New Street Research - Baidu Inc Sponsored ADR Class A (K3SD) BIDU 2Q25 Results: Ad Revs and Margins Remain Under Pressure in 2H

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New Street Research

Jin Yoon

BIDU 2Q25 Results: Ad Revs and Margins Remain Under Pressure in 2H

What’s new: Baidu’s reported 2Q25 core revs that were slightly above consensus and our expectations. Baidu Core ad revs could remain under pressure in the 2H partly due to continued restructuring of AI search. Margins could also be adversely impacted by the decline in ads and continued investments in AI. We maintain our PT at USD110.

Analysts:
Jin Yoon

21/08/2025 1 EN

Underlying

Baidu Inc Sponsored ADR Class A

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US0567521085 Singapore Exchange Cayman Islands

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Analysts

Jin Yoon

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BIDU 2Q25 Results: Ad Revs and Margins Remain Under Pressure in 2H

Baidu Inc (9888 HK): 2Q25: Earnings missed expectations; release of next-gen Ernie bot in 2H25.

Greater China Daily: Thursday, August 21, 2025

Sunrise (Neutral, TP: CHF38, -16%) Q2 25: Good EBITDAaL beat and better SR trends

AZN - Underappreciated & Undervalued (BUY, TP £150, 20pgs)

BZ 2Q25 Results: Continued Recovery in Recruitment Demand

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