百度（纪要）：重视股东回报和管理执行力提升

海豚研究02-28

以下是海豚君整理的关于百度FY25Q4 财报电话会纪要，财报解读请移步《百度：广告根基已废，昆仑芯成 “救命草”？”》一、财报核心数据回顾核心 AI 业务数据（2025 年第四季度）· Baidu General Business 总营收： 261 亿元人民币。· Core AI-powered Business 营收：超过 110 亿元人民币，占 Baidu General Business ...

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最先进的基础模型能力，另一个负责为特定业务需求定制模型（降低成本、改善延迟、优化规模与效率），以确保技术领先且易于在各业务中规模化。（2）AI 应用进展AI 搜索：持续进行 AI 搜索转型，提高搜索结果质量，扩展用户可直接完成的任务（如在搜索结果中引入 AI 生成信息图，集成 MCP 能力实现购物、预订等行动）。通过将开源智能体框架 OpenClaw 集成到百度 App，让近 7 亿月活用户能直接受益。文心助手（Ernie Assistant）：通过引入更广泛的多模态能力，推动其 12 月月活跃用户（MAU）超过 2 亿。AI 搜索 API 的采用率加速，调用量环比增长超过 110%。数字人：2025 年 12 月，在百度平台上进行直播的数字人数量同比增长近 200%。超写实数字人生产成本降至前一季度的约三分之一，带来行业领先的性价比，并已与京东、作业帮、TikTok 等公司达成合作。秒哒 / MeDo（零代码开发平台）：截至 2 月初，全球用户已通过该平台创造了超过 100 万个 AI 应用。企业级 AI 应用：ETN（视觉智能平台）被咖啡连锁店、快餐店等用于自动化运营合规和安全检查。FM Agent（自进化智能体）在制造、能源、金融等行业得到验证。（3）物理 AI / 自动驾驶 (Apollo Go)运营规模与增长：第四季度交付 340 万单，周订单峰值超过 30 万单，总订单同比增长超 200%。累计订单量已超过 2000 万单，巩固了全球领先地位。全球扩张： 全球足迹已达 26 个城市。· 英国： 推进与 Uber 和 Lyft 的合作，计划 2026 年上半年在伦敦开始自动驾驶测试。· 瑞士： 在圣加仑启动测试。· 中东： 在阿布扎比（通过 Auto Go 推出服务）和迪拜（获得首个全自动驾驶测试许可，并宣布通过 Uber 平台提供服务）均取得进展。· 亚洲： 进入韩国市场（首尔都市圈）；扩大香港测试范围（荃湾、机场岛与东涌之间）。安全与商业模式：安全是首要任务，全自动驾驶车辆每行驶超过 1200 万公里才会经历一次触发安全气囊的事故。随着在不同市场的经验增长，公司对进一步规模化、并在更多城市实现正向单车经济充满信心。（4）其他信息股东回报：宣布了一项新的 50 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