Core Insights - Baidu reported fourth-quarter results that met revenue expectations while exceeding earnings forecasts, although shares fell approximately 6% intra-day on Thursday [1] Financial Performance - The company posted adjusted earnings per American Depositary Share (ADS) of RMB10.62, surpassing the consensus estimate of RMB9.65 [2] - Quarterly revenue reached RMB32.7 billion ($4.68 billion), reflecting a 5% sequential increase and closely aligning with the consensus forecast of RMB32.64 billion [2] - Adjusted operating income for the quarter was RMB3.0 billion ($424 million), resulting in an adjusted operating margin of 9% [4] - Adjusted EBITDA amounted to RMB4.7 billion ($676 million), indicating a 14% adjusted EBITDA margin [4] AI Segment Performance - Revenue from AI Cloud Infrastructure hit RMB5.8 billion in the fourth quarter, with subscription-based revenue linked to AI accelerator infrastructure soaring 143% year over year [3] - AI Applications generated RMB2.7 billion in revenue during the quarter, with full-year 2025 revenue from this segment exceeding RMB10 billion [3]

Market Overview - On Thursday, the three major U.S. stock indices showed mixed performance, while the Hang Seng Index ADR rose, closing at 26,429.77 points, an increase of 48.75 points or 0.18% compared to the Hong Kong market close [1]. Company Performance - Major blue-chip stocks exhibited varied performance: HSBC Holdings closed at HKD 147.859, up 1.97% from the Hong Kong market close; Tencent Holdings closed at HKD 513.204, up 0.24% [3]. - Tencent Holdings reported a price of HKD 512.000, with a decline of 2.01%, while its ADR price was 513.204, reflecting a 0.24% increase [4]. - Alibaba Group's stock price was HKD 143.000, down 3.57%, with its ADR at 144.779, showing an increase of 1.779% [4]. - HSBC's stock price was HKD 145.000, up 1.61%, with its ADR at 147.859, reflecting a 1.97% increase [4]. - China Ping An's stock price decreased by 4.64% to HKD 67.850, while its ADR showed a slight increase of 0.49% [4]. - Meituan's stock price fell by 2.72% to HKD 80.450, with its ADR showing a minimal change of -0.03% [4].

Pre-market indexes are swinging back into positive territory from lower early-morning levels, now erasing the big losses in the first part of this week on all but the small-cap Russell 2000, which is break-even over the past five trading days. This morning, the Dow is +110 points, +0.22%, the S&P 500 is +6, +0.09%, the Nasdaq +7, +0.03% and the Russell 2000 +4, +0.18%.Jobless Claims Come In-Line to Lower: 212K, 1.833MIt’s a “normal” Thursday morning, so we get new Weekly Jobless Claims figures, and once aga ...

Key Takeaways New Jobless Claims Remain Low at 212KLonger-Term Claims Come Down As Well: 1.833MCelsius, Shake Shack and Baidu Beat EarningsThursday, February 26th, 2026Pre-market indexes are swinging back into positive territory from lower early-morning levels, now erasing the big losses in the first part of this week on all but the small-cap Russell 2000, which is break-even over the past five trading days. This morning, the Dow is +110 points, +0.22%, the S&P 500 is +6, +0.09%, the Nasdaq +7, +0.03% and t ...

进入2026年，全球资本市场对AI产业的投资逻辑已悄然发生深刻转向。若说2024-2025年AI还处于"讲故 事"的愿景描绘阶段，那么如今市场已步入要求"算细账"的务实验证期。 投资者清醒地意识到，科技巨头在AI领域的军备竞赛正演变为一场旷日持久的消耗战。例如，谷歌、 亚马逊、微软等全球龙头已规划未来数年高达数千亿美元的资本开支。 然而，这些天文数字般的投入何时能转化为清晰的利润曲线尚不明朗，反而在持续侵蚀当期的现金流， 并模糊了中短期的盈利预期，这成为了市场心头挥之不去的隐忧。 在此背景下，百度2025年第四季度及全年财报，自然成为市场目光汇聚的焦点。百度的业绩表现不仅是 对其AI商业化能力的一次充分检验，更是观测中国乃至全球AI头部厂商从技术价值向商业价值转换效 率的关键窗口。 而在2月26日，百度以一份超预期的财报向市场展示了其领先的AI商业化实力。数据显示，百度2025年 总营收达1291亿元，AI业务营收达400亿元。值得注意的是，百度于财报中首次披露了一个关键性数 据，即AI业务的收入占比。四季度，百度总营收327亿元，AI业务收入占百度一般性业务收入的43%， 超出市场预期。 这一超预期的占比向 ...

在全国政协委员、科学技术部原副部长李萌看来，自动驾驶是第一个通向具身通用人工智能的产品，其 战略意义远超交通范畴。"只有进化成为行动派，AI才能够对经济和社会发展以及人类的解放做出更大 的贡献。"他表示，当前产业发展正处于"奇点时刻"，谁先突破商业化、规模化，谁就能取得先发优 势。 全国政协委员、中国工程院院士陈左宁指出，高阶自动驾驶与具身智能是智能原生应用的典型代表，核 心在于让AI从数字空间走向实体经济，是国家布局未来产业的关键。 记者注意到，在政策层面，多位委员呼吁加快制度供给。全国政协委员、交通运输部科学研究院副院长 王先进指出，当前自动驾驶试点仍是"小规模、区域性"的，缺乏区域级联动的场景验证，已成为规模化 产业化的"关键卡点"。他建议选择有条件的都市圈建立5到10个区域级工程验证平台，打造具有全球影 响力的自动驾驶应用集群。 无人驾驶作为人工智能与实体经济深度融合的重要应用，正成为各方关注的焦点。图为萝卜快跑无人驾 驶汽车行驶在阿布扎比街头。萝卜快跑供图 中国青年报客户端讯（中青报·中青网记者 张真齐）今年全国两会召开前夕，多位全国政协委员及行业 专家围绕无人驾驶这一战略性新兴产业展开热议。 无人 ...

Baidu (NasdaqGS:BIDU) Q4 2025 Earnings call February 26, 2026 07:30 AM ET Company ParticipantsHenry He - CFOJuan Lin - Director of Investor RelationsJulius Luo - Executive Vice PresidentRobin Li - Co-founder, Chairman, and CEOConference Call ParticipantsAlex Yao - Managing Director and Senior Equity AnalystAlicia Yap - Managing Director and Senior Equity AnalystEllie Jiang - Equity Research AnalystGary Yu - Research AnalystLincoln Kong - AnalystMiranda Zhuang - Research AnalystWei Xiong - Stock AnalystOpera ...

Baidu (NasdaqGS:BIDU) Q4 2025 Earnings call February 26, 2026 07:30 AM ET Speaker8Hello, thank you for standing by for Baidu's fourth quarter and fiscal year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Juan ...

格隆汇2月26日｜百度高管：在第四季度，随着头部企业客户与公司深化合作，百度智能云业务的使用 量和支出均有所增长。第四季度，人工智能云业务得益于中端客户群体的健康增长。 ...

Core Insights - Baidu's AI Cloud revenue for the year 2025 reached 30 billion yuan, indicating significant growth in the sector [1] - Subscription-based revenue from AI high-performance computing facilities grew by 143% year-on-year in the fourth quarter, becoming a major growth driver [1] - In 2025, Baidu Smart Cloud achieved the highest number of large model-related bidding projects and bid amounts, maintaining its position as the leading cloud vendor for two consecutive years [1]