2021年第二季度百度营收（英）-13页_291kb

报告摘要

Baidu Q2 2021 Summary

Core Financial Highlights

Baidu reported its second quarter 2021 financial results, showing strong growth in key areas. Here are the core financial metrics:

Total Revenues: RMB 31.4 billion (US$4.86 billion), up 20% year over year (YOY).
Baidu Core Revenues: RMB 24.0 billion (US$3.72 billion), up 27% YOY, driven by the growth of the AI cloud business, which increased by 71% YOY.
Online Marketing Revenue: RMB 19.0 billion (US$2.95 billion), up 18% YOY.
Non-Online Marketing Revenue: RMB 5.0 billion (US$771 million), up 80% YOY.
iQIYI Revenue: RMB 7.6 billion (US$1.18 billion), up 3% YOY.

Operating Income and Net Income

Operating Income: RMB 3.5 billion (US$536 million), down 5% YOY.
Non-GAAP Operating Income: RMB 5.7 billion (US$876 million), up 1% YOY.
Net Income (Loss) to Baidu: RMB -583 million (US$-90 million), a net loss.
Non-GAAP Net Income to Baidu: RMB 5.4 billion (US$830 million), up 5% YOY.
Adjusted EBITDA: RMB 7.3 billion (US$1.13 billion), up 4% YOY.
Baidu Core Adjusted EBITDA: RMB 8.0 billion (US$1.24 billion), up 3% YOY.

Financial Structure

Cash and Cash Equivalents: RMB 179.9 billion (US$27.87 billion) as of June 30, 2021.
Free Cash Flow: RMB 5.4 billion (US$843 million), with free cash flow excluding iQIYI at RMB 6.9 billion (US$1.07 billion).
Total Other Loss, Net: RMB -2.4 billion (US$-376 million), primarily due to a RMB 3.1 billion fair value loss from long-term investments.

Business Developments

AI Cloud

Baidu ranked No. 1 AI cloud provider in China.
The PaddlePaddle platform became the most widely used in China, with a 3.6 million developer community and serving 130,000 businesses.
Baidu partnered with Geely Holding to provide cloud solutions for optimizing manufacturing and offering services to suppliers and customers.
In Quanzhou, Fujian, Baidu AI solutions helped reduce 8% electricity use in water treatment plants.

Intelligent Driving

Apollo L4 autonomous driving accumulated 7.5 million test miles, up 152% YOY.
Baidu received 278 autonomous driving permits.
Apollo Go expanded to Guangzhou, providing 47K trips in Q2, up 200% sequentially.
Apollo ACE expanded to 20 cities in June 2021, supporting smart transportation projects like V2X highways in Xiongan, Hebei.

Smart Assistant

Xiaodu ranked No.1 in smart display shipments globally and No.1 in smart speaker shipments in China.
Xiaodu services revenue grew 5 folds from last year, accounting for over 10% of Xiaodu Q2 revenue.
Xiaodu Tiantian T10 (10" smart display with karaoke) was released in May at RMB 1,699.
Xiaodu helps connect elders with community assistance and acts as a virtual companion through conversational AI.

Mobile Ecosystem

Baidu MAUs reached 580 million in June 2021.
Managed Page accounted for 40% of Baidu Core Q2 online marketing revenue.

ESG and Sustainability

Baidu announced its goal to become carbon neutral by 2030.
Its Yangquan data center received the highest rating (5A) for being a carbon neutral data center.
Baidu's low-carbon business practices were featured in the UN Global Compact Corporate Net Zero Pathway Report.

Management Transition

Herman Yu was appointed as Chief Strategy Officer (CSO) and will report to Robin Li, the CEO.
He will continue as CFO until a new CFO is appointed.

Financial Guidance

Baidu expects Q3 2021 revenues to be between RMB 30.6 billion (US$4.7 billion) and RMB 33.5 billion (US$5.2 billion), a growth rate of 8% to 19% YOY.
The forecast is subject to uncertainties due to the evolving situation of the pandemic.

Conference Call

A conference call will be held on August 12, 2021, at 8:00 AM U.S. Eastern Time (8:00 PM Beijing Time).
Pre-registration is required via the link: http://apac.directeventreg.com/registration/event/3059294.
A webcast will be available at http://ir.baidu.com.

Non-GAAP Financial Measures

Non-GAAP measures exclude share-based compensation, amortization, impairment, and fair value changes.
These measures are used to provide supplemental information to investors and management.
They are not directly comparable to GAAP measures of other companies.

Summary of Key Business Areas

AI Cloud: Strong growth, ranked No. 1 in China, expanded partnerships and services.
Intelligent Driving: Continued progress in autonomous driving and expansion of ride-hailing and smart transportation.
Smart Assistant (Xiaodu): Top global shipments, growing services revenue, and supporting elderly populations.
Mobile Ecosystem: High MAUs and expansion of online marketing services.
iQIYI: Strong subscriber base, supporting original content production.
ESG Initiatives: Commitment to carbon neutrality and green data center certifications.

Conclusion

Baidu's Q2 2021 results reflect strong growth in AI-related business areas, including AI cloud, autonomous driving, and smart assistant. Despite a net loss, the company's core business is showing positive trends, and it is investing heavily in R&D. Baidu's strategic initiatives and commitment to sustainability are also highlighted, with the company aiming for carbon neutrality by 2030. The management transition and financial guidance indicate continued strategic focus and planned growth for the coming quarter.