香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈本公司股東大會投票的所有事宜，A類 普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者務請留意投資不同投票權架 構公司的潛在風險。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達克上市，股份代碼為 BIDU。 Baidu, Inc. 百度集團股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9888（港幣櫃台）及89888（人民幣櫃台）） 2024 年度報告 我們欣然發佈我們截至2024年12月31日止財政年度的年報，當中載有我們於本報告期間的經審計全年業績。本文 件乃根據《香港聯合交易所有限公司證券上市規則》第13.46(2)條作為我們的年度報告提供予我們的股東。本文件在 香港聯交所網站( http://www.hkexnews.hk )及我們的網 ...

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (09888.HK) [1] Core Insights - The report highlights a significant acceleration in Baidu's cloud business, projecting strong growth in AI-related services for 2025. The intelligent cloud revenue grew by 26% year-on-year in Q4 2024, up from 12% in Q1, 14% in Q2, and 11% in Q3 [3] - The report notes that Baidu's core operating profit margin declined by 4 percentage points year-on-year, primarily due to a one-time loss of RMB 1 billion, which included provisions for expected credit losses and inventory impairments [4] - The report anticipates gradual improvement in Baidu's advertising business in 2025, driven by economic policy changes and the long-term benefits of generative AI on search services [8] Financial Performance Summary - For 2023, Baidu's total revenue was RMB 134.6 billion, with a year-on-year growth of 8.83%. The net profit attributable to shareholders was RMB 20.3 billion, reflecting a significant increase of 168.75% [1] - The forecast for 2024 shows a slight decline in total revenue to RMB 133.1 billion, with a projected net profit of RMB 23.8 billion, a 16.96% increase [1] - Non-GAAP net profit is expected to decrease from RMB 27 billion in 2023 to RMB 25.4 billion in 2025, with a corresponding Non-GAAP PE of 9 times [9]

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (09888.HK) [1] Core Insights - The report highlights a significant acceleration in Baidu's cloud business, projecting strong growth in AI-related services for 2025. The intelligent cloud revenue grew by 26% year-on-year in Q4 2024, up from 12% in Q1, 14% in Q2, and 11% in Q3 [3] - The report notes that Baidu's core operating profit margin declined by 4 percentage points year-on-year, primarily due to a one-time loss of RMB 1 billion, which included provisions for expected credit losses and inventory impairments [4] - The report anticipates gradual improvement in Baidu's advertising business in 2025, driven by economic policy changes and the long-term benefits of generative AI on search services [8] Financial Performance Summary - For 2023, Baidu's total revenue was RMB 134.6 billion, with a year-on-year growth of 8.83%. The net profit attributable to shareholders was RMB 20.3 billion, reflecting a significant increase of 168.75% [1] - The forecast for 2024 shows a slight decline in total revenue to RMB 133.1 billion, with a projected net profit of RMB 23.8 billion, a 16.96% increase [1] - Non-GAAP net profit is expected to decrease from RMB 27 billion in 2023 to RMB 25.4 billion in 2025, with a corresponding Non-GAAP PE of 9 times [9]

Investment Rating - The investment rating for Baidu Group is "Outperform the Market" [5] Core Insights - Baidu Group's total revenue for Q4 2024 was 341 billion yuan, a slight decrease of 2% year-on-year, with adjusted net profit reaching 67 billion yuan, down 13% year-on-year [1][7] - The core advertising revenue declined by 7%, while the AI-driven cloud business showed significant growth, with a 26% increase in revenue [2][17] - The company is focusing on AI technology to enhance search advertising and cloud services, with expectations of adjusted net profits of 272 billion yuan in 2025 and 301 billion yuan in 2026 [21] Financial Performance Summary - For Q4 2024, Baidu's core revenue remained stable year-on-year, while iQIYI's revenue fell by 14% [12] - The online marketing revenue for Q4 2024 was 179 billion yuan, down 7% year-on-year, primarily due to economic pressures on small and medium enterprises [14] - The adjusted net profit margin for Baidu's core business was 24% in Q4 2024, with operating expenses remaining stable at 122 billion yuan [7][14] Business Segment Analysis - The non-marketing revenue for Baidu's core business reached 98 billion yuan in Q4 2024, a 43% increase, driven by the intelligent cloud business [17] - The AI cloud business revenue was 71 billion yuan, reflecting a 26% year-on-year growth, with significant increases in API call volumes [2][17] - Apollo Go achieved 100% fully autonomous driving operations in China, providing over 1.1 million rides in Q4 2024, a 36% increase year-on-year [18]

传媒/数字媒体 百度集团-SW（09888.HK） 智能云同比增速加快，关注广告复苏节奏 2025 年 02 月 20 日 投资评级：买入（维持） | 日期 | 2025/2/19 | | --- | --- | | 当前股价(港元) | 88.350 | | 一年最高最低(港元) | 119.40/74.300 | | 总市值(亿港元) | 2,514.80 | | 流通市值(亿港元) | 2,478.41 | | 总股本(亿股) | 28.46 | | 流通港股(亿股) | 28.05 | | 近 3 个月换手率(%) | 24.92 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-02 2024-06 2024-10 百度集团-SW 恒生指数 相关研究报告 《广告业务短期承压，有待宏观复苏 及AI产品变现—港股公司信息更新报 告》-2024.11.24 《广告持续承压，关注 AI 产品重构及 智驾商业化—港股公司信息更新报 告》-2024.8.24 《2024Q1 利润超预期，广告短期增长 承 压 — 港 股 公 司 信 息 更 新 报 告 》 -2024.5 ...

Investment Rating - The investment rating for Baidu Group-SW is "Buy" (maintained) [6][13]. Core Views - The growth of intelligent cloud services is accelerating due to AI, and the advertising business is expected to gradually recover with the macroeconomic environment and AI search commercialization [6]. - The non-GAAP net profit forecast for 2025-2026 has been slightly adjusted to 27.1 billion and 29.4 billion CNY respectively, with a new forecast for 2027 at 32 billion CNY, corresponding to year-on-year growth rates of 0.2%, 8.7%, and 8.7% [6]. - The current stock price of 88.35 HKD corresponds to a price-to-earnings ratio (PE) of 8.7, 8.0, and 7.4 for the years 2025-2027 [6]. Financial Summary and Valuation Indicators - Revenue for 2023 is reported at 134.6 billion CNY, with a year-on-year growth of 8.8%. For 2024, revenue is expected to decline slightly to 133.1 billion CNY, a decrease of 1.1% [9]. - Non-GAAP net profit for 2023 is 28.7 billion CNY, with a year-on-year growth of 39.0%. The forecast for 2024 is a decline to 27.0 billion CNY, a decrease of 6.1% [9]. - The gross margin is projected to be 52.6% in 2023, slightly improving to 52.9% in 2024, while the net margin is expected to decrease from 21.4% in 2023 to 20.3% in 2024 [9].

Investment Rating - The investment rating for Baidu Group-SW is "Buy" (maintained) [6][13]. Core Views - The growth of intelligent cloud services is accelerating due to AI, and the advertising business is expected to gradually recover with the macroeconomic environment and AI search commercialization [6]. - The non-GAAP net profit forecast for 2025-2026 has been slightly adjusted to 27.1 billion and 29.4 billion CNY respectively, with a new forecast for 2027 at 32 billion CNY, corresponding to year-on-year growth rates of 0.2%, 8.7%, and 8.7% [6]. - The current stock price of 88.35 HKD corresponds to a price-to-earnings ratio (PE) of 8.7, 8.0, and 7.4 for the years 2025-2027 [6]. Financial Summary and Valuation Indicators - Revenue for 2023 was 134.6 billion CNY, with a year-on-year growth of 8.8%. For 2024, revenue is expected to decline slightly to 133.1 billion CNY [9]. - Non-GAAP net profit for 2023 was 28.7 billion CNY, with a year-on-year growth of 39.0%. The forecast for 2024 is a decline to 27.0 billion CNY [9]. - The gross margin for 2025 is projected to be 51.3%, with a net margin of 19.7% [9]. - The diluted EPS for 2025 is expected to be 9.4 CNY, with a PE ratio of 8.7 [9].

Financial Performance - Baidu's total revenue for Q4 2024 was RMB 34.951 billion (USD 4.675 billion), a decrease of 2% year-over-year[6]. - Operating profit for Q4 2024 was RMB 5.392 billion (USD 537 million), down 27% year-over-year[6]. - Net profit attributable to Baidu for Q4 2024 was RMB 2.599 billion (USD 711 million), a 100% increase year-over-year[6]. - Total revenue for the fiscal year 2024 was RMB 133.1 billion (USD 18.2 billion), a year-on-year decrease of 1%[20]. - Net profit attributable to Baidu for the twelve months ended December 31, 2023, was RMB 20,315 million, an increase from RMB 23,760 million in the previous year[36]. - Baidu's net profit margin for the twelve months ending December 31, 2023, was 15%[46]. - Baidu's total revenue for the twelve months ending December 31, 2023, was RMB 55.83 billion, with a projected increase to RMB 66.40 billion for 2024[37]. - The company expects total revenue for the twelve months ending December 31, 2024, to be approximately RMB 133,125 million, indicating a slight decrease of 1%[46]. Revenue Breakdown - Baidu's core revenue for Q4 2024 was RMB 27.7 billion (USD 3.8 billion), a year-on-year increase of 1%[4]. - Online marketing revenue decreased by 7% year-on-year to RMB 17.9 billion (USD 2.5 billion) in Q4 2024[4]. - Non-online marketing revenue increased by 18% year-on-year to RMB 9.8 billion (USD 1.3 billion), primarily driven by the smart cloud business[4]. - Total revenue for Baidu Group was RMB 27,488 million for the three months ended December 31, 2023, representing a year-over-year increase of 1% and a quarter-over-quarter increase of 4%[42]. - Baidu's core business generated RMB 103,465 million in revenue, while iQIYI contributed RMB 31,873 million, reflecting a year-over-year decline of 8%[46]. Expenses and Profitability - Research and development expenses for Q4 2024 were RMB 5.5 billion (USD 756 million), a decrease of 12% year-over-year[14]. - Sales and management expenses for Q4 2024 were RMB 6.7 billion (USD 915 million), an increase of 14% year-over-year[14]. - Operating profit for Baidu Group was RMB 21,856 million, with an operating margin of 16% for the same period, reflecting a 3% decrease year-over-year[46]. - The company reported a total cost and expenses of RMB 112,742 million, which is a 1% decrease year-over-year[46]. - Baidu's adjusted EBITDA for the twelve months ended December 31, 2023, was RMB 31,863 million, with an expected increase to RMB 30,587 million for the twelve months ending December 31, 2024[58]. User Engagement and Growth - The average daily API calls for the Wenxin series models reached 1.65 billion in December 2024, with external API calls increasing by 178% quarter-over-quarter[11]. - Monthly active users of Baidu Wenku's AI features reached 94 million in December 2024, a year-over-year increase of 216%[11]. - As of December 2024, Baidu's monthly active users reached 679 million, a year-on-year growth of 2%[4]. - The company anticipates continued growth in user data and market expansion, supported by new product developments and technological advancements[54]. Investments and Cash Flow - Free cash flow for the fiscal year 2024 was RMB 13.1 billion (USD 1.8 billion), while free cash flow excluding iQIYI was RMB 11.1 billion (USD 1.5 billion)[24]. - The net cash used in investing activities for the twelve months ended December 31, 2023, was RMB 48,657 million, indicating a significant investment outflow[52]. - Baidu's capital expenditures for the twelve months ended December 31, 2023, amounted to RMB 11,154 million, indicating ongoing investments in infrastructure[52]. - The company experienced a net cash outflow from financing activities of RMB 9,876 million for the twelve months ended December 31, 2023, reflecting changes in capital structure[52]. Market Position and Recognition - Baidu was included in the S&P Global Sustainability Yearbook 2024, highlighting its progress in ESG practices[11]. - The company is focusing on market expansion and new product development, as indicated by increased R&D spending and asset growth[37].

Investment Rating - The investment rating for Baidu Group-SW is "Buy" (maintained) [1] Core Insights - Baidu's AI advancements are impressive, with the AI features of Baidu Wenku surpassing 90 million MAU in January, showing a year-on-year growth of 230% in DAU. The paid user base has exceeded 40 million, with a year-on-year growth rate of 60% [3] - The company's revenue for Q4 2024 is expected to be 33.2 billion yuan, a year-on-year decline of 5%, with core revenue projected at 26.8 billion yuan, down 3% year-on-year. Adjusted net profit is anticipated to reach 3.87 billion yuan [10] - The cloud business is expected to maintain rapid growth, driven by increasing demand for AI applications and the gradual recovery of the advertising business in 2025 [10][11] Financial Forecasts - Total revenue for Baidu Group is projected to be 132.2 billion yuan in 2024, with a slight decline of 1.78% year-on-year, and is expected to grow by 3.57% to 139.9 billion yuan by 2026 [1][14] - The adjusted net profit is forecasted to be 24.1 billion yuan in 2025, reflecting a growth of 1.82% from 2024 [1][14] - The Non-GAAP net profit for 2025 is expected to be 25.9 billion yuan, with a corresponding PE ratio of 8.2 times [11][14]

Investment Rating - Maintained "Buy" rating for Baidu Group-SW (09888 HK) [1] Core Views - Baidu's AI progress is impressive, with Baidu Wenku and Baidu Netdisk showing significant growth in AI-related metrics [3] - Baidu Wenku's AI MAU reached 90 million in January 2024, with AI DAU growing 230% YoY [3] - Baidu Netdisk's AI DAU increased 90% YoY in January 2024, with AI-driven revenue growing 120% YoY [3] - Baidu's cloud business is expected to maintain rapid growth in 2025, driven by increasing demand for AI agent development and applications [10] - The company's advertising business is expected to improve quarter by quarter in 2025, supported by economic policies and AI product commercialization [10] Financial Forecasts - 2024Q4 revenue is expected to be 33 2 billion yuan, down 5% YoY [10] - 2024Q4 adjusted operating profit is forecasted at 4 5 billion yuan, with a 15 5% margin for Baidu Core [10] - 2024Q4 adjusted net profit is projected at 3 87 billion yuan [10] - 2024-2026 Non-GAAP net profit forecasts have been revised downward to 24 2/26 0/28 3 billion yuan [11] - 2025 Non-GAAP PE is estimated at 8 2x [11] AI Progress - Baidu Wenku has launched over 100 AI features, including intelligent PPT creation, AI writing assistant, and AI search [3] - Baidu Netdisk has integrated AI features such as scanning, doodling, voice transcription, and meeting minutes [3] - The "Free Canvas" feature, jointly developed by Baidu Wenku and Baidu Netdisk, is in public testing and expected to boost user engagement and monetization [3] Financial Metrics - 2024E revenue is projected at 132 2 billion yuan, with a 1 78% YoY decline [1] - 2025E revenue is forecasted at 135 1 billion yuan, with a 2 19% YoY growth [1] - 2024E net profit attributable to shareholders is expected to be 23 67 billion yuan, up 16 5% YoY [1] - 2025E net profit attributable to shareholders is projected at 24 1 billion yuan, with a 1 82% YoY increase [1]