Trefis, an American Research Institute, today released an investment report saying

Baidu's late 2013 fiscal quarter and full-year earnings may be related to the SEC's punishment of four accounting firms, but investors need not worry, Trefis, a US research agency, released its investment report today.

The following is a summary of the contents of the report:

Typically, Baidu publishes its quarterly and Full-year earnings for the previous fiscal year, before the first two week of February, but the quarter and the full year of fiscal 2013 are postponed until February 26. Although Baidu did not explain why, we still believe it is likely that the Securities and Exchange Commission (SEC) last month ruled that the Chinese division of the four major accounting firms had suspended 6 months of U.S. qualifications. At the time, the decision triggered a plunge in the Chinese concept stock.

Baidu's quarterly earnings for the past four years are as follows: February 9, 2010 the fourth quarter of 2009 and the full year earnings, January 31, 2011 issued the fourth quarter of 2010 and the full year earnings, February 16, 2012 issued 2011 fourth quarter and the full year earnings, February 4, 2013 released the fourth quarter of 2012 and the full year earnings.

In response to the SEC's ruling, the international four accounting firms (PwC, KPMG, Ernst and Deloitte) filed an appeal to the SEC this month. Even with these failures, it will take a long time to enforce the SEC's ruling. Therefore, the financial results of the 2013 fiscal year will not be affected too much. But some companies ' earnings may be delayed, such as Baidu, whose earnings are audited by the Ernst-and-Chinese business unit. We believe that the delay in the release of Baidu's earnings is awaiting an appeal from the Ernst and the US.

In recent quarters, Baidu mobile platform commercialization has made positive progress, and by expanding other businesses to reduce the reliance on search advertising. We believe that the mobile commercialization of Baidu will continue to improve. But as the market is relatively fragmented (Tencent and Ikea), market share may not grow significantly in the short term. In addition, Baidu also faces the severe challenge of Qihoo 360. Since the launch of the search service in August 2012, Qihoo 360 has a market share of more than 15%, while Qihoo 360 aims to win a 40% share by 2015.