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1205 | Dolphin Research Key Focus: 🐬 Stock 1, $BIDU-SW(09888.HK) According to reports, Kunlun Chip (Baidu's AI chip subsidiary) has initiated preparations for listing in Hong Kong, planning to submit the application in the first quarter of 2026 and complete the IPO in early 2027, with the latest valuation of approximately 21 billion RMB. Baidu is the largest shareholder. It has released products such as Kunlun Chip M100 and M300, with tens of thousands of cards deployed, serving as the core foundation of Baidu's AI computing power, and also providing computing power services to external enterprises. The news pushed Baidu's stock price to rise over 8% at one point...

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Baidu Spins Off Kunlunxin for IPO; Ele.me Completes Official Rebranding | Today's Important News Recap

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

Financial Analysis

$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...

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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)

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1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

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Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

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0912 | Dolphin Research Focus: 🐬 Stock 1, $MEITUAN(03690.HK) Meituan launched its first AI Agent product &#34;Xiaomei&#34; App, positioned as a &#34;small and beautiful AI life assistant,&#34; equipped with Meituan's self-developed model LongCat-Flash-Chat. It can provide local life services such as food delivery orders and restaurant recommendations and is already available in major app stores. Embedding AI Agent into high-frequency consumption scenarios is expected to enhance user stickiness and transaction conversion rates, expanding competitive advantages. Meituan has been declining for several consecutive days recently...

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Meituan Launches "Xiaomei" App, Still Can't Lift Stock; Alibaba & Baidu Keep AI Progress | Today's Important News Recap

Baidu Launches Large-scale Layoffs, Focusing on AI and Cloud Computing Positions

Baidu Donates HKD 10 Million to Support Hong Kong's Fire Rescue and Reconstruction

Baidu 裁员重组其人工智能团队

JPMorgan Raises Baidu's Stock Rating and Increases Price Target

JPMorgan upgrades Baidu's stock rating to overweight

Baidu's Q3 2025 Net Profit Down 35.9%, Total Revenue 31.2 Billion

Baidu Q3 Earnings Show Revenue Decline, AI Business Revenue Growth, and CICC Raises US Stock Target Price

Baidu's Quarterly Revenue Down 7%, Ad Business Takes a Hit

Baidu reports 50% growth in AI revenue in Q3

CICC Maintains Buy Rating on Baidu's Class A Shares with a Target Price of HKD 183.00

Baidu Plans to Launch Next-Generation Kunlun M100 AI Chip

Baidu Apollo Go and AutoGo Obtain License for Fully Autonomous Robotaxis and Expand Fleet

Baidu's Autonomous Robotaxi Operations Match Waymo's

Baidu plans to hold Baidu World 2025 Conference

PostBus Plans Autonomous Electric Delivery Vehicle Service by 2027

Baidu Apollo Go and PostBus Collaborate to Launch AmiGo

Apollo Intelline and Swiss Post Bus Partner to Deploy Autonomous Vehicles in Switzerland

Baidu plans to launch DuerAI glasses

Dbs Bank Upgrades Baidu's Rating to Buy

Nomura Raises Baidu Target Price to $135.00

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