Feng Huang Wang·2025-08-20 09:27Group 1 - The core revenue of the company for Q2 was 32.7 billion RMB, a year-on-year decline of 4%, primarily due to weak online marketing revenue which dropped 15% to 16.2 billion RMB [1] - AI-related business showed strong growth, with non-online marketing revenue surpassing 10 billion RMB for the first time, reaching 10 billion RMB, a year-on-year increase of 34% [1] - The company’s CFO highlighted that this growth marks a shift towards a more balanced and diversified revenue structure [1] Group 2 - The autonomous driving business, "Luobo Kuaipao," achieved significant growth, providing over 2.2 million fully autonomous rides, a year-on-year increase of 148%, with total orders exceeding 14 million [2] - Strategic partnerships were formed with global ride-hailing giants Uber and Lyft to deploy thousands of fully autonomous vehicles across multiple international markets [2] - The AI transformation of the core search business is accelerating, with over 50% of mobile search result pages containing AI-generated content, increasing to 64% within a month [2] Group 3 - The company reported a negative free cash flow of 4.7 billion RMB due to increased investments in AI, although it maintains a strong cash reserve of 124.2 billion RMB as of June 30 [3] - Net profit for the quarter was 7.3 billion RMB, showing significant year-on-year growth, primarily due to increased fair value gains from investment projects [3] - The company is prioritizing long-term value businesses like AI cloud and autonomous driving, sacrificing short-term advertising revenue and cash flow to build a new growth trajectory [3]