BIDU(09888)2025-02-18 15:20Financial Performance - Baidu's total revenue for Q4 2024 was RMB 34.951 billion (USD 4.675 billion), a decrease of 2% year-over-year[6]. - Operating profit for Q4 2024 was RMB 5.392 billion (USD 537 million), down 27% year-over-year[6]. - Net profit attributable to Baidu for Q4 2024 was RMB 2.599 billion (USD 711 million), a 100% increase year-over-year[6]. - Total revenue for the fiscal year 2024 was RMB 133.1 billion (USD 18.2 billion), a year-on-year decrease of 1%[20]. - Net profit attributable to Baidu for the twelve months ended December 31, 2023, was RMB 20,315 million, an increase from RMB 23,760 million in the previous year[36]. - Baidu's net profit margin for the twelve months ending December 31, 2023, was 15%[46]. - Baidu's total revenue for the twelve months ending December 31, 2023, was RMB 55.83 billion, with a projected increase to RMB 66.40 billion for 2024[37]. - The company expects total revenue for the twelve months ending December 31, 2024, to be approximately RMB 133,125 million, indicating a slight decrease of 1%[46]. Revenue Breakdown - Baidu's core revenue for Q4 2024 was RMB 27.7 billion (USD 3.8 billion), a year-on-year increase of 1%[4]. - Online marketing revenue decreased by 7% year-on-year to RMB 17.9 billion (USD 2.5 billion) in Q4 2024[4]. - Non-online marketing revenue increased by 18% year-on-year to RMB 9.8 billion (USD 1.3 billion), primarily driven by the smart cloud business[4]. - Total revenue for Baidu Group was RMB 27,488 million for the three months ended December 31, 2023, representing a year-over-year increase of 1% and a quarter-over-quarter increase of 4%[42]. - Baidu's core business generated RMB 103,465 million in revenue, while iQIYI contributed RMB 31,873 million, reflecting a year-over-year decline of 8%[46]. Expenses and Profitability - Research and development expenses for Q4 2024 were RMB 5.5 billion (USD 756 million), a decrease of 12% year-over-year[14]. - Sales and management expenses for Q4 2024 were RMB 6.7 billion (USD 915 million), an increase of 14% year-over-year[14]. - Operating profit for Baidu Group was RMB 21,856 million, with an operating margin of 16% for the same period, reflecting a 3% decrease year-over-year[46]. - The company reported a total cost and expenses of RMB 112,742 million, which is a 1% decrease year-over-year[46]. - Baidu's adjusted EBITDA for the twelve months ended December 31, 2023, was RMB 31,863 million, with an expected increase to RMB 30,587 million for the twelve months ending December 31, 2024[58]. User Engagement and Growth - The average daily API calls for the Wenxin series models reached 1.65 billion in December 2024, with external API calls increasing by 178% quarter-over-quarter[11]. - Monthly active users of Baidu Wenku's AI features reached 94 million in December 2024, a year-over-year increase of 216%[11]. - As of December 2024, Baidu's monthly active users reached 679 million, a year-on-year growth of 2%[4]. - The company anticipates continued growth in user data and market expansion, supported by new product developments and technological advancements[54]. Investments and Cash Flow - Free cash flow for the fiscal year 2024 was RMB 13.1 billion (USD 1.8 billion), while free cash flow excluding iQIYI was RMB 11.1 billion (USD 1.5 billion)[24]. - The net cash used in investing activities for the twelve months ended December 31, 2023, was RMB 48,657 million, indicating a significant investment outflow[52]. - Baidu's capital expenditures for the twelve months ended December 31, 2023, amounted to RMB 11,154 million, indicating ongoing investments in infrastructure[52]. - The company experienced a net cash outflow from financing activities of RMB 9,876 million for the twelve months ended December 31, 2023, reflecting changes in capital structure[52]. Market Position and Recognition - Baidu was included in the S&P Global Sustainability Yearbook 2024, highlighting its progress in ESG practices[11]. - The company is focusing on market expansion and new product development, as indicated by increased R&D spending and asset growth[37].