On June 22, Baidu Group-SW declined 3.04% in regular trading, trading at HK$108.7/share, with turnover of HK$364 million.

On the news front, Baidu's previously released Q1 earnings revealed a stark divergence between its legacy and emerging businesses. AI cloud revenue reached RMB 8.8 billion, up 79% year-over-year, with GPU cloud revenue surging 183%. AI business revenue of RMB 13.6 billion now accounts for over 52% of core operating revenue for the first time. However, traditional advertising revenue declined 28% year-over-year, while Baidu App quarterly users fell by 22 million quarter-over-quarter, reflecting continued erosion in search competitiveness.

The market's core concern centers on whether AI business growth can offset the accelerating decline in traditional advertising revenue during this transition period. With total revenue of RMB 32.1 billion and core business revenue growing only 2% year-over-year, valuation recovery faces sustained pressure as the old-to-new engine replacement remains incomplete.

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