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Core Viewpoint - Baidu Group is expected to experience a decline in total revenue for Q2 2025, with a projected decrease of 4.2% year-on-year to 32.52 billion yuan, primarily due to pressures on its high-margin advertising business [1] Group 1: Online Marketing Business - Baidu's core revenue is projected to decline by 3.6% year-on-year to 25.72 billion yuan in Q2 2025, with online marketing service revenue expected to drop by 15.7% due to the transitional impact of AI search transformation [2] - The new Baidu search interface supports natural language input and multi-modal queries, transitioning from traditional link displays to structured answers, which may enhance user engagement and conversion efficiency in the medium term [2] - Baidu has launched an ad-free intelligent search app "TizzyAI," focusing on AI-driven content aggregation and logical reasoning, showing strong performance in search purity and content structuring [2] Group 2: Non-Online Marketing Business - Non-online marketing revenue is expected to grow by 27% year-on-year to 9.54 billion yuan in Q2 2025, with significant contributions from cloud services [3] - The "萝卜快跑" service continues to grow, with 1.4 million orders in Q1 2025, a 75% increase year-on-year, and over 11 million rides provided by May [4] - Baidu's Wenxin large model technology is evolving, enhancing multi-modal and reasoning capabilities, with the release of Wenxin 4.5 Turbo and X1 Turbo, which significantly reduce reasoning costs [4] - The new digital human technology "NOVA" integrates AI capabilities for improved interaction and naturalness, supporting dual-person interactions and replicating real broadcaster styles [4] - Traditional content products are increasingly AI-driven, with the launch of the "沧舟OS" system enhancing user experience in document and video generation [4] Group 3: Profit Forecast, Valuation, and Rating - Due to ongoing pressures in advertising demand recovery and intense industry competition, Baidu's non-GAAP net profit forecasts for 2025-2027 have been revised down to 18 billion, 19.8 billion, and 22.3 billion yuan respectively, reflecting declines of 28.4%, 27.4%, and 26.3% from previous estimates [5] - The valuation multiples for Baidu's advertising, smart cloud, and other businesses have been adjusted to 10.0x PE and 2.5x PS, with a target price set at 109.4 HKD [5] - Despite challenges, the demand for AI large models remains strong, and Baidu's cloud business is expected to maintain rapid growth, with a focus on the monetization progress of AI search [5]

点击注册小程序 查看完整报告 1、在线营销业务：业绩承压下Q2百度AI搜索转型推进 我们预计25Q2百度核心收入257.2亿元，同比下降3.6%，其中在线营销服务营收同比下滑15.7%，主要受 搜索AI化改造阶段性影响所致，对核心广告收入带来压力，25年后续随着产品能力逐步完善与商业化路径 拓展，收入有望逐步探底回升。1）搜索产品与交互方式全面升级，AI体验深化。新版百度搜索框支持千 字级自然语言输入及图片、语音等多模态提问，搜索结果也由传统链接展示向结构化答案与任务闭环转 变；AI助手同步推出视频通话功能，尝试拓展至日常生活、情绪陪伴等多个场景，有望在中期提升用户粘 性与转化效率。百度搜索开放平台已接入超1.8万个MCP服务与220余款AI应用，涵盖生活、金融、电商、 医疗等多个领域。2）百度上线无广告智能搜索App"TizzyAI"，主打AI驱动的内容聚合与逻辑推理，除了 智能搜索作答，在搜索纯净度与内容结构化能力方面表现较好。 2、非在线营销业务：AI驱动大模型持续升级，智能出行与内容产品拓展稳步推进 我们预计25Q2百度核心的非在线营销业务收入95.4亿元，同比增长27%，其中云业务贡献较高增量。1） ...

Investment Rating - The industry investment rating is "Strongly Outperform the Market" with an expected industry index increase of over 5% in the next six months [29] Core Insights - The Hong Kong stock market showed a positive trend with the Hang Seng Index closing at 21,980.74 points, up approximately 2.74% during the week of April 21 to April 25, 2025 [11] - Significant net buying from southbound funds was observed, with Alibaba, Meituan, and Tencent being the top three stocks attracting investment [20] - The report highlights the low valuation of internet companies, with projected P/E ratios for 2025 indicating potential upside for stocks like Tencent, Pinduoduo, and Alibaba [4][19] Summary by Sections Internet Sector - Tencent's 2025 projected P/E is 16X, with strong fundamentals and new product launches expected [4] - Pinduoduo is recommended for attention after a recent pullback, currently valued at 8X P/E [4] - Alibaba's valuation is at 12X P/E for FY26, with expectations of continued growth in cloud services and e-commerce market stabilization [4] AI Sector - Baidu's AI Developer Conference introduced the Wenxin model 4.5Turbo, with input costs reduced by 80% compared to its predecessor [2][8] - The report anticipates continued growth in the intelligent driving sector, driven by major manufacturers and advancements in technology [2] New Consumption - Pop Mart reported a total revenue increase of 165%-170% year-on-year for Q1 2025, exceeding market expectations [5] - The introduction of new products is expected to maintain strong demand and upward trends for Pop Mart [5] New Listings - New companies like Hu Shang A Yi and Green Tea Restaurant are under observation following their approval for listing on the Hong Kong Stock Exchange [3]

几个月前，我曾看到科技预言家凯文·凯利的一段话：J.K.罗琳是个天才，她创造了哈利·波特的世界，可即便她有如此大的想象力，也依然无法独自制作7部 哈利·波特电影，"但有了AI，一个人是可以实现这一点的。" AI技术飞跃，正让"未来已来"四个字变得具象化。 AI技术的进步，该体现在能帮J.K.罗琳"独自制作7部哈利·波特电影"上，也该体现在能帮上班族将会议录音自动转为文档还形成结构化知识图谱、帮学生党 将网课里的知识点自动转录分类上——变成人们手中的"魔法棒"，就是人们期待中的AI模样。 01 文 | 佘宗明 "人们到底需要怎样的AI？"在AI正当"潮"的时下，这是个越来越值得思考的问题。 对身为文字工作者（俗称码字的）的我来说，我理想中的AI，是个善解"人"意的协作伙伴，在我需要之时，它无所不能，在我需要之处，它无处不在。 不得不说，过去3年，尽管花哨概念层出不穷，但在用户需求已从简单的信息检索升级为复杂的内容创作、知识管理、跨模态协作的背景下，很多AI应用却 显得有些滞后，"善于交互，难于交付"成了普遍性问题。 当前LLM（大语言模型）的主流交互形态仍以ChatBot（聊天机器人）为主，可ChatBot的作 ...

Core Insights - The annual Create2025 Baidu AI Developer Conference was held on April 25, where Baidu's founder Li Yanhong delivered a speech titled "The World of Models is the World of Applications" [2] - Baidu launched two new large models, Wenxin 4.5 Turbo and Wenxin X1 Turbo, which offer enhanced capabilities at significantly reduced costs, with prices dropping by up to 80% [3][4] - The conference emphasized the importance of applications over models, with Li Yanhong stating that without applications, models and chips hold no value [3] Model Launches - Baidu introduced Wenxin 4.5 Turbo and Wenxin X1 Turbo, featuring multi-modal capabilities, strong reasoning, and low costs [3] - Wenxin 4.5 Turbo's price decreased by 80% compared to its predecessor, while Wenxin X1 Turbo's performance improved alongside a 50% price reduction [4] Developer Support - Li Yanhong highlighted that high model costs have been a barrier for developers, and lowering these costs will encourage more development and deployment of AI applications across industries [4] - The Wenxin models' efficiency improvements are attributed to joint optimization techniques, with Wenxin 4.5 Turbo achieving a training throughput 5.4 times that of Wenxin 4.5 and an inference throughput 8 times higher [4] AI Applications - Multiple AI applications were launched, covering popular sectors such as AI digital humans, code intelligence, and multi-agent collaboration [5] - The high-persuasion digital human is a notable application, designed for e-commerce, gaming, and consumer interactions, showcasing superior performance compared to traditional digital humans [5] New Technologies - The launch of Cangzhou OS, the world's first content domain operating system, allows users to generate structured AI notes and mind maps while watching videos [5] - Baidu's multi-agent collaboration app, Xinxiang, aims to solve complex user problems by coordinating various AI agents [6][7] Talent Development - Baidu plans to cultivate 10 million AI talents over the next five years and has launched the "AI Open Plan" to support developers [8][9] - The third "Wenxin Cup" entrepreneurship competition was announced, with a maximum investment prize of 70 million yuan to support entrepreneurs [9] Industry Collaboration - Baidu's Create Conference featured various sub-forums and announced partnerships to enhance AI applications in cultural heritage [10] - The Baidu Intelligent Cloud's GENERATE ecosystem conference introduced a "Large Model Industry Partner Program" to share opportunities and resources with partners [11]

" 百度连发多款AI应用，覆盖AI数字人、代码智能体、多智能体协 作等热门赛道。 " 作者丨李希 4月25日，Create2025百度AI开发者大会在武汉隆重举办。百度创始人李彦宏发表了题为《模型的世界 应用的天下》的演讲。60分钟的演讲中，李彦宏发布 了两大模型，多款热门AI应用，并宣布将帮助开发者全面拥抱MCP。 当天发布的文心大模型4.5 Turbo和深度思考模型X1 Turbo，能力更强、成本更低。相比文心4.5，文心大模型4.5 Turbo速度更快，价格下降80%。文心大 模型X1 Turbo相比文心X1，性能提升的同时，价格再降50%。 与此同时，李彦宏连发高说服力数字人、通用超级智能体心响APP、内容操作系统沧舟OS等多款AI应用，覆盖AI数字人、代码智能体、多智能体协作等热门 赛道。另值得关注的是，百度发布了全球首个电商交易MCP，搜索MCP等MCP server，供开发者调用，帮助开发者全面拥抱MCP。 "所有这些发布，都是为了让开发者们可以不用担心模型能力、不用担心模型成本、更不用担心开发工具和平台，可以踏踏实实地做应用，做出最好的应 用！"面向现场5000名开发者和科技爱好者，李彦宏郑重 ...

据 美国农业部本周公布的数据，中国取消了1.2万吨美国猪肉订单，较前一周大幅减少72%。 整理 ｜丁丁炒面 滴普科技股份有限公司 36氪获悉，港交所文件显示，滴普科技股份有限公司向港交所提交上市申请书。 同宇新材料 36氪获悉，证监会日前下发关于同意同宇新材料（广东）股份有限公司首次公开发行股票注册的批复，同意该公司在创业板上 市的注册申请。 中国取消1.2万吨美国猪肉订单 据美国农业部本周公布的数据，中国取消了1.2万吨美国猪肉订单，较前一周大幅减少72%。此外，美国农业部还表示，中国近 期仅采购了1800吨大豆，远低于截至4月10日当周的采购量——当时高达7.3万吨。（环球时报） 贾跃亭称用FF一半股权激励收益还债 4月25日，在FFAI投资者社区与FX开发者共创日上，法拉第未来迎来重大人事变动，贾跃亭被正式任命为FF联席CEO，将与FF 全球CEO Matthias Aydt共同主管FF最为关键的三条经营管理线，即财务、法务以及供应链。与此同时，贾跃亭在活动中承诺， 待股权激励实现后，将拿出一半收益用于偿还在中国法律框架下的债务。（每经网） 一季度全国结婚登记同比减少15.9万对 民政部官网4月25日发 ...

作者 | 褚杏娟、华卫 在 4 月 25 日的百度 Create 开发者大会现场，百度创始人李彦宏发布了两大模型、多款热门 AI 应用，并宣布将帮助开发者全面拥抱 MCP。同时，百度 正式点亮了国内首个全自研的三万卡集群，可同时承载多个千亿参数大模型的全量训练，支持 1000 个用户同时做百亿参数的大模型精调。 "所有这些发布，都是为了让开发者们可以不用担心模型能力、不用担心模型成本、更不用担心开发工具和平台，可以踏踏实实地做应用，做出最好的应 用！"李彦宏说道。 李彦宏表示，大模型厂商卷生卷死，几乎每周都在发布新模型，但开发者不敢大胆用，因为担心自己的应用被模型迭代快速覆盖掉。李彦宏认为这是把 双刃剑：一方面，开发者确实需要理解技术发展趋势；另一方面，这么多日益强大的模型提供了更多的选择，打开了更多的可能性。 "只要找对场景，选对基础模型，有时候还要学一点调模型的方法，在此基础上做出来的应用是不会过时的"。他强调，"没有应用，芯片、模型都没有价 值。模型会有很多，但未来真正统治这个世界的是应用，应用才是王者。" 发布两大新模型， 价格最高降 80% 文心大模型 4.5 Turbo 和文心大模型 X1 Tur ...

百度今日发布两大新模型超市场预期。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 百度创始人李彦宏 于 4月25日在Create2025百度AI开发者大会上 发表了题为《模型的世界 应用的天下》的演讲。李彦宏 本次 发 布了两大模型，多款热门 AI应用，并宣布将帮助开发者全面拥抱MCP。 当天发布的文心大模型 4.5 Turbo和深度思考模型X1 Turbo，能力更强、成本更低。相比文心4.5，文心大模型4.5 Turbo速度更快，价格下降80%。 文心大模型X1 Turbo相比文心X1，性能提升的同时，价格再降50%。 同时，李彦宏连发高说服力数字人、通用超级智能体心响 APP、内容操作系统沧舟OS等多款AI应用，覆盖AI数字人、代码智能体、多智能体协作等热 门赛道。另值得关注的是，百度发布了全球首个电商交易MCP，搜索MCP等MCP server，供开发者调用，帮助开发者全面拥抱MCP。 "所有这些发布，都是为了让开发者们可以不用担心模型能力、不用担心模型成本、更不用担心开发工具和平台，可以踏踏实实地做应用，做出最好的应 用！"面向现场5 ...