GTHT released a research report maintaining an "Overweight" rating on Baidu Group-W (09888), raising revenue forecasts for fiscal years 2025-2027 to RMB 130.7 billion, RMB 138.5 billion, and RMB 149.2 billion respectively. Adjusted net profit forecasts have been revised to RMB 17.6 billion, RMB 20.2 billion, and RMB 29.8 billion. Based on Sum-of-the-Parts (SOTP) valuation methodology, Baidu's target price has been adjusted to HK$176.

The report notes that Baidu continues to leverage its proprietary AI models to enhance multiple business segments. The deep reasoning model Ernie X1.1 demonstrates significant improvements over the X1 version, with factual accuracy enhanced by 34.8%, instruction following improved by 12.5%, and agent capabilities boosted by 9.6%. Benchmark testing results show overall performance comparable to GPT-5 and Gemini 2.5 Pro.

Baidu secured the largest share in China Mobile's AI procurement project, with order value reaching RMB 1 billion, validating the technical capabilities and market competitiveness of Kunlun chips. This achievement establishes a foundation for expanding application scenarios and initiating new growth trajectories. Additionally, Apollo Go has accelerated its overseas business expansion.