BIDU 4Q25 Results: AI-Powered Businesses to Remain Resilient in 2026
What’s new: Baidu’s reported 4Q25 core revs that were largely in line with consensus but below our expectations. Baidu Core AI-powered business revs reached more than RMB11bn, accounting for 43% of the overall Baidu Core revs. The contribution from AI-powered businesses could continue to inch up in 2026. Margins could be adversely impacted by the continued investments in AI. We maintain our PT at USD170.Analysts:
Jin Yoon
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