Search engine · AI cloud & foundation models · Autonomous robotaxis

Baidu

Baidu operates search advertising, AI Cloud, ERNIE models and Apollo Go robotaxis. Q2 2026 revenue was RMB31.3bn (-4%). AI Cloud Infra grew 50% to RMB7.3bn while Online Marketing Services fell 19% to RMB13.1bn. Baidu App had 644m monthly active users in June 2026. It held about 7% of Trip.com at year-end 2025.

Business categories Internet Platforms · Communications & Media · primary Foundation Model Platforms · AI Compute Infrastructure Autonomous Driving Platforms · Automotive & Mobility

Other companies in the same category

9888.HK Updated Oct 24, 2026 7 AI consumers· 4 recurring

Per the valuechain.wiki graph, Baidu is directly linked to 3 companies (1 supply, 1 revenue, 1 investment relationships) and reaches 38 companies within two hops; the links are backed by 12 dated sources, 3 of them primary filings (as of 2026-10-24).

Annual return · 2026-10-09'22-8.2%'23-23.4%'24-13.5%'25+74.2%YTD-45.7%
Money in ▸광고주 (온라인 마케팅·검색 광고)●Amount ¥13.1B기업·개발자 (AI 클라우드·ERNIE)●Amount ¥7.3B승객·운영 도시 (아폴로고 로보택시)●Count 20,000,000누적 라이드Beijing Kingsoft Office Software○
Baiduapprox. CN¥129.1B
▸ Money out데이터센터·서버·대역폭 (클라우드 인프라)●Amount ¥72.4B엔비디아 (AI 학습·추론 GPU)◐콘텐츠 라이선스·제작 (아이치이)◐

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 ¥13.1B · Q2 2026 · Aggregate online marketing services revenue, separate from total Baidu Core revenue
    Q2 2026 online marketing services revenue was RMB13.1bn (-19%). This is a narrower measure than 2025 Baidu Core revenue of RMB102.5bn.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Aug 18, 2026: Baidu Q2 2026 Results (Form 6-K)
    Confirms EN SEC EDGAR Published Mar 17, 2026: Baidu FY2025 Annual Report (Form 20-F)
  • 기업·개발자 (AI 클라우드·ERNIE) High confidence· Amount ¥7.3B · Q2 2026 · Aggregate AI Cloud Infra revenue, not customer-specific spending
    AI Cloud Infra revenue reached RMB7.3bn in Q2 2026 (+50%). GPU Cloud grew 283%, while customer-level contracts remain undisclosed.
    Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Aug 18, 2026: Baidu Q2 2026 Results (Form 6-K)
    Confirms EN Baidu IR Published May 20, 2026: Baidu Q1 2026 results
    Confirms EN SEC EDGAR Published Mar 17, 2026: Baidu FY2025 Annual Report (Form 20-F)
    Mentions EN DBS Group Research Published Nov 14, 2025: Baidu Inc — Takeaways from Baidu World 2025
  • 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 EN Baidu IR Published May 20, 2026: Baidu Q1 2026 results
    Confirms EN SEC EDGAR Published Mar 17, 2026: Baidu FY2025 Annual Report (Form 20-F)
    Confirms KO AI Times (Korea) Published Dec 1, 2025: Baidu emerges as a key Chinese AI chip player filling NVIDIA's gap
  • 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%).
    Confirms EN SEC EDGAR Published Mar 17, 2026: Baidu FY2025 Annual Report (Form 20-F)
  • 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.
    Mentions EN SEC EDGAR Published Mar 17, 2026: Baidu FY2025 Annual Report (Form 20-F)
    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.
    Confirms EN SEC EDGAR Published Mar 17, 2026: Baidu FY2025 Annual Report (Form 20-F)

Investments

  • 트립닷컴 그룹 (지분법 투자) High confidence· Market share 7 percent · FY2025 · Baidu owns approximately 7% of Trip.com; RMB23.1bn fair value is a separate valuation basis
    Held approximately 7% of Trip.com at year-end 2025 (fair value RMB23.1bn), with one board seat and equity-method influence. Its 2032 exchangeable bonds reference Trip shares.
    Confirms EN SEC EDGAR Published Mar 17, 2026: Baidu FY2025 Annual Report (Form 20-F)
    Confirms EN Baidu Investor Relations Published Mar 17, 2026: Baidu 2025 Annual Report (Form 20-F)
  • 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.
    Mentions EN BigGo Finance Published Jun 1, 2026: Baidu's Kunlunxin spin-off eyes HK IPO
  • 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 IPOs
    Confirms KO Aju Business Daily Published Dec 8, 2025: Baidu to list Kunlunxin AI chip unit in Hong Kong as an NVIDIA alternative
    Mentions 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.

CompanyChain'21'22'23'24'25YTD
Beijing Kingsoft Office Softwarelead1-41.3+16-23.7+47.1+7.6-27.4
Baidunode·-8.2-23.4-13.5+74.2-45.7
NVIDIAbenef1+125.5-50.3+239+171.2+38.9+23.2
Trip.com Groupbenef1·+44.5-3+95.8-12.2-34.7
Nan Ya PCBbenef2+110.6-46.7-0.5-38.3+188.2+280.5
Micron Technologybenef2+24.2-45.9+71.9-1+240.2+256.4
Unimicronbenef2+133.5-30.2+35.2-19.7+175.7+236.2
ASE Technologybenef2+38.3-12.8+60.9+10.1+65.6+191.3
Nebius Groupbenef2····+202.2+170.5
Kioxiabenef2····+1082.1+155
Ibidenbenef2+30.4-19.6+51.6-38.6+261+149.3
Lumentumbenef2+11.6-50.7+0.5+60.1+339.1+139.1
Murata Manufacturingbenef2-14-11.7+24.7-16.5+29.9+131.5
Astera Labsbenef2····+25.6+105.7
SK hynixbenef2-0.4-25.6+53.9+48.6+361.1+85.3
Corningbenef2+5.9-11.6-1.2+60.6+87.8+77.2
Coherentbenef2-10-48.6+24+117.6+94.8+69.4
Samsung Electronicsbenef2-9-14.2+20.9-26.4+212.9+63.8
Delta Electronicsbenef2-3.4+10.4-0.3+59.2+183.8+61.9
Keysight Technologiesbenef2+56.3-17.2-7+1+26.5+61
Monolithic Powerbenef2+35.5-27.8+79.8-5.6+54.5+53.7
Analog Devicesbenef2+21-4.9+23.4+8.8+29.8+51.1
TSMCbenef2+12.1-36.7+42.3+92.6+55.9+50.3
Wistronbenef2+7.9+9.7+272.7-1.6+22.7+49.7
onsemibenef2+107.5-8.2+33.9-24.5-14.1+37.4
Pegatronbenef2-5.9+0.6+35.3+21.2-23.8+34.5
Amphenolbenef2+34.9-12+31.5+41.3+96.1+29.8
Eoptolinkbenef2-10.1-27.7+136.6+197+368.8+29.1
InnoLightbenef2-30.7-18.3+253.7+12+468.1+25.6
Digital Realtybenef2+30.7-41+39.9+35.9-10.1+23.4
ABBbenef2+23.9+7.3+18.9+39+36.1+18.4
King Yuan Electronics (KYEC)benef2+26.7-7.7+132.4+38.6+171+8.4
Recursion Pharmaceuticalsbenef2·-55+27.9-31.4-39.5+6.6
BlackRockbenef2+29.4-20.4+17.9+29.3+6.6+2.8
TE Connectivitybenef2+35.1-27.7+24.6+3.5+61.1-3
Luxshare Precisionbenef2-11.9-30.2-21.2+58.8+29.3-7.4
Booking Holdings Inc.benef2+7.7-16+76+41.3+8.6-9.3
BYD Electronicsbenef2-56.1+16-0.4+60.6-19.4-24.1

YTD as of 2026-10-09 · source: Yahoo Finance

Baidu gained 74.2% in 2025, then fell 45.7% through October 9, 2026. Q2 results do not establish a simple sequence in which AI suppliers rise first and Baidu follows. AI Cloud Infra revenue grew 50% to RMB7.3bn, while Online Marketing Services fell 19% to RMB13.1bn. Total revenue declined 4%. AI growth and legacy advertising weakness moved in opposite directions inside the same company. Trip.com was down 34.7% through October 23, 2026, but its decline and Baidu's cannot be read as propagation through one operating value chain. Baidu owned about 7% of Trip.com at year-end 2025. That is an investment, not a hotel commission payer or a disclosed cloud purchase contract; the return dates also differ. A lagging operating layer would require evidence from Baidu's enterprise cloud customers and GPU or data-center procurement. Gains and marks on the Trip.com stake belong to a separate capital-return channel.

Analysis generated from returns as of 2026-10-09

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