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

（原标题：百度二季度总营收327亿元，核心净利润增长35%超预期） 人民财讯8月20日电，8月20日晚，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%，超出市场预期。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%。 ...

Group 1 - The core revenue of the company for Q2 was 32.7 billion RMB, a year-on-year decline of 4%, primarily due to weak online marketing revenue which dropped 15% to 16.2 billion RMB [1] - AI-related business showed strong growth, with non-online marketing revenue surpassing 10 billion RMB for the first time, reaching 10 billion RMB, a year-on-year increase of 34% [1] - The company’s CFO highlighted that this growth marks a shift towards a more balanced and diversified revenue structure [1] Group 2 - The autonomous driving business, "Luobo Kuaipao," achieved significant growth, providing over 2.2 million fully autonomous rides, a year-on-year increase of 148%, with total orders exceeding 14 million [2] - Strategic partnerships were formed with global ride-hailing giants Uber and Lyft to deploy thousands of fully autonomous vehicles across multiple international markets [2] - The AI transformation of the core search business is accelerating, with over 50% of mobile search result pages containing AI-generated content, increasing to 64% within a month [2] Group 3 - The company reported a negative free cash flow of 4.7 billion RMB due to increased investments in AI, although it maintains a strong cash reserve of 124.2 billion RMB as of June 30 [3] - Net profit for the quarter was 7.3 billion RMB, showing significant year-on-year growth, primarily due to increased fair value gains from investment projects [3] - The company is prioritizing long-term value businesses like AI cloud and autonomous driving, sacrificing short-term advertising revenue and cash flow to build a new growth trajectory [3]

上海纬钛科技有限公司新增小米旗下瀚星创业投资有限公司等为股东；简智新创（北京）机器人科技有限公司新增百度旗下三亚百川致新私募股权投资基 金合伙企业（有限合伙）等为股东 投资时间网、标点财经快讯 近日，有两家大厂加码投资机器人领域。 天眼查工商信息显示，近日，纬钛机器人关联公司上海纬钛科技有限公司发生工商变更，原股东李俊彦、杭州泛钛环保科技有限公司等退出，新增小米旗 下瀚星创业投资有限公司以及厦门微光启创股权投资合伙企业（有限合伙）等为股东，注册资本由约71万人民币增至约95万人民币，李俊彦卸任法定代表 人，由李瑞接任，同时，部分主要人员也发生变更。 上海纬钛科技有限公司成立于2024年1月，经营范围含智能控制系统集成、工业机器人制造、工业机器人销售、智能机器人的研发、智能机器人销售、服 务消费机器人制造、人工智能基础软件开发、人工智能行业应用系统集成服务、人工智能理论与算法软件开发等。股东信息显示，该公司现由上海惟钛科 技合伙企业（有限合伙）、上海唯钛科技合伙企业（有限合伙）及上述新增股东等共同持股。 公开信息显示，纬钛机器人是一家以视触觉传感和手眼协同为核心的高科技公司，应用于智能制造、医疗康复、智能服务等 ...

Core Insights - Baidu reported Q2 2025 total revenue of 32.7 billion yuan, with core revenue of 26.3 billion yuan and a net profit of 7.4 billion yuan, reflecting a year-on-year growth of 35% [1] - AI-driven new business revenue, including intelligent cloud, exceeded 10 billion yuan for the first time, growing by 34% year-on-year [1] Revenue and Profitability - The company's core net profit reached 7.4 billion yuan, marking a significant increase of 35% compared to the previous year [1] - Total revenue for the quarter was 32.7 billion yuan, indicating strong financial performance [1] AI and Business Transformation - Baidu's intelligent cloud business experienced healthy growth due to enhanced full-stack AI capabilities and end-to-end AI products and solutions [1] - The company is accelerating its AI transformation in search, with AI-generated content in mobile search results increasing from 35% in April to 64% in July [1] User Engagement - Baidu's app monthly active users reached 735 million, showing a year-on-year growth of 5% [1] - The company is focusing on long-term value creation in AI new fields, aiming for meaningful and lasting impacts through technology and innovation [1] Product Development - Baidu launched the world's first integrated model for multi-person voice video, named "Baidu Steam Engine," catering to diverse user creation needs [1] - This development enhances the multi-modal experience across Baidu's search, content, and commercial ecosystems [1]

新浪科技讯 8月20日下午消息，百度发布2025年第二季度财报，显示季度总营收达327亿元，归属百度 核心的净利润74亿元，同比增长35%，超出市场预期。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%。 责任编辑：何俊熹 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，位居全球 第一。据IDC报告，百度智能云连续六年位居中国AI公有云市场第一。（文猛） ...