百度 (BIDU) 2021 Q2 法說會逐字稿

Hello, and thank you for standing by for Baidu's Second Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

您好，感謝您參加百度2021年第二季財報電話會議。 （操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。

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

現在，我想將會議交給今天會議的主持人，百度投資者關係總監林娟女士。

Hello, everyone, and welcome to Baidu's Second Quarter 2021 Earnings Conference Call. Baidu's earnings release was distributed earlier today, and you can find a copy on our website as well as on newswire services. On the call today, we have Robin Li, our Co-founder and CEO; Herman Yu, our CFO; and Dou Shen, our EVP in charge of search and feed. After our prepared remarks, we will host a Q&A session.

大家好，歡迎參加百度2021年第二季業績電話會議。百度的財報已於今天早些時候發布，您可以在我們的網站和新聞通訊社上找到一份副本。今天的電話會議由我們的共同創辦人兼執行長李彥宏主持；我們的財務長 Herman Yu；還有負責搜尋和資訊流的執行副總裁竇深。在我們準備好發言之後，我們將舉辦問答環節。

Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Report Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC and Hong Kong Exchange. Baidu does not undertake any obligation to update any forward-looking statements except as required under applicable law.

請注意，今天的討論將包含根據 1995 年美國私人證券訴訟報告法的安全港條款所作的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，這些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。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。除適用法律要求外，百度不承擔更新任何前瞻性聲明的義務。

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

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

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

提醒一下，本次會議正在錄製中。此外，本次電話會議的網路直播也將在百度投資者關係網站上提供。

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

現在我將電話轉給我們的執行長羅賓。

Hello, everyone. We delivered another solid quarter with Baidu Core revenue growing 27% year-over-year, accelerated by non-advertising revenues with AI cloud growing 71% year-over-year in the second quarter.

大家好。我們又度過了一個穩健的季度，百度核心營收年增 27%，非廣告收入也因此加速成長，其中 AI 雲端營收在第二季度年增 71%。

We are entering a new era where technology is becoming more powerful, and we are benefiting from the deployment of technology to upgrade China's industrial competitiveness, digitize urban cities and improve mobility. As China plans for the next stage of growth, it rests upon us to recognize the need to align our business strategy with the environment that we operate in and the future that we want to build with our stakeholders.

我們正進入一個科技日益強大的新時代，我們也正在受益於科技的部署，以提升中國的產業競爭力、實現城市數位化並改善交通出行。在中國規劃下一階段成長之際，我們必須認識到，需要將我們的業務策略與我們所處的經營環境以及我們希望與利害關係人共同建立的未來相結合。

ESG highlights a shared future for humanity. To support China's pledge to achieve carbon neutrality by the year 2060, Baidu aims to reach carbon neutrality by 2030 through the use of green data centers, smart office buildings and other means. In addition, we hope to improve urban traffic flow and lower carbon emissions for 100 metropolitan areas across China with our build-out of smart transportation and accelerate the switch to EVs for the masses through our investment in robotaxi and smart TV.

ESG強調人類共同的未來。為支持中國2060年實現碳中和的承諾，百度計畫透過綠色資料中心、智慧辦公大樓等方式，2030年實現碳中和。此外，我們希望透過建造智慧交通改善中國100個大都市地區的城市交通流量並降低碳排放，並透過對自動駕駛計程車和智慧電視的投資加速大眾向電動車的轉變。

Leveraging technology to serve a larger population to achieve inclusiveness is part of China's growth plan. In June, we introduced Apollo Moon, fifth generation of Apollo robotaxi vehicles that once again saw a 60% drop in cost per mile. With the rapid pace of autonomous driving technology advancement and cost efficiency improvement, Apollo robotaxi stands to become much cheaper than driver for hire or ride hailing in the coming years, which will make robotaxi ride hailing much more accessible.

利用科技服務更多民眾、實現包容性是中國成長計畫的一部分。 6 月，我們推出了第五代阿波羅自動駕駛計程車 Apollo Moon，其每英里成本再次下降了 60%。隨著自動駕駛技術的快速進步和成本效率的提高，未來幾年，Apollo 機器人計程車的成本將比僱用司機或叫車服務便宜得多，這將使機器人計程車叫車服務變得更加便捷。

Baidu Health is another example of expanding resources to a broader population for improved living. We are enabling closed-loop telehealth, online prescription and home delivery to free up hospital resources for critical treatments. Concurrently, we are helping hospitals find patients with specific illness that match their treatment specialties by leveraging our AI-powered search and Smart Mini Program.

百度健康是另一個向更廣泛人群擴展資源以改善生活的例子。我們正在實現閉環遠距醫療、線上處方和送貨上門服務，以釋放醫院資源用於關鍵治療。同時，我們利用人工智慧搜尋和智慧小程式幫助醫院找到符合其治療專業的特定疾病患者。

We see great opportunities to use technology to advance sustainability and inclusiveness. As we go through our quarterly highlights, you will see other examples of how our AI-powered business is naturally aligned with these goals. This is due in part to our belief in using technology to build a better world.

我們看到了利用科技促進永續性和包容性的巨大機會。當我們回顧季度亮點時，您將看到其他例子，說明我們的人工智慧業務如何自然地與這些目標保持一致。這部分是因為我們相信利用科技可以建立一個更美好的世界。

Turning to Q2 operational highlights. Our AI cloud continued to see strong growth. IDC once again ranked the Baidu AI cloud the #1 AI cloud provider in China in their 2020 report on public cloud. Over the past decade, ads has been the growth driver for China's cloud market, which set up a strong foundation to implement AI solutions that solve industry-specific problems and provide urban living upgrades. By differentiating with AI solutions, we have the opportunity to provide repeat business with expanded applications and become a one-stop shop, cross-selling ads and other services.

談談第二季的營運亮點。我們的人工智慧雲端持續保持強勁成長。 IDC在其2020年公有雲報告中再次將百度AI雲評為中國第一大AI雲供應商。過去十年，廣告一直是中國雲端市場的成長動力，為實施解決產業特定問題和提供城市生活升級的人工智慧解決方案奠定了堅實的基礎。透過與人工智慧解決方案進行差異化，我們有機會透過擴展的應用程式為重複業務提供，並成為一站式商店、交叉銷售廣告和其他服務。

In the past, we discussed empowering financial services, utilities and Internet media sectors with AI. Let me give you an example of how our AI cloud empowers the auto sector. We are helping Geely, a leading automotive manufacturer, to develop a multiyear digitization plan which entails: one, setting up their private cloud infrastructure; two, moving Geely's business onto cloud; three, leveraging Baidu AI solution to advance Geely's high-tech manufacturing capabilities such as IoV, security and risk management; and four, enabling Geely to provide cloud services to their automotive suppliers and customers.

過去我們討論過用人工智慧賦能金融服務、公用事業和網路媒體領域。我給大家舉個例子，我們的AI雲是如何賦能汽車產業的。我們正在幫助領先的汽車製造商吉利制定一項多年數位化計劃，其中包括：一、建立他們的私有雲基礎設施；二、將吉利業務上雲；三是利用百度AI解決方案提升吉利的車聯網、安全、風險管理等高科技製造能力；四是幫助吉利為其汽車供應商和客戶提供雲服務。

Baidu AI is deployed into multifaceted environments. For example, Quanzhou, Fujian, a city of population of 8 million, implemented Baidu AI solution at its water treatment plant. Our smart monitoring capability was used to provide early detection of malfunctioning equipment, replacing labor-intensive patrolling. And a customized machine learning model was developed to predict water usage and dynamically adjust the water pressure of different water pipelines, cutting electricity needs by 8%. Our employees feel a sense of pride when natural resource is optimally managed and sustainability is indirectly advanced.

百度AI部署到多方面的環境。例如，擁有800萬人口的福建泉州在其水處理廠實施了百度AI解決方案。我們的智慧監控功能可用於提前發現故障設備，取代勞力密集的巡邏。並開發了客製化的機器學習模型來預測用水量並動態調整不同水管的水壓，從而將電力需求減少 8%。當自然資源得到最佳管理並且永續性得到間接推進時，我們的員工會感到自豪。

In health care cloud, we have expanded into over 400 hospitals in 29 provinces and over 1,500 primary care clinics in 11 provinces with leading solutions like [our CBSS], resulting in rapid revenue growth at 245% year-over-year for the first half. According to IDC's June report, Baidu deep learning platform became the most widely used in China, surpassing Google. Our Paddle Paddle developer community reached 3.6 million, up 62% year-on-year, and is adopted by 130,000 businesses. Baidu's large development community helps improve our machine learning models and individualize our AI tools and technologies.

在醫療雲領域，我們透過CBSS等領先解決方案，業務擴展到29個省的400多家醫院和11個省的1500多家基層診所，上半年收入年增245%。根據IDC 6月的報告，百度深度學習平台已成為中國應用最廣泛的平台，超越Google。我們的PaddlePaddle開發者社群規模達360萬，年增62%，被13萬家企業採用。百度龐大的開發社群有助於改進我們的機器學習模型並個人化我們的人工智慧工具和技術。

Moving on to ACE smart transportation. As of June, Apollo has signed with 20 cities to try ACE smart transportation, up from 5 cities a year ago, based on a contract amount of RMB 10 million and above. Apollo also renewed agreements with 9 cities to roll out their next phase of ACE smart transportation. Beyond urban roads, Apollo signed with Xiongan, Hebei to deploy V2X smart highway, enabling the city to remotely identify the need for highway maintenance, assess road closure for poor weather conditions and identify travelers who dodge toll terminals.

繼續討論 ACE 智慧交通。截至今年6月，Apollo已與20個城市簽約試行ACE智慧交通，較去年同期的5個城市增加，合約金額均在1,000萬元人民幣及以上。 Apollo 也與 9 個城市續約協議，推出下一階段的 ACE 智慧交通。除了城市道路之外，阿波羅還與河北雄安新區簽約部署 V2X 智慧高速公路，使該市能夠遠端識別高速公路維護需求、評估惡劣天氣條件下的道路封閉情況並識別躲避收費站的旅客。

Turning to autonomous driving. Apollo continues to see strong momentum. Level 4 testing on public roads has reached 12 million kilometers or 7.5 million miles. Apollo has received 278 AD permits, reflecting AD piloting in dispersed geographic regions and under wide-ranging test scenarios.

轉向自動駕駛。阿波羅繼續保持強勁勢頭。公共道路上的 4 級測試已達到 1200 萬公里或 750 萬英里。阿波羅已獲得 278 份自動駕駛許可證，反映了在分散的地理區域和廣泛的測試場景下進行的自動駕駛試點。

Apollo monetization. In Q2, Apollo Go ride hailing expanded into Guangzhou, our fourth city of operations; and provided 47,000 rides to the public, up 200% sequentially. Customer satisfaction for Apollo Go has been high with user rating of 4.9 out of 5.0. As pointed out earlier, our fifth-generation robotaxi vehicles saw another 60% drop in cost per mile compared to an average decrease of 62% in the first 4 generations of AD vehicles. We plan to roll out Apollo Go ride hailing across 30 cities over the next 2 to 3 years.

阿波羅貨幣化。第二季度，Apollo Go 叫車業務拓展至廣州，這是我們營運的第四個城市；為大眾提供了4.7萬次乘車服務，季增200%。 Apollo Go 的客戶滿意度很高，使用者評分為 4.9（滿分為 5.0）。如前所述，我們的第五代自動駕駛計程車每英里成本又下降了 60%，而前四代自動駕駛計程車每英里成本平均下降了 62%。我們計劃在未來 2 到 3 年內在 30 個城市推出 Apollo Go 叫車服務。

On ASD, Great Wall Motors become the latest automaker to announce plans for ASD. Apollo automated valet parking will be installed in their WEY Mocha SUV flagship build-out later this year. On infotainment, DuerOS for auto has been installed in 1.8 million vehicles, up 265% year-on-year. Twelve auto OEMs, the likes of Ford, GM, Toyota and Hyundai, have signed with DuerOS for auto for installation in 17 makes.

在ASD方面，長城汽車成為最新宣布ASD計畫的汽車製造商。 Apollo 自動代客泊車系統將於今年稍後安裝在其 WEY Mocha SUV 旗艦車型中。在資訊娛樂方面，DuerOS車載系統累計安裝量已達180萬輛，較去年同期成長265%。福特、通用、豐田、現代等 12 家汽車原始設備製造商已與 DuerOS 簽約，將在 17 個品牌的汽車上安裝該作業系統。

On DuerOS, Xiaodu continues to innovate the smart home device market. For example, the always-on DuerOS smart assistant allows one to conveniently order fresh home-delivery flowers and other commonly used goods in a matter of seconds through conversational AI. China's elderly population is slated to exceed 300 million. Xiaodu Smart Displays connect elders with immediate senior community assistance and serve as a virtual companionship around the cloud through conversational AI, improving their quality of life while allowing family members to monitor their loved ones' health and safety from remote.

在DuerOS上，小度持續革新智慧家庭設備市場。例如，始終在線的 DuerOS 智慧助理允許人們透過對話式 AI 在幾秒鐘內方便地訂購新鮮的送貨上門鮮花和其他常用商品。中國老年人口預計將超過3億。小度智慧顯示器將老年人與社區的即時老年援助聯繫起來，並透過對話式人工智慧作為雲端的虛擬陪伴，改善他們的生活質量，同時允許家人遠端監控親人的健康和安全。

During the June 18 e-commerce festival, Xiaodu Smart Display and Xiaodu smart pad for education market topped the sales volume in their respective category on leading e-commerce platforms like JD.com. Xiaodu is receiving high customer satisfaction, selling well on higher-price-point product lines and topping the list on units sold, demonstrating how hardware can be differentiated with innovative AI such as new input modalities and services.

6·18電商節期間，小度智慧顯示器、小度智慧平板教育版在京東等主流電商平台銷量位居品類第一。小度獲得了很高的客戶滿意度，在高價位產品線上銷售良好，銷量位居榜首，展示瞭如何透過新的輸入方式和服務等創新人工智慧實現硬體差異化。

Turning to Mobile Ecosystem. In June, Baidu App MAU reached 580 million, up 9% year-on-year and daily log-in users reached 77%. As an open in-app search app, Baidu app offers users instant replies on various topics. For example, daily telehealth consultation on Baidu Health surpassed 2 million in the second quarter, up 47% year-on-year. In addition, more than 8,000 industry experts spanning 14 other verticals such as legal, finance and fashion are able to instantaneously reply to user search inquiries through our AI building blocks. When users seek specific information or service, Baidu Search has a decent advantage.

轉向移動生態系。 6月份，百度App月活躍用戶數達5.8億，較去年同期成長9%，每日登入用戶數達77%。百度App作為一款開放的App內搜尋應用程式，提供用戶各類話題的即時回覆。例如，百度健康第二季日均遠距醫療諮詢量突破200萬次，較去年同期成長47%。此外，來自法律、金融和時尚等 14 個其他垂直領域的 8,000 多名行業專家能夠透過我們的 AI 建立模組即時回覆用戶的搜尋查詢。當使用者尋找特定的資訊或服務時，百度搜尋具有相當大的優勢。

Managed Page now accounts for 40% of Baidu Core advertising, reflecting merchants opening storefronts on Baidu as opposed to operating their on-site. For example, a local moving company, [Chenxi Moving] changed their search landing page to a Managed Page, and the site's daily orders doubled 5 weeks after adoption. Through Managed Page, users are able to browse services, interact with the merchant, schedule a move and pay deposits all seamlessly on Baidu. Managed Page also monitors merchant activities on Baidu with AI for added personal safety; for example, a moving service entails strangers coming to your house.

目前，託管頁面佔百度核心廣告的 40%，反映出商家在百度上開設店面，而不是在現場營運。例如，本地搬家公司【晨曦搬家】將其搜尋登入頁面更改為託管頁面，採用該功能五週後，該網站的每日訂單量翻了一番。透過託管頁面，用戶可以在百度上無縫瀏覽服務、與商家互動、安排搬家和支付押金。託管頁面還利用人工智慧監控百度上的商家活動，以增強人身安全；例如，搬家服務需要陌生人來到您家。

Before I turn the call to Herman, I'd like to congratulate him for his new role as Chief Strategy Officer of Baidu. Herman will continue to act as CFO until we find a qualified replacement. He will spend more time on corporate strategy and investments afterwards. Over the past 4 years, Herman has helped Baidu transform from a mostly search company to a leading diversified AI company. With demonstrated business leadership, a holistic view of our business and a keen sense of the capital markets, I'm confident in Herman's ability to help chart a course for our long-term growth and success in the age of AI.

在將電話轉給 Herman 之前，我想祝賀他擔任百度首席策略長的新職位。在我們找到合格的替代者之前，赫爾曼將繼續擔任財務長。之後他將花更多時間在企業策略和投資上。在過去的四年裡，Herman 幫助百度從以搜尋為主的公司轉型為領先的多元化人工智慧公司。憑藉出色的商業領導能力、對我們業務的整體看法以及對資本市場的敏銳洞察力，我相信 Herman 有能力幫助我們規劃人工智慧時代的長期成長和成功路線。

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

說完這些，讓我把電話轉給赫爾曼，讓他介紹我們的財務亮點。

Thank you, Robin. Hello, everyone. Welcome to Baidu's Second Quarter 2021 Call. All monetary amounts used in my discussion are in renminbi unless stated otherwise.

謝謝你，羅賓。大家好。歡迎參加百度2021年第二季電話會議。除非另有說明，否則我在討論中使用的所有貨幣金額均為人民幣。

Baidu's second quarter was -- Baidu's second quarter revenue was CNY 31.4 billion or USD 4.9 billion, up 20% year-over-year, driven by the growth of Baidu Core revenue which reached CNY 24 billion or USD 3.7 billion, up 27% year-over-year. Non-advertising for Baidu Core reached CNY 5 billion or 21% of Baidu Core's revenue. AI cloud revenue was CNY 3.3 billion, up 71% year-over-year, which is an acceleration from the 55% growth last quarter.

百度第二季財報－百度第二季營收為人民幣 314 億元（約 49 億美元），年增 20%，這得益於「百度核心」營收的成長，該部門營收達到 240 億元（約 37 億美元），年增 27%。百度核心非廣告收入達50億元人民幣，佔百度核心總收入的21%。 AI雲營收為33億元，年增71%，較上一季55%的增幅有所加快。

Our cloud growth is benefiting from the demand of enterprise customers looking to use AI to transform the industry and strengthen their leadership position, for example, customers from the Internet media, from financial services, from energy and from manufacturing sectors. We are also benefiting from the urban cities seeking to adopt Apollo ACE smart transportation to modernize and digitize their transportation network. AI solutions and smart transportation are showing fast growth, serving as catalyst for our cloud to grow faster than the overall cloud market with ads being a smaller part of our cloud business. On intelligent driving and other growth initiatives, we continue to make advances in product development by leveraging Baidu AI capabilities such as speech recognition, NLP and computer vision and our strong Internet foundation.

我們的雲端成長受惠於企業客戶希望利用人工智慧來改變產業並加強其領導地位的需求，例如來自網路媒體、金融服務、能源和製造業的客戶。我們也受益於城市尋求採用 Apollo ACE 智慧交通來實現其交通網絡的現代化和數位化。人工智慧解決方案和智慧交通正在快速成長，這成為我們雲端業務成長速度超過整體雲端市場的催化劑，而廣告在我們的雲端業務中所佔比例較小。在智慧駕駛和其他成長計畫方面，我們利用百度語音辨識、NLP 和電腦視覺等人工智慧功能以及我們強大的網路基礎，繼續在產品開發方面取得進展。

Xiaodu has become the leader in smart display globally based on shipments. Xiaodu speakers entered the smart home device market in 2018, competing on sub-100 product lines. Home devices equipped with AI features can be sold at much higher price points. For example, in May, we introduced Xiaodu Tiantian T10, a 10-inch smart display with karaoke features, at an MSRP of CNY 1,699. Through our innovation, Xiaodu services revenue such as advertising and membership has grown fivefold from last year, now accounting for over 1/10 of Xiaodu's revenues. Xiaodu powered by DuerOS is transforming the smart speaker market from selling hardware to selling AI-powered features and services.

小度已成為全球智慧顯示出貨量第一大廠商。小度音箱於2018年進入智慧家庭設備市場，在百款以下產品線競爭。配備人工智慧功能的家用設備可以賣到更高的價格。例如，5月份，我們推出了小度天天T10，這是一款具有卡拉OK功能的10吋智慧顯示器，建議零售價為人民幣1,699元。透過創新，小度的廣告、會員等服務收入比去年增長了5倍，目前佔小度收入的十分之一以上。搭載 DuerOS 的小度正在將智慧音箱市場從銷售硬體轉變為銷售人工智慧功能和服務。

Operating systems for the automotive industry is a much larger market. Apollo has an opportunity to leverage its leadership in autonomous driving and infotainment operating system to enable every passenger vehicle to be a smart vehicle. Just as Xiaodu transformed the home device market, Apollo hopes to leverage Baidu's capabilities, ASD and existing OEM channels to boost computing intelligence and transform the automotive industry.

汽車產業的作業系統是一個更大的市場。 Apollo 有機會利用其在自動駕駛和資訊娛樂作業系統方面的領先地位，讓每輛乘用車都成為智慧汽車。正如小度改變了家用設備市場一樣，Apollo 希望利用百度的能力、ASD 和現有的 OEM 管道來推動運算智慧並改變汽車產業。

Moving to online marketing. Q2 online marketing revenue was CNY 19 billion, up 18% year-over-year. In-app advertising was solid, growing 26% year-over-year, partially offset by the slow growth of union and PC ad revenues. Most of our top ad verticals continue to perform well. CPM saw double-digit growth, especially for in-app online marketing.

轉向網路行銷。 Q2網路行銷收入190億元，年增18%。應用程式內廣告表現穩健，年增 26%，但聯盟和 PC 廣告收入的緩慢成長部分抵消了這一增長。我們的大多數頂級廣告垂直領域繼續表現良好。 CPM 實現了兩位數成長，尤其是應用程式內部網路行銷。

iQIYI revenue was CNY 7.6 billion, up 3% year-over-year. iQIYI subscribers reached 106 million in June, which supports a large in-house production of entertainment blockbusters.

愛奇藝營收為76億元人民幣，較去年成長3%。愛奇藝6月會員規模突破1.06億，支撐了其自主製作大量娛樂大片。

Cost of revenue was CNY 15.9 billion, up 21% year-over-year, primarily resulting from an increase in tax and cost of sales associated with new AI business. Operating expenses were CNY 12 billion, up 30% year-over-year. SG&A for Baidu Core was up 40%, primarily due to an increase in channel spending and promotional activities as well as increase in sales hiring particularly as we look out to the next 6 to 12 months to grow our cloud and also our intelligent driving business.

營業成本為 159 億元，年增 21%，主要由於與新人工智慧業務相關的稅費和銷售成本增加。營業費用為120億元人民幣，年增30%。百度核心的銷售、一般及行政費用增加了 40%，這主要由於通路支出和促銷活動的增加以及銷售招聘的增加，特別是因為我們著眼於未來 6 到 12 個月內發展我們的雲端和智慧駕駛業務。

Non-GAAP operating income for Baidu Core was CNY 6.5 billion or USD 1 billion, and non-GAAP operating margin for Baidu Core was 27%. Adjusted EBITDA for Baidu Core was CNY 8 billion or USD 1.2 billion and adjusted EBITDA margin for Baidu Core was 33%.

百度核心的非美國通用會計準則營業收入為人民幣 65 億元（約 10 億美元），百度核心的非美國通用會計準則營業利益率為 27%。百度核心的調整後 EBITDA 為人民幣 80 億元（約 12 億美元），百度核心的調整後 EBITDA 利潤率為 33%。

Cash and short-term investments for Baidu Core as of June 30, 2021, was CNY 167.7 billion or USD 26 billion. Free cash flow for Baidu excluding iQIYI was CNY 6.9 billion or USD 1.1 billion. Baidu Core had approximately 36,000 full-time employees as of June 30, up 24% from last year.

截至 2021 年 6 月 30 日，百度核心的現金和短期投資為 1,677 億元或 260 億美元。不包括愛奇藝的百度自由現金流為人民幣 69 億元或 11 億美元。截至6月30日，百度核心約有3.6萬名全職員工，較去年同期成長24%。

Turning to Q3 guidance. For the third quarter, Baidu expects revenues to be between CNY 30.6 billion and CNY 33.5 billion, representing a growth rate of 8% to 19% year-over-year, which assumes that Baidu Core revenue will grow between 9% year-over-year and 20% year-over-year. The above forecast takes into consideration the current COVID-19 situation in China, which is evolving, and business visibility is limited. The above forecast reflects our current and preliminary view, which is subject to substantial uncertainty.

轉向第三季指引。第三季度，百度預計營收在306億元至335億元之間，年增8%至19%，其中，「百度核心」營收年增9%至20%。上述預測考慮到了中國當前新冠疫情情勢正在演變，業務可預見性有限。上述預測反映了我們目前的初步觀點，具有很大的不確定性。

Before I turn the call back to the operator, let me summarize our second quarter results. Baidu Mobile Ecosystem continues to be strong. Baidu Core online marketing, revenue was up 18% year-over-year in the second quarter, with in-app marketing revenue growing 26% year-over-year. Baidu App MAUs reached 580 million, up 9% year-over-year and daily user log-in was 77%.

在我將電話轉回接線生之前，讓我總結一下我們第二季的業績。百度移動生態系持續強勁。百度核心線上行銷，第二季營收年增18%，其中應用程式內行銷營收年增26%。百度App月活躍用戶達5.8億，較去年成長9%，每日平均用戶登入量達77%。

Four years ago, we committed to strengthening our mobile ecosystem and do it with AI. Our search and feed is stronger now with AI building blocks and marketing cloud. And non-marketing has become sizable and growing quite fast. We have delivered on our goals, and we are very proud of our team for their strong execution.

四年前，我們致力於加強我們的行動生態系統，並利用人工智慧來實現這一目標。有了 AI 建置模組和行銷雲，我們的搜尋和資訊推播現在更加強大了。非行銷業務規模已相當大，且成長速度相當快。我們已經實現了我們的目標，我們為團隊的強大執行力感到非常自豪。

Many investors have inquired about the recent regulatory landscape. Governments generally favor fair competition and maybe even so when mobile Internet is well penetrated. We see this being played across Europe and in the U.S. Search fundamentally is open. As exclusivity is forbidden for the largest players, this will allow more players in each Internet sector to exist, which gives consumers more choices and makes search more useful.

不少投資人詢問近期的監管狀況。政府通常支持公平競爭，當行動網路普及率較高時，政府可能更傾向於公平競爭。我們看到這種現象正在歐洲和美國上演。搜索從根本上來說是開放的。由於禁止最大的參與者採取排他性政策，這將允許每個網路領域中存在更多的參與者，從而為消費者提供更多選擇並使搜尋更加有用。

Some investors have asked about government incentives and special tax treatment. It's important that we [elevate] this to see the overall direction of China's development plan. Consumer Internet has been in China for 2 decades. And the country is promoting new growth sectors such as industrial Internet, V2X autonomous driving and monetization of city governments. Thus, it will not be surprising if certain incentives for the older industries will gradually decrease while the new economy benefits from government incentives. We believe government policy will also be adjusted to support these new growth areas. Our new AI business is well positioned in sectors of the new economy such as AI cloud, smart transportation, autonomous driving, smart devices and AI chips.

一些投資者詢問了政府激勵措施和特殊稅收待遇。我們必須從這個角度來看待中國發展計畫的整體方向。消費互聯網在中國已經存在了20年。該國正在推動工業互聯網、V2X自動駕駛和城市政府貨幣化等新的成長領域。因此，如果針對老產業的某些激勵措施將逐漸減少，而新經濟將受益於政府激勵措施，這並不奇怪。我們相信政府政策也會進行調整以支持這些新的成長領域。我們的新型人工智慧業務在人工智慧雲端、智慧交通、自動駕駛、智慧設備和人工智慧晶片等新經濟領域佔據有利地位。

In the second quarter -- I'm sorry, Baidu returned $566 million to our shareholders under the 2020 share repurchase program this year, bringing the cumulative repurchase from last year to USD 2.5 billion. We are excited about Baidu's future, excited about Baidu's durable search and feed business and our new AI business to support China's growth while advancing sustainability and exclusiveness (sic) [inclusiveness].

第二季－對不起，百度今年根據2020年股票回購計畫向我們的股東返還了5.66億美元，使去年的累計回購額達到25億美元。我們對百度的未來感到興奮，對百度持久的搜尋和資訊流業務以及我們新的人工智慧業務感到興奮，以支持中國的成長，同時推進永續性和排他性（原文如此）[包容性]。

On August 18, starting at 9:30 a.m. Beijing time, we will be hosting Baidu World on CCTV. Please join us to follow the latest on our product development.

8月18日北京時間上午9點30分起，我們將在中央電視台主辦《百度世界》。請加入我們，關注我們產品開發的最新動態。

And lastly, it's truly been a privilege to serve as Baidu's CFO and witness our growth initiatives like AI, cloud solutions, smart transportation, self-driving solutions and smart devices develop into 1/5 of Baidu Core business, using the steady profitability of our search and feed to fund and accelerate Baidu's growth. I'm excited about my new role as CSO, which will allow me to spend more time thinking about technology opportunities.

最後，我很榮幸能夠擔任百度的財務長，並見證我們的成長計劃，如人工智慧、雲端解決方案、智慧交通、自動駕駛解決方案和智慧設備，發展成為百度核心業務的五分之一，並利用我們搜尋和資訊流的穩定盈利能力來資助和加速百度的成長。我對擔任 CSO 的新角色感到非常興奮，這將使我能夠花更多時間思考技術機會。

Operator, with that, let's now open the call to questions.

接線員，好了，我們現在開始提問。

(Operator Instructions) Our first question comes from the line of Alicia Yap from Citigroup.

（操作員指示）我們的第一個問題來自花旗集團的 Alicia Yap。

Congratulations, Herman, for your new role as the CSO. To follow up your kind of like brief remarks about the regulation, I actually have questions on this data security. What could be the impact on Baidu? Anything that we need to do or the changes that we need to do to ensure compliance by September 1 for this data security law?

赫爾曼，祝賀你擔任首席策略官的新職務。為了跟進您對該法規的簡短評論，我實際上對資料安全有一些疑問。這會對百度帶來什麼影響？我們需要做什麼或做哪些改變來確保在 9 月 1 日之前遵守這項資料安全法？

And then very quickly, as we just finished the Summer Olympics and with the Winter Olympics coming up, can you provide some update in terms of the latest robotaxi or even the Robobus commercialization service? Any expectations on this ride-hailing demand in this upcoming winter games? Do you think Baidu's driverless car service could leverage this big event to draw more commercial usage and enhance the branding?

然後很快，由於我們剛結束夏季奧運會，冬季奧運會即將到來，您能否提供有關最新的機器人出租車甚至 Robobus 商業化服務的一些最新消息？對即將到來的冬季奧運會的叫車需求有何預期？您認為百度的無人駕駛汽車服務能否利用這次盛事吸引更多商業用途並提升品牌影響力？

Alicia, data security is very important to us. And we have consistently improved on the management of our internal data security system over the past few years. We have a data privacy committee among our management team that oversees the practices of the whole company.

艾莉西亞，資料安全對我們來說非常重要。過去幾年來，我們不斷改進內部資料安全系統的管理。我們的管理團隊中設有一個資料隱私委員會，負責監督整個公司的行為。

We are also active in assisting with the setting of industry standard, and we share our experiences in dialogue with others to ensure that we are on top of industry best practices. If you look at MSCI, Baidu's rating on data privacy and data protection is among the highest compared to our peers. So I'm quite confident we will be able to cope with the new regulatory environment well in terms of data security and user privacy.

我們也積極協助制定行業標準，並在對話中分享我們的經驗，以確保我們掌握行業最佳實踐。如果你看看MSCI，你會發現百度在資料隱私和資料保護方面的評級與同業相比是最高的。因此，我非常有信心，我們能夠在資料安全和用戶隱私方面很好地應對新的監管環境。

On Olympics side, yes, we do plan to do something with our robotaxi during the Winter Olympics. But what's important is that we just launched the fourth city of robotaxi operation, which is Guangzhou. I think we will continue to roll out our robotaxi services in many different cities, different regions, and the number of rides that we are providing have been growing very quickly. As I mentioned during the prepared remarks, we delivered 47,000 rides for our customers. That's 200% growth over the first quarter of this year. So we believe that the scale will grow very quickly, and we will be able to learn from all kinds of cases and quickly improve our technology. I'm quite optimistic that robotaxi will commercially be available in more than 30 cities in 2 to 3 years.

在奧運方面，是的，我們確實計劃在冬季奧運期間利用我們的機器人計程車做一些事情。但重要的是，我們剛剛啟動了第四個Robotaxi營運的城市，那就是廣州。我認為我們將繼續在許多不同的城市、不同的地區推出我們的自動駕駛計程車服務，而且我們提供的乘車數量一直在快速增長。正如我在準備好的演講中提到的那樣，我們為客戶提供了 47,000 次乘車服務。這比今年第一季成長了200%。所以我們相信規模會成長得非常快，我們也能夠從各種案例中學習，快速提升我們的技術。我非常樂觀地認為，2 到 3 年內，Robotaxi 將在 30 多個城市商業化。

Yes. And I just wanted to add a point to what Robin just said. You asked specifically about Winter Olympics. If you look at today Shougang Park in Beijing, we believe we're the only second autonomous driving car company in the world where you actually have a car driving without someone at the driver's seat. So I think that shows the number of years of experience that we've been doing autonomous driving. It also shows the fact that we've been doing operations for autonomous driving for a while. That's why we can get the permit and actually start testing that. So it's open to the public. You guys are free to come and look at how autonomous driving is being done without someone at the drivers seat.

是的。我只是想補充一下羅賓剛才說的話。您特別詢問了冬季奧運會。如果你看看今天北京首鋼園區，我們相信我們是世界上唯一一家無人駕駛汽車公司，我們的汽車實際上可以在無人駕駛的情況下行駛。所以我認為這顯示了我們在自動駕駛領域已經擁有多年的經驗。這也顯示我們已經開展自動駕駛營運有一段時間了。這就是我們能夠獲得許可證並開始實際測試的原因。所以它向公眾開放。大家可以隨意來看看無人駕駛是如何實現的。

Our next question comes from the line of Piyush Mubayi from Goldman Sachs.

我們的下一個問題來自高盛的 Piyush Mubayi。

When I look at the way your ride-hailing business is expanding, I can't help but think that you'll soon be running a business without the cost of a driver to factor in. If you could just take us through the math as you see it evolve to getting to 20 cities. At what point of time does it get to be a revenue line that you'll spell out separately and talk about the profitability, if at all?

看到你們的叫車業務如此擴張，我不禁想到，你們很快就能不用考慮司機成本了。請問你們能不能給我們簡單算一下，看看你們如何將叫車業務拓展到20個城市。在什麼時候它會成為一條收入線，您會單獨闡明並討論盈利能力？

Yes. We continue to work very hard to drive down the cost of the robotaxi vehicles. It has just come down 60% for our fifth generation vehicle. And in the meantime, we are running more testing miles and taking more orders to learn from all kinds of cases and to improve our technology.

是的。我們將繼續努力降低自動駕駛計程車的成本。我們的第五代汽車的油耗剛剛下降了 60%。同時，我們正在進行更多的測試並接受更多的訂單，以便從各種案例中學習並改進我們的技術。

Based on our current projection, I think that by the year of 2025, we will cross the line, which means that the total cost of robotaxi ride hailing will be lower than manned vehicle ride hailing. And after that, I think that the scale will be able to grow much larger than it is today. And I think around that time, we should be able to report in a separate line.

根據我們目前的預測，我認為到2025年，我們將跨越這條線，這意味著自動駕駛計程車叫車的總成本將低於載人汽車叫車。並且此後我認為規模將能夠比現在更大。我認為在那個時候，我們應該能夠在單獨的線路上進行報告。

Yes. And just to add to that, Piyush. If you look at the economics, Robin talked about how from fourth generation to fifth generation, we reduced by 60% cost per mile. If you look at the prior 4 generations, we averaged around 62%. So we've been consistently decreasing costs for the last 5 generations at around 60% each time.

是的。再補充一點，Piyush。如果你從經濟學角度來看，羅賓談到了從第四代到第五代，我們如何將每英里的成本降低了 60%。如果你看前四代，我們的平均值約為 62%。因此，過去 5 個世代以來，我們一直在降低成本，每次降低幅度約為 60%。

And if you look at what Robin just said, after 2025, what you're seeing in the economics is that in a ride hailing with actual drivers, look, the cost of a person -- labor cost only goes up. It doesn't go down over time. But you're competing with technology. You're competing with the fact that the more miles that we have, the more data that we have. Our operational experience is that this thing will continue to go down. So I think that's the sexiness of this business model.

如果你看看羅賓剛才說的，2025 年以後，從經濟學角度看，在有實際司機的叫車服務中，人力成本只會上升。它不會隨著時間的推移而下降。但你是在與技術競爭。你要與這樣一個事實競爭：我們行駛的里程越多，我們擁有的數據就越多。我們的營運經驗是，這個事情還會繼續下去。所以我認為這就是這種商業模式的魅力所在。

If you look beyond 2025, if you look at the next 5 years, we have internally -- we can drive that cost down a lot, lot more based on what we have seen in the first 5 generations. So this thing will be very interesting. Once you pass 2025, you have technology efficiency, technology operational improvement compared to labor cost.

如果你展望 2025 年以後，如果你展望未來 5 年，我們內部已經能夠——基於前 5 代產品的經驗，我們可以將成本大幅降低。所以這件事將會非常有趣。一旦過了 2025 年，與勞動成本相比，技術效率和技術營運就會得到改善。

And next question comes from Alex Yao from JPMorgan.

下一個問題來自摩根大通的 Alex Yao。

I have a follow-up question to Piyush's question. In 2025, the CPM of your Apollo solution could be cheaper than a human driver. My follow-up question is when do you expect the safety ratio for your Apollo solution to be safer than the human driver. And then for these 2 conditions to materialize, what does it take? Is it the cumulative mileage to reach a certain level? Or is it something else?

我對 Piyush 的問題有一個後續問題。到 2025 年，Apollo 解決方案的 CPM 可能比人類駕駛員更便宜。我的後續問題是，您預計何時阿波羅解決方案的安全率會比人類駕駛員更安全。那麼，要實現這兩個條件，需要什麼呢？是達到一定等級就累積里程嗎？還是其他什麼？

Yes. That's a good question. We take safety very seriously. I think we've been testing for like more than 10 million kilometers. We haven't had a serious injury yet. So that demonstrates that once we decide to operate a certain road for robotaxi ride-hailing services, we have the confidence that the service has a higher safety level than human drivers. That will be a minimum bar for us, to roll out services without human drivers. But my expectation is really that we should be 10x more safer than a human driver. So that kind of benefit is quite clear, and it's absolutely assured.

是的。這是個好問題。我們非常重視安全。我認為我們已經測試了超過 1000 萬公里。我們還沒有遭遇嚴重傷害。這表明，一旦我們決定在某條道路上運行自動駕駛計程車叫車服務，我們就有信心該服務的安全級別高於人類駕駛員。對我們來說，推出無需人類駕駛的服務是一個最低標準。但我的期望是，我們應該比人類駕駛安全 10 倍。所以這種好處是相當明顯的，而且是絕對有保證的。

What's the second part of the question?

問題的第二部分是什麼？

Second part is what does it take for these 2 conditions to play out.

第二部分是這兩個條件需要什麼才能發揮作用。

Right. There are 500 million kilometers of roads in China, and road conditions vary greatly. The approach we are taking is a very gradual one. We carefully choose roads that we have a high confidence that can be operated without a human driver. That's why we are saying that we're pacing ourselves. We are carefully picking areas and roads that we have a high confidence that we can operate robotaxi.

正確的。中國有5億公里公路，路況差異很大。我們採取的是漸進的方式。我們精心挑選那些我們非常有信心可以在沒有人類駕駛員的情況下行駛的道路。這就是為什麼我們說我們在調整自己的步伐。我們正在精心挑選我們高度有信心可以營運自動駕駛計程車的地區和道路。

Our next question comes from Gary Yu from Morgan Stanley.

下一個問題來自摩根士丹利的 Gary Yu。

I actually have 2 questions, both of which are follow-ups of the previous questions. First is on regulation. I appreciate the management comment about data privacy. How about on data security issue? Have we heard anything from kind of regulator or government level where the officials are comfortable for a private company -- tech company like us to have kind of full control of these sensitive road data traffic on our system? Or is there any discussion on potential formation of state-owned joint venture company having full access to these data instead of fully in the hands of private company? So that's first question related to data security.

我其實有兩個問題，都是前面問題的後續。首先是監管。我很欣賞管理層對資料隱私的評論。資料安全問題又如何呢？我們是否聽過來自監管機構或政府層面的任何消息，官員們是否願意讓像我們這樣的私人公司——科技公司完全控制我們系統上的這些敏感道路數據流量？或者是否有討論過成立國營合資公司來全面掌握這些數據，而不是完全掌握在私人公司手中？這是與資料安全相關的第一個問題。

My second question is also related to robotaxi. So we talked about the cost opportunity. How about revenue? After 2025 or even longer term, how should we project in terms of penetration, mobility penetration or share of mobility penetration that we think will be kind of served by driverless cars? The reason I am asking this question is it seems like that currently driverless car is still limited to certain usage scenario with specific locations. So how should we look at kind of penetration going forward?

我的第二個問題也與 robotaxi 有關。所以我們談了成本機會。收入怎麼樣？ 2025 年或更長遠的未來，我們應該如何預測無人駕駛汽車將如何服務於移動出行的滲透率、移動出行滲透率或移動出行滲透率的份額？我問這個問題的原因是，目前無人駕駛汽車似乎仍然局限於特定地點的特定使用場景。那我們該如何看待未來的滲透呢？

Yes. On the regulation with the data security, we maintain a constant dialogue with regulators. And as I mentioned, sometimes we participate in the setting of industry standards. So I would say that we have a very high standard. And we haven't heard anything that's very abrupt or adverse -- that's going to have adverse impact on our business operations yet.

是的。在資料安全監管方面，我們與監管機構保持持續的對話。正如我所提到的，有時我們會參與業界標準的製定。所以我想說我們的標準非常高。我們還沒有聽到任何非常突然或不利的消息——這將對我們的業務運營產生不利影響。

On the penetration of robotaxi, like I mentioned, we're taking a gradual approach. There are certain roads that are suitable for robotaxi. There are certain roads that aren't suitable to robotaxi. We are carefully selecting what road to operate on.

關於自動駕駛計程車的普及，正如我所提到的，我們採取的是循序漸進的方式。有些道路適合自動駕駛計程車行駛。有些道路不適合自動駕駛計程車行駛。我們正在謹慎選擇經營道路。

But if you look at the overall market, I think ride hailing has like probably 50 million orders per day. If the cost can become, I think, 1/5 of the current cost, I think that the number of orders could easily double. So it's a huge market. It just depends on how fast we can improve our technology and scale of those services.

但如果看一下整個市場，我認為叫車服務每天的訂單量大概有 5000 萬單。如果成本可以降到現在的五分之一，我想訂單數量很容易就會翻倍。所以這是一個巨大的市場。這只取決於我們改進技術和服務規模的速度。

Next question comes from Jerry Liu from UBS.

下一個問題來自瑞銀的 Jerry Liu。

Yes. Maybe let me ask a question on the advertising business. Mainly, if I look at the third quarter guidance, we talked about some of the COVID-19 resurgence potential impact. So I just want to ask, first of all, is this something we're already seeing? Or is it more preemptive?

是的。也許我可以問一個關於廣告業務的問題。主要是，如果我看一下第三季的指引，我們談到了 COVID-19 復甦的一些潛在影響。所以我首先想問一下，這是我們已經看到的事情嗎？或者說它更具先發制人性？

And then secondarily, we're also seeing some potential COVID or regulatory impact across different sectors in the whole industry. So I wanted to get a sense on the strengths and weaknesses of the different verticals at the moment. Are we seeing a further impact, for example, online education, e-commerce or other verticals?

其次，我們也看到整個產業不同領域受到一些潛在的 COVID 或監管影響。所以我想了解目前不同垂直產業的優勢和劣勢。我們是否看到了進一步的影響，例如線上教育、電子商務或其他垂直領域？

Yes. Okay. Thanks for the question, Jerry. You're right, so we already see the impact of COVID-19 for Q3, especially for travel, right? We've seen very good growth trends in the early few weeks for Q3. But certainly, COVID-19 just stopped that train. Actually, it stopped pretty quickly. On the other hand, we did see pretty good progress on the media and vocational education and other verticals.

是的。好的。謝謝你的提問，傑瑞。您說得對，所以我們已經看到了 COVID-19 對第三季的影響，尤其是對旅遊業的影響，對嗎？我們在第三季初期看到了非常好的成長趨勢。但可以肯定的是，新冠疫情阻止了這趟列車的運行。事實上，它很快就停止了。另一方面，我們確實看到媒體、職業教育等垂直領域取得了相當不錯的進展。

So talking about regulation. I mean so far we see pretty clear regulations on the K-12 education and on some other verticals. The good thing for us is that the K-12 -- education itself is a pretty big vertical for us, but K-12 is only a [smaller portion] of our revenue.

所以談監管。我的意思是，到目前為止，我們看到了對 K-12 教育和其他一些垂直領域的相當明確的規定。對我們來說，好消息是 K-12 教育本身對我們來說是一個相當大的垂直領域，但 K-12 只占我們收入的一小部分。

And also, for the K-12 regulation, we were pretty optimistic about it because we see 2 potential good things. Number one is that we are expecting more search queries around K-12 because college students, they just work by themselves. The second one, as far as I know, some of the resources are moving to vocational education, which is a very big vertical we are pretty strong at. That's it, Jerry.

而且，對於 K-12 法規，我們非常樂觀，因為我們看到了兩個潛在的好處。首先，我們預期圍繞 K-12 的搜尋查詢會更多，因為大學生都是自己學習的。第二，據我所知，有些資源正在轉向職業教育，這是我們非常擅長的垂直領域。就是這樣，傑瑞。

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

下一個問題來自美銀美林的 Eddie Leung。

I would like to have a question on your cloud business. It seems like the strong growth this couple of quarters is potentially driven by new projects. So just wondering, could you give us some rough time line that -- when you could get into the development phase that the growth of your cloud business would be more driven by your existing clients upgrading services and then buying more, kind of like more from the usage of existing clients rather than opening up new projects?

我想問一個有關你們雲端業務的問題。這幾個季度的強勁成長似乎是由新項目推動的。所以我只是想問一下，您能否給我們一個粗略的時間表——當您進入開發階段時，您的雲端業務的增長將更多地由現有客戶升級服務然後購買更多服務來推動，有點像更多地來自現有客戶的使用而不是開闢新項目？

Yes. As you know, that our cloud business is still growing at a very high rate, the high double-digit growth rate. So by nature, you expect, you're right, that there are a lot of new projects from new customers. And what I can say is that our customer retention has been very good, and it's also improving. As we expand our customer base, more of them will stay with us and give us new businesses.

是的。如您所知，我們的雲端業務仍然以非常高的速度成長，高達兩位數的成長率。因此，從本質上來說，您期望，您是對的，新客戶會帶來很多新項目。我可以說的是，我們的客戶保留率一直都很好，而且還在增加。隨著我們客戶群的擴大，更多的客戶將會留在我們這裡並為我們帶來新的業務。

If we want to maintain a very high growth rate, it's inevitable that we will have a large percentage of so-called new projects. So at this stage, I wouldn't manage the percentage of new customers or existing customers. We will try to grab the opportunities that's presented to us. If it's AI-driven solution or a cloud solution, that is our sense to try to do as much as we can.

如果我們要保持非常高的成長率，那麼不可避免地會有很大比例的所謂新項目。因此在這個階段，我不會管理新客​​戶或現有客戶的百分比。我們將盡力抓住我們面臨的機會。如果是人工智慧驅動的解決方案或雲端解決方案，我們會盡力去做。

Yes. And let me add to that, Eddie. I think Robin has summarized it pretty well. When you're growing at 71% year-over-year, clearly, you cannot be relying on one driver. What you're seeing actually is 2 drivers. Number one is you are seeing us getting repeat solutions, right? We talked about, for example, smart transportation. Look, we're in 20 cities with contracts over CNY 10 million, 9 of them have renewed, right?

是的。讓我補充一點，艾迪。我認為羅賓總結得很好。當你的年增長率達到 71% 時，顯然你不能依賴單一的驅動因素。您實際上看到的是 2 個驅動程式。第一，您看到我們得到重複的解決方案，對嗎？例如，我們討論了智慧交通。你看，我們在 20 個城市簽訂了 1000 萬元以上的合同，其中 9 個已經續簽了，對嗎？

If you look at, for example -- we talked about the Geely. We didn't just -- when -- our first phase was building that private cloud for them. And then we talked about a 3-year plan, and then we talked about the other things that we're going to do. And Robin talked about also four steps. So clearly, that's not one solution, one time. That is a repeat solution, right?

例如，如果你看一下——我們談到了吉利。我們的第一階段不僅僅是為他們建立私有雲。然後我們討論了三年計劃，然後討論了我們要做的其他事情。羅賓也談到了四個步驟。顯然，這不是一次性的解決方案。這是一個重複的解決方案，對嗎？

Join us for our call, for Baidu World. We're actually going to go through AI solutions for many different industries. And you'll see what I'm talking about. Basically, our model is we serve them with the AI PaaS. That's the AI engine. And if they want to do different things, they would then come back for different phases to add applications.

加入我們的號召，一起迎接百度世界。實際上，我們將為許多不同的行業提供人工智慧解決方案。你就會明白我在說什麼。基本上，我們的模式是透過 AI PaaS 為他們提供服務。這就是 AI 引擎。如果他們想做不同的事情，他們會在不同的階段回來添加應用程式。

So those, you can see, is because that the original engine is on Baidu Cloud, the applications will come back to us to add on that.

所以，你可以看到，這是因為原始引擎在百度雲上，應用程式會回到我們這裡進行添加。

Very similar with smart transportation at V2X, and they can expand the different applications of V2X. So you can see our business model enables us to do repeat business. At the same time, if we don't expand to different industries, if we don't add different customers, we cannot keep up with the kind of growth that we have.

與V2X的智慧交通非常相似，並且可以擴展V2X的不同應用。所以你可以看到我們的商業模式使我們能夠重複做生意。同時，如果我們不向不同的行業擴張，如果我們不增加不同的客戶，我們就無法維持現有的成長速度。

Look, you look at Q2, our annualized revenue based on Q2 is USD 2 billion and growing at 70%. So you have a very exciting business. And if we want to maintain that robust growth, we really have to accelerate from products, from different industries and adding different customers.

你看，看看第二季度，我們基於第二季度的年化收入為 20 億美元，成長率為 70%。所以你的生意非常令人興奮。如果我們想保持強勁的成長勢頭，我們必須從產品、不同行業和增加不同客戶方面加速發展。

Our next question comes from James Lee from Mizuho.

下一個問題來自瑞穗的詹姆斯李。

Just want to follow up on Eddie's question on cloud. Maybe can you guys talk about the improvement that you guys are making to make your offering more scalable? I think last quarter, you talked about developing a standardized solution layer to enable third-party developers and integrators to customize for their clients. Can you give us an update on that?

只是想跟進 Eddie 關於雲端的問題。也許你們可以談談你們正在進行的改進，以使你們的產品更具可擴展性？我想上個季度您談到了開發標準化解決方案層，以使第三方開發人員和整合商能夠為他們的客戶進行客製化。能向我們通報一下最新情況嗎？

And also secondly, the adoption for machine learning and AI for cloud in the U.S., much smaller -- much lower in the U.S. Can you help us understand why we're seeing a faster adoption cycle in China?

其次，美國對機器學習和雲端運算人工智慧的採用率要低得多。您能否幫助我們理解為什麼我們看到中國的採用週期更快？

Right. On the cloud solutions, as we do more projects and we serve more customers, we are able to more or less standardize our solutions. So in the beginning, we can only hit those more of system integrator role to get the deals. But at this stage, we are able to provide, in a lot of cases, standard packages or parts to the other people who are system integrators who get a large part of those total solution projects. So that demonstrates that our capability to continue to improve the standardization of our solutions.

正確的。在雲端解決方案上，隨著我們開展更多專案並服務更多客戶，我們能夠或多或少地標準化我們的解決方案。因此，一開始，我們只能依靠系統整合商的角色來達成交易。但在這個階段，在許多情況下，我們能夠向其他人提供標準套件或零件，這些系統整合商佔據了這些整體解決方案專案的很大一部分。這表明我們有能力繼續提高解決方案的標準化。

And on the adoption of machine learning, I think the difference between U.S. and China is that U.S. tends to separate the product from solutions on a more horizontal fashion, mainly PaaS and SaaS. At each layer, you have large players at all kinds of different industries. But in China, we can easily see more of those vertically integrated solution providers.

在機器學習的應用方面，我認為美國和中國的區別在於，美國傾向於以更水平的方式將產品與解決方案分離，主要是 PaaS 和 SaaS。每一層都有來自不同產業的大型參與者。但在中國，我們很容易看到更多這樣的垂直整合解決方案提供者。

For example, for Baidu, we provide smart transportation solutions for a lot of cities. That sometimes includes hardware, software, cloud and on-premise, all kind of things. But that doesn't mean it's not standardizable. It's actually quite similar from city to city and from customer to customer. And by vertically integrating or by providing a solution -- end-to-end solution, we can actually innovate a lot more to really improve efficiency and serve the customer better. Therefore, the customers are better served. And when you can vertically integrate a lot of things, AI or machine learning naturally play a much more important role.

例如，對於百度，我們為許多城市提供智慧交通解決方案。有時這包括硬體、軟體、雲端和內部部署等各種各樣的東西。但這並不意味著它不可標準化。事實上，不同城市、不同客戶的情況都非常相似。透過垂直整合或提供解決方案——端到端解決方案，我們實際上可以進行更多創新，從而真正提高效率並更好地服務客戶。因此，客戶可以得到更好的服務。當你可以垂直整合很多東西時，人工智慧或機器學習自然會發揮更重要的作用。

And let me just give more granularity of what Robin just said. When you look at, for example, smart transportation, we started with V2X, right? You're trying to synchronize the traffic light. We first did the project back in Baoding. So obviously, we had the product where you're going into a city, you're trying to understand their systems and so forth. And a lot of times, you've got to then connect to the system to a legacy system in order to make it work.

讓我更詳細地解釋一下羅賓剛才所說的內容。例如，當您查看智慧交通時，我們從 V2X 開始，對嗎？您正在嘗試同步交通號誌。我們首先在保定做了這個專案。顯然，我們有這樣的產品，當你進入一個城市時，你會試著了解他們的系統等等。很多時候，您必須將系統連接到遺留系統才能使其正常運作。

But as you're going through different cities in China, once you have certain tools that are set up to deal with the same legacy system and so forth, you get, number one, that you receive from operational experience; and secondly, a lot of tools that we build out. So when you think about us doing V2X specifically to synchronize the traffic lights because we're doing this for several years, you're actually seeing a very high scalability. You're actually seeing better margins and so forth because we've been doing this. So now if you see us start expanding into different scenarios, right, for example, into highways, into mass and so forth, what I would predict based on our past experience is that these margins will improve as we find more familiar environment.

但是，當你在中國不同的城市工作時，一旦你有了一些用於處理相同遺留系統等的某些工具，你首先會從營運經驗中獲得；其次，我們開發了很多工具。因此，當您想到我們專門使用 V2X 來同步交通號誌時，因為我們已經這樣做了好幾年，您實際上看到了非常高的可擴展性。因為我們一直都這樣做，所以你實際上看到了更好的利潤率等等。所以現在如果你看到我們開始擴展到不同的場景，例如高速公路、大眾等等，根據我們過去的經驗，我可以預測，隨著我們找到更熟悉的環境，這些利潤率將會提高。

Same thing as we're going into enterprises, right? We talked about automated call centers. The first one we did with Unicom wasn't very profitable. And then we start expanding into different call centers throughout the country. So all of a sudden, we're familiar with the back-end system. You just have to buy another server, put the software in there, all the same. You're up and running because you've already trained the machine learning model for a specific client.

與我們進入企業是一樣的，對嗎？我們討論了自動呼叫中心。我們與聯通合作的第一個專案利潤並不高。然後我們開始擴展到全國各地的不同呼叫中心。因此，我們突然就熟悉了後端系統。您只需購買另一台伺服器，並將軟體放入其中，一切都一樣。您已開始運行，因為您已經為特定客戶訓練了機器學習模型。

And then once you start expanding into different industries, you get 1 or 2 leading customers. Again, you're now repeating a lot of things that you're doing, all the same. You get the inertia. So I think AI solution is very similar to the enterprise solution that you have software and so forth in the U.S.. It takes time whenever you're getting into a new industry, into new customers. But once the environment connecting to legacy system is very familiar, you get that inertia in the phases after that.

然後，一旦你開始擴展到不同的行業，你就會獲得 1 或 2 個主要客戶。再說了，你現在正在重複很多你正在做的事情，都是一樣的。你獲得了慣性。所以我認為人工智慧解決方案與美國的企業軟體解決方案非常相似。進入新行業、接觸新客戶都需要時間。但是一旦對連接到遺留系統的環境非常熟悉，你就會在之後的階段中獲得這種慣性。

Our next question comes from Natalie Wu from Haitong International.

下一個問題來自海通國際的 Natalie Wu。

We noticed recently from the press release that you are expanding your campus recruitment this year, going out to nearly 20% of the total head count. Just wondering if management can share with us the rationale behind that aggressive expansion at this point? And how should we see the margin trend of Baidu Core ahead? Also, if we simply look at the marketing-related business in Baidu Core, just wondering what's the margin profile of that segment alone.

我們最近從新聞稿中看到，你們今年的校園招募規模擴大，招募人數將達到總人數的近20%。只是想知道管理階層是否可以與我們分享此時積極擴張背後的理由？那麼，未來「百度核心」的利潤率走勢又該如何看待呢？此外，如果我們只看百度核心中的行銷相關業務，就想知道該部分的利潤率狀況如何。

Yes. On the head count growth, if you look at our growth rate of our cloud, it's very high. And this kind of industry solutions require a lot of head count addition. If you compare this -- compare our cloud team with other industry peers, I think that the head count for Baidu is not that high. It's actually quite reasonable, and we need to have a lot more people to help to deliver our services.

是的。就員工人數成長而言，如果你看看我們雲端運算的成長率，你會發現它非常高。而這種行業解決方案需要增加大量的人員。如果將我們的雲端團隊與其他行業同行進行比較，我認為百度的員工人數並不是那麼多。這實際上是非常合理的，我們需要更多的人來幫助提供我們的服務。

Yes. And then on the margins for Baidu Core, we're looking at non-GAAP basis, if you look at Q3, my estimate right now would be we're probably going to increase cost of sales plus OpEx maybe RMB 1 billion to RMB 1.5 billion on a sequential basis. So that's how I would look at this. And you guys have the last few quarters. I would look at the non-GAAP for Baidu Core, and then I think you guys have a very clear trend.

是的。然後，對於百度核心的利潤率，我們考慮的是非 GAAP 基礎，如果你看第三季度，我現在的估計是，我們可能會將銷售成本加上營運支出環比增加 10 億元人民幣至 15 億元。這就是我看待這個問題的方式。你們還有最後幾季。我會看一下百度核心的非公認會計準則，然後我認為你們有一個非常明顯的趨勢。

Our next question comes from Tian Hou from TH Capital.

下一個問題來自泰合資本的天侯。

The question is related to your AI cloud. So there's normal cloud and there's AI cloud. So I wonder if we measure this 2 type of clouds, from a financial point of view, can I say AI cloud is much more higher margin? So can I treat that as the difference? That's number one. What kind of clients need the AI cloud? What kind of clients need the regular cloud? So that's the first question.

這個問題與您的AI雲有關。因此，有普通雲端和 AI 雲。所以我想知道，如果我們從財務角度衡量這兩種類型的雲，我可以說人工智慧雲的利潤率更高嗎？那麼我可以將其視為差異嗎？這是第一點。什麼樣的客戶需要AI雲？什麼樣的客戶需要常規雲端？這是第一個問題。

The second one is Managed Page has already increased to a bigger portion of online marketing. So what's the outlook for this Managed Page going forward?

第二個是託管頁面已經佔據了網路行銷的更大份額。那麼這個託管頁面的未來前景如何？

Yes. The margin for AI cloud is higher, significantly higher than the more general cloud. Especially, I think you all know that IaaS and CDN generally has a lower margin. But I would say clients need AI cloud and general cloud. They need all kinds of technology and solutions. It's just that -- our experience is that we are very advanced in AI. And we find that by integrating our AI technology, AI solution to resolve our customers' problems, we are able to do a much better job. We do provide IaaS. We do product-like channel cloud services. But I think the market is very large. It's large enough and growing very quickly, and we are gaining market share in this very attractive space.

是的。 AI雲的利潤率更高，明顯高於更通用的雲。特別是，我想你們都知道 IaaS 和 CDN 通常利潤率較低。但我想說客戶需要人工智慧雲端和通用雲端。他們需要各種技術和解決方案。只是——我們的經驗是，我們在人工智慧方面非常先進。我們發現，透過整合我們的人工智慧技術和人工智慧解決方案來解決客戶的問題，我們能夠做得更好。我們確實提供 IaaS。我們做的是產品化的通路雲端服務。但我認為市場非常大。它規模足夠大，而且成長非常快，我們正在這個非常有吸引力的領域獲得市場份額。

And let me just add. You asked about who needs AI. If you look at our customer set, we see several specifics. One is, for example, Internet media, right? When you have a media win -- for example, some of the media companies, those are very data-heavy. When you look at, for example, our industrial sectors, different areas of manufacturing, when you look at utilities, energy and so forth, they all have a lot of data sets. You look at, for example, smart transportation, the government has a lot of data sets. So our AI solution basically says, if you are a customer and you have a lot of data sets, you need to improve operational efficiency. So what -- our machine learning models when we go in there are Baidu Brain. We can help you -- a lot of things that you have to do manually before, we can automate that. We can do it much faster with AI computing.

讓我補充一下。你問誰需要人工智慧。如果你看一下我們的客戶群，我們會看到幾個細節。一個是比如說網路媒體，對吧？當你贏得媒體時——例如，一些媒體公司，它們非常依賴數據。例如，當你查看我們的工業部門、不同的製造業領域、公用事業、能源等等時，它們都有大量的資料集。例如，看看智慧交通，政府擁有大量的資料集。因此，我們的 AI 解決方案基本上是說，如果您是客戶並且擁有大量資料集，則您需要提高營運效率。那麼，我們進入時的機器學習模型就是百度大腦。我們可以幫助您—很多以前您必須手動完成的事情，我們可以實現自動化。利用人工智慧運算，我們可以更快完成這項任務。

So companies or industries that have a lot of data sets, we can automate. For example, you look at financial services, rather than computing and approving every loan you have, for example, of a few million customers, we can automate that whole computation where we just ask Baidu Brain rather than having someone manually compute all the different ratios and all the numbers of that particular customer. So you can see that usage very helpful, especially in China's economy.

因此，我們可以讓擁有大量資料集的公司或產業自動化。例如，在金融服務領域，我們不需要計算和批准數百萬客戶的每筆貸款，而是可以自動化整個計算過程，只需詢問百度大腦即可，而不需要有人手動計算特定客戶的所有不同比率和所有數字。所以你可以看到這種用法非常有用，特別是在中國經濟中。

I will take the second one. You're right, so the Managed Page now accounts for like 40% of Baidu Core advertising. So actually Managed Page, it is not alone. We treat it as part of the marketing cloud we have discussed a few times, right, including the Managed Page and also the tools we provide to the merchants to make it easy for them to run campaigns on Baidu.

我將選擇第二個。您說得對，託管頁面現在佔據了百度核心廣告的 40% 左右。所以實際上託管頁面並不是單獨的。我們把它當作行銷雲的一部分，我們已經討論過幾次了，包括管理頁面以及我們向商家提供的工具，以使他們可以輕鬆地在百度上開展活動。

So as we always say, Managed Page together with Baijiahao and Smart Mini Programs, they altogether are the building blocks for the mobile ecosystem. Actually, it's nice because we can provide more closed-loop experience in which we increase the stickiness or the engagement between the user and the Baidu App.

所以就像我們常說的，託管頁面與百家號和智慧小程式一起，是行動生態系統的基石。實際上，這很好，因為我們可以提供更多的閉環體驗，從而增加用戶和百度應用程式之間的黏性或參與度。

So as a result, we can see -- so the conversion rates with those building blocks are much higher than before. That's why we can see since the COVID-19 outbreak in Q1 last year, so we -- our online marketing business actually rebounded consistently in the last 5 quarters, especially for the in-app marketing because of the 3 building blocks. And it grows as much 26% year-over-year. So that said, we will keep working on the Managed Pages because it will improve the user experience and also the monetization capability.

因此，我們可以看到，這些構建塊的轉換率比以前高得多。這就是為什麼我們可以看到，自去年第一季 COVID-19 爆發以來，我們的線上行銷業務實際上在過去 5 個季度中持續反彈，尤其是應用程式內行銷，這得益於三大基石。且年增率高達26%。所以，我們將繼續致力於管理頁面，因為它將改善用戶體驗和貨幣化能力。

Ladies and gentlemen, we have reached the end of the question-and-answer session. So with that, we conclude our conference for today. Thank you very much for participating. You may all disconnect.

女士們、先生們，問答環節已經結束。今天的會議就到此結束。非常感謝您的參與。你們都可以斷開連線。