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，感謝您參加百度2022年第一季財報電話會議。 （操作員指示）今天的會議正在錄製。 （操作員指令）。

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

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。

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，歡迎參加百度2022年第一季業績電話會議。百度的獲利報告已於今天早些時候發布，您可以在我們的網站和新聞通訊社上找到一份副本。

On the call today, we have Robin Li, our 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.

今天的電話會議由我們的共同創辦人兼執行長李彥宏主持；我們的財務長羅榮；竇深，我們的執行副總裁，負責百度智慧雲端事業群、ACG；以及負責百度智慧駕駛的高級副總裁李振宇。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. 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做出的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。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. 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 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將在百度投資者關係網站上提供。

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

現在我將電話轉給我們的執行長羅賓。

Hello, 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。由於我們新的人工智慧業務的持續強勁成長，我們第一季取得了穩健的業績。具體而言，百度智能雲端營收年增45%。本季度，我們從汽車製造商獲得了阿波羅自動駕駛（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取得突破性進展。我們在四月獲得了中國首個在開放道路上提供無人駕駛叫車服務的許可證，進一步鞏固了我們在自動駕駛出租車市場無可置疑的領導地位。

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.

與中國許多其他公司一樣，自 3 月中旬以來，我們的業務受到了遏制 COVID-19 傳播措施的負面影響。具體來說，我們的廣告業務的恢復和一些雲端項目的實施都被推遲了。短期來看，疫情帶來的挑戰持續為宏觀環境帶來不確定性，對我們的經營造成壓力。展望未來，我們認為，儘管短期內存在一些動盪，但從中長期來看，中國經濟和百度業務仍將保持良好勢頭。我們預計，一旦整體經濟恢復活力，我們的廣告業務就會復甦。

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，為了實現長期成長，我們將繼續積極、審慎地投資新的人工智慧業務，包括百度智慧雲端、Apollo Go 和 ASD。最值得注意的是，我們的新人工智慧業務與中國在技術創新、綠色轉型和數位經濟方面的優先事項高度契合。這些主題已被高層官員在國家活動中一再強調，包括最近召開的中國人民政治協商會議，推動人工智慧在中國的應用，並由此推動百度的長期成長前景。

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會。能源和公用事業、製造業、金融業和公共部門等各個領域的組織已經意識到，他們不僅需要將其工作數位化，還可以使用各種人工智慧技術來降低成本和提高效率，從而增強競爭力。因此數位化和人工智慧的需求是同時出現的。這為我們以無縫方式提供百度智慧雲端解決方案提供了獨特的機會。

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智慧交通支持我們對綠色經濟的貢獻。根據交通部科學研究院介紹，百度ACE計畫已幫助保定市每年減少二氧化碳排放量2.44萬噸，相當於種植了24萬多棵樹。隨著越來越多的城市採用百度ACE智慧交通，我們相信我們將利用人工智慧技術為減少碳排放做出越來越大的貢獻，並履行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的營運亮點。百度智慧雲端持續保持快速成長勢頭，受益於中國傳統產業和公共服務領域的數位化、智慧轉型以及我們尖端的人工智慧技術。過去幾個季度，我們實現了快速的收入成長，同時注重成長的品質。透過人工智慧與雲端的整合，我們建立了廣泛的人工智慧應用程式和工具，可以在公共服務部門、能源和公用事業、醫療保健以及交通運輸等行業中產生更多可複製和可擴展的人工智慧解決方案。透過這樣做，我們正在努力縮短專案實施時間，我們相信從長遠來看我們也能夠提高利潤率。

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%.

一個例子就是我們如何將人工智慧引入公共服務領域。去年我們和麗江市政府一起探討如何利用人工智慧建立智慧城市，幫助麗江提升城市的安全性、效率、便利性和環境品質。透過服務麗江等較大的城市，百度人工智慧雲端已經標準化了一套人工智慧解決方案，可供許多其他城市或地區採用和適應。今年，昆明市七個區之一的官渡區開始採用我們的人工智慧解決方案，以確保該地區的安全和清潔。與麗江專案相比，我們的智慧城市專案部署時間縮短了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領域。我們授權泉州市水務公司部署我們的人工智慧解決方案，用於預測用水量並自動調整供水量。透過服務泉州，我們建立了一套針對水務產業的人工智慧解決方案，快速推動了業務的規模化發展。

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.

三月份，我們贏得了中國最大城市之一廣州市白雲區自來水公司的一個計畫。除了為泉州提供類似的解決方案外，我們還將建立額外的人工智慧解決方案，幫助客戶改善該地區的廢水處理和防洪。由於工程範圍擴大至廣州白雲區，此合約金額將是泉州計畫的數倍。

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智慧交通。截至第一季末，百度ACE已覆蓋41個城市，去年同期為16個，本季為35個，合約金額超過1,000萬元。百度 ACE 利用我們的人工智慧能力，協同大量來自多個來源的即時數據，幫助提高交通管理效率。北京高階自動駕駛示範區相關負責人介紹，得益於我們ACE智慧交通解決方案在亦莊地區的應用，示範區路口的交通流量改善了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，儘管新冠疫情防治措施在短期內帶來了一些阻力，但我們仍將人工智慧雲端業務的目標定為高於產業的成長，並致力於實現長期優質收入和永續成長。

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.

轉向智慧駕駛，我們繼續擴大與汽車原始設備製造商的交易管道，以提供我們的 ASD 解決方案，特別是針對阿波羅導航駕駛系統 (ANP)。根據我們內部估算，近期包括ASD和DuerOS for Auto在內的汽車解決方案預計累計銷售額將總計超過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.

繼今年年初贏得比亞迪的合作後，今年4月，我們又收到了國內三大汽車製造商之一東風汽車的提名函。東風打算在其一款暢銷車型上採用我們的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.

隨著智慧駕駛和智慧連接越來越受歡迎，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慧駕駛解決方案來抓住這一新趨勢。因此，我們預計我們的 ASD 管道未來將繼續成長。

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 獲得了中國首批公共道路無人駕駛叫車牌照，實現了新的重大里程碑。 2022年4月28日，北京高階自動駕駛示範區在全國率先在北京亦莊地區明確了無人叫車開放道路營運標準並發放許可。 Apollo Go 成為第一家獲得許可證的公司。我們相信，此次批准表明監管機構對向完全無人駕駛的未來邁出了進一步的開放態度，從而使 Apollo Go 能夠進一步擴大其營運規模。

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，我們成為首家在亦莊進行自動駕駛道路測試的公司。 2020年第四季度，我們贏得了ACE智慧交通建設項目，並在北京該指定區域推出了自動駕駛叫車服務。透過這樣做，我們對智慧移動採取了更全面的方法，從而協同我們的 ACE 智慧交通解決方案、自動駕駛汽車、地圖和雲端服務。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性。

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 獲得授權在開放道路上進行無人駕駛測試，並提供付費自動駕駛叫車服務。今年 4 月，我們獲准在開放道路上為沒有安全駕駛員的乘客提供無人駕駛叫車服務。這些快速發展體現了政府對我們專有技術和營運能力的認可。未來我們計劃將亦莊的案例複製到其他城市。最近，我們又被授權在重慶進行公開道路無人駕駛測試，這是繼三個月前Apollo Go獲得在公開道路載客收費許可之後。

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.

我們很高興地看到，Apollo Go 在全球自動駕駛叫車市場持續保持領先地位。第一季度，我們提供了196,000次乘車服務，比去年同期成長了11倍多。乘車人次季減8%，主要受今年以來新冠疫情管控措施以及季節性疲軟影響。在地域覆蓋方面，Apollo Go進一步拓展至中國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.

在拓展服務的同時，百度努力應對中國複雜交通環境的技術挑戰。值得一提的是，透過日常、更大範圍的乘客服務，我們發現了測試階段難以察覺的問題，進一步加速了自動駕駛技術的研發。展望未來，我們有信心保持在智慧駕駛領域的絕對市場領導地位，ASD 交易管道的持續成長和 Apollo Go 業務的不斷擴大就證明了這一點。

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.

現在簡單介紹一下 DuerOS。小度在智慧顯示器和智慧音箱出貨量方面依然保持著我們在前幾個季度提到的第一名的位置，並且收入繼續快速增長。

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。百度App的用戶和流量成長依然穩健。 3月份，每月活躍用戶年增13%，達到6.32億，每日登入用戶數持續呈上升趨勢，達到83%。應用程式內搜尋查詢量和資訊流分發的每日內容均實現了兩位數的同比增長。百度智慧小程式月活躍用戶突破5億，較去年成長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.

在我們的行動生態系統持續蓬勃發展的同時，我們堅持努力創新並改善用戶體驗。在影片方面，由於我們去年年底推出的完全沉浸式視訊體驗，百度 App 分發的每日短視頻（包括搜尋和資訊流）3 月份同比增長加速，達到 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.

在服務業，3 月有超過 10 萬名產業參與者註冊了我們的即時回覆功能，而 12 月這一數字約為 44,000 人。 3月每日即時回覆總量較去年同期成長近6倍，較去年12月成長約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.

隨著中國行動互聯網的成熟，應用程式和行動平台都渴望以可負擔的成本獲取流量。我們觀察到，許多垂直貸款機構，特別是美團、外賣和貓眼等本地服務提供商，選擇深化與百度應用程式的合作，為我們的用戶提供量身定制的服務。這使得百度智能小程式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.

在電子商務領域，百度搜尋促成的商品交易總額 (GMV) 雖然仍然較小，但本季同比增長了約 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資訊搜尋向提供閉環用戶體驗轉型的最新成果，這使我們能夠加強圍繞搜尋的行動生態系統。展望未來，儘管近期面臨阻力，我們仍將繼續努力維持行動生態系統的穩定利潤率，並為新的人工智慧業務提供投資資金。

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

說完這些，請容許我將電話轉給榮先生，讓他介紹我們的財務亮點。

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

謝謝你，羅賓。現在讓我向您介紹一下我們第一季財務業績的詳細資訊。

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.

百度第一季營收為 284 億元（約 45 億美元），較去年同期成長 1%。百度核心第一季營收達到人民幣214億元，約34億美元，較去年同期成長4%。百度核心非廣告業務收入達人民幣57億元，較去年同期成長35%，佔百度核心總營收的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.

人工智慧雲端收入為人民幣39億元，年增45%。雲端運算貢獻了近 70% 的非廣告收入，並且仍然是主要的收入成長引擎。我們的IaaS業務受益於許多客戶，特別是網路產業的客戶所採用的多雲策略。我們的企業及公共部門業務是雲端收入的驅動力，在能源及公用事業、公共服務業、交通運輸等重點領域再次實現收入快速成長。

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.

本季小度的營收依然穩健。百度核心廣告收入為人民幣157億元，較去年同期下降4%。我們的廣告業務表現與宏觀經濟高度相關，受到了新冠疫情相關管制措施的影響。事實上，我們的許多頂級行業，例如旅遊、特許經營、房地產和醫療保健，都因離線活動減少而受到影響。

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，當人們因新冠疫情復發而待在家裡時，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式查看有關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。正如羅賓所說，由於我們擁有廣泛多樣化的客戶群，涵蓋了中國經濟的許多行業，我們預計一旦宏觀環境改善，我們的廣告業務就會復甦。

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73億元人民幣，較去年同期下降9%。愛奇藝本季日均訂閱會員總數達到 1.01 億，會員營收年增 4%，主要得益於完善的會員策略和提升的貨幣化能力。

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.

營收成本為 155 億元，年增 4%，主要由於銷售成本、流量獲取成本、頻寬成本以及與新人工智慧業務相關的其他成本增加，但內容成本的減少卻抵銷了這一增長。

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，較去年同期下降1%，主要由於通路支出、促銷行銷和壞帳費用的減少。

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%.

非美國通用會計準則營業收入為人民幣 40 億元，約 6.3 億美元，非美國通用會計準則營業利益率為 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]，或 5.81 億美元。百度核心的非美國通用會計準則營業利益率為 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EBITDA為人民幣55億元，約8.67億美元。調整後的 EBITDA 利潤率為 19%。百度核心的調整後 EBITDA 為人民幣 51 億元，約 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 1,858 億元，約合 293 億美元。不包括愛奇藝在內的百度自由現金流為人民幣 11 億元，約 1.75 億美元。截至 2022 年 3 月 31 日，百度核心約有 38,000 名員工。

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

接線員，好了，我們現在開始提問。

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

（操作員指示）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?

恭喜您在艱難的環境中取得了堅實的成績。我的問題是關於前景的。那麼，管理階層能否告訴我們，第二季以及今年剩餘時間的收入趨勢如何？那麼，考慮到大多數離線支出與宏觀相關，您預期廣告業務的轉折點何時會出現？

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，注意到您的第一季營業利潤率比市場預期的更強勁、更好。您能否告訴我們應該如何看待第二季以及下半年剩餘時間的利潤前景？

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，請容許我問一下，鑑於最新的宏觀環境，百度的長期策略和成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，艾莉西亞。這是朱利葉斯。讓我來回答你的第一個問題（聽不清楚）。我認為，正如羅賓在他的準備好的發言中提到的那樣，從 3 月中旬開始，我們的廣告和雲端業務就受到了 Omicron 快速發展的負面影響，這與之前的變種不同。 Omicron 傳播速度更快，影響許多城市，包括上海和北京等中國頂級城市。這種影響已持續兩個多月，在中國仍在持續。這次復甦持續時間比以往任何一輪復甦都要長得多。

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，新冠疫情情勢比三月初更為嚴峻。對於我們的許多客戶來說，業務活動受到了嚴重干擾，我們的廣告業務也受到了負面影響。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，特別是AI雲端服務企業和公共部門造成了負面影響，因為我們必須推遲一些AI雲專案的部署。

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，我們認為與第一季相比，第二季對我們和整個產業來說都將更具挑戰性。一方面，現階段我們對今年下半年的可預見性相對有限，這很大程度取決於疫情的發展。另一方面，我們也高興地看到，近期中國政府在頂層設計上釋放出支持經濟發展、支持數位經濟的明確訊號。

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，我們將繼續密切監測病毒的發展和宏觀狀況。這裡我想強調的是，百度的網路廣告業務非常多元化，涵蓋了許多中國經濟的產業。我們相信，一旦中國經濟出現反彈，我們的廣告業務肯定會從中受益。鑑於當前宏觀經濟的不確定性，我們將更嚴格地控制支出和投資。例如，我們在銷售和行銷方面的支出會非常謹慎。

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慧賦能的新業務具有很大的成長潛力，因此我們決心繼續投資這些領域，例如人工智慧雲端和智慧駕駛，這些業務在過去幾個季度發展非常迅速。另一方面，對於行動生態系統而言，中國整體行動互聯網市場正日趨成熟。因此，我們將平衡這些領域的投資和成長，並嚴格控制這些領域的投資。

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.

關於您的長期策略問題，儘管面臨短期挑戰，但百度對我們業務的長期願景保持不變。我們相信，我們的行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。未來幾年，人工智慧將一再提高資訊取得的標準。

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.

我們也會不斷創新，提供閉環－在百度App內為搜尋用戶提供閉環服務。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慧業務，如百度人工智慧雲端和智慧駕駛，與中國在技術創新、數位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.

這些企業在過去幾個季度取得了巨大進步，並已準備好佔領全部潛在市場。百度智慧雲端持續驅動中國傳統產業和公共服務領域的數位化、智慧轉型。因此，您會發現，我們從企業和公共部門獲得的雲端收入一直超過我們的同行。

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.

智慧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投入大量資金開發內部解決方案更好。 Apollo Go 已經在全球自動駕駛叫車市場佔據領先地位。我們剛剛獲得了中國首批在北京開放道路上提供無人駕駛叫車服務的許可證。今年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.

所以你可以看到我們的願景和策略保持不變。我們是一家擁有強大網路基礎的人工智慧公司。我們的所有業務和技術創新之間都存在著很大的協同作用。因此，我們對百度的長期成長潛力非常有信心。

The next question comes from Lincoln Kong, GS.

下一個問題來自 GS 的 Lincoln Kong。

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中國人民政治協商會議上週在北京舉行了一次會議，羅賓，你是來自網路公司的與會者之一。所以我們非常好奇您從這次會議中得到了什麼，您在會議上提出了什麼建議？

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行動裝置的。我們注意到百度應用程式的用戶成長非常強勁，那麼您能否幫助我們了解行動生態系統用戶成長的根本驅動力？我們該如何看待未來的用戶成長潛力？

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。至於政協會議，許多政府高級官員出席了會議。主要致力於支持數位經濟健康永續發展。所有與會者都能真切感受到政府對科技創新的支持與開放，以及推動中國數位經濟發展的意願與決心。值得注意的是，我們高度讚賞並鼓勵對研發的投資。

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.

我主要講了2點。首先，我強調了利用人工智慧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、能源或電信領域。今天中國在這些領域已經擁有非常完善的基礎設施，但是還沒有實現人工智慧賦能，或者說還不夠智慧。

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.

以運輸業為例。中國大多數交通號誌並非由來自多個來源的即時數據驅動，而人工智慧驅動的 V2X 尚未在中國全面普及。由於目前的交通狀況，許多地方政府不得不對汽車的購買和使用實施嚴格的限制，從而抑制了國內消費。支援人工智慧的交通燈和 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.

所以根據我們的估計，智慧交通系統可以幫助提高交通效率15％到30％。這不僅僅是一個估計，我們實際上已經在中國多個城市證明了這一點。因此，如果我們將這種效率提升應用於整個交通系統，這就相當於為該城市每年增加 2.4% 至 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.

所以我相信智慧化轉型可以顯著提高這些產業乃至整個國家的生產力、效率和競爭力。在我的準備好的發言中，我還分享了一些例子，說明百度智慧雲端如何幫助我們的客戶在許多行業中運行複雜的工作負載。

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，我還呼籲進一步加強監管對科技創新的支持。例如，針對開放道路和複雜路況下的自動駕駛制定更全面的行業規範。自動駕駛技術正在重塑汽車產業。在一定程度上，中國在自動駕駛和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.

中國採用自動駕駛汽車將減少交通擁堵和事故，進而提高效率。但在此之前，我們需要對現行的交通法規做出必要的調整，並考慮自動駕駛甚至完全無人駕駛汽車可能為中國交通體系帶來的深刻變化。

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汽車制定監管標準，包括發放牌照、上路行駛、取消安全駕駛員並向乘客收費。此外，我們還需要有關事故發生時如何確定責任的指導方針。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。 （聽不清楚）我是朱利葉斯。我將回答您關於移動生態系統的問題。我認為與羅賓剛才在準備好的發言中談到的一樣。 3月份，百度App月活躍用戶數較去年同期成長13%，百度智慧小程式月活躍用戶數突破5億。我們的平台被廣泛認為是獲取高品質資訊和知識的首選之地。

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。事實上，針對新冠疫情復發的控制措施已經讓許多學生在家中進行線上學習。我們看到他們來到百度App是為了尋找權威、可靠的課程相關資訊和知識。最近，我們發現此類搜尋查詢顯著增加。行動端教育相關關鍵字的每日搜尋量較去年同期成長約30%。到目前為止，我們收到了——這是第二季的數字。

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，我們作為一家公司也將繼續在搜尋方面進行創新，並繼續改善用戶體驗。首先，我們將持續使用人工智慧來改善我們的搜尋體驗，並推動每位用戶的每日搜尋量持續成長。我認為搜尋是技術驅動的，進入門檻很高，而且技術已經融入我們的企業 DNA 中。

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.

第二，我們持續改善閉環體驗－為我們的搜尋用戶提供閉環服務。我們透過我們的建置模組為用戶提供產品清單、服務，並將他們與行業參與者聯繫起來以獲得專業建議。例如，我認為本季百度搜尋推動的電子商務 GMV 年比成長了約 14 倍。另外，值得注意的是，3月百度App本地服務月訂單量較去年同期成長超過200%。現在用戶來到百度App已經不只是為了搜尋訊息，越來越希望享受這裡提供的閉環服務。

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，我們在將短片納入搜尋結果方面也取得了可喜的進展，我們正在努力抓住這一機會。除了這些新的產品功能外，我們還致力於透過使用人工智慧以經濟高效的方式產生影片內容來豐富我們的影片內容組合。展望未來，我們將努力繼續改善用戶體驗並維持健康的用戶成長。

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.

恭喜您取得了一系列非常有彈性的成果。我有一些關於AI雲業務的後續問題。第一個是關於未來幾季的展望。特別是因為一些同業表示雲端收入成長放緩。所以只是想看看我們應該如何期待百度人工智慧雲端未來的成長。

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，即在建立標準化解決方案方面的策略和進展方面有什麼更新嗎？因為我認為這對於提高未來的 AI 雲端利潤率非常重要。所以只是想看看那裡的進展如何以及我們應該如何看待未來的利潤率。

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。百度智能雲第一季營收年增45%至39億元人民幣，貢獻了我們核心非廣告總營收的近70%。百度AI雲主要包括兩個部分；一個是個人雲，另一個是企業和公共部門雲。

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.

雲端運算的快速成長是由企業和公共服務部門推動的，例如能源、公用事業、智慧交通、智慧城市等。上個季度，該部分營收的成長速度遠遠快於整體 AI 雲端營收。我們相信，企業和公共服務領域的收入將在未來幾季繼續推動百度智慧雲端的成長。

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.

我剛才提到，我們注意到，3月中旬以來，新一輪疫情在中國多個城市快速發展。因此，我們不得不減少商務旅行並推遲一些AI雲專案的部署。話雖如此，我們認為這種影響只是暫時的。除了 COVID 的影響之外，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.

雲端與人工智慧的融合，讓我們各行各業的客戶能夠透過人工智慧顯著提高生產力和效率。市場潛力巨大，我們才剛開始抓住中國傳統產業和公共服務領域轉型帶來的巨大機會。

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.

從利潤率來看，百度智慧雲在營運層面仍處於虧損狀態，但我們的毛利率和利潤確實為正——毛利。對於我們的個人雲，雖然其收入成長比企業和公共部門慢，但未來它應該會繼續產生可觀的利潤率。對於企業和公共部門雲端業務，作為我們整體AI雲端收入的成長動力，這部分業務也享有正的毛利率。幾個季度前，我們就已經將業務健康作為我們的首要任務，以確保我們快速、高品質地增加收入。

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.

我們積極尋找網路以外的重點產業，探索AI PaaS和SaaS的機會。同時，隨著我們在各個行業中累積的經驗越來越多，我們也盡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規模。保定市的路口紅綠燈與廣州市的紅綠燈沒有太大差別。因此，我們至少可以先針對各行業對我們的解決方案產品進行標準化。從長遠來看，我確實認為我們可以建立一個堅實的基礎，使用更標準化的解決方案或技術來解決不同行業的問題。

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.

人工智慧的最新發展，尤其是大型模型（無論是語言模型還是視覺模型）為我們帶來了新的希望，即使用大型標準深度學習平台來解決各種問題。展望未來，如果我們不考慮 COVID 對雲端業務的影響，我們將繼續瞄準高收入成長，並繼續專注於品質和可持續的收入成長。從那時起，利潤率應該會逐漸提高。

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?

祝賀Apollo Go在這裡實現了無人駕駛的突破。與此相關的兩個問題。第一，您預期無人駕駛技術將如何改善成本效率曲線？這與你們去年分析師日所闡述的內容一致嗎？還是你在這裡提前完成了計畫？

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

第二，您能否再詳細闡述擴大無人駕駛叫車服務規模的計畫？

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，擴大營運規模使我們能夠更快地改進 4 級自動駕駛技術，並有助於我們實現最終在更廣泛的地區提供完全無人駕駛叫車服務的目標。 Apollo Go 提供的乘車次數呈指數級增長。此外，這種可擴展的營運使我們成為世界上最大的自動駕駛叫車服務提供者。僅在第一季度，我們就提供了近 20 萬次乘車服務。

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.

透過在現實駕駛場景中如此大規模的營運所收集的數據，我們獲得了大量的營運經驗。更具體地說，每天為乘客服務使我們能夠發現在測試階段看不到的問題。我非常有信心，為乘客提供真實的服務不僅會加速我們的營運擴張，還會加速技術進步。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監管綠燈。這對我們進一步加快營運非常重要。

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：擴大我們的營運規模、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。百度很榮幸成為第一家獲得許可在中國首都的開放道路上提供無需安全駕駛員駕駛的叫車服務的公司。

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，這是政府首次允許在公共道路上將安全駕駛員從駕駛座上撤下，特別是在北京60平方公里的區域內，駕駛環境非常複雜。這標誌著中國自動駕駛叫車產業的監管取得突破，反映了政府對未來完全無人駕駛營運的開放態度。

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，這展示了我們強大的無人駕駛技術和能力，因為我們是第一批獲得許可證並立即開始使用它們。在成本方面，人力成本是最大的成本項目之一，因此自動駕駛叫車成本控制的關鍵步驟之一就是取消車內安全駕駛員，轉而採用遠端安全駕駛員同時管理多輛車。

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.

這將為我們最終實現車輛上不再有安全人員、實現完全無人駕駛打車奠定堅實的基礎。有了新頒發的許可證，我們距離實現這一目標就更近了一步。一旦我們被授權徹底取消乘客座位上的安全桿，我們每英里的成本將大幅降低。

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.

擴大規模也有助於降低每輛車的製造成本。目前，我們正在研發第六代自動駕駛計程車。未來，我們的目標是將無人駕駛叫車車隊進一步擴展到更多城市。我們相信，我們一定能夠實現為大眾提供更安全、更便宜、更便利的出行服務的目標。

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.

簡而言之，回答你的問題，儘管 COVID-19 造成了種種幹擾，但從今年 3 月開始，我認為我們有望實現完全無人駕駛的機器人計程車服務的目標。

The next question comes from Tianxiao Hou, TH Capital.

下一個問題來自泰合資本的侯天曉。

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.

恭喜您取得一組好成績。我的問題與阿波羅自動駕駛業務有關。您提到今年與比亞迪合作後取得了更多勝利。能否分享一些 2022 年積壓訂​​單數量的前景？上個季度的收益中，您提到積壓訂單約為人民幣 80 億元。所以我只是想了解一下最新情況。

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。能否請您詳細介紹與東風的合作？具體來說，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。我認為智慧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。我們的阿波羅自動駕駛業務（簡稱 ASD）源自於我們世界一流的——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.

許多汽車製造商找到我們，嘗試使用我們的汽車解決方案，以抓住汽車智慧化和互聯化的大趨勢，特別是像比亞迪和東風汽車這樣的大型汽車製造商。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，這是我們針對智慧駕駛的高價值解決方案。我們相信，與大型汽車製造商合作還可以讓我們改善產品體驗並增強我們在這個市場上的競爭優勢。

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.

隨著智慧電動車在中國的普及，我們相信百度強大的自動駕駛能力也能讓我們處於非常有利的地位來贏得更多的業務。根據我們內部的估算，近期我們汽車解決方案的預期累計總銷售額已突破100億元。僅供參考，我們上個季度討論的相同數字——相同指標約為人民幣 80 億元。這一增長主要得益於大型汽車製造商的管道交易。這個金額在過去的2到3年成長非常快，來自ASD的貢獻也迅速擴大。

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，我想明確表示，這個數字是我們的初步估計，其中包括簽署的合約和我們從客戶那裡收到的提名信。我們的估計也是基於新車型上市時間、定價和未來銷售的假設而做出的。總的來說，我們很高興看到 ASD 業務基本上步入正軌，並在未來實現更多里程碑。

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?

恭喜本季業績非常穩健。所以我的問題是關於最近的高階主管改組——關於您最近高階主管改組的消息，主要是針對您的 MEG 和雲端業務。所以我只是想問一下，這背後的主要原因是什麼，它會為雲端和 MEG 以及行動業務帶來什麼樣的策略或營運變化？

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。我相信我們的高階主管改組計畫有助於擴大個人在百度內部脫穎而出的能力。這顯示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.

許多大公司已經使用這種計劃來為其組織培養領導者並推動策略執行，尤其是在這個充滿活力的世界中。事實上，百度在內部培養、培養和提拔人才。沈鬥、王海峰和傑克森均已在百度內部升任高級職位。

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.

我記得竇先生於 2012 年加入我們，並在百度擔任過多個管理職務，展現了自己的能力。他為加強我們的行動生態系統做出了重大貢獻。百度智慧雲端已成為我們的營收成長引擎，我們受惠於中國傳統產業和公共服務領域的數位化、智慧轉型。我相信竇的能力，能夠領導我們的業務並保持我們全速前進的勢頭。我們相信，擁有一位專門的高階主管來領導業務將使我們能夠更好地抓住巨大的市場潛力。

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.

至於我們的技術長海峰，他將能夠花更多時間在我們的長期技術願景上，並推動人工智慧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.

Jackson 於 2019 年加入我們。在過去的幾年中，他擔任過各種行動業務的財務管理職務，並深入參與行動業務的日常營運。他已經對我們的行動業務有了深入的了解。我們的行動生態系統是百度的搖錢樹，並將持續產生強勁的利潤。我相信，憑藉傑克遜強大的財務管理和營運背景，他完全有能力幫助我們執行我們的策略。

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策略。

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的米蘭達莊。

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?

恭喜你取得這樣的成績。我的問題是關於 Jidu 的。於是我們就看到了極度即將推出新車型的消息。管理層能否向我們提供更多詳細信息，說明當前車型與其他電動汽車新創公司和傳統 OEM 汽車有何不同？

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 Jidu 的計畫是什麼？鑑於新冠疫情對供應鏈造成的干擾，你們是否仍按照先前的計劃，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。米蘭達表示，極度計畫在下個月初推出首款量產車款。極度汽車瞄準的市場是售價20萬元以上的家用乘用車。我們相信這是一個非常大且前景看好的市場，集度有很大的成長空間。

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 即將安裝的功能以及 Jidu 上市後能為消費者提供的價值感到非常興奮。對極度來說，重點不是電動化，而是智慧化。我們相信百度在智慧駕駛技術方面是最好的，而極度將在即將推出的車型中利用這項技術。因此，極度即將推出的車型的主要賣點將更多地放在軟體方面以及硬體和軟體的無縫整合。

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.

該車型將搭載百度領先的自動駕駛解決方案，如ANP、AVP，以及我們先進的汽車資訊娛樂系統，如DuerOS。且團隊在開發階段已經申請了多項專利。與市場上任何其他汽車相比，極度汽車將更像自動機器人。

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.

在通路方面，我們計劃於 6 月 8 日推出首款概念量產車，並於今年下半年接受首款車型的訂單，並從 2023 年開始交付車輛。儘管受到新冠疫情的影響，儘管團隊中的大多數成員都駐紮在上海，但我認為我們基本上仍在按計劃進行。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度計劃在今年底推出第二款車型，然後在2023年開始接受訂單，2024年交付車輛。因此，我們相信，憑藉我們領先業界的智慧駕駛能力，極度將在電動車市場上佔據有利地位。

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

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