Core Insights - Baidu's Q2 2025 financial report shows total revenue of 32.7 billion RMB, with core revenue at 26.3 billion RMB and a net profit of 7.4 billion RMB, reflecting a 35% year-over-year increase [1][2] - AI-driven new business revenue, including intelligent cloud services, surpassed 10 billion RMB for the first time, growing 34% year-over-year, indicating strong growth momentum [1][4] - The global ride-hailing service "Luobo Kuaipao" recorded over 2.2 million service instances in Q2, a 148% increase year-over-year, positioning it as the world's leading service [1][7] Financial Performance - Total revenues for Q2 2025 were 32.7 billion RMB, a 4% decrease from Q1 2025 but a 1% increase quarter-over-quarter [2] - Operating income was 3.3 billion RMB, down 45% year-over-year, while net income to Baidu was 7.3 billion RMB, reflecting a 33% increase year-over-year [2] - Baidu's core revenue for Q2 2025 was 26.3 billion RMB, a slight decrease of 2% year-over-year, with net income to Baidu Core at 7.4 billion RMB, up 35% year-over-year [2] AI Business Growth - Baidu's online marketing revenue fell to 16.2 billion RMB, a 15% year-over-year decline, highlighting ongoing challenges in the advertising sector [4] - Non-online marketing revenue reached 10 billion RMB, a 34% increase year-over-year, driven by growth in AI cloud services [4] - Baidu's intelligent cloud holds a 24.6% market share in China's AI public cloud service market, maintaining its position as the market leader for six consecutive years [5] Strategic Developments - Baidu is accelerating its AI transformation in search, with AI-generated content in mobile search results increasing from 35% to 64% in just a few months [5] - The company has launched the Wenxin large model 4.5 series, enhancing capabilities in multi-modal understanding and logical reasoning [4][5] - Baidu's partnerships with Uber and Lyft aim to deploy autonomous vehicles in Asia, the Middle East, and Europe, enhancing the global reach of its ride-hailing service [7][8] Market Outlook - The global Robotaxi market is projected to reach $40 to $45.7 billion by 2030, with a compound annual growth rate exceeding 60% [8] - Baidu's collaborations with major ride-hailing platforms are expected to accelerate its global expansion and reshape the Robotaxi market landscape [8]

BEIJING, China, Aug 20, 2025 – Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the second quarter ended June 30, 2025. "In the second quarter, our AI Cloud business continued to deliver robust and healthy revenue growth, supported by our strengthening full-stack AI capabilities and comprehensive end-to-end AI products and solutions. This perfo ...

Core Viewpoint - Baidu's Q2 2025 financial report shows strong growth in AI-driven new business revenues, particularly in intelligent cloud services, which exceeded 10 billion RMB for the first time, indicating a robust growth momentum in the AI sector [1][5]. Financial Performance - Baidu Group achieved total revenues of 32.7 billion RMB in Q2 2025, with core revenues of 26.3 billion RMB and a net profit of 7.4 billion RMB, reflecting a year-on-year growth of 35% [1][2]. - Online marketing revenue decreased by 15% year-on-year to 16.2 billion RMB, indicating ongoing challenges in the advertising business [5]. - Non-online marketing revenue reached 10 billion RMB, up 34% year-on-year, driven by the growth of AI cloud services [5]. AI Business Growth - The AI new business revenue, including intelligent cloud, surpassed 10 billion RMB for the first time, showcasing a year-on-year growth of 34% [1][5]. - Baidu's intelligent cloud holds a 24.6% market share in China's AI public cloud service market, maintaining its position as the market leader for six consecutive years [6]. Search Transformation - Baidu is undergoing a significant transformation in its search capabilities, with AI-generated content in mobile search results increasing from 35% in April to 64% in July [6]. - The company has launched a major search overhaul, transitioning from traditional hyperlink results to AI-driven answers [6]. Autonomous Driving Expansion - Baidu's autonomous driving service, "Luobo Kuaipao," recorded over 2.2 million global ride services in Q2 2025, a 148% increase year-on-year, positioning it as the global leader in this sector [8][9]. - The service has expanded its global footprint to 16 cities and formed strategic partnerships with Uber and Lyft to deploy autonomous vehicles in Asia, the Middle East, and Europe [9][10]. Market Outlook - The global Robotaxi market is projected to reach between 40 billion to 45.7 billion USD by 2030, with a compound annual growth rate exceeding 60% [9]. - Baidu's partnerships with major ride-hailing platforms are expected to accelerate the global expansion of its autonomous driving services, reshaping the Robotaxi market landscape [9].

Group 1 - The core revenue for Baidu Group in the second quarter is 32.7 billion RMB, slightly below the forecast of 32.74 billion RMB [1] - Adjusted operating profit stands at 4.4 billion RMB, exceeding the forecast of 3.97 billion RMB [2]

Core Insights - Baidu reported Q2 2025 revenue of 32.713 billion yuan, a decrease from 33.9 billion yuan in the same period last year [1] - The net profit for Q2 2025 was 7.322 billion yuan, an increase from 5.488 billion yuan year-on-year [1] Financial Performance - Q2 2025 revenue decreased by approximately 3.5% compared to Q2 2024 [1] - Q2 2025 net profit increased by approximately 33.5% compared to Q2 2024 [1]

Financial Performance - Baidu reported Q2 2025 revenue of 32.7 billion yuan, with a non-GAAP net profit of 4.8 billion yuan [1] - Core revenue for Baidu was 26.25 billion yuan, a year-on-year decrease of 2%, while non-GAAP net profit increased by 35% to 7.4 billion yuan [1] - Online marketing revenue from Baidu's core business was 16.2 billion yuan, down 15% year-on-year, while AI new business revenue, including intelligent cloud, exceeded 10 billion yuan, growing 34% [1] User Engagement and AI Integration - The proportion of AI-generated content in mobile search results increased from 35% in April to 64% in July [1] - Baidu App's monthly active users reached 735 million, reflecting a year-on-year growth of 5% [1] Strategic Partnerships and Expansion - The company’s autonomous driving service, "萝卜快跑," formed strategic partnerships with Uber and Lyft to deploy driverless cars in Asia, the Middle East, and Europe [1] - In Q2, "萝卜快跑" recorded over 2.2 million global ride services, a year-on-year increase of 148%, with a total of over 14 million ride services by August [1] AI Cloud Services - Baidu's Wenxin large model 4.5 series was open-sourced, introducing 10 new models for enterprise and developer use via the Baidu Intelligent Cloud [2] - According to IDC's report, Baidu Intelligent Cloud has ranked first in the AI public cloud service market for six consecutive years, and it was recognized as the top large model platform in the latest report [2]

财报显示，萝卜快跑Q2全球出行服务次数超220万，同比增长148%；截至8月，累计全球出行服务 次数超1400万；萝卜快跑足迹覆盖全球16座城市。 季度内，百度搜索加速推进AI转型，从搜索框、搜索结果页到搜索生态实现全面革新。财报显 示，传统的超链接搜索结果逐渐被结构化、智能化和多模态优先的AI回答所取代；7月，移动搜索结果 页中AI生成内容的占比从4月的35%迅速提升至64%。6月，百度APP月活用户达7.35亿，同比增长5%。 不久前，百度发布了全球首个多人有声音视频一体化模型"百度蒸汽机"，通过不同版本差异化设计 满足各类用户不同创作需求，进一步强化百度搜索、内容、商业等生态的多模态体验。 今年以来，萝卜快跑加速全球化进程，近期先后与Uber和Lyft达成战略合作，将在亚洲、中东和欧 洲部署无人车。目前，萝卜快跑在全球右舵Robotaxi市场处于领先地位，近期在香港连续三次扩区测 试。 据介绍，百度智能云在Q2增长显著。IDC《中国AI公有云服务市场份额，2024》报告显示，百度智 能云连续六年排名第一；在8月20日最新发布的IDC报告中，百度智能云获大模型平台市场第一。 中国经济网北京8月20日讯(记 ...

Group 1 - The core point of the article highlights that over 50% of mobile search result pages contained AI-generated content as of the end of June, an increase from 35% in April [1] - By July, this figure rose to 64% for mobile search result pages containing AI-generated content [1] - The monthly active users of the Baidu app reached 735 million in June, representing a year-on-year growth of 5% [1] Group 2 - Managed page revenue accounted for 50% of Baidu's core online marketing business revenue in the second quarter of 2025 [1]

财报显示，萝卜快跑全球出行服务次数超220万，同比增长148%，累计出行服务次数超1400万。（定 西） 来源：市场资讯 （来源：网易科技报道） 8月20日消息，百度发布2025年第二季度财报，季度总营收327亿元，归属百度核心的净利润74亿元，同 比增长35%，财报显示，受AI驱动，涵盖智能云在内的AI新业务收入超过100亿元，同比增长34%。 本文来自网易科技报道，更多资讯和深度内容，关注我们。 ...

Second Quarter 2025 Business and Financial Overview [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted robust AI Cloud growth and non-online marketing revenue exceeding RMB 10 billion, offsetting online marketing pressure and focusing on AI transformation and global expansion - AI Cloud's strong growth and comprehensive AI product suite helped mitigate the near-term pressure on the online marketing business[2](index=2&type=chunk) - Baidu Core's non-online marketing revenue surpassed **RMB 10 billion** for the first time, growing **34% year-over-year**, indicating a more diversified revenue mix[2](index=2&type=chunk) - The company remains committed to strategic AI investments, focusing on the Mobile Ecosystem, AI Cloud, and the global expansion of Apollo Go[2](index=2&type=chunk) [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Baidu reported total revenues of RMB 32.7 billion, a 4% YoY decrease, with operating income and non-GAAP net income declining significantly, while GAAP net income grew 33% to RMB 7.3 billion Baidu, Inc. Q2 2025 Financial Highlights (in millions RMB, except per ADS) | Metric | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Total revenues | 33,931 | 32,713 | -4% | | Operating income | 5,944 | 3,277 | -45% | | Net income to Baidu | 5,488 | 7,322 | +33% | | Operating income (non-GAAP) | 7,500 | 4,445 | -41% | | Net income to Baidu (non-GAAP) | 7,396 | 4,795 | -35% | | Diluted earnings per ADS | 15.01 | 20.35 | +36% | | Diluted earnings per ADS (non-GAAP) | 21.02 | 13.58 | -35% | [Q2 2025 Operational Highlights](index=1&type=section&id=Q2%202025%20Operational%20Highlights) The company achieved significant operational milestones, including open-sourcing ERNIE 4.5, expanding Apollo Go's driverless rides and global partnerships, and accelerating AI transformation of Baidu Search [Corporate and AI Cloud](index=1&type=section&id=Corporate%20and%20AI%20Cloud) Baidu advanced AI capabilities by open-sourcing ERNIE 4.5 and MuseSteamer, continued share repurchases of US$677 million, and maintained its No.1 AI cloud provider ranking in China - Open-sourced ERNIE 4.5, its latest and most advanced family of foundation models, in June 2025[6](index=6&type=chunk) - Returned **US$677 million** to shareholders since the beginning of Q1 2025, with a cumulative repurchase of **US$2.3 billion** under the 2023 program[6](index=6&type=chunk) - Baidu AI Cloud was ranked the **No.1 AI cloud provider in China** for the sixth consecutive year, according to a 2024 IDC report[6](index=6&type=chunk) [Intelligent Driving (Apollo Go)](index=1&type=section&id=Intelligent%20Driving%20(Apollo%20Go)) Apollo Go significantly scaled operations with over 2.2 million driverless rides, a 148% YoY increase, forged international partnerships with Uber and Lyft, and expanded to 16 global cities - Provided over **2.2 million** fully driverless rides in Q2 2025, representing a **148% year-over-year increase**[6](index=6&type=chunk) - Entered strategic partnerships with Uber and Lyft to deploy its fully autonomous vehicles on their platforms across international markets[6](index=6&type=chunk) - Expanded its global footprint to **16 cities** as of June 2025, with new open-road testing in Hong Kong, Dubai, and Abu Dhabi[6](index=6&type=chunk) [Mobile Ecosystem](index=1&type=section&id=Mobile%20Ecosystem) Baidu Search's AI transformation accelerated, with over 50% of mobile search results containing AI-generated content, and Baidu App MAUs grew 5% YoY to 735 million - The AI transformation of Baidu Search accelerated, with over **50%** of mobile search result pages containing AI-generated content by the end of June 2025[6](index=6&type=chunk) - In June 2025, Baidu App's Monthly Active Users (MAUs) reached **735 million**, an increase of **5% year over year**[6](index=6&type=chunk) - Managed Page accounted for **50%** of Baidu Core's online marketing revenue in the second quarter of 2025[6](index=6&type=chunk) Detailed Financial Results [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Total revenues decreased 4% YoY to RMB 32.7 billion, impacted by online marketing decline but offset by 34% non-online marketing growth; operating income fell 45% to RMB 3.3 billion, while net income rose 33% to RMB 7.3 billion due to other income Q2 2025 Key Income Statement Items (YoY) | Item | Amount (RMB billion) | YoY Change | | :--- | :--- | :--- | | Total Revenues | 32.7 | -4% | | Cost of Revenues | 18.4 | +12% | | SG&A Expenses | 6.0 | +5% | | R&D Expenses | 5.1 | -13% | | Operating Income | 3.3 | -45% | | Net Income to Baidu | 7.3 | +33% | - Baidu Core's non-online marketing revenue grew **34% YoY** to **RMB 10.0 billion**, driven by the AI Cloud business, while online marketing revenue fell **15% YoY** to **RMB 16.2 billion**[26](index=26&type=chunk) - Total other income increased **531% year over year** to **RMB 4.9 billion**, primarily due to an increase in fair value gain and earnings from long-term investments[10](index=10&type=chunk) [Financial Position and Cash Flow](index=2&type=section&id=Financial%20Position%20and%20Cash%20Flow) As of June 30, 2025, Baidu maintained a strong liquidity position with RMB 124.2 billion in cash and investments, but reported negative free cash flow of RMB 4.7 billion due to AI investments - As of June 30, 2025, cash, cash equivalents, restricted cash and short-term investments were **RMB 124.2 billion** (**$17.34 billion**)[13](index=13&type=chunk) - Free cash flow was **negative RMB 4.7 billion** (**negative $653 million**), primarily due to an increase of investment in the AI business[13](index=13&type=chunk) - The company's net cash position was **RMB 155.1 billion** (**$21.66 billion**) as of June 30, 2025[13](index=13&type=chunk) Financial Statements and Supplementary Data [Condensed Consolidated Statements of Income](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section presents the detailed unaudited consolidated income statement for the three and six months ended June 30, 2025, detailing revenues, costs, operating income, and net income - The report includes detailed consolidated statements of income for Q2 2025, Q1 2025, and Q2 2024, showing line items from revenues down to diluted earnings per ADS[25](index=25&type=chunk)[27](index=27&type=chunk) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the detailed unaudited consolidated balance sheet as of June 30, 2025, compared to December 31, 2024, detailing assets, liabilities, and equity - The report provides a detailed breakdown of assets, liabilities, and equity as of June 30, 2025, with total assets amounting to **RMB 450.6 billion**[28](index=28&type=chunk)[29](index=29&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the unaudited consolidated cash flow statement for Q2 2025, outlining cash movements from operating, investing, and financing activities for Baidu, Inc. and Baidu excluding iQIYI - The detailed cash flow statements show net cash used in operating activities was **RMB 877 million** in Q2 2025, a significant decrease from the **RMB 8.4 billion** provided in the same period last year[31](index=31&type=chunk)[32](index=32&type=chunk) [Segment Information](index=4&type=section&id=Segment%20Information) This section provides a detailed financial breakdown of Baidu Core and iQIYI segments, showing Baidu Core revenue decreased 2% to RMB 26.3 billion and iQIYI revenue decreased 11% to RMB 6.6 billion Q2 2025 Segment Performance (YoY) | Segment | Total Revenues (RMB billion) | YoY Change | Operating Income (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Baidu Core | 26.3 | -2% | 3.3 | -41% | | iQIYI | 6.6 | -11% | -0.046 | N/A | [Reconciliations of Non-GAAP Financial Measures](index=5&type=section&id=Reconciliations%20of%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliations of GAAP to non-GAAP financial measures, including operating income and net income, adjusting for items like share-based compensation and intangible asset amortization - The report provides detailed tables reconciling GAAP measures to non-GAAP measures, including Operating Income, Net Income, and Adjusted EBITDA for both Baidu Core and iQIYI[33](index=33&type=chunk) - Key reconciling items from GAAP to non-GAAP net income include share-based compensation expenses (**RMB 1,024 million**), fair value changes of long-term investments (**RMB -3,309 million**), and amortization of intangible assets (**RMB 84 million**)[33](index=33&type=chunk)