$\Delta$ contribution in $e^+ + e^- \to p + \bar{p}$ at small $s$

Two-photon annihilate contributions in the process $e^+ + e^- \to p + \bar{p}$ including $N$ and $\Delta$ intermediate are discussed in a simple hadronic model. The corrections to the unpolarized cross section and polarized observables $P_x,P_z$ are presented. The results show the two-photon annihilate correction to unpolarized cross section is small and its angle dependence becomes weak at small $s$ after considering the $N$ and $\Delta(1232)$ contributions simultaneously, while the correction to $P_z$ is enhanced.