Ge Long Hui·2025-11-26 13:17Core Insights - Baidu reported a revenue of 31.2 billion yuan for Q3 2025, a year-on-year decline of 7.1% [1] - The company is focusing on AI transformation, with approximately 70% of search result pages now containing AI-generated content [1] - Baidu's AI business is approaching a revenue scale of nearly 10 billion yuan, with significant growth in various AI segments [2] Financial Performance - Baidu's core revenue was 24.7 billion yuan, down 7.0% year-on-year, with online marketing services revenue at 15.3 billion yuan, down 18.4%, and non-online marketing services revenue at 9.3 billion yuan, up 20.4% [1] - iQIYI reported a revenue of 6.7 billion yuan, a decline of 7.8% year-on-year [1] - Non-GAAP operating profit and net profit for Baidu were 2.2 billion yuan and 3.8 billion yuan, respectively, with non-GAAP operating profit margin and net profit margin at 9.0% and 15.6% [1] AI Business Update - The AI business includes three main segments: 1. Intelligent cloud infrastructure, generating 4.2 billion yuan in revenue, up 33% year-on-year [2] 2. AI applications, with revenue of 2.6 billion yuan, up 6% [2] 3. AI native marketing services, achieving 2.8 billion yuan in revenue, up 262% [2] Autonomous Driving - The autonomous driving service "萝卜快跑" achieved 3.1 million orders, a year-on-year increase of 212%, with an average of over 250,000 orders per week in October [3] - The service has expanded globally, with operations in 22 cities and partnerships with international transport operators [3] Future Projections - Revenue projections for Baidu from 2025 to 2027 are estimated at 128.3 billion yuan, 137.7 billion yuan, and 148.0 billion yuan, respectively, with non-GAAP net profits of 19.5 billion yuan, 19.6 billion yuan, and 23.8 billion yuan [3] - Target prices set at 147 HKD for Baidu's Hong Kong stock and 151 USD for its US stock, with a reiteration of a "buy" rating [3]