$Baidu(BIDU.US) $BIDU-SW(09888.HK) released its second-quarter results after the Hong Kong market closed on August 20, 2025. Overall, the results slightly exceeded expectations, but the current performance is largely priced in, making future guidance more critical! Specifically focusing on Baidu Core: 1. Intelligent Cloud expected to grow at a high rate: The cloud business is currently a hot spot, and high growth is naturally expected. However, without the previous quarter's impressive performance, the 27% growth in the second quarter aligns with most market expectations, and the positive impact has long been factored into the valuation. 2. Advertising is in a painful transition period: The pains of transformation are becoming noticeable...