果你暗示這是否受到了中國新年的影響。眾所周知，中國新年是在二月上半月。因此，無論其影響如何，它確實具有品牌效應，使我們的用戶即使在農曆新年之後仍會繼續回來。所以我認為三月的表現很好地表明了行銷活動是有效的，人們記住了它，並且願意再次使用百度應用程式。

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。

I wonder whether you could split your guidance and the slowdown that you're seeing into 2019 second quarter between macro, the release of new inventory that you talked about, Herman, and the issues that you're facing with the health care initiated for structured data. If you could split it? And then if you could talk through if at all possible into when we could see the recovery for the force, in particular the health care factor into the second half of 2019. And my second question is concerning your gross margins which, for the core for the first time appear to be in the 50s, it looks like based on our numbers, about 35%, a number we haven't seen in a long time. Should we expect that to be the run rate into the second quarter and the rest of the year?

我想知道您是否可以將您的指導和您在 2019 年第二季度看到的經濟放緩分為宏觀經濟、您談到的新庫存發布、赫爾曼以及您在結構化數據發起的醫療保健方面面臨的問題。如果可以分割的話？然後，如果您可以盡可能地談論我們何時可以看到軍隊的復甦，特別是 2019 年下半年醫療保健因素的復甦。我的第二個問題是關於你們的毛利率，根據我們的數據，核心毛利率首次達到 50% 左右，約 35%，這是我們很久沒有見過的數字。我們是否應該預期這將是第二季和今年剩餘時間的運行率？

Piyush, can you repeat that again? What you're implying for 50-some percent?

Piyush，你能再說一次嗎？你說的百分之五十多是什麼意思？

The growth and profit margin -- the gross profit margin for the second -- for the first quarter looks like it's 55%, which is lower than the 64%, 68% and 70% we've seen in 4Q, 3Q and second quarter for the core business. So that's a run rate we should be factoring in as we think through the rest of 2019.

第一季的成長和利潤率——第二季的毛利率——看起來是 55%，低於我們在第四季、第三季和第二季看到的核心業務的 64%、68% 和 70%。因此，當我們考慮 2019 年剩餘時間時，我們應該將這個運行率考慮在內。

Yes. Good question. I think for our gross margin, the 2 factors you want to consider, number one, is the fact that we're selling smart devices into homes DuerOS so hardware sales, as you know, margin is very thin. So as a result, the more hardware sales we're selling. And as we mentioned on the prepared remarks that Q1 sales was basically equivalent of all of last year. So while on the one hand, the sale is doing really well, it's going to impact on margin. And secondly, as I also mentioned in the prepared remarks of our TAC revenues, so you're seeing TAC revenues on the whole declining. At the same time, you're seeing the cost of TAC revenue growing closer to 40% year-over-year in Q1. So these are 2 factors. I would expect going into Q2, with similar trend where you have Q1 TAC revenue was declining. Going into Q2, I don't think the TAC revenue is going to grow too strongly at all. On the other hand, I expect smart devices to continue to do well.

是的。好問題。我認為對於我們的毛利率來說，需要考慮的兩個因素是，第一，我們向家庭銷售智慧型設備，所以正如你所知，硬體銷售的利潤非常薄。因此，我們的硬體銷量就更大了。正如我們在準備好的發言中提到的那樣，第一季的銷售額基本上與去年全年相當。因此，雖然一方面銷售情況確實很好，但它會對利潤率產生影響。其次，正如我在準備好的發言中提到的我們的 TAC 收入一樣，您會看到 TAC 收入整體下降。同時，您會看到第一季 TAC 收入成本年增近 40%。所以這是兩個因素。我預計進入第二季度，TAC 收入將呈現與第一季類似的下降趨勢。進入第二季度，我認為 TAC 收入根本不會成長太強勁。另一方面，我預計智慧型設備將繼續表現良好。

And yes, on the headwinds you mentioned macro, new inventory and structure of the data. It's very hard for us to accurately split the percentage amount of these factors, but I think that the general direction is that for the structured data, we have built a good base to improve from. There are a lot of levers we can pull to improve the conversion, improve the user experience. When those content are structured and hosted on Baidu, we're essentially using the Baidu name to endorse those institutions. So longer term, the conversion should get better and better. For the new inventory, new ad inventory on the market, we saw a flash of that over the past -- earlier this year, but my expectation is that it's not going to get worse, but it will probably stay the same for the rest of the year. And for macro, there are still a lot of uncertainties that we really do not have accurate read.

是的，關於逆風，您提到了宏觀、新庫存和資料結構。我們很難準確地劃分這些因素的百分比，但我認為總體方向是，對於結構化數據，我們已經建立了一個良好的基礎，可以從中改進。我們可以利用許多手段來提高轉換率，改善使用者體驗。當這些內容在百度上建置和託管時，我們實際上是在使用百度的名稱來認可這些機構。因此從長遠來看，轉換率會越來越好。對於新庫存、市場上的新廣告庫存，我們在今年早些時候看到了這樣的閃光點，但我預計情況不會變得更糟，但在今年剩餘時間內可能會保持不變。而對於宏觀來說，仍然存在著許多不確定性，我們確實沒有準確的解讀。

Yes. And I wanted to add a few more points on structured data initiatives. I think this is an area where I think it's good for Baidu. I think this is something that, in the short term, is going to impact on margin, but long term, this builds a solid foundation for us to grow. For several reasons because what you're doing is you're taking over the landing page, right? So you put on Baidu technologies. So in the past, business model is someone searches, we send them to an H5 site and we no longer know what the user does. And then there could be a lot of false advertising on the landing page. We're now requiring the contents beyond Baidu, and we're using our technology to screen it. So we gained several things. Number one is we get to understand the users more, and at the same time, we request, for example, for these medical institutions that they have the physicians' bio which will allow us in the future to do verification. We try to do rating because we now have more relationship with this particular vendor, and we would ask for things like certain business license and so forth. We're able to -- because it's on our technical platform, we can do screening using our AI. We're adding social elements to this so that people can comment on and these rate these vendors and so forth. So you can think of how structured it is very similar, for example, the e-commerce where once you have the rating system, you have social and then being able to monitor what's on their site, improve the user experience, you can see that also, for example, with hotels on travel sites and so forth. So I think over time, you're going to actually see us build a solid foundation for revenue improvement because we think there's going to be better conversion. Already, we're seeing traffic in the medical health care areas improve as a result of doing this.

是的。我還想就結構化資料計劃補充幾點。我認為這是一個對百度有利的領域。我認為，從短期來看，這會對利潤率產生影響，但從長遠來看，這將為我們的成長奠定堅實的基礎。原因有幾個，因為你正在做的就是接管登陸頁面，對嗎？所以你就使用了百度技術。所以在過去，商業模式是有人搜索，我們將他們發送到 H5 網站，我們不再知道用戶做什麼。然後登陸頁面可能會出現很多虛假廣告。我們現在要求百度以外的內容，我們正在用我們的技術進行篩選。因此我們獲得了一些收穫。首先，我們要更了解用戶，同時，我們要求這些醫療機構提供醫生的履歷，以便我們將來進行驗證。我們嘗試進行評級，因為我們現在與該特定供應商的關係更加密切，我們會要求某些營業執照等資訊。我們能夠——因為它在我們的技術平台上，我們可以使用我們的人工智慧進行篩選。我們正在添加社交元素，以便人們可以對這些供應商進行評論和評級等等。因此，你可以想像它的結構非常相似，例如，電子商務，一旦你有了評級系統，你就有了社交，然後能夠監控他們網站上的內容，改善用戶體驗，你也可以看到這一點，例如，旅遊網站上的酒店等等。因此我認為隨著時間的推移，你實際上會看到我們為收入改善建立了堅實的基礎，因為我們認為會有更好的轉換率。我們已經看到醫療保健領域的交通狀況因這項措施而得到改善。

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

您的下一個問題來自摩根士丹利的 Grace Chen。

I have a question about the Ad business. Several Internet companies have mentioned about the challenges in online advertisement business in the first quarter. And I think they all point out to similar reasons, including macro regulations and supply increase. So I'm wondering, apart from these 3 common factors, are there any other specific -- company-specific factors that would differentiate Baidu to perform better or face more challenges in terms of the online ad revenue in the following quarters versus your peers.

我對廣告業務有疑問。多家網路公司都提及第一季網路廣告業務面臨的挑戰。我認為他們都指出了類似的原因，包括宏觀調控和增加供給。所以我想知道，除了這 3 個共同因素之外，是否還有其他特定的因素——公司特定的因素，可以使百度在接下來的幾個季度的在線廣告收入方面與同行相比表現更好或面臨更多挑戰。

I think when we look at the changes in the marketplace, I think that they're out of control like macro, but they are -- so we pretty much focus more on things that we have control of, which is how do we improve the user experience and customer experience, and therefore, improve conversion. Like I mentioned before, by replacing HTML5 sites with Smart Mini Program, we can typically improve the conversion by 30% to 50%. And by hosting the landing page using structured data, we're basically endorsing the customers with the Baidu brand, and we're also providing third party more objective comments about those advertising materials as well in the long run improve the conversion. And when conversion is improved, the revenue should follow. I think this is more Baidu specific and we have better control of.

我認為，當我們觀察市場變化時，它們就像宏觀一樣失控，但事實確實如此——所以我們更關注我們能夠控制的事情，即如何改善用戶體驗和客戶體驗，從而提高轉換率。正如我之前提到的，透過用智慧小程式取代 HTML5 網站，我們通常可以將轉換率提高 30% 到 50%。透過使用結構化資料託管登陸頁面，我們基本上是在向客戶推薦百度品牌，我們也為第三方提供有關這些廣告素材的更客觀的評論，從長遠來看可以提高轉換率。當轉換率提高時，收入也會隨之提高。我認為這對百度來說更具體，而且我們可以更好地控制。

Yes, Grace, and I think the other question you were asking or you're implying, from my understanding, is you're comparing us to our peers and you're asking us probably on the growth rate. I think in addition to those 3 areas, number one is our -- we span across many industries. Secondly, I think is the structured data we talked about various ads on our platform that we want to -- we've been doing this starting late last year that we want to actually ensure that we have a better user experience. So as a result, it's a matter of derisking the properties on Baidu so that in the future we have a more solid foundation to grow. So I think structured data initiative fits into that, and that's probably something that we're doing that a lot of peers are not doing. And as a matter of fact, by doing this, some of our peers probably would benefit from some of the advertisers that we selectively reject. But what that means is that you have short-term growth and then you also have a higher risk in the future. So we think that, again, our focus right now is how do we maximize our long-term growth, how do we improve the healthiness of our advertising and so forth.

是的，格蕾絲，我認為您問的或暗示的另一個問題，根據我的理解，您正在將我們與同行進行比較，並且您可能在問我們的增長率。我認為除了這三個領域之外，第一個是我們的——我們涉及許多行業。其次，我認為我們討論的是我們平台上各種廣告的結構化數據——我們從去年年底開始這樣做，我們希望真正確保我們擁有更好的用戶體驗。因此，這是一個降低百度資產風險的問題，以便我們將來擁有更堅實的成長基礎。所以我認為結構化資料計畫適合這一點，這可能是我們正在做的事情，而很多同行還沒有做。事實上，透過這樣做，我們的一些同行可能會從我們有選擇地拒絕的一些廣告商中受益。但這意味著你在短期內會有所成長，但未來的風險也會更高。因此我們認為，我們現在的重點是如何最大限度地實現我們的長期成長，如何改善我們的廣告健康度等等。

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。

First, just following on with the advertising discussion, I want to ask about 2 of the verticals we discussed. One's health care and one's online gaming. Could we see some improvement in ad demand here potentially health care as we move all the landing pages and in online gaming as the regulatory approvals are restarting? And then secondarily, just a clarification on costs. Do we -- so net of the investments and the cost savings, how do we see OpEx trending for the rest of the year?

首先，繼續關於廣告的討論，我想問我們討論過的兩個垂直領域。一個人的醫療保健和一個人的線上遊戲。隨著我們移動所有登陸頁面，我們是否會看到廣告需求有所改善，尤其是在醫療保健領域，隨著監管部門重新開始審批，在線遊戲領域？其次，只是澄清一下成本。那麼，扣除投資和成本節約後，我們如何看待今年剩餘時間的營運支出趨勢？

Hi Jerry, so a couple questions in terms of are there upsides to the industries specifically for health care and gaming. I think we talked about the health care. I think the key driver there is we switched the majority of our medical advertisers at the end of Q1. So in Q2, we're going to have a full quarter hit, because typically when you switch those sites, the users come to our site, they have to get used to it, and it will take a while for them to get used to it to get the conversion to where we are before the switch. And then I think over time, because traffic in this area searches are increasing, it shows that user experience are getting better, and we are now getting better understanding of what the users do after they go to the landing page. So I think over time, using our technology and our experience, we should be able to improve conversion. So I think once we can do that, you'll be able to see that growth will come back in health care. With regards to gaming, I think you're right. I think for all the industry-specific policies, it's going to be in a similar fashion that once, for example, gaming license you're seeing more and more getting approved that's going to cause the game developers to be able to develop new games. So whenever they develop new games, they want to launch new games and so forth. I think that revenue is going to come back. The other factors that we talked about in our prepared remarks is the fact that there's government economic stimulus right now, including a CNY 2 trillion for tax breaks and for other benefits of related costs. So those type of things, we didn't factor in how that's going to impact our business because it's hard to quantify, but if those things start to take toll, that is a potential upside. With regards to our cost structure, as I mentioned, we currently plan about increasing CNY 1 billion per quarter for the remainder of the year. What we're doing is going to our businesses to see how much we can reduce that. So I think ultimately, you're probably going to still see a sequential increase, but we would like to not increase at the rate of CNY 1 billion per quarter. Okay, I hope that helps.

你好，傑瑞，我有幾個問題想問一下，醫療保健和遊戲這兩個行業是否有優勢。我想我們談論的是醫療保健。我認為關鍵的驅動因素是我們在第一季末轉換了大部分醫療廣告商。因此，在第二季度，我們將面臨整個季度的衝擊，因為通常當您切換這些網站時，用戶會來到我們的網站，他們必須習慣它，並且他們需要一段時間才能習慣它，以便將轉換率恢復到切換之前的水平。然後我認為隨著時間的推移，由於該領域搜尋的流量不斷增加，這表明用戶體驗越來越好，我們現在對用戶進入登陸頁面後的行為有了更好的了解。所以我認為隨著時間的推移，利用我們的技術和經驗，我們應該能夠提高轉換率。所以我認為，一旦我們能夠做到這一點，你就會看到醫療保健產業將恢復成長。關於遊戲，我認為你是對的。我認為對於所有行業特定的政策來說，情況都會類似，例如，你會看到越來越多的遊戲許可證獲得批准，這將使遊戲開發商能夠開發新遊戲。因此，每當他們開發新遊戲時，他們就想推出新遊戲等等。我認為收入將會回升。我們在準備好的演講中談到的其他因素是，政府目前正在實施經濟刺激計劃，包括2兆元人民幣的稅收減免和其他相關成本的優惠。因此，我們沒有考慮這些事情會對我們的業務產生什麼影響，因為這很難量化，但如果這些事情開始造成損失，那就是一個潛在的好處。關於我們的成本結構，正如我所提到的，我們目前計劃在今年剩餘時間內每季增加約 10 億元。我們正在做的是看看我們能將這一數字減少多少。因此我認為最終你可能仍會看到連續的成長，但我們不希望以每季 10 億元的速度成長。好的，希望有幫助。

Your last question comes from the line of Wendy Huang from Macquarie.

您的最後一個問題來自麥格理銀行的 Wendy Huang。

First is a follow-up on the structured data for the health care. So Herman, you mentioned earlier the full quarter impact will be seen in second quarter. So does that mean from the Q3 onwards, we should actually see the growth, actually, both sequentially as well as year-over-year? And also, has this change in the structured data for the health care actually affected the number of advertisers in the health care industry? And also regarding the advertiser side. So are we seeing the lower spending from advertiser each? Or are we seeing actually the less amount of the smaller advertisers because that actually is dying down due to a macro?

首先是對醫療健康結構化資料的跟進。赫爾曼，您之前提到整個季度的影響將在第二季顯現。那麼，這是否意味著從第三季開始，我們實際上應該看到環比和同比的成長？另外，醫療保健結構化資料的這種變化是否真的影響了醫療保健行業的廣告商數量？也涉及廣告商方面。那麼，我們是否看到每個廣告商的支出都在減少？或者我們實際上看到的小型廣告商數量正在減少，因為由於宏觀因素的影響，小型廣告商的數量實際上正在減少？

Hi Wendy, that's a mouthful of question there. With regards to health care, it's hard for me to predict going into our Q3. So my initial reaction would be that if Q2 is going to have a full quarter impact, we'll probably not going to be able to learn enough about the users and change the user behaviors and so forth in just a matter of a couple of months. It probably will take us a little bit longer. I can't say at this point when that turning point is going to be, but I don't think it's going to be a few years, okay? On the other hand, with regards to a number of customers, yes, as we're being more selective on the quality of our customers, that's going to cause us to actually decrease the number of customers for our product health care but I think it's a good thing. As I mentioned, it's a matter of do you want to derisk your properties and have a good foundation of the future growth? We've always believed maximizing our future growth is where we want to be. And you're going to some of our peers picking up these probably unhealthy advertisers and probably showing near-term growth. But at the same time, that comes with the risk and regulations and so forth. With regards to are we seeing ARPU with our industries and so forth, I think in general, as I mentioned, this is a macro impact. So we're seeing ARPU, it depends on which industries, which areas. So it's not, in the past, on a year-over-year basis, we'll probably see ARPU increase across the board. I think this is a quarter, especially when we go into Q2, where it's going to be mixed. It's hard to have 1 generalization for all the industries. I think right now, with CPM not growing as fast as we had hoped for after Chinese New Year, then we're going to have mixed results across the board. So I think fundamentally, for us what we can control is improve our monetization capabilities to focus on how do we become better versus our peers. And that's what we've been starting to do.

嗨，溫迪，這是一個很難回答的問題。就醫療保健而言，我很難預測第三季的情況。所以我的第一個反應是，如果第二季要對整個季度產生影響，我們可能無法在短短幾個月內充分了解用戶並改變用戶行為等等。這可能需要更長的時間。我現在無法說出轉捩點何時到來，但我認為不會再過幾年，懂嗎？另一方面，就某些客戶而言，是的，由於我們對客戶的品質更加挑剔，這實際上會導致我們減少產品保健的客戶數量，但我認為這是一件好事。正如我所提到的，問題在於您是否想降低您的財產風險並為未來的成長打下良好的基礎？我們始終堅信，最大限度地實現未來的成長才是我們想要的。而且你會發現我們的一些同行選擇這些可能不健康的廣告商，並且可能在短期內成長。但同時，這也伴隨著風險、監管等等。關於我們是否看到我們行業的 ARPU 等等，我認為總的來說，正如我所提到的，這是一個宏觀影響。因此，我們看到的 ARPU 取決於哪些產業、哪些地區。因此，與過去相比，我們可能不會看到 ARPU 全面增加。我認為這是一個季度，特別是當我們進入第二季度時，情況將會好壞參半。很難對所有行業做出一個概括。我認為，目前，由於 CPM 的成長速度沒有像我們農曆新年後所希望的那樣快，因此我們將會得到各方面的好壞參半的結果。因此我認為從根本上來說，我們能夠控制的是提高我們的貨幣化能力，專注於如何比同行做得更好。這就是我們開始做的事情。

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。