Company profile
SEC EDGAR ↗- Industry
- Services-Computer Programming, Data Processing, Etc.
- Listed
- Nasdaq: BIDU
- Incorporated
- Cayman Islands
- Headquarters
- Beijing
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $18.5B
- Net income
- $799.0M
- Total assets
- $64.2B
Latest full fiscal year from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Counterfactual · Decision Forks
Baidu Still Owns China's Search. It Lost the Thing Search Was Worth.
Baidu held ~52-60% of China's search through 2024 and 703 million mobile users. So why is the lead gone? Because the queries that pay - local services, commerce, lifestyle - migrated inside apps Baidu can't index, and its core ad revenue fell to RMB73bn.
8 min
The Counterfactual · Decision Forks
Baidu's Mobile Revenue Went From 37% to 63% — What Vanished Was a Web It Could Crawl
The story is that Baidu slept through mobile. But its own filings show mobile revenue climbing from 37% to 63% of sales in two years. What it actually lost wasn't money — it was an indexable web, walled off into apps it could never crawl.
8 min
The Adjacency Expansion · Growth & Portfolio
Baidu Spent Fifteen Years Building New Engines. It's Still Running on the Old One.
Baidu pushed into video, robotaxis, AI cloud, and a homegrown rival to ChatGPT. Yet in 2024 online marketing still made up roughly three-quarters of its core revenue - and total revenue fell 1%. The adjacencies grew; the dependence didn't budge.
8 min
The Adjacency Expansion · Growth & Portfolio
Baidu Is Racing Out of a Burning Building. The Question Is Whether It Built the New One First.
Baidu's old engine is dying: Core online marketing revenue fell 7% in Q4 2024. Its new ones are real but precarious - AI Cloud grew 26%, Apollo Go does 1.1 million rides a quarter, and the chatbot it launched first has since been eclipsed by better-resourced rivals.
8 min
The Fall · Decision Forks
Baidu's Revenue Slid About 3.8%, Then 3% — the Quiet Derating of a Monopoly
The story says ByteDance and ChatGPT killed China's Google. The numbers say otherwise: revenue fell ~3.8% in 2024 and fell a further ~3% in 2025 — both now reported figures. This isn't a collapse. It's a monopoly being quietly derated while everyone watches the wrong threat.
8 min
The Trust Crisis · Crisis & Reinvention
Baidu Sold the Top of the Page to a Hospital. A Dying Student Found It There.
In 2016 a 21-year-old cancer patient died after a paid Baidu result led him to an unproven therapy that cost his family over 200,000 yuan. The regulators acted in days - and what they produced was an ad-labeling rule, not accountability.
8 min