20-F
BAIDU, INC. filed this Form 20-F on 03/31/2017
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Table of Contents

Segment Revenues

The following table sets forth our revenues by segment and year-over-year change rate for the periods indicated, with each segment revenues including inter-segment revenues:

 

     Year ended December 31,  
     2014      2015      2016  
     RMB      RMB      YoY%      RMB      US$      YoY%  
     (In thousands, except percentages)  

Revenues:

                 

Search Services

     43,727,459        55,667,478        27.3        55,375,031        7,975,663        (0.5

Transaction Services

     3,822,456        7,005,941        83.3        4,894,486        704,953        (30.1

iQiyi

     2,873,552        5,295,760        84.3        11,283,329        1,625,137        113.1  

Search Services. Our search services revenues decreased by 0.5% from RMB55.7 billion in 2015 to RMB55.4 billion (US$8.0 billion) in 2016. This decrease was primarily due to the implementing measures that we have taken to deliver a better user experience and build a safer and more trustworthy platform for users since May 2016, which had a negative impact on the number of customers and our revenues in the short term. The total number of paid clicks increased by 10.6% from 2015 to 2016.

Our search services revenues increased by 27.3% from RMB43.7 billion in 2014 to RMB55.7 billion in 2015. This increase was primarily attributable to the increase in the number of active online marketing customers of our search services and the increase in the average revenue per customer. The total number of paid clicks increased by 34.1% from 2014 to 2015.

Transaction Services. Our transaction services revenues decreased by 30.1% from RMB7.0 billion in 2015 to RMB4.9 billion (US$705.0 million) in 2016. Since October 2015, we have ceased to consolidate the financial results of Qunar, which was previously part of our transaction services in our consolidated financial statements from July 2011 to October 2015. Excluding the impact of Qunar, the revenues of transaction services increased by 32.4% from 2015 to 2016. Excluding the impact of Qunar, the GMV of transaction services increased by 84.2% from 2015 to 2016.

Our transaction services revenues increased by 83.3% from RMB3.8 billion in 2014 to RMB7.0 billion in 2015.

iQiyi. Our iQiyi revenues increased by 113.1% from RMB5.3 billion in 2015 to RMB11.3 billion (US$1.6 billion) in 2016. This increase was mainly attributable to the increase in online marketing revenues and subscription services revenues.

iQiyi revenues increased by 84.3% from RMB2.9 billion in 2014 to RMB5.3 billion in 2015. This increase was mainly attributable to the increase in online marketing revenues and subscription services revenues.

Segment Operating Costs and Expenses

The following table sets forth our operating costs and expenses by segment and year-over-year change rate for the periods indicated:

 

     Year ended December 31,  
     2014     2015      2016  
     RMB     RMB     YoY%      RMB     US$     YoY%  
     (In thousands, except percentages)  

Operating Costs and Expenses:

             

Search Services

     (23,179,666     (27,549,641     18.9        (28,222,224     (4,064,845     2.4  

Transaction Services

     (9,796,434     (20,151,386     105.7        (17,280,521     (2,488,913     (14.2

iQiyi

     (3,983,851     (7,679,198     92.8        (14,048,498     (2,023,404     82.9  

 

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