Baidu's Q3 revenue reached 34.4 billion Yuan, a year-on-year increase of 6%, with net profits hitting 6.7 billion Yuan, showcasing the effects of cost reduction and efficiency enhancement. Baidu's core revenue grew by 5% year-on-year, but online marketing growth only reached 0.75% quarter-on-quarter, indicating limited growth in advertising. Baidu App's monthly active users reached 663 million, but the restructuring of AI in consumer applications has yet to fully translate into commercial results. Baidu is focusing on advancing the large model ecosystem, with the MEG business as a key player while its content ecosystem accelerates under the threat of short videos and mini-programs. Baidu's search business is facing a parallel of old and new models, hesitating between keyword search and generative search.