{"slug":"baidu","name":"바이두","name_en":"Baidu","ticker":"9888.HK","updated_at":"2026-07-12T04:15:08.054+00:00","canonical":"https://valuechain.wiki/baidu","citable":"밸류체인 그래프 기준 바이두의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 1·투자 1)이고, 사슬을 2차까지 넓히면 37곳에 닿는다. 링크의 근거 출처는 10건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Baidu is directly linked to 3 companies (1 supply, 1 revenue, 1 investment relationships) and reaches 37 companies within two hops; the links are backed by 10 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"항셍 지수","kicker_en":"Hang Seng Index","lead":"중국 최대 검색엔진을 기반으로 AI 클라우드, 파운데이션 모델 어니(ERNIE), 자율주행 로보택시 아폴로고로 사업을 넓힌 인터넷 기업이다. 2025년 매출은 1,291억 위안(185억 달러)으로, 온라인 마케팅 부진을 AI 클라우드 성장이 일부 상쇄했다. 자체 AI 칩 쿤룬신을 분사해 홍콩 상장을 추진하며 중국 시장에서 엔비디아 대안으로 부상하고 있다. 바이두 앱 월간이용자는 2025년 12월 6억7,900만 명이다.","lead_en":"An internet company built on China's largest search engine, expanding into AI cloud, its in-house ERNIE foundation models, and Apollo Go autonomous robotaxis. 2025 revenue was RMB129.1 billion (US$18.5 billion), as AI cloud growth partly offset weaker online marketing. Baidu is spinning off its Kunlunxin AI chip unit toward a Hong Kong listing, emerging as a domestic alternative to NVIDIA. Baidu App had 679 million monthly active users in December 2025.","segments":{"note":"2025년 4분기부터 '바이두 코어'를 '바이두 제너럴 비즈니스'로 재정의","parts":[{"desc":"검색·피드 광고(2년 연속 감소)와 고성장 AI 클라우드가 공존하는 본업 — 광고 감소를 클라우드가 상쇄하는 전환 구도로, 매출 믹스가 광고에서 AI 인프라로 옮겨가는 중이다.","name":"바이두 코어(제너럴 비즈니스): 온라인 마케팅·AI 클라우드","value":"¥1,025억 (2025, -2%)"},{"desc":"동영상 스트리밍 자회사 — 콘텐츠 슬레이트에 따라 실적이 출렁이는 부문으로, 2025년은 콘텐츠 축소로 매출·비용 모두 감소했다.","name":"아이치이(iQIYI) 동영상 스트리밍","value":"¥273억 (2025, -7%)"}],"total":"¥1,291억 (2025, US$185억)"},"segments_en":{"note":"Baidu Core renamed Baidu General Business from Q4 2025","parts":[{"desc":"The core, where declining search/feed advertising (down for a second year) coexists with fast-growing AI Cloud — a transition in which cloud offsets the ad decline, shifting the revenue mix from advertising toward AI infrastructure.","name":"Baidu Core (General Business): online marketing + AI Cloud","value":"CN¥102.5B (2025, -2%)"},{"desc":"The video-streaming subsidiary — results swing with the content slate; in 2025 both revenue and costs fell on a lighter lineup.","name":"iQIYI video streaming","value":"CN¥27.3B (2025, -7%)"}],"total":"approx. CN¥129.1B (2025, US$18.5B)"},"returns_yearly":{"2022":-8.2,"2023":-23.4,"2024":-13.5,"2025":74.2,"2026":-24.5},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"beijing-kingsoft-office-software","name":"킹소프트 오피스","name_en":"Beijing Kingsoft Office Software","tier":1,"returns_yearly":{"2021":-41.3,"2022":16,"2023":-23.7,"2024":47.1,"2025":7.6,"2026":-30.2}}],"benefiting":[{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":1,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"trip-com-group","name":"트립닷컴그룹(씨트립)","name_en":"Trip.com Group","tier":1,"returns_yearly":{"2022":44.5,"2023":-3,"2024":95.8,"2025":-12.2,"2026":-31.6}},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":2,"returns_yearly":{"2025":1082.1,"2026":260.5}},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":2,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"murata","name":"Murata","name_en":"Murata Manufacturing","tier":2,"returns_yearly":{"2021":-14,"2022":-11.7,"2023":24.7,"2024":-16.5,"2025":29.9,"2026":217.4}},{"slug":"nanya-pcb","name":"난야PCB","name_en":"Nan Ya PCB","tier":2,"returns_yearly":{"2021":110.6,"2022":-46.7,"2023":-0.5,"2024":-38.3,"2025":188.2,"2026":213.4}},{"slug":"ase","name":"ASE테크놀로지","name_en":"ASE Technology","tier":2,"returns_yearly":{"2021":38.3,"2022":-12.8,"2023":60.9,"2024":10.1,"2025":65.6,"2026":167.6}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":2,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":2,"returns_yearly":{"2025":25.6,"2026":148.2}},{"slug":"ibiden","name":"Ibiden","name_en":"Ibiden","tier":2,"returns_yearly":{"2021":30.4,"2022":-19.6,"2023":51.6,"2024":-38.6,"2025":261,"2026":147.1}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":2,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"unimicron","name":"유니마이크론","name_en":"Unimicron","tier":2,"returns_yearly":{"2021":133.5,"2022":-30.2,"2023":35.2,"2024":-19.7,"2025":175.7,"2026":131.6}},{"slug":"corning","name":"Corning","name_en":"Corning","tier":2,"returns_yearly":{"2021":5.9,"2022":-11.6,"2023":-1.2,"2024":60.6,"2025":87.8,"2026":118.8}},{"slug":"lumentum","name":"Lumentum","name_en":"Lumentum","tier":2,"returns_yearly":{"2021":11.6,"2022":-50.7,"2023":0.5,"2024":60.1,"2025":339.1,"2026":117.6}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":2,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"onsemi","name":"onsemi","name_en":"onsemi","tier":2,"returns_yearly":{"2021":107.5,"2022":-8.2,"2023":33.9,"2024":-24.5,"2025":-14.1,"2026":77.2}},{"slug":"coherent","name":"Coherent","name_en":"Coherent","tier":2,"returns_yearly":{"2021":-10,"2022":-48.6,"2023":24,"2024":117.6,"2025":94.8,"2026":75.8}},{"slug":"eoptolink","name":"Eoptolink","name_en":"Eoptolink","tier":2,"returns_yearly":{"2021":-10.1,"2022":-27.7,"2023":136.6,"2024":197,"2025":368.8,"2026":74.9}},{"slug":"innolight","name":"InnoLight","name_en":"InnoLight","tier":2,"returns_yearly":{"2021":-30.7,"2022":-18.3,"2023":253.7,"2024":12,"2025":468.1,"2026":68.8}},{"slug":"keysight","name":"Keysight","name_en":"Keysight Technologies","tier":2,"returns_yearly":{"2021":56.3,"2022":-17.2,"2023":-7,"2024":1,"2025":26.5,"2026":58.5}},{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","tier":2,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"monolithic-power","name":"Monolithic Power","name_en":"Monolithic Power","tier":2,"returns_yearly":{"2021":35.5,"2022":-27.8,"2023":79.8,"2024":-5.6,"2025":54.5,"2026":49.8}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":2,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":2,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"abb","name":"ABB","name_en":"ABB","tier":2,"returns_yearly":{"2021":23.9,"2022":7.3,"2023":18.9,"2024":39,"2025":36.1,"2026":27.2}},{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","tier":2,"returns_yearly":{"2021":-5.9,"2022":0.6,"2023":35.3,"2024":21.2,"2025":-23.8,"2026":24}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":2,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":2,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":2,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":2,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":2,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":2,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":2,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":2,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":2,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"samsung-electro-mechanics","name":"삼성전기","name_en":"Samsung Electro-Mechanics","tier":3,"returns_yearly":{"2021":-11.8,"2022":-18.5,"2023":-1.4,"2024":-2.5,"2025":110,"2026":467.7}},{"slug":"jusung-engineering","name":"주성엔지니어링","name_en":"Jusung Engineering","tier":3,"returns_yearly":{"2021":127.9,"2022":-42.6,"2023":173.3,"2024":-3.1,"2025":30.7,"2026":364.1}},{"slug":"sumco","name":"섬코","name_en":"SUMCO Corporation","tier":3,"returns_yearly":{"2021":-4.3,"2022":-3.9,"2023":21.3,"2024":-48.1,"2025":41.7,"2026":225.8}},{"slug":"psk-inc","name":"피에스케이","name_en":"PSK Inc","tier":3,"returns_yearly":{"2021":22.7,"2022":-19.6,"2023":14.2,"2024":-2.6,"2025":228.2,"2026":208}},{"slug":"lg-innotek","name":"LG이노텍","name_en":"LG Innotek","tier":3,"returns_yearly":{"2021":78.2,"2022":-22,"2023":-28.8,"2024":-22.1,"2025":66.8,"2026":204.6}},{"slug":"arm","name":"Arm Holdings","name_en":"Arm Holdings","tier":3,"returns_yearly":{"2024":64.2,"2025":-11.4,"2026":195.8}},{"slug":"globalwafers","name":"GlobalWafers","name_en":"GlobalWafers","tier":3,"returns_yearly":{"2021":26.9,"2022":-29.9,"2023":14.3,"2024":-39,"2025":48.9,"2026":171.6}},{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","tier":3,"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"kulicke-soffa","name":"Kulicke & Soffa","name_en":"Kulicke & Soffa","tier":3,"returns_yearly":{"2021":92.4,"2022":-25.8,"2023":25.5,"2024":-13.2,"2025":-0.3,"2026":150.1}},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":3,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"arteris","name":"Arteris","name_en":"Arteris","tier":3,"returns_yearly":{"2022":-79.6,"2023":37,"2024":73,"2025":52.1,"2026":124.3}},{"slug":"formfactor","name":"FormFactor","name_en":"FormFactor","tier":3,"returns_yearly":{"2021":6.3,"2022":-51.4,"2023":87.6,"2024":5.5,"2025":26.8,"2026":110.7}},{"slug":"kc-tech","name":"케이씨텍","name_en":"KC Tech","tier":3,"returns_yearly":{"2021":-24.2,"2022":-6.1,"2023":57.9,"2024":5.9,"2025":56.7,"2026":108.1}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":3,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"jcet","name":"JCET","name_en":"JCET (Jiangsu Changjiang Electronics)","tier":3,"returns_yearly":{"2021":-34,"2022":0.2,"2023":-15.2,"2024":73.3,"2025":28,"2026":104.6}},{"slug":"onto-innovation","name":"Onto Innovation","name_en":"Onto Innovation","tier":3,"returns_yearly":{"2021":112.9,"2022":-32.7,"2023":124.6,"2024":9,"2025":-5.3,"2026":103.6}},{"slug":"simmtech","name":"심텍","name_en":"Simmtech","tier":3,"returns_yearly":{"2021":119.6,"2022":-34.6,"2023":12.4,"2024":-63.3,"2025":392.9,"2026":94.9}},{"slug":"daeduck","name":"대덕전자","name_en":"Daeduck Electronics","tier":3,"returns_yearly":{"2021":64.2,"2022":-0.3,"2023":13.3,"2024":-22.7,"2025":250.2,"2026":92.1}},{"slug":"kla","name":"KLA","name_en":"KLA","tier":3,"returns_yearly":{"2021":68,"2022":-11.2,"2023":56,"2024":9.4,"2025":94.5,"2026":91}},{"slug":"tower-semiconductor","name":"Tower Semiconductor","name_en":"Tower Semiconductor","tier":3,"returns_yearly":{"2021":53.7,"2022":8.9,"2023":-29.4,"2024":68.8,"2025":128,"2026":89.7}},{"slug":"screen-holdings","name":"SCREEN Holdings","name_en":"SCREEN Holdings","tier":3,"returns_yearly":{"2021":40.7,"2022":-13.2,"2023":220.1,"2024":-24.1,"2025":84.9,"2026":86.3}},{"slug":"teradyne","name":"Teradyne","name_en":"Teradyne","tier":3,"returns_yearly":{"2021":36.8,"2022":-46.3,"2023":24.8,"2024":16.5,"2025":54.4,"2026":85.9}},{"slug":"asmpt","name":"ASMPT","name_en":"ASMPT","tier":3,"returns_yearly":{"2021":-29,"2022":-12.4,"2023":21.8,"2024":-4.8,"2025":47.6,"2026":82}},{"slug":"resonac","name":"Resonac","name_en":"Resonac","tier":3,"returns_yearly":{"2021":-2.6,"2022":-4,"2023":37.5,"2024":30.3,"2025":137.9,"2026":80.4}},{"slug":"macom","name":"MACOM","name_en":"MACOM Technology","tier":3,"returns_yearly":{"2021":42.3,"2022":-19.6,"2023":47.6,"2024":39.8,"2025":31.8,"2026":80.1}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":3,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"qnity-electronics","name":"퀴니티 일렉트로닉스","name_en":"Qnity Electronics","tier":3,"returns_yearly":{"2026":76.3}},{"slug":"entegris","name":"Entegris","name_en":"Entegris","tier":3,"returns_yearly":{"2021":44.6,"2022":-52.5,"2023":83.5,"2024":-17.1,"2025":-14.6,"2026":72.8}},{"slug":"kokusai-electric","name":"Kokusai Electric","name_en":"Kokusai Electric","tier":3,"returns_yearly":{"2024":-35.4,"2025":165.3,"2026":70}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":3,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"global-unichip","name":"Global Unichip","name_en":"Global Unichip","tier":3,"returns_yearly":{"2021":21.4,"2022":67.6,"2023":99.4,"2024":-13.7,"2025":101.4,"2026":66.4}},{"slug":"ajinomoto","name":"Ajinomoto","name_en":"Ajinomoto","tier":3,"returns_yearly":{"2021":31,"2022":36,"2023":44.5,"2024":4,"2025":14.1,"2026":63.7}},{"slug":"foosung","name":"후성","name_en":"Foosung","tier":3,"returns_yearly":{"2021":59.9,"2022":-33.5,"2023":-34.5,"2024":-39.1,"2025":67.4,"2026":62.2}},{"slug":"besi","name":"BESI","name_en":"BESI","tier":3,"returns_yearly":{"2021":33.7,"2022":-6.1,"2023":121.8,"2024":-9.3,"2025":35,"2026":56.2}},{"slug":"fujimi","name":"Fujimi","name_en":"Fujimi Incorporated","tier":3,"returns_yearly":{"2021":64.7,"2022":-1.6,"2023":40.4,"2024":-24.2,"2025":28.4,"2026":54.6}},{"slug":"eugene-tech","name":"유진테크","name_en":"Eugene Technology","tier":3,"returns_yearly":{"2021":28.1,"2022":-45.1,"2023":64.1,"2024":-12.6,"2025":202.5,"2026":49.5}},{"slug":"montage","name":"Montage Technology","name_en":"Montage Technology","tier":3,"returns_yearly":{"2021":-18.2,"2022":-21.8,"2023":-18,"2024":51.4,"2025":169,"2026":47.4}},{"slug":"gigabyte","name":"기가바이트","name_en":"Gigabyte Technology","tier":3,"returns_yearly":{"2021":82.3,"2022":-3.4,"2023":173.2,"2024":-15.9,"2025":-4.7,"2026":44.4}},{"slug":"shin-etsu","name":"신에쓰화학","name_en":"Shin-Etsu Chemical","tier":3,"returns_yearly":{"2021":6.3,"2022":3.1,"2023":57.8,"2024":-15.6,"2025":7.6,"2026":44}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":3,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":43.2}},{"slug":"tokyo-ohka","name":"Tokyo Ohka Kogyo","name_en":"Tokyo Ohka Kogyo (TOK)","tier":3,"returns_yearly":{"2021":-2.7,"2022":-3,"2023":63.8,"2024":4.3,"2025":111.5,"2026":42.9}},{"slug":"camtek","name":"Camtek","name_en":"Camtek","tier":3,"returns_yearly":{"2021":110.1,"2022":-52.3,"2023":215.9,"2024":18.3,"2025":31.7,"2026":35.2}},{"slug":"ebara","name":"Ebara","name_en":"Ebara","tier":3,"returns_yearly":{"2021":58.1,"2022":2.3,"2023":76.1,"2024":41,"2025":84,"2026":32.3}},{"slug":"asm-international","name":"ASM International","name_en":"ASM International","tier":3,"returns_yearly":{"2021":44.2,"2022":2.9,"2023":68.7,"2024":10.3,"2025":25.9,"2026":28.8}},{"slug":"powertech","name":"파워텍 (PTI)","name_en":"Powertech Technology (PTI)","tier":3,"returns_yearly":{"2021":4.8,"2022":-7.5,"2023":86,"2024":-16,"2025":128.6,"2026":26}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":3,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":25.1}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":24.1}},{"slug":"air-products","name":"에어프로덕츠","name_en":"Air Products and Chemicals","tier":3,"returns_yearly":{"2021":13.8,"2022":3.9,"2023":-9,"2024":8.1,"2025":-12.7,"2026":23.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","tier":3,"returns_yearly":{"2021":78.9,"2022":2.4,"2023":57,"2024":-60.6,"2025":138.9,"2026":22.4}},{"slug":"mitsubishi-electric","name":"미쓰비시전기","name_en":"Mitsubishi Electric","tier":3,"returns_yearly":{"2021":-8.1,"2022":2.5,"2023":58.7,"2024":19.1,"2025":91,"2026":21.3}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"sumitomo-chemical","name":"스미토모화학","name_en":"Sumitomo Chemical","tier":3,"returns_yearly":{"2021":19.6,"2022":-9.1,"2023":-27.7,"2024":-2.2,"2025":43.9,"2026":16}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"nepes","name":"네패스","name_en":"Nepes","tier":3,"returns_yearly":{"2021":-29.5,"2022":-44,"2023":6.7,"2024":-62.7,"2025":179.2,"2026":15.1}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"merck-kgaa","name":"Merck KGaA","name_en":"Merck KGaA (EMD)","tier":3,"returns_yearly":{"2021":42.2,"2022":-0.4,"2023":-19.1,"2024":-2.5,"2025":-12.7,"2026":13.5}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":3,"returns_yearly":{"2021":14.1,"2022":7.9,"2023":20.9,"2024":8.5,"2025":-4.8,"2026":12.5}},{"slug":"disco","name":"디스코","name_en":"Disco Corporation","tier":3,"returns_yearly":{"2021":-6.6,"2022":27.7,"2023":218.5,"2024":11.6,"2025":49.6,"2026":10.2}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"wonik-ips","name":"원익IPS","name_en":"Wonik IPS","tier":3,"returns_yearly":{"2021":-19.7,"2022":-19.8,"2023":-0.2,"2024":-25.5,"2025":408.8,"2026":9.3}},{"slug":"siemens-energy","name":"Siemens Energy","name_en":"Siemens Energy","tier":3,"returns_yearly":{"2021":-35.4,"2022":-2.7,"2023":-27,"2024":314.2,"2025":149.9,"2026":5.7}},{"slug":"hanmi-semiconductor","name":"한미반도체","name_en":"Hanmi Semiconductor","tier":3,"returns_yearly":{"2021":98.5,"2022":-21.7,"2023":313.1,"2024":93.7,"2025":87.9,"2026":5.5}},{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":3,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"softbank","name":"소프트뱅크그룹","name_en":"SoftBank Group","tier":3,"returns_yearly":{"2021":10.2,"2022":9.9,"2023":39.2,"2024":6.5,"2025":8.5,"2026":3.2}},{"slug":"qorvo","name":"코보","name_en":"Qorvo","tier":3,"returns_yearly":{"2021":-5.9,"2022":-42,"2023":24.2,"2024":-37.9,"2025":20.8,"2026":1.5}},{"slug":"eo-technics","name":"이오테크닉스","name_en":"EO Technics","tier":3,"returns_yearly":{"2021":7.6,"2022":-28.2,"2023":130.5,"2024":-16.2,"2025":163.2,"2026":0.7}},{"slug":"isc","name":"아이에스시","name_en":"ISC","tier":3,"returns_yearly":{"2021":43.2,"2022":14.2,"2023":116.5,"2024":-11.9,"2025":126.8,"2026":0.3}},{"slug":"hd-hyundai-electric","name":"HD Hyundai Electric","name_en":"HD Hyundai Electric","tier":3,"returns_yearly":{"2021":4.2,"2022":132.5,"2023":159.4,"2024":300.5,"2025":120.2,"2026":-3.7}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"canon","name":"캐논","name_en":"Canon","tier":3,"returns_yearly":{"2021":22.5,"2022":11.1,"2023":46.4,"2024":27,"2025":-3.2,"2026":-5.6}},{"slug":"lg-display","name":"LG디스플레이","name_en":"LG Display","tier":3,"returns_yearly":{"2021":-6.8,"2022":-30.9,"2023":-8.5,"2024":-20.6,"2025":26.2,"2026":-5.7}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"park-systems","name":"파크시스템스","name_en":"Park Systems","tier":3,"returns_yearly":{"2021":25.1,"2022":1.6,"2023":41.6,"2024":37.3,"2025":28.9,"2026":-11.2}},{"slug":"byd","name":"BYD","name_en":"BYD","tier":3,"returns_yearly":{"2021":-6.5,"2022":10.5,"2023":-28.5,"2024":58.9,"2025":8.7,"2026":-12.7}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"dongjin-semichem","name":"동진쎄미켐","name_en":"Dongjin Semichem","tier":3,"returns_yearly":{"2021":28.1,"2022":-13.7,"2023":16.1,"2024":-42.8,"2025":160.1,"2026":-15.8}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"unitest","name":"유니테스트","name_en":"Uni Test","tier":3,"returns_yearly":{"2021":23.4,"2022":-57.8,"2023":11.3,"2024":-1.6,"2025":6.8,"2026":-24.8}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":3,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-27.4}},{"slug":"enf-technology","name":"이엔에프테크놀로지","name_en":"ENF Technology","tier":3,"returns_yearly":{"2021":-32.9,"2022":-23.6,"2023":1.3,"2024":-16.1,"2025":204.6,"2026":-28.4}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":3,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"sfa-semicon","name":"SFA반도체","name_en":"SFA Semicon","tier":3,"returns_yearly":{"2021":-5.8,"2022":-34.1,"2023":48.7,"2024":-48.7,"2025":139.8,"2026":-31.8}},{"slug":"soulbrain","name":"솔브레인","name_en":"Soulbrain","tier":3,"returns_yearly":{"2021":-8.2,"2022":-3.9,"2023":16.6,"2024":-37.6,"2025":192.8,"2026":-35.9}},{"slug":"sns-tech","name":"에스앤에스텍","name_en":"S&S Tech","tier":3,"returns_yearly":{"2021":-17.3,"2022":-5,"2023":45.8,"2024":-31.2,"2025":210.8,"2026":-47.5}},{"slug":"hanwha-semitech","name":"한화세미텍","name_en":"Hanwha Semitech","tier":3,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":3,"returns_yearly":null},{"slug":"sk-siltron","name":"SK실트론","name_en":"SK Siltron","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":3,"returns_yearly":null}],"analysis":"바이두의 핵심 논점은 성숙·감소하는 검색광고(코어 광고 2년 연속 -2%) 캐시카우 위에서 AI 클라우드·자체 칩·로보택시라는 세 성장 옵션이 얼마나 빨리 광고 공백을 메우느냐다. AI 클라우드가 2025년 성장을 견인해 온라인 마케팅 부진을 일부 상쇄했고, 자체 AI 가속기 쿤룬신(P800)은 미국 수출규제로 엔비디아 접근이 막힌 중국 시장에서 대안으로 부상하며 분사·홍콩 IPO로 가치를 현재화하려 한다. 아폴로고 로보택시는 누적 2천만 라이드·26개 도시로 확장하며 장기 옵션을 키운다. 그래프상 바이두는 엔비디아(H20)에 대한 비용 노드이자 광고주·기업 클라우드 고객에 대한 매출 노드로, 광고 사이클 회복 여부와 AI 인프라 자립(쿤룬 대체율)이 밸류에이션의 두 축이다.","analysis_en":"The core question for Baidu is how fast three growth options — AI cloud, in-house chips, robotaxis — fill the gap left by a mature, declining search-ad cash cow (Baidu Core marketing down for a second year at -2%). AI Cloud drove 2025 growth and partly offset weaker online marketing, while the in-house Kunlunxin (P800) accelerator is emerging as an alternative in a China market cut off from NVIDIA by U.S. export controls, with a spin-off and Hong Kong IPO to crystallize its value. Apollo Go robotaxis, at 20M cumulative rides across 26 cities, build the long-dated option. In graph terms Baidu is a cost node to NVIDIA (H20) and a revenue node to advertisers and enterprise-cloud customers, so the ad-cycle recovery and AI-infrastructure self-sufficiency (Kunlun substitution rate) are the two axes of valuation.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"광고주 (온라인 마케팅·검색 광고)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","as_of":"2025-12","basis":"온라인 마케팅 주력, 2년 연속 감소(-2%)","value":102500000000,"period":"2025 바이두 코어(제너럴 비즈니스) 매출","basis_en":"online marketing led, down 2% YoY"},"note":"검색·피드 광고를 사는 광고주가 최대 매출원. 바이두 코어 2025년 매출 1,025억 위안으로 온라인 마케팅 수요 둔화에 2년 연속 감소.","note_en":"Advertisers buying search-plus-feed marketing are Baidu's largest revenue source. Baidu Core 2025 revenue was RMB102.5B, down for a second year on soft online marketing demand.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-17","url":"https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm","title":"Baidu 2025 연차보고서 (Form 20-F)","title_en":"Baidu FY2025 Annual Report (Form 20-F)","excerpt":"2025년 바이두 코어 매출은 1,025억 위안(147억 달러)으로 2024년 1,047억 위안 대비 2% 감소했다. 온라인 마케팅 서비스는 여전히 주된 매출원이나 2024·2025년 감소했다.","excerpt_en":"Baidu Core revenue was RMB102.5 billion (US$14.7 billion) in 2025, decreasing by 2% compared to RMB104.7 billion in 2024. Revenue from online marketing services declined in 2024 and 2025."}]},{"direction":"cost","counterparty":"데이터센터·서버·대역폭 (클라우드 인프라)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","as_of":"2025-12","basis":"대역폭·감가상각·서버 위탁료 증가(+10%), 클라우드 확장","value":72436000000,"period":"2025 매출원가","basis_en":"bandwidth, depreciation, server custody fees up 10% on cloud expansion"},"note":"AI 클라우드 확장으로 대역폭·감가상각·서버 위탁료가 늘며 2025년 매출원가 724억 위안(+10%).","note_en":"AI Cloud expansion drove up bandwidth, depreciation and server custody fees, lifting 2025 cost of revenue to RMB72.4B (+10%).","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-17","url":"https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm","title":"Baidu 2025 연차보고서 (Form 20-F)","title_en":"Baidu FY2025 Annual Report (Form 20-F)","excerpt":"2025년 매출원가는 2024년 661억 위안에서 63억 위안(10%) 증가한 724억 위안(104억 달러)으로, 주로 클라우드 서비스 개발 관련 대역폭·감가상각·서버 위탁료 증가 때문이다.","excerpt_en":"Cost of revenue increased by RMB6.3 billion, or 10%, from RMB66.1 billion in 2024 to RMB72.4 billion (US$10.4 billion) in 2025, primarily due to an increase in bandwidth costs, depreciation costs and server custody fees, mainly related to development of cloud services."}]},{"direction":"revenue","counterparty":"승객·운영 도시 (아폴로고 로보택시)","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"누적 라이드","as_of":"2026-02","basis":"26개 도시, 중국 전 도시 100% 완전무인","value":20000000,"period":"아폴로고 누적(2026-02)","basis_en":"26 cities, 100% fully driverless across China ops"},"note":"자율주행 로보택시 아폴로고 유료 승객. 2026년 2월 기준 누적 2천만 라이드 돌파, 26개 도시로 확장.","note_en":"Paying passengers of Apollo Go robotaxis. Accumulated rides exceeded 20 million as of Feb 2026, expanding to 26 cities.","sources":[{"stance":"confirms","publisher":"Baidu IR","publisher_en":"Baidu IR","kind":"ir","lang":"en","published_at":"2026-05-20","url":"https://ir.baidu.com/news-releases/news-release-details/baidu-announces-first-quarter-2026-results/","title":"바이두 2026년 1분기 실적","title_en":"Baidu Q1 2026 results","excerpt":"Apollo Go delivered 3.2 million fully driverless rides in Q1 2026, up over 120% YoY; 10 million rides in 2025.","excerpt_en":"Apollo Go 10M driverless rides 2025; +120% Q1 2026."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-17","url":"https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm","title":"Baidu 2025 연차보고서 (Form 20-F)","title_en":"Baidu FY2025 Annual Report (Form 20-F)","excerpt":"2026년 2월 기준 아폴로고 누적 대중 제공 라이드가 2천만 회를 넘었다. 아폴로고의 글로벌 발자국은 26개 도시에 도달했다.","excerpt_en":"As of February 2026, the accumulated rides provided to the public by Apollo Go exceeded 20 million. Apollo Go's global footprint reached 26 cities."},{"stance":"confirms","publisher":"AI타임스","publisher_en":"AI Times (Korea)","kind":"news","lang":"ko","published_at":"2025-12-01","url":"https://www.aitimes.com/news/articleView.html?idxno=204400","title":"바이두, 엔비디아 격차 메울 중국 주요 칩 기업으로 부상","title_en":"Baidu emerges as a key Chinese AI chip player filling NVIDIA's gap","excerpt":"바이두 로보택시는 2025년 3분기 22개 도시에서 운행하며 운행 횟수가 전년동기 대비 212% 급증, 누적 1,700만 회를 돌파했다.","excerpt_en":"Baidu's robotaxi operated in 22 cities in Q3 2025 with rides up 212% YoY, surpassing 17 million cumulative rides."}]},{"direction":"revenue","counterparty":"기업·개발자 (AI 클라우드·ERNIE)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"AI 클라우드 인프라·AI 애플리케이션과 어니 모델을 쓰는 기업·공공·개발자. 온라인 마케팅 감소를 상쇄한 2025년 성장 동력.","note_en":"Enterprises, public sector and developers using AI Cloud infrastructure, AI Applications and ERNIE models. The 2025 growth driver that offset the online marketing decline.","sources":[{"stance":"confirms","publisher":"Baidu IR","publisher_en":"Baidu IR","kind":"ir","lang":"en","published_at":"2026-05-20","url":"https://ir.baidu.com/news-releases/news-release-details/baidu-announces-first-quarter-2026-results/","title":"바이두 2026년 1분기 실적","title_en":"Baidu Q1 2026 results","excerpt":"Revenue from Baidu Core's AI-powered business reached RMB 40.0 billion, up 48%; GPU Cloud revenue +184% YoY in Q1 2026.","excerpt_en":"Core AI revenue RMB 40bn (+48%); GPU cloud +184%."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-17","url":"https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm","title":"Baidu 2025 연차보고서 (Form 20-F)","title_en":"Baidu FY2025 Annual Report (Form 20-F)","excerpt":"2025년 매출 감소는 온라인 마케팅 감소가 원인이나 AI 클라우드 증가로 일부 상쇄됐다. 2025년부터 AI 클라우드 인프라를 유의미한 매출 기여 사업으로 별도 공시.","excerpt_en":"The 2025 decrease was primarily due to a decrease in online marketing revenue, partially offset by an increase in AI Cloud. From 2025 AI Cloud Infrastructure is disclosed as a business with meaningful revenue contribution."},{"stance":"mentions","publisher":"DBS Group Research","publisher_en":"DBS Group Research","kind":"research","lang":"en","published_at":"2025-11-14","url":"https://www.dbs.com.sg/treasures/aics/templatedata/article/recentdevelopment/data/en/DBSV/012021/9888_HK_11142025.xml","title":"Baidu World 2025 관전평 (DBS 리서치)","title_en":"Baidu Inc — Takeaways from Baidu World 2025","excerpt":"DBS는 바이두 월드 2025에서 어니 5.0과 AI 클라우드가 온라인 마케팅 부진을 상쇄할 핵심 성장축이라고 평가.","excerpt_en":"DBS notes at Baidu World 2025 that ERNIE 5.0 and AI Cloud are the key growth axes offsetting weak online marketing."}]},{"direction":"investment","counterparty":"트립닷컴 그룹 (지분법 투자)","counterparty_slug":"trip-com-group","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"트립닷컴 그룹 지분을 지분법으로 보유. 2032년 만기 교환사채가 보유 트립닷컴 주식을 참조. 2023·2024년 각 1,000만·1,300만 ADS 처분.","note_en":"Holds a Trip.com Group stake accounted for by the equity method; its 2032 Exchangeable Bonds reference Trip.com shares it holds. Disposed of 10M and 13M Trip ADSs in 2023 and 2024.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-17","url":"https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm","title":"Baidu 2025 연차보고서 (Form 20-F)","title_en":"Baidu FY2025 Annual Report (Form 20-F)","excerpt":"바이두는 트립닷컴 그룹에 투자했다. 2032년 교환사채는 홍콩 상장 트립닷컴 보통주를 참조하며, 그룹은 2023·2024년 각각 트립 ADS 1,000만·1,300만 주를 처분했다.","excerpt_en":"We invested in Trip.com Group Limited. The 2032 Exchangeable Bonds reference ordinary shares of Trip.com Group Limited; the Group disposed of an aggregate of 10 million and 13 million American Depositary Shares of Trip in 2023 and 2024, respectively."}]},{"direction":"investment","counterparty":"쿤룬신 (AI 칩, 분사 추진)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"자체 AI 가속기 쿤룬 — 2025년 중국 시장 11.6만장 출하(캠브리콘과 공동 4위), 분사·홍콩 IPO 추진(기업가치 $500억 보도).","note_en":"In-house Kunlun AI accelerators: 116k units shipped in China in 2025 (tied 4th with Cambricon); spin-off pursuing a HK IPO at a reported $50B valuation.","sources":[{"stance":"mentions","publisher":"BigGo Finance","publisher_en":"BigGo Finance","kind":"news","lang":"en","published_at":"2026-06-01","url":"https://finance.biggo.com/news/7933d78d-c31c-4742-8601-4bf095f43292","title":"바이두 쿤룬칩 분사·홍콩 IPO 추진","title_en":"Baidu's Kunlunxin spin-off eyes HK IPO","excerpt":"Kunlun Chip and Cambricon each shipped 116,000 units in 2025; Kunlunxin eyes a $50 billion Hong Kong IPO.","excerpt_en":"Kunlun shipped 116k units; $50B IPO reported."}]},{"direction":"cost","counterparty":"엔비디아 (AI 학습·추론 GPU)","counterparty_slug":"nvidia","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"어니 학습과 AI 클라우드용 엔비디아 GPU를 조달. 미국 수출규제로 H20 등 중국향 칩에 의존하며 자체 쿤룬 칩으로 대체를 확대 중.","note_en":"Procures NVIDIA GPUs for ERNIE training and AI Cloud. Constrained to China-specific chips like the H20 by U.S. export controls, while ramping its own Kunlun chips as a substitute.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-17","url":"https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm","title":"Baidu 2025 연차보고서 (Form 20-F)","title_en":"Baidu FY2025 Annual Report (Form 20-F)","excerpt":"미국의 반도체 수출규제가 첨단 AI 칩 확보에 영향을 미쳐 자체 기술·대체 칩 개발이 요구된다.","excerpt_en":"U.S. semiconductor export controls affect access to advanced AI chips, requiring development of proprietary technology and alternative chips."},{"stance":"confirms","publisher":"RCR Wireless","publisher_en":"RCR Wireless","kind":"news","lang":"en","published_at":"2025-09-23","url":"https://www.rcrwireless.com/20250923/ai-infrastructure/alibaba-chips","title":"알리바바·바이두, 자체 개발 AI 칩 사용 시작","title_en":"Alibaba, Baidu start using own developed chips: Report","excerpt":"알리바바와 바이두는 자체 개발 칩 사용을 시작했으나, 가장 앞선 AI 모델에는 여전히 엔비디아 GPU를 계속 사용한다.","excerpt_en":"Alibaba and Baidu have begun using their own developed chips, yet both continue to use NVIDIA GPUs for their most advanced AI models."}]},{"direction":"cost","counterparty":"콘텐츠 라이선스·제작 (아이치이)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"아이치이 스트리밍의 콘텐츠 판권·제작비. 2025년은 콘텐츠 슬레이트 축소로 감소.","note_en":"Content licensing and production costs for iQIYI streaming; lower in 2025 on a lighter content slate.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-17","url":"https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm","title":"Baidu 2025 연차보고서 (Form 20-F)","title_en":"Baidu FY2025 Annual Report (Form 20-F)","excerpt":"아이치이의 콘텐츠 슬레이트 축소로 콘텐츠 원가가 감소했다.","excerpt_en":"Content costs decreased mainly due to iQIYI's lighter content slate."}]},{"direction":"investment","counterparty":"쿤룬신 (AI 칩 자회사, 분사 상장)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"자체 AI 칩 사업 쿤룬신을 분사해 커촹반(STAR)+홍콩 이중(A+H) 상장 추진. P800 칩이 엔비디아 대안으로 부상.","note_en":"Spinning off its in-house Kunlunxin AI chip unit toward a dual STAR Market + Hong Kong (A+H) listing; the P800 chip is emerging as an NVIDIA alternative.","sources":[{"stance":"mentions","publisher":"Wedbush","publisher_en":"Wedbush","kind":"analysis","lang":"en","published_at":"2026-01-27","url":"https://investor.wedbush.com/wedbush/article/tokenring-2026-1-27-silicon-sovereignty-alibaba-and-baidu-fast-track-ai-chip-ipos","title":"실리콘 주권: 알리바바·바이두 AI 칩 IPO 가속 (Wedbush)","title_en":"Silicon Sovereignty: Alibaba and Baidu Fast-Track AI Chip IPOs","excerpt":"Wedbush는 알리바바·바이두가 자체 AI 칩 IPO를 가속하며 실리콘 주권 경쟁에 뛰어들었다고 분석.","excerpt_en":"Wedbush analyzes Alibaba and Baidu fast-tracking their AI chip IPOs in a race for silicon sovereignty."},{"stance":"confirms","publisher":"아주경제","publisher_en":"Aju Business Daily","kind":"news","lang":"ko","published_at":"2025-12-08","url":"https://www.ajunews.com/view/20251208162620246","title":"'엔비디아 대안' 바이두, AI칩 자회사 쿤룬반도체 홍콩 상장 추진","title_en":"Baidu to list Kunlunxin AI chip unit in Hong Kong as an NVIDIA alternative","excerpt":"바이두가 AI 칩 자회사 쿤룬반도체의 홍콩 증시 상장을 추진하며 엔비디아 대안으로 키우고 있다.","excerpt_en":"Baidu is pursuing a Hong Kong listing for its AI chip subsidiary Kunlunxin, positioning it as an NVIDIA alternative."},{"stance":"mentions","publisher":"DIGITIMES","publisher_en":"DIGITIMES","kind":"news","lang":"en","published_at":"2025-12-01","url":"https://www.digitimes.com/news/a20251201PD231/baidu-ai-chip-sales-ban-nvidia.html","title":"AI 칩 제약 심화 속 바이두 쿤룬 부상","title_en":"China turns to Baidu's Kunlun as AI chip constraints intensify","excerpt":"JP모건은 2026년 바이두 칩 매출이 6배 늘어 80억 위안(약 11억 달러)에 이를 것으로 전망했다.","excerpt_en":"JPMorgan forecast Baidu's chip revenue could reach RMB8 billion (about US$1.1 billion) in 2026, a sixfold increase."}]},{"direction":"revenue","counterparty":"킹소프트 오피스","counterparty_slug":"beijing-kingsoft-office-software","confidence":"low","metric":{"terms":"undisclosed","qualifier":"integrated_model_supplier"},"note":"WPS AI Hub에 문심(ERNIE) 대모델 API 공급(상업조건 미공개).","note_en":"Supplies ERNIE LLM API to Kingsoft Office's WPS AI Hub (commercial terms undisclosed).","sources":[{"stance":"mentions","publisher":"InfoQ China","publisher_en":"InfoQ China","kind":"news","lang":"zh","published_at":"2025-01-15","url":"https://www.infoq.cn/article/pg1og0e8kcobqm1r04xw","title":"WPS AI 기업판 — MiniMax·즈푸·바이두 문심 등 다중 대모델 전환 호출","title_en":"WPS AI enterprise: switchable multi-LLM (MiniMax, Zhipu, Baidu Wenxin, etc.)","excerpt":"WPS AI 기업판 — MiniMax·즈푸·바이두 문심 등 다중 대모델 전환 호출","excerpt_en":"WPS AI enterprise supports switching among MiniMax, Zhipu, Baidu Wenxin, etc."}]}]}