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发帖数: 121 | 1 Baidu Announces Fourth Quarter and Fiscal Year 2010 Results 01/31 04:
30 PM
BEIJING, Jan. 31, 2011 /PRNewswire-Asia/ -- Baidu, Inc. (BIDU:$108.63,00$2.
09,001.96%) , the leading Chinese language Internet search provider, today
announced its unaudited financial results for the fourth quarter and fiscal
year ended December 31, 2010(1).
(Logo: http://photos.prnewswire.com/prnh/20081103/BAIDULOGO)
Fourth Quarter and Fiscal Year 2010 Highlights
Total revenues in the fourth quarter of 2010 were RMB2.451 billion ($371.3
million), a 94.4% increase from the corresponding period in 2009.
Total revenues in fiscal year 2010 were RMB7.915 billion ($1.199 billion), a
78.0% increase from 2009.
Operating profit in the fourth quarter of 2010 was RMB1.275 billion ($193.
2million), a 175.8% increase from the corresponding period in 2009.
Operating profit in fiscal year 2010 was RMB3.959 billion ($599.8 million),
a 146.7% increase from 2009.
Net income in the fourth quarter of 2010 was RMB1.161 billion ($175.9
million), a 171.3% increase from the corresponding period in 2009. Diluted
earnings per ADS(2) for the fourth quarter of 2010 was RMB3.32($0.50);
diluted ADS excluding share-based compensation expenses (non-GAAP) for the
fourth quarter of 2010 was RMB3.40($0.52).
Net income in fiscal year 2010 was RMB3.525 billion ($534.1 million), a 137.
4% increase from 2009. Diluted earnings per ADS for fiscal year 2010 was
RMB10.10($1.53); diluted ADS excluding share-based compensation expenses (
non-GAAP) for fiscal year 2010 was RMB10.36($1.57). Costs and expenses
related to Baidu (BIDU:$108.63,00$2.09,001.96%) 's Japan operations for
fiscal year 2010 were RMB182.4 million ($27.6 million), which reduced
diluted earnings per ADS by RMB0.49($0.07).
This announcement contains translations of certain RMB amounts into U.S.
dollars at specified rates solely for the convenience of the reader. Unless
otherwise noted, all translations from RMB to U.S. dollars are made at a
rate of RMB 6.6000 to US$1.00, the effective noon buying rate as of December
30, 2010 in The City of New York for cable transfers of RMB as certified
for customs purposes by the Federal Reserve Bank of New York.
Effective on May 12, 2010, Baidu (BIDU:$108.63,00$2.09,001.96%) adjusted the
ratio of its American depositary shares ("ADSs") representing Class A
ordinary shares from one (1) ADS for one (1) Class A ordinary share to ten (
10) ADSs for one (1) Class A ordinary share. All earnings per ADS figures in
this announcement give effect to the forgoing ADS to share ratio change.
"This has been another quarter of outstanding performance for Baidu (BIDU:$
108.63,00$2.09,001.96%) , with market momentum and our continued improvement
in monetization fuelling top line growth," said Robin Li, Baidu (BIDU:$108.
63,00$2.09,001.96%) 's chairman and chief executive officer.
"Baidu (BIDU:$108.63,00$2.09,001.96%) continues to build upon our clear
leadership in China's search market," Mr. Li added. "Looking forward we will
further integrate search with online activities such as e-commerce and
social networking and I am confident that Baidu (BIDU:$108.63,00$2.09,001.96
%) will remain at the center of China's Internet ecosystem."
"I am pleased to report another quarter of stellar top and bottom line
growth," commented Jennifer Li, Baidu (BIDU:$108.63,00$2.09,001.96%) 's
chief financial officer. "I'm also excited to note that in 2010 we enjoyed
accelerating top line growth and record profitability despite substantial
investment. As we remain focused on developing the market and driving top-
line growth, we will continue to aggressively invest in R&D, sales,
marketing and network infrastructure."
Fourth Quarter 2010 Results
Baidu (BIDU:$108.63,00$2.09,001.96%) reported total revenues of RMB2.451
billion ($371.3 million) for the fourth quarter of 2010, representing a 94.4
% increase from the corresponding period in 2009.
Online marketing revenues for the fourth quarter of 2010 were RMB2.450
billion ($371.3 million), representing a 94.4% increase from the
corresponding period in 2009. Baidu (BIDU:$108.63,00$2.09,001.96%) had about
276,000 active online marketing customers in the fourth quarter of 2010,
representing a 23.8% increase from the corresponding period in 2009 and a 1.
5% increase from the previous quarter. Revenue per online marketing customer
for the fourth quarter 2010 was approximately RMB8,900($1,348), a 56.1%
increase from the corresponding period in 2009 and a 7.2% increase from the
previous quarter.
Traffic acquisition cost (TAC) as a component of cost of revenues was RMB199
.4 million ($30.2 million), representing 8.1% of total revenues, as compared
to 16.0% in the corresponding period in 2009 and 8.9% in the third quarter
of 2010. The sequential decrease in TAC as a percentage of total revenues
reflects continued impact of our traffic optimization efforts from previous
quarters.
Bandwidth costs as a component of cost of revenues were RMB99.2 million ($15
.0 million), representing 4.0% of total revenues, compared to 4.3% in the
corresponding period in 2009. Depreciation costs as a component of cost of
revenues were RMB98.0 million ($14.8 million), representing 4.0% of total
revenues, compared to 5.4% in the corresponding period in 2009.
Selling, general and administrative expenses were RMB313.2 million ($47.5
million), representing an increase of 41.2% from the corresponding period in
2009, mainly due to the increase in personnel related expenses and
marketing expenses.
Research and development expenses were RMB231.9 million ($35.1 million), an
86.4% increase from the corresponding period in 2009. The increase was
primarily due to the increased number of research and development personnel.
Share-based compensation expenses, which were allocated to related operating
cost and expense line items, were RMB28.2 million ($4.3 million) in the
fourth quarter of 2010, compared to RMB24.4 million in the previous quarter
and RMB18.7 million in the corresponding period in 2009.
Operating profit was RMB1.275 billion ($193.2 million), representing a 175.8
% increase from the corresponding period in 2009. Operating profit excluding
share-based compensation expenses (non-GAAP) was RMB1.303 billion ($197.4
million), a 171.0% increase from the corresponding period in 2009.
Income tax expense was RMB159.6 million ($24.2 million), compared to an
income tax expense of RMB70.9 million in the corresponding period in 2009.
The effective tax rate for the fourth quarter of 2010 was 12.1% as compared
to 13.6% in the previous quarter and 14.2% for the corresponding period in
2009.
Net income was RMB1.161 billion ($175.9 million), representing a 171.3%
increase from the corresponding period in 2009. Basic and diluted earnings
per ADS for the fourth quarter of 2010 amounted to RMB3.33($0.51) and RMB3.
32($0.50), respectively.
Net income excluding share-based compensation expenses (non-GAAP) was RMB1.
189 billion ($180.1 million), a 166.2% increase from the corresponding
period in 2009. Basic and diluted earnings per ADS excluding share based
compensation expense (non-GAAP) for the fourth quarter of 2010 amounted to
RMB3.41($0.52) and RMB3.40($0.52), respectively.
As of December 31, 2010, Baidu (BIDU:$108.63,00$2.09,001.96%) had cash, cash
equivalents and short-term investments of RMB8.158 billion ($1.236 billion)
. Net operating cash inflow and capital expenditures for the fourth quarter
of 2010 were RMB1.770 billion ($268.1 million) and RMB362.1 million ($54.9
million), respectively.
Adjusted EBITDA (non-GAAP), defined in this announcement as earnings before
interest, taxes, depreciation, amortization, other non-operating income and
share-based compensation expenses, was RMB1.435 billion ($217.5 million) for
the fourth quarter of 2010, representing a 152.4% increase from the
corresponding period in 2009.
Fiscal Year 2010 Results
Total revenues in 2010 were RMB7.915 billion ($1.199 billion), representing
a 78.0% increase from 2009.
Online marketing revenues in 2010 were RMB7.913 billion ($1.199 billion),
representing a 78.0% increase from 2009. The growth was driven by increases
in both the number of active online marketing customers and revenue per
customer. Baidu (BIDU:$108.63,00$2.09,001.96%) had about 412,000 active
online marketing customers in 2010, representing a 30.0% increase from 2009.
Revenue per online marketing customer for 2010 was RMB19,200($2,909), an
increase of 37.1% from 2009.
Traffic acquisition costs in 2010 were RMB758.1 million ($114.9 million),
representing 9.6% of total revenues, compared to15.7% in 2009. The decrease
in TAC as a percentage of total revenues is primarily due to Baidu Union
traffic optimization.
Bandwidth costs as a component of cost of revenues were RMB310.5 million ($
47.1 million), representing 3.9% of total revenues, compared to 4.6% in full
year 2009. Depreciation costs as a component of cost of revenues were
RMB331.7 million ($50.3 million), representing 4.2% of total revenues,
compared to 5.6% in full year 2009.
Selling, general and administrative expenses in 2010 were RMB1.089 billion (
$165.0 million), representing an increase of 35.4% from the previous year,
mainly due to the increase in personnel related expenses and marketing
expenses.
Research and development expenses totaled RMB718.0 million ($108.8 million)
in 2010, representing a 69.9% increase from 2009, primarily due to the
increased number of research and development personnel.
Share-based compensation expenses, which were allocated to related operating
cost and expense line items, were RMB93.7 million ($14.2 million) in 2010,
compared to RMB86.3 million in 2009.
Operating profit in 2010 was RMB3.959 billion ($599.8 million), a 146.7%
increase from 2009. Operating profit excluding share-based compensation
expenses (non-GAAP) in 2010 was RMB4.053 billion ($614.0 million),
representing a 139.6% increase from 2009.
Income tax expense was RMB536.0 million ($81.2 million), compared to an
income tax expense of RMB198.0 million in 2009. The effective tax rate for
2010 was 13.2% as compared to 11.8% in 2009.
Net income in 2010 was RMB3.525 billion ($534.1 million), representing a 137
.4% increase from 2009. Basic and diluted earnings per ADS for 2010 amounted
to RMB10.13($1.54) and RMB10.10($1.53), respectively.
Net income excluding share-based compensation expenses (non-GAAP) in 2010
was RMB3.619 billion ($548.3 million), reflecting a 130.3% increase from
2009. Basic and diluted earnings per ADS excluding share-based compensation
expenses (non-GAAP) in 2010 were RMB10.40($1.58) and RMB10.36($1.57),
respectively.
Full year net operating cash inflow and capital expenditures were RMB 4.700
billion ($712.2 million) and RMB895.3 million ($135.7 million), respectively.
Adjusted EBITDA (non-GAAP) was RMB 4.501 billion ($682.0 million) in 2010,
representing a 124.1% increase from 2009.
Outlook for First Quarter 2011
Baidu (BIDU:$108.63,00$2.09,001.96%) currently expects to generate total
revenues in an amount ranging from RMB2.380 billion($360.6 million) to RMB2.
450 billion ($371.2 million) for the first quarter of 2011, representing an
83.9% to 89.3% year-over-year increase. This forecast reflects Baidu (BIDU:$
108.63,00$2.09,001.96%) 's current and preliminary view, which is subject to
change.
Conference Call Information
Baidu (BIDU:$108.63,00$2.09,001.96%) 's management will hold an earnings
conference call at 8:00 PM on January 31, 2011 U.S. Eastern Time (9:00 AM on
February 1, 2011Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
US:+1 617 213 8895
UK:+44 207 365 8426
Hong Kong:+852 3002 1672
Passcode for all regions:52853772
A replay of the conference call may be accessed by phone at the following
number until February 8, 2011:
International:+1 617 801 6888
Passcode:50410760
Additionally, a live and archived webcast of this conference call will be
available at http://ir.baidu.com.
About Baidu (BIDU:$108.63,00$2.09,001.96%)
Baidu, Inc. (BIDU:$108.63,00$2.09,001.96%) is the leading Chinese language
Internet search provider. As a technology-based media company, Baidu (BIDU:$
108.63,00$2.09,001.96%) aims to provide the best way for people to find
information. In addition to serving Internet search users, Baidu (BIDU:$108.
63,00$2.09,001.96%) provides an effective platform for businesses to reach
potential customers. Baidu (BIDU:$108.63,00$2.09,001.96%) 's ADSs, each of
which represents one Class A ordinary share, currently trade on the NASDAQ
Global Select Market under the symbol "BIDU".
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates," "future,
" "intends," "plans," "believes," "estimates," "confident" and similar
statements. Among other things, the outlook for the first quarter 2010 and
quotations from management in this announcement, as well as Baidu (BIDU:$108
.63,00$2.09,001.96%) 's strategic and operational plans, contain forward-
looking statements. Baidu (BIDU:$108.63,00$2.09,001.96%) may also make
written or oral forward-looking statements in its periodic reports to the U.
S. Securities and Exchange Commission, in its annual report to shareholders,
in press releases and other written materials and in oral statements made
by its officers, directors or employees to fourth parties. Statements that
are not historical facts, including statements about Baidu (BIDU:$108.63,00$
2.09,001.96%) 's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A
number of factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not limited to
the following: our growth strategies; our future business development,
including development of new products and services; our ability to attract
and retain users and customers; competition in the Chinese and Japanese
language Internet search markets; competition for online marketing customers
; changes in our revenues and certain cost or expense items as a percentage
of our revenues; the outcome of ongoing, or any future, litigation or
arbitration, including those relating to intellectual property rights; the
expected growth of the Chinese language Internet search market and the
number of Internet and broadband users in China; Chinese governmental
policies relating to the Internet and Internet search providers and general
economic conditions in China, Japan and elsewhere. Further information
regarding these and other risks is included in our annual report on Form 20-
F and other documents filed with the Securities and Exchange Commission.
Baidu (BIDU:$108.63,00$2.09,001.96%) does not undertake any obligation to
update any forward-looking statement, except as required under applicable
law. All information provided in this press release and in the attachments
is as of the date of this press release, and Baidu (BIDU:$108.63,00$2.09,001
.96%) undertakes no duty to update such information, except as required
under applicable law.
About Non-GAAP Financial Measures
To supplement Baidu (BIDU:$108.63,00$2.09,001.96%) 's consolidated financial
results presented in accordance with GAAP, Baidu (BIDU:$108.63,00$2.09,001.
96%) uses the following measures defined as non-GAAP financial measures by
the SEC: adjusted EBITDA, operating profit excluding share-based
compensation expenses, net income excluding share-based compensation
expenses, and basic and diluted earnings per ADS excluding share-based
compensation expenses. The presentation of these non-GAAP financial measures
is not intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with GAAP. For
more information on these non-GAAP financial measures, please see the tables
captioned "Reconciliations of non-GAAP results of operations measures to
the nearest comparable GAAP measures" and "Reconciliation from net cash
provided by operating activities to adjusted EBITDA" set forth at the end of
this release.
Baidu (BIDU:$108.63,00$2.09,001.96%) believes that these non-GAAP financial
measures provide meaningful supplemental information regarding its
performance and liquidity by excluding certain expenses, particularly share-
based compensation expenses, that may not be indicative of its operating We
believe that both management and investors benefit from referring to these
non-GAAP financial measures in assessing our performance and when planning
and forecasting future periods. These non-GAAP financial measures also
facilitate management's internal comparisons to Baidu (BIDU:$108.63,00$2.09,
001.96%) 's historical performance and liquidity. Baidu (BIDU:$108.63,00$2.
09,001.96%) has computed its non-GAAP financial measures using the same
consistent method from quarter to quarter since April 1, 2006. Baidu (BIDU:$
108.63,00$2.09,001.96%) believes these non-GAAP financial measures are
useful to investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and operational
decision making. A limitation of using these non-GAAP financial measures is
that these non-GAAP measures exclude share-based compensation charge that
has been and will continue to be for the foreseeable future a significant
recurring expense in our results of operations. A limitation of using non-
GAAP adjusted EBITDA is that it does not include all items that impact our
net income for the period. Management compensates for these limitations by
providing specific information regarding the GAAP amounts excluded from each
non-GAAP measure. The accompanying tables have more details on the
reconciliations between GAAP financial measures that are most directly
comparable to non-GAAP financial measures.
For investor and media inquiries, please contact:
China
Victor Tseng
Baidu, Inc.
Tel: 86-10-5992-7244
[email protected]
Cynthia He
Brunswick Group (Beijing)
Tel: 86-10-6566-2256
c*[email protected]
U.S.
Ms. Kate Tellier
Brunswick Group LLC
Tel: 1-212-333-3810
k******[email protected]
Baidu, Inc.
Condensed Consolidated Balance Sheets
December 31December 31
(in RMB thousands)20102009
UnauditedAudited
ASSETS
Current assets:
Cash and cash equivalents7,781,9764,180,376
Restricted cash38,27819,513
Short-term investments376,492381,149
Accounts receivable, net296,900161,610
Other assets, current 103,65491,067
Due from related parties, current98,660-
Deferred tax assets, net86,4879,157
Total current assets8,782,4474,842,872
Non-current assets:
Fixed assets, net1,622,412997,557
Intangible assets, net115,798122,595
Goodwill63,68663,691
Long-term investments, net287,96814,308
Deferred tax assets, net30,84333,799
Other assets, non-current 145,28582,153
Total non-current assets2,265,9921,314,103
TOTAL ASSETS11,048,4396,156,975
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities, current1,317,771749,861
Customer advances and deposits, current 1,029,344607,828
Deferred revenue109,03242,035
Due to related parties, current95,700-
Total current liabilities2,551,8471,399,724
Non-current liabilities:
Long-term payable for business acquisition-4,150
Deferred Income5,000-
Loans payable, noncurrent86,000-
Total non-current liabilities91,0004,150
Total liabilities2,642,8471,403,874
Shareholders' equity
Class A Ordinary Shares, Par value US$0.00005 per share, 825,000,000 shares
authorized, and 26,298,960 shares and 27,045,340 shares issued and
outstanding as at December 31, 2009 and December 31, 20101211
Class B Ordinary Shares, Par value US$0.00005 per share, 35,400,000 shares
authorized, and 8,454,332 shares and 7,804,332 shares issued and outstanding
as at December 31, 2009 and December 31, 201034
Additional paid-in capital1,557,2581,426,070
Accumulated other comprehensive loss(117,378)(113,513)
Retained earnings6,965,6973,440,529
Total shareholders' equity8,405,5924,753,101
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY11,048,4396,156,975
Baidu, Inc.
Condensed Consolidated Statements of Income
For the Three Months Ended Twelve Months Ended
(in RMB thousands except for share, per share, per ADS information)December
31,December 31,September 30, December 31,December 31,
201020092010 20102009
UnauditedUnauditedUnaudited UnauditedAudited
Revenues:
Online marketing services 2,450,4941,260,3012,255,512 7,912,8694,445,310
Other services 411593348 2,2052,466
Total revenues 2,450,9051,260,8942,255,860 7,915,0744,447,776
Operating costs and expenses:
Cost of revenues (note 1, 2) (630,976)(452,559)(573,571) (2,149,288)(1,616,
236)
Selling, general and administrative (note 2) (313,221)(221,767)(296,189) (1
,088,980)(803,988)
Research and development (note 2) (231,906)(124,402)(204,731) (718,038)(422
,615)
Total operating costs and expenses (1,176,103)(798,728)(1,074,491) (3,956,
306)(2,842,839)
Operating profit 1,274,802462,1661,181,369 3,958,7681,604,937
Other income:
Interest income 23,2689,31317,410 67,12132,661
Exchange gain or loss, net 30(40)0 6(42)
Other income, net 28,82827,50715,809 44,23345,794
Loss from Equity Method Investments (6,679)(167)(2,776) (8,965)(229)
Total other income 45,44736,61330,443 102,39578,184
Income before income taxes 1,320,249498,7791,211,812 4,061,1631,683,121
Income taxes (159,635)(70,915)(165,159) (535,995)(198,017)
Net income 1,160,614427,8641,046,653 3,525,1681,485,104
Earnings per share for Class A and Class B ordinary shares:
Basic 33.3112.3330.06 101.2842.96
Diluted33.2212.2729.97 100.9642.70
Earnings per ADS (1 Class A ordinary share=10 ADSs ):
Basic 3.331.233.01 10.134.30
Diluted3.321.233.00 10.104.27
Weighted average aggregate number of Class A and Class B ordinary shares
outstanding:
Basic 34,842,23434,702,16834,816,282 34,805,36234,570,790
Diluted34,941,97634,877,58634,924,125 34,917,83534,776,366
(1) Cost of revenues are detailed as follows:
Business tax and surcharges (160,750)(78,822)(141,168) (504,846)(275,924)
Traffic acquisition costs (199,367)(201,880)(201,720) (758,078)(697,673)
Bandwidth costs (99,202)(54,403)(85,399) (310,540)(203,927)
Depreciation costs (97,997)(67,628)(84,173) (331,685)(250,969)
Operational costs (72,047)(48,298)(59,791) (237,837)(181,369)
Share-based compensation expenses (1,613)(1,528)(1,320) (6,302)(6,374)
Total cost of revenues (630,976)(452,559)(573,571) (2,149,288)(1,616,236)
(2) Includes share-based compensation expenses as follows:
Cost of revenues (1,613)(1,528)(1,320) (6,302)(6,374)
Selling, general and administrative (9,610)(7,472)(9,544) (36,811)(38,681)
Research and development (16,963)(9,728)(13,564) (50,623)(41,263)
Total share-based compensation expenses (28,186)(18,728)(24,428) (93,736)(
86,318)
Reconciliations of non-GAAP results of operations measures to the nearest
comparable GAAP measures (*) (in RMB thousands, unaudited)
Three months ended December 31, 2009Three months ended September 30,
2010Three months ended December 31, 2010 Twelve months ended December 31,
2010Twelve months ended December 31, 2009
GAAP ResultAdjustmentNon-GAAP ResultsGAAP ResultAdjustmentNon-GAAP
ResultsGAAP ResultAdjustmentNon-GAAP Results GAAP ResultAdjustmentNon-GAAP
ResultsGAAP ResultAdjustmentNon-GAAP Results
Operating profit462,16618,728480,8941,181,36924,4281,205,7971,274,80228,1861
,302,988 3,958,76893,7364,052,5041,604,93786,3181,691,255
Three months ended December 31, 2009Three months ended September 30,
2010Three months ended December 31, 2010 Twelve months ended December 31,
2010Twelve months ended December 31, 2009
GAAP ResultAdjustmentNon-GAAP ResultsGAAP ResultAdjustmentNon-GAAP
ResultsGAAP ResultAdjustmentNon-GAAP Results GAAP ResultAdjustmentNon-GAAP
ResultsGAAP ResultAdjustmentNon-GAAP Results
Net income 427,86418,728446,5921,046,65324,4281,071,0811,160,61428,1861,
188,800 3,525,16893,7363,618,9041,485,10486,3181,571,422
(*) The adjustment is only for share-based compensation.
Reconciliation from net cash provided by operating activities to adjusted
EBITDA(*) (in RMB thousands, unaudited)
Three months endedAs a % ofThree months endedAs a % ofThree months endedAs
a % of Twelve months endedAs a % ofTwelve months endedAs a % of
December 31, 2009total revenuesSeptember 30, 2010total revenuesDecember 31
, 2010total revenues December 31, 2010total revenuesDecember 31, 2009total
revenues
Net cash provided by operating activities775,40761%1,268,88856%1,769,59072%
4,700,48159%2,264,48451%
Changes in assets and liabilities, net of effects of acquisitions(241,051)
-19%(83,429)-4%(448,306)-18% (633,146)-8%(376,051)-8%
Income taxes expenses70,9156%165,1598%159,6357% 535,9957%198,0174%
Interest income and other, net(36,613)-3%(30,443)-1%(45,447)-2% (102,395)
-1%(78,184)-2%
Adjusted EBITDA568,65845%1,320,17559%1,435,47259% 4,500,93557%2,008,26645%
(*) Definition of adjusted EBITDA: earnings before interest, taxes,
depreciation, amortization, other non-operating income, and share-based
compensation expenses.
SOURCE Baidu, Inc. (BIDU:$108.63,00$2.09,001.96%) |
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