百度 (BIDU) 2020 Q3 法說會逐字稿

Hello, and thank you for standing by for Baidu's Third Quarter 2020 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

您好，感謝您參加百度2020年第三季財報電話會議。 （操作員指示）今天的會議正在錄製。 （操作員指示）

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 Third Quarter 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年第三季業績電話會議。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。

On the call today, we have Robin Li, our Chief Executive Officer; Herman Yu, our Chief Financial Officer; and Dou Shen, our Executive Vice President in charge of Baidu's Mobile Ecosystem Group, our search and feed business. After our prepared remarks, we will hold a Q&A session.

參加今天電話會議的有我們的執行長李彥宏；我們的財務長 Herman Yu；以及我們的執行副總裁竇深，負責百度行動生態系統事業群、搜尋和資訊流業務。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 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改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，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 we actively apply 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衡量標準做了微調，並積極應用這些變化進行比較。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 solid results in the third quarter, with Baidu's total revenues reaching RMB 28.2 billion, up 1% from last year. Baidu Core revenue reached RMB 21.4 billion, up 13% sequentially, which is an acceleration from the 8% sequential growth for the third quarter last year.

大家好。百度第三季業績表現穩健，總營收達 282 億元，較去年同期成長 1%。百度核心營收達 214 億元，季增 13%，高於去年第三季 8% 的季增幅。

China saw a second wave of COVID-19 cases in July and was quick to contain the pandemic, giving us confidence that China has standard operating procedures in place to promptly deal with the new COVID outbreaks.

中國在7月出現了第二波新冠肺炎疫情，並迅速控制住了疫情，這讓我們相信中國已經制定了標準的操作程序來迅速應對新的新冠肺炎疫情。

Many of the advertising verticals that saw negative growth in prior quarters have turned around, including health care, education, auto, lifestyle and software. As the Chinese economy continues to recovery, we are in a good position to further benefit from such improvement in the business environment.

許多前幾季出現負成長的廣告垂直產業已經扭虧為盈，其中包括醫療保健、教育、汽車、生活方式和軟體。隨著中國經濟持續復甦，我們將進一步受益於商業環境的改善。

Over the last few years, we have focused on strengthening Baidu's mobile ecosystem by increasing logged in users, aggregating content and services on Baidu's platform and adding social engagement to our platform. Such strengthening of our mobile ecosystem has not only improved the search user experience. It has also allowed users to do more on Baidu, from information research to social interaction to closed-loop purchases.

過去幾年，我們致力於加強百度的行動生態系統，增加登入用戶，聚合百度平台上的內容和服務，並增加平台的社交參與度。我們行動生態系統的加強不僅改善了搜尋用戶體驗。它還允許用戶在百度上做更多的事情，從資訊搜尋到社交互動到閉環購買。

In September, MAUs on Baidu App reached 544 million, up 12% year over year. In-app search queries continue to grow in teens, and daily users logged in on Baidu App reached 70%. That's up from 53% a year ago.

9月份，百度App月活躍用戶達5.44億，年增12%。青少年族群應用程式內搜尋查詢量持續成長，百度App日均登入用戶數達70%。這一數字比一年前增加了 53%。

A thriving mobile ecosystem sets a strong foundation for Baidu to diversify beyond advertising into nonadvertising services, such as membership and online games. Live streaming is also proving to be a good feed for Baidu users. Nonadvertising consumer system revenue for Baidu Core reached RMB 1.4 billion, or USD 211 million. That's up 2.6% -- 2.6x from 2 years ago, and paid membership reached 31.5 million in the third quarter.

蓬勃發展的行動生態系統為百度實現業務多元化奠定了堅實的基礎，使其能夠從廣告業務拓展至會員和線上遊戲等非廣告服務。事實證明，直播對於百度用戶來說也是一種很好的資訊推送方式。百度核心非廣告消費者係統收入達14億元人民幣，約2.11億美元。這一數字比兩年前增長了 2.6%——2.6 倍，第三季付費會員數達到 3,150 萬。

To accelerate our efforts in growing nonadvertising businesses, we announced today our intention to acquire YY Live, a leading video-based live streaming platform in China. Adding YY Live to our business portfolio will allow Baidu to gain immediate operational experience and know-how on building a large live video community. We are excited about the opportunities ahead by merging Baidu's large traffic and vibrant mobile ecosystem with YY's expertise in video programming, creator network management and social media community development. Together with YY's team, we hope to explore the next generation of live video and venture beyond entertainment into every facet of our lives in the years to come.

為了加快我們在非廣告業務方面的發展，我們今天宣布了收購中國領先的視訊直播平台 YY Live 的意向。將 YY Live 添加到我們的業務組合中將使百度獲得建立大型直播視訊社群的直接營運經驗和專業知識。我們對將百度龐大的流量和充滿活力的行動生態系統與 YY 在視訊編程、創作者網路管理和社交媒體社群發展方面的專業知識相結合的未來機會感到興奮。我們希望與YY團隊一起，在未來的歲月裡探索下一代直播視頻，並超越娛樂，融入我們生活的方方面面。

On online marketing services, we have added live streaming and purchase functions to our platform and are enabling users to seamlessly move from information, to social, to purchase on our platform within user search and follow relevant information, interact with merchants and seamlessly complete a purchase of third-party goods and services on Baidu.

在線上行銷服務方面，我們為平台添加了直播和購買功能，使用戶能夠無縫地從信息轉移到社交，然後在平台上進行購買，用戶搜索並關注相關信息，與商家互動，並在百度上無縫完成對第三方商品和服務的購買。

By providing a platform from information to social, to purchase, we are enlarging the TAM for our online assets from interest generation to purchase conversion, to loyalty marketing and advertising, which allow merchants to perform user lifetime value management. Baidu's in-app revenue, which accounts for more than half of our mobile ecosystem revenue, continues to experience double-digit growth with further upside from nonadvertising revenue. Baidu's new AI businesses are also experiencing double-digit growth, with the Baidu Cloud growing 41% year over year in the third quarter.

透過提供從資訊到社交、再到購買的平台，我們正在擴大我們線上資產的TAM，從興趣產生到購買轉化，再到忠誠度行銷和廣告，這使得商家能夠進行用戶終身價值管理。百度的應用程式內收入占我們行動生態系統收入的一半以上，持續保持兩位數的成長，非廣告收入還有進一步上升的空間。百度新的人工智慧業務也正在經歷兩位數的成長，其中百度雲第三季年增41%。

Let's begin Q3 discussion with our mobile ecosystem. In September, Baidu App's DAU reached 206 million, up 9% year-over-year.

讓我們從行動生態系統開始討論第三季。 9月份，百度App日活躍用戶達2.06億，較去年同期成長9%。

Let me go over our progress in video, verticals and communities and monetization. First, on video. As a leading Internet platform for content and services, Baidu is attracting a tremendous amount of creators to offer knowledge and information-centric live videos and short videos. For example, the number of topical sections such as Wander Planet and Who to Support live streamed in the third quarter was up eightfold from the prior quarter.

讓我介紹一下我們在影片、垂直產業、社群和貨幣化方面取得的進展。首先，關於視訊。百度作為領先的網路內容和服務平台，正在吸引大量創作者提供以知識和資訊為中心的直播影片和短影片。例如，《流浪星球》《支持誰》​​等專題專欄第三季的直播數量較上一季成長了8倍。

And second, on vertical and communities. Through our AI building blocks and industry-specific offerings, we are seeing verticals developing successfully on Baidu. For instance, the B2B sector, we added enhanced commerce capabilities to our hosted marketing cloud platform, such as verified merchant information and a large catalog of SKUs to form a B2B marketplace that we call AiCaiGou. Our B2B community enables Baidu customers, who in the past only purchased traffic, to now list their commercial machineries interacting with potential consumers and consummate with the transaction on our platform. The revenue recognition of our B2B marketplace on our marketing cloud platform has resulted in paid merchant membership surpassing 100,000 in the third quarter.

其次，關於垂直和社區。透過我們的人工智慧建構模組和產業特定產品，我們看到垂直產業在百度上成功發展。例如，在B2B領域，我們為託管行銷雲端平​​台添加了增強的商業功能，例如經過驗證的商家資訊和大量的SKU目錄，以形成我們稱為「愛財購」的B2B市場。我們的B2B社群使過去僅購買流量的百度客戶現在可以列出與潛在消費者互動的商業機器並在我們的平台上完成交易。我們行銷雲端平​​台上的B2B市場收入確認使得付費商家會員數量在第三季超過100,000。

Baidu Health continued to solidify its market position as a top health care platform in China. Baidu's development of high-quality content and communities is growing telehealth, with online doctor consultation increasing 60% from a year ago. Health care-related GMV in the third quarter was up 26-fold from last year. In the future, Baidu Health has the potential to offer prescription drugs and health care products, leveraging our dominant traffic in providing health care related information and the large scale of social engagements developing on our platform.

百度健康持續鞏固其作為中國頂級醫療平台的市場地位。百度對優質內容和社群的發展正在推動遠距醫療的發展，線上醫生諮詢量比一年前增加了 60%。第三季醫療保健相關商品交易總額較去年同期成長了26倍。未來，百度健康有潛力提供處方藥和保健產品，利用我們在提供醫療保健相關資訊方面的優勢流量和我們平台上正在發展的大規模社交活動。

On the institution side, our partnership with over 80 top hospitals nationwide puts us in a good position to enable the digital transformation of hospital and help them stay connected with patients. This, in turn, will make it more convenient for users to access hospital services and their own health information.

在機構方面，我們與全國 80 多家頂級醫院的合作使我們能夠實現醫院的數位轉型並幫助他們與患者保持聯繫。這反過來將使用戶更方便地獲取醫院服務和自己的健康資訊。

Third, on monetization. Starting with marketing services. Baidu App continued to demonstrate strength, with in-app advertising revenue growing double digits year on year, driven by strong in-app search traffic, coupled with in-app search CPM growth, further validating the value of Baidu's open platform in-app search strategy.

第三，關於貨幣化。從行銷服務開始。百度App持續展現強勢，應用程式內廣告營收年增兩位數，得益於應用程式內搜尋流量的強勁成長，加上應用程式內搜尋CPM的成長，進一步驗證了百度開放平台應用程式內搜尋策略的價值。

Revenue from Managed Page reached 32% of Baidu Core's online marketing revenue in the third quarter as more site owners learn about the benefit of combining Baidu's traffic with our hosted marketing cloud platform. A leading Chinese EV manufacturer switched to Managed Page. And when combined with Baidu's monetization products, saw its marketing ROI improve significantly. Leads increased by 80%, and cost per lead dropped 40% from a year ago.

隨著越來越多的網站所有者了解到將百度流量與我們的託管行銷雲端平​​台相結合的好處，託管頁面的收入在第三季度達到了百度核心線上行銷收入的 32%。一家領先的中國電動車製造商已轉向託管頁面。與百度的貨幣化產品結合後，其行銷投資報酬率顯著提高。與去年相比，銷售線索數量增加了 80%，而每個銷售線索的成本下降了 40%。

With more users viewing videos on Baidu, rich media ads are beginning to see traction. In September, revenue generated from video ads on mobile search results grew 83% from 3 months prior. Video ads are suitable for advertisers across many industries, including health care, local services, financial services, software and machinery. And with continued adoption, video ads tend to be another driver of CPM growth in the future.

隨著越來越多的用戶在百度上觀看視頻，富媒體廣告開始受到關注。 9月份，行動搜尋結果影片廣告收入較3個月前成長了83%。影片廣告適合許多行業的廣告商，包括醫療保健、本地服務、金融服務、軟體和機械。隨著影片廣告的持續採用，它將成為未來 CPM 成長的另一個驅動力。

In addition to growing Baidu ad revenue, we have substantial upside from growing nonadvertising revenue. According to QuestMobile, Baidu is 1 of the 3 Internet companies in China that have a reach of over 1 billion Internet devices per month. Nonadvertising revenue as a percentage of our total consumer-facing business is much lower than our peers. As we further develop our mobile ecosystem to enable information, social and purchase, we stand to benefit from the many opportunities that will arise from a deeper connection with our users.

除了百度廣告收入的成長外，非廣告收入的成長也為我們帶來了巨大的成長空間。據QuestMobile稱，百度是中國三家每月網路設備覆蓋量超過10億台的網路公司之一。非廣告收入占我們面向消費者的總業務的百分比遠低於我們的同行。隨著我們進一步開發行動生態系統以實現資訊、社交和購買，我們將從與用戶建立更深層次聯繫所帶來的眾多機會中受益。

Moving to cloud and AI services. Baidu Cloud is providing a one-stop shop for cloud computing and differentiating with AI solutions to enable intelligent industries. For example, Baidu has partnered with Postal Savings Bank of China, a top retail bank in China with 40,000 branches, to provide Baidu AI PaaS to help improve credit risk management with Baidu's AI capabilities. Using AI to improve risk management for loan provision is particularly meaningful as Postal Savings has one of the largest consumer base of individuals and small enterprises in China.

轉向雲端和人工智慧服務。百度雲端提供一站式雲端運算服務，並透過人工智慧解決方案實現差異化，從而賦能智慧產業。例如，百度與擁有4萬家分行的中國頂級零售銀行中國郵政儲蓄銀行合作，提供百度AI PaaS，利用百度的AI功能幫助其改善信用風險管理。由於郵政儲蓄擁有中國最大的個人和小型企業客戶群之一，因此使用人工智慧來改善貸款風險管理尤其有意義。

Baidu is also partnering with Economic and Technological Development Zone of Guiyang, a primary data center hub in China, to provide AI PaaS. This strategic partnership will allow the 400-plus companies based in the economic development zone access to Baidu's AI PaaS and leverage our leading AI capabilities, such as deep learning, blockchain and augmented/visual recognition to make production improvement and efficiency gains. The 400-plus companies span across many industries, including manufacturing, electronics, auto, health care and pharmaceutical industries.

百度也與中國主要資料中心樞紐貴陽經濟技術開發區合作，提供 AI PaaS。此次策略合作將使位於經濟開發區的400多家企業能夠訪問百度的AI PaaS，並利用我們領先的AI功能，例如深度學習，區塊鏈和增強/視覺識別，來改善生產並提高效率。這400多家公司涉及製造業、電子業、汽車業、醫療保健業和製藥業等多個行業。

Baidu's cloud infrastructure is differentiated by a comprehensive end-to-end stack, from AI chips to open platform to deep learning framework to PaaS and SaaS solutions. A key component of Baidu's AI is our large open platform developer community. By opening up Baidu's AI to the world, we learn how AI is used and enlist developers to help Baidu improve our AI models, which, in turn, helps Baidu develop unique AI solutions. Baidu's AI open platform offers over 270 AI capabilities, which is tapped 1 trillion times per day at peak by a developer community of over 2 million.

百度雲端基礎設施的獨特之處在於其全面的端到端堆疊，從人工智慧晶片到開放平台到深度學習框架到 PaaS 和 SaaS 解決方案。百度人工智慧的關鍵組成部分是我們龐大的開放平台開發者社群。透過向世界開放百度的人工智慧，我們了解人工智慧的使用方式，並招募開發人員幫助百度改進我們的人工智慧模型，從而幫助百度開發獨特的人工智慧解決方案。百度AI開放平台提供超過270項AI能力，日均調用量高峰達1兆次，擁有超過200萬的開發者群。

Turning to Apollo. In August, Apollo won a RMB 460 million project to help Guangzhou improve traffic efficiency, safety and air pollution by adopting Baidu's V2X solution, which supports autonomous driving and other capabilities. This may be the largest smart transportation project yet in China, which reflects the public sector's willingness to use technology to improve the well-being of city life.

轉向阿波羅。今年8月，Apollo贏得了一個價值4.6億元的項目，透過採用百度支援自動駕駛等功能的V2X解決方案，幫助廣州改善交通效率、安全性和空氣污染。這可能是中國迄今為止最大的智慧交通項目，體現了公共部門利用科技改善城市生活福祉的意願。

Baidu recently opened Apollo Go robotaxi services to the public in Beijing, the third city following the operations in Changsha and Cangzhou. Passengers may call a robotaxi from Baidu Maps or Apollo Go app.

百度Apollo Go Robotaxi服務近日在北京正式上線，這是繼長沙、滄州之後，百度在第三座城市正式上線。乘客可以透過百度地圖或 Apollo Go 應用程式呼叫自動駕駛計程車。

And on DuerOS. According to market research firm, IDC, Strategy Analytics and Canalys, Xiaodu Smart Display was ranked #1 in shipments globally, and Xiaodu smart speakers was ranked #1 in shipments in China for the second quarter of 2020.

以及 DuerOS。根據市場研究公司IDC、Strategy Analytics和Canalys的數據，2020年第二季度，小度智慧顯示器全球出貨量排名第一，小度智慧音箱中國出貨量排名第一。

In September, we introduced Xiaodu smart earphones, which allow users to search, make call and navigate DuerOS skills through a voice assistant as well as hear instant language translation. Initial feedback on Xiaodu smart earphones, which retails for approximately USD 35 a pair, has been quite positive.

9月，我們推出了小型智慧耳機，用戶可以透過語音助理搜尋、撥打電話和操作DuerOS技能，還可以收聽即時語言翻譯。小度智慧耳機零售價約為每副 35 美元，初步回饋相當正面。

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 third quarter 2020 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2020年第三季電話會議。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 total revenues reached CNY 28.2 billion or USD 4.2 billion, increasing 1% year over year, rebounding from the trough in Q1. Our business improvement mainly came from Baidu Core, whose revenue reached CNY 21.4 billion or USD 3.1 billion in the third quarter, up 2% year-over-year versus down 13% in the first quarter and down 3% in the second quarter.

百度總營收達 282 億元（約 42 億美元），年增 1%，從第一季的低潮中反彈。我們的業務改善主要來自“百度核心”，其第三季營收達到人民幣 214 億元（31 億美元），年增 2%，而第一季下降 13%，第二季下降 3%。

iQiyi revenue reached CNY 7.2 billion, down 3% year over year. iQiyi membership revenue was up 7%, offset by an 11% decline in iQiyi advertising revenue. iQiyi advertising did not perform as robustly as we had hoped. But on a sequential basis, iQiyi advertising gradually is recovering, up 16% quarter over quarter.

愛奇藝營收達72億元人民幣，較去年同期下降3%。愛奇藝會員收入成長7%，但愛奇藝廣告收入下降11%。愛奇藝廣告的表現並不像我們所希望的那樣強勁。但以環比計算，愛奇藝廣告業務正逐漸復甦，較上季成長16%。

Non-GAAP cost of revenues was CNY 12.7 billion, down 22% year-over-year, primarily due to a decrease in content costs, traffic acquisition costs and cost of goods sold.

非公認會計準則營收成本為 127 億元，較去年同期下降 22%，主要由於內容成本、流量取得成本和銷售成本下降。

Non-GAAP SG&A expenses were CNY 4.3 billion, down 1% year over year. Non-GAAP R&D expenses were CNY 3.6 billion, down 6% year-over-year. And non-GAAP operating income for Baidu was CNY 7.6 billion, up 107% year over year.

非美國通用會計準則銷售、一般及行政費用為人民幣 43 億元，較去年同期下降 1%。非美國通用會計準則研發費用為36億元人民幣，較去年同期下降6%。百度非美國通用會計準則營業收入為76億元人民幣，較去年同期成長107%。

Non-GAAP operating income for Baidu Core was CNY 8.5 billion or USD 1.3 billion, up 37% year-over-year. Non-GAAP operating margin for Baidu Core was 40%, up 10 points from last year.

百度核心的非美國通用會計準則營業收入為人民幣 85 億元（約 13 億美元），較去年同期成長 37%。百度核心的非美國通用會計準則營業利益率為40%，較去年同期成長10個百分點。

Total other income in the quarter was CNY 8.3 billion or USD 1.3 billion, which includes a fair value gain of CNY 9 billion from long-term investments. Adjusted EBITDA was CNY 9.1 billion, up 77% year over year. Adjusted EBITDA for Baidu Core was CNY 9.8 billion or USD 1.4 billion, up 31% year-over-year. And adjusted EBITDA margin for Baidu Core was 46%, also up 10 points from last year.

本季其他總收入為 83 億元或 13 億美元，其中包括長期投資的公允價值收益 90 億元。調整後EBITDA為91億元，年增77%。百度核心的調整後 EBITDA 為人民幣 98 億元（約 14 億美元），較去年同期成長 31%。百度核心的調整後EBITDA利潤率為46%，較去年同期也上升了10個百分點。

As of September 30, our cash and short-term investments were CNY 146 billion, and cash and short-term investments for Baidu Core was CNY 138.5 billion or USD 20.4 billion. Free cash flow in the third quarter was CNY 6.3 billion, and free cash flow excluding iQIYI was CNY 8.3 billion or USD 1.2 billion.

截至 9 月 30 日，我們的現金和短期投資為 1,460 億元人民幣，而「百度核心」的現金和短期投資為 1,385 億元或 204 億美元。第三季自由現金流為人民幣63億元，扣除愛奇藝的自由現金流為人民幣83億元或12億美元。

During the third quarter, we returned approximately USD 600 million to our shareholders, bringing the cumulative repurchase for this year to date to approximately USD 1.3 billion. Baidu Core had approximately 31,300 full-time employees as of September 30, up 3% from last year.

第三季度，我們向股東返還了約 6 億美元，使今年迄今的累計回購額達到約 13 億美元。截至9月30日，百度核心約有31,300名全職員工，較去年同期成長3％。

Let me give you more color on the progress of Baidu Core. We previously discussed Baidu Core's business in 2 parts: mobile ecosystem and new AI initiatives. On today's call, I will provide further information on our new AI initiatives to provide you with a better understanding of our progress and help you better value our business.

讓我向您詳細介紹百度核心的進展。我們先前分兩部分討論了百度核心的業務：行動生態系統和新的人工智慧計畫。在今天的電話會議上，我將提供有關我們新的人工智慧計劃的更多信息，以便您更好地了解我們的進展並幫助您更好地評估我們的業務。

Our new AI initiatives consist of 2 parts: AI cloud and autonomous driving plus other growth initiatives, which we will call AD+OGI. Let me briefly explain each part of our core business.

我們的新人工智慧計劃包括兩部分：人工智慧雲端和自動駕駛以及其他成長計劃，我們稱之為 AD+OGI。讓我簡單解釋一下我們核心業務的各個部分。

First, mobile ecosystem. In-app advertising is a growing majority of our advertising business. And our legacy business, Union plus PC advertising, is a smaller part. Mobile ecosystem also includes nonadvertising services such as live streaming and online games.

第一，移動生態系。應用程式內廣告在我們的廣告業務中所佔的比例正在不斷增長。而我們的傳統業務，Union 和 PC 廣告，只佔一小部分。行動生態系統還包括非廣告服務，例如直播和線上遊戲。

Second, AI cloud. Our cloud offering serves enterprises, the public sector and consumers. While our AI cloud offers cloud computing, such as CDN and IaaS, which is the space most of our peers are playing in, our AI cloud is a one-stop shop with differentiating emphasis on providing AI solutions, such as AI PaaS to enterprise customers and V2X platform solutions to the public sector.

第二，AI雲。我們的雲端服務面向企業、公共部門和消費者。雖然我們的人工智慧雲端提供雲端運算服務，例如 CDN 和 IaaS，這也是我們大多數同行所涉足的領域，但我們的人工智慧雲端是一站式服務，其差異化重點在於提供人工智慧解決方案，例如為企業客戶提供人工智慧 PaaS 和為公共部門提供 V2X 平台解決方案。

Lastly, autonomous driving plus other growth initiatives. AD+OGI includes autonomous driving, DuerOS and other growth initiatives. For clarity, Apollo encompasses 3 monetization models: smart transportation, IoV or connected vehicles and autonomous driving. For revenue classification purposes, the first 2, though quite small in the past, are included in cloud; whereas the last item is included in AD+OGI.

最後，自動駕駛以及其他成長舉措。 AD+OGI包括自動駕駛、DuerOS和其他成長計畫。為了清楚起見，Apollo 包含 3 種貨幣化模式：智慧交通、IoV 或連網汽車和自動駕駛。就收入分類而言，前兩者雖然過去的規模相當小，但已包括在雲中；而最後一項包含在 AD+OGI 中。

Let me now give you more information on the progress of Baidu Core. On mobile ecosystem, many of our advertising verticals have turned around in the third quarter, including health care, education, auto, lifestyle and software. In-app advertising, which is a growing majority of Baidu's mobile ecosystem revenue, continues to see healthy double-digit growth, benefiting from in-app search queries and CPM growth. We announced earlier that we have entered into definitive agreements with JOYY to acquire its live streaming business in China for an aggregate purchase price of approximately USD 3.6 billion payable in cash. On 2019 unaudited numbers, YY Live's revenue was approximately CNY 10 billion, and non-GAAP net margin was over 30%. We expect to close this transaction, which is subject to certain conditions, in the first half of 2021.

現在我來向大家介紹一下百度核心的進展。在行動生態系統中，我們的許多廣告垂直領域在第三季都出現了好轉，包括醫療保健、教育、汽車、生活方式和軟體。應用程式內廣告已成為百度行動生態系統收入中越來越重要的組成部分，受益於應用程式內搜尋查詢和每千次曝光費用 (CPM) 的成長，該業務繼續保持健康的兩位數成長。我們稍早宣布，我們已與歡聚時代達成最終協議，以現金支付總收購價約 36 億美元收購其在中國的直播業務。 2019年未經審計的數據，YY Live的營收約100億元人民幣，非美國通用會計準則淨利率超過30%。我們預計將於 2021 年上半年完成此項交易，但需滿足某些條件。

With the acquisition of YY Live, nonadvertising will become a meaningful piece of mobile ecosystem. And our legacy business, which has been dragging our mobile ecosystem's growth, will become an even smaller piece of our business.

隨著 YY Live 的收購，非廣告將成為行動生態系統中有意義的一部分。而一直拖累我們行動生態系統成長的傳統業務，將在我們的業務中所佔比例變得更小。

AI cloud saw solid revenue growth in the third quarter, reaching CNY 2.2 billion, up 41% from last year, driven by customers from the Internet, transportation, financial services and health care industries. Baidu Cloud revenue is seeing accelerated revenue growth with the Chinese economy opening up and our sales force able to make more site visits to potential customers.

人工智慧雲端第三季營收穩健成長，達到22億元人民幣，比去年成長41%，主要受惠於網路、交通、金融服務和醫療健康產業客戶的推動。隨著中國經濟的開放以及我們的銷售人員能夠對潛在客戶進行更多現場訪問，百度雲收入正在加速成長。

On AD+OGI. We entered into definitive agreements to raise financing for DuerOS at a post-money valuation of approximately USD 2.9 billion in September. Baidu will continue to be a super majority shareholder at closing and expect the transaction to close in the fourth quarter.

在 AD+OGI 上。我們於 9 月簽署了最終協議，為 DuerOS 籌集融資，融資後估值約為 29 億美元。交易完成後，百度將繼續保持超級多數股東地位，預計交易將於第四季完成。

Based on industry news, the private market has valued leading autonomous driving companies between USD 5.4 billion to USD 30 billion. We are reviewing business metrics disclosed by other autonomous driving companies, and we will share with them meaningful data to measure Apollo's progress. For example, accumulated test miles for Apollo autonomous driving reached 3.5 million miles in September, up 150% year over year.

根據產業消息，私募市場對領先的自動駕駛公司的估值在 54 億美元至 300 億美元之間。我們正在審查其他自動駕駛公司揭露的業務指標，並將與他們分享有意義的數據來衡量阿波羅的進展。例如，9月阿波羅自動駕駛累計測試里程已達350萬英里，較去年同期成長150%。

Turning to fourth quarter guidance. We expect total revenue to be between CNY 28.6 billion and CNY 31.3 billion, representing a growth rate of negative 1% to 8% year over year. Our guidance assumes Baidu Core will grow between negative 1% and 10% year over year. These forecasts are our current and preliminary view, which is subject to substantial uncertainty.

轉向第四季指引。我們預計總收入將在人民幣286億元至人民幣313億元之間，年增率為-1%至-8%。我們的預測是，百度核心的年增長率將在-1%至10%之間。這些預測是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 third quarter achievements. With the Chinese economy rebounding, Baidu's business has seen accelerated sequential growth in the last 3 quarters. We expect fourth quarter to continue faster sequential growth.

在我將電話轉回接線生之前，讓我總結一下我們第三季的成就。隨著中國經濟的復甦，百度業務在過去三個季度實現了連續加速成長。我們預計第四季將繼續保持較快的環比成長。

Our strategy to build an in-app open platform ecosystem powered by search is bearing fruit. Site owners are joining Baidu Managed Page, and app developers are moving their content and services onto Baidu's Smart Mini Programs. With more landing pages directed on Baidu's platform, user experience is improving. Daily logged in users are up 17 points to 70%. Open platform in-app services powered by our marketing cloud platform is serving our merchants better. Consequently, in-app revenue continued to grow double digits, driven by the growth in in-app search queries and in-app search CPM.

我們建構以搜尋為動力的應用內開放平台生態系統的策略正在取得成果。網站所有者正在加入百度管理頁面，應用程式開發人員正在將其內容和服務轉移到百度的智慧小程式上。隨著更多登陸頁面指向百度平台，使用者體驗正在改善。每日登入用戶數增加17個百分點，達70%。由我們的行銷雲端平​​台提供支援的開放平台應用程式內服務正在更好地服務我們的商家。因此，在應用程式內搜尋查詢和應用程式內搜尋 CPM 成長的推動下，應用程式內收入持續實現兩位數成長。

Our new AI initiatives are also seeing healthy double-digit growth, and we expect even greater contribution next year. With COVID-19 under control in China, our sales force is traveling more freely around China. We are riding on a wave of intelligent transformation across many industries, and China is promoting the new infrastructure initiative to boost an economic rebound. Baidu stands to benefit from the intelligent transformation across industry sectors with our unwavering investment in AI and our 2 million strong AI developer community.

我們的新人工智慧計畫也實現了健康的兩位數成長，我們預計明年的貢獻將更大。隨著中國新冠疫情得到控制，我們的銷售人員在中國各地的出行更加自由。我們正處於各行各業的智慧轉型浪潮之中，中國正大力推動新基建，以促進經濟復甦。憑藉對人工智慧的堅定投入和擁有200萬強大人工智慧開發者社區，百度將從各行各業的智慧轉型中受益。

Baidu Core's adjusted EBITDA reached USD 1.45 billion in the third quarter, up 31% year over year, and adjusted EBITDA margin reached a historic high of 46%. For the past 2 decades, Baidu has successfully weathered many economic crises and market changes by building platforms with leading technologies. We continue to build our future with durable business models like in-app search with AI building block and marketing cloud platform, like cloud services with AI PaaS solutions, like smart transportation with V2X solution and like voice assistant with DuerOS. Our platform-based business models will allow Baidu to better weather difficult time and provide sustainable long-term growth to our shareholders.

百度核心第三季調整後EBITDA達14.5億美元，年增31%，調整後EBITDA利潤率達46%，創歷史新高。二十年來，百度憑藉著領先的技術搭建平台，成功度過了許多經濟危機和市場變化。我們將繼續透過持久的商業模式來建立我們的未來，例如具有 AI 構建塊和營銷雲平台的應用內搜尋、具有 AI PaaS 解決方案的雲端服務、具有 V2X 解決方案的智慧交通以及具有 DuerOS 的語音助理。我們的平台化商業模式將使百度更能度過困難時期，並為股東提供可持續的長期成長。

With the acquisition of YY Live, we are catapulted to become a leader in live streaming. The purchase of YY Live will be an all-cash transaction, which is putting the cash on Baidu's balance sheet to good use. We have a great opportunity to leverage Baidu's tremendous user base to grow live streaming and other nonadvertising revenue.

透過收購 YY Live，我們一躍成為直播領域的領導者。收購 YY Live 將以全現金方式進行，這將使百度資產負債表上的現金得到充分利用。我們有很好的機會利用百度龐大的用戶群來增加直播和其他非廣告收入。

In addition to purchasing businesses that strengthen our ecosystem and increase our profitability, we have used the cash on our balance sheet to execute on our share buyback program and consistently return cash to our shareholders.

除了收購能夠加強我們的生態系統和提高獲利能力的企業之外，我們還利用資產負債表上的現金來執行股票回購計劃，並持續向股東返還現金。

In summary, our business stands to benefit from further recovery in the Chinese economy. We now have an opportunity to optimize Baidu's large traffic and vibrant mobile ecosystem with a focus on growing nonadvertising revenue. Enterprise cloud and smart transportation are 2 huge revenue opportunities ahead of us. Our autonomous driving is also progressing well, and our peers are being valued between USD 5.4 billion and USD 30 billion.

總而言之，我們的業務將受益於中國經濟的進一步復甦。我們現在有機會優化百度龐大的流量和充滿活力的行動生態系統，重點是增加非廣告收入。企業雲端和智慧交通是我們面臨的兩大巨大的創收機會。我們的自動駕駛也進展順利，同業的估值在54億美元到300億美元之間。

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) Your first question comes from 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。

And also, congrats on solid results. So my questions is related to this rationale behind the acquisitions of YY domestic live streaming business. So could you help us understand the intention behind? I think you mentioned about expanding into nonadvertising business. But I think given live streaming business has been more saturating and maturing, so maybe you could help us understand what are the strategies or thinking behind that Baidu could help YY to revive the growth?

另外，恭喜您取得了堅實的成果。所以我的問題與收購 YY 國內直播業務背後的理由有關。那麼你能幫助我們理解背後的意圖嗎？我想您提到擴展到非廣告業務。但我認為，鑑於直播業務已經更加飽和和成熟，也許您可以幫助我們了解百度幫助 YY 恢復成長背後的策略或想法是什麼？

And then second is given live streaming technology is also becoming more and more as advertising tools, would that become an interest for Baidu to actually spend the ad monetization opportunity with live streaming, it becomes more like a marketing technique, right, for a lot of the industry vertical to build branding and also drive conversion. So any colors you could share would be appreciated.

其次，鑑於直播技術也越來越成為一種廣告工具，這是否會成為百度利用直播來真正實現廣告盈利的機會的興趣所在，它更像是一種營銷技巧，對很多垂直行業來說，它可以建立品牌，並推動轉化。因此，如果您能分享任何顏色，我們將不勝感激。

Alicia, this is Robin. Let me address your questions first. As you know, YY is one of the pioneers in the live streaming business. You probably noticed that the early players have all matured and have been surpassed by the larger mobile eco platforms. That demonstrates that live streaming as an independent business is kind of tough or scale is not large enough. On the other hand, for large platforms like Baidu, we have an aggregate of about 300 million daily active users. It's only natural for us to integrate with live streaming business such as YY and further monetize our existing user base and traffic. Like I mentioned during the prepared remarks, if you look at the revenue stream of Baidu and other comparable mobile ecosystems, the advertising revenue for us represents a much larger percentage than any other mobile platforms you can think of.

艾莉西亞，這是羅賓。讓我先回答一下你的問題。眾所周知，YY是直播產業的先驅之一。你可能注意到，早期的參與者已經全部成熟，並被更大的行動生態平台所超越。這顯示直播作為一門獨立的生意還比較難，或者規模還不夠大。另一方面，對於百度這樣的大型平台，我們每天大約有3億活躍用戶。我們自然會與 YY 等直播業務進行整合，並進一步將現有的用戶群和流量貨幣化。正如我在準備好的發言中提到的那樣，如果你看看百度和其他類似行動生態系統的收入來源，你會發現我們的廣告收入所佔比例比你能想到的任何其他行動平台都要大得多。

On the other hand, we have been very focused on providing the best marketing solutions to our customers. But on the other hand, we should really explore new initiatives and diversify our revenue source. So YY has a very sizable business in terms of live streaming. We have a lot of experience in terms of operating such an ecosystem of performers in the so-called [big Rs] who pay tips to those live performers. And with that kind of operational experience and stakeholders in the live streaming ecosystem, we think it's very valuable for the overall Baidu ecosystem.

另一方面，我們一直非常注重為客戶提供最佳的行銷解決方案。但另一方面，我們確實應該探索新的舉措，並使我們的收入來源多樣化。所以YY在直播方面的業務規模非常大。我們在經營所謂的「大盧比」表演者生態系統方面擁有豐富的經驗，這些表演者會向現場表演者支付小費。憑藉這種營運經驗和直播生態系統中的利益相關者，我們認為這對整個百度生態系統非常有價值。

And about live streaming as a new form of media, you sort of mentioned that it can be used for other purposes, not just for the show business. It can be used for purchases, which is already very popular among other mobile ecosystems. It can also be a very effective tool for online marketing. In my mind, live streaming is comparable to short video and text and images. It's just a new form of media. We can, and we should, leverage this new form of media to further enhance our mobile ecosystem, provide a better user experience and provide better values for the advertisers and customers on the Baidu ecosystem.

關於直播作為一種新媒體形式，您提到它可以用於其他目的，而不僅僅是用於演藝界。它可以用於購買，這在其他行動生態系統中已經非常流行。它也可以成為一個非常有效的線上行銷工具。在我的認知裡，直播就跟短影片、文字、圖片差不多。這只是一種新的媒體形式。我們能夠、也應該利用這種新媒體形式進一步增強我們的行動生態系統，提供更好的使用者體驗，為百度生態系統上的廣告商和客戶提供更好的價值。

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

您的下一個問題來自美銀美林的 Eddie Leung。

Yes, just a follow-up on Alicia's question on the rationale behind acquisition of YY. Yes, we understand that Baidu has quite some trough, which can help monetization by YY, but I'm just curious on 2 things. One is why not thinking about doing live broadcasting by yourself, just developing the business organically?

是的，這只是對 Alicia 關於收購 YY 背後理由的問題的後續回答。是的，我們知道百度有相當多的低谷，這可以幫助 YY 實現盈利，但我只是對兩件事感到好奇。一是為什麼不考慮自己做直播，而是順應潮流發展直播業務？

And then secondly, in terms of timing, I think Alicia pointed out a good point that live broadcasting is not a fairly very new business in China. So why now? Why not earlier?

其次，就時間而言，我認為艾莉西亞指出的一個很好的觀點是，直播在中國並不是一項很新的業務。那為什麼是現在呢？為什麼不早點呢？

Just to clarify, we have been doing live streaming on a series of Baidu apps, including Baidu App, Tieba, Haokan and Quanmin. What we have seen is that the revenue from live streaming have been growing very, very quickly. I basically mentioned that over 2 years, our nonadvertising revenue grew like 2.6x. And if you talk about, let's say, last month, live streaming revenue on the Baidu platform grew more than 80% year on year. So that gives us the confidence that the Baidu ecosystem is actually very suitable for live streaming when you can see the live streaming as a way of monetizing your system or user base.

需要澄清的是，我們一直在一系列百度應用程式上進行直播，包括百度應用程式、貼吧、好看和全民。我們看到，直播的收入成長非常非常快。我主要提到，在過去的兩年裡，我們的非廣告收入成長了 2.6 倍。例如，上個月，百度平台的直播收入年增了 80% 以上。因此，當您可以將直播視為將系統或用戶群貨幣化的一種方式時，我們就有信心，百度生態系統實際上非常適合直播。

And why not earlier? So I told you, we've been doing this. And why not organically? Basically, like you said, it's new. It's not new as a business or as a way of monetizing user traffic. YY, as a pioneer in the space, they have accumulated a lot of operational experience. As you heard from Herman, it's a sizable business and it's got very good margin. So there are a lot of things that we can learn, and we have a very loyal user base and a common creator community that is hard for us to get in a very short period of time. So that's why we decided to make this acquisition.

為什麼不早點呢？所以我告訴過你，我們一直在做這件事。為什麼不有機地進行呢？基本上，就像你說的，它是新的。作為一種業務或將用戶流量貨幣化的方式，這並不是什麼新鮮事。 YY作為該領域的先驅，累積了大量的營運經驗。正如您從赫爾曼那裡聽到的，這是一項相當大的業務，而且利潤率很高。因此，我們可以學到很多東西，並且我們擁有非常忠誠的用戶群和共同的創作者社區，這是我們在很短的時間內很難獲得的。這就是我們決定進行此次收購的原因。

Understood. And then just a quick follow-up on Herman's comment on mobile ecosystem versus the legacy business. So just wondering if you guys can share a bit more color on the growth trends, especially the differences in growth rates between the mobile ecosystem, especially your app versus the legacy pieces?

明白了。然後，讓我們來快速跟進 Herman 對行動生態系統與傳統業務的評論。所以我想知道你們是否可以分享更多關於成長趨勢的細節，特別是行動生態系統之間的成長率差異，特別是您的應用程式與傳統應用程式之間的成長率差異？

Yes. Actually, in our prepared remarks, we talked about that. When you think about our mobile ecosystem, we're talking about in-app services. So what we said was for in-app services, in-app advertising grew double digits this quarter, and we've been able to grow double digits for the last 3 quarters despite COVID-19. So leveraging our AI capabilities, our AI building blocks and marketing services platform, we're able to do much better.

是的。實際上，我們在準備好的發言中已經談到了這一點。當您考慮我們的行動生態系統時，我們正在談論應用程式內服務。因此，我們所說的是，對於應用程式內服務，本季應用程式內廣告實現了兩位數成長，儘管受到 COVID-19 的影響，但我們在過去 3 個季度仍實現了兩位數的成長。因此，利用我們的人工智慧能力、人工智慧建立模組和行銷服務平台，我們能夠做得更好。

On the other hand, our legacy business, we've been seeing a continuous drop. Part of it is there's less traffic to buy. Handsets are not selling as well this year. So you have less new phones and less traffic to buy. And secondly, for this area, as we mentioned many times, we're focusing on maximizing profit rather than revenue. That's why you're seeing as we're pulling back on some of this traffic, you're seeing our margin actually improve. Number one is focusing on profitability growth rather than just absolute revenue growth. And number two, as a proportion of our revenue switch over from legacy business into in-app, we're able to have better profitability. We don't have to pay for tax.

另一方面，我們的傳統業務一直持續下滑。部分原因是購買流量減少。今年手機的銷售不太好。因此，您需要購買的新手機和流量都會減少。其次，對於這個領域，正如我們多次提到的，我們關注的是利潤最大化而不是收入最大化。這就是為什麼你會看到，當我們減少部分流量時，我們的利潤率實際上卻提高了。第一是專注於獲利成長，而不僅僅是絕對收入成長。第二，隨著我們的部分收入從傳統業務轉向應用程式內業務，我們能夠獲得更好的獲利能力。我們不需要繳稅。

Your next question comes from Piyush Mubayi from Goldman Sachs.

您的下一個問題來自高盛的 Piyush Mubayi。

I have 3 questions. The first is with regards to the core business. We're trying to better understand the drivers of where the business sits today. And in particular, on the pricing side, where are we? Looking at the numbers on a year on year basis, if you could just take us through that dynamic and if possible, through industries, it would be very helpful.

我有 3 個問題。第一是關於核心業務。我們正在努力更好地了解當前業務狀況的驅動因素。特別是在定價方面，我們處於什麼位置？從逐年的數據來看，如果您能向我們介紹一下這一動態，並且如果可能的話，透過各個行業來介紹，那將會非常有幫助。

The second is on the cost side, where your margins continue to improve. Just wanted to understand how much of that came through the change in the accounting estimates of future viewership consumption patterns that we've seen on the iQiyi side and how much of this trend of continuing margin improvement can be built into the way we think of the rest of the year and potentially 2021.

第二是成本方面，利潤率持續提高。只是想了解其中有多少是由於我們在愛奇藝方面看到的未來​​觀眾消費模式的會計估計變化而產生的，以及這種持續的利潤率改善趨勢在多大程度上可以融入我們對今年剩餘時間以及潛在的 2021 年的思考中。

And the third is congratulations on the CNY 460 million win for Apollo. I just want to understand how that's going to get booked. And also, your perspective on when we can expect Apollo to start to penetrate the China domestic manufacturing automobile manufacturing base. If that's the way we should be thinking about it or should we be thinking about how Apollo penetrates the transportation network across China, the government side of events?

第三，恭喜阿波羅贏得4.6億元。我只是想了解這將如何進行預訂。另外，您認為阿波羅何時能夠開始滲透中國國內汽車製造基地？如果我們應該這樣思考，或者我們應該思考阿波羅如何滲透到中國的交通網絡，政府方面的情況如何？

Okay. Herman will answer the first two, and I'll answer the third one.

好的。赫爾曼將回答前兩個問題，我來回答第三個問題。

Yes. So with regards to pricing, through our AI building block and through our marketing services platform, as we demonstrated specific cases in our call this time in the past few quarters, you can see actually, as advertisers switch over to our Managed Page, leveraging our AI capabilities and so forth, we're able to actually get the CPM to turn around. So in the third quarter, we actually saw a positive growth on a year over year basis. On a sequential basis, we'll continue to see CPM coming back.

是的。因此，關於定價，透過我們的人工智慧建立模組和行銷服務平台，正如我們在過去幾個季度的電話會議中所展示的具體案例，您實際上可以看到，隨著廣告商切換到我們的託管頁面，利用我們的人工智慧功能等，我們實際上能夠使 CPM 扭轉局面。因此，在第三季度，我們實際上看到了同比增長。從連續性來看，我們將繼續看到 CPM 的回升。

With regards to our margins, I think Q3 was pretty high with our EBITDA margin of 46%. Some of that was nonrecurring. So I think when you go into Q4, I would just estimate that you should see our cost of sales plus operating expenses growing probably in the mid-teens on a sequential basis. Part of it is because we've been trying to hire this year and it's been very hard to interview everyone that we want with COVID-19 and so forth. And second is some of our marketing spend that we've been trying to spend, as I mentioned earlier, we don't have a lot of new handsets selling in the early part of the year. It's very hard to spend money. But we anticipate the economy coming back. We anticipate that we'll be able to have an environment where we can spend more marketing dollars. And hopefully, that would help our traffic in the future quarters.

關於我們的利潤率，我認為第三季的 EBITDA 利潤率相當高，為 46%。其中一些是一次性的。因此，我認為當進入第四季度時，我估計您應該會看到我們的銷售成本加上營運費用可能會比去年同期成長 15% 左右。部分原因是我們今年一直在招聘，但由於新冠疫情等原因，很難面試到所有我們想要面試的人。第二，我們一直在努力投入一些行銷費用，正如我之前提到的，今年年初我們銷售的新手機並不多。花錢很辛苦。但我們預期經濟將會復甦。我們期望我們將能夠擁有一個可以投入更多行銷資金的環境。希望這將有助於我們未來幾季的流量。

On the Apollo question, we can basically see Apollo as a full stack solution for smart transportation. Or it's a vibrant ecosystem that includes many of the stakeholders in terms of OEMs, the municipal government, the technology providers and other Tier 1 players.

關於 Apollo 問題，我們基本上可以將 Apollo 視為智慧交通的全端解決方案。或者它是一個充滿活力的生態系統，其中包括原始設備製造商、市政府、技術提供者和其他一級參與者等許多利益相關者。

From a business model point of view, Apollo basically has 3 directions. The first one is technology provider for the OEMs. We sell DuerOS for auto. We sell autonomous driving technologies to the OEMs.

從商業模式來看，Apollo主要有3個方向。第一個是OEM廠商的技術提供者。我們銷售汽車用的 DuerOS。我們向原始設備製造商銷售自動駕駛技術。

And the second one is the smart transportation infrastructure projects. The CNY 460 million project we won in Guangzhou belongs to this. We fundamentally believe that by building a smart infrastructure for transportation, the Chinese cities can improve the efficiency of mobility significantly. And since transportation represents a large percentage of the total domestic gross production, it has a huge value, not only from the business point of view but also from the social point of view. People will be exempt from the congested traffic.

第二個是智慧交通基礎設施項目。我們在廣州拿下的4.6億的項目就屬於這個。我們從根本上相信，透過建設智慧交通基礎設施，中國城市可以顯著提高出行效率。由於交通運輸佔國內生產毛額的很大一部分，因此它不僅從商業角度而且從社會角度都具有巨大的價值。人們將不再受交通壅塞困擾。

And the third part is the level 4 and 5 fully self-driving vehicle. Eventually, this will be monetized just through our robotaxi business. And like I talked about during the prepared remarks, we have been deploying robotaxi services in a number of Chinese cities, and we expect unmanned testing as well as commercial deployment sometime in the near future.

第三部分是4級和5級完全自動駕駛汽車。最終，這將透過我們的自動駕駛計程車業務實現貨幣化。正如我在準備好的演講中提到的那樣，我們已經在中國多個城市部署了自動駕駛計程車服務，我們預計在不久的將來進行無人駕駛測試和商業部署。

Your next question comes from James Lee from Mizuho.

您的下一個問題來自瑞穗的詹姆斯李。

Two questions here, too. One on autonomous driving. Just curious, are there any new government policy supporting adoption maybe among the OEMs here? And how important is kind of OEM partnership to help you to achieve your business model here?

這裡也有兩個問題。一個是關於自動駕駛的。只是好奇，是否有任何新的政府政策支持這裡的 OEM 採用？那麼 OEM 合作關係對於幫助您實現商業模式有多重要？

And also secondly, a follow-up question on YY specifically. And maybe if you could, obviously, you just made the announcement, be a little bit more specific talking about the content strategy post the integration. Kind of how do you plan to differentiate versus peers? And maybe talk about the synergy a little bit between Baidu and YY, and how do you plan to integrate Baidu's core content into YY?

其次，我還有一個關於 YY 的後續問題。也許如果您可以的話，顯然，您剛剛宣布了，更具體地談談整合後的內容策略。您打算如何與同業進行區分？能否談談百度和 YY 之間的協同作用，以及您計劃如何將百度的核心內容整合到 YY 中？

I'll answer the autonomous driving question, then we'll answer the integration question. From the government point of view, many local governments really are excited about working with us to provide better infrastructure for this kind of technological innovation. That's why we have been working with more than dozen cities on all kinds of smart transportation infrastructure projects.

我先回答自動駕駛的問題，然後我們再回答整合問題。從政府角度來看，許多地方政府確實很高興與我們合作，為這種技術創新提供更好的基礎設施。這就是為什麼我們一直與十幾個城市合作各種智慧交通基礎設施項目。

And on the OEM side, we partner with many auto OEMs. We provide technology to them, and they will work with the local government to get whatever tax benefits or other investments from this kind of initiative. So from that point of view, we are an indirect beneficiary of the government policies.

在 OEM 方面，我們與許多汽車 OEM 合作。我們為他們提供技術，他們將與當地政府合作，從此類舉措中獲得稅收優惠或其他投資。因此從這個角度來看，我們是政府政策的間接受益者。

Yes. And let me add a few things to what Robin just said. So the assumption here is that when you think about autonomous driving in the U.S., it's a stand-alone car. Our assumption here in China is with the support of the public sector, we can install, for example, V2X platform that would help, for example, power traffic lights, in the future perhaps parking lots and so forth, that would help congested traffic, better air pollution, more traffic safety. At the same time, leveraging that V2X infrastructure to, for example, have connected integrated car and road communication. So that way, our autonomous driving will be dependent on the infrastructure that we're helping public sectors build. So I think that gives us an advantage. So as we're trying to expand our smart transportation market, at the same time, that set of infrastructure for us to roll out our autonomous driving and will make per vehicle cheaper because of that ability to communicate between road and cars.

是的。讓我對羅賓剛才說的話補充幾點。因此，這裡的假設是，當你考慮到美國的自動駕駛時，它是一輛獨立的汽車。我們在中國這裡的設想是，在公共部門的支持下，我們可以安裝例如 V2X 平台，這將有助於為交通號誌供電，未來也許還可以為停車場等供電，有助於緩解交通擁堵、改善空氣污染、提高交通安全。同時，利用 V2X 基礎設施，例如連接整合汽車和道路通訊。這樣，我們的自動駕駛將依賴我們幫助公共部門建造的基礎設施。所以我認為這給了我們優勢。因此，在我們試圖擴大智慧交通市場的同時，我們也在建造一套基礎設施，以便推出自動駕駛汽車，並且由於道路和汽車之間能夠進行通信，每輛車的成本也會降低。

James, this is Dou. Actually, Robin has already mentioned a few points about the vision about this deal. Let me add a few more. So first of all, we have been doing this live streaming business on our platform for a while, and we do see that rapid growth in terms of both the user interactions and revenue-wise. So considering YY has like 10x more preformer than what we have now. And on the user side, we have like 100x more than what YY has now. So this is a great match. Since we have the demand from users and then YY has strong supply for the performers, I think this is a great match.

詹姆斯，我是竇。實際上，羅賓已經提到了關於這筆交易的幾點願景。讓我再補充幾點。首先，我們已經在我們的平台上開展直播業務有一段時間了，我們確實看到用戶互動和收入方面的快速成長。因此，考慮到 YY 的表現者比我們現在多 10 倍。在用戶方面，我們的用戶數量比 YY 現在多 100 倍。所以這是一場精彩的比賽。由於我們有用戶的需求，而 YY 又有強大的表演者供應，所以我認為這是完美的結合。

And secondly, Baidu, as a platform, short videos is becoming also a very important media, and users can consume the short videos quite largely. So that said, the performers, they can create some videos and then distribute it through our platform to attract more fans, attract more users for the performers. We have been doing this for the business we have conducted, and we see it is pretty effective. And what's more, with live streaming as a special media, latest media developed, it applies to many scenarios. So we already saw the users and the lawyers, they communicate through streaming on our platform and also the doctors and many other types of professionals. So live streaming is going to be a very important media for Baidu's platform to help the users and also help the professionals to connect them together. Clearly, the operational experience and also the live streaming technology from YY will significantly boost up this experience.

其次，百度作為一個平台，短影片也正在成為一個非常重要的媒體，使用者可以相當大規模地消費短影片。所以說，表演者可以製作一些視頻，然後透過我們的平台發布，以吸引更多的粉絲，為表演者吸引更多的用戶。我們在開展業務時一直這樣做，並且發現它非常有效。而且，直播作為一種特殊的媒體，最新發展的媒體，可以應用在許多場景。因此，我們已經看到用戶和律師透過我們平台上的串流媒體進行交流，還有醫生和許多其他類型的專業人士。因此，直播將成為百度平台的一個非常重要的媒體，它不僅可以幫助用戶，還可以幫助專業人士將他們聯繫在一起。顯然，YY的營運經驗以及直播技術將大大提升這項體驗。

And what's more, when I talk to the team in YY, they are pretty eager to get the traffic from Baidu with the insight from the users because they have been working on this, have been struggling for traffic for a long while. Given what we have on the user side, we are pretty excited. In the meanwhile, the team in Baidu, we're also excited to get help from YY's team because of their excellent operational experience on the live stream, on the performers. So when you put all those things together, I think this will be a great one, and we are looking forward to it.

而且，當我與 YY 團隊交談時，他們非常渴望透過用戶的洞察力從百度獲得流量，因為他們一直在努力做到這一點，並且為流量奮鬥了很長時間。考慮到我們在用戶方面所取得的成就，我們感到非常興奮。同時，百度團隊，我們也很高興能得到YY團隊的幫助，他們在直播、演員方面有著非常優秀的營運經驗。所以當你把所有這些事情放在一起時，我認為這將是一次偉大的事情，我們對此充滿期待。

Yes. So just let me summarize what Dou said and what we had in prepared remarks. I think several things to consider. Number one is, as we mentioned on the call earlier, that this is an all-cash purchase. So I think as you guys know, we have -- Baidu Core has USD 20.4 billion on our books. To be able to use that, which we're not seeing the value being reflected on our stock, being able to buy a property that is generating a lot of cash, I think that would help that gives us the extra boost in cash. And then from a synergy perspective, as Dou mentioned, I think in this day and age, it's important to have a large content network, especially a content network of creators. So Baidu already have a lot of experience in terms of publisher accounts with Baijiahao and so forth. That gives us now better management and able to expand our overall creator network. So I think that's very powerful. And it becomes a synergy when you think about all the offerings that we have at Baidu, the news feed that we have, the short video, now you have a live stream. So I think from a user perspective and also from an advertiser perspective, we can use these properties to help them monetize that better.

是的。因此，請容許我總結一下竇文濤所說的內容以及我們準備好的發言內容。我認為有幾件事需要考慮。首先，正如我們之前在電話中提到的，這是一次全現金收購。所以我想大家也知道，百度核心帳面上有 204 億美元。為了能夠利用這一點，我們沒有看到我們的股票反映出其價值，能夠購買產生大量現金的房產，我認為這將有助於為我們帶來額外的現金。然後從協同效應的角度來看，正如竇文濤所提到的，我認為在當今時代，擁有一個龐大的內容網絡非常重要，尤其是一個由創作者組成的內容網絡。因此，百度在百家號等發布商帳戶方面已經擁有豐富的經驗。這使我們現在能夠更好地管理並擴展我們的整體創作者網絡。所以我認為這非常有力。當你想到百度提供的所有服務時，它就形成了一種協同效應，我們擁有新聞推播、短視頻，現在還有直播。因此我認為從用戶角度和廣告商角度來看，我們可以利用這些屬性來幫助他們更好地獲利。

And as Robin said on the call earlier that we hope to grow live streaming beyond entertainment. I think everyone sees live streaming as it is today on the entertainment side. But on Baidu's platform, we have content across many, many different verticals. And what we hope is that through the knowledge that we can acquire a medium to grow live streaming to go across different verticals because we think that going forward on content on the Internet, a lot of it is going to be rich media. So having the ability for short video as well as having live streaming across different information knowledge, that will be very critical.

正如羅賓之前在電話中所說，我們希望將直播業務拓展到娛樂之外。我認為，如今每個人都將直播視為娛樂領域。但在百度平台上，我們的內容涵蓋許多不同的垂直領域。我們希望透過這些知識，獲得一種媒介，推動直播業務跨越不同的垂直領域，因為我們認為，未來網路上的內容很多都會是富媒體。因此，擁有短視頻以及跨不同資訊知識進行直播的能力將非常關鍵。

And through that, I think, ultimately, as user behaviors are trained to watch live broadcasting on our platform, we then can use live streaming as a way for advertisers to be able to connect better with users and overall improved conversion. That's why we believe our early testing of information to social to purchase, that cycle is working on Baidu's property today. But if we could strengthen that social part, people to watch live streaming and so forth, we can, in the future, use YY streaming as a tool for advertisers to better reach and manage the lifetime value of our customers.

透過這種方式，我認為，最終，隨著用戶行為在我們的平台上得到訓練以觀看直播，我們可以使用直播作為一種方式，讓廣告商能夠更好地與用戶聯繫並提高整體轉換率。這就是為什麼我們相信我們早期對資訊到社交到購買的測試，這個循環今天在百度的資產上發揮作用。但如果我們可以加強社交部分，讓人們觀看直播等等，我們將來就可以使用 YY 串流媒體作為廣告商的工具，以更好地接觸和管理客戶的終身價值。

Your next question comes from Gregory Zhao from Barclays.

您的下一個問題來自巴克萊銀行的 Gregory Zhao。

Congratulation on the solid quarter. So first question is a very fundamental question about your product design and the algo development. I think it might be a relatively old question. I know currently, your feed product, your short video are both based on the recommendation algo to cater users' interest and hobbies. And I assume going forward, your acquired YY streaming services should also be this kind of product concept. As we know previously, our search services was mainly reliant on users to proactively approach you for the search result. So is there any difficulty in the past several years when your R&D team changed the mindset from the search engine product to the recommendation framework?

恭喜本季業績穩健。所以第一個問題是關於您的產品設計和演算法開發的一個非常基本的問題。我認為這可能是個比較古老的問題。我知道目前你們的資訊流產品、你們的短片都是基於推薦演算法來迎合用戶的興趣和愛好。我認為未來你們收購的YY串流服務也應該是這種產品理念。正如我們之前所知，我們的搜尋服務主要依賴用戶主動聯繫您以獲取搜尋結果。那麼你們研發團隊這幾年從搜尋引擎產品轉到推薦框架的想法上有沒有遇到什麼困難？

So the second one is a quick follow-up. Do you have any visibility of the marketing revenue growth in 2021?

因此，第二個是快速跟進。您對 2021 年的行銷收入成長有何預期？

I'll just take the first one, Gregory. So news feed and search, actually, they are 2 different type of products, but they are strongly connected. As actually I mentioned before in this type of calls, for the search users, they come to Baidu proactively with a certain task in their mind. So search itself is just a single point for their whole decision journey so we can do much more to help the users achieve what they want. While for news feed, the users are being fed passively. It's relatively hard for them to jump from passive behaviors to proactive behaviors in terms of the user behaviors. So it is relatively easier for search engines to change their mind to expand their service to cover more user need. That's why you can see the news feed growth in the past few years is actually pretty quickly.

我只選第一個，格雷戈里。因此，新聞推送和搜尋實際上是兩種不同類型的產品，但它們緊密相關。實際上，正如我之前在這種類型的電話中提到的那樣，對於搜尋用戶來說，他們帶著某項任務主動來到百度。因此，搜尋本身只是他們整個決策過程的一個點，所以我們可以做更多的事情來幫助用戶實現他們想要的東西。而對於新聞推送，用戶是被動地接收訊息。從使用者行為來說，他們從被動行為轉向主動行為是比較困難的。因此，搜尋引擎相對容易改變主意，擴大服務範圍，並滿足更多用戶的需求。這就是為什麼你可以看到過去幾年新聞推送的增長實際上相當快。

On the other side, other players, when you switch from news feed to search, it's relatively harder actually. For sure, the YY deal, --so latest which brings the live streaming ecosystem and also technology into Baidu, will significantly improve our capability to serve the user better, not only through feeds but also through search. Because as I mentioned earlier, because -- live streaming is also becoming a fairly good tool to help us to satisfy the users' need even in the search scenario. Okay Herman commenting on the second one? Marketing revenue outlook for 2021?

另一方面，對於其他玩家來說，當你從新聞推送切換到搜尋時，實際上相對困難一些。可以肯定的是，YY 交易——最新的交易將直播生態系統和技術引入百度，這將顯著提高我們更好地為用戶服務的能力，不僅透過資訊流，還透過搜尋。因為正如我之前提到的，直播也正在成為一個相當好的工具，即使在搜尋場景中也能幫助我們滿足用戶的需求。好的，赫爾曼，對第二個問題發表評論嗎？ 2021年行銷收入前景如何？

The marketing revenue outlook for 2021, I think right now, as you have seen, we've been achieving higher growth than sequentially for the last 2 quarters, and we see that into fourth quarter. But I think it's fair to assuming that you have COVID-19 continue to be under control as we go into Q1, Q2, we should see a pretty good half, first half of next year. So I think right now, we don't have a full visibility. What we do know is that when you look at the top dozen or so industries that we have, half of them have turned positive, and we think that there is more legs to go as the economy recovers. So I think we're at a good point, whereas all these industries are growing faster. And some of those that are growing negative are turning around, we're at a good point to benefit from that turnaround. So we'll see how this thing goes in the quarter, and we'll be able to give you an update at our next call.

對於 2021 年的行銷收入前景，我認為現在正如您所見，我們在過去兩個季度中實現了比上一季更高的成長，並且我們預計這種成長將持續到第四季度。但我認為，可以合理地假設，隨著我們進入第一季和第二季度，COVID-19 繼續得到控制，我們應該會看到明年上半年表現相當不錯。所以我認為現在我們還沒有完全了解情況。我們知道的是，看看我們排名前十的幾個行業，其中一半已經轉正，我們認為，隨著經濟復甦，它們還有更大的發展空間。所以我認為我們正處於一個很好的階段，而所有這些行業都在成長得更快。一些成長放緩的企業正在好轉，我們正處於一個可以從這種好轉中獲益的有利時機。因此，我們將觀察本季情況的進展，並在下次電話會議中向您提供最新進展。

Your next question comes from Tian Hou from T.H. Capital.

您的下一個問題來自 T.H. 的 Tian Hoo。首都。

Congratulations on a good quarter. I have 2 questions. One is related to Baidu Core search. So if we look under the Baidu Core search, we see the management page, the revenue from that's growing really rapidly and almost 100% year on year basis. So one thing I do realize, the coronavirus, even though they demonstrate a great deal in China advertising market. However, they're really pushing the business from online to the cloud. So online is already past tense. To the cloud, it's become a new thing. So Managed Page is in that field or in that direction. So I wonder, in the future, under the Baidu Core, how much will come from Managed Page? And how much will come from traditional search? That is how the company are planning to further develop Managed Page, and I like it a lot. I feel like it's the total solution for merchants, for the company.

恭喜本季業績良好。我有兩個問題。一個是跟百度核心搜尋相關的。因此，如果我們查看百度核心搜索，我們會看到管理頁面，其收入增長非常迅速，幾乎同比增長 100％。因此，有一件事我確實意識到了，那就是冠狀病毒，儘管它們在中國廣告市場上表現得非常出色。然而，他們確實正在將業務從線上推向雲端。因此在線已經是過去式了。對於雲端來說，它已經成為一個新事物。因此託管頁面位於該領域或該方向。那我很好奇，未來在百度核心下，有多少收入會來自託管頁面？那麼有多少將來自傳統搜尋？這就是公司計劃進一步開發託管頁面的方式，我非常喜歡它。我覺得這對商家和公司來說都是一個完整的解決方案。

The second question is related to the YY. The live streaming in China market has already reached the peak. And certainly, YY, as the leader, has a lot of uniqueness. However, the growth-wise, it's not that great. So I wonder how Baidu is going to rejuvenize this unique YY to make it much bigger than today's YY so as to utilize the synergy between the 2. So that's the 2 questions.

第二個問題跟YY有關。中國直播市場已經到達頂峰。當然，YY作為領導者，有很多獨特之處。但從成長來看，並不是那麼好。所以我想知道百度將如何讓這個獨特的YY煥發活力，使它比現在的YY更大，從而利用兩者之間的協同效應。這就是兩個問題。

Tian, this is Dou. I'll take the first one and second one, and Robin will answer more. So for the Managed Pages, it is part of the building blocks of the whole ecosystem. So in the very first beginning, we hope Managed Pages can improve that user experience by filtering out the unfit information and all other potential bad experience for the users. And later on, we add more and more functions to Managed Pages to help the customers to manage their users, to do business with their users directly over the Managed Pages. And then later on, Managed Pages is becoming one important component of the whole cloud service to help the customers to do the CRM, the full cycle of their user life values. So that said, clearly, we are going to improve the percentage of the Managed Pages as high as possible, up to 100%, because this will both benefit the users and the customers and our small business owners.

田，我是竇。我將回答第一個和第二個問題，而 Robin 會回答更多。因此對於託管頁面來說，它是整個生態系統的組成部分。因此，從一開始，我們希望託管頁面可以透過過濾不合適的資訊和所有其他可能會為使用者帶來不良體驗的資訊來改善使用者體驗。後來，我們為託管頁面添加了越來越多的功能，以幫助客戶管理他們的用戶，並透過託管頁面直接與他們的用戶開展業務。隨後，託管頁面將成為整個雲端服務的重要組成部分，幫助客戶實現 CRM，實現使用者生命價值的全週期管理。所以，顯然，我們將盡可能提高託管頁面的百分比，最高可達 100%，因為這將使用戶、客戶和我們的小型企業主受益。

So for the YY part, for sure, it is a mature business if we see the scale as of today. But actually, we are thinking in a very different way. We think live streaming is just a new start as a new media text, especially for Baidu, with like 300 million users in Baidu active every day. So we are using live streaming as a very strong tool or very effective tool to help them to connect the users and commerce and the professionals. I think this is just a start.

因此，對於 YY 部分，如果我們以今天的規模來看，它肯定是一個成熟的業務。但實際上，我們的思考方式截然不同。我們認為直播作為新媒體文本來說只是一個新的開始，特別是對於百度來說，百度每天有大約3億活躍用戶。因此，我們將直播作為一種非常強大或非常有效的工具來幫助他們連結用戶、企業和專業人士。我認為這只是一個開始。

So also, as we mentioned, the penetration rate for the users watching live streaming in Baidu's platform is not high at all yet. It's far from being in the same level as other platforms. So that's why we think we can convert quite a lot of users today from text and short video users to the live streaming users will greatly lift the scale for the live streaming.

所以，正如我們所提到的，百度平台觀看直播的用戶滲透率還不高。與其他平台相比還遠遠達不到同一水平。所以我們認為今天我們可以將相當多的用戶從文字和短視訊用戶轉換為直播用戶，這將大大提升直播的規模。

Yes. Let me just reiterate the rationale for the YY acquisition. I think many of you have pointed out correctly, YY is the pioneer in live streaming, but the growth rate has significantly slowed down in the past couple of years. If you notice that the larger mobile eco platforms all started live training feature or function much later than YY, but they were able to grow that business much larger. That basically demonstrated that live streaming, as a stand alone business, is not going to have a lot of growth going forward. But as a part of a much larger ecosystem, it just fits naturally and can have a lot of synergy, like Dou and I pointed out during the earlier conversation.

是的。讓我重申一下 YY 收購的理由。我想很多人已經指出了正確的一點，YY是直播領域的先驅，但過去幾年的成長速度明顯放緩。如果你注意到，較大的行動生態平台都比 YY 晚得多地開始使用即時培訓功能，但他們能夠將這項業務發展得更大。這基本上表明，直播作為一項獨立的業務，未來不會有太大的成長。但作為更大生態系統的一部分，它自然而然地融入其中，並能產生許多協同效應，就像竇文濤和我在之前的談話中指出的那樣。

Yes. And let me supplement a few points. Just to clarify on Managed Page, what Dou talked about. When people buy advertising for Managed Page, they still buy search traffic. The difference is that in the past, they buy search traffic and direct it to their own website, whereas the Managed Page business only don't have to maintain the website anymore. They can just move the content and services on to Managed Page through a wholesale marketing platform and just log in with an account. And then when you buy search traffic, it would land on that account. So therefore, we will see what the users do after the landing page. And because of that, because it's landing on our platform, we can leverage our AI to help the merchants be able to improve their ROI and do lifetime value management.

是的。讓我補充幾點。只是為了澄清一下 Dou 在「託管頁面」上所談論的內容。當人們購買託管頁面的廣告時，他們仍然會購買搜尋流量。不同的是，過去他們購買搜尋流量並將其引導至自己的網站，而託管頁面業務只是不再需要維護網站。他們只需透過批發行銷平台將內容和服務轉移到託管頁面，然後使用帳戶登入即可。然後，當您購買搜尋流量時，它就會進入該帳戶。因此，我們將看到用戶在登陸頁面之後做了什麼。正因為如此，因為它登陸了我們的平台，我們可以利用我們的人工智慧來幫助商家提高他們的投資回報率並進行終身價值管理。

And the second thing about what Robin talked about with live streaming, I think one is the synergy that we have because we're a large platform. Just Baidu App alone, we have an MAU of 0.5 billion, and then we have many other properties. I think that's one thing.

關於羅賓談到的直播的第二件事，我認為第一件事是我們擁有的協同效應，因為我們是一個大型平台。光是百度應用程式一項，我們的每月活躍用戶就達到 5 億，此外我們還有許多其他資產。我認為這是一回事。

The thing that we have to look upon is, it seems on the call, a lot of you analysts think that YY is something that has been existing for many years. But we think beyond 3 to 5 years, where do we think media is going? If you think about over the last 9 to 10 months, with COVID-19, Zoom is one of the more popular products that have just skyrocketed. That's really streaming, too. So all we're saying is that we think that having a good know-how in live streaming, which sure isn't entertainment, Baidu have such strong verticals in all different things, we think that the future is all going to be streaming. And then if we learn how to do live streaming, if we learn how to manage creators of live streaming and so forth and use it across different verticals and so forth, we think it's going to flourish and make us even stronger with in terms of information and knowledge. So I think the short term is trying to get the upside from the synergy, and the long term is to leverage the know-how that the content management of the network providers and so forth and to have just rich media across different verticals on our platform.

我們必須關注的是，在電話會議上，許多分析師似乎認為 YY 已經存在很多年了。但我們認為3到5年後，媒體將走向何方？如果你回想一下過去 9 到 10 個月，由於 COVID-19 的影響，Zoom 是剛剛飆升的最受歡迎的產品之一。這也確實是一種串流媒體。所以我們所說的是，我們認為百度在直播方面擁有豐富的專業知識，這肯定不是娛樂，百度在各個不同領域都有如此強大的垂直領域，我們認為未來一切都將是串流媒體。如果我們學會如何進行直播，如果我們學會如何管理直播創作者等等，並將其應用於不同的垂直領域等等，我們認為它將會蓬勃發展，並使我們在資訊和知識方面變得更加強大。因此，我認為短期目標是從協同效應中獲得好處，長期目標是利用網路供應商的內容管理等專業知識，在我們的平台上實現跨不同垂直領域的富媒體。

So I hope you guys understand our strategy is twofold, not just live streaming as is with YY, but the potential that we have, live streaming across our platform of different types of vertical content.

所以我希望你們明白我們的策略是雙重的，不僅僅是像 YY 那樣的直播，還有我們的潛力，透過我們的平台直播不同類型的垂直內容。

Your next question comes from Elinor Leung from CLSA.

您的下一個問題來自里昂證券的 Elinor Leung。

Congratulation on the solid quarter. My first question is that, can you help me give us an update regarding the recovery progress of each of the advertising verticals, which has been already returned positively year on year growth, which one is still negative year on year? And what do you think the progress going forward?

恭喜本季業績穩健。我的第一個問題是，您能否幫我介紹一下各個廣告垂直行業的復甦進展情況，哪些行業已經實現了同比增長，哪些行業仍然同比負增長？您認為未來的進展如何？

And second is that when we integrate with YY, is YY management still stay or we're going to change the management with our own team?

第二，當我們與 YY 整合時，YY 管理階層還會保留嗎，還是我們會更換管理階層，換成自己的團隊？

So the question on industry. The ones that we see done well, turning from negative to positive, as we mentioned on the call earlier, it's health care, it's education, it's auto, it's software, it's lifestyle. So those that have done well. And the one that we think that could be potential for doing well, it will be things in addition to the ones I mentioned, things like, for example, real estate and a few others. And then we continue to see, for example, e-commerce and retail that do well.

所以問題是關於產業的。我們看到表現良好的領域從負面轉為正面，正如我們之前在電話會議上提到的那樣，包括醫療保健、教育、汽車、軟體和生活方式。那些表現出色的人。我們認為可能具有良好發展潛力的領域，除了我提到的領域之外，還包括房地產和其他一些領域。然後我們繼續看到電子商務和零售業表現良好。

Okay. I met with the management team and a few other members of the YY team. This is one of the greatest teams I ever met, actually. So they have very good experience for this whole live streaming operations so they will stay intact to continue to operate this business.

好的。我會見了管理團隊和 YY 團隊的其他幾位成員。事實上，這是我見過的最偉大的團隊之一。因此，他們在整個直播營運方面擁有非常豐富的經驗，因此他們會繼續保持經營這項業務。

In the meanwhile, we are adding more resources and including our team members into this new team to help them better explore the opportunities within Baidu and to integrate the service into Baidu's platform. So in short, this team is great, and they will stay as it is.

同時，我們正在投入更多資源，將我們的團隊成員納入這個新團隊，以幫助他們更好地探索百度內部的機會，並將該服務整合到百度平台中。簡而言之，這支球隊很棒，而且他們會保持現狀。

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

女士們、先生們，今天的會議到此結束。感謝您的參與。你們都可以斷開自己的線路。