Group 1 - The core revenue for Baidu in Q3 reached 31.2 billion yuan, with core revenue at 24.7 billion yuan [1] - Baidu disclosed AI business revenue for the first time, showing a year-on-year growth of over 50% [1] - AI cloud revenue increased by 33% year-on-year, while AI application revenue reached 2.6 billion yuan [1] - AI native marketing service revenue surged by 262% year-on-year, amounting to 2.8 billion yuan [1]

在自动驾驶领域， 萝卜快跑第三季度全球出行服务次数达到310万次，同比增长212%， 增速较二季度的148%进一步加 快。截至11月，其累计全球出行服务次数已突破1700万次，规模位居全球第一。 此外，百度在近期举办的"百度世界2025"大会上推出了文心大模型5.0、昆仑芯M100及M300等多款新品，持续完善其AI技 术生态布局。 财务表现如下： 总收入312亿元，同比下降7%，核心收入247亿元 归属百度的净利润为亏损112.32亿元，上年同期净利润76.32亿元 经调整EBITDA44亿元，利润率从26%大幅收窄至14% 百度2025年第三季度财报显示，Q3总营收312亿元，核心收入247亿元。业绩亮点在于首次披露的AI业务收入约100亿元， 同比增长超50%，其中AI原生营销服务大增262%，萝卜快跑全球服务量同比增212%，累计自动驾驶订单超1700万单。 11月18日，百度发布2025年第三季度财报，财报显示Q3总营收312亿元，同比下降7%。 本季度，百度首次披露AI业务收 入，整体同比增长超50%，成为业绩最大亮点。 细分来看：AI云收入同比增长33%；AI应用收入26亿元；AI原生营销服务 ...

3 天天基金 | 链接您与财富 市场有风险,投资需谨慎 厂售 AI应用端投资机会梳理 近期,大厂们密集发力AI应用赛道,并加速出海布局。机构分析认为, 大厂发力智能体,AI应用迎发展机遇。可关注AI应用端产业进展, 布局相关投资机会。 | | | | Al+医疗 | | | | --- | --- | --- | --- | --- | --- | | | | 卫宁健康 | 润达医疗 | | | | | | 迈瑞医疗 | 达安基因 | | | | AI+影视传媒 | | 美年健康 | 京 东 健 康 | | Al+金融 | | 上海电影 | 博纳影业 | | | 宇 信 科 技 | 金证股份 | | 芒果超媒 | 万达电影 | | | 恒生电子 长亮科技 | | | 华策影视 | 金逸影视 | | | 顶点软件 | 新致软件 | | | AI+游戏 | | | | Al+办公 | | 腾讯控股 | 恺英网络 | | | | 金山办公 致远互联 | | 网 易 - S | 完美世界 | | | 福 | 万兴科技 | | 盛天网络 | 吉 比 特 | | | 彩讯股份 | 泛微网络 | | | | Al+教育 | ...

Core Insights - Baidu reported Q3 2025 total revenue of 31.2 billion yuan, with core revenue of 24.7 billion yuan, indicating strong financial performance [1] - AI business revenue grew over 50% year-on-year, highlighting the company's focus on artificial intelligence [1] - The AI cloud segment saw a 33% increase, with subscription revenue from AI high-performance computing infrastructure rising by 128% [1] AI Business Development - The Baidu Qianfan model platform has been fully upgraded, providing a complete set of Agent Infra to enhance model services and intelligent agent development capabilities [1] - The Wenxin large model 5.0 was officially launched, showcasing excellent performance in multimodal understanding, creative writing, intelligent agent planning, and instruction following [1] Autonomous Driving Services - The "Luobo Kuaipao" global mobility service recorded 3.1 million service instances in Q3, representing a 212% year-on-year increase [1] - In October, "Luobo Kuaipao" achieved over 250,000 fully autonomous orders per week [1] - As of November, the cumulative global service instances exceeded 17 million, with operations covering 22 cities and total autonomous driving mileage surpassing 240 million kilometers [1]

Core Insights - The Chinese search-engine giant reported lower revenue due to weak advertising demand and experienced a quarterly loss, impacted by an impairment charge [1] Financial Performance - The company faced a decline in revenue attributed to a decrease in advertising demand [1] - The quarterly loss was a significant shift from previous performance, indicating financial challenges [1] - An impairment charge contributed to the overall loss, highlighting potential issues with asset valuation [1]

Core Viewpoint - Credit Agricole SA has ruled out any sale of its Italian subsidiary for cash, indicating a strategic focus on potential partnerships rather than divestitures [1] Group 1 - The CEO of Credit Agricole SA stated that the bank is considering a potential tie-up with Italian peer Banco BPM, suggesting an interest in collaboration within the Italian banking sector [1]

Core Insights - Baidu's AI-driven business revenue increased by over 50% year-on-year, reaching approximately RMB 10 billion in Q3 2025 [1] Revenue Breakdown - AI cloud revenue grew by 33% year-on-year [1] - AI application revenue reached RMB 2.6 billion [1] - AI native marketing service revenue surged by 262% to RMB 2.8 billion [1]

Core Insights - Baidu's Q3 2025 financial report reveals a total revenue of 31.2 billion yuan, with core revenue at 24.7 billion yuan [1] - The company disclosed its AI business revenue for the first time, showing a year-on-year growth exceeding 50% [1] Revenue Breakdown - AI cloud revenue increased by 33% year-on-year [1] - AI application revenue reached 2.6 billion yuan [1] - AI native marketing service revenue surged by 262% to 2.8 billion yuan [1]

Core Insights - Baidu reported a total revenue of 31.2 billion yuan for Q3 2025, with core revenue reaching 24.7 billion yuan [1] - The company disclosed its AI business revenue for the first time, showing a year-on-year growth of over 50% [1] Revenue Breakdown - AI cloud revenue increased by 33% year-on-year [1] - AI application revenue reached 2.6 billion yuan [1] - AI native marketing service revenue surged by 262% to 2.8 billion yuan [1]

Asia Pacific Equity Research 14 November 2025 Baidu.com (BIDU US & 9888 HK) Baidu World 2025: "AI in Action" Marks a Shift from Potential to Productivity We recently attended Baidu World 2025 in Beijing, where management unveiled a comprehensive AI stack, from chips and compute infrastructure to multimodal foundation models and agentic applications. Our key takeaways are twofold: 1) Baidu's new AI offerings redefine value creation for consumers, enterprises, and ecosystem partners through real-world product ...