Core Viewpoint - Daiwa's report indicates that Baidu Group-SW (09888) has slightly exceeded expectations in revenue and operating profit for Q3 2025, driven by other income and tax benefits [1] Group 1: Financial Performance - Baidu's core business revenue and operating profit for Q3 2025 are better than expected [1] - The report highlights a 21% year-on-year increase in Baidu's cloud service revenue [1] Group 2: Investment Rating - Daiwa maintains a "Buy" rating for Baidu and raises the target price from HKD 158 to HKD 162 [1] - The report emphasizes the positive impact of new financial disclosures related to AI-native products [1]

Core Viewpoint - Daiwa's report indicates that Baidu Group-SW (09888) is expected to have slightly better-than-expected revenue and operating profit for Q3 2025, driven by other income and tax benefits [1] Group 1: Financial Performance - The report maintains a "Buy" rating for Baidu and raises the target price from HKD 158 to HKD 162 [1] - Baidu's cloud service revenue increased by 21% year-on-year in Q3 [1] Group 2: Strategic Developments - The company announced new financial disclosures related to AI-native products [1]