百度的焦虑溢出来了？ 北京时间2025年5月21日，百度（BIDU.US；09888.HK）公布截至2025年3月31日的第一季度未经审计 财务报告。 这种"数据向好、股价遇冷"的割裂背后，似乎折射出百度在AI转型浪潮中的深层焦虑——传统广告业务 持续失血，而智能云与无人驾驶两大新引擎尚未完全填补增长缺口。 AI云大增42%，撑起核心业务增长"半壁江山" 百度的营收业务主要分为百度核心业务和爱奇艺业务两大类，其中核心业务旗下则细分了在线营销业 务、以智能云与自动驾驶等为主的非在线营销业务。 由于不论是广告业务，还是智能云抑或是自动驾驶，短期都有更大的可能率先获得AI技术赋能带来的 商业价值兑现，因此，这一块也是市场着重关注的焦点。 财报显示，2025年一季度百度核心收入录得255亿元，同比增长7%，驱动公司整体收入超预期增长。其 中，又以收入同比大增40%的非在线营销业务为主要驱动力，业务收入达94亿元，公司解释这主要是受 益于AI云业务的带动。 事实上，早在2024年百度增长的重要引擎就重点集中在AI业务层面，仅2024Q4其智能云业务同比增长 26%，其中AI相关收入增长近3倍。来到今年一季度后，智能云业 ...

Core Insights - Baidu is accelerating its AI transformation, significantly reshaping its business structure, with a focus on application-driven AI innovation to meet rising demand [1][2] - The company acknowledges that the transition to AI search will put significant pressure on short-term revenue and profit margins, but believes it is the right path for long-term growth [1][6] Group 1: Financial Performance - In Q1, Baidu reported total revenue of 32.45 billion yuan, exceeding expectations with a year-on-year growth of 3%, and a profit increase of 42% [2] - The intelligent cloud segment saw a revenue growth of 42%, accelerating from 26% in the previous quarter, driven by demand for generative AI and foundational models [4] Group 2: AI Model Strategy - Baidu emphasizes an application-driven AI model strategy, focusing on practical value rather than striving for overall leadership in every area [2] - The company has successfully integrated foundational models into its mobile ecosystem, enhancing its AI transformation efforts [2] Group 3: AI Cloud Business - Baidu's AI cloud business is experiencing significant growth, with enterprise cloud contributing the majority of revenue and subscription-based income becoming a sustainable revenue stream [4] - The operating profit margin for AI cloud has expanded to double-digit levels, indicating a healthy growth trajectory [4] Group 4: AI Search Transformation - The proportion of AI-generated content in mobile search results increased from 22% in January to approximately 35% in April, with expectations for continued growth [6] - Baidu anticipates that AI search will enhance monetization capabilities for long-tail queries and previously undeveloped areas [6] Group 5: Autonomous Driving Initiative - Baidu's autonomous driving service, "Luobo Kuaipao," has expanded to cover 15 cities globally, with ongoing tests in Dubai and Abu Dhabi [7][8] - The company sees a clear path to profitability as hardware and labor costs decrease, and operational scale increases [8] Group 6: Capital Allocation and Shareholder Returns - Baidu plans to increase AI investments significantly in 2024 and 2025, reinforcing its commitment to AI infrastructure and future growth [9][11] - The company has repurchased $445 million in stock, reflecting strong shareholder return commitments and confidence in long-term growth [10][11]