Company dossier · CN-BIDU
Baidu
Baidu, Inc.Search, cloud, foundation-model and autonomous-driving exposure mapped across an ADS and two Hong Kong counters.
RESEARCH CANDIDATE · NOT A PORTFOLIO POSITIONISSUER EVIDENCE MATRIX
Current evidence gates
0 GOVERNED · 1 GAPS · 0 VERDICTSThe filing reports aggregate acquisition of fixed assets, including RMB8.1 billion, without a sustaining-capacity decomposition.
A quantified sustaining amount or ratio, or a reproducible fixed-asset roll-forward separating existing from new capacity.
The evidence documents restrictions on subsidiary dividends to Baidu, Inc., but not executed recurring shareholder cash returns.
Two consecutive periods of executed common-owner cash return, parent funding-source reconciliation, and restricted/VIE cash amounts.
COMPANY DOSSIER · Baidu
Baidu, Inc.
Audited filing plus official results with unusually explicit AI-business revenue; owner-cash conversion and segment comparability remain weak.
Reported financial map
FY2025 reported revenue; −3% year over year.
reportedCompany-defined grouping; +48%, 39% of Baidu General Business.
company definedCompany-defined FY2025 revenue; +34%.
company definedIncludes RMB16.2bn impairment; excluding it, company cites RMB10.4bn operating income.
reportedAnnual figure. The RMB2.6bn cited in the same results release is explicitly Q4 OCF, not a conflicting FY value.
period correctedFY2025 audited cash-flow amount; maintenance and growth are not separated.
reportedFY2025 OCF less acquisition of fixed assets; the annual bridge reconciles exactly.
company definedCash, short-term investments, long-term time deposits and held-to-maturity investments; restricted cash excluded.
reportedAI linkage: what the filings support
- AI-native Marketing revenue grew 301% to RMB9.8bn in the company-defined disclosure.
- AI Applications revenue was RMB10.2bn, up 5%.
- The proposed Kunlunxin spin-off changes the economic-linkage question and must be modeled separately.
Owner-cash bridge
The direct AI revenue map is improving faster than group cash conversion. Impairments, legacy-business decline and the proposed Kunlunxin separation prevent a clean bridge.
Risk flags
- Legacy-search contraction and traffic economics
- Impairment and autonomous-driving capital intensity
- Kunlunxin spin-off economic linkage
Unresolved before valuation
- Reconcile annual capex and owner cash on a consistent basis.
- Model the retained Kunlunxin claim after any spin-off.
- Separate subsidized AI volume from durable gross profit.