Core Insights - Goldman Sachs has set a target price of HKD 151 for Baidu Group-SW (09888) in Hong Kong stocks and USD 155 for its US stock (BIDU.US), maintaining a "Buy" rating [1] Revenue Contributions - The three major categories contributing significantly to revenue in Q3 2025 are: 1) Baidu Intelligent Cloud Infrastructure (AI Cloud Infra) revenue reached RMB 4.2 billion, a year-on-year increase of 33%, with subscription revenue from AI high-performance computing facilities growing by 128% [1] 2) AI application revenue amounted to RMB 2.6 billion, a year-on-year growth of 6%, accounting for 25% of AI business [1] 3) AI-native marketing service revenue reached RMB 2.8 billion, a year-on-year increase of 262%, representing 18% of Baidu's core online marketing revenue, with a projected 4% share in Q3 2024 [1] Shareholder Returns - Management recognizes that the absolute value of total shareholder returns (stock buybacks and dividends) and the visibility of future commitments are key factors when updating shareholder plans [1] - The management believes that Baidu has significant potential to unlock asset value and will prioritize advancing important projects when necessary [1]