百度回应“昆仑芯上市”背后：传统业务承压，需要新故事

Core Viewpoint - Baidu is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip (Kunlun Xin), with no guarantee that the process will proceed, despite media reports suggesting plans for an IPO in Hong Kong by early 2026 [1][3][29]. Group 1: Company Developments - Kunlun Chip, an AI chip company, was previously part of Baidu's internal projects and has undergone several financing rounds, achieving a post-investment valuation of 21 billion yuan [3][7]. - The company has expanded its external sales over the past two years, with projected revenues of over 3.5 billion yuan in 2025 and a goal of breakeven [11][12]. - Baidu's stock price surged over 7% following the news of the potential spin-off, reflecting market optimism about Kunlun Chip's prospects [3][13]. Group 2: Financial Performance - Baidu's Q3 2025 financial results showed a decline in total revenue, with a year-over-year decrease of 7% [25][26]. - The company is under pressure to identify new growth drivers as its traditional advertising and cloud businesses face challenges [24][27]. Group 3: Product Development and Market Position - Kunlun Chip has launched several generations of AI chips, with the latest P800 model achieving significant performance improvements and gaining market recognition [10][11]. - The company plans to release new products, including the M100 and M300 chips, aimed at large-scale inference and multi-modal training, respectively [17][18]. - Baidu is positioning Kunlun Chip as a key player in the AI hardware market, aiming to reduce reliance on expensive NVIDIA chips and enhance operational efficiency [27][28].