炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者 | 郑佳 AI业务成百度增长"主引擎"。 作为国内最早最坚定投入AI的科技企业，百度从2010年开始正式投入人工智能领域的研发，其如今是 否能回答行业都在关切的那个问题：AI到底能不能帮百度赚钱？ 百度集团（9888.HK）用一份财报给出了最直接的答案：能，而且已经占到四成以上。 2月26日，百度集团发布2025年第四季度及全年财报，首次披露AI业务收入——2025年达400亿元，其 中第四季度AI业务收入占百度一般性业务收入的43%，超出市场预期。 图源：罐头图库 这一数据不仅回答了市场多年的追问，更宣告百度AI正式从"成本中心"转向"利润中心"。过去被视 作"投入导向"的长期故事，如今已成为可量化、可跟踪的核心收入板块。百度正在用实打实的数字，证 明其全栈AI能力的商业化价值。 AI业务成增长"主引擎" 百度营收结构"质变" 财报显示，2025年百度总营收达1291亿元，其中AI业务营收400亿元。第四季度，百度总营收327亿 元，超过市场预期，核心AI新业务收入超过110亿元，占百度一般性业务收入的43% ...

智通财经记者 宋一聪 今日，百度公布了2025年Q4及全年财报，显示2025年总营收达1291亿元，AI业务营收达400亿元；四季 度，百度总营收327亿元，AI业务收入占百度一般性业务收入的43%，超出市场预期。财报首次披露百 度的AI业务收入占比，标志着这家科技巨头历时多年的AI战略投入全面进入兑现期。从技术研发到商 业落地，从B端产业赋能到C端用户服务，再到自动驾驶全球化突破，百度以全栈AI能力构建的"从技术 到商业"的闭环全面贯通，AI已从曾经的"成本中心"彻底转变为驱动集团高质量增长的"利润中心"。这 份财报不仅印证了百度AI战略的正确性，更揭示了中国科技企业在人工智能领域从跟跑到领跑的产业 格局重构。 AI业务收入占比首度披露，战略地位确立为增长核心 AI应用2025全年收入突破100亿元。创意生产工具"秒哒"成为C端商业化的另一亮点。自四季度推出秒 哒国际版"MeDo"后，全球用户皆可通过秒哒实现不写一行代码、一句话生成AI应用。截至2026年2月， 秒哒已帮助全球用户生成超100万个AI应用。其独特的"全栈应用，一键生成"能力将开发门槛降至"会说 话就能做AI应用"，81%的用户为非程序员群体 ...

转自：经济日报新闻客户端 AI原生营销服务方面，2025全年收入同比增长301%。2025年12月，百度App月活用户数达6.79亿，文心 助手月活用户数达2.02亿。春节红包活动启动以来，文心助手月活跃用户同比增长4倍。2025年，慧播 星数字人开播规模同比增长202%，收入同比增长228%，已赋能30多个行业。 AI应用2025全年收入突破100亿元。据IDC《中国无代码生成式应用开发平台实测报告》，无代码生成 平台秒哒在平台功能和应用质量方面，表现出行业领先的性能。季度内，全球首个自我演化超级智能体 百度伐谋已获得超2000家企业申请试用，并发布"同舟生态伙伴计划"。近期，百度文库、百度网盘整合 成为个人超级智能事业群（PSIG），进一步加快AI应用创新。 同时，萝卜快跑四季度全球无人驾驶出行服务次数达340万，同比增长超200%，季度内每周出行次数峰 值超30万。财报显示，萝卜快跑加速其向全球多个市场的扩张。截至2026年2月，萝卜快跑累计提供全 球出行服务次数超2000万，足迹已覆盖全球26个城市。目前，萝卜快跑自动驾驶总里程累计超3亿公 里，全无人驾驶里程超1.9亿公里。 近期，文心5.0正式版上 ...

2月26日，百度发布了2025年第四季度及全年的财务报告。数据显示，2025全年，百度实现营收1291亿元，第四季度营业收入为327亿元。 值得注意的是，本次财报百度进一步披露了AI业务的关键进展。财报显示，2025年百度AI业务营收达到400亿元，25Q4AI业务收入占百度一般性业务收入 的比例达到43%，超出市场预期。 整体来看，这份财报的意义不仅是简单的业绩增长，更是百度全栈AI能力下"技术－商业"闭环的硬核验证。它意味着AI正从百度的"成本中心"转变为"增 长核心"——AI开始在多个业务中产生真实收入，且增长并非依赖短期的市场补贴和流量扩张，而是来自企业和用户为技术溢价与业务增量的买单。 除了AI业务的亮眼表现外，近期百度在资本层面也祭出"50亿美元回购+首次派息+昆仑芯分拆上市"的超常规组合拳。此举试图在向外界释放明确的信 号：百度在战术上走通了AI商业化的同时，也在战略上开启了增长模型的系统性重塑。这家科技巨头正以前所未有的确定性，试图拿回被市场长期低估 的价值份额。 01 AI业务收入占比43%超预期 如果要衡量一家公司AI的商业化深度，AI相关收入占比是最精准的标尺。 2025年第四季度，百度 ...

进入2026年，全球资本市场对AI产业的投资逻辑已悄然发生深刻转向。若说2024-2025年AI还处于"讲故 事"的愿景描绘阶段，那么如今市场已步入要求"算细账"的务实验证期。 投资者清醒地意识到，科技巨头在AI领域的军备竞赛正演变为一场旷日持久的消耗战。例如，谷歌、 亚马逊、微软等全球龙头已规划未来数年高达数千亿美元的资本开支。 然而，这些天文数字般的投入何时能转化为清晰的利润曲线尚不明朗，反而在持续侵蚀当期的现金流， 并模糊了中短期的盈利预期，这成为了市场心头挥之不去的隐忧。 在此背景下，百度2025年第四季度及全年财报，自然成为市场目光汇聚的焦点。百度的业绩表现不仅是 对其AI商业化能力的一次充分检验，更是观测中国乃至全球AI头部厂商从技术价值向商业价值转换效 率的关键窗口。 而在2月26日，百度以一份超预期的财报向市场展示了其领先的AI商业化实力。数据显示，百度2025年 总营收达1291亿元，AI业务营收达400亿元。值得注意的是，百度于财报中首次披露了一个关键性数 据，即AI业务的收入占比。四季度，百度总营收327亿元，AI业务收入占百度一般性业务收入的43%， 超出市场预期。 这一超预期的占比向 ...

进入2026年，全球资本市场对AI产业的投资逻辑已悄然发生深刻转向。若说2024-2025年AI还处于"讲故 事"的愿景描绘阶段，那么如今市场已步入要求"算细账"的务实验证期。 投资者清醒地意识到，科技巨头在AI领域的军备竞赛正演变为一场旷日持久的消耗战。例如，谷歌、 亚马逊、微软等全球龙头已规划未来数年高达数千亿美元的资本开支。 然而，这些天文数字般的投入何时能转化为清晰的利润曲线尚不明朗，反而在持续侵蚀当期的现金流， 并模糊了中短期的盈利预期，这成为了市场心头挥之不去的隐忧。 在此背景下，百度2025年第四季度及全年财报，自然成为市场目光汇聚的焦点。百度的业绩表现不仅是 对其AI商业化能力的一次充分检验，更是观测中国乃至全球AI头部厂商从技术价值向商业价值转换效 率的关键窗口。 而在2月26日，百度以一份超预期的财报向市场展示了其领先的AI商业化实力。数据显示，百度2025年 总营收达1291亿元，AI业务营收达400亿元。值得注意的是，百度于财报中首次披露了一个关键性数 据，即AI业务的收入占比。四季度，百度总营收327亿元，AI业务收入占百度一般性业务收入的43%， 超出市场预期。 这一超预期的占比向 ...

叠加回购与派息计划所释放的现金流信号，这家坚持长期技术主义的科技公司，正加速进入以商业化能力为核心的兑现阶段。 技术投入走向商业回报 过去，资本市场更习惯于从研发投入强度、模型参数规模、算力储备等维度来衡量一家科技公司的实力。如今，百度超过43%的AI收入，则将这些技术能 力转化为可被持续跟踪、持续验证的经营成果。 2月26日，百度发布2025年第四季度及全年财报。 财报显示，2025年百度总营收达1291亿元，AI业务营收达400亿元；四季度，百度总营收327亿元，AI业务收入占百度一般性业务收入的43%，超出市场预 期。 当资本市场仍在以参数规模与算力储备衡量大模型公司的技术高度时，百度给出了一组更具经营含义的数据：AI相关收入占比已超过43%。这一比例的意 义，不只是业务增长的阶段性成果，更标志着百度收入结构正在发生实质性重构，AI从底层赋能工具，转变为可持续创造现金流的核心引擎。 AI业务收入占比的披露，对于百度而言，也意味着其对自身业务结构的重构已经完成关键一步。这一变化的本质在于，AI成为直接创造增量收入的核心 引擎。企业客户为算力与模型能力付费，个人用户为效率提升与生产力工具买单，无人驾驶以真实 ...

Core Insights - Baidu's total revenue for 2025 reached 129.1 billion yuan, with AI business revenue accounting for 40 billion yuan, exceeding market expectations [1] - The company emphasizes that 2025 is a pivotal year for AI to become its new core, with strong momentum in AI cloud services and a growing portfolio of AI applications [1] - AI cloud revenue grew by 34% year-on-year, with high-performance computing subscription revenue increasing by 143% in Q4 [1] Group 1: Financial Performance - In Q4, Baidu's total revenue was 32.7 billion yuan, with AI business revenue constituting 43% of its general business revenue [1] - AI-native marketing services saw a revenue increase of 301% for the entire year of 2025 [2] - The total revenue from AI applications surpassed 10 billion yuan in 2025 [2] Group 2: User Engagement and Market Expansion - As of December 2025, Baidu App had 679 million monthly active users, while Wenxin Assistant reached 202 million monthly active users, with a fourfold increase since the launch of the Spring Festival red envelope activity [2] - The autonomous driving service, "Luobo Kuaipao," recorded 3.4 million service instances in Q4, marking a year-on-year growth of over 200% [2] - Luobo Kuaipao has expanded its global reach, providing over 20 million service instances across 26 cities by February 2026 [2] Group 3: Technological Advancements - The official version of Wenxin 5.0 was launched, featuring 2.4 trillion parameters and supporting multiple forms of input and output [3] - Wenxin 5.0 has achieved top rankings in various domestic benchmarks, surpassing several mainstream models [3] - Baidu's ESG performance has improved, as noted in the 2026 Global Edition of the S&P Global Sustainability Yearbook [3]

Core Insights - Baidu's total revenue for 2025 reached 129.1 billion yuan, with AI business revenue at 40 billion yuan, indicating a strong performance in AI sectors [1][4] - In Q4 2025, Baidu's total revenue was 32.7 billion yuan, a 5% year-over-year increase, with AI business revenue accounting for 43% of general business income, exceeding market expectations [1][4] AI Business Growth - The AI cloud segment saw a revenue increase of 34% year-over-year for 2025, with Q4 subscription revenue from high-performance computing facilities growing by 143%, accelerating from 128% in Q3 [1][4] - Baidu's AI-native marketing services experienced a remarkable 301% year-over-year revenue growth in 2025 [5] - The AI application revenue surpassed 10 billion yuan in 2025, showcasing the company's expanding capabilities in AI solutions [5] User Engagement and Expansion - By December 2025, Baidu App had 679 million monthly active users, while Wenxin Assistant reached 202 million monthly active users, with a fourfold increase in active users since the launch of the Spring Festival red envelope activity [5] - The "Luobo Kuaipao" autonomous driving service recorded 3.4 million global rides in Q4, more than doubling year-over-year, with a peak of over 300,000 rides per week [6] - As of February 2026, "Luobo Kuaipao" had provided over 20 million global rides, covering 26 cities worldwide [6] Technological Advancements - The total mileage for "Luobo Kuaipao" autonomous driving exceeded 300 million kilometers, with fully autonomous driving mileage surpassing 190 million kilometers [3][6] - The self-evolving super-intelligent agent "Baidu Famou" received applications for trials from over 2,000 enterprises, indicating strong interest in innovative AI solutions [5]

Core Insights - The article highlights the transformative impact of AI on traditional Chinese New Year celebrations, emphasizing a shift from passive observation to active participation through creative interactions [2][4]. Group 1: AI and Family Engagement - Young people are increasingly using AI technologies to enhance family interactions during the Spring Festival, such as creating "DIY family portraits" and "AI costumes," which have become central to family activities [2]. - In Sanjia Village, a young village leader utilized AI to create family portraits for villagers, allowing family members who could not return home to be digitally present in the photos [4]. Group 2: AI Applications in Tourism - An AI application named "Play with Volcano" was launched in the Shishan Town of Hainan, aimed at enhancing the tourist experience by providing interactive guides and cultural insights [5][11]. - The application integrates various features, including travel tips, cultural education, and e-commerce, transforming short visits into immersive cultural experiences for over 150,000 tourists annually [11][14]. Group 3: The "Handmade Economy" - The emergence of the "handmade economy" is characterized by individuals using low-code/no-code platforms like "Miaoda" to create applications that address niche needs, bypassing traditional software development barriers [15][17]. - As of December 2025, over 500,000 applications have been generated on the Miaoda platform, with 81% of users being non-programmers, showcasing the platform's accessibility and the rapid development cycle from idea to product [17]. Group 4: One Person Company (OPC) Concept - The concept of "One Person Company" (OPC) is gaining traction, allowing individuals to operate businesses independently using AI tools, thus reducing the need for large teams and high operational costs [19][21]. - Recent policies in cities like Shenzhen and Shanghai are supporting the OPC model, indicating a shift towards recognizing individual entrepreneurs as a significant part of the economy [22]. Group 5: Technology and Human Connection - The article emphasizes that while technology cannot fill all emotional gaps, it can enhance human connections and empower individuals to realize their ideas, as seen in the case of the village leader and the AI applications developed for the Spring Festival [23].