Application Software

Agora

Today’s Key News Recap

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1126 | Dolphin Research Key Focus: 🐬 Stocks 1. $MEITUAN(03690.HK) Meituan saw a significant rebound today. Alibaba's China E-commerce Business Group CEO, Jiang Fan, pointed out that the first phase of Taobao Flash Sale's scale expansion has ended, and it has now entered the second phase, which is the 'efficiency optimization' phase. This implies that the disorderly cash-burning competition Meituan faces is expected to ease, leading to a more stable market structure, temporarily alleviating Meituan's profitability pressure. Meituan rose over 5% today. 2. $Baidu(BIDU.US) Baidu announced the establishment of a foundational model R&amp;D department and an application model R&amp;D department...

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Tencent HK SDR 10to1

Alibaba HK SDR 5to1

Meituan HK SDR 5to1

Baidu HK SDR 10to1

NIO Inc. USD OV

Meituan's Stock Rallies Strongly; Li Auto Announces AI Glasses Entry | Today's Important News Recap

Conference Minutes

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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-SW(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-SWR(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%...

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iShares Frontier and Select EM ETF

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Xiaomi Corporation

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Baidu (Minutes): AI native marketing is the future second curve

Financial Analysis

K3SD

$Baidu(BIDU.US) released its Q3 results after Hong Kong market hours on 18 November 2025. Overall, the performance met expectations. The detailed disclosure of AI revenue demonstrates the company's eagerness to shed its traditional label and fully embrace its new AI narrative. Specifically (focusing solely on Baidu's core operations): 1. AI revenue contribution reaches 40%: During Q3, revenue directly attributable to AI activities amounted to nearly RMB10 billion, constituting 40% of total revenue...

BIDU ADR US

C3.AI

Can the new Baidu, aspiring to AI, successfully shed its old advertising label?

Baidu 3Q25 Quick Interpretation: Third-quarter results basically met guidance and market expectations. This earnings report provides detailed disclosure of AI revenue, aiming to shift market focus from weak advertising to new growth point AI. In the previous preview, the company mentioned spin-off financing, increasing shareholder returns, and future dual listing and inclusion plans, which were not mentioned in the earnings report. The conference call can be watched for any incremental information. 1. AI revenue contribution accounts for 40%. Baidu's AI revenue is divided into three categories: AI cloud infrastructure, AI applications, and AI native marketing services. Specifically: (1) AI cloud infrastructure 4.3 billion, year-on-year growth rate of 33%, mainly including API, large models, and GPU leasing, with GPU leasing subscription growth rate of 128%, compared to only 50% last quarter. On one hand, it reflects the acceleration of AI empowerment in the industry. On the other hand, combined with Tencent's earnings report mentioning that some computing power comes from external leasing, it is not ruled out that the leading giants who previously supplied their own computing power also contributed to the demand this quarter. The overall smart cloud revenue announced in the conference call, Dolphin Research estimates a growth rate of about 25% (approximately 6.1 billion), which means that the vast majority of revenue is related to AI demand. (2) AI applications 2.6 billion, year-on-year growth rate of 6%, mainly including Baidu Library, Baidu Netdisk, digital employees, etc. Although it also belongs to AI+, the growth rate is relatively low. Dolphin Research estimates it is mainly due to Baidu Netdisk (promotional discounts this quarter) and other miscellaneous items dragging down. Meanwhile, competition also has an impact, with Quark and WeChat Netdisk recently enhancing functions or services. (3) AI native marketing services 2.8 billion, year-on-year growth rate of 262%, mainly including Agent and digital humans, with digital humans already reaching 500 million in revenue last quarter. Agent is the intelligent entity for merchants, and this part of the revenue has been positioned by the company as the second growth curve of marketing services business. 2. User loss, advertising pressure remains high. Q3 overall marketing revenue declined by 18%, slightly better than guidance. However, excluding the AI part, the implied traditional advertising part declined by 27% year-on-year. The company mainly attributes it to the impact of AI-generated content, with 70% of mobile search results containing AI-generated content in the third quarter. But this level of decline, Dolphin Research believes, still cannot exclude the factor of traffic migration to peer ecosystems, including other in-app searches and AI native applications. In the third quarter, Baidu's mobile app MAU decreased by 27 million users quarter-on-quarter, and the product experience improvement effect after AI integration search weakened, reflecting some signs of migration. 3. Other income highlights are mainly Roborun, with order volume accelerating this quarter as internationalization progresses. Overall non-marketing business growth rate of 21% meets market expectations (BBG expectations lagging behind in the chart below). 4. Profit margin significantly declined: Due to multiple factors, Baidu's core operating profit margin fell to 5% in the third quarter. 1) Changes in business structure: With AI revenue recognition, related costs bring significant increments. Currently, the profit margin level of AI business is obviously not comparable to mature advertising business. In the third quarter, Baidu made a one-time impairment of servers and other basic equipment to be eliminated (about 16 billion), and the cost pressure caused by server depreciation in the short term is expected to be partially alleviated in the future. 2) Increase in marketing expenses: The weakening of profit margin in the third quarter is also related to the increase in marketing promotion, which should mainly be related to AI business, including the expansion of cloud service sales teams and the promotion of AI native applications. 5. Capital expenditure slightly expanded: Baidu's capital expenditure in the third quarter was 3.4 billion, year-on-year growth rate of 106%, which can echo the aforementioned action of eliminating traditional servers. With the old ones eliminated, new server-related expenditures also need to increase. Additionally, considering Baidu also has Kunlun chip business, the expansion of capital expenditure may not be external GPU procurement, but possibly related to the procurement of supporting facilities for Kunlun chip. $Baidu(BIDU.US) $BIDU-SW(09888.HK)

Meta/Facebook

Alamos Gold 

Meta Platforms

Meta (Minutes): Computing power is ready to use, no worries about excess

Agora released FY2025 Q3 earnings on November 19 After-Market (EST), actual revenue USD 35.37M, actual EPS USD 0.0302

Agora released FY2025 9 Months earnings on November 19 After-Market (EST), actual revenue USD 102.9M, actual EPS USD 0.0439

Agora to Release FY2025 Q3 Earnings Report on November 19 After-Market EST

Agora and RTE Jointly Host Real-time Internet Conference

Agora Enhances Conversational AI Engine Through Integration With Exotel

Agora Proposes to Jointly Support USDH Stablecoin for Hyperliquid with Rain and LayerZero

Agora released FY2025 Q2 earnings on August 18 After-Market EST, actual revenue USD 34.26 M, actual EPS USD 0.0157

Agora released FY2025 Semi-Annual Earnings on August 18 After-Market EST, with actual revenue of USD 67.53 M and EPS of USD 0.02

Agora to Release FY2025 Q2 Earnings on August 18 After-Market (EST)

Agora to Showcase Conversational AI Innovations at World AI Conference

Agora CEO Criticizes Anchorage's Stablecoin Issues

Agora and WIZ.AI Collaborate to Launch Multilingual AI Agent Solution

TMT General Partner Ltd substantially increased its holdings in Agora, Inc.

Agora Inc. Reports First Quarter Revenue Growth

Agora released FY2025 Q1 earnings on May 27 After-Market EST, actual revenue USD 33.27 M, actual EPS USD 0.0039

Agora Inc Reports Q1 Net Revenue Of $407,000

Agora Inc. Reports Q1 2025 Financials: Core Business Grows 17.7%

Agora to Release FY2025 Q1 Earnings on May 27 After-Market (EST)

Agora to Release 2025 Q1 Financial Results

JPMorgan Significantly Reduced Holdings in Agora

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Agora, Inc. (API.US) Q2 2025 Earnings Conference Call

Agora, Inc. (API.US) Q1 2025 Earnings Conference Call

Agora, Inc. (API.US) Fourth Quarter 2024 Earnings Conference Call

Agora, Inc. (API.US) Q3 2024 Earnings Conference Call

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