百度挥刀，砍向地方代理商

Core Insights - Baidu is undergoing its largest revision in nearly a decade amid the liquidation of its Hubei distributor, signaling a significant shift in its operational strategy [2][3] - The decline of Baidu's search advantage is evident as its online marketing revenue has been decreasing for four consecutive quarters since Q2 2024 [2][8] Group 1: Distributor Changes - Baidu's Hubei distributor, Wuhan Century Baijie Network Technology Co., announced its liquidation, with plans to complete the process by June 30, 2025 [2][4] - Another major distributor, Jiangsu's Qingzhifeng Network Technology Co., has also ceased operations, highlighting a broader trend of distributor closures [4][5] - Baidu plans to adjust its regional agency model by eliminating exclusive agency rights in several cities, transitioning to a service provider model [4][5] Group 2: Market Challenges - The rise of competitors like Douyin, Xiaohongshu, and WeChat has significantly reduced Baidu's user engagement and search volume, with daily searches on Baidu dropping to 300 million compared to Douyin's 5.3 billion [7][8] - Baidu's online marketing revenue, a key revenue stream, has seen a decline, with a 6% drop reported in Q1 2025 following a series of quarterly decreases [8][9] - User trust in Baidu's search results has eroded, with 78.3% of respondents in a survey expressing skepticism about the reliability of Baidu's search outcomes [9] Group 3: Strategic Revisions - In response to market pressures, Baidu has launched a significant overhaul of its search engine, introducing features like a larger search box and AI integration [9][10] - The new search format aims to provide direct content rather than traditional links, which may complicate the integration of advertising within the platform [10] - The ongoing changes reflect a need for Baidu to adapt its business model to remain relevant in a rapidly evolving digital landscape [10]