# Who are Baidu's customers? Who does Baidu earn revenue from?
Canonical: https://valuechain.wiki/baidu · Facet: customers · Updated: 2026-07-12T04:15:08.054+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Baidu's confirmed revenue counterparties include Beijing Kingsoft Office Software plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 revenue edges, backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).

### 광고주 (온라인 마케팅·검색 광고) (high)
- metric: Amount ¥102.5B · 2025 바이두 코어(제너럴 비즈니스) 매출 · online marketing led, down 2% YoY
- note: Advertisers buying search-plus-feed marketing are Baidu's largest revenue source. Baidu Core 2025 revenue was RMB102.5B, down for a second year on soft online marketing demand.
- [confirms] SEC EDGAR (EN, filing, published 2026-03-17) https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm: "Baidu Core revenue was RMB102.5 billion (US$14.7 billion) in 2025, decreasing by 2% compared to RMB104.7 billion in 2024. Revenue from online marketing services declined in 2024 and 2025."

### 승객·운영 도시 (아폴로고 로보택시) (high)
- metric: Count 20,000,000누적 라이드 · 아폴로고 누적(2026-02) · 26 cities, 100% fully driverless across China ops
- note: Paying passengers of Apollo Go robotaxis. Accumulated rides exceeded 20 million as of Feb 2026, expanding to 26 cities.
- [confirms] Baidu IR (EN, ir, published 2026-05-20) https://ir.baidu.com/news-releases/news-release-details/baidu-announces-first-quarter-2026-results/: "Apollo Go 10M driverless rides 2025; +120% Q1 2026."
- [confirms] SEC EDGAR (EN, filing, published 2026-03-17) https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm: "As of February 2026, the accumulated rides provided to the public by Apollo Go exceeded 20 million. Apollo Go's global footprint reached 26 cities."
- [confirms] AI Times (Korea) (KO, news, published 2025-12-01) https://www.aitimes.com/news/articleView.html?idxno=204400: "Baidu's robotaxi operated in 22 cities in Q3 2025 with rides up 212% YoY, surpassing 17 million cumulative rides."

### 기업·개발자 (AI 클라우드·ERNIE) (high)
- note: Enterprises, public sector and developers using AI Cloud infrastructure, AI Applications and ERNIE models. The 2025 growth driver that offset the online marketing decline.
- [confirms] Baidu IR (EN, ir, published 2026-05-20) https://ir.baidu.com/news-releases/news-release-details/baidu-announces-first-quarter-2026-results/: "Core AI revenue RMB 40bn (+48%); GPU cloud +184%."
- [confirms] SEC EDGAR (EN, filing, published 2026-03-17) https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm: "The 2025 decrease was primarily due to a decrease in online marketing revenue, partially offset by an increase in AI Cloud. From 2025 AI Cloud Infrastructure is disclosed as a business with meaningful revenue contribution."
- [mentions] DBS Group Research (EN, research, published 2025-11-14) https://www.dbs.com.sg/treasures/aics/templatedata/article/recentdevelopment/data/en/DBSV/012021/9888_HK_11142025.xml: "DBS notes at Baidu World 2025 that ERNIE 5.0 and AI Cloud are the key growth axes offsetting weak online marketing."

### 킹소프트 오피스 (low)  → /beijing-kingsoft-office-software.md
- note: Supplies ERNIE LLM API to Kingsoft Office's WPS AI Hub (commercial terms undisclosed).
- [mentions] InfoQ China (ZH, news, published 2025-01-15) https://www.infoq.cn/article/pg1og0e8kcobqm1r04xw: "WPS AI enterprise supports switching among MiniMax, Zhipu, Baidu Wenxin, etc."

Reverse side: https://valuechain.wiki/baidu/suppliers.md · Ripple: https://valuechain.wiki/baidu/ripple.md

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Full node: https://valuechain.wiki/baidu.md · JSON: https://valuechain.wiki/baidu.json