🔹 Revenue: ¥32.7B (Est. ¥32.14B) 🟢; DOWN -4% YoY, +1% QoQ
🔹 Adj. Oper Profit: ¥4.4B (Est. ¥3.97B) 🟢; -41% YoY
🔹 Adj. EBITDA: ¥6.5B (Est. ¥6.02B) 🟢; -29% YoY
🔹 Baidu Core Revenue: ¥26.3B; -2% YoY, +3% QoQ
🔹 Online Marketing: ¥16.2B; DOWN -15% YoY
🔹 Non-Online Marketing: ¥10.0B; UP +34% YoY (AI Cloud led)
🔹 iQIYI Revenue: ¥6.6B; -11% YoY
🔹 Net Income: ¥7.3B; +33% YoY
🔹 Non-GAAP Net Income: ¥4.8B; -35% YoY
🔹 Diluted EPS/ADS: ¥20.35; UP +36% YoY
🔹 Adj. EPS/ADS: ¥13.58 (Est. ¥13.59) 🟡; -35% YoY
🔹 Free Cash Flow: -¥4.7B (negative, due to AI investments)
Operational Highlights
🔸 AI Cloud: Ranked #1 AI cloud provider in China (IDC) for 6th year; Qianfan MaaS platform expanded with ERNIE 4.5 and third-party models
🔸 Apollo Go: 2.2M robotaxi rides in Q2 (+148% YoY); global partnerships with Uber (Asia, Middle East) and Lyft (Europe); 16 cities covered
🔸 Mobile Ecosystem: 735M Baidu App MAUs; +5% YoY; >50% of search result pages AI-generated by June, 64% by July
🔸 ERNIE 4.5 models open-sourced; launched MuseSteamer video generation model
🔸 Returned US$677M to shareholders in H1’25 via buybacks (US$2.3B cumulative under 2023 program)
Management Commentary
🔸 CEO Robin Li: “AI Cloud growth is mitigating online marketing pressure; accelerating AI transformation of Baidu Search and Apollo Go global expansion.”
🔸 CFO Haijian He: “Baidu Core’s non-marketing revenue exceeded ¥10B for the first time; diversified mix supports long-term AI-driven growth.”
