Baidu published its annual report on Form 20-F for FY 2025, reporting revenue of RMB129.08 billion (USD18.46 billion), down 3% due to lower online marketing revenue partly offset by higher cloud services revenue. FY 2025 operating loss was RMB5.82 billion (USD0.83 billion), reflecting RMB16.19 billion (USD2.32 billion) of impairment of long-lived assets related to the Core asset group. FY 2025 net income attributable to shareholders was RMB5.59 billion (USD0.8 billion), down 76.48%, while income tax expense was RMB1.26 billion (USD0.18 billion). By segment in FY 2025, Baidu General Business revenue was RMB102.49 billion (USD14.66 billion), while iQIYI revenue was RMB27.29 billion (USD3.9 billion), down 7% due to declines in membership services and online advertising revenue. Baidu said it ended FY 2025 with RMB115.5 billion (USD16.5 billion) in cash, cash equivalents, restricted cash and short-term investments, and reported net cash used in operating activities of RMB3.01 billion (USD0.43 billion).

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