Baidu is China's dominant search engine and a major AI company. Its core consumer product is the Baidu App, a search-plus-feed platform with 679 million MAUs that aggregates content and services from third-party apps, websites, and content creators. By late 2025, roughly 70% of Baidu's mobile search result pages included AI-generated content, replacing traditional blue links with multimodal AI responses. Baidu operates two reporting segments: Baidu General Business and iQIYI. Baidu General Business includes the Mobile Ecosystem (monetized primarily through search and feed advertising), AI Cloud (infrastructure and AI applications sold to enterprises), and early-stage growth initiatives including the Apollo Go robotaxi service. iQIYI is a separately listed online video streaming platform that Baidu controls and consolidates, earning revenue from subscriptions and advertising. Historically, Baidu's core revenue engine has been pay-for-performance search advertising, where advertisers bid for keyword placement and pay on a cost-per-click basis. However, near-term online marketing revenue has been declining as Baidu transitions search results to AI-generated answers, disrupting existing ad formats. To replace this, Baidu is scaling AI-native marketing products (agents and digital humans) and AI Cloud, which reached approximately RMB 30B in FY25 revenue. Apollo Go, Baidu's robotaxi service, is expanding globally through asset-light partnerships with Uber and Lyft.