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09888
BIDU-SW
HKD
141.3009.800
(7.45%)
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News
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8.5
01:35 AMaastocksPinnedBIDU-SW Rises Over 5% Following Kunlunxin's Submission of Listing Application to HKEX
Stock Performance: Baidu's stock (BIDU-SW) rose by 5.17% to HKD138.3 following the announcement of its subsidiary Kunlunxin's confidential listing application to the Hong Kong Stock Exchange.
Listing Application Details: Kunlunxin submitted a Form A1 application for a proposed spin-off through a Global Offering and placement of shares to institutional investors, while remaining a subsidiary of Baidu post-listing.
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8.5
00:13 AMaastocksPinnedKunlunxin Submits Confidential Listing Application to HKEX for BIDU-SW IPO
Proposed Spin-off Announcement: BIDU-SW announced that its subsidiary Kunlunxin has submitted a confidential listing application to the Hong Kong Stock Exchange for a proposed spin-off through a Global Offering of Kunlunxin Shares.
Structure of the Offering: The spin-off will include a public offering in Hong Kong and a placement to institutional investors, with Kunlunxin expected to remain a subsidiary of the Company post-spin-off.
Short Selling Information: The stock has a short selling value of $289.84 million, with a short selling ratio of 24.975%.
Caution for Investors: The Company has advised shareholders and potential investors to exercise caution, as there is no guarantee that the Proposed Spin-off will occur or when it might take place.
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4.5
02:25 AMaastocksHSI Rises Over 450 Points on First Trading Day of the Year, Surpassing 26,000; BIREN TECH Has Strong Debut; HUA HONG SEMI Jumps Nearly 10%
Hong Kong Stock Market Performance: The Hong Kong stock market opened 2026 positively, with the HSI rising 454 points to 26,085, marking a nearly 1.8% increase and a turnover of HKD44.891 billion.
BIREN TECH Debut: BIREN TECH, Hong Kong's first China-made GPU stock, debuted at HKD35.7, an 82% increase from its listing price, and traded at HKD37.2, nearly 90% higher, with a turnover of HKD3.488 billion.
Tech Stocks Surge: Major tech stocks like BIDU-SW, TENCENT, and BABA-W saw significant gains, with BIDU-SW rising 8.365% and TENCENT increasing by 3.172%, contributing to a positive trend in the tech sector.
LI AUTO-W Growth: LI AUTO-W's stock spiked 6.5% following a report of 44,200 vehicle deliveries in December 2025, a 33% increase from the previous month, indicating strong demand in the automotive sector.
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4.5
01:33 AMaastocksHSI Starts New Year Up 86 Points; BIREN TECH Launches at 82% Premium Over Listing Price
Hong Kong Stock Market Opening: Hong Kong stocks opened positively on the first trading day of the year, with the HSI up 0.3% at 25,717, the HSCEI up 0.4% at 8,949, and the HSTECH up 0.6% at 5,547.
BIREN TECH Debut: Domestic GPU maker BIREN TECH made a strong debut, opening at $35.7, which is 82% above its IPO price of $19.6, reflecting a significant increase of nearly 102%.
Other Tech Stocks Performance: Major tech companies like TENCENT and BABA-W saw slight increases of around 1.6% and 1.9%, respectively, while KUAISHOU-W experienced a minor decline of 0.2%.
Short Selling Activity: Notable short selling activity was reported, with HUA HONG SEMI and SMIC showing significant short selling ratios of 9.017% and 4.617%, respectively, indicating investor caution in the market.
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8.5
01:22 AMNewsfilterBaidu Proposes Spin-off of Kunlunxin for Separate Listing on HKEX to Enhance AI Chip Market Value
- Spin-off Announcement: Baidu has announced its intention to spin off its subsidiary Kunlunxin for a separate listing on the Hong Kong Main Board, aiming to showcase Kunlunxin's market value and attract investors focused on the AI chip sector, thereby enhancing the company's competitiveness in this field.
- Expanded Financing Channels: By pursuing a standalone listing, Kunlunxin will broaden its financing channels and enhance its market profile, which not only aids in improving operational efficiency but also unlocks additional potential value for Baidu's AI-powered businesses.
- Regulatory Approval Requirements: The proposed spin-off is subject to approvals from the HKEX and the China Securities Regulatory Commission, and while details are not yet finalized, this process will ensure better alignment of management accountability with performance.
- Market Uncertainty: Although the spin-off application has been submitted, there is no assurance that it will proceed as planned, and market reactions to this initiative will significantly impact Baidu's stock price and investor confidence.
Money Flow
Over the past 66 trading days, overall net money flow is 538.71M, with retail investors contributing 5.80M and major investors adding 474.11M.
Net Buy $ Volume
Net Sell $ Volume
BofA Securities
BofA Securities
Buy
upgrade
$100 -> $151
2025-11-20
Reason
The analyst rating from BofA Securities is based on the strong business outcomes driven by BIDU-SW's AI technology development. In the third quarter of 2025, the company reported a significant increase in revenue from its new AI businesses, with overall growth exceeding 50% year-over-year, reaching around RMB10 billion. Key contributors to this growth included a 128% increase in AI high-performance computing facility subscription revenue and a 262% surge in AI-native marketing service revenue. As a result of these positive developments, BofA Securities reiterated a Buy rating and raised its target price for Baidu from USD100 to USD151 and for BIDU-SW from HKD98 to HKD148.
BofA Securities
Buy
Price Target
$100 -> $151
2025-11-20
upgrade
The analyst rating from BofA Securities is based on the strong business outcomes driven by BIDU-SW's AI technology development. In the third quarter of 2025, the company reported a significant increase in revenue from its new AI businesses, with overall growth exceeding 50% year-over-year, reaching around RMB10 billion. Key contributors to this growth included a 128% increase in AI high-performance computing facility subscription revenue and a 262% surge in AI-native marketing service revenue. As a result of these positive developments, BofA Securities reiterated a Buy rating and raised its target price for Baidu from USD100 to USD151 and for BIDU-SW from HKD98 to HKD148.
Daiwa
Daiwa
Buy
maintain
$158 -> $162
2025-11-20
Reason
The analyst rating from Daiwa for BIDU-SW (09888.HK) is a "Buy" due to several factors. Despite Baidu Core revenue for 3Q25 declining by 9.5% year-over-year, the company's operating profit slightly exceeded expectations, benefiting from other income and tax incentives. Additionally, the report highlights the growth in cloud services revenue and the announcement of new financial disclosures for AI-native products. Although Daiwa lowered Baidu's EPS estimates for FY2026-27 by 3-4% based on revised R&D expenditure forecasts, they still raised the target price from HKD158 to HKD162, indicating confidence in the company's future performance.
Daiwa
Buy
Price Target
$158 -> $162
2025-11-20
maintain
The analyst rating from Daiwa for BIDU-SW (09888.HK) is a "Buy" due to several factors. Despite Baidu Core revenue for 3Q25 declining by 9.5% year-over-year, the company's operating profit slightly exceeded expectations, benefiting from other income and tax incentives. Additionally, the report highlights the growth in cloud services revenue and the announcement of new financial disclosures for AI-native products. Although Daiwa lowered Baidu's EPS estimates for FY2026-27 by 3-4% based on revised R&D expenditure forecasts, they still raised the target price from HKD158 to HKD162, indicating confidence in the company's future performance.
Macquarie
Macquarie
Outperform
to
Outperform
downgrade
2025-11-19
Reason
The analyst rating for BIDU-SW (09888.HK) was kept at "Outperform" despite a reduction in the adjusted EPS forecasts for 2025 and 2026 by 19% and 10%, respectively. This decision is supported by the company's strong performance in its AI-empowered business, which saw revenue from new AI businesses increase by over 50% year-over-year to approximately RMB10 billion. The growth was primarily driven by advancements in AI cloud infrastructure, AI applications, and AI-native marketing services, indicating a positive outlook for the company's future performance in the AI sector.
Macquarie
Outperform
to
Outperform
Price Target
2025-11-19
downgrade
The analyst rating for BIDU-SW (09888.HK) was kept at "Outperform" despite a reduction in the adjusted EPS forecasts for 2025 and 2026 by 19% and 10%, respectively. This decision is supported by the company's strong performance in its AI-empowered business, which saw revenue from new AI businesses increase by over 50% year-over-year to approximately RMB10 billion. The growth was primarily driven by advancements in AI cloud infrastructure, AI applications, and AI-native marketing services, indicating a positive outlook for the company's future performance in the AI sector.
BOCI
BOCI
maintain
$133 -> $137
2025-11-19
Reason
The analyst rating from BOCI for BIDU-SW (Baidu) is a "Buy" due to several factors highlighted in their research report. The company's 3Q25 results were in line with expectations, with total revenue decreasing by 7% year-over-year, which was slightly better than market forecasts. Notably, while advertising revenue declined by 18% YoY, non-advertising revenue increased by 21%, indicating a shift in revenue sources. Additionally, the AI-driven business revenue surged by 50% YoY, showcasing Baidu's success in AI commercialization. The adjusted operating profit margin of 7.1% also met expectations. Based on these results, BOCI raised its target price for Baidu from USD133 to USD137, reinforcing their positive outlook on the stock.
BOCI
Price Target
$133 -> $137
2025-11-19
maintain
The analyst rating from BOCI for BIDU-SW (Baidu) is a "Buy" due to several factors highlighted in their research report. The company's 3Q25 results were in line with expectations, with total revenue decreasing by 7% year-over-year, which was slightly better than market forecasts. Notably, while advertising revenue declined by 18% YoY, non-advertising revenue increased by 21%, indicating a shift in revenue sources. Additionally, the AI-driven business revenue surged by 50% YoY, showcasing Baidu's success in AI commercialization. The adjusted operating profit margin of 7.1% also met expectations. Based on these results, BOCI raised its target price for Baidu from USD133 to USD137, reinforcing their positive outlook on the stock.
Goldman Sachs
Goldman Sachs
Buy
maintain
$150 -> $151
2025-11-19
Reason
The analyst rating from Goldman Sachs is maintained at "Buy" due to several key factors. Firstly, Baidu's 3Q25 results were in line with expectations, with solid growth in its cloud business helping to offset a decline in advertising revenue. Additionally, the company disclosed performance metrics for its AI-related operations for the first time, highlighting the achievements of its AI technology-empowered business. Goldman Sachs anticipates that while the traditional search advertising business may face challenges in the near term, there will be a recovery in revenue in 4Q25 and 2026, driven by the rapid growth of AI-empowered businesses. The firm also projects that the net profit margin will bottom out from the 3Q25 level, further supporting their positive outlook. Consequently, they raised their target prices for Baidu's H-shares and US stock, reinforcing their bullish stance.
Goldman Sachs
Buy
Price Target
$150 -> $151
2025-11-19
maintain
The analyst rating from Goldman Sachs is maintained at "Buy" due to several key factors. Firstly, Baidu's 3Q25 results were in line with expectations, with solid growth in its cloud business helping to offset a decline in advertising revenue. Additionally, the company disclosed performance metrics for its AI-related operations for the first time, highlighting the achievements of its AI technology-empowered business. Goldman Sachs anticipates that while the traditional search advertising business may face challenges in the near term, there will be a recovery in revenue in 4Q25 and 2026, driven by the rapid growth of AI-empowered businesses. The firm also projects that the net profit margin will bottom out from the 3Q25 level, further supporting their positive outlook. Consequently, they raised their target prices for Baidu's H-shares and US stock, reinforcing their bullish stance.
Citi
maintain
$150 -> $154
2025-11-14
Reason
The analyst rating from Goldman Sachs is a "Buy" for Baidu (BIDU) based on several key factors:
1. Transition in AI Industry: Baidu's management highlighted a shift towards a "Reverse Pyramid" structure in the AI industry, indicating that AI models and applications are expected to capture greater value. This strategic focus suggests potential for significant growth.
2. Capital Expenditure Focus: The company plans to direct capital expenditures towards areas that can drive substantial commercial value, particularly in business-to-business (B2B) and business-to-consumer (B2C) applications.
3. Kunlun Chips Development: Baidu has outlined a five-year plan for its Kunlun chips, with new models set to launch in 2026 and 2027. The existing Kunlun P800 has already garnered orders, indicating strong demand for their technology.
4. Robotaxi Business Growth: Baidu Apollo's Robotaxi service has seen impressive growth, achieving 250,000 orders in a week and 17 million passenger trips overall. The company has reached profitability in Wuhan and anticipates rapid global expansion of this service.
5. AI Integration in Search Engine: The search engine's integration of AI-generated content, with 70% of searches involving such content, demonstrates Baidu's innovative approach and its ability to enhance user experience through multimodal responses.
Given these factors, Goldman Sachs set a target price of HKD150 for Baidu's Hong Kong shares and USD154 for its US shares, reinforcing their positive outlook on the company's future performance.
Citi
Price Target
$150 -> $154
2025-11-14
maintain
The analyst rating from Goldman Sachs is a "Buy" for Baidu (BIDU) based on several key factors:
1. Transition in AI Industry: Baidu's management highlighted a shift towards a "Reverse Pyramid" structure in the AI industry, indicating that AI models and applications are expected to capture greater value. This strategic focus suggests potential for significant growth.
2. Capital Expenditure Focus: The company plans to direct capital expenditures towards areas that can drive substantial commercial value, particularly in business-to-business (B2B) and business-to-consumer (B2C) applications.
3. Kunlun Chips Development: Baidu has outlined a five-year plan for its Kunlun chips, with new models set to launch in 2026 and 2027. The existing Kunlun P800 has already garnered orders, indicating strong demand for their technology.
4. Robotaxi Business Growth: Baidu Apollo's Robotaxi service has seen impressive growth, achieving 250,000 orders in a week and 17 million passenger trips overall. The company has reached profitability in Wuhan and anticipates rapid global expansion of this service.
5. AI Integration in Search Engine: The search engine's integration of AI-generated content, with 70% of searches involving such content, demonstrates Baidu's innovative approach and its ability to enhance user experience through multimodal responses.
Given these factors, Goldman Sachs set a target price of HKD150 for Baidu's Hong Kong shares and USD154 for its US shares, reinforcing their positive outlook on the company's future performance.
Citigroup
maintain
$166
2025-11-14
Reason
The analyst rating from Citigroup is maintained as a "Buy" for Baidu's US shares due to the positive developments highlighted during the 2025 Baidu World Conference. Key factors influencing this rating include the introduction of the Ernie 5.0 upgrade, advancements in digital human technology, and the upcoming launch of self-developed chips, specifically the Kunlun Chip M100 in early 2026 and the M300 in the first half of 2027. The target price set by the broker is US$166, indicating confidence in Baidu's future growth and technological advancements.
Citigroup
Price Target
$166
2025-11-14
maintain
The analyst rating from Citigroup is maintained as a "Buy" for Baidu's US shares due to the positive developments highlighted during the 2025 Baidu World Conference. Key factors influencing this rating include the introduction of the Ernie 5.0 upgrade, advancements in digital human technology, and the upcoming launch of self-developed chips, specifically the Kunlun Chip M100 in early 2026 and the M300 in the first half of 2027. The target price set by the broker is US$166, indicating confidence in Baidu's future growth and technological advancements.
JPMorgan
maintain
$85 -> $105
2025-10-22
Reason
The analyst rating from JPMorgan reflects a cautious outlook on BIDU-SW (09888.HK) due to an expected decline in total revenue for 3Q25, projected at RMB30.7 billion, which is down 8% year-over-year and 1% below market consensus. Despite this revenue decline, the firm anticipates that core adjusted operating profit will reach RMB1.5 billion and adjusted net profit will be RMB3 billion, which is 2% above market expectations.
JPMorgan maintained its revenue forecasts for 2025 and 2026 but lowered its adjusted earnings forecasts by 6% and 3%, respectively. However, the firm raised its target prices for BIDU-SW's H-shares and US stock, indicating a positive long-term outlook despite the short-term revenue challenges. This mixed assessment leads to a nuanced rating, balancing concerns over revenue with optimism about profit margins and future growth potential.
JPMorgan
Price Target
$85 -> $105
2025-10-22
maintain
The analyst rating from JPMorgan reflects a cautious outlook on BIDU-SW (09888.HK) due to an expected decline in total revenue for 3Q25, projected at RMB30.7 billion, which is down 8% year-over-year and 1% below market consensus. Despite this revenue decline, the firm anticipates that core adjusted operating profit will reach RMB1.5 billion and adjusted net profit will be RMB3 billion, which is 2% above market expectations.
JPMorgan maintained its revenue forecasts for 2025 and 2026 but lowered its adjusted earnings forecasts by 6% and 3%, respectively. However, the firm raised its target prices for BIDU-SW's H-shares and US stock, indicating a positive long-term outlook despite the short-term revenue challenges. This mixed assessment leads to a nuanced rating, balancing concerns over revenue with optimism about profit margins and future growth potential.
Haitong International
Haitong International
maintain
$188 -> $187
2025-10-15
Reason
The analyst rating from Haitong International for BIDU-SW (Baidu) is maintained as "Outperform" despite a slight decrease in the target price from US$188 to US$187. This decision is based on the expectation that core ads and cloud revenue forecasts remain intact, even though there is a projected year-over-year decline in core revenue and a reduction in profit margin forecasts. The target price corresponds to a 17x FY2026 price-to-earnings ratio, indicating a positive outlook on Baidu's performance relative to its valuation.
Haitong International
Price Target
$188 -> $187
2025-10-15
maintain
The analyst rating from Haitong International for BIDU-SW (Baidu) is maintained as "Outperform" despite a slight decrease in the target price from US$188 to US$187. This decision is based on the expectation that core ads and cloud revenue forecasts remain intact, even though there is a projected year-over-year decline in core revenue and a reduction in profit margin forecasts. The target price corresponds to a 17x FY2026 price-to-earnings ratio, indicating a positive outlook on Baidu's performance relative to its valuation.
CCBI
Outperform
maintain
2025-10-15
Reason
The analyst rating for BIDU-SW (09888.HK) was maintained as "Outperform" due to the expectation that the company's 3QFY25 results will align with both the broker's expectations and market consensus. Despite a forecasted decline in core revenue and operating profit, the target price was increased from HKD97.25 to HKD159.49, indicating a positive outlook on the stock's potential performance.
CCBI
Outperform
Price Target
2025-10-15
maintain
The analyst rating for BIDU-SW (09888.HK) was maintained as "Outperform" due to the expectation that the company's 3QFY25 results will align with both the broker's expectations and market consensus. Despite a forecasted decline in core revenue and operating profit, the target price was increased from HKD97.25 to HKD159.49, indicating a positive outlook on the stock's potential performance.
Valuation Metrics
Forward PE
5Y Average PE
13.80
Current PE
14.51
Overvalued PE
18.91
Undervalued PE
8.70
Forward EV/EBITDA
5Y Average EV/EBITDA
8.37
Current EV/EBITDA
13.14
Overvalued EV/EBITDA
11.41
Undervalued EV/EBITDA
5.34
Forward PS
5Y Average PS
2.24
Current PS
2.39
Overvalued PS
2.78
Undervalued PS
1.71
Financials
Annual
Quarterly
N/A
Total Revenue
N/A
Operating Profit
N/A
EPS - Diluted
N/A
Gross Profit Margin - %
N/A
Net Margin - %
Trading Trends
Daily
Monthly
No data
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