Hang Seng Index
Baidu
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.
9888.HK Updated Jul 12, 2026 2 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · approx. CN¥129.1B (2025, US$18.5B)
- Segments · Baidu Core (General Business): online marketing + AI Cloud · iQIYI video streaming
Revenue from
- 광고주 (온라인 마케팅·검색 광고) High confidence· Amount ¥102.5B · 2025 바이두 코어(제너럴 비즈니스) 매출 · online marketing led, down 2% YoY
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. - 승객·운영 도시 (아폴로고 로보택시) High confidence· Count 20,000,000누적 라이드 · 아폴로고 누적(2026-02) · 26 cities, 100% fully driverless across China ops
Paying passengers of Apollo Go robotaxis. Accumulated rides exceeded 20 million as of Feb 2026, expanding to 26 cities.Confirms KO AI Times (Korea) Published Dec 1, 2025: Baidu emerges as a key Chinese AI chip player filling NVIDIA's gap - 기업·개발자 (AI 클라우드·ERNIE) High confidence
Enterprises, public sector and developers using AI Cloud infrastructure, AI Applications and ERNIE models. The 2025 growth driver that offset the online marketing decline. - Beijing Kingsoft Office Software Low confidence
Supplies ERNIE LLM API to Kingsoft Office's WPS AI Hub (commercial terms undisclosed).Mentions ZH InfoQ China Published Jan 15, 2025: WPS AI enterprise: switchable multi-LLM (MiniMax, Zhipu, Baidu Wenxin, etc.)
Pays to
- 데이터센터·서버·대역폭 (클라우드 인프라) High confidence· Amount ¥72.4B · 2025 매출원가 · bandwidth, depreciation, server custody fees up 10% on cloud expansion
AI Cloud expansion drove up bandwidth, depreciation and server custody fees, lifting 2025 cost of revenue to RMB72.4B (+10%). - 엔비디아 (AI 학습·추론 GPU) Medium confidence
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.Confirms EN RCR Wireless Published Sep 23, 2025: Alibaba, Baidu start using own developed chips: Report - 콘텐츠 라이선스·제작 (아이치이) Medium confidence
Content licensing and production costs for iQIYI streaming; lower in 2025 on a lighter content slate.
Investments
- 트립닷컴 그룹 (지분법 투자) High confidence
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. - 쿤룬신 (AI 칩, 분사 추진) Medium confidence
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. - 쿤룬신 (AI 칩 자회사, 분사 상장) Medium confidence
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.Mentions EN Wedbush Published Jan 27, 2026: Silicon Sovereignty: Alibaba and Baidu Fast-Track AI Chip IPOsConfirms KO Aju Business Daily Published Dec 8, 2025: Baidu to list Kunlunxin AI chip unit in Hong Kong as an NVIDIA alternativeMentions EN DIGITIMES Published Dec 1, 2025: China turns to Baidu's Kunlun as AI chip constraints intensify
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Beijing Kingsoft Office Software | lead1 | -41.3 | +16 | -23.7 | +47.1 | +7.6 | -30.2 |
| Baidu | node | · | -8.2 | -23.4 | -13.5 | +74.2 | -24.5 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Trip.com Group | benef1 | · | +44.5 | -3 | +95.8 | -12.2 | -31.6 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10