BIDU 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2025

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 ☐

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release— Baidu Announces First Quarter 2025 Results

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/ Junjie He
Name	:	Junjie He
Title	:	Interim Chief Financial Officer

Date: May 21, 2025

EX-99.1

Exhibit 99.1

Baidu Announces First Quarter 2025 Results

BEIJING, China, May 21, 2025 – Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) (“Baidu” or the “Company”), a leading AI company with a strong Internet foundation, today announced its unaudited financial results for the first quarter ended March 31, 2025.

“Baidu Core revenue grew 7% year over year in the first quarter, driven by the accelerating momentum of AI Cloud, which surged 42% year over year. The strong performance of our AI Cloud business underscores the growing market recognition of our distinctive strength in providing full-stack AI products and solutions with a highly competitive price-performance advantage. We also achieved a pivotal milestone in our robotaxi business, as Apollo Go expanded internationally by entering Dubai and Abu Dhabi, reinforcing our commitment to bringing safe, comfortable, and affordable autonomous ride-hailing services to global markets,” said Robin Li, Co-founder and CEO of Baidu. “We are confident that our AI-first strategy positions us to remain at the forefront and to capture long-term growth opportunities in the AI era.”

“AI Cloud continued its robust growth in the first quarter, which provides solid support to our overall revenue while we accelerate the AI transformation across our mobile ecosystem,” said Junjie He, Interim CFO of Baidu. “Looking ahead, we are strongly committed to investing in AI to translate our technological strengths into sustainable long-term growth.”

First Quarter 2025 Financial Highlights^1^

	Baidu, Inc.
(In millions except per ADS, unaudited)	Q12024			Q42024			Q1<br>2025					YOY			QOQ
	RMB			RMB			RMB			US
Total revenues		31,513			34,124			32,452					3	%		(5	%)
Operating income		5,484			3,917			4,508					(18	%)		15	%
Operating income (non-GAAP) ^2^		6,673			5,047			5,333					(20	%)		6	%
Net income to Baidu		5,448			5,192			7,717					42	%		49	%
Net income to Baidu (non-GAAP) ^2^		7,011			6,709			6,469					(8	%)		(4	%)
Diluted earnings per ADS		14.91			14.26			21.59					45	%		51	%
Diluted earnings per ADS (non-GAAP) ^2^		19.91			19.18			18.54					(7	%)		(3	%)
Adjusted EBITDA ^2^		8,244			6,954			7,209					(13	%)		4	%
Adjusted EBITDA margin		26	%		20	%		22	%		%

All values are in US Dollars.

^1^	Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2567 as of March 31, 2025,<br>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>
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	Baidu Core
(In millions, unaudited)	Q12024			Q42024			Q1<br>2025					YOY			QOQ
	RMB			RMB			RMB			US
Total revenues		23,803			27,698			25,463					7	%		(8	%)
Operating income		4,538			3,638			4,164					(8	%)		14	%
Operating income (non-GAAP) ^2^		5,586			4,647			4,872					(13	%)		5	%
Net income to Baidu Core		5,150			5,283			7,633					48	%		44	%
Net income to Baidu Core (non-GAAP) ^2^		6,628			6,741			6,330					(4	%)		(6	%)
Adjusted EBITDA^2^		7,118			6,516			6,712					(6	%)		3	%
Adjusted EBITDA margin		30	%		24	%		26	%		%

All values are in US Dollars.

Operational Highlights

Corporate

•	Baidu released ERNIE 4.5, its first flagship foundation model with multimodal capabilities, and ERNIE X1, its<br>first reasoning model, in March 2025. Baidu launched enhanced versions, ERNIE 4.5 Turbo and ERNIE X1 Turbo, in April, delivering improved performance at significantly lower pricing.
•	Apollo Go received Gold in the Driverless Vehicles category at the 2025 Edison Awards, recognizing it as<br>China’s largest autonomous ride-hailing service.
---	---
•	Baidu ranked second in Asia Pacific on Fast Company’s 2025 Most Innovative Companies list, following<br>DeepSeek, and was recognized for “deploying the world’s largest autonomous driving experiment.”
---	---
•	Baidu held China’s largest portfolio of AI-related patents and<br>patent applications across various areas, including foundation models and AI agents, as of December 31, 2024, according to a recent report by CICS-CERT, a research institute under the Ministry of Industry and Information Technology.<br>
---	---
•	Baidu released its annual ESG Report on April 28, 2025, which details Baidu’s latest ESG policies and<br>sustainability initiatives (https://esg.baidu.com/Uploads/Baidu_2024_ESG_Report.pdf).
---	---
•	Baidu has returned US$445 million to shareholders since the beginning of Q1 2025, bringing the cumulative<br>repurchase to US$2.1 billion under the 2023 share repurchase program.
---	---

AI Cloud

•	Baidu upgraded its MaaS platform, Qianfan, with an expanded model library and more comprehensive toolkits,<br>extending support for the training and fine-tuning of multimodal and reasoning models to further facilitate AI-native application development.
•	Baidu officially released version 3.0 of its deep learning framework, PaddlePaddle, in April 2025.<br>
---	---

2 / 7

Intelligent Driving

•	Apollo Go, Baidu’s autonomous ride-hailing service, expanded into Dubai and Abu Dhabi in March 2025. In May,<br>Apollo Go commenced open-road validation testing in Dubai.
•	Apollo Go entered into a long-term strategic partnership with CAR Inc., China’s leading auto rental service<br>provider, in May 2025 to launch fully autonomous vehicle rental services.
---	---
•	Apollo Go obtained permission to conduct open-road testing with designated passengers in Hong Kong in April 2025.<br>
---	---
•	Apollo Go provided over 1.4 million rides in the first quarter of 2025, up 75% year over year, underscoring<br>the accelerating momentum of its scaled operations. As of May 2025, the cumulative rides provided to the public by Apollo Go surpassed 11 million.
---	---

Mobile Ecosystem

•	In March 2025, Baidu App’s MAUs reached 724 million, up 7% year over year.
•	Managed Page accounted for 47% of Baidu Core’s online marketing revenue in the first quarter of 2025.<br>
---	---

First Quarter 2025 Financial Results

Total revenues were RMB32.5 billion ($4.47 billion), increasing 3% year over year.

•	Revenue from Baidu Core was RMB25.5 billion ($3.51 billion), increasing 7% year over year; onlinemarketing revenue was RMB16.0 billion ($2.21 billion), decreasing 6% year over year, and non-online marketing revenue was RMB9.4 billion ($1.30 billion), up 40% year over year, mainly<br>driven by AI Cloud business.
•	Revenue from iQIYI was RMB7.2 billion ($990 million), decreasing 9% year over year.<br>
---	---

Cost of revenues was RMB17.5 billion ($2.41 billion), increasing 14% year over year, primarily due to an increase in costs related to AI Cloud business and traffic acquisition costs.

Selling, general and administrative expenses were RMB5.9 billion ($815 million), increasing 10% year over year, primarily due to an increase in channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses.

Research and development expenses were RMB4.5 billion ($626 million), decreasing 15% year over year, primarily due to a decrease in personnel-related expenses.

3 / 7

Operating income was RMB4.5 billion ($621 million). Baidu Core operating income was RMB4.2 billion ($574 million), and Baidu Core operating margin was 16%. Non-GAAP operating income was RMB5.3 billion ($735 million). Non-GAAPBaidu Core operating income was RMB4.9 billion ($671 million), and non-GAAP Baidu Core operating margin was 19%.

Total other income, net was RMB4.5 billion ($618 million), increasing 260% year over year, mainly due to an increase in fair value gain and pickup of earnings from long-term investments, partially offset by the decrease in net foreign exchange gain arising from exchange rate fluctuation between Renminbi and U.S. dollar.

Income tax expense was RMB1.2 billion ($162 million), compared to RMB883 million for the same period last year.

Net income attributable to Baidu was RMB7.7 billion ($1.06 billion), and diluted earnings per ADS was RMB21.59 ($2.98). Net incomeattributable to Baidu Core was RMB7.6 billion ($1.05 billion), and net margin for Baidu Core was 30%. Non-GAAP net income attributable to Baidu was RMB6.5 billion ($891 million). Non-GAAP diluted earnings per ADS was RMB18.54 ($2.55). Non-GAAP net income attributable to Baidu Core was RMB6.3 billion ($872 million), and non-GAAP net margin for Baidu Core was 25%.

Adjusted EBITDA was RMB7.2 billion ($993 million) and adjusted EBITDA margin was 22%. Adjusted EBITDA for Baidu Core was RMB6.7 billion ($925 million) and adjusted EBITDA margin for Baidu Core was 26%.

As of March 31, 2025, cash, cash equivalents, restricted cash and short-term investments were RMB142.0 billion ($19.57 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB136.7 billion ($18.84 billion). Free cash flow was negative RMB8.9 billion (negative $1.23 billion), and free cash flow excludingiQIYI was negative RMB9.2 billion (negative $1.27 billion), mainly due to an increase of investment in AI business. We define net cash position as total cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and others, less total loans, convertible senior notes, and notes payable. As of March 31, 2025, net cash position forBaidu was RMB159.0 billion.

Conference Call Information

Baidu’s management will hold an earnings conference call 8.00 AM on May 21, 2025, U.S. Eastern Time (8.00 PM on May 21, 2025, 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. Q1 2025 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.

4 / 7

For pre-registration, please click: https://s1.c-conf.com/diamondpass/10046864-38s6ff.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]

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.

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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 (loss) 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.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.

6 / 7

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, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, 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 share, 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, 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.”

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Baidu, Inc.

Condensed Consolidated Statements of Income

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

	Three Months Ended
	March 31,2024			December 31,2024			March 31,2025			March 31,2025
	RMB			RMB			RMB			US(2)
Revenues:
Online marketing services		18,490			19,340			17,306
Others		13,023			14,784			15,146
Total revenues	****	31,513	****	****	34,124	****	****	32,452	****		****
Costs and expenses:
Cost of revenues^(1)^		15,291			18,014			17,487
Selling, general and administrative^(1)^		5,375			6,678			5,913
Research and development^(1)^		5,363			5,515			4,544
Total costs and expenses	****	26,029	****	****	30,207	****	****	27,944	****		****
Operating income	****	5,484	****	****	3,917	****	****	4,508	****		****
Other income:
Interest income		2,091			2,001			2,664
Interest expense		(766	)		(643	)		(801	)		)
Foreign exchange gain (loss), net		401			1,678			(210	)		)
Share of (losses) earnings from equity method investments		(205	)		(399	)		574
Others, net		(275	)		23			2,260
Total other income, net	****	1,246	****	****	2,660	****	****	4,487	****		****
Income before income taxes	****	6,730	****	****	6,577	****	****	8,995	****		****
Income tax expense		883			1,619			1,177
Net income	****	5,847	****	****	4,958	****	****	7,818	****		****
Net income (loss) attributable to noncontrolling interests		399			(234	)		101
Net income attributable to Baidu	****	5,448	****	****	5,192	****	****	7,717	****		****
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic		14.97			14.41			21.86
-Diluted		14.91			14.26			21.59
Earnings per share for Class A and Class B ordinary shares:
-Basic		1.87			1.80			2.73
-Diluted		1.86			1.78			2.70
Weighted average number of Class A and Class B ordinary shares outstanding<br>(in millions):
-Basic		2,804			2,775			2,751
-Diluted		2,816			2,783			2,762
(1)   Includes share-based compensation expenses as follows:
Cost of revenues		108			103			77
Selling, general and administrative		417			297			313
Research and development		618			685			361
Total share-based compensation expenses		1,143			1,085			751

All values are in US Dollars.

(2)	All translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate in<br>effect as of March 31, 2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

Baidu, Inc.

Condensed Consolidated Balance Sheets

(In millions, unaudited)

	December 31,2024		March 31,2025		March 31,2025
	RMB		RMB		US
ASSETS
Current assets:
Cash and cash equivalents		24,832		49,202
Restricted cash		11,697		238
Short-term investments, net		102,608		92,567
Accounts receivable, net		10,104		11,078
Amounts due from related parties		790		743
Other current assets, net		18,818		22,001
Total current assets	****	168,849	****	175,829
Non-current assets:
Fixed assets, net		30,102		30,691
Licensed copyrights, net		6,930		6,487
Produced content, net		14,695		14,372
Intangible assets, net		772		2,588
Goodwill		22,586		37,637
Long-term investments, net		41,721		43,470
Long-term time deposits and<br>held-to-maturity investments		98,535		106,212
Amounts due from related parties		137		266
Deferred tax assets, net		2,193		2,171
Operating lease<br>right-of-use assets		10,898		11,203
Receivables related to the proposed acquisition of YY Live, net		13,547		—
Other non-current assets		16,815		23,056
Total non-current assets	****	258,931	****	278,153
Total assets	****	427,780	****	453,982
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans		10,669		7,724
Accounts payable and accrued liabilities		41,443		38,770
Customer deposits and deferred revenue		14,624		13,909
Deferred income		684		611
Long-term loans, current portion		168		560
Convertible senior notes, current portion		242		2,133
Notes payable, current portion		8,026		7,986
Amounts due to related parties		1,794		1,683
Operating lease liabilities		3,303		3,488
Total current liabilities	****	80,953	****	76,864
Non-current liabilities:
Deferred income		231		191
Deferred revenue		585		665
Amounts due to related parties		56		51
Long-term loans		15,596		16,072
Notes payable		27,996		52,202
Convertible senior notes		8,351		6,775
Deferred tax liabilities		3,870		4,011
Operating lease liabilities		4,973		5,113
Other non-current liabilities		1,557		1,964
Total non-current liabilities	****	63,215	****	87,044
Total liabilities	****	144,168	****	163,908
Redeemable noncontrolling interests	****	9,870	****	10,067
Equity
Total Baidu shareholders’ equity		263,620		269,747
Noncontrolling interests		10,122		10,260
Total equity	****	273,742	****	280,007
Total liabilities, redeemable noncontrolling interests, and equity	****	427,780	****	453,982

All values are in US Dollars.

Baidu, Inc.

Selected Information

(In millions, unaudited)

	Three months ended<br><br><br>March 31, 2024 (RMB)												Three months ended<br><br><br>December 31, 2024 (RMB)												Three months ended<br><br><br>March 31, 2025 (RMB)												Three months ended<br>March 31, 2025 (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		23,803			7,927			(217	)		31,513			27,698			6,613			(187	)		34,124			25,463			7,186			(197	)		32,452				990			(27	)		4,472
YOY																										7	%		(9	%)					3	%
QOQ																										(8	%)		9	%					(5	%)
Costs and expenses:
Cost of revenues ^(1)^		9,839			5,631			(179	)		15,291			13,180			4,995			(161	)		18,014			12,246			5,406			(165	)		17,487				745			(23	)		2,410
Selling, general and administrative ^(1)^		4,492			922			(39	)		5,375			5,816			882			(20	)		6,678			4,921			1,026			(34	)		5,913				141			(4	)		815
Research and development ^(1)^		4,934			429			—			5,363			5,064			451			—			5,515			4,132			412			—			4,544				57			—			626
Total costs and expenses		19,265			6,982			(218	)		26,029			24,060			6,328			(181	)		30,207			21,299			6,844			(199	)		27,944				943			(27	)		3,851
YOY
Cost of revenues																										24	%		(4	%)					14	%
Selling, general and administrative																										10	%		11	%					10	%
Research and development																										(16	%)		(4	%)					(15	%)
Costs and expenses																										11	%		(2	%)					7	%
Operating income		4,538			945			1			5,484			3,638			285			(6	)		3,917			4,164			342			2			4,508				47			—			621
YOY																										(8	%)		(64	%)					(18	%)
QOQ																										14	%		20	%					15	%
Operating margin		19	%		12	%					17	%		13	%		4	%					11	%		16	%		5	%					14	%
Add: total other income (loss), net		1,508			(262	)		—			1,246			3,125			(465	)		—			2,660			4,602			(115	)		—			4,487				(16	)		—			618
Less: income tax expense		866			17			—			883			1,612			7			—			1,619			1,136			41			—			1,177				6			—			162
Less: net income (loss) attributable to NCI		30			11			358	^(3)^		399			(132	)		2			(104	)^(3)^		(234	)		(3	)		4			100	^(3)^		101				1			13	^(3)^		14
Net income (loss) attributable to Baidu		5,150			655			(357	)		5,448			5,283			(189	)		98			5,192			7,633			182			(98	)		7,717				24			(13	)		1,063
YOY																										48	%		(72	%)					42	%
QOQ																										44	%		—						49	%
Net margin		22	%		8	%					17	%		19	%		(3	%)					15	%		30	%		3	%					24	%
Non-GAAP financial measures:
Operating income (non-GAAP)		5,586			1,086						6,673			4,647			406						5,047			4,872			459						5,333				64						735
YOY																										(13	%)		(58	%)					(20	%)
QOQ																										5	%		13	%					6	%
Operating margin (non-GAAP)		23	%		14	%					21	%		17	%		6	%					15	%		19	%		6	%					16	%
Net income (loss) attributable to Baidu(non-GAAP)		6,628			844						7,011			6,741			-59						6,709			6,330			304						6,469				41						891
YOY																										(4	%)		(64	%)					(8	%)
QOQ																										(6	%)		—						(4	%)
Net margin (non-GAAP)		28	%		11	%					22	%		24	%		(1	%)					20	%		25	%		4	%					20	%
Adjusted EBITDA		7,118			1,125						8,244			6,516			444						6,954			6,712			495						7,209				68						993
YOY																										(6	%)		(56	%)					(13	%)
QOQ																										3	%		11	%					4	%
Adjusted EBITDA margin		30	%		14	%					26	%		24	%		7	%					20	%		26	%		7	%					22	%
(1)   Includes share-based compensation as<br>follows:
Cost of revenues		76			32						108			74			29						103			50			27						77				4						11
Selling, general and administrative		353			64						417			240			57						297			257			56						313				8						43
Research and development		575			43						618			652			33						685			329			32						361				5						50
Total share-based compensation		1,004			139						1,143			966			119						1,085			636			115						751				17						104
(2)   Relates to intersegment eliminations and<br>adjustments
(3)   Relates to the net income attributable to iQIYI<br>noncontrolling interests

All values are in US Dollars.

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions, unaudited)

	Three months ended<br>March 31, 2024 (RMB)									Three months ended<br>December 31, 2024 (RMB)									Three months ended<br>March 31, 2025 (RMB)									Three months endedMarch 31, 2025 (US)
	Baidu			iQIYI			Baidu,			Baidu			iQIYI			Baidu,			Baidu			iQIYI			Baidu,			Baidu		iQIYI			Baidu,
	excl.						Inc.			excl.						Inc.			excl.						Inc.			excl.					Inc.
Net cash provided by (used in) operating activities	****	5,284	****	****	936	****	****	6,220	****	****	1,836	****	****	520	****	****	2,356	****	****	(6,340	)	****	339	****	****	(6,001	)		)	****	47	****	****	(827	)
Net cash used in investing activities		(2,893	)		(223	)		(3,116	)		(4,741	)		(896	)		(5,637	)		(1,175	)		(30	)		(1,205	)		)		(4	)		(166	)
Net cash provided by (used in) financing activities		2,126			261			2,387			(1,784	)		114			(1,670	)		19,639			860			20,499					119			2,825
Effect of exchange rate changes on cash, cash equivalents and restricted cash		154			15			169			582			61			643			(5	)		(1	)		(6	)		)		—			(1	)
Net increase (decrease) in cash, cash equivalents and restricted cash	****	4,671	****	****	989	****	****	5,660	****	****	(4,107	)	****	(201	)	****	(4,308	)	****	12,119	****	****	1,168	****	****	13,287	****		****	****	162	****	****	1,831	****
Cash, cash equivalents and restricted cash
At beginning of period		32,293			5,281			37,574			37,106			3,791			40,897			32,999			3,590			36,589					495			5,042
At end of period		36,964			6,270			43,234			32,999			3,590			36,589			45,118			4,758			49,876					657			6,873
Net cash provided by (used in) operating activities	****	5,284	****	****	936	****	****	6,220	****	****	1,836	****	****	520	****	****	2,356	****	****	(6,340	)	****	339	****	****	(6,001	)		)	****	47	****	****	(827	)
Less: Capital expenditures		(2,016	)		(22	)		(2,038	)		(2,312	)		(21	)		(2,333	)		(2,869	)		(31	)		(2,900	)		)		(4	)		(399	)
Free cash flow	****	3,268	****	****	914	****	****	4,182	****	****	(476	)	****	499	****	****	23	****	****	(9,209	)	****	308	****	****	(8,901	)		)	****	43	****	****	(1,226	)

All values are in US Dollars.

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

Baidu, Inc.

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

(In millions except for per ADS information, unaudited)

	Three months endedMarch 31, 2024 (RMB)									Three months ended<br>December 31, 2024 (RMB)									Three months ended<br>March 31, 2025 (RMB)									Three months endedMarch 31, 2025 (US)
	Baidu			iQIYI			Baidu,			Baidu			iQIYI			Baidu,			Baidu			iQIYI			Baidu,			Baidu		iQIYI		Baidu,
	Core						Inc.			Core						Inc.			Core						Inc.			Core				Inc.
Operating income	****	4,538	****	****	945	****	****	5,484	****	****	3,638	****	****	285	****	****	3,917	****	****	4,164	****	****	342	****	****	4,508	****		****	****	47	****	621	****
Add: Share-based compensation expenses		1,004			139			1,143			966			119			1,085			636			115			751					17		104
Add: Amortization and impairment of intangible<br>assets^(1)^		44			2			46			43			2			45			72			2			74					—		10
Operating income (non-GAAP)	****	5,586	****	****	1,086	****	****	6,673	****	****	4,647	****	****	406	****	****	5,047	****	****	4,872	****	****	459	****	****	5,333	****		****	****	64	****	735	****
Add: Depreciation of fixed assets		1,532			39			1,571			1,869			38			1,907			1,840			36			1,876					4		258
Adjusted EBITDA	****	7,118	****	****	1,125	****	****	8,244	****	****	6,516	****	****	444	****	****	6,954	****	****	6,712	****	****	495	****	****	7,209	****		****	****	68	****	993	****
Net income (loss) attributable to Baidu	****	5,150	****	****	655	****	****	5,448	****	****	5,283	****	****	(189	)	****	5,192	****	****	7,633	****	****	182	****	****	7,717	****		****	****	24	****	1,063	****
Add: Share-based compensation expenses		1,003			139			1,066			965			119			1,019			635			115			687					16		95
Add: Amortization and impairment of intangible<br>assets^(1)^		42			2			43			41			2			42			70			2			71					—		10
Add: Disposal (gain) loss		(458	)		—			(458	)		7			—			7			(91	)		—			(91	)		)		—		(13	)
Add: Impairment of long-term investments		36			71			68			84			14			90			—			2			1					—		—
Add: Fair value loss (gain) of long-term investments and exchangeable bonds		725			(23	)		714			(288	)		(5	)		(290	)		(1,889	)		(2	)		(1,890	)		)		—		(260	)
Add: Reconciling items on equity method<br>investments^(2)^		280			—			280			679			—			679			(66	)		5			(64	)		)		1		(9	)
Add: Tax effects on non-GAAP adjustments^(3)^		(150	)		—			(150	)		(30	)		—			(30	)		38			—			38					—		5
Net income (loss) attributable to Baidu(non-GAAP)	****	6,628	****	****	844	****	****	7,011	****	****	6,741	****	****	(59	)	****	6,709	****	****	6,330	****	****	304	****	****	6,469	****		****	****	41	****	891	****
Diluted earnings per ADS							****	14.91	****							****	14.26	****							****	21.59	****					****	2.98	****
Add: Accretion of the redeemable noncontrolling interests								0.55									0.55									0.57							0.08
Add: Non-GAAP adjustments to earnings per ADS								4.45									4.37									(3.62	)						(0.51	)
Diluted earnings per ADS (non-GAAP)							****	19.91	****							****	19.18	****							****	18.54	****					****	2.55	****

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 share.
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(3)	This represents tax impact of all non-GAAP adjustments.<br>
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