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Baidu, Inc. director Xu Ran filed an initial ownership report showing direct holdings in the company. Xu Ran holds 28,728 restricted shares representing underlying Class A ordinary shares at an exercise price of $0.0000, plus 23,112 Class A ordinary shares held directly. The restricted shares were granted on February 6, 2026 and vest per annum in four equal installments over a 2-year period, starting from the first anniversary of the grant date, subject to continued service. Footnotes state the Class A ordinary shares are held in the form of American depositary shares, with each ADS representing eight Class A ordinary shares.
Baidu, Inc. director Foo Jixun filed a Form 3 reporting his initial equity holdings. He directly holds 122,584 Class A ordinary shares and restricted shares tied to 28,728 underlying Class A ordinary shares. These restricted shares were granted on February 6, 2026 and vest in two equal annual installments over a two-year period, subject to continued service. Each American depositary share represents eight Class A ordinary shares.
Baidu, Inc. Chief Financial Officer He Haijian has reported his initial equity holdings as an insider. He holds stock options covering 501,360 Class A ordinary shares with an exercise price of $10.9340 per share, expiring on August 7, 2035. These options were granted on August 7, 2025 and vest in four equal annual installments starting from the first anniversary of the grant date, subject to his continued service.
He also holds 606,160 restricted Class A ordinary shares granted on August 7, 2025, which vest in four equal annual installments beginning on the first anniversary of the grant date, again contingent on continued service. The restricted shares do not have an expiration date. The filing reflects holdings and vesting terms rather than any open-market purchases or sales.
Baidu, Inc. has filed a Form 6-K as a foreign private issuer, primarily to furnish its Annual Report for the year ended December 31, 2025 as Exhibit 99.1. This annual report was prepared under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and is being made available to U.S. investors through this submission.
The report is signed on behalf of Baidu by Chief Financial Officer Haijian He, reflecting management’s authorization of the furnished information. The filing indicates that Baidu files its annual reports under cover of Form 20-F, and uses this Form 6-K to keep U.S. markets aligned with disclosures provided in its Hong Kong listing.
Baidu, Inc. has filed a Form 6-K as a foreign private issuer, primarily to furnish its Annual Report for the year ended December 31, 2025 as Exhibit 99.1. This annual report was prepared under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and is being made available to U.S. investors through this submission.
The report is signed on behalf of Baidu by Chief Financial Officer Haijian He, reflecting management’s authorization of the furnished information. The filing indicates that Baidu files its annual reports under cover of Form 20-F, and uses this Form 6-K to keep U.S. markets aligned with disclosures provided in its Hong Kong listing.
Baidu, Inc. files its Form 20‑F for 2025, highlighting slower growth, heavy China exposure and a major shift toward AI. Revenue was RMB129,079 million in 2025, down from 2024 and 2023, and a RMB16,190 million impairment pushed operating results to a loss.
Despite this, net income attributable to Baidu reached RMB5,589 million in 2025, helped by other income. Cash flow from operations turned negative at RMB3,013 million. The report stresses structural risks from its variable interest entity (VIE) structure, evolving PRC regulation, HFCAA-related U.S. listing risk, and large, uncertain investments in generative AI, cloud and other new businesses, including the YY Live acquisition for about US$2.1 billion.
Baidu, Inc. files its Form 20‑F for 2025, highlighting slower growth, heavy China exposure and a major shift toward AI. Revenue was RMB129,079 million in 2025, down from 2024 and 2023, and a RMB16,190 million impairment pushed operating results to a loss.
Despite this, net income attributable to Baidu reached RMB5,589 million in 2025, helped by other income. Cash flow from operations turned negative at RMB3,013 million. The report stresses structural risks from its variable interest entity (VIE) structure, evolving PRC regulation, HFCAA-related U.S. listing risk, and large, uncertain investments in generative AI, cloud and other new businesses, including the YY Live acquisition for about US$2.1 billion.
Baidu, Inc. reported that independent director James Ding has resigned from its board, effective March 17, 2026. He is also stepping down from the audit committee, corporate governance and nominating committee, and as chairman of the compensation committee, due to a change in his personal work arrangement.
The company stated that his resignation does not result from any dispute or disagreement with Baidu. Following his departure, Baidu will adjust the audit, compensation, and corporate governance and nominating committees so that each continues to have two independent directors and complies with applicable corporate governance requirements.
Baidu, Inc. reported that independent director James Ding has resigned from its board, effective March 17, 2026. He is also stepping down from the audit committee, corporate governance and nominating committee, and as chairman of the compensation committee, due to a change in his personal work arrangement.
The company stated that his resignation does not result from any dispute or disagreement with Baidu. Following his departure, Baidu will adjust the audit, compensation, and corporate governance and nominating committees so that each continues to have two independent directors and complies with applicable corporate governance requirements.
Baidu reported fourth quarter and full-year 2025 results showing fast AI growth alongside legacy headwinds. Q4 2025 revenue was RMB32.7 billion ($4.68 billion), up 5% quarter over quarter, helped by Baidu Core AI-powered Business, whose Q4 revenue exceeded RMB11 billion and represented 43% of Baidu General Business revenue.
For 2025, total revenue was RMB129.1 billion ($18.46 billion), down 3% year over year as Legacy Business declined, while Baidu Core AI-powered Business grew 48% to RMB40.0 billion. A RMB16.2 billion impairment of long-lived assets drove a RMB5.8 billion operating loss, though excluding this, operating income was RMB10.4 billion. Non-GAAP net income attributable to Baidu was RMB18.9 billion ($2.71 billion) with a 15% non-GAAP net margin, and total cash and investments reached RMB294.1 billion ($42.06 billion) at year-end. Management highlighted progress on spinning off and listing Kunlunxin and announced a new share repurchase program of up to US$5 billion plus Baidu’s first-ever dividend policy, with the first payment potentially by year-end 2026.
Baidu reported fourth quarter and full-year 2025 results showing fast AI growth alongside legacy headwinds. Q4 2025 revenue was RMB32.7 billion ($4.68 billion), up 5% quarter over quarter, helped by Baidu Core AI-powered Business, whose Q4 revenue exceeded RMB11 billion and represented 43% of Baidu General Business revenue.
For 2025, total revenue was RMB129.1 billion ($18.46 billion), down 3% year over year as Legacy Business declined, while Baidu Core AI-powered Business grew 48% to RMB40.0 billion. A RMB16.2 billion impairment of long-lived assets drove a RMB5.8 billion operating loss, though excluding this, operating income was RMB10.4 billion. Non-GAAP net income attributable to Baidu was RMB18.9 billion ($2.71 billion) with a 15% non-GAAP net margin, and total cash and investments reached RMB294.1 billion ($42.06 billion) at year-end. Management highlighted progress on spinning off and listing Kunlunxin and announced a new share repurchase program of up to US$5 billion plus Baidu’s first-ever dividend policy, with the first payment potentially by year-end 2026.
Baidu, Inc. has approved a new share repurchase program of up to US$5 billion, running through December 31, 2028, aiming to enhance shareholder returns. The Board plans to execute repurchases regularly and in a disciplined, transparent manner via open-market and other permitted transactions.
Alongside the buyback, Baidu’s Board has adopted, for the first time, a dividend policy for its ordinary shares, allowing for regular and/or special dividends. Future dividends are expected to be funded mainly from operating profits, with possible support from non-core asset disposals and other investment returns.
The Board expects to declare the first dividend payment in 2026, with the declaration, timing, and amount of any dividend decided at its discretion based on financial performance, capital needs, market conditions, and other relevant factors.
Baidu, Inc. has approved a new share repurchase program of up to US$5 billion, running through December 31, 2028, aiming to enhance shareholder returns. The Board plans to execute repurchases regularly and in a disciplined, transparent manner via open-market and other permitted transactions.
Alongside the buyback, Baidu’s Board has adopted, for the first time, a dividend policy for its ordinary shares, allowing for regular and/or special dividends. Future dividends are expected to be funded mainly from operating profits, with possible support from non-core asset disposals and other investment returns.
The Board expects to declare the first dividend payment in 2026, with the declaration, timing, and amount of any dividend decided at its discretion based on financial performance, capital needs, market conditions, and other relevant factors.
Baidu, Inc. has scheduled a board meeting for Thursday, February 26, 2026 to approve its unaudited results and announcement for the three months and fiscal year ended December 31, 2025. The Fourth Quarter and Fiscal Year 2025 financial results announcement will be posted on the Hong Kong Stock Exchange website and Baidu’s investor relations site after Hong Kong trading hours and before the opening of the U.S. market on the same day.
Management will host an earnings conference call at 8:30 PM on February 26, 2026 Beijing/Hong Kong Time (7:30 AM U.S. Eastern Time), with pre-registration available via the provided online link and a replay accessible by phone until March 5, 2026. The announcement also reminds investors that Baidu operates under a weighted voting rights structure and that each American depositary share represents eight Class A ordinary shares, with ADSs listed on Nasdaq under the symbol BIDU and ordinary shares traded in Hong Kong under stock codes 9888 and 89888.
Baidu, Inc. has scheduled a board meeting for Thursday, February 26, 2026 to approve its unaudited results and announcement for the three months and fiscal year ended December 31, 2025. The Fourth Quarter and Fiscal Year 2025 financial results announcement will be posted on the Hong Kong Stock Exchange website and Baidu’s investor relations site after Hong Kong trading hours and before the opening of the U.S. market on the same day.
Management will host an earnings conference call at 8:30 PM on February 26, 2026 Beijing/Hong Kong Time (7:30 AM U.S. Eastern Time), with pre-registration available via the provided online link and a replay accessible by phone until March 5, 2026. The announcement also reminds investors that Baidu operates under a weighted voting rights structure and that each American depositary share represents eight Class A ordinary shares, with ADSs listed on Nasdaq under the symbol BIDU and ordinary shares traded in Hong Kong under stock codes 9888 and 89888.
Baidu, Inc. has submitted a report indicating that it plans a proposed spin-off and separate listing of its subsidiary Kunlunxin. The transaction is intended to list Kunlunxin on the Main Board of the Stock Exchange of Hong Kong Limited, which would make Kunlunxin an independently traded company in that market. Details such as structure, timing, and financial terms are contained in accompanying press release and announcement documents referenced as exhibits to the report.
Baidu, Inc. has submitted a report indicating that it plans a proposed spin-off and separate listing of its subsidiary Kunlunxin. The transaction is intended to list Kunlunxin on the Main Board of the Stock Exchange of Hong Kong Limited, which would make Kunlunxin an independently traded company in that market. Details such as structure, timing, and financial terms are contained in accompanying press release and announcement documents referenced as exhibits to the report.