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【百度集团-SW（9888.HK）】AI驱动百度价值重估，AI云&AI原生广告商业化加速落地——2025三季报业绩点评（付天姿）
光大证券研究·2025-11-20 23:03

Core Viewpoint - Baidu Group's Q3 2025 core business revenue declined by 7.0% year-on-year, primarily due to increased investment in AI and a decrease in traditional search business revenue [4] Group 1: Financial Performance - Q3 2025 core business revenue was 24.66 billion yuan, which was 1.5% lower than Bloomberg consensus expectations [4] - Operating profit for Q3 2025 was 1.22 billion yuan, falling short of consensus expectations by 970 million yuan, with an operating profit margin of 4.9%, down 16.5 percentage points year-on-year [4] - Capital expenditure in Q3 2025 reached 3.38 billion yuan, representing a year-on-year increase of 106.4% [4] Group 2: AI Revenue Growth - AI revenue surpassed 10 billion yuan for the first time in Q3 2025, with a year-on-year growth rate exceeding 50% [5] - AI Cloud revenue was 6.2 billion yuan, up 21% year-on-year, with IaaS and PaaS revenue at 4.2 billion yuan, growing by 33% [5] - AI applications generated 2.6 billion yuan in revenue, including products like Baidu Wenku and Baidu Wangpan [5] - AI native advertising revenue reached 2.8 billion yuan, a significant increase of 262% year-on-year, accounting for 18% of the company's core advertising revenue, up from 4% in Q3 2024 [5] Group 3: Autonomous Driving Expansion - The "Luobo Kuai Pao" service provided 3.1 million autonomous driving services in Q3 2025, a year-on-year increase of 212% [6] - As of October 2025, the service has expanded to 22 cities globally, partnering with Uber in Asia and the Middle East, and with Lyft in Germany and the UK [6] Group 4: Traditional Advertising Challenges - Excluding AI native advertising, traditional advertising revenue was 12.58 billion yuan, down 26.8% year-on-year [7] - The decline in traditional search advertising revenue is attributed to AI search and overview features that do not direct users to web clicks, reducing monetization capabilities [7] - AI native advertising forms like Agent and digital humans are enhancing the commercialization of previously non-advertising intent web pages, indicating a new growth curve rather than a simple replacement of traditional search [7]