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<Research>Haitong Int'l Estimates Baidu's Core Rev. to Have Dropped 6.9% YoY to RMB25.8B Last Qtr
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Haitong International has released a research report predicting that BIDU-SW (09888.HK)'s 4Q25 core revenue will have reached RMB25.8 billion, down by 6.9% YoY but up 4.5% QoQ. Specifically, core advertising revenue will have declined by 16.1% YoY or 1.8% QoQ, while AI cloud revenue will have risen by 14% YoY. In terms of earnings, the adjusted operating profit of BIDU-SW's core business is projected to have dropped by 42.7% YoY to RMB2.7 billion, corresponding to a profit margin of 10.3%. Its core business revenue and non-GAAP operating profit for FY25 are expected to have hit RMB102.2 billion and RMB14.1 billion, respectively. Haitong International has given Baidu (BIDU.US) a target price of USD182, with an Outperform rating remaining in place. AAStocks Financial News |
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