BIDU(US:BIDU) 36氪·2025-11-18 14:10Core Viewpoint - Baidu's AI business has become a new growth pillar, marking a significant breakthrough in the company's strategic transformation [2][9]. Financial Performance - In Q3 2025, Baidu achieved a revenue of 31.2 billion yuan, with core revenue of 24.7 billion yuan [4]. - The Q3 report is notable for its comprehensive upgrade in data disclosure, particularly regarding AI performance [5][6]. - Baidu's AI business revenue grew over 50% year-on-year, with AI cloud revenue increasing by 33%, AI application revenue reaching 2.6 billion yuan, and AI native online marketing service revenue soaring by 262% to 2.8 billion yuan [6]. Business Transformation - AI revenue accounted for nearly 40% of Baidu's core revenue in Q3 2025, indicating a qualitative change in the company's business structure [11]. - Baidu has internalized AI as a core product and business strategy, transitioning from using AI as an external tool to becoming an AI-driven company [12]. - The most significant transformation occurred in Baidu's search product, which underwent its largest revision in a decade, shifting from text-based to AI-driven multimedia content [12]. Commercialization and User Engagement - AI is no longer just an optimization tool in advertising but has become a revenue-generating model, with AI-driven digital humans significantly boosting GMV during events like "Double 11" [13]. - The "Baidu Vamo" intelligent agent has seen over 1,000 enterprise applications for testing, showcasing the B-end business's growth potential [14]. - Baidu's autonomous driving service, "LuoBoKuaipao," achieved 3.1 million global service instances in Q3 2025, marking a 212% year-on-year increase [14]. Technological Foundation - Baidu's AI business growth is supported by a comprehensive technology stack, from chips to applications, enabling the internalization of AI capabilities [17][18]. - The company has developed a full-stack AI ecosystem, which includes self-developed chips and a deep learning framework, ensuring control over AI costs and iteration speed [19]. - The latest generation of Kunlun chips and the Wenxin large model have positioned Baidu as a leader in AI capabilities, with the Wenxin model ranking second globally in text task evaluations [20]. Market Outlook and Valuation - Baidu's latest financial report reflects a strong confidence in future growth, driven by a long-term strategic commitment to AI [22]. - The market has begun to reassess Baidu's value, recognizing it as a company driven by AI rather than merely possessing AI technology [22]. - Numerous top-tier institutions have raised their investment ratings and target prices for Baidu, indicating a positive market sentiment towards the company's transformation [24][26].