Robin Li
大家好，感谢参加今天的电话会议。本季度，随着我们更全面地构建移动生态系统，我们继续将移动[听不清]推向新高度。移动业务首次占百度总收入的50%，进一步巩固了百度在移动领域的行业领导地位。我们通过创新和采取不同方法达到了这一重要里程碑。我们的业绩记录证明，我们在应对国内市场移动转型时采取了正确的战略和战术，并进行了深入而果断的执行。搜索仍然是用户意图的直接即时表达。我们成功利用这一点以及我们平台的开放性，以及我们广泛的地面销售团队，实现了移动业务的显著增长。未来还有更多增长空间。随着许多用户仍在探索智能手机的强大功能以及它如何赋能消费者，移动带来的机遇是无限的。我们看到移动营销、线上到线下以及医疗、教育和金融服务等关键生活垂直领域具有巨大潜力。通过利用我们坚实的移动基础、卓越的技术优势和经过验证的运营经验，我们正在重新定义搜索框，超越向用户返回网站、地址和电话号码等信息。我们现在正在连接用户与服务，并促成闭环交易。我们正在开创一种不同的搜索基本方式，为人们提供更自然、直观和便捷的搜索方式，并提供更智能、更预测性、更符合时间和地点需求的结果。为了实现我们的雄心，我们正在通过大力投资研发、运营自有百度产品（如糯米团购、百度外卖和百度钱包）、与[Chinar]和Uber等一流企业合作投资，并通过百度直达号与各垂直领域的平台合作伙伴密切合作来构建我们的生态系统。现在是百度抓住机遇的正确时机，我们正在大胆而快速地行动。结构性变革为前瞻性、前瞻思维的公司创造了真正推动创新并抓住巨大新机遇的机会，百度已准备好引领这一变革。现在更新一下我们核心搜索业务的情况。核心搜索的基本面仍然非常强劲。移动业务现已占总收入的50%，继续成为收入增长的主要驱动力。由强劲流量增长和改善的货币化推动的移动搜索再次贡献了我们移动收入的大部分。随着流量增加、基础设施改善、广告定向更加精准以及广告格式多样化和多样化，我们看到移动营销平台还有更多增长空间。同时，我们继续对PC业务的健康增长感到满意。我们再次通过专注于改善用户体验、增强竞价系统并进一步推动基础设施发展来提升搜索标准。在用户体验方面，我们已采取进一步措施使搜索更快、更相关、更即时、更个性化。本季度，我们通过提高速度和相关性升级了即时搜索。我们通过大幅增加付费搜索中的图片覆盖率，使搜索结果更加视觉化和个性化，并因此看到点击率显著提高。我们正在采取垂直方法推广强大的点击行动按钮，为客户提供明确直接的ROI。例如，除了现有的点击呼叫、点击聊天和点击下载移动应用格式外，在医疗领域我们现在提供点击咨询和点击预约。在教育领域，我们提供点击[Reddit]课程和点击课程。在餐厅领域，我们提供点击预订餐桌。我们将把这种垂直特定的点击行动按钮扩展到金融服务、旅游、交通和职业服务领域。2月份，我们通过进一步细化地理区域竞价，从中国300多个城市的竞价扩展到按距离接近度竞价，使搜索更加本地化。我们正在分阶段推出距离接近度竞价，早期反应非常令人鼓舞。我们认为使用距离接近度竞价的客户在移动端有更高的消费倾向并享受更高的ROI。随着我们的营销产品更加定向和本地化，我们正在吸引新的增量本地客户群。这些商家优先考虑移动端，我们提供易于使用的工具和基础设施，这就是为什么我们有吸引力的移动营销解决方案能满足他们的需求。本月初，我们开始了年度全国搜索引擎营销活动，这是我们规模最大的一次，覆盖500个城市，触及中小企业和本地商家，并进一步渗透低线城市。移动基础设施在过去两年取得了长足进步，百度在推动其发展中发挥了积极作用。两年多前，我们认识到移动基础设施对用户体验的重要性。早期，我们将增加移动优化落地页数量作为销售团队的关键绩效指标之一。我们还为客户提供免费软件，将PC页面转换为移动优化页面，并调整了算法，将移动落地页质量纳入搜索排名因素。现在，几乎所有客户都有移动落地页，但我们不会止步于此。下一步是继续提高整体落地页质量，并通过在百度上启用服务和交易来真正释放移动的价值。现在进一步谈谈移动和O2O。第一季度，百度移动搜索月活跃用户达到6亿，高于上一季度的5.4亿；移动地图月活跃用户达到2.7亿；我们继续占据中国应用分发的首位。这些资产的规模和覆盖范围是我们移动平台的基础，百度移动搜索应用和移动地图作为强大的门户，不仅支持我们较新的O2O产品（如糯米和钱包）的增长，还促成闭环交易。百度产品在我们的平台内和整个生态系统中共享丰富多样的资源。例如，第一季度，25%的糯米电影票交易源自并在百度移动搜索和地图上完成。3月国际妇女节周末，我们成功开展了电影票营销推广活动。3月7日中国所有线上线下电影票销售中，近15%通过百度糯米完成，其中近70%的交易使用百度钱包支付。该活动教育用户通过我们的门户产品发现O2O服务，并展示了通过百度购买电影票的便捷性，推动了糯米和百度钱包的用户采用。说到百度钱包，现在拥有近2600万绑卡用户，用户既绑定了银行卡账户，又至少使用百度钱包消费过一次。百度直达号现在拥有超过70万商家。我们继续更全面地构建该平台的基础设施，并与垂直领域更紧密合作以定制我们的产品。一个简短的例子是新东方教育的在线部门酷学网。酷学网学生平均每笔交易花费1000元人民币。百度与酷学网合作，通过我们的营销平台推动这些交易，并通过百度直达号促成闭环交易。过去一个月，酷学网的月收入比去年10月我们通过百度直达号账户推出时增长了两倍。我们的外卖服务于去年8月推出，在不到9个月的时间里，我们已覆盖70多个城市，我们相信按GMV计算，在工作年龄人口中，我们已经在近一半的城市中处于领先地位，包括北京和另外五个省会城市；总体而言，我们在16个城市（也包括北京）按GMV计算处于领先地位。外卖不仅补充了我们的团购服务，还依托我们的技术优势。外卖的关键可持续优势是规模和优化物流及资源配置。我们的技术平台整合了我们的数学、数据和软件能力资源。百度外卖通过针对工作年龄人口、更高质量、有执照的餐厅和更快的配送时间，提供差异化的体验。O2O解决了本地领域的巨大机遇，现在还处于早期阶段。大多数消费和交易发生在本地和线下。随着移动互联网的发展，将本地服务从线上连接到线下成为可能。将服务上线带来了信息透明度，并允许更好地匹配供应与实时需求。这意味着资源配置效率提高。例如，餐饮业是中国数万亿人民币的产业，市场规模仅次于房地产和汽车，其中超过一半的座位每天空置。只有1%的预订是在线完成的。在线外卖仅占餐厅总GMV的个位数百分比。平均85%的电影院座位未售出，超过40%的行驶卡车没有装载货物。通过连接人与这些服务，百度为用户提供便利和选择，并使商家能够满足实时需求，从而推动增量收入并提高产能利用率。这是百度的长期战略和生态系统建设。我们还有很多工作要做，但迄今为止的结果非常令人鼓舞。我们将在未来几个季度继续为百度移动搜索、地图、糯米和外卖开展线上和线下营销及跨产品推广活动。这些活动将教育用户了解可以通过我们平台发现的新服务，并培养正确的用户行为。但连接人与服务不仅限于本地，我们的门户地位、对数据和技术的关注、庞大的累积用户群和客户群，所有这些结合起来使我们处于独特的位置，能够真正改变医疗、教育、金融服务等主要服务垂直领域，这些领域合计占中国经济的近20%。百度将有机会在改造这些行业方面发挥整体影响。在医疗领域，我们正在帮助更好地匹配患者与合适的医生。在中国，人们有时排队几天才能预约到可能不适合治疗他们病情的医生。我们在第一季度推出的百度医生解决了这种情况，支持在线挂号。该平台已汇集了近700家医院和超过25,000名医生，覆盖三个省份。我们将在未来几个季度努力扩展该服务。我们还通过提供在线教育平台和资金支持，使教育更加普及。我们去年8月收购的在线教育平台传课网，已经与近7,000家教育机构合作，为数百万注册用户提供超过25,000门课程。在金融服务领域，我们启动了一个试点项目，提供消费贷款或消费信贷，以降低潜在学生的准入门槛。关于百度研究院的几句话，我们在北京和硅谷的研究项目继续取得丰硕成果。除了我们在深度语音方法上的先进成果（该方法使用深度学习提供迄今为止行业内最高的英语语音识别准确率）外，我们在视觉领域也取得了巨大进展。1月，百度研究院宣布了百度深度图像识别系统实现的行业领先成果，我们的系统持续改进。爱奇艺继续表现非常出色，第一季度总收入同比增长超过80%。它继续在中国互联网视频网站中提供卓越的用户体验，我们仍然高度承诺并支持爱奇艺。我们显然对未来的机遇感到兴奋，我们一直有选择性地选择那些[波长]。百度的战略非常专注，我们定期审查我们的产品组合的有效性，过去我们已经并将继续调整我们的产品组合，[淘汰]不符合我们期望的产品。最后，百度正在重新定义搜索框和[听不清]我们的可寻址市场。我们正在努力工作并积极投资以实现我们的愿景，并释放我们平台的潜力。接下来，我将把话筒交给Jennifer，让她介绍我们的财务状况。
Robin Li
Hello everyone, and thanks for joining today's call. This quarter we continued to drive mobile [indiscernible] to new heights as we build out our mobile eco system more fully. For the first time mobile represented half of Baidu's total revenues further reinforcing Baidu's industry leadership in mobile. We were able to reach this important watershed by innovating and doing things differently. Our track record proves that we showed the right strategy and tactics and that we executed [deeply] and decisively as we navigated the mobile shift in our home market. Search is still about direct immediate expression of our user intent. We successfully leverage this and the open nature of our platform as far as our extensive underground sales force to achieve this dramatic growth in mobile. And there is much more to come. As many user still just turning to recent to the power of smartphone and how it empowers them as consumers, see opportunities that mobile opens up are limitless. We see huge potential ahead for mobile marketing, online to offline and key life verticals such as healthcare, education and financial services. By leveraging our solid mobile foundation, exceptional technology advantage and proven operational experience. We are redefining the third spot by going beyond returning information like Web sites, addresses and phone numbers to our users. We are now connecting users with services and enabling close look transactions. We are pioneering a different approach to the basic inner way creating more naturalistic intuitive and convenient wave for people to perform search and delivering results than our more intelligently predictive and better matched to the need of time and place. To fulfill our ambition we are building our eco-system by investing heavily in R&D operating our own Baidu offering like Nuomi group buying, Baidu take out foot delivery and Baidu Wallet. Partnering with and investing in best in class players like [Chinar] and Uber and working closely with platform partners across verticals on Baidu Connect. This is the right time for Baidu to seize the opportunity and we are moving boldly and quickly. Tectonic shifts creates opening for forward looking, forward thinking companies to really drive innovation and getting front of tremendous new opportunities and Baidu is ready to lead. Now for an update on our core search wins. The fundamentals of core search remain very robust. Mobile now having reached 50% of top line continues to be the main driver of revenue growth. Mobile search driven by robust traffic growth and improving monetization again contributed the majority of our mobile revenues. We see much more growth ahead from our mobile marketing platform as traffic increases, infrastructure improves, ad targeting grows more precise and ad format proliferate and become more diverse. Meanwhile we continued to be pleased that with our PC wins which continues to grow healthily. We again raised the bar in search by focusing on improving the user experience making enhancements to our bidding system and further pushing infrastructure development. In user experience we've taken further steps to make search faster, more relevant, more immediate and more tailored. This quarter we upgraded instant search by improving speed and relevance. We made our search results more visual and personalized by dramatically increasing the coverage of images in pay search and saw a marked increase in pixel rates as a result. We are taking a vertical approach to the powerful click to action button, which provide unambiguous direct ROI to our customers, for example, in addition to the existing click to call, click to chat, and click to download mobile app format in healthcare we are now offering click to consult and click to appointment. In education we offer click to [Reddit] for a class, and click to lesson to a course. And in restaurant we offer click to book a table. We will be extending this vertical specific click to action button to financial services, travel, transportation and career services. In February we made search a bit more local by further targeting geographic areas for bidding from over 300 cities in China to bidding by distance proximity. We are rolling out distance proximity bidding in phases and the early response has been very encouraging. We think that customers who use distance proximity bidding have a higher propensity to spend on mobile and enjoy higher ROI. We are attracting a new incremental local customer base as our marketing offering grows more targeted and more local. This merchant are thinking mobile first and we offer easy to use tools and infrastructure, that's why compelling mobile marketing solutions to meet their needs. Earlier this month we began our annual nationwide search engine marketing campaign. Our largest to get, spanning 500 cities to reach SMEs and local merchants and further penetrate lower tier cities. Mobile infrastructure has come a long way over the past two years with Baidu playing an active role in pushing the development. Over two years ago we recognized the importance of mobile infrastructure to the user experience. Early on we made increasing the number of mobile optimized landing pages one of the key performance indicators for our sales force. We also provided free software to our customers to convert PC pages to mobile optimized one and we adjusted our algorithm to factor in mobile landing page quality in our search rankings. Now nearly all of our customers have mobile landing pages but we’re not stopping here. The next step is to continue to improve the overall landing page quality and really unlock the value of mobile by enabling services and transactions on Baidu. Now for further I think mobile and O2O. In Q1 mobile search -- Baidu mobile search reached 600 million monthly active users up from 540 million in the previous quarter and in mobile maps we hit 270 million monthly active users and we continue to occupy the top slot in app distribution in China. The scale and reach of this asset are the foundation of our mobile platform and mobile Baidu search app and mobile maps serve as powerful gateways that not only support the growth of our newer O2O offering such as Nuomi and Wallet, but also enable closed loop transaction. Baidu products share rich and diverse resources within our platforms and across our ecosystem For example, in Q1, 25% of Nuomi movie tickets transactions originated from and were completed on mobile Baidu and maps. In March over International Women’s Day weekend we’ve run a successful movie ticket marketing and promotional campaign. Nearly 15% of all online and offline movie tickets sold in China on March 7th flowed through Baidu money, with nearly 70% of those transactions completed with Baidu Wallet. The campaign educated users on discovering O2O services through our gateway products and demonstrated the ease of buying movie tickets through Baidu, driving user adoption for both Nuomi and Baidu Wallet. Speaking of Baidu Wallet, it now boasts nearly 26 million connected dot coms where users have both linked a bank card to an account and spend at least once with Baidu Wallet. Baidu Connect now has over 700,000 merchants. We continue to build out the infrastructure for this platform more fully and work more closely with verticals to tailor our offering. A brief example is cuLearn the online arm of new oriental education. cuLearn students on average spend RMB1,000 per transaction. Baidu worked with cuLearn to drive these through our marketing platform and enable a closed loop transaction through Baidu Connect. Over the past month cuLearn tripled monthly revenue as compared to October last year when we launched via Baidu Connect account. Our takeout for delivery service was launched last August in less than nine months, we grow to cover 70 plus cities and we believe we are already the leader in nearly half of those cities within the working age demographic by GMV. Including Beijing and five additional provincial capitals and we are the leader in 16 cities overall that also include Beijing by GMV. Take-out food delivery not only complements our group buying services but also leans on our technology advantage. The key sustainable edge in take-out food delivery is scale and optimizing logistics and resource allocation. Our technology platform pulls the resources of our math, data and software capabilities. Baidu take-out food delivery offers a differentiated experience by targeting the working age demons graphic, higher quality, license the restaurants and faster delivery time. O2O address the enormous opportunity in local and it’s still early days. The majority of conception and transactions takes place locally and offline. With the write-off mobile connecting local services from online to offline becomes possible. Bringing services online opens up information transparency and allows for better matching of supply with real time demand. That means increased efficiency in resource allocation. For example, with restaurant industry a multi trillion RMB industry in China behind only real-estate and automotive in market size more than half of these are left empty daily. Only 1% of reservations are made online. And online take-out food delivery represents only a low single-digit percentage of overall restaurant GMV. On average 85% of movie theater seats are unsold and more than 40% of trucks on the go carry no merchandise. By connecting people on these services Baidu is providing users with convenience and choice and enabling merchants to fulfill real-time demand which can drive incremental revenue and improve capacity utilization. This is a long-term strategy and ecosystem build-out for Baidu. We still have a lot of work to do but the results thus far are very encouraging. We will continue to run online and offline marketing and cross product promotional campaigns for Mobile Baidu, Maps, Nuomi and take-out food delivery in the coming quarters. This campaign will educate users about new services that can be discovered through our platform and foster the right user behavior. But connecting people with services goes beyond local, our gateway position our focus on data and technology are enormous accumulated user base and customer base all combined to put us in the unique position to truly transform major service verticals like healthcare, education, financial services which in aggregate represent nearly 20% of China’s economy. Baidu we’ll have an opportunity to place an impact overall in transforming each of this sectors. In healthcare, we are helping to better match patients to the right doctors. In China, people sometimes line up for days to make a medical appointment to see a doctor, who might not be the right one to treat their condition. Baidu Doctor which we launched in Q1 addresses the situation and the support online registration. The transform has brought nearly 700 hospitals and over 25,000 doctors across three provinces to the platform. We will work to expand the service in the coming quarters. We’re also making education more accessible by providing an online education platform and funding where at comp rate. Our online education platform Chuanke, which we acquired last August already partners with nearly 7,000 educational institutions providing over 25,000 courses to millions of registered users. In financial services, we launched a pilot program to offer consumer loans or consumer credit to lower the barriers to access for potential students. A few words on Baidu Research, our research program this is [indiscernible] in Beijing and the Silicon Valley continues to yield great results. In addition to advance setting on our deep speech approach which uses deep learning to deliver the highest accuracy in English speech recognition in the industry to-date. We are making great strides in vision as well. In January, Baidu Research announced industry leading results achieved by the Baidu deep image in each recognition system and our systems continue to improve. ITE continues to perform very well and grow its Q1 top line revenue over 80% year-on-year. It continues to offer a superior user experience among China’s Internet video sites and we remain highly committed to and supported ITE. We are clearly excited by the opportunities ahead of us and we have seen -- we have been selective about choosing those [wave length]. Baidu's strategy is very focused and we do regularly review our portfolio for effectiveness and we have in the past and we'll continue to prompt our portfolio and [sound] that products that do not meet our expectations. In closing, Baidu is redefining the search box and [indiscernible] of our addressable market. We are working hard and investing aggressively to fulfill our vision and packing to our platforms through potential. With that, I’ll now turn it over to Jennifer for a look at our financial.
