BIDU(US:BIDU) Feng Huang Wang·2026-02-26 22:45Core Insights - Baidu's total revenue for 2025 was 129.1 billion RMB, a year-on-year decline of 3%, primarily due to decreased revenue from traditional business segments [1] - The company recorded an operating loss of 5.8 billion RMB for the year, impacted by a core asset impairment loss of 16.2 billion RMB, compared to an operating profit of 21.2 billion RMB in 2024 [1] - After excluding impairment effects, Baidu's non-GAAP net profit for the year reached 18.9 billion RMB [1] Financial Performance - In Q4 2025, Baidu's total revenue was 32.7 billion RMB, reflecting a quarter-on-quarter growth of 5% [1] - The non-GAAP net profit for Q4 was 3.9 billion RMB [1] - The net profit attributable to Baidu for 2025 was 5.6 billion RMB, with a net profit margin of 4%, a significant decrease of 76% compared to 2024's 23.8 billion RMB [1][2] Business Segments - New business segments are increasingly contributing to total revenue, with Q4 AI new business revenue exceeding 11 billion RMB, accounting for 43% of Baidu's general business revenue [2] - For the full year, intelligent cloud infrastructure revenue was approximately 20 billion RMB, a year-on-year increase of 34%, while AI applications generated over 10 billion RMB in revenue [2] - In the autonomous driving sector, the "Luobo Kuaipao" service provided 3.4 million fully unmanned operational orders in Q4, representing a year-on-year growth of over 200% [2] Capital Operations and Shareholder Returns - Baidu's board has authorized a new share repurchase plan with a maximum amount of 5 billion USD, effective until December 31, 2028 [2] - The company has approved a dividend policy for common stock, with the first dividend expected to be distributed by the end of 2026 [2] - Baidu is advancing the spin-off and independent listing process for its chip business, Kunlun [2]