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Baidu Announces First Quarter 2025 Results

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BEIJING, May 21, 2025 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) (“Baidu” or the “Company”), a leading AI company with a strong Internet foundation, today announced its unaudited financial results for the first quarter ended March 31, 2025.

“Baidu Core revenue grew 7% year over year in the first quarter, driven by the accelerating momentum of AI Cloud, which surged 42% year over year. The strong performance of our AI Cloud business underscores the growing market recognition of our distinctive strength in providing full-stack AI products and solutions with a highly competitive price-performance advantage. We also achieved a pivotal milestone in our robotaxi business, as Apollo Go expanded internationally by entering Dubai and Abu Dhabi, reinforcing our commitment to bringing safe, comfortable, and affordable autonomous ride-hailing services to global markets,” said Robin Li, Co-founder and CEO of Baidu. “We are confident that our AI-first strategy positions us to remain at the forefront and to capture long-term growth opportunities in the AI era.”

“AI Cloud continued its robust growth in the first quarter, which provides solid support to our overall revenue while we accelerate the AI transformation across our mobile ecosystem,” said Junjie He, Interim CFO of Baidu. “Looking ahead, we are strongly committed to investing in AI to translate our technological strengths into sustainable long-term growth.”

First Quarter 2025 Financial Highlights[1]

Baidu, Inc.

(In millions except per

Q1

Q4

Q1

ADS, unaudited)

2024

2024

2025

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues

31,513

34,124

32,452

4,472

3 %

(5 %)

Operating income

5,484

3,917

4,508

621

(18 %)

15 %

Operating income (non-GAAP) [2]

6,673

5,047

5,333

735

(20 %)

6 %

Net income to Baidu

5,448

5,192

7,717

1,063

42 %

49 %

Net income to Baidu (non-GAAP) [2]

7,011

6,709

6,469

891

(8 %)

(4 %)

Diluted earnings per ADS

14.91

14.26

21.59

2.98

45 %

51 %

Diluted earnings per ADS (non-GAAP) [2]

19.91

19.18

18.54

2.55

(7 %)

(3 %)

Adjusted EBITDA [2]

8,244

6,954

7,209

993

(13 %)

4 %

Adjusted EBITDA margin

26 %

20 %

22 %

22 %

Baidu Core

Q1

Q4

Q1

(In millions, unaudited)

2024

2024

2025

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues

23,803

27,698

25,463

3,509

7 %

(8 %)

Operating income

4,538

3,638

4,164

574

(8 %)

14 %

Operating income (non-GAAP) [2]

5,586

4,647

4,872

671

(13 %)

5 %

Net income to Baidu Core

5,150

5,283

7,633

1,052

48 %

44 %

Net income to Baidu Core (non-GAAP) [2]

6,628

6,741

6,330

872

(4 %)

(6 %)

Adjusted EBITDA[2]

7,118

6,516

6,712

925

(6 %)

3 %

Adjusted EBITDA margin

30 %

24 %

26 %

26 %

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2567 as of March 31, 2025, as

set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are

provided solely for the convenience of the reader.

[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of

Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).

Operational Highlights

Corporate

Baidu released ERNIE 4.5, its first flagship foundation model with multimodal capabilities, and ERNIE X1, its first reasoning model, in March 2025. Baidu launched enhanced versions, ERNIE 4.5 Turbo and ERNIE X1 Turbo, in April, delivering improved performance at significantly lower pricing.Apollo Go received Gold in the Driverless Vehicles category at the 2025 Edison Awards, recognizing it as China’s largest autonomous ride-hailing service.Baidu ranked second in Asia Pacific on Fast Company’s 2025 Most Innovative Companies list, following DeepSeek, and was recognized for “deploying the world’s largest autonomous driving experiment.”Baidu held China’s largest portfolio of AI-related patents and patent applications across various areas, including foundation models and AI agents, as of December 31, 2024, according to a recent report by CICS-CERT, a research institute under the Ministry of Industry and Information Technology.Baidu released its annual ESG Report on April 28, 2025, which details Baidu’s latest ESG policies and sustainability initiatives (https://esg.baidu.com/Uploads/Baidu_2024_ESG_Report.pdf).Baidu has returned US$445 million to shareholders since the beginning of Q1 2025, bringing the cumulative repurchase to US$2.1 billion under the 2023 share repurchase program.

AI Cloud

Baidu upgraded its MaaS platform, Qianfan, with an expanded model library and more comprehensive toolkits, extending support for the training and fine-tuning of multimodal and reasoning models to further facilitate AI-native application development.Baidu officially released version 3.0 of its deep learning framework, PaddlePaddle, in April 2025.

Intelligent Driving

Apollo Go, Baidu’s autonomous ride-hailing service, expanded into Dubai and Abu Dhabi in March 2025. In May, Apollo Go commenced open-road validation testing in Dubai.Apollo Go entered into a long-term strategic partnership with CAR Inc., China’s leading auto rental service provider, in May 2025 to launch fully autonomous vehicle rental services.Apollo Go obtained permission to conduct open-road testing with designated passengers in Hong Kong in April 2025.Apollo Go provided over 1.4 million rides in the first quarter of 2025, up 75% year over year, underscoring the accelerating momentum of its scaled operations. As of May 2025, the cumulative rides provided to the public by Apollo Go surpassed 11 million.

Mobile Ecosystem

In March 2025, Baidu App’s MAUs reached 724 million, up 7% year over year.Managed Page accounted for 47% of Baidu Core’s online marketing revenue in the first quarter of 2025.

First Quarter 2025 Financial Results

Total revenues were RMB32.5 billion ($4.47 billion), increasing 3% year over year.

Revenue from Baidu Core was RMB25.5 billion ($3.51 billion), increasing 7% year over year; online marketing revenue was RMB16.0 billion ($2.21 billion), decreasing 6% year over year, and non-online marketing revenue was RMB9.4 billion ($1.30 billion), up 40% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB7.2 billion ($990 million), decreasing 9% year over year.

Cost of revenues was RMB17.5 billion ($2.41 billion), increasing 14% year over year, primarily due to an increase in costs related to AI Cloud business and traffic acquisition costs.

Selling, general and administrative expenses were RMB5.9 billion ($815 million), increasing 10% year over year, primarily due to an increase in channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses.

Research and development expenses were RMB4.5 billion ($626 million), decreasing 15% year over year, primarily due to a decrease in personnel-related expenses.

Operating income was RMB4.5 billion ($621 million). Baidu Core operating income was RMB4.2 billion ($574 million), and Baidu Core operating margin was 16%. Non-GAAP operating income was RMB5.3 billion ($735 million). Non-GAAP Baidu Core operating income was RMB4.9 billion ($671 million), and non-GAAP Baidu Core operating margin was 19%.

Total other income, net was RMB4.5 billion ($618 million), increasing 260% year over year, mainly due to an increase in fair value gain and pickup of earnings from long-term investments, partially offset by the decrease in net foreign exchange gain arising from exchange rate fluctuation between Renminbi and U.S. dollar.

Income tax expense was RMB1.2 billion ($162 million), compared to RMB883 million for the same period last year.

Net income attributable to Baidu was RMB7.7 billion ($1.06 billion), and diluted earnings per ADS was RMB21.59 ($2.98). Net income attributable to Baidu Core was RMB7.6 billion ($1.05 billion), and net margin for Baidu Core was 30%. Non-GAAP net income attributable to Baidu was RMB6.5 billion ($891 million). Non-GAAP diluted earnings per ADS was RMB18.54 ($2.55). Non-GAAP net income attributable to Baidu Core was RMB6.3 billion ($872 million), and non-GAAP net margin for Baidu Core was 25%.

Adjusted EBITDA was RMB7.2 billion ($993 million) and adjusted EBITDA margin was 22%. Adjusted EBITDA for Baidu Core was RMB6.7 billion ($925 million) and adjusted EBITDA margin for Baidu Core was 26%.

As of March 31, 2025, cash, cash equivalents, restricted cash and short-term investments were RMB142.0 billion ($19.57 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB136.7 billion ($18.84 billion). Free cash flow was negative RMB8.9 billion (negative $1.23 billion), and free cash flow excluding iQIYI was negative RMB9.2 billion (negative $1.27 billion), mainly due to an increase of investment in AI business. We define net cash position as total cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and others, less total loans, convertible senior notes, and notes payable. As of March 31, 2025, net cash position for Baidu was RMB159.0 billion.

Conference Call Information

Baidu’s management will hold an earnings conference call 8.00 AM on May 21, 2025, U.S. Eastern Time (8.00 PM on May 21, 2025, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q1 2025 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10046864-38s6ff.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income (loss) attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.”

Baidu, Inc. 

Condensed Consolidated Statements of Income 

(In millions except for per share (or ADS) information, unaudited)

Three Months Ended

March 31,

December 31,

March 31,

March 31,

2024

2024

2025

2025

RMB

RMB

RMB

US$(2)

Revenues:

Online marketing services

18,490

19,340

17,306

2,385

Others

13,023

14,784

15,146

2,087

Total revenues 

31,513

34,124

32,452

4,472

Costs and expenses:

Cost of revenues(1)

15,291

18,014

17,487

2,410

Selling, general and administrative(1)

5,375

6,678

5,913

815

Research and development(1)

5,363

5,515

4,544

626

Total costs and expenses

26,029

30,207

27,944

3,851

Operating income

5,484

3,917

4,508

621

Other income:

Interest income

2,091

2,001

2,664

367

Interest expense

(766)

(643)

(801)

(110)

Foreign exchange gain (loss), net

401

1,678

(210)

(29)

Share of (losses) earnings from equity method investments

(205)

(399)

574

79

Others, net

(275)

23

2,260

311

Total other income, net

1,246

2,660

4,487

618

Income before income taxes

6,730

6,577

8,995

1,239

Income tax expense

883

1,619

1,177

162

Net income 

5,847

4,958

7,818

1,077

Net income (loss) attributable to noncontrolling interests

399

(234)

101

14

Net income attributable to Baidu

5,448

5,192

7,717

1,063

Earnings per ADS (1 ADS representing 8 Class A ordinary shares):

 -Basic

14.97

14.41

21.86

3.01

 -Diluted

14.91

14.26

21.59

2.98

Earnings per share for Class A and Class B ordinary shares:

 -Basic

1.87

1.80

2.73

0.38

 -Diluted

1.86

1.78

2.70

0.37

Weighted average number of Class A and Class B ordinary shares outstanding (in millions):

 -Basic 

2,804

2,775

2,751

2,751

 -Diluted

2,816

2,783

2,762

2,762

(1) Includes share-based compensation expenses as follows:

 Cost of revenues 

108

103

77

11

 Selling, general and administrative 

417

297

313

43

 Research and development 

618

685

361

50

 Total share-based compensation expenses 

1,143

1,085

751

104

(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31,

2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

 

Baidu, Inc. 

Condensed Consolidated Balance Sheets

(In millions, unaudited)

December 31,

March 31,

March 31,

2024

2025

2025

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

24,832

49,202

6,780

Restricted cash

11,697

238

33

Short-term investments, net

102,608

92,567

12,756

Accounts receivable, net

10,104

11,078

1,527

Amounts due from related parties

790

743

102

Other current assets, net

18,818

22,001

3,032

Total current assets

168,849

175,829

24,230

Non-current assets:

Fixed assets, net

30,102

30,691

4,229

Licensed copyrights, net

6,930

6,487

894

Produced content, net

14,695

14,372

1,981

Intangible assets, net

772

2,588

357

Goodwill

22,586

37,637

5,187

Long-term investments, net

41,721

43,470

5,990

Long-term time deposits and held-to-maturity investments

98,535

106,212

14,636

Amounts due from related parties

137

266

37

Deferred tax assets, net

2,193

2,171

299

Operating lease right-of-use assets

10,898

11,203

1,544

Receivables related to the proposed acquisition of YY Live, net

13,547

–

–

Other non-current assets

16,815

23,056

3,176

Total non-current assets

258,931

278,153

38,330

Total assets

427,780

453,982

62,560

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

10,669

7,724

1,064

Accounts payable and accrued liabilities

41,443

38,770

5,342

Customer deposits and deferred revenue

14,624

13,909

1,917

Deferred income

684

611

84

Long-term loans, current portion

168

560

77

Convertible senior notes, current portion

242

2,133

294

Notes payable, current portion

8,026

7,986

1,101

Amounts due to related parties

1,794

1,683

232

Operating lease liabilities

3,303

3,488

481

Total current liabilities

80,953

76,864

10,592

Non-current liabilities:

Deferred income

231

191

26

Deferred revenue

585

665

92

Amounts due to related parties

56

51

7

Long-term loans

15,596

16,072

2,215

Notes payable

27,996

52,202

7,194

Convertible senior notes

8,351

6,775

934

Deferred tax liabilities

3,870

4,011

553

Operating lease liabilities

4,973

5,113

705

Other non-current liabilities

1,557

1,964

269

Total non-current liabilities

63,215

87,044

11,995

Total liabilities

144,168

163,908

22,587

Redeemable noncontrolling interests

9,870

10,067

1,387

Equity

Total Baidu shareholders’ equity

263,620

269,747

37,172

Noncontrolling interests

10,122

10,260

1,414

Total equity

273,742

280,007

38,586

Total liabilities, redeemable noncontrolling interests, and equity

427,780

453,982

62,560

 

Baidu, Inc. 

Selected Information

(In millions, unaudited)

Three months ended

Three months ended

Three months ended

Three months ended

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (US$)

Baidu
Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu
Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu
Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu

Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Total revenues 

23,803

7,927

(217)

31,513

27,698

6,613

(187)

34,124

25,463

7,186

(197)

32,452

3,509

990

(27)

4,472

  YOY

7 %

(9 %)

3 %

  QOQ

(8 %)

9 %

(5 %)

Costs and expenses: 

  Cost of revenues (1)

9,839

5,631

(179)

15,291

13,180

4,995

(161)

18,014

12,246

5,406

(165)

17,487

1,688

745

(23)

2,410

  Selling, general and administrative (1)

4,492

922

(39)

5,375

5,816

882

(20)

6,678

4,921

1,026

(34)

5,913

678

141

(4)

815

  Research and development (1)

4,934

429

–

5,363

5,064

451

–

5,515

4,132

412

–

4,544

569

57

–

626

Total costs and expenses 

19,265

6,982

(218)

26,029

24,060

6,328

(181)

30,207

21,299

6,844

(199)

27,944

2,935

943

(27)

3,851

  YOY 

  Cost of revenues 

24 %

(4 %)

14 %

  Selling, general and administrative 

10 %

11 %

10 %

  Research and development 

(16 %)

(4 %)

(15 %)

  Costs and expenses

11 %

(2 %)

7 %

Operating income

4,538

945

1

5,484

3,638

285

(6)

3,917

4,164

342

2

4,508

574

47

–

621

  YOY

(8 %)

(64 %)

(18 %)

  QOQ

14 %

20 %

15 %

Operating margin 

19 %

12 %

17 %

13 %

4 %

11 %

16 %

5 %

14 %

  Add: total other income (loss), net

1,508

(262)

–

1,246

3,125

(465)

–

2,660

4,602

(115)

–

4,487

634

(16)

–

618

  Less: income tax expense

866

17

–

883

1,612

7

–

1,619

1,136

41

–

1,177

156

6

–

162

  Less: net income (loss) attributable to NCI

30

11

358(3)

399

(132)

2

(104)(3)

(234)

(3)

4

100(3)

101

–

1

13(3)

14

Net income (loss) attributable to Baidu

5,150

655

(357)

5,448

5,283

(189)

98

5,192

7,633

182

(98)

7,717

1,052

24

(13)

1,063

  YOY

48 %

(72 %)

42 %

  QOQ

44 %

–

49 %

Net margin 

22 %

8 %

17 %

19 %

(3 %)

15 %

30 %

3 %

24 %

Non-GAAP financial measures:

Operating income (non-GAAP)

5,586

1,086

6,673

4,647

406

5,047

4,872

459

5,333

671

64

735

  YOY

(13 %)

(58 %)

(20 %)

  QOQ

5 %

13 %

6 %

Operating margin (non-GAAP)

23 %

14 %

21 %

17 %

6 %

15 %

19 %

6 %

16 %

Net income (loss) attributable to Baidu (non-GAAP)

6,628

844

7,011

6,741

(59)

6,709

6,330

304

6,469

872

41

891

  YOY

(4 %)

(64 %)

(8 %)

  QOQ

(6 %)

–

(4 %)

Net margin (non-GAAP)

28 %

11 %

22 %

24 %

(1 %)

20 %

25 %

4 %

20 %

Adjusted EBITDA

7,118

1,125

8,244

6,516

444

6,954

6,712

495

7,209

925

68

993

  YOY

(6 %)

(56 %)

(13 %)

  QOQ

3 %

11 %

4 %

Adjusted EBITDA margin 

30 %

14 %

26 %

24 %

7 %

20 %

26 %

7 %

22 %

(1) Includes share-based compensation as follows:

 Cost of revenues 

76

32

108

74

29

103

50

27

77

7

4

11

 Selling, general and administrative 

353

64

417

240

57

297

257

56

313

35

8

43

 Research and development 

575

43

618

652

33

685

329

32

361

45

5

50

 Total share-based compensation 

1,004

139

1,143

966

119

1,085

636

115

751

87

17

104

(2) Relates to intersegment eliminations and adjustments

(3) Relates to the net income attributable to iQIYI noncontrolling interests

 

Baidu, Inc. 

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Three months ended

Three months ended

Three months ended

Three months ended

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (US$)

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

Net cash provided by (used in) operating

activities

5,284

936

6,220

1,836

520

2,356

(6,340)

339

(6,001)

(874)

47

(827)

Net cash used in investing activities 

(2,893)

(223)

(3,116)

(4,741)

(896)

(5,637)

(1,175)

(30)

(1,205)

(162)

(4)

(166)

Net cash provided by (used in) financing activities

2,126

261

2,387

(1,784)

114

(1,670)

19,639

860

20,499

2,706

119

2,825

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

154

15

169

582

61

643

(5)

(1)

(6)

(1)

–

(1)

Net increase (decrease) in cash, cash

equivalents and restricted cash 

4,671

989

5,660

(4,107)

(201)

(4,308)

12,119

1,168

13,287

1,669

162

1,831

Cash, cash equivalents and restricted cash

  At beginning of period

32,293

5,281

37,574

37,106

3,791

40,897

32,999

3,590

36,589

4,547

495

5,042

  At end of period

36,964

6,270

43,234

32,999

3,590

36,589

45,118

4,758

49,876

6,216

657

6,873

Net cash provided by (used in) operating

activities

5,284

936

6,220

1,836

520

2,356

(6,340)

339

(6,001)

(874)

47

(827)

Less: Capital expenditures

(2,016)

(22)

(2,038)

(2,312)

(21)

(2,333)

(2,869)

(31)

(2,900)

(395)

(4)

(399)

Free cash flow

3,268

914

4,182

(476)

499

23

(9,209)

308

(8,901)

(1,269)

43

(1,226)

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

 

Baidu, Inc. 

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  

(In millions except for per ADS information, unaudited)

Three months ended 

Three months ended 

Three months ended 

Three months ended 

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (US$)

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Operating income

4,538

945

5,484

3,638

285

3,917

4,164

342

4,508

574

47

621

Add: Share-based compensation expenses

1,004

139

1,143

966

119

1,085

636

115

751

87

17

104

Add: Amortization and impairment of intangible assets(1)

44

2

46

43

2

45

72

2

74

10

–

10

Operating income (non-GAAP)

5,586

1,086

6,673

4,647

406

5,047

4,872

459

5,333

671

64

735

Add:  Depreciation of fixed assets

1,532

39

1,571

1,869

38

1,907

1,840

36

1,876

254

4

258

Adjusted EBITDA

7,118

1,125

8,244

6,516

444

6,954

6,712

495

7,209

925

68

993

Net income (loss) attributable to Baidu

5,150

655

5,448

5,283

(189)

5,192

7,633

182

7,717

1,052

24

1,063

Add: Share-based compensation expenses

1,003

139

1,066

965

119

1,019

635

115

687

87

16

95

Add: Amortization and impairment of intangible assets(1)

42

2

43

41

2

42

70

2

71

10

–

10

Add: Disposal (gain) loss

(458)

–

(458)

7

–

7

(91)

–

(91)

(13)

–

(13)

Add: Impairment of long-term investments

36

71

68

84

14

90

–

2

1

–

–

–

Add: Fair value loss (gain) of long-term investments and

exchangeable bonds

725

(23)

714

(288)

(5)

(290)

(1,889)

(2)

(1,890)

(260)

–

(260)

Add: Reconciling items on equity method investments(2)

280

–

280

679

–

679

(66)

5

(64)

(9)

1

(9)

Add: Tax effects on non-GAAP adjustments(3)

(150)

–

(150)

(30)

–

(30)

38

–

38

5

–

5

Net income (loss) attributable to Baidu (non-GAAP)

6,628

844

7,011

6,741

(59)

6,709

6,330

304

6,469

872

41

891

Diluted earnings per ADS

14.91

14.26

21.59

2.98

Add:  Accretion of the redeemable noncontrolling interests

0.55

0.55

0.57

0.08

Add:  Non-GAAP adjustments to earnings per ADS

4.45

4.37

(3.62)

(0.51)

Diluted earnings per ADS (non-GAAP)

19.91

19.18

18.54

2.55

(1) This represents amortization and impairment of intangible assets resulting from business combinations.

(2) This represents Baidu’s share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable

noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all non-GAAP adjustments.

 

View original content:https://www.prnewswire.com/news-releases/baidu-announces-first-quarter-2025-results-302461545.html

SOURCE Baidu, Inc.

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ThreatBook Named a “Strong Performer” in the Gartner® Voice of the Customer for NDR Report for the Fourth Consecutive Year

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SINGAPORE, Nov. 11, 2026 /PRNewswire/ — Recently, Gartner released its 2026 “Voice of the Customer for Network Detection and Response (NDR)” report. On the strength of TDP’s user reputation and product capabilities, ThreatBook has been named in the “Strong Performer” quadrant for the fourth consecutive year.

Gartner Peer Insights “Voice of the Customer” is based on genuine reviews from enterprise users and provides a peer-perspective reference for technology and service procurement across two dimensions: “User Interest and Adoption” and “Overall Experience.”

According to Gartner: “The Voice of the Customer covers vendors whose products fit this market and that had 20 or more eligible published reviews during the 18-month evaluation period ending August 31, 2026. Reviews submitted by vendor partners and by companies with revenue of less than US$50 million are excluded. In the Network Detection and Response market, Gartner Peer Insights published a total of 1,245 reviews and ratings during this evaluation period.”Of these, ThreatBook TDP received 84 reviews from users worldwide in the finance, manufacturing, energy, IT and retail industries, with a five-star positive review rate of 100% and a willingness to recommend of 97%, and multiple metrics, including product experience, are industry-leading. Selected reviews are as follows:

 

 

Currently, ThreatBook TDP has been deployed at thousands of leading enterprises in key industries such as finance, energy, electric power, internet and intelligent manufacturing, helping users achieve visible, precise and proactive defense in a dynamic threat environment.

In terms of visibility, TDP supports on-premises, multi-cloud and hybrid network deployments, monitoring all north-south and east-west traffic both in the cloud and on-premises in a unified manner, providing users with consistent network visibility and attack surface discovery capabilities.In terms of threat detection, TDP achieves a false positive rate below 0.003%, precisely detecting unknown threats such as 0-day attacks, encrypted attacks and covert tunnels; at the same time, it intelligently aggregates attack chains from the attacker’s perspective to fully reconstruct the attack process.In terms of automated response, TDP supports automated bypass blocking and integrates with security products from dozens of brands to achieve closed-loop remediation; in addition, TDP can also connect with AI security agents such as Flocks, greatly improving operational efficiency, and is highly recognized by enterprises across industries.

With its leading real-world detection and response capabilities, ThreatBook TDP has repeatedly been recognized by authoritative international institutions, and was recently named in the first quadrant of the “Frost Radar: Network Detection and Response (NDR), 2026” report as the only company from China. Going forward, ThreatBook will continue to leverage its core AI+TI capabilities to provide industry users with more trustworthy network detection and response support.

Gartner Peer Insights reviews constitute the subjective opinions of individual end users based on their own experiences, and do not represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research and advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER and PEER INSIGHTS are trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and are used herein with permission. All rights reserved.

About ThreatBook

ThreatBook is the agentic security company focused on AI for Security, and Security for AI. Founded in 2015, ThreatBook is a global cybersecurity company that combines AI with deep threat intelligence to defend enterprises across all stages of the security lifecycle: precision, automated triage and response, and risk reduction. 

With unique vantage points across the Asia Pacific region, ThreatBook delivers intelligence that bridges Eastern and Western threat landscapes, providing an unmatched perspective for global defenders against nation-state actors, cybercriminal groups, and emerging attack campaigns. ThreatBook operates the #1 security community in APAC and empowers the industry with free security tools. 

ThreatBook is accredited by Singapore’s Infocomm Media Development Authority (IMDA), recognized for the company’s innovative and robust suite of agentic security solutions. Furthermore, leading analyst firm Forrester recognized ThreatBook in Forrester’s Network Analysis and Visibility Solutions Landscape, Q2 2025 report, whereby ThreatBook was one of a limited number of vendors cited. ThreatBook received two accolades at the CybersecAsia Readers’ Choice Awards 2026: the “Best in AI-Powered Cybersecurity” award; and the “Rising Star” award. More recently, ThreatBook TDP was recognized by Gartner Peer InsightsTM as a ‘strong performer’ in the 2026 Voice of the Customer report for Network Detection and Response (NDR).

To learn more, visit www.threatbook.io or follow us on LinkedIn.

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SOURCE ThreatBook

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Nexteer Announces First Share Repurchase Programme of Up to US$60 Million

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Programme reflects confidence in long-term prospects and commitment to disciplined capital allocation.

HONG KONG, Nov. 12, 2026 /PRNewswire/ — Nexteer Automotive today announced that its Board of Directors has approved on November 12, 2026, the Company’s first share repurchase programme of up to US$60 million, equivalent to approximately HK$471 million.

The programme reflects the Board’s confidence in Nexteer’s business and long-term prospects. The Group’s strong liquidity position supports returning capital to shareholders while continuing to invest in the business and its future development.

Disciplined Capital Allocation

The programme complements Nexteer’s dividend distributions and represents a further step in returning capital to shareholders. It follows the dividend paid out in July 2026 of approximately US$46 million, representing 45% of the Company’s net income attributable to shareholders for the year ending December 31, 2025 —and the highest dividend payout ratio in the Company’s history.

Nexteer remains committed to disciplined capital allocation, balancing investment in the business with opportunities to enhance shareholder returns and create long-term value.

Share Repurchase Programme Details

Repurchases will be made on The Stock Exchange of Hong Kong Limited under the general repurchase mandate granted by shareholders on June 17, 2026, in accordance with applicable listing rules, laws and regulations and the Company’s memorandum and articles of association. The Company may cancel any shares repurchased at the relevant times of the repurchases.

The programme is expected to run from Board approval until the conclusion of Nexteer’s next annual general meeting, unless amended or terminated earlier by the Board. Implementation will depend on market conditions, the Company’s capital requirements and the Board’s continuing assessment. The timing, number and price of repurchases will be determined from time to time at the Board’s discretion. There is no assurance as to the timing, quantity or price of any repurchase, or that the programme will be implemented in full or at all. Shareholders and potential investors are advised to exercise caution when dealing in the Company’s securities.

ABOUT NEXTEER AUTOMOTIVE  

Nexteer Automotive (HK 1316) is a global leading motion control technology company accelerating mobility to be safe, green and exciting. Our innovative portfolio supports by-wire chassis control, including electric and hydraulic power steering systems, steer-by-wire and rear-wheel steering systems, steering columns and intermediate shafts, driveline systems, software solutions and brake-by-wire. The company solves motion control challenges across all megatrends – including electrification, software/connectivity, ADAS/automated driving and shared mobility – for global and domestic OEMs around the world including BMW, Ford, GM, RNM, Stellantis, Toyota and VW, as well as automakers in India and China including BYD, Xiaomi, ChangAn, Li Auto, Chery, Great Wall, Geely, Xpeng and others. www.nexteer.com  

Visit Nexteer’s Investor Announcements

 

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SOURCE Nexteer Automotive

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Nanjing Offers a Window into the Yangtze River’s Cultural Heritage and Renewal

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NANJING, China, Nov. 11, 2026 /PRNewswire/ — Flowing from west to east across China, the Yangtze River connects regions with distinct traditions and a shared cultural heritage. On November 10, scholars and cultural experts from across the river basin gathered in Nanjing for an event themed “One River, a Shared Heritage: Embracing a New Era.” Hosted by the Publicity Department of the CPC Nanjing Municipal Committee and organized by the Nanjing Yangtze River Culture Institute and other partners, the gathering brought together participants from the Bashu (Sichuan and Chongqing), Yunnan–Guizhou, Hubei, Hunan, Jiangxi–Anhui and lower Yangtze cultural regions to explore the richness of Yangtze River culture. Two research publications were released: the Blue Book of Yangtze River Culture: Report on Yangtze River Cultural Development (2025–2026) and the China Yangtze River Cultural Development City Index Report (2026).

Situated where the Yangtze River Economic Belt and the Yangtze River Delta integration initiative intersect, Nanjing is also a key city in the development of the Yangtze River National Cultural Park. In recent years, the city has worked to restore the river’s natural environment while preserving and sharing the cultural heritage along its banks, seeking to set an example for other communities along the Yangtze. Drawing on the historic sites lining its waterfront and its own transformation into a modern city, Nanjing has expanded research into the river’s cultural legacy and encouraged literature and art inspired by the Yangtze. The city is also exploring what that heritage means today, bringing academic research together with new approaches to cultural preservation and public engagement. These efforts offer a revealing glimpse of how the river’s history and traditions can be kept alive and made relevant to contemporary life.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nanjing-offers-a-window-into-the-yangtze-rivers-cultural-heritage-and-renewal-302937090.html

SOURCE Nanjing Municipal Committee Propaganda Department

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