百度 (BIDU) 2019 Q4 法說會逐字稿

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

您好，感謝您參加百度2019年第四季及全年財報電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。

I would now like to turn the meeting over to your host for today's conference, Juan Lin, Baidu's Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的會議主持人，百度投資者關係總監林娟。請繼續。

Hello, everyone, and welcome to Baidu's Fourth Quarter and Full Year 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年第四季及全年業績電話會議。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專線服務上找到一份副本。

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 and in charge of Baidu's Mobile Ecosystem Group, our search and feed business. After our prepared remarks, we will hold a Q&A session.

今天的電話會議由我們的執行長李彥宏主持。我們的財務長餘承東和我們的高級副總裁沈鬥，分別負責百度行動生態系統事業部、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 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」條款所作出的前瞻性陳述。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 have 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.

提醒一下，本次會議正在錄製中。此外，本次電話會議的網路直播也將在百度投資者關係網站上提供。

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

現在我將電話轉給我們的執行長羅賓。

I'd like to start the call by sending prayers to Wuhan and all the people who have worked so diligently and unselfishly, to contain the novel coronavirus. We have strong faith in the concerted and courageous efforts that have been made to combat the epidemic outbreak.

首先，我想向武漢以及所有為遏制新型冠狀病毒而勤奮無私工作的人們祈禱。我們堅信，大家齊心協力、英勇奮戰，一定能戰勝疫情。

At Baidu, many of our employees have chipped in, forgoing the extended Chinese New Year holiday and working overtime, to help contain the epidemic outbreak. For example, we leveraged our facial recognition and other AI technologies, to deploy fever-screening systems to railway stations, hospitals and municipal buildings across China. Our systems remotely measure the temperatures of up to 200 people per minute, detect body temperatures even for people wearing face masks and hats, and identify those who are not wearing masks or wearing them improperly. Baidu's AI model has been open sourced, to further help reduce the spread of the coronavirus.

在百度，許多員工都貢獻自己的力量，放棄延長的春節假期，加班加點，為控制疫情做出貢獻。例如，我們利用臉部辨識和其他人工智慧技術，在中國各地的火車站、醫院和市政建築中部署發燒篩檢系統。我們的系統每分鐘可遠端測量多達 200 人的體溫，即使戴著口罩和帽子的人也可以檢測體溫，並識別未戴口罩或佩戴不當的人。百度的AI模型已經開源，以進一步幫助減少冠狀病毒的傳播。

On Baidu App, we launched a free healthcare consultation platform, to allow people to access doctors online, ask pneumonia-related questions and save hospital resources. Our operational team is partnering with medical experts to provide authoritative information on the coronavirus, and leveraging our large platform reach to make timely and reliable information available to the public.

我們在百度App上推出了免費的醫療諮詢平台，讓人們可以在線上聯繫醫生，諮詢肺炎相關問題，節省醫院資源。我們的營運團隊正在與醫學專家合作，提供有關冠狀病毒的權威信息，並利用我們廣泛的平台影響力向公眾提供及時可靠的信息。

Baidu Maps is providing timely information, such as the location of traffic control areas, designated hospitals and infected cases, to help people better manage the situation. By leveraging big data, Baidu Maps helps track population migration and predict the spread of the epidemic in China.

百度地圖正在提供及時信息，例如交通管制區、指定醫院和感染病例的位置，以幫助人們更好地管理局勢。百度地圖利用大數據，幫助追蹤人口遷移，預測中國疫情的蔓延。

As part of our corporate social responsibility, we have pledged RMB 300 million toward to support these efforts, provide awareness education and improve public health in China.

作為我們企業社會責任的一部分，我們承諾捐贈3億元來支持這些努力，提供意識教育並改善中國的公共衛生。

The coronavirus outbreak has undoubtedly impacted our economy. While the near-term impact on our business has been negative, as many of our top industries, such as travel, real estate, auto, healthcare and franchising, suffer from reduced offline activities, The side effect is that people are staying home more, and they have the opportunity to get to know Baidu's products and services better. For example, we are seeing new highs in Baidu App DAUs and time spent on Xiaodu smart speakers. Search queries on coronavirus exceeded 1 billion during the Chinese New Year, as users came to Baidu for fact-checking and finding more reliable information.

冠狀病毒疫情無疑對我們的經濟產生了影響。雖然短期內對我們的業務產生了負面影響，因為我們的許多主要行業，例如旅遊、房地產、汽車、醫療保健和特許經營，都受到線下活動減少的影響，但副作用是人們更多地待在家裡，他們有機會更好地了解百度的產品和服務。例如，我們看到百度應用程式的每日活躍用戶數和小度智慧音箱的使用時間都創下了新高。在農曆新年期間，有關冠狀病毒的搜尋量超過 10 億次，因為用戶來到百度進行事實查核並尋找更可靠的資訊。

Turning to Baidu's fourth quarter results. 2019 has been a year of significant changes and progress, as we focused on strengthening Baidu's mobile ecosystem and AI monetization, such as smart speakers, smart transportation and cloud enterprise solutions, while improving operational efficiency.

談到百度第四季的業績。2019年是百度發生重大變化和進步的一年，我們專注於加強百度的行動生態系統和人工智慧貨幣化，例如智慧揚聲器、智慧交通和雲端企業解決方案，同時提高營運效率。

On Our mobile business, we have built a comprehensive and diversified ecosystem, centered around knowledge and information, with Baijiahao, Baidu Smart Mini Program and Managed Page, as our mobile building blocks. These pillars provide a unified infrastructure to allow more video sharing and user engagements, and provide users with greater trust on the content shared on Baidu's platform. Through Baidu's mobile building blocks and hosted marketing platform, we enable content providers, customers and other partners to leverage Baidu AI, to create, share and engage with users, and access services from our platform to improve conversion, which has led to unprecedented expansion of Baidu's mobile ecosystem and robust organic traffic growth.

在行動業務方面，我們建立了以知識和資訊為中心的全面、多樣化的生態系統，以百家號、百度智慧小程式和託管頁面為行動構建模組。這些支柱提供了統一的基礎架構，以允許更多的視訊共享和用戶參與，並為用戶提供對百度平台上共享的內容的更大信任。透過百度的行動建置模組和託管行銷平台，我們使內容提供者、客戶和其他合作夥伴能夠利用百度人工智慧來創建、共享和與用戶互動，並從我們的平台訪問服務以提高轉換率，從而使百度的行動生態系統實現了前所未有的擴張和強勁的有機流量增長。

On new AI businesses, DuerOS has further strengthened its leadership, as the most popular voice assistant in China, we believe, and our Xiaodu smart devices saw exceptional growth last year. On Apollo, we made exciting progress in early-stage commercialization, forming partnerships with municipalities across China to install V2X infrastructure backbone for smart transportation. On Baidu Cloud, our cloud solutions have helped enterprises improve their service offerings, productivity and operational efficiency, as well as supported their digital transformation.

在新的人工智慧業務方面，我們相信，DuerOS 作為中國最受歡迎的語音助手，進一步鞏固了其領導地位，而我們的小度智慧型裝置去年也實現了非凡的成長。在阿波羅計畫上，我們在早期商業化方面取得了令人興奮的進展，與中國各個城市建立合作夥伴關係，為智慧交通安裝 V2X 基礎設施主幹網路。在百度雲端上，我們的雲端解決方案可協助企業提升服務品質、生產力和營運效率，並支援其數位轉型。

Looking ahead, we celebrate our 20th anniversary this year, and we look forward to enabling our partners and customers to do more with Baidu AI. We are excited about the opportunities ahead, to apply our AI technologies to growing use cases and take steps closer to realizing our mission to make the complicated world simpler through technology.

展望未來，今年我們迎來了成立20週年，我們期待著能讓我們的合作夥伴和客戶利用百度AI做更多的事情。我們對未來的機會感到興奮，將我們的人工智慧技術應用於不斷增長的用例，並更接近實現我們的使命，即透過科技讓複雜的世界變得更簡單。

Let's begin our Q4 review with MEG, our Mobile Ecosystem Group. In December, Baidu App daily active users saw continued robust growth reaching 195 million, up 21% year-over-year. Momentum for in-app traffic remains strong, with in-app search queries growing almost 30% year-over-year.

讓我們從行動生態系統集團 MEG 開始我們的第四季度回顧。12月，百度App日活躍用戶持續強勁成長，達1.95億，較去年同期成長21%。應用程式內流量動能依然強勁，應用程式內搜尋查詢量年增近 30%。

We have been relentless in improving the user experience for search. The building blocks of Baidu's mobile ecosystem are expanding the scope of Baidu's search from knowledge and information to services and transactions, empowering Baidu App to become a super app.

我們一直堅持不懈地改善用戶的搜尋體驗。百度行動生態系統的建構模組正在將百度搜尋的範圍從知識和資訊擴展到服務和交易，使百度App成為超級應用程式。

e-Commerce touches the lives of majority of the 850 million internet users in China. In the past, users came to Baidu to search for information about delivery companies. Through Baidu's building blocks, all 6 major express delivery companies in China have adopted Baidu Smart Mini Program. When a user searches "express delivery", these express- deliveries' smart mini programs appear on one card. A logged-in user on Baidu App can seamlessly obtain the shipping status of his or her e-commerce order, or request for an express delivery, simply by selecting the smart mini program on the search-result card. Search queries for express delivery spiked 5 fold in December from the previous year.

電子商務影響中國8.5億網路使用者中大多數人的生活。過去，用戶會透過百度來搜尋快遞公司的資訊。透過百度的積木，國內6大快遞公司均已採用百度智能小程式。當用戶搜尋「快遞」時，這些快遞的智慧小程式就會出現在一張卡片上。百度App登入用戶只需在搜尋結果卡上選擇智慧小程序，即可無縫取得電商訂單的出貨狀態，或申請快遞配送。12 月份，「快遞」的搜尋查詢量較上年同期激增 5 倍。

Baidu Smart Mini Program is also extending into government services. For example, employees in China contribute to a housing fund each payroll period, similar to social security in the U.S. Through Baidu Smart Mini Program, logged in users can access their housing fund information by simply scanning their face with Baidu App. Daily average search queries on housing fund in December spiked 40%, a month after the introduction of the housing fund Smart Mini Program.

百度智能小程式也正在向政務服務領域延伸。例如，中國員工每個工資期間都會繳納房屋公積金，類似美國的社會保障。透過百度智慧小程序，登入用戶只需使用百度應用程式掃描臉部即可存取他們的住房公積金資訊。房屋公積金智慧小程式上線一個月後，12月住房公積金日均搜尋量飆漲40%。

We believe expanding Baidu's service offerings with native-app-like user experience will further differentiate Baidu's Search, and pave the way for more online service providers to obtain a new source of traffic. Baidu Smart Mini Programs save users the hassle of having to maintain so many apps on their phone or re-login a website for every transaction.

我們相信，透過類似原生應用程式的用戶體驗擴展百度的服務產品將進一步區分百度的搜索，並為更多線上服務供應商獲得新的流量來源鋪平道路。百度智能小程式讓用戶免去了在手機上維護眾多應用程式或每次交易時重新登入網站的麻煩。

Moving onto feed. We've revamped hot topics, powered by Baidu's unique user insight, continuously updated with the latest search and feed trends. Peak DAUs for hot topics grew 3 fold, and time spent on Baidu feed was up 18% year-over-year in December. As more content providers with original content join Baidu's Baijiahao publisher platform, user engagement on Baidu feed is growing and a network effect is taking shape.

轉到飼料。我們重新設計了熱門話題，以百度獨特的用戶洞察力為支撐，並不斷更新最新的搜尋和動態趨勢。12 月份，熱門話題的高峰 DAU 成長了 3 倍，百度資訊流的停留時間年增了 18%。隨著越來越多原創的內容提供者加入百度百家號發布平台，百度資訊流的用戶參與度不斷提升，網路效應正在形成。

On short videos. With 5G around the corner, we believe the opportunities in short video lie beyond entertainment-oriented content. To seize these opportunities, we are enabling content providers across all verticals to share videos. We have built a large repository of short videos from our video apps, Haokan and Quanmin, as well as the main Baidu App, of which over 70% of the content distributed are short videos. Through Baidu's building blocks, we are enabling content providers to share short videos across search, feed, Haokan and Quanmin, as well as Baidu's other properties, such as Baidu Wiki and Baidu Post Bar. Baidu serves over 1.1 billion users or devices each month, and our users demand rich knowledge, information and services, which can be best satisfied when the short videos are distributed across numerous consumer-facing products that we offer, each geared towards a different targeted audience.

關於短片。隨著 5G 的臨近，我們相信短片的機會不僅限於娛樂內容。為了抓住這些機會，我們正在幫助各個垂直行業的內容提供者分享影片。我們已經從我們的視訊應用程式「好看」和「全民」以及主要的百度應用程式建立了一個龐大的短視頻庫，其中分發的內容中有 70% 以上是短視頻。透過百度的建構模組，我們讓內容提供者能夠在搜尋、資訊流、好看和全民以及百度維基和百度貼吧等百度的其他資產上分享短影片。百度每月服務超過 11 億用戶或設備，我們的用戶需要豐富的知識、資訊和服務，當短視頻分佈在我們提供的眾多面向消費者的產品中時，這些需求可以得到最好的滿足，每個產品都針對不同的目標受眾。

Nevertheless, we remain focused on improving Baidu's short video apps to differentiate from other market players. Time spent on our feed plus short video apps was up 20% year-over-year. For example, we have partnered with major TV stations and provincial satellite stations, to provide live TV streaming and VOD experience via Baidu smart mini program. Through Baidu's mobile building blocks, TV stations can leverage Baidu's powerful content distribution channels to extend their reach, allowing online users to engage with their shows, and stay relevant as Internet technologies advance with AI and 5G.

儘管如此，我們仍將專注於改進百度的短影片應用，以區別於其他市場參與者。我們在資訊流和短視頻應用程式上花費的時間年增了 20%。例如，我們與各大電視台、省級衛視合作，透過百度智能小程式提供電視直播和點播體驗。透過百度的行動建置模組，電視台可以利用百度強大的內容分發管道擴大其覆蓋範圍，讓線上用戶參與其節目，並在人工智慧和 5G 等網路技術進步的背景下保持相關性。

Turning to content verticals. Baidu is known for exploring knowledge and information. Strengthening content verticals to improve user experience has been a priority for us. For example, in June 2019, we set out to develop a healthcare wiki to aggregate medical knowledge and information from authoritative and professional sources. In a little more than half a year, Baidu's healthcare wiki covers over half of the top medical experts in China, including hospital directors, presidents and academicians. Healthcare search DAUs in Baidu App grew 35% year-over-year in December, outpacing Baidu App DAU growth. We are seeing consumers becoming increasingly reliant on Baidu for healthcare information and services.

轉向內容垂直領域。百度以探索知識和資訊而聞名。加強內容垂直領域以改善使用者體驗一直是我們的首要任務。例如，2019 年 6 月，我們著手開發醫療保健維基，以匯總來自權威和專業來源的醫學知識和資訊。短短半年多時間，百度醫療健康維基就涵蓋了國內一半以上的頂尖醫療專家，包括醫院院長、院長、院士等。12 月份，百度 App 中醫療保健搜尋的 DAU 年比成長 35%，超過百度 App DAU 的成長速度。我們發現消費者越來越依賴百度獲取醫療保健資訊和服務。

Online literature is another area where we are aggregating content to improve user experience. With top online literature content providers joining Baidu, DAUs of our online literature channel in Baidu App was up 40% year-over-year in December.

網路文學是我們聚合內容以改善使用者體驗的另一個領域。隨著頂級網路文學內容提供商加入百度，12 月百度 App 中網路文學頻道的 DAU 年比增長 40%。

Let me quickly cover the building blocks of Baidu's mobile ecosystem.

讓我快速介紹一下百度移動生態系的組成部分。

Baijiahao now hosts 2.6 million publisher accounts, up 38% year-over-year. The increasing scale and media influence of Baidu App is drawing more original content creators to Baidu's content ecosystem. In December, the number of publishers providing original content grew 116%, while original content pieces grew more than 3 fold year-over-year.

百家號目前擁有 260 萬個發布商帳戶，年增 38%。百度App規模和媒體影響力的不斷擴大，正在吸引更多原創內容創作者加入百度內容生態。12月份，提供原創內容的出版商數量增加了116%，原創內容數量比去年同期增加了3倍以上。

Baidu Smart Mini Program continues to gain momentum in the market, with MAUs reaching 316 million in December, up 114% year-over-year. The number of Smart Mini Program is up 35 fold from last year and up 40% from last quarter.

百度智慧小程式市場持續成長，12月月活躍用戶達3.16億，年增114%。智慧小程式數量較去年同期成長35倍，較上一季成長40%。

Baidu Smart Mini Program is becoming an important source of traffic for app developers. Hao Hao Zhu, an online network for interior design and decoration, saw the MAUs on its Baidu Smart Mini Program grow to about a quarter of the MAUs on its own app, one month after going live. Zhihu（知乎）, a leading online question-and-answering community, grew DAUs on its Baidu Smart Mini Program to over 2 million in just two weeks after release.

百度智能小程式正成為應用程式開發者的重要流量來源。室內設計與裝飾線上網路「好好築」上線一個月後，其百度智慧小程式的月活躍用戶數增長至其自有應用程式月活躍用戶數的四分之一左右。領先的線上問答社群知乎，其百度智慧小程式發布後僅兩週，每日活躍用戶就成長到 200 多萬。

Baidu Smart Mini Program lends Baidu's AI capabilities to app developers through our hosted marketing platform, offering intelligent data analysis, better targeting and improved conversion. A leading Internet portal in China adopted Baidu Smart Mini Program and saw its ad monetization soon exceeded that on its HTML5 site, giving the portal more reasons to shift its content to Baidu Smart Mini Program.

百度智慧小程式透過我們的託管行銷平台將百度的人工智慧功能提供給應用程式開發者，提供智慧數據分析、更好的定位和更高的轉換率。中國一家領先的互聯網門戶網站採用了百度智能小程序，其廣告盈利很快就超過了其 HTML5 網站，這給了該門​​戶網站更多理由將其內容轉移到百度智能小程序。

Turning to Managed Page. Revenue from Managed Page grow to about a quarter of Baidu's Core marketing revenue in the fourth quarter. Advertisers are proactively adopting Baidu Managed Page as we roll out industry-specific solutions, for example, for home services, legal and B2B sectors. Unlike Smart Mini Program owners, Managed Page owners tend to be smaller merchants without development capabilities. By lending Baidu's AI capabilities to SMEs through Baidu's hosted marketing platform, SMEs can maintain their web presence, keep up with the advances of Internet technologies and continuously improve on conversion over time, simply by opening an account with Baidu and foregoing the hassle of servers and software purchases. Managed Page is built with data structure, which ensures content quality and improves consumer trust.

轉到管理頁面。第四季度，託管頁面收入成長至百度核心行銷收入的約四分之一。隨著我們推出針對特定行業的解決方案（例如針對家庭服務、法律和 B2B 行業） ，廣告商正在積極採用百度管理頁面。與智慧小程式擁有者不同，託管頁面擁有者往往是規模較小的商家，缺乏開發能力。透過百度的託管行銷平台將百度的人工智慧功能提供給中小企業，中小企業只需在百度開設帳戶，無需購買伺服器和軟體，即可維護其網路形象，跟上網路技術的進步，並不斷提高轉換率。託管頁面採用資料結構構建，確保內容質量，提高消費者信任度。

On the monetization front, we continued to deepen our service offerings through Baidu's hosted marketing platform, to enhance the value of our marketing customers. As our customers increasingly use video ads for their marketing campaigns, we are providing new video ad templates and content creation tools, to build more impactful creative ads. These initiatives are leading to improved monetization and ROI for our customers.

在商業化方面，我們持續透過百度託管行銷平台深化我們的服務，以提升我們的行銷客戶的價值。隨著我們的客戶越來越多地在行銷活動中使用影片廣告，我們提供新的影片廣告範本和內容創建工具，以製作更具影響力的創意廣告。這些措施正在為我們的客戶提高貨幣化和投資回報率。

Longer term out, we see Baidu's hosted marketing platform becoming a sales & marketing SaaS, evolving from marketing tools and audience building into equipping SMEs with AI-powered capabilities to perform marketing automation, sales lead generation and marketing-to-sales funnel analytics. This innovative goal is quite meaningful when you consider how Baidu's mobile ecosystem is bringing users, content and service providers and merchants together to create a win-win experience for everyone.

從長遠來看，我們認為百度託管的行銷平台將成為銷售和行銷 SaaS，從行銷工具和受眾建立發展成為為中小企業提供人工智慧功能，以執行行銷自動化、銷售線索產生和行銷到銷售漏斗分析。當你考慮到百度行動生態系統如何將使用者、內容和服務提供者以及商家聚集在一起，為每個人創造雙贏的體驗時，這個創新目標就非常有意義了。

Moving on to DuerOS. In the fourth quarter, DuerOS voice assistant continues to grow rapidly with monthly voice queries surpassing 5 billion in December, up over 3 fold year-over-year. Monthly voice queries from Xiaodu first-party devices grew even faster, up over 7 fold from last year, reaching 2.3 billion in December. Search queries on our own devices are more valuable, and we plan to provide this figure to you going forward.

繼續討論 DuerOS。第四季度，DuerOS語音助理持續快速成長，12月月語音查詢量突破50億次，較去年同期成長逾3倍。小度第一方設備的月語音查詢量成長更快，較去年同期成長了7倍多，12月份達到23億次。我們自己的設備上的搜尋查詢更有價值，我們計劃在未來向您提供這個數據。

DuerOS-powered smart speakers continue to generate strong sales momentum. According to market analytics firms, Strategy Analytics and Canalys, Xiaodu smart speakers ranked the first in smart speaker shipments in China, and Xiaodu Smart Display ranked the first in smart display shipments globally for the full year of 2019.

搭載DuerOS的智慧音箱持續保持強勁的銷售動能。根據市場分析公司Strategy Analytics與Canalys統計，2019年全年，小度智慧音箱位居中國智慧音箱出貨量第一，小度智慧顯示器位居全球智慧顯示器出貨量第一。

With Xiaodu smart devices growing about 7 fold in 2019, DuerOS skills store is capturing the attention of mobile app developers. For example, in video category, iQIYI, Tencent Video, Mango TV and Migu Video, all offer their own DuerOS skill. We look forward to more exciting upgrades from DuerOS after the launch of Xiaodu X8, our 8-inch smart display in December. Xiaodu X8 is equipped with AI-powered understanding, interaction and self-learning capabilities, enabling users to wake up the device with eye gestures, pause streaming content with hand gestures and send notification of moving objects at home when the owner leaves the house.

隨著小度智慧型裝置在2019年成長約7倍，DuerOS技能商店正在吸引行動應用程式開發者的注意。例如在影片領域，愛奇藝、騰訊影片、芒果TV、咪咕影片等都推出了自己的DuerOS技術。我們期待在 12 月推出 8 吋智慧顯示器小度 X8 後，DuerOS 能帶來更多令人興奮的升級。小度X8具備AI理解、互動和自學習能力，使用者可以透過眼神喚醒設備、透過手勢暫停串流內容、在主人離開家時發送家中移動物體的通知。

Turning to Apollo. We are partnering with municipal government in China to enable smart transportation by installing Baidu V2X infrastructure solutions. In Cangzhou, Hebei province, the installation of Baidu V2X solutions further extended into the launch of the city's robotaxi pilot program, with an initial fleet of 30 Apollo-powered autonomous driving vehicles last November. Baidu also partnered with Yinchuan, the capital of Ningxia province, to install V2X solution which support autonomous trucking.

轉向阿波羅。我們正在與中國市政政府合作，透過安裝百度 V2X 基礎設施解決方案來實現智慧交通。在河北省滄州市，百度 V2X 解決方案的安裝進一步延伸到該市自動駕駛計程車試點計畫的啟動，去年 11 月，首批車隊由 30 輛阿波羅驅動的自動駕駛汽車組成。百度也與寧夏省會銀川合作，安裝支援自動駕駛卡車的 V2X 解決方案。

As we continue to advance in autonomous driving technologies, it is important for us to gain operational experience, as well as derive commercial value, from areas such as smart transportation, to ensure that we are meeting market needs with our technology.

隨著我們在自動駕駛技術的不斷進步，我們需要從智慧交通等領域累積營運經驗並獲取商業價值，以確保我們的技術能夠滿足市場需求。

Turning to Baidu Cloud and AI Services. Last month, Tesla announced the switch to Baidu Maps for its vehicles in China. We are excited to provide Tesla vehicles with mapping services, such as base map display, POI search and real-time traffic conditions, through Baidu's leading PaaS solutions.

轉向百度雲端和人工智慧服務。上個月，特斯拉宣布中國市場的車輛將改用百度地圖。我們很高興透過百度領先的PaaS解決方案為特斯拉汽車提供底圖顯示、POI搜尋、即時路況等地圖服務。

And in November 2019, we released an end-to-end far-field Automatic Speech Recognition solution based on our in-house designed Baidu Honghu chip, customized for Baidu's AI. Baidu Brain's leading speech recognition capabilities are used across Baidu products, including Xiaodu smart speakers, DuerOS in-vehicle infotainment, Baidu Maps and Baidu call-center cloud solutions. Developers have tapped the Baidu Brain's speech recognition engine more than 10 billion times.

並於2019年11月，發布了基於自主研發的百度鴻餛飩晶片的端到端遠場自動語音辨識解決方案，為百度AI量身定制。百度大腦領先的語音辨識能力廣泛應用於百度產品，包括小度智慧音箱、DuerOS車載資訊娛樂系統、百度地圖和百度呼叫中心雲端解決方案。開發者對百度大腦語音辨識引擎的呼叫次數已超過100億次。

In December 2019, Baidu's pre-training framework for language understanding, ERNIE became the first to score above 90 on the General Language Understanding Evaluation benchmark, or GLUE, which is widely considered as the benchmark for testing AI language understanding and otherwise dominated by U.S. technology firms and universities. ERNIE powers Baidu Search and Xiaodu smart devices, to provide the best user experience.

2019年12月，百度的語言理解預訓練架構ERNIE在通用語言理解評估基準（GLUE）中首次獲得90分以上的成績，該基準被廣泛認為是測試人工智慧語言理解的基準，目前由美國科技公司和大學主導。ERNIE 為百度搜尋和小度智慧型裝置提供支持，以提供最佳的使用者體驗。

We have also begun to install Baidu Kunlun, our in-house designed, high-performance AI chip, to power new cloud servers. Baidu Kunlun is customized to optimize visual, speech, natural language processing and other AI capabilities.

我們也開始安裝百度崑崙，我們自主設計的高效能人工智慧晶片，為新的雲端伺服器提供支援。百度崑崙針對視覺、語音、自然語言處理等AI能力進行客製化優化。

Turning to iQIYI. In December, iQIYI subscribers reached 106.9 million, a net add of 19.5 million from a year ago. iQIYI's large subscriber base strengthens its foundation, as a leading video platform and producer of long-form videos. iQIYI's leading position in China's video marketplace is a valuable component to Baidu's large content ecosystem, both on mobile and at home.

轉向愛奇藝。12月，愛奇藝會員規模達1.069億，較去年同期淨增加1950萬。愛奇藝龐大的用戶群鞏固了其作為領先視訊平台和長視訊製作商的基礎。愛奇藝在中國視訊市場的領先地位是百度龐大內容生態系統（包括行動端和家庭端）的重要組成部分。

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 fourth quarter call. All monetary amounts used in my discussion are in RMB, unless stated otherwise.

謝謝，羅賓。大家好。歡迎參加百度第四季電話會議。除非另有說明，否則我在討論中使用的所有貨幣金額均為人民幣。

Baidu had a strong finish in 2019. Total revenue reached CNY 107.4 billion, or USD 15.4 billion, up 8% year-over-year, excluding spin off revenue. Revenue from Baidu Core was [CNY 79.7 billion] (corrected by company after the call) or USD 11.5 billion, up 6% year-over-year, excluding spin off revenue. Adjusted EBITDA was CNY 18.4 billion. Adjusted EBITDA for Baidu Core was CNY 25.5 billion or USD 3.7 billion, for 2019.

百度在 2019 年取得了優異的成績。總收入達到人民幣 1,074 億元（約 154 億美元），較去年同期成長 8%（不含分拆收入）。百度核心營收為[人民幣 797 億元]（電話會議後公司進行了更正）或 115 億美元，年增 6%，不包括分拆營收。調整後EBITDA為184億元。2019 年百度核心的調整後 EBITDA 為人民幣 255 億元（約 37 億美元）。

Total revenues for the fourth quarter was [CNY 28.9 billion] (corrected by company after the call) or USD 4.1 billion, up 6% year-over-year, which slightly beats the high end of our guidance. Revenue from Baidu Core was CNY 21.7 billion or USD 3.1 billion, up 6% year-over-year, accelerating from the last 2 quarters. On a sequential basis, fourth quarter revenue for Baidu Core was up 3% compared with being slightly down in the same period last year.

第四季總收入為[人民幣 289 億元]（電話會議後公司進行了更正）或 41 億美元，年增 6%，略高於我們預期的高端。百度核心營收為 217 億元（約 31 億美元），年增 6%，增幅高於前兩季。與上一季相比，百度核心第四季營收成長 3%，而去年同期則略有下降。

Marketing services in the fourth quarter saw strength from retail/e-commerce, gaming, and services sectors, offset by softness from financial services, healthcare, franchising and auto sectors. We are encouraged to see the healthcare in the fourth quarter, while continuing double-digit decline year-over-year, was flat sequentially. And our overall CPM continued to trend up sequentially.

第四季行銷服務表現強勁，包括零售/電子商務、遊戲和服務業，但金融服務、醫療保健、特許經營和汽車業表現疲軟。我們很欣慰地看到，第四季醫療保健業務雖然與去年同期相比繼續呈現兩位數下滑，但較上季持平。我們的整體 CPM 持續呈現連續上升趨勢。

Our new AI businesses, which include smart devices, smart transportation and Baidu Cloud, doubled year-over-year in the fourth quarter. Xiaodu smart speakers continue to experience robust growth, and unit economics continues to improve, with new products released at higher price points and BOM costs reduced on greater sales volume. Baidu Cloud revenue recorded strong double-digit growth with impressive margin improvements. As we entered 2020, we are excited that our new AI businesses are becoming an important growth driver for Baidu.

我們的新人工智慧業務，包括智慧型設備、智慧交通和百度雲，在第四季度比去年同期成長了一倍。小度智慧音箱持續保持強勁成長，單位經濟效益持續改善，新產品以更高的價格推出，且隨著銷售增加，BOM成本降低。百度雲營收實現強勁的兩位數成長，利潤率顯著提高。進入2020年，我們很高興看到新的人工智慧業務正在成為百度重要的成長動力。

iQIYI revenue reached CNY 7.5 billion, up 7% year-over-year. iQIYI subscribers grew 22% year-over-year to 106.9 million, while iQIYI ad business was down 15% year-over-year as a result of slowing macro, delay in the release of hot videos and heavy competition from in-feed advertising.

愛奇藝營收達75億元人民幣，較去年成長7%。愛奇藝付費用戶數較去年同期成長22%至1.069億，而愛奇藝廣告業務則因宏觀經濟放緩、熱門影片發布延遲以及資訊流廣告競爭激烈而較去年同期下降15%。

Adjusted EBITDA was CNY 8.2 billion, and adjusted EBITDA margin was 28%. Adjusted EBITDA for Baidu Core was CNY 9.8 billion or USD 1.4 billion in the fourth quarter, and adjusted EBITDA margin for Baidu Core reached 45%, compared to 33% last year.

調整後EBITDA為82億元人民幣，調整後EBITDA利潤率為28%。第四季，「百度核心」調整後EBITDA為98億元人民幣（約14億美元），調整後EBITDA利潤率達45%，去年同期為33%。

Let me quickly go over the rest of Q4 financial highlights.

讓我快速回顧一下第四季其餘的財務亮點。

Cost of revenue, excluding non-GAAP items, was CNY 14.9 billion, down 4% year-over-year, primarily due to a decrease in content costs and TAC, offset by an increase in hardware and cloud cost of goods sold as well as server depreciation. TAC decreased primarily due to a decrease in TAC revenue.

不包括非公認會計準則項目的收入成本為人民幣 149 億元，年減 4%，主要由於內容成本和 TAC 下降，但被硬體和雲端銷售成本以及伺服器折舊的增加所抵消。TAC 下降主要是由於 TAC 收入下降。

SG&A expenses, excluding non-GAAP items, were CNY 3.5 billion, down 34% year-over-year, primarily due to a decrease in personnel related expenses and decreased investments in channel spending and promotional marketing, as less marketing programs met our stringent ROI criteria. For example, we dialed back marketing spending on short video apps and, as Robin pointed out earlier, put our efforts on differentiating short video apps through features, like high-quality broadcasting from television stations.

銷售、一般及行政費用（SG&A）為人民幣 35 億元，年減 34%，主要由於人員相關費用減少以及渠道支出和促銷營銷投資減少，因為滿足我們嚴格的投資回報率標準的營銷項目減少。例如，我們減少了在短視頻應用程式上的行銷支出，並且正如羅賓之前指出的那樣，我們致力於透過諸如電視台的高品質廣播等功能來區分短視頻應用。

R&D expenses, excluding non-GAAP items, were CNY 3.7 billion, increasing 1% year-over-year, primarily due to decreased personnel-related expenses.

研發費用（不包括非美國通用會計準則項目）為人民幣 37 億元，較去年同期成長 1%，主要因人員相關費用減少。

Non-GAAP operating income was CNY 6.8 billion, and non-GAAP operating margin was 23% compared to 10% last year. Non-GAAP operating income for Baidu Core was CNY 8.5 billion, and non-GAAP operating margin for Baidu Core was 39%, compared to 28% last year.

非美國通用會計準則營業收入為人民幣 68 億元，非美國通用會計準則營業利益率為 23%，去年為 10%。非美國通用會計準則下，「百度核心」營業收入為 85 億元，非美國通用會計準則下，「百度核心」營業利潤率為 39%，去年同期為 28%。

Under non-operating income, I should note that in Q4, we benefited from higher interest income maturity and other items totaling to approximately CNY 1.4 billion that we don't expect to carry over to Q1.

在非營業收入方面，我應該指出，在第四季度，我們受益於更高的利息收入到期和其他項目，總額約為人民幣 14 億元，我們預計這筆收入不會結轉到第一季。

Non-GAAP net income attributed to Baidu was CNY 9.2 billion, and non-GAAP net margin was 32%. Non-GAAP net income attributable to Baidu Core was CNY 10 billion or [USD 1.43 billion] (corrected by company after the call). Non-GAAP net margin for Baidu Core was 46%, compared to 30% last quarter.

非美國通用會計準則下，百度淨利為92億元人民幣，非美國通用會計準則下淨利率為32%。歸屬於百度核心的非美國通用會計準則淨利潤為 100 億元或 [14.3 億美元]（電話會議後公司已進行更正）。百度核心的非美國通用會計準則淨利率為 46%，上一季為 30%。

As of December 31, 2019, cash and short-term investments were CNY 147.4 billion or USD 21.2 billion. Excluding iQIYI, cash and short-term investments for Baidu Core was CNY 135.9 billion, or USD 19.5 billion.

截至 2019 年 12 月 31 日，現金及短期投資為 1,474 億元或美元 212 億美元。不計愛奇藝，百度核心的現金和短期投資為1359億元人民幣，約195億美元。

Free cash flow was CNY 10.1 billion, and free cash flow for Baidu Core was CNY 8 billion or USD 1.2 billion. Total full-time equivalent employees at Baidu Core in December was approximately 28,900 employees, a reduction of 2,700 head counts from last year. We managed our headcounts in 2019 and plan to add these headcounts back in strategic areas in 2020.

自由現金流為人民幣101億元，百度核心自由現金流為人民幣80億元或12億美元。12 月百度核心全職員工總數約 28,900 人，較去年同期減少 2,700 人。我們在 2019 年管理了員工人數，並計劃在 2020 年將這些員工人數重新增加到策略領域。

I should note that we made minor changes to our condensed financial statement format this quarter, to be more aligned with our industry peers, to avoid disclosing sensitive information such as our pricing strategy, and to provide investors with more information on our cash flow.

我應該指出，我們本季度對簡明財務報表格式做了一些小改動，以便與行業同行更加一致，避免披露定價策略等敏感信息，並向投資者提供更多有關我們現金流的信息。

Turning to first quarter guidance. We expect total revenues to be between CNY 21 billion and CNY 22.9 billion, representing a decrease of 5% to 13% year-over-year. Our guidance assumes Baidu Core will decline between 10% to 18% year-over-year. The novel coronavirus situation in China is evolving and business visibility is very limited. These forecasts are current and preliminary view, which is subject to substantial uncertainty.

談到第一季的指引。我們預計總收入將在 210 億元至 229 億元人民幣之間，年減 5%至 13%。我們的預測是，百度核心的營收將年減 10% 至 18%。中國新型冠狀病毒疫情正在發展，業務可見度非常有限。這些預測是當前和初步的觀點，具有很大的不確定性。

Nevertheless, let me give you some color on what we are seeing in Q1. As a result of the coronavirus outbreak, the Chinese New Year golden week that was originally scheduled to end on January 30, was extended by a week in Beijing, and in some regions in China, the holidays were extended even longer. Most shops, restaurants and malls across China were closed down and many remain closed down, as we speak. Consequently, the rebound for online marketing after Chinese New Year has been slow this year.

儘管如此，讓我向您介紹一下我們在第一季看到的情況。受新冠肺炎疫情影響，原定1月30日結束的春節黃金周，北京地區延長一周，國內部分地區假期進一步延長。目前，中國各地的大多數商店、餐廳和商場都已關閉，許多仍處於關閉狀態。因此，今年春節後網路行銷的反彈較為緩慢。

In the past 2 weeks, however, business activities have started to pick up as people return to work. At Baidu, our employees are gradually returning to the office, applying strict safety measures. We assume businesses across China will do the same, and that our marketing services will pick up at a faster pace into quarter end.

然而，在過去的兩周里，隨著人們重返工作崗位，商業活動開始回升。在百度，我們的員工正在逐步返回辦公室，並採取嚴格的安全措施。我們預計中國各地的企業都會採取同樣的措施，我們的行銷服務將在季度末以更快的速度成長。

As Robin mentioned, a big portion of our marketing services is dependent on offline activities, and we expect these sectors to see negative growth this quarter. Some may experience negative growth into next quarter. On the other hand, we are benefiting from online sectors, such as online games, e-commerce, online education and other online services.

正如羅賓所提到的，我們的行銷服務很大一部分依賴線下活動，我們預計本季這些領域將出現負成長。有些國家下個季度可能會出現負成長。另一方面，我們受益於線上領域，例如線上遊戲、電子商務、線上教育和其他線上服務。

We are encouraged by the experience that China has had with SARS and other epidemics. In addition, the Chinese government has implemented policies recently to boost the Chinese economy. Internally, we have set aside up to CNY 2 billion in sales incentives, to help our marketing services customers buffer the current difficult situation.

中國應對非典和其他流行病的經驗令我們感到鼓舞。此外，中國政府近期也推出了一系列政策來提振中國經濟。對內，我們預留了高達20億元的銷售獎勵，幫助我們的行銷服務客戶緩和當前的困難局面。

We are entering 2020 with a lean P&L, which puts us in a good position to continue our heavy investments in technology and in new businesses, to optimize future growth. As we look beyond coronavirus outbreak, we're excited about the strong foundation that we have built with Baidu mobile ecosystem and the scaling of our new AI businesses, as evidenced by the accelerating growth rate of Baidu Core revenue in Q4 on a year-over-year basis.

我們將以精益的損益表邁入 2020 年，這使我們能夠繼續對科技和新業務進行大量投資，以優化未來成長。展望新冠疫情之後，我們對百度移動生態系統所建立的堅實基礎以及新人工智慧業務的擴展感到興奮，百度核心收入在第四季度的同比增長率加快就是明證。

And with that, operator, let's open the call to questions.

接線員，現在讓我們開始提問吧。

(Operator Instructions) Your first question comes from the line of Piyush Mubayi from Goldman Sachs.

（操作員指示）您的第一個問題來自高盛的 Piyush Mubayi。

In your guidance, Herman, you talked about how the business has recovered in the last 2 weeks, to a certain degree. Could you just take us through the distinct periods in the first quarter to give us a better sense of the sort of recovery that we're at? In the last 2 weeks, for example, what has been the year-on-year growth that you're witnessing in your business?

赫爾曼，在您的指導中，您談到了業務在過去兩週內如何在一定程度上恢復。您能否向我們介紹第一季度的不同時期，以便我們更了解我們所處的復甦階段？例如，在過去的兩周里，您的業務年增了多少？

And related to that guidance, also, if you could give us a sense of what the underlying search trends have been, i.e., what sort of traffic growth are you witnessing? How was that disrupted in any way? How is that evolving? And at this stage, how would you comment on what March and the rest of the year looks like, i.e., this recovery in the last 2 weeks? Can we extrapolate from that that pace of recovery will continue into the rest of the quarter? And is that in your guidance?

與該指導相關，您是否可以讓我們了解潛在的搜尋趨勢，即您看到什麼樣的流量成長？這是怎麼被打亂的呢？情況如何？目前，您如何評價 3 月以及今年剩餘時間的情況，即過去兩週的復甦情況？我們是否可以由此推斷，復甦步伐將持續到本季剩餘時間？這是你的指導嗎？

Yes. Piyush, I'll take the first part on revenue, and I'll have Dou talk more about the traffic for the first quarter. As I mentioned in the prepared remarks, in the first half of first quarter, we see a rather weakness because of the coronavirus and because of extended holidays and the fact that people were being quarantined, so a lot of shops were not open. A lot of offline activities were impacted. And a substantial part of our revenue is related to these offline activities that the sectors Robin has mentioned. On the other hand, we do also have a good portion of our revenue, that's online. And as I have mentioned, things like online games, e-commerce, online education and so forth. When you look at the pattern of growth, after Chinese New Year, we had anemic growth. And we usually look at how fast we're growing on a week-over-week basis. And we even compared to last year, last year, Q1 was not very strong for us. And when you compare to last year, we were still subpar this year. But we started seeing activity pick up a little bit 2 weeks ago. And then also, this week we're also seeing continued pick-up. So the assumption with our guidance is that from now until the end of the quarter that the growth on a week-over-week basis will continue to ramp up even faster than what we have seen in the last 2 weeks. And we think that is potentially possible because we're seeing that many of the cities around China, people are actually going back to work. We're seeing some of the shops in Beijing are opening up. When you're going on the freeway now, you're actually seeing traffic jams versus 2, 3 weeks ago, where the roads were pretty empty.

是的。Piyush，我將負責第一部分的收入介紹，然後我會讓 Dou 詳細講一下第一季的流量。正如我在準備好的發言中提到的那樣，在第一季上半年，我們看到了相當疲軟的勢頭，這是由於冠狀病毒、假期延長以及人們被隔離等原因，很多商店都沒有開門。很多線下活動都受到了影響。我們很大一部分的收入與羅賓提到的這些線下活動有關。另一方面，我們的收入中也有很大一部分來自線上業務。正如我所提到的，包括網路遊戲、電子商務、線上教育等等。如果你看一下成長模式，你會發現農曆新年之後，我們的成長就變得疲倦了。我們通常會觀察每週的成長速度。與去年相比，去年第一季我們的表現並不算強勁。與去年相比，今年我們的表現仍然低於平均值。但兩週前我們開始看到活動有所回升。而且，本週我們還看到持續回升。因此，我們的指導假設是，從現在到本季末，每週的成長速度將繼續比過去兩週更快。我們認為這是可能的，因為我們看到中國許多城市的人們實際上正在重返工作崗位。我們看到北京的一些商店正在開業。現在當你走上高速公路時，你實際上會看到交通堵塞，而 2、3 週前，道路卻相當空曠。

So Dou, do you want to answer on our traffic...

那麼竇，你想回答我們的交通問題嗎…

Sure. On the traffic side, actually, as Robin already mentioned, right, even in last December, we already see quick growth for both the DAUs and the search volumes. Actually, for the epidemic outbreak, so people, once again, realized that the unique value proposition for Baidu services, because they were eager to know more about the coronavirus, and they wanted to proactively to search, instead of waiting there to be affect. So that side, we can see the search volume metric growth more than 30% during this time. And because of the 2 engines of Baidu App, where we have search and the feed. So with the volume growth at search, we also see robust growth for the time spend on feed, which surpassed at 100% year-over-year during this time. The good thing for us is that by analyzing the queries, we not only see the growth for the queries relative to coronavirus, we also see the growth of other verticals for searches. And it means that users are getting attempts to know more and more about Baidu service so then they can expand to other sectors. So in general, I think it's a good time actually for the customers for the users to know, to learn more about Baidu services, and the traffic growth will be a good start for the next quarter, actually.

當然。在流量方面，實際上，正如 Robin 已經提到的，即使在去年 12 月，我們已經看到 DAU 和搜尋量的快速增長。事實上，這次疫情的爆發，讓人們再一次認識到了百度服務的獨特價值主張，因為他們渴望了解更多關於新冠病毒的信息，他們希望主動去搜索，而不是等到受到影響。因此，我們可以看到，在此期間搜尋量指標增加了 30% 以上。由於百度 App 有兩個引擎，我們有搜尋和資訊流。因此，隨著搜尋量的成長，我們也看到用戶在資訊流上花費的時間也在強勁增長，在此期間同比增長了 100%。對我們來說，好消息是，透過分析查詢，我們不僅可以看到與冠狀病毒相關的查詢的增長，還可以看到其他垂直搜尋的增長。這意味著用戶可以嘗試更多地了解百度服務，以便他們可以擴展到其他領域。所以總的來說，我認為這實際上是讓客戶和用戶更多地了解百度服務的好時機，流量成長實際上將是下一季的一個好開始。

We have the next question from the line of Eddie Leung from Bank of America.

下一個問題來自美國銀行的 Eddie Leung。

So best wishes and our thoughts with everyone being affected by the outbreak. May I have like 2 questions perhaps to Herman. Just a follow-up on the CPM trend. I would like to clarify if the CPM started to go up year-on-year or was still down year-on-year in December or perhaps at the beginning of this year? And then secondly, on cost of services, just wondering, how should we think about the trends of TAC and content costs, excluding iQIYI going forward?

因此，我們向所有受到疫情影響的人們致以最良好的祝愿和慰問。我可以問 Herman 兩個問題嗎？這只是對 CPM 趨勢的追蹤。我想澄清一下，從 12 月或今年年初開始，CPM 是否開始同比上升，還是同比仍然下降？其次，關於服務成本，我只是想知道，我們應該如何看待未來不包括愛奇藝在內的 TAC 和內容成本的趨勢？

Eddie, okay, let me talk about CPM. Your question was how CPM is trending. When you look at CPM trending, we look at it on a sequential basis, we've been nicely trending up the last few quarters into Q4. On a year-over-year basis, we're still seeing us, that being a negative growth. As we saw last year, we talked about how the market was diluted by a lot of supply of inventory going into the market. But I think you're seeing good trending on a sequential basis, it's coming back. It's hard for me to comment on Q1 because I think Q1, you have an issue of demand, right? We talked about how a big part of our customer base, the base rely on offline activities, the shops closing and so forth, very hard for them to compete for CPM. So I think it's not indicative to look at the CPM trends, given our current situation.

艾迪，好的，讓我來談談 CPM。您的問題是 CPM 的趨勢如何。當您查看 CPM 趨勢時，我們會按順序查看它，我們發現過去幾個季度到第四季度的趨勢一直很好。與去年同期相比，我們仍然看到負成長。正如我們去年看到的那樣，我們討論了大量庫存進入市場如何導致市場被稀釋。但我認為你會看到連續的良好趨勢，它正在回歸。我很難對第一季發表評論，因為我認為第一季有需求問題，對嗎？我們討論了我們的很大一部分客戶群如何依賴線下活動、商店關閉等，這使得他們很難在 CPM 上競爭。因此，我認為，考慮到我們目前的情況，查看 CPM 趨勢並不具有指導意義。

With regards to our TAC. For Q4, our TAC cost was down, our total TAC revenue is down. This is an area we're seeing the pattern of a search in China. We talked about a lot of our mobile ecosystem. We talked about in-app search. Because in-app search is so much more convenient, because when you're logged in, you can do so much more, it's personalized to the particular user, we're seeing a shift of how people are using search. We think that the future of search is going to be in-app search. You will see us growing very robustly in Baidu App. As a result, what you're probably seeing that the searches through browsers and so forth, as a percentage of overall search in China, are declining. So we expect that that market to continue to decline. As a result, our revenue from TAC as a proportion of total revenue will also decline. So the way we look at that is we'll continue to participate in bidding for TAC traffic to the extent that we think it could be profitable, since we're the largest in China, if we cannot be profitable, probably other companies cannot. So we'll allow other companies to continue to bid for TAC traffic at a negative margin, while we focus on just profitability from that perspective.

關於我們的 TAC。第四季度，我們的 TAC 成本下降，我們的總 TAC 收入下降。這是我們在中國看到的搜尋模式。我們討論了很多有關移動生態系統的問題。我們討論了應用程式內搜尋。因為應用程式內搜尋更加方便，因為當您登入時，您可以做更多的事情，它針對特定用戶進行個人化，我們看到人們使用搜尋方式的轉變。我們認為搜尋的未來將是應用程式內搜尋。您會看到我們在百度應用程式方面發展非常強勁。因此，您可能會看到，透過瀏覽器等進行的搜尋佔中國整體搜尋的比例正在下降。因此我們預計該市場將繼續下滑。因此，我們從 TAC 獲得的收入佔總收入的比例也會下降。因此，我們的看法是，只要我們認為可以獲利，我們就會繼續參與 TAC 流量競標，因為我們是中國最大的營運商，如果我們無法獲利，其他公司可能也無法獲利。因此，我們將允許其他公司繼續以負利潤競標 TAC 流量，而我們只專注於從這個角度的獲利能力。

And then on content costs, this is an area that's good for us in a sense that we're building up our feed system. We're also trying to strengthen our vertical propositions, certain vertical areas such as online literature, healthcare, wiki and so forth. At the same time, we're also going into, for example, live streaming, if you've seen our apps. So that's an area that's going to help contribute to the content. So I think as a percentage of growth, you're going to see content costs, we're going to continue to invest in that this year. But in terms of absolute dollars, it's not that big compared to our overall cost structure.

就內容成本而言，這是一個對我們來說有利的領域，因為我們正在建立我們的訊息傳遞系統。我們也試圖加強我們的垂直主張，某些垂直領域，如網路文學、醫療保健、維基等等。同時，如果您看過我們的應用程序，我們還將進軍直播等領域。因此這是一個有助於豐富內容的領域。所以我認為，從成長百分比來看，你會看到內容成本，我們今年將繼續在這方面進行投資。但就絕對金額而言，與我們的整體成本結構相比，這並不算太大。

Understood.

明白了。

One that I'll add on the CPM-wise. Because the first months of the first quarter, actually, we have multi-factors like the Chinese New Year and the epidemic, right? But just before the outbreak of the epidemic, by removing all other factors we can think of, actually, we already see the CPM outpacing the last year, quite significantly, actually. But the epidemic actually just disrupted this pace. But down the road, I think we are confident on this.

我將在 CPM 方面添加一項。因為第一季的頭幾個月，其實有農曆新年、疫情等多種因素，對吧？但就在疫情爆發之前，透過消除我們能想到的所有其他因素，實際上，我們已經看到 CPM 超過了去年，實際上相當顯著。但疫情其實只是打亂了這個節奏。但從長遠來看，我認為我們對此充滿信心。

The next question we have is from the line of Alicia Yap from Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

Robin, Herman, Dou Shen, Juan, and also wishing you all healthy. So in light of the coronavirus, it seems like Baidu decision last year to transition to the medical structural platform landing page seems timely. So and you mentioned earlier the DAU for the healthcare search query up 35% in December. Could you share with us the rough sense of the absolute size of this DAU? And could you also give us some comparison in terms of the DAU increase so far until now in the first quarter? And how will these potential higher queries and traffic search to translate to potential higher demand for the medical keyword advertising in the first quarter and also future quarters?

Robin、Herman、竇申、娟，也祝大家身體健康。因此，鑑於冠狀病毒疫情，百度去年決定轉型至醫療結構平台登陸頁面似乎是及時的。您之前提到，12 月醫療保健搜尋查詢的 DAU 成長了 35%。您能否與我們分享一下這個 DAU 絕對規模的大致情況？您能否對我們第一季迄今為止的 DAU 成長情況進行一些比較？這些潛在的更高的查詢量和流量搜尋將如何轉化為第一季和未來幾季對醫療關鍵字廣告的潛在更高需求？

Alicia, right, before I talk about these numbers, I wanted to show you why we are seeing the growth of the healthcare queries and such volumes. So let's say about this coronavirus, right? So around the outbreak of that epidemic, we put together a channel to cover all the relevant information about the epidemic. So specifically, we actually launched a free healthcare consultation that allows people to access doctors online. And also, our operational team is partnering with medical experts to providing authoritative information on the coronavirus. And also, we invite them to do quite a lot of live broadcast to answer the users' questions. So with all that, actually, Baidu's platform, once again, to show its capability to answer, address users such concerns. So as Robin mentioned, right, so we see the query volumes about healthcare grows 35% year-over-year in a normal pace, actually. During this epidemic, we can see even higher growth for the healthcare queries.

艾莉西亞，對的，在我談論這些數字之前，我想向你們說明為什麼我們會看到醫療保健查詢和數量增長。那我們來談談冠狀病毒吧？因此，在那次疫情爆發前後，我們建立了一個頻道來報告與疫情相關的所有資訊。具體來說，我們實際上推出了免費的醫療諮詢服務，讓人們可以透過線上聯繫醫生。此外，我們的營運團隊正在與醫學專家合作，提供有關冠狀病毒的權威資訊。而且我們也邀請他們做了很多的直播來解答用戶的問題。因此，實際上，百度的平台再次展現了其能夠回答和解決用戶此類擔憂的能力。正如羅賓所提到的，我們看到有關醫療保健的查詢量實際上以正常速度同比增長 35%。在這次疫情期間，我們可以看到醫療保健查詢的成長更為顯著。

So in terms of the specific DAUs, actually, I do not have that number at hand, but we can calculate based on the query volumes proportionately. Does that address your question?

所以對於具體的DAU來說，其實我手邊沒有這個數字，但是我們可以根據查詢量按比例來計算。這能解答你的問題嗎？

Yes. It's helpful, yes. Can we get some sense of how we can get the benefit later in the quarter or like in future quarters in terms of translating to revenue upside?

是的。是的，這很有幫助。我們能否了解如何在本季後期或未來幾季獲得收益並將其轉化為收入成長？

Yes. From my perspective, I think it's pretty correlated. And so since we have more and more users coming to Baidu for the healthcare. And actually, as I said, the user comes to here for the healthcare related information. Actually, they already show their interest for beyond just healthcare. So that's why we can see the total search volume growth. And that said, we can see all this in a user interest and search volumes are going to be monetized properly.

是的。從我的角度來看，我認為這是非常相關的。因此，越來越多的用戶來到百度尋求醫療保健服務。實際上，正如我所說，用戶來這裡是為了獲取醫療保健相關資訊。事實上，他們已經表現出對醫療保健以外領域的興趣。這就是我們能看到總搜尋量成長的原因。話雖如此，我們可以看到，用戶興趣和搜尋量都將被適當地貨幣化。

Yes, I think, Alicia, it's more important to look at the big picture of what we're trying to do with the whole mobile ecosystem. I think healthcare is just one of the factors. What we're trying to do with the healthcare with the Managed Page is so that the information is verifiable so that it becomes more reliable. And what Dou has mentioned earlier is that during the coronavirus, you see a lot of people applying feeds and so forth. You also note that when you have a lot of feeds and so forth, you have things, what they call fake news. So what people want to do when these things impacts people's health, impacts people's lives, they want a place where they can go and have information that's more authoritative, that's more reliable. And that's why you're seeing people come to Baidu during this time, to search, to get the information, to make sure that this is correct. So I think we talked about a lot of things we're doing with healthcare. But I think when this is over, it's not just going to be focused on healthcare advertisers, but more broadly, the users are going to come here because this is where they can verify more reliable information. As a result, that overall traffic growth is probably going to spill to other sectors for our advertisers. I think that's probably a better way to look at this versus just focusing on our healthcare customer sector.

是的，艾莉西亞，我認為，更重要的是從大局來看我們試圖對整個行動生態系統做些什麼。我認為醫療保健只是其中一個因素。我們嘗試使用管理頁面對醫療保健進行處理，以便資訊可驗證，從而變得更加可靠。竇文濤之前也提到過，在疫情期間，你會看到很多人使用Feed等等。您還注意到，當您有大量的資訊流等等時，您就會看到所謂的假新聞。因此，當這些事情影響人們的健康、影響人們的生活時，人們想要做的就是，他們想要一個可以去的地方，獲得更權威、更可靠的資訊。這就是為什麼你會看到人們在這段時間來到百度，搜尋、獲取資訊，以確保資訊正確無誤。所以我認為我們討論了很多有關醫療保健的事情。但我認為，當這一切結束時，它不僅會關注醫療保健廣告商，而且更廣泛地說，用戶也會來這裡，因為在這裡他們可以驗證更可靠的資訊。因此，整體流量的成長可能會波及到我們廣告商的其他領域。我認為這可能是看待這個問題的更好方式，而不是僅僅關注我們的醫療保健客戶領域。

Alicia, maybe if you guys maybe already noticed, Baidu's unique position in serving users knowledge and information. With that, we already see a lot of news, including CCTV has quoted or cited Baidu's data or information a lot during the past few weeks actually. So this, again, proves the authoritative information that's Baidu's service. And once again, to help the users to know Baidu's service even better actually to improve their confidence in Baidu service. I think these are all good signals going on forward.

艾莉西亞，也許你們已經注意到了，百度在為使用者提供知識和資訊方面具有獨特的地位。其實我們已經看到很多新聞，包括中央電視台在過去的幾週也多次引用或引用了百度的數據或資訊。所以這再次證明了百度服務的權威資訊。再次，幫助用戶更了解百度的服務，實際上提高他們對百度服務的信心。我認為這些都是向前發展的良好訊號。

(Operator Instructions) The next question we have is from the line of Thomas Chong from Jefferies.

（操作員指示）我們的下一個問題來自 Jefferies 的 Thomas Chong。

Wish everyone is in good health and safe. My question is about our Mini Program's potential. Given the good traction that we are seeing, I noticed that we mentioned about Baidu AI will be a key driver or one of the drivers for this year revenue growth. Can management comment about the time line on Mini Programs' monetization? And on the other hand, can we also talk about the trend in operating expenses for this year, given the fact that our Q4 margin is so solid with our ROI strategies.

祝大家身體健康、平安。我的問題是關於我們的小程式的潛力。鑑於我們看到的良好勢頭，我注意到我們提到百度人工智慧將成為今年營收成長的關鍵驅動力或驅動力之一。管理階層能否評論一下小程式獲利的時間表？另一方面，考慮到我們的第四季利潤率如此穩固以及我們的投資回報率策略，我們能否談談今年的營運費用趨勢？

Dou will answer the first one and Herman will answer the margin question.

Dou 將回答第一個問題，Herman 將回答邊際問題。

Okay. Actually, for the Smart Mini Programs, we already see quite a lot of examples today and before about its advantages in terms of the user experience and the help to the developers. So besides the examples shown before, so fundamentally, it is because with the AI capability, so the developers, they can simplify their development and provide an even more powerful functions. Just as the example given by Robin for the Housing fund. So I just scan the face and we can immediately get all the data about the personal information. So that is a good example, actually. So we have a lot of other examples. So in terms of the monetization, just because we've seen that Smart Mini Programs, we can have more data about the user, and we can understand the user better. So then we can match the user with the more relevant ads. And with all the Smart Mini Programs launched and monetized through our ad services, so we can see the CPM lift pretty significantly, which is also mentioned in Robin's script. And also for the advertisers, whoever use the Smart Mini Program as the landing page for their campaign, so we also see that ROI lift, which is proven example by example, one after another. So that's why we already see the advantage brought by the Smart Mini Programs so far. And also, we can see, so the adoption reach for Smart Mini Program is growing quickly, actually. So all this actually depends on the user experience, which is a fundamental factor for all the advantages I just mentioned. So we are monitoring closely the experience between our Mini Programs and Mini Programs on other platforms. Actually, we can see we are showing advantages little by little.

好的。其實對於智慧小程序，我們今天和之前已經看到了很多例子，說明它在使用者體驗和對開發者的幫助方面的優勢。除了之前展示的例子之外，從根本上來說，這是因為有了人工智慧能力，開發人員就可以簡化他們的開發並提供更強大的功能。正如羅賓所舉的住房基金的例子。所以我只需掃描臉部，我們就可以立即獲得有關個人資訊的所有資料。這實際上是一個很好的例子。我們還有很多其他的例子。因此，就貨幣化而言，僅僅因為我們已經看到了智慧小程序，我們就可以獲得更多關於用戶的數據，並且可以更好地了解用戶。這樣我們就可以為使用者配對更相關的廣告。隨著所有智慧小程式透過我們的廣告服務推出和貨幣化，我們可以看到 CPM 的提升相當顯著，這在 Robin 的腳本中也有提到。對於使用智慧小程式作為廣告活動落地頁的廣告主來說，我們也看到了投資報酬率的提升，這已得到一個又一個實例的證明。這就是為什麼我們目前已經看到了智慧小程式帶來的優勢。而且，我們可以看到，智慧小程式的採用範圍實際上正在快速成長。所以這一切其實都取決於使用者體驗，這也是我剛才提到的所有優勢的根本因素。因此，我們正在密切監控我們的小程式與其他平台上的小程式之間的體驗。事實上，我們可以看到，我們的優勢正在一點一點顯現。

Yes. So Thomas, just to add what Dou has said, the way I think I would look at Mini Programs in what we're trying to do with this mobile ecosystem is we're actually disrupting how search is doing, right? We're going from browser search to what we call AI search. And AI search is basically you log in to Baidu App and the results you get is personalized. That's why, when you scan your face, we know exactly what the balance of your housing fund is. So think of it as, in the past, people search through browser, disrupting the in-app search. Because you can log in, because you can then use your personalized information through your AI. With regards to your margin question, can you ask that again? I didn't hear all of that.

是的。所以托馬斯，我補充一下竇文濤所說的，我認為我會這樣看待小程序，我們正試圖在這個移動生態系統中做的事情是，我們實際上是在顛覆搜索的運作方式，對嗎？我們正在從瀏覽器搜尋轉向所謂的人工智慧搜尋。人工智慧搜尋基本上就是你登入百度應用程序，你得到的結果就是個人化的。這就是為什麼當您掃描臉部時，我們就能準確地知道您的住房基金餘額是多少。所以可以想像，在過去，人們透過瀏覽器進行搜索，從而擾亂了應用程式內搜尋。因為您可以登錄，因為您可以透過您的人工智慧使用您的個人化訊息。關於保證金的問題，您能再問一次嗎？我沒聽到這一切。

It's about the trend in operating expenses in 2020. We see that the Q4 margin is very strong, and our ROI-focused strategy is very successful. So with the coronavirus outbreak, how should we think about the trend in operating expenses or the margin outlook, if there's any color?

這是關於2020年營業費用的趨勢。我們看到第四季的利潤率非常高，我們以投資報酬率為中心的策略非常成功。那麼，在冠狀病毒爆發的情況下，我們應該如何看待營運費用的趨勢或利潤率前景（如果有的話）？

Yes. So when you look at the cost structure in Q4, we went through our operations, and we deliver our promise back in May when we said we're going to do it last year. And then when you plus 4, 6, 7 months later, we basically cut down our cost structure and took out areas that we thought there's operating leverage. So in Q4, on a non-GAAP basis, the cost of sales plus operating expenses exclude the non-GAAP items. We're talking about a level of CNY 13.2 billion. So going into [Q120] (corrected by company after the call), we think that we can maintain that range or they'll be a little bit down. And even at that range of CNY 13.2 billion, when you compare it, for example, Q1 of 2019, we're talking about being down 14%. So I think we're in a good position going into 2020, even if we maintain at the Q4 level.

是的。因此，當您查看第四季度的成本結構時，我們就會了解我們的營運情況，並且我們會兌現我們去年 5 月所做的承諾。然後，當你加上 4、6、7 個月後，我們基本上削減了成本結構，並取消了我們認為存在營運槓桿的領域。因此，在第四季度，以非 GAAP 計算，銷售成本加上營運費用不包括非 GAAP 項目。我們談論的是132億元人民幣的水平。因此進入[Q120]（電話會議後公司進行了更正），我們認為我們可以保持該範圍，否則它們會略有下降。即使是 132 億元的水平，與 2019 年第一季相比，也下降了 14%。因此，我認為即使我們維持在第四季度的水平，我們在進入 2020 年時仍處於有利地位。

The next question we have is from the line of Binnie Wong from HSBC.

下一個問題來自匯豐銀行的 Binnie Wong。

Wishing everyone's safe and healthy. So 2 questions here. One is that, I guess, it's understandable that the situation is very tough now. If you look beyond this one-off event, based on your experience with SARS or other epidemic, do you think it's more realistic to see a U- or V-shaped recovery? Do you notice any change in user behavior or advertiser approach that might lead to new business opportunities? And second is that we noticed there's an uptick in the Baidu App traffic during the Chinese New Year, and it surpassed the 200 million DAU milestone. So I think that's very encouraging. Despite we have scaled back our promotion this year compared to last year. How do you think we can sustain this traffic and monetization as well? And just very lastly, on housekeeping, in 4Q, what are the outperforming, underperforming advertising verticals you see?

祝大家平安健康。這裡有 2 個問題。一是，我想，現在的情況非常艱難，這是可以理解的。如果您不考慮這次一次性事件，根據您對 SARS 或其他流行病的經驗，您認為出現 U 型或 V 型復甦更現實嗎？您是否注意到使用者行為或廣告商方法的任何變化可能會帶來新的商機？第二，我們注意到春節期間百度App流量上升，突破了2億DAU的大關。所以我覺得這非常令人鼓舞。儘管與去年相比，我們今年的促銷活動有所縮減。您認為我們如何才能維持這種流量和貨幣化？最後，關於第四季的管理，您認為表現優異和表現不佳的廣告垂直產業有哪些？

This is Robin. I think Herman already basically described our expectation for the rest of the quarter, you can call it V-shaped or U-shaped, probably different people have different interpretation, but what we can tell is that the majority or probably almost all the industries to advertise on us, those kind of demand, they don't disappear. They are just to postpone. If you plan to get married, you'll still get married. If you plan to buy a car, you will still buy a car. If you plan to become prettier, you still go for a cosmetic surgery. So this kind of demand will come back after the epidemic ends. And in terms of traffic, Dou mentioned that the traffic has gone up very dramatically during this epidemic outbreak. Because we have better technology, better user experience, there's more accurate information, people get a better sense that the Baidu services are superior. So we think they will stay with us even after the epidemic outbreak.

這是羅賓。我認為 Herman 已經基本描述了我們對本季度剩餘時間的預期，你可以稱之為 V 型或 U 型，可能不同的人有不同的解讀，但我們可以說的是，大多數或幾乎所有行業都向我們投放廣告，這種需求不會消失。他們只是在推遲。如果你打算結婚，你還是會結婚。如果你打算買車，你還是會買車。如果你想要變得更漂亮，你還是去做整容手術吧。所以疫情結束後這種需求會回來。在流量方面，竇先生提到，在這次疫情期間，流量成長非常迅速。因為我們擁有更好的技術、更好的使用者體驗、更準確的訊息，人們更能感受到百度服務的優越性。所以我們相信，即使疫情爆發後，他們仍會和我們在一起。

Herman, do you want to cover the Q4 industry?

赫爾曼，你想報道第四季產業嗎？

Yes. I think in the Q4 industry, we talked about it in the prepared remarks. Basically, the ones that are strong are our e-commerce retail, online gaming and services. And then the ones that are weak are our financial services, healthcare, franchising and auto.

是的。我認為在第四季度行業中，我們在準備好的評論中談到了這一點。基本上，實力雄厚的是我們的電子商務零售、線上遊戲和服務。然後比較薄弱的是金融服務、醫療保健、特許經營和汽車業。

And sorry, can I just follow-up here in the 1Q. So far, how you see this has been trending?

抱歉，我只能在第一季跟進嗎？到目前為止，您認為這一趨勢如何？

You're talking about by customer segments?

您說的是依照客戶細分嗎？

Yes, by customer segment in 1Q?

是的，第一季會按客戶細分嗎？

Yes, I think it's obvious that these customers that are doing from online are going to do well, such as online gaming, online education, e-commerce and our other online services. And those are going to be negative, probably obvious, are going to be things like travel industry, which is a big sector for us, auto, real estate, healthcare and franching.

是的，我認為很明顯這些透過線上開展業務的客戶將會做得很好，例如線上遊戲、線上教育、電子商務和我們的其他線上服務。這些負面因素可能很明顯，例如旅遊業（對我們來說這是一個很大的行業）、汽車、房地產、醫療保健和特許經營。

The next question we have is from the line of Tina Long from Credit Suisse.

下一個問題來自瑞士信貸的蒂娜·朗 (Tina Long)。

Just one quick question on the sales team structure. So it has been almost a year since the senior management change on the sales team. So I would like to know what has been done over the past 8 months or so on the sale team, including like team structure, staff incentives and KPI setting, all that kind of thing. And what the change will actually lead to a stronger year for the following quarters in 2020?

關於銷售團隊架構，我只想問一個簡單的問題。銷售團隊高階主管變動至今已近一年了。所以我想知道過去 8 個月左右銷售團隊做了哪些工作，包括團隊結構、員工激勵和 KPI 設定等諸如此類的事情。那麼，這些變化實際上會為 2020 年接下來的幾季帶來更強勁的成長嗎？

Yes. About the sales management, I'll ask Dou to answer it.

是的。關於銷售管理的問題，我請竇老師來解答。

Okay. Sure. We have seen a lot of changes over the sales team, both in terms of the member and culture, and the collaboration with the products team. So as you guys already know, we have hired or replaced quite a few positions with high-quality people and with a pretty solid experience in sales. And I think the most important thing is that we have strengthened the connection between the sales team and the commercial product team and even the user side of products team. So we are exchanging the ideas quickly so that we can fully exploit the power or the service provided through the commercial and users side of products to help the advertisers to acquire their target customers, and therefore, improve their ROIs. Actually, we already see the synergy is happening, and that gave us the confidence or encourage us to see better results in the coming quarters. Does that answer your question? Tina?

好的。當然。我們看到銷售團隊發生了許多變化，無論是在成員和文化方面，還是與產品團隊的合作方面。如你所知，我們已經聘用或取代了不少高素質、具有豐富銷售經驗的人才。而我覺得最重要的是我們加強了銷售團隊和商業產品團隊，甚至用戶端產品團隊之間的連結。因此，我們正在快速交換想法，以便我們能夠充分利用產品的商業和用戶端所提供的力量或服務，幫助廣告商獲取他們的目標客戶，從而提高他們的投資回報率。實際上，我們已經看到協同效應正在發生，這給了我們信心或鼓勵我們在未來幾季看到更好的結果。這回答了你的問題嗎？蒂娜？

Sure. Sure.

當然。當然。

Thank you, Tina.

謝謝你，蒂娜。

The next question we have is from the line of Tian Hou from T.H. Capital.

我們的下一個問題來自 T.H. 的天后。首都。

The question is related to the new focus of 2020. 2019, I understand, for Baidu is a transitional year. So we have a lot of things for new and the management changes and sales team changes and healthcare sector removal and the market change. A lot of changes. So in terms of our packaging, I think was really smart. So we spent money，we use our return on investment as a principle to direct how we spend. So we didn't grow that much, and we didn't spend that much either, so we have a good margin improvement. So as we enter into 2020, I wonder what is the new focus for development. And how are we going to direct, deploy our capital in a different area in order to generate more growth? That's the question.

這個問題關係到2020年的新重點。2019年，我理解，對百度來說，是轉型的一年。因此，我們有很多新的事情要做，包括管理變革、銷售團隊變革、醫療保健部門的撤出和市場變革。很多變化。所以就我們的包裝而言，我認為非常聰明。所以當我們花錢時，我們以投資報酬率為原則來指導我們如何花錢。因此，我們的成長幅度並不大，支出也不多，因此利潤率得到了很好的提升。那麼當我們進入2020年時，我想知道新的發展重點是什麼。我們如何引導、部署我們的資本到不同的領域以實現更多的成長？這就是問題所在。

Tian, I think you're asking maybe M&A question. So when we're looking at deploying...

田，我想你問的可能是併購問題。因此，當我們考慮部署時...

Yes. What is the business focus? And how you're going to spend the money to support your focus? Which area?

是的。業務重點是什麼？您將如何花錢來支持您的重點工作？哪個地區？

Yes. I think when you look at our spending focus in 2020, a big part of it is going to be similar to how we have focused in Q4. And I think what you're going to see us, in Q4, we took a look at our operations, and we rightsized it, we made the fine-tune and so forth. I think going into 2020, first, we've got to deal with the coronavirus and then try to get our business to go back to growth again. And then once we're beyond that, I think there are certain areas that we want to focus on. I think we want to continue to invest in our technology in the research that we have. This is an important area, as we're moving into AI search with in-app search, and at the same time with our AI businesses and so forth. Another area we talked about earlier that going into more with content as we're focusing on verticals, trying to strengthen our video areas and also live broadcasting and so forth. This is just another medium in which advertisers can communicate with users and so forth. And then just beyond this, I think it's just the things that we've been talking about, how do we further continue to invest in our mobile ecosystem, the foundation of building blocks that we talked about and also building our AI businesses, the 3 areas that we talked about, the smart transportation, the smart devices and also our cloud business. So those are the areas that we're going to continue to focus on as we move into 2020.

是的。我認為，當你回顧我們 2020 年的支出重點時，你會發現很大一部分將與我們在第四季的重點類似。我想你會看到，在第四季度，我們審視了我們的運營，對其進行了調整，進行了微調等等。我認為進入 2020 年，我們首先必須應對冠狀病毒，然後努力讓我們的業務恢復成長。一旦我們超越了這一點，我認為我們就應該關注某些領域。我認為我們希望繼續投資於我們現有的研究技術。這是一個重要的領域，因為我們正在透過應用程式內搜尋進入人工智慧搜尋領域，同時也在進行我們的人工智慧業務等等。我們之前談到的另一個領域是，我們將更專注於內容，因為我們專注於垂直領域，試圖加強我們的視訊領域以及直播等等。這只是廣告商與使用者溝通的另一個媒介。除此之外，我認為這就是我們一直在談論的事情，我們如何繼續投資於我們的行動生態系統，我們談到的構建模組的基礎，以及建立我們的人工智慧業務，我們談到的三個領域，智慧交通，智慧設備和我們的雲端業務。因此，這些是我們進入 2020 年時將繼續關注的領域。

Thank you. Ladies and gentlemen, this does conclude our conference for today. Thank you for participating. You may all disconnect.

謝謝。女士們、先生們，今天的會議到此結束。感謝您的參與。你們都可以斷開連線。