BAIDFNasdaqServices-Computer Programming, Data Processing, Etc.US GAAP · USD

Baidu, Inc.

Baidu, Inc. is a China-rooted internet and artificial intelligence company built around its search and online advertising platform, together with AI cloud, autonomous driving, and related technology services. The company also develops AI foundation models, enterprise AI tools, and intelligent mobility solutions through its broader Baidu Core businesses and strategic investments.

Kysy yhtiöstä
Liikevaihto129,1mrd USD
−3,0 %v/v
Liikevoitto (EBIT)−5 823milj. USD
−127,4 %v/v
EBIT-marginaali−4,5%
−20,5 %-yks.v/v
Nettotulos5 589milj. USD
−76,5 %v/v
Vapaa kassavirta−15,1mrd USD
−215,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50050100150mrd USD2020: 107,1 mrd USD2020: EBIT 14,3 mrd USD20202021: 124,5 mrd USD2021: EBIT 10,5 mrd USD20212022: 123,7 mrd USD2022: EBIT 15,9 mrd USD20222023: 134,6 mrd USD2023: EBIT 21,9 mrd USD20232024: 133,1 mrd USD2024: EBIT 21,3 mrd USD20242025: 129,1 mrd USD2025: EBIT −5,8 mrd USD2025129,1−5,8
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Online advertising45 %

Search, feed, and other performance advertising sold on Baidu properties.

AI-powered business30 %

AI-enabled commercial services inside Baidu General Business, including model and cloud-related offerings.

Autonomous driving and mobility10 %

Apollo-related software, systems, and mobility services built around self-driving technology.

Cloud and enterprise services10 %

Cloud infrastructure and enterprise AI solutions sold to corporate and public-sector users.

Other services and devices5 %

Smart devices, content, and smaller internet-related offerings.

Tuotteet

Raportoitu · osuus liikevaihdosta
52,6%47,4%FY2025100 %
  • Online Marketing Services52,6 %
  • Other Revenue Other47,4 %

Lähde: 20-F FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Baidu sells primarily to advertisers that buy traffic and performance marketing on its search and feed properties, as well as businesses that purchase AI and cloud services. It also serves enterprises and public-sector users that want AI models, computing, and digital transformation tools, plus mobility partners that use Apollo technology in vehicles and transport applications.

Advertisers

Buy search, feed, and other digital advertising to acquire traffic and generate leads.

Enterprise customers

Buy AI cloud, model access, and enterprise digital tools to automate workflows and deploy AI.

Mobility and automotive partners

Use Apollo software, mapping, and autonomous-driving capabilities for vehicle and fleet applications.

Consumers

Use Baidu search, content, and AI-enabled consumer products that support the ecosystem.

Public-sector users

Adopt digital and AI services for institutional and government-related use cases.

Strategia

Baidu’s strategy is centered on using its search and traffic base to expand AI-driven monetization across cloud, models, and enterprise applications. It is also building long-duration optionality through Apollo autonomous driving and by separating or monetizing strategic assets where appropriate.

Scale AI-powered business linesLyhyt aikaväli

AI is becoming the core layer across search, cloud, and enterprise offerings.

Expand enterprise AI commercializationKeskipitkä aikaväli

Enterprise customers can diversify the business beyond legacy advertising.

Advance Apollo monetization and separationKeskipitkä aikaväli

Autonomous driving can create a distinct asset with optionality and value realization.

Return capital to shareholdersLyhyt aikaväli

Buybacks and dividends can support shareholder returns alongside growth investment.

Maantiede

Baidu is headquartered in the United States for reporting purposes, but its operating footprint and commercial focus are centered in China. Revenue and product adoption are concentrated in Greater China, while the company also reaches international capital markets through its NASDAQ and Hong Kong listings.

Riskit

Baidu depends heavily on the Chinese digital advertising market, so macro weakness, regulation, or traffic shifts can affect demand for its core search business. Its AI and autonomous-driving initiatives also require sustained investment, technical execution, and regulatory acceptance, while competition in search, cloud, and AI raises the risk of share loss or slower monetization.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Dependence on digital advertising cycles1Competitive pressure in search and AI2AI monetization execution risk3Autonomous driving commercialization risk4China regulatory and policy exposure5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Dependence on digital advertising cyclesVaikutus: KorkeaTodennäköisyys: Korkea

    A large part of the business still comes from search and feed advertising, which moves with advertiser budgets and macro sentiment.

    Kohdistuu: China advertising market

  2. Competitive pressure in search and AIVaikutus: KorkeaTodennäköisyys: Korkea

    Rivals in internet search, cloud, and generative AI can reduce traffic, raise acquisition costs, or compress pricing power.

    Kohdistuu: Core internet and AI markets

  3. AI monetization execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company is shifting toward AI-powered offerings, but pricing, adoption, and usage intensity may not scale as planned.

    Kohdistuu: AI cloud and enterprise AI

  4. Autonomous driving commercialization riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Apollo depends on regulatory approval, technical reliability, and partner adoption before it can become a large business.

    Kohdistuu: Apollo mobility

  5. China regulatory and policy exposureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Platform, data, AI, and content rules can affect product design, monetization, and compliance costs.

    Kohdistuu: China regulation

Kirjanpito

Harkinnanvaraiset erät
Non-GAAP adjustments

Baidu removes share-based compensation, amortization, and investment marks, which can make operating performance look stronger than GAAP results.

Vaikutus: Affects comparability and margin analysis

Fair value of long-term investments

Public and private investments are subject to mark-to-market or impairment changes that can create volatility below operating profit.

Vaikutus: Can materially affect net income

Intangible asset impairment

Acquired technology and business combinations require amortization and impairment testing, especially if monetization assumptions change.

Vaikutus: Can affect earnings and book value

Seasonality in advertising

Search and feed ad demand often varies by quarter, which can make revenue comparisons uneven across periods.

Vaikutus: Affects revenue timing and trend interpretation

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 28.9.2026