本文源自：金融界 作者：情报员 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 金融界2025年8月20日消息，国家知识产权局信息显示，联想（北京）有限公司取得一项名为"一种信息 处理方法、电子设备和芯片"的专利，授权公告号CN114501649B，申请日期为2022年01月。 ...

Core Viewpoint - The company reported strong Q1 FY2026 results with significant year-on-year and quarter-on-quarter growth in revenue and net profit, driven by robust performance across its three core business segments: IDG, ISG, and SSG [1][2][3] Group 1: Financial Performance - For Q1 FY2026, the company achieved revenue of $18.83 billion, representing a year-on-year increase of 21.9% and a quarter-on-quarter increase of 10.9% [1] - The net profit attributable to the parent company was $510 million, showing a year-on-year growth of 107.6% and a quarter-on-quarter growth of 462.2% [1] Group 2: IDG Performance - IDG's revenue reached $13.5 billion, with a year-on-year growth of 18% and an operating profit margin of 7.1% [1] - PC revenue grew by 20%, marking the fastest growth in 15 quarters, with a global market share of 24.6%, the highest in history [1] - Smartphone revenue increased by 14%, with sales growth exceeding market growth for eight consecutive quarters, and foldable phones leading the market with a 51% share [1] Group 3: ISG Performance - ISG's revenue was $4.3 billion, reflecting a year-on-year growth of 36% [2] - AI infrastructure business revenue more than doubled, with cloud and enterprise infrastructure revenues growing by 36% and 35% respectively [2] - The company is increasing investments in AI infrastructure product development to enhance competitiveness in enterprise infrastructure [2] Group 4: SSG Performance - SSG achieved record revenue of $2.3 billion, a year-on-year increase of 20%, with an operating profit margin of 22.2%, up by 1.2 percentage points [2] - Operations and project solutions accounted for 58% of SSG's total revenue, with a year-on-year growth of 3 percentage points [2] - Deferred revenue from AI solutions reached $3.5 billion, providing high visibility for future growth [2] Group 5: Profit Forecast and Investment Rating - The company is expected to benefit from the AI wave, with projected net profits for FY2026, FY2027, and FY2028 at $1.63 billion, $1.80 billion, and $2.01 billion respectively [3] - The price-to-earnings ratios for FY2026, FY2027, and FY2028 are projected to be 10.5, 9.5, and 8.5 times respectively, maintaining a "buy" rating [3]

机构：国盛证券 研究员：夏君/刘玲 其中ISG 业务亏损扩大，主要系AI 服务器收入同比翻番，CSP 业务毛利率较低。得益于卓越的运营和 良好的费用控制，公司费用率环比明显收窄，使得公司归母净利润同比大幅增长108%至5.05 亿美元， 归母净利润率录得2.7%，同比/环比分别提升1.1%/2.2%。 PC 基本盘快速增长，手机业务双位数增长。Q1 财季，联想集团PC 收入同比+20%，创15 个季度的最 快增速。根据IDC，Q1 财季联想PC 市占率进一步提升至24.6%，同比提升1.7pct，出货量1700 万台。公 司认为，Win10 向Win11 的迁移正全面加速，还将持续数季，预计全年出货量将维持中至高个位数增 长。AI PC 方面，联想集团于5 月在中国推出"天禧AI超级代理"，周活跃用户比例平均40%，持续攀 升。手机方面，联想已连续7 个季度实现手机业务双位数的同比增长，中国以外的市场份额达到创纪录 的新高。受PC 及手机平均售价上升，以及高端及商业市场的强力推动，公司IDG 业务集团经营利润率 稳健，环比提升0.3pct 至7.1%。 Q2 财季公司增加了AI 投资，ISG 业务亏损扩大。联 ...

Core Insights - Lenovo's Solution Services Group (SSG) reported a remarkable revenue growth of 20% year-on-year, maintaining double-digit growth for 17 consecutive quarters, with high-value "as-a-service" offerings accounting for 58% of total revenue [1][2] - The core driver of SSG's rapid growth is its comprehensive AI capabilities, which create value through a complete AI value chain from infrastructure to industry scenarios [1][2] - Lenovo's "LeXiang" super intelligent system enhances customer experience by accurately identifying user intent and automating cross-system tasks, leading to significant improvements in user engagement and order conversion rates [1][2] Financial Performance - SSG achieved an operating profit margin of 22.2%, significantly exceeding the industry average, attributed to the development of technically advanced solutions and the redefinition of service delivery models through AI [2][4] - The company is simplifying its solution offerings based on customer feedback to reduce deployment complexity, indicating a focus on sustainable growth [2][4] Market Strategy - SSG is adapting to market trends, recognizing that overseas markets prefer SaaS models integrated with AI, while Chinese enterprises are more inclined towards hybrid deployments [2] - The introduction of the "model router" concept allows dynamic scheduling of the most suitable large models based on scenario needs, enabling enterprises to avoid being tied to a single technology vendor [2] Industry Context - As the world enters the "era of intelligent agents," Lenovo, like other companies, is striving to secure strategic advantages through advancements in intelligent agent architecture [3] - Lenovo's proactive organizational changes have positioned SSG to capitalize on the AI wave, achieving large-scale AI implementation across various industry scenarios [4]

Core Viewpoint - The major technology and internet companies in China, including Tencent, JD.com, Lenovo, and NetEase, reported second-quarter earnings that exceeded expectations, indicating a recovery in the industry after a challenging period [1][4]. Group 1: Financial Performance - Leading companies achieved nearly double-digit or higher-than-expected growth, with Tencent reporting revenue of 184.5 billion RMB, a 15% year-on-year increase; Lenovo's revenue reached 127.9 billion RMB, growing by 24%; JD.com reported 356.7 billion RMB, up 22.4%; and NetEase saw a growth of 9.4% [5]. - This growth suggests that the previously feared "winter" for the industry may have ended, marking a phase of sustained recovery and development with significant growth momentum [5]. Group 2: Macroeconomic Significance - The recovery of the technology and internet sector is particularly meaningful from a macroeconomic perspective, reflecting improvements in the domestic consumer market and accelerated digital transformation of industries [7]. - Companies like JD.com and Alibaba serve as barometers for the health of China's real economy, with JD.com exceeding expectations in its financial report [7]. Group 3: Role of Artificial Intelligence - All companies that reported growth identified AI as a strategic priority, elevating its role beyond just a tool to a core infrastructure [8]. - Tencent integrated AI into its gaming, advertising, and social ecosystems, driving significant growth in its core business areas [8]. - Lenovo's AI PC penetration reached over 30% of its total PC shipments, with AI infrastructure revenue surging by 155%, indicating a strong market position in AI solutions [8][9]. Group 4: Linkage to the Real Economy - Major tech companies are increasingly leveraging their technological capabilities and platform resources to support the real economy [10]. - JD.com is enhancing traditional retail through its supply chain services, while Lenovo is optimizing manufacturing processes with AI solutions, demonstrating the impact of technology on traditional industries [10]. - Tencent is providing comprehensive services to small and medium-sized enterprises, facilitating their digital transformation through various AI applications [10][11].

金融界2025年8月19日消息，国家知识产权局信息显示，联想（北京）有限公司申请一项名为"图像处理 方法、图像处理装置及电子设备"的专利，公开号CN120510496A，申请日期为2025年04月。 专利摘要显示，本申请公开了一种图像处理方法、图像处理装置及电子设备，方法包括：获取目标图 像，所述目标图像由目标模型中的多个高斯体渲染得到，所述目标图像包含第一数量的图像像素；基于 所述高斯体对于每个所述图像像素的颜色贡献度，确定目标像素集合，其中，所述目标像素集合中的目 标像素对应有相同的目标高斯体，所述目标高斯体对每个所述目标像素的颜色贡献度满足第一预设条 件；基于所述目标像素的第二数量与所述第一数量的比例，确定所述目标图像是否模糊。 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 本文源自：金融界 作者：情报员 ...

金融界2025年8月19日消息，国家知识产权局信息显示，联想（北京）有限公司取得一项名为"一种屏幕 显示的控制方法及电子设备"的专利，授权公告号CN113835765B，申请日期为2021年09月。 作者：情报员 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 本文源自：金融界 ...

天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 金融界2025年8月19日消息，国家知识产权局信息显示，联想（北京）有限公司取得一项名为"一种充电 方法、装置及电子设备"的专利，授权公告号CN114142559B，申请日期为2021年11月。 作者：情报员 本文源自：金融界 ...

金融界2025年8月19日消息，国家知识产权局信息显示，联想（北京）有限公司取得一项名为"电池控制 方法、装置及电子设备和存储介质"的专利，授权公告号CN114123417B，申请日期为2021年11月。 作者：情报员 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 本文源自：金融界 ...

Core Viewpoint - Lenovo (Beijing) Co., Ltd. has applied for a patent titled "A Method and Device for Component Drawing," indicating its ongoing innovation efforts in the technology sector [1]. Company Overview - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1]. - The company has a registered capital of 565 million HKD [1]. - Lenovo (Beijing) has invested in 107 enterprises and participated in 5,000 bidding projects [1]. - The company holds 1,751 trademark records and 5,000 patent records, along with 238 administrative licenses [1].