---
title: "Baidu's adjusted profit in the fourth quarter fell by 42% but still exceeded expectations, with AI new business accounting for 43% of general revenue and the establishment of a dividend policy for the first time"
description: "Baidu (9888) reported an adjusted profit of RMB 3.907 billion in the fourth quarter of last year, a year-on-year decline of 41.8%, but better than expected. Revenue was RMB 32.74 billion, a year-on-ye"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/277024166.md"
published_at: "2026-02-26T10:36:35.000Z"
---

# Baidu's adjusted profit in the fourth quarter fell by 42% but still exceeded expectations, with AI new business accounting for 43% of general revenue and the establishment of a dividend policy for the first time

> Baidu (9888) reported an adjusted profit of RMB 3.907 billion in the fourth quarter of last year, a year-on-year decline of 41.8%, but better than expected. Revenue was RMB 32.74 billion, a year-on-year decrease of 4%, with a quarter-on-quarter growth of 5%. A new USD 5 billion repurchase plan has been approved, with the first dividend expected in 2026. The full-year adjusted profit fell by 31%, with total revenue of RMB 129.1 billion, mainly affected by traditional business. Li Yanhong stated that 2025 will be a key year for AI to become the new core, with AI new business revenue accounting for 43% of general business revenue

Baidu (9888) reported an adjusted profit of RMB 3.907 billion in the fourth quarter of last year, a year-on-year decline of 41.8%, but better than expected. During the period, revenue was RMB 32.74 billion, down 4% year-on-year, but up 5% quarter-on-quarter, mainly driven by growth in Baidu's core AI new business.

## New $5 Billion Buyback Exceeds Short-term Stock Price Fluctuations

Baidu announced that it has approved a new $5 billion share buyback plan, effective until the end of 2028, which will be executed regularly in a rigorous and transparent manner, guided by a strategy that exceeds short-term stock price fluctuations.

## Dividends to be Distributed in 2026

Baidu also established a dividend policy for the first time, expecting to announce its first dividend distribution in 2026. The dividend distribution will mainly come from operating profits and may be supplemented by proceeds from the sale of non-core assets and other investment returns. Baidu stated that the group has substantial cash reserves and robust financial management capabilities, aiming to create and continuously enhance long-term value for shareholders through proactive measures.

## Adjusted Profit Down 31% for the Year

For the full year, Baidu's total revenue was RMB 129.1 billion, a year-on-year decrease of 3%, mainly dragged down by a decline in traditional business revenue, although part of the decline was offset by growth in Baidu's core AI new business. The adjusted profit for the year was RMB 22.9 billion, a year-on-year decrease of 30.8%.

## Robin Li: AI Becomes New Core, Luobo Kuaipao Expands Overseas Market

Baidu co-founder and CEO Robin Li stated that 2025 is a key year for AI to become Baidu's new core, and the group's differentiated full-stack AI capabilities are being increasingly recognized by more enterprises. He pointed out that Baidu's AI application portfolio continues to expand, with the autonomous driving platform Luobo Kuaipao operating at an industry-leading scale and accelerating its expansion into overseas markets, while AI-native marketing services also maintain growth.

## New AI Business Revenue of RMB 11.3 Billion, Kunlun Core Spin-off Progressing

Baidu's Chief Financial Officer He Haijian pointed out that in the fourth quarter, revenue from Baidu's core AI new business accounted for 43% of Baidu's general business revenue, reaching RMB 11.3 billion; traditional business and other revenues were RMB 12.3 billion and RMB 2.5 billion, respectively. He mentioned that the group's operating cash flow is expected to turn positive in the second half of 2025, generating a total of RMB 3.9 billion, a significant improvement from the negative value in the first half; and he noted that the spin-off of Kunlun Core for independent listing is progressing, which is believed to release value for shareholders

### Related Stocks

- [BIDU.US - Baidu](https://longbridge.com/en/quote/BIDU.US.md)
- [09888.HK - BIDU-SW](https://longbridge.com/en/quote/09888.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 儘管百度在推動人工智能方面取得進展，但作為中國的搜索巨頭，它仍然面臨廣告支出疲軟的挑戰 | 百度（BIDU）在公佈第四季度業績後，股價下跌 4%，營收同比下降 4%，至 46.82 億美元，略高於分析師的預期。營收下降歸因於廣告支出疲軟，但人工智能雲和應用的增長幫助抵消了損失。百度每股美國存托股票的調整後收益為 1.52 美元，超 | [Link](https://longbridge.com/en/news/277056050.md) |
| 百度電話會：AI 雲 2025 年收入達 300 億元，算力訂閲 Q4 同比增 143%，“蘿蔔快跑” 訂單狂飆 200% | 李彥宏在電話會上強調 “應用比模型更重要”，模型的價值最終需通過應用來體現。他明確百度將堅持應用驅動的發展路徑，以真實需求持續反哺和迭代模型能力。在自動駕駛方面，他對 Apollo Go 的全球規模化擴張充滿信心，並預計未來將有更多城市實現 | [Link](https://longbridge.com/en/news/277058017.md) |
| 百度蘿蔔快跑跨區測試項， 路段擴至 43.2 公里 測試車數倍增 | 運輸署更新了大嶼山跨區測試項目，測試路段擴展至 43.2 公裡，測試車輛數量增加。百度旗下的「蘿蔔快跑」成為首家獲準在該路線運行的企業。這是其自 2024 年 11 月以來的第五次擴展測試範圍，標誌著在香港自動駕駛測試網絡的戰略性進展。百度 | [Link](https://longbridge.com/en/news/276822137.md) |
| 全球人工智慧峯會呼籲打造安全可信強健 AI | 在新德裡舉行的全球人工智慧峯會閉幕，86 個國家及 2 個國際組織發布聯合宣言，呼籲發展安全、可信且強健的 AI。會議討論生成式 AI 的影響，強調節能 AI 系統的重要性，並提出自願性倡議以整合國際 AI 研究能力。宣言指出，AI 的益處 | [Link](https://longbridge.com/en/news/276518719.md) |
| Nvidia 收入再創新高 揚言 AI 代理已達拐點 算力轉化收入 惟銷售集中惹擔憂 | 英偉達（Nvidia）第四季業績超預期，整體收入及數據中心收入創新高，CEO 黃仁勳表示 AI 算力已達拐點，預計第一財季收入約 780 億美元。儘管數據中心銷售集中引發擔憂，股價在盤後交易中一度上漲 4%，但分析師會議期間曾下跌 1.5% | [Link](https://longbridge.com/en/news/276976069.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.