百度突围，全栈AI战略进入兑现期

Core Viewpoint - Baidu is accelerating its AI transformation in search and the global expansion of its "LuoBo KuaPao" service, focusing on long-term value creation in AI new fields [2][3]. Financial Performance - In Q2 2025, Baidu reported total revenue of 32.7 billion yuan and a net profit of 7.4 billion yuan, marking a 35% year-on-year increase, exceeding market expectations [2][3]. - AI-driven new business revenue, including smart cloud services, grew strongly, surpassing 10 billion yuan for the first time, with a 34% year-on-year increase [2][3]. Strategic Initiatives - Baidu's "full-stack AI" strategy is beginning to yield substantial returns, with a comprehensive capability chain from underlying computing power to model development and application deployment [3][14]. - The company is undergoing its most significant search business overhaul in a decade, transitioning from traditional link-based results to AI-generated answers and structured results [3][16]. Business Segments - The "LuoBo KuaPao" and smart cloud services are emerging as new growth engines for Baidu, contributing significantly to revenue and demonstrating a sustainable path for AI commercialization [6][12]. - In H1 2025, Baidu's smart cloud maintained its position as the leading AI public cloud provider in China for six consecutive years, with significant market penetration in key industries [7][10]. International Expansion - "LuoBo KuaPao" is accelerating its internationalization, with over 2.2 million global ride-hailing services in Q2, a 148% year-on-year increase, and partnerships with Uber and Lyft to deploy autonomous vehicles in Asia, the Middle East, and Europe [11][12]. - The service has established a leading position in the global right-hand drive Robotaxi market, expanding testing networks in cities like Hong Kong [12][23]. Competitive Landscape - Baidu's full-stack AI strategy is compared to Google's, with both companies building comprehensive systems to maintain stability amid competitive pressures [21][22]. - Baidu's approach allows for significant innovation in core business areas, such as search, while also exploring new markets through its autonomous driving and cloud services [22][23]. Future Outlook - Baidu's financial results indicate the initial success of its full-stack AI strategy, with new growth engines and a major search overhaul, positioning the company for future challenges in the evolving AI landscape [23].