百度回应“拟分拆昆仑芯赴港上市”

Core Viewpoint - Baidu has clarified that it is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip (Beijing) Technology Co., Ltd., and there is no guarantee that this will proceed [1][2]. Group 1: Company Developments - Media reports indicated that Kunlun Chip aims to apply for a listing on the Hong Kong Stock Exchange as early as Q1 2026, with a target IPO completion in early 2027 [2]. - Kunlun Chip has recently completed a new financing round of $283 million, achieving a valuation of $2.97 billion (approximately 21 billion RMB) [2]. - The company has transitioned from being part of Baidu's internal AI chip and architecture department to an independent entity, having completed its D-round financing by July 2025 [4]. Group 2: Financial Performance and Projections - Although Baidu has not disclosed specific financial data for Kunlun Chip, it is reported that the company may achieve breakeven this year [5]. - Morgan Stanley projects that Kunlun Chip's revenue will surge from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, marking a sixfold increase [5]. - The company has secured over a hundred clients, including major firms like China Merchants Bank and Vivo, with delivery scales ranging from tens to thousands of units [4]. Group 3: Product Development - Baidu's self-developed Kunlun Chip series, including the third-generation P800 products, has entered mass production, with plans to introduce new products annually over the next five years starting in 2026 [5]. - The training cluster for Baidu's multimodal large models has expanded to over 10,000 units, with the self-developed XPU cluster achieving model computation utilization rates comparable to GPU clusters [4].