智通财经网·2025-11-10 07:59Core Viewpoint - The report from Credit Lyonnais indicates that Baidu Group's core business revenue and adjusted EBITDA are expected to reach 24.6 billion and 2 billion RMB respectively, maintaining an "outperform" rating due to the accelerated transformation towards AI search [1] Group 1: Financial Projections - Baidu's core business revenue is projected to be 24.6 billion RMB [1] - Adjusted EBITDA is expected to be 2 billion RMB [1] - Revenue and profit are anticipated to improve quarterly starting from Q4 2025 as AI-related income grows to over 40% of Baidu's core business revenue [1] Group 2: Strategic Developments - Baidu is applying for primary listing status on the Hong Kong Stock Exchange, with the earliest potential qualification for Stock Connect being March 2026 [1] - The company may begin to distribute dividends and spin off new businesses following the listing [1]