百度 (BIDU) 2022 Q4 法說會逐字稿

內容摘要

2020 年第四季度,百度的核心收入受到 COVID-19 大流行的影響。然而,該公司設法同比提高了營業利潤和利潤率。百度還展示了其作為用戶在大流行高峰期等關鍵時刻尋求準確和權威信息的可信賴平台的價值。

公司迅速調動資源,推出基於百度搜索查詢的 COVID-19 指數,提供實時更新和預測,提高透明度。百度還與知名醫院和醫學專家合作,為公眾健康提供指導和建議。第四季度,與健康相關的搜索查詢同比增長約 40%,創歷史新高。

2020 年第四季度,百度的 AI 雲實現了 4% 的同比增長,但由於 COVID-19 的影響,收入增長較前幾個季度有所放緩。由於縮減了廣告和雲解決方案項目的低利潤業務,以及繼續針對傳統行業的特定用例對 AI 解決方案和應用程序進行標準化,AI Cloud 的利潤率同比有所提高。

百度相信,這些努力將帶來可持續增長和持續成功。百度 1 月份業績強勁,用戶流量同比增長 6.6%。百度應用是中國為數不多的超級應用之一,百度搜索具有獨特的價值主張。在過去的幾年裡,該公司不斷使用技術來豐富內容和服務,以便為用戶提供更好的體驗。今天,人們來百度不僅是為了搜索信息,也是為了尋找產品和服務。 Ernie Bot有潛力成為人們上網新的流量入口。

過去一年,百度核心總人數實際上減少了8%。該公司專注於他們在同類中最好或一流的領域。他們也在逐步淘汰低利潤業務。 SG&A 同比下降 1-5% 15%。研發同比下降 3%。

2022年下半年,百度核心的非美國通用會計準則營業利潤率同比增長。與一年前相比,公司擁有更健康的成本結構和更強大的組織。

公司將繼續監控所有促銷活動的投資回報率,尤其是百度的收購成本。他們還將仔細管理所有其他可變成本。研發團隊需要專注於構建能夠為用戶和客戶創造更多價值的技術、產品或服務。百度預計 2022 年第四季度的總收入將增長 3% 至 8%。該公司 AI 雲業務的擴張是這一增長的主要原因。然而,由於 COVID 導致充滿挑戰的宏觀環境下廣告主需求疲軟,預計 2022 年百度核心的在線營銷收入將同比下降 6%。

百度的視頻流媒體服務愛奇藝第四季度收入同比增長 3% 至 76 億元人民幣。 2022年全年,愛奇藝收入預計同比下降5%至290億元人民幣。減少的原因是內容成本、銷售成本和其他與新 AI 業務相關的成本減少,部分被流量獲取成本的增加所抵消。

百度計劃在今年晚些時候向公眾開放其新的人工智能搜索功能 Ernie Bot。 Ernie Bot 是一種最先進的中文語言模型,通過每天為數十億用戶搜索請求和其他應用程序提供服務進行訓練。 Ernie 所基於的深度學習框架 PaddlePaddle 勢頭強勁。數以百萬計的開發人員使用 Paddles 來完成他們的 AI 工作。這是——框架層和模型層之間有很強的協同作用。如您所知,AI 預訓練非常昂貴。我們相信我們的全棧 AI 功能將使我們能夠構建最高效的大型語言模型並支持各種應用程序,從搜索到內容生成或 - 以及可以顯著提高生產力的垂直領域。 2022年第四季度,百度營業費用為人民幣115億元,同比下降17%。下降的主要原因是員工相關費用的減少。全年營業費用為人民幣438億元,比上年下降12%。減少的原因是渠道支出、促銷和營銷以及人員相關費用的減少。

第四季度非美國通用會計準則營業收入為人民幣 65 億元,非美國通用會計準則營業利潤率為 20%。全年非美國通用會計準則營業收入為人民幣 232 億元,非美國通用會計準則營業利潤率為 19%。

對於百度核心,第四季度非美國通用會計準則營業收入為人民幣 55 億元,營業利潤率為 21%。百度核心全年非美國通用會計準則營業收入為人民幣 209 億元,非美國通用會計準則營業利潤率為 22%。

第四季度的其他收入淨額總額為人民幣 18 億元,這是由於長期投資的公允價值收益人民幣 16 億元。所得稅費用為人民幣13億元。全年其他淨虧損總額為人民幣 58 億元,這是由於長期投資的公允價值損失人民幣 39 億元和減值損失人民幣 30 億元。所得稅費用為人民幣26億元。

第四季度歸屬於百度的淨利潤為人民幣 50 億元,每股 ADS 攤薄收益為人民幣 13.59 元。歸屬於百度核心的淨利潤為人民幣48億元,淨利率為19%。百度是一家專注於互聯網相關服務和產品、人工智能 (AI) 和搜索引擎的中國跨國科技公司。公司的AI雲提供4層全棧服務:雲基礎設施、深度學習平台(PaddlePaddle)、大基礎模型、新應用。該公司聲稱其端到端解決方案比其他供應商提供的解決方案更高效且更易於升級。百度計劃將其聊天機器人 Ernie Bot 整合到其云和人工智能產品中,相信這將幫助許多企業探索新機遇並改善運營。

在百度 2022 年第四季度財報電話會議上,首席運營官竇表示,他們看到廣告支出逐漸改善,預計這種情況將持續到第二季度。此外,他表示,他們看到百度運營的一些較弱行業有所改善,例如教育和房地產。因此,竇表示,他們對未來幾個月的前景持謹慎樂觀態度。

對於公司的雲收入增長,鬥表示,他們已經看到逐漸恢復,但新項目的銷售週期可能需要幾個月到幾個季度。他還表示,百度正專注於提高雲業務的利潤率,這將對公司的廣告收入增長產生影響。不過,他認為百度將在 2023 年繼續超越其互聯網同行。

在回答有關他們的 AI 雲利潤率的問題時,發言人表示,他們一直在通過削減低利潤業務和構建可以擴大規模的 AI 應用程序來提高利潤率。他表示,人工智能雲包括個人和企業兩部分,前者產生可觀的營業利潤,而後者仍處於虧損狀態,但利潤率有所提高。演講者表示,他們相信百度的全棧人工智能能力將幫助他們在未來幾年實現盈利。 2022 年第四季度,百度歸屬於公司的淨利潤為 236 億元人民幣(36 億美元),同比增長 68%。歸屬於百度的美國通用會計準則淨利潤為 197 億元人民幣(30 億美元),同比增長 63%。 GAAP 稀釋後每股收益為 39.13 元人民幣(6.00 美元)。非美國通用會計準則攤薄後每股收益為 47.12 元人民幣(7.20 美元)。

百度在 2022 年第四季度在公共道路上的完全無人駕駛運營方面取得了一些顯著突破。8 月,他們開始在武漢和重慶提供完全無人駕駛的網約車服務。 12 月下旬,他們獲准在北京亦莊地區的公共道路上試駕車內沒有安全操作員的車輛。

這是首都允許真正的無人駕駛網約車運營之前的關鍵一步。正如過去所說,勞動力成本是網約車業務的主要成本組成部分。從車輛中移除安全操作員可以顯著降低此成本。

第四季度,為公眾提供的完全無人駕駛乘車服務增長非常快,幫助百度擴大業務並降低每英里成本。他們還推出了 RT6,旨在首次將機器人出租車的成本降低到中國大眾市場電動汽車的價格範圍內。這一舉措將使他們能夠在未來進一步降低成本。

百度Apollo的汽車解決方案與一家跨國汽車製造商進行了合作。他們打算與百度合作,為他們在中國的一款熱門車型開發 AVP 功能。

百度的移動生態系統流量依然強勁。通過百度應用分發的移動搜索查詢總量和提要在本季度繼續實現兩位數的同比增長。 12 月,百度應用的 MAU 同比增長 4.2%。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Hello and thank you for standing by for Baidu's Fourth Quarter and 2022 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

    您好,感謝您支持百度第四季度和 2022 年財報電話會議。 (操作員說明)正在錄製今天的會議。如果您有異議,此時您可以斷開連接。

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

    現在我想把會議轉交給今天會議的主持人,百度投資者關係總監林娟。

  • Juan Lin - Director of IR

    Juan Lin - Director of IR

  • Hello, everyone, and welcome to Baidu's Fourth Quarter and Fiscal Year 2022 Earnings Conference Call.

    大家好,歡迎來到百度2022財年第四季度財報電話會議。

  • 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, ACG; and Zhenyu Li, our SVP in charge of Baidu Intelligent Driving.

    百度的收益報告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。今天的電話會議有我們的聯合創始人兼首席執行官李彥宏;羅榮,我們的首席財務官; Dou Shen,我們的執行副總裁,負責百度 AI Cloud Group,ACG;以及負責百度智能駕駛的高級副總裁李振宇。

  • 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 provisions of the U.S. Private Securities Litigation Reform Act of 1995.

    在我們準備好的發言之後,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作出的前瞻性陳述。

  • 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 updated Annual Report and other documents filed with the SEC and Hong Kong Stock Exchange.

    前瞻性陳述受風險和不確定因素的影響,可能導致實際結果與我們目前的預期存在重大差異。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。

  • Baidu does not undertake any obligation to update any forward-looking statements, except as required under applicable law. 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.

    除適用法律要求外,百度不承擔任何更新任何前瞻性陳述的義務。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 GAAP 財務措施的討論。我們的新聞稿包含未經審計的非 GAAP 措施與未經審計的最直接可比的 GAAP 措施的對賬,可在我們的 IR 網站 ir.baidu.com 上查閱。

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

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

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

    我現在將把電話轉給我們的首席執行官羅賓。

  • Yanhong Li - Co-Founder, Chairman & CEO

    Yanhong Li - Co-Founder, Chairman & CEO

  • Hello, everyone. In Q4 2022, Baidu Core revenues were impacted by a challenging environment caused by a rapid increase in COVID-19 cases and its impact on the broader economy. However, we managed to improve our operating profit and margin year-over-year in the quarter. Beyond that, Baidu demonstrated its value as a trusted platform for users seeking accurate and authoritative information during critical moments like the peak time of COVID-19 pandemic.

    大家好。 2022 年第四季度,百度核心收入受到 COVID-19 案件快速增加及其對更廣泛經濟的影響造成的充滿挑戰的環境的影響。但是,我們在本季度設法同比提高了營業利潤和利潤率。除此之外,百度還展示了其作為用戶在 COVID-19 大流行高峰期等關鍵時刻尋求準確和權威信息的可信平台的價值。

  • As restrictions in China were relaxed and many people get infected, people were most keen to monitor the progress of the epidemic in their local areas. We quickly mobilized our resources and launched COVID-19 indices based on Baidu search queries, providing real-time updates and forecasts for better transparency. Also we partnered with reputable hospitals and medical experts to offer guidance and advice for public health. In Q4, health-related search queries grew about 40% year-over-year, reaching a record-breaking high.

    隨著中國限制措施的放鬆,許多人被感染,人們最熱衷於監測當地的疫情進展。我們迅速調動資源,推出了基於百度搜索查詢的 COVID-19 指數,提供實時更新和預測以提高透明度。我們還與知名醫院和醫學專家合作,為公共衛生提供指導和建議。第四季度,與健康相關的搜索查詢同比增長約 40%,創歷史新高。

  • And today, we are on the threshold of exciting, new developments in our industry. For this call, I will focus on 3 major themes. And then I'll provide quarterly reviews across our business lines. And finally, I'll talk about our outlook for 2023.

    今天,我們正處於我們行業令人興奮的新發展的門檻上。對於這次電話會議,我將重點關注 3 個主要主題。然後我將對我們的業務線進行季度審查。最後,我將談談我們對 2023 年的展望。

  • Regarding the major themes. First, although our first -- our fourth quarter results were impacted by COVID-19, we are optimistic about our path to reaccelerate revenue growth in the coming quarters. So far in Q1, we have already seen a recovery of our online marketing revenue from the trial, in particular from verticals in health care, travel, business services and lifestyle. Assuming no significant new disruptions, we expect this recovery trend to continue and boost our online marketing revenue through increased ad demand and take advantage of pent-up consumption in China.

    關於重大主題。首先,儘管我們的第一個——第四季度業績受到 COVID-19 的影響,但我們對未來幾個季度重新加速收入增長的道路持樂觀態度。到目前為止,在第一季度,我們已經看到我們的在線營銷收入從試驗中恢復過來,特別是來自醫療保健、旅遊、商業服務和生活方式的垂直領域。假設沒有重大的新中斷,我們預計這種複蘇趨勢將繼續,並通過增加廣告需求和利用中國被壓抑的消費來增加我們的在線營銷收入。

  • We also anticipate resuming cloud project implementation as business operations return to normal, signing new contracts and accelerating AI cloud revenue growth.

    我們還預計隨著業務運營恢復正常,簽署新合同並加速 AI 雲收入增長,恢復雲項目實施。

  • Second, we are riding high on the wave of AI, as our earlier investments make us well positioned to benefit, now that the industry is about to experience significant growth and monetization. Over the past many years, we have doubled down on AI, recognizing its potential to drive market expansion and increase enterprise value.

    其次,我們在 AI 浪潮中乘風破浪,因為我們早期的投資使我們處於有利地位,可以從中受益,因為該行業即將經歷顯著的增長和貨幣化。在過去的許多年裡,我們加倍關注人工智能,認識到它在推動市場擴張和增加企業價值方面的潛力。

  • Today, AI has become a cornerstone of many of our products and services. For example, in search, the early family of large models have been instrumental in delivering improved search results since March of 2019. These models enable improved ranking and multi-model search capabilities.

    如今,人工智能已成為我們許多產品和服務的基石。例如,在搜索領域,自 2019 年 3 月以來,早期的大型模型系列一直在提供改進的搜索結果方面發揮了重要作用。這些模型可以提高排名和多模型搜索功能。

  • In cloud, we leverage our AI expertise to offer industry-specific AI solutions and applications for traditional industries such as transportation, manufacturing, energy and utilities.

    在雲端,我們利用我們的 AI 專業知識為交通、製造、能源和公用事業等傳統行業提供行業特定的 AI 解決方案和應用程序。

  • Our Intelligent Driving business built on the backbone of Baidu's computer vision and other machine learning algorithms is another testament to our commitment to this field. Recently, with users reading about ChatGPT, large language models using generative AI have created a megatrend that will revolutionize many businesses. And Baidu is well positioned to capitalize on the imminent inflection point in AI. Thanks to our extensive talent pool, well-developed infrastructure, a diverse array of businesses and leading technology.

    我們的智能駕駛業務建立在百度計算機視覺和其他機器學習算法的基礎上,是我們對該領域承諾的又一證明。最近,隨著用戶閱讀 ChatGPT,使用生成式 AI 的大型語言模型創造了一個大趨勢,將徹底改變許多企業。百度已準備好利用人工智能即將到來的拐點。得益於我們廣泛的人才庫、發達的基礎設施、多元化的業務和領先的技術。

  • We are also excited about the upcoming launch of Ernie Bot, our new conversational AI bot powered by our latest in-house large language models. We plan to fully integrate Ernie Bot across all of our operations. For our consumer-facing products, we plan to embed Ernie Bot into Baidu Search, first. We believe this will reshape information generation and presentation and create a new entry point for the next-generation Internet, helping us attract more users and gain market share in a profitable manner. In the future, we will also integrate Ernie Bot into Xiaodu, which will allow Xiaodu to significantly upgrade all the smart devices and services. We believe AIGC will also provide notable potential for IGE on content generation and user acquisition.

    我們也對即將推出的 Ernie Bot 感到興奮,這是我們由最新的內部大型語言模型提供支持的新型對話式 AI 機器人。我們計劃將 Ernie Bot 完全整合到我們所有的業務中。對於我們面向消費者的產品,我們計劃首先將 Ernie Bot 嵌入到百度搜索中。我們相信這將重塑信息的生成和呈現,並為下一代互聯網創造一個新的切入點,幫助我們以盈利的方式吸引更多用戶並獲得市場份額。未來,我們還將把Ernie Bot集成到小度中,讓小度所有的智能設備和服務都得到大幅升級。我們相信 AIGC 還將為 IGE 在內容生成和用戶獲取方面提供顯著潛力。

  • For our 2B businesses, we plan to make this technologies widely available to our customers, developers and ecosystem partners to help boost productivity across the industries. By opening the platform to generated large language model to the public, we expect more and more business owners and entrepreneurs to build their own models and applications on our AI cloud.

    對於我們的 2B 業務,我們計劃讓我們的客戶、開發人員和生態系統合作夥伴廣泛使用該技術,以幫助提高整個行業的生產力。通過開放大語言模型生成平台,我們期待越來越多的企業主和創業者在我們的人工智能雲上構建自己的模型和應用。

  • For Intelligent Driving, we plan to integrate Ernie Bot into our auto solutions, further enhancing user experience. We also believe generative pretrained transformers will play an important role in driving the expansion of our operations. Clearly, we can benefit from the new AI inflection point, as we have timely prepared our overall business for this new megatrend.

    在智能駕駛方面,我們計劃將 Ernie Bot 集成到我們的汽車解決方案中,進一步提升用戶體驗。我們還相信,生成式預訓練變壓器將在推動我們業務擴展方面發揮重要作用。顯然,我們可以從新的 AI 拐點中受益,因為我們已及時為這一新的大趨勢做好整體業務準備。

  • Turning to my third theme. We will continue to focus on the long-term sustainable development of our company. As you all know, 2022 was an incredibly challenging year. However, we have used the time wisely to lay a strong foundation for -- by building a more efficient organization through cost optimization, organizational adjustments and management reshuffles.

    轉向我的第三個主題。我們將繼續專注於公司的長期可持續發展。眾所周知,2022 年是極具挑戰性的一年。然而,我們明智地利用了這段時間,通過成本優化、組織調整和管理層改組來建立一個更高效的組織,從而奠定了堅實的基礎。

  • As a result, in the second half of 2022, Baidu Core's non-GAAP operating margin and profit both improved year-over-year. We believe a more streamlined operation will help us to achieve sustainable growth.

    因此,在 2022 年下半年,百度核心的非美國通用會計準則營業利潤率和利潤均同比增長。我們相信,更精簡的運營將幫助我們實現可持續增長。

  • Now let's review the fourth quarter operating highlights.

    現在讓我們回顧一下第四季度的經營亮點。

  • AI cloud recorded 4% year-over-year growth in Q4. Revenue growth decelerated from the prior quarters due to the impact of COVID-19 operate at the end of the quarter. Nevertheless, the margins of AI cloud in Q4 improved year-over-year.

    人工智能雲在第四季度同比增長 4%。由於 COVID-19 在本季度末運營的影響,收入增長較前幾個季度有所放緩。儘管如此,第四季度人工智能雲的利潤率同比有所提高。

  • Two major factors were at play. First, we continued to scale back low-margin business for both ads and cloud solution projects. And second, we continued to standardize our AI solutions and applications for specific use cases in traditional industries. For example, our quality inspection and petrol inspection solutions have been adopted by many leading companies in traditional industries like chemical fiber, electric power and renewable energy.

    有兩個主要因素在起作用。首先,我們繼續縮減廣告和雲解決方案項目的低利潤業務。其次,我們繼續針對傳統行業的特定用例標準化我們的 AI 解決方案和應用程序。例如,我們的質檢、油品檢測解決方案已被化纖、電力、新能源等傳統行業的多家龍頭企業採用。

  • We have seen margin improvement as we replicate our AI solutions and applications, which tackle industry-specific challenges. By working with the industry leader, we are enhancing our knowledge of industry-specific challenges and standardizing AI cloud solutions and applications for scale. As an example, thermal power, which is mainly coal fired, makes up majority of the power supply in China, generating around 5.9 trillion kilowatt hour in 2022, according to National Bureau of Statistics of China.

    當我們複製解決行業特定挑戰的人工智能解決方案和應用程序時,我們看到了利潤率的提高。通過與行業領導者合作,我們正在增強我們對行業特定挑戰的了解,並標準化 AI 雲解決方案和應用程序以實現規模化。例如,根據中國國家統計局的數據,以燃煤為主的火電佔中國電力供應的大部分,2022 年發電量約為 5.9 萬億千瓦時。

  • Recently, we developed an AI solution for a leading coal-fired power plant in Shanxi Province to improve the efficiency of power generation through method such as automated cooling system. According to our internal estimates, this solution resulted in almost a 5 gram of coal consumption per kilowatt hour, well above our customer's expectation of 1-gram reduction. This also means a 12.5-gram reduction in carbon dioxide emissions per kilowatt hour. We aim to create more similar projects to gain scale.

    最近,我們為山西省一家領先的燃煤電廠開發了人工智能解決方案,通過自動冷卻系統等方法提高發電效率。根據我們的內部估算,該解決方案每千瓦時的耗煤量將近 5 克,遠高於我們客戶減少 1 克的預期。這也意味著每千瓦時二氧化碳排放量減少 12.5 克。我們的目標是創建更多類似的項目以擴大規模。

  • Turning to Intelligent Driving. We continued to make significant progress in the fourth quarter, further reinforcing our belief in our strategy and business model. Apollo Go remains the largest autonomous driving -- autonomous drive hailing service provider in the world measured by the number of rides completed.

    轉向智能駕駛。我們在第四季度繼續取得重大進展,進一步增強了我們對戰略和業務模式的信心。 Apollo Go 仍然是世界上最大的自動駕駛——以完成的乘車次數衡量的自動駕駛叫車服務提供商。

  • In Q4, Apollo Go provided 561,000 rides to the public on open roads. That's up 162% year-over-year. By the end of January, the cumulative number of rides exceeded 2 million. This demonstrates users' increasing acceptance of Apollo Go autonomous ride hailing service.

    在第四季度,Apollo Go 在開放道路上為公眾提供了 561,000 次乘車服務。同比增長 162%。截至1月底,累計乘車量突破200萬。這表明用戶對 Apollo Go 自動駕駛網約車服務的接受度越來越高。

  • As we scale up our operations, we are able to continuously improve our technologies and refine our services. These accomplishments also build our safety record and to bolster both users' and regulators' trust and including the development of the fully driverless ride-hailing market.

    隨著我們擴大業務規模,我們能夠不斷改進我們的技術並完善我們的服務。這些成就還建立了我們的安全記錄,增強了用戶和監管機構的信任,包括開發完全無人駕駛的網約車市場。

  • In 2022, we made some notable breakthroughs in fully driverless operations on public roads. Since last August, we have begun to offer fully driverless ride-hailing services in Wuhan and Chongqing. In late December, we were granted permission to test drive vehicles with no safety operators in the car on public roads in the Yizhuang region of Beijing, a critical step before the capital city allows truly driverless ride-hailing operation.

    2022年,我們在公共道路完全無人駕駛方面取得了一些顯著突破。從去年八月開始,我們開始在武漢和重慶提供完全無人駕駛的網約車服務。 12 月下旬,我們獲准在北京亦莊地區的公共道路上試駕車內沒有安全操作員的車輛,這是首都城市真正允許無人駕駛網約車運營之前的關鍵一步。

  • As I stated in the past, labor cost is a major cost component in ride-hailing operations. Removing safety operators from vehicles can significantly reduce this cost. In Q4, fully driverless rides provided to the public -- increasing very fast, helping us to expand our operations and reduce cost per mile. In 2022, we also unveiled RT6, aiming to bring the cost of robotaxis to the price range of mass market EVs for the first time in China. This initiative will allow us to further reduce our costs in the future.

    正如我過去所說,人工成本是網約車業務的主要成本組成部分。從車輛中移除安全操作員可以顯著降低此成本。在第四季度,向公眾提供完全無人駕駛的乘車服務——增長非常快,幫助我們擴大業務並降低每英里成本。 2022 年,我們還推出了 RT6,旨在將機器人出租車的成本在中國首次納入大眾市場電動汽車的價格範圍。這一舉措將使我們能夠在未來進一步降低成本。

  • Baidu Apollo's auto solutions made a breakthrough engagement with a multinational automaker. It intends to cooperate with us on AVP functionality for one of their popular car models in China.

    百度Apollo汽車解決方案與跨國汽車製造商取得突破性合作。它打算與我們合作,為他們在中國的一款熱門車型開發 AVP 功能。

  • Moving into mobile ecosystem. Our traffic remained strong. Both total mobile search queries and feeds distributed through Baidu App continued to experience double-digit year-over-year growth in the quarter. In December, MAUs for the Baidu App increased 4.2% year-over-year.

    進入移動生態系統。我們的流量仍然強勁。通過百度應用分發的移動搜索查詢總量和提要在本季度繼續實現兩位數的同比增長。 12 月,百度應用的 MAU 同比增長 4.2%。

  • Despite revenue declining in Q4, our mobile ecosystem continued to generate high operating profit, operating margins and substantial cash flow. Thanks to increased efficiency. Encouragingly, we have seen a recovery in our online marketing revenues after the Chinese New Year holiday.

    儘管第四季度收入下降,但我們的移動生態系統繼續產生高營業利潤、營業利潤率和大量現金流。由於效率提高。令人鼓舞的是,春節假期過後,我們的在線營銷收入有所回升。

  • On another positive note, retail and e-commerce remained an outperforming vertical, with more than 20% year-over-year growth, accounting for over 10% of the total advertising revenue.

    另一個積極的方面是,零售和電子商務仍然是表現出色的垂直領域,同比增長超過 20%,佔廣告總收入的 10% 以上。

  • Users not only come to Baidu to search for information and knowledge but also increasingly come to us to search for services and merchandise, driving up growth in merchandised search queries and transactions on Baidu. Quarterly GMV facilitated by Baidu Search grown by 84% year-over-year in Q4.

    用戶不僅來百度搜索信息和知識,而且越來越多地來我們搜索服務和商品,推動了百度上商品搜索查詢和交易的增長。百度搜索促成的季度 GMV 在第四季度同比增長 84%。

  • Short videos contributed to year-over-year increase in feed revenue in Q4 despite macro challenges. Apart from feed, we believe short videos also benefit search in both user experience and monetization. And the growing prevalence of short videos within Baidu mobile ecosystem should drive long-term online marketing revenue growth.

    儘管面臨宏觀挑戰,但短視頻仍為第四季度的飼料收入同比增長做出了貢獻。除了 Feed,我們認為短視頻在用戶體驗和貨幣化方面也有利於搜索。百度移動生態系統中短視頻的日益普及應該會推動在線營銷收入的長期增長。

  • We continue to help content creators to generate content through AI, enriching our mobile ecosystem, in particular producing short videos. As we move forward into 2023, our priorities are clear and focused.

    我們繼續幫助內容創作者通過人工智能生成內容,豐富我們的移動生態系統,特別是製作短視頻。隨著我們邁向 2023 年,我們的優先事項變得明確且重點突出。

  • First, we are committed to revenue growth, as we have seen a clear pathway for a successful business recovery. Second, we are poised to take advantage of the huge potential of AI to drive business growth. We aim to integrate generative AI into most of our products and services and make our cutting-edge large language models available to both consumers and businesses.

    首先,我們致力於收入增長,因為我們已經看到了成功實現業務復甦的明確途徑。其次,我們準備利用人工智能的巨大潛力來推動業務增長。我們的目標是將生成式 AI 集成到我們的大部分產品和服務中,並使我們的尖端大型語言模型可供消費者和企業使用。

  • Third, we will maintain healthy growth while also strengthening our foundation. Our mobile ecosystem should continue to generate strong margins and cash flow. We aim to continue expanding margins for AI cloud and outgrowing our Internet peers. We also will continue to make strategic and prudent investments in Intelligent Driving to capture the long-term market opportunity.

    三是在穩健發展的同時夯實基礎。我們的移動生態系統應該會繼續產生強勁的利潤和現金流。我們的目標是繼續擴大 AI 雲的利潤率,並超越我們的互聯網同行。我們也將繼續對智能駕駛進行戰略性和審慎的投資,以抓住長期的市場機會。

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

    有了這個,讓我把電話轉給 Rong 來查看財務結果。

  • Rong Luo - CFO

    Rong Luo - CFO

  • Thank you, Robin. Now let me walk you through the details of our fourth quarter and full year 2022 financial results.

    謝謝你,羅賓。現在讓我向您詳細介紹我們第四季度和 2022 年全年的財務業績。

  • We closed the year 2022 with solid financial results. Baidu Core's total revenue was RMB 25.7 billion, decreasing 1% year-over-year. In 2022, Baidu Core generated RMB 95.4 billion or USD 13.8 billion in revenue, basically flat from last year.

    我們以穩健的財務業績結束了 2022 年。百度核心的總收入為人民幣257億元,同比下降1%。 2022 年,百度核心實現收入 954 億元人民幣或 138 億美元,與去年基本持平。

  • Now online marketing business continued to grow very fast and reached 30% of Baidu Core revenue in the fourth quarter, up from 26% a year ago, demonstrating how cloud and other AI-powered businesses have fueled our business model and will continue to do so in mid or long term.

    現在在線營銷業務繼續快速增長,第四季度佔百度核心收入的 30%,高於一年前的 26%,表明雲和其他人工智能業務如何推動我們的業務模式並將繼續這樣做在中長期。

  • For the full year 2022, our online marketing business accounting for 27% of Baidu Core revenues, up from 22% in 2021. Within the non-online marketing business, revenue from Baidu AI Cloud increased by 4% year-over-year to RMB 5.1 billion in Q4 on an apple-to-apple comparison and were up by 23% year-over-year to RMB 17.7 billion in 2022 on an apple-to-apple comparison.

    2022 年全年,我們的在線營銷業務佔百度核心收入的 27%,高於 2021 年的 22%。在非在線營銷業務中,百度 AI 雲的收入同比增長 4% 至人民幣蘋果對蘋果比較,第四季度為 51 億元,同比增長 23%,到 2022 年,蘋果對蘋果比較為 177 億元人民幣。

  • Xiaodu is another revenue contributors within our online marketing business. Xiaodu continued to achieve solid revenue growth in both Q4 and the year 2022.

    小度是我們在線營銷業務的另一個收入貢獻者。小都在第四季度和 2022 年繼續實現穩健的收入增長。

  • Baidu Core online marketing revenue decreased by 6% year-over-year and 4% sequentially in Q4 due to the weak demand for advertisers in the challenging macro environment caused by COVID. Baidu Core online marketing revenue was down by 6% year-over-year in the year 2022.

    百度核心在線營銷收入在第四季度同比下降 6%,環比下降 4%,原因是在 COVID 造成的充滿挑戰的宏觀環境中對廣告商的需求疲軟。百度核心在線營銷收入在 2022 年同比下降 6%。

  • iQIYI revenue was RMB 7.6 billion in Q4, increasing 3% year-over-year. iQIYI revenue was RMB 29 billion in the year 2022, decreasing 5% year-over-year. Cost of revenue was RMB 16.9 billion in Q4, decreasing 2% year-over-year, primarily due to the reduction of content costs, cost of goods sold and other costs related to new AI business, partially offset by the increase in traffic acquisition costs.

    愛奇藝第四季度收入為人民幣 76 億元,同比增長 3%。 2022年愛奇藝營收290億元,同比下降5%。 Q4 營收成本為 169 億元,同比下降 2%,主要是由於內容成本、銷售成本以及與新 AI 業務相關的其他成本的減少,部分被流量獲取成本的增加所抵消.

  • Cost of revenue was RMB 63.9 billion in 2022, decreasing 1% year-over-year, primarily due to an increase in traffic acquisition costs, bandwidth costs, cost of goods sold and other costs related to new AI business, offset by the decrease in content costs.

    2022年營收成本為人民幣639億元,同比下降1%,主要是由於流量獲取成本、帶寬成本、銷售成本等與AI新業務相關的成本增加,被AI新業務相關成本的減少所抵消內容成本。

  • Operating expenses were RMB 11.5 billion in Q4, a decrease of 17%, 17% year-over-year, which was primarily due to a reduction in staff-related expenses. Operating expenses were RMB 43.8 billion in 2022, decreasing by 12% year-over-year, which had primarily due to a reduction in channel spending, promotion and marketing and personnel-related expenses.

    第四季度營業費用為人民幣 115 億元,下降 17%,同比下降 17%,這主要是由於員工相關費用的減少。 2022年營業費用為人民幣438億元,同比下降12%,主要是由於渠道支出、推廣和營銷以及人員相關費用的減少。

  • Non-GAAP operating income was RMB 6.5 billion in Q4 and non-GAAP operating margin was 20%. Non-GAAP operating income was RMB 23.2 billion in 2022, and non-GAAP operating margin was 19% in 2022.

    第四季度非美國通用會計準則營業收入為人民幣 65 億元,非美國通用會計準則營業利潤率為 20%。 2022 年非美國通用會計準則營業收入為人民幣 232 億元,2022 年非美國通用會計準則營業利潤率為 19%。

  • For Baidu Core, non-GAAP operating income was RMB 5.5 billion, and operating margin was 21% in Q4. Non-GAAP operating income was RMB 20.9 billion and non-GAAP Baidu Core operating margin was 22% in the year 2022.

    對於百度核心,第四季度非美國通用會計準則營業收入為人民幣 55 億元,營業利潤率為 21%。 2022 年非美國通用會計準則營業收入為人民幣 209 億元,非美國通用會計準則百度核心營業利潤率為 22%。

  • Regarding the non-operating items. In Q4, total other income net was RMB 1.8 billion, mainly resulting from a fair value gain of RMB 1.6 billion from long-term investments. Income tax expenses was RMB 1.3 billion. In 2022, total other loss net was RMB 5.8 billion, mainly resulting from a fair value loss of RMB 3.9 billion and an impairment loss of RMB 3 billion from long-term investments.

    關於非經營性項目。第四季度,其他淨收入總額為人民幣 18 億元,主要來自長期投資的公允價值收益人民幣 16 億元。所得稅費用為人民幣13億元。 2022年其他淨虧損總額為人民幣58億元,主要為公允價值虧損人民幣39億元及長期投資減值虧損人民幣30億元。

  • Income tax expenses is RMB 2.6 billion. In Q4, net income attributable to Baidu was RMB 5 billion, and diluted earnings per ADS was RMB 13.59. Net income attributable to Baidu Core was RMB 4.8 billion, and net margin for Baidu Core was 19%.

    所得稅費用為人民幣26億元。第四季度歸屬於百度的淨利潤為50億元人民幣,每股ADS攤薄收益為13.59元人民幣。歸屬於百度核心的淨利潤為人民幣48億元,百度核心淨利潤率為19%。

  • Non-GAAP net income attributable to Baidu was RMB 5.4 billion. Non-GAAP diluted earnings per ADS was RMB 15.25. Non-GAAP net income attributable to Baidu Core was RMB 4.9 billion, and non-GAAP net margin for Baidu Core was 19%.

    歸屬於百度的非美國通用會計準則淨利潤為人民幣 54 億元。非美國通用會計準則每股 ADS 攤薄收益為 15.25 元人民幣。歸屬於百度核心的非美國通用會計準則淨利潤為人民幣 49 億元,百度核心的非美國通用會計準則淨利潤率為 19%。

  • In the year 2022, net income attributable to Baidu was RMB 7.6 billion, and diluted earnings per ADS was RMB 19.85. Net income attributable to Baidu Core was RMB 7.6 billion and net margin for Baidu Core was 8%. Non-GAAP net income attributable to Baidu was RMB 20.7 billion and non-GAAP diluted earnings by ADS amounting for RMB 58.93 million.

    2022年歸屬於百度的淨利潤為76億元人民幣,每股ADS攤薄收益為19.85元人民幣。歸屬於百度核心的淨利潤為人民幣76億元,百度核心淨利潤率為8%。歸屬於百度的非美國通用會計準則淨利潤為人民幣 207 億元,美國存託憑證的非美國通用會計準則攤薄收益為人民幣 5893 萬元。

  • Non-GAAP net income attributable to Baidu Core was RMB 19.9 billion, and non-GAAP net margin for Baidu Core was 21%. Cash and short-term investments for Baidu Core as of December 1, 2022 were RMB 177.4 billion or USD 25.7 billion. Free cash flow for Baidu Core, excluding iQIYI was RMB 18.1 billion or USD 2.6 billion in 2022.

    歸屬於百度核心的非美國通用會計準則淨利潤為人民幣 199 億元,百度核心的非美國通用會計準則淨利潤率為 21%。截至 2022 年 12 月 1 日,百度核心的現金和短期投資為 1774 億元人民幣或 257 億美元。 2022 年,不包括愛奇藝在內的百度核心的自由現金流為 181 億元人民幣或 26 億美元。

  • Baidu Core had approximately 36,300 employees as of December 31, 2022. On a separate note, we are excited about iQIYI's continuous efforts to improve operating efficiency. In the quarter, iQIYI once again generated positive non-GAAP operating profit and free cash flow. On the user side, iQIYI's average daily number of the total subscribing members increased to 111.6 million in Q4, a net addition of 10.6 million from the previous quarter.

    截至 2022 年 12 月 31 日,百度核心擁有約 36,300 名員工。另外,我們對愛奇藝不斷努力提高運營效率感到興奮。本季度,愛奇藝再次產生正的非美國通用會計準則營業利潤和自由現金流。用戶端,愛奇藝Q4日均總訂閱會員數增至1.116億,環比淨增1060萬。

  • iQIYI maintained its largest market share for the drama category in terms of the effective video reels according to elite and data. The addition in the past 12 months, iQIYI raised around USD 1.3 billion post to mid spot ratings. Baidu continued to hold controlling voting power in iQIYI and consolidated iQIYI's financial results.

    根據精英和數據,愛奇藝在有效視頻卷方面保持了戲劇類別的最大市場份額。此外,在過去 12 個月中,愛奇藝從後期到中期評級籌集了約 13 億美元。百度繼續控制愛奇藝的投票權,並整合了愛奇藝的財務業績。

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

    接線員,現在讓我們開始提問。

  • Operator

    Operator

  • (Operator Instructions) Your first question comes from Alex Yao from JPMorgan.

    (操作員說明)您的第一個問題來自摩根大通的 Alex Yao。

  • Alex C. Yao - Head of Asia Internet and New Media Research

    Alex C. Yao - Head of Asia Internet and New Media Research

  • Congrats on a strong quarter. I have a couple of questions for the online advertising business. Can you share with us the trends you are seeing in February post the Chinese New Year holidays from a industry perspective, what are the stronger recovery industry? And what are the relatively weaker recovery industry? And particularly, I'm interested in the offline video verticals such as the travel, local services, franchising and health care. Can you comment on your relative exposure to these offline video verticals? And how are they recovering since the Chinese New Year holiday?

    祝賀一個強勁的季度。我有幾個關於在線廣告業務的問題。能不能從行業的角度跟我們分享一下2月份春節後的趨勢,哪些行業復甦比較強?而相對較弱的複蘇行業有哪些?尤其是,我對旅遊、本地服務、特許經營和醫療保健等離線視頻垂直領域很感興趣。您能否評論一下您對這些離線視頻垂直領域的相對曝光度?農曆新年假期後他們的恢復情況如何?

  • And then secondly, can you share with us your preliminary thoughts on the advertising recovery trend in the coming months? Particularly, I think the second quarter will be a little bit special because of consumption has already been normalized and you are comping against a low base on year-over-year basis. How should we think about the advertising growth trend in the next couple of months, particularly second quarter?

    其次,您能否與我們分享您對未來幾個月廣告復甦趨勢的初步看法?特別是,我認為第二季度會有點特別,因為消費已經正常化,而且你的同比基數較低。我們應該如何看待未來幾個月尤其是第二季度的廣告增長趨勢?

  • Yanhong Li - Co-Founder, Chairman & CEO

    Yanhong Li - Co-Founder, Chairman & CEO

  • Hi, Alex, this is Robin. Our assets is highly correlated with Core. As you know, when we entered the first quarter, the number of COVID infections had passed its peak; and it's now on a downward trend. People's daily lives are gradually back to normal, and the operations of many companies are recovering as well. As the economy continues to recover, our ad revenue is gradually improving from the trough. When we look into our efforts in Core, we have seen substantial improvements in our largest verticals, including health care, travel, lifestyle and franchises. These are all pretty much offline businesses.

    嗨,亞歷克斯,這是羅賓。我們的資產與 Core 高度相關。大家知道,當我們進入第一季度時,新冠肺炎感染人數已經過了高峰期;現在呈下降趨勢。人們的日常生活逐漸恢復正常,許多公司的運營也在恢復。隨著經濟的持續復甦,我們的廣告收入正從低谷逐漸好轉。當我們審視我們在 Core 的努力時,我們發現我們最大的垂直領域有了顯著改善,包括醫療保健、旅遊、生活方式和特許經營。這些幾乎都是線下業務。

  • And the online business, especially online games relatively weaker. And regarding to the recovery by region, I think the COVID infection number has passed its peak in all of China. The regions passing the peak earlier started to recover earlier. And the post Chinese New Year holiday, Tier 2 and Tier 3 cities recovered faster than Tier 1 cities. That's because a lot of people took longer breaks from their families before going back to Tier 1 cities for work.

    而在線業務,尤其是網絡遊戲相對較弱。從區域恢復來看,我認為整個中國的新冠病毒感染人數已經超過了高峰期。較早通過峰值的地區開始較早恢復。而春節假期後,二三線城市的複蘇速度快於一線城市。這是因為很多人在回到一線城市工作之前與家人的休息時間更長。

  • And again, the magnitude of the recovery correlates heavily with the recovery of our top verticals. As we look beyond the first quarter and into the latter part of 2023, we're confident that our ads will benefit from China's reopening and macro recovery. And with that, we look forward to demand recovery from advertisers, which should provide a significant boost to our ad revenue.

    同樣,復甦的幅度與我們頂級垂直行業的複蘇密切相關。展望第一季度之後和 2023 年下半年,我們相信我們的廣告將受益於中國的重新開放和宏觀經濟復甦。因此,我們期待廣告商的需求復蘇,這應該會顯著提高我們的廣告收入。

  • I also want to highlight that advertisers prefer to spend on performance-based ads rather than pure brand promotion during the process of economic and business recovery. And search has proven to be the most effective form of performance-based advertising because users have a clear intent when using search. Search ads connect the users' intentions with the most relevant product and service offerings. That's why we expect to gain more marketing dollars from our advertisers.

    我還想強調,在經濟和商業復甦的過程中,廣告商更願意花錢在基於效果的廣告上,而不是純粹的品牌推廣。搜索已被證明是最有效的基於效果的廣告形式,因為用戶在使用搜索時有明確的意圖。搜索廣告將用戶的意圖與最相關的產品和服務聯繫起來。這就是為什麼我們希望從廣告商那裡獲得更多的營銷資金。

  • Over the long term, we will continue to benefit from the sustained growth of China's macro economy improvement. Also, e-commerce and short videos will continue to drive long-term growth of our ad business. Overall, we believe our ad revenue should outgrow China's GDP in the long run. Beyond that, we are very excited about the opportunities around generative AI. We believe, by incorporating Ernie Bot, Baidu App and particularly Baidu Search, we will have an enhanced user experience. The new features powered by Ernie Bot should help us to attract new users and drive user engagement and also drive advertiser interest in Baidu too. So this will power our long-term revenue growth.

    長期來看,我們將繼續受益於中國宏觀經濟改善的持續增長。此外,電子商務和短視頻將繼續推動我們廣告業務的長期增長。總體而言,我們認為從長遠來看,我們的廣告收入增長應該會超過中國的 GDP。除此之外,我們對圍繞生成人工智能的機會感到非常興奮。我們相信,通過整合 Ernie Bot、百度應用程序,尤其是百度搜索,我們將擁有更好的用戶體驗。由 Ernie Bot 提供支持的新功能應該可以幫助我們吸引新用戶並提高用戶參與度,同時還能提高廣告商對百度的興趣。因此,這將為我們的長期收入增長提供動力。

  • Operator

    Operator

  • Your next question comes from Alicia Yap from Citigroup.

    您的下一個問題來自花旗集團的 Alicia Yap。

  • Alicia Yap - MD & Head of Pan-Asia Internet Research

    Alicia Yap - MD & Head of Pan-Asia Internet Research

  • My questions is related to ChatGPT. So there's been a lot of expectation on Baidu progress in ChatGPT and also the AI-generated content. Can management share with us what could be the new opportunities that you are seeing in this field? And how is Baidu positioned in this trend? Any color that management can share would be appreciated.

    我的問題與 ChatGPT 有關。因此,人們對百度在 ChatGPT 以及 AI 生成內容方面的進展充滿期待。管理層能否與我們分享您在該領域看到的新機遇?而百度又是如何在這個趨勢中定位的呢?管理層可以分享的任何顏色將不勝感激。

  • Yanhong Li - Co-Founder, Chairman & CEO

    Yanhong Li - Co-Founder, Chairman & CEO

  • Thank you for your questions, Alicia. We are obviously excited about ChatGPT and AIGC. It represents a megatrend that could change a lot of things. We are working on Ernie Bot, a new version of conversational AI bot that uses our latest technology in large language models.

    謝謝你的問題,艾麗西亞。我們顯然對 ChatGPT 和 AIGC 感到興奮。它代表了一個可以改變很多事情的大趨勢。我們正在開發 Ernie Bot,這是一種新版本的對話式 AI 機器人,它在大型語言模型中使用了我們的最新技術。

  • We will embed Ernie Bot into Baidu Search, first; and we'll open it to the public in March. Baidu is the leader in China's technology innovation. Remember we launched Ernie in March 2019 and have scaled it up with well over 100 billion parameters. It is trained by serving billions of user search requests and other applications every day. So in terms of MLP capabilities, Ernie is considered as the state-of-the-art Chinese language model. And it is not only about language but also about understanding Chinese culture.

    首先,我們會將 Ernie Bot 嵌入到百度搜索中;我們將在三月份向公眾開放。百度是中國科技創新的領跑者。請記住,我們於 2019 年 3 月推出了 Ernie,並使用超過 1000 億個參數對其進行了擴展。它通過每天為數十億用戶搜索請求和其他應用程序提供服務進行訓練。因此,就 MLP 能力而言,Ernie 被認為是最先進的中文語言模型。不僅是語言,還有對中國文化的理解。

  • Ernie 3.0 is already a very localized AI foundation model for China market, which means the generative large language model we are working on right now will be more suitable in Chinese language and to the China market than models developed overseas.

    Ernie 3.0已經是中國市場非常本土化的AI基礎模型,這意味著我們現在正在研究的生成式大語言模型將比國外開發的模型更適合中文和中國市場。

  • In addition, our deep learning framework PaddlePaddle, on which Ernie is based, has gained strong momentum. Millions of developers use Paddles for their AI works. This is -- there is a strong synergy between the framework layer and the model layer. AI pretraining, as you know, is very expensive. We believe our full-stack AI capabilities will allow us to build the most efficient large language model and support all kinds of applications, from search to content generation or -- and in vertical areas that could improve productivity significantly.

    此外,Ernie 所基於的我們的深度學習框架 PaddlePaddle 發展勢頭強勁。數以百萬計的開發人員使用 Paddles 來完成他們的 AI 工作。這是——框架層和模型層之間有很強的協同作用。如您所知,AI 預訓練非常昂貴。我們相信我們的全棧 AI 功能將使我們能夠構建最高效的大型語言模型並支持各種應用程序,從搜索到內容生成或 - 以及可以顯著提高生產力的垂直領域。

  • For Baidu Search, I just mentioned that we are working on -- we're working hard on a revolutionary version of Baidu Search built upon Ernie Bot that incorporates generative AI into our search algorithm as well as content creation. And we are adding interactive features too.

    對於百度搜索,我剛才提到我們正在努力——我們正在努力開發基於 Ernie Bot 的百度搜索的革命性版本,它將生成人工智能融入我們的搜索算法和內容創建中。我們也在添加交互功能。

  • Users will soon be able to interact directly with the new generative large language model. It could be -- it would be complementary or even upgrading the traditional search experience and attract more users. ChatGPT types of features could potentially become a new traffic entry point for Internet users and therefore expand the market size of search. Meanwhile, it will also help our advertisers, our content creators and merchants et cetera. With our strong AI capabilities, we should be able to keep iterating and upgrading the model. Search is just one example. There are many other applications, we believe, will also benefit from it.

    用戶很快就能直接與新的生成式大型語言模型進行交互。它可以——它可以補充甚至升級傳統的搜索體驗並吸引更多用戶。 ChatGPT 類型的功能有可能成為互聯網用戶新的流量入口,從而擴大搜索市場規模。同時,它也將幫助我們的廣告商、我們的內容創作者和商家等。憑藉我們強大的人工智能能力,我們應該能夠不斷迭代和升級模型。搜索只是一個例子。我們相信,還有許多其他應用程序也將從中受益。

  • And for AI cloud. Our AI cloud provides full-stack offerings of 4 layers from the cloud infrastructure layer, to deep learning open-source framework layer, then to the large foundation model layer and ultimately to application. So these are the 4 layers.

    對於 AI 雲。我們的AI雲提供4層全棧產品,從雲基礎設施層,到深度學習開源框架層,再到大基礎模型層,最終到應用。所以這些是 4 層。

  • And by opening the generative large language model to the public, AKA model as a service, we should help many business owners and entrepreneurs build their own models and applications on our cloud; bring about significant positive change and improvement in a number of areas, including increased efficiency, better decision-making and improved customer experiences.

    通過向公眾開放生成式大型語言模型,也就是模型即服務,我們應該可以幫助許多企業主和企業家在我們的雲上構建他們自己的模型和應用程序;在許多領域帶來重大的積極變化和改進,包括提高效率、更好的決策制定和改進的客戶體驗。

  • So to recap: Baidu's strong AI capabilities build our moat in large language models and AI foundation models. In addition to expand the market size for search, we are able to help many, many industries to build their own models, develop their own applications and significantly improve their productivity. We believe it will be a game changer for cloud computing. AI is transforming many industries in a big way and we are super excited about what's to come. We are building an AI ecosystem around Ernie Bot. As of today, a number of organizations have already decided to integrate Ernie Bot into their products and services. And remember this is just the beginning of the journey.

    總結一下:百度強大的 AI 能力在大型語言模型和 AI 基礎模型方面構建了我們的護城河。除了擴大搜索的市場規模,我們還能夠幫助很多很多行業建立自己的模型,開發自己的應用程序,顯著提高他們的生產力。我們相信它將改變雲計算的遊戲規則。 AI 正在極大地改變許多行業,我們對即將發生的事情感到非常興奮。我們正在圍繞 Ernie Bot 構建一個人工智能生態系統。截至今天,許多組織已經決定將 Ernie Bot 集成到他們的產品和服務中。請記住,這只是旅程的開始。

  • Operator

    Operator

  • Your next question comes from Gary Yu with Morgan Stanley.

    你的下一個問題來自摩根士丹利的 Gary Yu。

  • Gary Yu - Executive Director

    Gary Yu - Executive Director

  • Congratulations on a decent set of results. So I have a couple of questions regarding the AI cloud business. First one is for the revenue growth. Will the disruption in revenue collection that we saw in fourth quarter push out the benefit first quarter? And have you seen the reopening kicked off in the projects of cloud, so far? And what are the overall cloud revenue growth for 2023 that management expects to see? And what product offering -- what kind of product offering we can see from the cloud service as the major growth driver for 2023? And how do we expect the company growth rate and drive relative to the cloud market in the coming years to be?

    祝賀你取得了不錯的成績。所以我有幾個關於人工智能雲業務的問題。第一個是收入增長。我們在第四季度看到的收入徵收中斷是否會推動第一季度的收益?到目前為止,您是否看到雲項目開始重新開放?管理層預計 2023 年的整體雲收入增長情況如何?提供什麼樣的產品——我們可以從雲服務中看到什麼樣的產品是 2023 年的主要增長動力?我們如何看待未來幾年公司相對於雲市場的增長率和驅動力?

  • And I think a second question related to that is, can you also comment on overall IT spending budget by enterprises in the public sector versus the -- so the private sector versus the public sector? And also do you expect to win a decent number of new cloud projects this year? And do you think that the uptick will be gradual given the overall macro remains weak? And just lastly, any comment on breakeven time line? And what is the key bottleneck, so far, reaching breakeven?

    我認為與此相關的第二個問題是,您是否也可以評論公共部門企業與私營部門與公共部門企業的總體 IT 支出預算?您是否預計今年會贏得相當數量的新雲項目?鑑於整體宏觀仍然疲軟,您是否認為上漲將是漸進的?最後,對盈虧平衡時間表有何評論?到目前為止,達到盈虧平衡的關鍵瓶頸是什麼?

  • Dou Shen - EVP

    Dou Shen - EVP

  • Gary, thanks for your questions. This is Dou. I will answer the first 2 questions and then let Rong take care of the last one. So we do have seen a gradual recovery of cloud revenues as our R&D team has begun to work on the ongoing projects post reopening. However, the cycle for -- from sales lead to revenue recognition varies from a few months to a few quarters. Now considering that, our AI cloud revenue growth should be backloaded this year, but in meanwhile, we will keep pacing out low-margin businesses for both AIs and cloud solution projects.

    加里,謝謝你的問題。這是竇我會回答前兩個問題,然後讓榮負責最後一個問題。因此,隨著我們的研發團隊開始著手重新開放後正在進行的項目,我們確實看到雲收入逐漸恢復。然而,從銷售線索到收入確認的周期從幾個月到幾個季度不等。現在考慮到這一點,我們今年的 AI 雲收入增長應該會有所回落,但與此同時,我們將繼續為 AI 和雲解決方案項目淘汰低利潤業務。

  • As we focus on margin improvement for the cloud, this initiative will have an impact on our ad revenue growth going forward, but still we aim to continue outgrowing our Internet peers in 2023. If we look into the long term, the big trend for traditional industries to move business onto cloud and use AI to improve their efficiency remains unchanged. I believe the digital and the intelligent transformation will be the key driver for the GDP growth in the near future. And for sure, we will benefit the most from this transformation. Because we think Baidu is uniquely positioned.

    由於我們專注於提高雲的利潤率,這一舉措將對我們未來的廣告收入增長產生影響,但我們的目標仍然是在 2023 年繼續超越我們的互聯網同行。從長遠來看,傳統的大趨勢行業將業務遷移到雲端並使用人工智能提高效率的趨勢沒有改變。我相信在不久的將來,數字化和智能化轉型將成為GDP增長的主要驅動力。可以肯定的是,我們將從這一轉變中受益最多。因為我們覺得百度是得天獨厚的。

  • Actually, compared to our -- to others, our AI cloud provides full-stack offerings on 4 layers, as Robin just mentioned, from cloud infrastructure; to deep learning platform, that's PaddlePaddle, as you know; to large foundation models; and new applications. And all the 4 layers can work seamlessly together in each offered end-to-end solutions to achieve optimal outcomes for our claims, even at lower costs, versus other solutions which is built from different providers for the cloud platform and models.

    實際上,與我們的 - 與其他人相比,我們的 AI 雲提供 4 層的全棧產品,正如 Robin 剛才提到的,來自云基礎設施;深度學習平台,如你所知,那就是 PaddlePaddle;大型地基模型;和新的應用。所有 4 層都可以在每個提供的端到端解決方案中無縫協同工作,以實現我們的索賠的最佳結果,即使成本低於由不同提供商為雲平台和模型構建的其他解決方案。

  • In addition, end-to-end solutions can actually upgrade in much shorter time once we have improvement on any of these layers, which will further benefit the claims. So if you were in the sectors of transportation, manufacturing, energy and utilities or other industries, so I believe Baidu's cloud service should be the most efficient one. Because, in addition to the technical advantage I just explained, we already know the industry and we know the pain points. And we have accumulated a solid experience by successfully delivering high-quality products already in the industries.

    此外,一旦我們對這些層中的任何一個進行改進,端到端解決方案實際上可以在更短的時間內升級,這將進一步有利於索賠。所以如果你在交通、製造、能源和公用事業等行業,那麼我相信百度的雲服務應該是最有效率的。因為,除了我剛才解釋的技術優勢,我們已經了解這個行業,我們知道痛點。我們通過成功交付業界已有的高質量產品積累了豐富的經驗。

  • Most importantly, as Robin just mentioned, we plan to integrate Ernie Bot into our cloud and AI products. So this should help many business owners and entrepreneurs build their innovative applications, explore new business or improve their operations. So we believe this will be a significant step for our AI cloud and potentially reshape the whole China's cloud industry. So we will help more business owners and entrepreneurs to leap from digital era to AI era, where AI technologies will play a vital role in productivities in all industries. And with that, I will turn to Rong for your last part.

    最重要的是,正如 Robin 剛才提到的,我們計劃將 Ernie Bot 集成到我們的雲和 AI 產品中。因此,這應該有助於許多企業主和企業家構建他們的創新應用程序、探索新業務或改善他們的運營。所以我們相信這將是我們人工智能雲邁出的重要一步,並有可能重塑整個中國的雲產業。因此,我們將幫助更多的企業主和企業家從數字時代跨越到人工智能時代,人工智能技術將在各行各業的生產力中發揮至關重要的作用。最後,我將轉向 Rong。

  • Rong Luo - CFO

    Rong Luo - CFO

  • Thanks, Dou. Yes, I'm going to address your question regarding to our AI cloud margins. We've continually improved margins for cloud by cutting the low-margin businesses and continue to building AI applications which can scale up, which is a consistent strategy for years.

    謝謝,竇。是的,我將解決您關於我們的 AI 雲利潤率的問題。我們通過削減低利潤業務不斷提高雲的利潤率,並繼續構建可以擴展的人工智能應用程序,這是多年來一貫的戰略。

  • I think as we have mentioned before is our AI cloud actually including 2 parts. The first one will be the personal cloud, which continue to generate a decent operating profit margin, while the enterprise cloud is still loss making, while the margins is improving both in the gross margin and operating margin stages. In fact, if you look at the new projects we've signed, the projected margins continue to improving in the past quarters.

    我認為正如我們之前提到的,我們的 AI 雲實際上包括 2 個部分。第一個將是個人云,它繼續產生可觀的營業利潤率,而企業雲仍在虧損,而利潤率在毛利率和營業利潤率階段都在提高。事實上,如果你看看我們簽署的新項目,預計利潤率在過去幾個季度會繼續提高。

  • And Robin has talked a lot about how we can achieve the margin improvement in his prepared remarks. And this will help us continue improving our margins in future.

    羅賓在他準備好的發言中談了很多關於我們如何實現利潤率提高的問題。這將幫助我們在未來繼續提高利潤率。

  • Note that it takes time to build a sizable AI application portfolio which can be used by mid companies in the industries, but I'm confident that Baidu's full stack of AI capability can help us too. And lastly, we are pretty much on track to make the AI cloud a profitable and healthy business in the coming few years.

    請注意,構建可供行業中型公司使用的可觀 AI 應用程序組合需要時間,但我相信百度的全棧 AI 能力也可以幫助我們。最後,我們幾乎有望在未來幾年內使 AI 云成為有利可圖且健康的業務。

  • Operator

    Operator

  • Your next question comes from Eddie Leung with Bank of America.

    你的下一個問題來自美國銀行的 Eddie Leung。

  • Eddie Leung - MD in Equity Research and Analyst

    Eddie Leung - MD in Equity Research and Analyst

  • So I have a couple of quick questions around your investment and margins. As we are having an economic recovery, can you talk a bit about your investment plan for 2023, such as user acquisitions and head count? And just related to that, I think Robin also mentioned that the AI chatbot could be pretty expensive to operate, right? So also related to that, could you talk a little bit about the margin profile of that? And then could you give us some color on the margin profile of your core marketing business as well as the long-term R&D and G&A expense targets?

    所以我有幾個關於你的投資和利潤的快速問題。由於我們正在經歷經濟復甦,您能否談談您在 2023 年的投資計劃,例如用戶獲取和人數?與此相關的是,我認為 Robin 還提到了 AI 聊天機器人的運行成本可能非常高,對吧?所以也與此相關,你能談談它的利潤率嗎?然後你能給我們一些關於你的核心營銷業務的利潤率概況以及長期研發和 G&A 費用目標的顏色嗎?

  • Rong Luo - CFO

    Rong Luo - CFO

  • Yes, Eddie. And thanks so much for your questions, and let me try to address your questions. If you still remember, actually we start to cut costs and expenses since the end of the year 2021, which was ahead of (inaudible) our counterparts in the same industry in China. And we've carefully reviewed and restructured our business last few quarters.

    是的,艾迪。非常感謝您提出問題,讓我試著回答您的問題。如果你還記得的話,其實我們從2021年年底就開始削減成本和費用,這領先於(聽不清)我們在中國同行業的同行。我們在過去幾個季度仔細審查和重組了我們的業務。

  • For mobile ecosystem, we've sized down and even phased out some businesses where Baidu has obviously we have no competitor advantages or we cannot be profitable for long term. By doing so, the mobile -- the MEG, mobile ecosystem growth, today is more healthy than 1 year ago and having much leaner operations than before.

    對於移動生態系統,我們縮小甚至淘汰了一些百度明顯沒有競爭優勢或無法長期盈利的業務。通過這樣做,移動——MEG,移動生態系統的增長,今天比一年前更健康,並且比以前更精簡運營。

  • And during the past years, the total head count of Baidu Core actually reduced by 8%. And we are not -- we are focusing on areas where we are in best in class or we are first in class. And at the same time, for AI cloud, we start to gradually eliminate the low-margin businesses. We're also tightening our controls over robot costs. You probably can see that, as a result, in 2022, Baidu Core's operating expenses decreased by 9% year-over-year. And if we separate them out: SG&A was down by 15%, 1-5, year-over-year. And R&D was down by 3% year-over-year.

    而在過去幾年,百度核心的總人數實際上減少了8%。而我們不是——我們專注於我們在同類中最好或我們在同類中第一的領域。同時,對於AI雲,我們開始逐步淘汰低利潤的業務。我們還加強了對機器人成本的控制。你大概可以看到,因此,2022年,百度核心的運營費用同比下降了9%。如果我們將它們分開:SG&A 同比下降 15%,1-5。研發同比下降 3%。

  • In the second half of the year 2022, Baidu Core's non-GAAP operating profit margin is increasing year-over-year. And now we have a healthier cost structure, a stronger organization than 1 year ago. So looking forward to the year 2023, we will remain very disciplined in spending. And we will continue to balance the revenue growth and margin as we are building a long-term sustainable development for the whole organization.

    2022年下半年,百度核心的非美國通用會計準則營業利潤率同比增長。現在我們擁有比一年前更健康的成本結構和更強大的組織。因此,展望 2023 年,我們將在支出方面保持非常嚴格的紀律。我們將繼續平衡收入增長和利潤率,因為我們正在為整個組織建立長期的可持續發展。

  • If we look into each line items. We will continue to monitor ROI for all promotional activities, particularly Baidu's acquisition costs. And we will carefully manage all the other variable costs. For R&D you have asked just now, we are working very hard to improve the efficiency of our team. The R&D team today are required to focus on building the technologies, products or services which can create more values for users and customers.

    如果我們查看每個行項目。我們將繼續監控所有促銷活動的投資回報率,尤其是百度的收購成本。我們將仔細管理所有其他可變成本。對於你剛才提到的研發,我們正在非常努力地提高我們團隊的效率。今天的研發團隊需要專注於構建能夠為用戶和客戶創造更多價值的技術、產品或服務。

  • We believe, over the long term, we should be able to see the operating leverage from R&D design. At the same time, we will continue to invest for growth and new opportunities and closely monitor the returns. For CapEx, we will keep investing in cutting-edge technologies like large language models or generative AI because we believe it will transform many businesses and provide huge opportunities for Baidu.

    我們相信,從長遠來看,我們應該能夠從研發設計中看到運營槓桿。與此同時,我們將繼續投資於增長和新機遇,並密切關注回報。對於資本支出,我們將繼續投資於大型語言模型或生成式人工智能等尖端技術,因為我們相信它將改變許多業務並為百度提供巨大的機會。

  • While we are able to further improve our efficiencies or reallocate some resources to supporting the new initiatives such as the Ernie Bot. In short, we will not hesitate to invest in our new, promising business.

    雖然我們能夠進一步提高效率或重新分配一些資源來支持 Ernie Bot 等新計劃。簡而言之,我們會毫不猶豫地投資我們新的、有前途的業務。

  • So as a summary: We will look into each business. Mobile ecosystems should continue to generate high profits and cash flow in the future, which is our foundation. And for AI cloud, we aim to continue to expand our margins. Within AI cloud, for enterprise cloud, we will continue to cut down on low-margin businesses and focus on iQIYI industry. And as Robin and Dou has just say, we will continue to standardize our AI solutions and applications.

    因此,總結一下:我們將研究每項業務。未來移動生態系統應該繼續產生高利潤和現金流,這是我們的基礎。對於人工智能雲,我們的目標是繼續擴大我們的利潤率。在AI雲裡面,對於企業雲,我們會繼續砍掉低毛利的業務,專注於愛奇藝這個行業。正如 Robin 和 Dou 剛才所說,我們將繼續標準化我們的 AI 解決方案和應用程序。

  • For personal cloud, we will continue to earn decent profits and margins in the future. For Apollo Go, we will continue to invest for the future, but meanwhile, we will carefully monetize operational and financial metrics to evaluate our performance and investment returns. Over the long run, we believe we still have room to optimize our cost and expenses, but during this process, we will dynamically allocate resources and balance the growth with margins and cash flow.

    對於個人云,我們未來將繼續獲得可觀的利潤和利潤率。對於 Apollo Go,我們將繼續為未來投資,但與此同時,我們將謹慎地將運營和財務指標貨幣化,以評估我們的業績和投資回報。從長遠來看,我們相信我們仍有優化成本和支出的空間,但在此過程中,我們將動態分配資源並平衡增長與利潤率和現金流。

  • Operator

    Operator

  • Your next question comes from Wei Xiong with UBS.

    你的下一個問題來自瑞銀的 Wei Xiong。

  • Wei Xiong - Research Analyst

    Wei Xiong - Research Analyst

  • Congratulations on a strong quarter. I want to ask about your robotaxi business. I'm wondering, what is the current unit economics for this business? And how should we think about the breakeven time line for the robotaxi? And also, if management can share any color on your technology road map, that would be appreciated as well.

    祝賀一個強勁的季度。我想問問你們的 robotaxi 業務。我想知道,這項業務目前的單位經濟效益是多少?我們應該如何考慮機器人出租車的盈虧平衡時間表?而且,如果管理層可以分享您的技術路線圖上的任何顏色,那也將不勝感激。

  • Zhenyu Li - SVP and GM of IDG

    Zhenyu Li - SVP and GM of IDG

  • This is Zhenyu. For the questions regarding unit economics, as you know, the major costs are labor cost and vehicle costs. So firstly, labor cost. As you know, fully driverless operation means no safety officers in the car, which helps to lower labor costs. In 2022, we made big progress in providing fully driverless service on the open roads.

    這是振宇。關於單位經濟的問題,大家知道,主要成本是人工成本和車輛成本。首先,勞動力成本。如您所知,完全無人駕駛意味著車內沒有安全員,這有助於降低人工成本。 2022年,我們在開放道路上提供完全無人駕駛服務方面取得了重大進展。

  • Now we are providing fully driverless ride hailing service in Wuhan and Chongqing. For example, in Wuhan, we kept expanding operations by covering a wide area and longer daily operations -- operating hours and also by growing our fleet of vehicles. In December, we were allowed to test drive fully driverless cars on the open roads in Beijing, Yizhuang. This is important step towards fully driverless operation in the capital city.

    現在我們在武漢和重慶提供完全無人駕駛的網約車服務。例如,在武漢,我們通過覆蓋更廣的區域和更長的日常運營 - 運營時間以及增加我們的車隊來不斷擴大業務。 12月,我們獲准在北京亦莊的開放道路上試駕全自動無人駕駛汽車。這是首都實現完全無人駕駛的重要一步。

  • In 2023, we plan to further expand our fleet and drive for fully driverless operations. We will continue to reduce the labor costs by allowing more vehicles to remove in-car safety operator. More and more cities in China are supportive to autonomous ride hailing operation. As a market leader, Baidu is benefiting from this change.

    在 2023 年,我們計劃進一步擴大我們的車隊並推動完全無人駕駛操作。我們將繼續通過允許更多車輛取消車內安全操作員來降低人工成本。中國越來越多的城市支持自動駕駛網約車運營。作為市場領導者,百度正受益於這一變化。

  • Also, as we said before, scaling up operation helped us to refine our core technology and further improve our safety performance. As we scale up, we will further improve in our core technology and gaining trust from regulators. Apollo Go remained as the largest autonomous ride hailing service provider globally.

    另外,正如我們之前所說,規模化運營幫助我們完善了核心技術並進一步提高了安全績效。隨著我們規模的擴大,我們將進一步改進我們的核心技術並獲得監管機構的信任。 Apollo Go 仍然是全球最大的自動駕駛叫車服務提供商。

  • Last year, we provided more than 1.5 million rides to the public. Now, on average, each vehicle in top cities like Beijing provides more than 15 rides a day. This number is already close to what a taxi can do. We believe, by continuously improving our technology, more and more cities will give green lights to our fully driverless ride hailing service in the future.

    去年,我們為公眾提供了超過 150 萬次乘車服務。現在,平均而言,在北京等一線城市,每輛車每天提供超過 15 次乘車服務。這個數字已經接近出租車所能做到的了。我們相信,通過不斷改進我們的技術,未來會有越來越多的城市為我們的完全無人駕駛網約車服務開綠燈。

  • Secondly, reducing vehicle cost. With Apollo, as you said, which is designed to offer large-scale fully driverless ride hailing services, we are bringing the cost of robotaxis to the price range of mass-market electric vehicles for the first time. We believe vehicle costs will continue to decline in the future, as China's EV market is developing very fast and the entire supply chain is highly localized. The cost for auto parts still has a lot of room to decrease. Combining those 2 factors, we believe that the unique economics of Apollo Go will continue to improve.

    其次,降低車輛成本。正如您所說,Apollo 旨在提供大規模完全無人駕駛的叫車服務,我們首次將機器人出租車的成本納入大眾市場電動汽車的價格範圍。我們相信未來車輛成本將繼續下降,因為中國電動汽車市場發展非常快,整個供應鏈高度本地化。汽車零部件的成本還有很大的下降空間。結合這兩個因素,我們相信 Apollo Go 獨特的經濟性將繼續改善。

  • As Robin said, once we scale up, we can leverage large language model to improve technology. And this will help us to further improve safety performance. Thank you.

    正如 Robin 所說,一旦我們擴大規模,我們就可以利用大型語言模型來改進技術。這將有助於我們進一步提高安全績效。謝謝。

  • Operator

    Operator

  • Your next question comes from Kenneth Fong with Crédit Suisse.

    你的下一個問題來自瑞士信貸的 Kenneth Fong。

  • Kenneth Fong - Head of China Internet Securities Research and Regional Head of Gaming & Lodging Securities Research

    Kenneth Fong - Head of China Internet Securities Research and Regional Head of Gaming & Lodging Securities Research

  • Congrats on the very strong set of results. I have a question on user traffic and user time spent. Have you seen any impact or changes in these 2 parameters as China reopened, especially in the big cities?

    祝賀非常強大的結果集。我對用戶流量和用戶使用時間有疑問。隨著中國重新開放,您是否看到這兩個參數有任何影響或變化,尤其是在大城市?

  • Yanhong Li - Co-Founder, Chairman & CEO

    Yanhong Li - Co-Founder, Chairman & CEO

  • Ken, this is Robin. People started to spend more time outdoors post the reopening, but actually user time spent for our major apps, as a whole, increased 6.6% year-over-year, I think, in January. And that outperformed the overall mobile market. We have a wide variety of apps that cater to various needs of users. Baidu App is one of the very few super apps in China. And Baidu Search has a unique value proposition. We help people quickly find the most relevant and authoritative information online through technology.

    肯,這是羅賓。重新開放後,人們開始花更多的時間在戶外,但實際上,我認為在 1 月份,用戶花在我們主要應用上的時間總體上同比增長了 6.6%。這優於整體移動市場。我們有各種各樣的應用程序可以滿足用戶的各種需求。百度應用是中國為數不多的超級應用之一。百度搜索具有獨特的價值主張。我們通過技術幫助人們在網上快速找到最相關和最權威的信息。

  • So whenever users want to search for information and knowledge, they come to Baidu. When we -- when they come back to work, this becomes more apparent. Even if they want to check for epidemic development in their regions or check entrance exam scores, this kind of needs can be very better and better matched by the Baidu Search and other Baidu apps.

    所以每當用戶想要搜索信息和知識時,他們都會來百度。當我們——當他們回來工作時,這一點變得更加明顯。哪怕是想查看所在地區的疫情動態,或者查看高考成績,這種需求都可以被百度搜索等百度應用更好地匹配。

  • Over the past years, we continued to use technology to enrich content and services so we can provide our users with better experiences in search, in feed and in many other products. Today, people not only come to us to search for information but also to find products and services. These efforts have strengthened Baidu's leading position in China's mobile Internet space. And another highlight is, of course, Ernie Bot, as I mentioned before, it has the potential to become a new traffic entry point for people online.

    在過去的幾年裡,我們繼續使用技術來豐富內容和服務,以便我們可以為用戶提供更好的搜索、信息流和許多其他產品體驗。今天,人們來找我們不僅是為了搜索信息,也是為了尋找產品和服務。這些努力鞏固了百度在中國移動互聯網領域的領先地位。還有一個亮點,當然是Ernie Bot,我之前也提到過,它有潛力成為人們上網新的流量入口。

  • Also, using AI to generate short video content is a typical application for generative AI. We believe AIGC will help us accumulate more short videos on our platform over time, and the direct benefit will be increasing video viewership and ad revenue.

    此外,利用人工智能生成短視頻內容是生成式人工智能的典型應用。我們相信隨著時間的推移,AIGC 將幫助我們在平台上積累更多的短視頻,直接的好處將是增加視頻收視率和廣告收入。

  • Operator

    Operator

  • Your next question comes from Lincoln Kong with Goldman Sachs.

    你的下一個問題來自高盛的 Lincoln Kong。

  • Lincoln Kong - Equity Analyst

    Lincoln Kong - Equity Analyst

  • I have a follow-up in terms of ChatGPT and our Ernie Bot. So it does seems that many domestic company are recently keep announcing they're partnering with us or use Baidu's -- the Ernie Bot technology. So can management elaborate a bit more on the format of this partnership? And what could be the monetization opportunity here? And how big should we think about this revenue potential? And also in terms of competition, so how should we think about other Internet companies coming offering a similar service or do challenges and limit our monetization opportunity here?

    我有關於 ChatGPT 和我們的 Ernie Bot 的跟進。因此,似乎許多國內公司最近一直在宣布他們正在與我們合作或使用百度的——Ernie Bot 技術。那麼管理層能否詳細說明這種合作關係的形式?這裡的貨幣化機會是什麼?我們應該考慮這種收入潛力有多大?還有在競爭方面,那麼我們應該如何看待其他互聯網公司來提供類似的服務或挑戰並限制我們在這裡的貨幣化機會?

  • Yanhong Li - Co-Founder, Chairman & CEO

    Yanhong Li - Co-Founder, Chairman & CEO

  • Sure. We're glad to see that, after we announced the plan to launch Ernie Bot. Many organizations reached out to us and expressed their strong interest to work with Ernie Bot. Some already announced their plan to partner with us to integrate Ernie Bot capabilities into their products or services or operations. More and more enterprises realize that generative large language models are going to change their industries, and they would like to capture this opportunity.

    當然。在我們宣布推出 Ernie Bot 的計劃後,我們很高興看到這一點。許多組織聯繫了我們,表達了與 Ernie Bot 合作的強烈興趣。有些人已經宣布他們計劃與我們合作,將 Ernie Bot 功能集成到他們的產品或服務或運營中。越來越多的企業意識到生成式大型語言模型將改變他們的行業,他們想抓住這個機會。

  • The fact that Ernie Bot has attracted so much interest also shows that Baidu is well recognized for our leading AI capabilities and the age of AI has finally come. And regarding to monetization opportunities, Ernie Bot will be integrated into Baidu Search to enhance the user experience. And users will be much more dependent on us for all kinds of tasks and needs, therefore significantly expand the market size of search.

    Ernie Bot如此受關注,也說明百度在人工智能領域的領先地位得到了廣泛認可,人工智能時代終於到來了。在貨幣化機會方面,Ernie Bot 將被整合到百度搜索中以提升用戶體驗。用戶將更加依賴我們的各種任務和需求,因此顯著擴大搜索市場規模。

  • We are using AIGC to expand our content like text, images or videos. And this will create a great opportunity for us to attract new users, increase user time spend and user stickiness; help us gain share in the online ad market over the long run. And for cloud customers, they will be able to leverage our full-stack AI capabilities, not just the basic stuff, storage or bandwidth or database, this kind of things. They can develop their apps based on our AI framework PaddlePaddle and the foundation model, Ernie. It will be much easier, much more efficient, much more powerful, so this will propel our cloud revenue too.

    我們正在使用 AIGC 來擴展我們的內容,例如文本、圖像或視頻。這將為我們創造一個很好的機會來吸引新用戶,增加用戶時間花費和用戶粘性;從長遠來看,幫助我們在在線廣告市場獲得份額。對於雲客戶,他們將能夠利用我們的全棧 AI 功能,而不僅僅是基本的東西、存儲或帶寬或數據庫,諸如此類。他們可以基於我們的 AI 框架 PaddlePaddle 和基礎模型 Ernie 開發他們的應用程序。它會更容易、更高效、更強大,因此這也將推動我們的雲收入。

  • And our full stack of AI capabilities is quite unique. It contains cloud infrastructure, deep learning platform like PaddlePaddle and large language models and widely used applications. We have a strong presence in all 4 layers, and these 4 layers work together efficiently.

    我們的全棧 AI 功能非常獨特。它包含雲基礎設施、深度學習平台(如 PaddlePaddle)和大型語言模型以及廣泛使用的應用程序。我們在所有 4 個層面都有很強的影響力,並且這 4 個層面有效地協同工作。

  • Our large language model Ernie 3.0 has been trained with billions of daily user search requests and other popular Baidu family of apps. Baidu's Ernie Bot will be using this kind of hugely well-tagged data pool to help improve and adapt quickly over time. There's the barrier to entry for this is very high. It requires multiple years of significant investment, and we have the first-mover advantage. The technology behind Ernie Bot is called reinforcement learning with human feedback. So here the human feedback part is critical.

    我們的大型語言模型 Ernie 3.0 已經接受了數十億的日常用戶搜索請求和其他流行的百度應用系列的訓練。百度的 Ernie Bot 將使用這種標記良好的巨大數據池來幫助改進和隨著時間的推移快速適應。因為這個進入門檻非常高。這需要多年的重大投資,我們具有先發優勢。 Ernie Bot 背後的技術被稱為帶有人類反饋的強化學習。所以這里人的反饋部分是至關重要的。

  • As the first mover, we get more and more human feedback and further improve our capabilities way ahead of anyone else. And right now we are focused on preparing the launch of Ernie Bot and make continuous improvement after the launch. And we are also focusing on areas that we believe Ernie Bot will create immediate value. So stay tuned. Thank you.

    作為先行者,我們獲得了越來越多的人類反饋,並進一步提高了我們領先於其他任何人的能力。現在我們正專注於準備Ernie Bot的發布,並在發布後不斷改進。我們還關注我們認為 Ernie Bot 將創造直接價值的領域。敬請期待。謝謝。

  • Operator

    Operator

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

    謝謝。女士們,先生們,我們今天的會議到此結束。感謝您的參與。你們都可以斷開連接。