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<Research>BOCI: Baidu (BIDU.US) 4Q Profit Beats; TP USD172; Rating Buy Kept
Recommend
33
Positive
61
Negative
21
BIDU-SW (09988.HK) reported a 4% YoY shrinkage in total revenue for 4Q25, with a 5% QoQ increment, aligning with market expectations, BOCI's research report said. Among which, the core A-enabled business revenue amounted to RMB11.3 billion, accounting for 43% of Baidu's core business revenue.

Despite expenses exceeding expectations, both adjusted operating profit and adjusted net profit surpassed market expectations by 13%, primarily due to outperformed gross profit.

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Considering the company's ongoing shareholder return executions, the broker maintained Buy on Baidu (BIDU.US) US shares, with the latest target price set at USD172.
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