中银证券近日发布计算机行业周报：DeepSeek-V3.1发布，海内外大模型的密集更新有 望对AI应用、尤其是Agent的发展形成坚实的支撑。上海发布《上海市加快推动"AI+制 造"发展的实施方案》，有助于加速解决数据孤岛问题，进一步推动"AI+制造"的发展。百度 2025Q2AI新业务收入实现快速增长，AI商业化能力正在落地。 以下为研究报告摘要： 2025年第二季度，百度AI新业务收入快速增长。8月20日，百度发布2025年第二季度财 报。第二季度，百度总营收达327亿元，归属百度核心净利润74亿元，同增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%。近期， IDC发布《中国AI公有云服务市场份额，2024》报告，百度智能云连续六年排名第一。IDC 认为，百度覆盖算力、模型、数据与应用的全栈AI基础设施，是令百度智能云在AI时代保 持领先优势的关键所在。AI新业务收入快速增长，标志着百度从"广告依赖"转向"技术驱 动"的转型初见成效，AI商业化能力正在落地。随着AI含量的不断提升，百度有望受益于AI 对传统业务重塑下的降本增效以及AI新业务体量的持续扩张。 ...

Core Viewpoint - Baidu's latest financial report reflects the complexities and challenges of its transformation amid the AI wave, showcasing a stark contrast between breakthrough progress in AI new businesses and a decline in overall revenue and profit [1][3]. Group 1: Financial Performance - In Q2 2025, Baidu's non-online marketing revenue surpassed 10 billion RMB for the first time, achieving a 34% year-on-year growth [1]. - Baidu's intelligent cloud revenue grew by 27% year-on-year, reaching 6.5 billion RMB, becoming a key growth driver [1]. - The core online marketing revenue, once a cash cow, has seen a continuous decline for five consecutive quarters, dropping by 15% to 16.2 billion RMB in the latest quarter [1]. Group 2: AI Transformation Strategy - Baidu is aggressively pushing for AI integration in its search business, aiming to become the most aggressive player in global search AI [1][3]. - As of July, AI-generated content covered over 64% of mobile search result pages, significantly higher than Google's coverage, indicating Baidu's commitment to AI search [1]. - Baidu's strategy contrasts with Google's more conservative approach, as Baidu seeks to fully disrupt search through technology, while Google opts for a gradual integration of generative AI capabilities [3]. Group 3: Market Challenges and Strategic Adjustments - Baidu faces internal and external pressures, including competition from community and short video platforms, leading to a weakened search market [5]. - The company is under pressure to find new growth points, but traditional business instability and short-term returns from new ventures pose challenges [5]. - Baidu's leadership acknowledges the need to focus and optimize resource allocation, aiming to balance short-term pressures with long-term vision in the AI era [5].

8月2 0日晚，百度发布了2 0 2 5年第二季度财报，总营收3 2 7亿元，核心净利润同比增长3 5%至 7 4亿元，但其中一组数字极具里程碑意义：AI新业务收入首次突破1 0 0亿元，同比增长3 4%。 百亿收入并非偶然的业绩爆发，而是技术积累与产品的落地，更是一家公司在AI长跑中从布 局到收获的完整叙事，是深耕AI领域十余年的收成兑现。 而百度之所以能成为这场行业爆发中的"先行者"，关键在于其长达十余年的提前布局——早 在2 0 1 3年，百度就启动了自动驾驶技术研发；2 0 1 7年，Ap o ll o平台正式对外开放；2 0 2 1年， 萝卜快跑开始商业化试点。这种"长期主义"的投入，让百度在技术积累、数据沉淀、场景适 配等方面形成了难以逾越的壁垒，当行业风口来临时，能最先收获红利。 花旗银行在研报中明确指出，百度与Ub e r、Ly ft的合作，对萝卜快跑进一步开拓具备商业化 潜力的全新市场具有积极意义，彰显了其在自动驾驶价值链中的核心能力。高盛也预测，随 着萝卜快跑规模的进一步扩大和盈利能力的释放，市场将重新评估这一业务的价值。毕竟， 在 全 球 范 围 内 ， 能 实 现 千 万 级 出 行 ...

证券研究报告 | 2025年08月21日 百度集团-SW（09888.HK）25Q2 财报点评 优于大市 广告业务持续承压，加快 AI 改造搜索节奏 总览：总收入同比-4%，经调整归母净利润 48 亿元，调整后归母净利润率同 比-7pcts。2025Q2，百度集团实现总收入 327 亿元，同比-4%。百度核心收 入 263 亿元，同比-2%，爱奇艺收入 66 亿元，同比-11%。2025Q2，百度集团 实现经调整归母净利润 48 亿元，同比-35%。经调整归母净利润率 15%。其中， 百度核心实现经调整归母净利润 44 亿元、同比-37%，经调整归母净利润率 17%。 百度核心广告收入下滑 15%，7 月移动端搜索结果页 64%是由生成式 AI 来实 现的（4 月为 35%）。百度核心在线营销收入为 162 亿元，同比下滑 15%。 其中托管页收入占比 50%，体现广告业务结构持续优化。 AI 广告二季度启动小规模商业化测试，代理（Agents）驱动广告转化效率 提升。代理为广告主创造的收入环比+50%，占核心在线营销收入 13%（Q1 为 9%），计划逐步从 CPC（按点击付费）向 CPS（按销售付费）转型 ...

Core Viewpoint - Baidu's Q2 2025 financial report slightly exceeded market expectations, with AI-related new businesses experiencing a 34% growth, enhancing market confidence in Baidu's return to an expansion cycle [6][8]. Financial Performance - In Q2 2025, Baidu achieved total revenue of 327 billion RMB, with core revenue of 263 billion RMB and iQIYI contributing 66 billion RMB. Online marketing revenue was 162 billion RMB, while non-online marketing revenue surpassed 100 billion RMB for the first time, growing 34% year-on-year, driven by AI-related growth in smart cloud and other businesses [8][10]. - Operating profit for Q2 2025 was 33 billion RMB, with a core operating profit margin of 13%. Net profit attributable to Baidu was 73 billion RMB, a 33% year-on-year increase, with a core net profit margin of 28% [10][12]. AI Business Expansion - Baidu's AI-related new business revenue exceeded 100 billion RMB for the first time, growing 34% year-on-year, primarily due to the rapid growth of subscription-based AI infrastructure and smart cloud services, which saw a 27% increase [18][20]. - The company is also benefiting from the growth of innovative businesses like smart driving, with significant partnerships and a 148% year-on-year increase in global ride service instances [20]. AI Search Transformation - Baidu has initiated a significant transformation of its search capabilities, with the introduction of an "intelligent box" that supports multi-modal queries. AI-generated content now accounts for 64% of search results, improving user engagement metrics [14][15]. - The company has tested AI search monetization capabilities, showing optimistic prospects for enhancing traditional online marketing through improved user experience and conversion efficiency [15][16]. Long-term Outlook - Baidu's long-term performance is viewed positively due to its all-in AI strategy, which is expected to enhance user experience and drive traditional online marketing recovery as AI search capabilities mature [13][14]. - The company is positioned to benefit from the growing demand for AI training and inference, with its smart cloud services expected to contribute stable long-term growth [16][22]. Valuation Perspective - As of August 20, Baidu's market capitalization was 2,144 billion RMB, with a PE ratio of 7.8, indicating a relatively low valuation compared to historical averages and peers like Google and Alibaba. After accounting for net cash, the effective market value is approximately 600 billion RMB [24][27]. - The market's concerns regarding short-term performance fluctuations due to business transformation have not fully priced in the long-term potential of AI, suggesting that Baidu's investment value remains noteworthy [27].

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]

Core Viewpoint - Baidu's comprehensive layout enables growth in B-end and provides confidence for innovation exploration in C-end, showcasing a strong performance in its Q2 2025 financial results with total revenue of 32.7 billion yuan and core revenue of 26.3 billion yuan, reflecting a 35% year-on-year increase [2][5][10] Group 1: Financial Performance - In Q2, Baidu'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, exceeding expectations with a 35% year-on-year growth [2][5] - AI-driven new business revenue surpassed 10 billion yuan for the first time, marking a 34% year-on-year increase [5][10] Group 2: Intelligent Cloud Business - Intelligent cloud revenue grew by 27% year-on-year, with Non-GAAP operating profit also showing significant growth [7][10] - Baidu's intelligent cloud has ranked first in China's AI public cloud market for six consecutive years, and it leads in the large model platform market [8][10] Group 3: Autonomous Driving and Mobility Services - The "萝卜快跑" service provided over 2.2 million rides globally in Q2, a 148% year-on-year increase, with total rides exceeding 14 million [12][13] - Baidu has expanded its global presence with partnerships with Uber and Lyft, aiming to deploy autonomous vehicles in Europe and the Middle East [13][14] Group 4: AI Technology and Applications - Baidu's full-stack AI capabilities are driving healthy growth in its intelligent cloud business, with a unique four-layer AI architecture as a core competitive advantage [7][10] - The new generation of digital human technology has seen a 55% quarter-on-quarter revenue increase, reaching approximately 500 million yuan [16][18] Group 5: Strategic Vision and Future Outlook - Baidu is focused on creating millions of "super useful" applications rather than just "super applications," emphasizing practical AI integration in business [15][18] - The company aims to build a prosperous AI ecosystem, leveraging its technological leadership to drive commercial success and create a sustainable development path [18]

从萝卜快跑出海到搜索革命 再到智能云， 百度 的 " AI 技术复利 "迎来兑现时刻 。 8月20日晚， 百度交出了一份 史上 AI含量 最高 的 季度 成绩单。 第二季度财报显示，公司季度总营收 327亿元，百度核心营收263亿元，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%。 "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，"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。" 接下来 财报 电话会 披露的关键数据更具指向性： 百度移动搜索 结果页 中 AI生成内容的占比从4 月的35%迅速提升至7月的64%；萝卜快跑Q2全球出行服务次数超220万，同比增长148% ； 智能 云业务营收同比增长 27%，Non-GAAP经营利润实现同比增长；数字人产生的收入环比增长 55%，据电话会披露信息计算，约为5亿元。 财报显示出百度 全栈布局 开始逐步进入 收获期： B端通过智能云啃下政企数字化硬骨头， ...

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].

本报记者 袁传玺 8月20日，百度集团股份有限公司（以下简称"百度"）发布2025年第二季度财报。第二季度，百度总营 收达327亿元。归属百度核心净利润74亿元，同比增长35%。 华泰证券发布研报认为，年初至今，DeepSeek带来的AI技术平权有望使得百度智能云继续受益于国内 稳步增长的AI训练及推理需求以及私有化一体机的部署需求，从而兑现较快的智能云收入增长。 一位不愿具名的行业分析师对《证券日报》记者表示，从搜索的AI激进改版到自动驾驶的全球突围， 百度用全栈布局证明，在AI时代技术深度决定商业高度。百度在守住搜索市场的同时，通过主动积极 求变加速抢滩新兴AI市场，验证了其抵御行业周期的全栈能力。 据IDC报告，百度AI公有云市场份额已连续六年居国内第一。IDC认为，百度覆盖算力、模型、数据与 应用的全栈AI基础设施，是令百度智能云在AI时代保持领先优势的关键所在。 在自动驾驶领域，百度旗下萝卜快跑第二季度全球出行服务次数超220万，同比增长148%；截至8月 份，累计全球出行服务次数超1400万；萝卜快跑足迹覆盖全球16座城市。与Uber、Lyft的战略合作是萝 卜快跑在近期的关键进展，标志着全球化" ...