百度 (BIDU) 2021 Q3 法說會逐字稿

Hello, and thank you for standing by for Baidu's Third Quarter 2021 Earnings Conference Call.

您好，感謝您出席百度 2021 年第三季度財報電話會議。

(Operator Instructions)

（操作員說明）

Today's conference is being recorded.

今天的會議正在錄製中。

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

如果您有任何異議，您可以此時斷開連接。

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

現在我想把會議交給今天會議的主持人，百度投資者關係總監林娟。

Hello, everyone, and welcome to Baidu's Third Quarter 2021 Earnings Conference Call.

大家好，歡迎參加百度2021年第三季度財報電話會議。

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

百度的財報已於今天早些時候發布，您可以在我們的網站以及新聞專線服務上找到副本。

On the call today, we have Robin Li; our Co-Founder and CEO; Rong Luo, our CFO; Dou Shen, our EVP in charge of Baidu Mobile Ecosystem and Herman Yu, our CSO.

今天的電話會議請來了李彥宏；我們的聯合創始人兼首席執行官；羅蓉，我們的首席財務官；沉鬥，我們的執行副總裁，負責百度移動生態系統；赫爾曼，我們的首席戰略官。

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

在我們準備好的發言之後，我們將舉行問答環節。

Please note that the discussion today will contain forward-looking statements made under the "safe harbor" provisions of U.S. Private Securities Litigation Reform Act of 1995.

請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案“安全港”條款做出的前瞻性陳述。

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

前瞻性陳述存在風險和不確定性，可能導致實際結果與我們當前的預期存在重大差異。

For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC and HKEX.

有關這些風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會和香港交易所提交的最新年度報告和其他文件。

Baidu does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

除適用法律要求外，百度不承擔更新任何前瞻性陳述的義務。

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

我們的收益新聞稿和本次電話會議包括對某些未經審計的非公認會計準則財務指標的討論。

Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP and is available on our IR website at ir.baidu.com.

我們的新聞稿包含未經審計的非 GAAP 指標與未經審計的最直接可比的 GAAP 的調節表，可在我們的 IR 網站 ir.baidu.com 上獲取。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

此外，本次電話會議的網絡直播也將在百度IR網站上播出。

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

我現在將把電話轉給我們的首席執行官羅賓。

Hello, everyone.

大家好。

We delivered another solid quarter in Q3 with Baidu Core revenue growing 15% year-over-year driven by AI cloud growing 73% year-over-year.

在人工智能云同比增長 73% 的推動下，我們在第三季度再次實現了穩健的季度業績，百度核心收入同比增長 15%。

Many years ago, we doubled down on AI, believing that it would expand our market opportunity and accelerate Baidu's long-term growth.

許多年前，我們加倍投入人工智能，相信它將擴大我們的市場機會並加速百度的長期增長。

Non-ad revenue accounted for 21% of Baidu Core revenue in Q3 and remains a strong growth engine for us.

第三季度，非廣告收入佔百度核心收入的 21%，仍然是我們強勁的增長引擎。

Through AI, we are bringing innovation across the consumer enterprise and the public sector, on the backdrop of policy tailwinds and rising tide of tech innovation in digital transformation, industrial internet, IoT and intelligent mobility.

在政策順風和數字化轉型、工業互聯網、物聯網和智能移動技術創新浪潮不斷興起的背景下，我們通過人工智能為消費企業和公共部門帶來創新。

Baidu's AI Cloud is empowering enterprises from traditional industries and the public sector, to better serve customers and move faster with greater efficiency.

百度人工智能雲正在賦能傳統行業和公共部門的企業，更好地服務客戶，更快、更高效。

At Baidu World in August, which was broadcasted on CCTV, we showcased Baidu AI solutions, including smart quality assurance, to automate the screening of electronic components of manufacturing assembly line, smart logistics, to optimize fleet management, and monitoring to ensure a steady energy supply from the utility sector.

8月份在央視播出的百度世界上，我們展示了百度AI解決方案，包括智能質量保證，自動化篩選製造裝配線的電子元件，智能物流，優化車隊管理，以及監控以確保能源穩定來自公用事業部門的供應。

We are excited about Baidu AI Cloud's continuing fast growth.

我們對百度人工智能雲的持續快速增長感到興奮。

Leading companies across industries are adopting Baidu AI Cloud solution to improve their operations, and we are working hard to standardize such solutions for industry adoption.

各行業的領先企業正在採用百度人工智能雲解決方案來改善運營，我們正在努力標準化此類解決方案以供行業採用。

An example is our end-to-end AI solution composed of IaaS, PaaS and SaaS financial services sector.

一個例子是我們由IaaS、PaaS和SaaS金融服務部門組成的端到端人工智能解決方案。

Our AI cloud customers are recognizing Baidu's value proposition with strong consumer internet reach.

我們的人工智能雲客戶正在認識到百度憑藉強大的消費者互聯網影響力的價值主張。

For example, we are winning smart public parking project with our solution offering the convenience of collect public parking fees via Baidu Maps without the need for meter maids.

例如，我們贏得了智慧公共停車項目，我們的解決方案提供了通過百度地圖收取公共停車費的便利，而無需計表員。

Hospitals are choosing Baidu for cloud solutions that save patients trips to the hospital with continued patient care for chronic diseases at home through DuerOS smart display.

醫院選擇百度雲解決方案，通過 DuerOS 智能顯示屏，節省患者去醫院的次數，並在家中繼續護理慢性病患者。

According to the World Health Organization, there are 1.35 million road traffic deaths every year.

據世界衛生組織統計，每年有 135 萬人死於道路交通事故。

Apollo autonomous driving aims to reduce traffic accidents, accelerate mobility to EV and provide greater passenger safety, especially after dark.

Apollo 自動駕駛旨在減少交通事故，加速電動汽車的發展，並提高乘客的安全性，尤其是在天黑後。

Apollo Go has become the largest robotaxi service provider in the world based on our estimates.

根據我們的估計，Apollo Go 已成為全球最大的機器人出租車服務提供商。

Our leadership position in autonomous driving, while lend strength to ASD and Jidu Auto.

我們在自動駕駛領域的領先地位，同時也為ASD和極都汽車提供了力量。

DeepWay, a JV between Baidu and Lionbridge, a leading trucking company in China, recently unveiled its first generation EV truck powered by Apollo to automate road freight, marking Apollo's entry into the multitrillion dollar truck market.

DeepWay是百度和中國領先的貨運公司Lionbridge的合資企業，最近推出了由Apollo驅動的第一代電動卡車，用於實現道路貨運自動化，標誌著Apollo進入了數万億美元的卡車市場。

DeepWay leverages Apollo's leading autonomous driving capabilities and Lionbridge's market reach.

DeepWay 利用 Apollo 領先的自動駕駛能力和 Lionbridge 的市場覆蓋範圍。

Jidu is making great progress as it plans to release the first concept production car at the Beijing Auto Show early next year.

極度正在取得巨大進展，計劃在明年初的北京車展上發布首款概念量產車。

Jidu will showcase Apollo's intelligent self-driving and in-cabin features with the aim to deliver mass production in 2023.

極度將展示Apollo的智能自動駕駛和車內功能，目標是在2023年實現量產。

For the third quarter, China's GDP grew 4.9%, much slower than the 18.3% and 7.9% growth rate in the first 2 quarters.

第三季度，中國GDP增長4.9%，遠低於前兩個季度18.3%和7.9%的增速。

Our ad business has been impacted by sectors like education, real estate and home furnishing, travel and franchising, as we expect this headwind to continue in the near term.

我們的廣告業務受到教育、房地產和家居、旅遊和特許經營等行業的影響，因為我們預計這種逆風在短期內將持續。

As we look forward, there are also positives coming into play.

展望未來，也有一些積極因素正在發揮作用。

For example, Baidu App is reaching over 600 million users each month.

例如，百度應用每月覆蓋超過 6 億用戶。

Our hosted marketing solution is becoming ever more popular with site owners, and the trend is for the Internet to become more open.

我們的託管營銷解決方案越來越受到網站所有者的歡迎，而互聯網的趨勢是變得更加開放。

Non-ad makes up over 1/5 of Baidu's Core business and grew over 70% year-over-year.

非廣告業務佔百度核心業務的比重超過1/5，同比增長超過70%。

We stand to benefit from China's plan to leverage technology to grow the enterprise and the public sector part of the economy.

我們將從中國利用技術發展企業和公共部門經濟的計劃中受益。

ESG is at the heart of Baidu, as we leverage our strong Internet foundation to grow our AI business at scale.

ESG 是百度的核心，我們利用強大的互聯網基礎大規模發展人工智能業務。

Apollo's mission is aligned with lowering carbon emissions from making traffic in large cities smoother to accelerating the adoption of EV through, Jidu, software for EVs and EV-powered ride-hailing.

Apollo 的使命是通過讓大城市的交通更加順暢來降低碳排放，並通過 Jidu、電動汽車軟件和電動乘車服務加速電動汽車的採用。

In June, we announced our goal to become carbon neutral by year 2030.

6 月，我們宣布了到 2030 年實現碳中和的目標。

Our Yangquan's Data Center was awarded the common neutral data center leader(5A) certification, and MSCI named Baidu as one of the two companies in China with transparent reporting on greenhouse gas emissions in its NetZero tracker.

我們的陽泉數據中心獲得了共同中立數據中心領導者（5A）認證，MSCI將百度評為中國兩家在其NetZero跟踪器中透明報告溫室氣體排放的公司之一。

Turning to Q3 operational highlights.

轉向第三季度的運營亮點。

Baidu's AI Cloud continues to see strong growth, leveraging our world-class AI technologies and our capabilities to provide one-stop shop solution to our customers.

百度人工智能雲持續強勁增長，利用我們世界一流的人工智能技術和能力為客戶提供一站式解決方案。

Our AI solutions are being increasingly adopted across different industries and for different scenarios.

我們的人工智能解決方案越來越多地應用於不同行業、不同場景。

We enriched our cloud offering with the release of an end-to-end AI Cloud solution powered by Kunlun AI chip and PaddlePaddle deep learning framework to help financial services firms digitize and automate their operational processes in listing leading customers like China Life and Bank of Jiangsu.

我們豐富了我們的雲產品，發布了由崑崙人工智能芯片和PaddlePaddle深度學習框架提供支持的端到端人工智能雲解決方案，幫助金融服務公司實現中國人壽和江蘇銀行等領先客戶上市的運營流程數字化和自動化。

Baidu AI Cloud is expanding into industrial Internet by partnering with industrial parks and municipalities.

百度AI云通過與工業園區和城市合作，向工業互聯網領域拓展。

Our deployment to serve large pool of enterprises is shortening.

我們為大量企業提供服務的部署正在縮短。

Last year, we spent 7 months implementing our AI Paas in Guiyang Economic & Technology Development Zone, serving approximately 100 enterprises.

去年，我們花了7個月的時間在貴陽經濟技術開發區實施了AI Paas，服務了大約100家企業。

Our deployment of AI PaaS to enterprises in Tongxiang, including those in their Economic Development Zone, took only 3 months.

我們把AI PaaS部署到桐鄉的企業，包括經濟開發區的企業，只用了3個月的時間。

Tongxiang hosts 40,000 enterprises, mostly manufacturing based, and we believe our AI solutions can help these companies improve their operational capabilities.

桐鄉有4萬家企業，其中大部分是製造業，我們相信我們的人工智能解決方案可以幫助這些企業提高運營能力。

Baidu AI cloud is moving into smart city, Lijiang, a UNESCO heritage site with 800-year-old bridges and waterways in Southwest China is using Baidu AI solutions to keep the city state and claim for visitors.

百度AI雲進軍智慧城市，中國西南部擁有800年曆史的橋樑和水道的聯合國教科文組織遺產麗江正在使用百度AI解決方案來保持城邦並為遊客認領。

Leveraging the digitization of tourist areas, Baidu AI Cloud help local authorities timely detect and address infractions such as illegal parking and public littering.

借助旅遊區數字化，百度人工智能雲幫助當地政府及時發現並解決違章停車、亂扔垃圾等違法行為。

Our success in Lijiang is leading to projects with Chengdu, Suzhou and other cities.

我們在麗江的成功帶動了與成都、蘇州和其他城市的項目。

Moving to ACE smart transportation.

轉向 ACE 智能交通。

Baidu ACE has been adopted in 24 cities, up threefold from last year based on contract size of over RMB 10 million.

百度ACE已在24個城市採用，按合同規模超千萬元計算，較去年增加三倍。

About half of ACE projects signed in Q3 came from repeat customers.

第三季度簽約的 ACE 項目中約有一半來自回頭客。

In addition to supporting policy tailwinds, ACE is benefiting from the value we deliver to the public sector.

除了支持政策順風之外，ACE 還受益於我們為公共部門提供的價值。

For example, the ACE smart transportation solution that was deployed in Guangzhou earlier this year helped improve congested traffic by over 30%.

例如，今年早些時候在廣州部署的ACE智能交通解決方案幫助改善了30%以上的擁堵交通。

Smart Parking has made it easier for local residents to find available parking spaces, shortening travel time.

智慧停車讓當地居民更容易找到可用停車位，縮短出行時間。

Turning to Autonomous Driving.

轉向自動駕駛。

Apollo Level 4 testing has accumulated over 10 million miles or 16 million kilometers, setting a new milestone.

Apollo 4級測試已累計超過1000萬英里或1600萬公里，樹立了新的里程碑。

We continue to receive green light in our application for autonomous driving testing as we demonstrate to local authorities, Apollo's progress in technology and operation.

隨著我們向地方當局展示阿波羅在技術和運營方面的進步，我們的自動駕駛測試申請繼續獲得批准。

Apollo has received 411 autonomous driving permits, an increase of 237 permits from a year ago.

Apollo已獲得411張自動駕駛許可證，較去年同期增加237張。

Our progress in autonomous driving technology, operations and continuous cost reduction positions us for ridesharing monetization in a few years as paid ride scale.

我們在自動駕駛技術、運營和持續降低成本方面取得的進步使我們能夠在幾年內實現拼車貨幣化，成為付費乘車規模。

In July, Baidu opened its third Apollo Park in Shanghai, a 10,000 square meter facility housing Apollo Cloud and data operations.

7月，百度在上海開設了第三個Apollo Park，這是一個佔地10,000平方米的設施，容納阿波羅雲和數據運營。

Shanghai marks Apollo Go's 5th rid hailing service opened to the public following the cities of Beijing, Guangzhou, Changsha and Cangzhou.

上海是Apollo Go繼北京、廣州、長沙、滄州之後第五個開通的網約車服務。

In August, we introduced the Chinese brand for Apollo Go, [萝卜快跑], a fanatic interpretation of robotaxi in Chinese.

8月，我們推出了 Apollo Go 的中國品牌【蘿蔔快跑】，這是對 Robotaxi 中文的狂熱詮釋。

Apollo Go is resonating with ride hailing passengers with total rides doubling quarter-on-quarter to reach 115,000 in the third quarter.

Apollo Go 引起了網約車乘客的共鳴，第三季度的總出行量環比翻了一番，達到 115,000 人次。

Apollo Go is off to a good start as we set an ambitious goal to expand operations into 65 cities by year 2025 and 100 cities by year 2030.

Apollo Go 有了一個良好的開端，我們設定了一個雄心勃勃的目標，即到 2025 年將業務擴展到 65 個城市，到 2030 年將業務擴展到 100 個城市。

Turning to ASD and DuerOS in-vehicle infotainment software.

轉向 ASD 和 DuerOS 車載信息娛樂軟件。

WM Motor, a Chinese EV OEM signed with Baidu to install Apollo navigation pilot in its new W6 SUV, taking Apollo partner network to 31 makes, including those from automakers like GM, Ford, Toyota, Honda and Great Wall.

中國電動汽車原始設備製造商威馬汽車與百度簽約，將在其新款W6 SUV 中安裝Apollo 導航系統，使Apollo 合作夥伴網絡覆蓋31 個品牌，其中包括通用汽車、福特、豐田、本田和長城等汽車製造商的合作夥伴。

Turning to Jidu Auto.

轉向吉都汽車。

Jidu has completed its first vehicle wind tunnel testing, it is a full-sized oil and clay model.

極都已完成首個整車風洞測試，是全尺寸油泥模型。

We have identified the model design schemes and engineering development and design optimization are underway.

我們已經確定了模型設計方案，正在進行工程開發和設計優化。

Jidu will showcase the latest ASD, demonstrating the appeal of smart EVs with advanced autonomous driving and smart in-cabin features.

極度將展示最新的ASD，展示具有先進自動駕駛和智能車內功能的智能電動汽車的吸引力。

We hope the success of Jidu will increase appeal of Apollo Solutions to other automakers.

我們希望極度的成功能夠增加 Apollo Solutions 對其他汽車製造商的吸引力。

On DuerOS.

在度愛操作系統上。

Xiaodu again was ranked the #1 in smart display globally and #1 in smart speaker in China based on second quarter shipment according to Strategy Analytics, Canalys and IDC.

根據 Strategy Analytics、Canalys 和 IDC 的數據顯示，根據第二季度出貨量，小度再次在全球智能顯示器領域排名第一，在中國智能音箱領域排名第一。

A key growth driver for Xiaodu's Smart Display is the shift of user time spend at home to large screens for services like Karaoke, short and long videos, online games, education services, video conferencing and other visually oriented activities.

小度智能顯示的一個關鍵增長動力是用戶在家中的時間轉移到大屏幕上，以享受卡拉 OK、短視頻和長視頻、在線遊戲、教育服務、視頻會議和其他視覺活動等服務。

Popular mobile apps are appearing on DuerOS skills, like Douyin, Kuaishou, Red, Dianping, 58.com, Hey Tea and Kentucky Fried Chicken, to name a few.

抖音、快手、小紅書、大眾點評、58同城、喜茶、肯德基等熱門移動應用都出現在 DuerOS 技能上。

In addition, Xiaodu completed its Series B financing and the market valuation of USD 5.1 billion in August, 9 months after Series A financing at USD 2.9 billion.

此外，小度於8月完成B輪融資，市值達51億美元，距A輪融資29億美元僅9個月。

Baidu remains a super majority shareholder after the Series B round.

B輪融資後，百度仍然是超級大股東。

The continued strong performance of our new AI business will not have occurred without our relentless investment in technology and our pursuit of better products and more customer adoption from our technology leadership.

如果沒有我們對技術的不懈投資、對更好產品的追求以及我們技術領先地位的更多客戶採用，我們的新人工智能業務就不會持續強勁的表現。

Baidu released a PLATO-XL, the world's first 11 billion parameter pretrained dialogue generation model, achieving breakthroughs in Chinese and English conversations.

百度發布全球首個110億參數預訓練對話生成模型PLATO-XL，實現中英文對話的突破。

PLATO allows for different kinds of conversations with users, including

PLATO 允許與用戶進行不同類型的對話，包括

chit-chats, knowledge-based dialogues, and conversational Q&A, which will be incorporated into Xiaodu in the future.

閒聊、知識對話、對話問答，這些未來都會融入到小度中。

Turning to Mobile Ecosystem.

轉向移動生態系統。

Daily log-in users in Baidu App reached another all-time high at 79% and in-app search queries was up 11% year-over-year, reflecting a better search experience from Baidu app.

百度App日均登錄用戶比例再創歷史新高，達到79%，應用內搜索查詢量同比增長11%，體現了百度App更好的搜索體驗。

We continue to focus on deepening the service offering of our key verticals.

我們繼續專注於深化關鍵垂直領域的服務。

For example, Baidu Health has built a strong community of medical experts that allow users to frictionlessly move from search to telehealth consultation.

例如，百度健康建立了強大的醫學專家社區，使用戶可以輕鬆地從搜索轉向遠程醫療諮詢。

We recently enabled doctors in our network to write prescriptions for online consultation and home delivery.

最近，我們網絡中的醫生可以為在線諮詢和送貨上門開處方。

Baidu app now offers instant replies to search queries from over 30,000 industry participants, spanning 19 industry verticals.

百度應用現在可以即時回復來自 19 個垂直行業的 30,000 多個行業參與者的搜索查詢。

Instant replies were up fivefold from a year ago and 40% are paid services.

即時回复比一年前增加了五倍，其中 40% 是付費服務。

For example, users who search for tips on job interviews, can readily connect to career advisers to get help on reviewing their resumes and selecting career training programs.

例如，搜索求職面試技巧的用戶可以輕鬆聯繫職業顧問，以獲得審查簡歷和選擇職業培訓計劃的幫助。

Instant replies have enriched Baidu's search experience, further driving the vibrancy of our in-app search.

即時回复豐富了百度的搜索體驗，進一步激發了我們應用內搜索的活力。

Revenues from Managed Page reached 43% of Baidu Core advertising as we make doing business online for merchants simpler through Baidu's hosted marketing cloud.

託管頁面的收入達到了百度核心廣告的 43%，因為我們通過百度的託管營銷雲讓商家的在線業務變得更加簡單。

For example, Meinian One Health, a physical checkup clinic chain in Shanghai, opened a managed paid storefront, allowing users to browse its services, chat with customer service, make payments, leave comments and share reviews.

例如，上海連鎖體檢診所美年一健康開設了付費託管店面，用戶可以瀏覽其服務、與客服聊天、付款、發表評論和分享評論。

Monthly orders increased fourfold 3 months after using Managed Page promotion.

使用託管頁面促銷後 3 個月內，每月訂單量增加了四倍。

Search by nature is open, and we are benefiting from the trend to make Internet more open in China.

搜索本質上是開放的，我們正受益於中國互聯網更加開放的趨勢。

Our e-commerce feature is seeing good progress.

我們的電子商務功能正在取得良好進展。

In September, the number of third-party SKUs from China's top e-commerce sites, searchable on Baidu reached almost USD 1 billion and e-commerce GMV on Baidu, though small grew 90% sequentially.

9月份，百度可搜索到的中國頂級電商網站的第三方SKU數量接近10億美元，百度電商GMV（儘管規模較小）環比增長90%。

The open nature of our mobile ecosystem is leading smart speaker -- smartphone makers to select Baidu's Smart Mini Program as the landing page for their browser search.

我們移動生態系統的開放性正在引領智能音箱——智能手機製造商選擇百度的智能小程序作為其瀏覽器搜索的登陸頁面。

MAU from such collaboration has reached USD 24 million, and we believe such trend well enhance user experience and monetization or union search.

此次合作的月活躍用戶已達到 2400 萬美元，我們相信這種趨勢將很好地增強用戶體驗和變現或聯合搜索。

Last but not least, I want to welcome Rong Luo, who has joined us recently as our new CFO.

最後但並非最不重要的一點是，我要歡迎羅蓉，他最近加入我們，擔任我們的新任首席財務官。

Rong brings a wealth of financial management and capital market experience.

榮先生帶來了豐富的財務管理和資本市場經驗。

I also want to thank Herman for his 4 years of service as Baidu's CFO, and we expect more great things from him as CSO.

我還要感謝赫爾曼擔任百度 CFO 四年來的服務，我們期待他作為 CSO 做出更多偉大的事情。

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

接下來，讓我將電話轉給榮，以了解財務要點。

Thank you, Robin.

謝謝你，羅賓。

Hello, everyone.

大家好。

I'm very excited to have joined Baidu recently, and participate on my first earnings call at Baidu.

我很高興最近加入百度，並參加我在百度的第一次財報電話會議。

I look forward to meeting with everyone in the coming months.

我期待著在未來幾個月與大家見面。

Now let me walk you through the details of our Third Quarter 2021 financial results.

現在讓我向您詳細介紹 2021 年第三季度財務業績。

All monetary amounts used in my discussion are in RMB, unless stated otherwise.

除非另有說明，我討論中使用的所有貨幣金額均以人民幣為單位。

Baidu's Q3 revenue was RMB 31.9 billion or USD 5 billion up 13% 1-3 year-over-year.

百度第三季度收入為319億元人民幣（50億美元），同比1-3年增長13%。

Baidu Core's Q3 revenue reached RMB 24.7 billion or USD 3.8 billion, up 15% 1-5 year-over-year.

百度核心第三季度收入達到247億元人民幣（38億美元），比去年同期增長15%。

Non-advertising for Baidu Core reached RMB 5.2 billion or 21% of Baidu cost revenue.

百度核心的非廣告收入達到52億元人民幣，佔百度成本收入的21%。

AI Cloud revenue was RMB 3.8 billion, up 73% year-over-year.

AI雲收入為人民幣38億元，同比增長73%。

Our AI cloud growth is benefiting from the demand for Cloud services by customers from the Internet media, financial services, energy, manufacturing and the public sectors.

我們的人工智能雲增長受益於互聯網媒體、金融服務、能源、製造和公共部門客戶對雲服務的需求。

ACE smart transportation is another growth driver for AI Cloud revenue.

ACE智能交通是AI Cloud收入的另一個增長動力。

We are finding that automakers who subscribe to our infotainment solutions are also interested in Apollo ASD.

我們發現訂閱我們信息娛樂解決方案的汽車製造商也對 Apollo ASD 感興趣。

Thus we are reclassifying ASD revenue into AI Cloud.

因此，我們將 ASD 收入重新分類到 AI Cloud 中。

ASD revenue is quite small now and adding approximately 1% growth year-over-year to AI Cloud as a result of the retroactive adjustment.

目前 ASD 收入規模較小，但由於追溯調整，AI Cloud 同比增長約 1%。

On ID and OGI, Xiaodu continues to make great progress.

在ID和OGI上，小度繼續取得長足進步。

Demand for higher ASP products keeps growing as customers come to appreciate the value of OS smart assistance and service revenue continues to grow.

隨著客戶逐漸認識到操作系統智能輔助的價值以及服務收入的持續增長，對更高ASP產品的需求不斷增長。

Baidu Core ad revenue was RMB 19.5 billion, up 6% year-over-year.

百度核心廣告收入為人民幣195億元，同比增長6%。

In-app search advertising was solid, partially offset by the weakness in union revenue.

應用內搜索廣告表現強勁，但被工會收入疲軟部分抵消。

iQIYI revenue was RMB 7.6 billion, up 6% year-over-year.

愛奇藝收入為人民幣76億元，同比增長6%。

iQIYI subscribers reached USD 104 million in September, and the membership revenue was up 8% year-over-year, mainly due to the refund membership strategy and improved monetization capabilities.

愛奇藝9月用戶規模達1.04億美元，會員收入同比增長8%，主要得益於會員退款策略和變現能力的提升。

Cost of revenues was RMB 16.1 billion, up 26% year-over-year, primarily resulting from an increase in tech content courses and the cost of sales associated with new AI business.

收入成本為人民幣161億元，同比增長26%，主要是由於科技內容課程的增加以及與新人工智能業務相關的銷售成本的增加。

Operating expenses were RMB 13.5 billion, up 46% year-over-year.

營業費用為人民幣135億元，同比增長46%。

During the third quarter, we incurred a contingent loss of RMB 976 million, pertaining to the legal proceeding involving former advertising agency.

第三季度，我們因涉及前廣告公司的法律訴訟而產生或有損失9.76億元人民幣。

Excluding such contingent loss, operating expense was up 35% primarily due to an increase in channel spending, promotional marketing personnel-related expenses.

排除此類或有損失，營業費用增長了 35%，主要是由於渠道支出、促銷營銷人員相關費用的增加。

Non-GAAP operating income was RMB 4.6 billion or USD 731 million and non-GAAP operating margin was 15%, 1-5.

非 GAAP 營業收入為 46 億元人民幣（7.31 億美元），非 GAAP 營業利潤率為 15%（1-5）。

Non-GAAP operating income for Baidu Core was RMB 5.8 billion, or USD 904 million, and non-GAAP operating margin for Baidu Core was 24%.

百度核心的非 GAAP 營業收入為 58 億元人民幣（9.04 億美元），百度核心的非 GAAP 營業利潤率為 24%。

Adjusted EBITDA was RMB 6 billion or USD 925 million, and adjusted EBITDA margin was 19%, 1-9.

調整後 EBITDA 為 60 億元人民幣（9.25 億美元），調整後 EBITDA 利潤率為 19%（1-9）。

Adjusted EBITDA for Baidu Core was RMB 7 billion or USD 1.1 billion, and adjusted EBITDA margin for Baidu Core was 28%.

百度核心調整後 EBITDA 為 70 億元人民幣（11 億美元），調整後 EBITDA 利潤率為 28%。

Cash and short-term investments for Baidu Core as of September 30, 2021, was RMB 183.6 billion or USD 28.5 billion.

截至2021年9月30日，百度核心的現金和短期投資為1836億元人民幣（285億美元）。

Free cash flow for Baidu excluding iQIYI was RMB 2.9 billion or USD 449 million.

不包括愛奇藝的百度自由現金流為29億元人民幣（4.49億美元）。

Baidu Core has approximately 39,000 employees as of September 30, 2021.

截至2021年9月30日，百度核心擁有約39,000名員工。

As Robin mentioned, China's GDP growth has slowed over the last 3 quarters and sectors in our app businesses, such as education, real estate and home furnishing, travel and franchising have been negatively impacted.

正如Robin提到的，過去三個季度中國GDP增速放緩，我們的應用業務領域，如教育、房地產家居、旅遊和特許經營等都受到了負面影響。

With the resurgence of COVID-19 in many cities recently, local governments are putting in place preventive measures, including quarantines, travel suspension and mass testing; consequently, our own advertising business may remain soft in the coming quarters before normalizing.

最近，隨著COVID-19在許多城市重新流行，地方政府正在採取預防措施，包括隔離、暫停旅行和大規模檢測；因此，在正常化之前，我們自己的廣告業務在未來幾個季度可能會保持疲軟。

Turning to Q4 guidance.

轉向第四季度的指導。

For the fourth quarter of 2021, Baidu express the revenue to be between RMB 31 billion, which is USD 4.81 billion and RMB 34 billion, which is USD 5.27 billion, representing a growth rate of 2% to 12% year-over-year, which assumes that Baidu Core revenue will grow between 5% and 16%, 1-6 year-over-year.

百度表示，2021年第四季度營收在310億元人民幣（48.1億美元）至340億元人民幣（52.7億美元）之間，同比增長2%至12%，假設百度核心收入將增長5%至16%，同比增長1-6%。

The above forecast takes into consideration that the current COVID-19 situation in China, which is still evolving and business visibility is limited.

上述預測考慮到了中國目前的 COVID-19 疫情仍在不斷發展且業務能見度有限。

The above forecast reflects our current and preliminary view, which is subject to substantial uncertainty.

上述預測反映了我們當前的初步觀點，存在很大的不確定性。

Before I turn the call to operator, let me recap the quarter.

在我給接線員打電話之前，讓我回顧一下這個季度。

China is adjusting its economic growth drivers with the introduction of a new 5-year plan in March this year.

今年3月，中國出台了新的五年計劃，正在調整經濟增長動力。

Historically, the Chinese economy has been very resistant to such adjustments, and new drivers allow the GDP growth to come back.

從歷史上看，中國經濟對這種調整的抵抗力很強，新的動力讓GDP增長回歸。

We are optimistic about China's future, especially when the current COVID-19 situation comes under control.

我們對中國的未來持樂觀態度，尤其是在當前新冠肺炎 (COVID-19) 疫情得到控制的情況下。

It's quite clear that China will leverage technology to grow the enterprise and public sector portion of the economy; leveraging AI, our cloud services, our cloud business continued to outperform the market, growing 73% year-over-year in the third quarter.

很明顯，中國將利用技術來發展經濟中的企業和公共部門部分；借助人工智能雲服務，我們的雲業務繼續跑贏市場，第三季度同比增長73%。

Apollo is making great progress from L4 autonomous driving testing surpassing 10 million test miles to robotaxi ride, sharing doubling ride sequentially to ASD signing on new partners to Jidu finish the wind tunnel testing of its first car model 8 months after its CEO joins to build a team.

從L4級自動駕駛測試突破1000萬英里，到自動駕駛出租車共享乘車量翻倍，到ASD簽約新合作夥伴，到極都在CEO加入打造Apollo 8個月後完成首款車型的風洞測試，都取得了巨大進展。團隊。

We are moving at China speed.

我們正以中國速度前進。

China is doling out new policies to support great energy.

中國正在出台新政策支持大能源。

We hope that Baidu will benefit from the promotion of decarbonization as we leverage AI to minimize traffic congestions in dozens of cities across China and help accelerate the switch to EV with Jidu, ASD and Apollo Go robotaxi.

我們希望百度能夠從脫碳的推動中受益，利用人工智能來緩解中國數十個城市的交通擁堵，並通過極讀、ASD和Apollo Go機器人出租車幫助加速向電動汽車的轉變。

On Mobile Ecosystem, Baidu APP MAU reached RMB 607 million, up 12% and daily logging reached 79%.

移動生態方面，百度APP月活躍用戶達到6.07億元，增長12%，日登錄量達到79%。

Our ad business is susceptible to macro environment, and we expect our ad growth rate to pick back up when GDP growth reaccelerates.

我們的廣告業務容易受到宏觀環境的影響，我們預計當 GDP 增長重新加速時，我們的廣告增長率將會回升。

Operator, with that, 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.

女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Question comes from the line of Alicia Yap from Citigroup.

問題來自花旗集團的 Alicia Yap。

Congratulations, Rong, on your new role.

恭喜榮先生擔任新職務。

I actually try to fit in two, if I may.

如果可以的話，我實際上嘗試將兩者合二為一。

For the fourth quarter core -- Baidu Core revenue guidance, you provided a wider range, which is 5% to 16%.

對於第四季度核心——百度核心收入指引，你們提供了更廣泛的範圍，即5%至16%。

Can management elaborate the scenario and the situation that you bake into the low end of this 5%?

管理層能否詳細說明一下您將這個 5% 的低端烘焙到的場景和情況？

What would be the implied Core ad revenue growth versus the AI Cloud revenue growth if we end up in the low end?

如果我們最終處於低端，則隱含的核心廣告收入增長與人工智能雲收入增長相比是多少？

And then similarly, what would be the scenario if we end up in the high end of the revenue guidance of 16%?

同樣，如果我們最終達到收入指導的上限 16%，會出現什麼情況？

Would that come from by the macro or more cloud project that will be closing?

這是來自宏觀項目還是更多即將關閉的雲項目？

And then secondly, just in this overall broader regulation backdrop, so have Baidu started to have any discussions with other major Internet peers as related to this potential opening up of their social network content to the search engine?

其次，在整體更廣泛的監管背景下，百度是否已開始與其他主要互聯網同行就其社交網絡內容向搜索引擎開放的可能性進行討論？

If this were to go ahead, what is management view on the potential benefit and upside to Baidu fundamental going forward?

如果這種情況繼續下去，管理層對百度未來基本面的潛在利益和上行空間有何看法？

And also any discussion you have with some of the e-commerce leading player to allow Baidu to Core into the e-commerce content item on their digital forefront.

還有您與一些電子商務領先企業進行的任何討論，以允許百度核心進入其數字前沿的電子商務內容項目。

So any color you can provide would be appreciated?

那麼您能提供的任何顏色都會受到讚賞嗎？

Alicia, I will have Herman answer your first question, and Dou answer your second one.

艾麗西亞，我將讓赫爾曼回答你的第一個問題，讓竇回答你的第二個問題。

Hi, everyone.

大家好。

So with regards to our guidance, we normally guide, you assume that we will hit the midpoint.

因此，就我們的指導而言，我們通常會指導，您假設我們會達到中點。

You asked about what do we factor in?

您問我們考慮什麼因素？

And what would it be if it goes to the low end?

如果到了低端會怎樣？

I think obviously, as Robin has mentioned, 21% of Baidu Core is non-advertising and almost 80% is advertising.

我認為顯然，正如 Robin 提到的，百度核心 21% 是非廣告，近 80% 是廣告。

And as we're in the process of trying to control COVID-19, that obviously is the highest risk right now.

由於我們正在努力控制 COVID-19，這顯然是目前最高的風險。

In our model, we assume that COVID-19 will be under control for the most part in China by the beginning of December.

在我們的模型中，我們假設到 12 月初，中國大部分地區的 COVID-19 將得到控制。

We have seen since Guangzhou's situation that normally 60 days after that happens, that, that gets under control.

自從廣州出現這種情況以來，我們已經看到，通常情況下，60天后，情況就會得到控制。

But this time, it spreads to several cities.

但這一次，卻蔓延到了幾個城市。

But given the pattern that we've seen, given the, for example, in Beijing, we've seen the cases slow down, we think that's a doable situation.

但考慮到我們所看到的模式，例如在北京，我們看到病例數量有所減少，我們認為這是一個可行的情況。

Secondly is -- but the other side of our business is mainly a Cloud, right?

其次是——但我們業務的另一面主要是雲，對吧？

So when you think about the Cloud, the -- trying to recognize revenue, trying to make sure that the software is installed, it's a more complicated process than advertising.

因此，當您考慮雲時，嘗試確認收入，嘗試確保安裝軟件，這是一個比廣告更複雜的過程。

So as you're getting into year-end, the risk there is that we deliver the software, but it's not up and running so we cannot recognize revenue.

因此，當你進入年底時，存在的風險是我們交付了軟件，但它尚未啟動並運行，因此我們無法確認收入。

And that's always the case when you have our 2B businesses.

當您擁有我們的 2B 業務時，情況總是如此。

So I think that -- there's a risk there with our cloud business, there's a risk there with our transportation.

所以我認為——我們的雲業務存在風險，我們的運輸也存在風險。

So I think those are the key risk factors, I think I would call out.

所以我認為這些是關鍵的風險因素，我想我會指出。

But as we said, normally, when we go out with the guidance, given the information that we have today, we think we're more likely to be somewhere in the middle.

但正如我們所說，通常，當我們帶著指導出去時，鑑於我們今天掌握的信息，我們認為我們更有可能處於中間位置。

Hi Alicia, I'll take the second one.

嗨，艾麗西亞，我要第二個。

As you know, search by nature is open, and we believe being able to share content across apps provides a better user experience.

如您所知，搜索本質上是開放的，我們相信能夠跨應用程序共享內容可以提供更好的用戶體驗。

And also, we believe this will be a going-forward trend.

而且，我們相信這將是一個未來的趨勢。

So actually, we already see since we're happening around this direction.

所以實際上，我們已經看到了，因為我們正在沿著這個方向發生。

For example, some developers are more willing to open up their ecosystem nowadays because it's also good for their own business.

例如，現在一些開發者更願意開放他們的生態系統，因為這對他們自己的業務也有好處。

So as Robin already mentioned, on our e-commerce effort, almost 1 billion SKUs from the top e-commerce sites were now searchable on Baidu.

正如 Robin 已經提到的，在我們的電子商務工作中，來自頂級電子商務網站的近 10 億個 SKU 現在可以在百度上搜索到。

And the GMV from Baidu grows 90% sequentially.

百度的 GMV 環比增長 90%。

So actually another great example I want to share, which Robin already mentioned is that the major smartphone makers in China are adopting our open-source smart mini program framework for their in-house browsers.

實際上，我想分享的另一個很好的例子，羅賓已經提到過，中國的主要智能手機製造商正在為其內部瀏覽器採用我們的開源智能小程序框架。

Now with this adoption, users will have better experience and the developers are significant -- can significantly extend their reach through the major browsers in China.

現在，通過這種採用，用戶將獲得更好的體驗，而且開發人員也很重要——可以通過中國的主要瀏覽器顯著擴展他們的影響力。

So you're right.

所以你是對的。

We believe we now will benefit from the openness of the whole Internet, and we are seeing things are happening that way.

我們相信我們現在將從整個互聯網的開放性中受益，並且我們看到事情正在以這種方式發生。

Next question comes from the line of Piyush Mubayi from Goldman Sachs.

下一個問題來自高盛的 Piyush Mubayi。

When I look at the guidance that you talked through Herman, it appears to be generally slowing down.

當我看到你通過赫爾曼談論的指導時，它似乎總體上正在放緩。

And we realize it's a very high base for the cloud business in the fourth quarter of last year.

我們意識到去年第四季度雲業務的基數非常高。

So as we look at that pace of growth and we go through the core which looks like it's 10% to 15% -- sorry, 5% to 16% range.

因此，當我們觀察增長速度時，我們會看到核心，看起來是 10% 到 15%——抱歉，是 5% 到 16% 的範圍。

And we try to estimate where are the -- in the advertising vertical, the weaknesses and whether it's COVID related or macro related or third-party related.

我們試圖估計廣告垂直領域的弱點在哪裡，以及它是否與新冠病毒相關、宏觀相關或第三方相關。

As you exited third quarter, what was the pace of decline with the commencement of the fourth quarter?

當您結束第三季度時，第四季度開始時的下降速度是多少？

If you could take us through that pace, so we can understand where we might end up to a certain degree.

如果你能帶領我們完成這個步伐，那麼我們就能了解我們最終可能達到的程度。

And also, I know it's very early to talk about it, but broadly speaking, into 2022, with the opening up of platforms with so much that's going on from a business perspective, on the AI front, as well as on the cloud front, what is the sort of pace of growth we can expect on the Core?

而且，我知道現在談論這個問題還為時過早，但從廣義上講，到 2022 年，隨著平台的開放，從業務角度來看，人工智能方面以及雲方面都會發生很多事情，我們可以預期核心的增長速度是多少？

Piyush, can you repeat that last sentence?

Piyush，你能重複一下最後一句話嗎？

I missed that.

我錯過了。

As we look at -- so we have seen a slowing down into the third quarter, which is probably one of the reasons why you're giving a very wide range for the fourth quarter and for the Core.

正如我們所看到的那樣，我們看到第三季度的增長放緩，這可能是您為第四季度和核心提供非常廣泛的範圍的原因之一。

But there's so much that's going on, that is -- that leads to a level of optimism for what 2022 would look like, including the opening up of the systems, opening up of platforms, how much search you can originate in the e-commerce vertical, and that's just the e-commerce space.

但正在發生的事情太多了，這讓我們對 2022 年的情況抱有一定程度的樂觀態度，包括系統的開放、平台的開放、電子商務中可以產生多少搜索量垂直領域，這只是電子商務領域。

I don't know how many other verticals you can tap into.

我不知道你還可以涉足多少其他垂直領域。

So as we think through 2022 and the Core pace of growth, any feelers around how that would be would be great.

因此，當我們思考 2022 年和核心增長速度時，任何關於這將如何發展的試探都會很棒。

Okay.

好的。

Let me answer that.

讓我來回答一下。

So we talked about Q3, right?

所以我們討論了第三季度，對吧？

So when you look at advertising in Q3, we've been gradually slowing down in terms of our growth.

因此，當你看第三季度的廣告時，我們的增長逐漸放緩。

And in Q3, what we've seen sectors that have impacted us.

在第三季度，我們看到了對我們產生影響的行業。

Some of these are pretty obvious, like education, like real estate and home furnishing like travel and franchising, this -- these would probably be more related to COVID-19.

其中一些是非常明顯的，比如教育、房地產和家居裝飾，比如旅遊和特許經營，這些可能與 COVID-19 更相關。

So these kind of situation are going to extend into Q4.

因此這種情況將延續到第四季度。

And we suspect that this might be a multi-quarter impact.

我們懷疑這可能會產生多個季度的影響。

So based on what we have seen right now, we expect that advertising for Baidu Core, which was 6% year-over-year in Q3, what we probably go into even a slower growth rate in Q4, assuming that COVID-19 gets under control by the beginning of December.

因此，根據我們目前所看到的情況，我們預計百度核心的廣告在第三季度同比增長 6%，假設 COVID-19 受到影響，我們在第四季度的增長率可能會更低。 12月初控制。

So a lot of uncertainty.

所以有很多不確定性。

So if that continues to not get -- if that continues to have new cases every day, then our advertising could even perform worse than that.

因此，如果這種情況持續下去——如果每天繼續出現新病例，那麼我們的廣告效果甚至可能會更糟。

So I think a lot of it has to do with COVID-19 but other factors that's impacting that, such as regulations and so forth.

所以我認為這很大程度上與 COVID-19 有關，但也有其他影響因素，例如法規等。

I think with regards to the AI businesses, I think it's -- COVID-19 does impact that a lot.

我認為就人工智能業務而言，我認為 COVID-19 確實對此產生了很大影響。

As we've talked about before that, our AI Cloud is based on solutions, and we have to customize for certain customers and so forth.

我們之前講過，我們的AI雲是基於解決方案的，我們必須針對某些客戶進行定制等等。

So if we are unable to travel or we have -- we're not able to be as fluid as before, that will have some impact.

因此，如果我們無法旅行，或者我們無法像以前那樣流動，這將會產生一些影響。

Others are just -- you know more end of the year trying to complete these enterprise solution.

其他人只是——你知道更多的是在今年年底試圖完成這些企業解決方案。

And sometimes given the difficulties that we have right now traveling of might not make it.

有時考慮到我們現在的困難，旅行可能無法實現。

So I think we're just putting that uncertainty in there.

所以我認為我們只是把不確定性放在那裡。

With regards to our range, actually, we've been pretty consistent, if you look at it over the last year it's -- at the Baidu consolidated level, it is always a plus or minus of 5%.

至於我們的範圍，實際上，我們一直非常一致，如果你看看去年的情況，在百度綜合層面，它總是有 5% 的正負。

I don't think we've made any changes in the recent quarter.

我認為我們在最近一個季度沒有做出任何改變。

So going into 2022, it's kind of hard to look out so many quarters into '22.

因此，進入 2022 年，很難展望 22 年的這麼多季度。

But what we have seen for advertising, as I mentioned, we think that this could be a multi-quarter impact because, for example, COVID-19 comes and goes and then the regulations and so forth.

但正如我所提到的，我們在廣告方面看到的情況，我們認為這可能會產生多個季度的影響，因為，例如，COVID-19 來來去去，然後是法規等等。

And when we look at -- talk to our peers in the market, there seems to be a consensus that this could be beyond one quarter.

當我們與市場上的同行交談時，似乎一致認為這可能會超過四分之一。

So I think that's where we're advertising.

所以我認為這就是我們做廣告的地方。

Sure enough, there's also that upside with the opening up with different apps and so forth.

果然，開放不同的應用程序等也有好處。

But it's hard to bake that in until we actually see more development.

但在我們真正看到更多發展之前，很難接受這一點。

So we'll keep you guys apprised as that comes.

因此，我們會及時通知大家。

The other side of this is that we're pretty optimistic with our AI businesses.

另一方面是我們對我們的人工智能業務非常樂觀。

Robin has a (inaudible) year-over-year.

羅賓（聽不清）同比增長。

If we look at the last few quarters, we've been always growing above the market speed.

如果我們看看過去幾個季度，我們的增長速度總是高於市場速度。

We continue to believe that we can grow above the market.

我們仍然相信我們能夠超越市場增長。

If you look at our (inaudible), for example, it's been gradually improving or increasing, if you -- so we're coming -- feeling pretty good about that.

例如，如果你看看我們的（聽不清），它正在逐漸改善或增加，如果你——所以我們來了——對此感覺很好。

One of the things is that in our cloud business, SaaS business is the fastest moving now.

其中一件事是，在我們的雲業務中，SaaS 業務現在發展最快。

we were ranked by IDC as one with the largest solutions in China, and this is a piece that's the fastest of our cloud solution or our cloud.

我們被IDC評為中國最大的解決方案之一，這是我們的雲解決方案或我們的雲中最快的一個部分。

So I think we're pretty -- feel like we're in the good spot right now because of the policy trends supporting technology, supporting, leveraging AI for enterprises also for the public sector.

所以我認為我們很好——感覺我們現在處於有利位置，因為政策趨勢支持技術，支持企業和公共部門利用人工智能。

Yes, let me just add about the opening up of e-commerce platforms that will enable users to do transactions on the Baidu Mobile Ecosystem, especially Baidu app more easily.

是的，我補充一下電子商務平台的開放，這將使用戶能夠更輕鬆地在百度移動生態系統，特別是百度應用程序上進行交易。

Given that the e-commerce infrastructure in China has been mature, it's very easy for people to pay using their mobile phone.

鑑於中國的電子商務基礎設施已經成熟，人們使用手機支付非常容易。

And it's very quick to get something delivered to our home.

而且送貨到家的速度非常快。

And now that we can index a lot of SKUs on Baidu, we expect a very quick increase in terms of GMV from a low base.

現在我們可以在百度上索引很多 SKU，我們預計 GMV 將在較低的基礎上快速增長。

The revenue contribution directly from transactions will not be large.

直接來自交易的收入貢獻不會很大。

But once users get used to do transactions on the Baidu platform, I think the overall conversion rate for our advertisers will also improve.

但是一旦用戶習慣了在百度平台上進行交易，我認為我們廣告商的整體轉化率也會提高。

So I think that the benefit will be well beyond simple transactions on the Baidu platform.

所以我認為帶來的好處將遠遠超出百度平台上的簡單交易。

Your next question comes from Alex Yao from JPMorgan.

您的下一個問題來自摩根大通的 Alex Yao。

Rong, welcome back to the Internet investment community.

蓉，歡迎回到互聯網投資界。

So I have 2 questions.

所以我有兩個問題。

Number one is we have seen a lot of regulatory and operating environment changes recently, for example, Apple's IDFA policy change, for example, the implementation of PIPL on first of November.

第一是我們最近看到很多監管和運營環境的變化，比如蘋果的IDFA政策變化，比如11月1日PIPL的實施。

Can you guys talk us through the operational and financial impact from those changes, particularly how should we think about the Union business into the next couple of quarters?

你們能否向我們介紹一下這些變化對運營和財務的影響，特別是我們應該如何考慮未來幾個季度的聯盟業務？

And the second question is regarding the general corporate strategy.

第二個問題是關於公司的總體戰略。

Well, the advertising revenue outlook is weak for the next couple of quarters.

嗯，未來幾個季度的廣告收入前景疲弱。

How are you guys think about the general corporate strategy.

你們如何看待公司的總體戰略？

For example, are you still pushing the investments on headcounts and user acquisition costs?

例如，您還在推動人員數量和用戶獲取成本方面的投資嗎？

And I think in the past, you guys had a very tough cost control when the top line was under pressure.

我認為過去，當營收面臨壓力時，你們的成本控制非常嚴格。

Are you thinking very differently this time?

這次你的想法有很大不同嗎？

Any thoughts on the general corporate strategy in the current advertising revenue outlook will be helpful.

對當前廣告收入前景中總體公司戰略的任何想法都會有所幫助。

First one, -- so on the (inaudible), right, because the majority of Baidu's core ad business does not rely on user data.

第一個，--所以（聽不清），對，因為百度的大部分核心廣告業務並不依賴用戶數據。

It's not like some of the U.S. companies do.

這不像一些美國公司那樣。

So the impact on that side is less pronounced actually.

所以實際上這方面的影響不太明顯。

So in general, as we all strive to be a global technical -- technology leader in issues such as this, the type of the privacy and security has been taken into consideration for a long while.

因此，總的來說，當我們都努力成為此類問題上的全球技術領導者時，隱私和安全的類型已經被考慮了很長一段時間。

So many years ago, before this topic even caught the industry's attention, we saw the need to establish internal committees to define strict policies and procedures to address the privacy with management and security.

很多年前，在這個話題引起業界關注之前，我們就看到有必要建立內部委員會來定義嚴格的政策和程序，以通過管理和安全來解決隱私問題。

Also, we are working with the leading companies globally and domestic to create ideas and derive best practices.

此外，我們還與全球和國內的領先公司合作，創造創意並得出最佳實踐。

We also share our experience with authorities to help the industry address these complicated issues.

我們還與當局分享我們的經驗，以幫助行業解決這些複雜的問題。

So given all the efforts we have done, I think the impact on this side is not that pronounced.

所以考慮到我們所做的所有努力，我認為這方面的影響還不是那麼明顯。

Next question comes from James Lee.

下一個問題來自詹姆斯·李。

(inaudible)

（聽不清）

Herman Yu: So Alex, you mentioned about our corporate strategy.

Herman Yu：Alex，你提到了我們的公司戰略。

So what we are at this time is that we have our expenses, you can look at mainly 2 buckets, right?

那麼我們這個時候就是我們有我們的開支，你看主要是2桶吧？

One bucket of spending is related to our growth with our new business, whether that's in cloud, whether that's in intelligent driving and so forth.

其中一桶支出與我們新業務的增長有關，無論是在雲領域，還是在智能駕駛領域等等。

And you've got to invest ahead of time to make sure that your sales force is there to make sure that people who are doing, presales is there to support your future growth.

而且您必須提前進行投資，以確保您的銷售人員能夠確保從事售前工作的人員能夠支持您未來的增長。

And as we mentioned earlier, that piece of the business is still going very fast.

正如我們之前提到的，這部分業務仍然進展得非常快。

When you look at non-advertising, we're growing over 76%, so you've got to build a funnel.

當你觀察非廣告業務時，我們的增長率超過 76%，因此你必須建立一個渠道。

You've got to get the people in and so forth.

你必須讓人們進來等等。

I think that's going to continue.

我認為這種情況將會持續下去。

Secondly is a new AI business has a higher cost of goods sold, whether you're talking about selling smart devices, whether you're talking about delivery to these solutions or smart transportation, okay?

其次，新的人工智能業務的銷售成本更高，無論你是在談論銷售智能設備，無論你是在談論交付這些解決方案還是智能交通，好嗎？

So those things we have to factor in for this new business.

因此，我們必須在這項新業務中考慮這些因素。

That's just part of it.

這只是其中的一部分。

And we look at the gross margin very carefully, but you still have to fund the OpEx, the salespeople, the development people to support their business growth.

我們非常仔細地審視毛利率，但你仍然必須為運營支出、銷售人員、開發人員提供資金，以支持他們的業務增長。

And we're leading in those businesses, so we feel comfortable continuing to invest.

我們在這些業務中處於領先地位，因此我們放心地繼續投資。

The second pool of investment that we have is with the Mobile Ecosystem.

我們的第二個投資池是移動生態系統。

And when you see there, mainly it is supporting our Baidu App.

當你看到那裡時，主要是支持我們的百度應用程序。

So a big part of that spending is channel spending, marketing spending for the Baidu App.

因此，該支出的很大一部分是渠道支出，即百度應用程序的營銷支出。

This year, we've been pushing our Baidu App in lite which would allow us to tap into users from lower-tier cities, and that has been working.

今年，我們一直在推出精簡版的百度應用程序，這將使我們能夠吸引來自二三線城市的用戶，並且一直在發揮作用。

And in addition to that, we've been beefing up some development in that area to help improve our search experience.

除此之外，我們一直在加強該領域的一些開發，以幫助改善我們的搜索體驗。

So I think we manage that side of the expense, especially channel spending with ROI.

所以我認為我們管理這方面的費用，特別是渠道支出和投資回報率。

So as long as we're seeing positive ROI, we will continue to spend in the channel and marketing areas.

因此，只要我們看到積極的投資回報率，我們就會繼續在渠道和營銷領域進行投資。

Yes.

是的。

I would just like to emphasize that our investment is pretty much packed with the growth potential.

我想強調的是，我們的投資充滿了增長潛力。

We see a lot of growth potential in the AI-enabled new businesses so we will continue to aggressively invest in that area.

我們看到人工智能支持的新業務有很大的增長潛力，因此我們將繼續積極投資該領域。

Mobile Ecosystem in general, not just for Baidu, I think the overall mobile internet market in China is maturing.

整個移動生態系統，不僅僅是百度，我認為中國整個移動互聯網市場正在走向成熟。

So we will use discipline to balance our investment and growth.

因此，我們將運用紀律來平衡我們的投資和增長。

Our next question comes from James Lee from Mizuho.

我們的下一個問題來自瑞穗銀行的 James Lee。

My question is on intelligent driving, autonomous driving.

我的問題是關於智能駕駛、自動駕駛。

And obviously, there's a lot of moving parts in this business right now.

顯然，現在這個行業有很多變化的部分。

I think you guys already lay out your plans of robotaxi.

我想你們已經制定了機器人出租車的計劃。

Can you also lay out the road map on how Apollo can achieve a meaningful presence in connected infrastructure, and OEM licensing your technology?

您能否列出路線圖，說明 Apollo 如何在互聯基礎設施領域實現有意義的存在，並為您的技術提供 OEM 許可？

So what I mean is that, does your footprint of your smart transportation influence OEM's decision to choose their autonomous driving solutions?

那麼我的意思是，您的智能交通足跡是否會影響 OEM 選擇自動駕駛解決方案的決定？

James, Apollo is a platform for both smart transportation and autonomous driving, it has gained a lot of partners, customers, and so on.

James，Apollo是一個智能交通和自動駕駛的平台，它已經獲得了很多合作夥伴、客戶等。

We've been a leader in many of the fronts, including robotaxi, as I mentioned, we are probably the largest robotaxi service provider in the world by a number of rides what we provide and it is opened to the public in 5 cities in China.

我們一直是許多領域的領導者，包括機器人出租車，正如我所提到的，從我們提供的多種乘車服務來看，我們可能是世界上最大的機器人出租車服務提供商，並且在中國5 個城市向公眾開放。

And for many of those areas, we also have smart transportation projects going on, government pay us to install roadside units and also software systems to better manage the traffic and helps driving become safer and greener.

對於其中許多地區，我們還正在進行智能交通項目，政府付費讓我們安裝路邊裝置和軟件系統，以更好地管理交通並幫助駕駛變得更安全、更環保。

We also work with quite a number of OEMs to provide infotainment system as well as auto pilots or navigation systems, what we call ASD.

我們還與相當多的OEM廠商合作，提供信息娛樂系統以及自動駕駛或導航系統，我們稱之為ASD。

And we have gained quite a number of OEM customers.

我們已經獲得了相當多的 OEM 客戶。

So all in all, as a platform, Apollo connects smart transportation OEMs, ride-hailing services altogether, and we are quite confident that we will continue to lead this market and even become dominant in the future.

所以總而言之，Apollo作為一個平台，連接了智能交通主機廠、網約車服務，我們非常有信心在未來繼續引領這個市場，甚至成為主導。

Your next question comes from Jiong Shao from Barclays.

你的下一個問題來自巴克萊銀行的邵炯。

First off, big congrats to both Herman and Rong on new roles.

首先，熱烈祝賀赫爾曼和榮擔任新角色。

My questions are related to your Apollo autonomous driving and a robotaxi as well.

我的問題也與你們的阿波羅自動駕駛和機器人出租車有關。

Just following up on the previous question, could you elaborate a bit on the top line for Jidu in terms of when the assembly line manufacturing facility will be ready.

繼續上一個問題，您能否詳細說明一下吉都的主要業務，即裝配線製造設施何時準備就緒。

What kind of scale we are talking about when you talked about mass production in 2023.

當你談到2023年量產時，我們談論的是一個什麼樣的規模。

And you talked about your partnership with Lionbridge for semi truck.

您談到了與 Lionbridge 的半卡車合作夥伴關係。

I understand Geely just announced their ambition for the EV semi truck business a couple of days ago.

據我所知，吉利幾天前剛剛宣布了他們對電動半掛卡車業務的雄心。

I think I was wondering, since they are your big partner, do you have any plan to work with them for their semi-struck EV initiative?

我想我想知道，既然他們是你的大合作夥伴，你有計劃與他們合作實施他們的半電動電動汽車計劃嗎？

And then lastly on robotaxi, I recall I may have read somewhere you may have commercial operations up and running for robotaxi sometime next year.

最後關於機器人出租車，我記得我可能在某處讀過，明年某個時候您可能會為機器人出租車啟動並運行商業運營。

Is there anything there you can share with us?

您有什麼可以與我們分享的嗎？

On Jidu, like I mentioned during the prepared remarks, we are planning to launch the concept production car early next year at the Beijing Auto Show.

關於極度，正如我在準備好的發言中提到的，我們計劃在明年初在北京車展上推出概念量產車。

So that car will be the final shift in the architecture for when it is available for sale in the latter part of 2023.

因此，該車將是架構的最後一次轉變，將於 2023 年下半年上市。

So by mass production, we mean everyone, every consumer can place an order or to buy the Jidu car sometime in the second half of 2023.

所以說量產，我們指的是每個人、每個消費者都可以在2023年下半年的某個時候下訂單或者購買極度汽車。

Of course, it's too early for us to predict how many units we can sell at that time.

當然，我們現在預測當時能賣出多少單位還為時過早。

But we are all very excited the features that we're putting in and the value we can offer to our consumers when it's available.

但我們都對我們所添加的功能以及我們在推出時可以為消費者提供的價值感到非常興奮。

In terms of autonomous trucking, it's a huge market.

就自動卡車運輸而言，這是一個巨大的市場。

We already have a partnership with Lionbridge.

我們已經與 Lionbridge 建立了合作夥伴關係。

And Geely, as you know, is a strategic partner of Baidu too.

而眾所周知，吉利也是百度的戰略合作夥伴。

We are open to all kinds of collaborations with them.

我們對與他們進行各種合作持開放態度。

And again, this kind of collaborations are not exclusive.

再說一次，這種合作並不是排他性的。

Apollo is an open platform.

Apollo是一個開放平台。

We can work with everyone, and we would like to help a lot of companies to become successful.

我們可以與每個人合作，我們願意幫助很多公司取得成功。

And on the commercial operation of robotaxi, we can charge right now in a couple of the areas in Beijing and Cangzhou and we are applying such licenses in other cities.

關於Robotaxi的商業運營，我們現在可以在北京和滄州的幾個地區進行收費，我們正在其他城市申請這樣的牌照。

So it's very quick ramping up process.

所以這是一個非常快的提升過程。

We are already providing -- we already provided 115,000 rides in one quarter in Q3.

我們已經提供了——第三季度的一個季度內我們已經提供了 115,000 次乘車服務。

And in Q4, I think that number will continue to increase.

在第四季度，我認為這個數字將繼續增加。

And this is probably much, much larger than the reported number you can hear anywhere else in the world.

這可能比您在世界其他地方聽到的報告數字要大得多。

Our next question comes from Natalie Wu from Haitong International.

我們的下一個問題來自海通國際的Natalie Wu。

Congratulations Herman Yu and Rong for their new roles.

恭喜 Herman Yu 和 Rong 擔任新角色。

My question is regarding the investment plan for your new AI business.

我的問題是關於你們新的人工智能業務的投資計劃。

So firstly, if we take a look at the development of your cloud, when the revenue scale and approached RMB 20 billion annually, EBITDA loss ratio actually narrowed significantly.

所以首先我們看一下你們雲的發展，當營收規模接近每年200億元人民幣的時候，EBITDA損失率實際上大幅收窄。

So should we expect the margin profile of cloud business to improve next year after AI cloud revenue scale, which is also the RMB 20 billion scale?

那麼，在AI雲收入規模達到200億元規模之後，我們是否應該期望明年雲業務的利潤率會有所改善呢？

Or how should we see the margin trend of your AI cloud business in the next 1-2 years?

或者說我們應該如何看待你們的AI雲業務未來1-2年的利潤趨勢？

Also for the intelligent driving, what kind of the investment scale should we expect for the next 1-2 years?

同樣對於智能駕駛，未來1-2年我們預計會有什麼樣的投資規模？

And how could that impact the margin?

這會對利潤率產生什麼影響？

Yes.

是的。

So on the AI cloud, I think Yes.

所以在AI雲上，我認為是的。

I think when you talk about other cloud players, they are talking about scaling with regards to IaaS right?

我認為當您談論其他雲提供商時，他們談論的是 IaaS 方面的擴展，對嗎？

As we talked about before IaaS, it's a smaller piece of our business.

正如我們在 IaaS 之前談到的，它只是我們業務的一小部分。

we're more excited about where we're differentiating in the market is our SaaS.

更令我們興奮的是，我們的 SaaS 是我們在市場上的差異化優勢。

And as I mentioned earlier, SaaS is the fastest-growing piece of our business.

正如我之前提到的，SaaS 是我們增長最快的業務部分。

And when you look at SaaS, as we talked about Baidu World, there's several factors with regards to margin improvements, right?

當你看 SaaS 時，正如我們談到的百度世界，有幾個與利潤率提高有關的因素，對嗎？

As we come out with new solutions, working with new customers, the first project -- first few projects, we might have to spend that extra time in order to integrate with their legacy system in order to build tools and so forth to go up and running.

當我們推出新的解決方案、與新客戶合作、第一個項目——前幾個項目時，我們可能不得不花費額外的時間來與他們的遺留系統集成，以便構建工具等等來升級和升級。跑步。

When we're going into new industries, that would also -- that there's a ramp-up cost to be able to adapt our current solutions to that new industry.

當我們進入新行業時，為了使我們當前的解決方案適應該新行業，成本也會增加。

So you're seeing with our fast growth, as Robin mentioned, 73% year-over-year growth is much faster than market right now.

所以你會看到我們的快速增長，正如 Robin 提到的，73% 的同比增長比目前的市場要快得多。

And we could not have done that without going to new industries with new solutions without consistently getting new customers.

如果不使用新解決方案進入新行業，並且不斷獲得新客戶，我們就不可能做到這一點。

So at the early stage where we're just expanding market, expanding customers, you're not going to see good margins.

因此，在早期階段，我們只是擴大市場、擴大客戶，你不會看到良好的利潤率。

But when you look at a particular solution over time, when you're looking at a particular customer over time, we're seeing margin improvements.

但是，當您隨著時間的推移查看特定的解決方案時，當您隨著時間的推移查看特定的客戶時，我們會看到利潤率的提高。

And we've went through that in very detail doing the Baidu World presentation and our IR can go through that with you again on those things.

我們已經在百度世界的演示中非常詳細地介紹了這一點，我們的投資者關係可以與您再次討論這些事情。

But this is a proven business.

但這是一項經過驗證的業務。

If you look at our counterparts in the U.S. who are in the SaaS market you will see the same trends.

如果你看看美國 SaaS 市場的同行，你會看到同樣的趨勢。

So we're pretty confident that as we continue to grow for our business this year, in the beginning, you're not going to have a good margin because you have to customize but as the product line becomes more standardized, as we become more standardized solution by industry and so forth, you're going to see that margin pick up.

因此，我們非常有信心，隨著今年我們的業務繼續增長，一開始，你不會有很好的利潤，因為你必須定制，但隨著產品線變得更加標準化，隨著我們變得更加通過行業等標準化解決方案，您將看到利潤率上升。

That's number one.

這是第一。

Number 2 is the proportion of SaaS is getting higher versus IaaS.

第二，SaaS 相對於 IaaS 的比例越來越高。

And IaaS, as we know, because it's a commodity cloud, it's just going to have lower margins.

而 IaaS，正如我們所知，因為它是一種商品雲，所以它的利潤率將會較低。

So you have several trends that are playing in our favor.

因此，有幾個趨勢對我們有利。

So I can see it a few years out you're going to see margins are improving.

所以我可以預見幾年後你會看到利潤率不斷提高。

Intelligent driving, I think there are 3 pieces as we talked about before.

智能駕駛，我覺得有我們之前講的3塊。

Autonomous driving is the technology and then out of that, there's 3 ways to monetize, right?

自動駕駛是一項技術，因此有 3 種盈利方式，對嗎？

There's Infotainment business, right?

有信息娛樂業務，對吧？

There is the -- what we call ASD, Apollo navigation pilot, and so forth.

我們稱之為 ASD、阿波羅導航飛行員等等。

So that is a business where you have to invest upfront with our R&D and so forth.

因此，這是一個你必須預先投資我們的研發等的業務。

But when we sell it on a gross margin level, that gross margin is usually pretty healthy compared to other AI businesses, okay?

但當我們以毛利率水平出售它時，與其他人工智能業務相比，毛利率通常相當健康，好嗎？

There's the other piece for Apollo is smart transportation.

Apollo 的另一個部分是智能交通。

Smart transformation is mainly with the government sector and so forth, it's usually a very complicated solution.

智慧化轉型主要是政府部門等，通常是一個非常複雜的解決方案。

So for those margins are pretty healthy, especially when you compare to a business like IaaS.

因此，這些利潤相當可觀，尤其是與 IaaS 這樣的企業相比。

So I think when you're going into smart transportation, the factors that impact the margin very similar to what I described earlier, coming out with new solutions, when you're working with new cities, you've got to make that investment with new solutions.

所以我認為，當你進入智能交通領域時，影響利潤的因素與我之前描述的非常相似，推出新的解決方案，當你與新城市合作時，你必須進行投資新的解決方案。

But as we're working with the same city, we understand their legacy system, we build out the tools and so forth.

但當我們與同一個城市合作時，我們了解他們的遺留系統，我們構建了工具等等。

Over time, with a particular customer, we're seeing the margin improvement, right?

隨著時間的推移，對於特定客戶，我們看到利潤率有所提高，對嗎？

So I'm pretty confident because when you look at us, we're growing on the one hand, as we mentioned -- Robin mentioned smart transportation, the customers went up 3-4 year-over-year, so the new customers, they're going to adapt the margin.

所以我非常有信心，因為當你看到我們時，我們一方面在增長，正如我們提到的——羅賓提到智能交通，客戶同比增長了 3-4，所以新客戶，他們將調整利潤。

On the other hand, half of that business is with repeat customers, that's going to improve.

另一方面，一半的業務是回頭客，這一點將會改善。

So I think over time, we see as we go out for the next few years, that more and more revenue is going to be recurring, which is going to (inaudible)

所以我認為隨著時間的推移，我們看到在接下來的幾年裡，越來越多的收入將重複出現，這將（聽不清）

Our next question comes from Gary Yu from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Gary Yu。

I have one follow-up question regarding the opportunities with the open up -- for the open up of the Internet.

我有一個後續問題是關於開放帶來的機遇——互聯網的開放。

It seems like there is a great opportunity from both the kind of e-commerce space and also potentially content space.

電子商務領域和潛在的內容領域似乎都蘊藏著巨大的機會。

But at the same time, given users have already got into the habit of doing those transactions in some of the other competing platforms.

但與此同時，鑑於用戶已經養成了在其他一些競爭平台上進行這些交易的習慣。

How are we going to kind of change some of the user behavior to start doing more kind of e-commerce transaction on Baidu?

我們將如何改變一些用戶行為以開始在百度上進行更多類型的電子商務交易？

And as a result of that, are we going to kind of go into another kind of investment cycle in terms of acquiring traffic and users on these transaction-based traffic?

因此，我們是否會進入另一種投資週期，以獲取這些基於交易的流量的流量和用戶？

Yes, Gary, I'll take this question.

是的，加里，我會回答這個問題。

Actually, as we see the users' behaviors in our web search, before the people do their -- make their final decision to buy something or not.

實際上，正如我們在網絡搜索中看到用戶的行為一樣，在人們做出購買或不購買的最終決定之前。

So they come to Baidu for more information.

於是他們就來百度了解更多信息。

So this is how we step in to help them to do the transactions actually.

這就是我們介入幫助他們實際進行交易的方式。

So also, as Robin just mentioned, right?

正如羅賓剛才提到的，對吧？

So the infrastructure for transactions in terms of the payment delivery or it's pretty mature in China.

因此，支付交付方面的交易基礎設施在中國已經相當成熟。

So that said, once we give the user a comprehensive information for them to make the right decisions, people will come back again for their another transaction.

也就是說，一旦我們為用戶提供全面的信息以幫助他們做出正確的決定，人們就會再次回來進行另一筆交易。

In terms of getting more traffic, I think for now, we still have tons of actually user search volumes in Baidu for not just the typical e-commerce queries, and all other queries related to transactions.

在獲得更多流量方面，我認為目前我們在百度中仍然擁有大量的實際用戶搜索量，不僅包括典型的電子商務查詢，還包括與交易相關的所有其他查詢。

So, that's why at this stage, we are trying to make the transaction experience as smooth as possible on Baidu's platform.

所以，這就是為什麼現階段我們正在努力讓百度平台上的交易體驗盡可能流暢。

And actually, we have been working on this for a while since we started building Smart Mini Programs, Managed Pages and Baijiahao.

事實上，自從我們開始構建智能小程序、託管頁面和百家號以來，我們已經在這方面努力了一段時間。

So that's how we can not only get the right information, but also have the right supports for this transaction related queries.

這樣我們不僅可以獲得正確的信息，而且還可以為該交易相關的查詢提供正確的支持。

Our next question comes from Eddie Leung from Bank of America.

我們的下一個問題來自美國銀行的 Eddie Leung。

May I have 2 questions on your cloud thesis.

我有兩個關於你的雲論文的問題。

The first one is about hybrid cloud, public cloud and private cloud.

第一個是混合雲、公有云和私有云。

As the government is pushing for the awareness of data security, will there be a potential increase in demand for private cloud and hybrid cloud versus public cloud?

隨著政府推動數據安全意識的提高，相對於公有云，私有云和混合雲的需求是否會增加？

and how might that offset your basis, and then secondly, I remember, Robin, you mentioned earlier, a pretty interesting point.

這會如何抵消你的基礎，其次，我記得，羅賓，你之前提到過，一個非常有趣的觀點。

You guys have been focusing your cloud business on SaaS and end-to-end solutions while some of your industry peers seem to be emphasizing more on the -- so we say the modules or the component capabilities and performance.

你們一直將雲業務重點放在 SaaS 和端到端解決方案上，而你們的一些同行似乎更強調——所以我們說模塊或組件的功能和性能。

So probably a bit more about- PaaS, at least from a marketing perspective, right?

至少從營銷的角度來看，可能更多的是關於 PaaS，對嗎？

So could you share your thoughts on any difference between the clients that these 2 approaches may get?

那麼您能否分享一下您對這兩種方法可能獲得的客戶之間的差異的看法？

I think you're right, given the regulatory environment changes, I think more and more customers would want private deployment or a private cloud or hybrid cloud rather than public cloud.

我認為你是對的，考慮到監管環境的變化，我認為越來越多的客戶會想要私有部署或私有云或混合雲而不是公共雲。

And like Herman mentioned before that our highest growth areas and also higher margin area comes from those kind of private placements worked or solutions offered to our customers typically end-to-end solutions, leveraging our strong capability in all kinds of AI value chain PaaS and SaaS all included AI chips frameworks, deep learning frameworks.

正如赫爾曼之前提到的，我們最高的增長領域和更高的利潤率領域來自於為我們的客戶提供的私募配售或解決方案（通常是端到端解決方案），利用我們在各種人工智能價值鏈PaaS 和SaaS都包括AI芯片框架、深度學習框架。

And when we say SaaS, it means more like end-to-end solution, which typically would include the PaaS part.

當我們說 SaaS 時，它的意思更像是端到端解決方案，通常包括 PaaS 部分。

It's just an AI PaaS in China or PaaS in general in China, it's not a big market yet.

在中國這還只是一個AI PaaS，或者說中國的PaaS，還不是一個大市場。

It's growing very fast, but it's very hard to charge a lot of money for middle layer of the solution.

它的增長速度非常快，但很難為解決方案的中間層收取大量費用。

But yes, I think a lot of customers do value our end-to-end capability and solution in terms of AI.

但是，是的，我認為很多客戶確實看重我們在人工智能方面的端到端能力和解決方案。

And I think overall, it's a very large market, and our strength is to really leverage Baidu's investments in AI and provide end-to-end solution to our customers in important verticals like industrial internet, our transportation, energy, financial services, this kind of verticals that we think we have a very strong proposition.

我認為總的來說，這是一個非常大的市場，我們的優勢是真正利用百度在人工智能方面的投資，為我們的客戶在工業互聯網、交通、能源、金融服務等重要垂直領域提供端到端的解決方案。我們認為我們有一個非常強有力的垂直領域主張。

All right.

好的。

Thank you.

謝謝。

So we have reached the end of the question and answer session.

我們的問答環節已經結束了。

So with that, we conclude our conference for today.

我們今天的會議就到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。

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