人工智能热潮也推动百度云业务超越其他业务板块，并提升其半导体部门的发展前景。财报显示，百度 AI云持续增长，2025全年收入同比增长34%。AI原生营销服务方面，2025全年收入同比增长301%。整 理编辑/陈佳靖 2月26日，百度集团发布2025年全年业绩公告，公司2025年总收入为1291亿元，同比下降3%，主要由于 传统业务减少，部分被百度核心AI新业务增长抵消，AI业务营收达400亿元。归属百度的净利润为55.89 亿元，去年同期则为237.6亿元。 第四季度，百度营收下降4%，至327.4亿元，分析师平均预期为326.6亿元；AI业务收入占百度一般性业 务收入的43%，超出市场预期。 这是百度连续第三个季度营收下滑，凸显其核心广告业务和人工智能业务面临的挑战。百度正在经历从 一家以在线营销为核心的互联网公司向人工智能优先企业的艰难转型。该公司试图将人工智能嵌入其从 搜索到地图的各项服务中，这与Alphabet Inc.旗下的谷歌将Gemini模型整合到众多产品的努力如出一 辙。 "2025年是AI成为百度新核心的关键一年。AI云势头强劲，我们凭借差异化的全栈端到端AI能力赢得越 来越多的企业认可。我 ...

2026 年 02 月 26 日 ledi/229 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 研究反馈 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com Seedance2.0 突破, Al 视频 格局及产业链机遇 ——GenAl 系列报告之 69 暨 Al 应用深度之四 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 ...

Group 1 - Huang Yanming, the director of Dongfang Securities Research Institute, stated that the next investment focus in A-shares will be on mid-cap blue chips, moving away from the previous high-growth tech and high-dividend strategies [1] - The investment focus will be on three main areas: globally priced cyclical goods such as chemicals, non-ferrous metals, agricultural products, and global shipping; manufacturing sectors related to technology and national strength enhancement, including military industry, robotics, and new energy; and technology sectors related to large model performance realization [1] Group 2 - The International Institute of Finance reported that global debt has surged to a record $348 trillion, increasing by nearly $29 trillion, marking the fastest growth since the onset of the COVID-19 pandemic [2] - Government debt in countries like the United States and the Eurozone exceeds $10 trillion [2] Group 3 - Several lithium mining companies expect Zimbabwe's lithium ore exports to resume within one month after a temporary suspension [3] - Companies like Zhongmin Resources and Yahua Group are preparing to submit supplementary materials for export applications, indicating that the ban is expected to be lifted soon [3] Group 4 - Overseas tech companies are increasingly turning to loans backed by chips, particularly GPUs, to fund their substantial AI investments, with Moody's beginning to rate GPU-backed debt [4] - NAND flash memory prices are rising due to ongoing shortages, prompting major manufacturers like Phison to require advance payments from customers [4] Group 5 - The Chinese smartphone industry is set to experience a comprehensive price increase starting in March 2026, with new models expected to rise by at least 1,000 yuan [5] - Major brands such as OPPO, OnePlus, Vivo, iQOO, Xiaomi, and Honor are likely to raise prices for older models as well, marking a historic trend of simultaneous price hikes across all categories and brands [5] Group 6 - CCD cameras, once common, have seen a resurgence in popularity, with prices for certain models skyrocketing in the second-hand market [6] - Young consumers are driving this trend, primarily for the aesthetic quality of the images produced by these cameras [6] Group 7 - Baidu Group reported a total revenue of 32.7 billion yuan for Q4 2025, reflecting a year-on-year growth of 5% [7] - The net profit attributable to Baidu was 1.8 billion yuan, with a net profit margin of 5% [7] Group 8 - ByteDance's valuation is reportedly around $550 billion, as investment firm General Atlantic is selling part of its stake [8] - This valuation places ByteDance between Tencent and Alibaba in terms of market capitalization [8] Group 9 - New Hope Liuhe announced a cash investment of 74.87 million yuan to acquire a 70% stake in Luochuan Lingxian Company [9] - The investment will be used for both purchasing shares and increasing capital for the company [9] Group 10 - Aokema plans to acquire a 45% stake in its subsidiary Qingdao Aokema Smart Industry Co., Ltd. for 253 million yuan, aiming for full ownership [10] - The transaction is part of a strategy to consolidate control over its subsidiary [10]

根据财报，自2025年四季度起，百度核心重新定义为百度一般性业务。百度一般性业务包括百度核心 AI新业务、传统业务及其他。传统业务主要由涵盖搜索、信息流及其他产品线提供的传统广告服务组 成。2025年，百度核心AI新业务400亿元，较2024年增长48.1%，其中智能云基础设施营收198亿元，较 上年增长33.8%；AI应用营收102亿元，较上年增长4.1%；AI原生营销服务营收98亿元，较上年增长 308.3%。 北京商报讯（记者 魏蔚）3月26日，百度发布的2025年四季度及全年财报显示，2025年百度总营收1291 亿元，较2024年减少3%，主要是由于传统业务的减少，部分被百度核心AI新业务增长所抵销，非公认 会计准则下百度的净利润为39亿元。 具体到2025年四季度，百度核心AI新业务营收占比43%，其中智能云基础设施营收58亿元，AI高性能计 算设施收入的订阅收入同比增长143%；AI应用营收27亿元，百度成立个人超级智能事业群组(PSIG) ， 将百度文库与百度网盘整合，以加速推动AI应用创新，2025年四季度，百度的无人车服务萝卜快跑提 供的全无人自动驾驶营运订单达到340万单，季度内单周订单 ...

更多消息，持续更新中 更多消息，持续更新中 百度集团2025年第四季度，公司实现营收327.4亿元人民币，略高于市场预估的326.6亿元。 智能云基础设施业务表现亮眼，季度收入达58亿元，其中AI高性能计算设施订阅收入同比增长143%。 全年来看，智能云基础设施收入约200亿元，同比增长34%，显示AI算力需求持续释放。 与此同时，百度披露已获准开展新一轮股票回购计划，公司可在该计划下回购不超过50亿美元的本公司 股票。 更多消息，持续更新中 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 百度集团2025年第四季度，公司实现营收327.4亿元人民币，略高于市场预估的326.6亿元。 智能云基础设施业务表现亮眼，季度收入达58亿元，其中AI高性能计算设施订阅收入同比增长143%。 全年来看，智能云基础设施收入约200亿元，同比增长34%，显示AI算力需求持续释放。 与此同时，百度披露已获准开展新一轮股票回购计划，公司可在该计划下回购不超过50亿美元的本公司 股 ...

Financial Performance - Baidu's total revenue for the year 2025 was 129.1 billion RMB, a decrease of 3% year-on-year, primarily due to a decline in traditional business revenue [1] - The company recorded an operating loss of 5.8 billion RMB, impacted by a core asset impairment loss of 16.2 billion RMB [1] - Excluding impairment and other factors, Baidu's non-GAAP net profit for the year reached 18.9 billion RMB [1] - In Q4, Baidu's total revenue was 32.7 billion RMB, reflecting a quarter-on-quarter growth of 5% [1] - The non-GAAP net profit for Q4 was 3.9 billion RMB [1] Business Segments - New business revenue accounted for over 11 billion RMB in Q4, representing 43% of Baidu's general business revenue [1] - The intelligent cloud infrastructure revenue for the year was approximately 20 billion RMB, showing a year-on-year growth of 34% [1] - AI application revenue exceeded 10 billion RMB for the year [1] - In the autonomous driving sector, the "Luobo Kuaipao" service provided 3.4 million fully unmanned operational orders in Q4, a year-on-year increase of over 200% [1] - The service has initiated testing and deployment in multiple overseas markets, including the UK, Switzerland, the Middle East, South Korea, and Hong Kong [1] - As of December 2025, Baidu APP had 679 million monthly active users, remaining stable year-on-year, while the monthly active users of Wenxin Assistant reached 202 million [1] Capital Operations and Shareholder Returns - Baidu's board has authorized a new share repurchase plan with a maximum amount of 5 billion USD, effective until December 31, 2028 [2] - The company has approved a dividend policy for ordinary shares, with the first dividend expected to be distributed by the end of 2026 [2] - Baidu is advancing the spin-off and independent listing process for its chip business, Kunlun Chip [2]

百度集团-SW(09888)发布2025年第四季度及全年业绩，第四季度总收入为人民币327亿 元(46.8亿美 元)，环比增长5%，主要是由于百度核心AI新业务的增长。经营利润为人民币15亿元(2.12亿美元)及经 营利润率为5%。非公认会计准则下经营利润为人民币30亿元(4.24亿美元)及非公认会计准则下经营利润 率为9%。归属百度的净利润为人民币18亿元(2.55亿美元)，百度的净利润率为5%及每股美国存托股稀 释收益为人民币3.71元(0.53美元)。非公认会计准则下归属百度的净利润为人民币39亿元(5.59亿美元)， 百度的非公认会计准则净利润率为12%及非公认会计准则下每股美国存托股稀释收益为人民币10.62元 (1.52美元)。 于2025年财政年度，总收入为人民币1291亿元(184.6亿美元)。剔除长期资产减值后，经营利润为人民币 104亿元(14.8亿美元)。非公认会计准则下经营利润为人民币150亿元(21.4亿美元)及经营利润率为12%。 归属百度的净利润为人民币56亿元(7.99亿美元)，百度的净利润率为4%及每股美国存托股稀释收益为人 民币11.78元(1.68美元)。剔除长期资产减值 ...

新京报贝壳财经讯(记者罗亦丹)2月26日，百度地图文心AI副驾公布了春节假期的运营成绩单：互动服 务总量突破上亿次，日活跃用户环比暴涨54倍，岳云鹏AI副驾成为春节期间最热IP，累计陪伴超800万 用户出行。 具体来看，文心AI副驾中，知识咨询类互动占比超六成，印证了出行场景下用户对百科知识、实时资 讯和生活常识的强信息获取需求；而娱乐创意、情感支持、社交寒暄及深度思辨类互动合计占比超三 成，凸显了用户对AI副驾从"精准导航工具"到"人格化出行伙伴"的体验升级诉求。 百度方面表示，不同于以往导航"你问我答、被动响应"的刻板模式，依托文心大模型的强大能力，这款 AI副驾实现了自然对话、知识问答、情感陪伴和场景化服务的一站式体验，把"工具"变成了有温度 的"伙伴"。 ...

Core Insights - The Chinese search giant is experiencing pressure on both its revenue and profit margins due to a slowdown in its primary advertising business [1] Group 1 - The company's main advertising business is facing a slowdown, impacting overall financial performance [1]

Core Insights - The company announced that its smart cloud infrastructure revenue for Q4 2025 is expected to reach RMB 5.8 billion, with a year-on-year growth of 34% for the entire year, totaling approximately RMB 20 billion [1] - Subscription revenue from AI high-performance computing facilities has seen a significant increase of 143% year-on-year [1] Revenue Performance - Q4 2025 smart cloud infrastructure revenue is projected at RMB 5.8 billion [1] - Full-year 2025 smart cloud infrastructure revenue is estimated to be around RMB 20 billion, reflecting a 34% increase compared to the previous year [1] AI High-Performance Computing - Subscription revenue from AI high-performance computing facilities has grown by 143% year-on-year [1]