百度 (BIDU) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Baidu Second Quarter 2022 Earnings Conference Call.

感謝您的支持，歡迎參加百度 2022 年第二季度財報電話會議。

(Operator Instructions) I would now like to hand the conference over to Juan Lin, Head of Investor Relations for Baidu. Please go ahead.

（操作員說明）我現在想將會議交給百度投資者關係負責人林娟。請繼續。

Hello, everyone, and welcome to Baidu's Second 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. 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; and Jenny Li, our SVP in charge of Baidu Intelligent Driving.

大家好，歡迎來到百度2022年第二季度財報電話會議。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 Newswire 服務上找到一份副本。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；我們負責百度AI雲事業群的執行副總裁竇深；和負責百度智能駕駛的高級副總裁 Jenny Li。

After our prepared remarks, we will hold a Q&A session. Please note that the discussion today will contain forward-looking statements made under the safe harbor provision 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 statements except as required under applicable law.

在我們準備好發言後，我們將舉行問答環節。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 [ADS] non-GAAP financial measures. Our press release a reconciliation of the ADS non-GAAP measures to the (inaudible) most directly comparable GAAP measures and is available on our IR website at ir.baidu.com. As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on Baidu's IR website.

我們的收益新聞稿和本次電話會議包括對某些 [ADS] 非公認會計原則財務措施的討論。我們的新聞稿將 ADS 非 GAAP 措施與（聽不清）最直接可比的 GAAP 措施進行了核對，可在我們的 IR 網站 ir.baidu.com 上查閱。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. Baidu Corp earned RMB 23.2 billion in revenues and 5.1 billion in non-GAAP operating profit in the second quarter.

大家好。百度公司第二季度收入為人民幣 232 億元，非公認會計準則營業利潤為 51 億元。

The resurgence of COVID-19 led to an unfavorable macro environment in the quarter. However, Baidu AI Cloud and Intelligent Driving business maintained their rapid growth momentum as we aligned well with the government's repeated cost for technology innovation.

COVID-19 的死灰復燃導致本季度宏觀環境不利。然而，百度人工智能雲和智能駕駛業務保持了快速增長的勢頭，因為我們很好地與政府對技術創新的重複成本保持一致。

Especially Q2 revenues from Baidu AI Cloud increased by 31% year-over-year, outgrowing many of our peers, contributing 18% of Baidu Core's revenues in the quarter. That's up from 9 -- up from 14% in the same period last year. Further, the operating margin for Baidu AI Cloud improved on both a year-over-year and quarter-over-quarter basis.

特別是第二季度百度人工智能雲的收入同比增長 31%，超過了我們的許多同行，貢獻了本季度百度核心收入的 18%。這高於去年同期的 9%，高於去年同期的 14%。此外，百度人工智能雲的營業利潤率同比和環比都有所提高。

Apollo Go completed 287,000 lines in Q2, increasing by almost 500% year-over-year. On July 20, Apollo Go's accumulative price reached 1 million. And in July, we unveiled Apollo RP6, the sixth generation Apollo Robotaxi vehicle, bringing the cost of Robotaxi to the price [margin] mass-market electric vehicles for the first time in China and globally. We aim to put a sizable amount of RT6 vehicles into operation in the year 2024.

Apollo Go 在第二季度完成了 287,000 條線路，同比增長近 500%。 7月20日，Apollo Go累計售價達到100萬。並且在 7 月，我們推出了第六代 Apollo Robotaxi 車輛 Apollo RP6，在中國和全球範圍內首次將 Robotaxi 的成本引入大眾市場電動汽車的價格[利潤率]。我們的目標是在 2024 年投入大量的 RT6 車輛。

While Baidu Core ad revenue decreased by 10% over the year, in second quarter due to a challenging macro environment, our mobile ecosystem continued to generate strong cash flow as we focused on operational excellence and efficiency. Since early June, we have seen signs of recovery as the control measures were gradually lifted. For example, the year-over-year decline of our ad revenues narrowed in June and July. In particular, ad revenues from retail customers resumed year-over-year growth during the 6/18 shopping festival. Project implementation for Baidu AI Cloud has also been improving, thanks to the gradual removal of some major travel restrictions.

雖然百度核心廣告收入同比下降 10%，但由於宏觀環境充滿挑戰，第二季度我們的移動生態系統繼續產生強勁的現金流，因為我們專注於卓越運營和效率。 6月初以來，隨著管控措施的逐步解除，我們看到了復甦的跡象。例如，我們的廣告收入同比下降在 6 月和 7 月收窄。特別是來自零售客戶的廣告收入在 6/18 購物節期間恢復了同比增長。由於逐步取消了一些主要的旅行限制，百度人工智能雲的項目實施也在不斷改進。

While the recovery is likely to be at a gradual pace, and there are still be some uncertainties about the development of COVID-19, our long-term goals, strategies and capabilities for shareholder value creation remain intact. As I do, we have built a discipline of long-term thinking, which we believe is a strong asset in this fast-evolving innovative and highly competitive wins environment.

雖然復甦可能是漸進的，而且 COVID-19 的發展仍存在一些不確定性，但我們為股東創造價值的長期目標、戰略和能力仍然完好無損。和我一樣，我們已經建立了長期思考的學科，我們相信這是在這個快速發展的創新和高度競爭的勝利環境中的強大資產。

Cost optimization and operational efficiencies are always top of mind for us. Our mobile ecosystem business should continue to generate strong cash flow to fuel and fund our investments in Baidu AI Cloud and Intelligent Driving over the long term.

成本優化和運營效率始終是我們的首要任務。我們的移動生態系統業務應該會繼續產生強勁的現金流，為我們對百度人工智能雲和智能駕駛的長期投資提供動力和資金。

Now let's review the second quarter operational highlights. Revenues from Baidu AI Cloud grew by 31% year-over-year in the quarter, once again, stating our peers despite the macro challenges brought by COVID-19 resurgence. Our growth was driven by the strong performance in cloud business within enterprise business and the public sector. Fortunately, we managed to improve our operating margin both on a year-over-year and quarter-over-quarter basis in Q2 as we focused on healthier and more sustainable cloud revenue growth.

現在讓我們回顧一下第二季度的運營亮點。儘管 COVID-19 復甦帶來了宏觀挑戰，但百度 AI 雲的收入在本季度再次同比增長 31%，這再次表明我們的同行。我們的增長受到企業業務和公共部門雲業務強勁表現的推動。幸運的是，由於我們專注於更健康、更可持續的雲收入增長，我們在第二季度設法提高了同比和環比的營業利潤率。

We aim to achieve profitability as we scale up further. AI Cloud continues to benefit from the growth opportunity in China, digital and intelligent transformation. We believe this transformation is due at the early stage, and organizations are eager to leverage technologies to improve efficiency and productivity.

隨著我們進一步擴大規模，我們的目標是實現盈利。 AI Cloud繼續受益於中國的增長機遇、數字化和智能化轉型。我們相信這種轉變應在早期階段進行，組織渴望利用技術來提高效率和生產力。

Over the past years, we have made tremendous advances in AI technologies, made our AI capabilities widely available to enterprises and developers through our open platform, gained valuable industry expertise, saw significant improvements in productivity in areas like manufacturing, transportation, energy and utilities and the public sector.

在過去的幾年裡，我們在人工智能技術方面取得了巨大進步，通過我們的開放平台讓企業和開發人員廣泛使用我們的人工智能能力，獲得了寶貴的行業專業知識，在製造、交通、能源和公用事業等領域的生產力顯著提高，公共部門。

Baidu AI Cloud's differentiating strengths are our AI capabilities and deep understanding of industry-specific pain points to help our customers to accelerate their transformation. In short, our competitiveness enables us to take full advantage of the tailwind offered by these new secular trends.

百度人工智能雲的差異化優勢在於我們的人工智能能力和對行業特定痛點的深刻理解，以幫助我們的客戶加速轉型。簡而言之，我們的競爭力使我們能夠充分利用這些新的長期趨勢提供的順風。

Revenues from ACE Smart Transportation increased by about 40% in Q2. During the second quarter, we won several new projects for highway and in urban roads, both from our new and existing customers. By the end of second quarter, Baidu ACE Smart Transportation has been adopted by 51 cities up from 20 cities a year ago and 41 cities a quarter ago based on the contract amount over RMB 20 million.

ACE Smart Transportation 的收入在第二季度增長了約 40%。在第二季度，我們從新老客戶那裡贏得了幾個高速公路和城市道路的新項目。截至二季度末，百度ACE智能交通已從去年同期的20個城市和一季度前的41個城市增加到51個城市，合同金額超過2000萬元。

Going forward we will continue to focus on key industries and enable cross-industry replications for similar use cases by utilizing AI innovation. By doing so, we believe we will be able to reduce the operating losses and achieve profitability over time. In the meanwhile, we will continue to focus on quality and sustainable revenue growth and aim to continue outgrowing our peers.

展望未來，我們將繼續關注關鍵行業，並通過利用人工智能創新實現類似用例的跨行業複製。通過這樣做，我們相信隨著時間的推移，我們將能夠減少經營虧損並實現盈利。與此同時，我們將繼續專注於質量和可持續的收入增長，並致力於繼續超越同行。

Moving to Intelligent Driving, Apollo Go continues to take a big step towards building up operations, strengthening its lead position as the world's fifth autonomous driving service provider. In Q2, Apollo Go provided 287,000 rides to the public, up from almost 500% year-over-year and 50% quarter-over-quarter. On July 20, 2022, Apollo Go's accumulated rides reached 1 million.

向智能駕駛邁進，Apollo Go 繼續向業務佈局邁出一大步，鞏固了其作為全球第五大自動駕駛服務提供商的領先地位。在第二季度，Apollo Go 向公眾提供了 287,000 次乘車服務，同比增長近 500%，環比增長 50%。 2022 年 7 月 20 日，Apollo Go 的累計乘車次數達到 100 萬次。

In the Yizhuang region of Beijing, according to our estimate, Apollo Go has obtained a 10% market share for ride-hailing services with pickup and drop-off both in EdRAM. Apollo Go already becomes an important supplement for daily commuting after we launched the services less than 2 years ago.

在北京亦莊地區，據我們估計，Apollo Go 在 EdRAM 中已獲得 10% 的叫車服務市場份額。 Apollo Go 上線不到 2 年，已經成為日常通勤的重要補充。

Now more than 100 callable vehicles are serving the residents on a daily basis, and each vehicle on average, completes more than 20 rides per day. In July, Apollo Go branched out to Huali and Chengdu and is now operating in more than 10 cities charging fees in 7 cities across China.

現在每天有100多輛可召喚車輛為居民服務，每輛車平均每天完成20多次乘車。 7月，Apollo Go拓展到花里和成都，目前在全國7個城市的10多個收費城市開展運營。

We believe large-scale operation allows us to improve our level for autonomous driving technologies further. With data generated from everyday operation, we can identify problems that are not visible during the testing phase.

我們相信規模化運營可以讓我們進一步提升自動駕駛技術水平。通過日常運營產生的數據，我們可以發現在測試階段看不到的問題。

The number of corona cases incurred during operations has far exceeded the ones found by vehicles and testing. In addition, Apollo Go has made some exciting progress since our last earnings call, marked by receiving the green light to provide fully drive ride-hailing service systems and launching of the sixth generation robotaxi vehicle, RP6.

運營過程中發生的電暈病例數量遠遠超過了車輛和測試發現的病例數。此外，自上次財報電話會議以來，Apollo Go 取得了一些令人振奮的進展，其標誌是獲得了提供全驅動網約車服務系統的綠燈，並推出了第六代機器人出租車 RP6。

Earlier this month, we obtained the regulatory permits in Chongqing and Wuhan to provide fully driverless lighting services on [open roads]. We were also authorized to collect fees on those services. We are proud to be the first and only company in China now to offer fully driverless ride-hailing services to the public on open road entirely, without human drivers in the car. Such achievements validate our superior level 4 autonomous driving technology and endorse our strategy of utilizing large-scale operations to boost further technological advancements.

本月初，我們獲得了重慶和武漢的監管許可，可以在[開放道路]上提供完全無人駕駛的照明服務。我們還被授權收取這些服務的費用。我們很自豪能成為中國第一家也是唯一一家完全在開放道路上向公眾提供完全無人駕駛的叫車服務的公司，車內沒有人類司機。這些成就驗證了我們卓越的 4 級自動駕駛技術，並支持我們利用大規模運營促進進一步技術進步的戰略。

On July 21, Baidu World, we unveiled Apollo RT6, the sixth generation Robotaxi vehicle with a targeted mass production cost of RMB 250,000. This is significantly lower than the mass production cost of the fifth-generation vehicle and is in the price range of mass market electric vehicles. RT6 is designed to offer large-scale fully driverless ride-hailing services and launched at a time that both our technology, both our technological and operational capabilities are ready.

7月21日，百度世界，我們發布了第六代Robotaxi車輛Apollo RT6，目標量產成本為25萬元。這大大低於第五代汽車的量產成本，處於大眾市場電動汽車的價格範圍內。 RT6 旨在提供大規模的完全無人駕駛的叫車服務，並在我們的技術、我們的技術和運營能力都準備就緒的時候推出。

We believe that China's smart EV value chain has already been well established. Some of the auto parts and components for Level 4 [autonomous] driving solutions are already being produced in China at a much lower price than a few years ago. Moreover, RT6 is a passenger-centric vehicle -- so we have removed some components, especially designed for drivers. For example, RT6 has a detachable steering wheel, which could unlock space for extra seat, luggages, rests and even some entertainment equipment in reaching the in-car experience for the passengers.

我們認為，中國的智能電動汽車價值鏈已經很成熟。 4級[自動]駕駛解決方案的一些汽車零部件已經在中國以比幾年前低得多的價格生產。此外，RT6 是一款以乘客為中心的車輛——因此我們移除了一些組件，特別是為駕駛員設計的。例如，RT6擁有可拆卸的方向盤，可以為乘客釋放額外的座位、行李、休息甚至一些娛樂設備的空間，從而為乘客帶來車內體驗。

Such achievements have set a strong foundation for Apollo Go to significantly reduce the 2 largest cost items for its operations, labor cost and the Robotaxi vehicle cost. This is a critical step for Apollo Go to build a revolutionary business model and accelerate its expansion. Over the long term, we aim to make Apollo Go an alternative mobility option for millions of people, creating tremendous economic and social values.

這些成就為 Apollo Go 大幅降低運營成本、人工成本和 Robotaxi 車輛成本這兩個最大的項目奠定了堅實的基礎。這是 Apollo Go 構建革命性商業模式並加速擴張的關鍵一步。從長遠來看，我們的目標是讓 Apollo Go 成為數百萬人的替代出行選擇，創造巨大的經濟和社會價值。

Baidu Apollo's Auto Solutions, including ASD and our OS for auto continues to gain popularity among automakers. As an increasing number of auto OEMs have publicly committed their brands to autonomous and connected vehicles, we're pleased to say that many have chosen to form alliances with Baidu to expedite their timeline and plan.

百度 Apollo 的汽車解決方案，包括 ASD 和我們的汽車操作系統繼續在汽車製造商中廣受歡迎。隨著越來越多的汽車 OEM 公開將其品牌承諾用於自動駕駛和聯網汽車，我們很高興地說，許多汽車 OEM 選擇與百度結盟以加快他們的時間表和計劃。

Recently, the total projected accumulated sales of our auto solutions have grown to RMB 10.3 billion as per our internal estimate.

近期，根據我們的內部估計，我們汽車解決方案的預計累計銷售總額已增長至人民幣 103 億元。

Moving to the mobile ecosystem, the user base of our mobile ecosystem continued to grow steadily. We once again delivered strong margins in the second quarter despite the negative impact on our absence caused by macro weakness.

轉向移動生態，我們移動生態的用戶群持續穩定增長。儘管宏觀疲軟對我們的缺席造成了負面影響，但我們在第二季度再次實現了強勁的利潤率。

On the user side, Baidu app's MAU increased by 8% year-over-year to 628 million in June. (inaudible) and the content is distributed through Baidu app grew double digits year-over-year in Q2.

用戶方面，6 月份百度應用的 MAU 同比增長 8% 至 6.28 億。 （聽不清），通過百度應用分發的內容在第二季度同比增長兩位數。

Our innovations and efforts in delivering a closed-loop experience has made by as increasingly valuable to users. In addition to searching for information and knowledge, people come to buy the app to look for ways to fulfill their needs. We have enabled them to order services, purchase products and interact with industry experts and others without leaving the app.

我們在提供閉環體驗方面的創新和努力對用戶來說越來越有價值。除了搜索信息和知識，人們來購買應用程序是為了尋找滿足他們需求的方法。我們使他們能夠在不離開應用程序的情況下訂購服務、購買產品並與行業專家和其他人互動。

Here are some metrics to share. 84% of our DAU in June were locking users -- that's up from 76% a year ago. People have discovered that their user experience within Baidu App continues to improve once they are locked in. Quarterly GMV facilitated Baidu Search, LotSmart grow by about 127% year-over-year. In particular, during the 618-shopping festival, GMV increased by about 260% year-over-year. In June, about 130,000 industry experts actively signed up for instant replies future, up from about 100,000 in March. Total daily instant replies increased by about 190% year-over-year, up about 30% from March.

這裡有一些指標可以分享。 6 月份，我們 84% 的 DAU 鎖定了用戶——高於一年前的 76%。人們發現，一旦被鎖定，他們在百度 App 中的用戶體驗就會持續改善。季度 GMV 促進了百度搜索，LotSmart 同比增長約 127%。特別是618購物節期間，GMV同比增長約260%。 6 月，約 13 萬行業專家積極報名參加未來即時回复，高於 3 月的約 10 萬。每日即時回复總量同比增長約 190%，比 3 月份增長約 30%。

Another highlight is our progress in short [video]. Currently, about 85% of the content distributed within Baidu app feed are short video. During the quarter, we expanded the fully immersive video experience in the service (inaudible) page to all the users. This feature is now available on both search and feed. -- helping a short video consumption on value app. In Q2, short videos distributed through certain feed increased by double digits year-over-year. In addition, we are also using AI to expand our content portfolio. We give common creator AI tools, which they can use to produce video content more efficiently. AI generated content work particularly well for long-term content and breaking mils. While using our close look experience, more and more users are leading their footprint within our mobile ecosystem, increasing our capability to understand user needs and enabling strong conversion optimization at each step of their journey. Together with our continuous effort to optimize the advertising technologies, this has helped us to significantly improve the app conversion rate for our customers.

另一個亮點是我們在短 [視頻] 中取得的進展。目前，百度 App Feed 中約 85% 的內容是短視頻。在本季度，我們將服務（聽不清）頁面中的完全沉浸式視頻體驗擴展到所有用戶。此功能現在可用於搜索和提要。 ——助力價值APP短視頻消費。在第二季度，通過某些 Feed 分發的短視頻同比增長了兩位數。此外，我們還在使用人工智能來擴展我們的內容組合。我們提供通用的創作者 AI 工具，他們可以使用這些工具更有效地製作視頻內容。 AI 生成的內容對於長期內容和突破性內容特別有效。在使用我們的近距離觀察體驗的同時，越來越多的用戶正在我們的移動生態系統中引領他們的足跡，提高我們了解用戶需求的能力，並在他們旅程的每一步實現強大的轉化優化。加上我們不斷努力優化廣告技術，這幫助我們顯著提高了客戶的應用轉化率。

Looking ahead, here are some key takeaways I'd like to give you. First, operationally, we have built strong new growth engines for Baidu Core which we believe will boost Baidu Core's revenue growth in the coming years. By AI cloud uniquely in AI capabilities continues to outgrow most of our peers. Apollo Go continues to solidify its position as the largest autonomous ride-hailing service provider in the world. Apollo Go has entered a new chapter with fully family slide heating open -- while the long term our purpose-built RT6 robotaxi vehicles for [Rakuten] at really low cost, Apollo is set to accelerate its operation, further differentiating from our peers in both technology and operation.

展望未來，這裡有一些我想告訴你的關鍵要點。首先，在運營上，我們為百度核心打造了強勁的新增長引擎，我們相信這將推動百度核心在未來幾年的收入增長。通過 AI 雲，AI 功能的獨特性繼續超過我們的大多數同行。 Apollo Go 繼續鞏固其作為全球最大的自動乘車服務提供商的地位。 Apollo Go 開啟了全家庭滑軌加熱的新篇章——從長遠來看，我們為 [Rakuten] 專門製造的 RT6 自動駕駛出租車車輛以非常低的成本，Apollo 將加速其運營，進一步區別於我們在這兩個領域的同行技術和操作。

And the second takeaway financially is -- the mobile ecosystem will continue to generate strong cash flow to fund our investments in cloud and intelligent driving.

第二個財務要點是——移動生態系統將繼續產生強勁的現金流，為我們在雲計算和智能駕駛方面的投資提供資金。

On a separate note, we are also excited about [iQIYI] continuous efforts in improving operational efficiency. I see once again generated operating profit in Q2, the second consecutive quarter to report positive operating profit on both GAAP and non-GAAP financial measure. Furthermore, iQIYI generated positive net operating cash flow in the quarter for the first time.

另一方面，我們也對[愛奇藝]在提高運營效率方面的持續努力感到興奮。我再次看到第二季度產生了營業利潤，這是連續第二個季度報告 GAAP 和非 GAAP 財務指標的營業利潤為正。此外，愛奇藝在本季度首次產生了正的淨經營現金流。

Before I turn the call to Rong, I'd like to highlight that we will be added to the Hang Seng index from September 5. We believe with the inclusion of Hang Seng Index, one of the best-known industries in Asia the Hong Kong shares of Baidu will receive more onflow. Overall, I'm very proud of the team's strong execution in the quarter and remain excited about our future.

在我把電話轉給榮之前，我想強調一下，我們將從 9 月 5 日起被納入恆生指數。我們相信隨著恆生指數的納入，香港是亞洲最知名的行業之一百度的股票將獲得更多的流入。總體而言，我為團隊在本季度的強勁執行感到非常自豪，並對我們的未來感到興奮。

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 second quarter financial results. Total revenue was RMB 29.6 billion, decreasing 5% year-over-year. Revenue from Baidu Core was RMB 23.2 billion, decreasing 4% year-over-year. Baidu Core, online marketing revenue was RMB 17.1 billion, decreasing 10% year-over-year. Baidu Core non-online marketing revenue was RMB 16.1 billion, up 22% year-over-year. driven by cloud and other AI power businesses. In Q2, Baidu AI cloud increased by 31%, 3-1 year-over-year to RMB 4.3 billion. Revenue from IT was RMB 6.7 billion, decreasing 13% once a year-over-year. Cost of revenues was RMB 15.2 billion, decreasing 5% year-over-year. Primarily due to a decrease in content [causes], partially offset by the increase in personnel-related expenses and other causes related to new AI businesses. Operating expenses were RMB 11.1 billion, decreasing 8% year-over-year, primarily due to an increase in channel spending and promotional marketing expenses.

謝謝你，羅賓。現在讓我向您介紹我們第二季度財務業績的詳細信息。總收入為人民幣296億元，同比下降5%。百度核心收入為人民幣232億元，同比下降4%。百度核心，網絡營銷收入171億元，同比下降10%。百度核心非網絡營銷收入為人民幣161億元，同比增長22%。由雲和其他人工智能業務推動。第二季度，百度AI雲增長31%，同比增長3-1，達到43億元。 IT收入為67億元人民幣，同比下降13%。收入成本為人民幣152億元，同比下降5%。主要是由於內容[原因]的減少，部分被與新人工智能業務相關的人員相關費用和其他原因的增加所抵消。營業費用為人民幣111億元，同比下降8%，主要是由於渠道支出和促銷營銷費用的增加。

Operating income was RMB 3.4 billion. Baidu Core operating income was RMB 3.2 billion, and Baidu Core operating margin was 14% on for -- non-GAAP operating income was RMB 5.5 billion. Non-GAAP Baidu's core operating income was RMB 5.1 billion, and non-GAAP Baidu Core operating margin was 22%. Total other income net was RMB 151 million compared to a total other loss of RMB 2.4 billion last year, which included a fair value loss of RMB 3.1 billion from long-term investments. In the second quarter of 2022, we recognized a favorable gain of RMB 536 million, a significant portion of long-term investments including, but not limited to, investments in equity securities of public and private companies, private equity funds and digital assets is subject to quarterly fair value adjustments which may contribute to a net income volatility in future periods. Income tax expenses was CNY 125 million, decreasing 99% year-over-year, primarily due to the reversal of certain tax expenses accrued for 2021 based on the 2021 tax return filed in the second quarter of 2022 and an increase in deduction on certain expenses that are considered not deductible in the second quarter of 2021. Net income attributable to Baidu was RMB 3.6 billion, and diluted earnings per ADS was RMB 9.97. Net income attributable to Baidu Core was RMB 3.7 billion. Non-GAAP net income attributable to Baidu was RMB 5.5 billion, -- non-GAAP diluted earnings per ADS were RMB 15.79. Non-GAAP net income attributable to Baidu Core was RMB 5.4 billion and non-GAAP net margin for Baidu Core was 24%. Adjusted EBITDA was RMB 7.1 billion, and adjusted EBITDA margin was 24%. Adjusted EBITDA for Baidu Core was RMB 6.6 billion, and adjusted EBITDA margin for Baidu Core was 28%. As of June 30, 2022, cash, cash cadence restricted cash and shopping investments were RMB 189.4 billion and cash, cash equivalents -- the state cash and short-term investments, excluding IT were RMB 184.5 billion. Free cash flow was RMB 5.5 billion and free cash flow, excluding IT, was RMB 5.5 billion. Baidu Core had approximately 36,000 employees as of June 30, 2022. With that, operator, let's now open the call to questions.

營業收入34億元。百度核心營業收入為人民幣 32 億元，百度核心營業利潤率為 14%，非 GAAP 營業收入為人民幣 55 億元。 Non-GAAP百度核心營業收入為人民幣51億元，non-GAAP百度核心營業利潤率為22%。其他淨收入總額為人民幣 1.51 億元，而去年的其他虧損總額為人民幣 24 億元，其中包括長期投資的公允價值損失人民幣 31 億元。 2022年第二季度，我們確認了5.36億元人民幣的有利收益，其中很大一部分長期投資包括但不限於對上市公司和私營公司的股權證券、私募股權基金和數字資產的投資季度公允價值調整可能導致未來期間的淨收入波動。所得稅費用為人民幣1.25億元，同比下降99%，主要是由於根據2022年第二季度提交的2021年納稅申報表轉回了2021年應計的部分稅收費用，以及部分費用的扣除增加2021年第二季度不可抵扣。歸屬於百度的淨利潤為人民幣36億元，每股ADS攤薄收益為人民幣9.97元。歸屬於百度核心的淨利潤為人民幣37億元。 Non-GAAP 歸屬於百度的淨利潤為人民幣 55 億元，非美國通用會計準則每股 ADS 攤薄收益為人民幣 15.79 元。百度核心的非美國通用會計準則淨利潤為人民幣54億元，百度核心的非美國通用會計準則淨利潤率為24%。調整後EBITDA為人民幣71億元，調整後EBITDA利潤率為24%。百度核心調整後EBITDA為人民幣66億元，百度核心調整後EBITDA利潤率為28%。截至 2022 年 6 月 30 日，現金、現金節奏受限現金和購物投資為人民幣 1894 億元，現金、現金等價物——國家現金和短期投資，不包括 IT 為人民幣 1845 億元。自由現金流為人民幣 55 億元，不包括 IT 的自由現金流為人民幣 55 億元。截至 2022 年 6 月 30 日，百度核心擁有約 36,000 名員工。至此，運營商，現在讓我們開始提問吧。

(Operator Instructions) First question is from Alex Yao of JPMorgan. Please go ahead.

（操作員說明）第一個問題來自摩根大通的 Alex Yao。請繼續。

Management I note you guys mentioned that you are seeing a sign of recovery in your advertising business since June -- could you just share more color on the recovery in terms of advertising categories. Looking into the second half of 2022, how do you expect the advertising to develop -- and in the medium to longer term, if we look beyond the near-term impact on COVID, how do you foresee the advertising business to develop in the medium to longer term.

管理層 我注意到你們提到，自 6 月以來，你們的廣告業務出現了復甦的跡象——你們能否就廣告類別的複蘇分享更多的色彩。展望 2022 年下半年，您預計廣告業務將如何發展——從中長期來看，如果我們超越對 COVID 的近期影響，您預計廣告業務將如何在中期發展長期。

Alex, this is Robin. As you know, by the quarter, ad revenues decreased about 10% year-over-year last quarter because of the challenging macro environment. In April and May, our ad revenues experienced a significant year-over-year decrease because COVID-19 impacted some of China's major cities, especially Shanghai and to a lesser extent, Beijing.

亞歷克斯，這是羅賓。如您所知，由於宏觀環境充滿挑戰，上季度廣告收入同比下降約 10%。 4 月和 5 月，我們的廣告收入同比大幅下降，因為 COVID-19 影響了中國的一些主要城市，尤其是上海，在較小程度上影響了北京。

In June, our ad revenue started to recover, when the situation gradually improved and July was better than June. In terms of ad verticals, some of an verticals got hit really hard in April and May. That includes the retail sector, travel, local services and health care, as spending from these verticals has been picking up quickly since June.

6 月份，我們的廣告收入開始回升，情況逐漸好轉，7 月份好於 6 月份。在廣告垂直方面，一些垂直行業在 4 月和 5 月受到了嚴重打擊。這包括零售業、旅遊、本地服務和醫療保健，因為這些垂直領域的支出自 6 月以來一直在迅速回升。

Looking into the second half of the year, we're still facing macro uncertainties. It is hard for us to predict the divestment of (inaudible) at this stage. For example, the resurgence in some of the hot tower destinations like Sanya, caused by the early ending of the summer travel peak season.

展望下半年，我們仍面臨宏觀不確定性。我們很難預測現階段（聽不清）的撤資。例如，由於夏季旅遊旺季提前結束，三亞等一些熱門的塔樓目的地回潮。

Our search app is highly correlated with China's GDP growth and the performance of China's SMEs. So we believe our ad revenue should recover when macro improves.

我們的搜索應用與中國的 GDP 增長和中國中小企業的表現高度相關。所以我們相信我們的廣告收入應該在宏觀改善時恢復。

We have also seen some opportunities for our mobile ecosystem around e-commerce and short videos. For example, integrating e-commerce and short videos with our search and feed. In fact, more and more short videos are available in our search results. This should help us to improve the user experience. I think in the mid- to long term, our -- in which the content in key verticals and our capabilities in facilitating transactions within Baidu App as well as our closed-loop experience for users, will help us to create more user insights for our customers. These insights will help us drive a conversion and generate advertiser value, supporting the long-term growth of our online advertising business.

我們還看到了圍繞電子商務和短視頻的移動生態系統的一些機會。例如，將電子商務和短視頻與我們的搜索和提要相結合。事實上，越來越多的短視頻出現在我們的搜索結果中。這應該有助於我們改善用戶體驗。我認為從中長期來看，我們在關鍵垂直領域的內容和我們在百度 App 內促進交易的能力以及我們對用戶的閉環體驗，將有助於我們為我們的業務創造更多的用戶洞察力。顧客。這些見解將幫助我們推動轉化並創造廣告客戶價值，從而支持我們在線廣告業務的長期增長。

The next question comes from Kenneth Fong of Credit Suisse.

下一個問題來自瑞士信貸的 Kenneth Fong。

Congratulations on another quarter with a strong cloud revenue growth. Can you help us understand the underlying drivers that help Baidu AI cloud to outperform your peers? What's your outlook for the cloud business for the second half of the year? And I'm wondering if you can also help us understand your strategy as well as timeline for the cloud business to reach breakeven?

祝賀另一個季度雲收入增長強勁。您能否幫助我們了解幫助百度 AI 雲超越同行的底層驅動因素？您對下半年的雲業務有何展望？我想知道您是否也可以幫助我們了解您的戰略以及雲業務實現盈虧平衡的時間表？

Thank you, Ken, for your question. This is do. I will address the revenue part and leave the second part to Rong. as just mentioned, right, Baidu Air Cloud continues to grow pretty well in Q2 despite the challenging macro environment. And the revenue was up 31% year-over-year, and the AI cloud now contributed to almost 20% of the total Baidu Core revenue. We believe what differentiates Baidu Cloud from our peers is that we have been dedicated to integrate cloud computing with AI so that our AI capabilities can help our customers to improve efficiency. To be more specific, as a cloud vendor, we have strong AI capabilities. While on the other side, as an AI solution provider, we have strong cloud computing capabilities. So also as we mentioned, so the enterprises in the public sector were the main growth driver for cloud computing. So we built that in China, the traditional enterprises in the public sector are still at the early stage of digital and intelligent transformation.

謝謝你，肯，你的問題。這是做的。我將討論收入部分，將第二部分留給榮。如前所述，對，儘管宏觀環境充滿挑戰，百度空中云在第二季度繼續保持良好增長。收入同比增長 31%，人工智能雲現在貢獻了百度核心總收入的近 20%。我們認為，百度雲與同行的不同之處在於，我們一直致力於將雲計算與人工智能相結合，讓我們的人工智能能力能夠幫助我們的客戶提高效率。更具體地說，作為雲供應商，我們擁有強大的人工智能能力。另一方面，作為人工智能解決方案提供商，我們擁有強大的雲計算能力。正如我們所提到的，公共部門的企業是雲計算的主要增長動力。所以我們認為，在中國，公共部門的傳統企業還處於數字化和智能化轉型的早期階段。

So clearly, this transformation means organization is no matter big or small, they want to use AI to improve their efficiency and their competitiveness, so which will further drive the demand for high-performance computing. So as a result, right, the combined revenues for -- from manufacturing, energy, utilities and the public sector almost doubled in Q2. In the smart transportation, we continue to leverage our leading AI technologies and the deep understanding of autonomous driving to grow our business. So we see small transportation has already become one of the largest verticals for our Baidu AI cloud. So with that, we are confident that revenues from enterprises in the public sector will continue to drive the growth of Baidu Air Cloud in the future. Also since early June, we have seen some gradual improvement in project implementation. But for sure, there are still some uncertainties around COVID-19 in the near term. But however, we believe the strong need and the trend for AI in China remain unchanged. And with that, we aim to continue growing faster than our peers.

很明顯，這種轉變意味著組織無論大小，都希望利用人工智能來提高效率和競爭力，從而進一步推動對高性能計算的需求。因此，沒錯，製造業、能源、公用事業和公共部門的總收入在第二季度幾乎翻了一番。在智能交通領域，我們繼續利用領先的人工智能技術和對自動駕駛的深刻理解來發展我們的業務。因此，我們看到小型交通已經成為我們百度 AI 雲的最大垂直領域之一。因此，我們有信心來自公共部門的企業收入將在未來繼續推動百度空中云的增長。同樣自 6 月初以來，我們看到項目實施的逐步改善。但可以肯定的是，短期內圍繞 COVID-19 仍存在一些不確定性。但是，我們認為中國對人工智能的強烈需求和趨勢沒有改變。因此，我們的目標是繼續以比同行更快的速度增長。

Yes. Kenny. So I will answer the question about margins. As the AI Cloud continue to generate positive gross margins in the second quarter, same as we did in the first quarter. On top of that, we managed to improve our operating margin thanks to our strategy to focus on quality and sustainable revenue growth. So we have two parts in our AI cloud, the first part is the personal cloud. The personal cloud contributes a small portion of the overall cloud revenue it should continue to generate big operating profit, and its revenue is growing a little bit slower than overall cloud. And the second part, which is the majority part is enterprise and pubs cloud, which continue to generate positive gross profit in the second quarter. We improved operating margin growth on a year-over-year and quarter-over-quarter basis. This was because we practically focus on high-quality revenue growth and gradually will reduce the unhealthy projects.

是的。肯尼。因此，我將回答有關邊距的問題。隨著人工智能雲在第二季度繼續產生正毛利率，與我們在第一季度所做的一樣。最重要的是，由於我們專注於質量和可持續收入增長的戰略，我們設法提高了營業利潤率。所以我們的人工智能雲中有兩部分，第一部分是個人云。個人云貢獻了整個雲收入的一小部分，它應該會繼續產生可觀的營業利潤，而且其收入的增長速度比整體雲要慢一些。第二部分，主要是企業和酒吧雲，在第二季度繼續產生正的毛利潤。我們在同比和環比的基礎上提高了營業利潤率增長。這是因為我們切實關注高質量的收入增長，逐步減少不良項目。

I think in the future, we will work very hard to narrow the loss margins. Within enterprise and public sector cloud, the ACE Smart Transportation, which just as mentioned by to, just not already insurance a very healthy gross margin. because of the higher portion of the software and AI components. We think ACE's Smart transportations may achieve breakeven earlier than any other verticals in the coming quarters. and because we have focused on to provide mortalized solutions and products to -- for the key use cases, for example, urban roads, highways and power Secondly, I think we are also working very hard to replicate the similar scenarios in use cases across different industries. Cross-industry replication require AI technology to find our connections across many different scenarios. We believe that our AI technology, such as the large models will help us to achieve that goal. Overall, we will continue to focus on quality and sustainable revenue growth to improve margins and reach profitability in the next few years.

我認為在未來，我們會非常努力地縮小虧損幅度。在企業和公共部門雲中，正如 to 所提到的，ACE 智能交通還沒有保證非常健康的毛利率。因為軟件和人工智能組件的比例更高。我們認為 ACE 的智能交通在未來幾個季度可能會比任何其他垂直行業更早實現盈虧平衡。因為我們專注於為關鍵用例提供實用的解決方案和產品，例如城市道路、高速公路和電力其次，我認為我們也在努力在不同的用例中復制類似的場景行業。跨行業複製需要人工智能技術在許多不同的場景中找到我們的聯繫。我們相信我們的人工智能技術，例如大型模型將幫助我們實現這一目標。總體而言，我們將繼續專注於質量和可持續的收入增長，以在未來幾年提高利潤率並實現盈利。

The next question comes from Lincoln Kong of Goldman Sachs.

下一個問題來自高盛的林肯康。

My question is about robotaxi. So we're quite impressed that RT6 is targeting a cost of RMB 250,000 per car. -- and that's significantly lower than the generation of the taxi models. So can management help us understand what's the main driver for this cost reduction? And what's our outlook for the future cost trend? And how should we think about Robotaxi's economic mechanism on this cost? And any timeline, I think -- when to expect major commercial contribution from the robotaxi business.

我的問題是關於自動駕駛出租車。所以我們對RT6的目標是每輛車25萬元的成本印象深刻。 - 這比出租車模型的一代要低得多。那麼管理層能否幫助我們了解降低成本的主要驅動力是什麼？我們對未來成本趨勢的展望是什麼？我們應該如何看待Robotaxi在這個成本上的經濟機制？我認為任何時間表 - 何時可以期待機器人出租車業務的重大商業貢獻。

Lincoln, this is Robin. I think there are 3 drivers for the cost reduction. First, it's our deep knowledge in the autonomous driving technology and operations. Over the past 9 years, Baidu has seen strong Level 4 technology and gained industrial -- industry know-how on the auto industry and how to operate our 4 ride-hailing services. Also, we have become the largest home [heating] service provider in the world. So we fully understand the [contrive] seating market and understand our passenger's needs. We know where we can simply find our in-car features and where we should allocate more resources. For example, RT6 is a passenger centric vehicle, not a driver-centric vehicle. So on one hand, we have reduced some in-car features designed for the driver to reduce the cost like I mentioned during the prepared remarks, RT6 can remove the steering wheel and exclude some other accessories such as white screen, white display screen for drivers. On the other hand, we put more efforts on safety performance and the passenger experience to make RT6 passenger-centric. For example, we have used safety redundancy in 7 parts of RT6, setting an industry standard. This includes redundancy for computing unit, sensors, steering systems, braking systems, communication system, power supply and auto architecture. Also RT6 is designed for more in-car space and better in-car experience. I also want to highlight that about 60% of our RT6 BOMs for intelligent features like L4 and automating capabilities.

林肯，這是羅賓。我認為降低成本有 3 個驅動因素。首先，這是我們在自動駕駛技術和運營方面的深厚知識。在過去的 9 年裡，百度已經看到了強大的 4 級技術，並獲得了關於汽車行業以及如何運營我們的 4 種叫車服務的行業知識。此外，我們已成為全球最大的家庭[供暖]服務提供商。因此，我們充分了解 [contrive] 座椅市場並了解乘客的需求。我們知道在哪裡可以輕鬆找到我們的車載功能，以及我們應該在哪里分配更多資源。例如，RT6 是以乘客為中心的車輛，而不是以駕駛員為中心的車輛。所以一方面，我們減少了一些專為駕駛員設計的車載功能以降低成本，就像我在準備備註中提到的那樣，RT6可以卸下方向盤並排除一些其他配件，例如白屏，駕駛員白顯示屏.另一方面，我們更加註重安全性能和乘客體驗，讓RT6以乘客為中心。例如，我們在 RT6 的 7 個部分使用了安全冗餘，樹立了行業標準。這包括計算單元、傳感器、轉向系統、制動系統、通信系統、電源和汽車架構的冗餘。此外，RT6 旨在提供更多的車內空間和更好的車內體驗。我還想強調一下，我們大約 60% 的 RT6 BOM 用於 L4 和自動化功能等智能功能。

The second driver is scale. We plan to leverage third-party automakers to produce RT6 for us. So RT6 will not retrofit on a passenger vehicle. This is a key differentiator of RT6. We will pay for the BOM of RT6 instead of the retail price like what we did in the past. One by being able to move away from retrofitting vehicles to use third-party automakers to produce RT6, that's because we have the capability to offer large scale to protect the operation, supported by our leading autonomous driving technology and operational capabilities.

第二個驅動因素是規模。我們計劃利用第三方汽車製造商為我們生產 RT6。因此 RT6 不會在乘用車上進行改裝。這是 RT6 的關鍵區別。我們將支付 RT6 的 BOM，而不是像過去那樣的零售價。一是能夠從改裝車輛轉向使用第三方汽車製造商生產 RT6，這是因為我們有能力在領先的自動駕駛技術和運營能力的支持下提供大規模的運營保護。

And I think the third driver is the divestment of the value chain for China's intelligent EV industry. RT6 was launched at the time when China's intelligent industry is well built up with many new EV companies and auto part producers in the market. In particular, many autonomous driving-related auto parts are now being produced locally. So intelligent EVs are becoming more affordable than before. And for the automotive-related auto parts, its cost is also much lower than before. For example, LiDAR. LiDAR is the most important component for autonomous driving solutions. It was charged hundreds of thousands of U.S. dollars in the beginning, but now it only costs like $1,000. So in the future, we believe the BOM for our robotaxi will continue to decrease because China's intelligent EV industry will continue to develop. And Apollo Go will continue to scale.

我認為第三個驅動因素是中國智能電動汽車產業價值鏈的剝離。 RT6 的推出恰逢中國智能產業發展成熟，市場上有許多新的電動汽車公司和汽車零部件生產商。尤其是許多與自動駕駛相關的汽車零部件現在都在本地生產。因此，智能電動汽車變得比以前更實惠。而對於汽車相關的汽車零部件，其成本也比以前低很多。例如，激光雷達。激光雷達是自動駕駛解決方案最重要的組成部分。一開始收費幾十萬美元，現在只要1000美元左右。所以在未來，我們相信我們的機器人出租車的BOM會繼續減少，因為中國的智能電動汽車產業會繼續發展。 Apollo Go 將繼續擴大規模。

Our approach is a gradual approach. We will continue to roll out regions in different cities. So therefore, scale up our robotaxi service, as we gain scale, as we improve continuously on technology, I think that the cost for operating such a service will continue to drop. And we certainly have the first-mover advantage and the barrier to entry for this will become higher and higher.

我們的方法是循序漸進的方法。我們將繼續在不同城市推出區域。因此，擴大我們的機器人出租車服務，隨著我們擴大規模，隨著我們不斷改進技術，我認為運營此類服務的成本將繼續下降。我們當然有先發優勢，進入這個門檻會越來越高。

The next question comes from Alicia Yap of Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

I have a follow-up question on Apollo Go. So congratulations on some of the solid achievements recently. Can management provide some update on regulatory environment for autonomous driving and robotaxi in China? And how Baidu will capture on this trend? And then can management also provide updates on Baidu's goal and strategy for this fully driverless operation?

我有一個關於 Apollo Go 的後續問題。因此，祝賀最近取得的一些堅實成就。管理層能否提供有關中國自動駕駛和自動駕駛出租車監管環境的最新信息？百度將如何把握這一趨勢？那麼管理層是否也可以提供有關百度對於這項完全無人駕駛業務的目標和戰略的更新？

Thank you. Thanks -- this is Jen. Just as Robin said, Ogo is already the largest automotive service wiring. In quarter 2, optical has completed 287,000 rides and were clearly ridesharing surpassed $1 million. This number is much higher than option -- our strategy is to leverage a large operation to improve level technology and growing faster and larger. This is very important in China because of the road and traffic acquisition are what we communicated here and the data generated from larger steel operations will help us to improve our lower hall technology and open the problem.

謝謝你。謝謝——這是珍。正如 Robin 所說，Ogo 已經是最大的汽車服務佈線。在第 2 季度，optical 已完成 287,000 次乘車，並且拼車顯然超過了 100 萬美元。這個數字遠高於選項——我們的策略是利用大型運營來提高水平技術並更快、更大地發展。這在中國非常重要，因為我們在這裡交流的是道路和交通採集，大型鋼鐵業務產生的數據將幫助我們改進我們的下層大廳技術並解決問題。

Today, our goal is already available in more than 10 cities including all the Tier 1 cities in China. Our operating areas are many places, including visions, office buildings and the hospitals (inaudible). On the upside, we're also expanding of (inaudible).

今天，我們的目標已經在包括中國所有一線城市在內的10多個城市推出。我們的經營區域很多，包括願景、辦公樓和醫院（聽不清）。從好的方面來說，我們也在擴大（聽不清）。

With (inaudible) RT6 as a target market production cost or RMB 250,000. We will be able to purchase grow off-rate at a faster pace. In the future, we will continue to improve our Level 4 technology, and grow our operation. Also, we will try to push and make our influence on China's regulation or autonomous drive.

以（聽不清）RT6 作為目標市場生產成本或人民幣 250,000 元。我們將能夠以更快的速度購買非增長率。未來，我們將繼續改進我們的 4 級技術，並發展我們的業務。此外，我們將努力推動和影響中國的監管或自動駕駛。

For technology, we started up to offer autonomous ride hailing services on open roads in Wuhan on May 1. In less than 3 months, we will allow us to provide fully [dressing] services on the open road. The great progress is for our leading technologies and capability.

技術方面，我們於 5 月 1 日開始在武漢開放道路上提供自動叫車服務。在不到 3 個月的時間裡，我們將允許我們在開放道路上提供全面的 [換裝] 服務。巨大的進步是因為我們領先的技術和能力。

For operation and the Edon region in as Robin mentioned, we have already acquired about 10% back share for riding heating services in the region. Our average each of tactical commit more than 25. As a pioneer in the industry, Baidu worked closely with the regulator to set up regulations and industry standards. Recently, the Chinese ministry of transport issued a draft of deadline for the driving record transportation safety services. The guidelines aim to push the commercial operations or autonomous ride-hailing services in China. This is the first regulation on our ride hailing services. At a central government level globally. It matched the China's efforts in promoting high-level autonomous driving. We are proud to be the first and only company in China to offer fully (inaudible) services. In early August, Baidu was allowed to provide fully public-wide heating services and classic in Chongqing and Wuhan who owned China's major cities in the Middle East. In the future, we will continue to scale up our region and try to push fully drives the right heading to [markets].

對於羅賓提到的運營和伊頓地區，我們已經獲得了該地區約 10% 的騎行供暖服務份額。我們平均每個戰術承諾超過 25 次。作為行業的先驅，百度與監管機構密切合作，制定法規和行業標準。近日，交通運輸部發布了行車記錄運輸安全服務期限徵求意見稿。該指南旨在推動中國的商業運營或自動乘車服務。這是我們的網約車服務的第一個規定。在全球中央政府層面。這與中國推進高水平自動駕駛的努力相吻合。我們很自豪能成為中國第一家也是唯一一家提供全面（聽不清）服務的公司。 8月初，百度獲准在擁有中國中東主要城市的重慶和武漢提供全面的公共供暖服務和經典。未來，我們將繼續擴大我們的區域，並努力將正確的方向推向[市場]。

The next question comes from Eddie Leung of Bank of America Merrill Lynch.

下一個問題來自美銀美林的 Eddie Leung。

I have a question about your autonomous driving solution for OEMs. So you mentioned that the contract value after the end quarter was just over $10 billion. It doesn't seem to be increased -- increasing much from the last quarterly result, could you tell a little bit about the reason behind that? And then could you also remind us some of the automakers that have been working with you guys in using your autonomous driving solutions?

我有一個關於你們為 OEM 提供的自動駕駛解決方案的問題。所以你提到結束季度後的合同價值剛剛超過 100 億美元。似乎並沒有增加——比上一季度的結果增加了很多，你能談談這背後的原因嗎？然後你能否提醒我們一些與你們合作使用自動駕駛解決方案的汽車製造商？

Ed, let me answer your questions. I think as Robin mentioned in the remarks, yes, the total projected cumulative sales of our ad solutions has been RMB 10.3 billion as per our own estimates. I think later talk about the numbers we need to keep in mind, the smart EV is a trend that is irreversible. For cars, we believe that over the long term, electrification is just a part of the play and intelligence is the game changer. So in the future, EV without intelligent driving capabilities will not be competitive. And many automakers like some leading domestic or even international automakers, they are interested in using our solutions for their models to capture this kind of new market opportunity.

埃德，讓我回答你的問題。我認為正如 Robin 在評論中提到的那樣，是的，根據我們自己的估計，我們的廣告解決方案的預計累計總銷售額為 103 億元人民幣。我想稍後談談我們需要記住的數字，智能電動汽車是一種不可逆轉的趨勢。對於汽車，我們相信從長遠來看，電氣化只是遊戲的一部分，而智能是遊戲規則的改變者。所以在未來，沒有智能駕駛能力的電動汽車將沒有競爭力。許多汽車製造商像一些領先的國內甚至國際汽車製造商一樣，有興趣在他們的車型中使用我們的解決方案來抓住這種新的市場機會。

Based on our conversations with them, we understand the automakers like our AI capabilities, our insights of the autonomous driving and our strong brand. And we are talking with many of the automakers, both locally and globally, and some are very large names in the industry. I want to emphasize that each automaker has its own schedule for setting up the countries with the suppliers. This could result in a different pace of our backlog. This is absolutely normal in auto industry. As of today, we have partnered with many automakers, including some leading like (inaudible) model and so on.

根據我們與他們的對話，我們了解汽車製造商，例如我們的人工智能能力、我們對自動駕駛的洞察力和我們強大的品牌。我們正在與本地和全球的許多汽車製造商進行交流，其中一些是業內非常知名的品牌。我想強調的是，每個汽車製造商都有自己的時間表來與供應商建立國家/地區。這可能會導致我們積壓的速度不同。這在汽車行業是絕對正常的。截至今天，我們已經與許多汽車製造商合作，包括一些領先的（聽不清）車型等。

And in addition to our in-car infotainment solutions, more and more customers now are adopting our Apollo self-driving products, including the [ANP] products Apollo Navigation Pilot for highways or urban roads. The automatic AVP products and HD Maps products. I think in the future, we will continue to expand our partnership to work with more automakers -- and as more and more models equate our auto solutions are set to be launched into the market in the coming 3 years, the auto solution should start generating many revenues.

除了我們的車載信息娛樂解決方案外，現在越來越多的客戶正在採用我們的 Apollo 自動駕駛產品，包括用於高速公路或城市道路的 [ANP] 產品 Apollo Navigation Pilot。自動AVP產品和高精地圖產品。我認為在未來，我們將繼續擴大我們的合作夥伴關係，與更多的汽車製造商合作——隨著越來越多的車型等同於我們的汽車解決方案將在未來 3 年內推向市場，汽車解決方案應該會開始產生許多收入。

The next question comes from Gary Yu of Morgan Stanley.

下一個問題來自摩根士丹利的 Gary Yu。

Congratulations on the solid results. My question is about margin and cost control and optimization. We saw that you achieved another strong quarter results with margin better than expected. Could you please elaborate the efforts to talk for such encouraging results and what is the margin outlook for the second half of the year?

祝賀你取得了堅實的成果。我的問題是關於利潤和成本控制和優化。我們看到您取得了另一個強勁的季度業績，利潤率好於預期。您能否詳細說明為取得如此令人鼓舞的結果所做的努力以及下半年的利潤率前景如何？

Yes, thanks so much, Gary, and I'll answer this question. I think despite of the very challenging macro environment in Q2, Baidu core's non-GAAP operating margin is 22%, which is up 5 percentage points quarter-over-quarter. Over the past few months, I think we have made a lot of efforts to improve our operational efficiencies -- and for example, the Baidu [core's], SG&A was down by 12% year-over-year in the second quarter. I think our business are at a different stage of development. So we have different strategies of investment for each business.

是的，非常感謝，Gary，我會回答這個問題。我認為，儘管第二季度宏觀環境非常具有挑戰性，但百度核心的非公認會計準則營業利潤率為 22%，環比增長 5 個百分點。在過去的幾個月裡，我認為我們已經做出了很多努力來提高我們的運營效率——例如，百度 [core's]、SG&A 在第二季度同比下降了 12%。我認為我們的業務處於不同的發展階段。因此，我們對每項業務都有不同的投資策略。

For the mobile ecosystem, which is relatively mature business, our goal is to keep its profits and margins solid. So that our remote ecosystem can continue to generate a very strong cash flow to support our investments in the new AI initiatives.

對於相對成熟的業務移動生態系統，我們的目標是保持其利潤和利潤率穩定。這樣我們的遠程生態系統就可以繼續產生非常強勁的現金流，以支持我們對新 AI 計劃的投資。

I think for our new AI businesses, we will be focused on AI cloud and intelligent driving. Both of them grew very fast in the past few quarters, which you can see there. So we will continue to make necessary investments as needed. AI now will remain focused on here and sustainable revenue growth, and we aim to continue improving our operating margins in the future.

我認為對於我們新的人工智能業務，我們將專注於人工智能雲和智能駕駛。在過去的幾個季度中，它們都增長得非常快，你可以在那裡看到。因此，我們將繼續根據需要進行必要的投資。 AI 現在將繼續專注於這里和可持續的收入增長，我們的目標是在未來繼續提高我們的營業利潤率。

The next question comes from James Lee of Mizuho.

下一個問題來自瑞穗的 James Lee。

My question is regarding [Jidu] and congratulations, by the way, on your launch in June. And at the same time, you guys also launched RT6. I'm just curious about maybe the positioning of Jidu and RT 6. Can you guys talk about the customer segmentation strategy of the two autonomous driving vehicles? Just curious how much overlap in demand between the two.

我的問題是關於 [Jidu] 的，順便祝賀你們在 6 月推出。同時，你們也推出了RT6。我只是好奇極度和RT 6的定位，你們能談談這兩款自動駕駛汽車的客戶細分策略嗎？只是好奇兩者之間的需求有多少重疊。

Yes. This is Robin. The position for Jidu and RT6 are very different. Before I talk about Jidu, let me first talk about our strategy for intelligent driving. Our goal is to provide large-scale fully driverless ride-hailing services on open road. This is powered by our L4 autonomous driving technology. And at the same time, we use some of our L4 capabilities to put them into assisted driving features to support automakers' intelligent driving needs. And Jidu is just a perfect example of such automakers. So if you look at our business portfolio for intelligent driving, we have RT6. RT6 represents Baidu's best automating technology. RT6 is for large-scale fully driverless ride-hailing services on open road.

是的。這是羅賓。 Jidu和RT6的定位非常不同。在說極都之前，我先說一下我們的智能駕駛策略。我們的目標是在開闊的道路上提供大規模的完全無人駕駛的叫車服務。這由我們的 L4 自動駕駛技術提供支持。同時，我們利用部分 L4 能力，將其融入到輔助駕駛功能中，以支持汽車製造商的智能駕駛需求。而極都正是此類汽車製造商的完美典範。因此，如果您查看我們的智能駕駛業務組合，我們有 RT6。 RT6 代表了百度最好的自動化技術。 RT6 適用於開放道路上的大規模完全無人駕駛叫車服務。

That is not a consumer-facing vehicle. I mean it's not selling to the consumer. Jidu's Robo 1 is a consumer seating product. We put on our Level 4 technology into Level 3 or Level 2+, if you will. Jidu Robo1 will be equipped with AMP 3.0, our most advanced autonomous driving solution. AMP 3.0 can handle end-to-end intelligent driving and parking, urban roads and highways. Also, our smart cabin will be installed in the car. It allows Jidu to provide voice interaction, inside and outside the car. We believe these new features will help us to expand our business.

那不是面向消費者的車輛。我的意思是它不賣給消費者。 Jidu 的 Robo 1 是一款消費類座椅產品。如果您願意，我們會將我們的 4 級技術提升到 3 級或 2 級以上。 Jidu Robo1 將配備我們最先進的自動駕駛解決方案 AMP 3.0。 AMP 3.0可以處理端到端的智能駕駛和停車，城市道路和高速公路。此外，我們的智能駕駛艙將安裝在車內。它允許極都提供車內和車外的語音交互。我們相信這些新功能將幫助我們擴展業務。

For the timeline, we could see everything is well on track. We could see the first mass-produced Robo1 finished very soon. The timeline demonstrate Jidu's capability from design to mass production. Jidu plans to take orders for Robo1 later this year and deliver the vehicles starting 2023.

對於時間表，我們可以看到一切都在正常進行。我們可以看到第一台量產的 Robo1 很快就完成了。時間表展示了極都從設計到量產的能力。 Jidu 計劃在今年晚些時候接受 Robo1 的訂單，並從 2023 年開始交付車輛。

And Jidu has the second model. Jidu plan to launch at the end of this year, then start taking orders in 2023 and deliver in 2024 for our second model.

而極都有第二種模式。極都計劃在今年年底推出，然後在 2023 年開始接受訂單，並在 2024 年為我們的第二款車型交付。

Our last question will come from Wei Xiong of UBS.

我們的最後一個問題將來自瑞銀的熊偉。

First, I'm wondering if management can share some updates on your capital allocation. Could management talk a bit more on the implementation of your share buyback program? And how do you balance the investments into new businesses versus doing more buybacks or dividend? And second, as we recently saw the development between the U.S. and Chinese regulators regarding the audit inspections of ADRs, could management also share your thoughts on this progress? And given some of your peers have started the process to convert into dual primary listing, I was wondering would Baidu also consider such a U.S. Hong Kong due primary listing status?

首先，我想知道管理層是否可以分享有關您的資本配置的一些更新。管理層可以多談一下你的股票回購計劃的實施嗎？您如何平衡對新業務的投資與進行更多的回購或分紅？其次，正如我們最近看到美國和中國監管機構在 ADR 審計檢查方面的發展一樣，管理層是否也可以分享您對這一進展的看法？鑑於您的一些同行已經開始轉為雙主上市，我想知道百度是否也會考慮這種美國香港應有的主上市地位？

Yes. Thank you for your questions. Let me answer your questions. I think as of today, we have returned about USD 2.9 billion to shareholders under the 2020 share repurchase program. The program authorized USD 4.5 billion cap which means we still have around USD 1.6 billion left in the program. Baidu will continue to buy back our shares from open markets since we quite strongly believe in our long-term developments.

是的。謝謝你的提問。讓我回答你的問題。我認為，截至今天，我們已根據 2020 年股票回購計劃向股東返還了約 29 億美元。該計劃授權了 45 億美元的上限，這意味著我們仍有大約 16 億美元的資金用於該計劃。百度將繼續從公開市場回購我們的股票，因為我們非常相信我們的長期發展。

If you're looking to our balance sheet, as of Q2, our cash equivalents, restricted cash and short-term investments were USD 28.3 billion, and we also have the other USD 11.1 billion in our loan term investments. And if you look into our business today, some of that was mentioned in our previous remarks, I think for mobile system, it continues to generate wide healthy profits and margins. For Baidu AI Cloud, the revenue has been growing very fast, faster than our peers in this industry.

如果您查看我們的資產負債表，截至第二季度，我們的現金等價物、受限現金和短期投資為 283 億美元，我們還有其他 111 億美元的貸款期限投資。如果您今天查看我們的業務，其中一些在我們之前的評論中提到過，我認為對於移動系統，它繼續產生廣泛的健康利潤和利潤率。對於百度AI雲來說，收入增長非常快，比我們同行業的同行還要快。

For Apollo Go, it's already the largest outside heading service provided in the world. So everything is pretty much on track. So we believe that we are on the right direction, and we will continue to invest in other steps.

對於 Apollo Go，它已經是世界上提供的最大的外部航向服務。所以一切都在軌道上。因此，我們相信我們的方向是正確的，我們將繼續在其他步驟上進行投資。

And about the second question about the delisting and the primary in Hong Kong, I think the most recent statement of the protocol site between the PCOB and the Chinese authorities marks the very important first step towards opening access for the PCOB to investigate complete to the rest public accounting fund in China. I think which is a very important milestone for both countries and China-based issue with the ADR trading in the U.S. Also, we can feel that the 2 governments are practically seeking solutions.

關於第二個關於香港退市和初選的問題，我認為 PCOB 與中國當局之間協議網站的最新聲明標誌著 PCOB 向其他人開放調查的非常重要的第一步中國公共會計基金。我認為這對於兩國和中國在美國的 ADR 交易問題上都是一個非常重要的里程碑。此外，我們可以感覺到兩國政府正在切實尋求解決方案。

For Baidu, we have already have the Hong Kong secondary listing, and we have some major shareholders who converted their (inaudible) ADR into ordinary shares in Hong Kong. Also, we are also very glad to be included in the Hang Seng index. It will take effect on September 5. We believe with the inclusion to the Hang Seng Index, our Hong Kong shares will receive more front flow.

對於百度，我們已經在香港進行了二次上市，我們有一些大股東將他們的（聽不清）ADR 轉換為香港的普通股。此外，我們也很高興被納入恆生指數。將於 9 月 5 日生效。我們相信隨著納入恆生指數，我們的港股將獲得更多的前線資金。

For the primary listing, as far as what we understand, the process of switching from the secondary to primary listing in Hong Kong should be straightforward. We don't see any kind of hurdles for us to achieve that. But I think what's more important for us is to remain focused on business fundamentals and drive long-term shareholder values. Also, Baidu will continue to comply with applicable loss in both China and the United States and try to maintain listing both in NASDAQ and Hong Kong exchange.

對於第一上市，據我們了解，在香港從第二上市轉為第一上市的過程應該是直截了當的。我們認為實現這一目標沒有任何障礙。但我認為對我們來說更重要的是繼續專注於業務基本面並推動長期股東價值。此外，百度將繼續遵守中國和美國的適用損失，並努力維持在納斯達克和香港交易所的上市。

That will conclude today's question-and-answer session. That does conclude our conference for today. We thank you for participating, and you may now disconnect.

今天的問答環節到此結束。這確實結束了我們今天的會議。我們感謝您的參與，您現在可以斷開連接。