百度 (BIDU) 2019 Q2 法說會逐字稿

Hello, and thank you for standing by for Baidu's Second Quarter 2019 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

您好，感謝您參加百度2019年第二季財報電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。

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

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。

Thank you, operator. Hello, everyone, and welcome to Baidu's Second 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.

謝謝您，接線生。大家好，歡迎參加百度2019年第二季業績電話會議。百度的獲利報告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, our Chief Executive Officer; Herman Yu, our Chief Financial Officer; and Dou Shen, our Senior Vice President in charge of Baidu's Mobile Ecosystem Group, our Search and Feed Business. After our prepared remarks, we will hold a Q&A session.

參加今天電話會議的有我們的執行長李彥宏；我們的財務長 Herman Yu；以及我們的高級副總裁竇深，負責百度行動生態系統事業群、搜尋和資訊流業務。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 and Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC, including our annual report on Form 20-F. Baidu does not undertake any obligation to update any forward-looking statement except as required under applicable law.

請注意，今天的討論將包含根據 1995 年美國私人證券和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 the call include discussions of certain unaudited non-GAAP financial measures. We have made minor adjustments to our non-GAAP measures and retroactively apply these changes for comparison purposes. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measure and is available on our IR website at ir.baidu.com.

我們的收益新聞稿和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 recorded. In addition, a webcast of this conference call will be available on the Baidu IR website.

提醒一下，這次會議已被記錄下來。此外，本次電話會議的網路直播將在百度投資者關係網站上提供。

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

現在我將電話轉給我們的執行長羅賓。

Hello, everybody, and thank you for joining our call today.

大家好，感謝您今天參加我們的電話會議。

Baidu's second quarter revenues reached CNY 26.3 billion, above our guidance midpoint of CNY 25.8 billion, which can be attributed to Baidu Core performing better than our original expectation. Baidu's Q2 revenues grew 9% sequentially and Baidu Core revenues grew 12% quarter-over-quarter in spite of the impact from industry-specific policies, self-directed health care initiatives and slowing macro environment.

百度第二季營收達到人民幣 263 億元，高於我們預期中位數人民幣 258 億元，這可以歸因於「百度核心」的表現好於我們最初的預期。儘管受到產業政策、自主醫療措施和宏觀環境放緩的影響，百度第二季營收季增 9%，百度核心營收季增 12%。

In the midst of significant influx of ad inventory into the market, we are seeing an upward trend for Baidu's revenue on a sequential basis. Our monetization foundation is strengthening the strong traffic growth such as Baidu App DAU, in-app search queries and feed time spent and strong growth of content and services on Baidu's platform. As our mobile ecosystem expands, we are able to better understand user behavior as users navigating the landing pages on Baidu's platform. Over time, this deepening user insight will allow us to further improve Baidu's user experience and ad conversion for our marketing customers.

隨著大量廣告庫存湧入市場，我們看到百度的收入呈現連續上升趨勢。我們的貨幣化基礎正在加強強勁的流量成長，例如百度應用程式DAU，應用程式內搜尋查詢和Feed花費的時間以及百度平台上內容和服務的強勁成長。隨著我們的行動生態系統不斷擴展，當使用者瀏覽百度平台的登入頁面時，我們能夠更了解使用者的行為。隨著時間的推移，這種不斷加深的用戶洞察力將使我們能夠進一步改善百度的用戶體驗和行銷客戶的廣告轉換率。

On today's call, I will share recent developments on our search and feed business and highlight the progress that we have made on our AI business. In early July, we held our annual AI developer conference, Baidu Create, in Beijing, which drew approximately 7,000 developers and partners from around the world and was concurrently broadcasted from the Internet. We released the Baidu Brain version 5.0, which includes industrial applications of Baidu AI technologies. Baidu Brain is the common AI engine that powers all of our businesses, from search and feed to DuerOS, Apollo, Cloud and iQIYI. Developers can access the AI capabilities of Baidu Brain through Baidu AI Open Platform, which saw developer accounts reaching 1.3 million in June, up 37% in the first half of this year. Enabling a large developer community is important in the world of AI computing as our Baidu Cloud ecosystem and capabilities. At Baidu Create, we also expanded our strategic alliance with top industry players, including Geely Auto, Huawei and Intel.

在今天的電話會議上，我將分享我們搜尋和資訊流業務的最新發展，並強調我們在人工智慧業務上取得的進展。7月初，我們在北京舉辦了年度AI開發者大會－百度創造大會，吸引了來自全球約7000名開發者及合作夥伴參加，並同步進行網路直播。發布了百度大腦5.0版本，包含百度AI技術的產業應用。百度大腦是支援我們所有業務的通用人工智慧引擎，從搜尋和資訊流到 DuerOS、Apollo、雲端和愛奇藝。開發者可透過百度AI開放平台存取百度大腦的AI能力，截至6月份，百度AI開放平台開發者帳號數已達130萬，較今年上半年成長37%。在人工智慧運算領域，建立龐大的開發者社群對於我們的百度雲生態系統和能力至關重要。在百度創造，我們也擴大了與吉利汽車、華為和英特爾等產業頂尖企業的策略聯盟。

Let's begin our operational review with MEG, our Mobile Ecosystem Group. In June, average DAUs on Baidu App continued to see robust growth, reaching 188 million, up 27% year-over-year, contributed by the synergy generated when search is combined with feed. Search and feed provide Baidu 2 strong traffic engines. Baidu's Search is an indispensable means by which people find more objective and reliable information, and our feed is powered by Baidu's AI algorithms formulated with Baidu's unmatched intent-driven user insight.

讓我們從行動生態系統集團 MEG 開始我們的營運審查。6月份，百度App平均日活躍用戶持續保持強勁成長，達到1.88億，年增27%，這得益於搜尋與資訊流綜效。搜尋和資訊流為百度提供了2個強大的流量引擎。百度搜尋是人們尋找更客觀、更可靠資訊的不可或缺的手段，我們的資訊流由百度的人工智慧演算法提供支持，該演算法以百度無與倫比的意圖驅動用戶洞察力為基礎。

Our relentless focus to strengthen Baidu's mobile ecosystem, by enabling newsfeed and short videos searchable through Baijiahao accounts, and information and services found in third-party apps searchable through Baidu Smart Mini Program, is driving more usage scenarios for Baidu App. In June, user time spent on feed grew 33% year-over-year and in-app search queries grew over 20% year-over-year. In addition to Baidu App, total time spent on our feed and short video apps together grew robustly, up 67% year-over-year in June.

我們始終致力於加強百度的行動生態系統，透過百家號搜尋新聞提要和短視頻，透過百度智慧小程式搜尋第三方應用程式中的資訊和服務，為百度應用程式帶來更多的使用情境。6 月份，用戶在資訊流上花費的時間年增 33%，應用程式內搜尋查詢量年增超過 20%。除百度App外，我們的資訊流和短視訊應用的總使用時間也強勁成長，6月份較去年同期成長67%。

Baidu is the premier go-to destination in China to find knowledge-based content and longtail information. To supplement information on third-party sites, we have spent years developing an extensive knowledge-based content ecosystem such as Baidu Encyclopedia, Baidu PostBar and Baidu Knows to make useful, sought-after knowledge readily accessible.

百度是中國尋找知識內容和長尾資訊的首選目的地。為了補充第三方網站的信息，我們花了數年時間開發了百度百科、百度貼吧和百度知道等廣泛的基於知識的內容生態系統，以便人們可以輕鬆獲取有用的、受歡迎的知識。

As we focus on strengthening Baidu's mobile ecosystem, Chinese users are becoming more dependent on Baidu for knowledge content. For example, in June, daily time spent per user on Baidu Knows in Baidu App grew 55% sequentially, daily video views of Baidu Encyclopedia grew 80% year-over-year and membership and services revenue for Baidu Wenku grew 61% year-over-year. Baidu's mobile ecosystem is drawing newsfeed and short video content creators to Baijiahao accounts, which saw publisher accounts reaching 2.2 million in June, up 83% year-over-year.

隨著我們專注於強化百度的行動生態系統，中國用戶越來越依賴百度獲取知識內容。例如，6月份，百度App中百度知道的日均用戶使用時長較上季成長55%，百度百科的日均影片觀看量較去年同期成長80%，百度文庫的會員及服務收入較去年同期成長61%。百度的行動生態系統正在吸引新聞推送和短視頻內容創作者加入百家號帳戶，6 月份百家號發布者帳戶數量達到 220 萬個，同比增長 83%。

App developers are also making their services and information available through Baidu Smart Mini Program, which saw MAUs accelerate to 217 million in June, up 49% sequentially, and the number of Smart Mini Programs increased more than sixfold in the last 3 months.

應用程式開發人員也透過百度智能小程式提供其服務和訊息，6 月份月活躍用戶數加速至 2.17 億，環比增長 49%，智能小程式數量在過去 3 個月內增長了 6 倍多。

Baidu Smart Mini Program offers our users richer content and services selection and provides traffic to app developers without requiring users to download their apps. This native app-like model improves user experience and will ultimately improve app conversion and expand the monetization potential of Baidu's marketing services platform.

百度智能小程式為我們的用戶提供了更豐富的內容和服務選擇，並為應用程式開發者提供了流量，而無需用戶下載他們的應用程式。這種類似原生應用的模式提高了用戶體驗，最終將提高應用轉換率並擴大百度行銷服務平台的獲利潛力。

Baidu Smart Mini Program is attracting well-known apps such as Weibo, Meituan and JD as well as services with lower frequency usage. On the latter, for example, the Shanghai Auto Show is held every 2 years in China. This past April, the event host created a mini program on Baidu and WeChat and leveraged other online sites to promote their events. In 1 month's time, the Shanghai Auto Show attracted 3 million users to its Baidu Smart Mini Program, which offered indoor event navigation, ticket purchase and electronic event pass. In the end, Baidu was Shanghai Auto Show's largest third-party channel for ticket sales.

百度智能小程式正在吸引微博、美團、京東等知名應用程式以及使用頻率較低的服務。以後者為例，中國每兩年都會舉辦一次上海車展。今年四月，活動主辦單位在百度和微信上創建了一個小程序，並利用其他線上網站來推廣他們的活動。上海車展僅一個月時間，百度智慧小程式吸引了300萬用戶，為車展提供室內導航、票券購買、電子通行證等功能。最終，百度成為上海車展最大的第三方門票銷售管道。

Whereas other mini programs allow users to search the titles of mini programs, Baidu Smart Mini Program allow our users to search the massive content within those mini programs to locate the most relevant information and services. Similarly, our top 1 capabilities, which recently satisfied 51% of the queries, allow users to search the massive content on the Internet and satisfy user's intent with Baidu's first recommendation. From the developer's point of view, Baidu Smart Mini Program helped service providers attract higher quality users with Baidu's intent-focused user base.

其他小程式允許用戶搜尋小程式的標題，而百度智慧小程式則允許我們的用戶搜尋這些小程式中的大量內容，以找到最相關的資訊和服務。同樣，我們的top 1功能，最近滿足了51%的查詢，讓用戶能夠搜尋互聯網上的海量內容，並透過百度的首次推薦來滿足用戶的意圖。從開發者角度來看，百度智能小程式借助百度意圖導向的使用者群體，幫助服務商吸引更高品質的使用者。

Consistent with Baidu's search and feed philosophy, we offer an open ecosystem that embraces and promotes a wide array of Smart Mini Program developers, which provides more options to our users. For example, long-form video apps who have joined Baidu Smart Mini Program include Youku, iQIYI, PPTV and China Mobile's MIGU video as well as traditional media such as Guangdong Satellite TV.

與百度的搜尋和資訊流理念一致，我們提供一個開放的生態系統，包容和推廣廣泛的智慧小程式開發者，為我們的用戶提供更多選擇。例如，加入百度智能小程式的長視頻App包括優酷、愛奇藝、PPTV、中國移動咪咕視頻，以及廣東衛視等傳統媒體。

Baidu managed page is another area that we are strengthening our mobile content ecosystem and is one of the options by which we are enabling industry-specific merchants to more effectively reach and engage with users. In lieu of HTML5 sites, industry-specific merchants can provide their information on Baidu managed page, which is open and freely accessible by other traffic sources. Since the merchant content resides on Baidu's platform, we are better equipped to ensure greater reliability and trustworthiness on the information offered by the merchants.

百度託管頁面是我們加強行動內容生態系統的另一個領域，也是我們幫助特定產業商家更有效接觸和與使用者互動的選擇之一。取代 HTML5 網站，行業特定商家可以在百度託管頁面上提供其信息，該頁面是開放的，可供其他流量來源自由訪問。由於商家內容位於百度平台上，我們可以更好地確保商家提供的資訊的可靠性和可信度。

Structured data for health care industry is a form of managed page. In March, we required our health care marketing services customers to switch over from their H5 page to Baidu managed page for the landing pages of their mobile ads, and in July, we expanded the requirement to health care PC ads. Baidu Managed Page for the health care industry allows us to monitor the health care provider's information and communication with users, while enabling our managed page platform to continuously add new functionality, for example, live chat and call features with the health care provider, incognito caller ID to protect user information and consumer protection program for added consumer comfort. We are seeing significant improvement in user experience with managed page, and search queries on health care are growing faster than before. The increase in traffic, improvement in health care content quality and added functionality are generating meaningful lifts in customer leads for health care providers on managed page.

醫療健康產業的結構化資料是託管頁面的一種形式。3 月份，我們要求醫療保健行銷服務客戶將其行動廣告的落地頁從 H5 頁面切換到百度託管頁面，7 月份，我們將該要求擴展到醫療保健 PC 廣告。百度醫療保健行業託管頁面使我們能夠監控醫療保健提供者的資訊以及與用戶的溝通，同時使我們的託管頁面平台能夠不斷添加新功能，例如與醫療保健提供者的即時聊天和通話功能、隱身來電顯示以保護用戶資訊和消費者保護計劃以增加消費者的舒適度。我們看到託管頁面的使用者體驗有了顯著改善，有關醫療保健的搜尋查詢比以前成長得更快。流量的增加、醫療保健內容品質的提高以及新增的功能正在為託管頁面上的醫療保健提供者的客戶線索帶來有意義的提升。

While our self-directed health care initiative has dragged down our recent revenue growth and optic-wise make it that much more difficult to implement in the current macro environment as the lower-quality health care providers are going elsewhere, we believe improving user experience, better management of health care information and lead conversion for our health care customers will generate greater value for Baidu over time.

雖然我們的自主醫療保健計劃拖累了我們最近的收入增長，而且從光學角度來看，由於質量較低的醫療保健提供者正在轉向其他地方，在當前的宏觀環境下實施該計劃變得更加困難，但我們相信，改善用戶體驗、更好地管理醫療保健資訊和為我們的醫療保健客戶提供潛在客戶轉化將為百度創造更大的價值。

Aside from health care, we are adopting managed page for home services such as moving companies and home repair. And in July, we began to offer attorneys, which as a collective body, has fragmented online presence, an easy way to promote their businesses in a card format in Baidu's search results. From the card search result, users can access an attorney's educational background, legal credentials and legal cases handled as well as social features such as user commentaries and ratings.

除了醫療保健之外，我們還採用託管頁面來提供搬家公司和房屋維修等家庭服務。從 7 月開始，我們開始為律師（作為一個集體體，其線上業務較為分散）提供一種簡便的方法，讓他們能夠以卡片形式在百度搜尋結果中推廣自己的業務。透過名片搜尋結果，用戶可以了解律師的教育背景、法律資歷、承辦案件情況以及用戶評論、評分等社交資訊。

Managed page gives us the opportunity to build industry-specific solutions to empower SMEs and allow them to better leverage web traffic and engage with users without having to maintain an IT department and keep pace with Internet infrastructure and technologies. SMEs can simply run a business using Baidu's managed page, and we will continue to add tools, services and features to Baidu's platform over time to improve their user engagement and lead conversion. Extending managed page into new industries should further expand Baidu's revenue growth opportunity.

託管頁面使我們有機會建立行業特定的解決方案，以增強中小企業的能力，使他們能夠更好地利用網路流量並與用戶互動，而無需維護 IT 部門並與互聯網基礎設施和技術保持同步。中小企業可以使用百度的託管頁面輕鬆開展業務，我們將繼續為百度平台添加工具、服務和功能，以提高他們的用戶參與度和潛在客戶轉換率。將託管頁面擴展到新行業應該會進一步擴大百度的收入成長機會。

Looking forward, we are excited about MEG's market position and monetization opportunities, with traffic growing robustly, our mobile content ecosystem expanding and different monetization plans in the works, including the recent launch of Baidu CRM in July, especially when we step out of the weak macro environment.

展望未來，我們對 MEG 的市場地位和貨幣化機會感到興奮，流量強勁增長，我們的行動內容生態系統不斷擴大，不同的貨幣化計劃正在製定中，包括 7 月份推出的百度 CRM，特別是當我們走出疲軟的宏觀環境時。

Moving to DuerOS. In the second quarter, DuerOS voice assistant continues to gain momentum through the use of Baidu's leading technologies in speech, natural language processing and search. DuerOS installed base surpassed 400 million, up 4.5 fold year-over-year, and monthly voice queries surpassed 3.6 billion, up 7.5 fold year-over-year in June.

遷移至 DuerOS。第二季度，DuerOS語音助理憑藉著百度在語音、自然語言處理和搜尋方面的領先技術，持續保持強勁成長勢頭。6月份，DuerOS安裝量突破4億，較去年成長4.5倍；月語音查詢量突破36億次，較去年同期成長7.5倍。

DuerOS first-party smart devices is experiencing strong sales momentum. Market research firms Canalys and Strategy Analytics ranked Xiaodu Smart Speaker #1 in shipment in China for the first quarter, which is quite an incredible achievement considering Baidu launched Xiaodu smart devices only last year, and compared to our peers who have online distribution and hardware management strategic advantages.

DuerOS 第一方智慧型裝置正經歷強勁的銷售動能。市場研究公司 Canalys 和 Strategy Analytics 將小度智慧音箱評為第一季中國出貨量第一名，考慮到百度去年才推出小度智慧型設備，並且與擁有線上分銷和硬體管理策略優勢的同行相比，這是一個相當了不起的成就。

Xiaodu Smart Display, with average selling price of approximately USD 50 per unit, is becoming a sweet spot for us as it penetrates not only first and second tier cities, but also lower tier cities in China, becoming an important computing device for affordable Internet connectivity. Average time spent of a Smart Display has reached about 2 hours a day and sales volume of Smart Speaker in China is forecasted to reach over 35 million units this year, similar to the expected decline in smartphone unit sales in China, making AI-powered smart speakers an indispensable Internet channel for content and service providers, especially with mobile internet user and time spent slowing in China.

小度智慧顯示器的平均售價約為每台 50 美元，這對我們來說是一個甜蜜點，因為它不僅滲透到中國的一二線城市，還滲透到二三線城市，成為經濟實惠的互聯網連接的重要計算設備。智慧顯示器的平均使用時間已達到每天約 2 小時，預計今年中國智慧音箱的銷量將達到 3,500 萬台以上，與中國智慧型手機銷量的預期降幅相似，這使得人工智慧智慧音箱成為內容和服務供應商不可或缺的網路管道，尤其是在中國行動上網用戶和使用時間放緩的情況下。

The rise of smart speakers seems to mirror the rise of smartphones a decade ago, when smartphones took over feature phones with the advent of iOS and Android app stores. This shift was spurred by the change in input modality and the superior user experience of mobile apps.

智慧音箱的興起似乎與十年前智慧型手機的興起如出一轍，當時隨著 iOS 和 Android 應用商店的出現，智慧型手機取代了功能手機。這種轉變是由輸入方式的變化和行動應用程式的卓越用戶體驗所推動的。

Far-field conversational AI is making it easier for users to interact with smart speakers. Xiaodu stands out from the competition with leading speech recognition and natural language processing capabilities. For example, recently added full-duplex continued conversation feature enables continuous dialogue with Xiaodu smart devices without wake words, while Xiaodu intelligently distinguishes between the voice queries directed at Xiaodu versus dialogues directed at human. In July, we announced the development of Baidu Honghu, an energy-efficient AI chipset to power voice interaction in homes and autos, to further improve Xiaodu's conversational AI capabilities while driving down unit economics.

遠場對話式人工智慧讓使用者更輕鬆地與智慧揚聲器互動。小度憑藉領先的語音辨識和自然語言處理能力在競爭中脫穎而出。例如，最近新增的全雙工連續對話功能可以實現與小度智慧型裝置的連續對話，而無需喚醒詞，同時小度可以智慧區分針對小度的語音查詢和針對人類的對話。今年 7 月，我們宣布開發百度鴻餛飩，這是一款節能的人工智慧晶片組，用於支援家庭和汽車中的語音交互，以進一步提高小度的對話式人工智慧能力，同時降低單位經濟效益。

We are gradually seeing time spent on skills surpassing time spent on music and videos on smart speakers. This is quite exciting, with the number of skills in DuerOS skills store doubling sequentially to over 2,400 and DuerOS developer community growing to above 33,000. Seven car models were recently released with DuerOS-powered infotainment and 30 car models are in the pipeline, scheduled to be released with DuerOS preinstalled.

我們逐漸看到花在技能上的時間超過了花在智慧音箱上聽音樂和看影片的時間。這是非常令人興奮的，DuerOS 技能商店的技能數量連續翻倍，達到 2,400 多個，DuerOS 開發者社群也成長到 33,000 多個。近期已發表 7 款搭載 DuerOS 資訊娛樂系統的車型，另有 30 款車型正在籌備中，並計畫預載 DuerOS 系統發布。

Turning to Apollo. We are excited that Apollo continues to be the leading autonomous driving solution in China with over 155 leading OEM, Tier 1 supplier, key component and other partners. In June, Apollo's test fleet of over 300 vehicles accumulated more than 2 million test kilometers across 13 cities. As of July, Baidu has received almost half of the 204 autonomous driving pilot licenses granted in China and Baidu became the only company in China to receive T4 licenses, the highest level of autonomous driving test license issued by Beijing Municipal Commission of Transport, which permit autonomous vehicles to operate in complex driving conditions, including urban roads, tunnels, school zones and other scenarios.

轉向阿波羅。我們很高興Apollo繼續成為中國領先的自動駕駛解決方案，擁有超過155家領先的OEM、一級供應商、關鍵零件和其他合作夥伴。截至今年6月，Apollo測試車隊已擁有300多輛自動駕駛汽車，覆蓋13個城市，累計測試里程超過200萬公里。截至7月，百度已獲得全國204張自動駕駛試點牌照中的近一半，並成為中國唯一一家獲得北京市交通委頒發的最高級別自動駕駛測試牌照T4的企業，該牌照允許自動駕駛汽車在城市道路、隧道、學校區域等複雜路況下行駛。

Also in July, First Automotive Works announced commercial production of level 4 autonomous passenger vehicles to support Apollo-powered robotaxi pilot program, which is scheduled to be deployed in Changsha, the capital city of Hunan province, along Baidu's V2X solutions later this year.

同樣在 7 月，第一汽車製造廠宣布實現 4 級自動駕駛乘用車的商業化生產，以支持阿波羅驅動的機器人出租車試點項目，該項目計劃於今年晚些時候在湖南省省會長沙與百度的 V2X 解決方案一起部署。

Turning to Baidu Cloud. We continue to see momentum of our cloud business with revenues reaching RMB 1.6 billion in second quarter, up 92% year-over-year. Baidu Cloud leverages AI capabilities of Baidu Brain to enable enterprises a better way to do business.

轉向百度雲。我們的雲端業務持續保持強勁勢頭，第二季營收達到 16 億元，年增 92%。百度雲利用百度大腦的人工智慧能力，幫助企業更好地開展業務。

For example, Baidu Cloud worked with a hardware manufacturer to integrate Baidu AI capabilities into their screening solution that helps smartphone component OEMs automate the quality assurance process, achieving faster throughput while reducing overhead costs. Baidu AI-powered hardware and software integrated solution can take a snapshot of a finished smartphone component from 18 angles simultaneously and determine whether the component satisfies the designated QA criteria of the OEM's customer. Unlike human screening, Baidu AI-powered QA screening allows the OEM customer to access the data of screening results for added comfort of quality compliance. We are excited about the opportunities of Baidu's computer vision capabilities to help Baidu Cloud enterprise customers in sectors like consumer electronics, metal, auto to improve their business.

例如，百度雲與硬體製造商合作，將百度人工智慧功能整合到他們的篩選解決方案中，幫助智慧型手機組件原始設備製造商實現品質保證流程的自動化，從而實現更快的吞吐量，同時降低管理成本。百度AI軟硬體一體化解決方案可以同時從18個角度拍攝成品智慧型手機零件的快照，並確定該零件是否符合OEM客戶指定的QA標準。與人工篩選不同，百度人工智慧 QA 篩選允許 OEM 客戶存取篩選結果數據，以增加品質合規性的舒適度。我們很高興有機會利用百度的電腦視覺功能幫助消費性電子、金屬、汽車等領域的百度雲企業客戶改善業務。

Turning to iQIYI. iQIYI continues to see solid subscriber growth with membership reaching 100.5 million in June, that's up 50% year-over-year, which provides a strong foundation for iQIYI to offer blockbuster original entertainment content. Long-form video content from iQIYI enrich Baidu's search and feed offerings and improve Baidu's user experience.

轉向愛奇藝。愛奇藝持續保持穩健的用戶成長勢頭，6 月會員數量達到 1.005 億，年增 50%，這為愛奇藝提供重磅原創娛樂內容奠定了堅實的基礎。愛奇藝的長影片內容豐富了百度的搜尋和資訊流功能，並提升了百度的使用者體驗。

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

說完這些，讓我把電話轉給赫爾曼，讓他介紹我們的財務亮點。

Thanks, Robin. Hello, everyone. Welcome to Baidu's second quarter 2019 call. All monetary amounts that we'll be discussing or used are in CNY unless stated otherwise.

謝謝，羅賓。大家好。歡迎參加百度2019年第二季電話會議。除非另有說明，否則我們討論或使用的所有金額均以人民幣為單位。

Let's now turn to Baidu's second quarter 2019 financial highlights. Total revenues reached CNY 26.3 billion, up 6% year-over-year, excluding spin-off revenues, and up 9% quarter-over-quarter. Revenue from Baidu Core was CNY 19.5 billion, up 3% year-over-year, excluding spin-off revenues, and up 12% quarter-over-quarter.

現在讓我們來看看百度2019年第二季的財務亮點。總收入達 263 億元，年增 6%（不含分拆收入），較上季成長 9%。百度核心營收為 195 億元，年增 3%（不含分拆收入），季增 12%。

Let me give you more color on Baidu Core revenues. Baidu's marketing services revenue is well diversified, with the top 12 industry sectors making up about 2/3 of Baidu Core revenues. Half of the top 12 sectors saw year-over-year sales declines, including health care, online gaming, financial services and auto logistics. Excluding these poor performing sectors, Baidu Core revenues would have grown in the mid-teens year-over-year in the second quarter. Although the increase in ad inventory in the market has impacted the overall growth rate of our marketing services, it's fair to say that a bigger part of our revenue slowdown can be attributed to industry-specific policies, self-directed health care initiatives and the softening of macroeconomic conditions. Additionally, revenue derived from Baidu's union partners contributed to a 3% drag on Baidu Core's year-over-year revenue growth, which is in sync with our goal to optimize profit on past revenues versus bidding for incremental revenue at negative margins.

讓我給你詳細介紹一下百度核心的收入。百度的行銷服務收入多元化，前 12 個產業部門約佔百度核心收入的 2/3。排名前 12 位的行業中有一半的銷售額同比下降，其中包括醫療保健、線上遊戲、金融服務和汽車物流。除去這些表現不佳的部門，百度核心業務第二季的營收年增將達到十五六個百分點。雖然市場廣告庫存的增加影響了我們行銷服務的整體成長率，但公平地說，我們收入放緩的更大一部分原因可以歸因於行業特定政策、自主醫療保健計劃以及宏觀經濟條件的疲軟。此外，來自百度工會合作夥伴的收入導致百度核心的年比收入成長拖累了 3%，這與我們優化過往收入利潤而不是以負利潤率競標增量收入的目標一致。

Total marketing services customers in the second quarter was approximately 330,000, down 4% year-over-year and up 5% quarter-over-quarter. Please note that this customer number excludes Nuomi customers and other calculation policy adjustments that we have made internally such as excluding customers with minimal daily spending.

第二季行銷服務客戶總數約33萬，較去年同期下降4%，較上季成長5%。請注意，此客戶數量不包括糯米客戶以及我們內部做出的其他計算政策調整，例如排除每日消費額最低的客戶。

Our new AI businesses continue to see fast growth, particularly Baidu Cloud, which generated CNY 1.6 billion revenues in Q2, up 92% year-over-year.

我們的新AI業務持續快速成長，特別是百度雲，第二季實現營收16億元人民幣，較去年同期成長92%。

iQIYI revenue reached CNY 7.1 billion, up 15% year-over-year; membership revenue continue to see strong growth, up 38% year-over-year; while iQIYI's ad business was down 16% year-over-year, mainly due to slowing macro, delay of top content launches and slower-than-expected recovery of feed advertising.

愛奇藝營收達71億元，年增15%；會員收入持續強勁成長，較去年同期成長38%；愛奇藝的廣告業務年減16%，主要原因是宏觀經濟放緩、頭部內容上線延遲、資訊流廣告復甦慢於預期。

Turning to cost of sales. Excluding stock compensation and intangible asset amortization, cost of sales was CNY 15.9 billion, up 33% year-over-year. Content, bandwidth and other costs of revenues increased to support Baidu's traffic growth, greater video consumption and new AI businesses, including bandwidth and depreciation expenses for Baidu Cloud and cost of goods sold related to Xiaodu Smart Speakers. TAC increased 27% year-over-year as a result of higher TAC revenue share and expansion into offline connected screens and other areas.

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159億元，較去年同期成長33%。內容、頻寬和其他收入成本增加，以支援百度的流量成長、更大的視訊消費和新的人工智慧業務，包括百度雲端的頻寬和折舊費用以及與小度智慧音箱相關的銷售成本。由於TAC收入份額增加以及向線下聯網螢幕和其他領域的擴張，TAC年增27%。

SG&A expenses, excluding stock compensation, were CNY 4.7 billion, up 13% year-over-year, primarily due to the increase in channel and promotional marketing, mainly for Baidu's family of apps. On a sequential basis, SG&A expenses were down 14% as we scaled back on marketing spending that did not meet our stringent ROI criteria. This has hampered the sequential growth of our apps, including Haokan short video and Quanmin flash video. We plan to continue to manage our marketing dollars with a strong, disciplined ROI approach.

銷售、一般及行政費用（SG&A）為人民幣 47 億元，年增 13%，主要由於通路和促銷行銷費用的增加，主要針對百度的應用程式系列。由於我們削減了不符合嚴格投資回報率標準的行銷支出，銷售、一般及行政開支較上月下降 14%。這阻礙了我們應用程式的連續成長，包括好看短影片和全民flash影片。我們計劃繼續採用強而有力、嚴謹的投資報酬率方法來管理我們的行銷資金。

R&D expenses, excluding stock compensation, were CNY 3.7 billion, up 13% year-over-year, primarily due to increased personnel-related expenses, and up 5% on a sequential basis.

研發費用（不含股票薪酬）為人民幣 37 億元，較去年同期成長 13%，主要因人員相關費用增加，較上季成長 5%。

Non-GAAP operating income was CNY 2 billion and non-GAAP operating margin was 7% compared to 2% last quarter. Non-GAAP operating income for Baidu Core was CNY 3.5 billion or USD 508 million, down 55% year-over-year and up 65% quarter-over-quarter. On a non-GAAP basis, total expenditure for Baidu Core were approximately CNY 700 million increase sequentially, less than the CNY 1 billion that we had planned at the beginning of the year.

非公認會計準則營業收入為 20 億元人民幣，非公認會計準則營業利潤率為 7%，而上一季為 2%。百度核心的非美國通用會計準則營運利潤為 35 億元人民幣（5.08 億美元），年減 55%，季增 65%。以非美國通用會計準則計算，「百度核心」總支出比上一季增加約7億元人民幣，低於年初計畫的10億元。

Since our last earnings call, we have been reviewing our businesses for operational efficiency and have made significant progress in implementing spending discipline, while making investments in future revenue growth and our 3-year plan. Non-GAAP operating margin for Baidu Core was 18% in the second quarter compared to 12% last quarter. We expect Baidu Core's incremental revenue growth to have higher margins and non-GAAP operating margin to rise above 20% in the third quarter. As an Internet platform, a big part of Baidu Core's cost structure is fixed such as the approximately 2,000 scientists and engineers of Baidu's AI lab and our large server network and other infrastructure equipment. Thus, sequential growth of our revenues will likely bring about higher margins.

自上次財報電話會議以來，我們一直在審查業務的營運效率，並在實施支出紀律方面取得了重大進展，同時對未來收入成長和三年計畫進行了投資。第二季「百度核心」非美國通用會計準則營業利益率為 18%，上季為 12%。我們預期百度核心的增量收入成長將帶來更高的利潤率，第三季非公認會計準則營業利潤率將升至 20% 以上。作為一個網路平台，百度核心的成本結構很大一部分是固定的，例如百度人工智慧實驗室的約2,000名科學家和工程師以及我們龐大的伺服器網路和其他基礎設施設備。因此，我們收入的連續成長可能會帶來更高的利潤率。

Total other income was CNY 1.2 billion, which included equity method income of CNY 429 million compared to equity method losses of CNY 860 million last quarter.

其他總收入為人民幣 12 億元，其中包括權益法收益人民幣 4.29 億元，而上季權益法虧損 8.6 億元。

Income tax expense was CNY 416 million and effective tax rate was 28% compared to 18% in Q2 last year, primarily due to the lower pretax income generated from Baidu Core and to iQIYI not being able to recognize tax benefit from its losses in the current period.

所得稅費用為人民幣 4.16 億元，有效稅率為 28%，而去年第二季為 18%，主要由於「百度核心」產生的稅前收入較低，以及愛奇藝未能確認本期虧損的稅收收益。

Non-GAAP net income attributable to Baidu was CNY 3.6 billion and non-GAAP net margin was 14%. Non-GAAP net income attributable to Baidu Core was CNY 4.7 billion or USD 690 million, down 46% year-over-year and up 160% quarter-over-quarter. Non-GAAP net margin for Baidu Core was 24% compared to 10% last quarter.

非美國通用會計準則下歸屬於百度的淨利為36億元人民幣，非美國通用會計準則下淨利率為14%。非美國通用會計準則下，歸屬於百度核心的淨利潤為47億元人民幣（6.9億美元），較去年同期下降46%，季增160%。百度核心的非美國通用會計準則淨利潤率為 24%，而上一季為 10%。

Adjusted EBITDA was CNY 3.4 billion or USD 489 million. Adjusted EBITDA margin was 13%. Adjusted EBITDA for Baidu Core was CNY 4.8 billion or USD 694 million. Adjusted EBITDA margin for Baidu Core reached 24% in the second quarter compared to 19% last quarter.

調整後 EBITDA 為 34 億元或 4.89 億美元。調整後的 EBITDA 利潤率為 13%。百度核心的調整後 EBITDA 為 48 億元或 6.94 億美元。百度核心第二季調整後 EBITDA 利潤率達到 24%，而上一季為 19%。

As of June 30, 2019, cash and short-term investments was CNY 137.3 billion or USD 20 billion. Excluding iQIYI, cash and short-term investments for Baidu Core was CNY 120.9 billion or USD 17.6 billion.

截至 2019 年 6 月 30 日，現金和短期投資為 1,373 億元或 200 億美元。不計愛奇藝，百度核心的現金和短期投資為1209億元或176億美元。

Free cash flow was CNY 5.6 billion and free cash flow for Baidu Core was CNY 4.9 billion or USD 710 million. Total employees of Baidu Core was approximately 29,900.

自由現金流為人民幣 56 億元，百度核心的自由現金流為人民幣 49 億元或 7.1 億美元。百度核心員工總數約2.99萬人。

Turning to third quarter guidance. We expect total revenues to be between CNY 26.9 billion and CNY 28.5 billion, representing a decrease of 5% to an increase of 1% year-over-year, or a decrease of 1% to 5% increase year-over-year, excluding spin-off revenues of CNY 1 billion for the third quarter of 2019. In this it also means it's an increase of 2% to 8% on a quarter-over-quarter basis. Excluding spin-off revenues, our guidance assumes Baidu Core will grow between negative 3% to positive 3% year-over-year and between 2% to 9% quarter-over-quarter. These forecasts are our current and preliminary view and are subject to change.

轉向第三季指引。我們預計總營收將在人民幣 269 億元至 285 億元之間，年減 5% 至成長 1%，或年減 1% 至 5%，不包括 2019 年第三季的 10 億元分拆營收。這也意味著環比增長 2% 至 8%。不計分拆收入，我們預計「百度核心」的營收將年增 3% 至 3%，季增 2% 至 9%。這些預測是我們目前的初步觀點，可能會改變。

Before I turn the call over to the operator, let me summarize Baidu's second quarter. We have made solid progress with our search and feed business. Traffic growth remains robust for Baidu App DAUs, with double-digit growth in in-app searches and continuous robust growth on feed time spent. User experience is significantly upgraded with content and service providers offering native app-like experience on Baidu's mobile platform. Our emphasis on improving search and feed monetization is in progress. We witnessed double-digit sequential revenue growth in the second quarter and expect further sequential growth into the third quarter. Our focus to diversify away from TAC traffic and grow search revenues through in-app search and feed is proving to be a dominant search model as in-app services allow us to gain more user insight across vast domain of knowledge, content and services, and continuously improve on user engagement for both Baidu and our marketing services customers. We are making meaningful strides in the area of voice assistant, cloud and smart transportation, which will be critical revenue drivers as we look out 1 to 3 years. On the content management side, we will be diligent on reining in our expenditures with disciplined ROI implementation, while balancing the needs for near-term and long-term revenue growth. iQIYI is weathering the challenging macro environment with strong membership growth and the diversification of its revenue stream.

在將電話轉給接線員之前，請容許我總結一下百度第二季的業績。我們的搜尋和資訊流業務取得了紮實的進展。百度應用日活躍用戶流量成長依然強勁，應用程式內搜尋量達到兩位數成長，資訊流使用時間持續強勁成長。內容和服務供應商在百度行動平台上提供類似原生應用程式的體驗，使用者體驗得到顯著提升。我們正在致力於改進搜尋和資訊流的貨幣化。我們見證了第二季兩位數的連續營收成長，並預計第三季將進一步連續成長。我們致力於擺脫對 TAC 流量的依賴，透過應用程式內搜尋和資訊流增加搜尋收入，事實證明，這是一種主要的搜尋模式，因為應用程式內服務使我們能夠在廣泛的知識、內容和服務領域獲得更多的用戶洞察，並不斷提高百度和我們的行銷服務客戶的用戶參與度。我們在語音助理、雲端和智慧交通領域取得了有意義的進展，這些將成為未來 1 到 3 年內關鍵的收入驅動力。在內容管理方面，我們將努力控制支出，嚴格實施投資報酬率，同時平衡短期和長期收入成長的需求。愛奇藝憑藉著強勁的會員成長和多元化的收入來源，經受住了充滿挑戰的宏觀環境的考驗。

Operator, with that let's now open the call to questions.

接線員，現在讓我們開始提問。

(Operator Instructions) Your first question comes from the line of Gregory Zhao from Barclays.

（操作員指示）您的第一個問題來自巴克萊銀行的 Gregory Zhao。

So if we exclude iQIYI, so we can say Baidu's SG&A and also the content cost growth had some substantial slowdown during the quarter. And so it's a very big contrast to your investment during the Chinese New Year around Q1. So I just wanted to understand your marketing and the promotional strategy for your product portfolio like the short video and also Baidu App and also the content cost to trend in the rest of the year.

因此，如果我們排除愛奇藝，那麼我們可以說百度的銷售、行政和管理費用以及內容成本增長在本季度出現了大幅放緩。這與您在第一季農曆新年期間的投資形成了鮮明對比。所以我只是想了解你們的行銷和產品組合的促銷策略，例如短視頻和百度應用程序，以及今年剩餘時間的內容成本趨勢。

Thanks, Greg, for the question. As we mentioned on the prepared remarks, our SG&A, mainly marketing expenses, are very ROI-driven. So when we are spending the channel costs and other marketing programs, we're looking at the lifetime value that we can get from our users. So when the economy is good and we think that we can generate more revenues compared to the cost that we have accumulated, then we'll spend more money. Because we're transitioning from a TAC model to an in-app services model, TAC you get revenue in the quarter that we expense, but in the channel cost and in the marketing program in-app services, which we're expensing in that one quarter, then we might be deriving revenue from the user and in the quarters after that, there's a lag. But even with that, we are very disciplined in calculating ROI. So you see us spending more on Q1 when we see higher ROI. With the current macro conditions and some of the issues that we talked about in the prepared remarks, the ROI has come down. And as a result, we've been very diligent in screening out the marketing costs that has a low ROI. And we'll be looking at that continuously very closely as we move forward for the remainder of the year.

謝謝格雷格提出的問題。正如我們在準備好的評論中提到的那樣，我們的銷售、一般和行政費用（SG&A）（主要是行銷費用）非常受投資回報率驅動。因此，當我們花費通路成本和其他行銷計劃時，我們會考慮可以從用戶那裡獲得的終身價值。因此，當經濟狀況良好，我們認為我們可以產生比我們累積的成本更多的收入時，我們就會花更多的錢。因為我們正在從 TAC 模型過渡到應用程式內服務模型，TAC 會在我們支出的季度中獲得收入，但在通路成本和行銷計畫應用程式內服務中，我們會在該季度支出，然後我們可能會從用戶那裡獲得收入，而在之後的幾個季度中，會出現滯後。但即便如此，我們在計算投資報酬率時仍然非常嚴格。因此，當投資報酬率更高時，你會看到我們在第一季花費更多。在當前的宏觀條件和我們在準備好的評論中談到的一些問題下，投資報酬率已經下降。因此，我們非常努力地篩選出投資報酬率較低的行銷成本。在今年餘下的時間裡，我們將持續密切關注這個問題。

With regards to our content costs, I think it's been growing on a year-over-year basis, but recognize that Baidu Core, the content cost is not that significant. For example, in the second quarter, we talked about maybe CNY 0.5 billion per quarter. So although the increase is significant on a percentage basis, but the total cost is 0.5 billion. So we're increasing even if the base is pretty very small. I don't think it's that significant compared to our overall expenditures.

關於我們的內容成本，我認為它一直在逐年成長，但要認識到百度核心的內容成本並不是那麼重要。例如我們第二季說大概是每季5億元。因此，雖然從百分比來看增幅很大，但總成本卻是5億。因此，即使基數非常小，我們也在不斷增加。我認為與我們的整體支出相比這並不那麼重要。

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

您的下一個問題來自花旗集團的 Alicia Yap。

My question is related to the Mini Programs. So with increasing applications and services tapping into Baidu Mini Program ecosystem, and I think management also commented on some positive developments on the progress and traction earlier. So how should we think about the tractions of this Mini Program to translate into the monetization upside over time? And then any update on upcoming rollout of the CRM initiative?

我的問題與小程式有關。因此，隨著越來越多的應用程式和服務利用百度小程式生態系統，我認為管理層早些時候也對進展和吸引力的一些積極發展發表了評論。那麼，我們應該如何看待這個小程式的吸引力，以便隨著時間的推移將其轉化為貨幣化的優勢呢？那麼即將推出的 CRM 計畫有什麼最新消息嗎？

Alicia, I'll have Shen Dou answer your questions.

艾莉西亞，我會讓沈鬥回答你的問題。

Okay. Thanks for your question, actually. As you say, the Mini Program has attracted much attention from the developers. We have seen the benefit of the Smart Mini Programs already, but for the users, the better Smart Mini Programs offer them richer content in service selection. And then for developers, the Smart Mini Programs use our AI-powered algorithms to screen the massive content of the Smart Mini Programs and recommend the relevant content and service to the users based on their proactive search for information and service.

好的。確實，謝謝你的提問。正如您所說，小程式已經受到許多開發者的關注。我們已經看到了智慧小程式的好處，但對於使用者來說，更好的智慧小程式是為他們提供更豐富的服務選擇內容。對於開發者來說，智慧小程式利用我們的人工智慧演算法，將智慧小程式的大量內容篩選，並根據用戶主動搜尋資訊和服務的情況，向用戶推薦相關的內容和服務。

So this Smart Mini Program already helped the developers to acquire users, and in turn, to enhance better user experience on the Baidu's platform. So actually, as you may already have seen, Baidu Smart Mini Program has attracted some well-known apps like Weibo, Meituan, JD as well as services with lower frequency of usage like the Shanghai Auto Show.

因此，這個智慧小程式已經幫助開發人員獲取用戶，進而增強了百度平台的用戶體驗。實際上，正如你可能已經看到的，百度智能小程序已經吸引了一些知名的應用程序，如微博、美團、京東，以及使用頻率較低的服務，如上海車展。

So that' said, we also have our customers from different industry sectors. They have tried the Smart Mini Programs as their landing page for their campaigns. So we see pretty significant ROI lift for those who tried this Smart Mini Programs. So actually, the Smart Mini Programs also offered our customers and the developers much more options to engage the users in their service. So with that, the ROI would be further improved. So that is how we're going to see how Mini Programs is going to help first to strengthen our monetization capabilities, actually.

所以說，我們也有來自不同產業領域的客戶。他們已經嘗試將智慧小程式作為其活動的登陸頁面。因此，我們看到，對於那些嘗試過智慧小程式的人來說，投資報酬率有相當顯著的提升。因此實際上，智慧小程式也為我們的客戶和開發人員提供了更多選擇，讓用戶參與他們的服務。這樣一來，投資報酬率就會進一步提高。因此，我們將會看到小程式將如何幫助我們先增強獲利能力。

As to CRM, actually it's just a start. And because we guided that most of our customers, they have the leads generated from Baidu's platform, so combined with the CRM, we have more ways to help the customers to engage with their users better and to explore the leads in a better way to improve the effectiveness and also clearly to improve the ROI. So that's why we are using the CRM to help the campaigns on our platforms first, and then in the next level, we're going to provide more valuable features to the customers to further explore the utilities of the CRM.

對CRM來說，其實這只是個開始。而且由於我們指導大多數客戶，他們的潛在客戶都是從百度平台產生的，因此結合 CRM，我們有更多方法幫助客戶更好地與用戶互動，以更好的方式探索潛在客戶，從而提高效率，並顯著提高投資回報率。這就是為什麼我們首先使用 CRM 來幫助我們的平台上進行活動，然後在下一個階段，我們將為客戶提供更有價值的功能，以進一步探索 CRM 的實用性。

Let me add a point, Alicia. For the Smart Mini Programs, I think from a service provider, there's a couple of points that are key for them. First is as the number of smartphones in China sales is declining, we saw that last year, we saw that first half of this year, it cost more and more to actually leverage our App Stores in order to have installation of their apps. The economics of Smart Mini Programs is much better than App Stores because app stores, you have to spend the channel cost and you're not sure if you're going to get ROI, whereas Mini Programs, because we're in the business of search, these are natural results to be in search.

讓我補充一點，艾莉西亞。對於智慧小程序，我認為從服務提供者的角度來看，有幾點對他們來說至關重要。首先，隨著中國智慧型手機銷售的下降，我們看到去年、今年上半年，利用我們的應用程式商店安裝應用程式的成本越來越高。智慧小程式的經濟效益比應用商店好得多，因為在應用程式商店中，你必須花費通路成本，而且你不確定是否會獲得投資回報，而對於小程序，因為我們從事搜尋業務，所以這些是搜尋中的自然結果。

So rather than shifting this and directing the traffic over to your apps, you have to, first, pay-per-channel app. Secondly, there's usually more steps, for example, to convert a sale from our Mini Programs to -- within an app versus if you're a native on Baidu's platform directly to that buy page on the Mini Program. So I think first of all, you're able to see that result right away. You don't need users to download the app. And secondly, I think the case that Dou have explained would help drive up conversion. So obviously, with better conversion, marketing customers are usually focused on better conversion, looking at ROI.

因此，您首先需要按渠道付費應用程序，而不是轉移流量並將其引導至您的應用程式。其次，通常需要更多步驟，例如，將銷售從我們的小程式轉換為應用程式內的交易，而不是像百度平台的本地用戶那樣直接轉到小程式上的購買頁面。所以我認為首先，您可以立即看到結果。您不需要用戶下載該應用程式。其次，我認為竇先生所解釋的案例有助於提高轉換率。因此顯然，隨著轉換率的提高，行銷客戶通常會專注於更好的轉換率，並專注於投資報酬率。

So with better conversion, you'll have, we believe, over time, more people developing Smart Mini Programs so that when they have their search results, they have better conversion. I think from a user perspective, you will probably have users over time relying more and more on search within Baidu because of that native app experience directly with the Mini Programs.

因此，隨著轉換率的提高，我們相信，隨著時間的推移，會有更多的人開發智慧小程序，這樣當他們獲得搜尋結果時，就能獲得更好的轉換率。我認為從用戶的角度來看，隨著時間的推移，用戶可能會越來越依賴百度內的搜索，因為他們可以直接透過小程式獲得原生應用程式體驗。

Your next question comes from the line of Tian Hou from T.H. Capital.

您的下一個問題來自 T.H. 的天后。首都。

Robin, Herman, Sharon, the question is related to Baidu's efforts in content building. So as you guys are aggressively developing feed business, you guys also need to build a very healthy content. So in addition to your Baijiahao, Haokan video, Baidu App, recently, we saw from the news you acquired some stakes in Zhihu. And also, I think yesterday, you put money in Guokr. So I wondered for Guokr, in which way they helped you in the content ecosystem building. And also in the going forward, what are some other content area you see you need to continue to build up? And so is there any other potential content investment on the horizon? So that's the question.

Robin、Herman、Sharon，這個問題與百度在內容建構上的努力有關。因此，在你們積極發展資訊流業務的同時，你們也需要建立非常健康的內容。那麼除了你們的百家號、好看影片、百度App之外，最近我們從新聞裡看到你們入股了一些知乎的股份。而且，我記得昨天你在果殼網投資了錢。所以我很好奇果殼網在內容生態建設上給了你們哪些幫助？另外，在未來的發展中，您認為還有哪些內容領域需要繼續建置？那麼還有其他潛在的內容投資嗎？這就是問題所在。

This is Dou, actually. Let me answer your question first. For sure, content is extremely important to our whole business, as we've already shown you in the past. So for Baijiahao, we see the creators on Baijiahao grow significantly over year-over-year, reaching like 2.2 million creators already. So that is still not enough for us because users come to Baidu for not only information but also services. That's why we just discussed how we are strengthening the Smart Mini Programs to provide further information and service, which we see significant growth as well.

這其實就是竇。我先回答你的問題。當然，內容對於我們的整個業務極為重要，正如我們過去已經向您展示的那樣。對百家號而言，我們看到百家號上的創作者數量逐年大幅成長，目前已達到 220 萬。但這對我們來說還不夠，因為用戶訪問百度不僅是為了獲取訊息，也是為了獲取服務。這就是為什麼我們剛剛討論瞭如何加強智慧小程式以提供更多資訊和服務，我們也看到了顯著的成長。

In addition to both Baijiahao and Smart Mini Programs, we're also working with even wider collaborators to provide valuable information. As we have noted, so we invested in Zhihu. We've got Zhihu providing additional information, complementary information to Baidu's Zhidao. And we see our users' interest out of the search queries, they have strong interest in Zhihu's content. So that's why we invested in those. So along with that, we are trying to look for more and more content which can better satisfy our users' interest.

除了百家號和智慧小程式之外，我們還與更廣泛的合作夥伴合作，提供有價值的資訊。正如我們已經指出的，所以我們投資了知乎。我們有知乎來提供額外的信息，為百度的知道提供補充信息。我們從搜尋查詢中看到了用戶的興趣，他們對知乎的內容非常感興趣。這就是我們投資這些的原因。因此，我們正在努力尋找更多能夠更好地滿足用戶興趣的內容。

So in short, to sum up, so we will keep looking for better content. And as we know, the content is extremely important for the whole business today. So we are developing our own platforms to generate content. We are looking for partners to get more useful information and service as well.

簡而言之，我們將繼續尋找更好的內容。眾所周知，內容對於當今的整個商業來說極為重要。因此我們正在開發自己的平台來產生內容。我們正在尋找合作夥伴來獲取更多有用的信息和服務。

Tian, let me just add a few comments. I think our content strategy is pretty much to adopt the overall user experience to the new mobile ecosystem, meaning that we will make or strike a partnership or investment if that deal can help us to improve the user experience. But the content may be available on the open web or on the PC Internet, but if we can have a deal that enhances the mobile user experience with that kind of content, we will do it. Or if that kind of content is not available on the open web or not available on the PC Internet, if we can acquire that content, we will also do it. So basically, the content strategy is to either make the experiences better or make something that was not available to become available to our Internet users.

田，請容許我補充幾點評論。我認為我們的內容策略基本上是將整體用戶體驗應用於新的行動生態系統，這意味著如果交易可以幫助我們改善用戶體驗，我們就會建立或達成合作夥伴關係或投資。但這些內容可能在開放網路或 PC 網路上提供，但如果我們能夠達成協議，透過此類內容增強行動用戶的體驗，我們就會這樣做。或者如果這種內容在開放網路上或 PC 網路上不可用，如果我們能夠取得該內容，我們也會這樣做。所以基本上，內容策略要不是讓體驗變得更好，就是讓網路使用者可以獲得以前無法獲得的東西。

Okay. I will just add one more thing on that. So as Robin just mentioned, we are looking for better user experience. Actually, when we switched Baidu Knows to the Smart Mini Program in our platform, we see significant user spend time growth, actually. So for Zhihu, now is most of the content are presented in the form of H5. With this deal, we're going to convert all of the Zhihu content in Baidu's platform to Smart Mini Programs, and this will be another good example to show how we are going to improve the user experience through the Smart Mini Programs, actually.

好的。我只想補充一點。正如羅賓剛才提到的，我們正在尋求更好的使用者體驗。實際上，當我們將百度知道切換到我們平台上的智慧小程式時，我們看到用戶花費時間顯著成長。所以對於知乎來說，現在大部分的內容都是以H5的形式呈現。透過這筆交易，我們將把百度平台上的知乎所有內容轉換為智慧小程序，這將是另一個很好的例子，展示我們如何透過智慧小程序來改善用戶體驗。

And just to add, Tian, you asked which areas will we be interested in. When you look at our content, Baidu as a whole, there's really 3 categories of content. We're looking at a content that's knowledge-based, in this case, Zhihu. In case of Baidu Knows, that would be it. So we're looking at example the vast amount of services and information that are in apps today and making that basically having a native app experience. So service is very important. And clearly, we're looking at industry verticals where right now, if it's fragmented on the Internet, if we can concentrate it within Baidu's content platform so that they have better conversions so that they can build user engagement and have better user experiences. So 3 areas: knowledge, services and industries vertical information.

另外，田，你問過我們對哪些領域有興趣。當你查看我們的內容時，百度作為一個整體，實際上有 3 類內容。我們正在關注基於知識的內容，在本例中就是知乎。如果是百度知道的話，那就是它了。因此，我們正在研究當今應用程式中的大量服務和信息，並使其基本上具有原生應用程式體驗。所以服務非常重要。顯然，我們正在關注當前的行業垂直領域，如果互聯網上的內容分散，我們是否可以將其集中在百度的內容平台內，以便他們獲得更好的轉化，從而建立用戶參與度並獲得更好的用戶體驗。所以有3個領域：知識、服務和產業垂直資訊。

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

您的下一個問題來自美銀美林的 Eddie Leung。

Could you share with us your thoughts on the recent news of potential new entrants? So are you going to see any difference this time? And then just a quick follow-up on Herman's comments on some of the advertising industries. Given the recent weakness in some of the verticals, could you remind us what the top, for example, 3 or 5 verticals we have right now?

您能否與我們分享您對最近潛在新進者的新聞的看法？那麼這次你會看到什麼不同嗎？然後我們來快速跟進一下赫爾曼對一些廣告行業的評論。鑑於近期某些垂直行業的疲軟，您能否提醒我們目前排名前 3 或前 5 名的垂直行業是什麼？

Dou will answer your first question, and Herman will answer the second.

Dou 將回答您的第一個問題，Herman 將回答您的第二個問題。

Okay. For the new players in the market, I think it's not new, actually. So search business is a pretty profitable business, as we all know. So we have players who are trying to enter into this business in the past decades. So actually, search has a very high entry barrier actually because user come to a search engine with a very specific information need. We need to locate that information out of hundreds billions of web pages to get an information located.

好的。對於市場中的新參與者來說，我認為這實際上並不新鮮。眾所周知，搜尋業務是一項非常有利可圖的業務。過去幾十年來，我們一直有一些參與者試圖進入這個行業。因此，實際上，搜尋的進入門檻非常高，因為用戶帶著非常特定的資訊需求來到搜尋引擎。我們需要從數千億個網頁中找到該資訊。

So this is quite different from other business like feed because for feed, we usually just show general interest and then the engines to match the user's general interest. So it's not easy to tell right or wrong. But for search, it's the user usually has a very strict demand and strict criteria to judge the performance. So that said, we see for us, I know we have actually the only one successful twin engine model with both search and feed so far in the world. So in our experience, we see it is relatively easy to switch from search to feed because we can generalize the users' interest of their queries but not the other way.

所以這與資訊流等其他業務有很大不同，因為對於資訊流，我們通常只顯示一般興趣，然後引擎會匹配用戶的一般興趣。所以很難判斷對錯。但對於搜尋來說，使用者通常有非常嚴格的要求和嚴格的標準來判斷其效能。所以說，我們看到，我知道我們實際上擁有迄今為止世界上唯一一個成功的同時具有搜尋和回饋的雙引擎模型。因此，根據我們的經驗，從搜尋切換到資訊流相對容易，因為我們可以概括使用者對其查詢的興趣，但反之則不行。

So we're not surprised to see new players in this market, and we have seen this many times. So that said, we are happy to see new players. But with the Baijiahao and Smart Mini Programs, we are strengthening our mobile ecosystem, and we see we're providing better user experience to the users, so that's pretty much what I can offer at this time.

因此，我們對這個市場出現新參與者並不感到驚訝，這種情況我們已經看過很多次了。所以說，我們很高興看到新球員。但透過百家號和智慧小程序，我們正在加強我們的行動生態系統，我們看到我們正在為用戶提供更好的用戶體驗，所以這就是我目前可以提供的。

Yes. And Eddie, with regards to our top industry, we have health care as you guys know is our top. In addition to that, the other industries are much smaller. So the top 12 industries are 2/3, and the remaining industries are all less than 10% of Baidu Core's revenue, and those would include e-commerce, online games and education.

是的。艾迪，就我們的首要產業而言，醫療保健是我們的首要產業，這大家都知道。除此之外，其他行業的規模也小得多。所以前12個產業佔百度核心營收的2/3，剩下的產業皆在百度核心營收的10%以下，其中包括電商、網路遊戲和教育。

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

您的下一個問題來自瑞穗證券的詹姆斯李。

Two, if I may. First -- and maybe, Robin, you can talk about -- you sound pretty excited about the prospect of Duer operating system, the voice search going into next year. And maybe can you help us understand the road map in terms of commercial road map going to 2020 and maybe help us understand what verticals that you weren't able to monetize on text search now you're able to monetize in voice and also what verticals that you could optimize potentially with voice search over the text search.

如果可以的話，我想說兩個。首先，羅賓，也許您可以談談，您對度秘操作系統和語音搜尋明年的前景感到非常興奮。也許您能幫助我們了解 2020 年的商業路線圖，也許能幫助我們了解哪些垂直領域您無法透過文字搜尋實現貨幣化，現在您能夠透過語音實現貨幣化，以及哪些垂直領域您可以透過語音搜尋而不是文字搜尋進行優化。

And also second question on Herman. On 4Q, on revenue growth, is that going to be similar to your guidance in 3Q? And also in operating expenses, you're stepping up about CNY 400 million and change in total expenses in 3Q. Should we expect very similar trend into 4Q as well?

還有關於赫爾曼的第二個問題。第四季的營收成長情況是否與第三季的預期相似？另外，在營運費用方面，你們第三季的總費用增加了約 4 億元。我們是否應該預期第四季也會出現非常相似的趨勢？

Yes. On DuerOS, it's a whole new ecosystem. It fully leverages Baidu's investment in search and in AI technologies for the past many, many years. And we are offering a better and better user experience. It does lower the barrier to entry significantly. I talked about it during the prepared remarks that we are entering lower cities with more affordable device system. And we are also able to access people at very young age or very old age because it's just a lot easier to use, and we see strong momentum continue to go into the current quarter and maybe in the coming years.

是的。在DuerOS上，這是一個全新的生態系統。它充分利用了百度多年來在搜尋和人工智慧技術方面的投資。我們正在提供越來越好的用戶體驗。它確實大大降低了進入門檻。我在準備好的演講中談到，我們正在以更便宜的設備系統進入小城市。而且，由於使用起來更加方便，我們還能夠接觸到非常年輕或非常年長的人群，並且我們看到強勁的勢頭持續到本季度，甚至可能持續到未來幾年。

Talking about the potential business model, because right now, it's in very early stage, we have not really seriously tried to monetize the product, but we see huge potential in many fronts. For example, in education, it's very natural for kids to learn things through this kind of new devices. Games, can offer a very different experience in mobile games because for mobile, you have to hold your handset. But for the Smart Display, your hands are free and we have cameras to capture users' behaviors intelligently.

談到潛在的商業模式，因為現在還處於非常早期的階段，我們還沒有真正認真地嘗試將產品貨幣化，但我們在許多方面看到了巨大的潛力。例如，在教育方面，孩子透過這種新設備學習東西是很自然的。遊戲可以在手機上提供非常不同的體驗，因為對於手機來說，你必須握住你的手機。但對於智慧顯示器，您的雙手是自由的，我們有攝影機來智慧地捕捉使用者的行為。

So there are many, many possible business models, including the app model, including the subscription model for all kinds of content and services. And this is a whole new era for entertainment, for education and for the smart life for many, many people who may not spend a lot of time with mobile phones.

因此，有許多可能的商業模式，包括應用程式模式，包括各種內容和服務的訂閱模式。對於許多可能不會花太多時間在手機上的人來說，這是一個娛樂、教育和智慧生活的全新時代。

And James, the question you asked about revenue and expenses. We typically do not give guidance out of 2 quarters. And with the current macro situation, it's hard to predict what's going to happen in 2 quarters. But I would use a reference. For example, if you look at last year, Q3 to Q4 has very minimal sequential growth. So if the economy keeps pace and so forth, we will probably have similar trends. But I can't commit at this point given that we don't have as much visibility in the current macro situation.

詹姆斯，你問的問題是關於收入和支出的。我們通常不會給出兩個季度以外的指導。鑑於目前的宏觀形勢，很難預測第二季度會發生什麼。但我會使用參考。例如，如果你看看去年，第三季到第四季的連續成長非常小。因此，如果經濟保持成長等等，我們可能會看到類似的趨勢。但鑑於我們對當前宏觀情勢的了解還不夠深入，我現在無法做出承諾。

And so when we set our expenditures for the second half, we're cognizant of the current of revenue situation and the economic conditions. So from an expenditure perspective, in terms of total expenditure for Baidu Core, cost of sales plus operating expenses, we're going to try to keep pace with our total expenditures for Q2. So we should not see too significant increase from the second quarter level. And mind you that this would adjust if, for example, our revenue, for example, improves significantly and so forth. So that's current thinking right now.

因此，當我們設定下半年的支出時，我們會考慮到目前的收入狀況和經濟狀況。因此，從支出角度來看，就百度核心的總支出、銷售成本加上營運費用而言，我們將努力與第二季的總支出保持同步。因此，我們不應該看到第二季度水準出現太大的成長。請注意，如果我們的收入大幅提高等等，這一數字就會進行調整。這就是目前的想法。

Your next question comes from the line of Natalie Wu from CICC.

您的下一個問題來自中金公司的 Natalie Wu。

I have a question regarding your CRM open platform. How should we understand the related financial impact in near term and longer term? And what kind of incentives are you going to provide to attract developers to your platform? And also, if I may, I'm still curious about the Smart Mini Programs. Just wondering what kind of sectors are the most frequent users for your Smart Mini Programs initiative. Do you observe the change of ad budget on your platform of those frequent Smart Mini Program users? And I would appreciate it if management can elaborate more on the difference you have observed among different sectors for the Smart Mini Program users.

我對您的 CRM 開放平台有一個疑問。我們該如何理解相關的近期和長期財務影響？您將提供什麼樣的激勵措施來吸引開發人員使用您的平台？而且，如果可以的話，我仍然對智慧小程式感到好奇。我只是想知道哪些領域的用戶最常使用您的智慧小程式計劃。您是否觀察過那些經常使用智慧小程式的使用者在您的平台上的廣告預算的變化？如果管理階層能夠更詳細地闡述您所觀察到的智慧小程式使用者在不同領域之間的差異，我將不勝感激。

Natalie, on the financial impact of CRM, we are currently trying to do an integrated solution for our online marketing customers. They already spent a lot of money to try to acquire potential customers for their products and services, and we help them to better manage this process and achieve better conversion. We think, longer term, the CRM offering will be able to provide independent product value, and we will be able to charge a significant amount of money for this kind of offering. But to begin with, we'd like to help our advertisers and customers to think in a more holistic way. They acquire traffic from the Baidu channel, and we help them to better manage the traffic or better manage the users, and then help them to improve the overall efficiency of the whole marketing funnel. That's the difference between our CRM and the independent CRM products.

娜塔莉，關於 CRM 的財務影響，我們目前正在嘗試為我們的線上行銷客戶提供一個整合解決方案。他們已經花費了大量資金來嘗試為他們的產品和服務獲取潛在客戶，我們幫助他們更好地管理這個過程並實現更好的轉換。我們認為，從長遠來看，CRM 產品將能夠提供獨立的產品價值，並且我們將能夠為此類產品收取大量費用。但首先，我們希望幫助我們的廣告商和客戶以更全面的方式思考。他們從百度管道獲取流量，我們幫助他們更好地管理流量或更好地管理用戶，然後幫助他們提高整個行銷漏斗的整體效率。這就是我們的 CRM 與獨立 CRM 產品之間的差異。

For the Smart Mini Programs, let me add a few new things. So actually the user come to Baidu not only for information but also for service. So with Smart Mini Programs, we provide both information and service to the users. So that's saying we are seeing growth for Smart Mini Programs in quite a few different verticals, including travel, real estate, education and other stuff. So say for Weibo and Xiaohongshu, right, so in general, we think they provide information to users. And for this type of Smart Mini Programs, we see each of them has like a few million users, daily active users actually in Baidu's platform for their Smart Mini Programs. Also, the Smart Mini Program is very valuable to developers with long tail information and service, because users come to Baidu yearly looking for some long tail information and service. So this is very helpful for them to locate new users, because new users come here proactively to identify or locate some information. So for those type of business, they also get players for the Smart Mini Programs. So for your question about marketing customers, we do see more and more customers adopting Smart Mini Programs as their landing page. So we see examples from travel like Ctrip, from real estate, from education like Xueersi. So all those customers, we do see their performance, budget performance are getting better through different traffic. So these are just some examples to see, and we are expanding the coverage of the landing pages through Smart Mini Programs. So down the road, maybe you can see more good examples, to share more information with you.

對於智能小程序，我再補充一些新的東西。所以實際上用戶來到百度不僅是為了獲取訊息，也是為了獲取服務。因此，透過智慧小程序，我們為用戶提供資訊和服務。也就是說，我們看到智慧小程式在許多不同垂直領域的成長，包括旅遊、房地產、教育和其他領域。對於微博和小紅書來說，總的來說，我們認為它們向用戶提供資訊。對於這種類型的智慧小程序，我們看到每個程式都有幾百萬用戶，實際上百度平台上的智慧小程式的每日活躍用戶數就達數百萬。此外，智慧小程式對於擁有長尾資訊和服務的開發者來說非常有價值，因為用戶每年都會來到百度尋找一些長尾資訊和服務。所以這對他們定位新用戶非常有幫助，因為新用戶會主動來這裡識別或定位一些資訊。因此，對於這些類型的業務，他們也會獲得智慧小程式的玩家。對於您關於行銷客戶的問題，我們確實看到越來越多的客戶採用智慧小程式作為他們的登陸頁面。因此，我們看到旅遊業的例子有攜程，房地產行業的例子有學而思。因此，我們確實看到所有這些客戶的表現、預算表現透過不同的流量變得越來越好。所以這些只是一些例子，我們正在透過智慧小程式擴大落地頁的覆蓋範圍。因此，將來也許你可以看到更多很好的例子，以便與你分享更多。

Your next question comes from the line of Jin Yoon from New Street Research.

您的下一個問題來自 New Street Research 的 Jin Yoon。

Just on the Mini Programs again. I just wanted to kind of go back into kind of the health care vertical, just kind of where we are on kind of bringing everyone up to speed. And at the same time, you were also talking about moving more of the other verticals into the Mini Program, just kind of just on the traction of that. That's kind of my first question. And my second question is -- well, we'll stop there and then I'll follow up with the second question.

再次回到小程式。我只是想回到醫療保健垂直領域，讓每個人都了解我們所處的位置。同時，您也談到將更多其他垂直領域轉移到小程式中，這只是出於對它的關注。這是我的第一個問題。我的第二個問題是──好吧，我們就此打住，然後我再問第二個問題。

Okay. Thanks for the question. So actually, as we mentioned in the remarks, right, so Smart Mini Programs and managed pages are 2 forms we are using for the landing pages. So for the marketing customers, they do not have to specifically use Smart Mini Programs, but they can use it in a lighter version, managed pages. For the health care vertical industry, so as Robin has already mentioned, all the marketing customers, they have switched from HTML5 to managed pages. So in this way, we cannot only guarantee the quality of the content and the information correctness for the landing page. We can also help the marketing customers to engage in a better way with their users.

好的。謝謝你的提問。實際上，正如我們在備註中提到的那樣，智慧小程式和託管頁面是我們用於登陸頁面的兩種形式。所以對於行銷客戶來說，他們不必專門使用智慧小程序，而是可以在更輕量級的託管頁面中使用。對於醫療保健垂直行業，正如 Robin 已經提到的，所有行銷客戶都已從 HTML5 轉向託管頁面。這樣一來，我們既可以保證落地頁的內容質量，又可以保證訊息的正確性。我們還可以幫助行銷客戶更好地與用戶互動。

So you can treat Smart Mini Programs as another way or a relatively heavier way with even stronger capabilities to strengthen the engagement. So that's why for all the services which you need relatively complicated interactions to fulfill users' need, right, so those for type of business, Smart Mini Programs are a better way to do this.

所以你可以把智慧小程式看成是另一種方式，或者說一種相對較重、功能更強大的方式，來加強參與度。所以這就是為什麼對於所有需要相對複雜的互動來滿足用戶需求的服務，對吧，對於這些類型的業務來說，智慧小程式是更好的方法。

Down the road, to guarantee the quality of the landing page, so the correctness of the information, we will strongly recommend the marketing customers to use either managed pages or Smart Mini Program. But in the meanwhile, since we see most of the cases, if not all, are using Smart Mini Programs or managed pages, the customers already see the lift in their ROI. So we bet, they are going to switch even by themselves. I think that's what I can offer now. Is that okay?

以後為了確保落地頁的質量，資訊的正確性，我們會強烈建議行銷客戶使用託管頁面或智慧小程式。但同時，由於我們看到大多數（如果不是全部）案例都在使用智慧小程式或託管頁面，客戶已經看到了投資回報率的提升。所以我們打賭，他們甚至會主動改變主意。我想這就是我現在可以提供的。可以嗎？

Great. If I could follow up -- go ahead.

偉大的。如果我可以跟進的話——請繼續。

Yes. In terms of sector in relation to health care, we also mentioned moving companies, home repair, attorneys. They are all using managed pages with this.

是的。在與醫療保健相關的領域方面，我們也提到了搬家公司、房屋維修、律師。他們都在使用這個託管頁面。

Got it. If I can just -- one just follow-up. I remember just the last time you guys had a health care cleanup like in 2015, there was a little bit of a drop-off in terms of the number of advertisers not being able to qualify. You said in this time around that a lot of the, I guess, marketers have moved over. Have you seen any kind of the overall TAM or actually the number of advertisers being able to drop off this time as well? Are you seeing that some of these advertisers are not able to qualify? And is that anything material?

知道了。如果我可以的話——只是一個後續問題。我記得上次你們進行醫療保健清理是在 2015 年，當時不符合資格的廣告商數量略有下降。您說，這一次，我想很多行銷人員已經轉行了。您是否看到過整體 TAM 或實際上這次廣告商的數量也下降了？您是否發現其中一些廣告商不符合資格？這有什麼實質意義嗎？

Jin, your question is, are we seeing the number of health care marketing services customers drop off?

金，你的問題是，我們是否看到醫療保健行銷服務客戶的數量正在下降？

Yes, that's right, being not able to qualify or not able to make the transition because I think that happened a little bit in 2015, correct?

是的，沒錯，無法獲得資格或無法完成轉型，因為我認為這在 2015 年發生了一些，對嗎？

Yes. So when you look at the number of customers from the health care sector, we saw them started to drop off at the beginning of the year, and we've seen that consistently into Q2. And as Robin mentioned earlier, because once they use the managed pages, we're able to screen the content using our AI. We're installing, for example, live call capabilities and messaging capabilities. So we use our AI to also screen the communication with users to make sure that they're providing content and information that was more secure and more trustworthy. So as a result of that, it's a filtering system for the lower-quality health care providers. So those are probably going to go elsewhere, probably going to drive revenues for other people. For us, we're basically turning away the lower-quality customers in health care.

是的。因此，當您查看醫療保健行業的客戶數量時，我們會發現他們的數量在年初開始下降，並且我們在第二季度一直看到這種情況。正如羅賓之前提到的，因為一旦他們使用託管頁面，我們就能夠使用我們的人工智慧來篩選內容。例如，我們正在安裝即時通話功能和訊息功能。因此，我們使用人工智慧來篩選與用戶的溝通，以確保他們提供更安全、更值得信賴的內容和資訊。因此，它成為了針對低品質醫療保健提供者的過濾系統。所以這些可能會流向其他地方，可能會為其他人帶來收入。對我們來說，我們基本上拒絕了醫療保健領域品質較低的客戶。

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。

Thank you for the additional color on traffic growth rates in the second quarter. I wonder if you could just take us through what you think are the drivers of the acceleration in that number from the first quarter. And could we expect that to potentially continue at least based on the July and August data that you're seeing currently? And my second question is -- I know you talked about the medical vertical quite a bit, but can I ask what the number would have been or the growth rate would have been for the core, if you excluded the medical vertical? And also on medical, could you talk about what percentage of traffic is on your landing pages and what the initial feedback is?

感謝您對第二季流量成長率的補充說明。我想知道您是否可以向我們介紹一下您認為從第一季開始這一數位加速成長的驅動因素是什麼。根據您目前看到的七月和八月的數據，我們是否可以預期這種情況可能會持續下去？我的第二個問題是——我知道您多次談論醫療垂直行業，但我能否問一下，如果排除醫療垂直行業，核心的數字或增長率會是多少？另外，在醫療方面，您能談談您的目標網頁的流量百分比是多少以及初步回饋是什麼嗎？

Dou, can you answer the traffic question, the growth rate?

竇先生，您能回答一下流量問題，成長率嗎？

Sure. Actually, I think we have touched this question previously. The user acquisition efficiency is getting higher and higher, actually. So as Herman just mentioned, we are spending the marketing budget in a smart way to consider more about the ROI. That's why nowadays, when we look at the new users we acquired, their lifetime spend on Baidu is growing pretty significantly, actually. Because of the content quality and also the service provided by Smart Mini Programs, we can see even stickier engagement between the users and our service.

當然。實際上，我認為我們之前已經討論過這個問題。用戶獲取效率其實越來越高了。正如 Herman 剛才提到的，我們正在以明智的方式花費行銷預算，以更多地考慮投資回報率。這就是為什麼現在，當我們查看我們獲得的新用戶時，他們在百度上的終身消費實際上正在顯著增長。由於智慧小程式提供的內容品質和服務，我們可以看到使用者與我們的服務之間的互動更加緊密。

And all that together, that's why we can explain the traffic is growing relatively significant. But for sure, summer is also a good time for traffic in general. So that's another reason we see the growth. But in general, with the better content, as we just mentioned, from Baijiahao, Smart Mini Programs and also the strong collaboration with partners to provide better content and service, we can see the engagement between users and platforms is being strengthened.

綜合起來，我們可以解釋為什麼流量成長相對顯著。但可以肯定的是，夏季整體來說也是交通的好時機。這是我們看到成長的另一個原因。但總的來說，正如我們剛才提到的，百家號、智慧小程式提供了更優質的內容，並與合作夥伴緊密合作，提供更好的內容和服務，我們可以看到用戶和平台之間的互動正在加強。

Okay. With regard to the questions on the numbers, a few verticals that helped us grow sequentially are retail and e-commerce or education. Travel did very well, too, and then service-related industries. So these are some of the highlights for the second quarter. And then with regards to health care revenues, we're seeing double-digit declines in health care revenues. So when you look at the second quarter, as a percentage of total Baidu Core revenues, we're talking about less than 1/7 of our revenue. So that has declined pretty significantly when you look at it from last year. But I think for the long term, it's better for us because we're now having a better way to ensure better quality of the content, both looking at the landing page and also monitoring the kind of communication between the merchants with the users.

好的。關於數位的問題，幫助我們連續成長的幾個垂直產業是零售、電子商務或教育。旅遊業也表現良好，其次是服務相關產業。這些就是第二季的一些亮點。就醫療保健收入而言，我們看到醫療保健收入出現了兩位數的下降。因此，當您看第二季時，佔百度核心總收入的百分比不到我們收入的 1/7。因此，與去年相比，這一數字已大幅下降。但我認為從長遠來看，這對我們更有利，因為我們現在有更好的方法來確保內容的質量，既可以查看登陸頁面，也可以監控商家與用戶之間的溝通方式。

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。