百度 (BIDU) 2025 Q1 法說會逐字稿

Hello, and thank you for standing by for Baidu's first quarter 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

您好，感謝您參加百度2025年第一季財報電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。

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 first quarter 2025 earnings conference call. Baidu's earnings release was distributed earlier today, and you can find a copy on our website as well as on Newswire services. On the call today, we have Robin Li, our Co-Founder and CEO; 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.

大家好，歡迎參加百度2025年第一季財報電話會議。百度的財報已於今天早些時候發布，您可以在我們的網站和新聞專線服務上找到一份副本。參加今天電話會議的有我們的聯合創始人兼首席執行官李彥宏、負責百度移動生態系統事業群 (MEG) 的執行副總裁羅榮、負責百度智能雲事業群 (ACG) 的執行副總裁沈抖，以及我們的代理首席財務官何俊傑。

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 Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

在我們準備好發言之後，我們將舉行問答環節。請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。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 findings 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，請參閱我們最新的年度報告以及與美國證券交易委員會和香港證券交易所的其他調查結果。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 and this call include discussions of certain unaudited non-GAAP financial measures. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures and is available on our IR website at ir.baidu.com.

我們的收益新聞稿和本次電話會議包括對某些未經審計的非公認會計準則財務指標的討論。我們的新聞稿包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的對賬，可在我們的 IR 網站 ir.baidu.com 上查閱。

As a reminder, this 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投資者關係網站上提供。現在我將電話轉給我們的執行長羅賓。

Hello, everyone. We kicked off 2025 with a solid start. In the first quarter, Baidu Core's total revenue reached RMB25.5 billion, representing a 7% year-over-year increase. The growth was primarily attributable to the robust performance of our AI Cloud business.

大家好。我們以良好的開端開啟了2025年。第一季度，「百度核心」總營收達255億元，年增7%。成長主要歸功於我們人工智慧雲端業務的強勁表現。

In Q1, AI Cloud revenue reached RMB6.7 billion, increased by 42% year over year, representing a significant acceleration for our cloud business. Such performance reinforces the widespread market recognition of our distinctive AI capabilities underpinned by our unique four-layer AI architecture, while affirming the ongoing demand for our full-stack, end-to-end AI products and solutions. Notably, AI Cloud accounted for 26% of Baidu Core revenue, up from 20% a year ago, reflecting the growing significance of our AI Cloud business within our business portfolio.

一季度，人工智慧雲端營收達67億元，年增42%，雲端業務成長顯著提速。這樣的表現鞏固了我們以獨特的四層AI架構為基礎的獨特AI功能的廣泛市場認可，同時也肯定了市場對我們全端、端到端AI產品和解決方案的持續需求。值得注意的是，AI雲佔百度核心收入的26％，高於一年前的20％，這反映了AI雲業務在我們業務組合中的重要性日益增強。

Throughout the first quarter, amid rapid evolution across the AI landscape. Advancing our AI capabilities remains our core priority. We have accelerated the iteration of our foundation models, allowing us to maintain our leading position as one of the top players in this dynamic field. In March, we released ERNIE 4.5 and ERNIE X1.

整個第一季度，人工智慧領域快速發展。提升我們的人工智慧能力仍然是我們的核心優先事項。我們加快了基礎模型的迭代，使我們在這充滿活力的領域中保持領先地位。三月份，我們發布了 ERNIE 4.5 和 ERNIE X1。

ERNIE 4.5 is our first flagship model with multi-modal capabilities, and it excels at understanding, analyzing, and processing multi-modal content precisely. ERNIE X1, our first reasoning model, brings advanced reasoning capabilities with best-in-class function calling, tackling complex problems with extended chains of thought. Notably, both ERNIE 4.5 and ERNIE X1 come with highly competitive pricing.

ERNIE 4.5 是我們第一款具有多模式功能的旗艦模型，它擅長精確理解、分析和處理多模式內容。我們的第一個推理模型 ERNIE X1 具有先進的推理能力和一流的函數調用，可以透過擴展的思路鏈解決複雜的問題。值得注意的是，ERNIE 4.5 和 ERNIE X1 的價格都極具競爭力。

Furthermore, in April, at Baidu Create 2025, we unveiled their upgraded version, ERNIE 4.5 Turbo and ERNIE X1 Turbo, which feature enhanced performance and dramatically lower pricing, making them among the most cost-effective options on the market.

此外，在4月的百度Create 2025大會上，我們發表了升級版ERNIE 4.5 Turbo和ERNIE X1 Turbo，性能提升的同時價格大幅降低，成為市面上最具性價比的選擇之一。

Our rapid and continuous cost reductions stem from our unique four-layer AI architecture and full-stack capabilities. This distinctive architecture enables end-to-end optimization at every layer, spanning infrastructure, framework, models and applications, allowing us to holistically enhance both performance and efficiency. As a result, we delivered superior performance and stability at highly competitive pricing, positioning us to offer industry-leading foundation models and AI solutions with exceptional price performance ratios. With stronger capabilities and lower pricing, foundation models are becoming increasingly accessible, enabling diverse applications at scale and unlocking significant value across industries.

我們快速持續的成本降低源自於我們獨特的四層AI架構和全端能力。這種獨特的架構能夠在每一層實現端到端的最佳化，涵蓋基礎設施、框架、模型和應用程序，使我們能夠全面提高效能和效率。因此，我們以極具競爭力的價格提供了卓越的性能和穩定性，使我們能夠提供具有卓越性價比的業界領先的基礎模型和 AI 解決方案。憑藉更強大的功能和更低的價格，基礎模型變得越來越容易獲得，從而能夠大規模地實現多樣化的應用，並在各個行業中釋放巨大的價值。

Beyond the model iterations, we are also taking steps to make AI more open and collaborative. As previously announced, we plan to open source our most advanced ERNIE 4.5 series of models on June 30, a move that reflects both our technological confidence and our efforts to make ERNIE more accessible.

除了模型迭代之外，我們還在採取措施使人工智慧更加開放和協作。正如先前宣布的那樣，我們計劃於 6 月 30 日開源我們最先進的 ERNIE 4.5 系列模型，此舉既體現了我們的技術信心，也體現了我們讓 ERNIE 更容易獲得的努力。

In parallel, we are proactively embracing open standards such as the model context protocol, or MCP, which provides easier access to AI-powered tools and further lower barriers to AI development. As development becomes simpler, we expect to see a growing number of AI applications emerging on our platform. Together, these efforts echo our consistent application-driven approach to innovation and our determination to make AI more accessible, applicable, and impactful.

同時，我們積極擁抱模型上下文協議（MCP）等開放標準，這使得人們更容易存取人工智慧工具，並進一步降低人工智慧開發的門檻。隨著開發變得越來越簡單，我們預計我們的平台上將出現越來越多的人工智慧應用程式。總的來說，這些努力呼應了我們一貫以應用為導向的創新方法，以及我們讓人工智慧更容易存取、更適用、更有影響力的決心。

In our AI Cloud business, we are strengthening Qianfan, our industry-leading MaaS platform, to better support developers and enterprise clients in building models and facilitating AI applications. Qianfan boasts a comprehensive model library of foundation models, covering nearly all mainstream options on the market. It offers not only our own ERNIE family of models, but also a wide range of open source and third-party models, including the latest reasoning and multi-modal models. This breadth allows individual developers and enterprise clients to choose suitable models with greater flexibility.

在AI雲端業務方面，我們正在加強業界領先的MaaS平台千帆，以更好地支援開發者和企業客戶建立模型、促進AI應用落地。千帆擁有完善的基礎模型庫，幾乎涵蓋了市面上所有主流的模型。它不僅提供我們自己的 ERNIE 系列模型，還提供廣泛的開源和第三方模型，包括最新的推理和多模式模型。這種廣度使得個人開發者和企業客戶能夠更靈活地選擇合適的模型。

Importantly, Qianfan provides these models with industry-leading cost effectiveness. When running models like DeepSeek, Qianfan achieved what we believe to be some of the lowest influence costs in the industry today with lightning speed and massive concurrency. Qianfan also delivers an expanding tool chain, continuously enriched to provide the most comprehensive and user-friendly toolkits for AI development.

重要的是，千帆為這些車型提供了業界領先的性價比。在運行 DeepSeek 等模型時，千帆以閃電般的速度和海量並發實現了我們認為目前業內最低的影響成本之一。千帆還提供不斷擴展的工具鏈，不斷豐富，為人工智慧開發提供最全面、最用戶友好的工具包。

This quarter, complementing our existing AppBuilder, ModelBuilder, and AgentBuilder, we introduced DataBuilder to support AI data processing and preparation while rolling out system-wide upgrades across the entire tool chain to further improve efficiency and ease of use. First, we enhanced the ModelBuilder to support the customized development of reasoning models by incorporating advanced training techniques, including reinforcement learning methods like RFT and GRPO. Second, we extended our fine-tuning capabilities to multi-modal models, offering multi-modal reinforcement learning techniques and enabling full process support from model building and training to evaluation and development.

本季度，我們在現有的AppBuilder、ModelBuilder、AgentBuilder的基礎上，引進了DataBuilder，支援AI資料處理和準備，同時對整個工具鏈進行了系統級升級，進一步提升效率和易用性。首先，我們透過結合先進的訓練技術（包括 RFT 和 GRPO 等強化學習方法）增強了 ModelBuilder，以支援推理模型的客製化開發。其次，我們將微調能力擴展到多模態模型，提供多模態強化學習技術，實現從模型建構、訓練到評估、開發的全流程支援。

Third, as foundation models grow in size, model distillation has become essential for enterprise adoption. Hence, we introduced a one-click distillation feature that streamlines the previous multistep process. With our expanding model library now covering reasoning models, enterprise clients can effortlessly build smaller models that maintain reasoning capabilities with reduced costs, making it easier to adopt advanced AI technology.

第三，隨著基礎模型規模的擴大，模型提煉對於企業採用至關重要。因此，我們引入了一鍵蒸餾功能，簡化了先前的多步驟流程。隨著我們不斷擴展的模型庫涵蓋推理模型，企業客戶可以毫不費力地建立更小的模型，以更低的成本保持推理能力，更容易採用先進的人工智慧技術。

Together, these enhancements significantly strengthened Qianfan’s tool chain, lowering the barriers for AI adoption and enabling faster, more efficient innovation across diverse use cases. On our legacy consumer-facing product, Baidu Search, we accelerated its AI transformation with an unrelenting focus on enhancing user experience. Our journey exemplifies how complex AI capabilities can be applied to create meaningful improvements that directly benefit our hundreds of millions of users.

這些增強功能共同顯著增強了千帆的工具鏈，降低了人工智慧應用的門檻，並實現了跨不同用例的更快、更有效率的創新。對於我們傳統的面向消費者的產品百度搜索，我們加速了其人工智慧轉型，並始終堅持不懈地致力於提升用戶體驗。我們的發展歷程體現瞭如何應用複雜的人工智慧功能來創造有意義的改進，從而直接造福我們的數億用戶。

After exploring and validating for several quarters and with consistent positive user feedback, we established a relatively mature and scalable product framework for our AI -- for our Gen-AI-enabled search early this year. Building on this, we are determined to further accelerate the AI transformation of search.

經過幾個季度的探索和驗證，並獲得了用戶的一致好評，我們在今年年初為我們的人工智慧——支援 Gen-AI 的搜尋——建立了一個相對成熟且可擴展的產品框架。在此基礎上，我們決心進一步加速搜尋的人工智慧轉型。

In April, about 35% of mobile search result pages contained AI-generated content, increasing from 22% in January. We are further enhancing the search experience by prioritizing multi-modal content, including images, videos, agents, digital humans, and live streaming. We believe this is a more effective way to present search results as it aligns with evolving user preferences and better addresses the growing complexity of search queries. The distribution of multi-modal content has been rapidly increasing. This trend reflects our continued progress in delivering a more intuitive and effective search experience.

4 月份，約有 35% 的行動搜尋結果頁麵包含 AI 產生的內容，高於 1 月份的 22%。我們透過優先考慮多模式內容（包括圖像、影片、代理商、數位人和直播）來進一步增強搜尋體驗。我們相信這是一種更有效的呈現搜尋結果的方式，因為它符合不斷變化的用戶偏好，並更好地解決了日益複雜的搜尋查詢問題。多模式內容的分發正在快速增加。這一趨勢反映了我們在提供更直觀、更有效的搜尋體驗方面不斷取得的進展。

Also, the volume of content accessible within Baidu has continued to expand particularly with the empowerment of foundation models. One example is AI-generated digital human videos, which have surged over 30-fold from the beginning of 2025 through April in just a few months. The growing volume of content enriches what users can discover and provide access to a more expansive information landscape.

此外，隨著基礎模型的增強，百度內可存取的內容量也不斷擴大。其中一個例子就是人工智慧生成的數位人類視頻，從 2025 年初到 4 月的短短幾個月內，數量激增了 30 多倍。不斷增長的內容豐富了用戶可以發現的內容，並提供了更廣闊的資訊環境。

Our efforts have led to consistent improvements in user experience. Users exposed to AI-generated search results find their search intent fulfilled more easily and quickly, indicating they get the desired information more efficiently. These users are also increasingly inclined to search for more varied questions or topics, have demonstrated higher retention over time.

我們的努力使得使用者體驗不斷改善。用戶接觸人工智慧產生的搜尋結果後，會發現他們的搜尋意圖更容易、更快地實現，這意味著他們可以更有效率地獲得所需的資訊。這些用戶也越來越傾向於搜尋更加多樣化的問題或主題，並且隨著時間的推移表現出更高的保留率。

We are delighted to see more users can enjoy these improvements. In March, the MAU of Baidu app increased by 7% year over year, reaching 724 million. We firmly believe that agents and intelligent digital humans represent promising real-world applications of AI technology that will open up vast market opportunities ahead.

我們很高興看到更多用戶可以享受這些改進。3月份，百度App月活躍用戶數較去年同期成長7%，達7.24億。我們堅信，代理商和智慧數位人類代表著人工智慧技術在現實世界中具有廣闊的應用前景，並將在未來開闢巨大的市場機會。

Last quarter, I introduced the convergence of agents and intelligent digital humans, a powerful combination that brings together foundation models' capabilities and digital human technology. Today, they are already widely deployed throughout our mobile ecosystem, effectively supporting different scenarios across industries.

上個季度，我介紹了代理商和智慧數位人的融合，這是一個強大的組合，將基礎模型的功能與數位人技術結合在一起。如今，它們已經廣泛部署在我們的行動生態系統中，有效支援跨產業的不同場景。

At our recent Baidu Create 2025, I further introduced an upgraded version of intelligent digital human with hyper-realistic interactions, delivering natural conversation with vivid facial expressions and fluid human-like gestures. In the future, we believe they can match or even outperform humans in certain scenarios. We're preparing to launch and scale our next-generation hyper-realistic digital humans into production soon.

在最近的百度Create 2025上，我進一步推出了升級版的智慧數位人，它具有超逼真的交互，可以透過生動的面部表情和流暢的類人手勢進行自然的對話。我們相信，未來它們在某些場景下可以匹敵甚至超越人類。我們正準備很快推出並擴大我們的下一代超現實數位人類的生產規模。

Now turning to intelligent driving, which represents another compelling frontier of our AI applications in the physical world. As highlighted last quarter, Apollo Go, our autonomous ride hailing service, has successfully validated its business model in the key operational region with highly complex transport conditions and cost-sensitive local passengers, and it has achieved 100% fully driverless operations in Mainland China.

現在轉向智慧駕駛，它代表了我們在物理世界中人工智慧應用的另一個引人注目的前沿。正如上個季度所強調的，我們的自動駕駛叫車服務 Apollo Go 已在交通條件高度複雜且當地乘客對成本敏感的重點運營區域成功驗證了其商業模式，並在中國大陸實現了 100% 完全無人駕駛運營。

This gives us strong confidence to expand into international markets with higher pricing for ride hailing service, where we aim to replicate and further optimize our proven approach. In Q1, we reached critical milestones in international expansion, with Apollo Go entering both Dubai and Abu Dhabi, aiming to provide safe, comfortable, and affordable ride-hailing services in the booming market.

這給了我們強大的信心，讓我們能夠以更高的價格將叫車服務擴展到國際市場，我們的目標是複製並進一步優化我們行之有效的方法。第一季度，我們在國際擴張方面取得了關鍵里程碑，Apollo Go 進入杜拜和阿布達比，旨在為蓬勃發展的市場提供安全、舒適、實惠的叫車服務。

In May, we began open road validation testing in Dubai, and we expect to start testing in Abu Dhabi soon. Meanwhile, we have also expanded our testing area in Hong Kong and obtained permission to conduct open road testing with designated passengers in April.

五月份，我們在杜拜開始了開放式道路驗證測試，預計很快就會在阿布達比開始測試。同時，我們也擴大了在香港的測試區域，並於4月份獲得在開放道路上載客進行測試的許可。

With over 1,000 fully driverless vehicles now deployed globally, we continue to solidify our position as the world's leading autonomous ride hailing service provider. We are scaling up our services globally. Looking ahead, we will deepen our presence in existing markets while strategically entering new ones, capturing broader growth opportunities worldwide.

目前，我們已在全球部署了 1,000 多輛全無人駕駛汽車，繼續鞏固我們作為全球領先的自動駕駛叫車服務提供者的地位。我們正在全球擴大我們的服務。展望未來，我們將深化現有市場佈局，同時策略性地進入新市場，在全球範圍內抓住更廣泛的成長機會。

Now let me review the key highlights for each business for the first quarter. AI Cloud revenue reached RMB6.7 billion in Q1, delivering a strong year-over-year increase of 42%, with non-GAAP operating profit remaining positive. Gen-AI and foundation model-related revenue recorded triple-digit year-over-year growth as accelerating AI adoption across multiple sectors drove a notable increase in customer demand for our highly cost-effective AI Cloud services. As mentioned earlier, we also upgraded our MaaS platform, Qianfan, with an expanded model library and more comprehensive toolkits, extending support for the training and fine-tuning of multi-modal and reasoning models to further facilitate AI-native application development.

現在我來回顧第一季各業務的重點亮點。一季度，人工智慧雲端營收達67億元人民幣，較去年強勁成長42%，非美國通用會計準則營業利潤維持正成長。由於多個行業加速採用人工智慧，推動了客戶對我們高性價比人工智慧雲端服務的需求顯著增長，Gen-AI 和基礎模型相關收入同比增長三位數。如前所述，我們還升級了 MaaS 平台千帆，擴展了模型庫並提供了更全面的工具包，擴展了對多模態和推理模型的訓練和微調的支持，以進一步促進 AI 原生應用程式的開發。

On applications, we -- you may recall that at Baidu World last October, we previewed Miaoda, which delivers no-code capabilities. In this quarter, we officially launched Miaoda, making it available to everyone, programmer or not. Miaoda reflects our mission to democratize AI and empower more people outside the developer community to create innovative applications with natural language inputs.

在應用程式方面，您可能還記得，去年 10 月在百度世界，我們預覽了提供無程式碼功能的秒打。本季度，我們正式推出了秒答，讓每個人都能使用它，無論是否是程式設計師。秒答體現了我們的使命，即使人工智慧民主化，並讓開發者社群之外的更多人能夠利用自然語言輸入來創建創新應用程式。

The growing market recognition of our AI expertise continues to drive strong customer growth. In Q1, we deepened our collaboration with existing clients while also expanding our customer base with new partnerships. We worked with a wide range of leading enterprises, such as China Merchant Group and a top e-commerce company in China, further validating our position as the AI partner of choice.

市場對我們人工智慧專業知識的認可度不斷提高，並持續推動客戶強勁成長。在第一季度，我們深化了與現有客戶的合作，同時透過新的合作夥伴關係擴大了我們的客戶群。我們與招商局集團、中國頂級電子商務公司等眾多領導企業合作，進一步驗證了我們作為首選人工智慧合作夥伴的地位。

Our client pipeline remains healthy. We saw strong growth in the automotive sector and began expanding into emerging verticals such as embodied artificial intelligence, where we recently entered into a strategic partnership with Beijing Humanoid Robot Innovation Center, the developer of the Tiangong Ultra humanoid robot.

我們的客戶管道依然健康。我們在汽車領域看到了強勁的成長，並開始向體現人工智慧等新興垂直領域擴張，最近我們與天宮超級人形機器人的開發商北京人形機器人創新中心建立了戰略合作夥伴關係。

For our mobile ecosystem, we accelerated the AI transformation of search in Q1 while continuing to improve the efficiency of our monetization approaches. Agents continue to demonstrate enhanced efficiency as a monetization channel for our advertising business. In March, over 29,000 advertisers had daily ad spending through agents, with many demonstrating increased willingness to allocate more of their ad budget to our agents. Adoption spans sectors like healthcare, education, lifestyle services, B2B, real estate, and business services, including legal services. In Q1, revenue generated by our agents for advertisers increased 30 fold year over year, accounting for 9% of Baidu Core's online marketing revenue.

對於我們的行動生態系統，我們在第一季加速了搜尋的人工智慧轉型，同時繼續提高我們的貨幣化方法的效率。代理商作為我們廣告業務的獲利管道，持續展現出更高的效率。3 月份，每天有超過 29,000 名廣告商透過代理商進行廣告支出，其中許多廣告商表現出越來越願意將更多的廣告預算分配給我們的代理商。應用範圍涵蓋醫療保健、教育、生活方式服務、B2B、房地產和商業服務（包括法律服務）等領域。一季度，代理商為廣告主創造的營收年增30倍，佔百度核心網路行銷收入的9%。

On the other hand, our industry-leading intelligent digital human have proven their transformative value across business scenarios. For example, our digital humans serve as live streaming hosts for merchants on our platform. Over the past few quarters, tens of thousands of such digital humans have been live streaming on our platform every month, serving not just the merchants, but also expanding into fields like legal services, healthcare, education, and more.

另一方面，我們業界領先的智慧數位人已經證明了其在各個商業場景中的變革價值。例如，我們的數位人類為我們平台上的商家擔任直播主播。過去幾個季度，每月都有數以萬計的這樣的數位人類在我們的平台上進行直播，服務對像不僅包括商家，還擴展到法律服務、醫療保健、教育等領域。

Turning to intelligent driving. As just highlighted, Apollo Go made solid progress with its international expansion. Following our entry into Dubai and Abu Dhabi, our global footprint now spans 15 cities. Backed by our validated business model and proven operational expertise, we aim to further broaden our presence across more cities globally. In terms of ride volume, we are seeing clear acceleration.

轉向智能駕駛。正如剛才強調的，Apollo Go 在國際擴張方面取得了紮實的進展。隨著我們進入杜拜和阿布達比，我們的業務範圍現已覆蓋全球 15 個城市。憑藉我們經過驗證的商業模式和成熟的營運專業知識，我們的目標是進一步擴大我們在全球更多城市的影響力。就乘車量而言，我們看到了明顯的加速。

Apollo Go provided approximately 1.4 million rides to the public in Q1, representing a robust year-over-year growth of 75%. As of May 2025, the cumulative rides provided to the public have exceeded 11 million. Meanwhile, we continue to scale up our service capabilities in cities where we have long been operating.

Apollo Go 第一季為大眾提供了約 140 萬次乘車服務，年增 75%。截至2025年5月，累計為民眾提供的乘車次數已超過1,100萬次。同時，我們持續擴大在長期營運城市的服務能力。

Also, we are exploring asset-light business models as a key strategic direction for our future growth, and we have started to see early adoption in certain areas recently. In May, Apollo Go entered into a long-term strategic partnership with CAR, Inc., China's leading auto rental service provider to introduce fully autonomous vehicle rental services and explore new models for smart mobility together.

此外，我們正在探索輕資產商業模式作為我們未來成長的關鍵策略方向，最近我們已經開始看到某些領域的早期採用。今年5月，Apollo Go與中國領先的汽車租賃服務供應商神州租車達成長期策略夥伴關係，推出全自動駕駛汽車租賃服務，共同探索智慧出行新模式。

As our technology and operations mature at scale, we see significant opportunities and commercial sustainability across more use cases and regions. Combined with our regionally validated business model and global expansion efforts, we believe we are well positioned to create substantial value and reshape the future of mobility in the coming years.

隨著我們的技術和營運規模不斷成熟，我們在更多用例和地區看到了重大機會和商業可持續性。結合我們經過區域驗證的商業模式和全球擴張的努力，我們相信我們有能力在未來幾年創造巨大的價值並重塑移動的未來。

Looking back at the quarter's development, we are seeing encouraging progress in AI applications across the board from enterprise services to consumer-facing products and intelligent mobility. AI technologies are beginning to generate tangible meaningful value through applications, which embodies the ultimate goal of our application-driven innovation and aligns perfectly with our long-standing strategic focus on AI.

回顧本季的發展，我們看到從企業服務到面向消費者的產品和智慧移動等各個領域的人工智慧應用都取得了令人鼓舞的進展。人工智慧技術開始透過應用產生切實有意義的價值，這體現了我們應用驅動創新的終極目標，與我們長期以來對人工智慧的策略重點高度契合。

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. So now let me walk through the details of our first-quarter financial results. Total revenues were RMB32.5 billion, increasing 3% year over year. Revenue from Baidu Core was RMB25.5 billion, increasing 7% year over year.

謝謝你，羅賓。現在讓我來詳細介紹一下我們第一季的財務表現。總營業收入為人民幣325億元，較去年同期成長3%。「百度核心」營收為255億元，年增7%。

Baidu Core's online marketing revenue was RMB16.0 billion, decreasing 6% year over year. Baidu Core's non-online marketing revenue was RMB9.4 billion, up 40% year over year, mainly driven by AI Cloud business. Within Baidu Core's non-online marketing revenue, AI Cloud revenue was RMB6.7 billion, increased by 42% year over year, and accounted for 26% of Baidu Core's revenue.

百度核心網路行銷收入為人民幣160億元，較去年同期下降6%。百度核心非線上行銷收入為人民幣94億元，年增40%，主要得益於AI雲業務的推動。在百度核心非線上行銷收入中，人工智慧雲端收入為人民幣67億元，年增42%，佔百度核心收入的26%。

Revenue from iQIYI was RMB7.2 billion, decreasing 9% year over year. Cost of revenues was RMB17.5 billion, increasing 14% year over year, primarily due to an increase in costs related to AI cloud business and traffic acquisition cost.

愛奇藝營收為72億元人民幣，較去年同期下降9%。營業成本為人民幣175億元，年增14%，主要由於AI雲業務相關成本及流量獲取成本增加。

Operating expenses were RMB10.5 billion, decreasing 3% year over year, primarily due to a decrease in personnel-related expenses, partially offset by the increase in channel spending and promotional marketing expenses. Baidu Core's operating expenses were RMB9.1 billion, decreasing 4% year over year. Baidu Core's SG&A expenses were RMB4.9 billion, increasing 10% year over year. SG&A accounted for 19% of Baidu Core's revenue in the quarter, which is basically flat from last year.

營業費用為人民幣105億元，年減3%，主要由於人員相關費用的減少，但被通路支出和促銷行銷費用的增加部分抵銷。百度核心營運費用為91億元，年減4%。百度核心的銷售、一般及行政費用為人民幣49億元，較去年同期成長10%。本季，銷售、一般及行政費用佔百度核心營收的19%，與去年基本持平。

Baidu Core R&D expenses were [RMB4.1 billion] (corrected by company after the call), decreasing 16% year over year. R&D accounted for 16% of Baidu Core's revenue in the quarter compared to 21% in the same period last year. Operating income was RMB4.5 billion. Baidu Core's operating income was RMB4.2 billion, and the Baidu Core's operating margin was 16%.

百度核心研發費用為[41億元]（公司在電話會議後進行了更正），年減16%。本季，研發支出佔百度核心營收的 16%，去年同期為 21%。營業收入為45億元。「百度核心」營業收入為42億元人民幣，營業利益率為16%。

Non-GAAP operating income was RMB5.3 billion. Non-GAAP Baidu Core operating income was RMB4.9 billion, and non-GAAP Baidu Core operating margin was 19%.

非美國通用會計準則下營業利潤為人民幣53億元。「百度核心」營運收入為人民幣49億元，非美國通用會計準則「百度核心」營運利潤率為19%。

Total other income net was RMB4.5 billion, increasing 260% year over year, mainly due to an increase in fair value gain and the pick-up of earnings from long term investments, partially offset by the decrease in net foreign exchange gain arising from exchange rate fluctuation between the renminbi and the US dollar.

其他淨收入總額為人民幣45億元，年增260%，主要由於公允價值變動收益增加及長期投資收益回升，但因人民幣兌美元匯率波動導致的匯兌淨收益減少部分抵銷。

Income tax expense was RMB1.2 billion compared to RMB883 million in the same period last year. Net income attributable to Baidu was RMB7.7 billion, and diluted earnings per ADS was RMB21.59. Net income attributable to Baidu Core was RMB7.6 billion, and net margin for Baidu Core was 30%.

所得稅費用為人民幣12億元，去年同期為人民幣8.83億元。歸屬於百度的淨利為人民幣77億元，每股美國存託憑證攤薄收益為人民幣21.59元。歸屬於「百度核心」的淨利為人民幣76億元，「百度核心」的淨利率為30%。

Non-GAAP net income attributable to Baidu was RMB6.5 billion. Non-GAAP diluted earnings per ADS was RMB18.54. Non-GAAP net income attributable to Baidu Core was RMB6.3 billion, and non-GAAP net margin for Baidu Core were 25%.

非美國通用會計準則下，歸屬於百度的淨利為人民幣65億元。每股美國存託憑證攤薄收益為18.54元。非美國通用會計準則下，「百度核心」淨利為63億元人民幣，「百度核心」淨利率達25%。

As of March 31, 2025, cash, cash equivalents, restricted cash, and short-term investments was RMB142.0 billion. And the cash, cash equivalent, restricted cash and short-term investments, excluding IT, were RMB136.7 billion. Free cash flow was negative RMB8.9 billion, and the free cash flow excluding IT was negative RMB9.2 billion, mainly due to an increase of investments in AI business.

截至2025年3月31日，現金、現金等價物、受限現金及短期投資為人民幣1,420億元。現金、現金等價物、限制性現金及短期投資（不包括IT）為人民幣1,367億元。自由現金流為負89億元，剔除IT因素後的自由現金流為負92億元，主要由於AI業務投入增加。

We define net cash position as total cash, cash equivalents, restricted cash, short-term investments, net, long-term term deposits and held-to-maturity investments, and others, less total loans, convertible senior notes, and notes payable. As of March 31, 2025, net cash position for Baidu was RMB159.0 billion. Baidu Core had approximately 31,000 employees as of March 31, 2025.

我們將淨現金狀況定義為現金、現金等價物、受限現金、短期投資、淨額、長期定期存款和持有至到期投資等總額減去貸款、可轉換優先票據和應付票據。截至2025年3月31日，百度淨現金部位為人民幣1,590億元。截至 2025 年 3 月 31 日，百度核心約有 31,000 名員工。

Finally, since last year, we have accelerated our share repurchased program. From the beginning of Q1 2025, we purchased a total of USD445 million of our shares, reflecting our long-standing commitment to delivering long-term value to shareholders.

最後，自去年以來，我們加快了股票回購計畫。自 2025 年第一季初以來，我們共回購了價值 4.45 億美元的股票，體現了我們長期以來致力於為股東創造長期價值的承諾。

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

接線員，現在讓我們開始提問。

Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

女士們、先生們，我們現在開始問答環節。（操作員指示）

Alicia Yap, Citigroup

花旗集團 Alicia Yap

Thank you. Good evening, Robin, Jackson, Juan, and management. Thanks for taking my questions. I wanted to ask about the AI model. So given the rapid pace of the model iterations and also your upcoming open source strategy, can management share the latest update on your AI overall strategy?

謝謝。晚上好，羅賓、傑克森、胡安和管理層。感謝您回答我的問題。我想問一下AI模型。那麼，鑑於模型迭代的快速步伐以及即將推出的開源策略，管理層能否分享您 AI 整體策略的最新更新？

And then what is the technology road map for ERNIE in 2025? Will Baidu continue iterating on the foundation model, such as the ERNIE 5.0, for example? Can you further reduce inference costs going forward? Thank you.

那麼2025年ERNIE的技術路線圖是怎麼樣的呢？百度是否會繼續迭代基礎模型，例如 ERNIE 5.0？您能進一步降低未來的推理成本嗎？謝謝。

Hi, Alicia. This is Robin. Over the past few months, we've seen an accelerated iteration of foundation models. But no matter how fast the models advance, I think one thing is always clear that the true value of foundation models ultimately lies in applications built on the models. That's why we stick to an application-driven approach for innovation.

你好，艾莉西亞。這是羅賓。在過去的幾個月裡，我們看到了基礎模型的加速迭代。但無論模型進步得有多快，我認為有一點始終是清楚的，那就是基礎模型的真正價值最終在於建立在模型上的應用程式。這就是我們堅持採用應用驅動的創新方法的原因。

The foundation model space is very broad. So we don't necessarily have to make ERNIE lead in every possible direction. Instead, we strategically focus on our model iteration efforts on areas with real application value, where we can build the most competitive capabilities.

基礎模型空間非常廣闊。所以我們不一定要讓 ERNIE 在所有可能的方向上都領先。相反，我們從策略上將模型迭代工作重點放在具有實際應用價值的領域，在這些領域我們可以建立最具競爭力的能力。

For example, we make sure our model development matches what our products actually need. For over one year, we've been using foundation model to drive AI transformation across our mobile ecosystem, including search. These hands-on experiences have shown us which model capabilities bring real value and are worth prioritizing like multi-modality.

例如，我們確保我們的模型開發符合我們產品的實際需求。一年多來，我們一直在使用基礎模型來推動整個行動生態系統（包括搜尋）的人工智慧轉型。這些實務經驗向我們展示了哪些模型能力能夠帶來真正的價值，並且值得優先考慮，例如多模態性。

We've also spotted some promising application areas. Take our digital humans, for instance. By combining different model capabilities, we've created hyper-realistic digital humans that can even perform better than real humans in certain situations. We'll be rolling them out at scale soon, opening up their value in many new scenarios.

我們也發現了一些有前景的應用領域。以我們的數位人類為例。透過結合不同的模型能力，我們創造了超現實的數位人類，在某些情況下甚至比真實人類表現得更好。我們很快就會大規模推出它們，在許多新場景中釋放它們的價值。

Our ERNIE's technology road map, we're set to continue the evolution of ERNIE. We're already working on the next generation of models, and we expect to further accelerate our pace of model iteration.

我們的 ERNIE 技術路線圖，我們將繼續 ERNIE 的演進。我們已經在研發下一代模型，並期望進一步加快模型迭代的步伐。

And back to your question on inference costs, yes, we absolutely believe we can keep driving down costs. In fact, each new model we've launched recently has come with significant price cuts. As I mentioned before, we released ERNIE 4.5 and X1 in March. X1 matched DeepSeek-R1's performance at only half the price.

回到您關於推理成本的問題，是的，我們絕對相信我們可以繼續降低成本。事實上，我們最近推出的每一款新車型都伴隨著大幅降價。正如我之前提到的，我們在三月發布了 ERNIE 4.5 和 X1。X1 的表現與 DeepSeek-R1 相當，但價格卻只有後者的一半。

Then about a month later, we rolled out Turbo versions with better performance and even more aggressive pricing. ERNIE 4.5 Turbo at 80% lower price than [4.5] (corrected by company after the call) and ERNIE X1 Turbo at half the price of ERNIE X1. These price cuts are supported by our full-stack AI capabilities to continuously lower inference costs, making our model one of the most cost-effective options on the market today.

大約一個月後，我們推出了性能更佳、價格更具競爭力的 Turbo 版本。ERNIE 4.5 Turbo 的價格比 [4.5] 低 80%（電話會議後公司已更正），而 ERNIE X1 Turbo 的價格僅為 ERNIE X1 的一半。這些降價得益於我們全端AI能力的支持，不斷降低推理成本，使我們的模型成為當今市場上最具成本效益的選擇之一。

We're also opening up our best capabilities to the broader community. So we are on track to open source ERNIE 4.5 series on June 30. And we are excited to see market's response and look forward to more people exploring what ERNIE can do. Ultimately, we hope this helps more users experience the true value of our models and explore new real-world applications. Thank you.

我們也向更廣泛的社區開放我們的最佳能力。因此，我們預計在 6 月 30 日開源 ERNIE 4.5 系列。我們很高興看到市場的反應，並期待更多的人探索 ERNIE 的功能。最終，我們希望這可以幫助更多用戶體驗我們模型的真正價值並探索新的實際應用。謝謝。

Lincoln Kong, Goldman Sachs. Please go ahead.

林肯孔（Lincoln Kong），高盛。請繼續。

Thank you for taking my question. My question is about the cloud business. So we have seen a very strong growth in the first quarter for the cloud revenue. So what are the key drivers for this strong growth? So how should we think about sustainability here? And also, could management provide us some breakdown in terms of by category, for example, like infrastructure, industry solutions, project-based service and as well as the personal cloud?

感謝您回答我的問題。我的問題是關於雲端業務的。因此，我們看到第一季雲端收入成長非常強勁。那麼，推動這一強勁成長的關鍵因素是什麼？那我們該如何看待永續性呢？此外，管理層能否按類別為我們提供一些細分，例如基礎設施、行業解決方案、基於專案的服務以及個人雲端？

So how should we think about the outlook for the growth as well as the profitability within 2025 for cloud business? And lastly, with the recent tightening of our US export restrictions on those branded AI chips, so what are the potential impact here on Baidu cloud operation and our growth plans? Thank you.

那我們該如何看待2025年雲端業務的成長和獲利前景呢？最後，隨著美國最近加強對品牌人工智慧晶片的出口限制，這對百度雲端營運和我們的成長計畫有何潛在影響？謝謝。

This is Dou. Thank you for the question. In Q1, our AI Cloud revenue growth further accelerated from a 26% year-over-year growth in Q4 last year to 42% year over year, mainly driven by surging demand for GenAI and foundation models across industries for both training and inference. So as foundation models have undergone faster iteration recently, we have seen a fast increase in the model training needs, not just for large language models, but also for other types of models.

這是竇。謝謝你的提問。第一季度，我們的AI雲端營收成長進一步加速，從去年第四季的年增26%提升至年增42%，主要得益於各行業對GenAI和基礎模型的訓練和推理需求激增。所以隨著基礎模型最近經歷了更快的迭代，我們看到模型訓練需求的快速成長，不僅是大型語言模型，其他類型的模型也是如此。

Customers are increasingly choosing Baidu AI Cloud for our recognized leadership in AI infrastructure and our enhanced MaaS platform, Qianfan, which consistently lowers inference costs and improves tool chain efficiency.

越來越多的客戶選擇百度智慧雲，因為我們在人工智慧基礎設施領域享有盛譽，而且我們增強型 MaaS 平台千帆不斷降低推理成本並提高工具鏈效率。

In terms of the revenue breakdown, Baidu AI Cloud primarily consists of two parts: personal cloud and enterprise cloud. And enterprise cloud contributes to the vast majority of AI Cloud revenue, which has consistently outgrown overall AI Cloud.

從收入組成來看，百度智慧雲端主要包含個人雲端和企業雲端兩部分。企業雲貢獻了人工智慧雲端收入的絕大部分，其成長速度一直超過人工智慧雲端的整體成長速度。

And then within the enterprise cloud, we have subscription-based and project-based revenue. For the subscription-based revenue, it currently accounts for the majority of the enterprise cloud revenue, providing a sustainable revenue stream. Among subscription-based revenue, GenAI-related revenue has maintained triple-digit year-over-year growth for several consecutive quarters.

然後在企業雲端中，我們有基於訂閱和基於專案的收入。對於基於訂閱的收入，目前它佔企業雲端收入的大部分，並提供了可持續的收入來源。在訂閱式收入中，GenAI相關收入連續幾個季度保持三位數的年增長。

Project-based revenue may fluctuate from time to time. But in the long run, we believe the proportion for our subscription-based revenue will continue to rise, supporting more sustainable and healthier long-term growth for our cloud business.

基於項目的收入可能會不時波動。但從長遠來看，我們相信基於訂閱的收入佔比將持續上升，從而支持我們的雲端業務更可持續、更健康的長期成長。

On the profit side, AI Cloud's non-GAAP operating margin continue to expand year over year in Q1, maintaining its upward trend. This was driven by an improved revenue mix towards higher value offerings as we focus on opportunities that align with our strategic priorities. As a result, our AI Cloud non-GAAP operating margin is not at the level of teens.

獲利方面，AI Cloud第一季Non-GAAP營業利潤率較去年同期持續擴大，維持上升趨勢。這是因為我們專注於符合我們策略重點的機會，從而改善收入組合並向更高價值的產品提供。因此，我們的 AI Cloud 非 GAAP 營業利潤率並未達到十幾歲的水平。

Regarding AI chip export restriction, as Robin just mentioned, we follow an application-driven approach because we believe the greatest value of AI eventually lines at the application layer. Even without access to the most advanced chips, our unique, full-stack AI capabilities enable us to build strong applications and deliver meaningful value.

關於AI晶片的出口限制，正如Robin剛才所提到的，我們採取應用驅動的方式，因為我們相信AI的最大價值最終是在應用層。即使無法使用最先進的晶片，我們獨特的全端 AI 功能也能讓我們建立強大的應用程式並提供有意義的價值。

Also, our AI infrastructure is both scalable and highly efficient, enabling strong GPU utilization to support both training and inference with high-cost performance. In parallel, we have the flexibility to select from a range of chip solutions based on different business scenarios, especially for inference.

此外，我們的人工智慧基礎設施既可擴展又高效，能夠實現強大的 GPU 利用率，以高性價比支援訓練和推理。同時，我們可以根據不同的業務場景靈活地從一系列晶片解決方案中進行選擇，尤其是對於推理而言。

So looking forward, we believe that over time, domestically developed self-sufficient chips, along with increasingly efficient homegrown software stack will jointly form a strong foundation for long-term innovation in China's AI ecosystem. Thank you.

因此展望未來，我們相信，隨著時間的推移，國產自主研發的晶片以及日益高效的國產軟體堆疊將共同為中國人工智慧生態系統的長期創新奠定堅實的基礎。謝謝。

Alex Yao, JPMorgan.

摩根大通的 Alex Yao。

Thank you, management, for taking my question. You accelerated the AI search transition this quarter. What's management's rationale behind the move? What are your expectations for AI answers penetration? And any updates on upcoming testing for AI monetization in 2Q? And how should we think about the ramp-up into second half this year in terms of monetization and consumer behavior? Thank you.

謝謝管理層回答我的問題。本季度，你們加速了人工智慧搜尋轉型。管理階層採取這項措施的理由是什麼？您對人工智慧答案的普及率有何期望？關於第二季即將進行的 AI 貨幣化測試有什麼最新消息嗎？我們該如何看待今年下半年貨幣化和消費者行為的成長？謝謝。

Thank you, Alex, for the question -- your question. In Q1, actually, we have seen significantly accelerate our AI transformation of search aiming to further enhance the user experience through innovative technology. And our top priority remains the same, that is the user experience as we believe that the high quality of user experience and continuous user metric improvements are critical for sustainable long-term growth.

謝謝亞歷克斯提出的問題。事實上，在第一季度，我們已經看到搜尋的人工智慧轉型顯著加速，旨在透過創新技術進一步提升用戶體驗。我們的首要任務始終如一，那就是用戶體驗，因為我們相信高品質的用戶體驗和持續的用戶指標改進對於可持續的長期成長至關重要。

In April, we have seen that around 35% of the mobile search results pages contain -- AI-generated content, up from 22% in January, which has been our largest expansion so far. We expect this percentage to keep rising rapidly in Q2.

四月份，我們發現大約 35% 的行動搜尋結果頁麵包含人工智慧產生的內容，高於一月份的 22%，這是我們迄今為止最大的擴展。我們預計這一比例在第二季將繼續快速上升。

And there are a couple of reasons behind that. In the first place, today's AI landscape is evolving very quickly, and the users' information-seeking behaviors continue to diversify. So it's more necessary than ever to make rapid innovations in such capabilities.

這背後有幾個原因。首先，現今的人工智慧格局發展非常迅速，使用者的資訊搜尋行為不斷多元。因此，現在比以往任何時候都更有必要在這些能力上進行快速創新。

Second, ongoing progress in the models' capabilities has also helped us to keep improving the quality, quantity, and the presentation format of search results, while generating multi-modal content at a massive level. Meanwhile, the average cost per query will keep falling as the inference costs drop, and we can roll this out across queries more quickly.

其次，模型能力的不斷提升也幫助我們持續提升搜尋結果的品質、數量和呈現形式，同時產生大量的多模態內容。同時，隨著推理成本的下降，每個查詢的平均成本將持續下降，我們可以更快地將其推廣到所有查詢中。

And in the third place, we have established a solid product framework that works well, with our capabilities to incorporate the multimedia contents, which is playing a very important role in this whole process, and which can help us to provide a much easier-to-digest answers and aligns better aligned with the user's behavior.

第三，我們建立了一個運作良好的穩固的產品框架，並具備整合多媒體內容的能力，這在整個過程中發揮著非常重要的作用，可以幫助我們提供更容易理解的答案，更好地與使用者的行為保持一致。

We have seen, very clearly, signs of the improvement in the user experiences. The users who has been exposed to AI generated search results are finding the information much more efficiently and exploring more types of queries as shown in the stronger retentions. And therefore, we are actively investing to accelerate our transformation of search.

我們非常清楚地看到了用戶體驗改善的跡象。接觸過人工智慧產生的搜尋結果的用戶可以更有效率地找到信息，並探索更多類型的查詢，這體現在更強的保留率上。因此，我們正在積極投資以加速我們的搜尋轉型。

On monetization, we're still very early, just starting to prepare for testing. Since our AI search differs significantly from the traditional search, the corresponding monetization approach needs to be rebuilt and refined, and this takes some time.

在貨幣化方面，我們還處於早期階段，剛開始準備測試。由於我們的AI搜尋與傳統搜尋有很大不同，相應的貨幣化方式需要重建和完善，這需要一些時間。

That said, we can see huge potential. Currently, only a small percentage of the traditional search queries can be monetized while the vast majority cannot. Over time, we anticipate AI search will greatly enhance our ability to monetize the long tail queries and previously untapped areas. And we expect more queries to become monetizable as compared to the traditional search.

話雖如此，我們仍然可以看到巨大的潛力。目前，只有一小部分傳統搜尋查詢可以實現貨幣化，絕大多數則無法實現貨幣化。隨著時間的推移，我們預計人工智慧搜尋將大大增強我們將長尾查詢和以前未開發的領域貨幣化的能力。我們預計與傳統搜尋相比，更多的查詢將變得可貨幣化。

Plus AI search can likely create ad formats that are more flexible and native and fit naturally into the new user experiences. They can be less intrusive but potentially even enhance overall experiences.

此外，人工智慧搜尋還可以創造更靈活、更原生且更自然地融入新用戶體驗的廣告格式。它們可能不那麼具有侵入性，但甚至有可能增強整體體驗。

And looking ahead, we believe that the long-term potential of this expanding monetization capabilities is quite promising, opening up the possibilities that go beyond what traditional search can achieve. While our clear move towards AI search will inevitably put notable near-term pressures on revenue and margin, while we still believe this is the right path to follow for the long-term growth. Thank you, Alex.

展望未來，我們相信，這種不斷擴展的貨幣化能力的長期潛力是相當光明的，它開啟了超越傳統搜尋所能實現的可能性。雖然我們向人工智慧搜尋邁出的明確步伐將不可避免地在短期內給收入和利潤帶來顯著壓力，但我們仍然相信這是實現長期成長的正確道路。謝謝你，亞歷克斯。

Gary Yu, Morgan Stanley.

摩根士丹利的 Gary Yu。

Hi. Thank you, management. I have a question regarding robotaxi. Given the recent development in the robotaxi space, including some of the players announcing their new robotaxi vehicles and partnership with Uber, how do you view the evolving competitive landscape? And what differentiates by Baidu RT6 from other robotaxi vehicles?

你好。謝謝管理層。我有一個關於 Robotaxi 的問題。鑑於自動駕駛計程車領域的最新發展，包括一些參與者宣布推出新的自動駕駛計程車車輛並與 Uber 建立合作夥伴關係，您如何看待不斷變化的競爭格局？那麼百度RT6與其他Robotaxi車輛有何不同呢？

Also, are you exploring similar types of partnership like your peers? And should we expect faster expansion of Apollo Go this year?

此外，您是否正在探索與同行類似的合作類型？我們是否應該期待 Apollo Go 今年的擴張速度更快？

And lastly, what scale and unit economics are you targeting, and how to think about the long-term profitability potential? Thank you.

最後，您瞄準的規模和單位經濟效益如何，您如何看待長期獲利潛力？謝謝。

Gary, we've been invested in autonomous driving for over 12 years. Today, Apollo Go is among the first and the very few players globally to operate autonomous ride haling services at scale, making us both China's largest and a global leader in this space.

加里，我們在自動駕駛領域投資已經超過 12 年了。如今，Apollo Go 是全球首批也是極少數規模化營運自動駕駛叫車服務的公司之一，這使我們成為中國最大的自動駕駛叫車公司，也是全球的領導者。

RT6 is the world's first and as of today, the only purpose-built mass produced Level 4 autonomous vehicle. It is designed from the ground up for fully driverless operations with self-developed hardware design, algorithms and software and featuring top safety redundancy. RT6 is now running at meaningful scale across multiple cities, and its unit cost is below USD30,000, far better than anyone else on the planet.

RT6 是世界上第一輛，也是迄今為止唯一一輛專門量產的 4 級自動駕駛汽車。它從一開始就設計用於完全無人駕駛操作，具有自主開發的硬體設計、演算法和軟體，並具有頂級安全冗餘。RT6 目前正在多個城市大規模運行，其單位成本低於 30,000 美元，遠優於地球上的任何其他產品。

With this unique strengths and proven business model, Apollo Go has been making steady progress in global expansion, most recently entering Dubai and Abu Dhabi. Altogether, our global footprint covers 15 cities, as I mentioned during the prepared remarks.

憑藉這一獨特的優勢和成熟的商業模式，Apollo Go 在全球擴張方面穩步前進，最近又進入了杜拜和阿布達比。正如我在準備好的演講中提到的那樣，我們的全球業務總共涵蓋了 15 個城市。

And on expansion strategy, we are highly open and adaptive. We're ready to enter into any city worldwide. As long as regulations and conditions allow, we can enter quickly and scale efficiently.

在擴張策略上，我們高度開放、適應力強。我們已準備好進入世界任何城市。只要法規和條件允許，我們就可以快速進入並有效擴大規模。

Our confidence comes from our long operating history, low-cost structure, and excellent safety record. With over 1,000 fully driverless vehicles deployed, we are expecting to see faster growth in our global fleet size, geographic reach, and wide volumes this year and beyond.

我們的信心來自於我們悠久的營運歷史、低成本的結構和出色的安全記錄。隨著部署超過 1,000 輛完全無人駕駛汽車，我們預計今年及以後全球車隊規模、地理覆蓋範圍和數量將出現更快的增長。

Meanwhile, we are proactively exploring new business models through partnerships, especially those that can scale fast and land quickly. We're in active discussions with various players, including ride hailing platforms, fleet operators, and more. While serious partnerships usually take time to work through all the details, some of them are already taking shape. We are happy to share progress that is really meaningful and concrete.

同時，我們也積極透過合作的方式探索新的商業模式，特別是那些能夠快速擴大規模、快速落地的模式。我們正在與各參與者進行積極討論，包括叫車平台、車隊營運商等。雖然認真的合作關係通常需要時間來處理所有細節，但其中一些已經初具規模。我們很高興分享真正有意義且具體的進展。

Our strategic partnership with CAR Inc., Shenzhou, our top auto rental -- China's top auto rental service provider is one example. And I'm sure there's more to come.

我們與神州租車、神州租車（中國頂級汽車租賃服務提供者）建立的策略夥伴關係就是一個例子。我相信未來還會有更多。

Looking into the longer term, we see a clear path to profitability as hardware and labor costs keep coming down and our growing operational scale brings more efficiencies. Given our leading position in both technology and operations, we are confident Apollo Go will continue to lead the field. We expect Apollo Go to be a key driver of Baidu's long-term growth.

從長遠來看，隨著硬體和勞動力成本的不斷下降以及我們不斷擴大的營運規模帶來的更高效率，我們看到了一條清晰的獲利之路。鑑於我們在技術和營運方面的領先地位，我們相信 Apollo Go 將繼續引領該領域。我們預計 Apollo Go 將成為百度長期成長的關鍵驅動力。

Miranda Zhuang, Bank of America Securities.

美國銀行證券公司的米蘭達·莊 (Miranda Zhuang)。

Thank you for taking my questions, and congrats on the good results. My question is about the competition. So we see other AI applications are ramping users with enhanced models and offer more advanced functionalities like search for agents and some are leveraging existing large traffic super app platforms. So to this, how will Baidu compete with other AI application and platforms? Thank you.

感謝您回答我的問題，並祝賀您取得好成績。我的問題是關於比賽的。因此，我們看到其他人工智慧應用程式正在透過增強模型來增加用戶，並提供更高級的功能，例如搜尋代理，有些則利用現有的大流量超級應用平台。那麼，百度將如何與其他人工智慧應用和平台競爭？謝謝。

Thank you for your question. This is Julius. As I mentioned earlier, with the AI evolving very quickly, people now have different ways and choices to find information and enjoy the content. So we understood early on that if we didn't take bold steps to renovate search, we will be challenged sooner or later. That's why we were among the first major tech companies in China or globally to use AI to transform a legacy core business.

感謝您的提問。這是朱利葉斯。正如我之前提到的，隨著人工智慧的快速發展，人們現在有不同的方式和選擇來尋找資訊和享受內容。因此，我們很早就明白，如果我們不採取大膽措施革新搜索，我們遲早會面臨挑戰。這就是為什麼我們是中國乃至全球首批利用人工智慧轉型傳統核心業務的大型科技公司之一。

In recent months, you have seen us accelerate this transformation. And as for AI chatbots specifically, for sure, they are one innovative form of AI applications. And we also have our own chatbot products like ERNIE Bot, and we have also integrated the conversational AI capabilities in the Baidu app. So I would say AI chatbots represent one important explorations of applications. But they are now the ultimate form, our goal is to find the most powerful AI applications that can create lasting value in this AI era.

近幾個月來，您已經看到我們加速了這一轉變。至於人工智慧聊天機器人，毫無疑問，它們是人工智慧應用的一種創新形式。我們也有自己的聊天機器人產品，例如 ERNIE Bot，我們也在百度應用程式中整合了對話式人工智慧功能。所以我認為人工智慧聊天機器人代表了應用的重要探索。但它們現在是最終的形式，我們的目標是找到最強大的AI應用程序，可以在這個AI時代創造持久的價值。

So when we talk about the competition, it's not just about competing with chatbots, I think it's about rethinking the value of search in AI times. From there, we have identified two directions we are currently focused on. First, we believe that AI search should efficiently, meet user needs while offering highly engaging experiences.

因此，當我們談論競爭時，這不僅僅是與聊天機器人的競爭，我認為這是重新思考人工智慧時代搜尋的價值。由此，我們確定了目前關注的兩個方向。首先，我們認為人工智慧搜尋應該有效率地滿足用戶需求，同時提供高度吸引人的體驗。

Our AI search now looks very different from the traditional search. We prioritize the rich, impressive multi-modal content that is easier to understand and more natural to interact with. Second, we are reimaging AI search to go beyond just finding information. And our ambition is to expand the search to help users make decisions, provide solutions, and ultimately deliver results. To support this, I think that a key strategic initiative for us is to make by Baidu more capable through innovative approaches like agents. Our agents today can already help the users handle complicated problems, support the decision-making, and connect them with the right service behind the scenes.

我們的人工智慧搜尋現在看起來與傳統搜尋有很大不同。我們優先考慮豐富、令人印象深刻的多模式內容，這些內容更易於理解且互動更自然。其次，我們正在重新構想人工智慧搜索，使其不僅限於查找資訊。我們的目標是擴大搜尋範圍，幫助使用者做出決策、提供解決方案並最終取得成果。為了支持這一點，我認為我們的一個關鍵策略舉措是透過代理等創新方法增強百度的能力。我們的代理商今天已經可以幫助用戶處理複雜的問題，支援決策，並在幕後為他們提供正確的服務。

Looking ahead, we aim to further enhance our services capabilities through agents. This will -- not are only improving the user experience by meeting more needs but also help our customers and our partners connect much better with users than before.

展望未來，我們的目標是透過代理商進一步增強我們的服務能力。這不僅可以透過滿足更多需求來改善用戶體驗，而且還可以幫助我們的客戶和合作夥伴比以前更好地與用戶聯繫。

Besides, we are also making Baidu more open. This quarter, we proactively embrace MCP and third-party agents. On one hand, by connecting the third-party tools and capabilities, we are enabling the users and customers and the partners to do even more things within our platform. And on the other hand, we're also -- try to open up our capabilities through MCP.

另外，我們也在讓百度變得更開放。本季度，我們積極擁抱MCP和第三方代理。一方面，透過連結第三方工具和功能，我們使用戶、客戶和合作夥伴能夠在我們的平台內做更多的事情。另一方面，我們也在嘗試透過 MCP 來開放我們的能力。

For example, our e-commerce MCP, by doing those, we are having all parties in the ecosystem to benefit from greater flexibilities and unlock the broader opportunities, both within and beyond our platform. And in the face of today's increasingly dynamic market, and we believe our innovative approaches can expand both the depths and the breadths of what search can do and ultimately create the values for everyone in the ecosystem. Thank you.

例如，透過我們的電子商務 MCP，我們讓生態系統中的所有各方受益於更大的靈活性，並釋放平台內部和外部的更廣泛的機會。面對當今日益活躍的市場，我們相信我們的創新方法可以拓展搜尋的深度和廣度，並最終為生態系統中的每個人創造價值。謝謝。

Wei Xiong, UBS.

熊偉，瑞銀。

Hi. Good evening, management. Thank you for taking my question. I want to follow up on the cloud side. So with accelerating enterprise AI adoption, how should we think about the enlarged TAM for China's cloud market? And how is our cloud business differentiated from competitors in terms of strategy, technology, and customer base?

你好。晚上好，管理層。感謝您回答我的問題。我想跟進雲端的情況。那麼，隨著企業AI應用的加速，我們該如何看待中國雲端市場TAM的擴張？我們的雲端業務在策略、技術和客戶群方面與競爭對手有何不同？

Also regarding the Qianfan platform, could you please maybe share more -- some updates here? Which industries are seeing the fastest AI adoption? And where do we see the largest long-term potential? Thank you.

另外，關於千帆平台，您能否分享一些最新動態？哪些產業最快採用人工智慧？我們在哪裡可以發現最大的長期潛力？謝謝。

Thank you for the question. I will take it. As AI adoption accelerates, the TAM for China's cloud market is expanding meaningfully driven by changes across the stack. With foundation models driving up the need for massive computing power, the abilities to build and manage large-scale GPU clusters and to utilize GPUs effectively has become key competitive advantages. Meanwhile, as models evolve with different strengths and AI applications bring increasingly diverse needs, the cloud platforms with broad model portfolios and full-stack capabilities are best positioned to offer the flexibility and the scalability customers require.

謝謝你的提問。我會接受的。隨著人工智慧的普及，中國雲端市場的 TAM 在整個堆疊變化的推動下正在顯著擴大。隨著基礎模型推動對大規模運算能力的需求，建立和管理大規模 GPU 叢集以及有效利用 GPU 的能力已成為關鍵的競爭優勢。同時，隨著模型不斷發展變化，優勢各異，人工智慧應用的需求也越來越多樣化，擁有廣泛模型組合和全端能力的雲端平台最能提供客戶所需的靈活性和可擴展性。

These industry shifts align perfectly with Baidu's positioning, making our unique AI capabilities increasingly valuable. Baidu is one of the very few cloud providers globally with end-to-end, full-stack AI capabilities. So we offer China's most efficient AI Cloud infrastructure backed by strong GPU cluster management. This allows us to deliver high performance, stable, and cost-effective AI services while continually improving training and inference efficiency.

這些產業變化與百度的定位完美契合，使我們獨特的人工智慧能力變得越來越有價值。百度是全球極少數擁有端對端、全端AI能力的雲端廠商之一。因此，我們提供中國最高效的 AI 雲端基礎設施，並以強大的 GPU 叢集管理為後盾。這使我們能夠提供高性能、穩定且經濟高效的人工智慧服務，同時不斷提高訓練和推理效率。

Qianfan our MaaS platform is among the most advanced on the market. It offers a comprehensive model library, covering both our ERNIE series and nearly all mainstream third-party and open source models. This quarter, so we further enhanced Qianfan tool chain with extended support for training, fine-tuning, and distillation, especially for a newly added multi-modal and reasoning models.

我們的千帆MaaS平台是市場上最先進的平台之一。它提供了一個全面的模型庫，涵蓋了我們的 ERNIE 系列以及幾乎所有主流的第三方和開源模型。本季度，我們進一步增強了千帆工具鏈，擴展了對訓練、微調和提煉的支持，特別是對新添加的多模態和推理模型的支持。

Strategically, we remain firmly committed to an application-driven approach. So as the AI landscape evolves, this approach positions us well to deliver differentiated value. We offer full-stack, end-to-end AI products and solutions tailored to the needs of specific industries and scenarios.

從戰略上講，我們仍然堅定地致力於應用驅動的方法。因此，隨著人工智慧領域的發展，這種方法使我們能夠提供差異化的價值。我們提供針對特定產業和場景需求的全端、端到端AI產品和解決方案。

By bringing AI into every aspect of their operations, so it help enterprises improve efficiency, reduce cost and eventually transform their entire workflows. With this chance, we have captured the opportunity presented by industry shift and reposition ourselves as China's top-tier cloud provider in the AI era.

透過將人工智慧引入企業營運的各個方面，它可以幫助企業提高效率、降低成本並最終改變整個工作流程。藉此機會，我們抓住了產業變革的機遇，將自己重新定位為人工智慧時代中國頂級雲端服務供應商。

The increasing market recognition of our AI expertise continues to drive strong momentum in our client pipeline as we build and deepen partnerships with leading enterprises. And we are also increasingly becoming the preferred choice for our mid-tier businesses.

隨著我們與領先企業建立並深化合作夥伴關係，市場對我們人工智慧專業知識的認可度不斷提高，這繼續推動我們客戶管道的強勁發展勢頭。我們也越來越成為中型企業的首選。

As for enterprise adoption, so we are seeing rising interest across sectors. Early movers like internet, tech and online education companies are adopting AI quickly, while others such as automotive, financial services, utilities, and the public sector are also actively exploring with openness. So as technology advances and costs decline, we're ready to lead the next wave of enterprise AI adoption and translate innovation into real-world value. Thank you.

至於企業採用，我們看到各行業的興趣日益濃厚。網路、科技、線上教育等先驅者正在快速應用人工智慧，而汽車、金融服務、公用事業、公共部門等其他產業也積極探索開放的局面。因此，隨著技術進步和成本下降，我們已準備好引領下一波企業人工智慧應用浪潮，並將創新轉化為現實世界的價值。謝謝。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

Hi, good evening. Thanks, management, for taking my question. Can management elaborate about the overall capital allocation plan and the key priorities for 2025? Thank you.

嗨，晚上好。謝謝管理層回答我的問題。管理階層能否詳細說明整體資本配置計畫和 2025 年的關鍵優先事項？謝謝。

Hi, Thomas. This is Jackson. I will take your call. So we are firmly committed to our investments in AI -- so as we believe this will generate meaningful returns over the long term. So when quantifying such investments, please note our AI investments are reflected not only in CapEx, but also in operating cash flow outflow.

你好，托馬斯。這是傑克遜。我會接聽你的電話。因此，我們堅定地致力於對人工智慧的投資——因為我們相信這將在長期內產生可觀的回報。因此，在量化此類投資時，請注意我們的人工智慧投資不僅反映在資本支出中，也反映在營運現金流流出中。

So when taking these two together. So our total AI investments in 2024 significantly increased from 2023, reflecting our conviction in the huge future growth potential.

因此，當將這兩者一起服用時。因此，我們在 2024 年的人工智慧總投資將較 2023 年大幅增加，這反映了我們對未來巨大成長潛力的信心。

In 2025, we plan to continue to increase our AI investment to further solidify our AI foundation and prepare for future growth. So let me walk through the key areas that we are now focusing on.

2025年，我們計畫繼續加大AI投入，進一步夯實AI基礎，為未來發展做好準備。那麼，讓我來介紹一下我們現在關注的關鍵領域。

The first in AI Cloud business. We are investing in AI infra to meet rising market demand, driven by accelerating AI adoption. So this is prompting us to quickly scale up our AI infra to capture emerging opportunities. As you've seen, our AI Cloud revenue grew 42% year over year this quarter with non-GAAP operating margin in the teens.

AI Cloud業務第一名。我們正在投資人工智慧基礎設施，以滿足不斷增長的市場需求，這得益於人工智慧的加速採用。因此，這促使我們迅速擴大人工智慧基礎設施，以抓住新興機會。如您所見，本季我們的 AI 雲端營收年增 42%，非 GAAP 營業利潤率達到十幾%。

Secondly, we continue to invest in advancing our ERNIE models. Ongoing technical progress has enabled us to train better models more efficiently and at a lower cost. As a result, we brought a series of high-quality ERNIE models to match in quick succession.

其次，我們繼續投資改進我們的 ERNIE 模型。持續的技術進步使我們能夠更有效率、更低成本地訓練更好的模型。因此，我們陸續推出了一系列高品質的 ERNIE 模型以供搭配。

Also, we are investing in autonomous driving technology. Last quarter, Apollo Go validate its business model in its largest operational area in China. This milestone has motivated us to move faster in expansion, including entering the Middle East market. While ride volume will continue to accelerate across our existing operations, we will continue this momentum going forward.

此外，我們也正在投資自動駕駛技術。上個季度，Apollo Go 在其最大的營運區域中國驗證了其商業模式。這一里程碑激勵我們加快擴張步伐，包括進入中東市場。雖然我們現有業務的乘車量將繼續加速成長，但我們仍將保持這一勢頭。

Lastly, we continue to invest in AI transformation with a focus on user experience. As Julius said, when we step up this investment while monetization for AI search results remains at the early stage, we do expect some margin pressure in the near term, but we see this as a necessary step to unlock long-term growth.

最後，我們持續投資人工智慧轉型，並專注於用戶體驗。正如朱利葉斯所說，當我們加大這項投資時，人工智慧搜尋結果的貨幣化仍處於早期階段，我們確實預計短期內會出現一些利潤壓力，但我們認為這是實現長期成長的必要步驟。

Another key focus of our capital allocation is shareholder returns. As I said earlier, since last year, we have significantly accelerated our share repurchase program. We further repurchased USD445 million from the beginning of Q1 this year. These are strongest repurchase efforts in the past three years.

我們的資本配置的另一個重點是股東回報。正如我之前所說，自去年以來，我們已大幅加快了股票回購計畫。從今年第一季初開始我們又回購了4.45億美元。這是過去三年來最強勁的回購力度。

We expect to keep a similar pace this year, reflecting our long-standing commitment to shareholders and our confidence in our long-term growth. Thank you.

我們預計今年將保持類似的步伐，這反映了我們對股東的長期承諾以及對長期成長的信心。謝謝。

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

女士們、先生們，今天的會議到此結束。感謝您的參與。你們現在都可以斷開連結了。