On April 12, a cancer of college students wei west through baidu a sponsored links try not put to death after treatment, the following more than a month, baidu to become the focus of the question. Public opinion thinks, baidu should assume major responsibility for this.

Unlike baidu past crises, wei west event has brought the rare one-sided accused - including official media in People's Daily and xinhua news agency, a large number of media, the criticism of the listed company for blanket. Social networks, users have called for a boycott of baidu, others are calling for Google to return to China. While some medium-sized competitors, the opportunity to play - a web CEO robin li to write a letter, said baidu's rise to become China's largest traffic entrance, resulting in a large number of enterprise decay.

At the same time, baidu first be the object of investigation of government departments, after it has been as a Google rival, backed by the official government regulation window. "The government has umbrella fold behind baidu." An Internet commentator for caijing reporter said.

On June 13, baidu cut its quarterly revenue forecast. Baidu is expected in 2016 second quarter revenue of $2.81 billion to $2.82 billion, $3.05 billion to $3.12 billion less than previously expected. Moody's, a rating agency, in a report on June 15, baidu 2016 revenue growth is expected to slow to 15% from 35% in 2015.

More direct influence is stock price. U.S. stocks closed as of June 17, baidu's shares at $163.71, a 15.7% drop in two months, value has dropped to about $56.3 billion from $68 billion, worth some $11.7 billion. As ali ($192.7 billion) and a third of the tencent ($204.8 billion) in the market. Some think that baidu is farewell speech BAT camp.

In the nation's largest q&a community on zhihu, a paper entitled "baidu how employees see wei west event" post, baidu's employees, former employees, partners, contributed 672 answers. An employee in the language of the "the shawshank redemption" : ", first you hate surrounding wall, slowly, you get used to the life, eventually you find that you have to depend on them." On-the-job employees, said another baidu had a week in his restaurant has not invoice, because don't want to let the waiter and Lin heard he is baidu.

From reputation to shares, from income to trust, baidu is in crisis.

After baidu highs over the past 19 months (November 28, 2014, baidu's share price of $251.99, $86.8 billion). Earlier in 2011, baidu's market value for the first time more than tencent became Chinese Internet companies first. Li in the same year as China's richest man, and gave a speech, said baidu to "win the respect of the world" for China.

Most evaluation industry think baidu today's situation, not because of a specific event, but a process of accumulate over a long period. It reflects a systemic problem, this problem is based on business ethics, business, strategy, enterprise management oriented, at the same time under the amplification of public opinion and competition, the comprehensive results.

Only the whole research, to explore how baidu is in crisis, to know the Chinese star technology companies how to walk out of the crisis.

Alienation of bidding

On the premise of not illegal pursue business value maximization, is a reflection of baidu commercial values, is li's bottom line. But in relation to the important issues such as social livelihood of the people, the only commercial values is not enough

Enter 2016 in the first week of the summer, no doubt is the beginning of winter for baidu.

The world's largest Chinese search engine, for youth in shaanxi province wei was the death of the west on the forefront. Set up a joint investigation team led by national network letter office published survey that baidu search keywords bidding results, objectively the impact of wei west choose case.

Bidding refers to buy out the location of the top keyword search results, and then to link for merchants to for advertising purposes. As goto.com (later renamed Overture) was founded in 1998 and adopted, since then, almost all the search engine's business model based on this, including Google.

Since 2006, baidu has not completely in accordance with the bid to line up the result. Launched in 2009, baidu phoenix nest system, the introduction of the "quality" in the bidding (including hits, creative quality, account, etc.), prices and "quality" to sort.

"Bidding itself is a reasonable, legal and widely used business model. All over the world search, all of the advertisements are bidding." 360 chairman of the board of directors of the company profile in caijing reporter in an interview. 360 in China's market share to baidu search engine, which occupy about 30% market share.

Search engine is a tool, tool is no sin. Baidu's competitive ranking is criticized, the problem is not in the bidding business model, in this on the path and the principles of business model.

For example, in the confusion of advertising or normal search results, Google is strongly marked, baidu is weakly labeling. Before November 2011, for example, don't sell on the left side of the page ads, Google only sell advertising space on the right side of the page, and baidu on sale the left, from the start and each screen banner number more than Google, then more and more; In some areas should be handled carefully - medical, baidu can't resist the temptation of business.

In May 2016, li wrote an open letter in his admitted that the pursuit of short-term KPI (key performance indicators (kpis) that the company "away" with the user.

As the dotcom bubble burst in 2000, robin li, baidu. Five years later, the nasdaq-listed baidu, created the United States more than 200 years since the overseas capital market company's one-day record.

Over the past decade, the company is like a high speed train. Its market value has increased by 27 times, total revenue from RMB 319 million in 2005 to RMB 66.4 billion in 2015. It to shareholders to huge rewards, and implements the flow value maximization, and also the advantages of migration to the mobile terminal (baidu currently over 50% revenue from mobile) - from this perspective, robin li, a successful entrepreneur, he has created a huge commercial value of the listed company.

In the profit and return, medical customer contribution to baidu. According to international research report released in April 2015, the estimated respectively in 2013 and 2014, baidu web search income is 28.6 billion yuan, 42.9 billion yuan, including estimates of putian the contribution of baidu's revenues were 22%, 19%, and the contribution to the baidu income more health promotion.

At baidu.com on the first day of birth, li proposed the "three laws" search engine. From the law of "self-confidence" can see baidu philosophy about bidding: who have confidence in their own websites, who is at the top. And confident performance is willing to pay more for this position.

He told caijing reporter, for users, that business is not important, what matters is that the results have to satisfy his needs. "Bidding results correlation peak, and the user search results may not harm the user experience. For this idea, we haven't been to promote the results and to distinguish the natural search results as well." He paused and added, but it also brought a lot of complaints.

Based on the laws of the above, li believes: sometimes instead of natural search results without bidding result is good. Such as "dry cleaners to search", advertisers is baidu after check, there is a guarantee for qualification, and in the "natural search" dry cleaners, there does not exist, the company is not known.

June 8, li told caijing reporter an interview, wei is west, and baidu signed contract is a 3 armour hospital, its qualification complete, according to operate in legally. Receded, baidu all police hospital advertising system, this is the most relevant and wei west events of a measure.

China's third largest search engine sogou CEO wang xiaochuan told caijing reporter, "health is a special industry. We need to help the user to identify social responsibility."

Zhou argues that "three laws" search engine in the healthcare industry is a failure. Because medical treatment is a serious shortage of industry, normal hospital is not to spend money to search engine advertising.

"Finally in the (medical) industry, the more money, basically all are bad." Bidding, he says, like a drug, suck on after it is difficult to quit. In may, 2016, 360 search renounced all medical business promotion.

In the society, the weak supervision companies often need to own a higher moral self-discipline, to bear part of the original shall be borne by the government to duty. Well-known Internet commentators Gavin told caijing, baidu in wrong does not match with its size and influence of the birth of mature business ethics.

"If more clearly marked on promotion, your acceptance will be higher, I'm fine." "Wei west incident" broke out, li for caijing reporter said. After the rectification, baidu control business promotion information accounted for less than 30%, at the same time to strengthen the strength of the word "commercial" labelling.

On the premise of not illegal pursue business value maximization, baidu's business values, is li's bottom line. But in relation to the society and people's livelihood issues, commercial value is not enough. "The two cultures eventually need to focus on college students in a dead release all conflict." A tencent, sources said.

"Baidu has the potential to be a great company, of course, may also be in the future. But now, it's just a company make money." A years ago at the baidu executives said.

The balance of imbalances

If deviate must be "company culture and values out of the question." Li said, this is he most worried about things now

"We have long known and raised the issue." , according to the baidu employees before baidu internal had a dispute, represented by yu product team insisted that change, cancellation, advertisers "grey area", and then the baidu COO haoyu shen represented by the operations team is against it. A product team officials at the conference said: "this is to let baidu can't be the only reason why a great company in the future." Finally the two sides reach a consensus, gradually change.

In the meeting, li didn't show up.

Soon after, "CCTV crisis" broke out, in October 2008, CCTV reported after two days of baidu sales staff to help customers suspected fraud, or even the existence of extortion marketing.

On June 8th, robin li told caijing reporter review, when CCTV crisis more because baidu there are loopholes in the sales system management. "Then we plug up the leak off quickly."

The past inside the baidu, on behalf of sales, commercial power and on behalf of the user, the product of the tight, they contain each other, mutual compromise. Until 2009-2011, with yu jun, BianJiang, Li Jianwei departure represents several generations of baidu product director, broke the balance of the scales.

In baidu sales network the rapid expansion of 2003-2009, is also the peak of baidu product innovation. At that stage was born like baidu post bar, know, wikipedia baidu in the history of the star products, etc. Baidu was 21 in the product line, with billions of products that users have seven to eight. In December 2003, baidu set a month record of six products online at the same time.

"Conflict is the mother of innovation." A former director of baidu product told caijing.

"The whole purpose of our work is to obtain the information it flattening." , according to the director before they think any blocks the transmission of the information behavior are immoral. Even spread itself is immoral, they also spread to all information, knowledge, to meet the user. Is that why they are against the risk of piracy do baidu library.

A staff told caijing reporter before baidu, baidu has a lot of unknown to outsiders principle, it is the principle of product technology department, but not the principle of the whole company. Baidu to do MP3, for example, only use outside the chain, do not download any song on its own server; Baidu: resolute don't do subscription plan early and games; Baidu news principle is there is no any human editors, 2009 years ago, baidu news without any editing jobs.

"Remember that baidu night tracking problem for user 1 score. Know the net friend meet each year after the meeting will listen to their voice, will be for each code, every feature more responsible. Responsible for the Internet users, achievements of today's baidu." A still in baidu veteran said.

Such as yu jun representative baidu product idea, the values of people to leave early, had close two forces began to imbalances. Results from now on, the start of the dominant business search, the technology and products for commercial service.

"Most of the product line have very big pressure (commercial)." A baidu employees said.

In February 2016, because of the hemophilia right to contract to a third party partner operations, baidu post bar event broke out. Background is post bar for the first time in 2015 began to commercialization, and as the distance post bar set up over the past 12 years.

A baidu's current staff told reporters that today can see a lot of problems in the baidu search, search a key word, for example, to see what, what see after, "to a large extent is not technical problem, but the product concept problem".

Relatively, in baidu, technology, market and sales system of employees more opportunities for advancement. The baidu, senior vice President, search the company President to the sea dragon is only 15 years ago baidu agency's general manager, in 2005, his company is baidu acquisition, to the dragon to join baidu.

The dragon is not tall, unsmiling. Its subordinate said he never entertainment with customers, lead the team to keep more than 200% of high-speed growth for three consecutive years, 2007 to the dragon to become general manager of Beijing branch, after three months and vice President of sales promotion to baidu company. In 2011, to be baidu inc., vice President of business operation system. In 2015, becoming one of the three big business groups in baidu search, head of the business group (SSG). In 2016, SSG and mobile services group (MSG) into baidu search company, to the dragon became CEO.

Baidu, a total of three SVP (), senior vice President, responsible for the technical Wang Jin in December 2013, promoted to baidu, senior vice President, in charge of the sales to the sea in October 2014, promoted to SVP. On 22 June this year, on the become baidu third SVP, on 2008 to join baidu, baidu is in charge of marketing and public relations business, at the earliest.

Another part of the employee to think, "promotion extremely difficult, especially early in the product within the system, it is almost impossible to promotion." Seven employees, according to a former baidu baidu founder of guo Dan and shanshan cui departure, position or baidu, senior director, at a time when they have worked for this company for ten years. The current Meituan co-founder MuRongJun as a technical manager left baidu, only the company dozens of stocks in hand.

Maps, in this round of adjustment, baidu post bar and other products are classified into the dragon's.

"Baidu has a very thick thighs, name search, name is converted into cash. Instead of playing a user habit didn't develop into a new market, as to the company earn 500 million this quarter, complete the KPI, promotion is faster, more bonus." A baidu search company said the current employees.

"The new people, including senior, their values of the baidu exactly? There may be misunderstanding." Li said.

In recent years, with the rapid growth of baidu, a lot of sector has the number of people, which brings for early baidu values directly diluted. Li said that this is his most worry about a thing.

Baidu's corporate culture is simple can rely on, early 80% are technical staff. "Now there are 20000 people in 50000 employees SiLing not over two years, the number of employees in the past three years we continually doubled, while their feelings for baidu, for baidu culture into is very limited." The baidu middle personage tells a reporter, "we should not only beat the external and internal."

"In baidu is suitable for grinding flat edges and corners. Baidu said a high-level employees. In baidu work, first half year is very tired, is not adapted to the pressure. But baidu values assessment in fact is very strict, "360 scale, fill in the score, the higher score, the lower grade, at the same level."

Broke out in 2014, baidu internal debate about corporate culture at a time. Cause is a network of a post, there are employees think baidu's corporate culture is problematic, insist that baidu's corporate culture and management is still very good - they argue over thousands of pages.

The outcome of this debate is that talk about baidu in a series of culture, employees get together and share each other cultural story of baidu.

An eight years ago in baidu product department told caijing reporter, when they joked that person's dream is - only baidu baidu, without the Internet. Users can index and search on baidu to any information and services you need.

"This needs to be more strong execution and how crazy heart, they are the most proud of a group of people at that time, China's Internet. And now, it is hard to find in baidu people this proud." He looks a bit frustrated.

Mr "rational"

"He feels he has a sense of crisis, but why didn't the company looks crisis?"

On February 17, 2015, from the Spring Festival there are two days, Mr. Li to glutinous rice to baidu office turned a circle, we haven't found the company have a holiday, already have many employees didn't come to work.

He just learned before, WeChat Lucky Money to interact with the Spring Festival gala exclusive 269 million yuan GeZuoQuan. The calm and rational entrepreneur control his mood, decided that the executives call a meal together, which makes him angry cases - more than half of the executives have a holiday not in Beijing.

Li has never publicly on top and employees to vent emotions, he is always very calm, sometimes can let a person feel that he has no temperature. This time, a lot of baidu rare feeling his dissatisfaction.

In July 2015, the venture capital firm DCM CEO summit held in San Francisco, in front of about 150 entrepreneurs and investors, robin li said regret having led baidu moving into the age of the Internet, not to take action earlier.

In baidu was founded 15 years, li always focus on the search this one thing, the vast majority of products and technological innovation for business services. At the same time, the overwhelmingly attaches great importance to the index, because the data is not deceive people, thanks to li in the dow Jones work experience in his early years, the financial information provider by overriding the world number one of the most abundant information sources and index, drawn up and issued to subvert the tradition of journalism and communications. Li here for the Wall Street journal, developed the world's first network financial system in real time.

In Google, KPI is a "target", it tends to set the index was high, at the same time is tolerance. While li kpis as a promise. "Less commitment, more cash" in baidu is regarded as one of the corporate culture creed.

In the early days of the speeches and interviews, li stressed words most often is, "do what you like and are good at, moderately give up unrealistic dream."

Li said that Google in two years time, 20 ai scientists are developing AlphaGo, please. In baidu, this project will be negative. "We will ask, you spend so much energy to do a thing what can realize the value of what?" Baidu, he thought, the main resources should be put on more market prospect direction, rather than to develop a robot would only go under.

Robin li of costs and benefits is cautiously, alert and careful attitude. One had said in the baidu market sector employees, subordinate to li sign a contract, he will start from the first page, look, a word a word contract is very thick, sometimes he also insisted on watching. In the process, li often say a word, he will ask two questions, after watching a signature, return can not answer clear. "No matter what are you going to have to again good, he can always put forward a few let you unexpected problems."

, according to the former employees a baidu employees a meeting with Mr. Li, found that he was doing a excel table, which details the seven or eight car performance, weight, price, even the trunk size, the width of the seat. This employee joked that in China's richest man, you may be the last one made an excel table to weigh the man who bought a car. Robin looked at each other, "we're going to keep rational."

"I am not the most adventurous man, I take the risk I after analysis and study, I think the risk worth taking to take." Li said.

Mr. Li is not traditional Chinese entrepreneur, he is more believe that the power of technology and digital, don't believe a person; More independent decisions, unsocial.

Part of "tieba incident" broke out, it was originated from li excessively believe in the power of mechanism. He told caijing, before tieba commercialization, he asked subordinates, sell it will bring some serious consequences? He got a most convincing answer to him - not an accident, "we have a set of mechanism".

"Then think, no matter what kind of rules, even if there are one thousand times did the right thing, but as long as a do wrong, the consequences will be very serious." He said. After the baidu full stop the disease types of the commercial.

Enter the first two years of the mobile Internet, conservative and questionable, because the company strategy one of the important reasons, baidu's decision-making system focused on one person.

An entrepreneur told reporters, he left the reason is that in baidu baidu internal business failed, he wrote a 78 - page PPT for robin li, but li soon after approval, a year did not see department of financial appropriation, so he left to start a business.

A alibaba executives told caijing reporter, in ali, Mr. Ma's strategic thought is in mid-air, servants in general all by feel. But ma no specific indication, so the space greatly.

"In baidu, if Mr. Li does not make the decision, the other people don't make decisions." An investment banker evaluation robin li, baidu have worked with at the meeting he often begin to say a word, the final final.

In may this year, baidu fired, vice President, "the father of baidu promotion" call Wang Zhan, the reason is that harm the interests of the company. Last year the company gave him a big party and awarded a trophy, trophies on Numbers of 15, this is he joined baidu 15 years.

"Robin is swallowed, restraint", a baidu middle-level told caijing, he can only according to the data and index to deal with all things, but he is very difficult to face, to deal with a man, so he always choose to avoid at the beginning, but once the last straw, he will direct a bit uppity decision. "Maybe Mr. Li should be early instead of relentlessly to deal with an older workers."

"Maybe in six months, other companies have not leave. Not even a year for baidu, I think two years, three years, if you still can't be baidu within three years, I really don't want you. But in this three years, he may have with a batch of partial away." Li said.

In tencent, ma Zhang Zhidong so make recommendations for the company's partners, in ali, Mr Ma has more than 30 "ali partner". Only now the baidu, robin li and 50000 employees.

People tells a reporter, a former baidu once li saw a paper entitled "the baidu business veteran seven swordsman all departure, robin li, a loner", after reports of "instant very depressed."

"In the early days, anyone can argue with him. So some people like him, some people don't like him, but now these are not important, because everyone in the guess what the boss thinking?" These people said.

Li told caijing reporter, because sometimes afraid to be misunderstood, so many years he has been to suppress their own expression. "In fact, I really afraid, time is long will numb, will get used to communicate with special cooked people around." Said robin li, baidu need to constantly recruit these young people, training of young people.

To some extent, indicators and data as he and employees the most direct and effective communication tool.

Li said, "wei west event" let him to stick to the idea of so many years more or less doubt. "Maybe we shouldn't be that pragmatism, maybe should add some idealism color, so we would prefer you."

Middle management conference two years ago a baidu, robin li, carefully prepared one page PPT, show a picture of Alexandria library, he said: "once the world first, the flow of Alexandria first, they collected in the cargo ships in and out of books, these books are regarded as more important than gold and silver treasures. In the end they will library of Alexandria library, built the world's civilization and Alexandria became the center of the world."

"I want to make baidu innovation center." The entrepreneurs say that finish, everyone seemed taken aback. One participant asked: "is that we do something wrong?"

Royal road to learning and miss

"In a sense, our approach is relatively conservative, think that search is a major thing, in fact, we can also do more."

Character determines the fate, destiny and come back to strengthen character.

In the past 11 years of development in the industry point of view, baidu is a royal road to learning, it lucky to avoid the impact of the Internet bubble, and without any pressure on cash flow, this is very rare in the company at the same time. After Google out of China in 2010, baidu more lonely, it invincible hand again in their main field.

Chinese search is an oligopoly market, a large number of companies to rely on the current capacity of baidu have than outsiders imagine -- in 2011, more than 50% of the traffic from baidu Meituan. This advantage even extended to the mobile era, in the early days, is the biggest traffic sources drops travel baidu map.

In baidu's heyday, due to its dependence and fear, entrepreneurs in order to give baidu shares bickered - 2008, in order to obtain the exclusive GeZuoQuan baidu in video, youku to baidu pay 3 million yuan, and the donation is less than 1% of the company, while cool 6 network to the baidu to pay 6 million yuan in cash and 3% of the shares, finally won the baidu. At that time, baidu advertising resources such as replacement of some emerging company shares, to establish a rule.

Since then, from the Internet information age into the era of social networking and trading, baidu is no longer the only superpower. When baidu need to invest for the price of an unplanned, it reflects the conservative and cautious. They tend to clear market prospects of resource type industry to make investment, rather than the unpopular or are not the correct understanding of the company. Baidu investment holding, the period of large stock is given priority to, is a typical holdings of iQIYI and where to go.

2014 years later, in order to expand their respective sphere of influence, BAT scramble by start-ups. Baidu obviously felt the pressure, it invested in succession hj (12.5%), Uber (15%), I buy nets, boring medical network, optimal film 28 companies such as letter, involving electricity, second-hand car trading, online ticketing, online education, and other areas of the vertical. At the same time, no longer seek holdings.

According to the international authoritative financial data provider Dealogic, according to data provided to the magazine from 2008 to 2008, 48 baidu has a stake in the company. Among them, 1, 2008 and 2010, 2011 and 2012-5 each, then gradually speed up the speed, invested in 7 2013, 10, 2014, 2015 has reached 18.

Comparing the alibaba from 2008 to 2008, a stake in a total of 109 companies. And tencent, the seven years in the 126 companies.

Paid $2013 in 1.85 billion to 91 of the acquisition of anxiety is considered to be baidu. 360 chairman zhou acknowledged that he had two go to xiamen to persuade 91 wireless CEO Hu Zemin to baidu bounty.

A person close to the Meituan tells a reporter, early baidu had the opportunity to a 2 billion RMB investment valuation Meituan, holds a 5% stake in Meituan, but in the end, baidu selection at a cheaper price - $160 million, owns 59% of the unit control.

After many years in the autumn of 2015, Meituan and comment on the ongoing talks, they hope to merge to finish within two weeks. In the last few days time, baidu breaking in, Meituan 50 billion RMB valuation is given, and hope to contribute to Meituan and glutinous rice. "It's too late." These people said.

The significance of glutinous rice to baidu, robin li said, is that it allows baidu real connection and service, this is the biggest cause of his support for glutinous rice. But it is undeniable that O2O endless project also greatly the input pin down the baidu.

According to nomura to baidu in 2016 Q1 earnings, according to the analysis of its Q1 profit fell 18.6% year on year, mainly comes from continuous O2O investment. Guosen securities on February 29, 2016 published research reports, baidu future risks mainly exist in the O2O competition increases and online advertising growth is lower than expected.

Review the partner of a dollar fund, said baidu on the mobile power late, also the most anxiety. At the same time, baidu to the investment of O2O for unmanned vehicles, emerging businesses such as financial investment, need a lot of financial support.

"Search business has become the biggest blood transfusion channels, it is in endless claims and pressure to the imbalances. This is a cycle of baidu current predicament." He said.

Caijing reporter interview several people think, baidu should be in the early days of the obvious advantages to make the layout of the deeper, the more vertical industry to support, in-depth industry chain, from the information into the service layer. Because for a ecological platform, only video and tourism is not enough.

A jingdong executives told caijing, early jingdong over 70% traffic from baidu, baidu before and after 2010 had the opportunity to give jingdong electric business platform have packaged, by investing in exchange for jingdong 15% - 20% of the shares, eventually li did not agree. The shares worth $5.8 billion today.

But the Internet is like this, it is destined to miss a lot of things.

Out of the winter

Baidu today's crisis, have the cause of the technology, products, management and cultural reasons. Compared with the former, the latter more challenge to baidu

"We haven't give the user a truly innovative new products." Robin li said baidu is too conservative to a certain extent. "We need to innovate, so everyone on baidu, you can get a higher tolerance for baidu a lot."

"In a very striking in the company's main business income is difficult to do innovation," a alibaba group executives told caijing, "even for Google, too, but if a company only to succeed in a product, we can't say it is a vision or a luck."

A WeChat staff told caijing, today everyone laughed in baidu, but he argued that tencent and alibaba today are not advantages, once has the penetrating new technologies appear, crisis in close proximity.

In many ways, baidu in China company has led a advantageous conditions of the world of artificial intelligence, it both advantages on the data and expertise. According to foreign media reports, at present, baidu depth of speech recognition system in the competition at the Massachusetts institute of technology's "20160" breakthrough technology, speech recognition accuracy rate has reached 97%, more than Google.

Baidu is the world of artificial intelligence technology into one of the largest companies. The last three years, baidu development costs to total revenue ratio 12.9%, 14.2% and 15.3% respectively, while Google was 12.9%, 14.9% and 16.3%, are on the rise. They are trying to open the territory outside the search business, even search revenue Google and baidu accounted for 90% and 96% of the total revenue.

Unmanned vehicles will become the next baidu may really have innovative products - although the process will be extremely difficult. But it is more significance is that it will be baidu first and search, and even has nothing to do with the information of commercial products.

Baidu in the valley two years ago to invest $300 million to build artificial intelligence center, the center has more than 200 employees, a large proportion of their service for baidu autonomous group. Unmanned division general manager Wang Jin caijing reporter interview in March this year, so far no one car will be baidu's biggest investment project.

Caijing, according to a recent baidu the five-year loans increased from $1 billion to $2 billion, has been obtained from 21 bank lending commitments. Li said that the money will be used for unmanned vehicles, secret, new product line to support the enterprise cloud, etc.

Contrast the two other BAT, alibaba has signed a $3 billion five-year loan agreement in March, tencent is expand the scale of the planned $2 billion bank loan to $4 billion. "For the purpose of the loan are respectively in the domestic and foreign acquisitions corporate shares" and "is used to expand, including acquisition, project".

"While adjust the bidding will generate revenue decline, but the price is we have to accept." Li said.

Baidu has been to outside of the search, scale of creating new revenue sources. Li has called the process is very painful, but he predicted that the next baidu scale profitable business will come from the financial business, perhaps.

, he said the current financial out of lending rates compared to the cost of capital, there is profit space. In addition, book the hotel on the baidu map, can bring into income; IQIYI video can bring advertising revenue, but these are just getting started.

"Artificial intelligence is baidu is the most important strategy." Mr. Li said.

"This opportunity if we caught, baidu can be changed into a completely different company, a company that influence is much larger than they are now." He looked very confident, but he admits that it takes five to ten years.

In July 2015, baidu will delivery business split out independent development; In October, where baidu will sale to ctrip. This year, iQIYI will also with the privatization from baidu. Get rid of the three cost centre, baidu will more easily.

He said baidu don't do the hardware, software, only do and hope that will be the top, at the core of technology leading, then technology, software output to other company, this is reminiscent of the 2000 baidu, as pure technical software company, output technology rather than the flow of the company for other companies.

"Baidu any good and bad, credit and the blame should be me." Li said. May 10, li's letter said, he will guide you find baidu culture.

From today to the future, Mr. Li, we need to overcome is not only a product and income, users and profits, and the gap between the speed and the bottom line, is also the balance between management and culture, the founder and team. The former because of accumulation of artificial intelligence and baidu's vantage point, baidu has a chance to come back; But on the management and culture, li need to give a more convincing answer.

Baidu in 2016, the latest structure adjustment, the original is in the search business, mobile services, financial services, emerging business four business groups in the search business and mobile services for search company merger. This is similar to Google adjust to the idea of a year ago, the traditional business is separated from frontier project, traditional business is revenue center, and frontier project is responsible for innovation.

Although adjustment brings a lot of suspicion, but at least for li, the original more than two pieces of business merger overlap, conflict, business group, don't have to divide the scope, can focus on his better at innovation business, artificial intelligence - li is trying to find the balance of baidu.

Chinese Internet big three BAT has faced the crisis in different degree, different nature, alibaba pay treasure to events of 2011, tencent in 2010 of "3 q war", and the baidu wei of the event. These crises have profoundly changed the fate of the three companies.

Alipay event that Mr Ma's reputation, but also makes the already shaky Chinese stocks are implicated in the international capital market, has not yet fully recovered, but the ant gold suit so independent, and is about to become A market capitalisation of $60 billion a-share listed companies; Tencent open big flag, after 3 q WeChat since birth.

"No company is public opinion and public relations crisis down, only in strategies, products, corporate culture has appeared in a series of links such as systemic risk, the company will be in problem again and again to be crushed." A group of tencent executives told caijing reporter.

Intranet in baidu, robin li, a total of more than 300 employees under the letter of comments. "Hope that the future today, in retrospect, an important turning point in our history. Because to face their own problems, have the gumption to correct." Several baidu employees leave a message, said they hope can be crossed with baidu from "big business to long distance from the great enterprise".