6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2023

Commission File Number: 000-51469

BAIDU, INC.

Baidu Campus

No. 10 Shangdi 10th Street

Haidian District, Beijing 100085

The People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Exhibit Index

Exhibit 99.1 — Press Release — Baidu Announces Fourth Quarter and Fiscal Year 2022<br>Results
Exhibit 99.2 — Press Release — Baidu Announces US$5 Billion Share Repurchase<br>Program

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BAIDU, INC.
By:	/s/ Rong Luo
Name:	Rong Luo
Title:	Chief Financial Officer

Date: February 22, 2023

EX-99.1

Exhibit 99.1

Baidu Announces Fourth Quarter and Fiscal Year 2022 Results

BEIJING, China, February 22, 2023 –Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2022.

“2022 was a challenging year, but we used this period to prepare the company for better times. In 2023, we believe we have a clear path to reaccelerate our revenue growth, and we are now well positioned to make use of the opportunities that China’s economic recovery offers us,” said Robin Li, Co-founder and CEO of Baidu. “With our long-term investments in AI, we are poised to capitalize on the imminent inflection point in AI, unlocking exciting new opportunities across our entire business portfolio—from mobile ecosystem to AI Cloud, autonomous driving, smart devices, and beyond.”

“We initiated our efforts towards cost optimization and business efficiency at an early stage in the pandemic, creating a stronger, leaner company. In the second half of 2022, Baidu Core non-GAAP operating profit grew 14% year over year. We believe a more streamlined operation will support the sustainable development of our company over the long term,” said Rong Luo, CFO of Baidu.

Fourth Quarter and Fiscal Year 2022 Financial Highlights^1^

	Baidu, Inc.
(In millions except per	Q4			Q3			Q4								FY			FY
ADS, unaudited)	2021			2022			2022					YOY			2021			2022					YOY
	RMB			RMB			RMB			US					RMB			RMB			US
Total revenues		33,088			32,540			33,077					0	%		124,493			123,675					(1	%)
Operating income		1,958			5,317			4,593					135	%		10,518			15,911					51	%
Operating income (non-GAAP)^2^		4,307			7,200			6,497					51	%		19,030			23,186					22	%
Net income (loss) to Baidu		1,715			(146	)		4,953					189	%		10,226			7,559					(26	%)
Net income to Baidu (non-GAAP)^2^		4,084			5,889			5,371					32	%		18,830			20,680					10	%
Diluted earnings (loss) per ADS		4.51			(0.87	)		13.59					201	%		28.07			19.85					(29	%)
Diluted earnings per ADS (non-GAAP)^2^		11.60			16.87			15.25					31	%		53.53			58.93					10	%
Adjusted EBITDA^2^		5,757			8,879			8,231					43	%		24,914			29,663					19	%
Adjusted EBITDA margin		17	%		27	%		25	%		%					20	%		24	%		%

All values are in US Dollars.

^1^	Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 6.8972 as of December 30,<br>2022, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
^2^	Non-GAAP measures are defined in the<br>Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).<br>
---	---

1/16

	Baidu Core
	Q4			Q3			Q4								FY			FY
(In millions, unaudited)	2021			2022			2022					YOY			2021			2022					YOY
	RMB			RMB			RMB			US					RMB			RMB			US
Total revenues		25,978			25,239			25,654					(1	%)		95,163			95,431					0	%
Operating income		2,958			4,982			3,782					28	%		15,142			14,534					(4	%)
Operating income (non-GAAP)^2^		4,847			6,650			5,491					13	%		22,201			20,948					(6	%)
Net income to Baidu Core		2,656			25			4,773					80	%		13,557			7,551					(44	%)
Net income to Baidu Core (non-GAAP)^2^		4,625			5,767			4,915					6	%		21,292			19,935					(6	%)
Adjusted EBITDA^2^		6,210			8,239			7,146					15	%		27,682			27,088					(2	%)
Adjusted EBITDA margin		24	%		33	%		28	%		%					29	%		28	%		%

All values are in US Dollars.

Operational Highlights

Corporate

•	Baidu’s board of directors has authorized a new share repurchase program under which the Company may<br>repurchase up to US$5 billion of its shares, effective through December 31, 2025.
•	Baidu received a B rating at the latest CDP climate change scores, making a significant improvement from its D<br>rating in 2021. CDP is a non-profit organization that runs the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts.
---	---

AI Cloud

•	Baidu ACE smart transportation has been adopted by 69 cities, up from 35 cities a year ago, based on contract<br>amounts of over RMB10 million, as of the end of 2022.
•	Baidu was once again ranked the No. 1 AI Cloud provider, according to IDC’s first half of 2022 report<br>on China’s public cloud market for the fourth consecutive year.
---	---
•	PaddlePaddle developer community has grown to 5.35 million and has served 200,000 businesses, as of the end<br>of 2022. Developers have created 670,000 models on PaddlePaddle by the end of 2022.
---	---

Intelligent Driving

•	Apollo Go, Baidu’s autonomous ride-hailing service, provided 561K rides in the fourth quarter of 2022, up<br>162% year over year. The cumulative rides provided to the public by Apollo Go exceeded 2 million by the end of January 2023.
•	Apollo Go received Beijing’s first license to test vehicles with no driver or safety operator in the car on<br>December 30, 2022, taking Baidu one step closer to providing fully driverless ride-hailing service on public roads in the capital city.
---	---

2/16

Other Growth Initiatives

•	Xiaodu ranked No.1 in smart display shipments and smart speaker shipments in China for the first nine months of<br>2022, according to IDC, Strategy Analytics, and Canalys.

Mobile Ecosystem

•	In December, Baidu App’s MAUs reached 648 million, up 4% year over year.
•	Managed Page accounted for 45% of Baidu Core’s online marketing revenue in the fourth quarter of 2022. In<br>2022, revenues from Managed Page accounted for 48% of total online marketing revenue, up from about 40% a year ago.
---	---

iQIYI

•	iQIYI’s average daily number of total subscribing members for the quarter was 111.6 million, compared<br>to 97.0 million for the fourth quarter of 2021 and 101.0 million for the third quarter of 2022.

Fourth Quarter 2022Financial Results

Total revenues were RMB 33.1 billion ($4.80 billion), which is basically flat from last year.

•	Revenue from Baidu Core was RMB 25.7 billion ($3.72 billion), decreasing 1% year over year; onlinemarketing revenue was RMB 18.1 billion ($2.62 billion), down 6% year over year primarily due to the resurgence of Covid-19 in certain cities in China, and<br>non-online marketing revenue was RMB 7.6 billion ($1.10 billion), up 11% year over year, mainly driven by other AI-powered businesses and cloud business.
•	Revenue from iQIYI was RMB 7.6 billion ($1.10 billion), increasing 3% year over year.<br>
---	---

Cost of revenues was RMB 16.9 billion ($2.46 billion), decreasing 2% year over year, primarily due to the reduction in content costs, cost of goods sold and other costs related to new AI business, partially offset by the increase in traffic acquisition costs.

Selling,general and administrative expenses were RMB 5.9 billion ($853 million), decreasing 9% year over year, primarily due to the decrease in personnel-related expenses.

Research and development expense was RMB 5.7 billion ($820 million), decreasing 23% year over year, primarily due to the decrease in personnel-related expense.

Operating income was RMB 4.6 billion ($666 million). Baidu Core operating income was RMB 3.8 billion ($548 million), and Baidu Core operating margin was 15%. Non-GAAP operating income was RMB 6.5 billion ($942 million). Non-GAAP Baidu Core operating income was RMB 5.5 billion ($796 million), and non-GAAP Baidu Core operating margin was 21%.

3/16

Total other income, net was RMB 1.8 billion ($258 million), which mainly included a fair value gain of RMB 1.6 billion from long-term investments. A significant portion of long-term investments, including but not limited to investments in equity securities of public and private companies and private equity funds, is subject to quarterly fair value adjustments, which may contribute to net income volatility in future periods. Total other income, net was RMB 407 million for the same period last year, which mainly included a fair value gain of RMB 1.5 billion and an impairment loss of RMB 891 million from long-term investments.

Income tax expense was RMB 1.3 billion ($181 million), decreasing 3% year over year.

Net income attributable to Baidu was RMB 5.0 billion ($718 million), and diluted earnings per ADS was RMB 13.59 ($1.97). Netincome attributable to Baidu Core was RMB 4.8 billion ($692 million), and net margin for Baidu Core was 19%. Non-GAAP net income attributable to Baidu was RMB 5.4 billion ($779 million). Non-GAAP diluted earnings per ADS was RMB 15.25 ($2.21). Non-GAAP net income attributable to Baidu Core was RMB 4.9 billion ($713 million), and non-GAAP net margin for Baidu Core was 19%.

Adjusted EBITDA was RMB 8.2 billion ($1.19 billion) and adjusted EBITDA margin was 25%. Adjusted EBITDA for Baidu Core was RMB 7.1 billion ($1.04 billion) and adjusted EBITDA margin for Baidu Core was 28%.

As of December 31, 2022, cash, cash equivalents, restricted cash and short-term investments were RMB 185.3 billion ($26.87 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 177.4 billion ($25.72 billion). Free cash flow was RMB 5.9 billion ($859 million), and free cash flow excluding iQIYI was RMB 5.1 billion ($736 million).

Fiscal Year 2022 Results

Total revenues were RMB 123.7 billion ($17.93 billion), decreasing 1% year over year.

•	Revenue from Baidu Core was RMB 95.4 billion ($13.84 billion), which is basically flat from last<br>year; online marketing revenue was RMB 69.5 billion ($10.08 billion), decreasing 6% year over year, and non-online marketing revenue was RMB 25.9 billion ($3.76 billion), up 22% year<br>over year, mainly driven by cloud and other AI-powered businesses.
•	Revenue from iQIYI was RMB 29.0 billion ($4.20 billion), decreasing 5% year over year.<br>
---	---

Cost of revenues was RMB 63.9 billion ($9.27 billion), decreasing 1% year over year, which is basically flat from last year, primarily due to the increase in traffic acquisition costs, bandwidth costs, cost of goods sold and other costs related to new AI business, offset by the decrease in content costs.

4/16

Selling, general and administrative expenses were RMB 20.5 billion ($2.98 billion), decreasing 17% year over year, primarily due to the decrease in channel spending, promotional marketing and personnel-related expenses.

Research and developmentexpenses were RMB 23.3 billion ($3.38 billion), decreasing 7% year over year, primarily due to the decrease in personnel-related expenses.

Operating income was RMB 15.9 billion ($2.31 billion). Baidu Core operating income was RMB 14.5 billion ($2.11 billion), and Baidu Core operating margin **** was 15%. Non-GAAP operating income was RMB 23.2 billion ($3.36 billion). Non-GAAP Baidu Core operating incomewas RMB 20.9 billion ($3.04 billion), and non-GAAP Baidu Core operating margin was 22%.

Total otherloss, net was RMB 5.8 billion ($841 million), which mainly included a fair value loss of RMB 3.9 billion and an impairment loss of RMB 3.0 billion from long-term investments. A significant portion of long-term investments, including but not limited to investments in equity securities of public and private companies and private equity funds, is subject to quarterly fair value adjustments, which may contribute to net income volatility in future periods. Total otherincome, net was RMB 260 million for 2021, which mainly included a fair value gain of RMB 3.1 billion and an impairment loss of RMB 4.3 billion from long-term investments.

Income tax expense was RMB 2.6 billion ($374 million), decreasing 19% year over year, primarily due to deferred tax benefit recognized on fair value loss of long-term investments in 2022 whereas the Company had deferred tax expense recognized on fair value gain of long-term investments in 2021.

Net income attributable to Baidu was RMB 7.6 billion ($1.10 billion), and diluted earnings per ADS was RMB 19.85 ($2.88). Net incomeattributable to Baidu Core was RMB 7.6 billion ($1.10 billion), and **** net margin for Baidu Core was 8%. Non-GAAP net income attributable to Baidu was RMB 20.7 billion ($3.00 billion), and non-GAAP diluted earnings per ADS amounted to RMB 58.93 ($8.54). Non-GAAP net income attributable to Baidu Core was RMB 19.9 billion ($2.89 billion), and non-GAAP net margin for Baidu Core was 21%.

Adjusted EBITDA was RMB 29.7 billion ($4.30 billion) and adjusted EBITDA margin was 24%. Adjusted EBITDA to Baidu Core was RMB 27.1 billion ($3.93 billion) and adjusted EBITDA margin for Baidu Core was 28%. ****

Free cash flow was RMB 17.9 billion ($2.59 billion), and free cash flow excluding iQIYI was RMB 18.1 billion ($2.63 billion).

5/16

Conference Call Information

Baidu’s management will hold an earnings conference call at 7.30AM on February 22, 2023, U.S. Eastern Time (8.30PM on February 22, 2023, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q4 2022 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click

https://s1.c-conf.com/diamondpass/10028709-re5fs4.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Contacts

Investors Relations, Baidu, Inc.

Tel: +86-10-5992-8888

Email: [email protected]

6/16

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

7/16

Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations and contingent loss pertaining to legal proceeding in relation to former advertising agencies and iQIYI’s non-recurring employee severance costs.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, contingent loss pertaining to legal proceeding in relation to former advertising agencies, iQIYI’s non-recurring employee severance costs, disposal gain or loss, impairment of long-term investments, fair value change of long-term investments, charitable donation from Baidu, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per shares, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, contingent loss pertaining to legal proceeding in relation to former advertising agencies, iQIYI’s non-recurring employee severance costs, and share-based compensation expenses.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.

8/16

Baidu, Inc.

Condensed Consolidated Statements of (Loss) Income

(In millions except for per share (or ADS) information, unaudited)

	Three Months Ended											Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,		December 31,			December 31,			December 31,
	2021			2022			2022			2022		2021			2022			2022
	RMB			RMB			RMB			US(2)		RMB			RMB			US(2)
Revenues:
Online marketing services		20,723			19,943			19,571					80,695			74,711
Others		12,365			12,597			13,506					43,798			48,964
Total revenues	****	33,088	****	****	32,540	****	****	33,077	****		****	****	124,493	****	****	123,675	****		****
Costs and expenses:
Cost of revenues^(1)^		17,289			16,273			16,945					64,314			63,935
Selling, general and<br>administrative^(1)^		6,451			5,193			5,881					24,723			20,514
Research and development^(1)^		7,390			5,757			5,658					24,938			23,315
Total costs and expenses	****	31,130	****	****	27,223	****	****	28,484	****		****	****	113,975	****	****	107,764	****		****
Operating income	****	1,958	****	****	5,317	****	****	4,593	****		****	****	10,518	****	****	15,911	****		****
Other income (loss):
Interest income		1,514			1,619			1,647					5,551			6,245
Interest expense		(873	)		(724	)		(738	)		)		(3,421	)		(2,913	)		)
Foreign exchange (loss) gain, net		(27	)		(806	)		(338	)		)		100			(1,484	)		)
Share of losses from equity method investments		(773	)		(376	)		(523	)		)		(932	)		(1,910	)		)
Others, net		566			(4,483	)		1,733					(1,038	)		(5,737	)		)
Total other income (loss), net	****	407	****	****	(4,770	)	****	1,781	****		****	****	260	****	****	(5,799	)		)
Income before income taxes	****	2,365	****	****	547	****	****	6,374	****		****	****	10,778	****	****	10,112	****		****
Income tax expense		1,295			908			1,254					3,187			2,578
Net income (loss)	****	1,070	****	****	(361	)	****	5,120	****		****	****	7,591	****	****	7,534	****		****
Net (loss) income attributable to noncontrolling interests		(645	)		(215	)		167					(2,635	)		(25	)		)
Net income (loss) attributable to Baidu	****	1,715	****	****	(146	)	****	4,953	****		****	****	10,226	****	****	7,559	****		****
Earnings (loss) per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic		4.57			(0.87	)		13.73					28.64			20.02
-Diluted		4.51			(0.87	)		13.59					28.07			19.85
Earnings (loss) per share for Class A and Class B ordinary shares:
-Basic		0.57			(0.11	)		1.72					3.58			2.50
-Diluted		0.56			(0.11	)		1.70					3.51			2.48
Weighted average number of Class A and Class B ordinary shares outstanding (in<br>millions):
-Basic		2,780			2,790			2,789					2,758			2,782
-Diluted		2,816			2,790			2,801					2,814			2,809
(1)   Includes share-based compensation expenses as follows:
Cost of revenues		134			84			158					399			409
Selling, general and administrative		533			480			450					1,840			1,750
Research and development		1,426			1,039			1,233					4,817			4,629
Total share-based compensation expenses		2,093			1,603			1,841					7,056			6,788

All values are in US Dollars.

(2)	All translations from RMB to U.S. dollars are made at a rate of RMB 6.8972 to US$1.00, the exchange rate in<br>effect as of December 30, 2022 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

9/16

Baidu, Inc.

Condensed Consolidated Balance Sheets

(In millions, unaudited)

	December 31,		December 31,		December 31,
	2021		2022		2022
	RMB		RMB		US
ASSETS
Current assets:
Cash and cash equivalents		36,850		53,156
Restricted cash		10,821		11,330
Short-term investments, net		143,243		120,839
Accounts receivable, net		9,981		11,733
Amounts due from related parties		1,368		5,432
Other current assets, net		11,052		10,360
Total current assets	****	213,315	****	212,850
Non-current assets:
Fixed assets, net		23,027		23,973
Licensed copyrights, net		7,258		6,841
Produced content, net		10,951		13,002
Intangible assets, net		1,689		1,254
Goodwill		22,605		22,477
Long-term investments, net		59,418		55,297
Long-term time deposits and<br>held-to-maturity investments		7,914		23,629
Amounts due from related parties		3,487		60
Deferred tax assets, net		2,372		2,129
Operating lease<br>right-of-use assets		12,065		10,365
Other non-current assets		15,933		19,096
Total non-current assets	****	166,719	****	178,123
Total assets	****	380,034	****	390,973
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans		4,168		5,343
Accounts payable and accrued liabilities		41,384		38,014
Customer deposits and deferred revenue		13,706		13,116
Deferred income		97		72
Long-term loans, current portion		2		—
Convertible senior notes, current portion		—		8,305
Notes payable, current portion		10,505		6,904
Amounts due to related parties		1,764		5,067
Operating lease liabilities		2,862		2,809
Total current liabilities	****	74,488	****	79,630
Non-current liabilities:
Deferred income		129		159
Deferred revenue		223		331
Amounts due to related parties		3,268		99
Long-term loans		12,629		13,722
Notes payable		43,120		39,893
Convertible senior notes		12,652		9,568
Deferred tax liabilities		3,286		2,898
Operating lease liabilities		5,569		4,810
Other non-current liabilities		718		2,058
Total non-current liabilities	****	81,594	****	73,538
Total liabilities	****	156,082	****	153,168
Redeemable noncontrolling interests	****	7,148	****	8,393
Equity
Total Baidu shareholders’ equity		211,459		223,478
Noncontrolling interests		5,345		5,934
Total equity	****	216,804	****	229,412
Total liabilities, redeemable noncontrolling interests, and equity	****	380,034	****	390,973

All values are in US Dollars.

10/16

Baidu, Inc.

Selected Information

(In millions, unaudited)

	Three months endedDecember 31, 2021 (RMB)												Three months endedSeptember 30, 2022 (RMB)												Three months endedDecember 31, 2022 (RMB)												Three months endedDecember 31, 2022, 2022(US)
	BaiduCore			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduCore			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduCore			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduCore	iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.
Total revenues	****	25,978	****	****	7,389	****	****	(279	) ****	****	33,088	****	****	25,239	****	****	7,471	****	****	(170	) ****	****	32,540	****	****	25,654	****	****	7,593	****	****	(170	) ****	****	33,077	****		****	1,101	****	****	(24	) ****	****	4,796
YOY																										(1	%)		3	%					(0	%)
QOQ																										2	%		2	%					2	%
Costs and expenses:
Cost of revenues ^(1)^		11,017			6,507			(235	)		17,289			10,745			5,705			(177	)		16,273			11,712			5,405			(172	)		16,945				784			(26	)		2,457
Selling, general and<br>administrative ^(1)^		5,377			1,093			(19	)		6,451			4,231			980			(18	)		5,193			4,969			939			(27	)		5,881				136			(3	)		853
Research and development ^(1)^		6,626			764			—			7,390			5,281			476			—			5,757			5,191			467			—			5,658				68			—			820
Total costs and expenses	****	23,020	****	****	8,364	****		(254	)	****	31,130	****	****	20,257	****	****	7,161	****		(195	)	****	27,223	****	****	21,872	****	****	6,811	****		(199	)	****	28,484	****		****	988	****		(29	)	****	4,130
YOY
Cost of revenues																										6	%		(17	%)					(2	%)
Selling, general and administrative																										(8	%)		(14	%)					(9	%)
Research and development																										(22	%)		(39	%)					(23	%)
Cost and expenses																										(5	%)		(19	%)					(8	%)
Operating income (loss)	****	2,958	****	****	(975	)		(25	)	****	1,958	****	****	4,982	****	****	310	****		25		****	5,317	****	****	3,782	****	****	782	****		29		****	4,593	****		****	113	****		5		****	666
YOY																										28	%		—						135	%
QOQ																										(24	%)		152	%					(14	%)
Operating margin		11	%		(13	%)					6	%		20	%		4	%					16	%		15	%		10	%					14	%
Add: total other income (loss), net		1,161			(754	)		—			407			(4,108	)		(662	)		—			(4,770	)		2,271			(490	)		—			1,781				(71	)		—			258
Less: income tax expense (benefit)		1,258			37			—			1,295			866			42			—			908			1,265			(11	)		—			1,254				(2	)		—			181
Less: net income (loss) attributable to NCI		205			10			(860	)^(3)^		(645	)		(17	)		1			(199	)^(3)^		(215	)		15			(1	)		153	^(3)^		167				—			23	^(3)^		25
Net income (loss) attributable to Baidu	****	2,656	****	****	(1,776	)		835		****	1,715	****	****	25	****	****	(395	)		224		****	(146	)	****	4,773	****	****	304	****		(124	)	****	4,953	****		****	44	****		(18	)	****	718
YOY																										80	%		—						189	%
QOQ																										18992	%		—						—
Net margin		10	%		(24	%)					5	%		0	%		(5	%)					(0	%)		19	%		4	%					15	%
Non-GAAP financial measures:
Operating income (loss) (non-GAAP)	****	4,847	****	****	(515	)				****	4,307	****	****	6,650	****	****	525	****				****	7,200	****	****	5,491	****	****	977	****				****	6,497	****		****	141	****				****	942
YOY																										13	%		—						51	%
QOQ																										(17	%)		86	%					(10	%)
Operating margin (non-GAAP)		19	%		(7	%)					13	%		26	%		7	%					22	%		21	%		13	%					20	%
Net income (loss) attributable to Baidu(non-GAAP)	****	4,625	****	****	(1,001	)				****	4,084	****	****	5,767	****	****	187	****				****	5,889	****	****	4,915	****	****	856	****				****	5,371	****		****	124	****				****	779
YOY																										6	%		—						32	%
QOQ																										(15	%)		358	%					(9	%)
Net margin (non-GAAP)		18	%		(14	%)					12	%		23	%		3	%					18	%		19	%		11	%					16	%
Adjusted EBITDA	****	6,210	****	****	(428	)				****	5,757	****	****	8,239	****	****	615	****				****	8,879	****	****	7,146	****	****	1,056	****				****	8,231	****		****	152	****				****	1,193
YOY																										15	%		—						43	%
QOQ																										(13	%)		72	%					(7	%)
Adjusted EBITDA margin		24	%		(6	%)					17	%		33	%		8	%					27	%		28	%		14	%					25	%
(1)   Includes share-based compensation as follows:
Cost of revenues		90			44						134			45			39						84			122			36						158				5						23
Selling, general and administrative		396			137						533			375			105						480			355			95						450				14						65
Research and development		1,343			83						1,426			978			61						1,039			1,177			56						1,233				8						179
Total share-based compensation		1,829			264						2,093			1,398			205						1,603			1,654			187						1,841				27						267

All values are in US Dollars.

(2)	Relates to intersegment eliminations and adjustments
(3)	Relates to the net income/(loss) attributable to iQIYI noncontrolling interests
---	---

11/16

Baidu, Inc.

Selected Information

(In millions except for per ADS information, unaudited)

	Twelve months endedDecember 31, 2021 (RMB)												Twelve months endedDecember 31, 2022 (RMB)												Twelve months endedDecember 31, 2022 (US)
	BaiduCore			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduCore			iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.			BaiduCore		iQIYI			Elim &<br>adj^(2)^			Baidu,Inc.
Total revenues	****	95,163	****	****	30,554	****		(1,224	)	****	124,493	****	****	95,431	****	****	28,998	****		(754	)	****	123,675	****		****	****	4,204	****		(109	)	****	17,931	****
YOY														0	%		(5	%)					(1	%)
Costs and expenses:
Cost of revenues ^(1)^		37,838			27,513			(1,037	)		64,314			42,378			22,321			(764	)		63,935					3,236			(111	)		9,269
Selling, general and administrative<br>^(1)^		20,040			4,725			(42	)		24,723			17,103			3,466			(55	)		20,514					503			(8	)		2,975
Research and development ^(1)^		22,143			2,795			—			24,938			21,416			1,899			—			23,315					275			—			3,380
Total costs and expenses	****	80,021	****	****	35,033	****		(1,079)		****	113,975	****	****	80,897	****	****	27,686	****		(819	)	****	107,764	****		****	****	4,014	****	****	(119	)	****	15,624	****
YOY
Cost of revenues														12	%		(19	%)					(1	%)
Selling, general and administrative														(15	%)		(27	%)					(17	%)
Research and development														(3	%)		(32	%)					(7	%)
Cost and expenses														1	%		(21	%)					(5	%)
Operating income (loss)	****	15,142	****	****	(4,479	)		(145	)	****	10,518	****	****	14,534	****	****	1,312	****		65		****	15,911	****		****	****	190	****	****	10	****	****	2,307	****
YOY														(4	%)		(129	%)					51	%
Operating margin		16	%		(15	%)					8	%		15	%		5	%					13	%
Add: total other income (loss),net		1,793			(1,533	)		—			260			(4,453	)		(1,346	)		—			(5,799	)		)		(195	)		—			(841	)
Less: income tax expense		3,090			97			—			3,187			2,494			84			—			2,578					12			—			374
Less: net income (loss) attributable to NCI		288			61			(2,984	)^(3)^		(2,635	)		36			18			(79	)^(3)^		(25	)				3			(11	)^(3)^		(4	)
Net income (loss) attributable to Baidu	****	13,557	****	****	(6,170	)		2,839		****	10,226	****	****	7,551	****	****	(136	)	****	144	****	****	7,559	****		****	****	(20	)	****	21	****	****	1,096	****
YOY														(44	%)		(98	%)					(26	%)
Net margin		14	%		(20	%)					8	%		8	%		(0	%)					6	%
Non-GAAP financial measures:
Operating income (loss) (non-GAAP)	****	22,201	****	****	(3,026	)				****	19,030	****	****	20,948	****	****	2,173	****				****	23,186	****		****	****	315	****				****	3,362	****
YOY														(6	%)		—						22	%
Operating margin (non-GAAP)		23	%		(10	%)					15	%		22	%		7	%					19	%
Net income (loss) attributable to Baidu(non-GAAP)	****	21,292	****	****	(4,487	)				****	18,830	****	****	19,935	****	****	1,284	****				****	20,680	****		****	****	186	****				****	2,998	****
YOY														(6	%)		—						10	%
Net margin (non-GAAP)		22	%		(15	%)					15	%		21	%		4	%					17	%
Adjusted EBITDA	****	27,682	****	****	(2,623	)				****	24,914	****	****	27,088	****	****	2,510	****				****	29,663	****		****	****	364	****				****	4,301	****
YOY														(2	%)		—						19	%
Adjusted EBITDA margin		29	%		(9	%)					20	%		28	%		9	%					24	%
(1)   Includes share-based compensation as follows:
Cost of revenues		226			173						399			261			148						409					21						59
Selling, general and administrative		1,122			718						1,840			1,326			424						1,750					61						253
Research and development		4,489			328						4,817			4,390			239						4,629					35						672
Total share-based compensation		5,837			1,219						7,056			5,977			811						6,788					117						984

All values are in US Dollars.

(2)	Relates to intersegment eliminations and adjustments
(3)	Relates to the net loss attributable to iQIYI noncontrolling interests
---	---

12/16

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions, unaudited)

	Three months ended									Three months ended									Three months ended									Three months ended
	December 31, 2021 (RMB)									September 30, 2022 (RMB)									December 31, 2022 (RMB)									December 31, 2022 (US)
	Baidu<br><br><br>excl.<br> <br>iQIYI			iQIYI			Baidu,<br><br><br>Inc.			Baidu<br><br><br>excl.<br> <br>iQIYI			iQIYI			Baidu,<br><br><br>Inc.			Baidu<br><br><br>excl.<br> <br>iQIYI			iQIYI			Baidu,<br><br><br>Inc.			Baidu<br>excl. iQIYI		iQIYI			Baidu,<br><br><br>Inc.
Net cash provided by (used in) operating activities	****	5,809	****	****	(1,095	)	****	4,714	****	****	8,543	****	****	196	****	****	8,739	****	****	6,999	****	****	854	****	****	7,853	****		****	****	124	****	****	1,139	****
Net cash (used in) provided by investing activities		(50	)		2,097			2,047			7,603			407			8,010			(5,902	)		579			(5,323	)		)		84			(772	)
Net cash (used in) provided by financing activities		(4,662	)		(5,239	)		(9,901	)		(5,967	)		(106	)		(6,073	)		(5,124	)		2,862			(2,262	)		)		415			(328	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(589	)		(74	)		(663	)		1,980			60			2,040			(1,420	)		(9	)		(1,429	)		)		(1	)		(207	)
Net increase (decrease) in cash, cash equivalents and restricted cash	****	508	****	****	(4,311	)	****	(3,803	)	****	12,159	****	****	557	****	****	12,716	****	****	(5,447	)	****	4,286	****	****	(1,161	)		)	****	622	****	****	(168	)
Cash, cash equivalents and restricted cash
At beginning of period		44,088			7,386			51,474			50,662			3,019			53,681			62,821			3,576			66,397					518			9,627
At end of period		44,596			3,075			47,671			62,821			3,576			66,397			57,374			7,862			65,236					1,140			9,459
Net cash provided by (used in) operating activities	****	5,809	****	****	(1,095	)	****	4,714	****	****	8,543	****	****	196	****	****	8,739	****	****	6,999	****	****	854	****	****	7,853	****		****	****	124	****	****	1,139	****
Less: Capital expenditures		(4,213	)		(24	)		(4,237	)		(2,140	)		(48	)		(2,188	)		(1,920	)		(9	)		(1,929	)		)		(1	)		(280	)
Free cash flow	****	1,596	****	****	(1,119	)	****	477	****	****	6,403	****	****	148	****	****	6,551	****	****	5,079	****	****	845	****	****	5,924	****		****	****	123	****	****	859	****

All values are in US Dollars.

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

13/16

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

	Twelve months ended									Twelve months ended									Twelve months ended
	December 31, 2021 (RMB)									December 31, 2022 (RMB)									December 31, 2022 (US)
	Baiduexcl.iQIYI			iQIYI			Baidu,Inc.			Baiduexcl.iQIYI			iQIYI			Baidu,Inc.			Baiduexcl.iQIYI		iQIYI			Baidu,Inc.
Net cash provided by (used in) operating activities	****	26,074	****	****	(5,952	)	****	20,122	****	****	26,241	****	****	(71	)	****	26,170	****		****	****	(10	)	****	3,794	****
Net cash (used in) provided by investing activities		(32,706	)		1,262			(31,444	)		(4,210	)		266			(3,944	)		)		39			(572	)
Net cash provided by (used in) financing activities		26,355			(2,959	)		23,396			(10,859	)		4,469			(6,390	)		)		648			(926	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(726	)		(217	)		(943	)		1,606			123			1,729					18			251
Net increase (decrease) in cash, cash equivalents and restricted cash	****	18,997	****	****	(7,866	)	****	11,131	****	****	12,778	****	****	4,787	****	****	17,565	****		****	****	695	****	****	2,547	****
Cash, cash equivalents and restricted cash
At beginning of period		25,599			10,941			36,540			44,596			3,075			47,671					446			6,912
At end of period		44,596			3,075			47,671			57,374			7,862			65,236					1,141			9,459
Net cash provided by (used in) operating activities	****	26,074	****	****	(5,952	)	****	20,122	****	****	26,241	****	****	(71	)	****	26,170	****		****	****	(10	)	****	3,794	****
Less: Capital expenditures		(10,634	)		(262	)		(10,896	)		(8,112	)		(174	)		(8,286	)		)		(25	)		(1,201	)
Free cash flow	****	15,440	****	****	(6,214	)	****	9,226	****	****	18,129	****	****	(245	)	****	17,884	****		****	****	(35	)	****	2,593	****

All values are in US Dollars.

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

14/16

Baidu, Inc.

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

(In millions except for per ADS information, unaudited)

	Three months ended									Three months ended									Three months ended									Three months ended
	December 31, 2021 (RMB)									September 30, 2022 (RMB)									December 31, 2022 (RMB)									December 31, 2022 (US)
	BaiduCore			iQIYI			Baidu,Inc.			BaiduCore			iQIYI			Baidu,Inc.			BaiduCore			iQIYI			Baidu,Inc.			BaiduCore		iQIYI		Baidu,Inc.
Operating income (loss)	****	2,958	****	****	(975	)	****	1,958	****	****	4,982	****	****	310	****	****	5,317	****	****	3,782	****	****	782	****	****	4,593	****		****	****	113	****	666	****
Add: Share-based compensation expenses		1,829			264			2,093			1,398			205			1,603			1,654			187			1,841					27		267
Add: Amortization and impairment of intangible<br>assets^(1)^		60			17			77			56			10			66			55			8			63					1		9
Add: Contingent loss^(5)^		—			—			—			214			—			214			—			—			—					—		—
Add: iQIYI non-recurring employee severance costs^(6)^		—			179			179			—			—			—			—			—			—					—		—
Operating income (loss) (non-GAAP)	****	4,847	****	****	(515	)	****	4,307	****	****	6,650	****	****	525	****	****	7,200	****	****	5,491	****	****	977	****	****	6,497	****		****	****	141	****	942	****
Add: Depreciation of fixed assets		1,363			87			1,450			1,589			90			1,679			1,655			79			1,734					11		251
Adjusted EBITDA	****	6,210	****	****	(428	)	****	5,757	****	****	8,239	****	****	615	****	****	8,879	****	****	7,146	****	****	1,056	****	****	8,231	****		****	****	152	****	1,193	****
Net income (loss) attributable to Baidu	****	2,656	****	****	(1,776	)	****	1,715	****	****	25	****	****	(395	)	****	(146	)	****	4,773	****	****	304	****	****	4,953	****		****	****	44	****	718	****
Add: Share-based compensation expenses		1,805			264			1,941			1,394			205			1,497			1,654			187			1,748					27		253
Add: Amortization and impairment of intangible<br>assets^(1)^		55			17			65			50			10			56			50			8			55					1		8
Add: Disposal (gain) loss		—			—			—			(6	)		—			(6	)		(484	)		62			(453	)		)		9		(66	)
Add: Impairment of long-term investments		752			139			824			1,042			376			1,230			318			271			453					39		66
Add: Fair value (gain) loss of long-term investments		(1,339	)		2			(1,337	)		3,149			(27	)		3,135			(1,662	)		8			(1,658	)		)		1		(240	)
Add: Reconciling items on equity method<br>investments^(2)^		430			177			521			237			16			245			377			18			386					3		56
Add: Charitable donation from<br>Baidu^(4)^		50			—			50			—			—			—			—			—			—					—		—
Add: Contingent loss^(5)^		—			—			—			214			—			214			—			—			—					—		—
Add: iQIYI non-recurring employee severance costs^(6)^		—			179			92			—			—			—			—			—			—					—		—
Add: Tax effects on non-GAAP adjustments^(3)^		216			(3	)		213			(338	)		2			(336	)		(111	)		(2	)		(113	)		)		—		(16	)
Net income (loss) attributable to Baidu(non-GAAP)	****	4,625	****	****	(1,001	)	****	4,084	****	****	5,767	****	****	187	****	****	5,889	****	****	4,915	****	****	856	****	****	5,371	****		****	****	124	****	779	****
Diluted earnings (loss) per ADS							****	4.51	****							****	(0.87	)							****	13.59	****					****	1.97	****
Add: Accretion of the redeemable noncontrolling interests								0.36									0.45									0.46							0.07
Add: Non-GAAP adjustments to earnings per ADS								6.73									17.29									1.20							0.17
Diluted earnings per ADS (non-GAAP)							****	11.60	****							****	16.87	****							****	15.25	****					****	2.21	****

All values are in US Dollars.

(1)	This represents amortization and impairment of intangible assets resulting from business combinations.<br>
(2)	This represents Baidu’s share of equity method investments for other<br>non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the<br>issuance of shares by the investees at a price higher or lower than the carrying value per shares.
---	---
(3)	This represents tax impact of all non-GAAP adjustments.<br>
---	---
(4)	This represents non-recurring charitable donations to discrete events.<br>
---	---
(5)	This represents contingent loss pertaining to legal proceedings involving former advertising agency.<br>
---	---
(6)	This represents non-recurring employee severance costs in relation to<br>the iQIYI employee optimization program incurred in 2021.
---	---

15/16

Baidu, Inc.

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

(In millions except for per ADS information, unaudited)

	Twelve months ended									Twelve months ended									Twelve months ended
	December 31, 2021 (RMB)									December 31, 2022 (RMB)									December 31, 2022 (US)
	BaiduCore			iQIYI			Baidu,Inc.			BaiduCore			iQIYI			Baidu,Inc.			BaiduCore		iQIYI			Baidu,Inc.
Operating income (loss)	****	15,142	****	****	(4,479	)	****	10,518	****	****	14,534	****	****	1,312	****	****	15,911	****		****	****	190	****	****	2,307	****
Add: Share-based compensation expenses		5,837			1,219			7,056			5,977			811			6,788					117			984
Add: Amortization and impairment of intangible<br>assets^(1)^		246			55			301			223			50			273					8			40
Add: Contingent loss^(5)^		976			—			976			214			—			214					—			31
Add: iQIYI non-recurring employee severance costs^(6)^		—			179			179			—			—			—					—			—
Operating income (loss) (non-GAAP)	****	22,201	****	****	(3,026	)	****	19,030	****	****	20,948	****	****	2,173	****	****	23,186	****		****	****	315	****	****	3,362	****
Add: Depreciation of fixed assets		5,481			403			5,884			6,140			337			6,477					49			939
Adjusted EBITDA	****	27,682	****	****	(2,623	)	****	24,914	****	****	27,088	****	****	2,510	****	****	29,663	****		****	****	364	****	****	4,301	****
Net income (loss) attributable to Baidu	****	13,557	****	****	(6,170	)	****	10,226	****	****	7,551	****	****	(136	)	****	7,559	****		****	****	(20	)	****	1,096	****
Add: Share-based compensation expenses		5,814			1,219			6,444			5,964			811			6,371					118			924
Add: Amortization and impairment of intangible<br>assets^(1)^		220			55			251			200			50			229					7			33
Add: Disposal (gain)		—			(45	)		(28	)		(515	)		(368	)		(700	)		)		(53	)		(101	)
Add: Impairment of long-term investments		4,144			170			4,232			2,180			841			2,601					122			377
Add: Fair value (gain) loss of long-term investments		(2,734	)		(87	)		(2,778	)		3,977			(18	)		3,968					(3	)		575
Add: Reconciling items on equity method<br>investments^(2)^		1,249			192			1,349			1,473			105			1,548					15			224
Add: Charitable donation from<br>Baidu^(4)^		140			—			140			136			—			136					—			20
Add: Contingent loss^(5)^		976			—			976			214			—			214					—			31
Add: iQIYI non-recurring employee severance costs^(6)^		—			179			92			—			—			—					—			—
Add: Tax effects on non-GAAP adjustments^(3)^		(2,074	)		—			(2,074	)		(1,245	)		(1	)		(1,246	)		)		—			(181	)
Net income (loss) attributable to Baidu(non-GAAP)	****	21,292	****	****	(4,487	)	****	18,830	****	****	19,935	****	****	1,284	****	****	20,680	****		****	****	186	****	****	2,998	****
Diluted earnings per ADS							****	28.07	****							****	19.85	****						****	2.88	****
Add: Accretion of the redeemable noncontrolling interests								1.00									1.68								0.24
Add: Non-GAAP adjustments to earnings per ADS								24.46									37.40								5.42
Diluted earnings per ADS (non-GAAP)							****	53.53	****							****	58.93	****						****	8.54	****

All values are in US Dollars.

(1)	This represents amortization and impairment of intangible assets resulting from business combinations.<br>
(2)	This represents Baidu’s share of equity method investments for other<br>non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the<br>issuance of shares by the investees at a price higher or lower than the carrying value per shares.
---	---
(3)	This represents tax impact of all non-GAAP adjustments.<br>
---	---
(4)	This represents non-recurring charitable donations to discrete events.<br>
---	---
(5)	This represents contingent loss pertaining to legal proceedings involving former advertising agency.<br>
---	---
(6)	This represents non-recurring employee severance costs in relation to<br>the iQIYI employee optimization program incurred in 2021.
---	---

16/16

EX-99.2

Exhibit 99.2

Baidu Announces US$5 Billion Share Repurchase Program

BEIJING, February 22, 2023 /PRNewswire/ — Baidu, Inc. (Nasdaq: BIDU; HKEX: 9888) (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced that its board of directors has authorized a new share repurchase program under which the Company may repurchase up to US$5 billion of its shares, effective through December 31, 2025.

The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size.

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under “BIDU” and the HKEX under “9888.” One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the liquidity condition of Baidu and/its subsidiaries and consolidated affiliated entities and their respective ability to fulfill payment obligations when due; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Contacts

Investors Relations, Baidu, Inc.

Tel: +86-10-5992-8888

Email: [email protected]

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