百度 (BIDU) 2024 Q2 法說會逐字稿

Hello, and thank you for standing by for Baidu's second quarter and fiscal year 2024 earnings conference call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

您好，感謝您出席百度第二季及2024財年財報電話會議。 （操作員指示）今天的會議正在錄音。 （操作員說明）

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

現在我想把會議交給今天的會議主持人，百度投資者關係總監林娟。

Hello, everyone, and welcome to Baidu's second quarter 2024 earnings conference call. Baidu's earnings release was distributed earlier today, and you can find a copy on our website as well as our Newswire services. On the call today, we have Robin Li, our Co-Founder and CEO, Robin Li, our CFO; and Dou Shen, our EVP in charge of Baidu AI Cloud Group APG.

大家好，歡迎參加百度2024年第二季財報電話會議。百度的財報已於今天早些時候發布，您可以在我們的網站以及新聞專線服務上找到副本。今天的電話會議有我們的共同創辦人兼執行長李彥宏、我們的財務長李彥宏；竇深，我們的執行副總裁，負責百度人工智慧雲端事業部 APG。

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 US 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.

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 年美國證券訴訟改革法案的安全港條款做出的前瞻性陳述。差異。

For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with SEC and Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

有關這些風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會和香港證券交易所提交的最新年度報告和其他文件。除適用法律要求外，百度不承擔更新任何前瞻性聲明的義務。

Our earnings press release on this call include discussions of certain 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.

我們在本次電話會議上發布的收益新聞稿包括對某些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 衡量標準與未經審計的最直接可比較的 GAAP 衡量標準的調整表，可在我們的 IR 網站上取得。在 ir.baidu.com。

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

提醒一下，本次會議正在錄製中。此外，本次電話會議的網路直播將在百度IR網站上進行。我現在將把電話轉給我們的執行長羅賓。

Hello, everyone. Baidu core total revenue grew slightly to RMB26.7 billion in Q2. Thanks to the continuous acceleration of our AI cloud business despite the headwinds in our online marketing business. Even with the ongoing investments in AI, Baidu core's non-GAAP operating margin improved by close to 2-percentage-points year-over-year to 26% and non-GAAP operating profit grew by 8% year-over-year thanks to the operational efficiency gains, we continue to implement. .

大家好。第二季百度核心總營收小幅成長至人民幣267億元。儘管我們的線上行銷業務面臨阻力，但得益於我們的人工智慧雲端業務的持續加速。即使持續對人工智慧進行投資，百度核心的非 GAAP 營業利潤率同比提高了近 2 個百分點，達到 26%，並且得益於營運效率的提升，我們繼續實施。 。

Despite the near-term pressure, we remain fully confident in our strategic direction and the transformative potential of Gen-AI and foundation models. As we move further into 2024, we are happy to observe a significant change as Baidu AI to address real-world problems and generate substantial value both externally and internally. Center to this effort is our commitment to making ERNIE increasingly affordable and accessible.

儘管面臨近期壓力，我們仍然對我們的策略方向以及 Gen-AI 和基礎模型的變革潛力充滿信心。隨著我們邁入 2024 年，我們很高興看到百度人工智慧在解決現實問題並在外部和內部產生巨大價值方面發生了重大變化。這項努力的核心是我們致力於讓 ERNIE 變得更實惠且易於使用。

I'd like to highlight some key points of our progress. The scaling of AI is accelerating at a breakneck pace, reflecting the real value that ERNIE creates for people and for alike. We find that the most tangible benefit from AI comes from the adoption and use of applications built on top of LLMs. Just three months ago, we announced that ERNIE handled about 200 million API calls daily.

我想強調我們進展的一些關鍵點。人工智慧的擴展正在以驚人的速度加速，這反映了 ERNIE 為人類和類似事物創造的真正價值。我們發現人工智慧最切實的好處來自於基於法學碩士構建的應用程式的採用和使用。就在三個月前，我們宣布 ERNIE 每天處理約 2 億次 API 呼叫。

Recently, it surpassed 600 million or over 1 trillion tokens are generated every day. To make ERNIE more affordable, we continue to expand our model portfolio and enhance our model capabilities to meet diverse customer needs.

最近，每天產生的代幣已超過 6 億或超過 1 兆個。為了讓 ERNIE 更實惠，我們不斷擴大我們的模型組合併增強我們的模型能力，以滿足多樣化的客戶需求。

Last quarter, we launched three lightweight ERNIE models, and they have quickly gained traction among enterprises and developers. Building on this momentum, we introduced ERNIE 4.0 Turbo in June. It offers superior capabilities compared to ERNIE 4.0 for typical use cases. yet is designed to be much cheaper and faster to run.

上季度，我們推出了三款輕量級 ERNIE 模型，它們很快就受到了企業和開發者的關注。在此勢頭的基礎上，我們於 6 月推出了 ERNIE 4.0 Turbo。對於典型用例，它提供了比 ERNIE 4.0 更卓越的功能。但其設計成本更低且運行速度更快。

Our current lineup now includes our flagship model ERNIE 3.5 and ERNIE 4.0, and the enhanced model ERNIE 4.0 Turbo, and several lightweight models. This diverse portfolio allows us to accommodate the varying needs of our customers, optimizing for performance, cost and latency.

我們目前的產品陣容包括我們的旗艦型號 ERNIE 3.5 和 ERNIE 4.0，以及增強型號 ERNIE 4.0 Turbo，以及一些輕量級型號。這種多樣化的產品組合使我們能夠滿足客戶的不同需求，優化效能、成本和延遲。

In May, we made a strategic move to make API cost free of charge for three lightweight ERNIE models, that's ERNIE speed, ERNIE light and ERNIE timing. And in July, we significantly lowered the price of API costs for the two ERNIE flagship models, ERNIE 3.5 and ERNIE 4.0.

5 月份，我們採取了一項策略性舉措，對三種輕量級 ERNIE 模型（即 ERNIE speed、ERNIE light 和 ERNIE Timing）免費提供 API 費用。 7月份，我們大幅降低了ERNIE 3.5和ERNIE 4.0這兩款旗艦機型的API成本價格。

This decision is rooted in our commitment to enabling wider access to ERNIE and making AI accessible to all. At the same time, we continue to lower the cost of model influence. One optimization of note this quarter is the upgrade of Paddle Paddle, our open source deep learning framework to Version 3.0. This upgrade significantly improves the frameworks compatibility with our AI infrastructure and ERNIE, which we expect will further help reduce model inference costs in the future.

這項決定植根於我們致力於讓 ERNIE 更廣泛地使用並使所有人都能使用人工智慧的承諾。同時，我們不斷降低模型影響力的成本。本季值得注意的最佳化是將我們的開源深度學習框架 Paddle Paddle 升級至 3.0 版本。此次升級顯著提高了框架與我們的人工智慧基礎設施和 ERNIE 的兼容性，我們預計這將進一步有助於降低未來的模型推理成本。

I briefly mentioned earlier that by dual scale AI to address real-world problems and generate substantial value both externally and internally. I'd like to discuss this in more detail. Externally, we have empowered our AI cloud customers to achieve greater efficiency and scalability by using ERNIE. Our solutions have enabled clients to optimize their operations and realize significant benefits across various initiatives. Let me offer you some use cases to illustrate the real problems we have addressed and how we add value to our customers.

我之前簡單提到過，透過雙尺度人工智慧來解決現實世界的問題，並在外部和內部產生巨大的價值。我想更詳細地討論這個問題。對外，我們透過使用 ERNIE 幫助 AI 雲端客戶實現更高的效率和可擴展性。我們的解決方案使客戶能夠優化其營運並在各種計劃中實現顯著效益。讓我向您提供一些用例來說明我們已經解決的實際問題以及我們如何為客戶增加價值。

In the health care industry, doctor burnout is one of the greatest challenges. By leveraging ERNIE Speed and our model builder, we help health care automation solution provider to train and fine-tune an industry-specific model that enables automatically generated medical records for doctors.

在醫療保健行業，醫生職業倦怠是最大的挑戰之一。透過利用 ERNIE Speed 和我們的模型建立器，我們幫助醫療保健自動化解決方案提供者訓練和微調行業特定模型，為醫生自動產生醫療記錄。

This solution significantly reduces the administrative burden on doctors, a major factor in burnout and enhances clinical efficiency. After two months of model's deployment, doctors using it were able to treat 50% more patients on average.

此解決方案顯著減輕了醫生的行政負擔（這是造成職業倦怠的一個主要因素），並提高了臨床效率。模型部署兩個月後，使用模型的醫生平均能夠治療多 50% 的患者。

In the recruitment industry, we have collaborated with a recruiting service company by leveraging ERNIE's capabilities through API our customers have significantly upgraded the matching process between job description and resume. The smart matching upgrade has reduced the labor cost in this process by over 50%, measured by total working hours, while maintaining high-quality results.

在招聘行業，我們與一家招聘服務公司合作，透過API利用ERNIE的功能，我們的客戶顯著升級了職位描述和簡歷之間的匹配流程。透過智慧匹配升級，以總工時衡量，該流程的人工成本降低了50%以上，同時保持了高品質的結果。

This automation allows the customer to expand its services to a broader client base, thereby increasing revenue-generating capability and demonstrating the tangible benefits of integrating ERNIE into its operations. The customer is very satisfied with the result and is now exploring new collaboration opportunities.

這種自動化使客戶能夠將其服務擴展到更廣泛的客戶群，從而提高創收能力並展示將 ERNIE 整合到其營運中的實際好處。客戶對結果非常滿意，目前正在探索新的合作機會。

In the public service sector, we utilized the ERNIE Speed to deliver tailored, personalized and scalable services, addressing challenges like limited resources and efficiency needs. This is particularly valuable in China's grassroots public services, where shortages in manpower make large-scale personalized services challenging. We have collaborated with the customer to help over 6,000 villages in China improve public services, offering citizens more personalized and efficient support.

在公共服務領域，我們利用 ERNIE Speed 提供量身訂製、個人化和可擴展的服務，解決資源有限和效率需求等挑戰。這對中國基層公共服務尤其有價值，因為人力短缺使得大規模的個人化服務具有挑戰性。我們與客戶合作，幫助中國6,000多個村莊改善公共服務，為公民提供更個人化、更有效率的支援。

Since the large-scale launch of the service in April, its daily usage has surged over 15-fold to more than 2 million times per day, helping local handle tasks such as household registrations, social security inquiries and tax declarations. Internally, we have accelerated the renovation of Baidu search with ERNIE, significantly enhancing our consumer facing products at large scale.

該服務自4月大規模上線以來，日使用量激增15倍以上，達到每天超過200萬次，幫助當地辦理戶籍、社保查詢、報稅等工作。對內，我們與ERNIE加速了百度搜尋的改造，大幅提升了面向消費者的產品規模。

Generative AI is transforming user search experience, pushing beyond traditional boundaries. Since the second half of last year, we have been testing ERNIE-powered features on a small scale. This quarter, our focus has shifted to substantially amplifying search capabilities with advanced AI features.

生成式人工智慧正在改變使用者的搜尋體驗，突破傳統界限。自去年下半年以來，我們一直在小規模測試 ERNIE 支援的功能。本季度，我們的重點已轉向利用先進的人工智慧功能大幅增強搜尋能力。

Currently, 18% of search result pages contain generative content, up from 11% in mid-May. This AI generated search results, deliver more accurate and direct answers, enhancing content quality and providing previously unattainable information. This improvement has led to increased user satisfaction and engagement as more users are now turning to Baidu Search for more complex queries, increasing Baidu Search versatility.

目前，18% 的搜尋結果頁麵包含生成內容，高於 5 月中旬的 11%。該人工智慧產生搜尋結果，提供更準確和直接的答案，提高內容品質並提供以前無法獲得的資訊。這項改進提高了用戶滿意度和參與度，因為越來越多的用戶現在轉向百度搜尋來進行更複雜的查詢，從而提高了百度搜尋的多功能性。

AI generative search results may reduce ad impressions and, therefore, have a negative short-term impact on monetization, but they provide significant value to our users. By prioritizing long-term user experience over immediate revenue and profit, we see the strategic implementation of generative search as essential to driving future success.

人工智慧產生搜尋結果可能會減少廣告展示次數，因此對貨幣化產生短期負面影響，但它們為我們的用戶提供了巨大的價值。透過優先考慮長期用戶體驗而不是眼前的收入和利潤，我們認為產生搜尋的策略實施對於推動未來的成功至關重要。

Our AI investments are fostering deeper user in action. New interactive features enable users to refine their questions through around conversations, enhancing the overall user experience. Additionally, there is a significant increase in users utilizing text and image-creation tools within search. This development opened doors for long-term value creation.

我們的人工智慧投資正在促進更深入的用戶行動。新的互動功能使用戶能夠透過對話來完善他們的問題，從而增強整體用戶體驗。此外，在搜尋中使用文字和圖像建立工具的用戶顯著增加。這一發展為長期價值創造打開了大門。

Last quarter, I mentioned that we plan to accelerate the distribution of ERNIE Agents. So far, we have seen more and more developers, advertisers and partners gather on our platform to develop innovative AI Agents. ERNIE Agent distribution within Baidu increased dramatically in July, exceeding 8 million daily, more than double the number in May.

上個季度，我提到我們計劃加速 ERNIE Agent 的分發。到目前為止，我們已經看到越來越多的開發者、廣告商和合作夥伴聚集在我們的平台上開發創新的人工智慧代理商。 7月份ERNIE在百度內的代理分佈大幅成長，每日超過800萬，是5月份的兩倍多。

Currently, the most frequently used agents by users for content creation, personal insights such as personality testing and tools such as translation and schedule planning. At the same time, we also see a trend of ERNIE agents being more widely developed and upside, both internally and externally.

目前，用戶最常使用的代理用於內容創建、個性測試等個人見解以及翻譯和日程規劃等工具。同時，我們也看到ERNIE代理在內部和外部都得到更廣泛的發展和上升的趨勢。

Our first college application assistant agent is one example of how ERNIE agents are being distributed within Baidu to assist users with complex problem-solving and decision-making. Every year, after China's national college entrance examination, selecting diversities after checking exam results, is crucial for the 10 million-plus candidates.

我們的第一個大學申請助理代理是 ERNIE 代理如何在百度內分佈以協助用戶解決複雜問題和決策的一個例子。每年中國高考結束後，查看考試成績後選擇多元化，對於1000萬以上的考生來說至關重要。

In June, Baidu launched an innovative college application assistant agent, which is designed to meet personalized needs for selecting universities and majors. Following the national college entrance exam, the peak daily active users of the agent approached 2 million, highlighting a significant impact and utility.

6月，百度推出創新大學申請助手，旨在滿足擇校擇專業的個人化需求。高考後，代理日活躍用戶高峰接近200萬，影響力和效用凸顯。

While all these new features for more sophisticated user needs have not yet been monetized, they are transformative force for search and are crucial for our future success. This strategic focus positions us to capture substantial long-term growth opportunities, transforming the usage of search and solidifying our leadership in the AI driven search landscape.

雖然所有這些滿足更複雜用戶需求的新功能尚未貨幣化，但它們是搜尋的變革力量，對我們未來的成功至關重要。這個策略重點使我們能夠抓住大量的長期成長機會，改變搜尋的使用方式並鞏固我們在人工智慧驅動的搜尋領域的領導地位。

Our one-stop shop for document creation is another example of how Baidu scales AI to address real-world problems and generate substantial value. As our most pioneering internal product to increase generative AI and LLM, Baidu Wenku is now the benefits of its product renovation efforts. In the second quarter, Wenku's subscription revenue marked a year-over-year increase in high-teens.

我們的一站式文件創建服務是百度如何擴展人工智慧來解決現實問題並產生巨大價值的另一個例子。作為我們最先增加生成式AI和LLM的內部產品，百度文庫現在正在受益於其產品革新的努力。第二季度，文庫的訂閱收入較去年同期出現高點成長。

AI is rejuvenating the platform with comprehensive content understanding and generation capabilities while continuously improving in versatility. Since May, Baidu Wenku has launched new features resonating particularly well with young users, such as crafting, lensing documents with tens of thousands of characters.

人工智慧正在透過全面的內容理解和生成能力使平台煥發活力，同時不斷提高多功能性。自5月份以來，百度文庫推出了特別受年輕用戶歡迎的新功能，例如製作、拍攝數萬字文件等。

Building and editing PowerPoint presentation and creating children's picture books with natural language guidance. The highlight -- the heightened engagement underscores Wenku's appeal to the next generation and signal promising future growth.

在自然語言指導下建立和編輯 PowerPoint 簡報以及建立兒童圖畫書。亮點－參與度的提高凸顯了文庫對下一代的吸引力，並預示著未來的成長前景。

Moving from the digital realm to addressing changes and scaling AI in real -- in physical world, our decade-long dedication to autonomous driving innovation and long-standing investment is bearing fruit. Apollo Go, our autonomous ride hailing service has recently achieved two significant breakthroughs, is establishing a robust foundation for making commuting more affordable and benefiting more people through technological innovation.

從數位領域轉向現實世界中應對變化和擴展人工智慧，我們十年來對自動駕駛創新的奉獻和長期投資正在結出碩果。我們的自動駕駛叫車服務 Apollo Go 最近取得了兩項重大突破，正在為讓通勤變得更加實惠並透過技術創新惠及更多人奠定堅實的基礎。

First, since June 19, building on our proven track record of safe operations, Apollo Go has successfully transitioned to offering 100% fully driverless ride-hailing services in practically the entire Wuhan municipality. This means all vehicles are now operating without the need for human safety officers on board, a major step forward in making autonomous ride-hailing business commercially viable.

首先，自 6 月 19 日以來，基於我們良好的安全營運記錄，Apollo Go 已成功轉型為幾乎在整個武漢市提供 100% 完全無人駕駛的乘車服務。這意味著所有車輛現在都可以在車上不需要人類安全官員的情況下運行，這是使自動駕駛乘車業務商業化的重要一步。

Another milestone was the large-scale open road testing of our sixth generation autonomous vehicle, the RT6. Equipped with a battery swapping solution, is competitively priced at below USD30,000 for mass production. After testing, we plan to officially roll out RT6 into our fleet, establishing a strong foundation for further substantial cost reductions in our gold operations.

另一個里程碑是我們的第六代自動駕駛汽車 RT6 的大規模開放式道路測試。配備電池更換解決方案，量產價格低於 3 萬美元，極具競爭力。經過測試後，我們計劃正式將 RT6 引入我們的船隊，為進一步大幅降低我們的黃金業務成本奠定堅實的基礎。

All-in-all, our efforts to scale AI to solve real-world problems, fully aligns with our broader vision of creating a more efficient, equitable and sustainable future. Looking at how our efforts are yielding promising results, we believe we are well positioned to capitalize on the growing demand for AI-driven applications.

總而言之，我們透過擴展人工智慧來解決現實世界問題的努力完全符合我們創造更有效率、公平和永續未來的更廣闊願景。看看我們的努力如何取得可喜的成果，我們相信我們已經做好了充分利用人工智慧驅動應用不斷增長的需求的準備。

By leveraging AI to address complex challenges, we can continue our journey of innovation and growth and create long-lasting value for our stakeholders. I want to thank our employees for their efforts and contribution and our customers and shareholders for their trust in us.

透過利用人工智慧來應對複雜的挑戰，我們可以繼續我們的創新和成長之旅，並為利害關係人創造持久的價值。我要感謝我們的員工的努力和貢獻，感謝我們的客戶和股東對我們的信任。

Now let me the key highlights for each business for the second quarter. AI cloud revenue reached RMB5.1 billion, marking a consecutive acceleration to 14% year-over-year growth while sustaining non-GAAP operating profitability in the second quarter. The strong growth is mostly attributable to the following two factors.

現在讓我介紹一下第二季每項業務的主要亮點。第二季人工智慧雲端收入達到人民幣51億元，較去年同期成長連續加速至14%，同時維持了非美國通用會計準則營運獲利能力。強勁的成長主要歸因於以下兩個因素。

First, Gen-AI-related revenue continued its robust momentum, accounting for nearly 9% of our total AI Cloud revenue in Q2, up from 6.9% in the previous quarter. As more enterprises integrate Gen-AI and foundation models into their daily operations, they increasingly come to us, thanks to our reputation as China's most advanced and cost-effective AI infrastructure providers (technical difficulty) and our excellent mass platform for model training and inference.

首先，Gen-AI相關營收持續保持強勁勢頭，佔第二季人工智慧雲端總營收的近9%，高於上一季的6.9%。隨著越來越多的企業將Gen-AI和基礎模型融入日常營運中，越來越多的企業來找我們，這要歸功於我們作為中國最先進、最具成本效益的人工智慧基礎設施提供者（技術難度）的聲譽以及我們優秀的海量模型訓練和推理平台。

During the quarter, we further advanced our AI infrastructure management, enhancing our ability to combine GPUs from more vendors for optimal training and hosting models. This ensures flexibility, reliability and efficiency, positioning us to capture a larger share of the GPU cloud and our LLM market.

本季度，我們進一步推進了人工智慧基礎設施管理，增強了結合更多供應商的 GPU 來實現最佳訓練和託管模型的能力。這確保了靈活性、可靠性和效率，使我們能夠佔領 GPU 雲端和法學碩士市場的更大份額。

We also continued to develop the tool case on our mass platform for our customers and partners, enabling the ERNIE family of models to deliver a superior price, performance ratio. We're proud that our model builder now supports the full model development life cycle, including data management, fine-tuning, evaluation, optimization and prompt engineering.

我們也繼續在大眾平台上為客戶和合作夥伴開發工具箱，使 ERNIE 系列型號能夠提供卓越的性價比。我們感到自豪的是，我們的模型建構器現在支援完整的模型開發生命週期，包括資料管理、微調、評估、最佳化和提示工程。

A major upgrade has been the introduction of diverse hybrid training data size. Spending from general to specialized industry-tailored data sets. This enables efficient fine-tuning and ensures high performance for industry-specific applications, while maintaining strong general LLM capabilities.

一項重大升級是引入了不同的混合訓練資料大小。從通用資料集到專門的行業客製化資料集。這可以實現高效的微調並確保特定行業應用程式的高效能，同時保持強大的通用法學碩士能力。

Also, thanks to our continuous refinement to app builder, the number of AI native apps on our cloud now runs into the hundreds of thousands. These applications span a wide array of industries and scenarios from online education and e-commerce to public service sectors. And are integrated into both online platforms and smart devices.

此外，由於我們對應用程式建構器的不斷完善，我們雲端上的人工智慧原生應用程式的數量現在已達到數十萬。這些應用涵蓋了從線上教育、電子商務到公共服務領域的廣泛行業和場景。並整合到線上平台和智慧型設備中。

The second major driver of AI cloud revenue acceleration is cross-selling of our CPU cloud services to our GPU cloud customers. In Q2, we continue to observe an increase in CPU spending among our GPU cloud customers. We see that our strong brand recognition in GPU cloud is helping us win business in the CPU cloud industry.

AI雲端營收加速的第二個主要驅動力是向GPU雲端客戶交叉銷售我們的CPU雲端服務。在第二季度，我們繼續觀察到 GPU 雲端客戶的 CPU 支出增加。我們看到，我們在 GPU 雲端領域強大的品牌知名度正在幫助我們贏得 CPU 雲端產業的業務。

This revenue acceleration, AI Cloud business continued to deliver positive non-GAAP operating profit and improved margins. Legacy cloud saw margin expansion and Gen-AI-related businesses are expected to have higher normalized margin compared to the traditional cloud Overall, we remain confident in the strong growth outlook for our AI cloud revenue, and we aim to continue generating non-GAAP operating profit going forward.

在收入加速成長的情況下，人工智慧雲端業務繼續實現正的非公認會計準則營運利潤並提高了利潤率。與傳統雲端相比，傳統雲端的利潤率有所增長，Gen-AI 相關業務預計將擁有更高的標準化利潤率總體而言，我們對人工智慧雲端收入的強勁成長前景仍然充滿信心，我們的目標是繼續產生非GAAP 營運收入未來的利潤。

For our mobile ecosystem, online marketing revenue declined by 2% year-over-year in the second quarter due to broader macroeconomic challenges, competition, and our aggressive AI-driven search renovation. Key offline verticals such as real estate, franchising and automobile remained subdued.

對於我們的行動生態系統，由於更廣泛的宏觀經濟挑戰、競爭以及我們積極的人工智慧驅動的搜尋革新，第二季度線上行銷收入同比下降了 2%。房地產、特許經營和汽車等主要線下垂直行業依然低迷。

Despite these challenges, we remain committed to optimizing our operations to maintain both a healthy margin and cash flow while accelerating the AI transformation of our products. In Q2, incremental ad revenue from Gen-AI and LLM enhancements to our advertising system continue to grow quarter-over-quarter, driven by the ongoing reconstruction of our modified curing system and marketing platform.

儘管面臨這些挑戰，我們仍然致力於優化我們的運營，以保持健康的利潤和現金流，同時加速我們產品的人工智慧轉型。第二季度，在我們改進的固化系統和行銷平台的持續重建的推動下，我們廣告系統的 Gen-AI 和 LLM 增強功能帶來的增量廣告收入繼續環比增長。

We ERNIE argent as a compelling opportunity for our ad business, ERNIE agent has the potential to revolutionize our traditional CPC model into a more efficient CPS model in the future. As it transitions from presale consultations to catalyzing more direct sales on our platform.

我們將ERNIE argent視為我們廣告業務的一個引人注目的機會，ERNIE代理商有潛力在未來將我們傳統的CPC模式徹底轉變為更有效率的CPS模式。隨著它從售前諮詢過渡到促進我們平台上更多的直接銷售。

Serving as a virtual salesperson ERNIE Agent empowers advertisers to provide more personalized content and product introduction. Thereby ensuring better presale consultation. Early adopters from the education, legal and B2B sectors are pioneering ERNIE agent and have already seeing a notable increase in effective sales leads.

ERNIE Agent身為虛擬銷售員，賦能廣告主提供更個人化的內容和產品介紹。從而確保更好的售前諮詢。來自教育、法律和 B2B 領域的早期採用者是 ERNIE 代理的先驅，並且已經看到有效銷售線索的顯著增加。

We are proud to see that 16,000 advertisers already have their own ERNIE agents, which are now being distributed on the Baidu platform. Looking ahead, we believe ERNIE agent is poised to deepen its penetration and broaden its reach across more sectors, unlocking promising potential for our advertising business.

我們很自豪地看到，已有 16,000 家廣告主擁有自己的 ERNIE 代理商，這些代理商現已分佈在百度平台上。展望未來，我們相信 ERNIE 代理將深化滲透並擴大其在更多領域的影響力，為我們的廣告業務釋放廣闊的潛力。

And moving into intelligent driving. I mentioned earlier that Apollo Go has made remarkable breakthrough. ERNIE achieved 100% fully driverless operations in practically the entire municipality, reducing Q2 cost per vehicle by more than half compared to Q2 of last year. On top of that, Apollo Go has started scalable testing of the latest RT6 vehicles on open roads. These two factors are critical milestones in our strategy aimed at reaching UE breakeven in targeted cities.

並進軍智能駕駛。我之前提到Apollo Go已經取得了令人矚目的突破。 ERNIE幾乎在整個城市實現了100%完全無人駕駛運營，與去年第二季度相比，第二季度每輛車的成本降低了一半以上。最重要的是，Apollo Go 已開始在開放式道路上對最新 RT6 車輛進行可擴展測試。這兩個因素是我們旨在在目標城市實現 UE 損益平衡的策略中的關鍵里程碑。

In addition to cost reduction, Apollo Go operations continue to offer more expedient services. In Wuhan, its services is now available to 9 million people. The number of Apollo Go pickup points at the end of June has increased by over threefold from the previous quarter, enhancing accessibility and convenience for passengers.

除了降低成本外，Apollo Go 營運也持續提供更便利的服務。在武漢，其服務現已為 900 萬人提供。截至 6 月底，Apollo Go 接送點數量較上季增加了三倍多，提高了乘客的可及性和便利性。

The deepening of our operational footprint and increased station density has propelled utilization rate for our vehicles, significantly driving up the daily rise per vehicle and the distance provide. Nationwide, Apollo Go provided about 899,000 rides to the public in the second quarter, marking a 26% year-over-year increase.

我們營運足跡的深化和車站密度的增加提高了我們車輛的利用率，顯著推高了每輛車和提供的距離的每日增長。在全國範圍內，Apollo Go 第二季度向公眾提供了約 899,000 次乘車服務，年增 26%。

In July, the cumulative rights provided to the public surpassed 7 million. Even with these milestones, our share in the entire ride haling service market is very small. It will take many years for us to reach a meaningful market share in China or elsewhere.

7月，累計向民眾提供權益突破700萬張。即使取得了這些里程碑，我們在整個叫車服務市場中的份額仍然很小。我們需要很多年才能在中國或其他地方獲得有意義的市場份額。

Looking ahead, we are committed to providing increasingly affordable, convenient and safe travel for more passengers and drive long-term sustainable growth. We will remain resolute in executing on our operational strategy, aimed at boosting efficiency and steering our intelligent driving business towards profitability.

展望未來，我們致力於為更多旅客提供更實惠、便利、安全的出行，推動長期永續成長。我們將堅定不移地執行我們的營運策略，旨在提高效率並引導我們的智慧駕駛業務實現盈利。

In summary, by extrapolating the ongoing progress from leveraging ERNIE to revolutionize product usage and transform business operations for our users, customers and developers, and driven by a deep belief in technological innovation, we aim to create value for society and contribute to the greater good.

總之，透過推斷利用ERNIE 為我們的用戶、客戶和開發人員徹底改變產品使用和轉變業務運營所取得的進展，並在對技術創新的堅定信念的推動下，我們的目標是為社會創造價值並為更大的利益做出貢獻。

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

接下來，讓我將電話轉給榮，以查看財務業績。

Thank you, Robin. Now let me walk through the details of our second quarter financial results. Total revenue was RMB33.9 billion, which was basically flat from last year. Our revenue from Baidu Core was RMB26.7 billion, increasing 1% year-over-year. Baidu Core's online marketing revenue was RMB19.2 billion, decreasing 2% year-over-year. Baidu cost non-online marketing revenue was RMB7.5 billion, up 10% year-over-year, mainly driven by the AI Cloud business.

謝謝你，羅賓。現在讓我詳細介紹一下我們第二季的財務表現。總收入339億元，與去年基本持平。百度核心收入為人民幣267億元，較去年成長1%。百度核心網路行銷收入為人民幣192億元，較去年同期下降2%。百度非網路行銷收入為人民幣75億元，較去年成長10%，主要受人工智慧雲端業務推動。

Our revenue for IT was RMB7.4 billion, decreasing 5% year-over-year. Cost of revenue was RMB16.4 billion, increasing 1% year-over-year, primarily due to an increase in traffic acquisition costs and costs related to the AI Cloud business. Operating expenses were RMB11.6 billion, decreasing 9% year-over-year, primarily due to a decrease in personnel-related expenses, expected credit losses and the channel spending and promotional marketing expenses.

IT收入為人民幣74億元，較去年同期下降5%。收入成本為人民幣164億元，較去年成長1%，主要是由於流量獲取成本和AI雲端業務相關成本增加。營業費用為人民幣116億元，較去年同期下降9%，主要是由於人員相關費用、預期信貸損失以及通路支出和促銷行銷費用減少。

Baidu Core's operating expenses were RMB10.2 billion, decreasing 10% year-over-year. Baidu's SG&A expenses were RMB4.8 billion, decreasing 11% year-over-year. SG&A accounting for 18% of Baidu Core's revenue in this quarter compared to 20% in the same period last year. Baidu Core R&D expenses were RMB5.4 billion, decreasing 8% year-over-year. accounting for 20% of Baidu costs revenue in the quarter compared to 23% in the same period last year. Operating income was RMB5.9 billion.

百度核心營運費用為人民幣102億元，較去年同期下降10%。百度的SG&A費用為人民幣48億元，較去年同期下降11%。本季SG&A 佔百度核心營收的18%，去年同期為20%。百度核心研發費用為人民幣54億元，較去年同期下降8%。該季度佔百度成本收入的 20%，而去年同期為 23%。營業收入為人民幣59億元。

Baidu operating income was RMB5.6 billion, and Baidu Core's operating margin was 21%. Non-GAAP operating income was RMB7.5 billion. Non-GAAP core operating income was RMB7 billion, and non-GAAP Baidu core operating margin was 26%. Total other income net was RMB771 million, decreasing 44% year-over-year, primarily due to a decrease in net foreign exchange gain and gain, partially offset by a decrease in fair value loss and impairment loss from long-term investments.

百度營業收入為人民幣56億元，百度核心營業利益率為21%。非美國通用會計準則營業收入為 75 億元。非 GAAP 核心營業收入為 70 億元，非 GAAP 百度核心營業利潤率為 26%。其他淨收入總額為人民幣7.71億元，較去年同期下降44%，主要是由於匯兌淨收益和收益減少，但被長期投資公允價值損失和減損損失減少部分抵銷。

Income tax expenses was RMB1.1 billion compared to RMB1.3 billion in the same period last year. Net income attributable to Baidu was RMB5.5 billion and diluted earnings per ADS were RMB15.01. Net income attributable to Baidu Core was RMB5.5 billion and net margin for Baidu Core was 20%. Non-GAAP net income attributable to Baidu was RMB7.4 billion. Non-GAAP diluted earnings per ADS were RMB21.02%. Non-GAAP net income attributable to Baidu Core was RMB7.3 billion, and non-GAAP net margin for Baidu Core was 27%.

所得稅費用為人民幣11億元，去年同期為13億元。歸屬於百度的淨利為人民幣55億元，攤薄後每股ADS收益為人民幣15.01元。歸屬於百度核心的淨利為人民幣55億元，百度核心淨利率為20%。非美國通用會計準則歸屬於百度的淨利為人民幣 74 億元。非美國通用會計準則攤薄後每美國存託憑證收益為人民幣 21.02%。非美國通用會計準則歸屬於百度核心的淨利為人民幣73億元，非美國通用會計準則淨利率為27%。

As of June 30, 2024, cash, cash equivalents, restricted cash and short-term investments were RMB162 billion, and cash, cash equivalents restricted cash and shopping investments, excluding IT, were RMB155 billion. Free cash flow was RMB6.3 billion, and free cash flow, excluding IT was RMB5.9 billion. Finally, Baidu Core had approximately 31,000 employees as of June 30, 2024, with the operators. Let's now open the call to questions.

截至2024年6月30日，現金、現金等價物、限制性現金及短期投資為人民幣1,620億元，現金、現金等價物、限制性現金及購物投資（不含IT）為人民幣1,550億元。自由現金流為人民幣 63 億元，不含 IT 的自由現金流為人民幣 59 億元。最後，截至 2024 年 6 月 30 日，百度核心擁有營運商約 31,000 名員工。現在讓我們開始提問。

(Operator Instructions) Alex Yao, JPMorgan.

（操作員指示）Alex Yao，摩根大通。

Thank you management for taking my question. I have a few on AI developments. So first of all, how do you guys foresee the competition in AI evolving over the next two to three years? Will Baidu's current first-mover advantage sustain or will the technology gap among key players narrow over time.

感謝管理層回答我的問題。我有一些關於人工智慧發展的內容。首先，你們如何預測未來兩到三年人工智慧競爭的發展？百度目前的先發優勢是否會持續下去，或者主要參與者之間的技術差距是否會隨著時間的推移而縮小。

How do you guys view the current competitive landscape compared to, for example, Kimi, Baba and Tencent in addition to technology leadership, what other factors are crucial to build a successful ecosystem in the AI industry. Thank you.

你們如何看待目前的競爭格局，例如基米、巴巴、騰訊，除了技術領先之外，還有哪些因素對於在人工智慧產業建立成功的生態系統至關重要？謝謝。

Competition will be fierce over the next two years -- two to three years. Ultimately think whoever can make money from it while we're able to survive. Last year, when China's AI industry was still at the so-called war of foundation model period, I predicted that the industry would go through consolidation, and only a few formation models would survive.

未來兩年——兩到三年，競爭將非常激烈。最後想想，只要我們能夠生存，誰就能從中賺錢。去年，當中國的人工智慧產業還處於所謂的基礎模型戰爭時期時，我就預測這個產業將會經歷整合，只有少數的基礎模型能夠生存。

We are seeing strong demand for our Gen-AI products, and I'm proud that ERNIE has continued to strengthens its market lead. And I'm confident we will maintain our leadership going forward. Our decade-long investment in AI provided us with the first-mover advantage, and technological leadership.

我們看到對我們的 Gen-AI 產品的強勁需求，我很自豪 ERNIE 繼續加強其市場領先地位。我相信我們將繼續保持領先。我們對人工智慧長達十年的投資為我們提供了先發優勢和技術領先地位。

We were the first public company globally to launch a GPT-like model in March of last year. And since we keep leveraging our self-layer architecture for model upgrade. Last October, we launched ERNIE 4.0. That's China's first G4 type model. And this June, we launched ERNIE 4.0 Turbo, which offers superior capabilities over 4.0. We will continue to roll out upgraded versions of our flagship foundation models.

去年 3 月，我們是全球第一家推出類似 GPT 模型的上市公司。由於我們不斷利用我們的自層架構進行模型升級。去年10月，我們推出了ERNIE 4.0。這是中國第一款G4型車型。今年 6 月，我們推出了 ERNIE 4.0 Turbo，它提供了比 4.0 更優越的功能。我們將繼續推出旗艦基礎型號的升級版本。

And our application-driven approach, further expand our competitive advantage and sets us apart from the others. We believe that foundation models hold little practical value with our real applications built upon them. That are widely used by users and customers. So I mentioned earlier that currently ERNIE handles about 600 million API calls and generates about 1 trillion tokens every day, which we believe is the highest in China.

我們的應用驅動方法進一步擴大了我們的競爭優勢，使我們與眾不同。我們認為，基礎模型對於我們建立在其基礎上的實際應用程式來說幾乎沒有什麼實際價值。被使用者和客戶廣泛使用。所以我前面提到，目前ERNIE每天處理大約6億次API調用，產生大約1兆個代幣，我們認為這是中國最高的。

We have been heavily using ERNIE to renovate our own products like Baidu Search or by Baidu Wenku into AI native applications on a large scale. And this approach has helped us gain valuable insights from users and continuously supported the upgrade of ERNIE, and this experience allows us to create better solutions for our external customers when they use ERNIE.

我們一直在大量使用ERNIE，將我們自己的產品如百度搜尋、百度文庫等大規模改造為AI原生應用。這種方法幫助我們從使用者那裡獲得了寶貴的見解，並持續支援 ERNIE 的升級，而這種經驗使我們能夠在外部客戶使用 ERNIE 時為他們創建更好的解決方案。

At the same time, we have been working really hard to make ERNIE increasingly accessible and affordable. So it can be used widely to address real-world needs. We continue to lower the cost of model inference, expand our model portfolio and develop toolkits for a model building and app building so that our customers, partners, developers can leverage the power of ERNIE more efficiently and effectively.

與此同時，我們一直在努力讓 ERNIE 變得越來越容易獲得和負擔得起。因此它可以廣泛用於解決現實世界的需求。我們不斷降低模型推理的成本，擴展我們的模型組合，並開發用於模型構建和應用程式構建的工具包，以便我們的客戶、合作夥伴、開發人員能夠更有效率、更有效地利用ERNIE 的強大功能。

And this application-driven approach has helped us create a dynamic and expanding ecosystem. By the end of June, PaddlePaddle and ERNIE developer community has grown to around 14.7 million. Meanwhile, hundreds of thousands of enterprises are now engaged with us, highlighting the expanding and the utility of our ecosystem.

這種應用程式驅動的方法幫助我們創建了一個動態且不斷擴展的生態系統。截至6月底，PaddlePaddle和ERNIE開發者社群已成長至1,470萬左右。同時，現在有數十萬家企業與我們合作，凸顯了我們生態系統的擴展和實用性。

Looking ahead, we will be patient. We will continue to iterate ERNIE capabilities to ensure we stay at the forefront of this new AI wave. By leveraging real-world applications and feedback from our ecosystem partners, we gain valuable resources and insights to continuously refine our model.

展望未來，我們將保持耐心。我們將繼續迭代 ERNIE 功能，以確保我們處於新的人工智慧浪潮的前沿。透過利用現實世界的應用程式和生態系統合作夥伴的回饋，我們獲得了寶貴的資源和見解，以不斷完善我們的模型。

The synergy among our vibrant ecosystem, advanced model capabilities and an application-driven approach, will continue to strengthen our leadership rapidly in this rapidly evolving AI landscape. Thank you.

我們充滿活力的生態系統、先進的模型功能和應用程式驅動的方法之間的協同作用將繼續迅速加強我們在這個快速發展的人工智慧領域的領導地位。謝謝。

Gary Yu, Morgan Stanley.

加里·餘，摩根士丹利。

Thank you for the opportunity to ask questions. My questions are related to AI and search. So what kind of progress has been made in renovating traditional search using Gen-AI and the large language models? What kind of KPI is the company monitoring for AI in search? And have you observed any changes in user behavior since implementing AI in the search business?

感謝您給我提問的機會。我的問題與人工智慧和搜尋有關。那麼Gen-AI和大語言模型在革新傳統搜尋方面取得了哪些進展呢？公司正在監控搜尋中的 AI 什麼樣的 KPI？自從在搜尋業務中實施人工智慧以來，您是否觀察到用戶行為發生了任何變化？

Related to that, what is the rollout plan for AI Search moving forward? Any specific KPI that the company aims to achieve by the end of the year? For example, a certain percentage of search we generated by AI either by the end of this year by -- in coming years? Thank you .

與此相關的是，人工智慧搜尋未來的推出計畫是什麼？公司計劃在年底前實現什麼具體的 KPI？例如，到今年年底，我們將在未來幾年內由人工智慧產生一定比例的搜尋？謝謝 。

Yes. We are very committed to using cutting-edge AI technologies to transform our search capabilities and blend search with speed in One app. So KPIs related to Baidu app will override search only TPI's. Since the second quarter, we accelerated the pace of renovating our search by leveraging ERNIE.

是的。我們非常致力於使用尖端的人工智慧技術來改變我們的搜尋能力，並將搜尋與速度整合在一個應用程式中。因此，與百度應用程式相關的 KPI 將覆蓋僅搜尋的 TPI。從第二季開始，我們利用 ERNIE 加快了搜尋革新的步伐。

Our primary goal is to improve user experience, offer more capabilities and boost user engagement on Baidu. As highlighted in my opening remarks, we made several important progresses. First, we are providing smarter search results at an expanding pace. Currently, 18% of search results are provided by Gen-AI.

我們的主要目標是改善用戶體驗、提供更多功能並提高用戶在百度上的參與度。正如我在開場白中所強調的那樣，我們取得了一些重要進展。首先，我們正在以越來越快的速度提供更聰明的搜尋結果。目前，18%的搜尋結果是由Gen-AI提供的。

These results are more comprehensive and relevant than traditional search results, offering information that was previously unavailable or scattered around different places. Furthermore, Gen-AI enables infinite supply of content on demand and can effectively hedge the decline of the open web system.

這些結果比傳統的搜尋結果更全面、更相關，提供了以前不可用或分散在不同地方的資訊。此外，Gen-AI可以實現內容的無限按需供應，可以有效對沖開放網路系統的衰落。

Second, when Gen-AI results can already meet user needs from the current query, we will recommend other contents or services just like a user would find in a typical newsfeed context. This will enhance users' time spend and retention. Third, the new interactive function in Baidu Search allows users to refine their questions and follow-up through multi-round conversations, reshaping how users express their needs, and making the search experience more natural and efficient.

其次，當 Gen-AI 結果已經可以滿足當前查詢的用戶需求時，我們將推薦其他內容或服務，就像用戶在典型的動態消息上下文中找到的那樣。這將增加用戶的時間花費和保留率。第三，百度搜尋新增互動功能，讓使用者透過多輪對話精進問題與跟進，重塑使用者表達需求的方式，讓搜尋體驗更自然、更有效率。

Additionally, I would like to point out that we are rapidly rolling out ERNIE agents within search results to provide intelligent assistance to our users. By opening up our platform, developers can create a wide range of agents, tailored to meet the unique needs of each and every user.

此外，我想指出的是，我們正在搜尋結果中快速推出 ERNIE 代理，以便為我們的用戶提供智慧幫助。透過開放我們的平台，開發者可以創建廣泛的代理，量身定制以滿足每個用戶的獨特需求。

Our vision is to create an ecosystem where many developers contribute to building a robust network of agents, collectively in reaching the user experience and outperform the most powerful frontier model, addressing a broad spectrum of challenges and opportunities.

我們的願景是創建一個生態系統，讓許多開發人員為建立強大的代理網絡做出貢獻，共同實現用戶體驗並超越最強大的前沿模型，應對廣泛的挑戰和機會。

With all the efforts mentioned, the type of search on Baidu have become more diversified. Users are increasingly posting complex questions, seeking comprehensive and in-depth answers from Baidu Search. While these demands were once challenging to meet, they can now be efficiently addressed.

經過上述努力，百度搜尋的類型變得更加多樣化。用戶越來越多地發布複雜的問題，從百度搜尋中尋求全面、深入的答案。雖然這些要求曾經難以滿足，但現在可以有效解決。

On top of that, users are also using Baidu to create content, such as writing and editing text and images. Gen-AI is transforming value search into a multifunctional creative platform, offering a wider range of services to users. We're still in the early stages of an exciting yet uncharted opportunity.

除此之外，使用者還使用百度來創建內容，例如編寫和編輯文字和圖像。 Gen-AI正在將價值搜尋轉變為多功能創意平台，為用戶提供更廣泛的服務。我們仍處於一個令人興奮但未知的機會的早期階段。

As we remain the product, we are listening to feedback from users, creators and partners. We're focused on long-term sustainability over short-term monetization. We will be patient and make sure that we set the right foundation for our new ecosystem and closely track user metrics. We believe -- this approach will deliver greater value to all our shareholders.

當我們仍然是產品時，我們正在傾聽用戶、創作者和合作夥伴的回饋。我們專注於長期可持續性而不是短期貨幣化。我們將保持耐心，確保為新生態系統奠定正確的基礎，並密切追蹤用戶指標。我們相信—這種方法將為我們所有股東帶來更大的價值。

Lincoln Tong, Goldman Sachs.

林肯唐，高盛。

Thank you management for taking my question. So my question is on the cloud business. So what are the drivers behind this accelerating growth of cloud revenue this year? How much of this incremental revenue cloude's this year's AI related? And how does this contribute to the long-term AI cloud revenue growth.

感謝管理層回答我的問題。我的問題是關於雲端業務的。那麼，今年雲端收入加速成長背後的驅動因素是什麼？ Cloude 今年的增量收入有多少與人工智慧相關？這對人工智慧雲端收入的長期成長有何貢獻？

Also, what's the margin program for the AI cloud compared to the traditional cloud business. So how should we think about the intense pricing competition among different players in the market? And ultimately, what should be optimal or longer-term of our car business. Thank you.

另外，與傳統雲端業務相比，人工智慧雲端的利潤計劃是多少？那麼，我們該如何看待市場上不同參與者之間激烈的價格競爭呢？最終，什麼是我們汽車業務的最佳或長期目標。謝謝。

Hi, Lincoln, thanks for your question. This is Dou. So as you may have noticed, our AI cloud revenue shifted from a year-over-year decline in Q3 last year to a positive growth in Q4 and then kept accelerating. So this quarter, AI cloud revenue grew by 14% year-over-year. The record book growth is driven by strong demand for Gen-AI and LLMs across various industries.

嗨，林肯，謝謝你的問題。這是竇。大家可能已經注意到，我們的AI雲營收從去年第三季的年減轉向第四季的正成長，然後不斷加速。因此本季AI雲營收年增14%。創紀錄的成長是由各行業對 Gen-AI 和 LLM 的強勁需求推動的。

Thanks to our reputation for having the most powerful and cost-effective AI infrastructure in the MaaS platform. So we're gaining recognition across a wide range of sectors from early adopters like Internet companies and online education providers, to the industries like automotive, financial services and utilities. Leading companies like State Grid, SF Express and Goldman pension and insurance and also the rising products such as Shinshu technology.

由於我們在 MaaS 平台中擁有最強大、最具成本效益的人工智慧基礎設施的聲譽。因此，我們正在獲得廣泛領域的認可，從網路公司和線上教育提供者等早期採用者，到汽車、金融服務和公用事業等行業。國家電網、順豐速運、高盛養老保險等龍頭企業，以及信州科技等新興產品。

So they all intend to form in-depth a partnership with us, leveraging our industry-leading AI capabilities. So as Robin just mentioned, a key revenue driver for AI Cloud, is the fast-growing Gen-AI and foundation model related revenue. It has increased from about 5% of the total AI Cloud revenue in Q4 last year to almost 9% this quarter.

所以他們都打算與我們建立深度的合作關係，利用我們在業界領先的人工智慧能力。正如 Robin 剛才提到的，AI Cloud 的一個關鍵收入驅動因素是快速成長的 Gen-AI 和基礎模型相關收入。它佔人工智慧雲端總收入的比重從去年第四季的約 5% 增加到本季的近 9%。

To meet the diverse needs of our customers, we offer a wide range of products and solutions. So for those seeking model training and hosting services, we provide the most cost-effective and powerful AI infrastructure. This quarter, we have observed a notable increase in spending on our public cloud from GPU customers, reflecting their high satisfaction in so this strong customer endorsement reinforces our confidence in continuing to gain market share.

為了滿足客戶的多樣化需求，我們提供廣泛的產品和解決方案。因此，對於那些尋求模型訓練和託管服務的人來說，我們提供最具成本效益和最強大的人工智慧基礎設施。本季度，我們觀察到 GPU 客戶在我們的公有雲上的支出顯著增加，反映出他們的高度滿意度，因此客戶的強烈認可增強了我們繼續獲得市場份額的信心。

For the customers who are looking to harness the power of LLMs through API cores, we offer the earning family, which includes some of the most powerful LLMs available in the China market. MaaS platform also provides comprehensive toolkits for easy fine-tuning as custom models and the development of applications tailored to specific needs.

對於希望透過 API 核心利用法學碩士的力量的客戶，我們提供了獲利系列，其中包括中國市場上一些最強大的法學碩士。 MaaS 平台還提供全面的工具包，可輕鬆微調自訂模型以及開發適合特定需求的應用程式。

We see the LLM and Gen-AI market is still in its very early stages. We're educating the market and making AI accessible or key. On top of the model capabilities and ease of use, where adoption also depends on the affordability. So to encourage usage, we have made API calls free for three ERNIE models and cut price for flagship models. So this has led to a rapid increase in ERNIE paid cost.

我們看到 LLM 和 Gen-AI 市場仍處於早期階段。我們正在教育市場，讓人工智慧觸手可及或成為關鍵。除了模型功能和易用性之外，採用還取決於負擔能力。因此，為了鼓勵使用，我們為三款 ERNIE 型號免費提供 API 調用，並為旗艦型號降低價格。所以這就導致了ERNIE付費成本的快速增加。

As just said, the total number of daily API cost has surged from around 200 million in mid-May to over 600 million, which means over 1 trillion base tokens. We believe that demand for ERNIE through API calls will continue to grow rapidly, given ERNIE's superior and continuously improving efficiency and performance.

正如剛才所說，每日API費用總數已從5月中旬的2億左右飆升至6億以上，這意味著基礎代幣超過1兆。我們相信，鑑於 ERNIE 優越且不斷提高的效率和效能，透過 API 呼叫對 ERNIE 的需求將持續快速成長。

For our traditional cloud services, by cross-selling CPU cloud services to our existing GPU cloud customers, we have noticed a significant increase in CPU cloud revenue from these customers. So overall, we are pretty confident that our AI cloud revenue growth will maintain strong momentum in the coming quarters, and capitalize on significant long-term growth opportunities.

對於我們的傳統雲端服務，透過向現有的GPU雲端客戶交叉銷售CPU雲端服務，我們注意到這些客戶的CPU雲端收入顯著增加。因此，總體而言，我們非常有信心我們的人工智慧雲端收入成長將在未來幾季保持強勁勢頭，並利用重大的長期成長機會。

So on the profit side, we are committed to a sustainable and healthy growth. So our AI cloud business is healthier than ever and consistently generating non-GAAP operating profit, and we have been improving the margins. So regarding the price completion issue in your question, we all know that Gen-AI and market is still in its very early stage and accessibility with superior price and performance is essential for our growing the market.

所以在利潤方面，我們致力於永續健康的成長。因此，我們的人工智慧雲端業務比以往任何時候都更加健康，並且持續產生非公認會計準則營業利潤，而且我們一直在提高利潤率。因此，關於您問題中的價格完成問題，我們都知道Gen-AI和市場仍處於早期階段，具有優越價格和性能的可訪問性對於我們發展市場至關重要。

While we were working very hard to improve the capability of ERNIE models, we are also continuously lowering the inference costs. Considering the skill effect as a leading player in the market, I believe we will keep growing our market share. And also with the scale, I believe the normalized margin for our Gen-AI-related cloud business should exceed that of a traditional cloud business. Thank you.

我們在努力提升 ERNIE 模型能力的同時，也不斷降低推理成本。考慮到作為市場領導者的技能效應，我相信我們將繼續擴大我們的市場份額。而且從規模來看，我相信我們與 Gen-AI 相關的雲端業務的標準化利潤率應該會超過傳統雲端業務。謝謝。

Thomas Chong, Jefferies.

托馬斯莊，杰弗里斯。

Hi, good evening. Thanks, management for taking my question. Can management quantify the impact of the soft advertising revenue distinguishing between weak macro, the cannibalization impact from generative AI implementation as well as the competition, particularly in search separately?

嗨，晚上好。謝謝管理層回答我的問題。管理階層能否量化軟廣告收入的影響（區分宏觀疲軟、產生人工智慧實施以及競爭（特別是在搜尋領域）帶來的蠶食影響）？

What is the core advertising growth for the second half this year? If we expect to see a trend around by year-end, is it more driven by better macro or better monetization in AI? Looking at '25 and beyond, what's the sustainable growth rate?

今年下半年的核心廣告成長是多少？如果我們預計到年底會出現這種趨勢，那麼它是由更好的宏觀經濟還是更好的人工智慧貨幣化所推動的？展望25年及以後，可持續成長率是多少？

Yes. As I mentioned in my opening remarks, our advertising business is currently facing pressure caused by a combination of external factors and our proactive efforts to accelerate the AI-driven renovation of search. Externally, macro weakness and competitive pressure are the primary challenges.

是的。正如我在開場白中提到的，目前我們的廣告業務面臨著外部因素和我們積極加速人工智慧驅動搜尋變革的雙重壓力。從外部來看，宏觀疲軟和競爭壓力是主要挑戰。

So on the macro front, the recovery of consumer spending has been sluggish, causing many advertisers, especially the small and medium-sized advertisers who heavily rely on offline activities to adopt a very cautious approach to their ad spending. Certain verticals such as real estate and its related sectors, franchising and automobile have been particularly weak.

所以在宏觀方面，消費支出的復甦緩慢，導致許多廣告主，尤其是嚴重依賴線下活動的中小廣告主，對廣告支出採取了非常謹慎的態度。房地產及其相關行業、特許經營和汽車等某些垂直行業尤其疲軟。

In addition to this, Chinese Internet users behavior has changed a lot. Users are increasingly concentrating their time on a selected few leading short video and social media platforms. The user time spend share change can be a proxy into the loss of our online advertising business.

除此之外，中國網路用戶的行為也發生了很大變化。用戶越來越多地將時間集中在少數幾個領先的短視頻和社交媒體平台上。用戶花費時間份額的變化可以代表我們在線廣告業務的損失。

And as I mentioned earlier, 18% of our search results contain Gen-AI content, which is not monetized at this time. This number will increase over time. Of course, our aggressive rollout of Gen-AI features in the monetization system, partly offset the revenue sacrificed here. While these are all the big challenges for the time being, we strongly believe technological innovation will be the key for our future success.

正如我之前提到的，我們 18% 的搜尋結果包含 Gen-AI 內容，目前尚未貨幣化。這個數字會隨著時間的推移而增加。當然，我們在貨幣化系統中積極推出 Gen-AI 功能，部分抵銷了這裡犧牲的收入。儘管這些都是目前面臨的巨大挑戰，但我們堅信科技創新將是我們未來成功的關鍵。

Specifically, we need to focus on what we can actively shape and inflows, leveraging our strengths and the resources to seize new opportunities within our reach and a faster system growth over time. So to this end, we are renovating our entire mobile ecosystem with Gen-AI and ERNIE.

具體來說，我們需要專注於我們可以積極塑造和流入的東西，利用我們的優勢和資源來抓住我們所能抓住的新機遇，並隨著時間的推移實現更快的系統成長。為此，我們正在利用 Gen-AI 和 ERNIE 來改造我們的整個行動生態系統。

For the advertising system, the renovations are already showing some results. We talked about this during the previous quarter. The incremental ad revenue generated by Gen-AI and LLM continue to grow in Q2.

對廣告系統來說，改造已經初見成效。我們在上個季度討論過這個問題。 Gen-AI 和 LLM 產生的增量廣告收入在第二季持續成長。

This is mainly due to the improvement in the monetization system, which have improved ad conversion and efficiency. And on top of that, we're actively exploring opportunities for ERNIE agents to further enhance our advertising capabilities. However, using AI to upgrade our existing advertising system, it's just a near-term step.

這主要得益於變現體系的改進，提高了廣告轉換和效率。除此之外，我們正在積極探索 ERNIE 代理商的機會，以進一步增強我們的廣告能力。然而，利用人工智慧來升級我們現有的廣告系統，這只是近期的一步。

We believe that the two long-term value lies in the renovation of our consumer-facing products. With over 20 years of experience in general search and our industry-leading capabilities in Gen-AI and LLMs, Baidu is uniquely positioned to innovate and transform general search into AI search.

我們相信，這兩個長期價值在於我們面向消費者的產品的革新。憑藉20多年的通用搜尋經驗以及業界領先的Gen-AI和LLM能力，百度在創新通用搜尋並將其轉變為人工智慧搜尋方面擁有獨特的優勢。

This transformation is not just about enhancing the traditional search experience. It's about redefining what search can do for users. Since Q2, we have accelerated the pace to renovate Baidu Search using ERNIE. New features such as AI-generated search results, interactive features within search and ERNIE agents have been rolling out rapidly.

這種轉變不僅僅是為了增強傳統的搜尋體驗。這是關於重新定義搜尋可以為使用者做什麼。從第二季開始，我們加快了利用ERNIE改造百度搜尋的腳步。 AI 產生的搜尋結果、搜尋內的互動功能和 ERNIE 代理等新功能正在迅速推出。

This renovation has high potential but it's not something that will be completed in a short time. During this process, there may be a negative impact on revenue, but we are confident that the result will be a completely different new AI ecosystem, one that is much more versatile, productive and user-friendly.

這項改造潛力很大，但不是短時間內就能完成的。在此過程中，可能會對收入產生負面影響，但我們相信，結果將是一個完全不同的新人工智慧生態系統，一個更通用、更有效率和更用戶友好的生態系統。

So it may take some time before we see a noticeable revenue contribution from the AI enhancements in our search product, but we are confident that focusing on creating long-lasting user value rather than short-term revenue while ultimately create tremendous value and drive sustainable revenue growth. Thank you.

因此，我們可能需要一段時間才能看到搜尋產品中人工智慧增強帶來的顯著收入貢獻，但我們有信心專注於創造長期的用戶價值而不是短期收入，同時最終創造巨大的價值並推動永續的收入生長。謝謝。

Miranda Zhuang, Bank of America Securities.

Miranda Zhuang，美國銀行證券。

Thank you, management, for taking my questions asked question. So my question is about the AI agent and the monetization. So can you company explain how the AI agent is actually used in your usage experience and monetization? How do you drive the adoption of this AI agent, especially among the SME advertisers, which have less data and less tech capability?

謝謝管理層回答我的問題。所以我的問題是關於人工智慧代理和貨幣化。那麼你們公司能解釋一下AI代理在你們的使用體驗和變現方面實際是如何使用的嗎？您如何推動這種人工智慧代理商的採用，特別是在數據較少、技術能力較差的中小企業廣告商？

What kind of ramp-up pace do you expect by the end of this year for the AI agents? And also, can management give us more color on the recent development in AI monetization, especially the progress from the CPC to the CPS model? What are the advertisers feedback on the effectiveness and the future budget allocation on the Baidu platform? Thank you so much.

您預計到今年年底人工智慧代理的成長速度如何？另外，管理階層能否給我們更多關於人工智慧貨幣化近期發展的信息，特別是從CPC到CPS模式的進展？廣告主對百度平台的效果和未來的預算分配有何回饋？太感謝了。

Yes, there are more than 10,000 ERNIE agents right now on our platform. The beauty of ERNIE agent is that anyone can create them, whether you are a user, a creator, a service provider, an advertiser or a company. The barrier to entry is very low. It's really important to understand that the value of ERNIE agents extends far beyond just being a tool for monetization.

是的，目前我們平台上有超過 10,000 個 ERNIE 代理。 ERNIE 代理程式的美妙之處在於任何人都可以創建它們，無論您是用戶、創建者、服務提供者、廣告商還是公司。進入門檻非常低。理解 ERNIE 代理的價值遠遠超出了僅作為貨幣化工具的範圍，這一點非常重要。

It will significantly improve the user experience in our mobile ecosystem. A recent example is a lawyer agent created and distributed on our platform. A user has a conflict with a law enforcement officer and started the consultation with this agent. We had, I don't know, 288 rounds of conversation and lasted for five hours.

它將顯著改善我們行動生態系統中的使用者體驗。最近的一個例子是在我們的平台上創建和分發的律師代理。使用者與執法人員發生衝突並開始與該執法人員協商。我不知道，我們進行了 288 輪談話，持續了 5 個小時。

It's hard to imagine a real human lawyer would have the time and patients to talk to a potential client like that. But the benefit for the user, for the advertising law firm and for our platform are self-evident in this case. Today, ERNIE agent is still in its early stages and it's evolving quickly.

很難想像一個真正的人類律師會有時間和病人與這樣的潛在客戶交談。但在這種情況下，對於使用者、廣告律師事務所和我們平台的好處是不言而喻的。如今，ERNIE 代理仍處於早期階段，並且正在快速發展。

But we are glad to see that advertisers are using ERNIE agents to get better sales fee conversions than the traditional As I mentioned before, more and more advertisers, especially in fields like legal, education and B2B are starting to use ERNIE agent. These areas often require long decision-making time and personalized presales consultation.

但我們很高興看到廣告商使用ERNIE代理商來獲得比傳統代理商更好的銷售費用轉換正如我之前提到的，越來越多的廣告商，特別是在法律、教育和B2B等領域開始使用ERNIE代理。這些領域往往需要較長的決策時間和個人化的售前諮詢。

ERNIE agent with its interactive feature is getting better and better at addressing this kind of need. Plus, as ERNIE agent becomes smarter, it has the potential to drive direct sales and even more value for our advertisers, therefore, moving us from a CPC model to a more effective CPS model.

ERNIE 代理程式以其互動功能越來越能滿足這種需求。另外，隨著 ERNIE 代理變得更加聰明，它有潛力推動直接銷售，甚至為我們的廣告商帶來更多價值，因此，使我們從 CPC 模式轉向更有效的 CPS 模式。

We believe ERNIE agent has the potential to become the new website system in the AI era. Early-stage ERNIE agents might not always improve the user experience by the way. But as they start providing greater interactions, boosting engagement and offering personalized services, monetization opportunities will naturally follow. Thank you.

我們相信ERNIE Agent有潛力成為AI時代新的網站系統。順便說一句，早期的 ERNIE 代理可能無法總是改善使用者體驗。但當他們開始提供更廣泛的互動、提高參與度並提供個人化服務時，獲利機會自然會隨之而來。謝謝。

Alicia Yap, Citigroup.

艾莉西亞葉 (Alicia Yap)，花旗集團。

I have a question on the margin. So Baidu Core continue to achieve the expansions in the operating margins in the second quarter. Just wondering, is this expansion sustainable? What is your outlook on the profit margin trend for Baidu Core in the entire year 2024?

我有一個關於邊緣的問題。因此，百度核心在第二季繼續實現營業利潤率的擴張。只是想知道，這種擴張是否可持續？您對百度核心2024年全年的利潤率走勢有何展望？

Thank you for your question. Let me take your question. As, we don't give the guidance for quarters ahead, but I would try to give you some insights into our business priorities. And what could that mean for our cost and expenses? For AI Cloud, we continue to phase out the low margin businesses, so we can continue generating operating profit and margins on a non-GAAP basis.

謝謝你的提問。讓我回答你的問題。因為，我們不會給出未來幾季的指導，但我會盡力向您提供一些有關我們業務優先事項的見解。這對我們的成本和開支意味著什麼？對於AI Cloud，我們繼續逐步淘汰低利潤業務，以便我們能夠繼續在非公認會計原則的基礎上產生營業利潤和利潤率。

Looking to the long term, the normalized margins for the generative AI-related cloud businesses should be higher than the legacy cloud business. And this kind of revenue today is already 9% of our total cloud revenue. For intelligent driving, the other growth initiatives, we tend to reduce our losses and particularly our intelligent driving businesses with the operational efficiency gains and try to reach improvements in robotaxi business.

從長遠來看，生成式人工智慧相關雲端業務的標準化利潤率應該高於傳統雲端業務。而今天這樣的收入已經占到了我們雲端總收入的9%。對於智慧駕駛，其他成長舉措，我們傾向於透過提高營運效率來減少損失，特別是智慧駕駛業務，並努力改善機器人計程車業務。

Overall, we believe that high-quality growth and the investments should be well balanced. For many years now, we have delivered a solid track record of the top line revenue growth and with the resolute cost discipline and intend to continue building our future on this basis.

整體而言，我們認為高品質成長和投資應該保持良好平衡。多年來，我們在營收成長和嚴格的成本控制方面取得了良好的業績記錄，並打算在此基礎上繼續建立我們的未來。

Sometimes, of course, though, the investment runs ahead of the high-quality growth. We continue to operate our legacy search businesses in a challenging environment. That pressures our ad revenue to tackle this kind of challenges. It's very important to focus on offering the users improve experiences, and in particular, a whole new AI-based search experience for Baidu Search.

當然，有時投資會先於高品質成長。我們繼續在充滿挑戰的環境中經營我們的傳統搜尋業務。這迫使我們的廣告收入面臨此類挑戰。專注於為用戶提供更好的體驗非常重要，特別是為百度搜尋提供全新的基於人工智慧的搜尋體驗。

As Robin has mentioned just now, this quarter, we have accelerated the renovation of Baidu ERNIE. In the short term, we have seen a significant increase in AI generative such results. search result pages contain the generative content in mid-May, and this percentage has risen to 18%, as of now.

正如Robin剛才提到的，這個季度，我們加速了百度ERNIE的改造。短期內，我們看到人工智慧產生此類結果的顯著增加。搜尋結果頁麵包含5月中旬的生成內容，截至目前，這一比例已上升至18%。

The scaling of the AI generated such results and other new features require a lot more computing capacity and users into ran more in margin loan conversations. There are more complicated questions and use the new content creation capabilities within search. All of this raised the total the more computing power is needed, but the new AI switch features has not yet been monetized now.

人工智慧的擴展產生了這樣的結果和其他新功能，需要更多的運算能力，並且用戶需要更多地參與保證金貸款對話。有更複雜的問題，並在搜尋中使用新的內容創建功能。所有這些都提高了總的運算能力，但新的人工智慧開關功能目前尚未貨幣化。

So the accelerated AI native transformation of search will inevitably put some pressures on our margins in the short term. So we reduced our and efficient AI infrastructures and our technical expertise to make efficient gains over time. Thank you so much for the question.

因此，搜尋的加速人工智慧原生轉型將不可避免地在短期內給我們的利潤帶來一些壓力。因此，我們減少了高效的人工智慧基礎設施和技術專業知識，以便隨著時間的推移獲得有效的收益。非常感謝你的提問。

Wei Xiong, UBS.

熊偉，瑞銀。

My question is regarding the robotaxi business. So with government support on accelerating the robotaxi license approval in more cities, how would that translate to Baidu's robotaxi opportunities? And also cost associated to that. And what are the targets for Apollo Go this year and for the next few years?

我的問題是關於機器人出租車業務的。那麼，隨著政府支持加快更多城市的機器人出租車牌照審批，這將如何轉化為百度的機器人出租車機會？還有與之相關的成本。 Apollo Go 今年和未來幾年的目標是什麼？

How do we plan to replicate Wuhan success nationwide? For example, do you consider partnership or collaboration for future development? And lastly, could management share your view on the competitive landscape change in the robotaxi market.

我們計劃如何在全國複製武漢的成功？例如，您是否考慮為未來的發展建立夥伴關係或合作？最後，管理階層能否分享您對機器人計程車市場競爭格局變化的看法。

Yes. We've been investing in driving technology for over a decade, guided by steady focus and unlevering patients. Robotaxi services have long been considered as a breakthrough so advanced that no one can predict exactly how long it will take to bring it to full fruition. For a long time, many dialed whether we or anyone else in this world would make it.

是的。十多年來，我們一直在對驅動技術進行投資，以穩定的重點和不槓桿化患者為指導。長期以來，Robotaxi 服務一直被認為是一項突破性的技術，如此先進，以至於沒有人能夠準確預測需要多長時間才能完全實現。很長一段時間以來，許多人都打電話詢問我們或這個世界上的其他人能否成功。

But we kept moving forward. Now as we see regional breakeven approaching, our vision is becoming a scalable reality. Our persistence, even in the phase of doubt, it's not only driving progress, it's shaping the future. Our dedication has made Apollo Go the world's largest autonomous ride hailing service provider.

但我們一直在前進。現在，隨著我們看到區域損益平衡即將到來，我們的願景正在成為可擴展的現實。即使在懷疑的階段，我們的堅持不僅推動進步，也塑造未來。我們的奉獻使 Apollo Go 成為全球最大的自動駕駛叫車服務提供者。

This is measured by a number of rides. Our track record of safe operations has earned public and regulatory trust, allowing us to expand services and reach more people. We're happy to see that more and more passengers are choosing of Apollo Go, not just for testing rights, but as their go-to option for daily community.

這是透過乘坐次數來衡量的。我們的安全營運記錄贏得了公眾和監管機構的信任，使我們能夠擴大服務並覆蓋更多人。我們很高興看到越來越多的乘客選擇 Apollo Go，不僅是為了測試權，更是他們日常社區的首選。

As our largest operational area, it's a fleet of around 400 vehicles offering 24/7 service to 9 million residents. Our focus on cost reduction through innovation has also made our services increasingly affordable. Since launching in Wuhan in Q3 of 2022, we have steadily increased the number of fully vehicles and rides, and I mentioned that 100% for the operation has been achieved in practically the entire city. This has a significant impact on costs.

作為我們最大的營運區域，車隊擁有約 400 輛車輛，為 900 萬居民提供 24/7 的服務。我們專注於透過創新降低成本，這也使得我們的服務變得越來越實惠。自2022年第三季在武漢推出以來，我們穩步增加了整車數量和乘車數量，我提到幾乎整個城市已經實現了100%的營運。這對成本有重大影響。

With our RT6 vehicles being tested at scale, we expect continued cost reduction once RT6 are officially put into operation. So please note, our share of ride-hailing market in Wuhan is still very small at around 1%. And the scaling will be a gradual process and it could take many years. The potential of China's ride-hailing market is enormous.

隨著RT6車輛的大規模測試，我們預計一旦RT6正式投入運營，成本將持續降低。所以請注意，我們在武漢的叫車市佔率仍然很小，約 1%。規模擴大將是一個漸進的過程，可能需要很多年的時間。中國叫車市場潛力大。

As robotaxi inherently offers more affordable services will naturally drive demand and open up great new opportunities. This is where innovation meets the vast scale of the market and creating a powerful synergy that will reshape the landscape of transportation and beyond. As Apollo Go scales up, it will offer an increasingly affordable, convenient and much safer options to an expanding population.

由於機器人計程車本質上提供更實惠的服務，自然會推動需求並開啟巨大的新機會。這就是創新與龐大市場的結合，並產生強大的綜效，進而重塑交通運輸及其他領域的格局。隨著 Apollo Go 規模的擴大，它將為不斷增長的人口提供越來越實惠、方便且更安全的選擇。

Also need to note that entering the robotaxi market requires deep belief in technology, long-term investment and strong capital reserves. Apollo Go stands out in these critical areas, setting the benchmark for the industry. As for your question regarding to future business model.

還要注意的是，進入Robotaxi市場需要對科技的堅定信念、長期的投入和雄厚的資金儲備。 Apollo Go 在這些關鍵領域脫穎而出，為該產業樹立了標竿。至於你關於未來商業模式的問題。

Currently, all of our vehicles are owned by us, and we are the hardware CapEx and depreciation costs. But we are open to various business models and partnerships. While our immediate focus is still achieving breakeven in key cities. In the long run, we aim to innovate its asset-light models like technology licensing and fleet operation to capture the huge market opportunities and ultimately, benefiting society with better transportation solutions. Thank you.

目前，我們所有的車輛都歸我們所有，我們負責硬體資本支出和折舊成本。但我們對各種商業模式和合作關係持開放態度。但我們目前的重點仍是在重點城市實現損益平衡。從長遠來看，我們的目標是創新技術許可、車隊營運等輕資產模式，以抓住巨大的市場機會，最終以更好的交通解決方案造福社會。謝謝。

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

女士們、先生們，今天的會議到此結束。感謝您的參與。你們都可以斷開連線。