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<Foresight>Brokers Expect BIDU-SW 3Q Adj. NP to Sink 52%+ YoY; Focus on Whether Core Earnings Have Bottomed Out/ AI Investment Efficiency
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BIDU-SW (09888.HK) (BIDU.US) is set to announce its 3Q25 results next Tuesday (18th) after the bell.

According to the forecasts from eight brokers as summarized by our reporters, BIDU-SW's 3Q25 non-GAAP net income to Baidu will range from RMB1.831 billion to RMB3.116 billion, down 47.1-68.9% YoY compared to RMB5.886 billion in the same period last year. The median of RMB2.791 billion also marks a YoY decline of 52.6%.

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The market is focusing on whether BIDU-SW's search revenue has bottomed out, the trend of core business profit margins, and the disclosure of other businesses, including AI cloud, autonomous driving taxis, and AI chips.

Broker│3Q25 Non-GAAP Net Income to Baidu Forecast (RMB)│YoY Change
Citi│3.116 billion│-47.1%
JPMorgan│3 billion│-49%
Morgan Stanley│2.922 billion│-50.4%
Goldman Sachs│2.811 billion│-52.2%
UBS│2.771 billion│-52.9%
Nomura│2.496 billion│-57.6%
CCBI│2.107 billion│-64.2%
Daiwa│1.831 billion│-68.9%

Calculated based on BIDU-SW's 3Q24 non-GAAP net income to Baidu of RMB5.886 billion.

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