SGBAIDU@EC2607B

CT IND GROUP

KEEN OCEAN

EPI (HOLDINGS)

MOBI DEV

MS CONCEPT

NANFANG COMM

CCOE

HK ENT INTL

IDT INT'L

PUTIAN COMM

09888

BIDU

89888

K3SD

HBUD

UBER

09618

89618

HJDD

LYFT

BYTED

Below is Dolphin Research's Trans of the $Baidu(BIDU.US) FY25Q4 earnings call. For our take on the print, cf. 'BIDU: Buybacks backstop, but the rerating still needs a narrative'.Key financials recap follows. Core AI business metrics refer to Q4 FY25.Baidu General Business revenue: RMB 26.1bn. Core AI-powered Business revenue: over RMB 11.0bn...

BIDU (Trans): Prioritizing Shareholder Returns and Better Mgmt. Execution

CLOU

Li Yanhong emphasized in the conference call that "application is more important than the model," and the value of the model ultimately needs to be reflected through application. He made it clear that Baidu will adhere to an application-driven development path, continuously feeding back and iterating model capabilities based on real demand. In terms of autonomous driving, he is confident in the global scaling expansion of Apollo Go and expects that more cities will achieve positive unit economics in the future, further validating the sustainability of its business model

- Baidu's annual report highlights a significant growth in AI-driven revenue, particularly from AI cloud infrastructure and autonomous driving, contributing 43% to total revenue in Q4 2025.  
- Despite this growth, traditional business declines led to an overall revenue drop of 3% for the year, accompanied by a $162 billion asset impairment loss, signaling financial pressure during the transition.  
- In response, Baidu announced a $5 billion share buyback plan and a spin-off of its AI chip subsidiary, Kunlun, aiming to focus on its core AI business and improve shareholder returns.

Wallstreetcn

BIDU-SW

Global X Cloud Computing ETF

Baidu

Baidu conference call: AI Cloud revenue will reach 30 billion yuan by 2025, computing power subscriptions increased by 143% year-on-year in Q4, and "Carrot Run" orders surged by 200%

512720

DTCR

Baidu shares are trading lower. The company reported Q4 financial results.

benzinga_article

Proshares Big Data Refiners ETF

Guotai CSI Computer Theme ETF

Global X Data Center & Dgtl Infrs ETF

Pacer Data & Infrastructure Real Estate ETF

Franklin Exponential Data ETF

SPDR S&P Software

iShares Expanded Tech Software Sector ETF

ISHRS S&P Glb It

Yinhua MSCI China A ETF

iShares US Digital Infrastructure and Real Estate ETF

Tianhong CSI Computer Theme ETF

Baidu (BIDU) shares fell 4% after reporting Q4 results, with revenue declining 4% YoY to $4.682 billion, slightly above analysts' estimates. The decline was attributed to weak ad spending, though growth in AI Cloud and Applications helped offset losses. Baidu's adjusted earnings per ADS were $1.52, surpassing forecasts. The company announced a $5 billion share buyback and introduced a dividend policy. CEO Robin Li emphasized the importance of AI in Baidu's strategy, highlighting growth in AI services and autonomous driving initiatives.

- Baidu, Inc. reported fourth-quarter revenue of $4.682 billion, down 4% year-on-year, with a slight quarter-on-quarter growth driven by its AI segments.  
- The company exceeded adjusted earnings expectations, while revenue from AI Cloud and marketing services showed strong growth; however, SG&A expenses increased by 10.6%.  
- Baidu plans to continue its focus on AI and has initiated a $5 billion share buyback program, alongside the introduction of a dividend policy.

China's Search Giant Baidu Struggles With Weak Ad Spending Despite AI Push

In February, China's AI usage surpassed that of the United States for the first time, with four major models dominating the global top five. German Chancellor Merz visited Yushu Technology to watch a robot performance. Lagarde stated that the European Central Bank is monitoring the impact of AI on the job market, with no signs of a wave of layoffs. India has relaxed regulations to allow stock funds to allocate gold and silver. Japan's birth rate continues to decline, exacerbating the population crisis. The supply of rare earths in the United States has worsened, leading to production limits in some aerospace and chip sectors. The number of first-time unemployment claims in the U.S. last week was lower than expected. Baidu reported fourth-quarter revenue of 32.74 billion yuan, with AI computing power subscription revenue increasing by 143%. Tesla China launched a promotional plan. U.S. stock index futures fell, while the Nikkei 225 index rose by 0.3%

SPDR S&P Semicon

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

T-Rex 2X Inverse Tesla Daily Target ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

Global X Robotics & Artificial

VanEck Semiconductor ETF

Simplify Volt TSLA Revolution ETF

Direxion Semicon Bull 3X

AXS TSLA Bear Daily ETF

GraniteShares 2x Long TSLA Daily ETF

First Trust Cloud Computing

Guotai CES Semiconductor Chip Industry ETF

Direxion Daily TSLA Bull 2X Shares

T-Rex 2X Long Tesla Daily Target ETF

iShares Future AI & Tech ETF

iShares Semiconductor ETF

Pro Ultrshrt Yen

Global news you need to know before the U.S. stock market opens on Thursday

GOOG

GOOGL

GGLS

GGLL

$Baidu(BIDU.US) Q4 results were released after HK market close on Feb 26, 2026, and overall looked lackluster.However, with a prolonged correction, buybacks and dividends providing a floor, and narratives like a Kunlun Chip IPO and potential Stock Connect inclusion later this year, the market is unlikely to impose sustained punishment.This quarter the company adopted a new reporting structure, splitting disclosure into AI and other legacy businesses. The AI segment covers AI infrastructure, AI applications, and AI-native marketing. Street estimates are still based on the old framework...

BIDU: Buybacks set the floor, but the turnaround hinges on the 'narrative'

---

Baidu expects that AI cloud revenue will reach 30 billion yuan by 2025, with subscription-based AI high-performance computing facility revenue in the fourth quarter growing by 143% year-on-year. In addition, Baidu Smart Cloud ranks first in both the number and amount of large model-related bidding projects in 2025, becoming the cloud vendor with the most bidding projects and amounts for two consecutive years

- On February 26, Baidu announced in its 2025 earnings call that AI cloud revenue for the year reached 30 billion yuan.  
- Subscription-based revenue from AI high-performance computing facilities grew 143% year-over-year in the fourth quarter, becoming a major growth driver.  
- In 2025, Baidu's intelligent cloud achieved the highest number and value of winning bids for large model projects, maintaining its position as the top cloud vendor for two consecutive years.

Baidu AI Cloud's revenue will reach 30 billion yuan by 2025

Baidu revealed in its 2025 earnings call that the number of digital human live streams on its platform in December increased by nearly 200% year-on-year. Huibo Star's digital human technology has provided services for companies such as JD.com and TikTok, demonstrating its application potential across multiple industries

KraneShares 2x Long JD Daily ETF

JD-SW

JD.com

Baidu HuiBoXing digital humans have served companies such as JD.com and TikTok

Baidu founder Robin Li stated that 2025 will be a key year for AI to become Baidu's new core. The strong momentum of AI cloud and end-to-end AI capabilities have led to increasing recognition of Baidu by more enterprises. The expansion of AI application portfolios meets diverse needs, and Luobo Kuai Pao has consolidated its global leading position and accelerated international expansion. At the same time, the growth of AI-native marketing services has brought new opportunities for long-term development

Li Yanhong: 2025 is a key year for AI to become Baidu's new core

BIDU 4Q25 First Take: the company adopted a new reporting framework this quarter, splitting results into AI biz. and other legacy biz.; AI includes AI infra, AI apps, and AI-native marketing. As the Street is still setting estimates under the old framework, Dolphin Research restores the prior disclosure for comparison, focusing on BIDU only and excluding iQIYI. Overall, the Q4 print was underwhelming. It was not a strong quarter. However, given the prolonged correction, buybacks providing support, and narratives such as Kunlun Chip’s IPO and potential Stock Connect inclusion later this year, we do not expect sustained penalties. On the top line, results were broadly in line with BBG consensus; overall ads slightly missed, and legacy ads were still down 26%, with the timing and pace of recovery uncertain. Cloud and other slightly beat, with cloud infra relatively strong. On opex, GAAP OP came in below expectations due to approx. RMB 700 mn in severance and some bad-debt provisions. Ex these items, lower D&amp;A and headcount optimization improved efficiency, driving Adj. OP to a modest beat. Looking at BIDU’s AI biz. in isolation, performance across the three pillars was mixed. Details follow: 1) Cloud Infra (cloud + compute): given last year’s high base (projects clustered in a short window), QoQ is more relevant. Q4 grew 35% QoQ, a decent trend. 2) AI Apps (incl. Baidu Wenku, Baidu Cloud Drive, and digital employees): flat QoQ. The cloud drive likely remained a drag. 3) AI-native marketing (agents and digital humans): edged lower QoQ; given industry trends, competition likely weighed. Watch the call for color on seasonality and other objective factors. $Baidu(BIDU.US) $BIDU-SW(09888.HK)

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

- In Q4 2025, Baidu reported an adjusted profit of 39.07 billion yuan, down 41.8% year-on-year, yet better than expected, with total revenue of 327.4 billion yuan.  
- The company approved a new $5 billion share buyback plan effective until the end of 2028 and is set to declare its first dividend in 2026, emphasized by strong cash reserves and financial management.  
- CEO Robin Li indicated that 2025 will be crucial for AI to become Baidu's new core, with AI revenue reaching 113 billion yuan, accounting for 43% of the company's general revenue amid expanding international markets.

Stheadline

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 Group's fourth-quarter revenue was RMB 32.74 billion, estimated at RMB 32.66 billion. Risk warning and disclaimer: The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk

Baidu Group's fourth-quarter revenue is RMB 32.74 billion, estimated at RMB 32.66 billion

Baidu (BIDU) shares fell over 3% in pre-market trading despite reporting Q4 adjusted earnings of ¥10.62 ($1.52) per American Depositary Share, exceeding the consensus estimate of ¥9.65. Quarterly revenue was ¥32.7 billion ($4.68 billion), aligning closely with expectations of ¥32.64 billion. The growth was mainly attributed to Baidu Core's AI-powered business. Baidu is a prominent Chinese technology firm focused on search, AI, and cloud services.

- Baidu (BIDU) shares fell over 3% in pre-market trading despite meeting revenue expectations and exceeding profit forecasts for Q4.  
- The company reported adjusted earnings of ¥10.62 ($1.52) per American Depositary Share, above the consensus estimate of ¥9.65, with quarterly revenue of ¥32.7 billion ($4.68 billion).  
- Growth was driven by Baidu Core's AI-powered business, affirming the company's position in the technology sector focused on search and artificial intelligence.

Tip Ranks

Baidu Earnings: BIDU Stock Falls despite Q4 Profit Beat

Feb 26 (Reuters) - China’s largest search engine operator Baidutopped market estimates for quarterly revenue on Thursday, as strong growth in its cloud business helped cushion the hit from persistent weakness in its mainstay advertising business.The company reported total revenue of 32.74 billion yuan ($4.79 billion) for the quarter ended December, compared with analysts’ average estimate of 32.62 billion yuan, according to data compiled by LSEG. ($1 = 6.8395 Chinese yuan renminbi)

- Baidu, China's largest search engine operator, exceeded market revenue estimates for the December quarter.  
- The company reported total revenue of 32.74 billion yuan ($4.79 billion), slightly above analysts' average estimate of 32.62 billion yuan.  
- Strong growth in Baidu's cloud business helped offset ongoing weaknesses in its core advertising segment.

Reuters

China's Baidu tops quarterly revenue estimates

Conference Minutes

BIDU-SWR

BIDU ADR US

Grocery Outlet

Baidu HK SDR 10to1

Uber Tech

JD-SWR

JD HK SDR 10to1

ByteDance

Financial Analysis

iQIYI

Alphabet - C

Alphabet

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

$Baidu(BIDU.US) (-2.7% pre-mkt): 4Q results generally met/beat expectations although MAUs light (only 2 ests). As usual, no forward guidance included in release. Conf call 7:30am ET. 4Q RESULTS- Revs 32.74B yuan, -4.1% y/y, vs 32.66B yuan est. - Rev from iQIYI (Netflix of China) 6.79B yuan vs 6.76B est.- Adj profit per ADR 10.62 yuan vs. 9.40 yuan est.- Adj Ebitda 4.73B yuan, -32% y/y, vs 4.67B yuan est.- Monthly active users 679M, estimate 703M est (2 ests).COMMENTARY AND CONTEXT- Portfolio of AI Applications continues to scale - Accelerating International Expansion Into New Markets- Confident in ability to create lasting value in AI- Kunlunxin spin-off separate listing is progressing - Apollo Go, Baidu's autonomous ride-hailing service, reported weekly rides of over 300K during the quarter (Waymo 400K per week, TSLA &lt;100 per week). Total rides increased by 200% year over year. As of Feb 2026, cumulative rides provided to the public by Apollo Go exceeded 20 million. Entered the South Korean Market and expanded to several European markets.- Revenue from Baidu Core AI-powered Business exceeded 11B yuan in Q4, accounting for 34% of Baidu revs

Today’s Key News Recap

0226 | Dolphin Research focus: 🐬 Stock 1, $Alibaba(BABA.US). Alibaba Cloud Bailian launched the 'Coding Plan', integrating APIs for four mainstream models — Qwen3.5, GLM-5, MiniMax M2.5 and Kimi K2.5 — making it the only cloud provider globally to offer this combo.Lite plan is priced at RMB 7.9 for the first month and RMB 40 for the second; Pro plan at RMB 39.9 for the first month and RMB 200 for the second, with free model switching. The aim is to lower AI coding barriers through aggressive pricing and full-stack model coverage...

Salesforce

NVIDIA

Warner Bros. Discovery

Netflix

Boeing

Duolingo

Coreweave

Dell Tech

Paramount Global

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

Vipshops

Luckin Coffee

Block

BOEING CO 6% DEP SHS RE 1/20TH PFD MAN CNV SR A

Alibaba Cloud rolls out dirt-cheap AI coding bundle; JD's 'Billion-yuan Supermarket' reignites subsidy rush | Daily News Recap

---

In today’s pre-mkt summary for Subscribers: Stocks declined amid uncertainty over new 15% global tariffs following the Supreme Court's invalidation of President Trump’s emergency levies, with added pressures from Trump’s Middle East military buildup against Iran and a severe blizzard impacting the NYC area. Gold and silver advanced and #btc stabilized after dipping below $65K. This is a pivotal week featuring Trump’s State of the Union Tuesday and $NVIDIA(NVDA.US) earnings Wednesday. We maintain our view that equities will go to new highs as cooling inflation and decelerating employment growth boost prospects for faster Fed easing, with money markets pricing two cuts by year-end, with the first likely by July. 2026 S&amp;P 500 EPS growth is projected to grow +12% YoY to $310, which implies a forward P/E of 22.3x. This implies a 4.5% earnings yield, a +40bp premium to 10yr yields, aligning with non-recessionary historical norms. On $Tesla(TSLA.US), the narrative of its unique path to generalized unsupervised autonomy has eroded as $Alphabet - C(GOOG.US), $Baidu(BIDU.US), $WeRide(WRD.US), $Pony AI(PONY.US), and $Amazon(AMZN.US) scale to 750K paid unsupervised autonomous rides weekly without safety monitors, while $NVIDIA(NVDA.US)’s decision to open its AI chips/software stack to other OEMs starting 1H 2026 effectively democratizes unsupervised autonomy.

WeRide

WERIDE-W

Tesla

In today’s pre-mkt summary for Subscribers: Stocks rose as sentiment improved after yesterday’s volatile session, with traders awaiting today’s release of minutes from the Jan 27-28 Fed meeting for clues in the Fed’s forward rate path. 10yr Treasury yields rose and precious metals recovered. We continue to expect equities to reach new highs as cooling inflation and slowing employment growth raise the odds of earlier Fed rate cuts, with money markets pricing in two cuts by year-end. We see stocks as neither under- or over-valued: 2026 S&amp;P 500 EPS growth of +12% implies a forward P/E of 22.1x (4.5% earnings yield) and a ~50bp premium to 10-year Treasuries, consistent with historical non-recessionary norms. We remain cautious on $Tesla(TSLA.US) as the bull case for TSLA being the only one to solve for general unsupervised autonomy continues to weaken with $Alphabet - C(GOOG.US), $Baidu(BIDU.US), $WeRide(WRD.US), $Pony AI(PONY.US), and $Amazon(AMZN.US) completing 750K paid unsupervised rides per week, and $NVIDIA(NVDA.US) about to offer its full autonomy stack to OEMs starting 1H 2026, which we believe will democratize unsupervised autonomy.

That's right. Good companies won't be affected much. Most of their business is in China. Happy Chinese New Year.

2026 Resolution-Trade like professional . Do not FOMO. Keep more cash.

XIAOMI

Fattycat

BABA Diamond Holder

BABA Return Rate

上週末，趁着國內臨近春節，美國又耍了個&#34;小手段&#34;，其國防部一度宣佈將包括阿里、百度、比亞迪在內的多家公司納入 Chinese Military Companies、即 CMC 清單。導致阿里等受影響的公司股價盤前一度跳水，但隨後美國防部又 “玩鬧式” 地迅速將此公告撤回了，相關公司最後也收回了大多數跌幅。實際上，美國的這種 “小手段” 已用過多次，海豚君在此前的《中概退市：這次 “狼真會來”？別怕，不是末日！》中有過比較詳細的討論，多少有些見怪不怪了。首先，被納入 CMC 清單的直接影響只是 -- 被禁止與美國國防部及其相關方進行合作往來，但不會直接影響美國資金投資於 CMC 清單內的企業，和直接影響民間的生意往來。只有被納入 “升級版” 的 NS-CMIC 清單內的企業才會被直接禁止美國資金對其進行投資，進而對相關公司股價產生實際性影響。但該 “NS-CMIC” 名單自 21 年 12 月後就再無更新。此前，小米和騰訊也曾短暫被納入國 CMC 清單，但隨後經過上述或溝通都被移出了清單，短暫的恐慌性下跌反而給了不錯的入場機會。結合這個小動作的時間節點，和發佈後又立刻撤回的操作，海豚君當前傾向於這更多隻是美國趁着國內喜慶過年時故意 “噁心”、並試探一下中方政府的態度，為特朗普可能在 4 月的訪華談判上一些籌碼。綜上，海豚君目前覺得大概率不會有什麼實質性的影響，但也不能排除之後美國不會又再有拉扯，把撤回的公告再發布出來，保持關注吧。$Alibaba(BABA.US) $Baidu(BIDU.US)

Xiaomi HK SDR 2to1

XIAOMI-W

XIAOMI-WR

Xiaomi Corporation

Featured

☕️ Grab your coffee, investors. This week is stacked with events that could define the market's direction for the quarter. From central bank whispers to tech earnings fireworks and a record-breaking IPO, here’s your essential rundown:

Apple

Meta Platforms

Microsoft

GraniteShares 2x Long MSFT Daily ETF

TENCENT

Tencent

Tencent Holdings Limited

Sandisk

Western Digital

Western Digital - WI

Sandisk - WI

Apple Group

Jiangsu Azure Corporation

🔥 Market Weekly Preview: Fed, Tech Giants & A Sizzling IPO | Jan 26 - Jan 30, 2026

TENCENT-R

Tencent HK SDR 10to1

SGBAIDU@EC2607B(25322.HK)

BIDU (Trans): Prioritizing Shareholder Returns and Better Mgmt. Execution

Baidu conference call: AI Cloud revenue will reach 30 billion yuan by 2025, computing power subscriptions increased by 143% year-on-year in Q4, and "Carrot Run" orders surged by 200%

Baidu shares are trading lower. The company reported Q4 financial results.

China's Search Giant Baidu Struggles With Weak Ad Spending Despite AI Push

Global news you need to know before the U.S. stock market opens on Thursday