Xin Lang Cai Jing·2026-01-05 06:11Core Viewpoint - Baidu Group's Q4 earnings are expected to show a decline in revenue and net profit, with a significant drop in adjusted net profit compared to the previous year [1][2]. Financial Performance Forecast - Q4 revenue is projected to be between 316.81 billion to 344.61 billion RMB, reflecting a year-on-year change of -7.2% to 1.0% [1][2]. - Q4 net profit is expected to range from 10.13 billion to 162.44 billion RMB, with a year-on-year change of -80.5% to 212.9% [1][2]. - Adjusted net profit for Q4 is forecasted to be between 28.00 billion to 45.61 billion RMB, indicating a year-on-year change of -58.3% to -32.0% [1][2]. Business Segment Insights - Kunlun Chip: The company has initiated the process for a Hong Kong IPO, with plans to launch Kunlun Chip M100 and M300, aiming for a leading position in AI chip shipments in 2024 [3][4]. - AI Marketing and Cloud Business: Revenue has significantly increased, with AI-native marketing expected to drive a second growth curve for the advertising business [4]. - Intelligent Driving: The business has achieved breakeven in key regions, with a 212% year-on-year increase in orders for the "萝卜快跑" service in Q3 2025, and is accelerating overseas market expansion [3][4]. Strategic Positioning - Baidu Group is positioned as a leader in AI technology, with new AI-driven business revenues growing by 50%, accounting for 39% of core business revenue [4]. - The integration of AI-related businesses and resources is accelerating the monetization of AI products, with the Apollo Go service achieving over 250,000 weekly orders and a cumulative total of over 17 million orders [4].