<p>➀ Baidu's revenue has grown by 51% from 2020Q1 to 2024, with a profit margin of 27% in the second half of 2024.</p><p>➁ Baidu's core business includes online marketing and other core businesses such as intelligent cloud, autonomous driving, and mobile ecology.</p><p>➂ Google's revenue growth rate in advertising business over five years is about 128%, significantly ahead of Baidu's 50%.</p><p>➃ Google's cloud business grew by more than 272%, followed by YouTube advertising and Google search advertising.</p><p>➄ Baidu's research and development investment rate is higher than most Chinese Internet companies, but its revenue growth rate has fallen behind.</p><p>➅ The market is not optimistic about the ancient AI giants due to unclear 'technology gold cross' and the curse of 'crown'.</p><p>➆ Baidu's search as a traditional leader lost traffic barriers in the mobile era, and its technology route has not yet broken through the cycle blockade.</p>