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<Foresight>Brokers Expect BIDU-SW's Adj. NP to Dive ~50% Last Qtr; Focus on Kunlunxin Spin-off & Potential Upgrade to HK 'Primary Listing' Status
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BIDU-SW (09888.HK) is set to announce its 4Q25 results after the market bell on February 26 (Thursday). Given the heavier short-term pressure from the AI transformation of its search business on core advertising revenue and ongoing investments in AI, it is expected that BIDU-SW's adjusted operating profit margin will have experienced a significant decline. According to the forecasts from eight brokers as summarized by our reporters, BIDU-SW's 4Q25 non-GAAP net profit attributable to shareholders is estimated to have dropped by 42.2-56.9% YoY to RMB2.805-3.875 billion from RMB6.709 billion in the same period of 2024. The median of RMB3.382 billion marks a YoY decline of 49.6%. Investors will focus on whether BIDU-SW's management can trim the decline in advertising revenue QoQ, the latest guidance on the transformation of the search business, the spin-off of Kunlunxin for Hong Kong listing, updates on the Robotaxi business, AI competition, capital expenditure, and whether it will consider upgrading the company's Hong Kong listing status from secondary listing to primary listing or dual primary listing (to qualify for inclusion in Southbound Stock Connect). Broker│Forecasted 4Q25 non-GAAP Net Profit Attributable to Shareholders (RMB)│YoY Change BOCI│3.875 billion│-42.2% Morgan Stanley│3.507 billion│-44.7% CLSA│3.493 billion│-47.9% Citi│3.478 billion│-48.2% CCBI │3.286 billion│-51% UBS│3.151 billion│-53% China Renaissance│2.805 billion│-58.2% Daiwa│2.894 billion│-56.9% Calculated based on BIDU-SW's 4Q24 non-GAAP net profit attributable to shareholders of RMB6.709 billion. AAStocks Financial News |
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