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 ...

8月20日，百度发布2025年Q2财报，剔除爱奇艺后当期百度核心收入263亿元，同比减少2%，归属百度 核心的净利润74亿元，同比增长35%。但一个明显的变化是：当期百度162亿元的在线营销收入，同比 减少15%，但100亿元的非在线营销收入，同比增长34%。 在这个变化背后，2000年成立的百度在PC互联网时代度过了黄金十年，带来在线营销收入的搜索也一 直是百度最大的钱袋子，但近年来随着社交、短视频等新流量渠道的崛起，百度的钱袋子持续遭遇冲 击。被质疑错过移动互联网时代的百度，不能再让自己错过AI时代。 而QuestMobile2025半年度互联网广告市场价值榜单显示，今年6月百度App的媒介地位指数（QMVI） 排名第九，在它前面有抖音、淘宝、微信、快手、小红书、今日头条、微博和京东。 需要提及的是，近日百度已经对在线营销的渠道动起手术刀。 今年7月，百度被曝将取消济南、重庆、武汉、福州、厦门等六个城市独家代理机制，转而采用服务商 运营模式。 互联网分析师葛甲告诉《华夏时报》记者，百度广告渠道过去实施的是总代模式，总代理商每年向百度 承诺一个业绩数字，超过了会有更多奖励，达不到则需要对百度作出赔偿，代理商 ...

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" ...

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]

Group 1 - Baidu is strategically re-entering the e-commerce sector, driven by significant changes in the industry structure and technology advancements [4][5][10] - The collaboration with Luo Yonghao for live streaming on Baidu's e-commerce platform "Baidu Youxuan" has generated over 500 million yuan in GMV within four hours, indicating Baidu's initial impact in the e-commerce space [5][6] - Baidu's AI capabilities are being integrated into e-commerce processes, with over 100,000 digital human hosts and a 281% year-on-year increase in monthly live broadcast hosts for "Baidu Youxuan" [9][10] Group 2 - The current e-commerce landscape in China is characterized by an oversupply of goods, making effective product distribution more critical than production [14][15] - The rise of "content e-commerce" reflects a shift in consumer engagement, where brands are increasingly focusing on direct user interaction and community building [16][27] - Baidu's search platform, with 704 million monthly active users, provides a robust foundation for its e-commerce initiatives, leveraging its extensive user touchpoints across various applications [18][19] Group 3 - Baidu's e-commerce strategy does not aim to create a standalone app to compete with platforms like JD or Taobao but instead integrates e-commerce within the existing Baidu App [22][23] - The transition from traditional "shelf e-commerce" to "content e-commerce" highlights the need for higher conversion rates driven by user intent, which Baidu's search capabilities can effectively address [25][26] - Historical context shows that Baidu's previous disconnect with major e-commerce platforms has limited its growth, but current regulatory trends favor a renewed integration of search and e-commerce [31][33]

继陆续改变搜索、电商、家电、汽车等诸多行业后，DeepSeek以及其代表的AI技术正在深入改变资讯客户端。 前两天 ，我发现新浪新闻宣布上线了AI助手"智慧小浪"，就简单试用了一下，出于好奇，又打开了今日头条、百度、腾讯新闻三大资讯客户端，我发 现，原来大家都悄然以各自的形式在拥抱AI。 （图源：新浪新闻） 那么，资讯客户端们在拥抱AI技术上有什么不同思路？AI大模型技术将给资讯客户端带来什么新的价值?对新浪新闻、腾讯新闻、今日头条和百度App体 验一番后我有了答案。 资讯客户端的AI大模型战事：内容，内容还是内容！ 1、AI在哪里？不同平台差异巨大。 百度的AI技术强大，且已与搜索、网盘、文库等应用深入结合。不过罗超频道体验时发现，百度AI技术尚未与资讯内容本身进行"因地制宜"地融合。用户 可在百度App使用AI搜索相关热点事件，获得AI整理的内容梗概。 这一点，今日头条右上角的"头条AI"也提供AI对话式的总结。 | 19:43 4 | 15 II | 19:43 2 | 11 2 14 | 19:43 A | (1) & II) | | | | | --- | --- | --- | --- | --- ...

Core Viewpoint - Baidu's first-quarter financial report for 2025 shows a mixed performance, with total revenue of 32.5 billion yuan, a 3% year-on-year increase, but the stock price fell after the announcement, reflecting underlying anxiety about its AI transformation and declining traditional advertising business [1][5][7]. Financial Performance - Total revenue for Q1 2025 was 32.5 billion yuan, exceeding market expectations with a 3% year-on-year growth [1]. - Core revenue increased by 7% to 25.5 billion yuan, while core net profit surged by 48% to 7.63 billion yuan [1]. - Non-advertising core revenue grew by 40%, driven by AI cloud services, which saw a revenue increase of 42% [3][9]. Business Segments - The online marketing business, primarily driven by advertising, saw a decline of 6% to 16 billion yuan, marking the fourth consecutive quarter of year-on-year decline [5][6]. - The non-online marketing business, which includes AI cloud and autonomous driving, generated 9.4 billion yuan, significantly contributing to overall revenue growth [3][5]. AI and Autonomous Driving Developments - Baidu's AI cloud business is a key growth driver, with a strong performance in Q1 2025, reflecting market recognition of its AI product solutions [3][9]. - The ApolloGo autonomous driving service achieved over 1.4 million orders in Q1, a 75% year-on-year increase, and expanded into international markets like Dubai and Abu Dhabi [3][10]. Market Sentiment and Future Outlook - Despite positive financial metrics, market sentiment remains cautious, with analysts predicting further declines in advertising revenue in the upcoming quarters [7][8]. - Long-term investors, however, continue to show confidence in Baidu's dual-engine growth strategy in AI cloud and autonomous driving, as evidenced by significant stock purchases by major funds [8][9][13].

一年之内文心大模型日调用量增长30倍。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，百度于11月21日美股盘前发布了2024年第三季度财报。 财报显示， 百度 2024年第三季度总营收336亿元，核心营收265亿元，归属百度核心的净利润同比 增长17%至75.4亿元，超出市场预期。 "文心大模型日益增长的调用量，证明我们强大的人工智能能力，正在获得更广泛的市场认可。"百 度创始人、董事长兼首席执行官李彦宏表示，"我们坚持以人工智能为核心的战略，并对长期发展充 满信心。随着我们进一步扩大人工智能的应用规模，我们将更有信心地探索其如何激发创新，为消费 者、企业乃至整个社会创造价值。" 另 据李彦宏在 当晚财报电话会上 透露 ，11月文心大模型日均调用量已达15亿 ，这一数字相较2 023 年第四季度 披露的5000万次，一年内增长30倍。李彦宏 还 透露，百度将于2025年初发布文 心大模型的新版本。 李彦宏在电话会上强调，百度坚持以人工智能为核心的战略，提升AI能力是百度的长期战略重点，亦 是由人工智能驱动转型的基石。他指出，这一战略将使百度抓住长 ...