被资本市场低估的百度，如今已靠着AI实现快速增长。 5月21日美股盘前，百度发布2025年第一季度 （Q1） 财报，为真实反映百度基本面，本文仅讨论百 度核心 （百度集团剔除爱奇艺） 的业绩表现： - 核心收入稳步增长：25Q1百度核心总营收约255亿元，净利润76亿元，同比增长48%； - 萝卜快跑全球化加速：25Q1出海迪拜和阿布扎比，在全球提供超140万次出行服务，同比增长75%。 百度AI重投的方向主要分为两块：云和无人驾驶。尤其是智能云，一方面营收已成规模，一方面要 负责继续加速狂飙。在爆棚的AI需求带动下，百度云抢先吃下红利，增速高达42%，是百度增速最 快的业务线，并带动百度核心营收入增长。这意味着，云业务已经成为百度当之无愧的第二增长引 擎。 百度Q1财报电话会上披露，百度智能云经营利润持续为正，当前经营利润率已超10%。百度创始人 李彦宏透露，百度已在研究下一代模型，希望进一步加快模型迭代速度。 百度CFO何俊杰在财报中直接点出云业务对百度核心收入的贡献： 智能云的强劲增长，在加速推动 移动生态AI转型的同时，"为整体收入提供坚实支持"。 十年技术蛰伏，超千亿元投入，作为最早布局AI领域的科 ...

5月21日晚，百度发布2025年第一季度财报，盘前涨超2%。财报显示显示Q1总营收达325亿元，百度核心收入255亿元，同比增长7%，均超市场预期。 一季度，百度核心净利润同比增长48%至76.3亿元。智能云持续强劲增长，同比增速达42%。财报显示，截至5月，萝卜快跑在全球累计提供超1100万次的出 行服务。 尽管市场仍在观望AI商业化的拐点是否真正到来，但这份财报无疑为资本市场注入了更多信心：包括桥水、富达在内的多家全球投行在一季度对百度进行 了数量级的增持操作。 其中，桥水的持仓从不到20万股跃升至超210万股，增幅超过10倍；富达的持股也从33万多股提升至逾250万股；美国方舟投资公司（ARK）的创始人兼首 席执行官"木头姐"则在一个半月内6次增持百度，累计持仓翻倍。 这并非简单的市场短期波动，而是投资机构对百度长期战略价值的重新判断，反映出对百度预期的"三重确定性"： 其一，投入强度延续：百度已明确下半年将发布下一代模型，保持资本支出同比增长； 其二，云业务和自动驾驶都已跑出正反馈，形成护城河； 其三，应用生态持续扩张：搜索、营销、内容、工具等环节正全面被AI重构，释放新的想象空间。AI为百度带来长期 ...

Financial Data and Key Metrics Changes - Baidu's total revenue for Q1 2025 was RMB32.5 billion, a 3% year-over-year increase [28] - Baidu Core's revenue reached RMB25.5 billion, reflecting a 7% year-over-year growth, while online marketing revenue decreased by 6% to RMB16.0 billion [28][29] - Non-GAAP operating income was RMB5.3 billion, with a non-GAAP operating margin of 19% for Baidu Core [32][34] - Net income attributable to Baidu was RMB7.7 billion, with diluted earnings per ADS at RMB21.59 [33][34] Business Line Data and Key Metrics Changes - AI Cloud revenue reached RMB6.7 billion, marking a 42% year-over-year increase and accounting for 26% of Baidu Core's revenue [29][21] - Non-online marketing revenue for Baidu Core was RMB9.4 billion, up 40% year-over-year, primarily driven by AI Cloud [29] - Revenue from iQIYI decreased by 9% year-over-year to RMB7.2 billion [29] Market Data and Key Metrics Changes - The MAU of Baidu App increased by 7% year-over-year, reaching 724 million [17] - Apollo Go provided approximately 1.4 million rides in Q1, representing a 75% year-over-year growth [26] Company Strategy and Development Direction - The company is focusing on enhancing its AI capabilities and expanding its AI Cloud business, which is seen as a core priority [7][21] - Baidu aims to democratize AI through initiatives like the launch of MiaoDa, which allows users to create applications without coding [22] - The company is also investing in autonomous driving technology, with plans for international expansion of its Apollo Go service [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for AI solutions and the potential for AI Cloud to drive future growth [6][21] - The company is adapting to the evolving AI landscape and is committed to maintaining its competitive edge through continuous innovation [10][75] - Management acknowledged potential near-term pressures on revenue and margins due to the transition to AI search but emphasized the long-term growth potential [62][94] Other Important Information - Baidu's cash position as of March 31, 2025, was RMB159 billion, with a negative free cash flow of RMB9.2 billion due to increased investments in AI [34][35] - The company has accelerated its share repurchase program, purchasing a total of USD 445 million in shares since the beginning of Q1 2025 [35][94] Q&A Session Summary Question: Update on AI model and technology roadmap - Management highlighted the rapid iteration of foundation models and emphasized the importance of application-driven innovation [38][39] - Future models will continue to focus on areas with real application value, and costs are expected to decrease further [43][44] Question: Key drivers for cloud business growth - The strong growth in AI Cloud was attributed to surging demand for Gen AI and foundation models, with enterprise cloud revenue being the primary contributor [47][50] - Management expects subscription-based revenue to rise, supporting sustainable growth [51] Question: AI search transformation rationale - The transformation aims to enhance user experience and meet evolving information-seeking behaviors [55][58] - Management anticipates that AI search will improve monetization capabilities over time [61][62] Question: Competition in the robotaxi space - Baidu's Apollo Go is positioned as a leader in autonomous ride-hailing, with a focus on expanding globally and exploring partnerships [64][67] - The company expects to see faster growth in its global fleet and operational scale [68][69] Question: Competition with other AI applications - Baidu is focusing on enhancing AI search and integrating innovative applications to create lasting value [72][75] - The company is committed to making its platform more open and flexible to meet diverse user needs [78]

Financial Data and Key Metrics Changes - In Q1 2025, total revenues reached RMB32.5 billion, a 3% year-over-year increase [30] - Baidu Core's total revenue was RMB25.5 billion, reflecting a 7% year-over-year increase [30] - Baidu Core's online marketing revenue decreased by 6% year-over-year to RMB16.0 billion [30] - Non-online marketing revenue for Baidu Core was RMB9.4 billion, up 40% year-over-year, primarily driven by AI cloud business [31] - AI cloud revenue reached RMB6.7 billion, increasing by 42% year-over-year, accounting for 26% of Baidu Core's revenue [31] - Operating income was RMB4.5 billion, with a Baidu Core operating margin of 16% [33] - Net income attributable to Baidu was RMB7.7 billion, with a diluted earnings per ADS of RMB21.59 [34] Business Line Data and Key Metrics Changes - AI Cloud revenue growth accelerated to 42% year-over-year, driven by demand for GenAI and foundation models [49] - Revenue from iQIYI decreased by 9% year-over-year to RMB7.2 billion [31] - Revenue generated by agents advertisers increased 30-fold year-over-year, accounting for 9% of Baidu Core's online marketing revenue [26] Market Data and Key Metrics Changes - The MAU of Baidu App increased by 7% year-over-year, reaching RMB724 million [18] - Apollo Go provided approximately 1.4 million rides in Q1, representing a 75% year-over-year growth [28] Company Strategy and Development Direction - The company is focused on advancing AI capabilities and maintaining a leading position in the AI landscape [7] - Baidu plans to open source its advanced Earnie 4.5 series of models on June 30, reflecting its commitment to making AI more accessible [10] - The company is exploring asset-light business models for future growth, including partnerships for autonomous vehicle rental services [28] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of application-driven innovation in AI, focusing on areas with real application value [41] - The company expects to see continued growth in AI cloud services, driven by increasing demand across various sectors [51] - Management acknowledged potential near-term revenue and margin pressures due to the transition to AI search but views it as necessary for long-term growth [61] Other Important Information - The company has accelerated its share repurchase program, purchasing a total of USD 445 million in shares since the beginning of Q1 2025 [36] - Baidu Core had approximately 31,000 employees as of March 31, 2025 [35] Q&A Session Summary Question: Update on AI overall strategy and technology roadmap - Management highlighted the rapid iteration of foundation models and the importance of application-driven innovation, focusing on areas with real application value [40][42] Question: Key drivers for strong growth in cloud business - The growth was driven by surging demand for GenAI and foundation models, with enterprise cloud contributing the majority of AI cloud revenue [49][50] Question: Rationale behind AI search transformation - The transformation aims to enhance user experience and meet evolving user needs, with expectations for increased AI-generated content in search results [56][58] Question: Competitive landscape in robotaxi space - Apollo Go is positioned as a leader in autonomous ride-hailing services, with a focus on expanding globally and exploring new business models through partnerships [66][68] Question: Competition with other AI applications - The company is focused on enhancing AI search capabilities and integrating innovative approaches like agents to improve user experiences and create lasting value [72][75]

金十数据5月21日讯，5月21日晚，百度Q1财报电话会上披露，百度智能云经营利润持续为正，当前经 营利润率已超10%。此外，一季度，智能云业务营收同比增长42%，AI相关收入实现三位数的同比增 长。 百度财报电话会：智能云经营利润率超10% ...

《科创板日报》21日讯，百度创始人李彦宏在百度2025年Q1财报电话会上透露，萝卜快跑现已覆盖全 球15座城市，部署超1000辆无人车。目前，萝卜快跑已在迪拜进行开放道路验证测试，在阿布扎比的测 试也即将启动；同时，在香港的测试范围进一步扩大。Apollo还与神州租车达成合作，将推出全球首个 自动驾驶汽车租赁服务。（记者 黄心怡） 李彦宏：全球已部署超1000辆无人车 ...

2025年5月，红杉资本AI峰会在旧金山落下帷幕，在这场包含 Open AI 创始人 山姆·奥特曼 以及 谷歌首席科学家Jeff Dean 等 150位全球顶尖AI公司创始人 、科学家以及投资人 的大会中，一个共识逐渐被确立下 来 —— 即 下一轮 AI，卖的不是工具，而是收益。 这句看起来有些跳跃的话， 红杉 给出了 一个 模式 性的解释，即未来AI将 从卖工具到卖协作，最终走向卖成果（Software as an Outcome）。 如何从卖工具到卖结果，这场红杉的峰会更具落地的意义，也许在于强调了Agent的价值。随后，硅谷大厂开启了第一波加速， 微软CEO纳德拉在主题演 讲中宣布："我们已经进入了AI Agent 时代，正在见证AI系统如何以全新方式帮助我们解决问题。"Open AI CEO山姆·奥特曼宣布，推出面向开发者的新 Codex 智能体，称"这可能是编程史上最大的变革 。" 而在大洋这一端的国内市场，已经蠢蠢欲动的大厂们，似乎也有了相同的判断，从字节、百度、阿里的动作来看，头部互联网大厂纷纷加速布局Agent应 用。据内部人士透露，字节已经有7个团队在竞速Agent，而百度在前不久的crea ...

智通财经5月21日电，百度高管表示，人工智能云占核心收入的26%，高于一年前的20%。 ...

整理 | 美股研究社 在这个快速变化的时代，人工智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和价 值 分 析。 A I 快 报 1.百度创始人李彦宏近日宣布，未来5年，百度将加大力度，再为社会培养1000万AI人才。 据介 绍，百度于2020年提出5年内培养500万AI人才的计划，并已在2024年提前完成。在"500万AI人 才计划"完成基础上，百度又发布了"百度人才培养星河"计划，将再培养500万大模型人才。同 时，百度持续开展多个AI人才培养项目，"百度之星"程序设计大赛已连续举办20年，累计30余万 人参赛，成为国内编程领域标杆赛事。 2.英伟达CEO黄仁勋在Computex2025大会上表示，美国对华人工智能芯片出口管制是失败 的。 他说道："事实证明，最初制定人工智能扩散规则的那些基本假设存在根本性缺陷。"黄仁勋 称，英伟达在中国的市场份额已从美国前总统拜登执政初期的95%降至目前的50%。 黄仁勋预计到2026年，中国AI市场规模将达到500亿美元。他认为，未来几年，中国仍是英伟达 的巨大机会。黄仁 ...

不受关税波动影响，劳氏(LOW.US)销售额超出预期。美国家居装修零售商劳氏最新季度的同店销售额超出预期，尽管消费者信心减弱且经济形势动荡，但 消费者仍维持了家居支出。在截至5月2日的季度中，其同店销售额下降了1.7%，但仍预计全年这一关键销售指标将持平或增长至多1%。财报显示，劳氏该 季度营收 209.3 亿美元，同比下降 2.2%，不及市场预期;每股收益2.92 美元，高于市场预期 0.05 美元。 1. 5月21日(周三)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.75%，标普500指数期货跌0.50%，纳指期货跌0.51%。 | 2. 截至发稿，德国DAX指数跌0.10%，英国富时100指数跌0.01%，法国CAC40指数跌0.54%，欧洲斯托克50指数跌0.37%。 | | --- | | 3. 截至发稿，WTI原油涨0.74%，报62.49美元/桶。布伦特原油涨0.67%，报65.82美元/桶。 | 市场消息 美元贬值预期升温!期权市场释放有史以来最悲观信号。一项常用的衡量投资者情绪的指标显示，外汇期权交易员目前对美元未来一年的走势比以往任何时 候都悲观。据悉，Bloomberg美元指 ...