After so many years and so many calls, talk of a re-rating for $Baidu(BIDU.US) convinces few. Relying on the legacy internet biz or on autonomous driving won't deliver a re-rating.

Key Takeaways from Baidu’s Q2 2026 Earnings Call

However, the ad biz is being dragged by the AI search overhaul and the company's deliberate restraint on monetization. It is likely to remain under pressure in 2H.

The company is focusing resources on three pillars: iterating Kunlun Chip M100/M300 and restoring ERNIE to the first tier. It also plans to take Apollo Go overseas.

$Baidu(BIDU.US) Q2 results remained a mixed bag. Overall, performance was underwhelming.

Below is Dolphin Research's curated Trans of $Baidu(BIDU.US) FQ1 2026 earnings call. For our earnings read-through, please see 'BIDU: Little Else to Rely On, All-in on Kunlun Chip'.

Key takeaways from the results.

1) Shareholder returns: last quarter the company announced a new buyback and introduced its first dividend policy. Management reiterated it will balance long-term AI investment with shareholder returns, committing to deliver sustainable value for shareholders.

2) AI core revenue exceeded 50% of total for the first time. In Q1 2026, BIDU's AI core revenue came in at over RMB 13.6bn...

$Baidu(BIDU.US) Q1 results were a mixed bag, with sharp contrasts across lines. They reflect a meaningful strategic pivot and business realignment in recent quarters.

By contrast, the structurally weak ads business is no longer the focus. What matters to investors now is execution on the narratives BIDU can sell—AI Cloud, Kunlun chips and buybacks.

Last quarter, the company adopted a new reporting framework. Results are split into 'AI' and 'Legacy' businesses...

Below is Dolphin Research's compiled transcript of $Baidu(BIDU.US) FY25 Q4 earnings call. For our analysis, see 'BIDU: Buybacks set a floor, but the comeback still hinges on the narrative.'

$Baidu(BIDU.US) released Q4 results after the HK close on Feb 26, 2026, and the print was lackluster. That said, with a prolonged pullback already priced in, buybacks and dividends providing a floor, and year-ahead narratives such as Kunlun Chip's IPO and potential Stock Connect inclusion, the market is unlikely to impose a sustained penalty.

$Alibaba(BABA.US) $ByteDance(BYTED.NA) $TENCENT(00700.HK) $Baidu(BIDU.US) In our previous discussions of the AI value chain, Dolphin Research focused chiefly on North America. We examined the tangled, interdependent bargaining among upstream players.

Long-rumored Kunlun Chip spin-off is now official as $Baidu(BIDU.US) announced it.

On Jan 2, BIDU proposed to spin off Kunlun Chip Technology for an independent listing on the HKEX Main Board, while retaining control (59.45%).

BIDU has filed confidentially, and the detailed prospectus is not yet public.

Based on available information, Dolphin Research will first outline a few key questions.

1. Kunlun Chip's origins and evolution? It traces back to BIDU's FPGA accelerator project launched in 2011...

以下为海豚君整理的 $Baidu(BIDU.US) 2025 财年第三季度财报电话会议纪要， $BIDU-W(09888.HK) 财报解读请移步《 百度，猛贴 AI 讲故事，真能救活自己吗？》一、财报核心信息回顾 1. $BIDU-WR(89888.HK) AI 收入占比已达 40%：三季度，直接与 AI 相关的收入实现近 100 亿，这已达到总营收的 40%...