This excerpt taken from the BIDU 20-F filed Apr 9, 2009.
Our operations are primarily based in China, where we derive substantially all of our revenues. Total revenues in 2008 were RMB3.2 billion (US$468.8 million), an 83.3% increase over 2007. Operating profit in 2008 was RMB1.1 billion (US$160.8 million), a 100.4% increase over 2007. Net income in 2008 was RMB1.0 billion (US$153.6 million), a 66.6% increase over 2007.
Our total assets as of December 31, 2008 were RMB3.9 billion (US$577.2 million), of which cash and cash equivalent amounted to RMB2.4 billion (US$346.2 million). Our total liabilities were RMB849.3 million (US$124.5 million), accounting for 21.6% of total liabilities and shareholders equity. As of December 31, 2008, our retained earnings accumulated to RMB2.0 billion (US$290.2 million).
The major factors affecting our results of operations and financial condition are discussed below.