百度 (BIDU) 2022 Q1 法說會逐字稿

Hello, and thank you for standing by for Baidu's First Quarter 2022 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions).

您好，感謝您參與百度 2022 年第一季度財報電話會議。 （操作員說明）今天的會議正在錄製中。 （操作員說明）。

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

我現在想將會議轉交給今天會議的主持人，百度投資者關係總監林娟。

Hello everyone and welcome to Baidu's First Quarter 2022 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，歡迎來到百度 2022 年第一季度財報電話會議。百度的財報發佈於今天早些時候，您可以在我們的網站以及新聞專線服務上找到一份副本。

On the call today, we have Robin Li, our co-founder and CEO; Rong Luo, our CFO; Dou Shen, our EVP in charge of Baidu AI Cloud Group, ACG; and Zhenyu Li, our SVP in charge of Baidu Intelligent Driving. After our prepared remarks, we will hold a Q&A session.

今天的電話會議是我們的聯合創始人兼首席執行官李彥宏。我們的首席財務官羅榮；我們的執行副總裁竇沉，負責百度AI雲集團，ACG；和我們負責百度智能駕駛的高級副總裁李振宇。在我們準備好發言後，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. For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC and Hong Kong Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。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當前的結果存在重大差異期望。有關這些風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會和香港交易所提交的最新年度報告和其他文件。除適用法律要求外，百度不承擔更新任何前瞻性陳述的義務。

Our earnings press release and this call include discussions of certain unaudited non-GAAP financial measures. Our press release contains a reconciliation of the unaudited non-GAAP 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原則財務措施的討論。我們的新聞稿包含未經審計的非公認會計原則措施與未經審計的最直接可比的公認會計原則措施的對賬，可在我們的投資者關係網站 ir.baidu.com 上查閱。

As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on Baidu's IR website.

提醒一下，本次會議正在錄製中。此外，本次電話會議的網絡直播將在百度 IR 網站上提供。

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

我現在將把電話轉給我們的首席執行官 Robin。

Hello, everyone. We delivered solid first quarter results, driven by the continued strength of our new AI business. More specifically, revenues from Baidu AI Cloud increased by 45% year-over-year. We achieved new wins for Apollo Self Driving, or ASD, from automakers during the quarter, validating our confidence in the auto solution monetization road map. Apollo Go made ground-breaking headway. We won the first permit in China for driverless ride-hailing services on open roads in April, further fortifying our unquestionable leadership in the robotaxi market.

大家好。在我們新的人工智能業務持續強勁的推動下，我們實現了穩健的第一季度業績。更具體地說，百度人工智能雲的收入同比增長 45%。我們在本季度從汽車製造商處獲得了 Apollo 自動駕駛 (ASD) 的新勝利，驗證了我們對汽車解決方案貨幣化路線圖的信心。 Apollo Go 取得了突破性進展。我們在 4 月獲得了中國首張開放道路無人駕駛網約車服務許可證，進一步鞏固了我們在自動駕駛出租車市場無可置疑的領先地位。

Like many other companies in China, since mid-March, our business has been negatively impacted by measures to stem the spread of COVID-19. Specifically, the recovery of our ad business and the implementation of some cloud projects have been delayed. In the near term, the challenges related to the virus continue to cause uncertainties to the macro environment, and pressure our business operation. Looking beyond the near-term turbulence, we believe both China's economy and Baidu's business will remain promising for the mid-to-long term. We expect our ad business to recuperate once overall economic buoyancy returns.

與中國的許多其他公司一樣，自 3 月中旬以來，我們的業務受到阻止 COVID-19 傳播的措施的負面影響。具體來說，我們的廣告業務的恢復和一些雲項目的實施被推遲了。短期內，與病毒相關的挑戰繼續給宏觀環境帶來不確定性，給我們的業務經營帶來壓力。放眼近期的動盪，我們認為中國經濟和百度的業務在中長期仍將保持樂觀。我們預計，一旦整體經濟復甦，我們的廣告業務將會恢復。

In the meantime, to enable our long-term growth, we will continue to invest proactively and prudently in our new AI businesses, including Baidu AI Cloud, Apollo Go and ASD. Most notably, our new AI businesses are well aligned with China's priorities in tech innovation, green transition and digital economy. These themes have been repeatedly emphasized by top officials at national events, including the recent meeting convened by Chinese People's Political Consultative Conference, boosting the applications of AI in China and, with that, the long-term growth prospects of Baidu.

同時，為實現長期增長，我們將繼續積極、審慎地投資於新的人工智能業務，包括百度人工智能雲、Apollo Go 和 ASD。最值得注意的是，我們新的人工智能業務與中國在技術創新、綠色轉型和數字經濟方面的優先事項非常吻合。這些主題在國家級活動中被高層官員反復強調，包括中國人民政治協商會議最近召開的會議，推動人工智能在中國的應用，以及百度的長期增長前景。

We see great opportunities to use technology to accelerate the development of the real economy. Organizations in various sectors, such as energy and utilities, manufacturing, finance and the public sector, have come to realize that not only they need to digitize what they do, they can also use all kinds of AI technologies to enhance their competitiveness through cost reduction and efficiency improvement. So the demand for digitization and AI come at the same time. That presents a unique opportunity for us to deliver Baidu AI Cloud solutions in a seamless way.

我們看到了利用科技加速實體經濟發展的巨大機遇。能源和公用事業、製造、金融和公共部門等各個行業的組織已經意識到，他們不僅需要數字化他們的工作，還可以利用各種人工智能技術通過降低成本來提高競爭力和效率的提高。所以對數字化和人工智能的需求是同時出現的。這為我們提供了一個獨特的機會，可以無縫地交付百度人工智能雲解決方案。

In addition, Baidu ACE smart transportation supports our contributions to the green economy. According to China Academy of Transportation Science of the Ministry of Transport, Baidu ACE projects have helped Baoding city reduce its carbon dioxide output by 24.4 thousand tons annually, which is equivalent to planting more than 240 thousand trees. As more and more cities adopt Baidu ACE smart transportation, we believe we will make increasing contribution to reduce carbon emissions with AI technologies and fulfill our commitments to the environment and society.

此外，百度 ACE 智能交通支持我們對綠色經濟的貢獻。根據交通運輸部中國交通科學研究院的數據，百度ACE項目已幫助保定市每年減少二氧化碳排放量2.44萬噸，相當於種植24萬多棵樹。隨著越來越多的城市採用百度ACE智能交通，我們相信我們將通過人工智能技術為減少碳排放做出越來越大的貢獻，履行我們對環境和社會的承諾。

Now let's review the first quarter operational highlights. Baidu AI Cloud maintained its fast growth momentum, benefiting from digital and intelligent transformation of China's traditional industries and the public service sector as well as our cutting-edge AI technologies. Over the past quarters, we have achieved rapid revenue growth with an emphasis on the quality of growth. With the integration of AI and Cloud, we have built a wide range of AI-powered applications and tools that can generate more replicable and scalable AI solutions in industries such as the public service sector, energy and utilities, health care as well as transportation. By doing so, we are working hard to shorten our project implementation time, and we believe we will be able to also improve our margins over the long term.

現在讓我們回顧一下第一季度的運營亮點。百度人工智能雲繼續保持快速增長勢頭，受益於中國傳統產業和公共服務領域的數字化和智能化轉型，以及我們的前沿人工智能技術。在過去的幾個季度中，我們實現了收入的快速增長，同時強調了增長的質量。通過人工智能和雲的集成，我們構建了廣泛的人工智能應用程序和工具，可以在公共服務部門、能源和公用事業、醫療保健以及交通等行業生成更具可複制性和可擴展性的人工智能解決方案。通過這樣做，我們正在努力縮短我們的項目實施時間，我們相信我們也將能夠在長期內提高我們的利潤率。

One example is how we bring AI to the public service sector. Last year, we talked about how we used AI to build a smart city, together with the Lijiang municipality, helping improve the city's safety, efficiency, convenience, and environmental quality. By serving larger cities such as Lijiang, Baidu AI Cloud has standardized a set of AI solutions that many other cities or districts can adopt and adapt. This year, Guandu, one of the seven districts of Kunming city, began adopting our AI solutions to keep the region safe and clean. Compared to the Lijiang project, we managed to reduce the deployment time of our smart city project by 50%.

一個例子是我們如何將人工智能引入公共服務部門。去年，我們談到了我們如何與麗江市一起利用人工智能建設智慧城市，幫助提升城市的安全、效率、便利和環境質量。通過服務麗江等大城市，百度人工智能雲已經標準化了一套人工智能解決方案，許多其他城市或地區都可以採用和適應。今年，昆明市七區之一的官渡開始採用我們的人工智能解決方案，以保持該地區的安全和清潔。與麗江項目相比，我們成功地將智慧城市項目的部署時間縮短了 50%。

Another example is in the energy and utilities sector. We empowered Quanzhou Water company to deploy our AI solutions for predicting water consumption and automatically adjusting water supply. By serving Quanzhou, we established -- we have established a set of AI solutions for the water industry, quickly driving our business's scaling.

另一個例子是能源和公用事業部門。我們授權泉州水務公司部署我們的人工智能解決方案來預測用水量和自動調節供水。通過服務泉州，我們建立了——我們已經建立了一套針對水行業的人工智能解決方案，快速推動了我們業務的規模化。

In March, we won a project from the water company of the Baiyun district of Guangzhou, one of the largest cities in China. On top of offering similar solutions to Quanzhou, we will also build additional AI solutions to help customer improve wastewater treatment and flood control in the region. Given the expanded work scope in Baiyun district of Guangzhou, this contract amount will be multiple the size of the Quanzhou project.

3月，我們中標中國最大城市之一廣州市白雲區自來水公司的項目。除了為泉州提供類似的解決方案外，我們還將構建更多的人工智能解決方案，以幫助客戶改善該地區的廢水處理和防洪。鑑於廣州白雲區工程範圍擴大，該合同金額將是泉州項目規模的數倍。

Turning to ACE smart transportation. By the end of the first quarter, Baidu ACE has been adopted by 41 cities, up from 16 cities a year ago and 35 cities a quarter ago, based on the contract amount of over RMB 10 million. Leveraging our AI capabilities to synergize a vast amount of real-time data from multiple sources, Baidu ACE has helped increase traffic management efficiency. According to a senior official from the Beijing High-level Automated Driving Demonstration Area, the traffic flow at the intersections has improved by 28%, thanks to our ACE smart transportation solutions in the Yizhuang region.

轉向ACE智能交通。截至一季度末，百度ACE已被41個城市採用，高於去年同期的16個城市和一季度的35個城市，合同金額超過1000萬元。百度 ACE 利用我們的 AI 功能協同來自多個來源的大量實時數據，幫助提高了流量管理效率。據北京高級別自動駕駛示範區相關負責人介紹，得益於我們在亦莊地區的ACE智慧交通解決方案，十字路口的車流量提升了28%。

Going forward, we continue to aim at above-industry growth for our AI cloud business and target long-term quality revenue and sustainable growth, despite the near-term headwinds caused by the COVID-19 control measures.

展望未來，儘管 COVID-19 控制措施造成近期不利因素，我們仍將繼續瞄準 AI 雲業務的行業增長，並以長期優質收入和可持續增長為目標。

Moving to Intelligent Driving, we continued to grow our deals pipeline with auto OEMs for the provision of our ASD solutions, in particular, for Apollo Navigation Pilot, or ANP. According to our internal estimates, recently, the total projected cumulative sales of auto solution, including ASD and DuerOS for Auto, surpassed RMB 10 billion.

轉向智能駕駛，我們繼續擴大與汽車 OEM 的交易渠道，以提供我們的 ASD 解決方案，特別是 Apollo Navigation Pilot 或 ANP。據我們內部測算，近期，包括ASD、DuerOS for Auto在內的汽車解決方案預計累計銷售總額超過100億元。

After winning a partnership with BYD at the beginning of the year, in April, we received a nomination letter from Dongfeng Motor, which is a top 3 domestic automaker. Dongfeng intends to adopt our ANP, AVP and HD Maps in one of its popular auto models.

在年初贏得與比亞迪的合作後，4月，我們收到了國內前三名東風汽車的提名信。東風打算在其一款受歡迎的車型中採用我們的 ANP、AVP 和高清地圖。

With smart driving and smart connectivity gaining popularity and considering in-house development is costly and time consuming, automakers are increasingly interested in adopting our intelligent driving solutions to capture this new trend. As a result, we expect our ASD pipeline to keep growing in the future.

隨著智能駕駛和智能連接越來越受歡迎，並且考慮到內部開發成本高且耗時，汽車製造商越來越有興趣採用我們的智能駕駛解決方案來捕捉這一新趨勢。因此，我們預計我們的 ASD 管道將在未來繼續增長。

Apollo Go achieved a major new milestone with the award of the first driverless ride-hailing permits in China on public roads. On April 28, 2022, the Beijing High-level Automated Driving Demonstration Area took the lead nationally when it specified the criteria and granted permits for providing driverless ride-hailing services on open roads in the Yizhuang region of Beijing. Apollo Go became the first company to receive the permits. We believe this approval indicates a regulatory openness to taking a further step toward a fully driverless mobility future, allowing Apollo Go to further scale up its operation.

Apollo Go 實現了一個重要的新里程碑，獲得了中國首個公共道路無人駕駛網約車許可證。 2022年4月28日，北京高級別自動駕駛示範區在全國率先明確了北京亦莊地區開放道路無人駕駛網約車服務的標準和許可。 Apollo Go 成為第一家獲得許可證的公司。我們認為，這一批准表明監管機構對朝著完全無人駕駛的未來邁出進一步的開放態度，使 Apollo Go 能夠進一步擴大其運營規模。

In 2018, we became the first company to launch road testing for autonomous driving in Yizhuang. In the fourth quarter of 2020, we won the project to build ACE smart transportation and introduced our autonomous ride-hailing services in this designated area of Beijing. By doing so, we have taken a more holistic approach to intelligent mobility, which synergized our ACE smart transportation solutions, autonomous vehicles, maps and cloud services. This approach has allowed us to better overcome the complexity and high density of urban traffic in Beijing.

2018年，我們成為第一家在亦莊開展自動駕駛路測的公司。 2020年第四季度，我們中標ACE智慧交通項目，並在北京這個指定區域推出了我們的自動乘車服務。通過這樣做，我們對智能移動採取了更全面的方法，這與我們的 ACE 智能交通解決方案、自動駕駛汽車、地圖和雲服務相結合。這種方法使我們能夠更好地克服北京城市交通的複雜性和高密度。

Last year, Apollo Go was authorized to conduct driverless testing on open roads and provide paid autonomous ride-hailing services. This April, we were allowed to provide driverless ride-hailing services on open roads to passengers without a safety driver behind the steering wheel. These rapid developments reflect the government's recognition of our proprietary technologies and operational capabilities. In the future, we plan to replicate the Yizhuang case to other cities. Most recently, we were authorized to conduct driverless testing on open roads in Chongqing, following the permit for Apollo Go to charge passengers on open roads 3 months ago.

去年，Apollo Go 被授權在開闊的道路上進行無人駕駛測試，並提供付費的自動乘車服務。今年 4 月，我們獲准在沒有安全駕駛員的情況下在開放道路上向乘客提供無人駕駛叫車服務。這些快速發展反映了政府對我們專有技術和運營能力的認可。未來，我們計劃將亦莊案例複製到其他城市。最近，我們獲得了在重慶開放道路上進行無人駕駛測試的授權，這是在 3 個月前阿波羅號獲得在開放道路上向乘客收費的許可之後。

We are happy to note that Apollo Go continues to hold a leading position in the global autonomous ride-hailing market. During the first quarter, we provided 196,000 rides, up over 11 times from a year ago. The number of rides dropped by 8% quarter-on-quarter, mainly due to the COVID-19 control measures since the beginning of this year and weak seasonality. In terms of geographic coverage, Apollo Go further advanced into 10 cities in China.

我們很高興地註意到，Apollo Go 繼續在全球自動駕駛叫車市場保持領先地位。第一季度，我們提供了 196,000 次乘車服務，比一年前增長了 11 倍多。乘車次數環比下降 8%，主要是由於今年年初以來的 COVID-19 控制措施和季節性疲軟。在地理覆蓋方面，Apollo Go 進一步進軍中國 10 個城市。

While expanding our services, Baidu has worked hard to meet the technical challenges of China's complex traffic environment. It is important to note that by serving passengers on a daily basis and on a much wider scale, we have detected problems that had been unnoticeable during the testing phase, further speeding up the development of our autonomous driving technology. Looking ahead, we are confident in maintaining our absolute market leadership in intelligent driving, as demonstrated by the ongoing growth of ASD deals pipeline and scaling of the Apollo Go operation.

百度在拓展服務的同時，努力應對中國複雜交通環境的技術挑戰。需要注意的是，通過每天為乘客提供更廣泛的服務，我們發現了在測試階段不明顯的問題，進一步加快了我們自動駕駛技術的發展。展望未來，我們有信心保持我們在智能駕駛領域的絕對市場領先地位，這一點從 ASD 交易渠道的持續增長和 Apollo Go 運營規模的擴大就可以看出。

Now briefly updating you on DuerOS. Xiaodu retains the top rankings in smart display and smart speaker shipments that we have cited in previous quarters and revenues continue to grow rapidly.

現在簡要介紹一下 DuerOS。小度在智能顯示器和智能音箱出貨量方面保持了我們在前幾個季度提到的最高排名，收入繼續快速增長。

Moving to mobile ecosystem. Baidu App's users and traffic growth remained solid. In March, MAU increased by 13% year-over-year to 632 million, and daily logged-in users continue to trend up, reaching 83%. Both in-app search queries and daily content distributed by feed achieved double-digit year-over-year growth. Baidu Smart Mini Program MAU reached 500 million mark, up 22% from a year ago.

轉向移動生態系統。百度 App 的用戶和流量增長保持穩健。 3 月，MAU 同比增長 13% 至 6.32 億，日登錄用戶繼續呈上升趨勢，達到 83%。通過 Feed 分發的應用內搜索查詢和每日內容均實現了兩位數的同比增長。百度智能小程序MAU達到5億大關，同比增長22%。

While our mobile ecosystem continued to thrive, we persist in our efforts to innovate and improve user experience. In videos, daily short videos distributed by Baidu App, including both search and feed, enjoyed accelerated year-over-year growth to over 25% in March, enabled by the fully immersive video experience we introduced at the end of last year.

在我們的移動生態系統繼續蓬勃發展的同時，我們堅持努力創新和改善用戶體驗。在視頻方面，百度 App 發布的每日短視頻，包括搜索和 Feed，在我們去年底推出的完全沉浸式視頻體驗的推動下，3 月份同比加速增長至 25% 以上。

In services, over 100,000 industry participants signed up for our instant replies feature in March, up from about 44,000 in December. Total daily instant replies increased by almost 6 times year-over-year in March, up about 20% from last December.

在服務方面，3 月份有超過 100,000 名行業參與者註冊了我們的即時回复功能，高於 12 月份的約 44,000 人。 3 月份每日即時回复總量同比增長近 6 倍，比去年 12 月增長約 20%。

As China's mobile Internet matures, apps and mobile platforms are eager to acquire traffic at affordable cost. We have observed that many vertical lenders, in particular, local service providers, such as Meituan, Waimai and Maoyan, chose to deepen their collaborations with Baidu App, by tailor-making their offers to our users. This has resulted in notable increases in user engagement and transactions for their Smart Mini Programs on Baidu.

隨著中國移動互聯網的成熟，應用程序和移動平台都渴望以可承受的成本獲取流量。我們觀察到，許多垂直貸款機構，尤其是本地服務提供商，如美團、外賣和貓眼，選擇深化與百度 App 的合作，為我們的用戶量身定制他們的服務。這導致其智能小程序在百度上的用戶參與度和交易量顯著增加。

In e-commerce, GMV facilitated by Baidu Search, though still small, grew by about 14 times year over year in the quarter.

在電子商務方面，百度搜索促成的 GMV 雖然仍然很小，但在本季度同比增長了約 14 倍。

The above-mentioned innovations and steps forward are the latest in our transformation from information search to delivering closed-loop user experiences, which enables us to strengthen our mobile ecosystem around search. Going forward, we will continue to work hard on maintaining stable margins for the mobile ecosystem and fund our investments in the new AI businesses, despite the near-term headwinds.

上述創新和進步是我們從信息搜索向提供閉環用戶體驗轉變的最新舉措，這使我們能夠圍繞搜索加強我們的移動生態系統。展望未來，我們將繼續努力保持移動生態系統的穩定利潤率，並為我們對新人工智能業務的投資提供資金，儘管近期會遇到不利因素。

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

有了這個，讓我把電話轉給 Rong 來了解我們的財務亮點。

Thank you, Robin. Now let me walk you through the details of our first-quarter financial results.

謝謝你，羅賓。現在讓我向您介紹我們第一季度財務業績的詳細信息。

Baidu's Q1 revenue was RMB 28.4 billion, or USD 4.5 billion, up 1% year-over-year. Baidu Core's Q1 revenue reached RMB 21.4 billion, or USD 3.4 billion, up 4% year-over-year. Non-advertising for Baidu Core reached RMB 5.7 billion, up 35% year-over-year and accounted for 27% of Baidu Core's revenue, up from 21% a year ago.

百度第一季度收入為人民幣 284 億元，即 45 億美元，同比增長 1%。百度核心第一季度收入達到人民幣 214 億元，即 34 億美元，同比增長 4%。百度核心的非廣告收入達到人民幣 57 億元，同比增長 35%，佔百度核心收入的 27%，高於去年同期的 21%。

AI Cloud revenue was RMB 3.9 billion, up 45% year over year. Cloud contributed almost 70% of the non-ad revenues, and remained a key revenue growth engine. Our IaaS business benefited from multi-cloud strategies adopted by many of our customers, in particular, customers in the Internet industry. Our business for enterprises and the public sector is the driving force for cloud revenue, again achieving rapid revenue growth in key sectors, such as energy and utilities, the public service sector and the transportation.

人工智能雲收入為人民幣39億元，同比增長45%。雲貢獻了近 70% 的非廣告收入，並且仍然是主要的收入增長引擎。我們的 IaaS 業務受益於我們的許多客戶（尤其是互聯網行業的客戶）採用的多雲策略。我們的企業和公共部門業務是雲收入的驅動力，在能源和公用事業、公共服務部門和交通運輸等重點領域再次實現收入快速增長。

Revenues from Xiaodu remained solid in the quarter. Baidu Core ad revenue was RMB 15.7 billion, decreasing 4% year-over-year. The performance of our ad business is highly correlated with the macro, having been impacted by the COVID-19 related control measures. In fact, many of our top industries, such as travel, franchising, real estate and health care, have suffered from reduced offline activities.

小度的收入在本季度保持穩定。百度核心廣告收入為人民幣 157 億元，同比下降 4%。我們的廣告業務的表現與宏觀高度相關，受到 COVID-19 相關控制措施的影響。事實上，我們的許多頂級行業，如旅遊、特許經營、房地產和醫療保健，都受到了線下活動減少的影響。

On the flip side, when people are staying at home due to the COVID-19 resurgence, they tend to spend more time on our platform. In particular, they come to Baidu App to check reliable information about the COVID-19 situation, which has positively contributed to our user and traffic growth. As Robin said, we expect our ad business to recover once the macro environment improves, thanks to our widely diversified customer base that covers many industries in the Chinese economy.

另一方面，當人們因 COVID-19 死灰復燃而待在家裡時，他們往往會在我們的平台上花費更多時間。特別是，他們來到百度應用程序查看有關 COVID-19 情況的可靠信息，這對我們的用戶和流量增長做出了積極貢獻。正如 Robin 所說，我們預計一旦宏觀環境改善，我們的廣告業務將恢復，這要歸功於我們廣泛多元化的客戶群，涵蓋中國經濟中的許多行業。

IQIYI revenue was RMB 7.3 billion, decreasing 9% year over year. iQIYI average daily number of total subscribing members reached 101 million for the quarter, and membership revenue was up 4% year-over-year, mainly due to a refined membership strategy and improved monetization capabilities.

愛奇藝營收為人民幣73億元，同比下降9%。愛奇藝本季度日均訂閱總會員數達到1.01億，會員收入同比增長4%，主要得益於精細化的會員策略和提升的變現能力。

Cost of revenues was RMB 15.5 billion, up 4% year-over-year, primarily due to an increase in cost of goods sold, traffic acquisition costs, bandwidth costs and other costs related to new AI business, offset by a decrease in content costs.

收入成本為人民幣155億元，同比增長4%，主要是由於銷售成本、流量獲取成本、帶寬成本和其他與人工智能新業務相關的成本增加，但被內容成本的下降所抵消.

Operating expenses were RMB 10.3 billion, decreasing 1% year-over-year, primarily due to a decrease in channel spending, promotional marketing and bad debt expenses.

營業費用為人民幣103億元，同比下降1%，主要是由於渠道支出、促銷營銷和壞賬費用的減少。

Non-GAAP operating income was RMB 4 billion, or USD 630 million, and non-GAAP operating margin was 14%. Non-GAAP operating income for Baidu Core was RMB 3.9 billion (sic) [RMB 3.7 billion], or USD 581 million. And non-GAAP operating margin for Baidu Core was 17%.

Non-GAAP 營業收入為 40 億元人民幣，即 6.3 億美元，non-GAAP 營業利潤率為 14%。百度核心的非美國通用會計準則營業收入為人民幣 39 億元（原文如此）[人民幣 37 億元]，即 5.81 億美元。百度核心的非美國通用會計準則營業利潤率為 17%。

Adjusted EBITDA was RMB 5.5 billion, or USD 867 million. And adjusted EBITDA margin was 19%. Adjusted EBITDA for Baidu Core was RMB 5.1 billion, or USD 805 million. And adjusted EBITDA margin for Baidu Core was 24%.

調整後的 EBITDA 為 55 億元人民幣，即 8.67 億美元。調整後的 EBITDA 利潤率為 19%。百度核心的調整後 EBITDA 為 51 億元人民幣，即 8.05 億美元。百度核心的調整後 EBITDA 利潤率為 24%。

Cash and short-term investments for Baidu Core, as of March 31, 2022, was RMB 185.8 billion, or USD 29.3 billion. Free cash flow for Baidu, excluding iQIYI, was RMB 1.1 billion, or USD 175 million. Baidu Core had approximately 38,000 employees, as of March 31, 2022.

截至 2022 年 3 月 31 日，百度核心的現金和短期投資為 1858 億元人民幣，約合 293 億美元。百度（不包括愛奇藝）的自由現金流為 11 億元人民幣，即 1.75 億美元。截至 2022 年 3 月 31 日，百度核心擁有約 38,000 名員工。

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) Our first question comes from the line of Alicia Yap, Citigroup.

（操作員說明）我們的第一個問題來自花旗集團的 Alicia Yap。

Congratulations on the solid set of results in the tough environment. My question is on the outlook. So wonder can management give us some color what should we expect for your revenue trend in the second quarter and also the rest of the year? So in particular, when do you expect the inflection point for your advertising business to happen, given most of the offline spending is correlated with macro?

祝賀在艱難的環境中取得了可靠的結果。我的問題是關於前景的。所以想知道管理層能否給我們一些顏色，我們應該對第二季度和今年剩餘時間的收入趨勢有什麼預期？因此，特別是，鑑於大部分線下支出與宏觀相關，您預計您的廣告業務何時會出現拐點？

And then secondly, noticed that your first quarter operating margin came in stronger and better than the market expected. Could you give us some color how we should think about the margin outlook for the second quarter and also the rest of the second half?

其次，注意到您的第一季度營業利潤率比市場預期的要強和好。您能否給我們一些顏色，我們應該如何看待第二季度以及下半年剩餘時間的利潤率前景？

Lastly, if I may just, in light of the latest macro environment, wondering if there is any change of Baidu long-term strategy and the growth outlook.

最後，如果我可以根據最新的宏觀環境，想知道百度長期戰略和增長前景是否有任何變化。

Thank you, Alicia. This is Julius. Let me take your first question (inaudible). I think as Robin has mentioned in his prepared remarks, starting from mid-March, our ad and cloud businesses have been negatively impacted by the rapid development of Omicron, which is different from the previous variants. Omicron has spread faster and affected many cities, including top cities in China like Shanghai and Beijing. Such impact has already lasted over 2 months and is still ongoing in China. And this is lasting much longer than any previous round of resurgence.

謝謝你，艾麗西亞。這是朱利葉斯。讓我回答你的第一個問題（聽不清）。我認為正如 Robin 在他準備好的發言中提到的，從 3 月中旬開始，我們的廣告和雲業務受到了 Omicron 的快速發展的負面影響，這與之前的變體不同。 Omicron 的傳播速度更快，影響了許多城市，包括上海和北京等中國頂級城市。這種影響已經持續了兩個多月，並且在中國仍在持續。這比之前的任何一輪復甦都持續的時間要長得多。

So the COVID situation is more severe than early March. For many of our customers, business activities have been significantly disrupted and our ad business has been negatively impacted. Also, we had to reduce the business travel because of the COVID-19 restrictions. This also caused a negative impact to our 2B and 2G businesses, especially AI cloud servicing enterprises and the public sector, because we had to postpone some of the deployment of AI cloud projects.

因此，COVID 的情況比 3 月初更嚴重。對於我們的許多客戶而言，業務活動受到了嚴重干擾，我們的廣告業務受到了負面影響。此外，由於 COVID-19 的限制，我們不得不減少商務旅行。這也對我們的 2B 和 2G 業務，尤其是 AI 雲服務企業和公共部門造成了負面影響，因為我們不得不推遲一些 AI 雲項目的部署。

So taking into consideration all of these factors, we think compared to the first quarter, the second quarter will be more challenging for us as well as for the industry. On the one hand, we have relatively limited visibility for the second half of this year at this stage, which should largely depend on how the pandemic develops. On the other hand, we are also happy to see that recently, the Chinese government has released clear signals to support the economic development and the digital economy at the top level.

因此，考慮到所有這些因素，我們認為與第一季度相比，第二季度對我們和整個行業都將更具挑戰性。一方面，現階段我們對今年下半年的能見度相對有限，這在很大程度上應該取決於疫情的發展情況。另一方面，我們也高興地看到，近期，中國政府在頂層發布了明確的信號，支持經濟發展和數字經濟。

So we will continue to closely monitor the development of the virus and the macro condition. Here, I would like to emphasize that Baidu's online advertising is widely diversified and covers many industries in the Chinese economy. We believe once there's a rebound of the Chinese economy, our advertising business will definitely benefit from such recovery. And given the current macroeconomic uncertainties, we will be more disciplined with our spending and investment. For example, we will be very prudent in spending on sales and marketing.

因此，我們將繼續密切關注病毒的發展和宏觀形勢。在這裡，我想強調一下，百度的網絡廣告是多元化的，涵蓋了中國經濟的多個行業。我們相信，一旦中國經濟出現反彈，我們的廣告業務必將受益於這種複蘇。鑑於當前宏觀經濟的不確定性，我們將在支出和投資方面更加自律。例如，我們將非常謹慎地在銷售和營銷方面的支出。

With that said, on one side, we continue to see a lot of growth potential in the AI-enabled new businesses, so we are determined to continue investing in these areas, such as AI cloud and Intelligent Driving, and these businesses have been developing so fast during the past quarters. And on the other side, for the mobile ecosystem, the overall mobile Internet market in China is maturing. So we will balance our investment and growth in these areas and we will be disciplined with our investments here.

話雖如此，一方面，我們繼續看到人工智能賦能的新業務有很大的增長潛力，因此我們決心繼續投資這些領域，如人工智能雲和智能駕駛，這些業務一直在發展在過去的幾個季度中如此之快。而另一方面，對於移動生態來說，中國整體移動互聯網市場正在走向成熟。因此，我們將平衡我們在這些領域的投資和增長，我們將在這裡的投資受到紀律處分。

On your long-term strategy question, despite the near-term challenges, Baidu's long-term vision for our businesses remains unchanged. We believe that our mobile ecosystem provides a unique value proposition to our users and ad customers. AI will raise the bar again and again for information access in the years to come.

關於您的長期戰略問題，儘管近期面臨挑戰，但百度對我們業務的長期願景保持不變。我們相信我們的移動生態系統為我們的用戶和廣告客戶提供了獨特的價值主張。人工智能將在未來幾年一次又一次地提高信息訪問的標準。

We will also continue to innovate and provide closed-loop -- search users with closed-loop services within Baidu App. As you see that our non-ad revenue now accounted for 27% of Baidu Core, that is up from 21% a year ago. And within non-ad, we believe our new AI businesses, like Baidu AI Cloud and Intelligent Driving, are well geared with China's goal in technology innovation, digital economy and green transition.

我們也將不斷創新，在百度App內為搜索用戶提供閉環服務。如您所見，我們的非廣告收入現在佔百度核心的 27%，高於一年前的 21%。在非廣告領域，我們相信我們的新人工智能業務，如百度人工智能雲和智能駕駛，與中國在技術創新、數字經濟和綠色轉型方面的目標非常契合。

These businesses have made enormous progress over the past quarters and are well-positioned to capture the total addressable markets. Baidu AI Cloud continues to drive the digital and intelligent transformation of China's traditional industries and the public service sector. So you see that our cloud revenues from enterprises and the public sector consistently outgrow that of our peers.

這些業務在過去幾個季度取得了巨大進步，並且處於有利地位，可以佔領整個潛在市場。百度AI雲持續推動中國傳統產業和公共服務領域的數字化、智能化轉型。因此，您會看到我們來自企業和公共部門的雲收入一直超過同行。

Intelligent and connected vehicles are becoming the new attraction in auto sales. Many automakers have come to realize that adopting Baidu's solutions is better than investing heavily in developing their in-house solutions. And Apollo Go already holds a leading position in the global autonomous ride-hailing market. And we just won the first permits in China for driverless ride-hailing services on open roads in Beijing. And in May, we were allowed to conduct driverless testing in Chongqing.

智能網聯汽車正成為汽車銷售的新亮點。許多汽車製造商已經意識到，採用百度的解決方案比大力投資開發內部解決方案要好。 Apollo Go 已經在全球自動駕駛網約車市場佔據領先地位。我們剛剛在北京獲得了中國第一張開放道路上無人駕駛叫車服務的許可證。 5月，我們獲准在重慶進行無人駕駛測試。

So you can see our vision and strategy remains the same. We are an AI company with strong Internet foundation. There is a lot of synergy between all of our businesses and our technology innovation. So with that, we are very confident in Baidu's long-term growth potential.

因此，您可以看到我們的願景和戰略保持不變。我們是一家擁有強大互聯網基礎的人工智能公司。我們所有的業務和我們的技術創新之間有很多協同作用。因此，我們對百度的長期增長潛力非常有信心。

The next question comes from Lincoln Kong, GS.

下一個問題來自林肯康，GS。

So my first question is that we saw earlier, media reported the Chinese People's Political Consultative Conference had a meeting in Beijing last week, and Robin, you're one of the attendees from the Internet companies. So we are quite curious to learn what's your takeaway from the meeting, and have you made any proposal in the meeting?

所以我的第一個問題是，我們之前看到，媒體報導了中國人民政治協商會議上週在北京開會，羅賓，你是來自互聯網公司的與會者之一。所以我們很想知道你從會議中得到了什麼，你有沒有在會議上提出任何建議？

And my second question is about the mobile. So we noticed that user growth was pretty strong for the Baidu App, so can you help us understand the underlying drivers of your user growth for the mobile ecosystem? And how should we think about the user growth potential going forward?

我的第二個問題是關於手機的。所以我們注意到百度 App 的用戶增長非常強勁，您能否幫助我們了解移動生態系統用戶增長的潛在驅動因素？我們應該如何看待未來的用戶增長潛力？

Yes. Regarding to the CPPCC meeting, Many senior government officials attended that meeting. It was mainly focusing on supporting the healthy and sustainable development of digital economy. All the attendees of the conference could clearly feel the government's support and openness for technology innovation and their willingness and determination to promote the development of China's digital economy. Very notably, investment in R&D is highly appreciated and encouraged.

是的。關於政協會議，多位政府高級官員出席了會議。重點支持數字經濟健康可持續發展。與會各方都能明顯感受到政府對科技創新的支持和開放態度，以及推動中國數字經濟發展的意願和決心。非常值得注意的是，對研發的投資受到高度讚賞和鼓勵。

I basically talked about 2 points. One, I called out the importance of using AI to improve the efficiency for China's massive infrastructure, be it in transportation, utility, energy or telecommunications. Today, China already has a very comprehensive infrastructure in these areas, but they have not yet been powered by AI or simply saying they are not smart enough.

我基本上講了2點。一，我強調了使用人工智能提高中國大規模基礎設施效率的重要性，無論是在交通、公用事業、能源還是電信領域。今天，中國在這些領域已經有了非常完善的基礎設施，但還沒有得到人工智能的支持，或者只是說他們不夠聰明。

Take the transportation industry as an example. Most of China's traffic lights are not powered by real-time data from multiple sources, and AI-powered V2X has not yet become fully available here. Given the current transportation networks, many local governments have to implement strict restrictions on purchasing and using vehicles, restraining domestic consumption because of this. AI-enabled traffic lights and V2X will help improve efficiency and reduce accidents.

以交通運輸業為例。中國的大多數紅綠燈都不是由多源實時數據驅動的，人工智能驅動的 V2X 在這裡還沒有完全可用。鑑於目前的交通網絡，許多地方政府不得不對車輛的購置和使用實施嚴格的限制，從而限制了國內消費。支持人工智能的紅綠燈和 V2X 將有助於提高效率並減少事故。

So according to our estimate, intelligent transportation systems could help improve traffic efficiency by 15% to 30%. This is not just an estimate, we actually have proven this in a number of cities in China. So if we apply this kind of efficiency gain to the entire transportation system, that's like a 2.4% to 4.8% of additional annual GDP for the city.

因此，根據我們的估計，智能交通系統可以幫助將交通效率提高 15% 到 30%。這不僅僅是一個估計，我們實際上已經在中國的一些城市證明了這一點。因此，如果我們將這種效率提升應用到整個交通系統，這相當於該市每年額外增加 2.4% 到 4.8% 的 GDP。

So I believe that intelligent transformation could significantly lift productivity, efficiency and competitiveness for these industries and also for the entire nation. In my prepared remarks, I also shared some examples of how Baidu AI Cloud help our customers to run their complex workloads in many industries.

因此，我相信智能轉型可以顯著提升這些行業乃至整個國家的生產力、效率和競爭力。在我準備好的演講中，我還分享了一些百度人工智能云如何幫助我們的客戶在許多行業中運行複雜工作負載的例子。

And secondly, I also called for further regulatory support for tech innovation. For example, a more comprehensive industry regulation for autonomous driving on open roads and in complex road conditions. Autonomous driving technology is reshaping the auto industry. To a certain extent, China leads in autonomous and fully driverless technologies.

其次，我還呼籲為技術創新提供進一步的監管支持。例如，針對開放道路和復雜路況下的自動駕駛制定更全面的行業法規。自動駕駛技術正在重塑汽車行業。在一定程度上，中國在自主和完全無人駕駛技術方面處於領先地位。

The adoption of autonomous driving vehicles in China will increase the efficiency by reducing traffic jams and accidents. But before that, we need to make necessary adjustments to the current transportation laws and consider the profound changes that autonomous driving and even fully driverless cars can bring to China's transportation system.

在中國採用自動駕駛汽車將通過減少交通擁堵和事故來提高效率。但在此之前，我們需要對現行交通法規進行必要的調整，考慮自動駕駛甚至完全無人駕駛汽車給中國交通系統帶來的深刻變化。

So to be more specific, we need to set up regulatory standards for fully driverless vehicles to be issued license plates, get on open roads and remove safety drivers and charge passengers. Also, we need guidelines on how to identify responsibilities when accidents happen. These proposals have been well received by the officials who attended the meeting.

因此，更具體地說，我們需要為完全無人駕駛的車輛頒發牌照、上開放道路、取消安全司機和向乘客收費建立監管標準。此外，我們需要關於如何在事故發生時確定責任的指南。這些建議得到了與會官員的一致好評。

Yes. (inaudible) This is Julius. I will take your question about mobile ecosystems. I think same as Robin just talked about in the prepared remarks. In March, Baidu App MAU was up 13% year-over-year and Baidu Smart Mini Program MAU reached 500 million mark. Our platform is widely recognized as a go-to-place for high-quality information and knowledge.

是的。 （聽不清）這是朱利葉斯。我會回答你關於移動生態系統的問題。我認為和羅賓剛才在準備好的評論中談到的一樣。 3月，百度App MAU同比增長13%，百度智能小程序MAU達到5億大關。我們的平台被廣泛認為是獲取高質量信息和知識的首選之地。

Let me show one example. Actually, the control measures against the COVID-19 resurgence have made many students study online from home. We are seen that they come to Baidu App to search for authoritative and reliable class-related information and knowledge. Lately, we have been seeing a significant increase of such search queries. The daily search queries for education-related keywords on mobile have increased about 30% year-over-year. So far, we received -- that's the number in the second quarter.

讓我舉一個例子。實際上，針對 COVID-19 死灰復燃的控制措施已使許多學生在家中在線學習。我們看到他們來百度App是為了搜索權威可靠的類相關信息和知識。最近，我們看到此類搜索查詢顯著增加。移動設備上與教育相關的關鍵詞的每日搜索查詢量同比增長約 30%。到目前為止，我們收到了 - 這是第二季度的數字。

More importantly, I think, we as a company will also continue to innovate in search and continue to improve user experiences. First priority, we will continue to use AI to improve our search experiences, driving consistent increase in daily searches per user. I think search is technology-driven with a high entry barrier, and technology is in our corporate DNA.

更重要的是，我認為，作為一家公司，我們還將繼續在搜索方面進行創新，並繼續改善用戶體驗。首要任務是，我們將繼續使用人工智能來改善我們的搜索體驗，推動每位用戶的每日搜索量持續增加。我認為搜索是技術驅動的，進入門檻很高，技術是我們企業的 DNA。

In the second place, we continue to improve the closed-loop experience -- the closed-loop services to our search users. And we provide users with product listings, services, and connect them to the industry participants for professional advice through our building blocks. I think, for example, the e-commerce GMV facilitated by Baidu Search grew by about 14 times year-over-year in the quarter. Also, obviously, the monthly orders for local services within Baidu App increased by over 200% year-over-year in March. Now the users are not only coming to Baidu App to search information, but increasingly to also want to enjoy the closed-loop services over here.

其次，我們不斷完善閉環體驗——為我們的搜索用戶提供閉環服務。我們為用戶提供產品列表、服務，並通過我們的構建模塊將他們與行業參與者聯繫起來以獲得專業建議。我認為，例如，百度搜索促成的電子商務 GMV 在本季度同比增長了約 14 倍。此外，3 月份百度 App 本地服務的月度訂單同比增長超過 200%。現在用戶不僅來百度App搜索信息，也越來越想享受這裡的閉環服務。

In the third place, we also made promising progress in adopting the short videos into our search results and we are working very hard to capture the opportunity. In addition to these new product features, we also work on enriching our video content portfolio by using AI to cost-effectively generate the video content. Looking ahead, we will work hard to continue improving user experiences and maintain healthy user growth.

第三，我們在將短視頻納入搜索結果方面也取得了可喜的進展，我們正在努力抓住這個機會。除了這些新產品功能外，我們還致力於通過使用人工智能以經濟高效地生成視頻內容來豐富我們的視頻內容組合。展望未來，我們將繼續努力提升用戶體驗，保持用戶健康增長。

Your next question comes from Gary Yu, Morgan Stanley.

您的下一個問題來自摩根士丹利的 Gary Yu。

Congratulations on a very resilient set of results. I have some follow-up questions regarding the AI cloud business. The first one is on the outlook for the coming quarters. This is particularly because some of your peers have indicated some slowdown in cloud revenue growth. So just wanted to see how we should expect Baidu AI Cloud growth going forward.

祝賀一組非常有彈性的結果。我有一些關於人工智能雲業務的後續問題。第一個是關於未來幾個季度的展望。這尤其是因為您的一些同行表示雲收入增長有所放緩。所以只是想看看我們應該如何期待百度人工智能雲的發展。

The second question is also related to that, which is, is there any update on the strategy and progress in terms of building standardized solutions? Because I think this is important to improve your AI cloud margin going forward. So just wanted to see what's the progress there and how should we look at margins going forward.

第二個問題也與此相關，即在構建標準化解決方案方面的戰略和進展是否有任何更新？因為我認為這對於提高您未來的 AI 雲利潤率很重要。所以只是想看看那裡的進展是什麼，以及我們應該如何看待未來的利潤。

Gary, let me answer your questions starting from home. Baidu AI Cloud grew 45% year-over-year to RMB 3.9 billion in Q1, and it contributed almost 70% of our core total non-ad revenue. Baidu AI Cloud basically includes 2 parts; one is the personal cloud, the other is the cloud for enterprise and the public sector.

加里，讓我從家裡開始回答你的問題。百度人工智能雲在第一季度同比增長 45% 至 39 億元人民幣，占我們核心非廣告總收入的近 70%。百度AI雲基本上包括2個部分；一種是個人云，另一種是企業和公共部門的雲。

The rapid growth in cloud has been driven by the enterprise and public service sector, for example, energy, utilities, smart transportation, smart cities and more. Last quarter, revenues from this portion grew much faster than the overall AI cloud revenue. We are confident that revenues from enterprise and public service sector will continue to drive the growth of Baidu AI Cloud in the coming quarters.

雲的快速增長是由企業和公共服務部門推動的，例如能源、公用事業、智能交通、智慧城市等。上個季度，這部分收入的增長速度遠快於人工智能雲的整體收入。我們相信，來自企業和公共服務領域的收入將在未來幾個季度繼續推動百度人工智能雲的增長。

As I mentioned earlier, we did notice that since mid-March, this new round of COVID-19 developed quickly across many cities in China. And as a result, we had to reduce business travel and postpone the deployment of some AI Cloud projects. That being said, we think such impact is just temporary. Looking beyond COVID impact, we are confident about the unique positioning of our AI cloud.

正如我之前提到的，我們確實注意到，自 3 月中旬以來，新一輪的 COVID-19 在中國許多城市迅速發展。因此，我們不得不減少商務旅行並推遲一些 AI Cloud 項目的部署。話雖如此，我們認為這種影響只是暫時的。除了 COVID 影響之外，我們對我們的 AI 雲的獨特定位充滿信心。

The integration of cloud and AI enables our customers from many industries to make significant productivity and efficiency gains through AI. The market potential is huge, and we are just at the beginning of capturing huge opportunities arising from the transformation in China's traditional industries and public service sector.

雲和人工智能的集成使我們來自許多行業的客戶能夠通過人工智能顯著提高生產力和效率。市場潛力巨大，中國傳統產業和公共服務業轉型帶來的巨大機遇，我們才剛剛起步。

In terms of margin, Baidu AI Cloud is still loss-making at the operational level, but we do have positive gross margin and profit -- gross profit. For our personal cloud, although its revenue growth has been slower than the enterprise and public sector, it should continue to generate decent margins going forward. And for the cloud business for enterprise and public sector, the growth driver for our overall AI cloud revenue, this part of the business also enjoys a positive gross margin. A few quarters ago, we have already set as our priority the health of the business to make sure that we grow revenue both at speed and with quality.

在利潤率方面，百度AI雲在運營層面仍然處於虧損狀態，但我們確實有正的毛利率和利潤——毛利潤。對於我們的個人云，雖然它的收入增長慢於企業和公共部門，但它應該會繼續產生可觀的利潤率。而對於企業和公共部門的雲業務，作為我們整體人工智能雲收入的增長動力，這部分業務也享有正的毛利率。幾個季度前，我們已經將業務的健康作為我們的首要任務，以確保我們以速度和質量增長收入。

We proactively identified key industries other than the Internet sector to explore the opportunities in AI PaaS and SaaS. And at the same time, as we accumulate more experience in each industry, we try our best to standardize our products and solutions to further scale our business. Traffic light at an intersection in the city of Baoding is not much different from a traffic light in the city of Guangzhou. So we can at least standardize the product for our solutions industry by industry first. And in the longer term, I do think we can build a strong foundation to solve problems in different industries using more standardized solutions or technology.

我們主動識別互聯網以外的重點行業，探索AI PaaS和SaaS的機會。同時，隨著我們在各個行業積累更多經驗，我們盡最大努力使我們的產品和解決方案標準化，以進一步擴大我們的業務。保定市十字路口的紅綠燈與廣州市的紅綠燈沒有太大區別。因此，我們至少可以按行業優先為我們的解決方案行業標準化產品。從長遠來看，我確實認為我們可以為使用更標準化的解決方案或技術解決不同行業的問題打下堅實的基礎。

The recent developments in AI, especially in large models, be it in language models or vision, have given us new hope to solve all kinds of problems using one large standard deep learning platform. Now going forward, if we look beyond the COVID impact for the cloud business, we continue to aim at high revenue growth and remain focused on quality and sustainable revenue growth. Margin should gradually improve from there.

人工智能的最新發展，特別是大型模型，無論是語言模型還是視覺，都給了我們使用一個大型標準深度學習平台解決各種問題的新希望。現在展望未來，如果我們超越 COVID 對雲業務的影響，我們將繼續以高收入增長為目標，並繼續專注於質量和可持續的收入增長。保證金應該從那裡逐漸提高。

Next question comes from James Lee, Mizuho.

下一個問題來自瑞穗的 James Lee。

Congratulations on Apollo Go, on achieving the breakthrough of driverless operations here. Two questions relating to that. First is, how do you expect the driverless technology to improve the curve of cost efficiency? Is that pretty consistent with what you guys laid out at the Analyst Day last year? Or are you ahead of schedule here?

恭喜Apollo Go，在這裡實現了無人駕駛的突破。與此相關的兩個問題。首先，您認為無人駕駛技術如何提高成本效率曲線？這與你們去年在分析師日上提出的內容非常一致嗎？或者你在這裡提前了？

Second, can you also elaborate your plans on scaling up the driverless autonomous ride-hailing service?

其次，您能否詳細說明一下擴大無人駕駛自動乘車服務的計劃？

Yes. As I mentioned earlier, scaling up operations allows us to improve Level 4 autonomous technologies faster and facilitates our goal of ultimately providing fully driverless ride-hailing services in a much wider region. The number of rides provided by Apollo Go has been growing exponentially. Also, such scalable operation makes us the largest autonomous ride-hailing service provider in the world. In Q1 alone, we provided almost 200,000 rides.

是的。正如我之前提到的，擴大運營規模使我們能夠更快地改進 4 級自動駕駛技術，並促進我們最終在更廣泛的地區提供完全無人駕駛的叫車服務的目標。 Apollo Go 提供的遊樂設施數量呈指數增長。此外，這種可擴展的運營使我們成為世界上最大的自動乘車服務提供商。僅在第一季度，我們就提供了近 200,000 次行程。

With the data gathered from such large-scale operations in real-life driving scenarios, we gain a lot of operational experience. To be more specific, serving passengers every day has allowed us to identify problems that are not visible during the testing phase. I'm highly confident that serving passengers in real word will not only speed up our operations expansion, but also accelerate technology advancement. And I think our strong driverless technologies and capabilities will allow us to receive more regulatory green lights. This is very important for us to further accelerate our operation.

通過在現實駕駛場景中從如此大規模的操作中收集到的數據，我們獲得了很多操作經驗。更具體地說，每天為乘客提供服務使我們能夠發現在測試階段不可見的問題。我非常有信心，真正為乘客服務不僅會加速我們的業務擴張，還會加速技術進步。而且我認為我們強大的無人駕駛技術和能力將使我們獲得更多的監管綠燈。這對我們進一步加快運營非常重要。

Our priorities remain unchanged: scaling up our operation, improving our autonomous driving technologies and reducing the costs and expenses are our top priorities. Baidu is proud to be the first company to receive permits to offer ride-hailing services on open roads in China's capital without a safety driver behind the steering wheel.

我們的優先事項保持不變：擴大我們的業務，改進我們的自動駕駛技術以及降低成本和費用是我們的首要任務。百度很自豪能夠成為第一家獲得許可，在中國首都的開放道路上提供打車服務的公司，而且方向盤沒有安全駕駛員。

That means a lot to us because, first, on the regulation front, it is the first time that the government allows the removal of a safety driver from the driver's seat on public roads, in particular in an area of 60 square kilometers in Beijing, with a highly complex driving environment. This marks a regulatory breakthrough in China's autonomous ride-hailing industry, reflecting the government's open attitude towards a fully driverless operation in the future.

這對我們來說意義重大，因為首先，在監管方面，這是政府第一次允許在公共道路上，特別是在北京 60 平方公里的區域內，將安全駕駛員從駕駛座上移走，具有高度複雜的駕駛環境。這標誌著中國自動駕駛網約車行業在監管方面取得突破，反映了政府對未來完全無人駕駛的開放態度。

And secondly, it demonstrates our strong driverless technology and capabilities, as we are the first to be granted the permits and we started to use them right away. On the cost side, labor cost is one of the largest cost items, so one of the most critical steps to limit costs in autonomous ride hailing is to remove the safety driver in the car and have a remote safety driver managing multiple vehicles simultaneously.

其次，它展示了我們強大的無人駕駛技術和能力，因為我們是第一個獲得許可並立即開始使用它們的。在成本方面，人工成本是最大的成本項目之一，因此限制自動乘車成本的最關鍵步驟之一是取消車內的安全司機，讓一名遠程安全司機同時管理多輛車。

This will build a strong foundation to allow us eventually to remove the safety staff from the cars and achieve fully driverless ride hailing. With the newly granted permits, we are much closer to achieving that goal. Once we are authorized to remove the safety staff on the passenger seat completely, our cost per mile will be reduced significantly.

這將為我們最終從汽車中移除安全人員並實現完全無人駕駛的叫車服務打下堅實的基礎。有了新授予的許可證，我們離實現這一目標更近了。一旦我們被授權完全取消乘客座位上的安全人員，我們的每英里成本將大大降低。

Scaling up also helps to reduce the manufacturing cost per vehicle. And right now, we are on the way to make our sixth generation robotaxi. In the future, we aim to further expand our fleet of driverless ride-hailing vehicles on open roads to more cities. We believe we will achieve the goal to provide safer, cheaper and more convenient mobility service to the public.

擴大規模還有助於降低每輛車的製造成本。而現在，我們正在製造我們的第六代機器人出租車。未來，我們的目標是進一步將我們在開放道路上的無人駕駛網約車車隊擴展到更多城市。我們相信，我們將實現為公眾提供更安全、更便宜、更便捷的出行服務的目標。

So in short, to answer your question, despite all the disruptions caused by COVID-19, starting March of this year, I think we are on track to achieve our goal of fully driverless robotaxi service.

因此，簡而言之，為了回答您的問題，儘管從今年 3 月開始，COVID-19 造成了所有乾擾，但我認為我們正在朝著實現完全無人駕駛機器人出租車服務的目標邁進。

The next question comes from Tianxiao Hou, TH Capital.

下一個問題來自泰合資本侯天曉。

Congratulations on a good set of results. My question is related to Apollo Self Driving business. So you mentioned that there were more wins following your partnership with BYD this year. Could you please share some -- the outlook for the backlog numbers for 2022? Last quarter earnings, you mentioned the backlog is about RMB 8 billion. So I just want to get some update on that.

恭喜取得了不錯的成績。我的問題與阿波羅自動駕駛業務有關。所以你提到今年與比亞迪合作後取得了更多的勝利。您能否分享一些 - 2022 年積壓數量的前景？上個季度的收益，你提到積壓約80億元人民幣。所以我只是想獲得一些更新。

The second one is related to the trends. Could you please elaborate the cooperation with Dongfeng? In particular, how does the revenue model work? That's the question.

第二個與趨勢有關。能否詳細介紹一下與東風的合作情況？特別是，收入模式如何運作？這就是問題所在。

Let me take this question. I think the intelligent and connected vehicles are becoming more and more popular among consumers and, therefore, also becoming new attraction in auto sales today. And our Apollo Self Driving business, which we call ASD for short, derived from our world-class -- world-leading Level 4 autonomous driving technologies.

讓我來回答這個問題。我認為智能網聯汽車越來越受到消費者的歡迎，因此也成為當今汽車銷售的新亮點。而我們的 Apollo 自動駕駛業務，簡稱 ASD，源於我們世界級的——世界領先的 4 級自動駕駛技術。

So many automakers come to us, try to use our auto solutions, in order to capture the big trend of the vehicle intelligence and connectivity, especially, some larger automakers like BYD and Dongfeng Motor. They started to use our ASD solutions, in particular, ANP solutions, we call Apollo Navigation Pilot, which is our high-value solution for intelligent driving. We believe working with big automakers can also allow us to refine our product experiences and strengthen our competitive advantages in this market.

很多車廠找我們，嘗試使用我們的汽車解決方案，以捕捉汽車智能化和網聯化的大趨勢，尤其是比亞迪、東風汽車等一些較大的汽車製造商。他們開始使用我們的 ASD 解決方案，特別是 ANP 解決方案，我們稱之為 Apollo Navigation Pilot，這是我們智能駕駛的高價值解決方案。我們相信與大型汽車製造商合作也可以讓我們完善我們的產品體驗並加強我們在這個市場的競爭優勢。

With the increasing adoption of the smart EVs in China, we believe Baidu's strong autonomous driving capabilities can also put us in a very strong position to win more business. According to our internal estimates, recently, the total projected cumulative sales of our auto solutions recently surpassed RMB 10 billion. Just for your reference, the same number -- the same metric we talked about at last quarter was about RMB 8 billion. And the growth was driven primarily by the pipeline deals from larger automakers. This amount has been growing very fast over the past 2 to 3 years, and the contribution from ASD has been expanding very quickly.

隨著中國越來越多地採用智能電動汽車，我們相信百度強大的自動駕駛能力也可以讓我們在贏得更多業務方面處於非常有利的地位。據我們內部測算，近期，我們汽車解決方案的預計累計銷售總額近期已超過100億元人民幣。僅供參考，同樣的數字——我們在上個季度談到的相同指標是大約 80 億元人民幣。增長主要是由大型汽車製造商的管道交易推動的。在過去的 2 到 3 年中，這一數額一直在快速增長，而 ASD 的貢獻也在迅速擴大。

Again, I would like to make it clear that this number is our preliminary estimates, which include the contracts signed and nomination letters that we received from customers. Our estimates also are made based on the assumption of the timing of the new models, the pricing of them and the future sales volume of them. In general, we are happy to see the ASD business pretty much on track to deliver more milestones in the future.

再次聲明，這個數字是我們的初步估計，包括我們從客戶那裡收到的已簽訂的合同和提名信。我們的估計也是基於新車型上市時間、定價和未來銷量的假設。總的來說，我們很高興看到 ASD 業務在未來有望實現更多里程碑。

Your next question comes from Natalie Wu from Haitong International.

您的下一個問題來自海通國際的 Natalie Wu。

Congratulations on a very solid quarter. So my question is regarding the recent executive reshuffle -- regarding the news of your executive reshuffle recently, mainly for your MEG and cloud business. So just wondering, may I ask the major reasons behind it, what kind of the strategic or operational change will it bring to the cloud and MEG -- and mobile business?

祝賀一個非常穩定的季度。所以我的問題是關於最近的高管改組——關於你最近改組的消息，主要是針對你的 MEG 和雲業務。所以只是想知道，我想問一下它背後的主要原因，它將給雲和 MEG 以及移動業務帶來什麼樣的戰略或運營變化？

Yes, we do mentioned reshuffle from time to time. I believe our executive reshuffle program helps expand the capability of individuals to excel within Baidu. It demonstrates that we have already established a strong and agile team, which is able to make adjustments in a dynamic market environment.

是的，我們確實不時提到改組。我相信我們的高管改組計劃有助於擴大個人在百度內脫穎而出的能力。這表明我們已經建立了一支強大而敏捷的團隊，能夠在動態的市場環境中做出調整。

Many large companies have used this kind of program to develop leaders for their organizations and drive strategy execution, in particular, in a dynamic world. In fact, Baidu develops, coaches and promotes talents internally. Shen Dou, Haifeng Wang and Jackson have all risen to senior positions within Baidu.

許多大公司已使用此類計劃為其組織培養領導者並推動戰略執行，特別是在動態世界中。事實上，百度在內部開發、指導和提拔人才。沉鬥、王海峰和傑克遜都升任百度的高級職位。

Dou joined us in 2012, I believe, and demonstrated his capabilities in various management roles in Baidu. He made significant contributions to strengthening our mobile ecosystem. Baidu AI Cloud is already the revenue growth engine for us, as we are benefiting from the digital and intelligent transformation of China's traditional industries and the public service sector. I trust Dou's capabilities to head the business and keep our momentum at full speed. We believe having a dedicated senior executive to lead the business will allow us to better capture the huge market potential.

我相信，竇先生於 2012 年加入我們，並在百度的各種管理角色中展示了他的能力。他為加強我們的移動生態系統做出了重大貢獻。百度AI雲已經是我們的收入增長引擎，我們正受益於中國傳統產業和公共服務領域的數字化和智能化轉型。我相信竇有能力領導業務並保持全速發展。我們相信擁有專職的高級管理人員來領導業務將使我們能夠更好地捕捉巨大的市場潛力。

And as for Haifeng, our CTO, he will be able to spend more time on our long-term technology vision and drive synergies between AI and all of our businesses.

至於我們的首席技術官海峰，他將能夠將更多時間花在我們的長期技術願景上，並推動人工智能與我們所有業務之間的協同效應。

Jackson joined us in 2019. In the past few years, he served in various financial management roles in the mobile business and was highly involved in its daily operation. He already built a deep understanding of our mobile business. Our mobile ecosystem is a cash cow for Baidu and will continue generating strong profits. I believe Jackson is highly capable of helping us execute our strategy, given his strong financial management and operational background.

傑克遜於 2019 年加入我們。過去幾年，他在移動業務中擔任過各種財務管理職務，並高度參與了移動業務的日常運營。他已經對我們的移動業務有了深入的了解。我們的移動生態系統是百度的搖錢樹，並將繼續產生強勁的利潤。鑑於傑克遜強大的財務管理和運營背景，我相信傑克遜非常有能力幫助我們執行我們的戰略。

In short, with this strong homegrown team, we believe Baidu is fully capable to execute its business strategy in all areas going forward.

總之，憑藉這支強大的本土團隊，我們相信百度完全有能力在未來的各個領域執行其業務戰略。

Your last question comes from Miranda Zhuang, Bank of America Securities.

您的最後一個問題來自美國銀行證券部的 Miranda Zhuang。

Congratulations on the results. My question is about Jidu. So we saw the news that Jidu is about to launch a new car model soon. Can management give us more additional color on how is the current model different from other EV start-ups and traditional OEMs cars?

祝賀結果。我的問題是關於吉都的。於是我們看到了極都即將推出新車型的消息。管理層能否為我們提供更多關於當前車型與其他電動汽車初創企業和傳統 OEM 汽車的不同之處？

And what's the Jidu's pipeline for this year and next year? Given the disruption to the supply chain from the COVID, are you still on track with the previous plan to take orders in second half this year and start mass production next year?

今年和明年極都的管道是什麼？鑑於新冠疫情對供應鏈的影響，你們是否仍按原計劃在今年下半年接單，明年開始量產？

Yes. Miranda, Jidu plans to introduce its first model for mass production in early next month. The market that Jidu targets is family passenger vehicles with the price above RMB 200,000. We believe it is a very big and promising market in which Jidu has a lot of room for growth.

是的。 Miranda, Jidu 計劃在下月初推出其首款量產車型。極都的目標市場是20萬元以上的家庭乘用車。我們認為這是一個非常大且前景廣闊的市場，極都有很大的增長空間。

We are all very excited about the features that Jidu will have installed and the value Jidu can offer to consumers when it becomes available. For Jidu, the key point is not being electric, but being intelligent. We believe Baidu is the best in intelligent driving technology, which Jidu will leverage in the upcoming models. So Jidu's key selling point for upcoming model will be more on the software side as well as the seamless integration of hardware and software.

我們都對 Jidu 將安裝的功能以及 Jidu 可用時為消費者提供的價值感到非常興奮。對於極都來說，關鍵不是電動，而是智能。我們認為百度是智能駕駛技術領域的佼佼者，極都將在即將推出的車型中加以利用。所以極都即將推出的機型的主要賣點將更多地在軟件方面，以及軟硬件的無縫集成。

This model will be equipped with Baidu's leading autonomous driving solutions, like ANP, AVP, as well as our advanced infotainment system like DuerOS for auto. And the team has filed many patents during the development stage. Jidu car will be much more like an auto robot than any other car on the market.

該車型將配備百度領先的自動駕駛解決方案，如ANP、AVP，以及我們先進的信息娛樂系統，如汽車用DuerOS。並且該團隊在開發階段已經申請了多項專利。與市場上的任何其他汽車相比，極都汽車將更像一個自動機器人。

On the pipeline side, plans to introduce its first concept production car on June 8 and take orders for its first model in the second half this year and deliver the vehicle starting in 2023. Despite the COVID stuff, despite the majority of the team based in Shanghai, I think we are pretty much still on track. So this is in line with our expectation when we started this business.

在管道方面，計劃於 6 月 8 日推出其首款概念量產車，並在今年下半年接受其首款車型的訂單，並於 2023 年開始交付車輛。儘管有 COVID 的東西，儘管團隊中的大多數人都在上海，我認為我們仍然在軌道上。所以這符合我們開始這項業務時的預期。

We're also very happy to see that Jidu plans to launch its second model at the end of this year, then to start taking orders in 2023 and deliver the vehicles in 2024. So we believe Jidu, equipped with our industry-leading intelligence driving capabilities, will be well positioned in the EV market.

我們也很高興看到極都計劃在今年年底推出第二款車型，然後在2023年開始接受訂單，並在2024年交付車輛。所以我們相信極都配備了我們行業領先的智能駕駛能力，將在電動汽車市場中佔據有利地位。

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

謝謝你。女士們先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。