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.

（操作員指示）現在，我想將會議交給百度投資人關係主管林娟。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，歡迎參加百度2022年第二季業績電話會議。百度的財報已於今天早些時候發布，您可以在我們的網站和新聞專線服務上找到一份副本。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，我們負責百度人工智慧雲端事業部的執行副總裁；以及負責百度智慧駕駛的高級副總裁 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.

在我們準備好發言之後，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。除適用法律要求外，百度不承擔更新任何前瞻性聲明的義務。

Our earnings press release and 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 GAAP 財務指標的討論。我們的新聞稿將 ADS 非 GAAP 指標與（聽不清楚）最直接可比較的 GAAP 指標進行了對賬，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. 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。百度公司第二季營收為232億元人民幣，非美國通用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.

新冠疫情的復發導致本季宏觀環境不利。然而，由於我們很好地配合了政府對技術創新的反覆投入，百度智慧雲端和智慧駕駛業務保持了快速成長勢頭。

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.

尤其是百度智慧雲端Q2營收年增31%，成長率超過許多同行，貢獻了百度核心當季營收的18%。這一數字比去年同期的 9% 有所上升，為 14%。此外，百度智慧雲端的營業利潤率較去年同期和較上季均有所提高。

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 在第二季完成了 287,000 條線路，較去年同期成長近 500%。 7月20日，Apollo Go累積成交價達100萬。今年7月，我們發布了第六代Apollo Robotaxi汽車Apollo RP6，這是中國乃至全球首次將Robotaxi的成本降至大眾電動車的價格水準。我們的目標是在 2024 年投入大量 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.

儘管百度核心廣告收入在第二季度因宏觀環境挑戰而同比下降了 10%，但由於我們專注於卓越營運和效率，我們的行動生態系統繼續產生強勁的現金流。自6月初以來，隨著管控措施逐步解除，我們看到了復甦的跡象。例如，6月和7月我們的廣告收入較去年同期降幅有所收窄。尤其是在618購物節期間，零售客戶廣告收入恢復了年成長。隨著一些主要旅行限制的逐步取消，百度智慧雲端的專案實施也不斷改善。

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.

儘管復甦可能是漸進的，而且新冠疫情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、策略和能力仍然完好無損。正如我所做的那樣，我們已經建立了長期思考的紀律，我們相信這在這個快速發展的創新和高度競爭的製勝環境中是一筆強大的資產。

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.

成本優化和營運效率始終是我們的首要考慮因素。我們的行動生態系統業務應繼續產生強勁的現金流，以支持和資助我們對百度智慧雲端和智慧駕駛的長期投資。

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的營運亮點。本季度，百度智慧雲端營收年增 31%，再次超越同行，儘管面臨新冠疫情復發帶來的宏觀挑戰。我們的成長得益於企業業務和公共部門雲端業務的強勁表現。幸運的是，由於我們專注於更健康、更永續的雲端收入成長，我們在第二季度成功地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.

我們的目標是隨著規模的進一步擴大而實現盈利。 AI Cloud持續受惠於中國的成長機會、數位化和智慧化轉型。我們相信這種轉變正處於早期階段，組織渴望利用科技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.

過去幾年，我們在人工智慧技術上取得了巨大進步，透過開放平台向企業和開發者廣泛開放了我們的人工智慧能力，累積了寶貴的行業經驗，在製造業、交通運輸業、能源和公用事業以及公共部門等領域的生產力得到了顯著提升。

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.

百度智慧雲端的差異化優勢在於我們的人工智慧能力和對產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所提供的順風。

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 第二季度的營收成長了約 40%。在第二季度，我們贏得了來自新舊客戶的幾個高速公路和城市道路新項目。截至第二季末，百度ACE智慧交通簽約金額超2,000萬元的城市已達51個，去年同期為20個，上一季為41個。

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.

未來我們將持續聚焦重點產業，利用人工智慧創新，實現類似用例的跨產業複製。透過這樣做，我們相信我們將能夠減少經營損失並隨著時間的推移而實現盈利。同時，我們將持續專注於高品質、可持續的收入成長，力求繼續超越同行。

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.

邁向智慧駕駛，Apollo Go持續向營運建置邁出重要一步，鞏固其作為全球第五大自動駕駛服務供應商的領先地位。第二季度，Apollo Go 為公眾提供了 287,000 次乘車服務，年增近 500%，環比增長 50%。 2022年7月20日，Apollo Go累計出遊次數達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，我們估計Apollo Go已取得EdRAM上下客雙流叫車服務10%的市佔率。 Apollo Go上線不到兩年，已經成為我們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.

目前，每天有超過100輛可呼叫車輛為居民提供服務，每輛車平均每天完成20次接送任務。今年7月，Apollo Go落地華立、成都，目前已覆蓋全國10餘個城市，並在7個城市開始收費。

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.

我們相信規模化的營運能夠讓我們的自動駕駛技術水準進一步提升。透過日常操作產生的數據，我們可以發現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.

運作過程中出現的新冠病毒感染病例數量遠遠超過車輛和檢測發現的病例數。此外，自上次財報電話會議以來，Apollo Go 取得了一些令人興奮的進展，標誌著其獲得提供全自動駕駛叫車服務系統的許可，並推出了第六代自動駕駛計程車 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照明服務。我們也被授權對這些服務收取費用。我們很自豪能夠成為中國第一家也是唯一一家在完全開放的道路上向公眾提供全自動駕駛叫車服務的公司，車上無需人類駕駛員。這些成績的取得，充分證明了我們卓越的4級自動駕駛技術，也為我們透過規模化營運推動技術進步的策略提供了有力支持。

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，百度世界發表了第六代Robotaxi車型Apollo RT6，目標量產成本為25萬元。這明顯低於第五代汽車的量產成本，並且處於大眾市場電動車的價格範圍內。 RT6 旨在提供大規模全無人駕駛叫車服務，並在我們的技術和營運能力都準備就緒時推出。

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，中國的智慧電動車價值鏈已經完善。一些用於 4 級（自動駕駛）解決方案的汽車零件已經在中國生產，而且價格比幾年前低得多。此外，RT6 是一款以乘客為中心的車輛——因此我們移除了一些專為駕駛員設計的零件。例如，RT6 有一個可拆卸的方向盤，可以釋放額外的座位、行李、休息甚至一些娛樂設備的空間，從而為乘客提供更好的車內體驗。

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.

這些成果為Apollo Go大幅降低營運最大的兩大成本項目－人力成本和Robotaxi車輛成本奠定了堅實的基礎。這是Apollo Go建構革命性商業模式、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旅遊選擇，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.

百度阿波羅的汽車解決方案，包括 ASD 和我們的汽車作業系統，繼續受到汽車製造商的歡迎。隨著越來越多的汽車原始設備製造商公開承諾將其品牌投入自動駕駛和連網汽車領域，我們很高興地宣布，許多汽車製造商選擇與百度結盟，以加快其時間表和計劃。

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

近期，我們內部預期汽車解決方案的累計總銷售額已成長至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.

轉向行動生態系統，我們的行動生態系統的用戶群繼續穩定成長。 儘管宏觀經濟疲軟對我們的缺席造成了負面影響，但我們在第二季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月百度App月活躍用戶數年增8%至6.28億。 （聽不清楚）透過百度應用程式分發的內容在第二季度同比增長了兩位數。

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使得我們對使用者的價值越來越大。除了搜尋資訊和知識之外，人們購買應用程式還是為了尋找滿足其需求的方法。我們使他們無需離開應用程式即可訂購服務、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.

以下是一些可供分享的指標。 6 月我們的 DAU 中有 84% 是鎖定用戶，比一年前增加了 76%。人們發現，一旦鎖定百度 App，他們的使用者體驗就會不斷提高。季度 GMV 推動百度搜尋、LotSmart 年成長約 127%。尤其618購物節期間，GMV年增約260%。 6月份，約有13萬名業界專家積極註冊即時回覆未來，而3月份這一數字約為10萬。每日即時回覆總量年增約190%，較3月份增加約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方面的進步。目前，百度應用程式資訊流中分發的內容約85%為短影片。在本季度，我們將服務（聽不清楚）頁面中的完全沉浸式視訊體驗擴展至所有用戶。此功能現在可在搜尋和資訊流中使用。 ——助力價值應用上的短影片消費。第二季度，透過特定資訊流分發的短影片較去年同期成長兩位數。此外，我們也正在使用人工智慧來擴展我們的內容組合。我們為常見的創作者提供AI工具，讓他們能夠更有效率地製作影片內容。人工智慧產生的內容對於長期內容和突破性內容特別有效。在使用我們的密切觀察經驗的同時，越來越多的用戶在我們的行動生態系統中引領他們的足跡，增強了我們了解用戶需求的能力，並在他們旅程的每一步實現了強大的轉換優化。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換率。

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，我想提供給大家以下一些關鍵要點。首先，在營運上，我們為「百度核心」打造了強勁的新成長引擎，相信這將在未來幾年推動「百度核心」的營收成長。透過人工智慧雲端獨特的人工智慧能力，我們的成長速度不斷超越大多數同行。 Apollo Go 持續鞏固其作為全球最大自動駕駛叫車服務提供者的地位。 Apollo Go 已進入全新篇章，全面開啟家庭用車共享時代——而從長遠來看，我們為樂天專門打造的 RT6 自動駕駛出租車車輛成本非常低，Apollo 將加速運營，在技術和運營方面進一步與同行區分開來。

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.

從財務角度來看，第二個收穫是——行動生態系統將繼續產生強勁的現金流，為我們在雲端運算和智慧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.

另外，我們也對愛奇藝不斷努力提高營運效率感到興奮。我看到第二季度再次產生了營業利潤，這是連續第二個季度在 GAAP 和非 GAAP 財務指標上都報告正營業利潤。此外，愛奇藝本季首次實現正淨經營現金流。

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.

在將電話轉給榮之前，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，隨著被納入亞洲最知名的行業之一恆生指數，百度的香港股票將獲得更多的流入。總的來說，我對團隊在本季的強勁表現感到非常自豪，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.

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 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。現在讓我向您介紹一下我們第二季財務業績的詳細資訊。總營收為人民幣296億元，年減5%。百度核心營收為人民幣232億元，較去年同期下降4%。百度核心網路行銷收入為人民幣171億元，較去年同期下降10%。百度核心非線上行銷收入為人民幣161億元，較去年同期成長22%。由雲端和其他人工智慧動力業務驅動。第二季度，百度AI雲營收為43億元人民幣，年增31%，季增13%。 IT營收為67億元，年減13%。營業成本為人民幣152億元，較去年同期下降5%。主要是由於內容減少，部分被人員相關費用增加以及與新AI業務相關的其他原因所抵消。營業費用為人民幣111億元，較去年同期下降8%，主要由於通路支出和促銷行銷費用增加。

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.

營業收入為人民幣34億元。 「百度核心」營業收入為 32 億元，營業利益率為 14%，非美國通用會計準則營業收入為人民幣 55 億元。非美國通用會計準則下百度核心營運收入為人民幣51億元，非美國通用會計準則下百度核心營運利潤率為22%。其他淨收入總額為人民幣 1.51 億元，而去年其他虧損總額為 24 億元，其中包括長期投資公允價值損失 31 億元。 2022年第二季度，我們確認了人民幣5.36億元的有利收益，其中很大一部分長期投資（包括但不限於對上市公司和私人公司的股權證券、私募股權基金和數位資產的投資）需要進行季度公允價值調整，這可能會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，年減 99%，主要由於根據 2022 年第二季度提交的 2021 年度納稅申報表，沖銷了 2021 年已計提的部分所得稅費用，以及增加了 2021 年第二季度某些被視為不可抵扣的費用的扣除額。歸屬於百度的淨利為人民幣 36 億元，每股美國存託憑證攤薄收益為人民幣 9.97 元。歸屬於百度核心的淨利為37億元。非美國通用會計準則下歸屬於百度的淨利為55億元人民幣，非美國通用會計準則下每股美國存託憑證攤薄收益為15.79元。非美國通用會計準則下歸屬於「百度核心」的淨利為人民幣54億元，非美國通用會計準則下「百度核心」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，調整後EBITDA利潤率為28%。截至2022年6月30日，現金、現金等價物（限制性現金及購物投資）為人民幣1,894億元，現金、現金等價物（國家現金及短期投資，不包括IT）為人民幣1,845億元。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，百度核心約有 36,000 名員工。接線員，現在讓我們開始提問。

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

（操作員指示）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——你們能否從廣告類別的角度分享更多有關復甦的情況。展望 2022 年下半年，您預期廣告業務將如何發展？從中長期來看，如果我們不考慮 COVID 的短期影響，您預計廣告業務在中長期將如何發展？

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，由於宏觀環境嚴峻，上季廣告收入較去年同期下降約 10%。 4 月和 5 月，我們的廣告收入較去年同期大幅下降，因為 COVID-19 影響了中國一些主要城市，尤其是上海，以及程度較輕的北京。

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.

進入6月份，我們的廣告收入開始回升，情況逐漸好轉，7月份的情況比6月份好。就廣告垂直行業而言，一些垂直行業在四月和五月受到了嚴重打擊。其中包括零售業、旅遊、本地服務和醫療保健，因為自 6 月以來，這些垂直行業的支出一直在快速增長。

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，宏觀不確定性因素依然存在。目前我們很難預測（聽不清楚）的撤資狀況。例如，隨著夏季旅遊旺季提前結束，三亞等一些熱門旅遊目的地的遊客數量出現回升。

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.

我們的搜尋應用程式與中國的GDP成長和中國中小企業的績效高度相關。因此，我們相信，當宏觀經濟好轉時，我們的廣告收入應該會恢復。

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行動生態系統的一些機會。例如，將電子商務和短影片與我們的搜尋和資訊流整合在一起。事實上，我們的搜尋結果中出現了越來越多的短影片。這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以及我們在百度應用程式內促進交易的能力以及我們為用戶提供的閉環體驗將幫助我們為客戶創造更多的用戶洞察。這些洞察將幫助我們推動轉換並創造廣告商價值，支持我們的線上廣告業務的長期成長。

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?

恭喜本季雲端營收再次強勁成長。您能否幫助我們了解百度人工智慧雲端超越同行的根本驅動因素？您對下半年雲端業務的展望如何？我想知道您是否可以幫助我們了解您的策略以及雲端業務實現收支平衡的時間表？

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.

肯，謝謝你的提問。這就是做。我將討論收入部分，並將第二部分留給榮。正如剛才所提到的，儘管宏觀環境充滿挑戰，但百度空中雲在第二季仍繼續保持良好的成長。營收年增31%，AI雲目前佔百度核心總營收的近20%。我們認為，百度雲端與同行的不同之處在於，我們一直致力於將雲端運算與人工智慧結合，以便我們的人工智慧能力能夠幫助我們的客戶提高效率。具體來說，身為雲廠商，我們擁有強大的AI能力。另一方面，作為AI解決方案提供商，我們擁有強大的雲端運算能力。正如我們所提到的，公共部門的企業是雲端運算的主要成長動力。所以我們認為，在中國，公共部門的傳統企業還處於數位化、智慧轉型的早期階段。

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.

顯然，這種轉變意味著無論組織規模大小，他們都希望利用人工智慧來提高效率和競爭力，進一步推動對高效能運算的需求。因此，結果是，製造業、能源業、公用事業和公共部門的總收入在第二季幾乎翻了一番。在智慧交通領域，我們繼續利用領先的人工智慧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百度人工智慧雲端最大的垂直領域之一。因此，我們相信，來自公共部門企業的收入將繼續推動百度空中雲未來的成長。自6月初以來，我們也看到計畫實施情況逐漸改善。但可以肯定的是，短期內圍繞新冠肺炎疫情仍存在一些不確定性。但儘管如此，我們相信中國對人工智慧的強烈需求和趨勢仍然沒有改變。以此為基礎，我們的目標是繼續比同行更快發展。

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。因此我將回答有關利潤的問題。由於AI雲在第二季繼續產生正的毛利率，與第一季相同。除此之外，由於我們注重品質和可持續收入成長的策略，我們成功提高了營業利潤率。我們的 AI 雲有兩個部分，第一部分是個人雲。個人雲端僅佔整體雲端收入的一小部分，但它應該繼續產生巨大的營運利潤，而且其收入成長速度比整體雲略慢。第二部分，也就是佔比最大的部分是企業雲和公有雲，它們在第二季繼續產生正的毛利。我們的營業利潤率同比和環比均有所提高。這是因為我們實際專注於高品質的收入成長，並逐步減少不健康的項目。

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.

我想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端中，ACE 智慧交通，正如所提到的，還沒有保險非常健康的毛利率。因為軟體和AI組件的比例較高。我們認為，ACE 的智慧交通可能會在未來幾季比其他垂直產業更早實現收支平衡。因為我們專注於為關鍵用例提供個人化的解決方案和產品，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行業的用例中複製類似的場景。跨產業的複製需要AI技術在許多不同的場景中找到我們的連結。我們相信我們的人工智慧技術，例如大型模型將幫助我們實現這一目標。總體而言，我們將繼續專注於高品質和可持續的收入成長，以提高利潤率並在未來幾年實現盈利。

The next question comes from Lincoln Kong of Goldman Sachs.

下一個問題來自高盛的林肯孔。

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.

我的問題是關於機器人出租車的。因此，RT6 每輛車的目標成本為 25 萬元人民幣，這讓我們印象深刻。 ——這比上一代計程車車型低很多。那麼管理階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如何？而我們又該如何看待Robotaxi在這個成本上的經濟機制呢？我認為，任何時間表都可以——何時可以期待自動駕駛計程車業務帶來重大的商業貢獻。

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。我認為降低成本有三個驅動因素。首先，我們對自動駕駛技術和營運有著深入的了解。在過去的 9 年裡，百度見證了強大的 Level 4 技術，並獲得了汽車行業以及如何運作我們的 Level 4 叫車服務的行業專業知識。此外，我們已成為世界上最大的家庭[暖氣]服務提供者。因此，我們充分了解座位市場，也了解乘客的需求。我們知道在哪裡可以簡單地找到我們的車載功能以及應該在哪裡分配更多資源。例如，RT6 是一輛以乘客為中心的車輛，而不是以駕駛者為中心的車輛。所以一方面，我們減少了一些為駕駛員設計的車載功能，以降低成本，就像我在準備好的發言中提到的那樣，RT6可以移除方向盤並排除一些其他配件，例如白色屏幕，駕駛員的白色顯示屏。另一方面，我們在安全性能和乘客體驗上投入了更多精力，使RT6以乘客為中心。例如，我們在RT6的7個部分採用了安全冗餘，並樹立了業界標準。這包括計算單元、感測器、轉向系統、煞車系統、通訊系統、電源和汽車架構的冗餘。 RT6 也旨在提供更多的車內空間和更好的車內體驗。我還想強調的是，我們的 RT6 BOM 中約有 60% 用於 L4 和自動化功能等智慧功能。

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 的關鍵區別因素。我們將支付 RT6 的 BOM 費用，而不是像過去那樣支付零售價。一是能夠擺脫改裝車輛，轉而使用第三方汽車製造商來生產RT6，這是因為我們有能力提供大規模的營運保護，並以我們領先的自動駕駛技術和營運能力為支撐。

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慧電動汽車產業價值鏈的剝離。 RT6的推出正值中國智慧化產業發展成熟，新興的電動車企業和零件企業不斷湧現之時。特別是，許多與自動駕駛相關的汽車零件現在都已實現本地化生產。因此，智慧電動車比以前更便宜。而對於與汽車相關的汽車零件來說，其成本也比以前低了許多。例如，LiDAR。 LiDAR 是自動駕駛解決方案最重要的組件。一開始收費幾十萬美元，現在只要1000美元左右。因此，我們相信未來我們的自動駕駛計程車的BOM將會繼續下降，因為中國智慧電動汽車產業將繼續發展。 Apollo Go 也將持續擴大規模。

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。我們將繼續在不同城市推出區域。因此，隨著我們規模的擴大，隨著我們技術的不斷改進，我們將擴大我們的自動駕駛計程車服務，我認為營運此類服務的成本將會持續下降。我們肯定擁有先發優勢，而且這個領域的進入門檻會越來越高。

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。恭喜您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機器人計程車監管環境的一些最新資訊？百度又將如何把握這股趨勢呢？那麼管理層能否提供有關百度全無人駕駛業務的目標和策略的最新資訊？

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。謝謝——我是 Jen。正如Robin所說，Ogo已經是最大的汽車服務佈線。在第二季度，Optical 已完成 287,000 次乘車，共乘收入明顯超過 100 萬美元。這個數字比選項要高得多——我們的策略是利用大型營運來提高技術水平，並實現更快、更大的成長。這在中國非常重要，因為我們在這裡傳達的是道路和交通收集數據，而大型鋼鐵企業產生的數據將幫助我們改善低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).

如今，我們的目標已經涵蓋了10多個城市，包括中國所有的一線城市。我們的營運區域有很多地方，包括願景、辦公大樓和醫院（聽不清楚）。從好的方面來看，我們也在擴大（聽不清楚）。

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（聽不清楚）RT6 為目標市場，生產成本為 25 萬元。我們將能夠以更快的速度購買生長率。未來，我們將繼續改進我們的 4 級技術，並擴大我們的業務。此外，我們還將努力推動中國自動駕駛監管並發揮影響力。

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.

技術上，我們5月1日在武漢開始在開放道路上提供自動駕駛叫車服務，在不到3個月的時間內，我們將能夠在開放道路上提供全面的服務。我們的巨大進步源於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].

對於營運和愛登地區，正如羅賓所提到的，我們已經獲得了該地區約 10% 的乘用暖氣服務回饋份額。我們平均每個戰術犯超過25個。作為行業先驅，百度與監管機構密切合作，制定法規和行業標準。近日，中國交通部發布了《交通安全駕駛記錄服務期限規定（徵求意見稿）》。該指導方針旨在推動中國自動駕駛叫車服務的商業運作。這是我們針對叫車服務的第一項監管規定。在全球中央政府層面。這與中國推動高級別自動駕駛的努力相契合。我們很自豪能夠成為中國第一家也是唯一一家提供全面（聽不清楚）服務的公司。 8月初，百度獲准在重慶、武漢等中國主要城市提供全面公共暖氣服務，並率先在中東地區推行。未來，我們將繼續擴大我們的區域規模，並盡力推動正確的市場方向。

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?

我對您為 OEM 提供的自動駕駛解決方案有一個疑問。所以您提到，季度末之後的合約價值略高於 100 億美元。與上一季的結果相比，似乎沒有增加太多，您能否稍微解釋一下背後的原因？然後，您能否提醒我們一些與您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.

艾德，讓我來回答你的問題。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期累計總銷售額已達到 103 億元。我想稍後討論我們需要記住的數字，智慧電動車是一種不可逆轉的趨勢。對於汽車，我們認為從長遠來看，電氣化只是遊戲的一部分，而智慧化才是改變遊戲規則的因素。所以未來沒有智慧駕駛能力的電動車是沒有競爭力的。許多汽車製造商，例如一些領先的國內甚至國際汽車製造商，都有興趣將我們的解決方案應用於他們的車型，以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，我們了解到汽車製造商喜歡我們的人工智慧能力、我們對自動駕駛的洞察力以及我們強大的品牌。我們正在與許多本地和全球的汽車製造商進行洽談，其中一些是業內非常知名的公司。我想強調的是，每個汽車製造商都有自己的與供應商在各國合作的時間表。這可能會導致我們的積壓速度有所不同。這在汽車行業絕對正常。截至今天，我們已經與許多汽車製造商建立了合作夥伴關係，其中包括一些領先的汽車製造商，例如（聽不清楚）車型等等。

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.

除了我們的車載資訊娛樂解決方案外，現在越來越多的客戶採用我們的 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產品和高清地圖產品。我認為未來我們將繼續擴大與更多汽車製造商的合作關係——隨著越來越多的車型應用我們的汽車解決方案，這些解決方案將在未來 3 年內投放市場，屆時汽車解決方案將開始產生大量收入。

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?

祝賀您取得如此豐碩的成果。我的問題是關於利潤和成本的控制和最佳化。我們看到您又取得了強勁的季度業績，利潤率好於預期。您能否詳細說明一下為取得如此令人鼓舞的業績所做的努力以及今年下半年的利潤前景如何？

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，加里，我會回答這個問題。我認為，儘管第二季宏觀環境非常具有挑戰性，但百度核心的非 GAAP 營業利潤率為 22%，比上一季成長了 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營運效率——例如，百度[核心]的銷售、一般和行政費用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，我們針對每個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.

對於行動生態系統這樣一個相對成熟的業務，我們的目標是保持其利潤和利潤率的穩定。這樣我們的遠端生態系統就可以繼續產生非常強勁的現金流來支持我們對新人工智慧計畫的投資。

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.

我認為對於我們的新人工智慧業務，我們將專注於人工智慧雲端和智慧駕駛。過去幾個季度，這兩家公司都成長非常快，這一點你可以看到。因此我們將根據需要繼續進行必要的投資。 AI 現在將繼續專注於此和可持續的收入成長，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詹姆斯李。

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，順便祝賀你們六月的發布。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。在講極度之前，我先講我們智慧駕駛的戰略。我們的目標是在開放道路上提供大規模的全無人駕駛叫車服務。這是由我們的 L4 自動駕駛技術提供支援的。同時，我們把我們的一些L4能力，放到輔助駕駛的功能中去，去支援車廠的智慧駕駛需求。而極度正是這類汽車製造商的完美例子。因此，如果你看看我們的智慧駕駛業務組合，我們有 RT6。 RT6代表了百度最好的自動化技術。 RT6適用於在開放道路上大規模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。我的意思是它不是賣給消費者的。 Jidu 的 Robo 1 是一款消費性座椅產品。如果你願意的話，我們將 4 級技術融入 3 級或 2+ 級。 Jidu Robo1 將搭載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慧駕駛和停車、城市道路和高速公路。另外我們的智慧座艙也會安裝在車上。它允許 Jidu 提供車內和車外的語音互動。我們相信這些新功能將有助於我們擴展業務。

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.

從時間軸來看，我們可以看到一切都進展順利。我們很快就能看到第一台量產的Robo1完成。時間軸展示了 Jidu 從設計到量產的能力。 Jidu 計劃於今年稍後接受 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.

而極度則有第二種模式。 Jidu 計劃在今年年底推出，然後在 2023 年開始接受訂單，並在 2024 年交付我們的第二款車型。

Our last question will come from Wei Xiong of UBS.

我們的最後一個問題來自瑞銀的魏雄。

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一些有關資本配置的最新資訊。管理階層能否再多談談股票回購計畫的實施情況？您如何平衡對新業務的投資與更多回購或分紅？第二，我們最近看到美國和中國監管機構在 ADR 審計檢查方面取得的進展，管理階層能否分享您對這項進展的看法？鑑於你們的一些同行已經開始轉為雙重主要上市，我想知道百度是否也會考慮在美國香港獲得主要上市地位？

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。感謝您的提問。讓我來回答你的問題。我認為截至今天，我們已根據 2020 年股票回購計畫向股東返還了約 29 億美元。該計劃授權的上限為 45 億美元，這意味著該計劃仍剩餘約 16 億美元。百度將繼續從公開市場回購我們的股票，因為我們對我們的長期發展充滿信心。

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，另外，我們的貸款期限投資還有 111 億美元。如果你看看我們今天的業務，你會發現我們之前的評論中提到過一些內容，我認為對於行動系統來說，它繼續產生廣泛的健康利潤和利潤率。對於百度智慧雲來說，營收成長非常快，比業內同業成長更快。

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來說，這已經是全球範圍內提供的最大的外部導航服務。所以一切都進展順利。因此我們相信我們正走在正確的方向上，並且我們將繼續投資於其他步驟。

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.

關於第二個問題，關於退市和在香港上市，我認為PCOB與中國當局之間協議網站的最新聲明標誌著PCOB向開放對中國其他公共會計基金進行全面調查邁出了非常重要的第一步。我認為這對兩國和中國解決美國ADR交易問題都是一個非常重要的里程碑。而且，我們可以感受到兩國政府都在實際尋求解決方案。

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，並​​且我們的一些主要股東已將其（聽不清楚） ADR 轉換為香港的普通股。另外，我們也很高興被納入恆生指數。該政策將於9月5日生效，我們相信隨著納入恆生指數，我們的港股將會獲得更多的前端資金流入。

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，從香港第二上市轉為第一上市的過程應該很簡單。我們認為實現這一目標不會遇到任何障礙。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。今天的會議就到此結束了。感謝您的參與，您現在可以斷開連接了。