百度2021Q3财报-13页_229kb

报告摘要

Baidu Q3 2021 Summary

Core Content

Baidu, Inc. announced its unaudited financial results for the third quarter of 2021, ending on September 30, 2021. The company emphasized its commitment to AI innovation across consumer, enterprise, and public sectors. It highlighted its AI Cloud, smart transportation, and intelligent driving initiatives as key growth areas.

Financial Highlights

Total Revenues: RMB 31.9 billion (US$4.95 billion), up 13% year over year.
Baidu Core Revenues: RMB 24.7 billion (US$3.83 billion), up 15% year over year.
Online Marketing Revenue: RMB 19.5 billion (US$3.02 billion), up 6% year over year.
Non-Online Marketing Revenue: RMB 5.2 billion (US$806 million), up 76% year over year.
Operating Income: RMB 2.3 billion (US$358 million), down 63% year over year.
Non-GAAP Operating Income: RMB 4.7 billion (US$731 million).
Net Loss: RMB 16.6 billion (US$2.57 billion), with a significant non-cash loss from long-term investments.
Non-GAAP Net Income: RMB 5.1 billion (US$790 million).
Adjusted EBITDA: RMB 6.0 billion (US$925 million).
Cash and Cash Equivalents: RMB 194.6 billion (US$30.20 billion), with RMB 183.6 billion (US$28.49 billion) excluding iQIYI.
Free Cash Flow: RMB 691 million (US$108 million), with RMB 2.9 billion (US$449 million) excluding iQIYI.

Key Business Developments

AI Cloud

Baidu launched an end-to-end AI cloud solution powered by Kunlun AI chips and PaddlePaddle framework, targeting financial services.
The AI Cloud revenue increased by 73% year over year.
Baidu expanded into smart-city cloud with Lijiang, a UNESCO Heritage Site, to improve safety and cleanliness.
Tongxiang, Zhejiang signed with Baidu to enable AI solutions for manufacturing enterprises, deepening its presence in the industrial Internet.

Intelligent Driving

Apollo L4 accumulated over 10 million test miles, up 189% year over year.
Apollo received 411 autonomous driving permits, showing broad geographic coverage and diverse test scenarios.
Apollo Go doubled rides sequentially, available in Shanghai, Beijing, Guangzhou, Changsha, and Cangzhou.
WM Motor partnered with Baidu to install Apollo Navigation Pilot (ANP) in its new W6 SUV, increasing the number of self-driving and infotainment partners to 31.

Smart Devices

Xiaodu ranks No.1 in smart display shipments globally and smart speaker shipments in China.
Xiaodu introduced "visual assistance" to support visually impaired users with voice control and screen-text reading.
Xiaodu completed Series B financing at a valuation of US$5.1 billion, with Baidu retaining a super-majority stake.

Mobile Ecosystem

Baidu App MAUs reached 607 million, up 12% year over year.
Daily logged-in users reached 79%, indicating strong user engagement.
Managed Page accounted for 43% of Baidu Core online marketing revenue, driven by enhanced marketing-cloud features.
Baidu's open Internet infrastructure attracted top smartphone makers to use its smart mini programs as browser landing pages.

iQIYI

iQIYI reached 104 million subscribers in September 2021, providing a solid foundation for content innovation.

Financial Guidance

For Q4 2021, Baidu expects revenues between RMB 31.0 billion (US$4.81 billion) and RMB 34.0 billion (US$5.27 billion), with a growth rate of 2% to 12% year over year. The forecast assumes Baidu Core revenue growth between 5% and 16% year over year.

Corporate Initiatives

Baidu established a Data Management Committee to enhance data policies and oversight.
The company donated RMB 90 million to support Henan province after a natural disaster.

Earnings Per ADS

Basic Earnings per ADS: RMB 39.79 (US$6.22) for Q3 2021, down 2734% from Q3 2020.
Diluted Earnings per ADS: RMB 39.79 (US$6.22), down 2734% year over year.

Non-GAAP Financial Measures

Baidu provides non-GAAP measures to supplement its GAAP financial results, excluding items like share-based compensation, amortization, impairment, and fair-value adjustments. These measures are used to reflect core business performance and are not directly comparable to other companies’ measures.

Balance Sheet Highlights

Total Assets: RMB 384.356 billion (US$59.649 billion), up from RMB 332.708 billion (US$50.83 billion) in Q3 2020.
Total Liabilities: RMB 159.795 billion (US$24.798 billion), up from RMB 140.865 billion (US$21.595 billion).
Total Equity: RMB 216.645 billion (US$33.622 billion), with Baidu shareholders’ equity at RMB 211.378 billion (US$32.805 billion).
Redeemable Noncontrolling Interests: RMB 7.916 billion (US$1.229 billion) in Q3 2021, down from RMB 3.102 billion (US$480 million) in Q3 2020.

Conference Call

Baidu will host a Q3 2021 earnings conference call on November 17, 2021, at 7:30 AM U.S. Eastern Time. Investors can register via http://apac.directeventreg.com/registration/event/8590343.

Forward-Looking Statements

The report contains forward-looking statements, which are subject to risks and uncertainties, including market competition, regulatory changes, and legal proceedings. Baidu does not guarantee to update these statements unless required by law.