计算机行业点评报告：百度（BIDU.O）：首次披露AI业务详细数据，全栈AI能力或驱动价值重估

Investment Rating - The report maintains a "Recommend" rating for the industry [9] Core Insights - The report highlights that Baidu's traditional online marketing business is under pressure, with a 18% year-over-year decline in online marketing revenue, while non-online marketing business, including cloud and smart devices, shows strong growth with a 21% increase [4][5] - Baidu's AI business has demonstrated significant growth, with overall AI revenue increasing by over 50% year-over-year, driven by various segments such as AI cloud, AI applications, and AI-native marketing services [5][7] - The report emphasizes Baidu's comprehensive AI capabilities, which may not yet be fully recognized by the market, suggesting that investors should closely monitor the company's advancements in AI model and application promotion [7] Summary by Sections Financial Performance - In Q3 2025, Baidu reported revenue of 31.2 billion yuan, a 7% year-over-year decline, with earnings per share at 11.12 yuan, down 33% year-over-year [3][4] - Online marketing revenue was 15.3 billion yuan, while non-online marketing revenue reached 9.3 billion yuan [4] AI Business Breakdown - AI Cloud revenue was 4.2 billion yuan, up 33% year-over-year, with high-performance computing subscription revenue increasing by 128% [5] - AI Applications generated 2.6 billion yuan, a 6% increase, with significant user engagement in various sectors [5] - AI-native marketing services saw a remarkable growth of 262%, reaching 2.8 billion yuan [5] - The global ride-hailing service "Luobo Kuaipao" recorded 3.1 million service instances in Q3, marking a 212% increase [6]