BIDU(HK:09888) Sou Hu Cai Jing·2026-02-05 04:11Group 1 - Baidu Group has announced a new share buyback plan, authorizing the repurchase of up to $5 billion in company shares, effective until December 31, 2028 [2] - The company has adopted a dividend policy for the first time, with the first dividend expected to be announced in 2026, supported by sustainable funding sources primarily from operating profits [2] - Baidu's stock price has recently declined, with a reported price of HKD 136.2, down 0.73% as of February 5 [2] Group 2 - For the third quarter ending September 30, 2025, Baidu reported total revenue of CNY 31.2 billion, a year-on-year decrease of 7% and a quarter-on-quarter decrease of 5% [3] - The company recorded an operating loss of CNY 15.1 billion and a net loss of CNY 11.2 billion, primarily due to long-term asset impairment of CNY 16.2 billion; however, excluding this impact, the operating profit was CNY 2.2 billion [3] - Baidu disclosed its AI business revenue for the first time, reporting CNY 10 billion in AI revenue for the third quarter, a year-on-year increase of 50% [3] Group 3 - Citigroup expects Baidu's core advertising revenue decline to narrow from 18.7% in the third quarter to 16% in the following quarter, while total cloud business revenue growth forecast has been revised down from 15% to 11.5% [4] - Bank of America anticipates that Baidu's performance in the fourth quarter of 2025 will meet expectations, with core business expected to recover from the third quarter's low [4] - The forecast for Baidu's core revenue in the fourth quarter is a quarter-on-quarter growth of 7% to CNY 26.5 billion, with adjusted operating profit expected to grow by 17% to CNY 2.6 billion [4]