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Baidu - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Baidu (ISIN: US0567521085, WKN: A0F5DE) Kursdatum: 27.07.2017 Kurs: 1.352,870 RMB
Beschreibung Daten
Symbol BIDU
Marktkapitalisierung 6.986.173.440,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ 100
Sektor Software
Rohdaten nach US GAAP in Millionen RMB
Aktiensplits 2010-05-12 - 10:1 | 2010-05-12 - 10:1 |
Internet
Letztes Bilanz Update 31.03.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 27.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
3,99 2,11 0,00% 6,08 50,70 4,25 0,67 0,51

Firmenbeschreibung

Firmenstrategie

 

Principles of Consolidation

The consolidated financial statements include the

financial statements of the Company, its subsidiaries, VIEs and

subsidiaries of the VIEs. All inter-company transactions and

balances between the Company, its subsidiaries, VIEs and

subsidiaries of the VIEs are eliminated upon consolidation. The

Company included the results of operations of acquired businesses

from the respective dates of acquisition.

 

RevenueRecognitionPolicyTextBlock

 

Revenue Recognition

The Company recognizes revenue based on the

following principles:

Performance-based online marketing

services

Cost-per-click

The Company’s auction-based

pay-for-performance (“P4P”) platform enables a customer

to place its website link and related description on the

Company’s search result list on the website which could be

accessed through personal computer or mobile devices. Customers

make bids on keywords based on how much they are willing to pay for

each click to their listings in the search results listed on the

Company’s website and the relevance between the keywords and

the customer’s businesses. Internet users’ search of

the keyword will trigger the display of the listings. The ranking

of the customer’s listing depends on both the bidding price

and the listing’s relevance to the keyword searched. Customer

pays the Company only when a user clicks on one of its website

links. Other than the auction-based P4P platform, the Company has

certain vertical platforms from which it generates revenue through

pre-determined prices per click. Revenue is recognized when a user

clicks on one of the customer-sponsored website links, as there is

persuasive evidence of an arrangement, the fee is fixed or

determinable and collection is reasonably assured, as prescribed by

ASC topic 605 (“ASC 605”), Revenue

Recognition.

Other performance-based online marketing

services

To the extent the Company provides online marketing

services based on performance criteria other than cost-per-click,

such as the number of successful reservation of hotels or issuance

of air tickets, the number of downloads (and user registration) of

mobile applications, the number of incremental end users and the

total incremental revenue generated, revenue is recognized when the

specified performance criteria are met together with satisfaction

of other applicable revenue recognition criteria as prescribed by

ASC 605.

Display-based online advertising

services

For display-based online advertising services such

as text links, banners, icons or other forms of graphical

advertisements in the websites or mobile applications, the Company

recognizes revenue in accordance with ASC 605, on a pro-rata

basis over the contractual term for cost per time advertising

arrangements commencing on the date the customer’s

advertisement is displayed on a specified webpage or mobile

applications, or on the number of times that the advertisement has

been displayed for cost per thousand impressions advertising

arrangements. For certain display-based contractual agreements, the

Company may also provide certain performance guarantees, in which

cases revenue is recognized at the later of the completion of the

time commitment or performance guarantee.

Revenue-sharing services

Online game services

The Company operates online game platforms on which

registered users can access games provided by third-party game

developers. The rights and obligations of each party to the

arrangement indicate that the Company is acting as an agent because

the game developer is the primary obligor in the arrangement in

accordance with ASC subtopic 605-45 (“ASC

605-45”), Revenue Recognition: Principal Agent

Consideration. The Company recognizes the shared revenue from

these online promotional services, on a net basis, based on the

ratios pre-determined with the online game developers when all the

revenue recognition criteria set forth in ASC 605 are met, which is

generally when the user purchases virtual currencies issued by the

game developers.

 

Services provided by Baidu Nuomi

The Company generates revenue from services as a

marketing agent by offering goods and services provided by

third-party merchant partners at a discount through the website or

mobile application that connects merchants to users. The Company

presents revenue on a net basis, representing the amount billed to

registered users less the amount paid to merchants, in accordance

with ASC 605-45. The Company acts as an agent rather than as the

principal in the delivery of the products or services as it does

not assume the risks and rewards of ownership of products nor is it

responsible for the actual fulfillment of services. Both of these

are the responsibilities of the merchants. The Company recognizes

revenue when all of the criteria prescribed in ASC 605 are met,

which is generally when the merchants provide the services or when

the products are delivered to the users. Since the Company’s

paying users have the ability to request for a full refund before

redemption for the products or services offered by the merchants,

the underlying sale from which the Company earns the related

commission revenue as an agent is not culminated until its paying

users actually redeem.

Takeout delivery services

The Company generates revenue from takeout delivery

services as a marketing agent by offering foods, drinks and snacks

provided by third-party merchant partners at a discount through the

website or mobile application that connects merchants to users. The

Company presents revenue on a net basis, representing the amount

billed to registered users less the amount paid to merchants, in

accordance with ASC 605-45. The Company acts as an agent rather

than as the principal in the delivery of the products or services

as it does not assume the risks and rewards of ownership of

products nor is it responsible for the actual fulfillment of

services. Both of these are the responsibilities of the merchants.

The Company recognizes revenue when all of the criteria prescribed

in ASC 605 are met, which is generally when the foods, drinks

or snacks are delivered to the users.

The Company also provides delivery services and

charges a fee to users if the merchants do not provide such

services. The Company recognizes delivery fees from users as part

of its takeout delivery services revenue. The costs for providing

the delivery services are included in cost of revenues.

Online marketing services involving Baidu

Union

Baidu Union is the program through which the

Company expands distribution of its customers’ sponsored

links or advertisements by leveraging traffic of the Baidu Union

members’ internet properties. The Company makes payments to

Baidu Union members for acquisition of traffic. The Company

recognizes gross revenue for the amount of fees it receives from

its customers. Payments made to Baidu Union members are included in

cost of revenues as traffic acquisition costs.

Barter transactions

Nonmonetary exchanges of licensed copyrights of

video contents

The Company enters into nonmonetary transactions to

exchange online broadcasting rights of licensed copyrights with

other online video broadcasting companies (“OVBC”) from

time to time. The exchanged licensed copyrights provide rights for

each respective party only to broadcast the licensed copyrights

received on its own website; meanwhile, each party retains the

right to continue broadcasting and/or sublicense the rights to the

content it surrendered in the exchange. The Company accounts for

these nonmonetary exchanges in accordance with ASC topic 845

(“ASC 845”), Nonmonetary Transactions, and

records the transaction based on the fair value of the asset

surrendered.

 

The Company estimates the fair value of the

contents surrendered by deriving an “average transaction

price” using actual cash sublicensing transactions for the

same content with comparable counterparties, when available. The

comparability of counterparties is assessed based on a number of

factors, including relative size and scale, as well as market share

of online viewership traffic they generate. In instances when the

Company does not have actual cash sublicensing transactions for the

same content as reference points, the estimates of fair value of

the content surrendered is derived using an average transaction

price of cash sub-licenses of content that is similar in nature

with comparable counterparties. To assess whether the content is

similar in nature to the bartered content, the Company considers,

amongst others, (i) the type and the popularity of content

(i.e. movie, television series); (ii) the geographic

origination source of the content; and (iii) the unique

visitor statistics for each OVBC.

The attributable cost of the barter transaction is

recognized as cost of revenues through the amortization of the

sublicensing right component of the exclusive licensed copyright,

computed using the individual-film-forecast-computation method in

accordance with ASC topic 926 (“ASC 926”),

Entertainment—Films. The Company recognized barter

sublicensing revenues of RMB366.25 million (US$56.54 million) and

the related cost of RMB277.82 million (US$42.89 million) for the

year ended December 31, 2015. The barter sublicensing revenues

and the related cost of barter sublicensing revenues were

insignificant for the years ended December 31, 2013 and

2014.

Other nonmonetary exchanges

The Company engages in certain barter transactions

other than licensed copyrights of video contents from time to time

and in such situations follows the guidance set forth in ASC 845.

While nonmonetary transactions are generally recorded at fair

value, if such value is not determinable within reasonable limits,

or the transaction lacks commercial substance, or the transaction

is an exchange of a product or property held for sale in the

ordinary course of business for a product or property to be sold in

the same line of business to facilitate sales to customers other

than the parties to the exchange, the transaction is recognized

based on the carrying value of the product or services provided.

The Company also engages in certain advertising barter transactions

and follows the guidance set forth in ASC subtopic 605-20

(“ASC 605-20”), Revenue Recognition: Services.

The advertising barter transactions generally are recorded at fair

value. If the fair value of the advertising surrendered in the

barter transaction is not determinable within required limits, the

barter transaction is recorded based on the carrying amount of the

advertising surrendered, which likely to be zero. The amount of

revenues recognized for barter transactions other than licensed

copyrights of video contents was insignificant for each of the

years presented.

Other revenue recognition related

policies

In accordance with ASC subtopic 605-25 (“ASC

605-25”), Revenue Recognition: Multiple-Deliverable

Revenue Arrangements, for arrangements that include multiple

deliverables, primarily for advertisements to be displayed in

different spots, placed under different forms and occur at

different time, the Company would evaluate all the deliverables in

the arrangement to determine whether they represent separate units

of accounting. For the arrangements with deliverable items to be

considered a separate unit of accounting, the Company allocates the

total consideration of the arrangements based on their relative

selling price, with the selling price of each deliverable

determined using vendor-specific objective evidence

(“VSOE”) of selling price, third-party evidence

(“TPE”) of selling price, or management’s best

estimate of the selling price (“BESP”), and recognizes

revenue on a periodic basis during the arrangements when each

deliverable is provided. The Company considers all reasonably

available information in determining the BESP, including both

market and entity-specific factors. For the arrangements with

deliverable items to be determined as a single unit of accounting

due to lack of value on a standalone basis or a contingent revenue

feature, the Company recognizes the revenue at the point of last

deliverable item has been provided.

 

The Company delivers some of its online marketing

services to end customers through engaging third-party

distributors. In this context, the Company may provide cash

incentives to distributors. The cash incentives are accounted for

as reduction of revenue in accordance with ASC subtopic 605-50

(“ASC 605-50”), Revenue Recognition: Customer

Payments and Incentives.

The Company provides sales incentives to customers

which entitle them to receive reductions in the price of the online

marketing services by meeting certain cumulative consumption

requirements. The Company accounts for these award credits granted

to customers in conjunction with a current sale of products or

services as a multiple-element arrangement by analogy to ASC

605-25. The consideration allocated to the award credits, as

deferred revenue, is based on the assumption that the customer will

purchase the minimum amount of future service necessary to obtain

the maximum award credits available. The deferred revenue is

recognized as revenue proportionately as the future services are

delivered to the customer or when the award credits expire.

The Company provides coupons and credits to the end

users in certain businesses, including services provided by Baidu

Nuomi and takeout delivery services, for expanding market share.

The coupons and credits can be used to reduce the purchase price or

to redeem for gifts. Coupons issued to end users as a result of a

concurrent sale are recognized as reduction of corresponding

revenue in accordance with ASC 605-50. Coupons issued to end users

for free and without concurrent sales are recognized as advertising

and promotional expenses upon the actual usage of the coupons.

Credits provided to end users for redeeming gifts in the future are

accrued as advertising and promotional expenses upon issuance.

Cash received in advance from customers is recorded

as customer advances and deposits. The unused cash balances

remaining in the customers’ accounts are included as

liabilities of the Company. Deferred revenue is recorded when

services are provided before the other revenue recognition criteria

set forth in ASC 605 are fulfilled.

 

SegmentReportingDisclosureTextBlock

 

20.    SEGMENT

REPORTING

The operations of the Company are organized into

three segments, consisting of the search services, transaction

services, and iQiyi . Search services include the traditional

search engine related businesses such as auction-based P4P services

and display-based online advertising services. Transaction services

include the newly developed internet businesses such as services

provided by Baidu Nuomi, takeout delivery services and other

online-to-offline services. iQiyi represents online video

business.

The Company derives the results of the segments

directly from its internal management reporting system. The CODM

measures the performance of each segment based on metrics of

revenue and earnings from operations and uses these results to

evaluate the performance of, and to allocate resources to, each of

the segments. The Company does not allocate any share-based

compensation expenses and certain operating expenses to its

segments as the CODM does not use this information to measure the

performance of the operating segments. Because substantially all of

the Group’s long-lived assets and revenues are located in and

derived from the PRC, geographical segments are not presented.

The table below provides a summary of the

Group’s operating segment results for the years ended

December 31, 2013, 2014 and 2015.

 

     For the years ended December 31,  
     2013      2014      2015      2015  
     RMB      RMB      RMB      US$  
            (In thousands)         
 

Search Services

 
           
 

Revenues

 
     29,590,276         43,727,459         55,667,478         8,593,577   
 

Operating profit

 
     14,178,852         20,547,793         28,117,837         4,340,646   
 

Transaction Services

 
           
 

Revenues

 
     1,319,187         3,822,456         7,005,941         1,081,531   
 

Operating profit

 
     (1,522,279      (5,973,978      (13,145,445      (2,029,307
 

iQiyi

 
           
 

Revenues

 
     1,345,042         2,873,552         5,295,760         817,525   
 

Operating profit

 
     (743,013      (1,110,299      (2,383,438      (367,939
 

Inter-segment

 
           
 

Revenues

 
     (310,581      (1,371,149      (1,587,450      (245,060
 

Operating profit

 
     (207,113      302,988         469,718         72,512   
 

Segment operating profit

 
     11,706,447         13,766,504         13,058,672         2,015,912   
 

Unallocated expenses

 
     (514,727      (962,740      (1,387,118      (214,134
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 
 

Group consolidated operating profit

 
     11,191,720         12,803,764         11,671,554         1,801,778   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 

 

EarningsPerSharePolicyTextBlock

 

Earnings Per Share

(“EPS”)

The Company computes earnings per Class A and

Class B ordinary shares in accordance with ASC topic 260

(“ASC 260”), Earnings Per Share, using the

two-class method. Under the provisions of ASC 260, basic net income

per share is computed using the weighted average number of ordinary

shares outstanding during the period except that it does not

include unvested ordinary shares subject to repurchase or

cancellation. The Company accounts for the accretion of the

redeemable noncontrolling interests in the calculation of income

available to ordinary shareholders of the Company used in the

earnings per share calculation.

Diluted net income per share is computed using the

weighted average number of ordinary shares and, if dilutive,

potential ordinary shares outstanding during the period.

Potentially dilutive securities have been excluded from the

computation of diluted net income per share if their inclusion is

anti-dilutive. Potential ordinary shares consist of the incremental

ordinary shares issuable upon the exercise of stock options,

restricted shares subject to forfeiture, and contracts that may be

settled in the Company’s stock or cash. The dilutive effect

of outstanding stock options and restricted shares is reflected in

diluted earnings per share by application of the treasury stock

method. The computation of the diluted net income per share of

Class A ordinary shares assumes the conversion of Class B

ordinary shares, while the diluted net income per share of Class B

ordinary shares does not assume the conversion of such shares.

The liquidation and dividend rights of the holders

of the Company’s Class A and Class B ordinary shares are

identical, except with respect to voting rights. As a result, and

in accordance with ASC 260, the undistributed earnings for each

year are allocated based on the contractual participation rights of

the Class A and Class B ordinary shares as if the earnings for

the year had been distributed. As the liquidation and dividend

rights are identical, the undistributed earnings are allocated on a

proportionate basis. Further, as the conversion of Class B ordinary

shares is assumed in the computation of the diluted net income per

share of Class A ordinary shares, the undistributed earnings

are equal to net income for that computation.

For the purposes of calculating the Company’s

basic and diluted earnings per Class A and Class B ordinary

shares, the ordinary shares relating to the options that were

exercised are assumed to have been outstanding from the date of

exercise of such options.