Daiwa released a research report stating that Baidu Group-SW's (09888) core business revenue and operating profit for Q3 2025 slightly exceeded expectations, with earnings bolstered by other income and tax benefits. The firm reiterated its "Buy" rating on Baidu and raised the target price from HK$158 to HK$162. The report noted that Baidu's cloud service revenue grew 21% year-over-year in Q3, with the company introducing new financial disclosures for AI-native products.