百度核心：AI 云业务延续稳健增长，利润额同比健康扩大 2Q25 百度核心收入同比-1.6%至263 亿元（预期yoy-3.4%），主因AI 云收入增长较快。分部来看，广告 收入同比-15%至162 亿元，主因广告主需求温和与AI 搜索改造的影响；非广告收入同增34%至100 亿 元，其中AI云收入同增27%至65 亿元（4Q24/1Q25：+26/42% yoy），且AI 云业务非GAAP 经营利润额 实现同增。管理层表示业务收入增长得益于企业云领域对公司高性价比端到端AI 产品及解决方案的需 求上升。2Q25 百度核心非GAAP 经营利润44 亿元，对应非GAAP 经营利润率16.7%（预期： 15.7%），-9.5pp yoy，利润率下降主因相对较高利润率的广告业务占比下降。 机构：华泰证券 研究员：夏路路/侯杰 2Q25 百度集团总收入327 亿元，同比-3.6%，好于VA 一致预期（口径下同）的-4.8%，主因AI 云收入增 长较快。非GAAP 净利润48 亿元，非GAAP净利率14.7%（预期：13.9%），同比-7.1pp，主因相对较高 利润率的广告业务收入持续承压。2Q25 百度AI 云占百度 ...

Core Insights - Baidu's Q2 financial report shows significant growth driven by AI, with revenue exceeding 10 billion yuan for the first time, marking a 34% year-on-year increase [1] - The company's total revenue reached 32.7 billion yuan, with core revenue at 26.3 billion yuan and a net profit of 7.4 billion yuan, reflecting a 35% year-on-year growth [1] AI-Driven Business Growth - Baidu's intelligent cloud business experienced a 27% year-on-year revenue growth, supported by a unique end-to-end AI architecture that serves as a core competitive advantage [4] - The Baidu GPU cloud platform underwent significant upgrades, enabling clients to adaptively set PD ratios based on business characteristics, effectively reducing inference costs [4] - Baidu's strategic partnerships with notable companies in various industries, including 20 collaborations in the embodied intelligence sector, highlight the market's recognition of Baidu's intelligent cloud [4][5] Global Expansion of "Luobo Kuaipao" - "Luobo Kuaipao" provided over 2.2 million rides globally in Q2, a 148% year-on-year increase, with total rides exceeding 14 million across 16 cities [6] - The service is expanding internationally, with partnerships established with Uber and Lyft to integrate autonomous vehicles into their networks, aiming for deployment in Europe by 2026 [6][7] AI Innovation in Search - Over 64% of search results on Baidu are now generated by AI, a significant increase from 35% in April, showcasing the rapid transformation towards AI-driven content [8] - The number of AI-generated videos on the Baidu App has reached over one million daily, reflecting advancements in generative AI and multimodal capabilities [8] - The usage of digital human technology has increased, generating approximately 500 million yuan in revenue in Q2, with a 55% quarter-on-quarter growth [9]

Investment Rating - The investment rating for Baidu Group is maintained as "Buy" for both Hong Kong and US stocks [7]. Core Insights - Baidu's total revenue for Q2 2025 was 32.7 billion RMB, a year-on-year decrease of 3.6%, which was better than the expected decline of 4.8% due to rapid growth in AI cloud revenue [1]. - Non-GAAP net profit was 4.8 billion RMB, with a non-GAAP net profit margin of 14.7%, slightly above the expected 13.9% [1]. - The proportion of AI cloud revenue in Baidu's core revenue increased by 5.6 percentage points year-on-year to 24.8%, while advertising revenue's share decreased by 10 percentage points [1]. Revenue and Profit Analysis - Baidu's core revenue decreased by 1.6% year-on-year to 26.3 billion RMB, better than the expected decline of 3.4%, primarily due to strong growth in AI cloud revenue [2]. - Advertising revenue fell by 15% year-on-year to 16.2 billion RMB, attributed to moderate demand from advertisers and the impact of AI search transformation [2]. - Non-advertising revenue grew by 34% year-on-year to 10 billion RMB, with AI cloud revenue increasing by 27% to 6.5 billion RMB [2]. AI Transformation Progress - As of the end of June, 50% of Baidu's search results included AI-generated content, up from 35% in April, indicating rapid progress in AI transformation [3]. - By July, 64% of mobile search results featured AI-generated content in structured and multimodal formats [3]. - The average daily time spent by users on the Baidu app increased by 4% year-on-year, reflecting improved user experience [3]. Autonomous Driving Business - Baidu's autonomous driving service, "Luobo Kuaipao," expanded to 16 cities, with over 220 million orders in Q2 2025, a year-on-year increase of 148% [4]. - The company has established partnerships with Uber, Lyft, and domestic ride-hailing services, enhancing its collaboration network [4]. - The autonomous driving sector is expected to contribute significantly to Baidu's long-term valuation due to its cost advantages and potential for higher economic benefits in overseas markets [4]. Profit Forecast and Valuation - The non-GAAP net profit forecast for 2025, 2026, and 2027 has been adjusted downwards by 9.6%, 12.0%, and 9.8% to 18.9 billion RMB, 21.1 billion RMB, and 23.7 billion RMB respectively, primarily due to lower expectations for high-margin advertising revenue [5]. - The target price for Baidu's US stock is set at $89.60, while the Hong Kong stock target price is set at HKD 88.00, reflecting a slight decrease from previous estimates [5][26].

Core Viewpoint - Baidu's AI new business has entered a growth phase, achieving over 10 billion RMB in revenue for the first time, driven by strong performance in intelligent cloud and autonomous driving services [4][5]. Financial Performance - In Q2 2025, Baidu reported total revenue of 32.7 billion RMB, with core revenue of 26.3 billion RMB and a net profit of 7.4 billion RMB, marking a 35% year-on-year increase [4]. - AI new business revenue, including intelligent cloud, grew by 34% year-on-year, surpassing 10 billion RMB for the first time [4][6]. Business Segments - Intelligent cloud revenue increased by 27% year-on-year, with Non-GAAP operating profit also showing growth [6]. - The "Luobo Kuaipao" service provided over 2.2 million rides globally in Q2, a 148% increase year-on-year, and has completed over 14 million rides since its inception, making it the global leader in autonomous ride-hailing services [6][7]. Strategic Partnerships - "Luobo Kuaipao" has established strategic partnerships with Uber and Lyft to deploy autonomous vehicles in international markets, including Asia, the Middle East, Germany, and the UK [7]. - The collaboration with these companies highlights Baidu's global recognition in the autonomous driving sector and its potential for commercial expansion [7]. AI Transformation - Over 50% of mobile search result pages included AI-generated content by June 2025, increasing to 64% by July, indicating a significant shift towards AI-driven search results [8]. - Baidu's mobile app reached 735 million monthly active users, a 5% year-on-year increase, with managed page revenue accounting for 50% of the core online marketing business in Q2 2025 [8]. Competitive Advantage - Baidu's unique end-to-end AI architecture is a core competitive advantage, supporting healthy growth in intelligent cloud services [8][12]. - The company has established a comprehensive AI infrastructure, enabling it to meet diverse enterprise needs from model training to business integration [8][9]. Market Position - Baidu's intelligent cloud has ranked first in the AI public cloud service market for six consecutive years, with significant market share in large model platforms [6][8]. - The company has become the preferred AI cloud provider for 65% of central enterprises and 80% of systemically important banks in China [8]. Robustness of Full-Stack AI - Baidu's full-stack AI layout enhances its risk resilience, allowing it to adapt to industry fluctuations while exploring new market opportunities [12][13]. - The company's ability to innovate within its core search business reflects the confidence derived from its comprehensive AI strategy [13][14].

百度核心营收263亿元，同比下降2%，环比上升3%。归属百度核心净利润74亿元，同比增长35%。受 AI驱动，涵盖智能云在内的AI新业务收入增长强劲，首次超过100亿元，同比增长34%。 8月20日晚，百度发布2025年第二季度财报。本季度总营收327亿元，同比下降4%，环比增长1%。归属 于百度的净利润为73亿元，同比上升33%，环比下降5%。 不久前，百度发布了全球首个多人有声音视频一体化模型"百度蒸汽机"，通过不同版本差异化设计满足 各类用户不同创作需求，进一步强化百度搜索、内容、商业等生态的多模态体验。百度高管在财报电话 会上透露，21日下午将推出具有重要更新的最新版本"百度蒸汽机"。 "二季度，智能云业务实现健康增长，这得益于我们不断加强的全栈AI能力和端到端AI产品及解决方 案。"百度创始人李彦宏表示，本季度内，百度加速推进搜索的AI转型与萝卜快跑全球化进程，"百度始 终聚焦于那些最具长期价值创造潜力的AI新领域，让我们的技术与创新，产生最具意义和持久的影 响。" | | | | 百度集團股份有限公司 | | | | | --- | --- | --- | --- | --- | --- | -- ...

二季度，百度整体营收相对企稳，略有收缩，达到339.3亿，同比减少4%。其中，百度的核心业务收入为263亿，同比减少2%。 核心亮点，在于沈抖主导下的百度智能云业务，拉动了集团AI新业务收入突破百亿，同比增长34%。 8月20日晚，百度发布2025年第二季度财报。 可一直撑起百度现金牛的在线营销业务，二季度营收为162亿，同比减少15%，下滑幅度徒然加剧。此外，在百度业务版图里，已经相对边缘的爱奇艺， 在二季度同样没有太多惊喜，营收66亿，同比下滑11%。 8月20日，百度二季度财报发布，集团总营收为327亿，同比减少4%，归属百度核心净利润74亿元，同比增长35%。 这足以说明，尽管AI已经爆发出一定能量，可在传统搜索日渐式微的趋势下，一直以搜索广告为核心创收点的百度，仍在经历一场迟缓又漫长的战略转 轨。 一、意料之外的广告 一直以来，百度以在线营销营销为主的核心业务，撑起了集团超70%的营收，以及绝大多数的利润，是百度基本盘，也是百度能够常年不断试错的核心支 撑。 回看2024年百度广告业务表现，集团全年业务仅下滑3%，下滑相对可控，保持住了稳定，也在一定程度上消解了市场对百度基本盘的担忧。甚至在上季 度 ...

Core Insights - Baidu reported Q2 2025 total revenue of 32.7 billion yuan, with core revenue of 26.3 billion yuan and a net profit of 7.4 billion yuan, reflecting a year-on-year growth of 35% [2] - AI-driven new business revenue, including intelligent cloud services, exceeded 10 billion yuan, marking a 34% year-on-year increase [2] - The company accelerated its AI transformation in search, with AI-generated content in mobile search results increasing from 35% in April to 64% in July [2] - Monthly active users of the Baidu App reached 735 million, a 5% year-on-year growth [2] Business Developments - The global ride-hailing service "Luobo Kuaipao" recorded over 2.2 million service instances in Q2, a 148% year-on-year increase, with total service instances exceeding 14 million as of August [2] - Luobo Kuaipao has expanded its footprint to 16 cities worldwide and has formed strategic partnerships with Uber and Lyft to deploy autonomous vehicles in Asia, the Middle East, and Europe [2][3] Strategic Focus - Baidu's founder, Li Yanhong, emphasized the company's commitment to enhancing its full-stack AI capabilities and end-to-end AI products, focusing on long-term value creation in AI sectors [3]

Core Insights - Baidu's Q2 performance shows a significant shift in business structure, with non-advertising revenue driven by intelligent cloud services reaching 10 billion yuan, a 34% year-on-year increase, while advertising revenue declined by 15% [2][3][4] Financial Performance - Total revenue for Baidu in Q2 was 32.7 billion yuan, a 4% year-on-year decrease but a 1% quarter-on-quarter increase [3] - Net profit for the period was 7.3 billion yuan, a 33% year-on-year increase but a 5% quarter-on-quarter decrease; non-GAAP net profit was 4.8 billion yuan, down 35% year-on-year and 26% quarter-on-quarter [3] - Advertising revenue was 16.2 billion yuan, down 15% year-on-year, significantly impacting overall performance [3][4] Business Segment Analysis - Advertising revenue's contribution fell below 50% for the second consecutive quarter, marking a notable change from nearly 55% last year [4] - The decline in advertising revenue is attributed to Baidu's increased focus on AI transformation in search, aimed at enhancing user experience for long-term growth [4][5] AI Transformation and User Engagement - Baidu's AI-driven search transformation has led to over 50% of mobile search result pages containing AI-generated content by June, up from 35% in April, and reaching 64% by July [5] - Monthly active users (MAU) of Baidu's app reached 735 million in June, a 5% year-on-year increase, indicating improved user engagement due to AI changes [5] Intelligent Cloud Business Growth - Non-advertising revenue reached 10 billion yuan in Q2, accounting for nearly 31% of total revenue, driven by intelligent cloud services which generated 6.5 billion yuan, a 27% year-on-year increase [7] - The demand for high-cost performance AI products and solutions is driving growth in the intelligent cloud sector, with a focus on enterprise cloud services [7] Future Developments and R&D - Baidu is actively developing the next generation of large models and has open-sourced the Wenxin 4.5 series [9] - R&D investment decreased by 13% year-on-year to 5.1 billion yuan, primarily due to reduced employee-related costs [9]

Core Viewpoint - Baidu's Q2 2025 financial report shows strong revenue growth driven by AI developments, with total revenue reaching 32.7 billion yuan and core revenue at 26.3 billion yuan, alongside a net profit of 7.4 billion yuan attributed to core operations [2] Group 1: Financial Performance - Total revenue for Q2 2025 reached 32.7 billion yuan, with core revenue at 26.3 billion yuan and net profit of 7.4 billion yuan [2] - AI-driven new business revenue, including intelligent cloud, exceeded 10 billion yuan for the first time, growing 34% year-over-year [2] - Intelligent cloud business revenue grew 27% year-over-year, with Non-GAAP operating profit also showing year-over-year growth [2] Group 2: AI Transformation in Search - Baidu's search engine is undergoing a comprehensive transformation towards AI, with AI-generated content in mobile search results increasing from 35% in April to 64% in July [3] - The quality and scale of AI-generated content have significantly improved, enriching Baidu's search content ecosystem [3] - The new generation of digital human technology, based on the Wenxin large model, has achieved industry-leading levels, exemplified by a 7-hour live stream generating 55 million yuan in GMV [3] Group 3: Global Expansion of "Luobo Kuaipao" - "Luobo Kuaipao" provided over 2.2 million rides globally in Q2 2025, marking a 148% year-over-year increase, with total rides exceeding 14 million by August [5] - The service has expanded internationally, entering markets like Dubai and Abu Dhabi, and forming strategic partnerships with Uber and Lyft for autonomous vehicle integration [5] - "Luobo Kuaipao" leads in the global right-hand drive Robotaxi market, with successful expansion in Hong Kong and plans for further global rollout [6]

8月20日美股盘前，百度发布了2025年第二季度（Q2）财报，其核心数据如下： - 二季度百度集团总营收327亿元，归属百度核心的净利润为74亿元，同比增长35%，超出市场预期； - 二季度涵盖智能云在内的AI新业务收入首次突破100亿元，同比增长34%； - 二季度萝卜快跑全球出行服务次数超220万，同比增长148%，累计出行服务次数超1400万，位居全 球第一。 在财报中，百度创始人李彦宏与百度CFO何海建多次提到百度AI战略的"长期价值"，这一战略背后 的深层背景是：全球AI的战场，已从"闪电战"转向"持久战"。 过去几年，AI大模型的竞争方式是砸钱堆算力、堆数据，让模型能力得到"闪电式"突破。但如今"大 力出奇迹"的方式在LLMs（大语言模型）上已难有当初的效果了。 高端GPU紧缺，数据中心和电力能力成为区域性制约。算力、数据靠烧钱扩表的模式撞上了天花 板，更重要的是，LLMs正在进入边际收益递减阶段，即模型越大，提升越小，训练周期越长。钱， 正烧得越来越不划算。 各家比拼的重点也从谁参数大、算力大、钱多，转变为谁能让AI更快、更便宜、更安全、更好用。 这就好比汽车行业从"谁的马力大"变成"谁更省油、 ...