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Share-Based Awards Plan (Tables)
12 Months Ended
Dec. 31, 2023
Baidu  
Total Share-Based Compensation Cost Recognized
The following table summarizes the total share-based compensation cost recognized by the Group:
 
    
For the years ended December 31,
 
    
2021
    
2022
    
2023
    
2023
 
    
RMB
    
RMB
    
RMB
    
US$
 
    
(In millions)
 
Cost of revenues
     399        409        590        83  
Selling, general and administrative
     1,840        1,750        1,678        236  
Research and development
     4,817        4,629        4,077        575  
  
 
 
    
 
 
    
 
 
    
 
 
 
     7,056        6,788        6,345        894  
  
 
 
    
 
 
    
 
 
    
 
 
 
Option Activity
The following table summarizes the option activity for the year ended December 31, 2023:
 
    
Number of share

options
   
Weighted average

exercise price

(US$)
    
Weighted

average

remaining

contractual life

(Years)
    
Aggregate

intrinsic

value (US$ in

millions)
 
Incentive share options
          
Outstanding, December 31, 2022
     19,669,296       19        5.6        20  
  
 
 
   
 
 
    
 
 
    
 
 
 
Granted
     —        —         
Exercised
     (1,388,560     11        
Forfeited/Cancelled
     (497,616     14        
  
 
 
   
 
 
    
 
 
    
 
 
 
Outstanding, December 31, 2023
     17,783,120       19        4.4        17  
  
 
 
   
 
 
    
 
 
    
 
 
 
Vested and expected to vest at December 31, 2023
     17,149,656       19        4.3        17  
  
 
 
   
 
 
    
 
 
    
 
 
 
Exercisable at December 31, 2023
     16,017,392       19        4.0        17  
  
 
 
   
 
 
    
 
 
    
 
 
 
Assumptions Used to Estimate Fair Values of Share Options Granted
The following table presents the assumptions used to estimate the fair values of the share options granted in the years presented:
 
    
For the years ended December 31,
 
    
2021
    
2022
 
Risk-free interest rate
     0.63~1.23%        1.92~2.96%  
Dividend yield
     —         —   
Expected volatility range
     38.12%~39.82%        40.66%~47.03%  
Expected life (in years)
     5.80~5.86        5.26~5.49  
Restricted Shares Activity
Restricted Shares activity for the year ended December 31, 2023 was as follow:
 
    
Number of shares
    
Weighted average grant date

fair value (US$)
 
Restricted Shares
     
Unvested, December 31, 2022
     126,250,360        17  
  
 
 
    
 
 
 
Granted
     35,125,120        17  
Vested
     (49,878,448      17  
Forfeited/Cancelled
     (15,334,944      17  
  
 
 
    
 
 
 
Unvested, December 31, 2023
     96,162,088        17  
  
 
 
    
 
 
 
iQIYI  
Total Share-Based Compensation Cost Recognized
The following table summarizes the share-based compensation cost recognized by iQIYI:
 
    
For the years ended December 31,
 
    
2021
    
2022
    
2023
    
2023
 
    
RMB
    
RMB
    
RMB
    
US$
 
    
(In millions)
 
Cost of revenues
     173        148        133        19  
Selling, general and administrative
     718        424        315        44  
Research and development
     328        239        189        27  
  
 
 
    
 
 
    
 
 
    
 
 
 
     1,219        811        637        90  
  
 
 
    
 
 
    
 
 
    
 
 
 
Option Activity
The following table sets forth the summary of employee option activity for the year ended December 31, 2023:
 
    
Number of share options
   
Weighted
average
exercise price

(US$)
    
Weighted
average
remaining
contractual life

(Years)
    
Aggregate
Intrinsic
value (US$ in
millions)
 
Outstanding, December 31, 2022
     479,471,102       0.35        6.8        193  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
     90,174,000       0.08                      
Forfeited/Expired
     (15,212,381     0.22        
Exercised
     (22,145,907     0.35        
  
 
 
   
 
 
    
 
 
    
 
 
 
Outstanding, December 31, 2023
     532,286,814       0.31        6.3        205  
  
 
 
   
 
 
    
 
 
    
 
 
 
Vested and expected to vest at December 31, 2023
     512,532,464       0.32        6.2        193  
  
 
 
   
 
 
    
 
 
    
 
 
 
Exercisable at December 31, 2023
     321,994,786       0.44        4.8        82