百度自动驾驶相关负责人表示："我们坚信科技应融入城市烟火，赋能美好生活。选择佛山新城作为活 动的首发站，正是看中其作为佛山'城市客厅'的丰富资源与优越区位。我们希望为'世界美食之都'及佛 山文旅产业装上智慧出行的新引擎，让每一位游客和市民享受更智能、便捷、有趣的文旅体验。" 8月26日，以"智载新城·乐游顺德"为主题的顺德自动驾驶美食文旅融合活动在佛山市顺德区乐从镇举 办。本次活动是顺德区推动智慧城市建设、促进文旅产业高质量发展的创新实践，标志着"美食+自动 驾驶出行"的文旅创新模式正式落地，为广大市民和游客带来科技与文旅深度融合的智慧新体验。 当前，顺德正全力推动"人文"与"经济"深度融合，萝卜快跑也将持续优化运营与服务体验，进一步融入 佛山文旅生态布局。萝卜快跑还将拓展三大应用场景：打造"移动美食文旅博物馆"，通过车内沉浸式终 端传播顺德非遗文化；推出"自动驾驶夜游专线"，串联城市灯光秀与烟火夜市，激活夜间经济；推动自 动驾驶与地铁、公交无缝接驳，实现"出门即上车、下车即景点"的便民服务新体验。 活动现场，佛山市及顺德区相关领导与萝卜快跑企业代表共同发布了"萝卜快跑美食文旅地图乐从版"， 并正式开通"顺德 ...

Core Viewpoint - The CEO of Yousi Group, Mr. Chi Junxiu, has publicly called for the termination of Baidu's collaboration with UAE's Autogo on the Apollo Go project, citing trademark infringement concerns [1][3][4]. Group 1: Company Background - Yousi Group established the AUTOGO brand in 2022 and claims to be the global holder and exclusive operator in China, holding the domain AUTOGO.CN [1][3]. - The company has registered the AUTOGO trademark in China (Registration No: 63250649) under Class 42, which primarily covers website services [3][12]. Group 2: Legal Concerns - Yousi Group argues that the collaboration between Baidu and UAE's Autogo poses a direct threat of trademark infringement, as both companies operate in the same field of autonomous driving services [3][4]. - The company demands that Baidu either terminate the partnership or ensure that Autogo's operations do not enter the Chinese market, along with the removal of all promotional materials featuring the "Autogo" brand [1][4]. Group 3: Potential Actions - Yousi Group has indicated that if Baidu does not respond within 10 working days, it will pursue legal actions, including administrative complaints and judicial lawsuits, to protect its trademark rights [4][19]. - The company plans to report the situation to the Ministry of Industry and Information Technology and the State Administration for Market Regulation to guard against malicious competition [4]. Group 4: Market Implications - The collaboration between Baidu and UAE's Autogo aims to deploy a fully autonomous vehicle fleet in Abu Dhabi, utilizing advanced technologies, with plans for commercialization by 2026 [3][16]. - Baidu's announcement of this partnership marks its further expansion into the Middle Eastern market for autonomous driving services [16].

Core Viewpoint - The article discusses the emergence of GS-Occ3D, a new paradigm for occupancy grid reconstruction using pure vision, which aims to address the challenges of high costs and scalability associated with traditional LiDAR-based methods in autonomous driving [3][10]. Group 1: Research Motivation and Contributions - The existing methods for occupancy grid labeling heavily rely on LiDAR, which requires expensive specialized mapping vehicles, limiting scalability [6]. - GS-Occ3D introduces a low-cost, scalable framework for occupancy grid labeling that effectively utilizes large amounts of crowd-sourced data from consumer vehicles [7]. - The method achieves state-of-the-art (SOTA) geometric reconstruction results in the Waymo dataset and demonstrates superior zero-shot generalization capabilities in the Occ3D-nuScenes dataset [10][36]. Group 2: Methodology Overview - GS-Occ3D employs a Gaussian surface representation based on octrees to optimize explicit geometric representation, enabling low-cost and efficient large-scale automatic labeling [10][13]. - The process involves generating sparse point clouds and ground surface elements from panoramic street views, followed by a labeling generation workflow that enhances point cloud density and explicitly handles occlusions [13][32]. - The resulting pure visual labels can train downstream occupancy grid models, allowing them to generalize to unseen scenarios and possess geometric reasoning capabilities [13][10]. Group 3: Quantitative Results - The method achieved a Chamfer Distance (CD) of 0.56 and a Peak Signal-to-Noise Ratio (PSNR) of 26.89 in the Waymo dataset, outperforming several existing methods [15]. - In terms of generalization and fitting results, the method demonstrated an Intersection over Union (IoU) of 44.7 and an F1 score of 61.8 on the Occ3D-Val (Waymo) dataset, indicating competitive performance [16]. - The zero-shot generalization ability of the method was highlighted, showing better performance in complex scenarios compared to LiDAR-based methods [24][32]. Group 4: Advantages of Pure Vision Method - The pure vision approach offers broader coverage compared to LiDAR, especially in large areas, and can outperform LiDAR in specific scenarios like reconstructing tall buildings [32]. - It exhibits superior zero-shot generalization capabilities, allowing models trained with pure vision labels to generalize across a wider range of geometries [32]. - The method provides rich semantic information at a lower cost, enabling the reconstruction of 3D labels with up to 66 categories, compared to only 16 categories in Occ3D [32][33]. Group 5: Challenges and Limitations - The inherent limitations of camera perspectives, such as the lack of rear visibility in the Waymo dataset, can lead to unavoidable information loss [34]. - Performance can be significantly affected by lighting conditions, particularly at night or in cases of exposure anomalies [34]. - The method may struggle in static scenes where the vehicle is stationary, necessitating prior knowledge for effective geometric reconstruction [34].

传媒/数字媒体 百度集团-SW（09888.HK） 2025Q2 利润好于预期，AI 搜索改造广告短期承压 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(港元) | 85.000 | | 一年最高最低(港元) | 119.40/73.250 | | 总市值(亿港元) | 2,408.58 | | 流通市值(亿港元) | 2,337.64 | | 总股本(亿股) | 28.34 | | 流通港股(亿股) | 27.50 | | 近 3 个月换手率(%) | 23.51 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-08 2024-12 2025-04 百度集团-SW 恒生指数 相关研究报告 《智能云同比增速加快，关注广告复 苏节奏—港股公司信息更新报告》 -2025.2.20 《广告业务短期承压，有待宏观复苏 及AI产品变现—港股公司信息更新报 告》-2024.11.24 《广告持续承压，关注 AI 产品重构及 智驾商业化—港股公司信息更新报 告》-2024.8.24 张可（分 ...

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 ...

近日，记者从智己汽车获悉，公司联合享道出行、赛可智能，共同打造的L4级Robotaxi旅游专线正式开 通运营。旅游专线既可从上海国际旅游度假区直达浦东国际机场，也可实现在度假区内多个热门点位间 的短途接驳。 用户通过享道出行App"Robotaxi"专区，即可在上海迪士尼乐园酒店、玩具总动员酒店、生态园路及机 场联络线车站等多点位呼叫智己L4 Robotaxi，免费体验未来科技出行。从度假区站点前往浦东机场， 用时30分钟左右。 8月15日，智己L4 Robotaxi已正式在上海临港向公众开放收费运营服务，共设置58个主要停车点，覆盖 了包括旅游景点、商业中心、居民小区以及公共交通枢纽等多个重要地点，可满足市民多样化出行需 求。运营时间为每天上午8点至晚上8点，基本覆盖市民日常出行高峰时段，可通过强生"62580"App 及"致行智联"小程序实现一键叫车。 如何打到Robotaxi旅游专线？ 安全方面，智己汽车称，每辆车配备专业副驾安全员，通过后台实时监测车辆的行驶状态、位置信息及 周边路况，及时应对突发状况，保障出行安全。 从"道路测试"向"规模运营" 自动驾驶商业化进程正在上海加速推进。 值得关注的是，经 ...

Core Insights - Company reported 2Q25 revenue of 32.7 billion yuan, a 4% year-on-year decline, which was in line with market expectations [1] - Core revenue decreased by 2% to 26.3 billion yuan, slightly better than market expectations, driven by strong growth in cloud and other revenues [1] - Non-GAAP net profit reached 4.8 billion yuan, exceeding market expectations by 6%, with core operating profit also surpassing expectations by 12% due to effective cost control [1] Revenue Trends - AI transformation of search is deepening, with commercialization still in the early stages; core advertising revenue fell by 15% due to the impact of AI transformation and increased competition from other platforms [1] - In July, 64% of mobile search result pages included AI-generated content, up from 35% in April and 50% in June; new advertising products are still in the exploratory phase [1] - Revenue from AI advertising agency increased by 50% quarter-on-quarter, accounting for over 13% of core advertising revenue, up from 9% in 1Q [1] Cloud Business Performance - AI cloud revenue grew by 27% year-on-year to 6.5 billion yuan, with adjusted operating profit showing stable growth; enterprise cloud growth outpaced the market, driven by subscription models [2] - GPU cloud revenue increased by over 50%, indicating strong demand for AI-related services [2] Expansion and Strategic Partnerships - "萝卜快跑" (Roborace) saw a 148% year-on-year increase in orders to 2.2 million, with significant growth driven by successful commercialization in China [2] - The autonomous driving service has expanded to 16 cities globally, with ongoing road tests in Hong Kong and new tests starting in Abu Dhabi [2] - Strategic partnerships with international ride-hailing platforms like Uber and Lyft aim to deploy thousands of autonomous vehicles in key markets [2] Profit Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been lowered by 2% each to 128.4 billion yuan and 129.4 billion yuan, respectively, due to pressure on advertising revenue [2] - Non-GAAP net profit forecasts for 2025 and 2026 have been reduced by 8% and 10% to 16.7 billion yuan and 19.6 billion yuan, respectively, reflecting a higher proportion of lower-margin cloud revenue [2] - The company maintains an outperform rating, with target prices set at $99.1 for US stocks and HK$96 for Hong Kong stocks, indicating an upside potential of 11% and 10%, respectively [2]

百度核心：AI 云业务延续稳健增长，利润额同比健康扩大 2Q25 百度核心收入同比-1.6%至263 亿元（预期yoy-3.4%），主因AI 云收入增长较快。分部来看，广告 收入同比-15%至162 亿元，主因广告主需求温和与AI 搜索改造的影响；非广告收入同增34%至100 亿 元，其中AI云收入同增27%至65 亿元（4Q24/1Q25：+26/42% yoy），且AI 云业务非GAAP 经营利润额 实现同增。管理层表示业务收入增长得益于企业云领域对公司高性价比端到端AI 产品及解决方案的需 求上升。2Q25 百度核心非GAAP 经营利润44 亿元，对应非GAAP 经营利润率16.7%（预期： 15.7%），-9.5pp yoy，利润率下降主因相对较高利润率的广告业务占比下降。 机构：华泰证券 研究员：夏路路/侯杰 2Q25 百度集团总收入327 亿元，同比-3.6%，好于VA 一致预期（口径下同）的-4.8%，主因AI 云收入增 长较快。非GAAP 净利润48 亿元，非GAAP净利率14.7%（预期：13.9%），同比-7.1pp，主因相对较高 利润率的广告业务收入持续承压。2Q25 百度AI 云占百度 ...

Core Insights - Baidu's total revenue for Q2 2025 reached 32.7 billion yuan, with core revenue at 26.3 billion yuan and a net profit of 7.4 billion yuan, marking a 35% year-on-year increase [2][10] - The AI new business revenue, including intelligent cloud services, surpassed 10 billion yuan for the first time, reflecting a 34% year-on-year growth [2][10] - Baidu's CEO, Robin Li, emphasized the company's focus on long-term value creation in AI sectors, leveraging their full-stack AI capabilities [2][4] Financial Performance - Baidu's Q2 total revenue was 32.7 billion yuan, with core revenue at 26.3 billion yuan [2] - The net profit attributable to Baidu's core business was 7.4 billion yuan, showing a 35% increase compared to the previous year [2] - AI new business revenue reached over 10 billion yuan, marking a significant milestone for the company [2] AI Business Development - The launch of GenFlow 2.0, a universal intelligent agent, has garnered significant attention, capable of completing multiple complex tasks in just 3 minutes [4] - Baidu's AI search transformation is progressing, with AI-generated content making up 64% of mobile search results as of July 2025 [5] - The "萝卜快跑" service achieved over 2.2 million global ride services in Q2, a 148% year-on-year increase, solidifying its position in the market [5][7] Strategic Direction - Baidu plans to enhance its international presence through partnerships with global platforms like Uber and Lyft, aiming for a strategic shift from low-cost to high-value markets [7] - The company is focused on the iterative development of its AI models, with plans to launch the next generation of its flagship model, Ernie 5.0 [9] - Baidu aims to concentrate on high-value strategic areas to maintain its industry leadership while ensuring continuous innovation and product strength [9]

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].