The analyst rating for Baidu (BIDU.US) is maintained as a "Buy" due to several factors highlighted in the BOCI research report. Despite a 4% year-over-year shrinkage in total revenue for the fourth quarter of 2025, the company's performance aligned with market expectations, and there was a 5% quarter-over-quarter increment. Notably, the core A-enabled business revenue was significant, accounting for 43% of Baidu's core business revenue. Additionally, both adjusted operating profit and adjusted net profit exceeded market expectations by 13%, driven by strong gross profit performance. The ongoing shareholder return executions also contributed to the positive outlook, leading the broker to set a target price of USD172 for Baidu's US shares.
