百度 (BIDU) 2020 Q4 法說會逐字稿

Hello ladies and gentlemen and thank you for standing by for Baidu's fourth quarter and full year 2020 earnings conference call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.

女士們、先生們，大家好，感謝大家參加百度2020年第四季及全年財報電話會議。此時，所有參與者都處於只聽模式。管理層準備好的發言之後，將有一個問答環節。今天的會議正在錄製中。如果您有任何異議，您可以立即斷開連接。

I would now like to turn the meeting over to your host for today's conference, Juan Lin, Baidu's director of investor relations.

現在，我想將會議交給今天的會議主持人、百度投資者關係總監林娟。

Hello everyone and welcome to Baidu's fourth quarter and full year 2020 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.

大家好，歡迎參加百度2020年第四季及全年財報電話會議。百度的獲利報告已於今天早些時候發布，您可以在我們的網站和新聞通訊社上找到一份副本。

On the call today, we have Robin Li, our co-founder and chief executive officer, Herman Yu, our chief financial officer, and Dou Shen, our executive vice president in charge of search and feed. After our prepared remarks, we will hold a Q&A session.

參加今天電話會議的有我們的聯合創始人兼首席執行官李彥宏、首席財務官餘承東以及負責搜索和資訊流的執行副總裁沈抖。在我們準備好發言之後，我們將舉行問答環節。

Please note that the discussion today will contain forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC, including our annual report on Form 20-F. Baidu does not undertake any obligation to update any forward-looking statement, 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改革法案的「安全港」條款所作出的前瞻性陳述。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。潛在風險和不確定性包括但不限於我們向美國證券交易委員會提交的公開文件中概述的風險和不確定性，包括我們的 20-F 表年度報告。除非適用法律要求，百度不承擔更新任何前瞻性聲明的義務。

Our earnings press release and this call include discussions of certain unaudited non-GAAP financial measures. We have made minor adjustments to our non-GAAP measures and retroactively applied these changes for comparison purposes. 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。我們對非公認會計準則指標進行了微調，並為了比較目的而追溯應用了這些變更。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。

Good morning, everyone.

大家早安。

Baidu delivered another solid quarter in Q4, with Baidu Core revenue reaching RMB 23.1 billion, or US$3.5 billion, up 6% year over year and up 8% quarter on quarter. The latter was much higher than our historical flattish or low single-digit growth from Q3 to Q4. In addition to the improvement of macroeconomic conditions in China, we are benefiting from the digitalization of industrial Internet.

百度第四季再創佳績，百度核心營收達 231 億元人民幣（約 35 億美元），較去年同期成長 6%，季增 8%。後者遠高於我們從第三季到第四季的歷史持平或低個位數成長。除了中國宏觀經濟狀況的改善之外，我們還受益於工業互聯網的數位化。

Baidu Core non-advertising revenue in the fourth quarter grew 52% year over year to an annualized run rate of USD $2.6 billion, driven by the convergence of AI solutions, cloud services and consumer Internet. Such convergence is expected to accelerate into the next decade and Baidu stands to benefit from it.

百度核心非廣告營收第四季年增52%，年化營運率為26億美元，這得益於人工智慧解決方案、雲端服務和消費者網路的整合。預計這種融合將在未來十年加速，百度將從中受益。

Let me elaborate on the trends that we are seeing, starting from smart transportation. China aims to raise its global competitiveness in the transport sector through aggressive infrastructure building. The Chinese government is promoting a multi-year plan to install smart transportation networks in cities with sensors and cameras on public roads, connecting vehicles with road side units to foster safer driving, improve throughputs, and reduce carbon emissions. Such government initiative encourages municipal governments to shift their budgets toward a more software defined transportation network. Apollo's strong brand in intelligent driving and our holistic approach to smart transportation, make us well suited to capture the opportunities in smart transportation infrastructure development.

讓我從智慧交通開始詳細闡述我們所看到的趨勢。中國旨在透過大力建設基礎設施來提高其在交通運輸領域的全球競爭力。中國政府正在推行一項多年計劃，在城市安裝智慧交通網絡，在公共道路上安裝感測器和攝像頭，將車輛與路邊設備連接起來，以促進更安全的駕駛，提高吞吐量，並減少碳排放。此類政府措施鼓勵市政府將預算轉向更軟體定義的交通網絡。阿波羅在智慧駕駛領域的強大品牌以及我們在智慧交通方面的整體方法，使我們非常適合抓住智慧交通基礎設施發展的機會。

For example, Baidu signed a strategic partnership with Guangzhou in southern China, to deploy the world's first multi-modal autonomous driving Mobility as a Service, or MaaS, platform. Utilizing Apollo robotaxi and robobus fleets, Guangzhou begins this month to allow commuters in the Huangpu district to call up public transport services on demand, in lieu of taxis, ride hailing and other traditional gasoline-powered public transport services. The Guangzhou smart transportation project takes advantage of Baidu's leading autonomous driving technologies and Baidu cloud's strong technology infrastructure, as well as leveraging the reach of Baidu App and Baidu Maps, to enable locals easy access to Apollo MaaS.

例如，百度與中國南方的廣州簽署了戰略合作夥伴關係，部署全球首個多模式自動駕駛移動即服務（MaaS）平台。廣州本月開始利用阿波羅自動駕駛計程車和自動駕駛巴士車隊，允許黃埔區的通勤者按需呼叫公共交通服務，以取代計程車、叫車和其他傳統的汽油驅動的公共交通服務。廣州智慧交通計畫依托百度領先的自動駕駛技術和百度雲強大的技術基礎設施，並藉助百度App和百度地圖的覆蓋範圍，讓廣州市民能夠輕鬆使用Apollo MaaS。

For enterprise cloud, we are seeing ad customers subscribing to Baidu cloud, due to our strong Internet foundation. For example, a major e-commerce company and existing ad customer began using our cloud services a year ago. In the past year, the ad customer saw its business grow to massive scale. When the customer realized that Baidu AI Cloud was able to support businesses with over one hundred million daily users and enable them to expand rapidly, the ad customer increased its purchase of Baidu cloud services by 82X from a year ago. Over time, we believe Baidu AI Cloud stands to benefit from our existing advertiser base of hundreds of thousands of enterprises, as well as our provider neutrality status, in the face of enterprise customers adopting multi-cloud provider strategy.

對於企業雲，由於我們強大的網路基礎，我們看到廣告客戶訂閱百度雲。例如，一家大型電子商務公司和現有廣告客戶一年前開始使用我們的雲端服務。在過去的一年裡，該廣告客戶的業務規模得到了巨大的成長。當客戶意識到百度智慧雲端能夠支撐日活躍用戶過億的企業，並使其快速擴張時，該客戶購買百度雲端服務的量比一年前增加了 82 倍。隨著時間的推移，我們相信，面對採用多雲供應商策略的企業客戶，百度智慧雲端將受益於我們現有的數十萬家企業廣告客戶群以及我們的供應商中立地位。

From these examples, we can see the strategic advantage of concurrently operating in the AI solutions, cloud services and Internet markets, as enterprises and the public sector embrace digital transformation, to strengthen and expand their relationships with their customers and constituents online. As we enter the next decade, Baidu is well positioned as a leading AI company with a strong Internet foundation, to seize the huge market opportunities in cloud services, autonomous driving, smart transportation, and other AI-powered areas.

從這些例子中，我們可以看到，隨著企業和公共部門擁抱數位轉型，同時在人工智慧解決方案、雲端服務和網路市場營運的策略優勢，可以加強和擴大與客戶和選民在線上的關係。展望下一個十年，百度作為一家領先的人工智慧公司，憑藉強大的網路基礎，將在雲端服務、自動駕駛、智慧交通等人工智慧領域抓住巨大的市場機會。

Turning to Q4 operating highlights.

談談第四季的營運亮點。

Let me start with AI Cloud. Baidu cloud continues to be No. 1 in China's AI public cloud market, per IDC's latest report, marking the third time that Baidu has topped the list. Baidu AI Cloud offers a full suite of cloud services and solutions, and is differentiated in the market with our use of AI to power cloud solutions and improve our customers' operational efficiency and service level.

我先從 AI Cloud 開始。 IDC最新報告顯示，百度雲蟬聯中國AI公有雲市場第一，這也是百度第三次榮登榜首。百度智慧雲端提供全套雲端服務和解決方案，並利用人工智慧為雲端解決方案提供支持，提高客戶的營運效率和服務水平，從而在市場上脫穎而出。

Our AI solutions are demonstrating scalability and replicability across multiple industry sectors. For example, our AI call center solution, which uses Baidu Brain to handle customer calls with conversational AI, is drawing repeat purchases. Our first key customer, a major telecom operator, has followed up with two more purchases of our AI call center and installed them in their customer service centers nationwide. As we strive for customer satisfaction and best in class solutions, our AI call center solution has successfully expanded from telecom into other sectors, including airline, financial services, energy and automobile. Through greater industry adoption, model training time has dropped by more than 50%, and project implementation has been shortened to one month.

我們的人工智慧解決方案在多個產業領域展現出可擴展性和可複製性。例如，我們的人工智慧呼叫中心解決方案利用百度大腦透過對話式人工智慧處理客戶呼叫，正在吸引重複購買。我們的第一個重要客戶是一家大型電信營運商，隨後又購買了我們的兩次人工智慧呼叫中心，並將其安裝在全國各地的客戶服務中心。隨著我們努力追求客戶滿意度和一流的解決方案，我們的人工智慧呼叫中心解決方案已成功從電信領域擴展到其他領域，包括航空、金融服務、能源和汽車。透過更廣泛的產業採用，模型訓練時間減少了50％以上，專案實施時間縮短至一個月。

In the area of vertical cloud, the smart transportation project with Guangzhou serves as a lighthouse project for other cities to follow. The deployment of Apollo MaaS allows commuters to order robotaxi and robobus in place of taxi rides and other public transportation. The implementation of V2X smart road infrastructure equips 102 intersections and the streets in the Knowledge City District of Guangzhou with cameras and sensors, enabling better traffic management. Commercial vehicles entering the vicinity are installing DuerOS powered rearview mirrors, to enable traffic violation enforcement, even if the license plate of a violating vehicle is covered by mud.

在垂直雲領域，與廣州合作的智慧交通計畫成為其他城市效仿的燈塔計畫。 Apollo MaaS 的部署允許通勤者預訂 robotaxi 和 robobus 來代替計程車和其他公共交通工具。 V2X智慧道路基礎設施的實施為廣州知識城區102個路口及街道配備了攝影機和感測器，從而實現了更好的交通管理。進入附近的商用車輛正在安裝 DuerOS 電動後視鏡，以便能夠執法交通違規，即使違規車輛的車牌被泥土覆蓋。

The Guangzhou project uses Apollo ACE transportation engine, which, in essence, is a transportation cloud solution. It processes traffic information from Apollo MaaS and V2X, DuerOS connected vehicles and Baidu Maps. It provides traffic agencies better information to improve traffic management and transportation services, and it enables Apollo, and other compatible vehicles better understanding of surrounding traffic conditions.

廣州計畫採用的是Apollo ACE交通引擎，本質上是一個交通雲解決方案。它處理來自 Apollo MaaS 和 V2X、DuerOS 連網汽車和百度地圖的交通資訊。它為交通機構提供更好的資訊以改善交通管理和運輸服務，並使阿波羅和其他兼容車輛更好地了解周圍的交通狀況。

Similarly, we recently signed a second contract with the city of Baoding, to expand the coverage of Apollo smart transportation in their city. Our strategic partnerships with Beijing, Guangzhou, Shanghai and Chongqing, to name a few, to provide smart transportation is becoming an important milestone in the development of modern cities, serving as a means for the public sector to use AI to improve metropolitan traffic, public transportation and air quality.

同樣，我們最近與保定市簽署了第二份合同，以擴大阿波羅智能交通在該城市的覆蓋範圍。我們與北京、廣州、上海、重慶等城市建立的戰略合作夥伴關係，為城市提供智慧交通，成為現代城市發展的重要里程碑，為公共部門利用人工智慧改善城市交通、公共交通和空氣品質提供了手段。

Turning to Intelligent Driving. We continue to invest aggressively in self driving technology for passenger vehicles and robotaxi fleet management.

轉向智能駕駛。我們繼續積極投資乘用車自動駕駛技術和機器人計程車車隊管理。

Apollo was again ranked No. 1 in China for autonomous driving, according to the 2020 Beijing Autonomous Vehicles Road Test Report. The report is highly respected in the industry as Beijing Traffic Authority closely monitors autonomous driving test miles.

《2020年北京自動駕駛道路測試報告》顯示，Apollo再次榮膺中國自動駕駛第一名。由於北京市交通管理局密切關注自動駕駛測試里程，該報告在業界備受推崇。

Apollo accumulated test miles reached 4.3 million in December. Apollo has been granted China's first driverless testing permit and is the only Chinese company to be granted driverless testing permit from both California and China. In terms of autonomous driving operational experience, Apollo robotaxi and robobus fleets have provided over 210,000 rides to the public, as of December 2020.

截至12月，阿波羅累計測試里程已達430萬英里。阿波羅已獲得中國首張無人駕駛測試許可證，也是唯一一家同時獲得美國加州和中國無人駕駛測試許可證的中國公司。在自動駕駛營運經驗方面，截至2020年12月，Apollo Robotaxi和Robobus車隊已為大眾提供了超過21萬次出行服務。

We are proud that DuerOS for Auto, our operating system powering auto infotainments, has been installed in over 1 million new vehicles last year, pointing to two market trends:

我們非常自豪，DuerOS for Auto，一款為汽車資訊娛樂系統提供支援的作業系統，去年已安裝在超過 100 萬輛新車上，這反映了兩大市場趨勢：

1) Mobile, home and in-vehicle Internet are converging. Baidu's Internet platform, designed to draw synergy across usage platforms, enables DuerOS for Auto to leverage the large developer community of Baidu Smart Mini Program, to populate its skills store. At the same time, consumers benefit from the consistency and familiarity of DuerOS skills developed from the mobile and home environment.

1）行動、家庭和車載網路正在融合。百度的網路平台旨在發揮跨使用平台的協同作用，使 DuerOS for Auto 能夠利用百度智慧小程式的龐大開發者社群來填充其技能商店。同時，消費者也受益於從行動和家庭環境開發的DuerOS技能的一致性和熟悉度。

2) New car buyers are turning to best-in-class self-driving capabilities, so that they can do more and enjoy their rides in cars. The race toward building new vehicles with better self-driving capabilities through AI creates a big opportunity for Baidu.

2）新車購買者正在轉向一流的自動駕駛功能，以便他們可以做更多的事情並享受駕駛的樂趣。透過人工智慧打造具有更好自動駕駛能力的新車的競賽為百度創造了巨大的機會。

Let me talk about the progress of Apollo Self Driving, or ASD, which includes HD maps, AVP, and ANP. To date, we have signed strategic partnerships with 10 leading automakers, to power their new vehicle models with Apollo self-driving services.

我先講一下阿波羅自動駕駛（ASD）的進展，包括高畫質地圖、AVP、ANP。到目前為止，我們已經與 10 家領先的汽車製造商簽署了戰略合作夥伴關係，為他們的新車型提供 Apollo 自動駕駛服務。

Baidu is uniquely positioned to offer high definition maps, or HD Maps, a critical component for self-driving, to top automakers in China. We have invested in Baidu Maps for many years, and are one of the very few companies in China offering HD maps.

百度擁有獨特的優勢，可以向中國頂級汽車製造商提供高清地圖，這是自動駕駛的關鍵組件。我們投資百度地圖多年，是中國極少數提供高畫質地圖的公司。

Last month, WM Motor, a leading Chinese EV maker, announced the mass production of their new W6 SUV, due to release in the first half of this year, with Apollo automated valet parking, or AVP, an L4 service option.

上個月，中國領先的電動車製造商威馬汽車宣布量產新款 W6 SUV，該車將於今年上半年上市，並配備阿波羅自動代客泊車（AVP）L4 服務選項。

We are excited to announce that we will be taking orders for Apollo autonomous navigation pilot, or ANP, which is based on Apollo's leading autonomous driving technology. This comes timely as MIIT, China transportation agency, releases draft regulation to allow highway testing of autonomous driving.

我們很高興地宣布，我們將接受基於阿波羅領先的自動駕駛技術的阿波羅自主導航駕駛（ANP）訂單。這項舉措恰逢其時，因為中國交通部發布了允許在高速公路上測試自動駕駛汽車的法規草案。

We believe end to end integration of hardware and software will make the best vehicle, that's why we are in the process of setting up an intelligent EV company,

我們相信硬體和軟體的端到端整合將打造出最好的汽車，這就是為什麼我們正在建立一家智慧電動車公司，

and we have entered into a strategic partnership with multinational automaker Zhejiang Geely Holding Group (Geely), to offer automobile design and manufacturing to Baidu's new EV company. Geely holds the distinction of the best-selling Chinese automobile brand in past years, under the Volvo and Geely brands. By combining Baidu's expertise in autonomous driving and smart transportation with Geely's expertise as a leading automobile and EV manufacturer, we hope to pave the way for future passenger vehicles.

我們也與跨國汽車製造商浙江吉利控股集團（吉利）建立了戰略合作夥伴關係，為百度的新電動車公司提供汽車設計和製造。吉利旗下的沃爾沃和吉利品牌多年來一直是中國最暢銷的汽車品牌。透過將百度在自動駕駛和智慧交通方面的專業知識與吉利作為領先汽車和電動車製造商的專業知識相結合，我們希望為未來的乘用車鋪平道路。

Turning to DuerOS, which continues to see strong adoption. Monthly voice queries from first-party devices reached 3.7 billion, up 66% year over year, and DuerOS skills store now offers over 4,400 skills. Our focus on user experience, through leading AI capabilities, has made Xiaodu smart display No. 1 in global shipments again, according to all three market research firms: IDC, Strategy Analytics and Canalys, for the third quarter of 2020.

談到 DuerOS，其採用率持續強勁。第一方設備每月語音查詢量達到 37 億次，年增 66%，DuerOS 技能商店現提供超過 4,400 種技能。我們著重使用者體驗，透過領先的AI能力，讓小度智慧顯示器在IDC、Strategy Analytics和Canalys三大市場研究公司2020年第三季的數據顯示，再次位居全球出貨量第一。

Turning to mobile ecosystem...In December, MAUs of Baidu App reached 544 million. The number of creators on BJH (Baijiahao) nearly tripled. The total number of Smart Mini Programs grew 124% from a year ago, and MAUs of Smart Mini Program reached 414 million. These numbers point to a thriving Internet platform that is attracting a large number of third-party creators, publishers and service providers.

轉向行動生態系統......12月，百度App的月活躍用戶達到5.44億。 BJH（百家號）上的創作者數量增加了近兩倍。智慧小程式總數較去年同期成長124%，智慧小程式月活躍用戶達4.14億。這些數字顯示網路平台正在蓬勃發展，吸引大量第三方創作者、出版商和服務供應商。

The same trends can be seen in our vertical & community efforts. For example, on a quarter over quarter basis, daily average viewership of videos on Baidu Health grew 92%, and daily average live video sessions hosted by healthcare professionals grew 163%.

在我們的垂直和社區努力中也可以看到同樣的趨勢。例如，百度健康影片日均觀看量較上季成長92%，醫護人員日均影片直播場次較上季成長163%。

E-commerce touches the lives of 1.16 billion Internet users each month in China. Through our AI building blocks, we enable users to have single log on, meaning that a user can log into our app to check his or her express delivery status or summon express delivery pick up just by searching and clicking the applicable delivery company search result. The service convenience of our AI building blocks enabled daily express delivery service usage to surpass 4 million times just months after going live in Baidu App.

電子商務每月影響中國11.6億網路用戶的生活。透過我們的人工智慧建立模組，我們讓用戶能夠進行單點登錄，這意味著用戶只需搜尋並點擊適用的快遞公司搜尋結果，即可登入我們的應用程式來查看自己的快遞狀態或召喚快遞員取件。我們的人工智慧模組所帶來的服務便利性使得快遞服務在百度 App 上線僅幾個月後，每日使用量就突破了 400 萬次。

The vibrancy of our mobile ecosystem allows third-party services to quickly ramp up, and our search nature supports the survival of long-tail services. Daily log in users on Baidu App surpassed 70%, up 18 points from a year ago, which creates a strong foundation for further growth of third-party services and non-advertising offerings on Baidu.

我們行動生態系統的活力使得第三方服務能夠快速發展，而我們的搜尋特性則支援長尾服務的生存。百度App日均登入用戶數突破70%，較去年同期成長18個百分點，為百度第三方服務和非廣告業務的進一步成長奠定了堅實的基礎。

On monetization. For the fourth quarter, revenue from Managed Page reached a third of Baidu Core's online marketing revenue, up from less than 24% a year ago. Over 300,000 Managed Page customers have adopted Baidu marketing cloud, which enables them to purchase marketing services, build audience, generate leads and maintain life-time relationships with consumers through the tools and services offered on our hosted platform. Our marketing cloud provides CRM-like services, for example, allowing merchants to message consumers who have previously interacted with them. Such CRM features facilitate retargeting and other measures to improve overall marketing effectiveness.

關於貨幣化。第四季度，託管頁面的收入佔百度核心網路行銷收入的三分之一，而去年同期這一比例還不到 24%。超過 30 萬個託管頁面客戶已經採用了百度行銷雲，這使他們能夠透過我們託管平台上提供的工具和服務購買行銷服務、建立受眾、產生潛在客戶並與消費者保持終身關係。例如，我們的行銷雲提供類似 CRM 的服務，讓商家可以向先前與他們互動過的消費者發送訊息。此類 CRM 功能有助於重新定位和其他措施，以提高整體行銷效果。

We aim to integrate YY on to our platform in a deep and thorough way. Comparing with other large mobile ecosystems, our non-advertising revenue represents a much smaller percentage, which means there is potential for huge upside The YY acquisition will help speed up the development of our non-ad revenue. We will allow YY broadcasters to increase their fans following on Baidu. Hundreds of millions of Baidu users will be able to enjoy more live streaming content through Baidu App and Haokan short videos and Baidu Post. We believe such large-scale product integration will create significant synergy in content, infrastructure and monetization. We also plan to leverage YY to accelerate the development of information and knowledge-centric live streaming on Baidu.

我們的目標是將 YY 深入徹底地整合到我們的平台上。與其他大型行動生態系統相比，我們的非廣告收入佔比要小得多，這意味著還有巨大的上升空間。收購 YY 將有助於加速我們非廣告收入的發展。我們將允許YY主播增加他們在百度上的粉絲。億萬百度用戶將能夠透過百度App、好看短片、百度貼吧享受更多直播內容。我們相信，這種大規模的產品整合將在內容、基礎設施和貨幣化方面產生顯著的綜效。我們也計劃利用YY加速百度以資訊和知識為中心的直播的發展。

These efforts will not only improve user stickiness and vibrancy on our large Internet platform, we believe live streaming has the potential to evolve beyond host tipping, to become a major way for communities on Baidu to further develop, and merchants to increase user engagement and grow their social assets on our platform. User attention usually shifts toward interactive content. With the advent of 5G and augmented reality to increase video effects, live streaming will be an integral component of future content development, and we are excited about this opportunity.

這些努力不僅將提高我們大型網路平台上的用戶黏著度和活躍度，我們相信直播有潛力超越主播打賞，成為百度社群進一步發展的主要方式，也是商家提高用戶參與度和增加其在我們平台上的社交資產的主要方式。使用者的注意力通常會轉向互動式內容。隨著 5G 和擴增實境技術的出現，視訊效果得到提升，直播將成為未來內容開發不可或缺的組成部分，我們對這個機會感到非常興奮。

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

說完這些，讓我把電話轉給赫爾曼，讓他介紹一下財務亮點。

Thank you, Robin. Hello everyone. Welcome to Baidu's fourth quarter 2020 call. All monetary amounts used in my discussion are in RMB, unless stated otherwise.

謝謝你，羅賓。大家好。歡迎參加百度2020年第四季電話會議。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。

Despite an unprecedented year, our business has returned to growth and our profits were solid in the fourth quarter. Baidu's online marketing is widely diversified, covering many industries in the Chinese economy, and we are benefiting from a rebound of the Chinese economy.

儘管今年是前所未有的一年，但我們的業務已恢復成長，第四季獲利穩健。百度的網路行銷廣泛多元，涵蓋了中國經濟的眾多產業，我們正受益於中國經濟的反彈。

Concurrently, our non-advertising revenue is growing rapidly, especially from the new AI business. Non-advertising revenue was up 52% in the fourth quarter, reaching 18% of Baidu Core revenue. We recently conducted a TAM exercise, as part of our strategic planning process, and found that the TAM for our non-advertising business, including Internet value-added services, cloud services and intelligent driving, before adding autonomous driving, was 10 times the size of our online marketing TAM and the expected CAGR to 2025 is 3 times that of our online marketing TAM.

同時，我們的非廣告收入也在快速成長，尤其是來自新的人工智慧業務。第四季非廣告收入成長52%，佔百度核心營收的18%。作為我們策略規劃流程的一部分，我們最近進行了一次 TAM 演練，發現在增加自動駕駛之前，我們的非廣告業務（包括互聯網增值服務、雲端服務和智能駕駛）的 TAM 是我們在線營銷 TAM 的 10 倍，而到 2025 年的預期複合年增長率是我們在線營銷 TAM 的 3 倍。

The potential for our non-advertising business is quite significant. For example, we recently signed a smart transportation project, whose contract amount was more than half a quarter's worth of our auto online marketing revenue. There are over 100 cities in China with a population of over 1 million. When you consider a robobus project recently experimenting collecting 25 RMB for each ride, if fare collection becomes feasible, we could see an increase in robotaxi demand, which would drive our MaaS revenue under transportation cloud, the service component of fleet management.

我們的非廣告業務的潛力相當大。例如我們最近簽了一個智慧交通項目，合約金額超過了我們汽車網路行銷收入的半個季度。中國有100多個人口超過100萬的城市。考慮到最近有一個自動駕駛巴士專案嘗試對每次行程收取 25 元人民幣，如果收費變得可行，我們可能會看到自動駕駛計程車的需求增加，這將推動我們在交通雲（車隊管理的服務組件）下的 MaaS 收入。

For fiscal 2020, Baidu Core revenue reached US$12.1 billion, and we spent 21% on research & development, which is a testament to our commitment to technology, especially in the area of research. Our consistent heavy investment in technology has made Baidu PaddlePaddle the No. 2 deep learning framework in the world, Baidu open AI platform the largest developer community of its kind, among Chinese companies, and our AI patent portfolio the largest in China. Our investment in AI runs the gamut of technology, developer communities, IP patents, AI chip design and talents.

2020財年，百度核心營收達到121億美元，其中研發投入佔21%，體現了我們對技術，尤其是在研究領域的投入。我們持續大力投入技術，使百度PaddlePaddle成為全球第二的深度學習框架，百度開放人工智慧平台成為中國企業中最大的同類開發者社區，我們的人工智慧專利組合成為中國最大的。我們對人工智慧的投資涵蓋技術、開發者社群、智慧財產權專利、人工智慧晶片設計和人才等各個面向。

As we began to commercialize AI at scale, the incremental revenue that we derive will be re-invested into product development, sales and project delivery, to further accelerate AI commercialization and strengthen our moat in our AI business. Unlike 2C business, 2B and 2G will require that we hire developers, sales and engineering delivery personnel a few quarters ahead before they start contributing to revenue.

隨著我們開始大規模地將人工智慧商業化，我們獲得的增量收入將重新投資於產品開發、銷售和專案交付，以進一步加速人工智慧商業化並加強我們在人工智慧業務中的護城河。與2C業務不同，2B和2G要求我們提前幾季聘請開發人員、銷售和工程交付人員，然後他們才能開始為收入做出貢獻。

At the same time, as our solutions become more widely adopted, and we develop more tool kits, margins usually improve. We should also gain synergy coming from multiple businesses scaling, while leveraging off of Baidu Brain, our core AI engine.

同時，隨著我們的解決方案得到更廣泛的應用，並且我們開發出更多的工具包，利潤率通常會提高。我們還應該從多項業務擴展中獲得協同效應，同時利用我們的核心人工智慧引擎百度大腦。

We are excited about our non-advertising opportunities, from cloud services to smart transportation to intelligent driving, which includes self-driving services, intelligent EVs and robotaxi fleet management, as well as non-advertising upside under our mobile ecosystem.

我們對非廣告機會感到興奮，從雲端服務到智慧交通再到智慧駕駛，其中包括自動駕駛服務、智慧電動車和機器人計程車車隊管理，以及我們移動生態系統下的非廣告優勢。

Turning to financial highlights.

轉向財務亮點。

Total revenues for the fourth quarter reached RMB 30.3 billion, or $4.6 billion, increasing 5% year over year. Our business improved mainly from Baidu Core, which was up 6% year over year in the fourth quarter, to RMB 23.1 billion, or $3.5 billion, compared to down 13%, down 3% and up 2% for Q1 [and] (corrected by the company after the call) Q3 respectively.

第四季總營收達 303 億元（約 46 億美元），年增 5%。我們的業務改善主要來自“百度核心”，第四季度其營收同比增長 6%，達到人民幣 231 億元（約合 35 億美元），而第一季度和第三季度（公司在電話會議後進行了更正）分別下​​降 13%、下降 3% 和增長 2%。

Let me give you more color on the progress of each component of Baidu Core:

讓我向您詳細介紹一下百度核心各個組件的進展：

Our AI cloud grew 67% year over year, reaching US$2 billion on an annualized basis. Cloud growth benefited from enterprise customers coming from the Internet, media business, financial services, transportation and healthcare sectors.

我們的AI雲年增67%，年化收入達20億美元。雲端運算的成長得益於來自互聯網、媒體業務、金融服務、交通運輸和醫療保健領域的企業客戶。

Our ID & OGI revenue is also growing, but its near-term contribution may not be as apparent. Apollo Self Driving, or we call ASD, services are booked on a multi-year basis, and we recognize revenue when an automaker's new vehicles are shipped with the installation of our ASD services. We have signed strategic partnerships with 10 leading automakers for ASD and are taking orders for autonomous navigation pilot, or ANP.

我們的ID和OGI收入也在成長，但其短期貢獻可能不那麼明顯。阿波羅自動駕駛（我們稱之為 ASD）服務是按多年期預訂的，當汽車製造商的新車安裝了我們的 ASD 服務後發貨時，我們就會確認收入。我們已經與 10 家領先的汽車製造商簽署了 ASD 戰略合作夥伴關係，並正在接受自動導航試點 (ANP) 的訂單。

On Mobile Ecosystem, many of our ad verticals are growing, including healthcare, education, internet/retail, real estate/home furnishing, and auto. In-app advertising, the majority of Baidu Core ad revenue, continues to see double-digit growth, benefiting from the growth of search queries and CPM. Ad revenue is partially offset by Baidu Union, where we are prioritizing profitability over revenue growth.

在行動生態系統中，我們的許多廣告垂直領域都在成長，包括醫療保健、教育、網路/零售、房地產/家居和汽車。應用程式內廣告是百度核心廣告收入的主要來源，受益於搜尋查詢量和每千次曝光費用 (CPM) 的成長，該收入繼續保持兩位數成長。廣告收入部分被百度聯盟所抵消，我們優先考慮獲利能力而不是收入成長。

iQIYI revenue reached RMB 7.5 billion, down 1% year over year. iQIYI subscribers reached 101.7 million in December 2020, further strengthening its foundation to produce entertainment blockbuster originals.

愛奇藝營收達75億元人民幣，較去年同期下降1%。 2020年12月，愛奇藝付費會員規模達1.017億，進一步夯實了打造娛樂大片原創內容的基礎。

Non-GAAP operating income for Baidu and Baidu Core was 7.1 billion and 8.0 billion, or $1.2 billion, respectively. Non-GAAP operating profit was down 5% for Baidu Core and Non-GAAP operating margin for Baidu Core was 35%.

百度和百度核心的非美國通用會計準則營業收入分別為 71 億美元和 80 億美元，即 12 億美元。百度核心的非美國通用會計準則營業利潤下降5%，百度核心的非美國通用會計準則營業利益率為35%。

Cost of revenues was RMB 14.5 billion, down 6% year over year, primarily due to the decrease in content costs, traffic acquisition costs, bandwidth costs, and the amortization/impairment of intangible assets, partially offset by an increase in costs of goods sold.

營收成本為 145 億元，年減 6%，主要由於內容成本、流量獲取成本、頻寬成本以及無形資產攤提/減損的減少，但被銷售成本的增加部分抵銷。

SG&A and R&D together were RMB [10.8] (corrected by the company after the call) billion, up 24% year over year, primarily due to an increase in promotional and R&D personnel related expenses.

銷售、一般及行政開支和研發費用合計為人民幣 108 億元（電話會議後公司已更正），年增 24%，主要由於促銷和研發人員相關費用的增加。

Adjusted EBITDA for Baidu and for Baidu Core were RMB 8.6 billion, and 9.4 billion, or US$1.4 billion, respectively.

百度和百度核心的調整後EBITDA分別為人民幣86億元和94億元，或14億美元。

Cash and short-term investments for Baidu and Baidu Core at year end were RMB 162.9 billion and RMB 148.6 billion, or US$22.8 billion, respectively. Free cash flow for Baidu and excluding iQIYI were RMB 3.8 billion and RMB 5.4 billion, or US$827 million, respectively.

截至年底，百度和百度核心的現金和短期投資分別為 1,629 億元和人民幣 1,486 億元，或 228 億美元。百度和不包括愛奇藝的自由現金流分別為人民幣 38 億元和人民幣 54 億元，或 8.27 億美元。

Baidu Core had approximately 32,800 full-time employees, as of December 31, 2020, up 14% from last year.

截至2020年12月31日，「百度核心」全職員工約3.28萬人，較去年同期成長14%。

During the fourth quarter, we returned US600 million to shareholders, bringing the cumulative share repurchase in 2020 to US$1.9 billion, compared to $709 million in 2019.

第四季度，我們向股東返還了 6 億美元，使 2020 年累計股票回購額達 19 億美元，而 2019 年為 7.09 億美元。

Turning to first quarter guidance...For the first quarter of 2021, Baidu expects revenues to be between RMB 26.0 billion ($4.0 billion) and RMB 28.5 billion ($4.4 billion), representing a growth rate of 15% to 26% year over year, which assumes that Baidu Core revenue will grow between 26% and 39% year over year. This guidance does not include any potential contribution from the acquisition YY Live.

談到第一季指引…對於 2021 年第一季度，百度預計營收將在人民幣 260 億元（40 億美元）至人民幣 285 億元（44 億美元）之間，年增 15% 至 26%，其中假設百度核心營收年增 26% 至 39%。該指引不包括收購 YY Live 的任何潛在貢獻。

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

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 fourth quarter results:

在我將電話轉回接線生之前，讓我總結一下我們第四季的業績：

We have made significant strides in preparing Baidu for the next legs of growth. Our heavy investment in technology has allowed us to build leading AI technology, and put us in a strong position to pursue huge, fast-growing market opportunities, such as cloud services, smart transportation and intelligent driving, which includes self-driving services, intelligent EV and autonomous driving. The TAM for our non-advertising business, before including autonomous driving, is about 10X that of our online marketing business, and the CAGR is 3X faster. We get a glimpse of the impact of these opportunities with Q4 non-advertising revenues growing 52%and reaching 18% of our Core revenues.

我們在幫助百度迎接下一輪成長方面取得了重大進展。我們對技術的大力投資使我們能夠打造領先的人工智慧技術，並使我們處於有利地位，以尋求巨大的、快速增長的市場機會，例如雲端服務、智慧交通和智慧駕駛，其中包括自動駕駛服務、智慧電動車和自動駕駛。在包括自動駕駛之前，我們非廣告業務的 TAM 大約是網路行銷業務的 10 倍，複合年增長率是其 3 倍。我們從第四季度非廣告收入成長 52% 並達到核心收入的 18% 中看到了這些機會的影響。

We view Baidu Core's business on three revenue growth curves, mobile ecosystem, AI cloud and intelligent driving & OGI, with non-advertising value added services and AI cloud to boost our near term revenue growth and with intelligent driving & OGI to boost revenue growth further out.

我們從三個營收成長曲線來看待百度核心業務，即行動生態系統、AI 雲端和智慧駕駛及 OGI，其中非廣告增值服務和 AI 雲將推動我們近期的營收成長，而智慧駕駛及 OGI 將進一步推動營收成長。

Over the past quarters, we discussed the aggregation of services on Baidu platform. The technology convergence trend that Robin talked about will allow Baidu family of apps to be equipped with unique services offered from us working directly with enterprises and the public sector. Robin gave an example in the smart transportation sector. We are also seeing this trend in the health sector, where we are working with hospitals to provide their services and doctors greater Internet presence. Some call this trend industrial Internet, where there is deep integration with enterprises and the public sector of each industry and provide them with a turnkey solution to Internet presence. Our strength in building technology infrastructure puts us at an advantage in the current Internet environment, where synergy is generated from offering cloud, OGI and mobile ecosystem concurrently.

在過去的幾個季度中，我們討論了百度平台上的服務聚合。 Robin 談到的技術融合趨勢將使百度系列應用程式能夠配備我們直接與企業和公共部門合作提供的獨特服務。 Robin舉了智慧交通領域的一個例子。我們在醫療保健領域也看到了這種趨勢，我們正在與醫院合作，為他們提供服務，並讓醫生在網路上更具影響力。有人將這種趨勢稱為工業互聯網，它與各行業的企業和公共部門深度融合，並為他們提供互聯網存在的交鑰匙解決方案。我們在建立技術基礎設施方面的優勢使我們在當前的網路環境中處於優勢，透過同時提供雲端、OGI 和行動生態系統產生協同效應。

Our mobile ecosystem is benefiting from a rebound in the Chinese economy, and we stand to benefit from leveraging our large user base to grow our non-advertising revenue, such as fully integrating YY onto Baidu's platform.

我們的行動生態系統正受益於中國經濟的反彈，我們將利用龐大的用戶群來增加非廣告收入，例如將 YY 完全整合到百度平台上。

On capital allocation, our share repurchases in 2020 totaled US$1.9 billion, which reflects the conviction that we have in the direction of our business.

在資本配置方面，我們2020年的股票回購總額達到19億美元，反映了我們對業務方向的信心。

Over the past two decades, we have demonstrated a track record for long-term growth and strong profitability. The heavy investments that we are making to seize growth potential puts us on a path to further improve our long-term growth.

在過去的二十年裡，我們取得了長期成長和強勁獲利的業績。我們為抓住成長潛力而進行的大量投資使我們走上了進一步改善長期成長的道路。

Let me end by talking about our efforts in ESG. We recently released 4 series of ESG report, clarifying our policy in anti-corruption, non-discrimination, privacy protection, data security, talent empowerment and low carbon emission commitment. More importantly, Baidu's efforts in autonomous driving, including empowering EVs and robotaxis, as well as smart transportation, decrease carbon dependency and enable the improvement of traffic congestion and air quality through AI and cloud services, supporting green energy and green environment. We are pleased that Baidu's ESG ranking was raised twice last year, as we improved the communication of our ESG efforts.

最後，我想談談我們在 ESG 的努力。我們近期發布了4個系列的ESG報告，闡明了我們在反腐敗、非歧視、隱私保護、資料安全、人才賦能和低碳排放承諾方面的政策。更重要的是，百度在自動駕駛領域的努力，包括賦能電動車和自動駕駛計程車以及智慧交通，透過人工智慧和雲端服務減少碳依賴，改善交通擁堵和空氣質量，支持綠色能源和綠色環境。我們很高興看到百度的 ESG 排名去年上升了兩次，因為我們改善了 ESG 工作的溝通。

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

接線員，現在讓我們開始提問。

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

（操作員指示）您的第一個問題來自花旗集團的 Alicia Yap。

(foreign language) My question is related to your partnership with Geely. Can you share with us some colors on the expected timeline for this new EV to be released and what Baidu want to achieve out of it? Will Baidu also continue to seek for partnership with other OEMs to co-produce other EV? And just related to that is it seems like Geely is also working with multiple AD companies and also working on developing their own ADAS. So how would you describe the partnership and your relationship with Geely? Thank you.

（外語）我的問題與你們與吉利的合作有關。您能否向我們透露一下這款新電動車的預計發佈時間表以及百度希望透過它實現什麼目標？百度是否還會繼續尋求與其他 OEM 廠商合作，共同生產其他電動車？與此相關的是，吉利似乎也與多家 AD 公司合作，並致力於開發自己的 ADAS。那麼您如何描述與吉利的合作關係和關係呢？謝謝。

hi Alicia, this is Robin. Let me answer your question. Our partnership with Geely is based on the belief that end-to-end integration, hardware and software, will provide the best experience for autonomous driving or smart EV. And in the past, we have developed a lot of very advanced autonomous driving technologies. We try to push this to integrate into our OEM customers. But most of the traditional OEMs tend to wait until someone else adopts the newest and latest technology. That's why we decide it's time for us to just build a benchmark vehicle to show that how good the experience is.

你好，艾莉西亞，我是羅賓。讓我來回答你的問題。我們與吉利的合作基於這樣的信念：端到端整合、硬體和軟體將為自動駕駛或智慧電動車提供最佳體驗。而且過去我們已經開發了許多非常先進的自動駕駛技術。我們盡力推動這一點，以融入我們的 OEM 客戶。但大多數傳統 OEM 傾向於等待其他人採用最新的技術。這就是為什麼我們決定是時候製造一輛基準車輛來展示體驗有多好。

It also serves the purpose of better and faster and stronger feedback loop so that we can improve our self-driving technology faster. Right now, the venture is progressing very well. We have a CEO on board, and we have decided on the brand of the new vehicle.

它還可以實現更好、更快、更強的回饋迴路，以便我們能夠更快地改進我們的自動駕駛技術。目前，該專案進展非常順利。我們已經有了一位首席執行官，並且已經決定了新車的品牌。

As you know, it usually takes around 3 years from the beginning to the launch of a new EV model, and we try to do the same for this new venture.

眾所周知，一款新的電動車車型從開始到上市通常需要大約 3 年的時間，我們也嘗試為這項新業務做同樣的事情。

On the other hand, Apollo and Baidu Brain, in general, remains to be a very open platform. We will continue to work with other OEMs to provide the technology and the products to them whatever that is needed. We will serve them to our best efforts. And in the past, it's just without someone first trying, they tend to wait. Now we have a flagship where we have a benchmark they can follow. I'm sure it will also help the revenue of the Apollo technology provider products of autonomous driving.

另一方面，Apollo和百度大腦總體上仍然是一個非常開放的平台。我們將繼續與其他 OEM 合作，為他們提供所需的技術和產品。我們將盡最大努力為他們服務。而在過去，如果沒有人先嘗試，他們往往會等待。現在我們擁有了旗艦產品，為他們提供了可以效仿的基準。我相信這也將有助於阿波羅技術供應商自動駕駛產品的收入。

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

我們的下一個問題來自美銀美林的 Eddie Leung。

Just have a follow-up question on AI cloud. I remember one of the key reasons of the high AI cloud is that it should have better margins than some of your competitors, which are focused on some of the more infrastructure cloud services. So just wondering if you can offer some not necessarily a very quantitative guidance, but some marginal outlook for your AI cloud thesis given some of your competitors already achieving a breakeven status.

我只是想問一下關於 AI 雲的後續問題。我記得高人工智慧雲端的一個關鍵原因是它應該比一些專注於一些基礎設施雲端服務的競爭對手有更好的利潤率。所以我只是想知道您是否可以提供一些不一定非常量化的指導，但考慮到您的一些競爭對手已經實現了盈虧平衡，對您的 AI 雲端論文提供一些邊際展望。

Yes. Eddie, Happy New Year. And this is Herman, I'll take that. So for cloud, we have several pieces of business in our cloud. We talked about our enterprise cloud, which is IaaS, but we differentiate in the market, which -- with AI solutions such as PaaS and SaaS. And clearly, when we're able to do PaaS and SaaS, we see there's much more profitability to be made over the IaaS. But what we have to recognize is that when you're going into a software space of PaaS and IaaS, initially, it might not be very profitable.

是的。艾迪，新年快樂。這是赫爾曼，我接受。對於雲端而言，我們的雲端中有幾項業務。我們討論了我們的企業雲，即 IaaS，但我們在市場上有所差異，即透過 PaaS 和 SaaS 等 AI 解決方案。顯然，當我們能夠做 PaaS 和 SaaS 時，我們發現 IaaS 的獲利能力要高得多。但我們必須認識到，當你進入 PaaS 和 IaaS 軟體領域時，最初可能不會非常有利可圖。

For example, the AI solution that Robin talked about, when we did our first solution a couple of years ago, that was actually a very, very poor margin because you're going into a new environment, you might have a good product, where you've got to spend a lot of effort to integrate with your existing legacy systems. So as you build that out, as you're selling to more customers and so forth, and you make your product more standardized, then the next few versions with this allows your profit margin to increase.

例如，Robin 談到的人工智慧解決方案，當我們幾年前推出第一個解決方案時，利潤率實際上非常非常低，因為你要進入一個新的環境，你可能有一個好的產品，但你必須花費大量的精力來與你現有的遺留系統整合。因此，隨著您不斷完善產品，向更多客戶銷售產品等等，並使產品更加標準化，接下來的幾個版本將會增加您的利潤率。

So because we're growing so fast and we're trying a lot on the product, we would not expect profit margin at this stage to be very profitable. But when we look at our product life cycle, such as the automated AI solution, customer solution, call center, we can see that over time that, that margin trends up.

因此，由於我們發展如此之快，並且我們正在對產品進行大量嘗試，因此我們預計現階段的利潤率不會很高。但是，當我們觀察我們的產品生命週期時，例如自動化人工智慧解決方案、客戶解決方案、呼叫中心，我們可以看到，隨著時間的推移，利潤率呈上升趨勢。

So to answer your question, I think on the one part on enterprise cloud and so forth. One, our margin is gonna be a function of how much is PaaS and how much is PaaS and SaaS and how much is IaaS. I think IaaS over time, because we're differentiating with SaaS and PaaS, over time when that proportions, things go bigger and bigger. I think our profitability would be better, especially when products mature.

因此，要回答您的問題，我認為一方面是關於企業雲等等。首先，我們的利潤將取決於 PaaS 佔比、PaaS 佔比、SaaS 佔比和 IaaS 佔比。我認為隨著時間的推移，IaaS 會變得越來越大，因為我們與 SaaS 和 PaaS 之間存在差異。我認為我們的獲利能力會更好，尤其是當產品成熟時。

And then another big part of our cloud is, for example, a vertical cloud such as smart transportation. And again, that's a principle of product maturity. That's a principle of how -- what mix of that is software and so forth. I think, overall, all of this would be very helpful.

我們的雲的另一個重要部分是垂直雲，例如智慧交通。再次強調，這是產品成熟度的原則。這是一個關於如何——軟體的混合體等等的原理。我認為，總的來說，所有這些都會非常有幫助。

And just to answer your question, some of our competitors might be profitable and so forth. I think it really depends on the business that you want to be in. And unfortunately, we don't have the luxury of some of our peers where they can just allocate expenses right to their other businesses and so forth because the infrastructure is the same.

僅回答您的問題，我們的一些競爭對手可能會獲利等等。我認為這實際上取決於你想從事的業務。不幸的是，我們不像一些同行那樣，能夠將費用直接分配給其他業務，因為基礎設施是相同的。

So I think, profitably, I think, one, is how you do allocation of expenses. Another is, are you focused more on software? Do you have a differentiation in the software sector, such as our AI solutions? And then how mature your product is over the product life cycle. I think these are determinations of future profitability.

所以我認為，有利可圖的是，第一，你如何分配費用。另一個問題是，您是否更專注於軟體？你們在軟體領域是否有差異化，例如我們的人工智慧解決方案？然後，您的產品在產品生命週期內有多成熟。我認為這些都是未來獲利能力的決定因素。

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

我們的下一個問題來自高盛的 Piyush Mubayi。請提出你的問題。

Congratulations, Robin, Herman, for a splendid quarter, a great outlook. Can I just go back to the intelligent EV company that you talked about, Robin? And you talked about the 3-year lead time to get a car to market under the name. So you selected a name, let's call it, Baidu car for the time being. Why would it take 3 years for that to happen, first? And second, when you launch that car, and I'm just trying to fish here also. What segments are you targeting? And are you targeting a certain market share in this explosively growing market? And we're trying to get a better sense of how this will evolve with time. And while this is happening, what happens to the revenue line as we start to see accrue from the ANP in particular? So if you could give us a sense of what pricing could be like with products like the ANP that has just gone, I suspect, live right now. And I'll stop there.

恭喜羅賓、赫爾曼，恭喜你們取得了輝煌的季度業績和美好的前景。我可以回到您談到的智慧電動車公司嗎，羅賓？您談到了以該名稱將汽車推向市場需要 3 年的準備時間。那你選定了一個名字，我們暫時就叫它百度車吧。首先，為什麼這需要 3 年才能實現？其次，當你啟動那輛車時，我也只是想在這裡釣魚。您瞄準的是哪些細分市場？在這個爆炸性成長的市場中，您是否瞄準了一定的市場份額？我們正在努力更好地了解這種情況將如何隨著時間的推移而發展。當這種情況發生時，當我們開始看到 ANP 的累積收入時，收入線會發生什麼變化？因此，如果您能讓我們了解一下剛剛上線的 ANP 等產品的定價情況，我猜現在是這樣。我就講到這裡。

Piyush, yes, as I mentioned that the reason we're doing this smart EV that we want to bring the best of our technology to the market. So the selling point -- the main selling point of this new car model will be more on the software side or the software and hardware integration, so that has a better autonomous driving capability as well as better infotainment because of DuerOS for auto, et cetera, et cetera. We will announce the price range or demographic target when we think it's mature enough when we are really ready for that. But that means that you can count on that. We will try to speed up the process to launch this new car as soon as we can. And -- but it will be the best car on the marketplace with best autonomous driving technology and that infotainment for the smartest car.

Piyush，是的，正如我所提到的，我們生產這款智慧電動車的原因是我們希望將我們最好的技術推向市場。因此，這款新車型的主要賣點將更多地放在軟體方面或軟體和硬體整合上，這樣它就有更好的自動駕駛能力，以及更好的資訊娛樂功能，因為有 DuerOS for auto 等等。當我們認為足夠成熟、真正做好準備時，我們就會公佈價格範圍或人口目標。但這意味著你可以依賴它。我們將努力加快進程，盡快推出這款新車。而且——但它將是市場上最好的汽車，擁有最好的自動駕駛技術和最聰明汽車的資訊娛樂系統。

People generally call the class EV. But for us, the real point, it's not electric. The real point is intelligent. And we are best in terms of the intelligent driving. And we will fully leverage this kind of capabilities.

人們一般都稱這個類為EV。但對我們來說，真正的重點是，它不是電動的。真正的重點是智能。我們在智慧駕駛方面是最棒的。我們將充分利用這種能力。

Yes. And let me elaborate that, Piyush, when -- just to go a little bit deeper, give you more color on the meaning of intelligence. So when you look at EVs, right, there are several components for example, there is the ASD Apollo self-driving services that we talked about. That would be HD Map. That would be valet parking. That would be navigation pilot. Stuff like that, right? And our model is different than most of EV manufacturers where we license OEM, right? So we can spend that R&D. And then because our market is not just limited to how many cars we sell, it's open platform so we sell to many OEMs. That's number one.

是的。皮尤什，讓我進一步闡述——只是更深入一點，讓你更清楚地了解智力的意義。因此，當您查看電動車時，有幾個組成部分，例如，我們討論過的 ASD Apollo 自動駕駛服務。那就是高清地圖。這就是代客泊車。那將是導航員。諸如此類的事情，對吧？我們的模式與大多數獲得 OEM 授權的電動車製造商不同，對嗎？所以我們可以投入研發經費。而且由於我們的市場不僅限於我們銷售多少輛汽車，它是一個開放平台，所以我們向許多 OEM 銷售產品。這是第一點。

Number two, in addition, being able to power the operating system of infotainment, that's very key because that requires a big ecosystem where you have a lot of content made. So DuerOS for auto, as we mentioned, we've already installed for over 1 million cars in 2020. And again, that's the open model we're working with several OEMs.

第二，此外，能夠為資訊娛樂操作系統提供動力非常關鍵，因為這需要一個擁有大量內容的大型生態系統。正如我們所提到的，DuerOS 汽車作業系統已經在 2020 年為超過 100 萬輛汽車安裝了。這也是我們正在與多家原始設備製造商合作的開放模式。

So we have the edge in these 2 areas. In addition, we're doing autonomous driving so we can leverage that technology. And more importantly, you've got to realize we're doing this on an ecosystem basis. So on the one hand is making the car more intelligent from ASD, from connected vehicles, from autonomous driving. Another is the fact that we're doing a V2X with smart transportation. Because a lot of the key data is being gathered on our transportation cloud, whether it's on the road, whether it's through the maps or whether it's connected vehicles and so forth, we can understand the road better. So all of that data and that capability will then empower our EV.

所以我們在這兩個領域具有優勢。此外，我們正在進行自動駕駛，因此我們可以利用這項技術。更重要的是，你必須意識到我們是在生態系統的基礎上做到這一點的。因此，一方面，透過 ASD、連網汽車和自動駕駛，讓汽車變得更加智慧。另一個事實是我們正在進行智慧交通領域的 V2X 技術。由於大量關鍵數據都收集在我們的交通雲上，無論是在道路上，還是透過地圖，還是透過連網車輛等等，我們都可以更了解道路。因此，所有這些數據和能力都將為我們的電動車提供動力。

So 2 things. Number one is we think our EV can be more intelligent because we're doing other components and because R&D is centralized and it supports other manufacturers. And secondly, because of our ecosystem strategy, we were coming up from a transportation angle, and also from the different components.

所以有兩件事。首先，我們認為我們的電動車可以更加智能，因為我們正在生產其他零件，而且研發是集中的，並且可以支援其他製造商。其次，由於我們的生態系統策略，我們從交通角度以及不同的組成部分出發。

Our next question comes from James Lee from Mizuho.

下一個問題來自瑞穗的詹姆斯李。

Congrats on an excellent quarter here. On the smart transportation side, can you guys maybe provide some framework on the government's plan in terms of building out across the country? Should we think about that build-out being maybe top 30 markets?

恭喜本季取得優異成績。在智慧交通方面，你們能否提供一些政府在全國範圍內建設智慧交通的計畫架構？我們是否應該考慮將建設範圍擴大到前 30 個市場？

And also maybe help us understand the bidding process for city contracts a little bit. Do they choose multiple vendors and tech standards to do testing? And what is your key advantage compared to other operating systems? Is it your experience in autonomous-driven miles or your ability to offer multiple services on the platform?

也許還能幫助我們稍微了解一下城市合約的招標過程。他們是否選擇多個供應商和技術標準進行測試？與其他作業系統相比，您的主要優勢是什麼？是您在自動駕駛里程方面的經驗還是您在平台上提供多種服務的能力？

And also lastly, maybe, Herman, you can address this. Can you talk about the level of investments that is needed to make for smart transportation and also for autonomous driving over the next few years? And would you be breaking out the core advertising margin separately so we can also see the organic growth. Sorry for long-winded questions.

最後，也許，赫爾曼，你可以解決這個問題。您能談談未來幾年智慧交通和自動駕駛所需的投資水準嗎？您是否會單獨列出核心廣告利潤率，以便我們也能看到自然成長。抱歉，問題太長了。

James, in terms of smart transportation, we are the pioneer of the ACE concept, which means that we are the first company to really consider transportation as a whole, using more software-centric solutions to improve the throughput to connect the road with vehicles and to help reduce accidents and reduce carbon emission.

詹姆斯，在智慧交通方面，我們是ACE概念的先驅，這意味著我們是第一家真正將交通作為一個整體來考慮的公司，使用更多以軟體為中心的解決方案來提高吞吐量，將道路與車輛連接起來，幫助減少事故並減少碳排放。

Yes, when we talk to the potential customers of all kinds of different tier cities, they will obviously compare and invite multiple vendors to bid on those kind of projects. But in almost all cases, we're so much ahead of any competition. Essentially, if they care more about the effectiveness of those smart transportation projects, we win. So we're so much ahead because Apollo system is very open, and we've invested in this area for many, many years. And our AI capability provides a very solid foundation, and we have been doing a lot of customization for smart transportation. As Herman mentioned previously, initially that the margin could be low. But when we repeat this kind of project city after city, the margin improves in the overall gross margin for smart city, smart transportation projects keep improving. It's much better than the apps and CDN business off of a lot of cloud services. On investments:

是的，當我們與各種不同線級城市的潛在客戶交談時，他們顯然會比較並邀請多個供應商競標此類專案。但在幾乎所有情況下，我們都遠遠領先任何競爭對手。本質上，如果他們更關心這些智慧交通項目的有效性，我們就贏了。我們之所以領先這麼多，是因為阿波羅系統非常開放，而且我們在這個領域已經投資了很多年。而我們的AI能力提供了非常堅實的基礎，我們也一直在為智慧交通做大量的客製化。正如 Herman 之前提到的，最初的利潤率可能很低。但當我們在一個又一個城市重複此類項目時，智慧城市的整體毛利率不斷提高，智慧交通項目也不斷改善。它比許多雲端服務的應用程式和 CDN 業務要好得多。關於投資：

Yes. So the good thing is, when you look at our financial results, the amount that we're spending for autonomous driving and also for smart transportation is built into our model. So smart transportation is part of our AI cloud. So what you're seeing is already built in there. And you mentioned what does our margin look like for our core business. I suppose you're asking for mobile ecosystem. So for mobile ecosystem, our margin on that on a non-GAAP basis, usually is between mid-40s to high 40s.

是的。因此，好消息是，當您查看我們的財務結果時，我們會發現我們在自動駕駛和智慧交通方面花費的金額已計入我們的模型中。所以智慧交通是我們人工智慧雲端的一部分。所以您所看到的已經內建在那裡了。您提到了我們的核心業務的利潤率是多少。我想您問的是行動生態系統。因此，對於行動生態系統，我們基於非 GAAP 的利潤率通常在 40% 左右到 40% 左右之間。

And we've been pretty consistent in the last couple of years. Sometimes when revenue -- in a higher quarter, we might reach a little bit over 50, but usually, it's around that range. And we currently expect to be in that range right now. So you can see, as I talked about, the V-curve growth, mobile ecosystem will try to maintain within that range. And then for our new businesses and so forth, we look at it differently because that is more about are we funding right to optimize growth for the next couple of years.

過去幾年我們一直保持著相當穩定的表現。有時，在收入較高的季度，我們的收入可能會略高於 50，但通常情況下，它都在這個範圍內。我們目前預計目前就處於這個範圍內。所以你可以看到，正如我所說的，V 曲線增長，移動生態系統將試圖保持在這個範圍內。然後，對於我們的新業務等，我們會以不同的方式看待它，因為這更多的是我們是否正確地提供資金以優化未來幾年的成長。

Our next question comes from Jerry Liu from UBS.

下一個問題來自瑞銀的 Jerry Liu。

So my question first is just to go back to the revenue guidance for the first quarter, definitely a bit stronger than we even expected. So wanted to look at what are some of the key growth drivers here. On the non-ad side, I would assume some of this is related to cloud and smart transportation. I'm wondering if there's any other key growth areas.

所以我的第一個問題是回顧第一季的營收預期，它肯定比我們預期的要強一些。所以想看看這裡的一些關鍵成長動力是什麼。在非廣告方面，我認為其中一些與雲端和智慧交通有關。我想知道是否還有其他關鍵的成長領域。

And then secondarily, in the core advertising business, do we chalk this up to improving macro? Or are there some maybe different dynamics in terms of competition or products? Thank you.

其次，在核心廣告業務中，我們是否將其歸因於宏觀經濟的改善？或者在競爭或產品方面是否存在一些不同的動態？謝謝。

Yes. Let me answer it in different components. We talked about how non-advertising is now 18% of our revenue and in Q4, it's growing robustly 52%. We expect non-advertising to continue to outgrow our overall Baidu. So meaning it's going to -- because a lot of these are new businesses, it's gonna be able to pull the weight.

是的。讓我從不同角度來回答這個問題。我們談到非廣告收入目前占我們營收的 18%，而在第四季度，這一數字強勁成長了 52%。我們預期非廣告業務的成長速度將持續超過百度整體的成長速度。所以這意味著——因為其中許多都是新企業，它將能夠發揮重要作用。

Smart transportation is part of cloud, and we talked about it's over 60-some-percent growth in Q4. So I think that with our strong offering and so forth, I expect this to continue into 2021. But do recognize that there is seasonality, for example, when you think about AI cloud, Q4 tends to be stronger than Q1. Just so how the budget works and so forth. But overall, I think non-advertising is going to be driving us not only in cloud, for example, in our other growth initiatives, such as DuerOS and so forth. We think that these are all gonna be engines of growth.

智慧交通是雲端運算的一部分，我們談到了它在第四季度的成長超過 60%。因此，我認為，憑藉我們強大的產品等，我預計這種情況將持續到 2021 年。但也要認識到存在季節性，例如，當您考慮 AI 雲端時，第四季度往往比第一季更強勁。預算如何運作等等。但總的來說，我認為非廣告不僅會在雲端運算領域推動我們，還會在我們的其他成長計畫中推動我們，例如 DuerOS 等等。我們認為這些都將成為成長的引擎。

Piyush talked about earlier about our Apollo self-driving services. That -- while it's a small base, but that growth also helps. So it's all of these things.

Piyush 之前談到了我們的 Apollo 自動駕駛服務。雖然基數很小，但成長也有幫助。所以這就是所有這些東西。

And then with regards to our advertising business, I think several things. I think, number one, is the economy is coming back. So the macro helps certainly. But more importantly is Baidu App. We talked about in-app services several times already. Because we're seeing user behavior switching from browser into in-app services because we have AI building block, we're the only one at this scale in China where the app was designed as a search app and it's open. It allows worldwide web search. It allows content from all different apps and from all different websites. Because of that and because the content and services on our platform making the closed-loop native app experience, the best, we think, in China that the AI building blocks provides, we think that, that helps user behavior. And because of great growth and so forth, that helps drive our revenue. And then also because it's native app, it's on the platform. Obviously, CPM helps. So you have traffic growth, you have CPM, and then also you have the macro as a backdrop helping.

關於我們的廣告業務，我想到幾件事。我認為，首先，經濟正在復甦。所以宏觀肯定有幫助。但更重要的是百度App。我們已經多次討論過應用程式內服務。由於我們擁有人工智慧建置模組，我們看到用戶行為正在從瀏覽器轉向應用程式內服務，我們是中國唯一將應用程式設計為搜尋應用程式並且開放的應用程式。它允許全球網路搜尋。它允許來自所有不同應用程式和所有不同網站的內容。正因為如此，也因為我們平台上的內容和服務使得閉環原生應用體驗成為中國最好的，我們認為，人工智慧建構模組提供的體驗有助於使用者行為。而且由於巨大的成長等等，這有助於推動我們的收入。而且因為它是原生應用程序，所以它在平台上。顯然，CPM 有幫助。因此，您有流量成長，有 CPM，然後還有宏觀作為背景幫助。

Thank you. Next question comes from Alex Yao from JPMorgan. Please ask your question.

謝謝。下一個問題來自摩根大通的 Alex Yao。請提出你的問題。

Good morning management team. Congratulations on a fantastic quarter. So I have a question regarding the YY integration. Robin, I think you mentioned you guys plan to start integrating YY operation into your own content ecosystem in the coming quarters in your prepared remarks. Can I confirm that the deal is still going ahead with the previously announced valuation despite of the money order report and the changing regulatory environment of live broadcasting business in China?

管理團隊早安。恭喜您本季取得了出色的成績。所以我有一個關於 YY 整合的問題。羅賓，我想你在準備好的演講中提到過，你們計劃在未來幾季開始將 YY 營運整合到你們自己的內容生態系統中。我能否確認，儘管有匯票報告和中國直播業務監管環境的變化，該交易仍將按照先前宣布的估值進行？

And then I think you also mentioned new business opportunities will gradually unfold as you guys integrate YY's live streaming operation capability into your content ecosystem. Can you talk us through some of the key addressable market and the business model that will potentially unfold with the integration process?

然後我想你們也提到過，隨著你們將 YY 的直播營運能力融入到你們的內容生態系統中，新的商業機會將逐漸顯現。您能否向我們介紹一下整合過程中可能出現的一些關鍵目標市場和商業模式？

And lastly, perhaps, Herman, can you talk about how should we think about the financial impact in the coming quarters as you guys consolidate business and integrate the operation into your content ecosystem? Thank you very much.

最後，赫爾曼，您能否談談，在您們整合業務並將營運整合到內容生態系統中時，我們應該如何看待未來幾季的財務影響？非常感謝。

Alex, let me first answer the business model question, and I'll let Herman to answer the regulatory and financial guidance question. In terms of this model, we basically view live streaming as yet another new form of content and also new form of monetization. For content, live streaming is comparable to text images and videos including long and short form videos. Live streaming is just a new form of media.

亞歷克斯，讓我先回答商業模式問題，然後讓赫爾曼回答監管和財務指導問題。從這個模式來說，我們基本上把直播看作是另一種新的內容形式，也是新的貨幣化形式。從內容上來說，直播可以類比文字、圖片、視頻，包括長視頻、短視頻。直播只是一種新的媒體形式。

It serves the users best when you combine all kinds of different media forms and provide them the right form of media whenever necessary. And YY apparently provides a very vibrant and also mature ecosystem for live streaming content. Although they are more show-based content, but the capability can be transformed into other forms of live streaming, including knowledge or e-commerce related live streaming.

當您結合各種不同的媒體形式並在必要時為使用者提供正確的媒體形式時，它可以為使用者提供最佳服務。 YY 顯然為直播內容提供了一個非常活躍且成熟的生態系統。雖然更多的是表演類的內容，但是這種能力可以轉化為其他形式的直播，包括知識類或電商類的直播。

And in terms of monetization, we view that the Baidu platform as a whole, mobile ecosystem with hundreds of millions of users logged on to our platform on a daily basis. And we increasingly provide more native app experiences. Super majority of users logged in so that we know who they are, and they can have a better experience going from here to there.

在貨幣化方面，我們認為百度平台是一個整體的行動生態系統，每天有數億用戶登入我們的平台。我們越來越多地提供原生應用程式體驗。絕大多數用戶都登入了，這樣我們就知道他們是誰，他們就可以從這裡到那裡有更好的體驗。

Right now, the large user base is primarily monetized through advertising. This is sort of unusual when you compare with other large mobile ecosystems. They typically have well more than 50% of their revenue coming from non-advertising. And for Baidu, in addition to advertising or online marketing, we can monetize our user base through live streaming, through subscription, through e-commerce and many other forms of revenue stream. That's the rationale behind the YY acquisition.

目前，龐大的用戶群主要透過廣告來獲利。與其他大型移動生態系統相比，這有點不尋常。他們通常有超過 50% 的收入來自非廣告收入。對於百度來說，除了廣告或網路行銷之外，我們還可以透過直播、訂閱、電子商務和許多其他形式的收入來源將我們的用戶群貨幣化。這就是 YY 收購背後的原因。

Yes. I mean I just want to clarify the transactions due going ahead, despite of the Muddy Water report and the changing regulatory environment. And also the deal still going ahead with the previously announced valuation?

是的。我的意思是，儘管有渾水報告和不斷變化的監管環境，我只是想澄清即將進行的交易。該交易是否仍將按照先前宣布的估值繼續進行？

Yes. Yes. So you asked quite a mix of questions. With regards to the Muddy Water report, I think JOYY has come out with a statement. As you guys know, they hired a global legal team, and they also hired a Big Four auditor, and they have made their own announcement. That's a JOYY announcement, not a Baidu announcement. So I think looking at that, what would be the best. With regards to a regulatory environment, we are cognizant of the situation. And that's why we think that and wanted to navigate. As you know, you have a lot of experience looking at this. As you know, whenever there's a regulatory environment that you have to steer towards, it's more important to have a bigger leading player in China who have good relationship with the government, who knows how to do things correctly and so forth. And we needed an experienced team. And that gives us a better reason if we're going into a live streaming, we will buy a large experienced team. So this is more of an acquisition of a team rather than a particular product or just a business. It's the team talent is very important.

是的。是的。所以你問了相當多的問題。關於渾水報告，我認為歡聚時代已經發表了聲明。正如你們所知，他們聘請了一個全球法律團隊，也聘請了四大會計師事務所之一，並且他們已經發布了自己的公告。這是歡聚時代公告，不是百度公告。所以我認為看看這個，什麼是最好的。關於監管環境，我們了解情況。這就是我們這樣想並且想要探索的原因。如您所知，您在這方面擁有豐富的經驗。如你所知，每當你需要應對監管環境時，在中國擁有一家規模更大、與政府關係良好、知道如何正確行事的領先企業就顯得尤為重要。我們需要一支經驗豐富的團隊。這給了我們一個更好的理由，如果我們要進入直播領域，我們將收購一支經驗豐富的大型團隊。因此，這更像是對一個團隊的收購，而不是對某個特定產品或一項業務的收購。團隊天賦非常重要。

With regards to the contribution and so forth, currently, we're moving ahead. We're planning to integrate onto our platform, as Robin has said. And we're currently dealing -- addressing with some conditions and procedures. And we still is on pace to do the closing. As we announced previously, we're moving ahead with this. And the revenue is usually between CNY 2 billion, CNY 2.5 billion a quarter. So when we can confirm all of this thing that we think we'll be able to come back with that revenue amount.

關於貢獻等，目前我們正在向前推進。正如羅賓所說，我們計劃將其整合到我們的平台上。我們目前正在處理一些情況和程序。我們仍在按計劃完成收尾工作。正如我們之前宣布的那樣，我們正在推進這一進程。每季的營收通常在20億元至25億元之間。因此，當我們能夠確認所有這些事情時，我們認為我們將能夠收回該收入金額。

And with regards to pricing and so forth, yes, our final agreement was the original price. We do have stipulations in the agreement to protect Baidu shareholders. As you mentioned, there was money order report, the Big Four, of 2016, came in did not see anything. The global attorney came in, did not see anything. But to protect us, we do have indemnification in there to get a recovery just in case if something blows up in our head as a result of situations and so forth.

至於定價等等，是的，我們最終達成的協議是原價。我們的協議中確實有保護百度股東的規定。正如您所提到的，有一份匯票報告，2016 年四大銀行進來後什麼也沒看到。全球律師進來了，什麼​​也沒看到。但為了保護我們，我們確實有賠償金，以便在萬一由於某些情況等導致我們頭腦崩潰時獲得賠償。

Next question comes from Gregory Zhao from Barclays. Please go ahead.

下一個問題來自巴克萊銀行的 Gregory Zhao。請繼續。

So we know now Baidu has several different business lines, cloud, autonomous driving, mobile, smart devices. So in the daily operation, just want to know how the management team allocates for time spend and efforts among all the different segments and also your current priority. And a quick follow-up on your ADS system. So you mentioned the partnership with some leading automakers. So in the future, what's your best guesstimate of the pricing of the systems? Do you think the existing products such as Tesla's SSD is a good benchmark for pricing? Thank you.

所以我們現在知道百度有幾條不同的業務線，雲端、自動駕駛、行動、智慧型裝置。因此，在日常營運中，只想知道管理團隊如何在各個不同部門之間分配時間支出和精力，以及您目前的優先事項。並快速跟進您的 ADS 系統。您提到了與一些領先汽車製造商的合作。那麼，您對未來系統定價的最佳估計是多少？您認為特斯拉的 SSD 等現有產品是定價的良好基準嗎？謝謝。

Greg, in terms of time management, I would say roughly half-half. Half of our time and resources are invested in the mobile ecosystem part, and the other half in the AI cloud and intelligent driving and other growth areas. Because it's a relatively diversified portfolio of businesses, we try to set up more flexible mechanisms or incentive structures so that the team can be more independent and driven. For example, the smart EV company, we have a strategic partnership with a very separate incentive structure for the team. And we recently raised money for our smart device company. So going forward, we will continue to do this.

格雷格，就時間管理而言，我認為大約一半一半。我們的時間和資源一半投入在行動生態部分，另一半投入在AI雲和智慧駕駛等成長領域。因為這是一個相對多元化的業務組合，我們嘗試建立更靈活的機製或激勵結構，以便團隊能夠更加獨立和有動力。例如，我們與智慧電動車公司建立了策略合作夥伴關係，並為團隊提供了非常獨立的激勵結構。我們最近為我們的智慧設備公司籌集了資金。因此，今後我們將繼續這樣做。

On the Apollo smart driving services, we will continue to provide technology at a very open and flexible manner. I talked about we offer HD Maps, we offer AVP, we offer ANP, and potentially, we offer other combinations of this kind of technology and services. The pricing range could differ based on the period of the contract and products we offer. And it's growing very quickly, and it's still evolving very quickly.

在Apollo智慧駕駛服務上，我們將繼續以非常開放和靈活的方式提供技術。我談到了我們提供高清地圖、提供 AVP、提供 ANP，我們也可能提供此類技術和服務的其他組合。定價範圍可能根據合約期限和我們提供的產品而有所不同。它正在快速增長，並且仍在快速發展。

Yes. And let me just add a little, Greg. I think Robin was very modest with regards to answering your talent question. Robin talked about how he spends his time. But more importantly, as you may know, over the last 2 years, we have significantly strengthened our bench strength. So when you look at, for example, the lead of mobile ecosystem, Dou, he's a PhD. And we not only have (inaudible?) from -- very young, joining us 6, 7 years ago. And also, if you look at over the last 12 months, we've been aggressively hiring good talents underneath Dou.

是的。格雷格，請容許我補充一點。我認為羅賓在回答你的才華問題時非常謙虛。羅賓談論了他如何度過自己的時間。但更重要的是，正如你們所知，在過去的兩年裡，我們顯著增強了我們的後備力量。例如，你看看移動生態系的負責人竇先生，他就是一位博士。而且我們不只（聽不清楚？）從很年輕就開始加入我們，6、7 年前就加入了。而且，如果你回顧過去的 12 個月，你會發現我們一直在積極招募竇文濤手下的優秀人才。

If you look at Dr. Wang, again, he's a PhD, and we have been helping him build his team underneath too. So -- and you look at, for example, our EV company, we're looking for a CEO who's out in the industry. So in addition to the times -- Robin time and people from group management, we do spend a lot of time building talent. And I think that's why Robin is versatile, being able to manage all these businesses because a lot of it is on building that middle stream in Baidu for each of the business groups so that they can run more autonomous, as Robin had mentioned, centers and so forth.

如果你再看看王博士，他是一位博士，我們也一直在幫助他建立自己的團隊。所以——例如，你看我們的電動車公司，我們正在尋找一位業內的執行長。因此，除了羅賓的時間和集團管理人員的時間之外，我們確實花費了大量時間來培養人才。我認為這就是羅賓多才多藝的原因，他能夠管理所有這些業務，因為其中很大一部分是在為百度的每個業務部門構建中間流，以便他們能夠更加自主地運營，正如羅賓提到的那樣，中心等等。

And next question comes from Natalie Wu from Haitong International.

下一個問題來自海通國際的 Natalie Wu。

Thanks for taking my question. So my question is regarding the autonomous driving. So Apollo is absolute leader for the third-party service providers in that area. But just curious, what are the closest competitors you can think of regarding ASD, Robotaxi, smart city transportation projects, these 3 segments, respectively? Would love to hear management's thoughts on that. Thank you.

感謝您回答我的問題。我的問題是關於自動駕駛的。因此，Apollo 是該領域第三方服務提供者的絕對領導者。但只是好奇，您能想到的在 ASD、Robotaxi、智慧城市交通計畫這三個領域最接近的競爭對手分別是什麼？很想聽聽管理層對此的看法。謝謝。

You mentioned the competitors from ASD, smart transportation, and MaaS.

您提到了來自 ASD、智慧交通和 MaaS 的競爭對手。

The smart city transportation project.

智慧城市交通計畫。

Yes, sure. Yes, in terms of ASD, I think that the main competitors come from the traditional Tier 1 companies. But like I mentioned, we have unique advantages, for example, HD Maps. Basically, the non-Chinese companies are not allowed to provide high-definition maps.

是的，當然。是的，就ASD而言，我認為主要競爭對手來自傳統的Tier 1公司。但正如我所提到的，我們有獨特的優勢，例如高清地圖。基本上，非中國公司不允許提供高清地圖。

And for smart transportation project, there are a number of more traditional smart transportation companies domestically. Their business model is more like selling the hardware and complete the project and go away with it. But our model is more like an operating model. We would continue to optimize the throughput, reduce the traffic jam and improve safety for the overall transportation system as well as enable autonomous driving and connecting road with vehicles to give them more guidance on the road information and help them to avoid any kind of congestion.

而對於智慧交通項目，國內也存在一些比較傳統的智慧交通公司。他們的商業模式更像是銷售硬體、完成專案然後離開。但我們的模型更像是一種營運模式。我們將繼續優化吞吐量，減少交通擁堵，提高整個交通系統的安全性，並實現自動駕駛和道路與車輛連接，為車輛提供更多道路資訊指導，幫助他們避免任何類型的擁塞。

So like I mentioned, there might be some other vendors that could compete in these areas. But when you really compare about effecting of this kind of project, we are so much ahead.

所以就像我提到的那樣，可能還有其他一些供應商可以在這些領域競爭。但當你真正比較這類專案的效果時，我們就領先很多了。

In terms of MaaS, there are a number of start-ups that have a trial or projects in scattered cities, but it's in such an early stage. I think the adoption will be pretty much driven by the maturity of the technology. And things we are well ahead in terms of technology development, I think we are only limited by our capability of penetrating the cities and improving the technology itself. Not really limited by any competitors.

在 MaaS 方面，有許多新創公司在分散的城市進行試驗或項目，但仍處於早期階段。我認為採用程度很大程度取決於技術的成熟度。我們在技術發展方面遙遙領先，我認為我們唯一的限制是我們滲透城市和改進技術本身的能力。不受任何競爭對手的限制。

Thank you. Our last question for today comes from Tian Hou from T.H. Capital. Please ask your question.

謝謝。今天的最後一個問題來自 T.H. 的 Tian Hoo。首都。請提出你的問題。

Okay. I have 2 quick questions. One is related to your Apollo autonomous driving. A lot of questions have been asked. So my question is very short. So on one hand, all the modules you are selling through OEMs. On the other hand, you're going to start your own EV companies. So under what kind of circumstances some of your technology, you're going to just keep yourself instead of licensing to others? So that's number one.

好的。我有兩個簡單的問題。一個是跟你們的Apollo自動駕駛有關。已經有很多問題被問到。我的問題很簡短。一方面，所有模組都是透過 OEM 銷售的。另一方面，你們將創辦自己的電動車公司。那麼在什麼情況下，你們會自己保留某些技術，而不是授權給其他人呢？這是第一點。

Number two, related to the AI call center solutions. So I'm very happy to see that operators and they start to purchase. And I wonder what is the potential for the AI call center solution. Who can be the potential customers and what industry this call center can apply to? So that's the 2 questions.

第二，與AI呼叫中心解決方案相關。因此我很高興看到運營商開始購買。我想知道 AI 呼叫中心解決方案的潛力是什麼。誰可以成為潛在客戶？該呼叫中心可以適用於哪些產業？這就是兩個問題。

Yes. For the first question, Apollo is an open platform. All of our technologies are available to our customers. We will work with them to our best knowledge and best efforts. So anything that we use for ourselves is available to third party, too. It's just because we have a better understanding of the technology itself. We can better integrate software with hardware and use the feedback loop in a more timely fashion so that we can improve our technology faster. If you can compare this with the Windows and Surface, right? Surface serves as a benchmark for laptops. That's pretty much like Apollo for third party and for our own EV.

是的。對於第一個問題，Apollo是一個開放的平台。我們的所有技術均可供客戶使用。我們將盡我們所知、盡最大努力與他們合作。因此，我們自己使用的任何東西也可供第三方使用。這只是因為我們對科技本身有了更好的理解。我們可以更好地將軟體與硬體集成，並更及時地使用反饋迴路，以便我們能夠更快地改進我們的技術。如果您可以將其與 Windows 和 Surface 進行比較，對嗎？ Surface 是筆記型電腦的標竿。這很像針對第三方和我們自己的電動車的阿波羅。

On the AI solution for call centers, it actually can be used in a lot of industries. I mentioned the airline industry, the telecom industry, the financial services industry. Wherever there is some customer service need that our AI call center solution can be apply to, it's actually being used in a number of different industries. And we are going through Phase 1, Phase 2, Phase 3 so that the experience continued to improve and the knowledge base for that certain sector or for that certain company can be viewed. And the system will become smarter and smarter.

關於呼叫中心的AI解決方案，它實際上可以應用於許多產業。我提到了航空業、電信業、金融服務業。無論何處有客戶服務需求，我們的 AI 呼叫中心解決方案都可以應用，它實際上已在許多不同的行業中使用。我們正在經歷第一階段、第二階段和第三階段，以便不斷改善體驗，並可以查看特定行業或特定公司的知識庫。而且系統也會變得越來越智慧。

All right. Thank you. So ladies and gentlemen, with that, we conclude our conference for today. Thank you for participating. You may all disconnect.

好的。謝謝。女士們、先生們，今天的會議到此結束。感謝您的參與。你們都可以斷開連線。