Core Viewpoint - Baidu Group-SW plans to issue offshore priority unsecured notes denominated in RMB to non-U.S. persons under Regulation S of the Securities Act of 1933, subject to market conditions and other factors [1] Group 1 - The amount, interest rate, maturity date, and other terms of the notes will be determined at the time of pricing [1] - The net proceeds from the issuance will be used for general corporate purposes, including repaying existing debt and paying interest [1]

Core Viewpoint - Baidu Group-SW (09888.HK) plans to issue offshore, non-guaranteed priority notes denominated in RMB to non-U.S. persons under Regulation S of the Securities Act of 1933, subject to market conditions and other factors [1] Summary by Relevant Sections - **Issuance Details** - The principal amount, interest rate, maturity date, and other terms of the notes will be determined at the time of pricing [1] - **Use of Proceeds** - The net proceeds from the note issuance are intended for general corporate purposes, including repayment of certain existing debts and interest payments [1]

香港交易及結算所有限公司及香港聯合交易所有限公司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。 1 百度集團股份有限公司（「本公司」或「百度」）今日宣佈，擬根據《1933年美國證券法》（經 修訂）（「《證券法》」）項下的S規例，於美國境外以離岸交易方式向非美國人士發行以人民 幣計值的優先無擔保票據（「該等票據」），受市場條件及其他因素所規限（「票據發行」）。 該等票據的本金額、利率、到期日及其他條款將在票據發行定價時確定。 本公司擬將票據發行所得款項淨額用作一般公司用途，包括償還若干現有債務、支付 利息及一般公司用途。 該等票據尚未且將不會根據《證券法》或任何州證券法進行登記。除根據獲 ...

Core Insights - Baidu has completed the acquisition of YY Live from JOYY Inc. for a total of $2.1 billion, marking a significant step in its live streaming ecosystem strategy [3][4] - The integration of YY Live into Baidu's business structure is underway, with changes in employee compensation and organizational hierarchy [3][4] Group 1: Acquisition Details - The acquisition of YY Live was finalized on February 25, with Baidu releasing approximately $1.6 billion previously held in escrow for investment in cloud services and AI infrastructure [3] - The initial agreement in November 2020 was for $3.6 billion, but the final price was adjusted to $2.1 billion due to market conditions and integration challenges [4] Group 2: Integration Process - Following the acquisition, YY Live will fully adopt Baidu's organizational structure, including a shift from a 13-month salary system to monthly payments and a change in performance evaluation from quarterly to annual [3][4] - The integration process includes a symbolic gesture of unity, with employees from both teams celebrating their merger during an online meeting [4]

Core Insights - Baidu's acquisition of YY Live has progressed, with YY Live officially integrating into Baidu's organizational structure [1][4] - The acquisition was initially valued at approximately $36 billion but faced complications leading to a revised agreement of $21 billion [4][6] Group 1: Acquisition Details - Baidu announced the acquisition of YY Live for $21 billion, focusing on its domestic video entertainment live streaming business [6] - The acquisition process has been complex, with a previous agreement of $36 billion being terminated [4] - YY Live will now adopt Baidu's employee structure, including a new salary and performance evaluation system [2][5] Group 2: Employee Integration - Employees of YY Live will now wear Baidu identification badges and can access Baidu's internal systems [2] - The salary structure will be adjusted to a monthly basis instead of the previous 13-month system [5] - Performance evaluations will shift from quarterly to annual assessments [5]

Group 1 - YY Live has officially integrated into Baidu, involving multiple measures such as adopting Baidu's job grading system and aligning the compensation structure [1] - The acquisition process of YY Live by Baidu has faced several challenges, initially announced in November 2020 for approximately $3.6 billion, which was later canceled in January 2024 [1] - In February 2024, Baidu reached a new agreement to acquire YY Live's video entertainment business for about $2.1 billion [1]

Core Insights - Baidu has announced a comprehensive upgrade of its smart customer acquisition platform, Baidu Merchant Intelligence, focusing on technological breakthroughs and functional innovations to help businesses tackle rising customer acquisition costs and diverse user demands [1][3] Group 1: Challenges Faced by Businesses - Businesses are currently facing three main challenges: declining efficiency of traditional marketing models, diversification of user demands, and the difficulty of converting vast operational data into effective decisions [3] - The upgrade of Baidu Merchant Intelligence addresses these pain points by integrating multidimensional technological capabilities to provide intelligent support throughout the entire process of customer acquisition, conversion, and analysis [3] Group 2: Key Features of the Upgrade - A core highlight of the upgrade is the application of the "Strong Thinking" system, which utilizes a "one brain, multiple specialists" architecture to achieve precise sales decision-making [3] - The planning brain includes over 10 million marketing thought chain samples and employs a dual-track mechanism of "fast thinking" and "slow thinking" to enhance user selection and interaction [3] - Compared to general large models, the system's response speed has improved by 62%, and resource costs have been reduced by over 60% [3] Group 3: Expert Roles and Functionality - The marketing expert focuses on renewal and conversion rates, leveraging a vast repository of commercial knowledge and customer service language to guide users towards transactions [3] - The answering expert utilizes retrieval-augmented generation technology to cover 30 industry scenarios, ensuring the accuracy and timeliness of responses [3] - The recommendation expert captures user behavior through over 2 million daily recommendations, pushing suitable products or services at optimal times to prevent loss of business opportunities [3] Group 4: Enhanced Interaction Experience - The upgrade includes an interactive experience enhancement, with voice features supporting real human dialogue to naturally address user inquiries and drive conversions [4] - Digital avatars can create sales videos with a lip-sync accuracy of 99%, effectively alleviating labor shortages [4] - For instance, a travel agency saw a 26% increase in follow-up effectiveness and a 30% rise in conversion rates by using a digital avatar to generate sales videos [4] Group 5: Conversion and Data Analysis Improvements - Baidu Merchant Intelligence has established a full-link conversion system, significantly improving conversion rates for clients in the education sector by accurately identifying high-intent customers [4] - Data analysis functionality has been upgraded to provide businesses with a "business navigation tool," generating multidimensional lead data to help them monitor operational status and anticipate market trends [4] - The system enables precise identification of high-intent customers and scientifically empowers decision-making, making it a key tool for businesses to overcome challenges in customer acquisition and low conversion rates [4]

Core Insights - Baidu announced a significant upgrade to its core product, Baidu Merchant Intelligence, designed to enhance service efficiency and help merchants achieve low-cost, high-conversion business goals in the digital economy [1] Group 1: Challenges Faced by Merchants - Merchants are currently facing rising customer acquisition costs, diversified user demands, and low data analysis efficiency [3] - Traditional marketing methods are becoming less effective, making user operations more challenging and resulting in vast amounts of operational data that are difficult to convert into actionable insights [3] Group 2: Key Features of the Upgrade - The upgrade features a "Strong Thinking" system that utilizes a "one brain, multiple specialists" architecture to enhance sales decision-making precision [3] - The system incorporates a thought chain (CoT) technology with over 10 million marketing thought chain samples, enabling a dual-track mechanism of "fast thinking" and "slow thinking" [3] - Compared to general large models, the average response speed of the merchant intelligence base has improved by 62%, and resource costs have been reduced by over 60% [3] Group 3: Expert Roles and Their Functions - Marketing experts focus on renewal and conversion rates, leveraging a vast repository of commercial knowledge and customer service language to guide clients towards conversion [4] - Retrieval-augmented generation (RAG) technology is used by answering experts to cover 30 industry scenarios, ensuring real-time updates and comprehensive information mastery [4] - Recommendation experts, refined through over 2 million daily recommendations, accurately analyze user behavior to deliver timely product or service suggestions, effectively preventing missed business opportunities [4] Group 4: Interaction and Experience Enhancements - The upgraded Baidu Merchant Intelligence features a voice version capable of human-like dialogue to address customer inquiries and drive conversions [5] - Digital avatars can create sales videos with a lip-sync accuracy of 99%, addressing labor shortages effectively [5] - For instance, a travel agency saw a 26% increase in follow-up efficiency and a 30% rise in conversion rates by using a digital avatar to generate sales videos [5] Group 5: Marketing Conversion and Data Analysis - The platform has established a comprehensive conversion chain for marketing, allowing clients to identify high-intent customers and improve conversion rates significantly [5] - Data analysis capabilities have been enhanced to provide multi-dimensional lead data, functioning as a "business navigation instrument" that helps merchants understand real-time operational status and anticipate market dynamics [5] - The use of appointment-based follow-ups has shown a 22% higher willingness to continue communication compared to conventional methods, with conversion costs reduced by 30% [5]

Market Performance - Major US stock indices closed lower due to weak non-farm employment data, reinforcing expectations for a Federal Reserve rate cut [1][2] - The Dow Jones Industrial Average fell by 0.48% to 45400.86 points, the S&P 500 decreased by 0.32% to 6481.5 points, and the Nasdaq dropped by 0.03% to 21700.39 points [1] - European indices also closed down, with Germany's DAX down 0.73%, France's CAC40 down 0.31%, and the UK's FTSE 100 down 0.09% [1] Employment Data - The US added only 22,000 jobs in August, significantly below the expected 75,000, with an unemployment rate of 4.3%, marking a 0.1 percentage point increase for the second consecutive month [2] - Job growth was primarily in the healthcare sector, which added 31,000 positions, while manufacturing, wholesale trade, and government sectors saw losses of over 10,000 jobs each [2] - Analysts suggest that tariff policy uncertainties are a major factor contributing to the labor market's weakness [2] Gold Market - International gold prices reached a new high, with COMEX gold futures rising by 0.92% to $3639.8 per ounce [3] - In August, gold ETFs saw a net inflow of $5.5 billion, mainly from North America ($4.1 billion) and Europe ($1.9 billion) [3] - The price of gold has increased by 31% year-to-date, driven by a weak dollar, geopolitical tensions, and continued inflows into gold ETFs [3] Oil Market - US oil prices fell sharply, with the main contract down 2.38% to $61.97 per barrel, and Brent crude down 2.06% to $65.61 per barrel [4][5] - The decline in oil prices is attributed to rising expectations of increased production from OPEC+ and concerns over economic recession [5][6] - OPEC+ is considering further increasing oil production to regain market share, having already raised output by approximately 2.5 million barrels per day since April [6]

Core Viewpoint - The Hong Kong stock market has been experiencing a strong recovery since the second half of last year, becoming a hub for innovative technology companies and forming an initial tech innovation ecosystem [1][4]. Group 1: Market Dynamics - As of September 5, 2025, the Hong Kong Stock Exchange (HKEX) is processing over 200 listing applications, with nearly half from technology companies, indicating a robust new stock market momentum [2]. - The market structure has significantly evolved since 2018, with a notable influx of TMT (Technology, Media, Telecommunications) and biopharmaceutical companies, making technology a new hallmark of the HKEX [4]. - The current market features major players like Tencent, Alibaba, JD.com, Meituan, Baidu, and Xiaomi, alongside numerous smaller tech firms, showcasing its potential for growth [4]. Group 2: Investment Trends - There has been a marked increase in overseas investors' interest in Chinese tech companies, with many international long-term funds actively participating in new stock subscriptions [6]. - In the first half of this year, the Hong Kong market saw a significant rise in new stock financing, totaling HKD 134.5 billion, nearly six times the amount from the same period in 2024, surpassing global new stock financing growth [6][7]. Group 3: Regulatory Reforms - The HKEX has implemented reforms to attract more tech companies, including flexible listing rules that allow unprofitable biotech firms to list since 2018 and the introduction of Chapter 18C for specialized tech companies [9][10]. - Recent reforms have optimized the new stock pricing mechanism and public market requirements, aiming to enhance the attractiveness and international competitiveness of the Hong Kong new stock market [10].