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Baidu Revenue Falls on Ad Weakness

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Baidu reported a decline in quarterly revenue as continued weakness in its advertising segment outweighed gains from its growing cloud and artificial intelligence operations.

The company has expanded investment in AI infrastructure and enterprise-focused services, contributing to stronger performance in its cloud-related offerings. However, advertising—still its primary revenue source—remained under pressure amid softer economic conditions and reduced marketing spending.

Baidu indicated that AI-driven services are becoming an increasingly important part of its business strategy, with enterprise demand rising across sectors.

Despite the revenue dip, the company’s AI-powered divisions accounted for a larger share of overall performance, reflecting ongoing transformation toward technology-led growth.

Leadership reaffirmed commitment to sustained AI investment while also introducing new shareholder-focused initiatives, including plans for a dividend and continued share repurchases.

Baidu’s AI Chip Unit Kunlunxin Files Confidentially for Hong Kong IPO

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Baidu said on Friday that its artificial intelligence chip arm, Kunlunxin, has confidentially filed a listing application with the Hong Kong Stock Exchange on January 1, paving the way for a potential spin-off and separate public listing.

The move follows an earlier report by Reuters that Kunlunxin was preparing for a Hong Kong initial public offering after completing a fundraising round that valued the unit at around 21 billion yuan ($3 billion). While the filing marks a key step toward a listing, Baidu said details such as the size and structure of the offering have not yet been finalised.

Kunlunxin was founded in 2012 as an internal Baidu unit focused on developing AI chips to support the company’s core businesses. Over time, it has become independently operated, although Baidu continues to hold a controlling stake. Following the proposed spin-off, Kunlunxin is expected to remain a subsidiary of Baidu. The company added that while Kunlunxin still mainly supplies chips to Baidu, it has expanded external sales over the past two years.

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The planned listing comes as China accelerates efforts to develop domestic alternatives to U.S. semiconductors amid tightening export restrictions from Washington on advanced chips. In this context, several Chinese AI and semiconductor companies have either launched or announced plans for public offerings.

Earlier this week, Chinese AI startup MiniMax said it expects to raise up to HK$4.19 billion ($538 million) in its Hong Kong IPO. Meanwhile, semiconductor designer Shanghai Biren Technology raised HK$5.58 billion in its public offering, according to an exchange filing. Other semiconductor specialists, including OmniVision Integrated Circuits and GigaDevice Semiconductor, have also begun bookbuilding for IPOs, each aiming to raise about $600 million.

Hong Kong’s equity capital markets have seen a strong rebound. The city raised $36.5 billion from 114 new listings in 2025, its strongest performance since 2021 and more than triple the $11.3 billion raised in 2024, according to data from LSEG.

Baidu Partners with Switzerland’s PostBus to Launch Apollo Go Robotaxis in Europe

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Baidu (9888.HK) announced a partnership with Switzerland’s PostBus on Wednesday to bring its Apollo Go autonomous vehicle service to the country, marking the Chinese tech giant’s first robotaxi deployment in Europe. The deal highlights Baidu’s rapid international expansion in self-driving technology amid slowing growth in its traditional advertising business.

Under the partnership, PostBus, a subsidiary of Swiss Post and one of the country’s major public transport operators, will collaborate with Baidu to introduce driverless vehicles to eastern Switzerland. The service will cover the cantons of St. Gallen, Appenzell Ausserrhoden, and Appenzell Innerrhoden, with a trial fleet set to begin testing in December 2025 and full operations expected by early 2027, according to Baidu’s statement.

The agreement follows Baidu’s recent partnerships with Lyft and Uber, under which the company will deploy thousands of its Apollo Go robotaxis across several European and international markets beginning next year. The Swiss launch signals Baidu’s ambition to become a key player in global autonomous mobility, challenging U.S. and European rivals such as Waymo, Cruise, and Mobileye.

Baidu said its Apollo Go platform now operates more than 1,000 fully driverless vehicles in 16 cities worldwide, including Dubai, Abu Dhabi, and Hong Kong. The company has positioned Apollo Go as one of the largest autonomous ride-hailing services in the world, with millions of rides completed.

As China’s economy cools, Baidu has increasingly shifted its focus toward artificial intelligence and autonomous transportation technologies to diversify its revenue. The collaboration with PostBus gives Baidu a foothold in the European market, where regulatory approval for driverless vehicles has been gradually expanding.

Industry analysts say the partnership could make Switzerland a testing ground for wider European adoption of Baidu’s robotaxi systems, blending Chinese innovation with Swiss public transport infrastructure.