百度 (BIDU) 2020 Q1 法說會逐字稿

Hello, and thank you for standing by for Baidu's First Quarter 2020 Earnings Conference Call.

您好，感謝您出席百度2020年第一季財報電話會議。

(Operator Instructions) Today's conference is being recorded.

（操作員指示）今天的會議正在錄音。

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

（操作員指令） 現在我想將會議交給今天會議的主持人，百度投資者關係總監林娟。

Over to you.

交給你了。

Hello, everyone, and welcome to Baidu's First Quarter 2020 Earnings Conference Call.

大家好，歡迎參加百度2020年第一季財報電話會議。

Baidu's earnings release was distributed earlier today.

百度今天稍早發布了財報。

You can find a copy on our website as well as on newswire services.

您可以在我們的網站以及新聞專線服務上找到副本。

On the call today, we have Robin Li, our Chief Executive Officer; Herman Yu, our Chief Financial Officer; and Dou Shen, our Executive Vice President and in charge of Baidu's mobile ecosystem group, our search and feed business.

今天的電話會議有我們的執行長李彥宏； Herman Yu，我們的財務長；竇深，我們的執行副總裁，負責百度行動生態系組、我們的搜尋和提要業務。

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

在我們準備好的發言之後，我們將舉行問答環節。

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

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

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

前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。

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.

潛在風險和不確定性包括但不限於我們向 SEC 公開提交的文件中概述的風險和不確定性，包括我們的 20-F 表格年度報告。

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

除適用法律要求外，百度不承擔更新任何前瞻性聲明的義務。

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

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

We have made minor adjustments to our non-GAAP measures and retroactively applied these changes for comparison purposes.

我們對非公認會計準則指標進行了細微調整，並追溯應用這些變更以進行比較。

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.

我們的新聞稿包含未經審計的非 GAAP 衡量標準與未經審計的最直接可比較的 GAAP 衡量標準的調整表，可在我們的 IR 網站 ir.baidu.com 上取得。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

此外，本次電話會議的網路直播也將在百度IR網站上播出。

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

我現在將把電話轉給我們的執行長羅賓。

The outbreak of COVID-19 resulted in China's economy shrinking 6.8% in the first quarter, compared to a growth of 6.0% in the previous quarter.

COVID-19的疫情導致中國經濟第一季萎縮6.8%，而上一季成長6.0%。

This was China's first economic contraction since quarterly GDP reporting began 28 years ago.

這是中國自 28 年前開始公佈季度 GDP 以來首次出現經濟收縮。

Shelter-in-place was put in place, malls and movie theaters were shut down, and much of the offline activities came to a halt in the first quarter.

一季度，居家隔離措施到位，商場和電影院關閉，大部分線下活動都停止了。

The good news is that the pandemic outbreak seems to be under control, and people are gradually allowed to travel freely around the country, as we witnessed during the May 1 Labor Day Golden Week.

好消息是，疫情似乎已受到控制，人們逐漸被允許在全國範圍內自由出行，正如我們在5月1日勞動節黃金周期間所看到的那樣。

Restaurants and shops are re-opening across the country, the Chinese economy is rebounding, and Baidu's marketing services is growing each week, after hitting a trough in February.

全國各地的餐廳和商店正在重新開業，中國經濟正在反彈，百度的營銷服務在 2 月份觸及低谷後每週都在增長。

Baidu's total revenues in the first quarter reached RMB 22.5 billion, declining 7% year-over-year.

百度第一季總營收為225億元人民幣，較去年同期下降7%。

iQIYI weathered the macro headwinds by growing 9% year-over-year.

愛奇藝頂住宏觀阻力，較去年同期成長 9%。

iQIYI's revenue diversification, from advertising to membership to online games, made it a beneficiary of the stay-at-home environment.

愛奇藝的收入多元化，從廣告到會員再到線上遊戲，使其成為居家環境的受益者。

Baidu Core revenue declined 13% year-over-year in the first quarter, which is stronger than many advertising verticals.

第一季百度核心營收年減 13%，這數字比許多廣告垂直產業都要強勁。

Our wide-spanning sales channel allowed Baidu's marketing services to diversify and benefit from the pockets of growth in the first quarter, such as online businesses and key account customers.

我們廣泛的銷售管道使百度的行銷服務能夠多元化，並從第一季的成長中受益，例如線上業務和大客戶。

Our new AI businesses also fared well during the first quarter.

我們的新人工智慧業務在第一季也表現良好。

Cloud, DuerOS and Apollo all saw healthy business growth in Q1.

Cloud、DuerOS和Apollo在第一季都實現了健康的業務成長。

During the first quarter, we quickly retooled Baidu's AI capabilities to help users, municipalities and organizations better cope with the pandemic crisis, as part of Baidu's social responsibility.

第一季度，我們迅速重組了百度的人工智慧能力，幫助使用者、城市和組織更好地應對疫情危機，這是百度社會責任的一部分。

For example, through Baidu Health, one of the largest and most comprehensive health and wellness platform in China, we provided tens of millions of free online doctor consultation and powered many third-party medical apps with Baidu's online healthcare services, such as online pneumonia screening, to free up hospitals for critical emergencies.

例如，透過中國最大、最全面的健康與保健平台之一百度健康，我們提供了數千萬次免費線上醫生諮詢，並透過百度的線上醫療服務為許多第三方醫療應用程式提供支持，例如線上肺炎篩檢，以騰出醫院應對重大緊急情況。

More than 100 Apollo-powered autonomous vehicles have been deployed across 17 cities in China, including Wuhan, Beijing, Shanghai, Shenzhen and Xiamen, to provide medication, face masks and food deliveries and unmanned fever-screening and sterilization services.

超過100輛阿波羅驅動的自動駕駛汽車已部署在中國17個城市，包括武漢、北京、上海、深圳和廈門，提供藥品、口罩和食品配送以及無人發燒篩檢和消毒服務。

COVID-19 was a black swan event, and we turned the crisis into opportunities for Baidu.

COVID-19是一場黑天鵝事件，我們將危機轉化為百度的機會。

Let me share with you a few observations that, we believe, will support Baidu's near-term recovery and fuel the long-term growth of our search and feed business.

讓我與您分享一些觀察結果，我們相信這些觀察結果將支持百度的短期復甦，並推動我們搜尋和提要業務的長期成長。

First, according to QuestMobile, Baidu App was one of the fastest growing in DAUs among the Top 10 apps in China in February.

首先，根據 QuestMobile 的數據，2 月中國十大應用中，百度應用程式是 DAU 成長最快的應用之一。

This trend continued into March, even as the pandemic outbreak leveled off from the peak.

儘管大流行疫情已從高峰期趨於平穩，但這種趨勢一直持續到三月。

As a leader in information and knowledge-centric Internet, Baidu is well positioned to allow users to easily fact-check information, which is a long-term demand on the backdrop of rampant misinformation on the Internet.

作為以資訊和知識為中心的互聯網的領導者，百度處於有利位置，可以讓用戶輕鬆地核實訊息，這是互聯網錯誤訊息氾濫的背景下的長期需求。

Our expanding mobile-ecosystem further solidifies Baidu's capability, affording users native app-like experience of third-party content and services, without leaving Baidu App.

我們不斷擴大的行動生態系統進一步鞏固了百度的能力，為用戶提供第三方內容和服務的原生應用程式體驗，而無需離開百度應用程式。

BJH accounts plus Smart Mini Program and Managed Page together provide Baidu's in-app search an unmatched experience.

BJH 帳戶加上智慧小程式和主機頁面共同為百度的應用程式內搜尋提供無與倫比的體驗。

Second, user behavior in China is shifting from browser search to in-app search, with the latter now accounting for the majority of Baidu's mobile search traffic.

其次，中國的用戶行為正在從瀏覽器搜尋轉向應用程式內搜索，後者目前佔據了百度行動搜尋流量的大部分。

Baidu App has an advantage in in-app search because most users visit with an intent to search.

百度App在應用程式內搜尋方面具有優勢，因為大多數用戶是帶著搜尋意圖存取的。

Such user intent is difficult to build especially in apps that are developed for non-search purposes.

這種用戶意圖很難建立，尤其是在為非搜尋目的開發的應用程式中。

In-app search creates a positive, re-inforcing cycle among users, customers and partners.

應用程式內搜尋在使用者、客戶和合作夥伴之間創造了一個積極的、強化的循環。

In the age of AI, Baidu can deliver better user experience when users log in, better conversions when our marketing customers log in and better content distribution when content providers log in.

在人工智慧時代，百度可以在用戶登入時提供更好的用戶體驗，在行銷客戶登入時提供更好的轉化，在內容提供者登入時提供更好的內容分發。

Our twin-engine search plus feed allows users to consume feeds when they are visiting without an intent in mind, increasing overall user stickiness.

我們的雙引擎搜尋加 Feed 允許用戶在無意中訪問時消費 Feed，從而提高整體用戶黏性。

In-app search also monetizes better than browser search.

應用程式內搜尋的獲利能力也優於瀏覽器搜尋。

The shift in user behavior from browser search to AI-powered in-app search is a positive to Baidu's long-term growth.

使用者行為從瀏覽器搜尋向人工智慧驅動的應用程式內搜尋的轉變對百度的長期成長有利。

Third, with the Chinese economy recovering, SMEs are starting to rebound at an encouraging pace, especially with the support of government policies towards SMEs.

第三，隨著中國經濟的復甦，特別是在政府對中小企業政策的支持下，中小企業開始以令人鼓舞的速度反彈。

Our survey of marketing services customers and distributors show that heavy-hit verticals such as healthcare, franchising and auto/logistics may recover faster in the months ahead.

我們對行銷服務客戶和分銷商的調查顯示，醫療保健、特許經營和汽車/物流等遭受重創的垂直行業可能在未來幾個月恢復得更快。

Baidu's new AI businesses have weathered COVID-19 headwinds well, and the future looks even more promising.

百度的新人工智慧業務很好地抵禦了COVID-19的逆風，未來看起來更光明。

IDC's data indicates that smart speakers are becoming one of the major Internet gateways in China.

IDC的數據表明，智慧音箱正在成為中國主要的互聯網網關之一。

In 2019, smart speaker shipments doubled from the prior year, while smartphone shipments dropped 8%, resulting in smart speaker shipments surpassing 10% of smartphone shipments in China.

2019年，智慧音箱出貨量較去年同期成長一倍，而智慧型手機出貨量下降8%，導致中國智慧音箱出貨量超過智慧型手機出貨量的10%。

One interesting trend to note is that: mobile users are adding smart devices in their homes, so that they have a hands-free, voice-enabled, connected device nearby, while keeping their phones free for texting and other mobile-centric activities.

一個值得注意的有趣趨勢是：行動用戶正在家中添加智慧型設備，以便他們在附近擁有一個免持、支援語音的連接設備，同時讓他們的手機可以自由地用於發送簡訊和其他以行動為中心的活動。

The Chinese government recently touted new infrastructure investments amounting to trillions of U.S. dollars to speed up economic recovery and boost sustainable growth.

中國政府最近宣稱將進行數兆美元的新基礎設施投資，以加速經濟復甦並促進永續成長。

Baidu's smart transportation and cloud service stand to benefit from these government projects.

百度的智慧交通和雲端服務將受益於這些政府計畫。

Let's begin our operational review with MEG, our mobile ecosystem group.

讓我們從我們的行動生態系統小組 MEG 開始我們的營運審查。

In March, with the nation shifting from shelter in place to back-to-office, Baidu App DAUs experienced strong growth, reaching 222 million, up 28% year-over-year.

3月份，隨著全國從居家隔離轉向復工復產，百度App DAU 出現強勁成長，達到 2.22 億，年成長 28%。

In-app search queries grew 45% year-over-year, and feed time spent was up 51%, from a year ago.

應用程式內搜尋查詢年增 45%，Feed 時間較去年同期成長 51%。

These impressive stats show that Baidu is widely recognized as the place to find more comprehensive, timely and reliable information.

這些令人印象深刻的統計數據表明，百度被廣泛認為是尋找更全面、及時和可靠資訊的地方。

Our efforts to strengthen Baidu's mobile ecosystem through our mobile building blocks is making a huge difference.

我們透過行動建構模組加強百度移動生態系統的努力正在產生巨大的變化。

Third-party content and services through BJH accounts, Smart Mini Programs and Managed Pages now make up the majority of our mobile search results.

透過 BJH 帳戶、智慧小程式和託管頁面提供的第三方內容和服務現在構成了我們行動搜尋結果的大部分。

This interplay enables search users to engage with search results by liking or posting comments, which dramatically improves the quality of and livens up search results.

這種相互作用使搜尋用戶能夠透過按讚或發表評論來與搜尋結果互動，從而顯著提高搜尋結果的品質並使搜尋結果活躍起來。

In-app search provides a better user experience, and logged-in users on Baidu App have increased to almost 60% by the end of March.

應用程式內搜尋提供了更好的使用者體驗，截至3月底，百度App的登入用戶已增加至近60%。

Baidu's content verticals add in-depth and authoritative content to Baidu's content ecosystem.

百度的內容垂直領域為百度的內容生態系統增添了深度和權威的內容。

For example, our health and wellness vertical includes a healthcare Wiki, BJH accounts of doctors and other well respected professionals in the medical field, healthcare smart mini programs to provide online doctor consultation, and Managed Pages from a large network of healthcare providers.

例如，我們的健康和保健垂直領域包括醫療保健維基、醫生和醫療領域其他受人尊敬的專業人士的BJH 帳戶、提供在線醫生諮詢的醫療保健智能小程序以及來自大型醫療保健提供者網絡的託管頁面。

In the first quarter, Baidu Health held more than 100 live broadcasting events on COVID-19 and other healthcare-related topics, hosted by industry experts.

第一季度，百度健康舉辦了 100 多場由行業專家主持的 COVID-19 和其他醫療保健相關主題的直播活動。

Baidu Health allows users to register for doctor appointments, buy health insurance, research information on hospitals and certified doctors, and connect users to hundreds of thousands of doctors for online consultation.

百度健康允許用戶註冊預約醫生、購買健康保險、研究醫院和認證醫生信息，並連接用戶與數十萬醫生進行在線諮詢。

Baidu's building blocks are dynamic, because content by topical interest are scattered in newsfeed, in apps and on mobile websites on the Internet.

百度的建立模組是動態的，因為按主題興趣排列的內容分散在動態消息、應用程式和網路上的行動網站中。

Through Baidu's building block, we can pull all of the content by topical interest together, deliver the content to users through search and feed, and allow users to transact without leaving Baidu's platform.

透過百度的積木，我們可以將所有內容按話題興趣拉到一起，透過搜尋和Feed將內容傳遞給用戶，並讓用戶無需離開百度平台即可進行交易。

Just as how we have developed the Baidu Health, we are using the same dynamic building-block architecture to develop B2B and beauty verticals, just to name a few.

正如我們開發百度健康的方式一樣，我們使用相同的動態構建塊架構來開發 B2B 和美容垂直領域，僅舉幾例。

Baidu's knowledge products complement third-party content provided through Baidu's building blocks, providing users an oasis from the rampant misinformation on the Internet.

百度的知識產品補充了透過百度建構模組提供的第三方內容，為使用者提供了遠離網路上猖獗的錯誤訊息的綠洲。

For example, users have come to know Baidu Wiki as the authoritative source for fact checking in China.

例如，使用者已經知道百度百科是中國事實查核的權威來源。

Baidu Knows is another important knowledge product, which we have upgraded with innovative Q&A features and more video content, resulting in daily questions posed increasing 150% over the past year.

百度知道是另一個重要的知識產品，我們對其進行了升級，創新了問答功能，增加了視訊內容，導致每日提問量比過去一年增長了150%。

Baidu's comprehensive set of knowledge products, including Baby Knows and Baidu Experience, make it easier for users to fact check and seek critical and reliable information.

百度全面的知識產品，包括寶貝知道和百度體驗，讓使用者更容易進行事實查核並尋找關鍵和可靠的資訊。

Baidu's mobile ecosystem is making great progress with video.

百度的行動生態系統在影片方面取得了長足的進步。

In March, total daily video views within Baidu's knowledge products grew 100% year-over-year, and short videos viewed within Baidu's family of apps was up [68%] (corrected by company after the call) year-over-year.

3月份，百度知識產品內的每日影片總觀看量較去年同期成長100%，百度系列應用程式內的短影片觀看量較去年同期成長[68%]（經公司電話會議後修正）。

We have been expanding Baidu's library of short videos and live streaming, particularly around information and knowledge.

我們一直在擴大百度的短片和直播庫，特別是在資訊和知識方面。

For example, in the first quarter, we hosted 10 sessions of hour-long live streaming Wandering through Civilization, which is added to our library for VOD playback.

例如，在第一季度，我們舉辦了 10 場長達一小時的直播《文明漫遊》，並將其加入我們的點播播放庫中。

Let me quickly cover the progress of Baidu's mobile building blocks.

讓我快速介紹一下百度移動構建塊的進展。

BJH content network now hosts 3 million publisher accounts, up 44% year-over-year.

BJH 內容網絡目前擁有 300 萬個發布商帳戶，年增 44%。

In March, the number of publishers providing original content grew 178% year-over-year, due to the large user scale of the Baidu platform, including Baidu App, Haokan, Quanmin and Baidu Wiki.

3月份，由於百度平台用戶規模龐大，包括百度App、好看、全民、百度百科等，提供原創內容的出版商數量較去年同期成長178%。

Baidu Smart Mini Program continues to see strong user growth, with MAUs on Baidu App reaching 354 million, up 96% year-over-year, and total MAUs, including users from Baidu's open network, reached over half a billion in March.

百度智慧小程式用戶持續強勁成長，百度App月活躍用戶數達3.54億，較去年同期成長96%，3月包括百度開放網路用戶在內的總月活躍用戶數超過5億。

The number of Baidu smart mini programs grew over 26 fold year-over-year and is up 35% sequentially, as developers are drawn by the rapid user growth.

百度智慧小程式的數量較去年同期成長超過 26 倍，較上季成長 35%，因為使用者的快速成長吸引了開發者。

Continuing the tradition of Baidu serving SMEs, Baidu smart mini program enables long-tail apps with high-quality content to operate an effective business.

延續百度服務中小企業的傳統，百度智慧小程式讓優質內容的長尾應用高效運作業務。

For example, Yizhikan Comics grew the DAUs on its Baidu smart mini program 4.6 fold sequentially in March, exceeding the traffic on its own app.

例如，一知看漫畫3月份百度智慧小程式的DAU環比成長4.6倍，超過了自己的應用程式的流量。

Leveraging Baidu's user insight and AI technology, Yizhikan more effectively attracted and retained users.

借助百度的用戶洞察和人工智慧技術，一知看更有效地吸引和留住了用戶。

For example, repeat users accounted for over 1/4 of its smart mini program DAUs and contributed to over half of its subscription revenue.

例如，重複使用者佔其智慧小程式DAU的比例超過1/4，並貢獻了超過一半的訂閱收入。

Turning to Managed Page.

轉向託管頁面。

More and more advertisers are choosing Baidu Managed Page as the landing page for their ads over their HTML sites, as we expanded Managed Page's industry-specific offerings.

隨著我們擴展了託管頁面的行業特定產品，越來越多的廣告商選擇百度託管頁面作為其 HTML 網站上的廣告登陸頁面。

The structured-data setup of Managed Page, capturing pre-designed fields customized for each industry, allows Baidu to better monitor the information from third-parties and provides users with more reliable information.

託管頁面的結構化資料設置，捕獲針對每個行業定制的預先設計的字段，使百度能夠更好地監控來自第三方的信息，並為用戶提供更可靠的信息。

Revenue from Managed Page was above 20% of Baidu Core marketing revenue, slightly down from last quarter, as marketing services customers from sectors like healthcare and franchising pulled back in the quarter.

由於醫療保健和特許經營等行業的營銷服務客戶在本季度有所減少，託管頁面的收入佔百度核心行銷收入的 20% 以上，較上季度略有下降。

Nevertheless, we are excited about the potential of Managed Page.

儘管如此，我們對託管頁面的潛力感到興奮。

Marketing services customers can leverage the resources of Baidu's hosted marketing platform, such as ad creation tools, Baidu user insight, and CRM features, to improve sales lead generation and conversion.

行銷服務客戶可以利用百度託管行銷平台的資源，例如廣告建立工具、百度用戶洞察和 CRM 功能，來提高銷售線索的產生和轉換。

SMEs would not otherwise have the wherewithal to employ AI capabilities if the search traffic were diverted to their own mobile sites.

如果搜尋流量被轉移到自己的行動網站，中小企業將沒有足夠的資金來使用人工智慧功能。

On the monetization front, Baidu's hosted marketing platform has been instrumental in pushing out effective ad tools by having our marketing services customers log in.

在貨幣化方面，百度的託管行銷平台透過讓我們的行銷服務客戶登錄，在推出有效的廣告工具方面發揮了重要作用。

For example, after releasing a set of video-ad creation tools, video ads grew to 38% of feed revenue in March, up from 29% in December.

例如，在發布了一套影片廣告製作工具後，影片廣告佔 Feed 收入的比例從 12 月的 29% 成長到 3 月的 38%。

Moving to DuerOS.

遷移到DuerOS。

In the first quarter, DuerOS voice assistant's strong momentum continued, with monthly voice queries from first-party devices reaching 3.3 billion in March, up almost 5 fold from last year.

第一季度，DuerOS語音助理延續強勁勢頭，3月來自第一方裝置的月度語音查詢量達到33億次，較去年增長近5倍。

Total monthly voice queries reached 6.5 billion, up almost 3 fold from last year.

每月語音查詢總數達到 65 億次，比去年增長近 3 倍。

Time spent on Xiaodu devices is also growing rapidly, especially on smart displays, whose average daily time spent per device reached over 3 hours in March, up over 20% quarter-over-quarter.

小度設備的使用時長也在快速增長，尤其是智慧顯示屏，3月每台設備日均使用時長達3小時以上，環比增長超過20%。

The popularity of DuerOS in China is drawing top apps, like Douyin, Kuaishou, Bilibili and WeSing, to join the DuerOS skills store.

DuerOS在中國的受歡迎程度吸引了抖音、快手、嗶哩嗶哩和全民K歌等頂級應用程式加入DuerOS技能商店。

DuerOS now offers over 3,800 skills, spanning a wide range of genres, including education, video, online games and live streaming.

DuerOS 目前提供超過 3,800 種技能，涵蓋教育、影片、線上遊戲和直播等多種類型。

DuerOS popularity is also driving strong sales for Xiaodu smart devices.

DuerOS的流行也推動了小度智慧型裝置的強勁銷售。

For 2019, IDC ranks Xiaodu 1st in global smart display shipments, which was reinforced by Strategy Analytics and Canalys.

2019年，IDC將小度列為全球智慧顯示器出貨量第一名，Strategy Analytics和Canalys進一步鞏固了這一地位。

We are seeing encouraging early signs of monetization with DuerOS smart devices.

我們看到 DuerOS 智慧型裝置貨幣化的早期跡象令人鼓舞。

Similar to an app store, DuerOS skills store is distributing thousands of skills and has the potential to enjoy app store economics.

與應用程式商店類似，DuerOS技能商店分佈著數千種技能，有潛力享受應用程式商店經濟。

Baidu's strong mobile content ecosystem also lends DuerOS an advantage in generating membership revenue for licensed content.

百度強大的行動內容生態系統也讓DuerOS在授權內容產生會員收入方面具有優勢。

With home devices becoming ever more popular, DuerOS is an important asset for Baidu, to enable developers of smart mini programs to also distribute their content and services through home devices.

隨著家庭設備變得越來越流行，DuerOS對百度來說是一項重要資產，它使智慧小程式的開發者也能夠透過家庭設備分發他們的內容和服務。

Turning to Baidu Cloud and AI Services.

轉向百度雲端和人工智慧服務。

We are leveraging Baidu AI to help enterprises build a competitive edge and support their digital transformation.

我們正在利用百度人工智慧幫助企業建立競爭優勢並支援其數位轉型。

In March, we signed a strategic partnership with a major public utilities company to provide AI enterprise solutions to improve customer service and office productivity.

3月，我們與一家大型公用事業公司簽署策略合作夥伴關係，提供人工智慧企業解決方案，以提高客戶服務和辦公室效率。

The public utilities company leveraged Baidu's newly launched AI PaaS, to enable its customers to purchase electricity through facial recognition at the kiosks of their customer service centers, which significantly shortens queue time.

該公用事業公司利用百度新推出的AI PaaS，讓客戶可以在客戶服務中心的自助終端上透過臉部辨識購電，從而大大縮短了排隊時間。

The customer also upgraded its internal system with Baidu AI PaaS, to enable its employees to more efficiently draft daily and weekly management reports by recommending report highlights derived from relevant internal documents, using Baidu's leading AI-powered recommendation engine.

該客戶還利用百度AI PaaS升級了其內部系統，使員工能夠利用百度領先的人工智慧推薦引擎推薦來自相關內部文件的報告要點，從而更有效地起草每日和每週管理報告。

And on Apollo, we are seeing an increasing interest in Baidu's smart-transportation solution.

在阿波羅上，我們看到人們對百度智慧交通解決方案越來越感興趣。

In the first quarter, Baidu won projects from municipalities, including Hefei, Yangquan and Chongqing.

一季度，百度獲得了合肥、陽泉、重慶等地市的專案。

Navigant Research, a well-known research firm, recognized Baidu Apollo as 1 of the 4 global leaders in autonomous driving based on strategy, branding, functionality and reliability.

知名研究公司 Navigant Research 根據策略、品牌、功能和可靠性將百度 Apollo 評為自動駕駛領域全球 4 位領導者之一。

Baidu was the exclusive autonomous driving leader from China named in the report.

百度是該報告中唯一的中國自動駕駛領導者。

Apollo also received top ranking in the 2019 Beijing Autonomous Driving Vehicles Road Test Report, which is well recognized, as the numbers used for the report are monitored by the Beijing Municipal Commission.

Apollo在《2019年北京自動駕駛汽車道路測試報告》中也獲得了第一名，這一成績得到了廣泛認可，因為報告中使用的數據是由北京市委監測的。

Turning to iQIYI.

轉向愛奇藝。

In March, iQIYI subscribers reached 118.9 million, up 23% year-over-year.

3月份，愛奇藝用戶數量達到1.189億，年增23%。

iQIYI's large subscriber base strengthens its foundation, as a leading video platform and producer of long-form videos.

愛奇藝龐大的用戶群鞏固了其作為領先視訊平台和長視訊製作商的基礎。

iQIYI's leading position in China's video marketplace is a valuable component to Baidu's large content ecosystem, both on mobile and at home.

愛奇藝在中國視訊市場的領先地位是百度龐大的行動和家庭內容生態系統的重要組成部分。

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

接下來，讓我將電話轉給赫爾曼，了解財務要點。

Thanks, Robin.

謝謝，羅賓。

Hello, everyone.

大家好。

Welcome to Baidu's First Quarter 2020 Call.

歡迎參加百度 2020 年第一季電話會議。

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

除非另有說明，我討論中使用的所有貨幣金額均以人民幣為單位。

Despite the huge uncertainties and adverse impact caused by the COVID-19 outbreak in the first quarter, Baidu's total revenues reached CNY 22.5 billion or USD 3.2 billion, decreasing only 7% year-over-year.

儘管第一季COVID-19疫情帶來巨大的不確定性和不利影響，百度總收入仍達225億元人民幣（32億美元），年比僅下降7%。

Revenue from Baidu Core was CNY 15.3 billion or USD 2.2 billion, decreasing 13% year-over-year.

百度核心收入為153億元人民幣（22億美元），較去年同期下降13%。

Marketing services from healthcare, travel, franchising and financial services, among other sectors, were significantly impacted by the halting of offline activities during shelter-in-place.

醫療保健、旅遊、特許經營和金融服務等行業的營銷服務受到就地避難期間線下活動停止的嚴重影響。

We offset some of this weakness by leveraging Baidu's spanning sales channel to capture growth from performing areas, such as e-commerce, online game, online education and software.

我們透過利用百度的跨銷售管道捕捉電子商務、線上遊戲、線上教育和軟體等表現領域的成長來彌補這一弱點。

In general, SMEs held back more during the quarter, while key accounts took advantage of the situation to build their brands.

總體而言，中小企業在本季有所保留，而大客戶則利用這一形勢打造自己的品牌。

Our new AI businesses saw strong growth across the board, from smart devices to cloud to smart transportation.

從智慧型設備到雲端再到智慧交通，我們的新人工智慧業務全面強勁成長。

iQIYI revenue reached CNY 7.6 billion, up 9% year-over-year, and their ad business was impacted by the challenging macro, down 27% year-over-year.

愛奇藝收入達76億元人民幣，較去年成長9%，廣告業務受宏觀經濟情勢影響，較去年同期下降27%。

Non-GAAP cost of revenues was CNY 14.2 billion, down 3% year-over-year, primarily due to a decrease in traffic acquisition costs, offset by an increase in content cost.

非 GAAP 收入成本為 142 億元，年減 3%，主要是由於流量獲取成本下降，但被內容成本增加所抵銷。

TAC decreased primarily due to a double-digit decrease in TAC revenue.

TAC 下降主要是由於 TAC 收入出現兩位數下降。

Our strategy on TAC continues to be optimizing profit, rather than growing TAC revenue at a loss.

我們的 TAC 策略繼續是優化利潤，而不是虧損地增加 TAC 收入。

Non-GAAP SG&A expenses were CNY 3.4 billion, down 39% year-over-year, primarily due to less channel spending and promotional marketing and decrease in personnel-related expenses.

非 GAAP SG&A 費用為 34 億元，年減 39%，主要是由於通路支出和促銷行銷費用減少以及人員相關費用減少。

Non-GAAP R&D expenses were CNY 3.5 billion, down 1% year-over-year.

非 GAAP 研發費用為 35 億元，年減 1%。

Non-GAAP operating income was CNY 1.4 billion.

非 GAAP 營業收入為 14 億元。

Non-GAAP operating income to Baidu Core was CNY 3.3 billion or USD 473 million.

百度核心的非公認會計準則營業收入為 33 億元人民幣（4.73 億美元）。

And non-GAAP operating margin to Baidu Core was 22%.

百度核心的非 GAAP 營運利潤率為 22%。

Adjusted EBITDA was CNY 2.9 billion, up 61% year-over-year, and adjusted EBITDA for Baidu Core was CNY 4.6 billion or USD 656 million, up 38% year-over-year.

調整後 EBITDA 為 29 億元人民幣，較去年同期成長 61%；百度核心調整後 EBITDA 為 46 億元人民幣（6.56 億美元），較去年同期成長 38%。

And adjusted EBITDA margin for Baidu Core was 30%, up 11 points from last year.

百度核心調整後的 EBITDA 利潤率為 30%，較去年增加 11 個百分點。

With our solid execution in expanding Baidu's mobile ecosystem, we are able to leverage R&D to strengthen Baidu's mobile building blocks and increase user retention.

憑藉我們在擴展百度行動生態系統方面的紮實執行力，我們能夠利用研發來加強百度的行動建置模組並提高用戶保留率。

Despite total marketing spending decreasing year-over-year, Baidu App DAUs saw a respectable year-over-year increase of 48 million users in March.

儘管行銷總支出較去年同期下降，但 3 月百度應用程式 DAU 用戶數量較去年同期大幅增加 4,800 萬。

The strong operating leverage in the first quarter also reflects our focus on quality revenue growth for our new AI businesses.

第一季強勁的營運槓桿也反映出我們對新人工智慧業務的高品質收入成長的關注。

In smart devices, we try to lead by launching innovative products to increase ASP, while growing sales volume to drive down BOM costs.

在智慧型裝置方面，我們嘗試透過推出創新產品來提高平均售價，同時增加銷售量以降低 BOM 成本。

In cloud, we focused on developing solutions for enterprise customers and growing gross margin in tandem with revenue growth.

在雲端領域，我們專注於為企業客戶開發解決方案，並隨著收入的成長而提高毛利率。

Smart transportation is the fastest growing among our new AI businesses, and it is also experiencing improving margin trends.

智慧交通是我們新的人工智慧業務中成長最快的，而且它的利潤率也呈現改善趨勢。

As of March 31, 2020, cash and short-term investments was CNY 146.7 billion.

截至2020年3月31日，現金及短期投資為1,467億元。

Excluding iQIYI, cash and short-term investments for Baidu Core was CNY 136.7 billion or USD 19.3 billion.

不包括愛奇藝，百度核心的現金和短期投資為1367億元人民幣（193億美元）。

Free cash flow was CNY 1.7 billion, and free cash flow for Baidu Core was CNY 2.3 billion or USD 327 million.

自由現金流為17億元人民幣，百度核心的自由現金流為23億元人民幣（3.27億美元）。

As a side note, in accordance with the new accounting policy ASU 2019-02, we reclassified licensed content purchase from investing activities to operating activities, starting from January 1 this year.

順便說一句，根據新會計政策 ASU 2019-02，從今年 1 月 1 日開始，我們將授權內容購買從投資活動重新分類為營運活動。

Prior to the new accounting standard adoption, we reflected licensed content purchase in cash flow from investing activities, which was consistent with our peers in China.

在採用新會計準則之前，我們將授權內容購買反映在投資活動的現金流量中，這與中國同業一致。

Baidu Core had approximately 28,800 full-time employees, as of March, down 7% from last year.

截至3月份，百度核心約有28,800名全職員工，較去年下降7%。

During the first quarter, we returned USD 185 million to shareholders, and cumulatively over the last 2 buyback programs, we repurchased approximately USD 1.4 billion.

第一季度，我們向股東返還了 1.85 億美元，在過去兩次回購計畫中，我們累積回購了約 14 億美元。

Our Board recently approved a new USD 1 billion buyback program, which will be effective through July 1 next year.

我們的董事會最近批准了一項新的 10 億美元回購計劃，該計劃將於明年 7 月 1 日生效。

In early April, we completed a bond offering of USD 1 billion at a blended annual percentage rate of 3.26%, proceeds from which will be used to pay off maturing bonds and for general purposes.

4月初，我們完成了10億美元債券發行，混合年利率為3.26%，所得款項將用於償還到期債券和一般用途。

Turning to second quarter guidance.

轉向第二季度指引。

We expect total revenues to be between CNY 25 billion and CNY 27.3 billion, representing a growth rate of negative 5% to 4% year-over-year.

我們預計總收入將在250億元至273億元之間，年增率為負5%至4%。

Our guidance assumes Baidu Core will grow between negative 8% to 2% year-over-year.

我們的指引假設百度核心將年增負 8% 至 2%。

These forecasts are our current and preliminary view, which is subject to substantial uncertainty.

這些預測是我們目前的初步觀點，存在著很大的不確定性。

Before I turn the call back to the operator, let me summarize our first quarter achievements.

在我將電話轉回接線生之前，讓我總結一下我們第一季的成就。

Our strategy to strengthen Baidu's mobile ecosystem is working, with third-party content and services, from newsfeed platforms, apps and mobile sites, migrating onto Baidu's platform to give users native-app like experience, without having to download third-party apps or be redirected to mobile sites.

我們加強百度行動生態系統的策略是與來自新聞源平台、應用程式和行動網站的第三方內容和服務一起遷移到百度平台上，為用戶提供類似原生應用程式的體驗，而無需下載第三方應用程式或重定向到行動網站。

Baidu's mobile building blocks are enabling our users, customers and content partners to log in, which is creating a positive virtuous cycle, resulting in strong user growth, more in-app searches and longer feed time spend.

百度的行動建置模組使我們的用戶、客戶和內容合作夥伴能夠登錄，這正在創造一個積極的良性循環，從而帶來強勁的用戶成長、更多的應用程式內搜尋和更長的提要時間花費。

Many investors ask us how to see the terminal value of Baidu Core business.

很多投資人問我們如何看待百度核心業務的終端價值。

Despite a challenging situation with COVID-19 outbreak in the first quarter, revenue from Baidu App, which makes up the majority of Baidu Core's mobile revenue, was up year-over-year during the quarter.

儘管第一季面臨新冠肺炎 (COVID-19) 疫情的挑戰，但佔百度核心行動收入大部分的百度應用收入在本季同比增長。

Baidu App's contribution margin is also increasing, due to the strengthening of Baidu's mobile ecosystem.

由於百度移動生態系的加強，百度應用的貢獻率也在增加。

And Baidu's new AI businesses saw strong performance in the first quarter, while operating losses are decreasing, reflecting our prudent strategy to focus on quality revenue growth.

百度人工智慧新業務第一季表現強勁，營業虧損正在減少，反映出我們專注於優質收入成長的審慎策略。

To appreciate Baidu's business, it is important to recognize the tremendous franchise value that we are creating with Baidu's mobile ecosystem and Baidu App, as well as our new AI businesses, where we are focusing on revenue growth with improving margins.

要欣賞百度的業務，重要的是要認識到我們透過百度的行動生態系統和百度應用程式以及我們的新人工智慧業務創造的巨大特許經營價值，我們在這些業務中專注於收入成長和利潤率提高。

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

接線員，現在讓我們開始提問。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Alicia Yap from Citigroup.

我們的第一個問題來自花旗集團的 Alicia Yap。

Could management share with us your view and the strategies on how you plan to further capitalize the continued strength of your Baidu mobile app traffic to drive broader and more diversified monetization efforts in the coming future?

管理層能否與我們分享您的看法以及您計劃如何進一步利用百度行動應用流量的持續優勢，以在未來推動更廣泛、更多元化的盈利工作的策略？

And also on investment priority, what are the budget spend you're committed in the AI, DuerOS, Apollo versus the core search technology this year?

還有關於投資優先級，今年你們在人工智慧、DuerOS、Apollo 和核心搜尋技術上的預算支出是多少？

Okay.

好的。

Dou will answer the first one and then Herman.

竇將回答第一個，然後是赫爾曼。

Okay.

好的。

Thank you for question.

謝謝你的提問。

In terms of the monetization for Baidu App, actually, we are seeing a pretty good trend.

就百度App的變現而言，實際上我們看到了一個非常好的趨勢。

So in the last few quarters, last year, we see CPM improved sequentially and consistently from Q2 to Q4 last year.

因此，在去年的最後幾個季度，我們看到每千次曝光費用從去年第二季到第四季持續持續改善。

So the trend is temporarily disrupted by the black swan event, COVID-19, in the first quarter of this year, but we already see the trend is coming back.

因此，今年第一季的黑天鵝事件 COVID-19 暫時擾亂了這一趨勢，但我們已經看到這一趨勢正在回歸。

So the CPM is continuing to improve.

因此，CPM 正在持續提高。

So how we make this happen in Baidu App, it's because Baidu App itself is growing quickly, as Robin mentioned in the prepared remarks.

那麼我們如何在百度App中實現這一點，是因為百度App本身正在快速成長，正如Robin在準備好的發言中提到的那樣。

We can see the DAUs, we can see the search volumes and feed time spent, they're all growing significantly.

我們可以看到 DAU，我們可以看到搜尋量和所花費的 Feed 時間，它們都在顯著增長。

And with that, so we had better chance to provide better experience to the users, not only through search but also through feed, our twin-engine strategy.

這樣，我們就有更好的機會為用戶提供更好的體驗，不僅透過搜索，還透過提要，我們的雙引擎策略。

So all the experience are counting on our building blocks like Baijiahao, Smart Mini Programs and Managed Page.

因此，所有的體驗都依賴我們的建置模組，如百家號、智慧小程式和託管頁面。

So with these building blocks, actually, we can provide not only content but service to the users.

因此，透過這些構建塊，實際上，我們不僅可以向用戶提供內容，還可以提供服務。

And with that, we can get more knowledge about the user, so that's why we can continuously improve the CPM.

這樣，我們就可以更了解用戶，這就是我們可以不斷提高 CPM 的原因。

So on top of that, right, so as Robin also mentioned the healthcare platform, so which another example where we can serve the user better so that we can get more information and the user intent from users.

除此之外，羅賓也提到了醫療保健平台，這是我們可以更好地為用戶服務的另一個例子，這樣我們就可以從用戶那裡獲得更多資訊和用戶意圖。

So with that, we can better improve the monetization capabilities.

這樣我們就可以更好的提升變現能力。

I will just stop here and then let Herman to answer the second part.

我就講到這裡，然後請赫爾曼回答第二部分。

Yes.

是的。

Alicia, yes, Dou talked about how our Baidu App can provide a better experience by having users, advertisers and also our content providers logging in.

艾莉西亞，是的，竇談到了我們的百度應用程式如何透過讓用戶、廣告商以及我們的內容提供者登入來提供更好的體驗。

By having more data, by having to know what users do on our landing page, obviously, we can make the user experience better, and we can continue to help improve CPM.

顯然，透過擁有更多數據，透過了解用戶在我們的著陸頁上做了什麼，我們可以改善用戶體驗，並且可以繼續幫助提高每千次展示費用。

But fundamentally, I think if you step back, what we're doing over the last few years is that we used to rely heavily on browser search.

但從根本上來說，我認為如果你退後一步，我們過去幾年所做的就是我們過去嚴重依賴瀏覽器搜尋。

And when you think about browser search, it's more of a mobile area.

當您考慮瀏覽器搜尋時，它更多的是行動領域。

And now as we're going into AI, we can shift that traffic into Baidu App.

現在，當我們進入人工智慧領域時，我們可以將流量轉移到百度應用程式中。

That in itself, because margin is higher within Baidu App as our traffic is growing faster in Baidu App versus the overall search traffic and browser and so forth, that proportion of traffic going into Baidu App that would help with CPM, that would help with revenue growth.

這本身就是因為百度應用程式的利潤率更高，因為與整體搜尋流量和瀏覽器等相比，我們在百度應用程式中的流量增長更快，進入百度應用程式的流量比例將有助於提高每千次展示費用，這將有助於增加收入成長。

As we mentioned in our prepared remarks, even in a difficult quarter like this, Baidu App had revenue growth on a year-over-year basis.

正如我們在準備好的發言中提到的，即使在這樣一個困難的季度，百度應用的收入仍同比增長。

With regards to our investment priorities, we look at our businesses in 2 separate parts.

關於我們的投資重​​點，我們將業務分為兩個不同的部分。

One is the mobile ecosystem.

一是移動生態系。

So we're very focused on ROI-driven parameters here.

因此，我們在這裡非常關注投資報酬率驅動的參數。

So when we look at, for example, our in-app installations, marketing promotions, we measure based on ROIs what we think we can deliver to the new users that we acquired based on lifetime value.

因此，當我們查看應用程式內安裝、行銷促銷等內容時，我們會根據投資報酬率來衡量我們認為可以向基於生命週期價值獲得的新用戶提供的服務。

More importantly, over the last year, as mobile ecosystem started to become stronger and stronger, we started comparing, for example, how much we can spend in R&D versus marketing spend.

更重要的是，去年，隨著行動生態系統開始變得越來越強大，我們開始比較，例如，我們可以在研發和行銷方面花費多少。

And as you can see, by toning down our marketing expenses, we continuously see a user increase.

正如您所看到的，透過減少行銷費用，我們不斷看到用戶增加。

So it's very ROI-driven.

所以這是非常受投資報酬率驅動的。

It's a pretty complex formula.

這是一個相當複雜的公式。

But so far, you can see it.

但到目前為止，你可以看到它。

It's working for us.

它對我們有用。

Even in the quarter where revenue is declining on a year-over-year basis, you're seeing profitability increase.

即使在營收年減的季度，您也會看到獲利能力的成長。

And then on our AI businesses, I think the plan here is to try to get to higher gross margins, right, while the second step might be trying to get the whole business to be profitable at a contribution margin.

然後在我們的人工智慧業務上，我認為這裡的計劃是嘗試獲得更高的毛利率，對吧，而第二步可能是嘗試讓整個業務以貢獻邊際盈利。

Right here, we're focusing on how do you grow revenues, at the same time, trying to get to a gross margin that's positive or growing.

在這裡，我們關注的是如何增加收入，同時努力實現正值或不斷增長的毛利率。

Thank you.

謝謝。

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

下一個問題來自高盛的 Piyush Mubayi。

When I look at your guidance which looks at a recovery from the past quarter, can you give us a sense of where we are as of the month of April to give you the confidence that recovery is taking place or we should look for a number that's better than that?

當我看到你們關於上個季度復甦的指導意見時，您能否讓我們了解截至 4 月份的情況，以便讓你們相信復甦正在發生，或者我們應該尋找一個與比那更好嗎？

And the second thing is when you look at all of the verticals which have taken off during the course of the last couple of weeks/last couple of months, how many do you think will come back with gusto to now?

第二件事是，當您查看過去幾週/過去幾個月中起飛的所有垂直行業時，您認為現在有多少會熱情地回來？

And an extension of that very question is, how should we think of the medical vertical, particularly where there was so much traffic that came back during the first quarter?

這個問題的延伸是，我們應該如何看待醫療垂直領域，特別是在第一季有如此多流量回歸的領域？

And how should we think of the monetization in that specific vertical going forward?

我們該如何看待未來特定垂直領域的貨幣化？

Piyush, I'll take that.

Piyush，我會接受的。

When you're looking at the verticals that have come back, our current guidance factored in how each of our advertising vertical sectors has performed in April as well as recently in May.

當您查看已恢復的垂直行業時，我們目前的指導考慮了我們每個廣告垂直行業在 4 月以及最近 5 月的表現。

I mean we see this mainly as a trajectory in which the off-line businesses are opening up.

我的意思是，我們主要將其視為線下業務開放的軌跡。

If you think about Baidu's business, we're best at interest generation, driving leads for our businesses.

如果你想想百度的業務，我們最擅長的是產生興趣，為我們的業務帶來潛在客戶。

And what has happened over the last few months is as the stores were closed down, no one's buying leads because the leads go to nowhere.

過去幾個月發生的情況是，隨著商店關閉，沒有人購買線索，因為線索無處可去。

So as these businesses are opening up across the country, then the advertisers would come back to our platform and start bidding for the traffic to help them generate sales.

因此，當這些業務在全國範圍內開業時，廣告商就會回到我們的平台並開始競標流量，以幫助他們產生銷售。

So it's built into our model, and what we are anticipating is that May should be better, and then June should be better than May, okay?

所以它被內建到我們的模型中，我們預期五月應該會更好，然後六月應該比五月更好，好嗎？

And with regards to healthcare, you're seeing tremendous traffic come back.

在醫療保健方面，您會看到巨大的流量回歸。

You're seeing the strategy we adopted with mobile ecosystem, being able to not only offer our own content such as Baidu Health Wiki but also third-party content through BJH account, through Mini Programs, through Managed Page.

您會看到我們在行動生態系統中採取的策略，不僅能夠提供我們自己的內容，例如百度健康維基，還能夠透過 BJH 帳戶、小程式、託管頁面提供第三方內容。

So we have a wealth of information.

所以我們擁有豐富的資訊。

And then on top of that, being able to insert, for example, short videos of doctor talking about procedure, inserting this live broadcasting where people are talking for over an hour, industry experts and so forth.

除此之外，能夠插入例如醫生談論手術的短視頻，插入人們談論一個多小時的直播，行業專家等等。

So that wealth of knowledge really helps generate a lot of traffic.

因此，豐富的知識確實有助於產生大量流量。

But again, with regards to monetization, the assumption here is that these clinics and these hospitals have to be open.

但同樣，關於貨幣化，這裡的假設是這些診所和醫院必須開放。

So we believe as COVID-19 gets contained, as there's no more rush to go to hospital to treat this particular pandemic, hospitals will be opened up for regular procedures, checkups and so forth.

因此，我們相信，隨著 COVID-19 得到控制，人們不再急於去醫院治療這種特殊的流行病，醫院將開放進行常規程序、檢查等。

And when those things happen, we should see better monetization with healthcare.

當這些事情發生時，我們應該會看到醫療保健更好的貨幣化。

So we're pretty bullish going into Q2.

因此，我們對第二季非常樂觀。

We think that the recovery should continue even after Q2.

我們認為，即使在第二季之後，復甦也應該會持續下去。

Next questions comes from the line of Eddie Leung, Bank of America.

接下來的問題來自美國銀行的 Eddie Leung。

My question is about the Baidu mobile ecosystem.

我的問題是關於百度移動生態系的。

It's pretty obvious that we have seen improvement in the things that you can control.

很明顯，我們已經看到您可以控制的事情有所改善。

For example, we have heard a lot of nice things in traffic, user experience, content, technologies and even monetization.

例如，我們聽到了很多關於流量、使用者體驗、內容、技術甚至變現方面的好東西。

I'm just curious if you could share with us your thought on the external environment, especially about competition.

我只是好奇您是否可以與我們分享您對外部環境，特別是競爭的看法。

For example, we have heard some of your competitors thinking about getting into search.

例如，我們聽說你們的一些競爭對手正在考慮進入搜尋領域。

We have also heard that some short video sites would increase monetization in advertising this year.

我們也聽說今年一些短影片網站會加大廣告變現力度。

So for your ecosystem, could you talk about the potential impact and how you guys can deal with it?

那麼對於你們的生態系統，您能談談潛在的影響以及您如何應對它嗎？

Thank you for the question.

謝謝你的提問。

This is Dou.

這是竇。

Let me take this.

讓我拿著這個。

So let's first talk about the search part.

那我們先來談談搜尋部分。

Actually, as we mentioned, search has been evolving from traditional browser search to in-app search, so with Baidu App growing dramatically in terms of the user-end traffic and contributing to the vast majority of mobile search queries.

事實上，正如我們所提到的，搜尋已經從傳統的瀏覽器搜尋向應用程式內搜尋發展，因此百度App的用戶端流量大幅成長，並貢獻了絕大多數的行動搜尋查詢。

So the trend is driving less and less dependency on traffic acquisition, actually, which is in contrast to the competitors who are still highly reliant on the acquired traffic.

因此，實際上，這一趨勢正在推動對流量獲取的依賴越來越少，這與仍然高度依賴獲取流量的競爭對手形成鮮明對比。

So the reason why we can achieve this progress is because of the 3 pillars we are building for the mobile ecosystem.

因此，我們之所以能夠取得這項進展，是因為我們為行動生態系統建構了三大支柱。

As we mentioned, for the user experience and the facilities, the in-depth engagement for users, content providers and customers.

正如我們所提到的，對於使用者體驗和設施，使用者、內容提供者和客戶的深度參與。

As you may know or may not, we have 60% of the daily active users logged in, in Baidu App, which is amazing for a search business because we can know the users much better.

您可能知道也可能不知道，我們有 60% 的每日活躍用戶登入百度應用程式，這對於搜尋業務來說是驚人的，因為我們可以更好地了解用戶。

So a search experience is not just about search.

因此，搜尋體驗不僅僅是搜尋。

It's actually about the whole ecosystem.

這實際上是關於整個生態系統的。

That's why with Baidu App, with more traffic coming to Baidu App, with the building blocks for the ecosystem, so we are pretty confident in this area.

這就是為什麼有了百度應用程序，更多的流量來到百度應用程序，有了生態系統的構建模組，所以我們在這個領域非常有信心。

So as to other competitors in the market, so clearly, the traffic is growing in terms of the short videos and other ways.

對於市場上的其他競爭對手來說，很明顯，短片和其他方式的流量正在成長。

So we have to admit this is a challenge for us.

所以我們必須承認這對我們來說是一個挑戰。

But what we are working on is actually to not only expand our user base through Baidu App and the video apps we are working on.

但我們所做的實際上不僅僅是透過百度應用程式和我們正在開發的影片應用程式來擴大我們的用戶群。

But we also have a huge potential to improve the monetization capability for our products.

但我們也有巨大的潛力來提高我們產品的變現能力。

So as we already mentioned, we have the Managed Page as it already showed the effectiveness for improving the ROI for the marketing, for our customers.

正如我們已經提到的，我們擁有託管頁面，因為它已經顯示了為我們的客戶提高行銷投資回報率的有效性。

So we just shipped a few features, and we have more on the list.

所以我們只發布了一些功能，我們還有更多功能。

And we can see the contribution already.

我們已經可以看到貢獻了。

So that's why I think we have our unique strength, not only in search experience but also in the building blocks for ecosystem.

這就是為什麼我認為我們擁有獨特的優勢，不僅在搜尋體驗方面，而且在生態系統的建構模組方面。

And for other sites, we are well planned for improving the monetization capability to strengthen our ecosystem.

對於其他網站，我們精心規劃提高貨幣化能力，以加強我們的生態系統。

Yes.

是的。

I want to add to that, Eddie.

我想補充一點，艾迪。

Dou talked about the strength of our mobile ecosystem and the content that we're able to put on our platform.

Dou 談到了我們行動生態系統的優勢以及我們能夠在平台上發布的內容。

The other always keeps in mind that search works because our users are intent-based.

另一個人始終牢記，搜尋之所以有效，是因為我們的用戶是基於意圖的。

As we have seen, trying to compete with Baidu, given our scale and so forth in browser search, although people can get market share and revenue, they don't get market share and profitability.

正如我們所看到的，試圖與百度競爭，考慮到我們在瀏覽器搜尋領域的規模等，儘管人們可以獲得市場份額和收入，但他們無法獲得市場份額和盈利能力。

And we believe long-term shareholder value creation is on trying to get market share or profitability.

我們相信，長期的股東價值創造在於努力獲得市場份額或獲利能力。

So we're seeing that in the browser part.

所以我們在瀏覽器部分看到了這一點。

And then in order for people to compete with us in-app, the main assumption is that their app has to be intent-based.

然後，為了讓人們在應用程式內與我們競爭，主要假設是他們的應用程式必須基於意圖。

If you look at the people coming to Baidu App, our users have that behavior.

如果你看看使用百度應用程式的人，我們的用戶就有這種行為。

So it's very hard to build intent-based users when you have other type of apps such as social, such as entertainment-focused.

因此，當您擁有其他類型的應用程式（例如社交應用程序，例如以娛樂為中心的應用程式）時，很難建立基於意圖的用戶。

Take the example of how we're able to distribute 1-hour-long live broadcasting from healthcare industry?

比如說我們如何能夠分發1小時的醫療產業直播？

If you think about it, if you're watching 15-second videos, entertainment videos, laughing and so forth, how likely are you going to be sitting there all of a sudden watching 1-hour-long healthcare experts, or if you're trying to follow your friends?

你想一想，如果你正在看15秒的影片、娛樂影片、大笑等等，你有多大可能會突然坐在那裡看1個小時的醫療專家，或者如果你正在嘗試關注您的朋友嗎？

So trying to build intent, really changed the dynamic of that app, in particular.

因此，嘗試建立意圖確實改變了該應用程式的動態，特別是。

So you're trying to make a search, it might not be as good for other type of behaviors.

所以你試圖進行搜索，它可能不太適合其他類型的行為。

That's something to keep in mind.

這是需要記住的事情。

And we talked about how - short videos, again, our focus is not on the format of the content but really by topical So if you think about where we're strong, for example, focusing on trying to build a great place vertical for healthcare, trying to build a great place for knowledge, for information and so forth.

我們討論瞭如何 - 短視頻，再次，我們的重點不是內容的格式，而是真正的主題 因此，如果您考慮我們的優勢所在，例如，專注於嘗試建立一個垂直於醫療保健的好地方，試圖建立一個知識、資訊等的偉大場所。

And where it makes sense to insert short videos, just as it makes sense to insert live broadcasting or text or photos or the services to be able to contact doctors and so forth, we want all of that various different media formats surrounded by topicals.

在插入短影片有意義的地方，就像插入直播、文字、照片或能夠聯繫醫生等的服務有意義一樣，我們希望所有各種不同的媒體格式都被主題包圍。

So that's how we're focused on.

這就是我們關注的重點。

And when you see a lot of people consuming short videos as they're consuming these long-tail topicals and so forth, that's where we can also insert short video advertising.

當你看到很多人在消費短影片時，他們也在消費這些長尾話題等等，這就是我們也可以插入短影片廣告的地方。

The next question comes from the line of Gregory Zhao from Barclays.

下一個問題來自巴克萊銀行的 Gregory Zhu。

And great to see the solid recovery from COVID-19.

很高興看到新冠肺炎 (COVID-19) 疫情的穩定復甦。

So I have 2 quick follow-ups.

所以我有兩次快速跟進。

The first one, so we see the Baidu App's very strong user growth in Q1.

第一個，我們看到百度應用程式在第一季的用戶成長非常強勁。

So I just want to know the user retention and the engagement into Q2 and what's the plan to maintain these users into second half.

所以我只想知道第二季的用戶保留率和參與度，以及下半年維持這些用戶的計畫是什麼。

So another one, we see your smart devices reported very strong shipment and very solid kind of usage numbers.

另一方面，我們看到你們的智慧型裝置報告了非常強勁的出貨量和非常可靠的使用數據。

So just wanted to understand a bit more about the monetization potential and also if you have any plan to expand the smart speakers into more kind of broader smart home connection.

因此，我只是想進一步了解貨幣化潛力，以及您是否有計劃將智慧揚聲器擴展到更廣泛的智慧家庭連接。

Okay.

好的。

I'll take the first one.

我就拿第一個。

It is true, the pandemic outbreak attracts more users to Baidu App because they want to proactively seek information to help them understand the situation.

確實，疫情爆發吸引了更多用戶使用百度App，因為他們希望主動尋找訊息，幫助自己了解狀況。

So clearly, it helps to grow the DAUs and the time spent.

顯然，它有助於增加 DAU 和花費的時間。

So after the outbreak, we can see some decline in terms of the DAUs.

所以疫情爆發後，我們可以看到 DAU 有所下降。

But the good thing side, it is a very good chance to educate the users what they can do on Baidu App.

但好的一面是，這是一個很好的機會來教育用戶他們可以在百度應用程式上做什麼。

So for example, let's take the healthcare example again.

例如，讓我們再次以醫療保健為例。

So when people started to use Baidu App for healthcare-related questions and consultations, so they are actually getting used to it, and we can see the consultation numbers are pretty stable.

所以當人們開始使用百度應用程式進行與醫療保健相關的問題和諮詢時，他們實際上已經習慣了，我們可以看到諮詢數量非常穩定。

So we are using this chance to educate the users with more features, which are not obvious to the users before.

因此，我們利用這個機會向用戶介紹更多以前用戶不明顯的功能。

So the short answer is that we are using many approaches to make the Baidu App more friendly, provide more services to the users so that they can use it for different purposes.

所以簡短的回答是，我們正在使用多種方法來使百度應用程式更加友好，為用戶提供更多服務，以便他們可以將其用於不同的目的。

Yes.

是的。

This is Robin.

這是羅賓。

Regarding to the smart device monetization potential, I think it's going to be very similar to the mobile ecosystem in the sense that the revenue can come from selling hardware, selling subscription, selling advertising and even e-commerce.

關於智慧型設備的貨幣化潛力，我認為它將與行動生態系統非常相似，因為收入可以來自銷售硬體、銷售訂閱、銷售廣告甚至電子商務。

The difference is that it's a home-based device, and we maintain a better control on almost everything from software until the back end of monetization.

不同之處在於，它是一款家用設備，我們對從軟體到貨幣化後端的幾乎所有內容都保持著更好的控制。

Because it is in the early stage of the development, we are pretty much focusing on improving the experience, user experience.

因為它處於開發的早期階段，所以我們非常關注改善體驗、使用者體驗。

I've talked about the average time spent for our marketplace is over 3 hours per day.

我已經說過，每天花在我們市場上的平均時間超過 3 小時。

So that's a lot longer than an average mobile app.

所以這比一般的行動應用程式要長得多。

So we are quite optimistic about the potential of monetization for our smart home devices.

因此，我們對智慧家庭設備的變現潛力非常樂觀。

And we will continue to explore new form factors for smart home and other AI or voice-enabled devices.

我們將繼續探索智慧家庭和其他人工智慧或語音設備的新外形。

And as time passes by, I will give you a timely update on that.

隨著時間的推移，我會及時向大家通報最新情況。

The next question comes from the line of James Lee, Mizuho.

下一個問題來自瑞穗的詹姆斯李（James Lee）。

Herman, I was wondering if you can give us a sense of what the total expenses will look like in 2Q.

赫爾曼，我想知道您能否讓我們了解第二季的總支出。

As revenues start to recover in the second quarter, how should we think about the expense growth there?

隨著第二季營收開始恢復，我們該如何看待費用成長？

And also, maybe help us understand maybe opportunity to increase your operating margin/ operating leverage, maybe over longer term, like, for example, any opportunity to rationalize some of the investments you're making here.

而且，也許可以幫助我們了解增加您的營業利潤/營業槓桿的機會，也許是長期的，例如，任何使您在這裡進行的一些投資合理化的機會。

Yes.

是的。

James, so 2 questions.

詹姆斯，有兩個問題。

Let me answer the first part.

我來回答第一部分。

So when you look at Baidu Core's operating model in Q1, on a non-GAAP basis, our cost of sales plus OpEx was probably around CNY 11.9 billion.

因此，當你看看百度核心在第一季的營運模式時，根據非公認會計原則，我們的銷售成本加上營運支出可能約為 119 億元。

And because we typically have our wage adjustments in Q2 because COVID-19 in China seems to be rather under control, so we're going to start hiring more and so forth, so you should expect sequentially that this number will grow 10%, probably even in the teens.

因為我們通常會在第二季度進行工資調整，因為中國的COVID-19 似乎已得到相當程度的控制，所以我們將開始招聘更多員工等等，所以你應該預計這個數字會連續增長10%，可能是即使在青少年時期。

It really will depend on several factors.

這實際上取決於幾個因素。

That's uncertain right now, but I expect that kind of range of growth from Q1 into Q2.

目前還不確定，但我預計從第一季到第二季都會出現這種成長範圍。

On the longer term, in terms of our operating margin potential, I think it really comes in 2 parts.

從長遠來看，就我們的營業利潤潛力而言，我認為它實際上分為兩個部分。

Number one is MEG.

第一個是 MEG。

So as you can see, because of the traffic that we're growing within apps, in-app search is growing faster in terms of traffic, and it has higher margins, you can see us having that better terminal value over time because proportionately revenue is growing in apps as we're making our mobile ecosystem stronger.

正如您所看到的，由於我們在應用程式內的流量不斷增長，應用程式內搜尋的流量增長速度更快，而且利潤率更高，您可以看到隨著時間的推移，我們擁有更好的終端價值，因為按比例收入隨著我們不斷增強行動生態系統，應用程式的應用也在不斷增長。

So that's going to make the MEG business healthier.

這將使 MEG 業務更加健康。

Secondly, with the AI businesses, as we have mentioned, our focus is on how do we grow revenue, at the same time, how do we grow our margin.

其次，對於人工智慧業務，正如我們所提到的，我們的重點是如何增加收入，同時如何增加利潤。

So these 2 are important, hand-in-hand, we want to grow quality revenue.

因此，這兩者都很重要，齊頭並進，我們希望增加優質收入。

So as time passes, we expect to have less expenses or less losses in our AI businesses.

因此，隨著時間的推移，我們預期人工智慧業務的費用或損失將會減少。

In a few years, potentially 1 or 2 of these businesses could even turn profitable.

幾年後，其中一兩家企業甚至可能轉虧為盈。

So that's really our target, trying to shoot for that.

所以這確實是我們的目標，並努力實現這一目標。

So I think over time, you should see that there's a potential of a margin improvement, both on MEG and also new AI businesses.

因此，我認為隨著時間的推移，您應該會看到 MEG 和新的人工智慧業務的利潤率都有改善的潛力。

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

下一個問題來自T.H.的Tian Hou。首都。

Congratulations on a good quarter.

恭喜您度過了一個美好的季度。

I have a couple of questions.

我有幾個問題。

One is related to the in-app search.

其中之一與應用程式內搜尋有關。

So if in-app search is a trend, how can Baidu attract more users to use Baidu's in-app search versus other apps' in-app search?

那麼，如果應用程式內搜尋是一種趨勢，那麼相對於其他應用程式的應用程式內搜索，百度如何吸引更多用戶使用百度的應用程式內搜尋呢？

That's the first question.

這是第一個問題。

The second one is we're observing a lot of live broadcasting e-commerce, so it's really the way to accomplish CPM.

第二個是我們觀察到很多直播電商，所以這確實是實現CPM的方式。

And I wonder if that activities are going to be a negative impact to our e-commerce advertising revenue.

我想知道這些活動是否會對我們的電子商務廣告收入產生負面影響。

That's the 2 questions.

這是2個問題。

Okay.

好的。

I'll take the first one.

我就拿第一個。

A users use search because they have a certain need, and the need is satisfied through search.

用戶使用搜尋是因為他們有某種需求，並且透過搜尋來滿足需求。

So just because with the building blocks like Baijiahao, Smart Mini Programs and Managed Page, we can provide better user experience for users to search.

正是因為有了百家號、智慧小程式、託管頁面等建置模組，我們才能為使用者的搜尋提供更好的使用者體驗。

We can connect the users not only to the content, to the information, but also to the service they want to achieve.

我們不僅可以將用戶連接到內容、訊息，還可以連接到他們想要實現的服務。

So with that, we can impress the user once they use it.

這樣，我們就可以在用戶使用後給他們留下深刻的印象。

So that's why we can see the average search times per user every day is actually growing.

這就是為什麼我們可以看到每個用戶每天的平均搜尋時間實際上正在增​​長。

So I think this is key to retain the users for Baidu in-app search because once they use the Baidu in-app search, they compare with other search on browser or in other apps, so they can see the difference.

所以我認為這是留住百度應用程式內搜尋用戶的關鍵，因為一旦他們使用百度應用程式內搜索，他們就會與瀏覽器或其他應用程式中的其他搜尋進行比較，這樣他們就可以看到差異。

They know which one's better.

他們知道哪個比較好。

They know how to get there.

他們知道如何到達那裡。

So I think this is the major approach for us to do it.

所以我認為這是我們做這件事的主要方法。

And secondly, it's because of the brand awareness.

其次，是因為品牌知名度。

So as Herman already mentioned, Baidu is the strongest or the well-known brand for search.

正如赫爾曼已經提到的，百度是搜尋領域最強或最知名的品牌。

And it is actually taking more effectiveness to help build the in-app search habit for users.

實際上，它需要更有效的方法來幫助用戶建立應用程式內搜尋習慣。

So to sum up, the brand for search of Baidu and also the better user experience, not only for content search but also for service connection, so it's helping us to retain the users for search.

綜上所述，百度搜尋的品牌以及更好的用戶體驗，不僅是內容搜索，還有服務連接，所以它有助於我們留住搜尋用戶。

Okay.

好的。

This is Robin.

這是羅賓。

Let me answer the second question.

我來回答第二個問題。

It's obvious that live broadcasting in e-commerce is growing very quickly and becoming a trend.

可見，電商直播發展迅速，已成為趨勢。

And it could become a major form of commerce, or more broadly speaking, I think live broadcasting will become another new form of media, comparable to video, image and text.

而且它可能會成為一種主要的商業形式，或者更廣泛地說，我認為直播將成為另一種新的媒體形式，可以與視訊、圖像和文字相媲美。

So we are embracing live broadcasting content to throughout the search experience, feed experience and the Baidu mobile ecosystem.

因此，我們正在將直播內容融入整個搜尋體驗、資訊流體驗和百度行動生態系統中。

So going forward, when the e-commerce advertisers come to Baidu to advertise, they can choose all kinds of media format to integrate their services or ad creatives or content with Baidu products.

因此，未來，當電商廣告主來到百度投放廣告時，他們可以選擇各種媒體格式，將其服務或廣告創意或內容與百度產品結合。

So we think we stand to actually benefit from this trend, not hurt by this trend.

因此，我們認為我們實際上會從這一趨勢中受益，而不是受到這種趨勢的傷害。

The next question comes from the line of Natalie Wu from CICC.

下一個問題來自中金公司的Natalie Wu。

So I have a question regarding the healthcare-related revenue.

所以我有一個關於醫療保健相關收入的問題。

So I guess the high base effect related with the clear-up efforts in the last 2 years should be disappearing coming into the second half of this year.

因此，我認為與過去兩年的清理工作相關的高基數效應應該會在今年下半年消失。

So that should create a relatively easy comp accordingly.

因此，這應該相應地創建一個相對簡單的組合。

Is that right?

是這樣嗎？

Just curious what's the revenue contribution from medical advertisers lately.

只是好奇最近醫療廣告商的收入貢獻是多少。

I remember that the number is around 1/7, dating back the second quarter of last year.

我記得這個數字是1/7左右，可以追溯到去年第二季。

So just wondering what's the level recently.

所以想知道最近是什麼水準。

And also, can you give us a sense regarding the multinational advertisers exposure for your Baidu Core business?

另外，您能為我們介紹一下您的百度核心業務在跨國廣告商的曝光情況嗎？

Natalie, the revenue proportion really is 2 main factors.

娜塔莉，收入比例確實是兩個主要因素。

One is the traffic that we're seeing.

一是我們看到的流量。

Secondly is also the amount of off-line activities.

其次也是線下活動量。

If hospitals are now opening up, it's very hard for them to actually come on to our platform to try to drive interest and buy leads and so forth.

如果醫院現在開放，他們很難真正進入我們的平台來嘗試激發興趣併購買銷售線索等。

And for that reason, in Q1, healthcare dropped below 10% of Baidu Core's advertising revenue.

因此，第一季度，醫療保健佔百度核心廣告收入的比例下降到了 10% 以下。

Your second question was on multinational.

你的第二個問題是關於跨國公司的。

We don't track our revenue by multinational because when we look at our overall revenues, we just look at our key accounts.

我們不追蹤跨國公司的收入，因為當我們查看整體收入時，我們只查看我們的關鍵客戶。

We don't see there's a major difference between multinational or a local Fortune 500.

我們不認為跨國公司或本土財富 500 強之間有重大差異。

So we look at our business either by SMEs or by key accounts.

因此，我們要么按中小企業，要么按大客戶來看待我們的業務。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude our conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。