20-F
BAIDU, INC. filed this Form 20-F on 03/31/2017
Entire Document
 


Table of Contents

Results of Operations

The following table sets forth a summary of our consolidated results of operations for the periods indicated. The period-to-period comparisons of results of operations should not be relied upon as indicative of future performance.

 

     For the Years Ended December 31,  
     2014     2015     2016  
     RMB     RMB     RMB     US$  
     (In thousands)  

Consolidated Statements of Comprehensive Income Data

        

Revenues:

        

Online marketing services

     48,495,215       64,037,006       64,525,115       9,293,550  

Others

     557,103       2,344,723       6,024,249       867,672  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     49,052,318       66,381,729       70,549,364       10,161,222  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating costs and expenses:(1)

        

Cost of revenues

     (18,885,450     (27,458,030     (35,278,945     (5,081,225

Selling, general and administrative

     (10,382,142     (17,076,383     (15,070,586     (2,170,616

Research and development

     (6,980,962     (10,175,762     (10,150,753     (1,462,013
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating costs and expenses

     (36,248,554     (54,710,175     (60,500,284     (8,713,854
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     12,803,764       11,671,554       10,049,080       1,447,368  
  

 

 

   

 

 

   

 

 

   

 

 

 

Interest income

     1,992,818       2,362,632       2,341,631       337,265  

Interest expense

     (628,571     (1,041,394     (1,157,562     (166,724

Other income, net, including exchange gains or losses

     336,338       24,909,964       4,301,785       619,586  

Income / (loss) from equity method investments

     (19,943     3,867       (1,025,727     (147,735

Taxation

     (2,231,172     (5,474,377     (2,913,594     (419,645
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     12,253,234       32,432,246       11,595,613       1, 670,115  
  

 

 

   

 

 

   

 

 

   

 

 

 

Less: Net loss attributable to non-controlling interests

     (943,698     (1,231,927     (36,656     (5,280
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Baidu, Inc.

     13,196,932       33,664,173       11,632,269       1,675,395  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

        

(1) Share-based compensation expenses:

        

Cost of revenues

     (34,611     (49,770     (103,354     (14,886

Selling, general and administrative

     (426,052     (486,760     (429,234     (61,823

Research and development

     (502,077     (850,588     (1,227,400     (176,782
  

 

 

   

 

 

   

 

 

   

 

 

 
     (962,740     (1,387,118     (1,759,988     (253,491
  

 

 

   

 

 

   

 

 

   

 

 

 

Year Ended December 31, 2016 Compared to Year Ended December 31, 2015

Consolidated revenues. Our total revenues increased by 6.3% from RMB66.4 billion in 2015 to RMB70.5 billion (US$10.2 billion) in 2016. Our online marketing revenues increased slightly by 0.8% from RMB64.0 billion in 2015 to RMB64.5 billion (US$9.3 billion) in 2016. The number of our active online marketing customers decreased from approximately 1,049,000 in 2015 to approximately 982,000 in 2016 while the average revenue per customer increased from approximately RMB60,500 in 2015 to approximately RMB65,300 (US$9,405) in 2016. The decrease of our active online marketing customers was primarily due to the measures we have implemented since May 2016, which included turning down customers who do not meet our new requirements, in order to deliver a better user experience and build a safer and more trustworthy

 

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