Guo Ji Jin Rong Bao·2025-11-18 11:58Core Insights - Baidu reported a total revenue of 31.174 billion yuan for Q3 2025, with a net loss of 11.232 billion yuan compared to a net profit of 7.632 billion yuan in the same period last year [1] - The company's core business revenue, excluding iQIYI, was 24.7 billion yuan, with online marketing revenue at 15.3 billion yuan and non-online marketing revenue at 9.3 billion yuan, reflecting a year-on-year growth of 21% driven by the growth of its smart cloud business [1] Business Transformation - Baidu's search business is undergoing a significant AI transformation, with approximately 70% of mobile search result pages containing AI-generated content as of October 2025 [3] - The company aims to redefine search results from a text and link-based application to a rich media content-driven AI application [3] AI Business Growth - Baidu disclosed that its new AI business revenue grew over 50% year-on-year, reaching approximately 10 billion yuan in Q3 2025, with significant contributions from three main categories: smart cloud infrastructure revenue at 4.2 billion yuan (up 33%), AI high-performance computing facility subscription revenue up 128%, and AI applications revenue at 2.6 billion yuan [3][4] - AI-native marketing services, including intelligent agents and digital humans, generated 2.8 billion yuan in revenue, marking a year-on-year increase of 262% [4] Autonomous Driving Expansion - Baidu's autonomous driving service, Apollo Go, achieved 3.1 million orders for fully autonomous driving operations in Q3 2025, with a year-on-year growth rate increasing from 148% to 212% [4] - As of November 2025, Apollo Go has provided over 17 million autonomous driving service orders across 22 cities, with a total autonomous driving mileage exceeding 140 million kilometers and total driving mileage surpassing 240 million kilometers [4]