A：The total revenue for Baidu's fourth quarter and fiscal year 2025 was RMB 26.1 billion.

A：AI Cloud infrastructure subscription-based revenue grew more than 200% year over year.

A：In 2025, Baidu's revenue from AI applications exceeded RMB 10 billion.

A：Apollo Gold delivered over 3.4 million fully driverless operational rides in the quarter.

A：Baidu announced the proposed listing of Kun Lun, marking more than a decade of investment in self-developed AI chips and validating their market recognition and performance.

A：Subscription-based revenue from AI accelerator infrastructure grew ed year over year, achieving triple-digit growth for the full year 2025.

A：Baidu has advanced its proprietary foundation models with the launch of an updated version, maintained a clear application-driven approach, and restructured its model development organization into dedicated teams for state-of-the-art capabilities and model tuning for specific business needs.

A：Baidu is pioneering AI applications to solve complex real-world problems for individuals and enterprises, with a focus on AI search transformation, AI generated infographics, and integrated capabilities across various scenarios such as e-commerce, healthcare, and local services.

A：The integration of Open Claw into Baidu's app allows almost half of the Chinese population to access cutting-edge AI capabilities through the MAU of around 700 million users. This has led to improvements in user experience and an increase in MAU for Ernie Assistant, as well as the scaling of AI search API adoption with a 110% increase in call volume quarter over quarter.

A：Baidu's Digital Humans are engaging more users, with the number of live streams on the platform increasing nearly 200% year over year. The technology is expanding beyond Baidu's platforms to empower the broader industry with partnerships, and the production costs have declined significantly, making it more cost-effective for wider adoption.

A：Malta, Baidu's no-code coding platform, has seen users create over 1 million AI applications without writing a single line of code. This indicates strong progress and opens up opportunities for even greater possibilities in AI application development.

A：The new PSIG brings together Baidu Wenfu and Baidu Drive to foster collaboration and deliver innovations like FreeCanvas and JamFlow. This consolidation is expected to lead to deeper integration and more robust growth through application layer innovation.

A：Apollo Go has experienced accelerated scaling, with significant progress in global expansion and fully driverless operations. Notable milestones include achieving 3.4 million fully driverless operational rides in Q4, expanding into new markets like the UK, Switzerland, South Korea, and Hong Kong, and receiving testing permits in Abu Dhabi and Dubai. The global footprint of Apollo Gold reached 65 cities, demonstrating its scalability across diverse environments.

A：The company plans to accelerate expansion to more cities globally while improving operational excellence and unit economics. It expects more cities to achieve positive unit economics over time, supported by its growing experience across diverse markets and a focus on safety.

A：Key milestones include the proposed spin-off and separate listing of Kun Lun Xin, a new $5 billion share repurchase program, and the adoption of a dividend policy for the first time. The company has also sharpened its focus on high potential AI applications by forming the PSIG and integrating Baidu Wenku and Baidu Drive.

A：Baidu's total revenues for the fourth quarter of 2025 were RMB 32.7 billion, an increase of 5% quarter over quarter. For the full year 2025, total revenues were RMB 129.1 billion, a decrease of 3% year over year.

A：The impairment of long-lived assets was RMB 16.2 billion in 2025, which affected operating income. Core operating income was RMB 18.4 billion and the operating loss margin was 5%.

A：For Q4, non GAAP operating income was RMB 3.0 billion with a non GAAP operating margin of 9%. GAAP operating loss was RMB 5.8 billion with an operating loss margin of 5%. Net income attributable to Baidu was RMB 1.8 billion with a net margin of 5% and diluted earnings per ADS of RMB 3.71. Non GAAP net income attributable to Baidu was RMB 3.9 billion with a non GAAP net margin of 12% and non-GAAP diluted earnings per ADS of RMB 10.62. For 2025, GAAP net income attributable to Baidu was RMB 5.6 billion with a net margin of 4% and diluted earnings per ADS of RMB 11.78, excluding the impact of impairment of long-lived assets. Non GAAP net income attributable to Baidu was RMB 19.4 billion with a net margin of 15% and non-GAAP diluted earnings per ADS of RMB 53.41.

A：As of December 31, 2025, total cash and investments were RMB 294.1 billion in Q4, while operating cash flow was negative RMB 3.0 billion. For the year 2025, operating cash flow was negative RMB 3.0 billion, which remained positive for the past 16 consecutive quarters.

A：The key growth driver behind the robust revenue growth of Baidu AI Clouds in 2025 was subscription-based revenue from AI accelerator infrastructure, which grew 143% year over year in Q4 and became the primary growth driver, demonstrating strong momentum.

A：Baidu is confident in sustaining strong growth momentum in AI Clouds in 2026 due to the accelerating enterprise AI adoption and the demand growth in both training and inference workflows. The company expects the demand for AI computing to keep expanding, creating significant opportunities ahead, underpinned by Baidu's full-stack end-to-end AI architecture and industry leading AI infrastructure.

A：Col serves as a key component of Baidu's own cloud platforms, playing an important role in computing power and supporting the overall AI demand.

A：Baidu has launched simplified open cloud deployment on AI Cloud, which streamlines the process for users without coding skills to deploy their own open agents.

A：Baidu's core AI power business includes AI cloud infrastructure, AI applications such as Baidu and Baidu Drive, and AI native marketing services including agents and digital humans.

A：AI Cloud Infrastructure supports enterprises scaling AI from pilot to production with strong performance at competitive costs, with revenue growing faster than the industry average. AI applications have one of China's most comprehensive portfolios and see significant expansion potential. Apollo, Baidu's autonomous driving project, is scaling rapidly and expanding internationally with a focus on safety and efficiency. AI native marketing services improve engagement and conversion with strong market adoption.

A：Baidu's core AI capabilities continuously reinforce each other through four stack capabilities, and the company believes that these core AI capabilities will become the majority of Baidu's business in the foreseeable future.

A：Baidu's framework for capital allocation includes enhancing disclosures, improving operational efficiency, optimizing organizational structure, and advancing the spin-off and listing of Kuzin. It also includes a new $5 billion share repurchase program and the introduction of a dividend policy, reflecting a commitment to creating shareholder value and improving the return profile.

A：Baidu is making good progress with the listing process of the Apollo business, which is seen as a critical infrastructure component of the AI stack. The business is expected to receive strong market recognition and unlock significant value for Baidu. Baidu remains committed to delivering sustainable and consistent returns to shareholders through various initiatives.

A：Baidu's strategy for Robux involves continuous delivery of safe autonomous driving, resulting in a positive reception in more countries and regions. The company has established a presence in 26 cities across different continents with a strong global footprint. Its vehicles work reliably in various traffic patterns and urban environments. Baidu has a cost advantage, offering the world's first purpose-built production vehicle designed for level 4 autonomy at under $30,000 per vehicle. The company has also achieved operational efficiency, as evidenced by reaching a cost-per-mile breakeven point in Wuhan.

A：To accelerate global expansion, the company is leveraging diverse strategic partnerships with companies like Uber and Lyft in London and Uber in Dubai. These partnerships aim to drive faster and more efficient market expansion.

A：The strategic priorities for the current focus area include aggressively scaling up operations with more vehicles to ensure safe and comfortable experiences, continuously improving unit economics to achieve UE breakeven in more cities, and expanding with flexible business models both domestically and internationally.

A：The company recognizes the highly competitive nature of the consumer facing AI market, with aggressive strategies from competitors to rapidly scale user base. However, it remains committed to its core strategy grounded in actual user needs. The company aims to differentiate its products through AI innovations that enhance the user experience.

A：Recent advancements include enhanced capabilities of the AI 2 C product line, particularly in information retrieval, assistance, and error rates. The company is integrating multilingual AI search API capabilities to enrich information sources and has seen strong growth in the number of conversation rounds and engagements. Early assistance has surpassed 200 million users. The company is exploring various ways to monetize these AI products, prioritizing product and experience maturity before considering monetization.

A：The company assesses the return profile of AI investments by focusing on improving financial performance, with positive results in gross profit and operating income. It has also managed to improve cash flow, with operating cash flow turning positive and sustaining throughout the quarter. The company continues to maintain a healthy long-term financing structure while balancing AI investments and profitability. The belief is that with significant AI investment, operating cash flow will remain positive going forward.