百度 (BIDU) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by for Baidu's Third Quarter 2025 Earnings Conference Call. (Operator Instructions)

大家好，感謝各位耐心等待百度2025年第三季財報電話會議。（操作說明）

Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Juan Lin, Baidu's Director of Investor Relations.

今天的會議正在錄影。如果您有任何異議，可以立即斷開連接。現在我謹將會議交給今天會議的主持人，百度投資者關係總監林娟先生。

Hello, everyone, and welcome to Baidu's Third Quarter 2025 Earnings Conference Call. Baidu's earning 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 Henry Haijian He, our CFO.

大家好，歡迎參加百度2025年第三季財報電話會議。百度財報已於今日早些時候發布，您可以在我們的網站以及新聞專線服務平台上找到副本。今天參加電話會議的有：我們的共同創辦人兼執行長李彥宏；百度行動生態系統事業部執行副總裁羅榮；百度人工智慧雲端事業部執行副總裁沈竇；以及我們的財務長何海建。

After our prepared remarks, we will hold a Q&A session. Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Credit 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.

在我們發言完畢後，我們將進行問答環節。請注意，今天的討論將包含根據 1995 年美國信貸證券訴訟改革法案安全港條款所做的前瞻性陳述。前瞻性陳述存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。

For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other filings with SEC and Hong Kong Stock Exchange.

有關這些風險和不確定性的詳細討論，請參閱我們最新的年度報告以及向美國證券交易委員會和香港聯合交易所提交的其他文件。

Baidu does not undertake any obligation to update any forward-looking statements, except as required under applicable law. Our earnings press release and this call include discussions of certain unaudited non-GAAP financial measures. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures and is available on our IR website at ir.baidu.com. 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.

除適用法律要求外，百度不承擔更新任何前瞻性聲明的義務。我們的獲利新聞稿和本次電話會議包含對某些未經審計的非GAAP財務指標的討論。我們的新聞稿包含未經審計的非GAAP財務指標與未經審計的最直接可比較GAAP財務指標的調節表，可在我們的投資者關係網站ir.baidu.com上查閱。另請注意，本次會議正在錄製。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。現在我將把電話轉交給我們的執行長羅賓。

Hello, everyone. In Q3, Baidu Core reported total revenue of RMB24.7 billion, AI Cloud revenue reached RMB6.2 billion, increasing 21% year-over-year, sustaining solid growth momentum. Apollo Go’s growth accelerated sharply. We delivered over 3 million fully driverless operational rise in Q3, representing 212% year-over-year growth, up from 148% last quarter. This quarter demonstrated how AI is driving transformative value across our business. From enterprise services to consumer-facing products to smart mobility, our AI capabilities are delivering proven, tangible impact at scale. Starting with the enterprise side, where our AI Cloud business continues to scale with healthy momentum and deliver measurable business impact.

大家好。第三季度，百度核心業務總營收達人民幣247億元，AI雲業務營收達人民幣62億元，年增21%，維持了穩健的成長動能。Apollo Go的成長速度急遽加快。第三季度，我們實現了超過 300 萬輛完全無人駕駛車輛的營運成長，年增 212%，高於上一季的 148%。本季充分展現了人工智慧如何為我們的業務帶來變革性價值。從企業服務到面向消費者的產品，再到智慧出行，我們的人工智慧能力正在大規模地產生經證實的、切實的影響。首先來看企業級業務，我們的 AI 雲端業務持續保持健康成長勢頭，並帶來可衡量的業務影響。

In Q3, AI Cloud continued its strong growth trajectory. Within AI Cloud, the areas most central to AI achieved the fastest growth. In particular, subscription-based revenue from AI accelerator infrastructure surged to 128% year-over-year, becoming the primary driver of AI Cloud’s expansion. This reflects both a healthy shift towards a more recurring, structurally healthier revenue model and the strong demand for our AI products and solutions.

第三季度，AI Cloud 繼續保持強勁的成長勢頭。在人工智慧雲端領域，與人工智慧最密切相關的領域實現了最快的成長。特別是，AI 加速器基礎設施的訂閱收入年增 128%，成為 AI Cloud 擴張的主要驅動力。這不僅反映了更具經常性、結構更健康的收入模式的健康轉變，也反映了市場對我們人工智慧產品和解決方案的強勁需求。

Our ability to serve this growing demand stems from our early and strategic deployment across Baidu's full-stack end-to-end AI architecture, spanning infrastructure, framework, models and applications, which allows us to support enterprises at every stage of their AI journey.

我們之所以能夠滿足這一不斷增長的需求，是因為我們早期就對百度的全棧端到端人工智能架構進行了戰略性部署，涵蓋基礎設施、框架、模型和應用程序，這使我們能夠為企業人工智能之旅的每個階段提供支援。

At the infrastructure layer, our AI infrastructure is among the most advanced in China powered by a diverse mix of domestic and international high-performance computing resources, including our own self-developed AI computing architecture. Through continuous technical innovation, we drive performance and efficiency improvements while consistently reducing inference costs.

在基礎設施層面，我們的人工智慧基礎設施在中國處於領先地位，並由國內外各種高效能運算資源提供支持，包括我們自主研發的人工智慧運算架構。我們透過持續的技術創新，不斷提高效能和效率，同時持續降低推理成本。

Additionally, our industry-leading resource management capabilities significantly boost utilization and scalability. These advantages make our AI infrastructure reliable, scalable and highly cost-effective for enterprise clients. At the model layer, we feature our self-developed ERNIE foundation model, which continues to iterate rapidly.

此外，我們在業界領先的資源管理能力顯著提高了資源利用率和可擴展性。這些優勢使得我們的人工智慧基礎設施對企業客戶而言可靠、可擴展且極具成本效益。在模型層，我們採用了自主開發的 ERNIE 基礎模型，該模型仍在快速迭代。

At the recent Baidu World 2025, we unveiled ERNIE 5.0, our first native omni-modal foundation model with exceptional performance in omni-modal understanding, creative writing, and instruction following.

在最近的百度世界 2025 大會上，我們推出了 ERNIE 5.0，這是我們首個原生全模態基礎模型，在全模態理解、創意寫作和指令遵循方面表現卓越。

ERNIE not only represents the cutting edge of our AI technology, but also serves as a backbone behind much of the AI-driven innovations across our businesses. At the application layer, we have a range of AI applications tailored to enterprise business needs.

ERNIE 不僅代表了我們人工智慧技術的尖端水平，也是我們業務中許多人工智慧驅動創新背後的支柱。在應用層，我們擁有一系列針對企業業務需求量身打造的人工智慧應用。

Let me share some examples. The first is Famou or FM agent, a self-evolving agent we recently launched that significantly improves enterprise efficiency. Built on ERNIE, it autonomously explores countless possibilities and continuously evolves its strategies to identify best solutions for highly complex, constantly changing real-world problems.

我舉幾個例子。第一個是 Famou 或 FM 代理，這是我們最近推出的自我進化代理，它能顯著提高企業效率。它基於 ERNIE 構建，能夠自主探索無數可能性，並不斷改進其策略，從而為高度複雜、不斷變化的現實世界問題找到最佳解決方案。

FM agent is now deployed across industries including transportation, energy, logistics, and ports, optimizing complex operations that traditional approaches struggled to handle. Its capability is particularly valuable in China, where we have diverse industrial sectors with numerous scenarios demanding efficiency improvements. When you can meaningfully boost efficiency across such varied use cases, the social impact is profound.

FM代理商現已部署在包括交通運輸、能源、物流和港口在內的各個行業，優化了傳統方法難以處理的複雜運作。這項功能在中國尤其有價值，因為中國擁有多元化的工業部門，存在著許多需要提高效率的場景。當能夠在各種不同的使用情境中顯著提高效率時，其社會影響將是深遠的。

Another example is the Daniel Wu English coach, an ERNIE-powered digital employee we created for [Yashi] Education, featuring the likeness of the well-known actor. It enables users to engage in one-on-one, real-time English conversation practice anytime, anywhere. This directly addresses a key challenge:Yashi's users require frequent, on-demand speaking practice, which is difficult to scale with human instructors. The digital employee provides unlimited availability and an immersive, engaging learning experience. Besides enterprises, our AI applications are creating value for individuals by enhancing productivity.

另一個例子是吳彥祖英語教練，這是我們為[Yashi]教育創建的由ERNIE驅動的數位員工，其形像是這位著名演員的形象。它使用戶能夠隨時隨地進行一對一的即時英語會話練習。這直接解決了一個關鍵挑戰：Yashi 的使用者需要頻繁的、按需的口語練習，而這很難透過人工教師來實現。數位化員工提供無限的線上時間和沈浸式、互動式的學習體驗。除了企業之外，我們的人工智慧應用也透過提高生產力為個人創造價值。

Baidu Wenku and Baidu Drive, our largest AI applications for individuals, have been revitalized with AI. Their combined MAU has approached 300 million. In August, Wenku and Drive jointly launched a general-purpose AI agent platform that orchestrates hundreds of specialized agents to complete complex, end-to-end tasks through simple natural language interactions.

百度文酷和百度駕駛是我們面向個人用戶的最大人工智慧應用，它們已經透過人工智慧煥發了新的活力。他們的每月活躍用戶總數已接近 3 億。8 月，文酷和 Drive 聯合推出了一個通用 AI 代理平台，該平台可協調數百個專業代理，透過簡單的自然語言互動完成複雜的端到端任務。

The platform has gained strong traction since launch, demonstrating how AI can meaningfully enhance personal productivity at scale. In the physical world, autonomous driving exemplifies the transformative value of AI, unlocking new possibilities for mobility, safety, and efficiency.

該平台自推出以來獲得了強勁的成長勢頭，證明了人工智慧如何能夠大規模地顯著提高個人生產力。在現實世界中，自動駕駛體現了人工智慧的變革價值，為出行、安全和效率開啟了新的可能性。

In Q3, Apollo Go’s growth significantly accelerated to new heights. During the quarter, we provided over 3 million fully driverless operational rides to the public, representing a remarkable 212% year-over-year surge compared to 148% growth last quarter.

第三季度，Apollo Go的成長速度顯著加快，達到了新的高度。本季度，我們為公眾提供了超過 300 萬次完全無人駕駛的出行服務，與上一季 148% 的增幅相比，同比增長了驚人的 212%。

In October, weekly average fully driverless operational rides exceeded 250,000, marking one of the highest levels achieved in real-world Robotaxi operations globally. To date, our fleets have accumulated over 240 million autonomous kilometers with more than 140 million of those being fully driverless, maintaining an outstanding safety record throughout. Achieving this rapid expansion while delivering exceptional safety performance is a powerful validation of our technology's maturity and operational capabilities.

10 月份，每周平均無人駕駛營運的出行次數超過 25 萬次，這是全球 Robotaxi 實際營運中達到的最高水準之一。迄今為止，我們的車隊已累積行駛超過 2.4 億公里，其中超過 1.4 億公里為完全無人駕駛，並始終保持著出色的安全記錄。在實現快速擴張的同時，也能維持卓越的安全效能，這有力地驗證了我們技術的成熟度和營運能力。

We are proud to see our decade-long commitment to autonomous driving, now bearing fruit in large-scale operations. Reaching this scale requires maturity across multiple fronts— advanced technology, a rigorous and widely recognized safety record, demonstrated business viability, deep operational expertise, and the ability to expand rapidly. These years of unwavering investment have not only given us a first-mover advantage, but more importantly, have built the comprehensive capabilities that position Apollo Go as the undisputed global leader in this field.

我們很自豪地看到，我們十年來對自動駕駛技術的投入，如今已在大規模營運中結出碩果。要達到這種規模需要在多個方面都達到成熟——先進的技術、嚴格且廣受認可的安全記錄、已證明的商業可行性、深厚的營運專業知識以及快速擴張的能力。多年來的持續投入不僅使我們獲得了先發優勢，更重要的是，它構建了全面的能力，使 Apollo Go 成為該領域無可爭議的全球領導者。

With these strengths, Apollo Go has now entered a phase of rapid global expansion. As of October, Apollo Go's global footprint expanded to 22 cities, an increase from 16 last quarter. In October, Apollo Go entered Switzerland through a strategic partnership with PostBus, the country's leading public transport operator. Together, we plan to launch autonomous ride-hailing services in Eastern Switzerland, representing a key step in our European market expansion and another milestone in our global journey.

憑藉這些優勢，Apollo Go 現已進入全球快速擴張階段。截至 10 月，Apollo Go 的全球業務範圍已擴大到 22 個城市，比上一季的 16 個城市增加。10 月，Apollo Go 透過與瑞士領先的公共運輸業者 PostBus 建立策略合作夥伴關係，進入瑞士市場。我們計劃共同在瑞士東部推出自動駕駛叫車服務，這標誌著我們在歐洲市場擴張的關鍵一步，也是我們全球旅程中的另一個里程碑。

In the Middle East, we secured one of the first fully driverless commercial operation permits in Abu Dhabi recently and deepened our collaboration with local partners. In Dubai, Apollo Go was granted exclusive authorization to conduct self-driving trials on open roads at the fourth Dubai World Congress for Self-Driving Transport in September. RT6 provided trial rides to global attendees, including government officials, business leaders, media, and investors, showcasing our technology’s maturity on an international stage and demonstrating our global leadership.

在中東，我們最近在阿布達比獲得了首批完全無人駕駛商業營運許可證之一，並深化了與當地合作夥伴的合作。在杜拜，Apollo Go 在 9 月舉行的第四屆杜拜世界自動駕駛交通大會上獲得了在開放道路上進行自動駕駛試驗的獨家授權。RT6 為全球與會者（包括政府官員、商業領袖、媒體和投資者）提供了試駕體驗，在國際舞台上展示了​​我們技術的成熟度，並彰顯了我們的全球領導地位。

In Hong Kong, where Apollo Go has established by far the strongest presence in right-hand-drive robotaxi markets, we expanded our open-road testing zones to include Kowloon and Kwun Tong District recently, further strengthening our position in this strategically important market. These milestones, spanning Europe, the Middle East, and Asia, validate both our technology’s adaptability and our ability to partner effectively with leading local operators in different regulatory environments.

在香港，Apollo Go 在右舵自動駕駛計程車市場佔據了迄今為止最強大的市場。最近，我們將開放道路測試區域擴大到九龍和觀塘區，進一步鞏固了我們在這個具有重要戰略意義的市場中的地位。這些里程碑式的成就遍及歐洲、中東和亞洲，既驗證了我們技術的適應性，也驗證了我們在不同的監管環境下與當地領先業者有效合作的能力。

Looking ahead, we will expand to more markets with strong commercial potential and partnership opportunities, maintaining our unwavering focus on safety and operational excellence as we work toward making smart mobility widely accessible.

展望未來，我們將拓展到更多具有強大商業潛力和合作機會的市場，同時堅定不移地專注於安全和卓越運營，努力使智慧出行惠及大眾。

In our mobile ecosystem, agents and digital humans represent AI-native monetization innovations that are transforming our online marketing business, creating substantial value for advertisers through higher engagement, better lead conversion, and stronger ROI.

在我們的行動生態系統中，代理商和數位人代表了人工智慧原生貨幣化創新，正在改變我們的線上行銷業務，透過更高的參與度、更好的潛在客戶轉換率和更強的投資回報率，為廣告商創造巨大的價值。

Our agents help advertisers effectively clarify user intent through intelligent multi-round conversations and quickly find out the most relevant high-quality sales leads. This ensures advertisers receive more precise and qualified leads compared with traditional approaches.

我們的代理商透過智慧多輪對話，幫助廣告主有效地明確使用者意圖，並快速找到最相關的高品質銷售線索。與傳統方式相比，這可以確保廣告主獲得更精準、更高品質的潛在客戶。

Building on this capability, agents have evolved into multiple forms: text-based, voice-enabled, and visually embodied digital humans, each designed to address different scenarios and interaction needs. Such versatility enables advertisers to choose the most effective format for their specific use cases, achieving broader scenario coverage and higher conversion efficiency. As a result, agents have gained strong traction across diverse industries, including healthcare, business services, and lifestyle services. In September, around 33,000 advertisers generated ad spending through our agents on a daily basis.

基於這種能力，智能體已經發展出多種形式：基於文字的、語音化的和視覺化的數位人，每一種都旨在解決不同的場景和互動需求。這種多功能性使廣告主能夠根據特定使用場景選擇最有效的格式，從而實現更廣泛的場景覆蓋範圍和更高的轉換效率。因此，代理商在包括醫療保健、商業服務和生活方式服務在內的各個行業都獲得了強勁的發展勢頭。9 月份，每天約有 33,000 家廣告商透過我們的代理商進行廣告支出。

Digital humans also saw strong momentum. Powered by ERNIE, our digital humans provide 24/7 AI-powered live streaming for advertisers at low costs, making professional live streaming accessible across more scenarios and industries. The technology continues evolving, delivering greater realism, more natural interaction, and real-time engagement with viewers. This enables performance that surpasses human hosts in many cases, making our digital humans increasingly attractive to advertisers.

數位人類也獲得了強勁的發展勢頭。在 ERNIE 的支援下，我們的數位人以低成本為廣告主提供 24/7 全天候 AI 驅動的直播服務，使專業直播能夠應用於更多場景和行業。該技術不斷發展，帶來更逼真的效果、更自然的互動以及與觀眾的即時互動。這使得我們的數位人在許多情況下都能超越人類主持人，從而使我們的數位人對廣告商越來越有吸引力。

Adoption has broadened beyond merchants to sectors such as healthcare, automotive, and legal services. We are seeing both existing clients increase their budgets and new clients rapidly coming on board. In September, the number of digital humans live streaming on our platform almost tripled year over year, underscoring quick adoption across industries and growing monetization potential.

除了商家之外，該技術的應用範圍已擴展到醫療保健、汽車和法律服務等行業。我們看到現有客戶增加了預算，同時新客戶也迅速增加。9 月份，我們平台上直播的數位人數同比增長近三倍，這凸顯了數位人在各行各業的快速普及以及不斷增長的盈利潛力。

These innovations are already generating significant revenue with fast growth rates. In Q3, combined revenue from agents and digital humans reached RMB 2.8 billion, up 262% year over year, validating the strong market appetite for our AI-native monetization approaches. Looking ahead, we see substantial opportunities to scale these innovations further, broadening adoption across more verticals and deepening penetration with existing advertisers.

這些創新已經以快速成長的速度創造了可觀的收入。第三季度，代理商和數位人的總收入達到人民幣28億元，年增262%，驗證了市場對我們AI原生貨幣化方法的強勁需求。展望未來，我們看到了進一步擴大這些創新規模的巨大機會，可以擴大在更多垂直領域的應用，並加深與現有廣告商的合作。

Now, let me review the key highlights for each business. In our AI Cloud business, our client portfolio continued to improve in Q3, demonstrating deeper collaboration across the board. Leading enterprise clients increased spending and expanded usage beyond AI infrastructure. Mid-tier enterprise clients delivered healthy growth, with both subscription-based revenue and client count rising.

現在，讓我來回顧一下每家企業的主要亮點。在我們的人工智慧雲端業務中，第三季客戶組合持續改善，顯示各方面合作更加深入。領先的企業客戶增加了支出，並將應用範圍擴展到人工智慧基礎設施之外。中型企業客戶實現了健康成長，訂閱收入和客戶數量均有所上升。

Several key verticals saw strong momentum. In embodied AI, our client base expanded to 35 from 20 last quarter, covering nearly all major industry players in China. The automotive vertical also delivered strong growth, with revenue nearly doubling year over year. In addition, this quarter, we entered into new collaborations with leading players, including Neolix, a major provider of autonomous delivery vehicles in China. Collectively, these results affirm the broadening adoption and strong recognition of Baidu AI Cloud.

幾個關鍵垂直領域都呈現出強勁的成長動能。在具身人工智慧領域，我們的客戶群從上季的 20 家增加到 35 家，幾乎涵蓋了中國所有主要的產業參與者。汽車垂直產業也實現了強勁成長，營收年增近一倍。此外，本季我們與包括中國領先的自動駕駛配送車輛供應商 Neolix 在內的領導企業建立了新的合作關係。總的來說，這些結果證實了百度AI雲的廣泛應用和高度認可。

To address fast-growing demand, we strategically upgraded our MaaS platform, Qianfan, to be agent-centric. Qianfan is now positioned to provide not only leading model services with a constantly enriched model library but also cutting-edge agent development capabilities and best-in-class agent infrastructure.

為了滿足快速成長的需求，我們對出行即服務 (MaaS) 平台 Qianfan 進行了策略升級，使其以代理商為中心。千帆現在不僅能夠提供領先的模型服務和不斷豐富的模型庫，還能提供尖端的代理開發能力和一流的代理基礎設施。

By integrating high-quality proprietary and third-party capabilities and tools, Qianfan enables seamless agent creation and empowers enterprises to accelerate AI-native application development. At the application level, we are driving productivity gains both internally and externally.

透過整合高品質的專有和第三方功能及工具，千帆實現了無縫代理創建，並賦能企業加速 AI 原生應用開發。在應用層面，我們正在推動內部和外部生產力的提升。

Internally, our developers widely leverage Comate, our AI coding assistant for developers. In September, AI contributed to over 50% of new code generation under developer oversight, substantially improving our overall engineering and R&D productivity. Comate exemplifies our belief that AI should liberate humans from repetitive tasks and deliver immediate efficiency gains.

在公司內部，我們的開發人員廣泛使用 Comate，這是我們為開發人員開發的 AI 編碼助理。9 月份，在開發人員的監督下，人工智慧貢獻了超過 50% 的新程式碼生成，大幅提高了我們的整體工程和研發效率。Comate體現了我們的信念，即人工智慧應該將人類從重複性工作中解放出來，並立即提高效率。

Externally, we are democratizing AI through Miaoda, our no-code platform. After continuous capability enhancements, we launched the Miaoda’s international version named MeDo in November, bringing powerful no-code capabilities to global users. By removing barriers like specialized training, we aim to empower more people worldwide to innovate and create with AI.

在對外方面，我們正在透過我們的無程式碼平台 Miaoda 實現人工智慧的民主化。經過持續的功能增強，我們在 11 月推出了 Miaoda 的國際版本 MeDo，為全球用戶帶來了強大的無程式碼功能。透過消除專業培訓等障礙，我們旨在賦能全球更多人利用人工智慧進行創新和創造。

On intelligent driving, Apollo Go provided 3.1 million fully driverless operational rides in Q3, up 212% year over year. As of November 25, cumulative rides provided to the public have surpassed 17 million. In terms of geographic expansion, Apollo Go added six new cities, bringing its global footprint to 22 cities as of October 2025.

在智慧駕駛方面，Apollo Go 第三季提供了 310 萬次完全無人駕駛的營運行程服務，年增 212%。截至11月25日，累計為民眾提供的乘車服務已超過1,700萬次。在地理擴張方面，Apollo Go 新增了 6 個城市，截至 2025 年 10 月，其全球業務已覆蓋 22 個城市。

In Chinese mainland, Apollo Go has already achieved 100% fully driverless operations in multiple cities, including Beijing, Shanghai, Shenzhen, Chengdu, Chongqing, Wuhan, Haikou, Sanya and more. These are not pilot zones, but represent real services already open to the public, which speaks to the maturity of our technology and operation.

在中國大陸，Apollo Go 已在北京、上海、深圳、成都、重慶、武漢、海口、三亞等多個城市實現了 100% 的完全無人駕駛營運。這些並非試點區域，而是已經向公眾開放的真實服務，這反映了我們技術和營運的成熟度。

On our asset-light model and domestic partnerships, we also made good progress this quarter. The asset-light approach allows us to expand our autonomous driving services through partnerships and facilitates faster and more capital-efficient expansion. Following the launch of fully autonomous vehicle rental services with CAR Inc., Apollo Go now enables cross-city travel in Hainan Province with fully driverless rental vehicles, offering users a differentiated experience not typically available through traditional car rental services, particularly for tourism and leisure travel.

本季度，我們在輕資產模式和國內合作方面也取得了良好進展。輕資產模式使我們能夠透過合作擴展自動駕駛服務，並促進更快、更有效率的資本擴張。繼與 CAR Inc. 合作推出全自動駕駛汽車租賃服務後，Apollo Go 現在可在海南省提供全無人駕駛租賃車輛的跨城出行服務，為用戶提供傳統汽車租賃服務通常無法提供的差異化體驗，尤其適用於旅遊休閒出行。

In addition, through our partnership with HelloRide, we achieved scaled, fully driverless operations in two cities in China, further validating the feasibility of the asset-light model. Looking ahead, we will continue to expand rapidly while prioritizing safety, accelerating the adoption of autonomous ride-hailing services across broader markets.

此外，透過與 HelloRide 的合作，我們在中國的兩個城市實現了規模化的完全無人駕駛運營，進一步驗證了輕資產模式的可行性。展望未來，我們將繼續快速擴張，同時優先考慮安全，加速在更廣泛的市場中推廣自動駕駛叫車服務。

In our mobile ecosystem, the AI transformation of Baidu Search continued to progress in Q3. At the end of October, roughly 70% of mobile search result pages contained AI-generated content. We believe this represents an optimal and sustainable level. This quarter, we prioritized enhancing the quality of multimodal content within AI search results while expanding our overall content ecosystem.

在我們的行動生態系統中，百度搜尋的AI轉型在第三季繼續推進。截至10月底，約70%的行動搜尋結果頁麵包含人工智慧產生的內容。我們認為這代表了一種最佳且可持續的水平。本季度，我們優先提升了人工智慧搜尋結果中多模態​​內容的質量，同時擴展了我們的整體內容生態系統。

AI-generated multimodal content saw rapid growth in both volume and quality. In particular, with daily AIGC video generation consistently at the scale of millions, our total AIGC video content continues to expand quickly, while daily distribution within Baidu App is also seeing strong growth. As content supply improves, users experience richer, more relevant, and engaging search results.

人工智慧生成的多模態內容在數量和質量上都實現了快速增長。尤其值得一提的是，隨著每天AIGC影片的生成量持續達到數百萬，我們的AIGC影片內容總量持續快速成長，同時百度App內的每日分發量也呈現強勁成長。隨著內容供應的改善，使用者可以體驗到更豐富、更相關、更具吸引力的搜尋結果。

User metrics continued to improve. In September, Baidu App’s MAU reached 708 million, up 1% year over year. The daily average time spent per user in Q3 increased 2.3% year over year. We are also extending our AI search capabilities to external partners through the Baidu AI Search API, which enables integration of our industry-leading search technology that delivers superior accuracy, authority, and comprehensiveness.

用戶指標持續改善。9月份，百度App的月活躍用戶數達到7.08億，年增1%。第三季每位用戶每日平均花費時間年增 2.3%。我們還透過百度人工智慧搜尋API將我們的人工智慧搜尋能力擴展到外部合作夥伴，從​​而實現我們行業領先的搜尋技術的集成，提供卓越的準確性、權威性和全面性。

Leading companies such as Samsung, Xiaomi, and Honor have already adopted the API. This strategic initiative expands our technology’s reach beyond our own ecosystem, unlocking new business models and creating broader value across the industry.

三星、小米、榮耀等領導企業已經採用了這個API。這項策略性舉措將我們的技術應用範圍擴展到我們自身的生態系統之外，從而解鎖新的商業模式，並在整個行業中創造更廣泛的價值。

Underpinned by our full-stack AI capabilities, each business group within Baidu has seen rapid progress, with AI driving both product innovation and business growth. From an AI-native perspective, our portfolio cuts across business groups with a comprehensive range of AI-powered businesses, from AI Cloud Infra to AI applications such as Baidu Wenku and Baidu Drive, and to AI-native marketing services including agents and digital humans, all of which are showing strong growth momentum.

憑藉我們全端人工智慧能力，百度旗下每個業務部門都取得了快速發展，人工智慧推動了產品創新和業務成長。從人工智慧原生角度來看，我們的產品組合涵蓋了各個業務領域，擁有全面的人工智慧驅動業務，從人工智慧雲端基礎設施到百度文酷和百度網測等人工智慧應用，再到包括代理商和數位人在內的人工智慧原生行銷服務，所有這些都展現出強勁的成長勢頭。

In the physical world, Apollo Go, our largest AI application, continues to scale rapidly. And these are just a few examples, underscoring the broad-based growth of our AI-powered businesses and the meaningful business impact our AI capabilities are already delivering at scale.

在現實世界中，我們最大的人工智慧應用 Apollo Go 繼續快速擴展。以上僅是幾個例子，凸顯了我們人工智慧驅動型業務的廣泛成長，以及我們的人工智慧能力已經大規模帶來的有意義的業務影響。

Looking ahead, we will continue to expand our AI-powered revenue streams and strengthen our position to capture the long-term opportunities ahead. We are confident that our AI capabilities will bring even greater transformative value across our portfolio in the years to come. With that, let me turn the call over to Henry to go through the financial results.

展望未來，我們將繼續拓展人工智慧驅動的收入來源，並鞏固自身地位，以抓住未來的長期機會。我們相信，在未來幾年裡，我們的人工智慧能力將為我們的產品組合帶來更大的變革價值。接下來，我將把電話交給亨利，讓他來介紹財務表現。

Thank you, Robin, and hello everyone. Robin just mentioned our AI-powered businesses, and I'd like to elaborate. Based on ongoing feedback from investors, and to better reflect valuation drivers based on our current portfolio,we are introducing a new AI-native view this quarter that cuts across business groups to track AI-empowered assets company-wide. This new view organizes our business according to the nature of our products and services, helping investors better understand the fundamental valuation drivers across our diverse product and service offerings.

謝謝你，羅賓，大家好。Robin 剛才提到了我們以人工智慧為驅動的業務，我想詳細說明一下。根據投資者的持續回饋，為了更好地反映我們目前投資組合的估值驅動因素，我們將在本季度推出新的 AI 原生視圖，該視圖跨越各個業務部門，以追蹤全公司範圍內的 AI 賦能資產。這種新視角根據我們產品和服務的性質來組織我們的業務，幫助投資者更好地了解我們多樣化產品和服務的基本估值驅動因素。

Going forward, we will provide business updates through this AI-native view on an ongoing basis, while continuing to disclose results under the existing reporting methods, giving investors complementary lenses to assess the value of our portfolio.

展望未來，我們將持續透過這種人工智慧原生視圖提供業務更新，同時繼續按照現有的報告方法揭露業績，為投資者提供補充視角來評估我們投資組合的價值。

From this AI-native view, we have a rich array of AI-empowered assets. We are highlighting three categories this quarter: AI Cloud Infra, AI applications, and AI-native Marketing Services. First, AI Cloud Infra, which refers to the AI infrastructure and platform services we provide to enterprises and the public sector.

從這個人工智慧原生視角來看，我們擁有豐富的人工智慧賦能資產。本季我們將重點放在三個類別：人工智慧雲端基礎設施、人工智慧應用和人工智慧原生行銷服務。首先是 AI 雲端基礎設施，指的是我們為企業和公部門提供的 AI 基礎設施和平台服務。

In Q3, revenue from AI Cloud Infra reached RMB 4.2 billion, up 33% year over year. We operate one of China’s most advanced AI accelerator infrastructure, enabling highly efficient and cost-effective training and inference across diverse enterprise workloads. Within AI Cloud Infra, subscription-based AI accelerator infrastructure revenue grew 128% year over year.

第三季度，AI雲基礎設施收入達到人民幣42億元，年增33%。我們經營著中國最先進的人工智慧加速器基礎設施之一，能夠有效率且經濟地對各種企業工作負載進行訓練和推理。在 AI 雲端基礎設施領域，基於訂閱的 AI 加速器基礎設施收入較去年同期成長 128%。

Second, AI applications. These are AI-native or AI-powered product offerings addressing specific use cases for individuals and enterprises, including our flagship software products such as Baidu Wenku, Baidu Drive, and Digital Employee. AI is transforming how applications create value, enabling far more powerful capabilities that address real-world scenarios more effectively.

其次，人工智慧應用。這些是人工智慧原生或人工智慧驅動的產品，旨在滿足個人和企業的特定使用場景，其中包括我們的旗艦軟體產品，如百度文酷、百度網駕和數位員工。人工智慧正在改變應用程式創造價值的方式，從而實現更強大的功能，更有效地應對現實世界的場景。

We’ve built a leading and comprehensive portfolio across both individuals and enterprises. Most of our AI applications are based on sticky subscription models, delivering high-quality revenue. In Q3, AI Applications generated revenue of RMB 2.6 billion.

我們已在個人和企業領域建立了領先且全面的投資組合。我們的大多數人工智慧應用都基於用戶黏性高的訂閱模式，從而帶來高品質的收入。第三季度，人工智慧應用業務實現營收26億元。

Third, our AI-native Marketing Services such as agents and digital humans continued to scale rapidly. This represents our second growth curve beyond our legacy business. These innovative products are gaining strong traction with customers seeking performance-driven AI-native solutions.

第三，我們的人工智慧原生行銷服務（如代理商和數位人）持續快速擴展。這代表著我們在傳統業務之外的第二個成長階段。這些創新產品正受到尋求性能驅動型 AI 原生解決方案的客戶的強烈青睞。

Customers are increasingly willing to pay a premium for cutting-edge AI technology that delivers measurable improvements in productivity, marketing efficiency and ROI. In Q3, revenue from AI-native Marketing Services reached RMB 2.8 billion, representing a robust 262% year-over-year increase, accounting for 18% of Baidu Core’s online marketing revenue.

客戶越來越願意為能夠顯著提高生產力、行銷效率和投資回報率的尖端人工智慧技術支付溢價。第三季度，人工智慧原生行銷服務的營收達到 28億元，年增262%，佔百度核心網路行銷收入的18%。

Now let me walk through the details of our third-quarter financial results. Total revenues were RMB 31.2 billion, decreasing 7% year over year. Revenue from Baidu Core was RMB 24.7 billion, decreasing 7% year over year. Baidu Core's online marketing revenue was RMB 15.3 billion, decreasing 18% year over year.

現在讓我詳細介紹一下我們第三季的財務表現。總收入為人民幣312億元，較去年同期下降7%。百度核心業務營收為人民幣247億元，較去年同期下降7%。百度核心網店的網路行銷收入為人民幣153億元，較去年同期下降18%。

Baidu Core’s non-online marketing revenue was RMB 9.3 billion, up 21% year over year, driven by the boost of AI Cloud business. Within Baidu Core's non-online marketing revenue, AI Cloud revenue was RMB 6.2 billion, increased by 21% year over year.

百度核心非線上行銷收入達人民幣93億元，較去年成長21%，主要得益於人工智慧雲端業務的成長。在百度核心非線上行銷收入中，AI雲端收入為人民幣62億元，較去年同期成長21%。

Revenue from iQIYI was RMB 6.7 billion, decreasing 8% year over year. Cost of revenues was RMB 18.3 billion, increasing 12% year over year, primarily due to an increase in costs related to AI Cloud business and content costs. Excluding impairment of long-lived assets, operating expenses were RMB 11.8 billion, increasing 5% year over year, and Baidu Core’s operating expenses were RMB 10.4 billion, increasing 5% year over year.

愛奇藝營收為人民幣67億元，較去年同期下降8%。營收成本為人民幣183億元，較去年成長12%，主要原因是人工智慧雲端業務相關成本和內容成本增加。不計長期資產減值，營業費用為人民幣118億元，較去年成長5%；百度核心業務的營業費用為人民幣104億元，較去年同期成長5%。

Baidu Core SG&A expenses were RMB 5.7 billion, increasing 14% year over year, primarily due to an increase in expected credit losses and channel spending expenses. SG&A accounted for 23% of Baidu Core’s revenue in the quarter compared to 19% in the same period last year.

百度核心銷售、一般及行政費用為人民幣57億元，較去年同期成長14%，主要原因是預期信貸損失及通路支出增加。本季度，銷售、一般及行政費用佔百度核心業務收入的 23%，去年同期為 19%。

Baidu Core R&D expenses were RMB 4.8 billion, decreasing 3% year over year. R&D accounted for 19% of Baidu Core’s revenue in the quarter, which was basically flat from last year.

百度核心研發費用為人民幣48億元，較去年同期下降3%。本季度，研發支出佔百度核心業務收入的 19%，與去年同期基本持平。

Impairment of long-lived assets was RMB 16.2 billion, attributable to an impairment loss of the Core asset group. With our rapid progress in high-performance computing capabilities, we proactively conducted a comprehensive review of our asset base and impaired, including but not limited to existing infrastructure that no longer aligns with current computing efficiency requirements. This results in a healthier and more optimized asset portfolio that better supports the future growth of our AI-native business.

長期資產減損162億元人民幣，主要歸因於核心資產組的減損損失。隨著我們在高效能運算能力方面的快速發展，我們主動對我們的資產基礎和減損資產進行了全面審查，包括但不限於不再符合當前運算效率要求的現有基礎設施。這將形成一個更健康、更優化的資產組合，從而更好地支援我們人工智慧原生業務的未來成長。

Operating loss was RMB 15.1 billion. Baidu Core’s operating loss was RMB 15.0 billion, and Baidu Core’s operating loss margin was 61%. Excluding impairment of long-lived assets, operating income was RMB 1.1 billion, and Baidu Core operating income was RMB 1.2 billion. Non-GAAP operating income was RMB 2.2 billion.

營業虧損為人民幣151億元。百度核心業務的營業虧損為人民幣150億元，營業虧損率為61%。不計長期資產減值，營業收入為人民幣11億元，百度核心業務營業收入為人民幣12億元。非GAAP營業收入為人民幣22億元。

Non-GAAP Baidu Core operating income was RMB 2.2 billion, and non-GAAP Baidu Core operating margin was 9%. Total other income, net was RMB 1.9 billion, compared to RMB 2.7 billion in the same period last year.

非GAAP百度核心業務營業收入為人民幣22億元，非GAAP百度核心業務營業利益率為9%。其他淨收入額為19億元，去年同期為人民幣27億元。

Income tax benefit was RMB 1.8 billion, compared to income tax expense of RMB 814 million in the same period last year. Net loss attributable to Baidu was RMB 11.2 billion, and diluted loss per ADS was RMB 33.88. Net loss attributable to Baidu Core was RMB 11.1 billion, and net loss margin for Baidu Core was 45%.

所得稅收益為人民幣18億元，去年同期所得稅支出為人民幣8.14億元。百度淨虧損為人民幣112億元，每股美國存託憑證攤薄虧損為人民幣33.88元。百度核心業務淨虧損為人民幣111億元，百度核心業務淨虧損率為45%。

Excluding the impact of impairment of long-lived assets, net income attributable to Baidu was RMB 2.6 billion, and net income attributable to Baidu Core was RMB 2.7 billion. Non-GAAP net income attributable to Baidu was RMB 3.8 billion. Non-GAAP diluted earnings per ADS was RMB 11.12. Non-GAAP net income attributable to Baidu Core was RMB 3.8 billion, and non-GAAP net margin for Baidu Core was 16%.

剔除長期資產減損的影響，百度淨利為人民幣26億元，百度核心淨利為人民幣27億元。百度所屬的非GAAP淨利為人民幣38億元。非GAAP稀釋後每股ADS收益為人民幣11.12元。歸屬於百度核心業務的非GAAP淨利為人民幣38億元，百度核心業務的非GAAP淨利率為16%。

We define total cash and investments as cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and adjusted long-term investments. As of September 30, 2025, total cash and investments were RMB 296.4 billion, and total cash and investments excluding iQIYI were RMB 290.4 billion.

我們將現金和投資總額定義為現金、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，以及調整後的長期投資。截至2025年9月30日，現金及投資總額為人民幣2,964億元，不計入愛奇藝的現金及投資總額為人民幣2,904億元。

Operating cash flow was RMB 1.3 billion, and operating cash flow excluding iQIYI was RMB 1.5 billion. Baidu Core had approximately 31,000 employees as of September 30, 2025. With that, operator, let's now open the call to questions.

經營活動產生的現金流量為人民幣13億元，不計入愛奇藝的經營活動產生的現金流量為人民幣15億元。截至2025年9月30日，百度核心約有31,000名員工。接線員，那麼現在我們開始接受提問。

(Operator Instructions) Alicia Yap, Citigroup.

（操作說明）Alicia Yap，花旗集團。

Hello. Thank you. Good evening, management. Thanks for taking my questions. My question is on ERNIE 5.0 that was unveiled at Baidu World recently. And then so how will the new model drive the next stage of applications such as the digital humans? And what are the key focus areas for ERNIE’s future iterations and also the differentiation?

你好。謝謝。晚上好，各位領導。謝謝您回答我的問題。我的問題是關於最近在百度世界大會上發布的 ERNIE 5.0。那麼，這種新模式將如何推動數位人等應用的下一階段發展呢？ERNIE未來迭代的關鍵關注領域和差異化優勢是什麼？

Hi, Alicia, this is Robin. Over the past couple of years, I've been repeatedly saying that we're taking an application-driven approach when it comes to ERNIE’s iteration. At Baidu World just a few days ago, we unveiled ERNIE 5.0, our first native omni-modal foundation model. It has reached world-class levels in omni-modal understanding, creative writing, and instruction following, which are very important capabilities to our current and future product portfolio.

你好，艾莉西亞，我是羅賓。在過去的幾年裡，我一直在反覆強調，在 ERNIE 的迭代過程中，我們將採取應用驅動的方法。就在幾天前的百度世界大會上，我們發布了 ERNIE 5.0，這是我們第一個原生全模態基礎模型。它在全模態理解、創意寫作和指令遵循方面已達到世界一流水平，這些能力對我們當前和未來的產品組合都非常重要。

From ERNIE 4.5 and ERNIE X1 in March to ERNIE 5.0 in November, ERNIE keeps getting better. Digital humans are a good example. Powered by ERNIE, they deliver fluent, contextually accurate, and highly expressive dialogue. These are capabilities rooted in ERNIE's language strength.

從 3 月的 ERNIE 4.5 和 ERNIE X1 到 11 月的 ERNIE 5.0，ERNIE 一直在不斷改進。數字人就是一個很好的例子。由 ERNIE 提供技術支持，它們能夠呈現流暢、情境準確且極富表現力的對話。這些能力源自於 ERNIE 的語言優勢。

Beyond language, our model also drives visual realism: appearance, movement, and even subtle micro-expressions, all synchronized with the conversation. When these elements come together, the performance of our digital humans is truly exceptional and genuinely persuasive, capable of driving user engagement and purchasing decisions.

除了語言之外，我們的模型還能實現視覺上的真實感：外觀、動作，甚至是微妙的微表情，都與對話同步。當這些要素結合在一起時，我們的數位人的表現確實非常出色，而且極具說服力，能夠推動用戶參與和購買決策。

ERNIE also powers FM Agent, our self-evolving agent that significantly improves enterprise efficiency. It has proven to be very effective in industries like manufacturing, energy, finance, transportation, and logistics. Similarly, our AI Search and Cloud business benefit from ERNIE’s capabilities, too.

ERNIE 也為 FM Agent 提供支持，FM Agent 是我們可自我進化的代理，能夠顯著提高企業效率。事實證明，它在製造業、能源、金融、運輸和物流等行業中非常有效。同樣，我們的 AI 搜尋和雲端業務也受益於 ERNIE 的功能。

Although ERNIE has delivered remarkable results for these applications, we see a lot of room for improvement. We’d like to see digital humans sell better than real humans in all kinds of live-streaming e-commerce across many product categories. We’d like to see FM Agents find better and better solutions in more complicated scenarios in all industries.

儘管 ERNIE 在這些應用方面取得了顯著成果，但我們認為還有很大的進步空間。我們希望看到在各種直播電商領域，數位人能在眾多產品類別中比真人賣得更好。我們希望看到設施管理代理商在各行各業日益複雜的場景中找到越來越好的解決方案。

We’d like to see AI-generated contents to match users' interests better than KOL-generated contents. We’d like to see ERNIE-based agents be able to tell which piece of content has better quality regarding certain topics and so on and so forth. These are the areas where none of the existing models do a good job, not even close.

我們希望看到人工智慧生成的內容比KOL產生的內容更符合使用者的興趣。我們希望看到基於 ERNIE 的代理人能夠分辨出哪些內容在某些主題方面品質更好等等。在這些領域，現有的模型都無法很好地發揮作用，甚至遠遠不夠。

So we aim to solve this problem. The application-driven approach actually reflects our deep conviction in where AI value will ultimately reside. While economic value today sits largely at the infrastructure layer, in a healthier AI ecosystem, the greatest value should come from applications where products deliver real impact to users, advertisers, and enterprises.

所以我們的目標就是要解決這個問題。這種應用驅動的方法實際上反映了我們對人工智慧價值最終所在的深刻信念。雖然目前經濟價值主要體現在基礎設施層面，但在一個更健康的 AI 生態系統中，最大的價值應該來自那些能為使用者、廣告商和企業帶來真正影響力的應用。

Going forward, I think no foundation model can be better than anyone at any aspect. We will continue to focus on making ERNIE strongest where it matters most for our portfolio. Baidu has always been a company with strong belief in technology, and we will continue investing decisively in areas where technology can create real measurable value. So, staying close to applications ensures a sustainable path forward for AI development.

展望未來，我認為沒有任何一種基金會模式能在任何方面優於其他任何一種。我們將繼續專注於增強 ERNIE 在對我們投資組合至關重要的領域的優勢。百度一直是一家堅信科技的公司，我們將繼續在科技能創造真正可衡量價值的領域進行果斷投資。因此，與應用保持密切聯繫可以確保人工智慧發展的可持續發展之路。

Lincoln Kong, GS.

林肯·孔，GS。

Thank you management for taking my question. So my question is about the Cloud business. So in the third quarter, we have seen Cloud growth has slightly moderated. So are we seeing any changes in terms of Cloud demand? And should we expect a re-acceleration in the coming quarters? So what's your outlook for the next year? And what are the key drivers that should support the sustainable growth of our Cloud business?

感謝管理層抽空回答我的問題。所以我的問題是關於雲端運算業務的。因此，在第三季度，我們看到雲端運算的成長略有放緩。那麼，我們在雲端需求方面是否看到任何變化？我們是否應該預期未來幾季會再次加速成長？那你對明年有什麼展望？那麼，哪些關鍵驅動因素應該能夠支援我們雲端業務的永續發展？

This is Dou. Thank you, Lincoln. If you look at our year-to-date performance, our Cloud business is growing well above the industry average. Well, for quarter-to-quarter, there can be some variability, but the overall trend is strong, and we remain very confident about this growth trajectory going forward.

這是豆豆。謝謝你，林肯。從我們今年迄今為止的業績來看，我們的雲端業務成長遠高於行業平均水平。雖然季度之間可能會有一些波動，但整體趨勢強勁，我們對未來的成長軌跡仍然非常有信心。

On the demand side, enterprises are applying AI across every aspect of their operations, driving strong, broad-based demand for AI-centric Cloud services. Within AI Cloud, the area most closely tied to AI workloads is scaling the fastest

在需求方面，企業正在將人工智慧應用於營運的各個方面，從而推動了對以人工智慧為中心的雲端服務的強勁、廣泛的需求。在人工智慧雲端領域，與人工智慧工作負載最密切相關的部分正在以最快的速度擴展。

Our clients are using our Cloud not only for model training, but increasingly for inference tasks. In Q3, AI Cloud Infra revenue reached RMB 4.2 billion, up 33% year over year, outpacing overall Cloud growth, and the subscription-based AI accelerator infrastructure revenue grew 128% year over year, accelerating from around 50% last quarter.

我們的客戶不僅將我們的雲端平台用於模型訓練，而且越來越多地用於推理任務。第三季度，AI雲基礎設施收入達到人民幣42億元，年增33%，超過了整體雲端業務的成長速度；訂閱式AI加速器基礎設施營收年增128%，較上季的約50%增速加快。

These results, both strong, reflect both strong underlying AI-driven demand and a healthier revenue mix. This momentum is supported by our full-stack AI capabilities. At the infrastructure layer, our high-performance AI infrastructure, especially self-developed AI computing architecture, continues to see strong adoption driven by superior performance, efficiency, and cost-effectiveness.

這兩項強勁的業績反映了人工智慧驅動的強勁潛在需求和更健康的收入結構。這項發展勢頭得益於我們全端人工智慧能力。在基礎設施層面，我們高效能的人工智慧基礎設施，特別是自主研發的人工智慧運算架構，憑藉其卓越的效能、效率和成本效益，持續廣泛應用。

Many clients start with AI infrastructure and then expand to additional offerings over time. Also, our Qianfan MaaS platform has been upgraded to be agent-centric. With expanded model libraries and greater tools and strengthened support for complex agent workflows, Qianfan provides best-in-class agent infrastructure, enabling enterprises to easily build and deploy AI agents at good scale.

許多客戶最初都從人工智慧基礎設施入手，然後隨著時間的推移擴展到其他產品和服務。此外，我們的千帆旅遊即服務平台已升級為以代理商為中心。憑藉擴展的模型庫、更強大的工具以及對複雜代理工作流程的強化支持，千帆提供了一流的代理基礎設施，使企業能夠輕鬆構建和大規模部署 AI 代理。

At the application layer, we provide applications that can be readily applied to real business scenarios. Our Cloud growth is not just about investment in AI infrastructure. We attach huge importance to applications. We have a comprehensive portfolio of AI products and solutions that is growing very fast, including Digital Employee, Yijian, Miaoda, FM Agent, and so on.

在應用程式層，我們提供可直接應用於實際業務場景的應用程式。我們的雲端運算成長不僅僅是對人工智慧基礎設施的投資。我們非常重視應用程式。我們擁有全面的AI產品和解決方案組合，而且成長非常迅速，其中包括數位員工、易健、妙達、FM Agent等等。

So we firmly believe AI applications will create substantial value in our Cloud business in the long term. So to sum up, if we look at our Cloud business on an annualized basis, we believe that our full-stack AI capabilities and the strong demand for AI-centric Cloud services will enable healthy, scalable, and sustainable growth in the future. Thank you.

因此，我們堅信人工智慧應用將在長期內為我們的雲端業務創造巨大價值。總而言之，如果我們以年度為單位來看待我們的雲端業務，我們相信，我們全端式人工智慧能力以及對以人工智慧為中心的雲端服務的強勁需求，將在未來實現健康、可擴展和可持續的成長。謝謝。

Alex Yao, JPMorgan.

Alex Yao，摩根大通。

Thank you operator and good evening management. The Baidu Application evolves into an AI application and web search becomes a leading feature for AI chatbots. The line between search and chatbot is getting blurring. Based on your observation, how are users behavior changing and what is your competitive strategy going forward?

謝謝接線員，管理階層晚上好。百度應用演變為人工智慧應用，網路搜尋成為人工智慧聊天機器人的主要功能。搜尋和聊天機器人之間的界線正變得越來越模糊。根據您的觀察，使用者行為發生了哪些變化？您未來的競爭策略是什麼？

Hi, Alex, let me answer your questions. AI chatbot is actually an important product form. User need is evolving very quickly. So it's necessary to stay ahead with products for different scenarios. And within Baidu, we leverage the chatbot capabilities through two complimentary offerings. The first one is the ERNIE Assistant, which is the built-in assistant inside Baidu App. This supports multi-round conversations, function calling, and stands out for its deep integration with search. There's many users assess the ERNIE assistant directly from search, so you can draw on query context and interaction history to deliver a more relevant and personalized answers.

你好，Alex，讓我來回答你的問題。AI聊天機器人其實是一種重要的產品形式。用戶需求變化非常迅速。因此，必須不斷推出適用於不同場景的產品，以保持領先地位。在百度內部，我們透過兩項互補的服務來利用聊天機器人功能。第一個是 ERNIE 助手，它是百度 App 內建的助手。它支援多輪對話、函數調用，並因其與搜尋的深度集成而脫穎而出。許多用戶直接透過搜尋來評估 ERNIE 助手，因此您可以利用查詢上下文和互動歷史記錄來提供更相關、更個人化的答案。

And it also connects to a set of tools through MCP, allowing the users to move seamlessly from information gathering to task completion. The ERNIE Assistant is growing quite fast on our app. You can see that the conversation rounds have increased around fivefold year-over-year and the DAU has surpassed 12 million with very strong month-over-month momentum. We expect this trend to continue in the coming few quarters.

它還透過 MCP 連接到一系列工具，使用戶能夠無縫地從資訊收集過渡到任務完成。ERNIE助手在我們應用程式上的使用者成長速度非常快。可以看到，對話輪次比上年同期增加了約五倍，每日活躍用戶數已超過 1,200 萬，且每月成長勢頭非常強勁。我們預計這一趨勢將在未來幾季持續下去。

In parallel, we also offer ERNIE Bot as a standalone chatbot application.When it shares capabilities behind the ERNIE Assistant., the ERNIE Bot takes a more experimental, innovative approach, with a near-term focus on improving retention and the long-term ambition to compete at the forefront of the chatbot category.

同時，我們也提供 ERNIE Bot 作為一款獨立的聊天機器人應用程式。 ERNIE Bot 共享 ERNIE Assistant 背後的功能，並採取更具實驗性和創新性的方法，近期重點在於提高用戶留存率，長期目標是在聊天機器人領域佔據領先地位。

For example, it provides some cutting-edge multimodal features, such as the AI image or comic-style generation, which have been especially popular among younger users. Looking ahead, we believe the chatbots are not only the ultimate form of AI applications. The future of AI interactions will be multimodal, real-time, generative, and interactive.

例如，它提供了一些尖端的多模態功能，例如人工智慧圖像或漫畫風格的生成，這些功能在年輕用戶中尤其受歡迎。展望未來，我們認為聊天機器人不僅僅是人工智慧應用的最終形式。人工智慧互動的未來將是多模態的、即時的、生成式的和互動的。

For example, at the most recent Baidu World, we have showcased the upgraded digital human, which is capable of instant interactions through real-time voices and video like live conversations. As many of you may recall, we even had a very small technical hiccup during the live demo, which actually proved that it was truly real-time and not pre-recorded. Once resolved, the digital human responded very vividly and delivered dynamic back-and-forth conversations that felt genuinely human.

例如，在最近的百度世界大會上，我們展示了升級版的數位人，它能夠透過即時語音和視訊進行即時互動，就像即時對話一樣。你們中的許多人可能還記得，我們​​在現場演示過程中甚至出現了一個很小的技術故障，但這實際上證明了它是真正的即時演示，而不是預先錄製的。一旦問題解決，數位人就會做出非常生動的反應，並進行動態的來回對話，讓人感覺非常像真人。

So we will continue to bring these advanced capabilities into search, making it more intelligent, personalized, and capable of completing tasks. This continuous innovation is how we intend to capture the long-term opportunities in the AI era and strengthen our competitive advantages. Thank you, Alex.

因此，我們將繼續把這些先進功能引入搜索，使其更加聰明、個人化，並能夠完成各種任務。透過持續創新，我們計劃抓住人工智慧時代的長期機遇，並增強我們的競爭優勢。謝謝你，亞歷克斯。

Gary Yu, Morgan Stanley.

Gary Yu，摩根士丹利。

Hi, thank you, management for the opportunity to ask questions and also appreciate the additional disclosure on AI power businesses. Could management share more on the growth outlook and also the profitability of Baidu’s new AI-powered businesses? And how will these categories help accelerate our overall revenue growth going forward? Thank you.

您好，感謝管理階層給我提問的機會，也感謝你們對人工智慧賦能業務的補充說明。管理階層能否分享更多關於百度新人工智慧業務的成長前景和獲利能力方面的資訊？這些類別將如何幫助我們加速未來的整體營收成長？謝謝。

Thank you, Gary. This is Henry. Let me provide some background on this new AI-native views. Based on investor feedbacks, we are seeing a need for greater transparency into our high-growth AI businesses. This view organizes our portfolio by product nature, giving investors clearer visibility into the underlying value drivers.

謝謝你，加里。這是亨利。讓我先介紹一下這種新型的AI原生視圖的背景。根據投資者的回饋，我們發現需要提高我們高成長人工智慧業務的透明度。這種視圖按產品性質對我們的投資組合進行分類，使投資者能夠更清楚地了解潛在的價值驅動因素。

We will maintain both this AI-native view and our existing reporting methods in parallel, offering complementary perspectives on our business performance. From this new perspective, I think we have a rich portfolio of AI-empowered assets.

我們將並行保留這種人工智慧原生視圖和我們現有的報告方法，從而提供關於我們業務績效的互補視角。從這個新的角度來看，我認為我們擁有豐富的AI賦能資產組合。

Let me give some highlights here. First of all, for the AI Cloud Infra, this part includes our industry-leading AI infrastructure containing self-developed AI computing architecture, cloud infrastructure, and a best-in-class MaaS platform.

讓我在這裡概括一下重點。首先，對於 AI 雲端基礎設施，這部分包括我們領先業界的 AI 基礎設施，其中包含自主研發的 AI 運算架構、雲端基礎設施和一流的 MaaS 平台。

As AI adoption accelerates, demand for robust infrastructure is growing, and our differentiated capabilities position us well. We are capturing long-term sustainable revenue and expect margin to improve as utilization increases. Secondly, for the AI Applications, this part includes flagship products, for example, Baidu Wenku and Baidu Drive.

隨著人工智慧的普及應用加速，對強大基礎設施的需求也在成長，我們差異化的能力使我們處於有利地位。我們正在獲取長期可持續的收入，並預計隨著利用率的提高，利潤率將會提高。其次，在人工智慧應用方面，這部分包括旗艦產品，例如百度文酷和百度駕駛。

AI has significantly enhanced functionalities across these products. We have one of the China’s broadest AI application portfolios, and most of these applications are on a subscription basis, contributing to higher-quality revenue and margin.

人工智慧顯著提升了這些產品的功能。我們擁有中國最廣泛的人工智慧應用組合之一，而這些應用大多採用訂閱模式，從而帶來更高品質的收入和利潤。

Third, for the AI-native Marketing Services, including agents and digital humans. This reflects how AI unlocks greater efficiency and drives the second growth curve in our advertising business through enhanced engagement, conversion, and ROI. This quarter, AI-native Marketing Services reached 18% of our Baidu Core online marketing revenue, up from 4% a year ago.

第三，針對人工智慧原生行銷服務，包括代理商和數位人。這反映了人工智慧如何透過增強互動、轉換和投資回報率來釋放更大的效率，並推動我們廣告業務的第二個成長曲線。本季，AI原生行銷服務佔百度核心網路行銷收入的18%，高於去年同期的4%。

And we expect penetration to continue rising as adoption broadens. Customers are increasing usage of these results-driven AI solutions and are willing to pay for tangible gains in productivity and marketing efficiency. Importantly, these AI-empowered businesses reinforce one another across Baidu’s ecosystem.

我們預計隨著普及率的提高，滲透率將持續上升。客戶越來越多地使用這些以結果為導向的人工智慧解決方案，並且願意為生產力和行銷效率的實際提高付費。重要的是，這些人工智慧賦能的企業在百度生態系統中相互促進。

And AI embeds deeper across products. So we expect accelerating growth of these businesses. So when we’re looking ahead, we remain confident in the revenue and profitability potential, which we believe will support for a stronger growth trajectory for Baidu over time. Thank you, Gary.

人工智慧正更深入地融入各種產品中。因此，我們預期這些企業將加速成長。因此，展望未來，我們仍然對收入和獲利潛力充滿信心，我們相信這將支持百度隨著時間的推移實現更強勁的成長軌跡。謝謝你，加里。

Miranda Zhuang, BofA Securities.

Miranda Zhuang，美國銀行證券。

The question is about the Robotaxi business. So Apollo Go has been accelerating growth this year. Looking ahead, can management update us on Apollo Go for next year and beyond, including your global growth expansion plans? And how do unit economics look across different markets? And how does management view the long-term profitability potential of the Robotaxi business?

這個問題與Robotaxi業務有關。所以 Apollo Go 今年的成長速度加快了。展望未來，管理階層能否向我們介紹 Apollo Go 明年及以後的發展情況，包括全球成長擴張計畫？不同市場的單位經濟效益如何？管理階層如何看待Robotaxi業務的長期獲利潛力？

This is Robin. If you remember, our Robotaxi journey started in 2013. So this is our 13th year. Today, Apollo Go is one of the world’s largest Robotaxi service providers. And as of November, we have provided over 17 million rides cumulatively, a level very few players globally have achieved.

這是羅賓。如果你還記得的話，我們的Robotaxi之旅始於2013年。今年是我們的第十三年。如今，Apollo Go 是全球最大的自動駕駛計程車服務提供者之一。截至 11 月，我們累計提供了超過 1,700 萬次乘車服務，這一水準在全球範圍內鮮有其他業者能夠達到。

In China, we are the undisputed market leader. Through the first three quarters this year, our ride volumes were over 15 times higher than our nearest domestic peers according to publicly disclosed data. All rides are fully driverless, demonstrating unmatched operational scale and technological excellence.

在中國，我們是無可爭議的市場領導者。根據公開揭露的數據，今年前三個季度，我們的乘車量比國內最接近的同業高出 15 倍以上。所有車輛均實現完全無人駕駛，展現了無與倫比的營運規模和技術卓越性。

Scale matters a lot. The reason we are able to achieve a leading position in autonomous driving technology on a global basis is that we have the scale. We have encountered many issues, corner cases others have not seen. We were able to train our models to handle those cases smarter and smarter.

規模很重要。我們之所以能夠在全球自動駕駛技術領域取得領先地位，是因為我們擁有規模優勢。我們遇到了許多問題，以及其他人沒有遇到的特殊情況。我們不斷訓練模型，使其能夠越來越聰明地處理這些案例。

I think Robotaxi has reached a tipping point, both here in China and in the US. There are enough people who have chance to experience driverless rides, and the word of mouth has created positive social media feedback, which I think will propel the opening or loosening of related regulations.

我認為，無論是在中國還是在美國，自動駕駛計程車都已經達到了一個轉捩點。已經有很多人有機會體驗無人駕駛汽車，口碑傳播也帶來了正面的社群媒體回饋，我認為這將推動相關法規的開放或放寬。

For 2026 and beyond, we will continue to scale up our operations, both domestically and internationally. We will add more cars in our existing cities. We will expand to more cities. We will accumulate more fully driverless mileage and further improve our technology based on the operational data we gather on the road.

展望 2026 年及以後，我們將繼續擴大我們在國內和國際的業務規模。我們將在現有城市增加更多車輛。我們將拓展到更多城市。我們將累積更多完全無人駕駛里程，並根據我們在道路上收集的營運數據進一步改進我們的技術。

And yes, we need more data to train our models. Better models make the cars safer and faster. We will continue to drive down the cost per mile through technological innovation and operational efficiency.

是的，我們需要更多數據來訓練我們的模型。更好的車型使汽車更安全、更快捷。我們將繼續透過技術創新和營運效率來降低每英里的成本。

Right now, a few cities have achieved positive unit economics. As we scale, we hope to see more cities turn positive in 2026. Also, we’re scaling through flexible business models, including asset-light models, we are ready to enter any city quickly once regulatory and market conditions allow. As of October, Apollo Go’s global footprint reaches 22 cities with significant progress in Europe, the Middle East, and Hong Kong. We’re confident that UE will continue to improve as we scale.

目前，只有少數城市實現了正的單位經濟效益。隨著規模擴大，我們希望在 2026 年看到更多城市正成長。此外，我們正在透過靈活的商業模式（包括輕資產模式）擴大規模，一旦監管和市場條件允許，我們隨時準備迅速進入任何城市。截至 10 月，Apollo Go 的全球業務已覆蓋 22 個城市，並在歐洲、中東和香港取得了顯著進展。我們相信，隨著規模的擴大，使用者體驗將不斷改進。

So in summary, for 2026 and beyond, we expect strong growth across three areas: rapid growth in ride volumes and fleet size, geographic expansion into new markets, and accelerated adoption of new business models. We believe Apollo Go is well-positioned for continued global expansion and long-term profitability. Thank you.

綜上所述，我們預計 2026 年及以後將在三個領域實現強勁增長：乘車量和車隊規模的快速增長、向新市場的地域擴張以及新商業模式的加速採用。我們相信 Apollo Go 已做好充分準備，將繼續在全球擴張並實現長期盈利。謝謝。

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

Hi, good evening. Thanks management for taking my question. My question is about how AI Search monetization is progressing. And what feedback are you seeing from advertisers and users? Can AI-native marketing services offset traditional ad business? And how should we think about core advertising profitability going forward?

您好，晚上好。感謝管理層解答我的問題。我的問題是關於人工智慧搜尋的商業化進展。您從廣告商和用戶那裡得到了哪些回饋？人工智慧原生行銷服務能否取代傳統廣告業務？那麼，我們該如何看待未來核心廣告的獲利能力呢？

Hi, Thomas, this is Julius. In October, nearly 70%, of the mobile search result pages have contained AI-generated and multimodal-first content. This format is quite unique to us, and we are the first and only one doing this. We expect this level to remain relatively stable as we have largely covered the query types where the AI meaningfully improves the user experience.

你好，湯瑪斯，我是朱利葉斯。10 月份，近 70% 的行動搜尋結果頁麵包含人工智慧生成和多模態優先的內容。這種形式是我們獨有的，我們是第一個也是唯一一個這樣做的公司。我們預計這一水平將保持相對穩定，因為我們已經基本涵蓋了人工智慧能夠顯著改善用戶體驗的查詢類型。

Our focus now has shifted to improving quality, particularly rich media content like images and videos, and we are seeing very clear improvement in content quality this quarter, which translates directly into better user experience. And we can see that usage retention is higher, and users exposed to AI Search results are initiating 6% more queries and spending more time with us. This tells us users are finding real value in AI Search and engaging more deeply.

我們現在的重點已經轉移到提高品質上，特別是圖像和視訊等富媒體內容，並且我們看到本季度內容品質有了非常明顯的提高，這直接轉化為更好的用戶體驗。我們可以看到，用戶留存率更高，接觸過 AI 搜尋結果的用戶發起的查詢次數增加了 6%，並且在我們這裡花費的時間也更長。這說明用戶正在發現人工智慧搜尋的真正價值，並正在更深入地參與其中。

On monetization, we are actively testing and seeing some encouraging early results. First, we are testing MCP in the commercial modules in AI Search. For example, our e-commerce MCP module peaked at nearly RMB 6 million in GMV during the recent Double 11 shopping festival. This is a very early stage, but the results are quite encouraging.

在獲利模式方面，我們正在積極測試，並已看到一些令人鼓舞的早期結果。首先，我們正在人工智慧搜尋的商業模組中測試 MCP。例如，在最近的雙十一購物節期間，我們的電子商務 MCP 模組的 GMV 高峰接近 600 萬元人民幣。雖然目前還處於非常早期的階段，但結果相當令人鼓舞。

Second, agent for advertisers are generating over RMB 25 million in daily revenue, and we expect this to grow as we bring more agents into the ERNIE Assistant as well. And third, we have started testing digital human live streaming with real-time interaction capabilities to explore new ways to create engaging commercial experiences.

其次，廣告代理商每天創造超過 2,500 萬元人民幣的收入，我們預計隨著更多代理商加入 ERNIE Assistant，這個數字還會成長。第三，我們已經開始測試具有即時互動功能的數位人直播，以探索創造引人入勝的商業體驗的新方法。

Looking ahead, we see significant monetization potential for AI Search, and we will continue testing actively. However, our near-term priority still remains the user experience over immediate monetization. This AI transformation is necessary for long-term competitiveness and will inevitably create near-term pressure on both revenue and margins. So we believe this is the right trade-off to capture the large opportunities ahead. Thank you.

展望未來，我們看到了人工智慧搜尋巨大的商業化潛力，我們將繼續積極進行測試。然而，我們近期的首要任務仍然是用戶體驗，而不是立即實現盈利。人工智慧轉型對於長期競爭力至關重要，但不可避免地會在短期內對收入和利潤率造成壓力。因此，我們認為這是抓住未來巨大機會的正確權衡之策。謝謝。

Wei Xiong, UBS.

熊偉，瑞銀。

Sure. Good evening management. Thank you for taking my questions. Actually, I have a few questions here. First, just a quick one. Could you please explain this quarter's asset impairment and its rationale? And second, what are your CapEx plans for next year? And how should we think about the margin trajectory as AI revenues grow? And lastly, could we please have an update on shareholder returns once the current buyback program expires?

當然。各位管理層晚上好。謝謝您回答我的問題。實際上，我這裡有幾個問題。首先，簡單問一個問題。請解釋一下本季的資產減損及其原因？其次，你們明年的資本支出計畫是什麼？隨著人工智慧收入的成長，我們該如何看待利潤率的變化趨勢？最後，能否請您提供一下當前股票回購計畫到期後股東回報的最新情況？

Thanks, Xiong. First of all, on your first question on asset impairment. The background is we are accelerating investments in the latest AI computing technologies without any hesitation. So as part of this effort, we have conducted a comprehensive review of our infrastructure portfolio. Some of the existing assets no longer meet today's computing efficiency requirements.

謝謝熊。首先，關於你提出的第一個問題，就是資產減損。背景是，我們正在毫不猶豫地加速對最新人工智慧運算技術的投資。因此，作為這項工作的一部分，我們對基礎設施組合進行了全面審查。部分現有資產已無法滿足當今的運算效率要求。

So we actually proactively took some impairment. After that, our asset base and portfolio profile is in a much healthier position and better aligned with advanced AI computing demands and higher-value application scenarios going forward.

所以我們其實主動承擔了一些損失。此後，我們的資產基礎和投資組合狀況將更加健康，並能更好地滿足未來先進的人工智慧運算需求和更高價值的應用情境。

Second, on the capital expenditures. We are maintaining a high level of investment. Just to give one example, since Baidu launched ERNIE in the March of 2023, we have invested well above RMB 100 billion in the AI investment.

其次，關於資本支出。我們保持著高水準的投資。舉一例，自從百度於 2023 年 3 月推出 ERNIE 以來，我們在人工智慧領域的投資已超過 1,000 億元。

Going forward, we will continue increasing our investment intensity in the AI area. We do expect to see greater operational leverage as our AI business scales. We're executing on three fronts. First of all, the asset review and impairment have left us with a leaner and more efficient asset base. Second, we are investing with discipline to ensure capital efficiency.

展望未來，我們將持續加強在人工智慧領域的投資力道。我們預計隨著人工智慧業務規模的擴大，營運槓桿作用將會更大。我們正在三個方面展開行動。首先，資產審查和減損使我們擁有了一個更精簡、更有效率的資產基礎。其次，我們秉持嚴謹的投資原則，以確保資本效率。

And of course, thirdly, we are enhancing utilization of our AI infrastructure, for example, through dynamic allocation of capacity across internal products and external Cloud services. So as a result of these initiatives, we believe Q3 represents a lower point for margins.

第三，當然，我們正在提高人工智慧基礎設施的利用率，例如，透過在內部產品和外部雲端服務之間動態分配容量。因此，由於這些舉措，我們認為第三季的利潤率將處於較低水準。

Looking into next year, we will strive to improve our non-GAAP operational income and margins as these benefits start to flow through. So on your last point regarding shareholder returns, under the plan and program authorized in 2023, we have already bought back shares worth USD 2.3 billion in shares. We are currently reviewing the future buyback mechanism.

展望明年，隨著這些好處開始顯現，我們將努力提高非GAAP營運收入和利潤率。關於您最後一點，即股東回報，根據 2023 年批准的計劃和方案，我們已經回購了價值 23 億美元的股票。我們目前正在審查未來的回購機制。

We understand and we also think it is important to provide greater certainty and clarity to reduce volatility of buyback programs going forward. We're also actively exploring diversified return mechanisms, for example, setting a dividend policy potentially. Together, these efforts aim to deliver more consistent value to our shareholders.

我們瞭解，我們也認為，為了降低未來回購計畫的波動性，提供更大的確定性和清晰度非常重要。我們也積極探索多角化的報酬機制，例如，制定股利政策。這些努力旨在共同為我們的股東創造更持續的價值。

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

女士們、先生們，我們今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。