百度 (BIDU) 2024 Q4 法說會逐字稿

Hello, and thank you for standing by for Baidu's fourth-quarter and fiscal year 2024 earnings conference call.

您好，感謝您參加百度2024財年第四季及2024財年財報電話會議。

(Operator Instructions) Today's conference is being recorded.

（操作員指示）今天的會議正在錄音。

If you have any objections, you may disconnect at this time.

如果您有任何異議，此時您可以斷開連接。

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

現在，我想將今天的會議主持人、百度投資者關係總監林娟交給您。

Hello everyone and welcome to Baidu's fourth-quarter and physical year 2024 earnings conference call.

大家好，歡迎參加百度2024年第四季及全年業績電話會議。

Baidu's earnings release was distributed earlier today, and you can find a copy on our website as well as on newswire services.

百度的獲利報告已於今天早些時候發布，您可以在我們的網站和新聞通訊社上找到一份副本。

On the call today, we have Robin Li, our Co-Founder and CEO; Julius Rong Luo, our EVP, in charge of Baidu Mobile Ecosystem Group, MEG; Dou Shen, our EVP in charge of Baidu AI Cloud Group, ACG; and Jackson Junjie He, our interim CFO.

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； Julius Rong Luo，我們的執行副總裁，負責百度行動生態系統事業部 (MEG)；沈抖，我們負責百度智慧雲端事業群、ACG 的執行副總裁；以及我們的臨時財務長 Jackson Junjie He。

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

在我們準備好的發言之後，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 US Private Securities Litigation Reform Act of 1995.

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。

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。

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.

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.

除非適用法律要求，百度不承擔更新任何前瞻性聲明的義務。

Our earnings press release, and this call includes discussions of certain unaudited non-GAAP financial measures.

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。

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 IR 網站 ir.baidu.com 上查閱。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄音。

In addition, the webcast of this conference call will be available on Baidu's IR website.

此外，本次電話會議的網路直播將在百度投資者關係網站上提供。

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

現在我將電話轉給我們的執行長羅賓。

Hello everyone.

大家好。

Baidu core total revenue for the fourth quarter saw a slight year-over-year increase, reaching RMB27.7 billion.

百度第四季核心總營收年增，達人民幣277億元。

Our AI Clouds demonstrated robust momentum with revenue growth, accelerating to 26% year over year, offsetting the softness in our online marketing business.

我們的 AI 雲端表現出強勁的發展勢頭，營收成長較上年同期加速至 26%，抵消了網路行銷業務的疲軟。

The growth was primarily driven by broad market recognition of our AI capabilities in which we will continue to invest to make sure we stay at the forefront of this technology mega trend.

成長主要得益於市場對我們人工智慧能力的廣泛認可，我們將繼續在該領域進行投資，以確保我們始終處於這一技術大趨勢的前沿。

2024 marked a pivotal year as Gen AI demonstrated strong market demand.

2024 年是關鍵的一年，因為人工智慧表現出強勁的市場需求。

We see this momentum reflected in the genuine value we created for our customers through our AI products and solutions as well as AI Cloud services.

我們看到這一勢頭體現在我們透過人工智慧產品和解決方案以及人工智慧雲端服務為客戶創造的真正價值。

This growth shows how enterprises have awakened to AI's transformative potential, catalyzing broader adoption across diverse scenarios while affirming the market's trust in Baidu's technical capabilities and AI expertise.

這一成長顯示企業已經意識到人工智慧的變革潛力，催化了人工智慧在不同場景中的更廣泛應用，同時也證明了市場對百度技術能力和人工智慧專業知識的信任。

As we continue to cement our leadership position as an AI innovator, our vision is gradually coming to fruition on multiple fronts.

隨著我們不斷鞏固作為人工智慧創新者的領導地位，我們的願景正在多個方面逐步實現。

Our strategic AI investments are showing meaningful progress across our key businesses.

我們的策略性人工智慧投資正在我們的關鍵業務中取得有意義的進展。

Our clouds business demonstrated strengthening momentum towards the end of the year with both robust revenue growth and margin expansion.

我們的雲端業務在年底表現出強勁的勢頭，營收成長強勁，利潤率擴大。

As we continued to rebuild the entire product portfolio of our Mobile Ecosystem with AI, most notably in Baidu Search.

我們持續利用人工智慧重建行動生態系統的整個產品組合，最顯著的是百度搜尋。

Meanwhile, Baidu's autonomous ride-hailing service, Apollo Go, has proven the viability of its business model, strengthening our confidence in pursuing global expansion and exploring asset-light business models.

同時，百度自動駕駛叫車服務Apollo Go也證明了其商業模式的可行性，增強了我們全球化擴張、探索輕資產商業模式的信心。

ERNIE has demonstrated industry-leading capabilities in instruction-following and state-of-the-art RAG technology that minimizes hallucination.

ERNIE 已展示出業界領先的指令遵循能力以及可最大限度減少幻覺的最先進的 RAG 技術。

These best-in-class capabilities have driven widespread adoption across various scenarios, leading to significantly growing API calls.

這些一流的功能已在各種場景中廣泛採用，從而導致 API 呼叫顯著增長。

In December, ERNIE handled approximately 1.65 billion API calls daily.

12 月份，ERNIE 每天處理約 16.5 億次 API 呼叫。

We witnessed particularly strong external demand, with external API calls growing 178% quarter over quarter.

我們看到了特別強勁的外部需求，外部 API 呼叫環比成長了 178%。

We saw rapid growth across various business sectors such as education, e-commerce, entertainment, and recruitment.

我們看到教育、電子商務、娛樂和招聘等各個業務領域都實現了快速成長。

The robust growth in external API calls is driven by two reasons.

外部 API 呼叫的強勁成長有兩個原因。

First, businesses are finding enough value from integrating ERNIE into their daily operations.

首先，企業發現將 ERNIE 融入日常營運中具有足夠的價值。

Second, price matters.

其次，價格很重要。

As the inference cost goes down, adoption goes up quite quickly.

隨著推理成本的下降，採用率迅速上升。

We recently made a significant strategic decision to open-source our upcoming ERNIE 4.5 series and make ERNIE Bot free for end users, which we believe will further expand market awareness of ERNIE's capabilities and enable broader adoption across an increasing array of industries.

我們最近做出了一項重大戰略決策，開源我們即將推出的 ERNIE 4.5 系列並向最終用戶免費提供 ERNIE Bot，我們相信這將進一步擴大市場對 ERNIE 功能的認識，並使越來越多的行業能夠更廣泛地採用它。

Reflecting this growing market recognition, our AI Cloud business delivered a robust performance.

我們的 AI 雲端業務表現強勁，體現了市場認可度的不斷提升。

In Q4, we have partnered with leading enterprises across diverse sectors, helping them address specific operational challenges using our AI products and solutions.

第四季度，我們與不同行業的領導者合作，幫助他們利用我們的人工智慧產品和解決方案解決特定的營運挑戰。

We collaborated with State Grid Cooperation of China to develop a tailored AI solution based on ERNIE and our MaaS platform, Qianfan.

我們與中國國家電網公司合作，基於 ERNIE 和我們的 MaaS 平台千帆開發了客製化的 AI 解決方案。

We have developed comprehensive AI solutions that permeate key operational processes-from power dispatching and equipment condition diagnosis, to procurement, safety supervision, marketing, and office systems.

我們已開發出全面的人工智慧解決方案，滲透到電力調度、設備狀況診斷、採購、安全監察、行銷和辦公系統等關鍵營運流程。

Our solutions have demonstrated remarkable effectiveness in boosting operational reliability.

我們的解決方案在提高運行可靠性方面已證明具有顯著的有效性。

Impressed by these results, State Grid has increased its spending on our AI cloud services, further deepening its collaboration with us.

這些結果令人印象深刻，國家電網增加了對我們的人工智慧雲端服務的投入，進一步深化了與我們的合作。

We also collaborated with Zhaopin, a leading recruitment company, to adopt KeYue’s ERNIE-powered outbound calling product for campus recruitment.

我們也與領先的招募公司智聯招募合作，採用科悅以 ERNIE 為基礎的外撥呼叫產品進行校園招募。

Featuring highly human-like voice with natural conversational abilities, the product enables sophisticated multi-round interactions.

該產品具有高度類似人類的語音和自然的對話能力，可實現複雜的多輪互動。

ERNIE's advanced capabilities ensured accurate gauging of candidates’ interest in job opportunities while consistently keeping conversations on track.

ERNIE 的先進功能可確保準確衡量候選人對工作機會的興趣，同時始終保持對話的正常進行。

With this product, Zhaopin achieved a 50% higher acceptance rate for job fair invitations and 70% lower labor costs.

透過這款產品，智聯招募的招募會邀請通過率提高了50%，用工成本降低了70%。

The growing market recognition and adoption reinforced our confidence, and we are optimistic that the growth momentum we witnessed today is just a start.

不斷增長的市場認可度和採用度增強了我們的信心，我們樂觀地認為，今天所見證的成長勢頭只是一個開始。

As enterprises continue to discover novel ways to harness ERNIE and our AI Cloud’s potential, we foresee an ever-expanding horizon of possibilities unfolding before us.

隨著企業不斷探索新方法來利用 ERNIE 和我們的 AI Cloud 的潛力，我們預見到我們面前將出現越來越廣闊的可能性。

On the consumer-facing products, Baidu Wenku is a shining example.

在面向消費者的產品方面，百度文庫就是一個很好的例子。

In Q4, Wenku's subscription revenue grew 21% year over year.

第四季度，文庫訂閱營收年增21%。

In December, Wenku's monthly active user of AI-enabled features reached 94 million, almost doubling quarter over quarter, making Wenku one of the world's largest AI products by the number of paying users.

12月，文庫AI功能月活躍用戶達9,400萬，較上季成長近一倍，成為全球付費用戶數量最多的AI產品之一。

This quarter, we integrated Baidu Wenku with Baidu Drive, enhancing Wenku App as an AI-powered creativity platform.

本季度，我們將百度文庫與百度網盤整合，並增強文庫 App 作為人工智慧創意平台的地位。

This integration allows Wenku to combine personal cloud storage with AI-powered search and document creation capabilities, while enabling users to streamline their workflow from searching, accessing files to creating and sharing, all within a unified seamless platform.

透過這種集成，文庫可以將個人雲端儲存與人工智慧搜尋和文件建立功能相結合，同時使用戶能夠在統一的無縫平台內簡化從搜尋、存取文件到創建和共享的工作流程。

Furthermore, Wenku introduced ‘Free Canvas’ in January, which transforms content creation by enabling users to organize diverse formats- text, slides, audio, videos, and even website links- on a unified canvas.

此外，文庫於一月份推出了“自由畫布”，它讓用戶能夠在統一的畫布上組織各種格式（文字、幻燈片、音訊、視訊甚至網站連結），從而改變內容創作方式。

Free Canvas also integrates with Wenku's existing AI capabilities, including AI editor and AI-powered PowerPoint features, allowing users to access our full suite of AI editing tools and save or share their work in any desired format via Baidu Drive.

Free Canvas 還整合了文庫現有的 AI 功能，包括 AI 編輯和 AI 驅動的 PowerPoint 功能，讓使用者可以存取我們全套的 AI 編輯工具，並透過百度網盤以任何所需的格式儲存或分享他們的作品。

Leveraging ERNIE, Wenku is transforming into a next-generation intelligent creativity platform that redefines how users create, collaborate, and bring their ideas to life.

利用 ERNIE，文庫正在轉變為下一代智慧創意平台，重新定義使用者創造、協作和將他們的想法變為現實的方式。

Now turning to search, our largest consumer-facing product, which stands as another compelling testament to our AI transformation.

現在轉向搜索，這是我們面向消費者的最大的產品，也是我們人工智慧轉型的另一個令人信服的證明。

Over the past several quarters, we have aggressively leveraged ERNIE to transform search.

在過去幾季中，我們積極利用 ERNIE 來轉變搜尋。

This has been a challenging but deeply meaningful journey.

這是一趟充滿挑戰但意義深遠的旅程。

Like pioneers crossing unfamiliar waters, we embraced the uncertainties that come with charting new territories.

如同穿越陌生水域的先驅者一樣，我們擁抱著探索新領域所帶來的不確定性。

After extensive exploration, we have defined our path forward in leveraging the power of language models to present the multimedia content in search results.

經過廣泛的探索，我們確定了利用語言模型的力量在搜尋結果中呈現多媒體內容的前進方向。

Currently, 22% of our search result pages contain AI-generated content.

目前，我們的搜尋結果頁面中有 22% 包含 AI 產生的內容。

During the quarter, we mainly focused on refining and enhancing the quality of our AI-generated search results.

在本季度，我們主要致力於改進和提高人工智慧產生的搜尋結果的品質。

Through ERNIE's advanced capabilities in content generation, we can deliver unlimited high-quality content on demand, vastly expanding the depth and breadth of our search results.

透過 ERNIE 先進的內容生成功能，我們可以根據需要提供無限的高品質內容，大大擴展我們的搜尋結果的深度和廣度。

This quarter, we expanded beyond text generation to generate diverse content formats, including short videos, notes, agents, digital humans and live streaming.

本季度，我們除了文字生成之外，還擴展了產生多種內容格式，包括短影片、筆記、代理商、數位人和直播。

Through these more dynamic and varied content combinations, users can now discover a broader range of information that was previously inaccessible, presented in more engaging ways that aligned with evolving user preferences.

透過這些更動態和多樣化的內容組合，用戶現在可以發現以前無法訪問的更廣泛的信息，並以更具吸引力的方式呈現，以符合不斷變化的用戶偏好。

As a result, we have achieved substantial improvements across three dimensions of our search results in quality, quantity, and format diversity.

由此，我們的搜尋結果在品質、數量、格式多樣性三個維度上都取得了實質的提升。

Alongside this, we further enhanced the search experience by optimizing the matching between queries and search results.

除此之外，我們還透過優化查詢和搜尋結果之間的匹配進一步增強了搜尋體驗。

By analyzing the nature and intent of each query, the Gen-AI-enabled search can determine the optimal content format and presentation style, such as delivering AI-generated short videos for how to queries, generating comparative charts for analysis-focused searches, and dynamically organizing content sequences.

透過分析每個查詢的性質和意圖，支援 Gen-AI 的搜尋可以確定最佳內容格式和呈現風格，例如為如何查詢提供 AI 生成的短視頻、為以分析為重點的搜尋生成比較圖表以及動態組織內容序列。

This intelligent matching ensures that users receive not just most relevant results but in the most effective and easy to understand format.

這種智慧匹配可確保使用者不僅能收到最相關的結果，而且能以最有效和最易於理解的格式收到結果。

The effectiveness of this transformation is reflected in our improved user metrics.

這種轉變的有效性體現在我們改進的使用者指標上。

On Baidu App, users exposed to AI-generated search results demonstrated higher engagement levels, conducted more search queries, and showed higher retention rates and longer time spent.

在百度 App 上，接觸人工智慧產生的搜尋結果的用戶參與度更高，進行了更多的搜尋查詢，留存率更高，使用時間更長。

We are encouraged to see daily search queries per user increased by 2% year over year in December.

我們很高興地看到，12 月每位用戶的每日搜尋查詢量年增了 2%。

During our AI transformation of search, we placed strong emphasis on agents as we envision agents will become one of the most important forms of AI-native applications.

在我們對搜尋進行 AI 轉型的過程中，我們非常重視代理，因為我們預見代理將成為 AI 原生應用程式最重要的形式之一。

Our agents have now transcended their initial chatbot origins through convergence with digital human technology, evolving into embodied intelligent entities with vivid visual presence.,thanks to our industry-leading digital human technology.

透過與數位人技術的融合，我們的代理商現已超越了最初的聊天機器人起源，演變為具有生動視覺呈現的具體智慧實體。

This represents a powerful innovation path we've pioneered, breaking new ground in how agents interact with users.

這代表了我們開闢的一條強大的創新之路，在代理商與用戶互動的方式上開闢了新天地。

Taking our newly introduced lawyer agents as an example.

以我們新引進的律師代理人為例。

This embodied lawyer agents can transform legal expertise and industry know-how into engaging multimodel content, featuring lawyers' actual appearance in live streaming and AI-generated short videos.

這種實體律師代理可以將法律專業知識和行業知識轉化為引人入勝的多模式內容，在直播和人工智慧生成的短片中展示律師的真實面目。

Through these agents, we can efficiently generate high-quality ,authoritative content at scale for Baidu Search and Feed, while pioneering innovative formats of content and user engagement.

透過這些代理，我們可以有效率地為百度搜尋和資訊流大規模產生高品質、權威的內容，同時開拓內容和使用者參與的創新格式。

Moreover, these agents also create significant value for lawyers by helping them build personal brands, enhance engagement with potential clients, and improve lead conversion.

此外，這些代理商還幫助律師建立個人品牌、增強與潛在客戶的互動、提高潛在客戶轉換率，從而為律師創造了巨大的價值。

Such agents are becoming a compelling new addition to Baidu's content ecosystem, creating new possibilities while further diversifying our content landscape.

這些代理商正在成為百度內容生態系統中引人注目的新成員，在進一步豐富我們的內容格局的同時創造了新的可能性。

In the field of Intelligent Driving, our continued investments in AI are also propelling significant progress in our robotaxi business.

在智慧駕駛領域，我們在人工智慧方面的持續投入也推動了我們的自動駕駛計程車業務取得重大進展。

In Q4, Apollo Go delivered remarkable results that reinforced our position as the world's top autonomous ride-hailing service provider.

第四季度，Apollo Go取得了令人矚目的成績，鞏固了我們作為全球頂級自動駕駛叫車服務提供者的地位。

Our domestic operations continue to show robust momentum, and we have successfully validated our pioneering business model through years of operations and established a path to profitability in the autonomous driving industry.

我們在國內的業務繼續呈現強勁勢頭，並透過多年的營運成功驗證了我們開創性的商業模式，並在自動駕駛行業建立了一條盈利之路。

Importantly, our unrelenting focus on safety remains at the core of our efforts as we expand our services.

重要的是，在擴展服務的同時，我們對安全的不懈關注仍然是我們努力的核心。

To date, Apollo Go fleetshave accumulated more than 130 million autonomous kilometers with an outstanding safety record, underscoring our industry-leading standards.

截至目前，Apollo Go 車隊累積自動駕駛里程已超過 1.3 億公里，安全記錄優異，彰顯了我們業界領先的標準。

This operational and safety track record has paved the way for further scaling and operational enhancement.

這項營運和安全記錄為進一步擴大規模和提升營運鋪平了道路。

Building on this achievement, we are confident in expanding beyond mainland China as we enter the next phase of growth.

基於這項成就，我們有信心在進入下一階段的成長時將業務拓展到中國大陸以外。

In November 2024, Apollo Go secured permits to conduct testing on open roads in Hong Kong, making us the only company to receive robotaxi testing authorization in the region.

2024 年 11 月，Apollo Go 獲得在香港開放道路上進行測試的許可，使我們成為該地區唯一獲得機器人出租車測試授權的公司。

Notably, Hong Kong represents our first entry into a right-hand drive, left-hand traffic market, showcasing our ability to adopt our autonomous driving technology to different traffic systems while maintaining rigorous safety standards.

值得注意的是，香港是我們首次進入右側駕駛、左側交通市場，展示了我們在保持嚴格安全標準的同時將自動駕駛技術應用於不同交通系統的能力。

This achievement recognizes our deep expertise in autonomous driving operations,and we are committed to expanding our footprint and bringing safe, reliable, and convenient autonomous ride-hailing services to more cities and regions worldwide.

這項成就充分肯定了我們在自動駕駛營運方面的深厚專業知識，我們致力於擴大足跡，為全球更多城市和地區帶來安全、可靠、便利的自動駕駛叫車服務。

Now let me review the key highlights for each business for the fourth quarter.

現在，讓我回顧一下第四季度各業務的主要亮點。

AI Cloud revenue reached RMB7.1 billion in Q4, delivering a strong year over year increase of 26% with expanding non-GAAP operating margins.

第四季，人工智慧雲端營收達到人民幣71億元，較去年強勁成長26%，非美國通用會計準則營業利潤率不斷擴大。

This quarter, we doubled the scale of our unified GPU cluster, yet still achieved a 99% valid training time-a remarkable achievement enabled by our faster and more advanced network architecture.

本季度，我們的統一 GPU 叢集規模擴大了一倍，同時仍實現了 99% 的有效訓練時間——這一非凡成就得益於我們更快、更先進的網路架構。

Our network has proven the capability to enable GPUs across different geographical locations to work together seamlessly with minimized the performance loss ,and automatically resolves the frequent network issues inherent in large-scale computing with almost unperceivable impact to our clients, demonstrating our ability to deliver peak performance at a massive scale.

我們的網路已證明能夠使不同地理位置的 GPU 無縫協作，同時最大限度地減少效能損失，並自動解決大規模運算中固有的頻繁網路問題，對我們的客戶幾乎難以察覺的影響，證明了我們有能力在大規模範圍內提供峰值效能。

We continue to enhance Qianfan, our MaaS platform, which improves the model and app development experience for our customers and partners.

我們不斷增強我們的 MaaS 平台千帆，為我們的客戶和合作夥伴改善模型和應用程式開發體驗。

Our platform features the ERNIEfamily of models and offers access to a selection of high-quality models across the globe ,with DeepSeek being one of our latest additions.

我們的平台採用 ERNIE 系列模型，並提供全球精選的高品質模型，其中 DeepSeek 是我們最新添加的模型之一。

We offer post train, SFT, data labeling, and preparation for all models hosted on Qianfan, enabling us to deliver the most suitable models and tools to enterprise clients at all scales.

我們為千帆上託管的所有模型提供後期訓練、SFT、資料標記和準備服務，使我們能夠為各種規模的企業客戶提供最合適的模型和工具。

The increasing market recognition of our AI expertise continues to drive strong momentum in our enterprise client pipeline.

我們的人工智慧專業知識得到市場日益認可，這繼續推動我們企業客戶管道的強勁發展勢頭。

We have established deep partnerships with leading enterprises, including Xiaomi and Zeekr, further highlighting the growing trust in Baidu AI Cloud.

我們與小米、Zeekr等領導者建立了深度合作關係，進一步凸顯了對百度智慧雲端日益增長的信任。

Besides we are increasingly becoming the preferred choice for mid-tier businesses.

此外，我們正日益成為中型企業的首選。

This reflects the strengthening competitiveness of our AI infrastructure and marks a healthy evolution and diversification of our customer portfolio.

這反映了我們人工智慧基礎設施競爭力的增強，標誌著我們的客戶組合的健康發展和多樣化。

For our mobile ecosystem, our current priority is to further enhance the user experience and refine our product features.

對於我們的行動生態系統，我們目前的首要任務是進一步提升使用者體驗並完善我們的產品功能。

We will explore monetization opportunities after our Gen-AI-enabled search product features and framework become sufficiently refined.

在我們的 Gen-AI 搜尋產品功能和框架變得足夠完善之後，我們將探索貨幣化機會。

Additionally, we continue to see agents emerging as a promising avenue for monetization, which represents meaningful growth potential for our advertising business.

此外，我們繼續看到代理商逐漸成為一種有希望的獲利途徑，這對我們的廣告業務來說意味著有意義的成長潛力。

In December, over 27,000 advertisers have been generating ad spending through ERNIE agents on a daily basis ,with rapid growth in healthcare, legal, education and B2B sectors.

12 月份，每天有超過 27,000 名廣告商透過 ERNIE 代理商產生廣告支出，醫療保健、法律、教育和 B2B 領域的廣告支出迅速成長。

This rapid adoption stems from agents unique ability to address their specific pain points.

這種快速的採用源自於代理商解決其特定痛點的獨特能力。

Agents can quickly master complex non-standardized service portfolios, a task that traditionally requires lengthy training for human customer service people, while efficiently qualifying leadsfrom standard customer inquiries through intelligent multi-round interactions.

客服人員可以快速掌握複雜的非標準化服務組合，而這項任務傳統上需要對人工客服人員進行長時間的培訓，同時透過智慧多輪互動有效地從標準客戶查詢中篩選出潛在客戶。

For intelligent driving, in Q4, Apollo Go provided approximately 1.1 million rides to the public nationwide, representing a year-over-year growth of 36%.

智慧駕駛方面，第四季度，Apollo Go在全國範圍內為公眾提供了約110萬次出行服務，年增36%。

In January, the cumulative rides provided to the public exceeded 9 million.

1月份，累計服務民眾出遊突破900萬人次。

Also, we reached another milestone recently with the successful transition to 100% fully driverless operations nationwide.

此外，我們最近還達到了另一個里程碑，在全國範圍內成功實現 100% 無人駕駛營運。

Building on this strong momentum, and with an unwavering commitment to safety as our top priority, we expect to see even faster growth in our right volumes, with a significant acceleration anticipated in 2025 as we further scale our operations.

基於這一強勁勢頭，並始終將安全作為我們的首要任務，我們預計我們的產量將進一步增長，隨著我們進一步擴大營運規模，預計 2025 年產量將顯著加速。

We continue to improve the technology as we scale up, combined with our validated business model and initial steps in expanding global footprint.

我們在擴大規模的同時，不斷改進技術，結合我們經過驗證的商業模式和擴大全球影響力的初步措施。

We believe we are well positioned to create substantial value and reshape the future of mobility.

我們相信，我們有能力創造巨大的價值並重塑移動出行的未來。

Driven by our deep-rooted belief in technology and conviction in AI long-term value creation potential, we will continue to invest to make sure we stand at the forefront of cutting-edge AI technology ,and deploy that to all our products across the board.

在我們對技術的堅定信念和對人工智慧長期價值創造潛力的信心的推動下，我們將繼續投資，以確保我們站在尖端人工智慧技術的前沿，並將其全面部署到我們所有產品中。

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

說完這些，讓我把電話轉給傑克森來報告財務結果。

Thank you, Robin.

謝謝你，羅賓。

Now let me walk through the details of our fourth-quarter and full-year 2024 financial results.

現在，讓我詳細介紹一下我們 2024 年第四季和全年財務表現。

Total revenues in the fourth quarter were RMB34.1 billion, decreasing 2% year over year.

第四季總營收為341億元人民幣，較去年同期下降2%。

Total revenues for the full year 2024 were RMB133.1 billion, decreasing 1% year over year.

2024年全年總收入為人民幣1,331億元，較去年同期下降1%。

Baidu core's Q4 revenues were [RMB27.7] billion, increasing 1% year over year.

百度核心第四季營收為277億元人民幣，較去年同期成長1%。

In 2024, Baidu Core generated RMB104.7 billion in revenue, increasing 1% year over year.

2024年，百度核心營收1,047億元，較去年成長1%。

Baidu Core online marketing revenue decreased 7% year over year to RMB17.9 billion in Q4, accounting for 65% of Baidu Core's total revenues.

第四季度，「百度核心」網路行銷收入為179億元，年減7%，佔「百度核心」總營收的65%。

Baidu Core online marketing revenue decreased by 3% year over year in 2024.

2024年百度核心網路行銷收入較去年同期下降3%。

Baidu Core's non-online marketing revenue was RMB9.8 billion, up 18% year over year.

百度核心非網路行銷收入為人民幣98億元，較去年同期成長18%。

For the full year 2024, non-online marketing business increased 12% year over year.

2024年全年非網路行銷業務年增12%。

The increase in non-online marketing business was mainly driven by AI Cloud business.

非線上行銷業務的成長主要得益於AICloud業務。

Revenue from iQIYI was RMB6.6 billion in Q4, decreasing 14% year over year.

第四季愛奇藝營收為66億元，年減14%。

Revenue from iQIYI was RMB29.2 billion in 2024, decreasing 8% year over year.

2024年愛奇藝收入為人民幣292億元，較去年同期下降8%。

Cost of revenues was RMB18 billion in Q4, increasing 3% year over year, primarily due to the increase in traffic acquisition costs, costs related to AI Cloud business and a onetime write-down of inventories, partially offset by a decrease in personnel-related expenses and content costs.

第四季營收成本為人民幣 180 億元，年增 3%，主要由於流量獲取成本、AI 雲端業務相關成本增加以及一次​​存貨減記，但人員相關費用和內容成本的減少部分抵銷了這一增長。

Cost of revenue was RMB66.1 billion in 2024, increasing 2% year over year, primarily due to an increase in traffic acquisition costs, bandwidth costs, and server custody fees, partially offset by a decrease in personnel-related expenses and content costs.

2024年營收成本為人民幣661億元，年增2%，主要由於流量獲取成本、頻寬成本和伺服器託管費用增加，但人員相關費用和內容成本的減少部分抵銷了這一增長。

Operating expenses were RMB12.2 billion in Q4, which remained flat compared to the same period last year, primarily due to an increase in expected credit losses, server depreciation expenses, and server custody fees, which is for Gen-AI research and development input and the channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses.

第四季營業費用為122億元，與上年同期持平，主要是由於預期信用損失、伺服器折舊費用、伺服器託管費用增加，用於Gen-AI研發投入以及通路支出和推廣行銷費用，但人員相關費用的減少部分抵銷了這一變化。

RMB561 million of the increase in expected credit loss pertaining to a one-time accruals.

與一次性提列相關的預期信用損失增加人民幣5.61億元。

Operating expenses were RMB45.8 billion in 2024, decreasing 4% year over year, primarily due to a decrease in personnel-related expenses.

2024年營業費用為人民幣458億元，較去年同期下降4%，主要由於人員相關費用減少。

Operating income was RMB3.9 billion in Q4 compared to RMB5.4 billion for the same period last year.

第四季營業收入為39億元人民幣，去年同期為54億元。

Baidu Core operating income was RMB3.6 billion, and Baidu Core operating margin was 13% in Q4 compared to RMB4.7 billion and 17% for the same period last year.

第四季度，「百度核心」營業收入為36億元人民幣，營業利益率為13%，去年同期為47億元人民幣，營業利益率為17%。

The decrease due to onetime losses of RMB101 billion (sic – see press release, "RMB1.0 billion"), including accrual of credit losses, write-down of inventories and others.

減少的原因是一次性損失人民幣 1,010 億元（原文如此 - 請參閱新聞稿「人民幣 10 億元」），包括提列信用損失、減記存貨等。

Operating income was RMB21.3 billion in 2024.

2024年營業收入為人民幣213億元。

Baidu Core operating income was RMB19.5 billion, and Baidu Core operating margin was 19% in 2024.

2024年「百度核心」營業收入為195億元，「百度核心」營業利益率為19%。

Non-GAAP operating income was RMB5 billion in Q3.

第三季非美國通用會計準則營業收入為50億元。

Non-GAAP Baidu Core operating income was RMB4.6 billion and non-GAAP Baidu Core operating margin was 17% in Q4.

第四季非美國通用會計準則下「百度核心」營業收入為46億元人民幣，非美國通用會計準則下「百度核心」營業利潤率為17%。

Non-GAAP operating income was RMB26.2 billion in 2024.

2024年非公認會計準則營業收入為人民幣262億元。

Non-GAAP Baidu Core operating income was RMB23.9 billion and non-GAAP Baidu Core margin was 23% in 2024.

2024年非美國通用會計準則百度核心營業收入為人民幣239億元，非美國通用會計準則百度核心利潤率為23%。

In Q4, total other income net was RMB2.7 billion, compared to total other loss net of RMB2.5 billion for the same period last year, mainly due to increase in net foreign exchange gain arising from exchange rate fluctuation between renminbi and the US dollar.

第四季，其他淨收入總額為27億元人民幣，去年同期其他淨虧損總額為25億元人民幣，主要由於人民幣兌美元匯率波動導致的淨匯兌收益增加。

And a decrease in pickup losses from equity method investment, which modified certain terms of its preferred shares and result in a significant loss pickup in 2023.

權益法投資的損失減少，這修改了其優先股的某些條款，導致 2023 年的損失大幅增加。

Income tax expense was RMB1.6 billion.

所得稅費用為人民幣16億元。

In 2024, total other income net was RMB7.4 billion, decreasing 120% year over year, primarily due to a decrease in pickup losses.

2024年，其他淨收入總額為人民幣74億元，較去年同期減少120%，主要由於皮卡損失減少。

Income tax expense was RMB4.4 billion.

所得稅費用為44億元。

In Q4, net income attributable to Baidu was RMB5.2 billion, and diluted earnings per ADS was RMB14.26 billion.

第四季度，歸屬於百度的淨利為52億元人民幣，每股美國存託憑證攤薄收益為142.6億元。

Net income attributable to Baidu Core are RMB5.3 billion and net margin for Baidu Core is 19%.

歸屬於百度核心的淨利為53億元，百度核心的淨利率為19%。

Non-GAAP net income attributable to Baidu was RMB6.7 billion.

非美國通用會計準則下歸屬於百度的淨利為人民幣67億元。

Non-GAAP diluted earnings per ADS was RMB19.18. Non-GAAP net income attributable to Baidu Core was RMB6.7 billion and non-GAAP net margin for Baidu Core is 24%.

非美國通用會計準則每股攤薄收益為19.18元。非美國通用會計準則下歸屬於百度核心的淨利為人民幣67億元，非美國通用會計準則下百度核心淨利率為24%。

In 2024, net income to Baidu is up RMB23.8 billion, and diluted earnings per ADS was RMB65.91.

2024年，百度淨利增加238億元，每股稀釋收益65.91元。

Net income attributable to Baidu Core was RMB23.4 billion and net margin for Baidu Core is 22%.

歸屬於百度核心的淨利為234億元，百度核心淨利率為22%。

Net non-GAAP net income attributable to Baidu was RMB27 billion. Non-GAAP

歸屬於百度的非美國通用會計準則淨利為270億元。非公認會計準則

diluted earnings per ADS was RMB76.85. Non-GAAP net income attributable to Baidu Core was RMB26.3 billion.

每股美國存託憑證攤薄收益為76.85元。非美國通用會計準則下歸屬於百度核心的淨利為263億元。

And non-GAAP net margin for Baidu Core was 25%.

百度核心的非GAAP淨利率為25%。

As of December 31, 2024, cash, cash equivalents, restricted cash, and short-term investments were RMB139.1 billion.

截至2024年12月31日，現金、現金等價物、受限現金及短期投資為人民幣1,391億元。

And cash, cash equivalents, restricted cash and short-term investments, excluding iQIYI were RMB134.7 billion.

不包括愛奇藝的現金、現金等價物、受限現金和短期投資為人民幣 1,347 億元。

Free cash flow was RMB13.1 billion and free cash flow, excluding iQIYI was RMB11.1 billion in 2024.

自由現金流為人民幣131億元，不包括愛奇藝的自由現金流在2024年為人民幣111億元。

We define net cash position as cash and cash equivalents plus total restricted cash, deposits and others.

我們將淨現金狀況定義為現金和現金等價物加上受限現金、存款和其他總額。

That's total loans, convertible senior notes and notes payable.

這是貸款、可轉換優先票據和應付票據總額。

As of December 31, 2024, net cash position for Baidu was

截至 2024 年 12 月 31 日，百度的淨現金狀況為

[RMB170.5 billion].

【1705億元人民幣】。

Baidu Core had approximately 31,000 employees as of December 31, 2024.

截至 2024 年 12 月 31 日，百度核心約有 31,000 名員工。

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

接線員，現在讓我們開始提問。

(Operator Instructions) Alicia Yap, Citigroup.

(操作員指示) 花旗集團的 Alicia Yap。

Okay, thank you.

好的，謝謝。

Good evening, management.

管理層，晚上好。

Thanks for taking my questions.

感謝您回答我的問題。

My question is on the latest hot topic.

我的問題是關於最新的熱門話題。

So we have seen DeepSeek gaining a lot of attention lately and Baidu recent announcement for the open sourcing, the upcoming ERNIE 4.5-series and also making ERNIE bot for free.

因此，我們看到 DeepSeek 最近獲得了許多關注，百度最近宣布開源，即將推出 ERNIE 4.5 系列，並免費提供 ERNIE 機器人。

So could management share with us the strategic thinking behind this move?

那麼管理階層能否與我們分享這項措施背後的策略思想？

And also how do we view the current competitive landscape of the foundation models?

另外我們又如何看待目前基礎模​​型的競爭格局？

How does Baidu plan to stay ahead of this evolving market?

百度計劃如何在這個不斷發展的市場中保持領先地位？

Thank you.

謝謝。

Hi, Alicia.

你好，艾麗西亞。

Let me answer your questions.

讓我來回答你的問題。

The Gen-AI and foundation model market is still nascent but moving at a very fast pace.

Gen-AI 和基礎模型市場仍處於起步階段，但發展速度非常快。

The DeepSeek success story will certainly accelerate the adoption rate of foundation models.

DeepSeek 的成功必將加速基礎模型的採用速度。

As foundation models become more accessible and affordable, I believe we are entering a truly transformative phase.

隨著基礎模型變得越來越容易取得且價格更便宜，我相信我們正在進入一個真正的變革階段。

We are seeing an explosion of new AI applications and use cases that will open up incredible opportunities and push the boundaries of what's possible with AI.

我們看到新的人工智慧應用和用例呈現爆炸性成長，這將帶來難以置信的機遇，並突破人工智慧的極限。

One thing we learned from DeepSeek is that open sourcing the best models can greatly help adoption.

我們從 DeepSeek 學到的一件事是，開源最好的模型可以大大幫助採用。

When a model is open source, people naturally want to try it out of curiosity, which helps drive broader adoption.

當一個模型是開源的，人們自然會出於好奇而想要嘗試它，這有助於推動更廣泛的採用。

ERNIE 4.5 will be our best models ever.

ERNIE 4.5 將是我們有史以來最好的模型。

And we would like to have our users and customers try them out more easily than before.

我們希望我們的用戶和客戶能夠比以前更輕鬆地嘗試它們。

So our decision to open-source ERNIE 4.5 series is also backed by our deep confidence in our technology leadership.

因此，我們決定開源 ERNIE 4.5 系列也是出於對我們技術領導的深度信心。

This conviction stems from our decades-long commitment to R&D investment, our continuous technological innovation, and our unique position as one of the few companies worldwide with full-stack AI capabilities.

這種信念源自於我們數十年來對研發的投入、持續的技術創新，以及我們作為全球少數擁有全端 AI 能力的公司之一的獨特地位。

ERNIE has already demonstrated strong market traction with daily API costs surging from about 50 million to 1.65 billion in just one year.

ERNIE 已經表現出強大的市場吸引力，短短一年內每日 API 成本從約 5,000 萬美元飆升至 16.5 億美元。

So through open sourcing, we believe more developers and users will recognize ERNIE's true value, driving even broader adoption and expanding its impact across more scenarios.

因此，透過開源，我們相信更多的開發人員和使用者將認識到 ERNIE 的真正價值，從而推動更廣泛的採用並擴大其在更多場景中的影響力。

Similarly, making ERNIE bot free will enable more users to compare our foundation models with other models on an apple-to-apple basis because they don't charge.

同樣，免費提供 ERNIE 機器人將使更多用戶能夠在同類基礎上將我們的基礎模型與其他模型進行比較，因為它們不收費。

Last time we had a major upgrade on ERNIE was in October 2023.

上次我們對 ERNIE 進行重大升級是在 2023 年 10 月。

So it's a long time ago.

這已經是很久以前的事了。

So stay tuned for ERNIE 4.5 in the next couple of months.

因此，請在接下來的幾個月內繼續關注 ERNIE 4.5。

Having said that, I want to emphasize one crucial point.

話雖如此，我想強調一個關鍵點。

No matter open source or closed source, foundation models become truly valuable only when they can effectively address real world problems at scale.

無論是開源還是閉源，基礎模型只有能夠大規模有效解決現實世界問題時才真正有價值。

We have been committed to an application-driven approach in continuously iterating ERNIE.

我們一直致力於以應用程式驅動的方式不斷迭代 ERNIE。

With this mindset, since launching, we have been using ERNIE to renovate our products while serving enterprise customers.

本著這種心態，自推出以來，我們在服務企業客戶的同時，一直使用 ERNIE 來改造我們的產品。

Internally, we've leveraged ERNIE to successfully transform our consumer-facing products like Baidu Search and Baidu Wenku.

在內部，我們利用 ERNIE 成功轉型面向消費者的產品，如百度搜尋和百度文庫。

Externally through our MaaS platform, Qianfan, we are enhancing the model and application development experience for enterprise clients.

對外，我們透過MaaS平台千帆，提升企業客戶的模型與應用開發體驗。

ERNIE's industry-leading capabilities in instruction following and state-of-the-art retrieval augmented generation technology thatminimizes hallucinations, have enabled wide adoption across various scenarios and Qianfan's comprehensive tool chain allows our customers to customize any model for their own application scenarios.

ERNIE 擁有業界領先的指令跟隨能力和最先進的檢索增強生成技術，可以最大限度地減少幻覺，並在各種場景中得到廣泛應用，而千帆的綜合工具鏈使我們的客戶能夠根據自己的應用場景定制任何模型。

Going forward, we plan to accelerate ERNIE's iteration based on the performance improvement and cost cutting potential.

展望未來，我們計劃根據性能改進和成本削減潛力加速 ERNIE 的迭代。

We will continue evolving it in areas with the greatest potential for real-world impact.

我們將繼續在最有可能對現實世界產生影響的領域中改進它。

We are excited about the new chapter of AI development, and we look forward to seeing AI technology bring more groundbreaking applications that have lasting value for the society.

我們對人工智慧發展的新篇章感到興奮，並期待人工智慧技術為社會帶來更多具有持久價值的突破性應用。

Thank you.

謝謝。

Lincoln Kong, Goldman Sachs.

高盛的林肯孔（Lincoln Kong）。

Thank you for taking my question.

感謝您回答我的問題。

So my question is about the search business.

我的問題是關於搜尋業務的。

So following recent quarters of search revamp, so how should we think about the future adjustment or changes?

那麼，在最近幾季的搜尋改進之後，我們應該如何看待未來的調整或變化？

So what's the current mix of the Gen-AI result?

那麼 Gen-AI 結果的當前組合是什麼樣的呢？

And what's our target mix?

我們的目標組合是什麼？

And also as AI integration continued to deepen, could you share more color around the user metrics?

而且隨著人工智慧融合的不斷深入，您能否分享更多有關使用者指標的細節？

Given that AI chatbots such as DeepSeek and Doubao also offering search capability, so how do you view the competitive dynamics between Baidu Search and those AI chatbots?

鑑於DeepSeek、豆包等人工智慧聊天機器人也具備搜尋功能，您如何看待百度搜尋與這些人工智慧聊天機器人之間的競爭態勢？

Thank you.

謝謝。

Hi, Lincoln.

你好，林肯。

Let me answer questions.

讓我來回答問題。

And currently, around 22% of all search result pages contain AI-generated content.

目前，所有搜尋結果頁面中約有 22% 包含人工智慧產生的內容。

However, there is much more going on behind the scenes.

然而，幕後還發生了很多事情。

We have fundamentally transformied search and making it more powerful and efficient than ever before.

我們從根本上改變了搜索，使其比以往更加強大和高效。

And same as Robin said in the prepared remarks, with ERNIE, we have expanded the search beyond text, links to offer diverse content formats, including short videos, live streaming, agents, notes and short plays.

正如 Robin 在準備好的演講中所說，透過 ERNIE，我們將搜尋範圍擴展到文字和連結之外，提供多樣化的內容格式，包括短影片、直播、代理、筆記和短劇。

And these different formats can be dynamically combined to create personalized search experiences.

這些不同的格式可以動態組合，以創建個人化的搜尋體驗。

As we continue to transform search, we are also developing capabilities which allow for deep personalization adapting to each user's habits and preference.

隨著我們繼續改變搜索，我們也在開發能夠適應每個用戶的習慣和偏好的深度個人化功能。

Our efforts have led to the better user results.

我們的努力已經帶來了更好的用戶結果。

In January, we can see that amongt monthly active users who conducted search on Baidu App, 83% engaged with the generative AI content.

1 月份，我們發現在百度 App 上進行搜尋的每月活躍用戶中，83% 參與了產生 AI 內容。

What's even more encouraging is that in December, the search queries per user on the Baidu App grew by 2% year over year.

更令人鼓舞的是，12月份，百度App每位用戶的搜尋查詢量年增了2%。

And we focus on continuous improvement in user experiences, expanding AI's role as we see increasingly positive user engagement.

我們專注於不斷改善用戶體驗，隨著我們看到越來越積極的用戶參與度，擴大人工智慧的角色。

Building on this, let me share a small case of how ERNIE agents can create values for our advertisers.

在此基礎上，我來分享一個小案例，說明 ERNIE 代理商如何為我們的廣告主創造價值。

During this past Chinese New Year holiday, while many small and medium enterprises closed for one week, customer demand in certain industry actually peaked, our ERNIE agents effectively bridge this gap.

在剛過去的農曆新年假期中，雖然許多中小企業休息了一周，但某些行業的客戶需求達到了頂峰，我們的 ERNIE 代理有效地彌補了這一差距。

For example, a hearing aid company saw increased inquiries as families reunited and checked on elderly parents’ health needs.

例如，隨著家人團聚並檢查年邁父母的健康需求，一家助聽器公司接到的問詢越來越多。

But their customers -- but their own customer service team actually were away because they were on holiday.

但他們的客戶——他們自己的客戶服務團隊實際上不在，因為他們正在度假。

Through the ERNIE agent, we helped the company effectively identify and qualify the highly relevant sales leads, enabling them to efficiently follow up and serve their customers seamlessly even with a reduced team during the holiday.

透過 ERNIE 代理，我們幫助該公司有效地識別和限定高度相關的銷售線索，使他們即使在假期期間團隊減少的情況下也能高效地跟進並無縫地為客戶提供服務。

And regarding your question about AI chatbots and search, we believe that we are still in the very early stage of the AI revolution driven by the foundation models.

關於您提到的人工智慧聊天機器人和搜尋的問題，我們認為，我們仍處於由基礎模型驅動的人工智慧革命的早期階段。

Whether it's AI native chatbot like DeepSeek or our AI-driven products renovation- this kind of efforts.

無論是像 DeepSeek 這樣的 AI 原生聊天機器人，還是我們 AI 驅動的產品創新，都是這樣的努力。

And this all represent different ways to explore AI potential.

所有這些都代表了探索人工智慧潛力的不同方式。

As the leader in China’s search market with hundreds of millions of users, we maintain agility and holistic market view by embracing the best innovations and incorporating the truly innovative AI features.

作為擁有數億用戶的中國搜尋市場領導者，我們透過擁抱最佳創新並融入真正創新的人工智慧功能來保持敏捷性和整體市場視角。

We continue to pioneer AI transformation, enhancing the search experiences for our massive user base.

我們持續開拓人工智慧轉型，增強我們龐大用戶群的搜尋體驗。

Also search by its nature is deeply rooted in language and text understanding, which aligns perfectly with the large language model capabilities, which position us well to lead in the AI-powered search transformation.

而且，搜尋本質上深深植根於語言和文字理解，這與大型語言模型功能完美契合，使我們能夠在人工智慧搜尋轉型中處於領先地位。

We believe search is evolving into an integrated platform that go beyond the AI chatbots.

我們相信搜尋正在發展成為一個超越人工智慧聊天機器人的整合平台。

And one that not only provides the smart answers but also guides users through their entire journey from finding answers to providing in-depth analysis to completing tasks and ultimately to delivering the comprehensive services and solutions.

它不僅提供智慧答案，還引導使用者完成整個過程，從尋找答案到提供深入分析到完成任務，最終提供全面的服務和解決方案。

While AI chatbot represents an important early phase in AI application development, the killer app today has not yet emerged.

雖然人工智慧聊天機器人代表了人工智慧應用開發的重要早期階段，但今天的殺手級應用尚未出現。

And for us, the key is to maintain this rapid and determined pace of the AI transformation, focusing on discovering what users truly need and want from the next generation of search.

對我們來說，關鍵是保持人工智慧轉型的快速而堅定的步伐，專注於發現用戶真正需要什麼以及想要從下一代搜尋中得到什麼。

Thank you, Lincoln.

謝謝你，林肯。

Alex Yao, JPMorgan.

摩根大通的 Alex Yao。

Hi, management.

你好，管理層。

Thank you for taking my question.

感謝您回答我的問題。

So could you comment on core ad growth outlook for first quarter '25 and full year 2025?

那麼您能否評論一下 2025 年第一季和 2025 年全年的核心廣告成長前景？

What are the macro assumptions you made underlying these online ad outlook, hasthe advertising business truly bottomed out in 4Q '24 and started to recover?

您對網路廣告前景做出了哪些宏觀假設？

Lastly, what are the potential opportunities for monetizing Gen-AI search and what is the expected timing?

最後，Gen-AI 搜尋的貨幣化潛在機會是什麼？

Thank you.

謝謝。

Thank you, Alex.

謝謝你，亞歷克斯。

This is Julius Let me answer your question.

我是朱利葉斯，讓我來回答您的問題。

Yes, we are seeing the different kinds of stimulus policies rolling out in the past few months -like monetary easing, fiscal stimulus, and trade-in policies.

是的，我們看到過去幾個月推出的各種刺激政策，例如貨幣寬鬆、財政刺激和以舊換新政策。

And while we believe that these measures will eventually will benefit the economy and they need some time to flow through.

雖然我們相信這些措施最終將有利於經濟，但它們的實施需要一些時間。

Given that our advertising business is highly correlated with the small and medium enterprises who are particularly sensitive to macro conditions, plus is a persistently challenging competitive landscape, we haven't really seen any improvements in Q4 yet.

鑑於我們的廣告業務與對宏觀條件特別敏感的中小企業高度相關，再加上持續充滿挑戰的競爭環境，我們在第四季度還沒有真正看到任何改善。

Despite the near-term pressures, our efforts to transform search with foundation models are progressing steadily.

儘管短期內面臨壓力，但我們利用基礎模型改造搜尋的努力正在穩步推進。

And we believe that this AI transformation will continue to enhance the user experiences and create new opportunities.

我們相信，這種人工智慧轉型將繼續增強用戶體驗並創造新的機會。

This quarter, we further deepen AI transformation of search, and we are seeing encouraging improvements in user metrics as we talked about in the prepared remarks.

本季度，我們進一步深化人工智慧對搜尋的轉型，正如我們在準備好的評論中談到的那樣，我們看到用戶指標取得了令人鼓舞的改善。

And we believe this will help drive revenue growth and open new monetization opportunities in the longer term.

我們相信，從長遠來看，這將有助於推動收入成長並開闢新的獲利機會。

Also, we haven't started to monetize our such results at scale yet, which is around 22% of total queries.

此外，我們尚未大規模地將這些結果貨幣化，這約佔總查詢的 22%。

Once our AI-powered search features are sufficiently refined, we will move forward with monetization.

一旦我們的人工智慧搜尋功能足夠完善，我們就會繼續推動貨幣化。

With higher quality user products, we are seeing opportunities for future growth.

隨著用戶產品品質的提高，我們看到了未來成長的機會。

Based on these factors, we think that we are reaching the low point of our advertisement businesses.

基於這些因素，我們認為我們的廣告業務正在走向低谷。

We expect our ad businesses to gradually improve with the first half of the year performing better than Q4 and the second half of the year showing further improvement over the first half.

我們預期我們的廣告業務將逐步改善，上半年的表現將優於第四季度，下半年的表現將比上半年進一步改善。

Thank you, Alex.

謝謝你，亞歷克斯。

Gary Yu, Morgan Stanley.

摩根士丹利的 Gary Yu。

Thank you for the opportunity.

感謝您給我這個機會。

So my question is regarding AI cloud.

我的問題是關於 AI 雲。

Given the strong growth of your AI Cloud business this quarter, can we expect a continued positive trajectory going into 2025, and both in terms of revenue and also profitability?

鑑於本季度您的 AI 雲端業務強勁成長，我們是否可以預期到 2025 年營收和獲利能力都會繼續呈現正面的成長趨勢？

What are the main drivers behind this momentum?

這勢頭背後的主要驅動力是什麼？

And additionally, could management share your outlook on the AI Cloud market in 2025?

此外，管理階層能否分享您對 2025 年 AI 雲端市場的展望？

How should we approach enterprise cloud demand and what incremental opportunities does AI bring to this segment?

我們該如何對待企業雲端需求以及人工智慧為這一領域帶來哪些增量機會？

Thank you.

謝謝。

Thank you, Gary, for your question.

謝謝你，加里，提出這個問題。

So as Robin mentioned, our AI Cloud revenue growth accelerated to 26% year over year in Q4, contributing to a full-year revenue growth of 17% in '24.

正如 Robin 所提到的，我們的 AI 雲端營收成長在第四季度年增至 26％，推動 24 年全年營收成長 17％。

Notably, Gen-AI-related revenue nearly tripled year over year in 2024.

值得注意的是，到 2024 年，Gen-AI 相關收入將年增近三倍。

So this growth was fueled by rising demand for ERNIE and our AI infrastructure,underscoring the market's strong recognition of our technical leadership.

因此，這一增長是由對 ERNIE 和我們的 AI 基礎設施的需求不斷增長所推動的，凸顯了市場對我們技術領導地位的強烈認可。

So as a result, we have successfully attracted a diverse customer base and build a robust pipeline of opportunities.

因此，我們成功吸引了多樣化的客戶群並建立了強大的機會管道。

So for the AI infrastructure, we have established partnerships across diverse sectors, including Internet, automotive, smart devices, manufacturing, energy, finance, utilities and lots of AIGC start-ups.

因此，對於人工智慧基礎設施，我們已經與不同領域建立了合作夥伴關係，包括網路、汽車、智慧設備、製造、能源、金融、公用事業和許多 AIGC 新創公司。

Our customer base continues to grow healthily with strong gains among both top-tier and mid-tier customers, demonstrating our expanding market share in China's cloud market.

我們的客戶群持續健康成長，頂級和中階客戶均實現強勁成長，顯示我們在中國雲端市場的市場份額不斷擴大。

On the MaaS platform, Qianfan, it provides comprehensive foundation models with the industry-leading and performance.

在MaaS平台上，千帆提供了全面的基礎模型和效能，業界領先。

So we offer the ERNIE family of models from flagship to lightweight versions designed to meet diverse needs.

因此，我們提供 ERNIE 系列各種型號，從旗艦版到輕量級版，旨在滿足不同的需求。

And besides ERNIE, we also provide access to a wide range of high-quality third-party foundation models, including DeepSeek V3 and R1 models.

除了 ERNIE，我們還提供各種高品質的第三方基礎模型，包括 DeepSeek V3 和 R1 模型。

Thanks to our full stack AI capabilities and end-to-end optimization, we can ensure optimal performance and stability for any models hosted on our platform, while maintaining highly competitive pricing.

憑藉我們全端 AI 功能和端到端優化，我們可以確保平台上託管的任何模型的最佳性能和穩定性，同時保持極具競爭力的價格。

So in addition to that, Qianfan provides a full set of tools for fine-tuning models and building AI native apps so that our customers can easily work out solutions catering for their own specific needs.

因此除此之外，千帆還提供了一整套用於微調模型和建立 AI 原生應用程式的工具，以便我們的客戶可以輕鬆制定滿足自己特定需求的解決方案。

So in terms of the AI Cloud market, we believe it will grow rapidly in 2025.

因此就AI雲市場而言，我們相信它將在2025年快速成長。

On one hand, during the recent Chinese New Year holiday, large language models became a widely discussed topic.

一方面，在最近的農曆新年假期期間，大型語言模式成為人們廣泛討論的議題。

This not only further increased public awareness of foundation models but also encouraged more people to think deeply about how to leverage them to improve their own businesses.

這不僅進一步提高了公眾對基金會模式的認識，也鼓勵更多人深入思考如何利用它們來改善自己的業務。

On the other hand, we are confident that the performance of foundation models will continue to improve, while the cost will steadily decline.

另一方面，我們有信心基礎型號的性能將繼續提高，而成本將穩定下降。

Surely, this will further lower the barrier to utilize these models.

當然，這將進一步降低使用這些模型的門檻。

So as a result, we believe more enterprises will integrate foundation models into every aspect of their business operations from R&D to production and to sales, which will drive explosive growth in API calls.

因此，我們相信會有更多企業將基礎模型融入研發、生產、銷售等業務營運的各個環節，進而推動 API 呼叫的爆炸性成長。

Thereafter, we anticipate increased spending on Baidu AI Cloud, as we have observed a clear trend in the past year, the consumers who adopted foundation models through API calls on our Qianfan MaaS platform also tended to increase their spending on our AI Cloud services.

此後，我們預計百度人工智慧雲端的支出將會增加，因為我們在過去一年中觀察到了一個明顯的趨勢，透過千帆MaaS平台上的API呼叫採用基礎模型的消費者也傾向於增加在我們的人工智慧雲端服務上的支出。

On the profit side, our non-GAAP operating margin continued to expand year over year in Q4 as we focused on high-value opportunities that align with our strategic priorities, which drives sustainable robust growth.

在利潤方面，由於我們專注於符合我們策略重點的高價值機會，我們的非公認會計準則營業利潤率在第四季度繼續同比擴大，從而推動了可持續的強勁增長。

So looking into 2025, we are confident that our AI cloud revenue growth will maintain strong momentum while continuing to generate positive operating profit.

因此展望2025年，我們有信心我們的AI雲端營收成長將保持強勁勢頭，同時繼續產生正的營業利潤。

Xiong Wei, UBS.

瑞銀熊偉。

Hi management.

嗨，管理層。

Good evening.

晚安.

Thank you for taking my question.

感謝您回答我的問題。

I want to ask about our margin trend.

我想問一下我們的利潤趨勢。

So given the near-term headwinds in core ads and the increasing mix of cloud revenue, how should we think about the core margin levels in the first quarter and also full year 2025?

那麼，考慮到核心廣告的近期阻力和雲端收入的不斷增加，我們應該如何看待 2025 年第一季和全年的核心利潤率水準？

Is there any room to further optimize our operating efficiency?

我們的營運效率還有什麼可以進一步優化的空間？

And also, are there any investment plans for the full year that we should be aware of?

另外，有哪些全年投資計畫值得我們了解？

Thank you.

謝謝。

Thank you for your question.

感謝您的提問。

This is Jackson.

這是傑克遜。

So despite the near-term pressure, so we remain optimistic that our strategic AI investment will deliver more sustainable impact.

因此，儘管面臨短期壓力，但我們仍然樂觀地認為，我們的策略性人工智慧投資將帶來更永續的影響。

So we stay focused on improving resilience across all aspects of our business operations and see encouraging progress across our businesses.

因此，我們始終專注於提高業務運營各個方面的彈性，並看到各項業務都取得了令人鼓舞的進展。

First, for our online marketing business, we expect our advertising revenue to gradually improve, driven by our plan to monetize our AI-generated search results at scale and also our readiness to capture growth opportunities when the macro improves.

首先，對於我們的線上行銷業務，我們預計我們的廣告收入將逐步改善，這得益於我們大規模將人工智慧產生的搜尋結果貨幣化的計劃，以及我們準備在宏觀經濟改善時抓住成長機會。

Secondly, for our AI Cloud business, it has already demonstrated robust growth with continued margin improvement, driven by our growing market presence and the competitive advantage in our unique self-developed four-layer AI architecture and full-stack AI capabilities.

其次，我們的AI雲業務已呈現強勁成長，利潤率持續提高，這得益於我們不斷成長的市場佔有率以及我們獨特的自主開發的四層AI架構和全端AI功能的競爭優勢。

So we remain confident in maintaining this strong momentum going forward.

因此，我們仍然有信心繼續保持這一強勁勢頭。

Third, for our intelligent driving business, particularly robotaxi, Apollo Go, we remain focused on narrowing losses with better operational efficiency and improved UE.

第三，對於我們的智慧駕駛業務，特別是Robotaxi、Apollo Go，我們仍然致力於透過提高營運效率和改善UE來縮小虧損。

We are also exploring innovative operational models, including asset-light models.

我們也正在探索創新的營運模式，包括輕資產模式。

As you asked for the investments and optimization in 2025, we will maintain optimal resource allocation to high growth opportunities, while staying aligned with our long-term strategy.

正如您所要求的2025年的投資和優化，我們將保持對高成長機會的最佳資源配置，同時與我們的長期策略保持一致。

Our investments will continue to focus on initiatives that offer both tremendous future opportunities and strong ROI potential, including further advancing ERNIE's capabilities, deepening the AI transformation of search, enhancing our AI Cloud offerings and expanding our autonomous driving initiatives.

我們的投資將繼續專注於提供巨大未來機會和強大投資回報潛力的計劃，包括進一步提升 ERNIE 的能力、深化搜尋的人工智慧轉型、增強我們的人工智慧雲端產品和擴展我們的自動駕駛計劃。

As we move forward with these initiatives, we remain committed to enhancing operational efficiency and fostering synergies across business group to maximize the impact of these strategic investments.

在推動這些措施的同時，我們仍致力於提高營運效率，促進整個業務集團的綜效，以最大限度地發揮這些策略投資的影響力。

Thank you.

謝謝。

Xiaomeng Zhuang, BofA Securities.

莊小萌，美國銀行證券。

Good evening.

晚安.

Thanks management for taking my question.

感謝管理層回答我的問題。

My question is about the robotaxi business.

我的問題是關於自動駕駛出租車業務的。

Can management provide updates to the progress of the robotaxi business heading into 2025?

管理階層能否提供 2025 年自動駕駛計程車業務進度的最新情況？

What other targets for fleet size unit economies and value proposition for our robotaxi business?

我們的自動駕駛計程車業務的車隊規模單位經濟和價值主張還有哪些目標？

What do you think the industry is approaching -- are we reaching an inflection point?

您認為這個產業正在走向什麼階段──我們是否正在到達一個轉捩點？

And what's your view about the competition dynamics?

您對競爭動態有何看法？

As we are seeing that China's robotaxi competitors leveraging ecosystem strategies with automakers and also ride-hailing platforms.

我們看到，中國的自動駕駛計程車競爭對手正在與汽車製造商和叫車平台合作實施生態系統策略。

So wondering what is Baidu's approach to compete and scale?

那麼，您想知道百度的競爭和擴張策略是什麼嗎？

Thank you.

謝謝。

Yeah, this is Robin.

是的，這是羅賓。

We've invested in autonomous driving technology for over a decade.

我們對自動駕駛技術的投資已經十多年了。

We have turned our big vision into reality.

我們已將我們的遠大願景變成現實。

Through Apollo Go, we established ourselves as a leading global player in autonomous driving technology.

透過 Apollo Go，我們確立了其在自動駕駛技術領域的全球領先地位。

We operate in one of the most challenging environments globally.

我們的營運環境是全球最具挑戰性的環境之一。

China's traffic conditions are among the world's most complex due to its massive population, diverse road conditions, dynamic traffic scenarios and complicated urban layouts.

中國人口規模龐大、路況多元、交通場景動態、城市佈局複雜，是世界上最複雜的交通狀況之一。

The price for ride hailing in China it's about like one-seventh of that in the US.

中國的叫車價格約為美國的七分之一。

So our successful operation here demonstrates our exceptional technological and operational capabilities.

因此，我們在這裡的成功營運證明了我們卓越的技術和營運能力。

We designed the RT6, our sixth-generation autonomous vehicle from the ground up.

我們從頭開始設計了第六代自動駕駛汽車 RT6。

It is the most cost-effective robotaxi vehicle the world has ever seen.

這是迄今為止全球最具成本效益的自動駕駛計程車。

With these strengths, we've successfully validated our business model and laid a strong foundation for further scaling and global expansion.

憑藉這些優勢，我們成功驗證了我們的商業模式，並為進一步擴大規模和全球擴張奠定了堅實的基礎。

In Q4, Apollo Go provided approximately 1.1 million rides nationwide.

第四季度，Apollo Go 在全國範圍內提供了約 110 萬次乘車服務。

That's a 36% increase year over year.

這比去年同期增加了 36%。

And in January, the cumulative rides provided to the public exceeded 9 million.

1月份，該公司累計為大眾提供了超過900萬人次的旅遊服務。

Furthermore, as I mentioned, we've achieved 100% fully driverless operations in China which means that we don't have any safety drivers on the vehicles anymore.

此外，正如我所提到的，我們在中國已經實現了 100％ 完全無人駕駛運營，這意味著我們的車輛上不再配備任何安全駕駛員。

So this is a new industry benchmark, and it reinforces our leadership in this area.

因此，這是一個新的行業基準，它鞏固了我們在該領域的領導地位。

As I mentioned earlier, in November of last year, Apollo Go got the green light to start open road testing in Hong Kong.

我之前提到過，去年11月，Apollo Go獲得在香港開始公開道路測試的許可。

And this is an important stand because Hong Kong is our first right-hand drive and right-hand traffic market.

這是一個重要的立場，因為香港是我們第一個右側行駛和右側交通的市場。

It shows our ability to adapt our autonomous driving technology to different traffic systems, opening doors for expansion into other markets with similar driving setups.

它展示了我們使自動駕駛技術適應不同交通系統的能力，為我們擴展到具有類似駕駛設置的其他市場打開了大門。

This year will be a paramount year for our expansion, we expect to grow our fleet size and ride volumes faster than ever.

今年將是我們擴張的關鍵一年，我們預計車隊規模和客流量將比以往任何時候都更快成長。

As we push forward, we're also actively seeking cooperation opportunities.

我們在推進的同時，也積極尋求合作機會。

We have identified a variety of potential partners, including mobility service providers, local taxi companies, third-party fleet operators and other potential partners.

我們確定了各種潛在合作夥伴，包括行動服務提供者、當地計程車公司、第三方車隊營運商和其他潛在合作夥伴。

This asset-light approach will allow us to scale up efficiently while maintaining flexibility.

這種輕資產方式將使我們能夠有效擴大規模，同時保持靈活性。

By working with a diverse range of partners, we aim to strengthen our position in the market and bring autonomous driving to even more people.

透過與多種合作夥伴合作，我們旨在加強我們的市場地位，並為更多人帶來自動駕駛。

Looking at the broader market, as I mentioned in our last earnings call, since the market is still in its infancy, competition actually helps accelerate market development and foster a more friendly pro innovation regulatory environment.

綜觀更廣泛的市場，正如我在上次財報電話會議上提到的，由於市場仍處於起步階段，競爭實際上有助於加速市場發展並培育更友善的利於創新的監管環境。

And in this growing market, our mission remains clear, delivering a safer, more convenient and more comfortable mobility experience for more users.

在這個不斷成長的市場中，我們的使命始終明確：為更多用戶提供更安全、更便利、更舒適的行動體驗。

Thank you.

謝謝。

Thomas Chong, Jefferies.

傑富瑞 (Jefferies) 的托馬斯張 (Thomas Chong)。

Hi, good evening.

嗨，晚上好。

Thanks management for taking my questions.

感謝管理層回答我的問題。

Looking into 2025, what will be Baidu's strategic focus for business investments.

展望2025年，百度的業務投資策略重點是什麼？

Specifically, how will resources be allocated across search, autonomous driving, cloud services, and foundation models?

具體來說，搜尋、自動駕駛、雲端服務和基礎模型之間的資源將如何分配？

Additionally, what is management's outlook on full year 2025 capital expenditures as well as shareholders' returns.

此外，管理階層對 2025 年全年資本支出以及股東回報的展望如何。

Thank you.

謝謝。

Thank you, Thomas.

謝謝你，托馬斯。

This is Jackson.

這是傑克遜。

So as we evaluate our capital allocation opportunities in 2025, so our approach are guided by the following strategic considerations.

因此，當我們評估 2025 年的資本配置機會時，我們的方法將遵循以下策略考量。

So we will continue to invest in advancing our AI capabilities as a long-term strategic priority.

因此，我們將繼續把投資提升我們的人工智慧能力作為長期策略重點。

So with that, we will further deepen the AI transformation across our product portfolio, particularly search.

因此，我們將進一步深化我們產品組合的人工智慧轉型，特別是搜尋。

For AI Cloud, we aim to drive the adoption of our AI infrastructure, our MaaS platform, Qianfan, the ERNIE among enterprise customers, meeting their growing demand for our AI products and solutions as well as AI C\cloud services.

對於AI Cloud，我們的目標是推動企業客戶採用我們的AI基礎設施、我們的MaaS平台、千帆和ERNIE，滿足他們對我們的AI產品和解決方案以及AI C \ cloud服務日益增長的需求。

In intelligent driving, we are focusing on scaling domestic operations, exploring innovative operational model and expanding our international presence,while ensuring disciplined ROI management and effective loss control.

在智慧駕駛領域，我們專注於擴大國內業務規模，探索創新營運模式，拓展國際影響力，同時確保嚴格的投資報酬率管理和有效的損失控制。

For CapEx, two key priorities drive our decisions to strengthening our technology leadership and accelerating the adoption of our AI products and AI cloud services across different sectors.

對於資本支出，有兩個關鍵優先事項推動我們做出決定，即加強我們的技術領導地位並加速不同領域採用我們的人工智慧產品和人工智慧雲端服務。

So as you ask for shareholder returns, we repurchased this over USD1 billion since the beginning of 2024, which is significantly higher than our total buybacks in 2023.

因此，正如您要求的股東回報一樣，自 2024 年初以來，我們已回購了超過 10 億美元，這大大高於我們 2023 年的總回購量。

So in total, we have repurchased USD1.7 billion under our $5 billion purchase program, which runs through December 2025.

因此，總的來說，我們根據 50 億美元的購買計劃回購了 17 億美元，該計劃將持續到 2025 年 12 月。

So going forward, we plan to accelerate our buyback program as part of our ongoing efforts to return value to our shareholders for their enduring trust and support.

因此，展望未來，我們計劃加快回購計劃，作為我們持續努力的一部分，為股東帶來持久的信任和支持。

Thank you.

謝謝。

Ladies and gentlemen, that is all the time we have for questions.

女士們、先生們，我們的提問時間到此結束。

That does conclude our conference for today.

今天的會議就到此結束了。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連線。