百度 (BIDU) 2022 Q3 法說會逐字稿

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

感謝您的支持，歡迎參加百度 2022 年第三季財報電話會議。

(Operator Instructions) I would now like to hand the conference over to your host for today, Juan Lin, Baidu's Director of Investor Relations. Please go ahead.

（操作員指示）現在，我想將會議交給今天的主持人，百度投資者關係總監林娟。請繼續。

Hello, everyone, and welcome to Baidu's Third 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 Xin-Zhe Li, our SVP in charge of Baidu Intelligent Driving.

大家好，歡迎參加百度2022年第三季業績電話會議。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李新哲。

After our prepared remarks, we will hold a Q&A session.

在我們準備好發言之後，我們將舉行問答環節。

Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC and Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。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證券交易所提交的最新年度報告和其他文件。除非適用法律要求，百度不承擔更新任何前瞻性聲明的義務。

Our earnings press release and this call include discussions of certain unaudited non-GAAP financial measures. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures and is available on our IR website at ir.baidu.com. 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未經審計的非公認會計準則財務指標的討論。我們的新聞稿包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的對賬，可在我們的 IR 網站 ir.baidu.com 上查閱。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. Recapping the third quarter in broad terms, we delivered improved bottom line results despite a challenging macro environment, especially for the mobile ecosystem, operating profit resumed a positive year-over-year growth. And for AI Cloud, operating loss and margin improved meaningfully, both on a year-over-year and a quarter-over-quarter basis.

大家好。整體回顧第三季度，儘管宏觀環境充滿挑戰，尤其是行動生態系統，我們仍然實現了獲利成長，營業利潤恢復了同比成長。對 AI Cloud 而言，無論是年比或季比，營運虧損和利潤率均有顯著改善。

Businesses across the line from mobile ecosystem to AI cloud to intelligent driving have been negatively affected by the resurgence of COVID. Throughout Baidu's history, however, we have experienced many challenging environments. Periods of challenges have enabled us to emerge stronger given our relentless effort on building long-term growth. We're using this period to ready ourselves for current business conditions to improve.

從行動生態系統到人工智慧雲端再到智慧駕駛等各個領域的業務都受到了新冠疫情復發的負面影響。然而，縱觀百度的發展歷程，我們也經歷過許多充滿挑戰的環境。由於我們為實現長期成長而不懈努力，經歷的挑戰時期使我們變得更加強大。我們正在利用這段時間為當前商業環境的改善做好準備。

Our key short-term tasks remain unchanged, which are efficiency optimization and continuous investments in the new AI businesses. Our new AI business such as AI Cloud and Intelligent Driving are well aligned with China's tech innovation and national initiatives. By doing so, we will further strengthen our leadership in the new AI business and reaccelerate business growth.

我們短期的重點任務沒有變化，就是效率優化和對AI新業務的持續投入。我們的人工智慧雲端和智慧駕駛等新業務與中國的技術創新和國家舉措高度契合。透過這樣做，我們將進一步加強我們在新AI業務中的領導地位並重新加速業務成長。

In Q3, Baidu Core ad revenue was down 4% year-over-year but improved from the second quarter's 10% year-over-year decline, as macro has improved gradually since June. Encouragingly, revenues from health care and retail recorded positive year-over-year growth in the quarter. Going forward, once COVID situation alleviates in major cities and revenues across different verticals such as travel, franchising and local services should rebound.

第三季度，百度核心廣告營收年減4%，但較第二季10%的年減幅有所改善，因為宏觀經濟自6月以來逐漸改善。令人鼓舞的是，本季醫療保健和零售業的收入年增。展望未來，一旦主要城市的新冠疫情緩解，旅遊、特許經營和本地服務等不同垂直領域的收入應該會反彈。

For our new AI business, I am proud to report some highlights. Revenues from AI Cloud increased by 24% year-over-year to RMB 4.5 billion in the quarter. AI Cloud has been a major growth driver for Baidu Core non-advertising revenue. In Q3, non-advertising accounted for 26% of Baidu Core total revenue, that's up from 21% a year ago.

對於我們的新人工智慧業務，我很自豪地報告一些亮點。本季人工智慧雲端營收年增24%至人民幣45億元。人工智慧雲端一直是百度核心非廣告收入的主要成長動力。第三季度，非廣告收入佔百度核心總營收的26%，高於去年同期的21%。

Baidu Apollo auto solution continued to gain traction among leading automakers and the total projected accumulative sales reached RMB 11.4 billion recently, growing more than 50% year-over-year. Apollo Go completed 474,000 rides in the quarter, up 311% year-over-year. By the end of Q3, Apollo Go has completed 1.4 million rides on public roads. We believe we remain the largest autonomous ride-hailing service provider globally.

百度Apollo汽車解決方案持續受到各大汽車廠商的青睞，近期預計累計總銷售額達114億元人民幣，年增超過50%。 Apollo Go 本季完成 474,000 次乘車，較去年同期成長 311%。截至第三季末，Apollo Go已在公共道路上完成140萬次駕駛。我們相信我們仍然是全球最大的自動駕駛叫車服務提供者。

Now let's review the third quarter operational highlights. Revenues from AI Cloud increased by 24% year-over-year to RMB 4.5 billion in the quarter. In Q3, the operating loss margin for AI Cloud improved notably both year-over-year and quarter-over-quarter. Over the past quarters, we have made shifts away from some lower-margin businesses to build sustainable growth for AI Cloud. Meanwhile, we continue to take measures to standardize our solution to cut down deployment costs as we scale up. Our efforts have allowed us to gradually improve operating profit and margin.

現在讓我們回顧一下第三季的營運亮點。本季人工智慧雲端營收年增24%至人民幣45億元。第三季度，AI雲端營運虧損率較去年同期、季比均有明顯改善。在過去的幾個季度中，我們已經放棄了一些利潤率較低的業務，以實現 AI Cloud 的可持續成長。同時，我們繼續採取措施標準化我們的解決方案，以在擴大規模的同時降低部署成本。我們的努力使我們的營業利潤和利潤率逐步提高。

I'll take ACE smart transportation as an example. In the past quarter, we continued to grow revenue and improve operating margin for smart transportation as we gain scale. Leveraging our strong AI capabilities and our insights into the industry, we have divested the solutions for typical use cases such as traffic management and V2X for urban road and highway.

我以ACE智慧交通為例。在過去的一個季度，隨著規模的擴大，我們的收入持續成長，智慧交通的營業利潤率也不斷提高。利用我們強大的人工智慧能力和對產業的洞察力，我們已經剝離了交通管理和城市道路和高速公路的V2X等典型用例的解決方案。

Previously, we talked about how our projects helped improve traffic efficiency on city roads in Beijing, Guangzhou, Changsha, Chongqing and other cities. Recently, [Zhuzhou] city an important transportation hub in Hunan province, adopted our smart traffic management solutions. Our solutions covered more than 70% of the major intersections in the business district of Zhuzhou . After adopting our solutions, delays have been reduced by 22% during rush hour in the current region.

之前我們曾講過我們的計畫如何幫助北京、廣州、長沙、重慶等城市提高城市道路的交通效率。近日，湖南省重要交通樞紐[株洲]市採用了我們的智慧交通管理解決方案。我們的解決方案涵蓋了株洲商圈70%以上的主要路口。在採用我們的解決方案後，目前地區交通高峰時段的延誤減少了22％。

By the end of the quarter, Baidu ACE smart transportation solutions has been adopted by 63 cities, up from 24 cities a year ago and 51 cities a quarter ago based on contract amount of over RMB 10 billion -- RMB 10 million per city. As we demonstrated our capability to use AI to improve transportation efficiency in more cities, ACE smart transportation will further expand its market share.

截至本季末，百度ACE智慧交通解決方案已覆蓋63個城市，較去年同期的24個城市和本季的51個城市有所增長，合約金額超過100億元人民幣——每個城市1000萬元人民幣。隨著我們在更多城市展現出利用人工智慧提升交通效率的能力，ACE智慧交通的市場佔有率將進一步擴大。

We're trying to repeat our success in smart transportation in other key verticals, such as manufacturing, energy and utilities and the public sector. We will empower our customers with AI capabilities to help them increase productivity and cost control. With AI Cloud, our customers will be better positioned to take advantage of digital and Intelligent transformation.

我們正試圖在其他關鍵垂直領域複製我們在智慧交通領域的成功，例如製造業、能源和公用事業以及公共部門。我們將為客戶提供人工智慧能力，幫助他們提高生產力和控製成本。借助 AI Cloud，我們的客戶將能夠更好地利用數位化和智慧化轉型。

We believe we remain well positioned in the early-stage, fast-growing market due to: Number one, our capabilities to establish end-to-end solutions based on our full stack AI capabilities ranging from chip design to deep learning frameworks to large language models to application-level software; and number two, our insight about customers' pain points and our growing know-how and capabilities to solve their problems.

我們相信，我們在早期、快速成長的市場中仍處於有利地位，原因如下：第一，我們有能力基於我們的全端 AI 能力建立端到端解決方案，包括從晶片設計到深度學習框架到大型語言模型到應用級軟體；第二，我們對客戶痛點的洞察以及我們不斷增長的解決客戶問題的專業知識和能力。

While COVID caused delays in project implementation and complicated our sales team's efforts, hampering new contract wins, we believe the long-term trend of digital and intelligent transformation remains unchanged. Looking ahead, we will continue to focus on quality growth and aim to improve margins to achieve profitability for AI Cloud.

儘管新冠疫情導致專案實施延遲，並使我們銷售團隊的工作變得複雜，阻礙了新合約的簽訂，但我們相信數位化和智慧轉型的長期趨勢不會改變。展望未來，我們將持續專注於有品質的成長，致力於提高利潤率，並實現AI雲的獲利。

In Intelligent Driving, we marked several key highlights in the third quarter and our years of investments in intelligent driving have begun bearing fruit. Baidu Apollo auto solutions, our total projected accumulative sales exceeded CNY 11.4 billion recently. Based on our current pipeline, some of the major car models equipped with ANP and AVP are expected to be launched in the second half of next year. We expect meaningful revenue contribution from this business to begin in 2024, and profit to expand once material revenue kicks in. Such growth demonstrates the increasing demand for our auto solution.

在智慧駕駛方面，我們在第三季實現了幾個關鍵亮點，我們在智慧駕駛領域的多年投入開始取得成果。百度Apollo汽車解決方案，近期預計累計銷售額將突破114億元。根據我們目前的規劃，一些配備ANP和AVP的主要車型預計將於明年下半年推出。我們預計該業務將從 2024 年開始為收入做出有意義的貢獻，一旦材料收入開始產生，利潤就會擴大。這種增長表明對我們的汽車解決方案的需求不斷增長。

In Q3, we extended our partnership with one of China's largest automotive and technology companies ANP, AVP and HD Maps for one of their popular models. As of today, we have announced a collaboration with many OEM partners. Serving various automakers has helped us standardize our auto solutions, making them compatible with more popular car model. As more cars equipped with our auto solutions get into consumer plans, we will continue to refine and update our solutions.

第三季度，我們與中國最大的汽車和技術公司之一 ANP、AVP 和 HD Maps 擴大了合作夥伴關係，以支持他們的一款熱門車型。截至今天，我們已經宣布與許多 OEM 合作夥伴展開合作。服務不同的汽車製造商幫助我們標準化我們的汽車解決方案，使其與更流行的車型相容。隨著越來越多配備我們汽車解決方案的汽車進入消費者計劃，我們將繼續改進和更新我們的解決方案。

Considering the sizable development cost for high-level autonomous driving technology, many automakers seek partnerships with reliable suppliers who have strong brand and technology capabilities. We have differentiated ourselves with world-leading Level 4 autonomous driving, which has been established through years of investments. Now we are proactively building high-quality partnerships with an increased number of auto OEMs to accelerate our partners' progress in autonomous driving.

考慮到高級別自動駕駛技術的開發成本巨大，許多汽車製造商尋求與擁有強大品牌和技術能力的可靠供應商合作。我們透過多年的投資，建立了世界領先的 4 級自動駕駛技術，從而脫穎而出。目前，我們正在積極與更多汽車主機廠建立高品質的合作關係，加速合作夥伴在自動駕駛領域的進程。

A few months ago, we integrated Baidu Map into our intelligent driving group to create synergies between the Baidu Map, also -- Baidu Map mobile app and the map solutions for auto and transportation industries. Since our map have already been widely adopted, we have obtained more insights in the transportation industry, allowing us to strengthen our solutions for the mobility sector.

幾個月前，我們將百度地圖整合到我們的智慧駕駛集團中，以在百度地圖、百度地圖行動應用程式以及汽車和交通行業的地圖解決方案之間創造協同效應。由於我們的地圖已被廣泛採用，我們對交通運輸行業獲得了更多的了解，使我們能夠加強對移動出行領域的解決方案。

On Apollo Go, we continue to scale up our operations, and we believe we remain the largest autonomous ride-hailing service provider worldwide. In the third quarter, the rides provided by Apollo Go reached 474,000, increasing 311% year-over-year and 65% quarter-over-quarter. A vast majority of the rides were for serving passengers during rush hours, covering places like subway stations, office buildings and shopping malls.

在 Apollo Go 上，我們繼續擴大營運規模，我們相信我們仍然是全球最大的自動駕駛叫車服務提供者。第三季度，Apollo Go 提供的旅遊服務量達到 47.4 萬次，年增 311%，季增 65%。絕大多數的旅遊服務是在尖峰時段為乘客提供服務，涵蓋地鐵站、辦公大樓和購物中心等場所。

As our operation continues to expand, Apollo Go keeps learning and improving from scenarios that do not occur during the testing phase. Leveraging large-scale operations, we're making Apollo Go a professional AI driver while offering a safe and comfortable autonomous ride-hailing service.

隨著我們的業務不斷擴大，Apollo Go 不斷從測試階段未發生的情況中學習和改進。透過規模化運營，我們將Apollo Go打造成專業的AI司機，同時提供安全舒適的自動駕駛叫車服務。

Today, with an Apollo Go vehicle enters dense intersection, it is able to easily take a gap between pedestrians, bicycles and other moving objects, safety driving school while providing a comfortable experience to the passengers. Apollo Go continues to improve autonomous ride-hailing services under extreme weather.

如今，隨著Apollo Go車輛進入密集路口，它能夠輕鬆地在行人、自行車和其他移動物體之間穿梭，在安全駕駛的同時，為乘客提供舒適的體驗。 Apollo Go 持續改善極端天氣下的自動駕駛叫車服務。

Scalable operations have indeed reinforced our Level 4 autonomous driving capabilities, setting a strong foundation for further operation expansion. We believe this virtuous cycle will make Apollo Go the most experienced AI driver to handle various situations on the road on a large scale.

可擴展的營運確實增強了我們的4級自動駕駛能力，為進一步擴展營運奠定了堅實的基礎。我們相信，這種良性循環將使 Apollo Go 成為最有經驗的 AI 駕駛員，能夠大規模處理道路上的各種情況。

We're facing the expansion of Apollo Go based on a comprehensive financial model. In previous earnings calls, we talked about Apollo Go's achievement in the Yizhuang region of Beijing. In fact, Apollo Go has achieved significant progress in other Tier 1 cities as well.

我們面臨著基於綜合財務模型的Apollo Go的擴張。在先前的財報電話會議上，我們談到了Apollo Go在北京亦莊地區的成就。事實上，Apollo Go在其他一線城市也取得了顯著進展。

In Q3, on average, each vehicle in Beijing, Shanghai and Guangzhou completed more than 15 rides per day. According to our knowledge, this number is quite close to the average daily rides for traditional ride-hailing services.

第三季度，北京、上海、廣州三地平均每輛車每天完成訂單量均超過15單。據我們了解，這個數字已經相當接近傳統叫車服務的每日平均行程。

We believe that our strong and improving safety track record on public roads provide a strong endorsement for more cities to issue permits for fully driverless ride hailing. We believe fully driverless ride hailing will create more affordable urban transport and attract more consumers to the ride-hailing market. Baidu will continue to invest to capture this massive market opportunity.

我們相信，我們在公共道路上良好且不斷提高的安全記錄為更多城市發放完全無人駕駛叫車許可證提供了強有力的支持。我們相信，完全無人駕駛的叫車將創造更實惠的城市交通，並吸引更多消費者進入叫車市場。百度將繼續投資以抓住這一巨大的市場機會。

Moving to the mobile ecosystem. Our operating profit improved on a year-over-year basis. We continue to generate strong cash flow in the quarter. Our mobile ecosystem continued to expand. In September, Baidu App's MAUs increased by 5% year-over-year to 634 million. In Q3, total mobile search queries increased by double digits year-over-year, and feed distributed through Baidu App increased by 23% year-over-year.

轉向移動生態系。我們的營業利潤年增。本季我們持續產生強勁的現金流。我們的移動生態系統不斷擴大。 9月份，百度App月活躍用戶數年增5%，達6.34億。第三季度，行動搜尋查詢總量年增兩位數，透過百度App分發的資訊流年增23%。

We continue to introduce short videos in feed and search results. In September, short video distribution and time spend within Baidu Feed grew double digits year-over-year. For Baidu Search in September, 23% of the clicks on search result pages were short videos. And we expect the prevalence of video in search results to continue progressing rapidly.

我們將繼續在資訊流和搜尋結果中推出短影片。 9月，百度訊息流短影片分發量和播放時間較去年同期成長均達兩位數。 9月百度搜尋搜尋結果頁面點擊量中，23%來自短影片。我們預計影片在搜尋結果中的普及率將持續快速提升。

We're using AI to produce more short videos for our mobile ecosystem. While it is still in a very early stage, we believe AI will allow us to generate short videos much faster and more cost effectively than human-generated content.

我們正在使用人工智慧為我們的行動生態系統製作更多短影片。雖然它還處於非常早期的階段，但我們相信人工智慧將使我們能夠比人類生成的內容更快、更經濟地產生短片。

In e-commerce, users are coming to Baidu App for product search, which resulted in a continuous increase in product-related search queries. Quarterly GMV facilitated by Baidu Search grow by about 52% year-over-year in Q3. Today, users come to Baidu App not only to search for information and knowledge, but increasingly to look for services and merchandise. As we are able to make purchases and book services without leaving Baidu App, we have been deepening our understanding of user needs.

在電商領域，用戶越來越多地使用百度App進行商品搜索，導致商品相關的搜尋量持續增加。第三季度，百度搜尋促成的季度 GMV 年成長約 52%。如今，用戶使用百度App不僅是為了搜尋資訊和知識，而且越來越多是為了尋找服務和商品。由於我們無需離開百度應用程式即可進行購買和預訂服務，我們對用戶需求的理解不斷加深。

Meanwhile, more customers are leveraging our ecosystem infrastructure to build their marketing campaigns and even operate their businesses on our mobile ecosystem. This has allowed us to accumulate more customer insights and better serve the customers.

同時，越來越多的客戶正在利用我們的生態系統基礎設施來進行行銷活動，甚至在我們的行動生態系統上開展業務。這使我們能夠累積更多的客戶洞察並更好地服務客戶。

The improving insights into our users and customers have, in turn, allowed us to improve user experience and app conversion. In the future, we believe our mobile ecosystem will continue to generate strong profit and cash flow.

對用戶和客戶的深入了解反過來又使我們能夠改善用戶體驗和應用程式轉換。未來，我們相信我們的行動生態系統將繼續產生強勁的利潤和現金流。

To close, during this uncertain time, we focused on making the long-term investments that will position us to be stronger coming out of this challenging period, including Baidu AI Cloud and Intelligent Driving. While the advertising industry has been impacted by COVID-19, some of our verticals could recover faster when there is an upturn in the economy, which will drive our ad revenue to resume growth.

最後，在這個不確定的時期，我們專注於進行長期投資，包括百度智慧雲端和智慧駕駛，這將使我們在走出這個充滿挑戰的時期時變得更加強大。雖然廣告業受到了新冠疫情的影響，但當經濟好轉時，我們的一些垂直行業可能會恢復得更快，這將推動我們的廣告收入恢復成長。

Before I turn the call to Rong, I want to thank Baidu's employees for their diligent work in a challenging environment and the time and effort they put into making our company story of success in the long term.

在將電話轉給榮之前，我想感謝百度的員工，感謝他們在充滿挑戰的環境中勤奮工作，以及他們為公司長期成功所投入的時間和精力。

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

說完這些，讓我把電話轉給榮先生，讓他介紹一下財務亮點。

Thank you, Robin. Now let me walk through the details of our third quarter financial results. Total revenue was RMB 32.5 billion, increasing 2% year-over-year. Revenue from Baidu Core was RMB 25.2 billion, increasing 2% year-over-year. Baidu Core online marketing revenue was RMB 18.7 billion, decreasing 4% year-over-year, but improved 10% from the second quarter as macro has improved gradually since June. Baidu Core, non-online marketing revenue was RMB 6.5 billion, up 25% year-over-year, driven by cloud and other AI-powered businesses. In Q3, AI Cloud increased by 24% year-over-year to RMB 4.5 billion. Revenue from iQIYI was RMB 7.5 billion, decreasing 2% year-over-year.

謝謝你，羅賓。現在讓我來詳細介紹一下我們第三季的財務表現。總營收為人民幣325億元，較去年成長2%。百度核心營收為人民幣252億元，較去年成長2%。百度核心網路行銷收入為人民幣 187 億元，年減 4%，但由於宏觀經濟自 6 月以來逐步好轉，季增 10%。百度核心非線上行銷收入為人民幣 65 億元，年增 25%，主要得益於雲端和其他人工智慧業務的推動。第三季度，人工智慧雲端營收年增24%至45億元。愛奇藝營收為75億元人民幣，較去年同期下降2%。

Cost of the revenues was RMB 16.3 billion, increasing 1% year-over-year. Baidu Core, cost of revenue was RMB 10.7 billion, increasing 15%, 1-5 year-over-year, which was in line with the growth in sales of AI Cloud and other AI-powered businesses.

營業成本為人民幣163億元，較去年成長1%。百度核心營收成本為107億元，較去年成長15%，與百度雲等人工智慧業務的銷售成長持平。

Operating expenses was RMB 11 billion, decreasing 19%, 1-9, year-over-year, primarily due to a decrease in channel spending, promotional marketing expenses and staff-related expenses.

1-9 季度營運費用為人民幣 110 億元，年減 19%，主要由於通路支出、促銷行銷費用以及員工相關費用的減少。

Baidu Core selling, general and administrative expenses were RMB 4.2 billion, decreasing 31%, 3-1, year-over-year. SG&A accounting for 17%, 1-7, of Baidu Core revenue in the quarter and decreased from 25% in the same period last year. Baidu Core research and development expenses was RMB 5.3 billion, decreasing 4% year-over-year. R&D, accounting for 21% of Baidu Core revenues in the quarter and decreased from 22% in the same period last year.

百度核心銷售、總務及管理費用為人民幣42億元，較去年同期下降31%，降幅比去年同期縮小0.3個百分點。本季度，銷售、一般及行政費用佔百度核心營收的 17%，較去年同期的 25% 有所下降。百度核心研發費用為人民幣53億元，較去年同期下降4%。研發支出佔本季百度核心營收的21%，較去年同期的22%下降。

Operating income was RMB 5.3 billion. Baidu Core operating income was RMB 5 billion, and Baidu Core operating margin was 20%. Non-GAAP operating income was RMB 7.2 billion. Non-GAAP Baidu Core operating income was RMB 6.7 billion. And non-GAAP Baidu Core operating margin was 26%.

營業收入為人民幣53億元。 「百度核心」營業收入為50億元人民幣，營業利益率為20%。非美國通用會計準則營業收入為人民幣72億元。非美國通用會計準則下，百度核心營運收入為人民幣67億元。非美國通用會計準則下百度核心營運利潤率為26%。

Q3 present the first year-over-year growth in non-GAAP operating profit and margin perspective since Q2 2021.

第三季非公認會計準則營業利潤和利潤率自 2021 年第二季以來首次實現年增。

Total other loss, net was RMB 4.8 billion, decreasing 78% year-over-year, which mainly including a fair value loss of RMB 3.1 billion and impairment of long-term investments of RMB 1.4 billion. In the third quarter last year, we recognized a fair value loss of RMB 18.9 billion. 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. This is subject to quarterly fair value adjustments, which may contribute to net income volatility in future periods.

其他淨損失總額為 48 億元，年減 78%，主要包括公允價值損失 31 億元及長期投資減損損失 14 億元。去年第三季度，我們確認了公允價值損失人民幣189億元。相當一部分長期投資，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。這取決於季度公允價值調整，這可能會導致未來期間的淨收入波動。

Income tax expenses was RMB 908 million compared to an income tax benefit of RMB 1.8 billion in Q3 2021, primarily due to an increase in deferred tax benefit recognized on fair value loss of long-term investments and deduction on certain expenses that were previously considered non-deductible in the third quarter of 2021.

所得稅費用為人民幣 9.08 億元，而 2021 年第三季的所得稅收益為人民幣 18 億元，主要由於 2021 年第三季長期投資公允價值損失確認的遞延所得稅收益增加，以及扣除了某些先前被視為不可扣除的費用。

Net loss attributable to Baidu was RMB 146 million, and diluted loss per ADS was RMB 0.87. Net income attributable to Baidu Core was RMB 25 million. Non-GAAP net income attributable to Baidu was RMB 5.9 billion. Non-GAAP diluted earnings per ADS was RMB 16.87. Non-GAAP net income attributable to Baidu Core was RMB 5.8 billion, and non-GAAP net margin for Baidu Core was 23%.

歸屬於百度的淨虧損為1.46億元人民幣，每股美國存託憑證攤薄虧損為0.87元。歸屬於百度核心的淨利為2500萬元。非美國通用會計準則下，歸屬於百度的淨利為人民幣59億元。非美國通用會計準則每股美國存託憑證攤薄收益為16.87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58億元，非美國通用會計準則下「百度核心」淨利潤率為23%。

Adjusted EBITDA was RMB 8.9 billion, and adjusted EBITDA margin was 27%. Adjusted EBITDA for Baidu Core was RMB 8.2 billion, and adjusted EBITDA margin for Baidu Core was 33%.

調整後EBITDA為人民幣89億元，調整後EBITDA利潤率為27%。 「百度核心」調整後EBITDA為人民幣82億元，調整後EBITDA利潤率為33%。

As of September 30, 2022, cash, cash equivalents, restricted cash and short-term investments were RMB 184.5 billion and cash, cash equivalents, restricted cash and short-term investments, excluding iQIYI were RMB 179.5 billion. Free cash flow was RMB 6.6 billion, and free cash flow, excluding iQIYI, was RMB 6.4 billion.

截至2022年9月30日，現金、現金等價物、限制性現金及短期投資為人民幣1845億元，不包括愛奇藝的現金、現金等價物、限制性現金及短期投資為人民幣1795億元。自由現金流為人民幣66億元，扣除愛奇藝的自由現金流為人民幣64億元。

Baidu Core had approximately 36,500 employees as of September 30, 2022. On a separate note, iQIYI generate positive operating profits on both GAAP and non-GAAP basis in this quarter. In addition iQIYI also generated positive free cash flow in this quarter.

截至 2022 年 9 月 30 日，百度核心約有 36,500 名員工。另外，愛奇藝本季以 GAAP 和非 GAAP 計算均達到正營業利潤。此外，愛奇藝本季也產生了正的自由現金流。

With that, operator, let's now open the call to questions.

接線員，現在讓我們開始提問。

(Operator Instructions) The first question today comes from Alicia Yap with Citigroup.

（操作員指示）今天的第一個問題來自花旗集團的 Alicia Yap。

I have 2 questions. First, can management comment how should we look at the advertising demand recovery in the near term and also in the next 2 quarters?

我有兩個問題。首先，管理階層能否評論一下我們應該如何看待近期以及未來兩季的廣告需求復甦？

And then secondly, can management comment on how you think about the competitive landscape in the China advertising market will evolve going forward? And what would Baidu long-term market share be?

其次，管理階層能否評論一下您對未來中國廣告市場競爭格局將如何演變的看法？百度的長期市佔率將會是多少？

Alicia, this is Robin. Let me answer your questions. Yes, our revenues are very sensitive to COVID-control measures. Baidu Core's ad revenues returned to positive year-over-year growth in August. But in September, it decreased again because of a new round of COVID resurgence. Overall, Q3 was much better than Q2 because there was a recovery from the second quarter, in which there were a lot of disruptions caused by COVID.

艾莉西亞，這是羅賓。讓我來回答你的問題。是的，我們的收入對新冠疫情控制措施非常敏感。 8月份，百度核心的廣告收入恢復年增。但9月份，受新一輪疫情反彈影響，出口額再次下降。總體而言，第三季的表現比第二季好得多，因為第三季已經從第二季復甦，而第二季受到 COVID 的許多影響。

When we entered the fourth quarter, the situation improved in October but since early November, it got a bit cloudy because another round of COVID impacted some regions, like Guangzhou and Beijing.

進入第四季度，10月份情況有所好轉，但自11月初以來，情況變得有些不明朗，因為新一輪的新冠疫情影響了廣州、北京等一些地區。

We're closely watching how the situation will develop. I think the short term will probably still be quite volatile, but the economy should improve in the midterm and beyond. China has been fighting against this COVID for almost 3 years and the country has been gaining experience.

我們正在密切關注事態發展。我認為短期內經濟可能仍會相當動盪，但中期及以後經濟應該會改善。中國抗擊新冠肺炎疫情已近3年，累積了一定經驗。

Well, we're certainly going to see some ongoing disruptions and uncertainties. The overall situation should improve -- should move in a positive direction over the next few quarters. As you know, many of our ad verticals were affected by COVID and macro. So once COVID and macro situations improve, our ad revenues from different verticals such as travel, franchising or local services should rebound.

嗯，我們肯定會看到一些持續的混亂和不確定性。整體情況應該會有所改善——未來幾季應該會朝著正面的方向發展。如您所知，我們的許多廣告垂直領域都受到了 COVID 和宏觀的影響。因此，一旦 COVID 和宏觀情況好轉，我們來自旅遊、特許經營或本地服務等不同垂直領域的廣告收入應該會反彈。

Again, we will closely watch how COVID situation develops, and we will work very hard to bring our ad revenue back to a positive year-over-year growth as soon as possible.

再次強調，我們將密切關注 COVID 情況的發展，並將竭盡全力使我們的廣告收入盡快恢復同比增長。

In addition, AI Cloud and Intelligent Driving, our new businesses, also negatively impacted by the COVID disruption. So if COVID impact subsides, this non-advertising businesses should also see improvement.

此外，我們的新業務人工智慧雲端和智慧駕駛也受到了新冠疫情的負面影響。因此，如果 COVID 的影響消退，非廣告業務也應該會看到改善。

And regarding to your question on competition in the online advertising market, first of all, I think Baidu App is one of the very few super apps in China's mobile Internet industry, well recognized and well established. Search ads enjoying the best ROI among various types of performance ad because users explicitly express their intent in our search box. And search ads connect users' intentions with the most relevant product and service offerings. This is why a lot of advertisers consider Baidu Search as the most important and most efficient channel to reach their targeted audience.

關於您提到的線上廣告市場競爭的問題，首先，我認為百度App是中國行動網路產業為數不多的超級App之一，知名度高，知名度高。搜尋廣告在各類效果廣告中擁有最佳的投資報酬率，因為使用者在我們的搜尋框中明確表達了他們的意圖。搜尋廣告將使用者的意圖與最相關的產品和服務連結起來。這就是為什麼許多廣告商認為百度搜尋是接觸目標受眾的最重要和最有效的管道。

And secondly, China's mobile Internet is maturing. User growth is gradually slowing down and the competitive landscape is much less volatile than before.

其次，中國的行動互聯網正在日趨成熟。用戶成長正在逐漸放緩，競爭格局也比以前平靜得多。

With this backdrop, Baidu App still managed to grow its user base nicely over the past many quarters. On top of that, with the unique positioning of Search, we believe we should be able to sustain our market share in the online advertising market over the long run.

在此背景下，百度應用程式在過去幾個季度仍然成功地擴大了其用戶群。最重要的是，憑藉搜尋的獨特定位，我們相信我們應該能夠長期保持我們在線上廣告市場的市場份額。

And thirdly, unlike our peers, most of our advertisers are SMEs, right, being in the real economy. Many of them run businesses in the service sector such as local services, business services and travel. This businesses work hurt the most by the pandemic. So when COVID impact subside, ad revenue should rebound quickly and Baidu stand to gain share in the overall advertising industry.

第三，與我們的同業不同，我們的廣告商大多是中小企業，屬於實體經濟。他們中的許多人從事本地服務、商業服務和旅遊等服務業。該業務是受疫情影響最嚴重的業務。因此，當 COVID 的影響消退時，廣告收入應該會迅速反彈，百度將在整個廣告行業中獲得份額。

The next question comes from Eddie Leung with Bank of America.

下一個問題來自美國銀行的 Eddie Leung。

Pretty solid quarter despite all the macro headwinds. I have a couple of questions on cloud services. So we have seen -- it seems like a slowdown in the industry. So could you talk a little bit about the reasons behind the slowdown? And how you guys are thinking about the growth rates in the upcoming, let's say, your quarters or in the medium term?

儘管面臨諸多宏觀不利因素，本季業績依然穩健。我對雲端服務有幾個疑問。因此，我們看到——這個行業似乎正在放緩。那麼，您能否稍微談談經濟放緩背後的原因？你們如何看待未來幾季或中期的成長率？

And then secondly, could you also talk a little bit about the competitive landscape. We have seen a media reporting market share gains by cloud companies outside the Internet sector in the past 1 or 2 years, right? So any color on the competitive landscape, will be useful?

其次，能否談談競爭格局？我們看到媒體報導過去一兩年網路產業以外的雲端運算公司的市佔率有所成長，對嗎？那麼競爭格局中的任何顏色都有用嗎？

And then finally, I remember, Robin, you mentioned about the margin improvement of cloud. So could you also talk about your thoughts on the role to profitability? Any time line would be helpful.

最後，我記得，羅賓，你提到了雲端的利潤率提高。那麼，您能否談談您對獲利能力的作用的看法？任何時間線都會有幫助。

Thanks a lot for your questions. This is Dou. I'll try to answer your questions. So for the revenue growth part, right, I think it's slowing down mainly due to the COVID-19 impact, such -- for example, because of the travel restrictions, we could not even implement our projects on time, and the bidding for the new contracts was also affected.

非常感謝您的提問。這是竇。我會盡力回答你的問題。因此，就收入成長部分而言，我認為成長放緩主要是由於 COVID-19 的影響，例如，由於旅行限制，我們甚至無法按時實施項目，新合約的競標也受到了影響。

Apart from that, I also want to highlight that we are focused on healthier and more sustainable growth by cutting some low-margin businesses. So we believe this approach is crucial for the long-term development.

除此之外，我還想強調的是，我們正透過削減一些低利潤業務來實現更健康、更永續的成長。因此我們認為這種方法對於長期發展至關重要。

Actually, looking beyond the current quarter, as Robin has just mentioned, the trend for China's traditional industries and the public sector to use AI and move their business onto the cloud remains unchanged. So I think post pandemic, the companies should gain more confidence in their future growth so that they are more willing to spend more money on digital and intelligent upgrades.

其實，展望本季之後，正如Robin剛才提到的，中國傳統產業和公共部門利用人工智慧、將業務上雲的趨勢並沒有改變。所以我認為疫情過後，企業應該對未來的成長更有信心，這樣他們才更願意在數位化和智慧化升級上投入更多資金。

Baidu has already demonstrated that we are very capable of using AI to improve the efficiency in transportation. As you can already see, our ACE smart transportation revenues have been growing rapidly, and we continue to gain market share accordingly.

百度已經證明我們非常有能力利用人工智慧來提高交通運輸的效率。正如您所看到的，我們的 ACE 智慧交通收入一直在快速增長，並且我們的市場份額也在增加。

So in the meanwhile, we are reducing the operating loss for small transportation because we continue to expand scale and continue to increase operating leverage. So in our next steps, so we are excited about repeating our success in transportation in other traditional industries like manufacturing and utilities.

因此同時，由於我們不斷擴大規模並不斷提高營運槓桿，我們正在減少小型運輸的營運虧損。因此，在接下來的步驟中，我們很高興能夠在製造業和公用事業等其他傳統行業中重複我們在交通運輸領域的成功。

So actually, in the -- just the past quarter, so our cloud revenues from the manufacturing and utilities industries both grow solidly. And it's largely because of our continuous efforts in improving the end-to-end AI capabilities and our understanding of the fundamental needs in these industries.

實際上，就在上個季度，我們從製造業和公用事業行業獲得的雲端收入都穩定成長。這很大程度上是因為我們不斷努力提高端到端的人工智慧能力，並了解這些產業的基本需求。

So to answer your questions, we believe this -- our sustainable competitive advantages to compete against other players. In addition, the market is expanding and there are plenty of opportunities for us and our peer companies to grow over the long term.

所以回答你的問題，我們相信這一點——我們的永續競爭優勢可以與其他參與者競爭。此外，市場正在擴大，我們和我們的同行公司有大量的長期成長機會。

So talking about the profitability. So Baidu AI Cloud reduced operating loss and continue to improve operating loss margin this quarter. To expand on that, our personal cloud kept generating decent operating profit and margin. And our enterprise part grow faster than personal cloud, and we're very happy to see the trend of loss reduction because of the efforts I just mentioned earlier. So our strategy to standardize solutions in the user -- in the use cases for key industries started to bear fruit. So we have worked very hard to replicate more solutions from one user case to another to grow business scale and improve margins.

談盈利能力。因此百度智慧雲本季減少了營運虧損並持續提高營運虧損率。進一步說，我們的個人雲端持續產生可觀的營業利潤和利潤率。而且我們的企業部分比個人雲端成長得更快，而且由於我剛才提到的努力，我們很高興看到損失減少的趨勢。因此，我們在用戶——關鍵產業用例中標準化解決方案的策略開始取得成效。因此，我們非常努力地將更多的解決方案從一個使用者案例複製到另一個使用者案例，以擴大業務規模並提高利潤率。

So it's already proven in smart transportation as we have mentioned. And in the future, we look forward to expanding this approach at a large scale in more key industries. So AI Cloud is very important new business for Baidu, and we will continue to grow the business and improve margins going forward.

正如我們所提到的，它已經在智慧交通領域得到了證實。並且未來我們期待在更多關鍵產業大規模推廣此做法。因此，AI雲對於百度來說是一項非常重要的新業務，我們將繼續發展該業務並提高未來的利潤率。

The next question comes from Alex Yao with JPMorgan.

下一個問題來自摩根大通的 Alex Yao。

I have a couple of questions on Baidu Core margins. In the past several quarters, you guys did a very good job in terms of cost control and the margin improvement. As large-scale BU and headcount streamlining has been already down, how much more room should we think about for further cost cutting in Baidu Core in the coming quarters and 2023? And the related question is how should we think about the Baidu Core operating margin going forward?

我對百度核心利潤率有幾個疑問。在過去的幾個季度中，你們在成本控制和利潤率提高方面做得非常好。大規模的BU和人員精簡已經停止，那麼在未來幾季以及2023年，我們還應該考慮百度核心進一步削減成本有多少空間？相關的問題是，我們該如何看待未來百度核心的營業利益率？

Lastly, would Baidu slow down the cloud and autonomous driving investments if the macro situation further deteriorates?

最後，如果宏觀情勢進一步惡化，百度是否會放緩雲端運算和自動駕駛的投資？

Thank you, Alex, for your questions. Let me try to figure your questions. This is Julius. I think Robin has said at the very beginning of the prepared remarks, I think for Baidu Core, we continue to optimize the cost expenses and we continue to improve our operational efficiency, which is one of our key short-term tasks. At the same time, we kept investing in the new AI businesses for our future growth.

謝謝亞歷克斯的提問。讓我試著解答你的問題。這是朱利葉斯。我認為羅賓在準備好的發言一開始就說過，我認為對於百度核心而言，我們將繼續優化成本費用，並繼續提高營運效率，這是我們短期的關鍵任務之一。同時，我們不斷投資新的人工智慧業務，以促進未來的成長。

This strategy actually has not changed in the past few quarters. And this strategy allows us to weather through the challenging market environment, and we believe that it will prepare us for accelerated growth again once the macro downgrade is over.

這一策略在過去幾個季度實際上並沒有改變。這項策略使我們能夠渡過充滿挑戰的市場環境，我們相信，一旦宏觀降級結束，它將為我們再次加速成長做好準備。

In Q3, let me recast some of the numbers. Baidu costs non-GAAP operating profit margin expanding to 26% from 24% in the same period last year. I think it has represented the first year-over-year growth in non-GAAP operating profit and margin perspective since Q2 2021. And we made a lot of efforts to achieve such results. You'll probably see that from our earning release. Our SG&A has decreased once again in Q3, this quarter from the same quarter last year. We have been very disciplined with the channel spending and promotional activities. And just to add that, it was already less consecutive quarter that SG&A achieved a year-over-year decline. And going forward, we will continue to control the variable costs and expenses as same as what we did in the past.

在第三季度，讓我重新計算一些數字。百度非美國通用會計準則營運利潤率由去年同期的24%擴大至26%。我認為這是自2021年第二季以來非GAAP營業利潤和利潤率首次實現同比增長。為了取得這樣的成績，我們付出了很多努力。您可能會從我們的收益報告中看到這一點。與去年同期相比，本季我們的銷售、一般及行政費用 (SG&A) 再次下降。我們對通路支出和促銷活動一直非常嚴格。補充一點，這已經是銷售、一般及行政費用連續幾季年減了。展望未來，我們將繼續像過去一樣控制變動成本和費用。

If we look into our each part of our business, for mobile ecosystem, our operating profit actually is going up on a year-over-year basis, even though we know the revenue was negatively impacted by COVID-19. And we have also already mentioned earlier and which is just repeated by Dou, we made a lot of efforts for the healthy growth of AI Cloud. This quarter, the operating loss margins for AI Cloud improved significantly, both on a year-over-year basis and quarter-over-quarter basis.

如果我們研究我們業務的每個部分，對於行動生態系統來說，我們的營業利潤實際上是同比增長的，儘管我們知道收入受到了 COVID-19 的負面影響。我們之前也提到過，竇文濤也重複了一遍，我們為AI Cloud的健康發展做出了許多努力。本季度，AI Cloud 的營業虧損率年比及季比均有顯著改善。

If we separate two-part, for enterprise and public status, we're allocating our resources to high-margin business and reduce the low-margin business. Also, we continue to standardize our end-to-end solutions, including the IaaS, PaaS, SaaS for key user cases (inaudible) and as much expectations started one of the examples, we continue to grow fast and at the same time, improve the margins quite notably. And in the personal cloud, same as well in the past, we continue to generate a decent profit this quarter.

如果我們將企業和公眾地位分為兩部分，我們會將資源分配給高利潤業務，並減少低利潤業務。此外，我們繼續標準化我們的端到端解決方案，包括針對關鍵用戶案例（聽不清楚）的 IaaS、PaaS、SaaS，正如人們所期望的那樣，我們繼續快速成長，同時顯著提高利潤率。在個人雲端領域，與過去一樣，我們本季繼續獲得可觀的利潤。

For our robotaxi business, Apollo Go, we also chose to grow Apollo Go at a well-measured pace. We have very comprehensive financial models to optimize and forecast the cost and expenses in this business, especially the labor costs and the vehicle hardware costs. We have been very careful to measure and estimate the cash flow for this business.

對於我們的自動駕駛計程車業務 Apollo Go，我們也選擇以合理的速度發展 Apollo Go。我們有非常全面的財務模型來優化和預測這個業務的成本和費用，特別是勞動成本和車輛硬體成本。我們非常謹慎地衡量和估算這項業務的現金流。

Our strategy is to strengthen our leading position in robotaxi all over the world, acquire sizable market shares in the ride-hailing sector, especially in the key cities in China and in the future, and ultimately try to generate more profits in these key areas. We are not expanding our operations without thinking about building a sustainable and profitable business models for Apollo Go.

我們的策略是鞏固我們在全球Robotaxi領域的領先地位，在叫車領域，特別是在中國重點城市以及未來，獲得相當大的市場份額，並最終努力在這些重點領域創造更多的利潤。如果我們不考慮為 Apollo Go 建立可持續且獲利的商業模式，我們就不會擴大業務。

For auto solutions, since we mentioned just now, we already have a projected cumulative sales of around RMB 11.4 billion, while revenue contribution is still very small at this stage, and we expect it to see more revenue kicking in from the second half of next year or maybe early in 2024, as small cars with our solutions can become available in the market. And once the meaningful revenue kicks in, this business should start to generate profit.

對於汽車解決方案，正如我們剛才提到的，我們已經預計累計銷售額約為人民幣114億元，而現階段的收入貢獻仍然很小，我們預計從明年下半年或2024年初將有更多的收入進入市場，因為採用我們解決方案的小型車可以上市。一旦開始產生可觀的收入，這項業務就應該開始產生利潤。

I would like to also make it clear the RMB 11.4 billion is our estimate including the contract side and nomination letters we received from OEMs. In auto industry, our nomination letter means a supplier is affected for certain projects, and then the OEMs will sign up contracts with us first. Our estimate is based on our assumptions of the timing of launch, the pricing, the future volumes. I hope this gives you a better understanding of how we have made these calculations.

我還想明確指出，114 億元人民幣是我們的估計，其中包括我們從 OEM 收到的合約方和提名信。在汽車行業，我們的提名信意味著某個供應商會受到某些項目的影響，然後原始設備製造商將首先與我們簽訂合約。我們的估計是基於對發佈時間、定價和未來銷售的假設。我希望這能讓您更能理解我們如何進行這些計算。

Looking forward, we will continue to be very disciplined with the cost and expenses. And at the same time, we'll continue to invest in the AI Cloud and Intelligent Driving for our long-term growth despite of the challenging environment in the short term. And in the future, we believe our mobile ecosystem will continue to generate decent profits and cash flow to support our investments in the new AI business. And we'll also continue to work very hard to narrow our loss in AI Cloud.

展望未來，我們將繼續嚴格控製成本和費用。同時，儘管短期環境充滿挑戰，我們仍將繼續投資人工智慧雲端和智慧駕駛，以實現長期成長。未來，我們相信我們的行動生態系統將繼續產生可觀的利潤和現金流，以支持我們對新人工智慧業務的投資。我們也將繼續努力縮小我們在 AI Cloud 的損失。

The next question comes from Gary Yu with Morgan Stanley.

下一個問題來自摩根士丹利的 Gary Yu。

Congrats on the expanded partner network and growing backlogs for ADS business. I have a question on your auto solutions. Just wondering, when should we expect meaningful revenue to start kicking in? And how do you differentiate the Apollo's auto solution from your peers? And could you help us understand the underlying market space for Baidu Apollo's auto solutions? And a related question to that is, have you noticed a significant change in the attitude of the OEMs towards self-developing for intelligent driving solutions?

祝賀合作夥伴網路不斷擴大以及 ADS 業務訂單不斷增加。我對您的自動解決方案有疑問。只是想知道，我們什麼時候可以期待有意義的收入開始產生？您認為阿波羅的自動駕駛解決方案與同行有何不同？您能否幫助我們了解百度阿波羅汽車解決方案的潛在市場空間？與此相關的一個問題是，您是否注意到原始設備製造商對於自主開發智慧駕駛解決方案的態度發生了重大變化？

Gary, this is Robin. We think huge opportunities in the auto solutions market, in the first 10 months of this year, EV sales increased by more than 100% in China. We're now the largest EV market in the world, accounting for more than half of the global EV sales.

加里，這是羅賓。我們認為汽車解決方案市場蘊藏著巨大的機會，今年前10個月，中國電動車銷量成長了100%以上。我們現在是世界上最大的電動車市場，佔全球電動車銷量的一半以上。

A clear trend for the auto industry is vehicle intelligence. Baidu is benefiting from this trend. Our years of investments in autonomous driving have begun to bear fruit. Baidu Apollo's auto solutions derived from our L4 technology. A lot of AI models we build for robotaxi can be used for ASD.

汽車產業的一個明顯趨勢是車輛智慧化。百度正受益於此趨勢。我們多年來在自動駕駛方面的投資已開始取得成果。百度Apollo的汽車解決方案源自於我們的L4技術。我們為機器人計程車建造的許多 AI 模型都可以用於 ASD。

Another point to note is that as the market leader, we have been investing in autonomous driving for about 10 years. And thanks to these investments, we not only have completed tens of millions of testing miles on the public roads, but also accumulated a very valuable experience by running the largest robotaxi fleet on urban roads on a daily basis. This has provided us great insight, and we have used these insights to develop auto solutions that best meet our customers' needs.

另外要注意的一點是，身為市場領導者，我們已經在自動駕駛領域投資了約 10 年。而且透過這些投入，我們不僅在公共道路上完成了數千萬英里的測試，而且透過在城市道路上每天運行最大的自動駕駛計程車車隊，積累了非常寶貴的經驗。這為我們提供了深刻的見解，我們利用這些見解開發出最能滿足客戶需求的汽車解決方案。

So for example, ANP 3.0. We believe it is the most advanced intelligent driving solution for city roads on the market. Because ANP 3.0 is derived from our core driving technology, we were able to use a very limited amount of R&D personnel to make this advanced solution available to the market within a short time. Jidu's first car, ROBO-01 will be the first one to use ANP 3.0. We believe that with more and more automakers adopting our auto solutions, we will become more experienced in making our solutions compatible with more popular car models.

例如 ANP 3.0。我們相信這是市場上最先進的城市道路智慧駕駛解決方案。由於ANP 3.0源自於我們的核心驅動技術，我們能夠使用非常有限的研發人員在短時間內將這項先進的解決方案推向市場。 Jidu 的第一輛車 ROBO-01 將是第一款使用 ANP 3.0 的汽車。我們相信，隨著越來越多的汽車製造商採用我們的汽車解決方案，我們將更有經驗使我們的解決方案相容於更多流行的車型。

On the other hand, when more and more cars with our auto solutions are on the road, we will be able to grow experience from everyday users and we'll continue to improve our auto solutions.

另一方面，當越來越多配備我們汽車解決方案的汽車上路時，我們將能夠從日常用戶那裡累積經驗，並繼續改進我們的汽車解決方案。

As I mentioned earlier, our total projected cumulative sales for Apollo's auto solutions reached CNY 11.4 billion, which is more than 50% from last year.

我剛才提到，我們Apollo汽車解決方案預計累計銷售額達114億元人民幣，比去年增長50%以上。

Based on our current pipeline, some of the major car models that are equipped with ANP, AVP should be launched starting in the second half of next year. So meaningful revenue contributions for this business should begin in 2024, and profit will follow.

根據我們目前的規劃，一些配備ANP、AVP的主要車型應該會在明年下半年推出。因此，該業務將從 2024 年開始產生有意義的收入貢獻，並隨之帶來利潤。

On the differentiation, if you look at the cost side, as we mentioned many times before, developing advanced intelligent solutions require massive investments in technology and talent. Frankly speaking, most companies cannot afford this kind of investment.

在差異化方面，如果從成本方面來看，正如我們之前多次提到的，開發先進的智慧解決方案需要在技術和人才方面進行大量的投資。坦白說，大多數公司無法承擔這種投資。

Automakers trust our brand and technology. So a lot of them have chosen to partner with Baidu Intelligent Solutions. For them, we are a trustworthy and reliable supplier because we have made years of investment in intelligent driving technology, and we have a strong cash position, and our advertising business continue to generate strong cash flow to support our investments.

汽車製造商信任我們的品牌和技術。因此許多企業選擇與百度智能解決方案合作。對他們來說，我們是值得信賴和可靠的供應商，因為我們在智慧駕駛技術方面進行了多年的投資，我們擁有強大的現金狀況，我們的廣告業務繼續產生強勁的現金流來支持我們的投資。

Going forward, this will continue to support the collaboration with many automakers at large scale. That's why more and more leading automakers have recognized us and have broadened partnership with Baidu. For example, in the quarter, we expanded our partnership with one of China's largest auto companies, and we plan to use our ASD solutions for yet another of their popular car model. And the ASD solution used include ANP, AVP and HD Maps. Going forward, we are looking forward to more partnerships with OEMs, both domestically and internationally.

展望未來，這將繼續支持與眾多汽車製造商的大規模合作。這就是為什麼越來越多的領先汽車製造商認可我們並擴大與百度的合作。例如，在本季度，我們擴大了與中國最大的汽車公司之一的合作夥伴關係，並計劃將我們的 ASD 解決方案應用於他們的另一款熱銷車型。所使用的ASD解決方案包括ANP、AVP和HD Maps。展望未來，我們期待與國內外更多的原始設備製造商建立合作關係。

The next question comes from Kenneth Fong with Credit Suisse.

下一個問題來自瑞士信貸的 Kenneth Fong。

I have a follow-up question about Apollo Go. On a fully autonomous driving, what kind of progress will be seen in the near term? Could management also talk about a key milestone that Apollo Go will achieve in 2023 and even in the longer term? And to achieve this milestone, how should we think about the impact on your P&L as well as cash flow? And when should we expect Apollo Go business to achieve breakeven?

我有一個關於 Apollo Go 的後續問題。在完全自動駕駛方面，近期將取得什麼樣的進展？管理階層能否談談 Apollo Go 在 2023 年乃至更長遠的未來將實現的一個重要里程碑？為了實現這一里程碑，我們應該如何考慮對您的損益表和現金流量的影響？我們什麼時候可以預期 Apollo Go 業務能夠達到收支平衡？

Thanks for your question. This is [James]. We are making very good progress in the package of providing fully driverless ride-hailing service for the public. We believe Apollo Go is the largest autonomous ride-hailing service provider in the world, because, number one, when we look at the numbers back on [coverage] rate. Apollo Go has provided 1.4 million rides for the public. In Beijing, Shanghai and Guangzhou each half complete 15 rides per day. We are also providing fully driverless ride-hailing services to public in Wuhan and Chongqing. And the number of ride providers by fully driverless [AI] is growing very fast.

謝謝你的提問。這是[詹姆斯]。我們在為大眾提供完全無人駕駛叫車服務方面取得了非常好的進展。我們相信 Apollo Go 是世界上最大的自動駕駛叫車服務提供商，因為，首先，當我們回顧覆蓋率的數字時。 Apollo Go 已為公眾提供了 140 萬次乘車服務。在北京、上海和廣州，每半數騎乘者每天完成 15 次騎行。我們也向武漢和重慶的大眾提供完全無人駕駛的叫車服務。完全無人駕駛（AI）的乘車服務提供者的數量正在快速增長。

And number two, Apollo Go is already in more than 10 cities in China. It is also cities have a population of more than 10 million, as Rong Luo mentioned in his script, building up operation of us is to improve technology and safety. He gave examples about technical improvement. Let me share some examples about how our operation help us to improve user experience.

第二，Apollo Go 已經覆蓋中國 10 多個城市。這也是一座擁有千萬人口以上的城市，正如榮洛在劇本中提到的，我們建造城市是為了提高技術水平和安全水平。他舉了有關技術改進的例子。讓我分享一些例子來說明我們的營運如何幫助我們改善用戶體驗。

In operations, we got a lot of feedback from passengers. For example, passengers, one half, a, operated to moderate; b, to fill them up faster and to better plan or route than before. We then refined and improved our auto quality. Our efforts have helped us gain more recognition from passengers. Today, in Chongqing, Beijing, Apollo Go is already importantly for AI computing.

在營運中，我們收到了許多乘客的回饋。例如，乘客，一半，a，操作適中； b、以比以前更快的速度填滿它們並更好地規劃或安排路線。然後我們改進並提高了我們的汽車品質。我們的努力贏得了更多乘客的認可。如今，在重慶、在北京，Apollo Go已是人工智慧運算領域的重要力量。

After trying Apollo Go, people come to realize that it is a reliable and fixed service. It drives just like a professional driver. Some people may wonder why is Apollo Go can be better than human drivers? This operation is always be in compliance with traffic regulation and the AI driver never get tired or distracted like human drivers, all of those allow Apollo Go to provide very stable drive to public.

在嘗試了 Apollo Go 之後，人們意識到它是一項可靠且固定的服務。它的駕駛體驗就像專業駕駛員一樣。有人可能會疑惑，Apollo Go為什麼比人類駕駛表現更好？這項操作始終符合交通規則，而人工智慧駕駛永遠不會像人類駕駛員那樣感到疲倦或分心，所有這些都使得 Apollo Go 能夠為大眾提供非常穩定的駕駛體驗。

Our strong track record of around [150] has helped us to entrust, both from our user and also from our regulator. We mentioned before, set in Wuhan and Chongqing. We will allow to provide fully driverless ride-hailing service this August. The operation in both cities is well on track.

我們擁有約 [150] 的良好業績記錄，這有助於我們贏得使用者和監管機構的信任。我們之前提到過，設在武漢和重慶。今年八月我們將允許提供完全無人駕駛的叫車服務。目前兩地業務運作進展順利。

Going forward, we plan to continue to expand this operation -- and this operation and as more fully driverless vehicles. In 2023 and beyond, we will continue to fulfill our operation. In particular, fully driverless ride-hailing operation in more region and reduce hardware and the vehicle cost. We believe robotaxi will eventually be profitable and cheaper than the current ride-hailing service. We will continue to invest in robotaxi to capture a huge market opportunity.

展望未來，我們計劃繼續擴大這項業務——以及更多的完全無人駕駛汽車。 2023年及以後，我們將繼續履行我們的職責。特別是實現全無人駕駛叫車在更多區域運營，降低硬體和車輛成本。我們相信，自動駕駛計程車最終將實現盈利，並且比目前的叫車服務更便宜。我們將繼續投資自動駕駛計程車，以抓住巨大的市場機會。

Kenneth, this is Julius. Regarding your question about the impact on our P&L and cash flow. We believe the overall impact is actually manageable. As Robin said in the script, actually our team today has built a very comprehensive financial world for Apollo Go. This model actually helped us to understand what should we do, where we should improve and adjust to generate profit in these models in the future.

肯尼斯，這是朱利葉斯。關於您提出的對我們的損益表和現金流量的影響的問題。我們相信整體影響實際上是可控的。正如Robin在劇本裡說的，實際上我們團隊今天已經為Apollo Go建構了一個非常完善的金融世界。這個模型實際上幫助我們了解我們應該做什麼，我們應該在哪些方面改進和調整，以便在未來在這些模型中產生利潤。

For example, today, we are working very hard towards 2 goals. Number one is we aim to remove safety officers in the cars, as labor cost is where we should reduce and make a kind of new ways. And number two, we continue to reduce the hardware costs. During the past quarters, we continued to improve our L4 autonomous driving technology and just now, both Xin-Zhe and Robin have given some examples of how we do that, how we leverage the large-scale operation to improve technology. These efforts help us to earn trust and build track records.

例如今天，我們正在非常努力地實現兩個目標。第一，我們的目標是取消車上的安全員，因為勞動成本是我們應該減少的，我們應該尋找新的方式。第二，我們持續降低硬體成本。在過去的幾個季度中，我們繼續改進我們的 L4 自動駕駛技術，剛才，辛哲和羅賓都給了一些例子，說明了我們如何做到這一點，以及如何利用大規模運作來改進技術。這些努力有助於我們贏得信任並建立業績記錄。

Today, we are providing fully driverless ride-hailing services in Wuhan and Chongqing, meaning no safety officers in the car at all. In Beijing, we're also making good progress as the safety officers today are now allowed to -- not to see behind the steering wheel and maybe even the front seats, which will help us to remove the safety officers in more cities and reduce the labor costs in the future.

今天我們在武漢和重慶提供全無人駕駛叫車服務，車上根本沒有安全員。在北京，我們也取得了良好的進展，因為現在安全員被允許不看方向盤後面，甚至不看前排座位，這將有助於我們在更多城市取消安全員，並在未來降低勞動力成本。

And on the other hand, for the hardware perspective, most of the newly added car in the coming 12 months will be RT5, the model of Apollo Go. This means there will be some investments in hardware next year. Once a sizable amount of RT6 which we have just launched a few months ago, put in operation in the year 2024, our unit economy will specifically improve because RT6 has much lower production costs than any previous generations of robotaxis.

另一方面，從硬體角度來看，未來12個月新增的車款大部分是RT5，也就是Apollo Go的車款。這意味著明年將會在硬體方面有一些投資。一旦我們幾個月前剛推出的大量 RT6 在 2024 年投入運營，我們的單位經濟效益就會得到特別改善，因為 RT6 的生產成本比任何前幾代自動駕駛出租車都要低得多。

The unit economy in our operations in key cities is also improving because we continue to scale out and improve the order cost -- the cost efficiencies. Robin has mentioned, our rides continue to grow in the past few quarters and also each car now provide 15 rides every day in some Tier 1 cities.

由於我們不斷擴大規模並提高訂單成本，即成本效率，我們在重點城市運營的單位經濟也在改善。 Robin 提到，我們的出行量在過去幾季持續成長，現在每輛車在一些一線城市每天提供 15 次出行服務。

Apollo Go today is becoming -- recognized as a reliable and efficient way for daily commute. Overall, our Apollo Go measures -- we aim to achieve the unit economy in key cities before we expand to more cities. I think just a summary, all of this impact to our cash flow and the P&L is manageable, and we have the patience.

如今，Apollo Go 正逐漸被認可為一種可靠、高效的日常通勤方式。總體而言，我們的 Apollo Go 措施——我們的目標是在擴展到更多城市之前，先在主要城市實現單位經濟。我認為總結一下，所有這些對我們的現金流量和損益的影響都是可控的，而且我們有耐心。

The next question comes from Lincoln Kong with Goldman Sachs.

下一個問題來自高盛的林肯孔。

I want to ask about our sales of our advanced chips to China because we have seen recently a lot of press report around U.S. chip restriction against China. So we wonder how you are seeing these restrictions impacting your ability to grow the business by AI Cloud, the autonomous driving and lastly, wider our AI business? So could you also remind us our business that's the most depending on the advanced large AI chips and if there's any way, we'll be able to manage this with the master chip capability?

我想問一下我們向中國銷售先進晶片的情況，因為我們最近看到很多關於美國對中國晶片限制的新聞報導。所以我們想知道，您認為這些限制如何影響您透過 AI 雲端、自動駕駛以及更廣泛的 AI 業務發展業務的能力？那麼，您能否提醒我們，我們的業務最依賴先進的大型 AI 晶片，如果有任何方法，我們是否能夠利用主晶片功能來管理它？

Thank you, Lincoln. You're right. This is a hard topic to reason actually. So the short answer to your question is that we think the impact is quite limited in the near future, and here are the reasons. So first of all, as of today, a large portion of our AI Cloud business and even wider AI business does not rely too much on the highly advanced chips. And secondly, for the part of our businesses that need advanced chips, we have already started enough in hand actually to support our business in the near term.

謝謝你，林肯。你說得對。這其實是一個很難推理的話題。所以對你的問題的簡短回答是，我們認為在不久的將來影響相當有限，原因如下。首先，截至今天，我們的很大一部分 AI 雲端業務甚至更廣泛的 AI 業務並不太依賴高度先進的晶片。其次，對於我們需要先進晶片的業務部分，我們實際上已經準備好了足夠的晶片來支援我們短期內的業務。

Thirdly, there were some alternative to the restricted chips and we have the technologies to use these alternatives to achieve almost the same effectiveness and efficiency in our AI Cloud and the wider AI businesses. Last, but not least, automotive chips are not on the prohibited list. So this means that in the near future, in-vehicle computing is not affected.

第三，受限晶片有一些替代品，我們擁有使用這些替代品的技術，從而在我們的人工智慧雲端和更廣泛的人工智慧業務中實現幾乎相同的有效性和效率。最後，同樣重要的一點是，汽車晶片不在禁用名單上。所以這意味著在不久的將來，車載計算不會受到影響。

So when we look at the mid- to longer term, we actually have our own developed AI chip, so named Kunlun. Actually, we already started to use Kunlun chip to support some large-scale AI computing tasks internally. We also use Kunlun to serve external customers already. So because we have full stack AI capabilities from chips to AI frameworks to foundation models and then to application software, so we can achieve much higher efficiency as we optimize AI tasks from end to end.

所以當我們看中長期時，我們實際上有自己開發的人工智慧晶片，所以命名為崑崙。實際上我們內部已經開始使用崑崙晶片來支撐一些大規模的AI運算任務。我們也已經在使用崑崙來為外部客戶提供服務。因為我們擁有從晶片到AI框架到基礎模型再到應用軟體的全端AI能力，所以我們在從端到端優化AI任務時可以實現更高的效率。

So let me give you some examples. By using our Kunlun chips (inaudible) in large language models, the efficiency to perform text and image recognition tasks on our AI platform has been improved by 40% and the total cost has been reduced by 20% to 30%.

讓我給你舉幾個例子。透過在大型語言模型中使用我們的崑崙晶片（聽不清楚），我們的人工智慧平台執行文字和圖像辨識任務的效率提高了40％，總成本降低了20％至30％。

There are more cases like this in a quality inspection in our smart manufacturing projects and image recognition in the smart city products and so forth. So as our business grows, we believe our end-to-end capabilities will gain us even stronger competitive advantages.

在我們的智慧製造專案的品質檢測、智慧城市產品的影像辨識等方面，還有更多這樣的案例。因此，隨著業務的成長，我們相信我們的端到端能力將為我們帶來更強大的競爭優勢。

For the core chips, so we expect to see more auto parts, including core chips to be manufactured in China in the future, so as China's intelligent driving market continues to develop rapidly. So this means that supply chain in auto industry may become more and more independent and [relies really] on the imports.

對於核心晶片，我們預計未來將有更多的汽車零件，包括核心晶片將在中國製造，因為中國的智慧駕駛市場將繼續快速發展。這意味著汽車產業的供應鏈可能會變得越來越獨立，並且真正依賴進口。

So once again, I want to emphasize that Baidu has built a very strong R&D team. We keep introducing cutting-edge technologies to the market, and we help users and customers to use these technologies to improve efficiency. So that's why we believe we can leverage our strong AI capabilities and AI algorithms to support the top level computing, even though we face some turbulence in the semiconductor supply chain.

所以我再次強調，百度已經建立了一支非常強大的研發團隊。我們不斷向市場推出尖端技術，並幫助用戶和客戶利用這些技術來提高效率。因此，我們相信，儘管我們在半導體供應鏈中面臨一些動盪，但我們可以利用強大的人工智慧能力和人工智慧演算法來支援頂級運算。

So to sum up, chip sales restriction should have a limited impact on our business operation in the near term. Instead, we think increased some good market opportunities for the Chinese chip companies and our equipment AI chips and our AI business will eventually benefit from these opportunities.

總而言之，晶片銷售限制在短期內對我們的業務營運的影響有限。相反，我們認為中國晶片企業增加了一些良好的市場機會，我們的設備AI晶片和我們的AI業務最終將從這些機會中受益。

The last question today comes from James Lee with Mizuho.

今天的最後一個問題來自瑞穗的詹姆斯李。

I have 2 here. First, can you guys provide some more color on your progress of e-commerce search and short-video opportunities? Can you guys talk about maybe from a consumer, merchant's and creator's point of view, what kind of pain points are you trying to resolve here?

我這裡有 2 個。首先，你們能否詳細介紹電子商務搜尋和短影片機會的進展？你們能否從消費者、商家和創作者的角度來談談，你們試圖解決什麼樣的痛點？

And second, can you talk about the traction that you have made in open mobile ecosystem and potential monetization opportunities here?

其次，您能談談您在開放行動生態系統中取得的進展以及潛在的獲利機會嗎？

Yes, this is Robin. I mentioned earlier that we have been building closed-loop experience for our users and advertisers in our mobile ecosystem, especially in Baidu App. For e-commerce, because of the efforts we made in the past, users now come to Baidu not only for information and knowledge, but also for services and merchandise.

是的，這是羅賓。我之前提到過，我們一直在行動生態系統中，特別是在百度應用程式內，為用戶和廣告商建立閉環體驗。對於電子商務，由於我們過去所做的努力，現在用戶來百度不僅是為了資訊和知識，也是為了服務和商品。

Since the beginning of this year, merchandise-related search queries on Baidu have grown much faster than last year. You may be wondering why? It is because users increasingly find out that on our platform, they can now find detailed product information, product reviews and even buy the product without leaving our app.

今年以來，百度上商品相關的搜尋量成長速度比去年同期大幅加快。您可能想知道為什麼？這是因為用戶越來越發現，在我們的平台上，他們現在可以找到詳細的產品資訊、產品評論，甚至無需離開我們的應用程式即可購買產品。

Now we have a huge number of SKUs available for search on our platform. We have also deepened the partnership with leading e-commerce platform, so that users can easily buy products they need here on Baidu App.

現在我們的平台上有大量的 SKU 可供搜尋。我們也深化了與領先電子商務平台的合作，以便用戶可以在百度App上輕鬆購買所需的產品。

Just like I said in my prepared remarks, in Q3, GMV facilitated by the Search continue to grow very fast. I also mentioned earlier that retail has been an outperforming vertical for our online ad business for quite a few quarters. Even very recently, revenues from the retail vertical during the Double 11, e-commerce promotional season, grow by double digits from last year. And this all prove that our efforts gradually bearing fruit.

正如我在準備好的演講中所說的那樣，在第三季度，搜尋推動的 GMV 繼續快速增長。我之前也提到過，零售業在好幾個季度一直是我們在線廣告業務表現優異的垂直領域。甚至就在最近，雙十一電商促銷季期間零售垂直產業的收入也比去年同期實現了兩位數的成長。這一切都證明我們的努力正在逐步取得成果。

As for short video, we're making short videos increasingly available in our Feed and Search services. For feed, short video distribution and time spend continue to grow steadily. Right now, about 85% of the feed distributed by Baidu App are short videos. And for Search, more than 20% of the clicks on the search result pages were short videos. This number increased by more than 80% year-on-year during the month of September. So we believe the popularity and the adoption of video in our search results will ramp up quickly.

至於短視頻，我們正在我們的 Feed 和搜尋服務中越來越多地提供短視頻。資訊流方面，短視頻分發量和時長持續穩定成長。目前，百度App分發的資訊流中約85%都是短影片。對於搜索，搜尋結果頁面上超過 20% 的點擊來自短影片。 9月份，這一數字年增了80%以上。因此，我們相信，影片在我們的搜尋結果中的受歡迎程度和採用率將會迅速上升。

When we talk about monetization, short videos, especially short videos that provide fully immersive video experience, can be much better monetized than text and images. For example, in feed, ECM -- eCPM for fully immersive video ads are much higher than text and images. This is one key reason for feed revenue to show positive growth year-over-year in this quarter, even though the macro environment was unfavorable. This progress in feed has made us quite confident that short videos will also benefit the search revenue later on.

當我們談論貨幣化時，短視頻，特別是提供完全沉浸式視頻體驗的短視頻，比文本和圖像可以更好地實現貨幣化。例如，在資訊流中，ECM——完全沉浸式影片廣告的eCPM遠高於文字和圖像。這是本季飼料收入在宏觀環境不利的情況下仍能比去年同期實現正成長的關鍵原因。資訊流的這項進展讓我們很有信心，短影片未來也會為搜尋收入帶來好處。

Now we're also trying to use AI-generated content to enrich our short-video portfolio. We're still at the very early stage for them. We believe with AI, we will generate a large number of short videos in a faster and more cost-effective way.

現在我們也嘗試利用人工智慧生成的內容來豐富我們的短影片作品集。對他們來說，我們仍處於非常早期的階段。我們相信，有了人工智慧，我們將以更快、更經濟的方式產生大量短片。

To sum up, e-commerce and short videos are 2 areas that could drive incremental revenue growth for us, and we will continue to work hard on that. Meanwhile, we would like to stress that profit growth remains a top priority for our mobile ecosystem.

總而言之，電子商務和短影片是兩個可以為我們帶來增量收入成長的領域，我們將繼續努力。同時，我們要強調的是，利潤成長仍然是我們行動生態系統的首要任務。

As for interoperability, we believe it is a long-term trend. As we talked about it before, being a search engine, we benefit from more content becoming searchable on the Internet.

至於互通性，我們認為這是一個長期趨勢。正如我們之前所討論的，作為搜尋引擎，我們可以從網路上可搜尋到的更多內容中受益。

Looking into the longer term, we believe the government's willingness to build an open mobile Internet industry remains unchanged because it benefits the users and the SMEs. And for us, by the way, is getting ourselves ready for that trend.

從長遠來看，我們認為政府建立開放的行動互聯網產業的意願不會改變，因為這有利於用戶和中小企業。順便說一句，我們正在為這一趨勢做好準備。

This concludes our question-and-answer session and concludes the conference call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。