Herman Yu

CFO, Baidu

Search every verified Herman Yu interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Herman Yu, CFO of Baidu, has participated in the company's earnings calls, where he discussed financial results and strategic initiatives. In the Q2 2026 call, he reported that AI-powered businesses accounted for half of Baidu Core revenue, with AI cloud infrastructure experiencing rapid revenue growth and improving margins, particularly in the GPU cloud segment. He also addressed the company's dual primary listing, stating it aims to broaden the investor base and enhance share liquidity, with potential future inclusion in Stock Connect expected to expand participation from mainland China investors. In the Q3 2025 call, Yu introduced a new "AI native view" for reporting that cuts across business groups to track AI-empowered assets, which he said would help investors understand valuation drivers. He noted that Baidu had invested over 100 billion RMB in AI since launching Ernie in March 2023 and expected continued investment intensity, while anticipating greater operational leverage as the AI business scales. He also mentioned that Q3 2025 represented a lower point for margins, with plans to improve non-GAAP operating income and margins in the following year, and discussed ongoing share buybacks under a 2023 program, totaling $2.3 billion, alongside exploration of diversified shareholder return mechanisms.