BIDU(HK:09888) Sou Hu Cai Jing·2026-02-26 10:24Core Insights - Baidu Group-SW reported a total revenue of RMB 32.7 billion for Q4 2025, reflecting a 5% quarter-over-quarter growth [1] - The annual revenue for Baidu in 2025 was RMB 129.1 billion, a 3% year-over-year decline, primarily due to a decrease in traditional business, partially offset by growth in core AI new businesses [1] - The revenue from intelligent cloud infrastructure for the year 2025 was approximately RMB 20 billion, representing a 34% year-over-year increase [1] Financial Performance - For Q4 2025, Baidu's revenue was RMB 32.7 billion, with a cost of sales amounting to RMB 18.3 billion, leading to a gross profit margin that reflects the company's operational efficiency [2] - The total cost of sales for the year was RMB 72.4 billion, which is a 10% increase year-over-year, attributed to rising costs associated with Baidu's core AI new businesses [2] - Research and development expenses for the year were RMB 20.4 billion, showing an 8% decrease year-over-year, mainly due to a reduction in personnel-related costs [2]