百度 (BIDU) 2023 Q1 法說會逐字稿

Hello, and thank you for standing by for Baidu's First Quarter 2023 Earnings Conference Call. (Operator Instructions) After the management's prepared remarks, there will be a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Juan Lin, Baidu's Director of Investor Relations. Please go ahead.

您好，感謝您參加百度2023年第一季財報電話會議。 （操作員指示）管理階層準備好的發言之後，將有一個問答環節。今天的會議正在錄製中。如果您有任何異議，您可以立即斷開連接。現在，我想將會議交給今天的會議主持人，百度投資者關係總監林娟。請繼續。

Hello, everyone, and welcome to Baidu's First Quarter 2023 Earnings Conference Call. Baidu's earnings release was distributed earlier today, and you can find a copy on our website as well as on Newswire services.

大家好，歡迎參加百度2023年第一季業績電話會議。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。

On the call today, we have Robin Li, our Co-Founder and CEO; Rong Luo, our CFO; Dou Shen, our EVP, in charge of Baidu AI Cloud Group, ACG; and Zhenyu Li, our SVP in charge of Baidu Intelligent Driving. After our prepared remarks, we will hold a Q&A session.

今天的電話會議由我們的共同創辦人兼執行長李彥宏主持；我們的財務長羅榮；竇深，我們的執行副總裁，負責百度智慧雲端事業群、ACG；以及負責百度智慧駕駛的高級副總裁李振宇。在我們準備好發言之後，我們將舉行問答環節。

Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC and Hong Kong Stock Exchange.

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。

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，百度不承擔更新任何前瞻性聲明的義務。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公認會計準則財務指標的討論。我們的新聞稿包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的對賬，可在我們的 IR 網站 ir.baidu.com 上查閱。

As a reminder, this (inaudible). In addition, a webcast of this conference call will be available on Baidu's IR website. I will now turn the call over to our CEO, Robin.

提醒一下，這（聽不清楚）。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。現在我將電話轉給我們的執行長羅賓。

Hello, everyone. 2023 is off to a good start with our business performing well across the board and driving strong growth. In Q1, Baidu Core's revenue growth reaccelerated year-on-year and supported an improvement in our operating margin. Our online marketing business has seen a positive impact from China's overall economic improvement.

大家好。 2023年開局良好，我們的業務全面表現良好，並實現強勁成長。第一季度，「百度核心」營收年增率再次加快，支撐了營業利益率的提升。我們的網路行銷業務受到了中國整體經濟改善的正面影響。

After the Chinese New Year, there was a quick recovery, which was especially beneficial for many of our advertisers in offline sectors such as travel, health care, business services and local services. Moreover, we've been working hard to enhance user experience for Baidu App, and this has led to good user metrics and increased online marketing revenue for the first quarter compared to the previous year.

春節過後，經濟迅速復甦，這對我們許多離線產業的廣告主來說尤其有利，例如旅遊、醫療保健、商業服務和本地服務。此外，我們一直在努力提升百度App的用戶體驗，這使得第一季的用戶指標良好，線上行銷收入較去年同期有所成長。

Our AI Cloud achieved profitability on a non-GAAP operating level this quarter. Starting in Q2 last year, we have focused on building sustainable growth for our cloud business by phasing out low-quality projects and business. At the same time, we have been building standardized AI solutions for key use cases and replicating them from one project to another.

我們的AI雲本季在非GAAP營運層面實現了獲利。從去年第二季開始，我們開始致力於透過逐步淘汰低品質的專案和業務來實現雲端業務的可持續成長。同時，我們一直在為關鍵用例建立標準化的人工智慧解決方案，並將它們從一個專案複製到另一個專案。

This approach has led to an increase in AI cloud margins over the past few quarters, and we have seen profitability on the non-GAAP operating level this quarter.

這種方法使得過去幾季人工智慧雲端利潤率有所提高，並且我們在本季度看到了非公認會計準則營運層面的獲利能力。

Today, our eyes are keenly focused on the transformative impact of generative AI. For today's call, I will first provide an update on this topic and then walk you through our operational highlights in AI Cloud, Intelligent Driving and Mobile Ecosystem.

今天，我們的目光敏銳地聚焦於產生人工智慧的變革性影響。在今天的電話會議上，我將首先提供有關該主題的最新信息，然後向您介紹我們在 AI 雲、智能駕駛和移動生態系統方面的運營亮點。

Generative AI represents a tremendous opportunity for us. It can be compared to the introduction of the Internet and smartphone. To capture this opportunity, we leveraged our technology capabilities and our extensive experience in search, knowledge graphs and dialogue.

生成性人工智慧對我們來說是一個巨大的機會。這可以與互聯網和智慧型手機的推出相提並論。為了抓住這個機會，我們利用了我們的技術能力以及在搜尋、知識圖譜和對話方面的豐富經驗。

We were able to quickly deploy ERNIE Bot in mid-March, which became the first GPT model owned and operated by a public company. This launch demonstrated our significant investments and achievements in AI over the past 10 years, and it also highlights our position as the operator of China's largest search engine.

我們能夠在 3 月中旬快速部署 ERNIE Bot，它成為第一個由上市公司擁有和營運的 GPT 模型。此次發布體現了我們過去10年在人工智慧領域的重大投入和成果，也彰顯了我們作為中國最大搜尋引擎營運商的地位。

With our search engine, we have gathered a vast amount of data, facts and knowledge for natural language understanding, which has been critical in training our model. Baidu has established a robust range of AI capabilities powered by a 4-layered AI architecture, which encompasses cloud infrastructure, the PaddlePaddle deep learning framework, large language models, ERNIE and AI applications.

透過我們的搜尋引擎，我們收集了大量用於自然語言理解的資料、事實和知識，這對於訓練我們的模型至關重要。百度已建立由四層AI架構支援的強大AI功能，該架構涵蓋雲端基礎設施、PaddlePaddle深度學習框架、大型語言模型、ERNIE和AI應用程式。

We have this distinctive advantage that helps us optimize entire process and reduce costs for model training and inference. One of our significant advantages is owning PaddlePaddle, which is the leading deep learning framework in China.

我們擁有這獨特的優勢，可以幫助我們優化整個流程並降低模型訓練和推理的成本。我們的一個重要優勢是擁有中國領先的深度學習架構PaddlePaddle。

We have developed the PaddlePaddle in a way that aligns with ERNIE Bot and this creates a strong synergy between the systems. Let me give you an example. Training and running large language models require a lot of data, which can be complex and overwhelming and demand significant computing resources. To tackle this challenge, we use our proprietary full-stack AI architecture.

我們以與 ERNIE Bot 一致的方式開發了 PaddlePaddle，這在系統之間產生了強大的協同作用。讓我給你舉個例子。訓練和運行大型語言模型需要大量數據，這可能非常複雜且難以承受，並且需要大量的計算資源。為了應對這項挑戰，我們使用了專有的全端 AI 架構。

We are continuously looking for new techniques to make our 4 layers work seamlessly, which helps us achieve better performance and quicker throughput. Specifically, we have improved compatibility between PaddlePaddle, the large language models and the cloud infrastructure. As a result, since launching ERNIE Bot in March, we normalized -- our normalized queries per second have increased by almost 10x, indicating significant efficiency gains.

我們不斷尋找新技術，使我們的 4 層無縫運作，這有助於我們實現更好的效能和更快的吞吐量。具體來說，我們提高了 PaddlePaddle、大型語言模式和雲端基礎架構之間的相容性。因此，自 3 月推出 ERNIE Bot 以來，我們進行了標準化——每秒的標準化查詢量增加了近 10 倍，顯示效率顯著提高。

Baidu is rapidly integrating ERNIE Bot into all of our businesses for testing. The goal is to leverage its capabilities to enhance, rebuild and create both our enterprise and consumer-facing products and services, thereby revolutionizing our business.

百度正在快速將 ERNIE Bot 整合到我們的所有業務中進行測試。我們的目標是利用其能力來增強、重建和創造我們面向企業和消費者的產品和服務，從而徹底改變我們的業務。

We are also working on building an ecosystem around ERNIE Bot to promote the adoption of generated AI in a wider range of use cases. This strategy should enable us to gain market share across all sectors and achieve sustainable long-term growth.

我們也致力於圍繞 ERNIE Bot 建立一個生態系統，以促進在更廣泛的用例中採用產生的人工智慧。這項策略將使我們能夠在所有領域獲得市場份額並實現可持續的長期成長。

As more people use ERNIE Bot, more products integrate with ERNIE Bot in seamless way, we will be able to gather large-scale human feedback and iterate the model rapidly and tailored to real-life market need. On the enterprise facing business side, generative AI expanding the total addressable market of the cloud industry.

隨著越來越多的人使用 ERNIE Bot，越來越多的產品以無縫方式與 ERNIE Bot 集成，我們將能夠收集大規模的人工回饋並快速迭代模型並根據實際市場需求進行客製化。在面向企業的業務方面，生成性人工智慧擴大了雲端產業的整體可尋址市場。

This is because cloud service providers can use generative AI to add or enhance capabilities to their current offerings, develop new solutions and applications to address unfulfilled market demand and drive productivity and efficiency. As a result, since we introduced ERNIE Bot, we have observed more and more enterprises from various industries started their model training on our cloud.

這是因為雲端服務供應商可以使用生成式人工智慧來增加或增強其現有產品的功能，開發新的解決方案和應用程式以滿足未滿足的市場需求並提高生產力和效率。因此，自從我們推出 ERNIE Bot 以來，我們發現越來越多來自各行業的企業開始在我們的雲端上進行模型訓練。

Our powerful foundation model and our unique full-stack AI capabilities differentiate us from our competitors, which gives us an edge in the market. In March, sales lead increased by more than [400%] year-over-year, which is a significant achievement for us. We believe that our AI Cloud will continue to gain market share over time. I will provide some examples of how ERNIE Bot is helping our customers to gain efficiency.

我們強大的基礎模型和獨特的全端AI功能使我們有別於競爭對手，從而在市場上佔據優勢。 3 月份，銷售線索年增超過 [400%]，這對我們來說是一個重大成就。我們相信，隨著時間的推移，我們的AI雲將持續獲得市場份額。我將提供一些範例來說明 ERNIE Bot 如何幫助我們的客戶提高效率。

In the financial services industry, we have partnered with a prominent domestic insurance company to help them enhance their digital experiences for employees and clients. To achieve this, we will utilize our AI capabilities, including PaddlePaddle and ERNIE on their private cloud. Additionally, we will create customized tools and technologies to assist them in training and refining models on ERNIE Bot with their unique data, and we will continuously improve the system over time.

在金融服務業，我們與一家著名的國內保險公司合作，幫助他們提升員工和客戶的數位體驗。為了實現這一目標，我們將利用我們的人工智慧功能，包括其私有雲上的 PaddlePaddle 和 ERNIE。此外，我們將創建客製化的工具和技術，以幫助他們利用其獨特的數據在 ERNIE Bot 上訓練和完善模型，並且我們將隨著時間的推移不斷改進系統。

This model will power various applications, including helping financial advisers, analyze large amount of research reports and public information. We believe that this project has the potential to establish a new industry standard for innovation and efficiency in China's financial services sector.

該模型將支援各種應用，包括幫助財務顧問分析大量研究報告和公共資訊。我們相信該項目有潛力為中國金融服務業的創新和效率樹立新的行業標準。

In the software industry, we are collaborating with some productivity software developers to test the integration of ERNIE Bot into their application with the goal of automating certain workloads and expanding the capabilities of their end users.

在軟體產業，我們正在與一些生產力軟體開發人員合作，測試將 ERNIE Bot 整合到他們的應用程式中，目的是自動化某些工作負載並擴展其最終用戶的功能。

Additionally, we are partnering with some ERP companies who are exploring the use of ERNIE Bot to assist their programmers in writing code. In the education industry, we opened ERNIE bot to a leading online education company via model as a service, helping them fine-tune their own model on Baidu AI Cloud. One of the features we're working on together is an enhanced sophisticated AI tutor, enabling them to better serve their students.

此外，我們正在與一些 ERP 公司合作，他們正在探索使用 ERNIE Bot 來協助他們的程式設計師編寫程式碼。在教育產業，我們以模型即服務的方式向一家領先的線上教育公司開放了 ERNIE 機器人，幫助他們在百度智慧雲端上完善自己的模式。我們正在共同開發的功能之一是增強複雜的人工智慧導師，使他們能夠更好地為學生服務。

We've observed the industry is experiencing a surge in demand after the pandemic are interested in using ERNIE Bot to improve their business operations more efficiently. Online travel companies are a good example of this trend as some of the biggest players are testing the use of our ERNIE Bot to assist their customer service team in managing customer queries, suggesting trips and directing customers to relevant information.

我們觀察到，疫情過後，該行業的需求激增，他們有興趣使用 ERNIE Bot 來更有效地改善其業務運作。線上旅遊公司就是這一趨勢的一個很好的例子，因為一些最大的參與者正在測試使用我們的 ERNIE Bot 來協助他們的客戶服務團隊管理客戶查詢、建議行程並引導客戶獲取相關資訊。

The feedback so far has been positive, and customers are also beginning to switch their IT expenditures to our cloud. On consumer-facing businesses, we are utilizing ERNIE Bot to enhance our product for the users. We're currently beta testing an upgraded version of Baidu Search, which is powered by ERNIE Bot. This version provides natural conversational interactions for more seamless search experience.

到目前為止的回饋都是正面的，客戶也開始將他們的 IT 支出轉向我們的雲端。在面向消費者的業務中，我們正在利用 ERNIE Bot 來為使用者增強我們的產品。我們目前正在對百度搜尋的升級版本進行 Beta 測試，該版本由 ERNIE Bot 提供支援。此版本提供自然的對話交互，以實現更無縫的搜尋體驗。

We're also testing the integration of ERNIE bot with Baidu Wenku, our online document sharing platform to enable ERNIE Bot to work alongside users and assist with 13 summarizing and generating content using natural language. Additionally, we are incorporating ERNIE Bot into other consumer facing products such as Baidu Maps, Baidu Keyboard, Baidu Post and Xiaodu. Furthermore, we are testing a [stand-alone] application for ERNIE Bot.

我們也正在測試 ERNIE 機器人與我們的線上文件共享平台百度文庫的集成，以使 ERNIE 機器人能夠與使用者一起工作並協助使用自然語言總結和生成內容。此外，我們還將 ERNIE Bot 融入其他面向消費者的產品中，例如百度地圖、百度鍵盤、百度貼文和小度。此外，我們正在測試 ERNIE Bot 的[獨立]應用程式。

So far, we have been encouraged by the positive user feedback at the current testing stage and look forward to bringing these experiences to more users in the coming months. In the new era, AI chatbot will become a traffic gateway for people to seek information and content. Therefore, we should continue to gain user traffic and mind share, which will drive monetization over time.

到目前為止，我們對當前測試階段的積極用戶回饋感到鼓舞，並期待在未來幾個月內將這些體驗帶給更多用戶。在新的時代，人工智慧聊天機器人將成為人們尋求資訊和內容的流量門戶。因此，我們應該繼續獲得用戶流量和心智份額，這將隨著時間的推移推動貨幣化。

We're also working to build an ecosystem around ERNIE Bot with our partners to fuel innovation and drive growth. On the regulatory front, as a leader in AI and an advocate for AI ethics, Baidu continues to promote the responsible use of AI.

我們也致力於與合作夥伴一起圍繞 ERNIE Bot 建立生態系統，以推動創新和成長。在監管方面，作為人工智慧領域的領導者和人工智慧倫理的倡導者，百度持續推動人工智慧的負責任使用。

To comply with regulatory requirements, any new technology, product or service must undergo government review and approval before large-scale deployment. We have applied for review and approval of ERNIE Bot and will roll it out at a large scale to our customers and users once we get the greenlight.

為了符合監管要求，任何新技術、產品或服務在大規模部署之前都必須經過政府審查和批准。我們已經申請審核並批准 ERNIE Bot，一旦獲得批准，我們將向我們的客戶和用戶大規模推出。

Baidu has been operating search in China for more than 20 years and has extensive experience with Chinese culture and regulatory environment, which we believe will help us navigate the regulatory landscape.

百度在中國經營搜尋業務已有 20 多年，對中國文化和監管環境擁有豐富的經驗，我們相信這將有助於我們應對監管環境。

In early April, the Cyberspace Administration of China released a new draft regulation for comments on generative AI, which explicitly endorses the development of self-designed AI algorithms and deep learning frameworks. We believe that regulators' active engagement in generative AI in the early stage will raise the bar to entry and we are well positioned for that.

4月初，國家網信辦發表《生成式人工智慧管理辦法（徵求意見稿）》，明確支援自主設計的人工智慧演算法與深度學習架構的發展。我們相信，監管機構在早期階段積極參與生成式人工智慧將提高進入門檻，我們已為此做好了準備。

Overall, we are thrilled about the prospects that lie ahead with ERNIE Bot, and we will continue to invest in it to unlock the tremendous potential that we envision. Now let's have a look on the first quarter operational highlights.

總的來說，我們對 ERNIE Bot 的未來前景感到非常興奮，我們將繼續對其進行投資，以釋放我們所設想的巨大潛力。現在我們來看看第一季的營運亮點。

In Q1, revenues from AI Cloud increased 8% year-on-year, which is an improvement from the 4% year-over-year growth in the fourth quarter last year. We're pleased to report that AI Cloud achieved profitability on the non-GAAP operating profit level during the quarter.

第一季度，AI雲端營收年增8%，較去年第四季4%的年增率有所提高。我們很高興地報告，AI Cloud 在本季度實現了非 GAAP 營業利潤水平的盈利。

The margin improvement undergoes 2 points of progress. One is our ability to optimize operations and drive sustainable and healthy revenue growth. Two, is our efforts to standardize our AI solutions and applications and efficiently replicate them across different customers and sectors.

利潤率改善經歷了2個百分點的進步。一是我們優化營運、推動永續健康收入成長的能力。二是我們努力標準化我們的人工智慧解決方案和應用程序，並在不同的客戶和行業之間有效地複製它們。

Since Q2 of last year, we have phased out low-margin businesses and projects for AI Cloud, leading to a healthier business portfolio and cost structure. At the same time, we continue to standardize AI solutions for key use cases for replication.

從去年第二季開始，我們逐步退出AI雲的低利潤業務和項目，業務組合和成本結構更加健康。同時，我們繼續針對關鍵用例進行標準化的AI解決方案以供複製。

In the water industry, for example, last year, we replicated AI solutions we developed for predicting water usage and controlling water pressure from Quanzhou Water Company to Guangzhou Water Company. And in Q1, we deployed the majority of our earlier standardized solutions to the [Lintao] County Water Company in Gansu Province. This example demonstrated the scalability and margin expansion of our standardized approach in creating AI solutions for traditional industries.

以水務業為例，去年我們將自己研發的用水量預測、水壓控制等人工智慧解決方案，從泉州自來水公司複製到了廣州自來水公司。第一季度，我們將大部分早期標準化解決方案部署到了甘肅省臨洮縣自來水公司。這個例子證明了我們為傳統產業創建人工智慧解決方案的標準化方法的可擴展性和利潤擴張。

As I mentioned earlier, generative AI is creating a host of opportunities for the cloud industry and expanding the cloud market significantly. Therefore, we will continue to invest and actively explore ways to grow our cloud services.

正如我之前提到的，生成式人工智慧正在為雲端產業創造大量機會，並顯著擴展雲端市場。因此，我們將繼續投資並積極探索發展雲端服務的方法。

Moving into Intelligent Driving. We continue to make solid progress. In Q1, the number of rides provided to the public on open roads increased over threefold compared to the same period last year and reaching nearly 660,000.

邁向智能駕駛。我們繼續取得紮實進展。第一季度，在開放道路上向公眾提供的出行次數與去年同期相比增長了兩倍多，達到近 66 萬次。

Thanks to the remarkable growth in ride and our strong track record of safe operations, we have received more permits from government to offer fully driverless ride-hailing services in China.

由於出行業務的顯著增長以及我們良好的安全運營記錄，我們已獲得更多政府許可，在中國提供完全無人駕駛的叫車服務。

On March 17, Apollo Go was allowed to provide fully driverless ride-hailing service in Yizhuang region of Beijing. As of today, we are providing the services in 3 cities: Beijing, Wuhan and Chongqing. We are prioritizing fleet expansion and passenger adoption in regions where we can provide driverless commercial operation, meaning it's fully driverless and we can charge.

3月17日，Apollo Go獲准在北京亦莊地區提供全無人駕駛叫車服務。目前，我們已在北京、武漢、重慶三個城市提供服務。我們優先在能夠提供無人駕駛商業運營的地區擴大車隊規模並吸引乘客，這意味著車輛完全無人駕駛，而且我們可以充電。

Our efforts are yielding good results. In Wuhan, where we first received the permit to provide such services on public road last August, we now have more than 135 driverless vehicles and more than 1/3 of the paid rides Apollo Go provided were in fully driverless vehicles.

我們的努力正在取得良好成果。去年 8 月，我們在武漢首次獲得了在公共道路上提供此類服務的許可，現在我們擁有超過 135 輛無人駕駛汽車，Apollo Go 提供的付費乘車中有超過 1/3 是全無人駕駛汽車。

We are confident that the number of rides provided by fully driverless vehicles will continue to increase, leading to cost optimization and creating a profitable business model. We firmly believe the demand for autonomous driving services will continue to grow at a rapid pace, and we will further dedicate our technology and operational capabilities to better provide safe and reliable services to the public.

我們相信，完全無人駕駛汽車提供的出行次數將持續增加，從而實現成本優化並創造出可獲利的商業模式。我們堅信自動駕駛服務的需求將持續快速成長，我們將進一步致力於技術和營運能力，更好地為大眾提供安全可靠的服務。

Moving to mobile ecosystem. I'm pleased to report that online marketing revenue returned to positive year-over-year growth in Q1, resulting in an increase in operating margin. One contributing factor to this growth was the overall improvement in China's economic recovery and commercial environment as a result of China's reopening.

轉向移動生態系。我很高興地報告，第一季線上行銷收入恢復年增，從而帶來營業利潤率的提高。推動這一成長的一個因素是中國重新開放後經濟復甦和商業環境的全面改善。

As I mentioned earlier, many offline related verticals: travel, health care, business services and local services, have substantially increased their ad spending on our platform. Some of these verticals have already rebounded to above pre-pandemic levels, indicating solid signs of recovery.

正如我之前提到的，許多與線下相關的垂直行業：旅遊、醫療保健、商業服務和本地服務，都大幅增加了在我們平台上的廣告支出。其中一些垂直行業已經反彈至疫情前的水平以上，顯示出強勁的復甦跡象。

Our own initiatives are aimed at improving the product experience, such as incorporating short videos and product listing information within the Baidu App also played a significant role in the revenue increase. Additionally, revenues from retail and e-commerce continue to grow, mainly driven by merchants' direct spending on our platform.

我們自身的措施旨在提升產品體驗，例如在百度應用程式中加入短影片和產品清單資訊也在收入成長中發揮了重要作用。此外，零售和電子商務的收入持續成長，主要得益於商家在我們平台上的直接消費。

The quarterly GMV facilitated by Baidu Search grew by 55% year-over-year in Q1, demonstrating our continuous traction in the e-commerce sector. Our users and traffic continued to grow in the quarter with Baidu App's MAUs increased by 4% year-over-year in March and feeds distributed through Baidu App and mobile search queries, maintaining steady growth.

百度搜尋第一季成交總額年增55%，彰顯了我們在電商領域的持續發展。本季度，我們的用戶數和流量持續成長，百度 App 的月活躍用戶數在 3 月同比增長 4%，透過百度 App 分發的資訊流和行動搜尋查詢保持穩定成長。

This reflects the high value that users placed on Baidu Search as their primary source of information. During the quarter, we continued to focus on enhancing user experience and customer satisfaction. On the user side, Baidu App has a Waterfall Flow feature on the Explorer page, which is particularly attractive to young female, enabling an infinite browsing experience and catering to their diverse needs.

這反映出用戶高度重視百度搜尋作為其主要資訊來源。本季度，我們持續致力於提升使用者體驗和客戶滿意度。在用戶端，百度App在探索頁面推出瀑布流功能，尤其受到年輕女性用戶的青睞，帶來無限的瀏覽體驗，滿足女性用戶的多元需求。

We expanded our immersive video feature to more and more use cases on Baidu App, including incorporating [Edge] into search results. Additionally, we continuously improve our [one-shop] search result through AI to provide better search experience. These efforts have helped to increase user engagement and expand our user base.

我們將沉浸式視訊功能擴展到百度應用程式上的越來越多的用例，包括將[Edge]合併到搜尋結果中。此外，我們透過人工智慧不斷改進我們的[一店]搜尋結果，以提供更好的搜尋體驗。這些努力有助於提高用戶參與度並擴大我們的用戶群。

On the advertiser side, since launching our AIGC capabilities late last year, we've been working with advertisers to create more effective ads. By allowing advertisers to specify their requirements, our platform generates customized options for them to choose from.

在廣告主方面，自去年年底推出 AIGC 功能以來，我們一直在與廣告商合作，創造更有效的廣告。透過允許廣告商指定他們的要求，我們的平台會產生客製化選項供他們選擇。

For instance, a local travel agency turned to our AIGC capabilities to create ads. Our AI generated ad outperformed those created by the advertisers, delivering an average of about 20% higher sales lead for them.

例如，一家當地旅行社利用我們的 AIGC 功能來製作廣告。我們的人工智慧產生的廣告比廣告主創建的廣告表現更好，為他們帶來平均約 20% 的銷售線索。

In Q1, advertisers adopting the AIGC increased their ad spending year-over-year and quarter-over-quarter on our platform, demonstrating the effectiveness of our technology in driving business results. Earlier this year, we began using our AIGC capabilities to help advertisers respond to customer inquiries on our platform.

第一季度，採用 AIGC 的廣告主在我們平台上的廣告支出年比和環比均有所增加，證明了我們的技術在推動業務成果方面的有效性。今年早些時候，我們開始使用 AIGC 功能來幫助廣告商在我們的平台上回應客戶的詢問。

By harnessing the power of AI, our advertisers can provide professional and timely answers to their customer inquiries, which in turn drives an increase in sales leads. For instance, a B2B advertiser witnessed a monthly increase of over 100% in sales leads in March after using our AIGC technology.

透過利用人工智慧的力量，我們的廣告主可以為客戶的詢問提供專業、及時的答案，從而推動銷售線索的增加。例如，一家 B2B 廣告商在使用我們的 AIGC 技術後，3 月份的銷售線索月增長率超過 100%。

We are expanding the service to increasing number of advertisers, helping them better serve their customers and drive improved business results. These efforts have resulted in improved ROI for advertisers on our platform.

我們正在將這項服務擴展到越來越多的廣告商，幫助他們更好地服務客戶並提高業務成果。這些努力提高了我們平台上廣告商的投資報酬率。

Looking ahead, we remain committed to assisting our advertisers in reaching and converting their target audience by leveraging our cutting-edge generative AI technology.

展望未來，我們將繼續致力於利用我們先進的生成式人工智慧技術，幫助我們的廣告商觸及並轉換他們的目標受眾。

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

說完這些，讓我把電話轉給榮先生，請他來報告財務結果。

Thank you, Robin. Now let me walk you through the details of our first quarter financial results. Total revenue was RMB 31.1 billion, increasing 10% year-over-year. Revenue from Baidu Core was RMB 23 billion, increasing 8% year-over-year.

謝謝你，羅賓。現在讓我向您介紹一下我們第一季財務業績的詳細資訊。總營收為人民幣311億元，較去年成長10%。百度核心營收為人民幣230億元，較去年成長8%。

Baidu Core's online marketing revenue was RMB 16.6 billion, increasing 6% year-over-year. Baidu Core's non-online marketing revenue was RMB 6.4 million, up 11% year-over-year.

百度核心網路行銷收入為人民幣166億元，年增6%。百度核心非網路行銷收入為人民幣640萬元，較去年同期成長11%。

In Q1, AI Cloud increased by 8% year-over-year to RMB 4.2 billion. Revenue for iQIYI was RMB 8.3 billion, increasing 15% year-over-year. Cost of revenue was RMB 15.2 billion, decreasing 3% year-over-year. Baidu Core's cost of revenue was RMB 9.4 billion, decreasing 4% year-over-year.

一季度，人工智慧雲端營收42億元，年增8%。愛奇藝營收為83億元人民幣，較去年成長15%。營業成本為人民幣152億元，較去年同期下降3%。百度核心營收成本為94億元，年減4%。

Operating expenses were RMB 11 billion, increasing 7% year-over-year, primarily due to an increase in channel spending and promotional market expenses. Baidu Core's operating expenses were RMB 9.5 billion, increasing 5% year-over-year. Baidu Core's SG&A expenses were RMB 4.5 billion, increasing 16% year-over-year.

營業費用為人民幣110億元，年增7%，主要由於通路支出和促銷市場支出的增加。百度核心營運費用為人民幣95億元，較去年同期成長5%。百度核心的銷售、一般及行政費用為人民幣45億元，較去年同期成長16%。

SG&A accounting for 20% of Baidu Core revenue in the quarter compared to 18% in the same period last year. Baidu Core R&D expenses were RMB 5 billion, decreasing 3% year-over-year. R&D accounting for 22% of Baidu Core revenues in the quarter and decreased from 24% in the same period last year.

本季度，銷售、一般及行政費用佔百度核心收入的 20%，去年同期為 18%。百度核心研發費用為人民幣50億元，較去年同期下降3%。本季，研發支出佔百度核心營收的22%，較去年同期的24%下降。

Operating income was RMB 5 billion. Baidu Core's operating income was RMB 4.1 billion, and Baidu Core's operating margin was 18%, and non-GAAP operating income was RMB 6.4 billion. Non-GAAP Baidu Core's operating income was RMB 5.4 billion, and non-GAAP Baidu Core operating margin was 23%.

營業收入50億元。 「百度核心」營業收入為41億元人民幣，百度核心營業利潤率為18%，非美國通用會計準則營業收入為64億元。 Non-GAAP「百度核心」營運收入為人民幣54億元，Non-GAAP「百度核心」營運利潤率為23%。

Total other income net was RMB 2.6 billion, which mainly including a fair value gain of RMB 1.5 billion from long-term investments. In the first quarter last year, we recognized a fair value loss of RMB 3 billion. A significant portion of the long-term investments include, but not limited to, investments in equity securities of public and private companies and private equity funds. This is subject to quarterly fair value adjustment, which may contribute to net income volatility in future periods.

其他淨收入總計26億元人民幣，主要包括長期投資公允價值收益15億元人民幣。去年第一季度，我們確認了30億元人民幣的公允價值損失。長期投資的很大一部分包括但不限於對上市公司和私人公司的股權證券以及私募股權基金的投資。這將受到季度公允價值調整的影響，這可能會導致未來期間的淨收入波動。

Income tax expenses was RMB 1.2 billion, increasing 205% year-over-year, primarily due to an increase in profit before tax. Our net income attributable to Baidu was RMB 5.8 billion, and diluted earnings per ADS were RMB 15.92. Net income attributable to Baidu Core was RMB 5.5 billion. Non-GAAP net income attributable to Baidu was under RMB 5.7 billion.

所得稅費用為人民幣12億元，年增205%，主要由於稅前利潤增加。歸屬於百度的淨利為人民幣58億元，每股美國存託憑證攤薄收益為人民幣15.92元。歸屬於百度核心的淨利為人民幣55億元。非美國通用會計準則下，歸屬於百度的淨利低於人民幣57億元。

Non-GAAP diluted earnings per ADS was RMB 16.1, and non-GAAP net income attributable to Baidu Core was RMB 5.3 billion, and non-GAAP net margin for Baidu Core was 23%.

非美國通用會計準則下每股美國存託憑證攤薄收益為16.1元人民幣，非美國通用會計準則下歸屬於「百度核心」的淨利潤為53億元人民幣，「百度核心」的非美國通用會計準則下淨利潤率為23%。

As of March 31, 2023, cash, cash equivalents, restricted cash and short-term investments were RMB 194 billion, and cash, cash equivalents, restricted cash and short investments, excluding iQIYI, were RMB 188.8 billion. Free cash flow was RMB 4.5 billion. And free cash flow, excluding iQIYI, was RMB 3.5 billion.

截至2023年3月31日，現金、現金等價物、限制性現金及短期投資為人民幣1,940億元，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1,888億元。自由現金流為人民幣45億元。不包括愛奇藝的自由現金流為人民幣35億元。

Baidu Core had approximately 36,000 employees as of March 31, 2023. On a separate note in the quarter, iQIYI generated about RMB 1 billion in non-GAAP operating income and about RMB 1 billion in free cash flow.

截至 2023 年 3 月 31 日，百度核心約有 36,000 名員工。另外，愛奇藝本季的非公認會計準則營業收入約為人民幣 10 億元，自由現金流約為人民幣 10 億元。

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

接線員，現在讓我們開始提問。

Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Your first question comes from Alex Yao with JPMorgan.

女士們、先生們，我們現在開始問答環節。 （操作員指示）您的第一個問題來自摩根大通的 Alex Yao。

Congrats on a strong quarter. I have a few on the advertising side of the business. What is the month-on-month trend for ad recovery since March? And how big is the vertical exposures to off-line-related verticals? How is the advertiser demand changing on your platform? And then lastly, how should we think about the full-year ad growth rate? So what is the mid- to longer-term growth potential for ads business beyond the COVID normalization?

恭喜本季業績強勁。我有一些從事廣告業務的人員。 3月以來廣告復甦的環比趨勢如何？對線下相關垂直產業的曝光度有多大？你們平台上的廣告主需求有何改變？最後，我們該如何看待全年廣告成長率？那麼，在新冠疫情正常化之後，廣告業務的中長期成長潛力如何？

Alex, this is Robin. Thank you for your question. We're happy to see significant progress in our online marketing business. For Q1, revenue made a remarkable comeback and returned to high single-digit growth.

亞歷克斯，這是羅賓。感謝您的提問。我們很高興看到我們的網路行銷業務取得了重大進展。第一季度，營收顯著回升，恢復高個位數成長。

Recall that last year, online marketing revenue declined year-over-year for all 4 quarters. I think it was a 4% decline in Q1, 10% in Q2, 4% in Q3 and 6% in Q4. Now we are in a positive territory, and the momentum got further strengthened in Q2.

回想一下，去年四個季度的網路行銷收入均較去年同期下降。我認為第一季下降了 4%，第二季下降了 10%，第三季下降了 4%，第四季下降了 6%。現在我們處於積極的狀態，第二季的勢頭進一步加強。

The Q1 growth was primarily driven by a number of verticals in the offline sector that I just mentioned during my prepared remarks. Offline sector contributes to a sizable amount of our online marketing revenue. Particularly, our largest revenue contributor, health care, has been improving and is back to the pre-pandemic level. So travel is also improving apparently and we saw the Labor Day holiday was really, really hot.

第一季的成長主要受到我在準備好的發言中提到的線下行業的一些垂直行業的推動。線下業務為我們的線上行銷收入貢獻了相當大的一部分。特別是，我們最大的收入來源——醫療保健，一直在改善並恢復到疫情前的水平。因此，旅行情況也明顯好轉，我們看到勞動節假期真的非常炎熱。

The growth in our online marketing revenue have also had a positive impact on the margins of our mobile ecosystem. So the overall margin for Baidu Core got better. The success is due to our focused user and customer experience on our platform. And furthermore, we have observed a strong growth in user engagement and traffic.

我們的網路行銷收入的成長也對我們的行動生態系統的利潤產生了積極的影響。因此，百度核心的整體利潤率有所提高。我們成功的原因在於我們注重平台的使用者和客戶體驗。此外，我們也觀察到用戶參與度和流量的強勁成長。

Despite the reopening of China and people spending more time offline, our MAU for Baidu App grew 4% year-on-year in March, and our feed content distributed through Baidu App also demonstrated robust growth.

儘管中國已重新開放經濟，人們的離線時間增加，但 3 月份百度 App 的月活躍用戶同比增長 4%，透過百度 App 分發的資訊流內容也呈現強勁增長。

And looking ahead, we anticipate advertisers will continue to allocate more ad dollars to performance-based platforms. And we believe Baidu Search is well positioned to benefit from this trend. In addition, we see generative AI as a significant opportunity that complements our search capability and drive new avenues for users to access and create content.

展望未來，我們預期廣告主將繼續向基於績效的平台分配更多的廣告費用。我們相信百度搜尋將很好地從這一趨勢中受益。此外，我們認為產生人工智慧是一個重要機遇，它可以補充我們的搜尋能力，並為用戶存取和創建內容開闢新的途徑。

As we integrate ERNIE Bot into our apps, particularly into Search, we expect user traffic and engagement will go up, thereby further supporting the growth of our online marketing revenue. ERNIE Bot can also enhance our commercial products, presenting an exciting opportunity for us to strengthen our offering.

隨著我們將 ERNIE Bot 整合到我們的應用程式中，特別是搜尋中，我們預計用戶流量和參與度將會上升，進一步支持我們的線上行銷收入的成長。 ERNIE Bot 還可以增強我們的商業產品，為我們加強產品供應提供了令人興奮的機會。

With ERNIE Bot empowered commercial products, we can capture a larger market share and deliver even greater value to our advertisers. This additional dimension gives us further confidence in our online marketing business and its ability to drive sustained growth in revenue. So based on this development and our strong fundamentals, we expect our online marketing revenue to outperform the growth of China's GDP. Thank you.

借助 ERNIE Bot 賦能的商業產品，我們可以佔領更大的市場份額，並為我們的廣告商提供更大的價值。這個額外的維度讓我們對我們的線上行銷業務及其推動收入持續成長的能力更有信心。因此，基於這一發展和我們強勁的基本面，我們預計我們的線上行銷收入將超過中國 GDP 的成長。謝謝。

Our next question comes from Alicia Yap with Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

My question is related to margins and (inaudible). So what would be the major margin driver this year after large scale of the cost-cutting effort last year, how should we think about core operating margin trend for the rest of -- especially given there will be a few moving factors that will impact margins, such as, for example, the potential investment related to the large language model, the autonomous and others?

我的問題與利潤和（聽不清楚）有關。那麼，在去年大規模削減成本之後，今年的主要利潤驅動因素是什麼？我們該如何看待其餘部分的核心營業利潤率趨勢？特別是考慮到會有一些影響利潤率的變動因素，例如與大型語言模型、自主等相關的潛在投資？

Alicia, let me address your questions. I think we have implemented a number of initiatives last year to improve our operational efficiency, which you can see that in the past 4 or 5 quarters. And all of them have led to a notable improvement in our overall margins. These measures have not only made the profit numbers look better, but also transformed our organization, making it leaner and more agile and we are sure that will drive the sustainable long-term growth.

艾莉西亞，讓我來回答你的問題。我認為我們去年實施了一系列措施來提高營運效率，你可以在過去的四、五個季度中看到這一點。所有這些都使我們的整體利潤率顯著提高。這些措施不僅使利潤數字看起來更好，而且還改變了我們的組織，使其更加精簡和靈活，我們相信這將推動可持續的長期成長。

(inaudible) as a result, you can see that our non-GAAP operating margin expanding from 17% in Q1 last year to 23% in Q1 this year, and free cash flow also grew by over 200% from a year ago. Notably, all of this growth was also accompanied by a (inaudible) revenue in Q1. More specifically, as Robin has just mentioned, and number one, our mobile ecosystem profit margin [improved], which is all put together with the revenue rebound of the online marketing businesses.

（聽不清楚）因此，您可以看到我們的非 GAAP 營業利潤率從去年第一季的 17% 擴大到今年第一季的 23%，自由現金流也比一年前增加了 200% 以上。值得注意的是，所有這些成長也伴隨著第一季的（聽不清楚）收入。更具體地說，正如羅賓剛才提到的，第一，我們的行動生態系統利潤率有所提高，這一切都與網路行銷業務的收入反彈有關。

Number 2 is we can see that for Baidu AI Cloud, by focusing on cutting low-margin projects and businesses, as well as our developing more standard AI solutions for key user cases, our Baidu AI Cloud has reached the profitability on a Non-GAAP operating level. This is a very important and significant milestone for us. And looking forward, we aim to continue enhancing the margins across all of our major operations, while at the same time, we also will continue to invest in the promising new areas, in particularly the ERNIE Bot and Intelligent Driving.

第二，我們可以看到，對於百度智慧雲端來說，透過專注於削減低利潤的項目和業務，以及針對關鍵用戶案例開發更標準的人工智慧解決方案，我們的百度智慧雲端已經在非公認會計準則營運水平上實現了盈利。這對我們來說是一個非常重要且有意義的里程碑。展望未來，我們的目標是繼續提高所有主要業務的利潤率，同時，我們也將繼續投資有前景的新領域，特別是 ERNIE Bot 和智慧駕駛。

Our recent strategic investments are actually quite aligned with our long-term growth objectives, which also reflect 2 areas where we have identified a significant potential opportunities. By focusing on these areas, we aim to capture the large market shares and we try to drive for the sustainable growth while we're delivering more values to our shareholders.

我們最近的策略投資實際上與我們的長期成長目標非常一致，這也反映了我們發現的兩個具有重大潛在機會的領域。透過專注於這些領域，我們旨在佔領更大的市場份額，並在為股東創造更多價值的同時努力推動永續成長。

And as for the near term, I think incremental investment in the new opportunities is also quite manageable (inaudible). Overall, our focus on disciplined execution and operational efficiency and at the same time, we try to seize the long-term growth opportunities, all of these efforts has resulted in the improvement of the overall Baidu Core margins in Q1, and this will continue in the future quarters.

至於短期內，我認為新機會的增量投資也是相當可控的（聽不清楚）。總體而言，我們注重嚴格的執行和營運效率，同時努力抓住長期成長機會，所有這些努力使得第一季百度核心利潤率整體提高，並且這種趨勢將在未來幾季持續下去。

We will prudently manage our P&L and leveraging our core business improvements and further drive the sustainable growth.

我們將審慎管理我們的損益，並利用我們的核心業務改進，進一步推動永續成長。

Our next question comes from Gary Yu with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Gary Yu。

I have a question related to cloud. So on your AI Cloud revenue growth, what's the expectation for growth in 2Q and rest of 2023? And could you help us quantify any incremental cloud revenue in coming quarters coming from ERNIE adoption? And a related question on cloud is on margin. With your improvement in revenue growth and margin, how should we look at the normalized revenue growth and margin for cloud going forward?

我有一個與雲端相關的問題。那麼，對於 AI 雲端營收成長，您對第二季和 2023 年剩餘時間的成長有何預期？您能否幫助我們量化未來幾季採用 ERNIE 所帶來的增量雲端收入？關於雲的一個相關問題是關於邊際的。隨著營收成長和利潤率的提高，我們應該如何看待未來雲端運算的正常化收入成長和利潤率？

Okay, this is Dou. Thanks for your question on the cloud. So since the second quarter of last year, so we have made significant efforts in 3 ways trying to consistently improve our margins for the AI Cloud.

好的，我是竇。感謝您關於雲端的提問。因此，自去年第二季以來，我們從三個方面做出了重大努力，試圖持續提高 AI 雲端的利潤率。

Firstly, we are resolute in phasing out the low-quality products and businesses. And secondly, so we are committed to building standardized AI solutions for key use cases and then efficiently replicate them across different customers. Secondly, we are continuously investing in the technical capabilities of our standard cloud offerings to reinforce their competitiveness. So as a result of the efforts, Baidu AI Cloud achieved a profitability on the non-GAAP operating level this quarter.

一是堅決淘汰劣質產品和劣質業務。其次，我們致力於為關鍵用例建立標準化的 AI 解決方案，然後在不同的客戶之間有效地複製它們。其次，我們持續投資標準雲端產品的技術能力，以增強其競爭力。因此，透過這些努力，百度智慧雲本季在非美國通用會計準則營運層面實現了獲利。

In addition to that, after China is reopened, now we finally can meet our clients in person to execute projects and present our proposals. And we believe AI Cloud's revenue growth since accelerated from quarter of last year, and it will continue in the coming quarters.

此外，在中國重新開放後，我們現在終於可以親自與客戶會面，執行專案並提出我們的建議。我們相信，AI Cloud 的營收成長自去年第一季以來有所加速，並將在未來幾季繼續保持。

Moreover, we believe ERNIE Bot could provide a massive opportunity for us to gain shares in the cloud industry. Since its launch in the mid of March, we have received hundreds of thousands of beta testing requests for the ERNIE Bot from enterprise customers across a range of sectors, such as finance software, education, online travel and so on. So this overwhelming interest indicates a promising start for the ERNIE Bot's debut.

此外，我們相信 ERNIE Bot 可以為我們在雲端產業中獲得份額提供巨大的機會。自 3 月中旬推出以來，我們已收到來自金融軟體、教育、線上旅遊等多個領域的企業客戶的數十萬個 ERNIE Bot 測試請求。因此，這種熱烈的興趣預示著 ERNIE Bot 的首次亮相將有一個好的開始。

So our customers are so eager to explore and utilize ERNIE Bot for their businesses, and we are confident that it will improve their productivity and enhance their competitive edge. Actually, now as Robin had mentioned, several customers has opted to develop their own large models on our cloud platform. We need to leverage the advantages of the 4-layered AI architecture, as Robin just mentioned in the prepared remarks.

因此，我們的客戶非常渴望探索和利用 ERNIE Bot 來發展他們的業務，我們相信它將提高他們的生產力並增強他們的競爭優勢。實際上，正如 Robin 所提到的，現在有幾位客戶選擇在我們的雲端平台上開發自己的大型模型。我們要發揮四層AI架構的優勢，正如Robin剛才在準備好的發言中提到的那樣。

So as we look ahead, our focus will still remain on achieving healthy and sustainable revenue growth for the existing cloud business, while we are striving to improve the margins. And in the meanwhile, we will capitalize on the long-term huge market opportunity of large language models. And for sure, so we are committed to the investment and the value creation of our ERNIE Bot.

因此，展望未來，我們的重點仍將是實現現有雲端業務的健康和可持續的收入成長，同時努力提高利潤率。同時，我們將抓住大型語言模型的長期巨大市場機會。毫無疑問，我們致力於 ERNIE Bot 的投資和價值創造。

So overall, we believe we will continue outgrowing our peers in cloud revenue in the long run. That's it, Gary.

因此總體而言，我們相信從長遠來看，我們的雲端收入將繼續超過同行。就是這樣，加里。

Our next question comes from Lincoln Kong with Goldman Sachs.

我們的下一個問題來自高盛的林肯孔。

So my question is related to ERNIE Bot. So basically, can management further elaborate a bit more on the growth and monetization opportunity for ERNIE Bot and the large language model? So how should we think about ERNIE Bot will reshape our existing business and especially help us gain share in each of the business line in the markets?

所以我的問題與 ERNIE Bot 有關。那麼基本上，管理層能否進一步闡述 ERNIE Bot 和大型語言模型的成長和貨幣化機會？那麼我們應該如何看待 ERNIE Bot 將重塑我們現有的業務，特別是幫助我們在市場上的每個業務線上獲得份額？

Yes, ERNIE Bot has been making great progress since its launch in mid-March. For instance, we have already upgraded ERNIE Bot 4 times and we have managed to reduce the inference cost by nearly 90% since its release.

是的，ERNIE Bot 自 3 月中旬推出以來取得了長足的進步。例如，我們已經對 ERNIE Bot 進行了 4 次升級，自發布以來，我們已成功將推理成本降低了近 90%。

While some of our competitors are still focusing on model training, we've moved ahead with a significant reduction of our inference cost. This improvement, a result of our self-developed AI architecture with 4 layers, which sets us apart and enables us to swiftly reduce cost and enhance efficiency for model training and inference. This strong foundation will facilitate the widespread adoption of ERNIE Bot.

當我們的一些競爭對手仍然專注於模型訓練時，我們已經取得了進展，大幅降低了推理成本。這項改進得益於我們自主研發的四層人工智慧架構，使我們脫穎而出，使我們能夠迅速降低成本並提高模型訓練和推理的效率。這項堅實基礎將促進 ERNIE Bot 的廣泛採用。

We're using ERNIE Bot to upgrade almost all of our products and services, enhancing and rebuilding our existing offerings. This enables us to strengthen our position and gain market share in our target markets, including cloud services, online marketing and smart devices.

我們正在使用 ERNIE Bot 升級幾乎所有產品和服務，以增強和重建我們現有的產品。這使我們能夠鞏固我們在目標市場（包括雲端服務、線上行銷和智慧型裝置）中的地位並獲得市場份額。

In AI Cloud, ERNIE Bot is being tested by more and more enterprises, as Dou just mentioned, and is proving to be beneficial to customers in all kinds of sectors, helping them solve problems and improve their productivity and efficiency. It truly demonstrates the power of generative AI and large language models.

在AI Cloud方面，正如竇文濤剛才所提到的，ERNIE Bot正在被越來越多的企業測試，並且正在被證明對各行各業的客戶都有利，幫助他們解決問題，提高生產力和效率。它真正展現了生成式人工智慧和大型語言模型的威力。

Since launch, we have witnessed increasing adoption of ERNIE Bot as hundreds of thousands of enterprise business and entities queuing for testing. This is an encouraging recognition of Baidu's AI capability, particularly our powerful foundation model. To assist customers to better use ERNIE Bot, we have developed tools and technologies that support training and refining models using our customers' unique data, which also leads to continuous system improvement over time.

自推出以來，我們見證了 ERNIE Bot 的採用率不斷提高，數十萬企業和實體正在排隊等待測試。這是對百度人工智慧能力，特別是我們強大的基礎模型的令人鼓舞的認可。為了幫助客戶更好地使用 ERNIE Bot，我們開發了支援使用客戶獨特資料進行訓練和改進模型的工具和技術，這也導致系統隨著時間的推移不斷改進。

And customers are becoming more selective than before. When choosing a cloud provider, they take into consideration the capabilities of generative AI and large language models. We see a growing number of new customers waiting to migrate to our AI Cloud. So we expect ERNIE Bot to enhance our competitiveness and our pricing power of AI Cloud.

而且顧客也比以前更挑剔。在選擇雲端提供者時，他們會考慮生成式人工智慧和大型語言模式的功能。我們看到越來越多的新客戶等待遷移到我們的 AI 雲端。因此，我們預期 ERNIE Bot 將能增強我們的競爭力和 AI Cloud 的定價能力。

In March, we saw more than 400% year-over-year growth in the sales leads, and we anticipate more opportunities in the future. Additionally, while the cloud industry presents significant opportunity for ERNIE Bot in adoption, there are great opportunities in online market, too.

3 月份，我們的銷售線索年增超過 400%，我們預計未來還會有更多機會。此外，雖然雲端產業為 ERNIE Bot 的採用提供了巨大的機會，但線上市場也存在著巨大的機會。

As I mentioned earlier, we're utilizing ERNIE Bot to upgrade popular consumer-facing products, including Baidu App, Baidu Search and other applications within Baidu family. The initial user feedback we have received is very promising.

正如我之前提到的，我們正在利用 ERNIE Bot 升級面向消費者的熱門產品，包括百度應用程式、百度搜尋和百度家族中的其他應用程式。我們收到的初步用戶回饋非常令人鼓舞。

Upon widespread implementation, we should quickly gain user traffic and engagement, therefore, reshape the competitive landscape in China's Internet and mobile sectors.

一旦廣泛實施，我們應該能夠迅速獲得用戶流量和參與度，從而重塑中國互聯網和行動領域的競爭格局。

So in summary, ERNIE Bot's progress has been very encouraging, and we are excited about the future. We're pushing the boundaries of AI and exploring new avenues of growth.

總而言之，ERNIE Bot 的進展非常令人鼓舞，我們對未來充滿興奮。我們正在突破人工智慧的界限並探索新的成長途徑。

Our next question comes from Miranda Zhuang with Bank of America Securities.

下一個問題來自美國銀行證券的米蘭達莊 (Miranda Zhuang)。

Congratulations on the good results. My question is about competition. With many other Internet peers launching or about to launch their large language model, how to think about Baidu's competitive advantage? And how does management think about the competitive landscape in China in the near term and the long term, especially for the enterprise facing business?

恭喜你取得好成績。我的問題是關於競爭的。很多網路同業都已經或即將推出大語言模型，如何看待百度的競爭優勢？管理階層如何看待中國近期和長期的競爭格局，特別是面向企業的業務？

Yes, that's a good question. AI and LLM are still in the early stage of development, and we are very happy to see the entry of more players into this field as it will help the industry to develop rapidly.

是的，這是個好問題。人工智慧和法學碩士仍處於早期發展階段，我們很高興看到更多參與者進入該領域，這將有助於該行業的快速發展。

Moreover, we are actively constructing an ecosystem around ERNIE Bot to attract new participants and drive innovation in the emerging direction. In our view, generative AI and the large language model present a very high barrier to entry. And very few companies possess the necessary capabilities to establish a significant presence in this market. The requirements include substantial upfront investment, robust AI capability and expertise and vast amounts of data for model training.

此外，我們正在積極圍繞 ERNIE Bot 建立生態系統，以吸引新的參與者並推動新興方向的創新。我們認為，生成式人工智慧和大型語言模式的進入門檻非常高。很少有公司具備在這個市場上佔據重要地位所需的能力。這些要求包括大量的前期投資、強大的人工智慧能力和專業知識以及用於模型訓練的大量數據。

Also, extensive experience in delivering appropriate content to Chinese Internet and mobile users is crucial. Given such high requirements, we anticipate a highly concentrated market with probably 2 to 3 major players winning in the end.

此外，向中國網路和行動用戶提供適當內容的豐富經驗也至關重要。鑑於如此高的要求，我們預計市場將高度集中，最終可能會有 2 到 3 個主要參與者獲勝。

As mentioned earlier, as the first mover in China, we leveraged ERNIE Bot to upgrade and revitalize our entire product and service portfolio because we have a large product portfolio and large user base. We are able to get lots of user feedback about ERNIE Bot, which will help us further enhance our leading position in LLM. This approach allows us to convert cutting-edge technology into practical features, products and solutions that address challenges and support sustainable growth.

如前所述，作為中國的先行者，我們利用 ERNIE Bot 來升級和振興我們的整個產品和服務組合，因為我們擁有龐大的產品組合和用戶​​群。我們能夠獲得大量有關 ERNIE Bot 的使用者回饋，這將有助於我們進一步提昇在 LLM 領域的領先地位。這種方法使我們能夠將尖端技術轉化為實用的功能、產品和解決方案，以應對挑戰並支持永續成長。

Baidu has a distinctive AI architecture consisting of 4 layers that we have developed ourselves. The architecture gives us a competitive advantage in terms of AI capability and played a crucial role in the successful early launch of ERNIE Bot.

百度擁有自己獨特的四層AI架構。該架構使我們在人工智慧能力方面具有競爭優勢，並在 ERNIE Bot 早期成功推出中發揮了至關重要的作用。

With this architecture, we are able to quickly decrease costs and improve efficiency in both training and inferencing. For example, we have optimized the performance of PaddlePaddle for inferencing, and this optimization enables us to more effectively work between the framework layer and the model layer, which lead into a substantial efficiency improvement and cost savings.

透過這種架構，我們能夠快速降低成本並提高訓練和推理的效率。例如我們對PaddlePaddle的推理性能進行了優化，這種優化使得我們能夠更有效地在框架層和模型層之間進行工作，從而大幅提高效率並節省成本。

Developing and training LLMs require significant resources, including robust cloud infrastructure. To this end, we have our own AI cloud business and have secured a substantial amount of computing power, including the most advanced GPUs to sustain the ongoing training and iteration of ERNIE Bot.

開發和培訓 LLM 需要大量資源，包括強大的雲端基礎設施。為此，我們擁有自己的AI雲端業務，並確保了大量的運算能力，包括最先進的GPU，以維持ERNIE Bot的持續訓練和迭代。

Another critical point is that our experience in operating China's largest search engine for over 2 decades have allowed us to build an extensive database in Chinese language, including very valuable data, facts and knowledge and enhancing our leadership position in [NLP] in China.

另一個關鍵點是，我們經營中國最大搜尋引擎二十多年的經驗，使我們建立了一個龐大的中文資料庫，其中包括非常有價值的數據、事實和知識，增強了我們在中國[NLP]領域的領導地位。

We have extensive experience in reviewing the vast amount of content on search and within our Mobile Ecosystem. And for (inaudible), we're able to offer our customers any combination of all different layers of our AI stack. If the customer only needs infrastructure, we can provide that. If the customer needs both infrastructure and framework layer, we can provide that. If the customer needs framework layer and model layer, we have to offer those 2. And if the customer wants end-to-end solution, we have that ready.

我們在審查搜尋和行動生態系統中的大量內容方面擁有豐富的經驗。對於（聽不清楚），我們能夠為客戶提供我們 AI 堆疊所有不同層的任意組合。如果客戶只需要基礎設施，我們可以提供。如果客戶同時需要基礎設施和框架層，我們可以提供。如果客戶需要框架層和模型層，我們必須提供這兩個層。如果客戶想要端到端解決方案，我們已經準備好了。

So we are uniquely positioned and very flexible in serving our cloud customers. Based on this competitive advantage, I'm confident that we will be a winner in this market. Thank you.

因此，我們在服務雲端客戶方面具有獨特的優勢和靈活性。基於這項競爭優勢，我相信我們將成為這個市場的贏家。謝謝。

Our next question comes from Kenneth Fong with Credit Suisse.

下一個問題來自瑞士信貸的 Kenneth Fong。

It has been noted that the Cyberspace Administration of China recently released a draft regulation on the generative AI. So what sort of additional investments are needed to meet the requirement?

據悉，國家網路資訊辦公室近日發布《生成人工智慧條例》（徵求意見稿）》。那麼需要什麼樣的額外投資來滿足要求呢？

Okay. During our testing of ERNIE Bot, we have engaged in close discussions with the regulators. Through effective communication, we have found that the principles of content review for generative AI are quite similar to those applied to search.

好的。在我們對 ERNIE Bot 進行測試期間，我們與監管機構進行了密切的討論。透過有效的溝通，我們發現生成式人工智慧的內容審查原則與搜尋的原則非常相似。

Baidu has been operating China's largest search engine for over 20 years, and we have extensive experience in providing appropriate online content. We also put a lot of efforts into both technology and compliance development to ensure our products and services meet applicable regulatory requirements.

百度營運中國最大的搜尋引擎已有 20 多年，我們在提供合適的線上內容方面擁有豐富的經驗。我們也在技術和合規性開發方面投入了大量精力，以確保我們的產品和服務符合適用的監管要求。

For important and sensitive topics, we have to make sure AI will not hallucinate. Given that LLM is more or less a probabilistic model, this task is not trouble at all. The requirements are not final yet. So we have to continue to update our strategy as it evolves.

對於重要、敏感的議題，我們要確保人工智慧不會產生幻覺。鑑於 LLM 或多或少是一個機率模型，這項任務一點也不麻煩。這些要求尚未最終確定。因此，我們必須隨著策略的發展而不斷更新。

Furthermore, we maintain an ongoing dialogue with the relevant authorities and keep them informed about the latest technology trends. We actively share our insight supporting the responsible and beneficial growth of technology, particularly for generative AI. This proactive efforts position us well to meet the requirements and offer industry-leading generative AI solutions in China.

此外，我們與相關部門保持持續對話，並讓他們了解最新的技術趨勢。我們積極分享我們的見解，支持技術負責任和有益的發展，特別是生成性人工智慧。這些積極的努力使我們能夠很好地滿足需求並在中國提供領先業界的生成式人工智慧解決方案。

Conversely, companies which do not have extensive experience in providing appropriate online content or lacking a track record of working closely with regulators will face significant challenges in offering scalable generative AI solutions in China.

相反，那些在提供適當的線上內容方面沒有豐富經驗或缺乏與監管機構密切合作記錄的公司將在中國提供可擴展的生成式人工智慧解決方案時面臨重大挑戰。

So here, I would like to emphasize that Baidu has been leader in AI for social good for a long time. We are one of the early adopters of AI for responsive use in China. We believe our new initiative, ERNIE Bot, is the best in its kind in China, and it has the potential to increase productivity and efficiency across various industries, which can contribute to China's economic growth and social development.

所以在這裡我想強調一下，百度在人工智慧造福社會領域長期處於領先地位。我們是中國較早採用響應式人工智慧的公司之一。我們相信，我們的新措施 ERNIE Bot 是中國同類產品中最好的，它有潛力提高各行各業的生產力和效率，從而促進中國的經濟成長和社會發展。

We expect ERNIE Bot to power agricultural enterprises to promote innovation and to optimize energy use, resource allocation and waste reduction and to improve disease diagnosis in health care industry; therefore, enhancing people's well-being and the quality of life.

我們期待ERNIE Bot能夠協助農業企業推動創新，優化能源使用、資源配置和減少浪費，改善醫療保健產業的疾病診斷；從而提高人們的福祉和生活品質。

Also, we always attach great importance to AI ethics. Back in 2018, I came up with the 4 principles of AI ethics. That's like one, AI should be safe and controllable. Two, AI should promote equal access to technologies for humanity. Three, AI should empower humanity to learn and grow instead of replacing them. And then four, AI should bring more freedom and possibilities to humanity.

此外，我們始終高度重視人工智慧倫理。早在 2018 年，我就提出了人工智慧倫理的四項原則。就像一個，人工智慧應該是安全和可控的。二是人工智慧應促進人類平等使用科技。第三，人工智慧應該幫助人類學習和成長，而不是取代人類。第四，人工智慧應該為人類帶來更多的自由和可能性。

I want to make sure that within Baidu, everyone understands these principles when it comes to new AI technologies and products, so as to enable the coexistence between AI and mankind. In addition, we also prioritize data privacy and data security in business operation and business strategy.

我希望百度內部的每個人都能理解這些原則，當談到新的人工智慧技術和產品時，從而實現人工智慧與人類的和諧共存。此外，我們在業務營運和業務策略中也優先考慮資料隱私和資料安全。

We have a dedicated committee to oversee data management, and we are currently establishing another committee for AI ethics. And all of these efforts are aimed at promoting AI for social good. Thank you.

我們有一個專門的委員會來監督資料管理，目前我們正在建立另一個人工智慧倫理委員會。而所有這些努力都是為了推動人工智慧造福社會。謝謝。

Our next question is from Wei Xiong with UBS.

下一個問題來自瑞銀的魏雄。

Congrats on the good quarter. My question is about Apollo Go. So could management provide some updates on your robotaxi business in terms of your strategy and business plan for the year, especially for the fully driverless ride-hailing operation. Is there any timeline you can share regarding the scale up or the breakeven of the business? And what are some catalysts or milestone event that we could expect for Apollo Go this year?

恭喜本季取得良好業績。我的問題是關於 Apollo Go 的。那麼管理層能否就今年的戰略和業務計劃提供一些有關您的自動駕駛出租車業務的最新信息，特別是有關完全無人駕駛叫車業務的信息。您能否分享有關業務擴大規模或損益平衡的時間表？那麼，我們可以期待 Apollo Go 今年出現哪些催化劑或里程碑事件？

Thanks, Wei Xiong. This is Zhenyu. Our Apollo Go remains the largest autonomous ride-hailing service provider in the world. And just as Robin mentioned, in the first quarter, we offered almost 660,000 rides to public, and this number keeps growing. We aim to continuously enhance our autonomous driving technology by providing more rides to the public.

謝謝偉雄。我是振宇。我們的 Apollo Go 仍然是世界上最大的自動駕駛叫車服務提供者。正如羅賓所提到的，第一季度，我們向公眾提供了近 66 萬次乘車服務，而且這個數字還在不斷增長。我們的目標是透過向大眾提供更多的出行服務來持續增強我們的自動駕駛技術。

In addition, we will always carry in mind the goal of achieving breakeven, gaining [scale] and building a sustainable business model over time when we make our operations.

此外，我們在經營過程中也會隨時牢記實現損益平衡、擴大規模、建立永續發展的商業模式的目標。

To reach this objective, it's important to reduce operational costs and improve operational efficiency. On cost, we are focusing on lowering labor and hardware costs, and those are the major cost for robotaxi operation. So we are working hard to find ways to cut down on those expenses.

為了實現這一目標，降低營運成本和提高營運效率非常重要。在成本方面，我們專注於降低勞動力和硬體成本，這是自動駕駛計程車營運的主要成本。因此，我們正在努力尋找削減這些開支的方法。

To reduce the labor cost, we continue to drive development of fully driverless operation. As Robin mentioned in his prepared remarks, we are doing really well in getting closer to our goal and adding more wheels while we can provide fully driverless rides.

為了降低勞動成本，我們持續推動全無人駕駛作業的發展。正如羅賓在準備好的發言中提到的那樣，我們在接近目標方面做得很好，並且在提供完全無人駕駛車輛的同時增加了更多的輪子。

In the Yizhuang region of Beijing, (inaudible) after getting fully driverless for the testing permits. We got the green light to offer fully driverless ride-hailing services to the public on the open roads in mid of March. This progress is because of our solid record of providing mainly safe and reliable rides for the public in the past. Through that, we gained the trust from both users and the government, thanks to this.

在北京亦莊地區，（聽不清楚）在獲得完全無人駕駛測試許可證之後。我們於三月中旬獲得批准，可以在開放道路上向公眾提供完全無人駕駛的叫車服務。這項進步得益於我們過去為大眾提供安全可靠的乘車服務的良好記錄。透過這種方式，我們贏得了使用者和政府的信任。

And in Wuhan, we started offering fully driverless ride-hailing services last August. Now we are still adding driverless vehicles and expanding operations hours. As Robin mentioned earlier, more than 1/3 of the rides provided by Apollo Go in Wuhan offer a more fully driverless vehicles. We think this number will keep going up in the future.

在武漢，我們在去年八月開始提供完全無人駕駛的叫車服務。現在我們還在增加無人駕駛車輛，延長營運時間。正如Robin先前所提到的，Apollo Go在武漢提供的旅遊服務中，超過三分之一是完全無人駕駛的車輛。我們認為這個數字未來還會持續上升。

We will [prioritize] safety and reliability for the future fully driverless operation. For hardware costs, we believe that after the release of [RT6] and other new models of robotaxi wheels in the future, it will continue to decrease.

我們將優先考慮未來完全無人駕駛的安全性和可靠性。對於硬體成本，我們相信在未來[RT6]等新款robotaxi車輪發布後，將會持續下降。

On operational efficiency, we are [housing] a steady increase in the average daily ride nationwide. In the future, we will continue to automate our operational strategy to achieve long-term success in robotaxi. Thank you.

在營運效率方面，我們正在穩步提高全國範圍內的日均客流量。未來，我們將繼續推動營運策略的自動化，以在Robotaxi領域取得長期成功。謝謝。

Ladies and gentlemen, that concludes our conference for today. Thank you for participating. You may all disconnect your lines.

女士們、先生們，今天的會議到此結束。感謝您的參與。你們都可以斷開自己的線路。