百度：2025 年第四季度前瞻：核心业务符合预期，价值释放为关注重点

ab 20 January 2026 Global Research First Read Baidu, Inc. 4Q25 preview: Core businesses in line; value unlocking in focus Core ads revenue decline narrowed QoQ; Kunlunxin remains key focus We expect Baidu to deliver an in-line quarter in 4Q25. We forecast Baidu's Core ads revenue YoY decline to narrow sequentially in 4Q25, as the impact from AI search transformation is partially offset by the ramp-up of AI-native marketing services (e.g., agents and digital humans). On Cloud, while the segment growth is lik ...