Chinese search engine giant Baidu (9888) saw its net profit expand 17 percent year-on-year to 23.76 billion yuan (HK$25.38 billion), partly driven by its AI cloud business.

But the intensifying global AI race may add uncertainties to the tech leader’s outlook.

In 2024, Baidu’s total revenues edged down by 1 percent from the year prior to 133.1 billion yuan.

Among core businesses, online marketing services saw its revenue decrease by 3 percent to 73 billion yuan and its online video platform iQIYI posted a drop in revenue of 8 percent year-on-year to 29.2 billion yuan.