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)

8月20日，百度发布2025年第二季度财报，季度总营收达327亿元，归属百度核心的净利润74亿元，同比 增长35%。受AI驱动，涵盖智能云在内的AI新业务收入增长强劲，首次超过100亿元，同比增长34%。 季度内，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。 ...

【#百度AI新业务收入首次超100亿##李彦宏回应百度智能云业务增长#】百度发布2025年第二季度财 报，显示季度总营收327亿元，百度核心营收263亿元，归属百度核心净利润74亿元，同比增长35%。受 AI驱动，涵盖智能云在内的AI新业务收入增长强劲，首次超过100亿元，同比增长34%。#百度第二季度 营收327亿元# "二季度，智能云业务实现健康增长，这得益于我们不断加强的全栈AI能力和端到端AI产品及解决方 案。"百度创始人李彦宏表示，本季度内，百度加速推进搜索的AI转型与萝卜快跑全球化进程，"百度始 终聚焦于那些最具长期价值创造潜力的AI新领域，让我们的技术与创新，产生最具意义和持久的影 响。"（新浪科技） ...

8月20日晚，百度发布2025年第二季度财报，显示季度总营收达327亿元，同比下降4%；归属百度核心 的净利润74亿元，同比增长35%，受AI驱动，涵盖智能云在内的AI新业务收入增长强劲，首次超过100 亿元，同比增长34%。（智通财经记者 吴雨欣） ...

百度集团-SW(09888)发布2025年第二季度业绩，该集团取得总收入人民币327.13亿元(单位下同)，同比 减少4%;归属于百度的净利润73.22亿元，同比增加33%;每股美国存托股稀释收益20.35元. "第二季度，得益于我们不断增强的全栈AI能力以及全面的端到端AI产品与解决方案，我们的智能云业 务持续实现稳健的收入增长。这一表现有助于缓解在线营销业务的短期压力。与此同时，我们正在深化 百度搜索的AI转型，以提升用户体验并为长期增长构建更加坚实的基础。基于我们在全球左舵和右舵 无人驾驶出租车市场的领先地位，萝卜快跑加速全球扩张，同时积极探索新的商业模式。"百度联合创 始人兼首席执行官李彦宏表示："我们始终专注于具备最大长期价值创造潜力的AI新领域，让我们的技 术与创新产生最有意义和持久的影响。" "第二季度，主要受AI新领域推动，百度核心非在线营销收入首次突破100亿元，较去年同期增长34%， 收入结构更趋均衡、多元化。"百度首席财务官何海建表示："我们将继续致力投资于AI，重点推动整个 移动生态的AI转型，保持智能云的健康增长势头，并加速萝卜快跑的全球扩张。在应对近期挑战的同 时，我们相信这些战略 ...

"第二季度，主要受AI新领域推动，百度核心非在线营销收入首次突破100亿元，较去年同期增长34%， 收入结构更趋均衡、多元化。"百度首席财务官何海建表示："我们将继续致力投资于AI，重点推动整个 移动生态的AI转型，保持智能云的健康增长势头，并加速萝卜快跑的全球扩张。在应对近期挑战的同 时，我们相信这些战略重点将带来巨大的长期价值。" "第二季度，得益于我们不断增强的全栈AI能力以及全面的端到端AI产品与解决方案，我们的智能云业 务持续实现稳健的收入增长。这一表现有助于缓解在线营销业务的短期压力。与此同时，我们正在深化 百度搜索的AI转型，以提升用户体验并为长期增长构建更加坚实的基础。基于我们在全球左舵和右舵 无人驾驶出租车市场的领先地位，萝卜快跑加速全球扩张，同时积极探索新的商业模式。"百度联合创 始人兼首席执行官李彦宏表示："我们始终专注于具备最大长期价值创造潜力的AI新领域，让我们的技 术与创新产生最有意义和持久的影响。" 百度集团-SW(09888)发布2025年第二季度业绩，该集团取得总收入人民币327.13亿元(单位下同)，同比 减少4%;归属于百度的净利润73.22亿元，同比增加33%;每股美国 ...

经济观察网8月20日，百度发布2025年第二季度财报。根据财报，百度二季度营收327亿元，同比下降 4%；归属百度核心的净利润74亿元，同比增长35%。 ...

[Performance Summary](index=2&type=section&id=Performance%20Summary) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management emphasizes Smart Cloud growth, non-online marketing revenue exceeding RMB 10 billion, and AI transformation in search and global Apollo Go expansion - CEO Robin Li noted that robust Smart Cloud growth mitigated short-term pressure on online marketing, while the company deepens AI transformation of Baidu Search and accelerates Apollo Go's global expansion[5](index=5&type=chunk) - CFO Herman Yu stated that Baidu Core non-online marketing revenue, driven by new AI areas, exceeded **RMB 10 billion** for the first time, growing **34% year-over-year**, leading to a more balanced and diversified revenue structure[5](index=5&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) Q2 2025 total revenue decreased 4% to RMB 32.7 billion, operating income fell 45%, and non-GAAP net income declined 35%, reflecting core profitability challenges Q2 2025 Group Financial Summary (Consolidated Statements) | Metric | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 33,931 RMB Million | 32,713 RMB Million | -4% | | **Operating Income** | 5,944 RMB Million | 3,277 RMB Million | -45% | | **Operating Income (Non-GAAP)** | 7,500 RMB Million | 4,445 RMB Million | -41% | | **Net Income Attributable to Baidu** | 5,488 RMB Million | 7,322 RMB Million | +33% | | **Net Income Attributable to Baidu (Non-GAAP)** | 7,396 RMB Million | 4,795 RMB Million | -35% | | **Diluted Earnings Per ADS** | 15.01 RMB | 20.35 RMB | +36% | | **Diluted Earnings Per ADS (Non-GAAP)** | 21.02 RMB | 13.58 RMB | -35% | Q2 2025 Baidu Core Financial Summary | Metric | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 26,687 RMB Million | 26,251 RMB Million | -2% | | **Operating Income** | 5,608 RMB Million | 3,322 RMB Million | -41% | | **Operating Income (Non-GAAP)** | 7,005 RMB Million | 4,385 RMB Million | -37% | | **Net Income Attributable to Baidu Core** | 5,462 RMB Million | 7,382 RMB Million | +35% | | **Net Income Attributable to Baidu Core (Non-GAAP)** | 7,290 RMB Million | 4,792 RMB Million | -34% | [Operational Highlights](index=3&type=section&id=Operational%20Highlights) Key operational advancements include Smart Cloud's market leadership, Apollo Go's rapid growth and global expansion, and Baidu App's MAU increase with AI-generated search content [Smart Cloud](index=3&type=section&id=Smart%20Cloud) Smart Cloud innovates with Wenxin 4.5 and MuseSteamer, maintaining its sixth consecutive year as China's top AI public cloud service provider - Open-sourced the latest and most advanced foundation model, **Wenxin 4.5 series**, and launched the proprietary video generation model **MuseSteamer**[10](index=10&type=chunk) - According to IDC, Baidu Smart Cloud ranked first in China's AI public cloud service market for the **sixth consecutive year**[10](index=10&type=chunk) [Mobile Ecosystem](index=4&type=section&id=Mobile%20Ecosystem) Mobile ecosystem's AI transformation accelerates, with 64% of search results containing AI-generated content and Baidu App MAU growing 5% to 735 million - As of July 2025, **64%** of mobile search result pages included AI-generated content, up from 35% in April[13](index=13&type=chunk) - In June 2025, Baidu App's Monthly Active Users reached **735 million**, a **5% year-over-year increase**[13](index=13&type=chunk) [Autonomous Driving (Apollo Go)](index=4&type=section&id=Autonomous%20Driving) Apollo Go experienced rapid growth, with fully autonomous driving orders up 148% and cumulative orders over 14 million, initiating global expansion via strategic partnerships - In Q2 2025, Apollo Go provided over **2.2 million** fully autonomous driving orders, a **148% year-over-year increase**[13](index=13&type=chunk) - Established strategic partnerships with Uber and Lyft, planning to deploy thousands of fully autonomous vehicles in Asia, the Middle East, and European markets[13](index=13&type=chunk) [Corporate Updates](index=3&type=section&id=Corporate%20Updates) The company continues its share repurchase program, with $677 million repurchased since Q1 2025, and cumulative repurchases under the 2023 program reaching $2.3 billion - Since Q1 2025, Baidu repurchased **$677 million** in shares, with cumulative repurchases under the 2023 share repurchase program reaching **$2.3 billion**[10](index=10&type=chunk) [Detailed Financial Results](index=4&type=section&id=Detailed%20Financial%20Results) [Income Statement Analysis](index=4&type=section&id=Income%20Statement%20Analysis) Total revenue decreased 4% to RMB 32.7 billion, primarily due to a 15% decline in online marketing revenue, despite strong non-online marketing growth, leading to a 45% drop in operating income to RMB 3.3 billion Q2 2025 Revenue Composition | Revenue Item | Amount (RMB Billion) | YoY Change | | :--- | :--- | :--- | | **Baidu Core Total Revenue** | 26.3 | -2% | | - Online Marketing Revenue | 16.2 | -15% | | - Non-Online Marketing Revenue | 10.0 | +34% | | **iQIYI Revenue** | 6.6 | -11% | | **Total Revenue** | **32.7** | **-4%** | Q2 2025 Costs and Expenses | Expense Item | Amount (RMB Billion) | YoY Change | Primary Reason | | :--- | :--- | :--- | :--- | | Cost of Revenues | 18.4 | +12% | Increased costs related to Smart Cloud business and content costs | | Selling, General and Administrative Expenses | 6.0 | +5% | Increased channel spending | | Research and Development Expenses | 5.1 | -13% | Decreased personnel-related expenses | - Total other income, net, was **RMB 4.9 billion**, a **531% year-over-year increase**, primarily due to increased fair value gains and share of earnings from long-term investments[14](index=14&type=chunk) [Balance Sheet and Cash Flow Analysis](index=5&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Analysis) As of June 30, 2025, the company held **RMB 124.2 billion** in cash, cash equivalents, restricted cash, and short-term investments, with a net cash position of **RMB 155.1 billion**, indicating a robust financial standing; however, free cash flow for the quarter was negative **RMB 4.7 billion**, primarily due to increased investments in AI businesses Assets and Cash Flow Status (As of June 30, 2025) | Metric | Amount (RMB Billion) | | :--- | :--- | | Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments | 124.2 | | Net Cash Position | 155.1 | | Free Cash Flow (Q2 2025) | -4.7 | - Negative free cash flow was primarily due to increased investments in AI businesses[16](index=16&type=chunk) [Segment Performance](index=13&type=section&id=Segment%20Performance) Baidu Core revenue slightly decreased 2% year-over-year to RMB 26.3 billion, with operating income down 41% to RMB 3.3 billion, and profit margin declining from 21% to 13%, while iQIYI revenue decreased 11% to RMB 6.6 billion, turning from profit to an operating loss of RMB 46 million Q2 2025 Segment Performance Comparison | Segment | Total Revenue (RMB Million) | YoY Change | Operating Income (Loss) (RMB Million) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Baidu Core** | 26,251 | -2% | 3,322 | -41% | | **iQIYI** | 6,628 | -11% | (46) | Switched from Profit to Loss | [Financial Statements](index=9&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Provides detailed consolidated revenue, cost, expense, profit, and earnings per share data for the three and six months ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the assets, liabilities, and shareholders' equity as of June 30, 2025, and December 31, 2024 [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Illustrates cash inflows and outflows from operating, investing, and financing activities, presented by segment for Baidu (excluding iQIYI) and iQIYI [Appendix](index=7&type=section&id=Appendix) [Non-GAAP Reconciliation](index=16&type=section&id=Non-GAAP%20Reconciliation) Provides detailed reconciliation between GAAP operating income, net income, and earnings per share and Non-GAAP metrics, excluding the impact of share-based compensation, intangible asset amortization, and other items [U.S. GAAP to IFRS Reconciliation](index=18&type=section&id=U.S.%20GAAP%20to%20IFRS%20Reconciliation) To meet diverse regulatory requirements, this section details adjustments made to financial statement items under U.S. GAAP and IFRS due to accounting policy differences, such as debt instrument investments, operating leases, and convertible notes