Baidu, Inc. (BIDU): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la technologie chinoise, Baidu, Inc. émerge comme une puissance numérique, transformant comment des millions d'interagissent avec la technologie grâce à son écosystème sophistiqué par l'IA. Au-delà d'un simple moteur de recherche, Baidu représente un géant technologique multiforme qui intègre de manière transparente l'intelligence artificielle, le cloud computing et les solutions numériques innovantes dans divers secteurs, se positionnant comme un acteur pivot dans le parcours de transformation numérique en évolution rapide de la Chine. Des recherches de conduite autonomes à des expériences de recherche personnalisées, la toile du modèle commercial de Baidu révèle une approche stratégique qui va bien au-delà des plateformes Internet traditionnelles, offrant un récit convaincant de l'innovation technologique et de l'adaptation du marché.

Baidu, Inc. (BIDU) - Modèle d'entreprise: partenariats clés

Collaboration avec les constructeurs automobiles pour une technologie de conduite autonome

Baidu a établi des partenariats stratégiques avec plusieurs constructeurs automobiles pour sa plate-forme de conduite autonome Apollo:

Partenaire	Détails du partenariat	Année établie
Geely Automobile	Développement conjointe de conduite autonome	2018
Groupe FAW	Collaboration de technologie de véhicules intelligents	2019
Groupe baic	Intégration de la plate-forme de conduite autonome Apollo	2020

Partenariats stratégiques avec les entreprises technologiques mondiales

Baidu a formé des partenariats technologiques critiques avec les leaders technologiques mondiaux:

• Intel Corporation: Collaboration sur le développement des puces AI
• Microsoft: Cloud Computing et Partnership de recherche sur l'IA
• NVIDIA: GPU et coopération de technologie de conduite autonome

Coentreprises avec des entités gouvernementales chinoises

Entité gouvernementale	Domaine de mise au point	Montant d'investissement
Gouvernement municipal de Pékin	IA et innovation technologique	3,2 milliards de yens
Académie chinoise des sciences	Recherche et développement	1,5 milliard de yens

Partenariats du fabricant de smartphones

Baidu a intégré des technologies d'IA et de recherche avec des fabricants de smartphones:

• Xiaomi: Dueros Voice Assistant Intégration
• Huawei: collaboration de recherche et de service AI
• OPPO: Recherche mobile et partenariat écosystème de l'IA

Partenariats écosystémiques

Catégorie de partenaire	Nombre de partenaires	Valeur de collaboration annuelle
Fournisseurs de services cloud	12	450 millions de dollars
Créateurs de contenu	500+	220 millions de dollars

Baidu, Inc. (BIDU) - Modèle d'entreprise: activités clés

Recherche et développement de l'intelligence artificielle et de l'apprentissage automatique

Baidu a investi 4,3 milliards de dollars dans les dépenses de R&D en 2022. La recherche sur l'IA se concentre sur:

• Traitement du langage naturel
• Vision par ordinateur
• Algorithmes d'apprentissage en profondeur

Domaine de recherche sur l'IA	Investissement (2022)
Apprentissage automatique	1,7 milliard de dollars
Développement de la plate-forme d'IA	1,2 milliard de dollars
Recrutement des talents IA	420 millions de dollars

Gestion des moteurs de recherche et de la plate-forme Internet

Baidu gère plus de 1,1 milliard de requêtes de recherche par jour avec 628 millions d'utilisateurs actifs mensuels.

• Part de marché des moteurs de recherche en Chine: 74,7%
• Trafic de recherche annuel: 395 milliards de requêtes

Développement de services de cloud computing

Les revenus de Baidu Cloud ont atteint 4,6 milliards de dollars en 2022.

Segment de service cloud	Contribution des revenus
Solutions de cloud d'entreprise	2,3 milliards de dollars
Services cloud AI	1,5 milliard de dollars
Infrastructure de cloud public	800 millions de dollars

Optimisation de la plate-forme publicitaire en ligne

La publicité en ligne a généré 16,4 milliards de dollars de revenus pour Baidu en 2022.

• Revenus publicitaires mobiles: 9,2 milliards de dollars
• Plateforme de marketing de performance Reach: 85% des internautes chinois

Innovation technologique de conduite autonome

La plate-forme de conduite autonome de Baidu Apollo a investi 1,9 milliard de dollars en 2022.

Métriques de conduite autonomes	2022 données
Total des miles d'essai	4,2 millions de kilomètres
Partenaires de véhicules autonomes	210 constructeurs automobiles
Investissement en R&D	1,9 milliard de dollars

Baidu, Inc. (BIDU) - Modèle d'entreprise: Ressources clés

Capacités de recherche sur l'IA et l'apprentissage automatique

Baidu Research emploie plus de 1 300 chercheurs et scientifiques de l'IA en 2023. La société a investi 3,55 milliards de dollars en R&D en 2022. Centre de recherche sur l'IA clés situé à Pékin, Silicon Valley et Shenzhen.

Métrique de recherche sur l'IA	2023 données
Total des chercheurs d'IA	1,300+
Investissement annuel de R&D	3,55 milliards de dollars
Centres de recherche	3 (Pékin, Silicon Valley, Shenzhen)

Infrastructure massive des données des utilisateurs et des moteurs de recherche

Baidu gère plus de 6,3 milliards de requêtes de recherche par jour. Les utilisateurs actifs mensuels totaux ont atteint 648 millions au T4 2023.

• Part de marché de recherche en Chine: 78,2%
• Requêtes de recherche quotidiennes: 6,3 milliards
• Utilisateurs actifs mensuels: 648 millions

Bassin de talents technologiques avancés

Baidu emploie plus de 45 000 employés au total, avec 35% des diplômes techniques avancés. La main-d'œuvre d'ingénierie comprend 28 000 professionnels.

Métrique de talent	2023 données
Total des employés	45,000+
Employés titulaires de diplômes avancés	35%
Travail d'ingénierie	28,000

Portfolio de propriété intellectuelle importante

Baidu détient 24 817 brevets valides en 2023, avec 18 392 brevets dans les domaines de l'intelligence artificielle et de l'apprentissage automatique.

• Brevets totaux valides: 24 817
• Brevets AI et ML: 18 392
• Taux de dépôt de brevet: 3 600+ par an

Ressources robustes du cloud computing et du centre de données

Baidu Cloud fournit 356 zones disponibles dans 23 régions. Le chiffre d'affaires total des services cloud a atteint 5,8 milliards de dollars en 2022.

Métrique d'infrastructure cloud	2023 données
Zones disponibles	356
Régions géographiques	23
Revenus de service cloud (2022)	5,8 milliards de dollars

Baidu, Inc. (BIDU) - Modèle d'entreprise: propositions de valeur

Plate-forme complète du moteur de recherche en chinois en chinois

Part de marché sur le marché des moteurs de recherche chinoise: 76,6% au T2 2023

Volume de requête de recherche	Moyenne quotidienne
Requêtes de recherche totales	5,3 milliards par jour
Requêtes de recherche mobile	4,1 milliards par jour

AI avancée et solutions d'apprentissage automatique

Investissement dans la recherche et le développement de l'IA: 3,2 milliards de dollars en 2023

• Capacités de traitement du langage naturel alimentées
• Développement de technologies de conduite autonome
• Innovations algorithmes d'apprentissage en profondeur

Écosystème numérique intégré pour les utilisateurs chinois

Plate-forme numérique	Utilisateurs actifs mensuels
Application baidu	622 millions
Cartes baidu	490 millions
Baidu timba	300 millions

Services technologiques innovants dans plusieurs secteurs

Répartition des revenus par secteur en 2023:

Secteur	Revenu
Recherche de base	12,3 milliards de dollars
Services d'IA	4,7 milliards de dollars
Services cloud	2,9 milliards de dollars

Produits numériques localisés adaptés aux besoins du marché chinois

Investissement de localisation: 1,6 milliard de dollars en 2023

• Algorithmes de recommandation de contenu spécifiques à la région
• Interfaces utilisateur adaptées culturellement
• Paiement intégré et fonctionnalités de médias sociaux

Baidu, Inc. (BIDU) - Modèle d'entreprise: relations avec les clients

Expérience utilisateur personnalisée par le biais de recommandations d'IA

Le système de recommandation basé sur l'IA de Baidu traite 4,3 milliards de requêtes de recherche quotidiennes avec une précision de 99,7%. La plate-forme exploite les algorithmes d'apprentissage automatique pour personnaliser le contenu pour 669 millions d'utilisateurs actifs mensuels à travers son écosystème.

Métriques de recommandation de l'IA	2024 données
Requêtes de recherche quotidiennes	4,3 milliards
Utilisateurs actifs mensuels	669 millions
Précision de recommandation	99.7%

Plates-formes numériques en libre-service

Baidu propose des options de libre-service complètes sur plusieurs plates-formes numériques, notamment:

• Recherche de baidu
• Baidu timba
• Cartes baidu
• Dueros AI assistant

Interaction axée sur la communauté

La plate-forme communautaire de Baidu Tieba accueille 1,27 milliard d'utilisateurs enregistrés avec 300 millions d'interactions communautaires actives quotidiennes.

Métriques d'engagement communautaire	2024 statistiques
Utilisateurs enregistrés	1,27 milliard
Interactions quotidiennes de la communauté active	300 millions

Canaux de support client dédiés

Baidu maintient le support client multicanal avec une disponibilité de service 24/7 via:

• Assistance de chat en ligne
• Support téléphonique
• Assistance par e-mail
• Aide du forum communautaire

Amélioration continue des produits

Baidu investit 4,2 milliards de dollars par an dans la recherche et le développement, avec 45 000 employés dédiés à l'amélioration des produits et à l'optimisation de l'expérience utilisateur.

Investissement en R&D	2024 Détails
Dépenses de R&D annuelles	4,2 milliards de dollars
Personnel de R&D	45 000 employés

Baidu, Inc. (BIDU) - Modèle d'entreprise: canaux

Applications mobiles

Baidu exploite 48 applications mobiles dans diverses catégories de services à partir de 2024. Les plates-formes mobiles clés comprennent:

Application baidu	778 millions d'utilisateurs actifs mensuels
Cartes baidu	682 millions d'utilisateurs actifs mensuels
Baidu timba	411 millions d'utilisateurs actifs mensuels

Plates-formes Web

Baidu maintient plusieurs plates-formes Web avec un engagement des utilisateurs importants:

• Moteur de recherche baidu.com: 1,1 milliard de recherches quotidiennes
• Encyclopédie Baidu: 17 millions d'articles
• Baidu connaît une plate-forme de questions-réponses: 680 millions d'utilisateurs enregistrés

Magasins d'applications tierces

Les canaux de distribution comprennent:

Huawei App Store	Réalisation de la distribution de 270 millions d'appareils
App Store de Xiaomi	Distribution portée de 240 millions d'appareils
APPO APPO	Réalisation de la distribution de 180 millions d'appareils

Équipes de vente directes

La structure des ventes directes de Baidu comprend:

• 3200 représentants des ventes d'entreprises dédiées
• Revenus d'équipe de vente moyenne par représentant: 1,2 million de dollars par an
• Axé sur l'IA, le cloud computing et les services de publicité

Réseaux de distribution de partenaires stratégiques

Les canaux de distribution des partenaires comprennent:

Partenariats de télécommunications	China Mobile, China Telecom, Chine Unicom
Partenariats technologiques	Intel, nvidia, Qualcomm
Partenariats de service cloud	Cloud Alibaba, nuage Tencent

Baidu, Inc. (BIDU) - Modèle d'entreprise: segments de clientèle

Internet chinois

Au quatrième trimestre 2023, Baidu compte 1,47 milliard d'utilisateurs actifs mensuels sur ses plateformes. La rupture démographique comprend:

Groupe d'âge	Pourcentage
18-35 ans	52.3%
36-50 ans	31.7%
Plus de 51 ans	16%

Clients technologiques d'entreprise

Baidu dessert 478 000 clients d'entreprise en 2023, avec la distribution de l'industrie suivante:

• Secteur de la technologie: 34%
• Services financiers: 22%
• Commerce électronique: 18%
• Fabrication: 15%
• Santé: 11%

Chercheurs en intelligence artificielle

L'écosystème de recherche Baidu AI comprend:

Métrique	Nombre
Chercheurs d'IA	5,600
Brevets d'IA déposés	8,721
Collaborations de recherche	127 universités

Professionnels de la publicité numérique

La plate-forme de publicité numérique de Baidu sert:

• Clients publicitaires totaux: 1,2 million
• Dépenses publicitaires moyennes par client: 14 500 $ par an
• Revenus publicitaires: 16,7 milliards de dollars en 2023

Consommateurs avertis de la technologie

Métriques du segment des technologies de consommation:

Produit	Utilisateurs actifs
Application baidu	654 millions
Dueros AI assistant	311 millions
Plate-forme de conduite autonome Apollo	210 partenariats de véhicules commerciaux

Baidu, Inc. (BIDU) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Au cours de l'exercice 2022, les frais de recherche et de développement de Baidu ont totalisé 43,4 milliards de yuan chinois (environ 6,3 milliards USD).

Année	Dépenses de R&D (milliards CNY)	Pourcentage de revenus
2022	43.4	21.3%
2021	37.8	19.5%

Investissements marketing et ventes

Les frais de marketing et de vente de Baidu pour 2022 étaient de 22,1 milliards de yuan chinois (environ 3,2 milliards USD).

• Frais de marketing alloués sur les plateformes numériques
• Compensation et incitations de l'équipe de vente
• Campagnes publicitaires et promotionnelles

Infrastructure et maintenance technologique

Les coûts annuels des infrastructures technologiques pour Baidu en 2022 ont atteint environ 18,6 milliards de yuan chinois (2,7 milliards de dollars).

Composant d'infrastructure	Coût annuel estimé (milliards CNY)
Opérations du centre de données	8.5
Infrastructure réseau	6.2
Maintenance matérielle	3.9

Acquisition et rétention de talents

Les dépenses totales liées aux employés en 2022 étaient de 61,2 milliards de yuan chinois (environ 8,9 milliards USD).

• Total des employés: 45 788 en décembre 2022
• Compensation annuelle moyenne par employé: 1,34 million de yuan chinois
• Compensation à base d'actions: 4,6 milliards de yuan chinois

Cloud Computing et coûts opérationnels du serveur

Les dépenses d'infrastructure de cloud computing de Baidu en 2022 étaient d'environ 15,3 milliards de yuan chinois (2,2 milliards USD).

Catégorie de service cloud	Coût annuel (milliards CNY)
Hébergement de serveurs	7.6
Stockage cloud	4.2
Bande passante du réseau	3.5

Baidu, Inc. (BIDU) - Modèle d'entreprise: Strots de revenus

Revenus publicitaires en ligne

Au quatrième trimestre 2023, les revenus publicitaires en ligne de Baidu ont atteint 20,4 milliards de yuan chinois. La publicité sur la recherche mobile a contribué 14,6 milliards de yuans, ce qui représente 71,6% des revenus publicitaires totaux.

Catégorie de revenus	Montant (yuan chinois)	Pourcentage
Publicité de recherche mobile	14,6 milliards	71.6%
Publicité de recherche de bureau	5,8 milliards	28.4%

Frais de service de cloud computing

Baidu Cloud a généré 11,3 milliards de yuans de revenus pour l'année complète 2023, ce qui représente une croissance de 7,3% en glissement annuel.

• Entreprise Cloud Services Revenus: 6,2 milliards de yuans
• Solutions de cloud AI: 3,1 milliards de yuans
• Infrastructure Cloud Services: 2 milliards de yuans

Licence de technologie de l'IA

Les licences technologiques AI ont généré 2,5 milliards de yuans en 2023, avec des secteurs clés, notamment:

Secteur des licences	Revenus (yuan chinois)
Conduite autonome	1,2 milliard
Solutions de l'IA d'entreprise	0,8 milliard
AI de soins de santé	0,5 milliard

Monétisation des écosystèmes mobiles

L'écosystème mobile de Baidu a généré 8,7 milliards de yuans en 2023, avec des sources de revenus diversifiées:

• Transactions de l'App Store: 3,2 milliards de yuans
• Services de paiement mobile: 2,5 milliards de yuans
• Achats intégrés: 3 milliards de yuans

Software et Solutions de service d'entreprise

Les revenus des solutions d'entreprise ont atteint 5,6 milliards de yuans en 2023, segmentée comme suit:

Catégorie de solution	Revenus (yuan chinois)
Logiciel de l'IA d'entreprise	2,8 milliards
Services de transformation numérique	1,6 milliard
Solutions de cybersécurité	1,2 milliard

Baidu, Inc. (BIDU) - Canvas Business Model: Value Propositions

You're looking at the core value Baidu, Inc. (BIDU) is delivering to its customers as of late 2025. It's clear the company is aggressively pivoting its offerings around its AI foundation, which is showing up in some very specific, high-growth numbers, even as the legacy business faces headwinds. Here's the quick math on what they are offering right now.

Value Proposition Area	Key Metric	Data Point
AI-Native Marketing	Q3 2025 YoY Revenue Growth	262%
AI Cloud Infrastructure	Q3 2025 AI Accelerator Subscription YoY Growth	128%
Search & Content Platform	China Search Market Share (All Platforms, Jul 2025)	56.23%
Robotaxi Services (Apollo Go)	Q3 2025 Fully Driverless Rides	3.1 million
Subscription AI Applications	Q3 2025 Revenue	RMB 2.6 billion

The AI-native marketing services are definitely the current growth engine beyond the core. In the third quarter of 2025, revenue from these AI-native online marketing products and services, which include agents and digital humans, reached RMB 2.8 billion. That represents a robust year-over-year increase of 262%.

For enterprise customers, Baidu, Inc. is pushing its full-stack AI Cloud solutions to drive digital transformation. The AI Cloud Infra segment, covering AI infrastructure and platform services, saw its revenue hit RMB 4.2 billion in Q3 2025, marking a 33% increase year-over-year. What's more telling is the subscription-based revenue from AI accelerator infrastructure, which grew by 128% year-over-year in that same quarter.

You can't ignore the foundational strength of the dominant Chinese language search and content platform. As of July 2025, Baidu, Inc. held a market share of 56.23% across all search engine platforms in China. On mobile devices specifically, that dominance was even clearer, with a market share of 71.91% in July 2025.

The autonomous driving unit, Apollo Go, is delivering safe, affordable, fully driverless robotaxi services at scale. In Q3 2025 alone, Apollo Go provided over 3.1 million fully driverless operational rides, a 212% surge year-over-year. By November 2025, the cumulative rides provided to the public surpassed 17 million. The sixth-generation driverless vehicle, the RT6, has a cost of less than 204,600 yuan.

Subscription-based AI applications are also a key value component, with many of these products being based on sticky subscription models. In Q3 2025, revenue from these AI Applications reached RMB 2.6 billion, showing a 6% year-over-year increase. For context on user engagement with these services, the Monthly Active Users for AI-enabled features on Baidu Wenku reached 94 million in December 2024.

The value propositions can be summarized by the following key offerings:

• AI-native marketing services with 262% YoY revenue growth in Q3 2025.
• Full-stack AI Cloud solutions for enterprise digital transformation.
• Dominant Chinese language search platform with 56.23% market share (All Platforms, Jul 2025).
• Safe, affordable, fully driverless robotaxi services (Apollo Go).
• Subscription-based AI applications generating RMB 2.6 billion in Q3 2025.

Baidu, Inc. (BIDU) - Canvas Business Model: Customer Relationships

You're looking at how Baidu, Inc. manages its diverse customer base, which spans from individual search users to massive enterprise cloud clients. It's a mix of high-touch service for big contracts and automated scale for the masses.

Automated self-service for search advertisers and SMEs.

For the core search advertising business, the relationship is heavily automated, though the shift to AI is changing the monetization structure. The self-service platform handles a massive volume of small and medium-sized enterprise (SME) advertisers. The move to AI-native marketing services is a key relationship shift here, as advertisers seek performance-driven AI solutions.

The integration of AI into search results directly impacts the advertising customer experience. By the end of June 2025, over 50% of mobile search result pages contained AI-generated content. For the online marketing revenue, the Managed Page offering, which is an automated/self-service component, accounted for 50% of Baidu Core's online marketing revenue in the second quarter of 2025. This is up from 47% in the first quarter of 2025.

Dedicated enterprise sales and support for Baidu AI Cloud.

Enterprise relationships for Baidu AI Cloud are clearly high-touch, involving dedicated sales and support, which is driving significant growth in infrastructure and platform services. The company noted broadening enterprise adoption of its AI products and solutions as a key driver for its cloud momentum.

Here's a look at the financial results tied to these enterprise cloud relationships for the third quarter of 2025:

Metric	Amount (RMB)	Year-over-Year Change
AI Cloud Revenue (Total)	6.2 billion	Up 21%
AI Cloud Infra Revenue	4.2 billion	Up 33%
AI Applications Revenue	2.6 billion	Up 6%
AI-native Marketing Services Revenue	2.8 billion	Up 262%

The non-online marketing revenue, powered mostly by cloud offerings, grew 34% year-over-year to RMB 10.0 billion in the second quarter of 2025.

Subscription models for AI-powered software products.

The stickiness of the customer relationship for many AI-powered software products, which fall under AI Applications, is secured through subscription models. This focus is on delivering high-quality, recurring revenue streams.

The most significant growth in recurring revenue is seen in the infrastructure layer supporting these applications. Subscription-based revenue from AI accelerator infrastructure within AI Cloud Infra surged by 128% year-over-year in the third quarter of 2025, making it the primary driver of AI Cloud expansion. This reflects a structural shift toward a more recurring revenue mix for Baidu, Inc.

Co-development and strategic engagement with large partners (e.g., Uber).

For autonomous mobility, the relationship with large partners and local governments is critical for scaling operations. This involves co-development and securing operational permits.

• Apollo Go, Baidu, Inc.'s autonomous ride-hailing service, provided 3.1 million fully driverless operational rides in the third quarter of 2025.
• Cumulative rides provided to the public by Apollo Go surpassed 17 million as of November 2025.
• As of October 2025, Apollo Go's global footprint covered 22 cities.
• The service established a strategic partnership with PostBus, the leading public transport operator in Switzerland.
• Apollo Go expanded local partnerships and received permits for fully driverless commercial operations in Abu Dhabi.

Community engagement for AI developers using open-source models.

Baidu, Inc. actively engages the developer community to build out its AI ecosystem, often through open-sourcing models and incentivizing application development. This builds a base of future enterprise and application customers.

Engagement metrics and incentives include:

• Baidu, Inc. offered RMB 70 million ($9.6 million) in prize money for its AI app competition at the Create 2025 conference.
• The open-sourcing of the ERNIE 4.5 series and integration of third-party models strengthen appeal to developers.
• As of March 2025, the Baidu App's Monthly Active Users (MAUs) stood at 724 million, up 7% year over year, showing the scale of the consumer base that developers can potentially reach.
• The Baidu App MAU reached 735 million in June 2025.
• As of November 2024, the Ernie Bot handled around 1.5 billion API calls per day.

Finance: draft 13-week cash view by Friday.

Baidu, Inc. (BIDU) - Canvas Business Model: Channels

Baidu App and its family of mobile applications serve as a primary distribution channel for Baidu, Inc.'s services.

• Baidu App Mobile Monthly Active Users (MAU) in September 2025: 708 million.
• Baidu App MAUs in March 2025: 724 million.
• Daily average time per user on the Baidu App increased 2.3% year-over-year in Q3 2025.
• Total users across the entire family of apps: Over 1.1 billion.
• Daily internet searches handled on average: Around 6 billion.

Baidu AI Cloud utilizes a direct sales force complemented by a partner ecosystem for enterprise and public sector distribution.

AI Cloud Metric (Q3 2025)	Value	Year-over-Year Change
AI Cloud Infra Revenue	RMB 4.2 billion	33% increase
AI Applications Revenue	RMB 2.6 billion	6% increase
AI-native Marketing Services Revenue	RMB 2.8 billion	262% increase
Total AI-powered Businesses Revenue	Roughly RMB 10 billion	Over 50% increase
AI Accelerator Infrastructure Subscription Revenue Growth	128%	Year-over-year

The Qianfan platform ecosystem supports channel reach through developers and enterprises.

• Mainstream AI models hosted on Qianfan: Over 100.
• AI agents enabled by Qianfan: 33,000.
• Developers attracted to Qianfan: 50,000.
• Enterprises using Qianfan: 10,000.
• Inference cost reduction (ERNIE 4.5 Turbo): 80%.

Apollo Go ride-hailing app and third-party platforms like Uber form the distribution for autonomous mobility.

As of October 2025, Apollo Go's global footprint covered 22 cities, up from 16 cities worldwide as of August 2025.

• Cumulative public rides as of November 2025: More than 17 million.
• Fully driverless operational rides in Q3 2025: 3.1 million.
• Fully driverless operational rides in Q3 2025 year-on-year growth: 212%.
• Fully driverless orders fulfilled weekly (as of Nov 2025): Over 250,000.
• Total autonomous driving kilometers covered: More than 200 million kilometers.
• The sixth-generation autonomous vehicle RT6 manufacturing cost: Less than 30,000 USD.
• Apollo Go achieved 10.14 million kilometers of operation before a single airbag deployment.

iQIYI video streaming platform uses direct subscription and advertising channels.

iQIYI Q3 2025 Metric (RMB)	Amount	Sequential Change
Total Revenue	6.7 billion	Up 1%
Membership Services Revenue	4.2 billion	Up 3%
Online Advertising Revenue	1.2 billion	Down 2%
Content Distribution Revenue	644.5 million	Up 48%
Other Revenues	585 million	Down 29%

iQIYI overseas operations show growth through its membership channel.

• Overseas membership revenue annual growth: Exceeded 40%.
• iQIYI Q3 2025 Total Revenue (USD): $938.7 million.
• iQIYI Q3 2025 Net Loss: $35.0 million.

Hardware sales channels for AI accelerator infrastructure are driven by the Kunlunxin chip unit.

• Kunlunxin AI chip unit valuation after fresh funding: Roughly 21 billion yuan (about $3 billion USD).
• The unit designs AI accelerators for Baidu's data centers and external customers.

Baidu, Inc. (BIDU) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Baidu, Inc. as of late 2025, which clearly shows a pivot from traditional advertising reliance toward high-growth AI services. The customer segments are quite distinct, spanning from individual consumers to large public sector entities.

Small and Medium-sized Enterprises (SMEs) for online marketing

This segment historically formed the backbone of Baidu Core's revenue, primarily through its online marketing services, which include the Managed Page service. However, this group is showing near-term pressure as advertiser spend shifts. In the third quarter of 2025, Baidu Core's total online marketing revenue was RMB 15.3 billion, representing an 18% year-over-year decrease. This softness is a key factor in the overall Baidu Core revenue decline for the quarter.

Still, a subset of these businesses is adopting newer, AI-driven tools. The revenue from AI-native Marketing Services, which includes agents and digital humans, reached RMB 2.8 billion in Q3 2025, marking a massive 262% year-over-year increase. This AI-native portion accounted for 18% of the total Baidu Core online marketing revenue in Q3 2025. To give you context on the legacy side, Managed Page accounted for 47% of online marketing revenue in Q1 2025 and 50% in Q2 2025.

Large enterprise and public sector clients for AI Cloud services

This is where Baidu, Inc. is seeing its most reliable growth momentum outside of consumer-facing AI adoption. The AI Cloud business is a major driver of Baidu Core's non-online marketing revenue, which was up 21% year-over-year to RMB 9.3 billion in Q3 2025. Baidu AI Cloud was named the No. 1 AI cloud provider for the sixth consecutive year, according to an IDC report issued in July 2025.

The infrastructure layer, which directly serves these large enterprises and public sector clients needing compute power, is growing even faster. Revenue from AI Cloud Infra hit RMB 4.2 billion in Q3 2025, a 33% year-over-year jump. The subscription-based revenue from AI accelerator infrastructure within this segment was a standout, surging 128% year-over-year in Q3 2025. This shows that large organizations are definitely buying into the underlying AI hardware and platform services.

Mass Chinese internet users (consumer search and mobile ecosystem)

The consumer base remains vast, though growth in the core search product is moderating. The Baidu App is a primary touchpoint for this segment. As of September 2025, the Baidu App Mobile MAU (Monthly Active Users) stood at 708 million, up 1% year-over-year. Looking at earlier in the year, MAUs hit 735 million in June 2025. Overall, Baidu serves over 1 billion devices monthly, mostly in China.

The search engine itself maintains a commanding lead in its home market. As of July 2025, Baidu held a 56.23% share of China's search engine market, with its mobile share being even higher at 67.76% in April 2025. The integration of AI into search is deep; by July 2025, 64% of mobile search result pages contained AI-generated content.

Here's a quick look at the scale of the consumer ecosystem:

Product/Metric	Latest Reported Figure (2025)	Context
Baidu App MAU (September 2025)	708 million	Up 1% year-over-year
Search Engine Monthly Active Users (China)	Estimated 600 million	Core search user base
Baidu Maps Installation Rate	Over 70% of smartphones in China	Indicates broad utility adoption
DuerOS Installations	Over 400 million devices	AI voice assistant footprint

AI developers and researchers utilizing foundation models

This segment is crucial as it drives the adoption and ecosystem growth for Baidu's large language models, primarily the ERNIE series. Baidu is actively courting this group by promoting open access and platform services. The company announced the open-sourcing of the ERNIE 4.5 series through its MaaS (Model-as-a-Service) platform, Qianfan.

The scale of developer engagement is significant:

• Over 5 million developers globally are using Baidu AI open platform tools.
• The company's update frequency for its large models is rapid, averaging 3.8 days per update in Q3 2025, outpacing several competitors.
• Revenue from AI Applications, which includes subscription-based software products for individuals and enterprises, reached RMB 2.6 billion in Q3 2025, up 6% year-over-year.

Autonomous ride-hailing users in China and international markets

Users of the Apollo Go service represent a rapidly expanding, high-visibility customer segment. The service is scaling aggressively in both domestic and international markets, including Switzerland, Dubai, and Abu Dhabi, alongside major Chinese cities.

The operational metrics show explosive growth in this user base:

• Apollo Go provided 3.1 million fully driverless operational rides in Q3 2025, a 212% year-over-year surge.
• Cumulative rides provided to the public surpassed 17 million as of November 2025.
• The global footprint expanded to 22 cities as of October 2025.
• In Q2 2025 alone, the service completed over 2.2 million fully driverless rides, up 148% year-on-year.

To be fair, the growth in rides is impressive, but the cost structure is still under intense focus, with management projecting profitability by 2025. Finance: review the Q4 2025 capital expenditure forecast for Apollo Go by next Tuesday.

Baidu, Inc. (BIDU) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Baidu, Inc. as it aggressively pivots to an AI-first structure. The cost side is showing clear signs of this transition-heavy investment in the future clashing with write-downs on the past.

The commitment to Research and Development (R&D) remains a top-line cost driver, especially for foundational AI models and infrastructure. For the second quarter of 2025, Baidu reported total Research and Development expenses of RMB 5.1 billion.

Digging into the segments, Baidu Core's R&D specifically was RMB 4.7 billion in Q2 2025, representing 18% of Baidu Core's revenue for that quarter, down from 20% in the same period last year. This decrease in R&D spend year-over-year, a 14% drop for Baidu Core, was explicitly attributed to a decrease in personnel-related expenses, which ties directly into the restructuring efforts.

The Cost of Revenues reflects the operational expense of running the AI Cloud business and content delivery. In Q2 2025, the Cost of Revenues was RMB 18.4 billion, marking a 12% increase year-over-year. Management pointed to increased costs related to the AI Cloud business and general content costs as the primary reasons for this rise. This is a critical trade-off: higher revenue growth in AI Cloud (up 27% year-over-year for Baidu AI Cloud in Q2 2025) is coming with a proportionally higher cost base.

The most significant single charge impacting profitability in late 2025 was the asset impairment. In the third quarter of 2025, Baidu recorded a RMB 16.2 billion impairment of long-lived assets. This massive write-down was attributed to a review showing that some existing infrastructure no longer met current computing efficiency standards required for modern AI workloads. This charge resulted in a reported net loss attributable to Baidu of RMB 11.23 billion for Q3 2025.

Capital expenditure (CapEx) is the physical manifestation of the AI strategy. Baidu is pouring capital into the necessary physical backbone. For instance, in Q2 2025, capital expenditures rose to USD 3.8 billion, a significant jump of more than 80% from USD 2.1 billion a year earlier, directly supporting the expansion of AI accelerator infrastructure and data centers. Overall, management noted that total capital expenditures in AI have exceeded well above RMB 100 billion since March 2023.

Personnel costs are a complex area given the simultaneous investment in AI talent and cuts in legacy areas. The company had 35,900 employees as of the end of 2024, down from 39,800 in 2023. The recent cost-cutting measures have been severe, with layoffs beginning in late 2025 across several groups, including the legacy Mobile Ecosystem Group (MEG), where some teams saw cuts as high as 40% of their workforce. Still, roles tied to AI and cloud computing were largely protected, with more resources directed to those areas.

Here's a quick look at the key cost-related metrics from the recent quarters:

Cost Component	Period	Amount (RMB)	Change/Context
Total R&D Expenses	Q2 2025	5.1 billion	Decreased 13% year-over-year
Baidu Core R&D Expenses	Q2 2025	4.7 billion	18% of Baidu Core Revenue
Cost of Revenues	Q2 2025	18.4 billion	Increased 12% year-over-year (AI Cloud/Content)
Asset Impairment Charge	Q3 2025	16.2 billion	Long-lived assets deemed obsolete
Capital Expenditure (CapEx)	Q2 2025	USD 3.8 billion	Up more than 80% year-over-year
Personnel Headcount	End of 2024	35,900	Down from 39,800 in 2023

The cost structure is clearly bifurcated. You see the shrinking costs in legacy areas, evidenced by the decrease in personnel-related expenses contributing to lower operating expenses in Q2 2025, but this is being overwhelmed by the massive, necessary spending on AI infrastructure and the resulting asset obsolescence charges.

The key cost pressures you need to track are:

• AI Cloud infrastructure build-out costs, driving up Cost of Revenues.
• The need for continued high CapEx, exceeding USD 3.8 billion in a single quarter.
• The risk of future impairments if AI hardware refresh cycles continue to accelerate.
• Severance and restructuring costs associated with the layoffs in legacy groups.

Finance: draft 13-week cash view by Friday.

Baidu, Inc. (BIDU) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Baidu, Inc.'s Business Model Canvas as of late 2025, focusing on the hard numbers from the latest reported quarter, Q3 2025. The picture is clearly one of transition, where legacy revenue is softening, but the AI bets are starting to show real scale, even if profitability is pressured by those very investments.

The core revenue streams are segmented, showing the shift in focus for Baidu, Inc. Here is a breakdown of the key components based on the Q3 2025 figures:

Revenue Stream Component	Q3 2025 Revenue (RMB)	Year-over-Year Change
Online Marketing Services	15.3 billion	down 18%
Non-Online Marketing Revenue	9.3 billion	up 21%
AI Cloud Revenue (Total)	6.2 billion	up 21%
iQIYI Subscription and Advertising Revenue	6.7 billion	down 8%

Total revenues for Baidu, Inc. in Q3 2025 were reported at RMB 31.2 billion, which represented a 7% decrease year-over-year. The Baidu Core segment brought in RMB 24.7 billion.

The growth story is heavily concentrated in the AI-powered businesses, which collectively generated roughly RMB 10 billion in revenue in Q3 2025, marking an over 50% increase year-over-year. This segment is where the future revenue quality is being established, often through recurring models.

The AI Cloud segment itself is a major driver, with its total revenue reaching RMB 6.2 billion, growing 21% year-over-year. This is further detailed by the infrastructure layer:

• AI Cloud Infra revenue: RMB 4.2 billion, up 33% year-over-year.
• Subscription-based AI accelerator infrastructure revenue: Grew 128% year-over-year.

The AI Applications revenue stream, which directly relates to your point on premium features, is also growing, albeit at a slower pace than the infrastructure side:

• Revenue from AI Applications: RMB 2.6 billion, increasing 6% year-over-year.
• Revenue from AI-native Marketing Services (agents and digital humans): RMB 2.8 billion, increasing 262% year-over-year.

The revenue from Subscription fees for AI applications and premium Ernie Bot features is embedded within the AI Applications figure of RMB 2.6 billion, as most of Baidu, Inc.'s AI applications are based on sticky subscription models, delivering high-quality revenue. The pressure on the legacy Online Marketing Revenue, which fell 18% year-over-year to RMB 15.3 billion, is being cushioned by the growth in the Non-Online Marketing Revenue, which rose 21% to RMB 9.3 billion, largely due to the boost from the AI Cloud business.

For iQIYI, the revenue stream from subscription and advertising was RMB 6.7 billion in Q3 2025, down 8% compared to the same period last year. Finance: draft 13-week cash view by Friday.