External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For 2Q25, Baidu reported below-consensus results, with revenue of CNY32.7bn (-4% YoY) and operating profit of CNY3.3bn (-45% YoY).</li><li>Online marketing revenue saw a sharper decline (-16% YoY), hurt by sluggish macro conditions in China and intensifying search engine competition.</li><li>Revenue from iQIYI also declined 11% YoY. In contrast, cloud revenue saw solid growth (+27% YoY). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

For 2Q25, Baidu reported below-consensus results, with revenue of CNY32.7bn (-4% YoY) and operating profit of CNY3.3bn (-45% YoY).Online marketing revenue saw a sharper decline (-16% YoY), hurt by sluggish macro conditions in China and intensifying search engine competition.Revenue from iQIYI also declined 11% YoY. In contrast, cloud revenue saw solid growth (+27% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (9888 HK/Hold)Accelerating Earnings Slowdown