21世纪经济报道记者孔海丽 北京报道 联想可能是兑现AI价值最明显的公司之一。 8月14日，联想集团发布截至2025年6月30日的2025/26财年第一季度财报，当季营收同比增长22%至 1362亿元，创第一财季历史新高；非香港财务报告准则下净利润同比增长22%，达28.16亿元，按照香 港财务报告准则计算则实现翻番，达到36.6亿元；所有业务以及大区均实现双位数增长。 与此同时，全球范围内AI产业正在步入"价值兑现期"，微软的AI技术推动多个业务实现突破性增长， Meta的AI显著提升了其核心广告业务。 联想则是东方AI价值兑现的代表，三大主营业务集团都把握住了AI带来的结构性增长机遇：IDG智能设 备业务集团实现营收973亿元，同比增长17.8%，其中PC业务创下15个季度以来最快增速；ISG基础设施 方案业务集团营收实现35.8%的增长；SSG方案服务业务集团收入增长19.8%至163亿元，运营利润率达 到22.2%。 得益于多元化增长引擎持续加速，联想集团本财季非PC业务营收占比进一步提升至47%，驱动其增长 结构更均衡。 据郑孝明透露，近期华尔街对联想的PE估值已经在拉高。"联想的AI战略、AI含量 ...

Core Viewpoint - Lenovo Group emphasizes its commitment to research and development (R&D) as a key investment strategy to seize growth opportunities in the artificial intelligence (AI) sector, with a notable increase in R&D spending and innovative product developments [1][2]. R&D Investment - In the first quarter of the fiscal year 25/26, Lenovo's R&D expenditure rose by 10% year-on-year to $524 million, with the R&D team nearing 20,000 employees, accounting for 28% of the total workforce [1][2]. - Continuous R&D investment is seen as crucial for maintaining technological leadership and capitalizing on structural growth opportunities in both personal and enterprise AI markets [2]. Product Innovation - Lenovo has transitioned its innovative rollable screen PC from concept to mass production, enhancing multitasking efficiency through dynamic screen size adjustments [2]. - The company has also completed engineering validation for a solar-powered concept device, achieving over 30% improvement in battery life, which supports future mobile AI computing [2]. - The Neptune liquid cooling technology iteration provides 100% heat dissipation for AI servers, allowing high-density computing without dedicated air conditioning [2]. Strategic Partnerships - Lenovo is advancing its strategy in the Middle East, particularly through its partnership with Alat, which involves local production capabilities for PCs, servers, and potentially smartphones [4]. - Alat has invested $2 billion in Lenovo, marking a significant collaboration that aligns with Saudi Arabia's Vision 2030, enhancing Lenovo's market position in the region [4]. Market Focus and Resilience - The company remains focused on executing its strategic goals, prioritizing market share and profitability amidst global AI demand surges and macroeconomic challenges [5]. - Lenovo's robust global supply chain and manufacturing setup are key to sustaining growth and reinforcing its competitive edge in a changing market environment [5].

Core Viewpoint - Lenovo Group emphasizes its commitment to R&D investment as a core strategy for advancing in the mixed AI era, with a notable increase in R&D spending and innovative product developments [2][4]. R&D Investment - In the first quarter of the fiscal year 25/26, Lenovo reported a 10% year-on-year increase in R&D investment, totaling $524 million, with the R&D team nearing 20,000 employees, representing 28% of the total workforce [1][2]. - The sustained R&D investment is aimed at driving AI technology innovation and solidifying Lenovo's leadership in commercial, consumer, and gaming PC sectors, as well as the new Windows AIPC category [2]. Product Innovations - Lenovo has transitioned its industry-first rollable screen PC from concept to mass production, enhancing multitasking efficiency through dynamic screen size expansion [2]. - A concept device utilizing advanced solar technology has completed engineering validation, achieving over 30% improvement in battery life, providing a green solution for future mobile AI computing [2]. - The Neptune liquid cooling technology iteration offers 100% heat dissipation capability for AI servers, allowing high-density computing without dedicated air conditioning [2]. Strategic Partnerships - Lenovo has established a strategic partnership with Alat E-NET in the Middle East, being the only company to localize production and build manufacturing capabilities in the region, with factory construction ahead of schedule [4]. - Alat E-NET has invested $2 billion in Lenovo, marking a significant investment in the global high-tech sector, second only to Uber [4]. - This partnership is expected to open vast opportunities for Lenovo in the server, AI, and mobile sectors, leveraging locally produced products to serve the Middle Eastern market [4]. Market Focus and Resilience - Lenovo remains focused on executing its strategic goals, concentrating on market share and profitability amidst global AI demand surges and changing macroeconomic conditions [5]. - The company's leading global supply chain and manufacturing layout provide strong support for sustainable growth and enhance its resilience in adapting to market changes [5].

Core Insights - Lenovo Group reported a 10% year-on-year increase in R&D investment, reaching $524 million in the first quarter of the 25/26 fiscal year, with the R&D team nearing 20,000 employees, accounting for 28% of the total workforce [1] R&D Investment and AI Innovation - Continuous R&D investment is central to Lenovo's strategy in the hybrid AI era, reinforcing its technological leadership and enabling the company to seize structural growth opportunities in personal and enterprise AI [2] - The company has transitioned its innovative rollable screen PC from concept to mass production, enhancing multitasking efficiency through dynamic screen size expansion [2] - Advanced solar technology devices have completed engineering validation, improving battery life by over 30%, providing a green solution for future mobile AI computing [2] - The Neptune liquid cooling technology iteration offers 100% heat dissipation for AI servers, allowing clients to operate high-density computing without dedicated air conditioning [2] - A next-generation large language model training server is expected to launch in the second half of 2025, targeting global cloud service providers and enterprise clients, strengthening Lenovo's competitive edge in the high-growth AI market [2] Strategic Direction and Product Differentiation - Lenovo's innovation initiatives exemplify its strategic direction of enhancing product performance, design aesthetics, and practical application scenarios, thereby reinforcing its diversified product portfolio's differentiation advantage [3] Middle East Strategy - Lenovo is the only company establishing localized production and manufacturing capabilities in the Middle East, with construction progress ahead of schedule, covering PCs, servers, and potentially smartphones [4] - The partnership with Alat E-Nait includes a $2 billion investment, marking Alat's second-largest investment in the global high-tech sector after Uber, and signifies Lenovo's first introduction of a convertible stockholder with over 10% stake [4] - Lenovo's PC business is already the market leader in the region, and the strategic partnership is expected to open significant opportunities in servers, AI, mobile, and services, allowing Lenovo to leverage locally produced products to serve the Middle East [4] Market Focus and Resilience - In response to the global surge in AI computing demand and changing macroeconomic challenges, Lenovo remains focused on strategic execution, market share, and profitability [5] - The company's leading global supply chain and manufacturing layout provide strong support for sustainable growth, further consolidating its competitive advantage and enhancing resilience in adapting to market changes [5]

Short Selling Ratios - Great Wall Motor-R (82333) has the highest short selling ratio at 100.00% [1][2] - JD Health-R (86618) follows with a short selling ratio of 93.03% [1][2] - Hang Seng Bank-R (80011) ranks third with a short selling ratio of 87.90% [1][2] Short Selling Amounts - Tencent Holdings (00700) leads in short selling amount with 3.137 billion [1][2] - Alibaba-SW (09988) has a short selling amount of 1.475 billion [1][2] - Ping An Insurance (02318) follows with a short selling amount of 1.396 billion [1][2] Deviation Values - Geely Automobile-R (80175) has the highest deviation value at 48.86% [1][2] - Hang Seng Bank-R (80011) has a deviation value of 42.65% [1][2] - Lenovo Group-R (80992) ranks third with a deviation value of 34.46% [1][2]

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the 2025/2026 fiscal year, with revenue reaching 136.2 billion yuan, a year-on-year increase of 22%, marking a historical high for the same period [2] Group Summaries Financial Performance - The net profit under non-Hong Kong Financial Reporting Standards increased by 22% to 2.816 billion yuan [2] - According to Hong Kong Financial Reporting Standards, net profit surged by 108% to 3.66 billion yuan, primarily due to changes in the fair value of stock warrants [3] Business Segments - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion yuan, a year-on-year growth of 17.8%, with the PC business achieving its fastest growth in 15 quarters [2] - The Infrastructure Solutions Group (ISG) saw revenue growth of 35.8% [2] - The Solutions and Services Group (SSG) reported a revenue increase of 19.8%, with an operating profit margin of 22.2% [2] AI and Market Position - AI PC shipments accounted for over 30% of total PC shipments, with AI PC shipments in the Chinese market reaching 27% of total notebook shipments [3] - The active user ratio for the "Tianxi" personal super intelligent agent reached an average of 40% [3] - Lenovo is advancing the construction of a unified AI entry point and exploring new paradigms for intelligent experiences across devices and ecosystems [3] Strategic Initiatives - Lenovo is building a full-stack AI product system centered on hybrid cloud platforms, intelligent agent management platforms, and industry-specific solution libraries [3] - The AI infrastructure business experienced a revenue increase of 155% year-on-year [3] - The company aims to shift market focus towards its core operational performance as reflected in non-Hong Kong Financial Reporting Standards [3]

Core Insights - Lenovo Group reported a 22% year-on-year revenue growth for Q1 of the 2025/2026 fiscal year, reaching 136.2 billion yuan, marking a historical high for the same period [1] - The company's net profit under non-Hong Kong Financial Reporting Standards also increased by 22% to 2.816 billion yuan [1] Business Segments Performance - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion yuan, a 17.8% increase, with the PC business achieving its fastest growth in 15 quarters [1] - The Infrastructure Solutions Group (ISG) saw a revenue growth of 35.8% [1] - The Solutions and Services Group (SSG) reported a revenue increase of 19.8%, with an operating profit margin of 22.2% [1] AI and Market Trends - Non-PC business revenue now accounts for 47% of total revenue, indicating a more balanced growth structure and supporting the company's mixed AI strategy [1] - Lenovo's AI PC shipments exceeded 30% of total PC shipments, with AI PC shipments in the Chinese market reaching 27% of total notebook shipments [2] - The "Tianxi" personal super intelligent agent has seen a significant increase in user engagement, with a weekly active user ratio averaging 40% [2] AI Infrastructure and Product Development - Lenovo is building a comprehensive AI product system centered around a hybrid cloud platform, intelligent agent management platform, and industry-specific solution library [2] - The AI infrastructure business experienced a remarkable 155% year-on-year revenue growth [2] - The company is developing an AI model factory and intelligent agent platform to enhance its mixed AI capabilities [2] Financial Reporting and Market Focus - Under Hong Kong Financial Reporting Standards, Lenovo's net profit increased by 108% to 3.66 billion yuan, primarily due to non-cash gains from stock option valuation changes [2] - The management emphasizes that non-Hong Kong Financial Reporting Standards provide a clearer reflection of the company's core operational performance and quality [2]

Lenovo Group Earnings Call Summary Company Overview - **Company**: Lenovo Group - **Date**: August 14, 2025 - **Quarter**: Q1 2025/2026 Key Industry and Company Insights Financial Performance - Lenovo achieved a record revenue growth of 22% year-over-year, reaching $18 billion, with net profit also increasing by 22% to over $500 million [3] - All major business segments reported double-digit revenue growth, particularly the personal computer (PC) segment, which grew over 20% [3] - The Intelligent Devices Group (IDG) generated $13.5 billion in revenue, an 18% increase year-over-year, maintaining industry-leading profitability above 8% [2][3] AI Strategy and Innovations - Lenovo is committed to a hybrid AI strategy, increasing R&D investments, with AI PC penetration reaching over 30% of total shipments [2][4] - The company launched the Angel AI Super Agent in the personal sector and developed an AI agent platform for enterprises through cloud architecture [4][5] - R&D investment rose by 10% to $524 million, with nearly 20,000 technical staff, representing 28% of total employees [4][10] Infrastructure Solutions Group (ISG) - ISG reported a 36% year-over-year revenue increase, driven by AI infrastructure business doubling in revenue due to leading liquid cooling solutions [6][15] - The transition from traditional IT infrastructure to cloud and AI computing is accelerating in the Chinese market, with significant improvements in operating profit margins [6][15] Solutions and Services Group (SSG) - SSG achieved record revenue of $2.3 billion, a 20% increase, with an operating profit margin exceeding 22% [7][16] - Managed services, projects, and solutions accounted for nearly 60% of total revenue, showing a nearly 3 percentage point increase year-over-year [7][16] Regional Performance - All sales regions in China experienced double-digit year-over-year growth, with the Asia-Pacific region seeing a 39% revenue increase [8] - The Americas have seen a continuous increase in PC market share for nine consecutive quarters, with record orders in device-as-a-service software solutions [8] Cash Flow and Financial Health - Operating cash flow reached $1.2 billion, the highest in 11 quarters, with free cash flow rebounding to $751 million [9] - Cash balance increased by 15% year-over-year to $4.5 billion, reflecting strong operational capabilities and reduced financing costs [9] Market Trends and Future Outlook - The company anticipates potential seasonal declines in Q4 due to tariff-related demand shifts but remains optimistic about future market share potential [17][18] - Lenovo's market share in Windows AI PCs exceeds 30%, with a focus on creating an AI multi-device ecosystem as a competitive advantage [19] Strategic Initiatives - Lenovo's unique ODM Plus model combines internal manufacturing and ODM to maintain cost competitiveness and flexibility in response to customer demands [21] - The company is investing in AI infrastructure and solutions, collaborating with partners like IBM and NVIDIA to provide tailored AI solutions [24][26] Challenges and Considerations - Tariff uncertainties have not significantly impacted performance or supply chain strategies, as Lenovo has diversified its manufacturing across over 30 factories in more than 10 countries [21] - The decline in gross margin is attributed to the large-scale AI server transactions, which have lower margins compared to other server segments [21] Conclusion Lenovo Group's strong financial performance, commitment to AI innovation, and strategic investments position it well for future growth in a competitive market. The company's focus on hybrid AI solutions and infrastructure development, alongside regional market expansion, highlights its proactive approach to navigating industry challenges and capitalizing on emerging opportunities.

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992) [3][8] Core Insights - Lenovo's FY25/26 Q1 financial results exceeded expectations, with revenue of $18.83 billion, a year-on-year increase of 21.9%, and a net profit of $505 million, up 107.64% year-on-year, primarily due to non-cash gains from stock option valuation changes [8] - The Intelligent Devices Group (IDG) showed strong performance in the PC segment, with revenue of $13.46 billion, a 17.84% increase year-on-year, and PC revenue alone reaching approximately $10 billion, a 22% increase, significantly outperforming the global PC shipment growth of 6.5% [8] - The Infrastructure Solutions Group (ISG) reported a revenue of $4.29 billion, a 35.77% increase year-on-year, with AI infrastructure revenue growing by 155%, indicating strong demand and a positive outlook for future growth [8] Financial Data and Profit Forecast - Revenue projections for Lenovo are as follows: FY24/25 at $69.08 billion, FY25/26 at $79.49 billion, FY26/27 at $91.55 billion, and FY27/28 at $105.24 billion, reflecting a compound annual growth rate of approximately 15% [7] - Net profit forecasts are projected to be $1.38 billion for FY24/25, $1.67 billion for FY25/26, $2.03 billion for FY26/27, and $2.43 billion for FY27/28, indicating a strong recovery and growth trajectory [7] - The report anticipates a steady increase in earnings per share, reaching $0.20 by FY27/28, with a net asset return rate projected to rise to 26.3% [7]

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the 2025 fiscal year, with significant revenue and profit growth driven by AI-related demand and a robust global manufacturing strategy [2][4]. Financial Performance - Revenue for the first quarter reached 136.2 billion RMB, a 22% year-on-year increase, marking a historical high for the same period [2]. - Net profit under non-Hong Kong Financial Reporting Standards increased by 22% to 28.16 billion RMB, while under Hong Kong standards, net profit surged by 108% to 36.6 billion RMB [2]. - Gross profit margin decreased by 1.9 percentage points to 14.7%, attributed to changes in product mix and lower margins in the infrastructure solutions business [7]. Market Position and Growth - Lenovo achieved a global PC market share of 24.8% in Q2 2025, an increase of nearly 2 percentage points year-on-year, with shipments reaching 16.97 million units, a 15.2% increase [4]. - The Intelligent Devices Group (IDG) reported revenue of 97.3 billion RMB, a 17.8% year-on-year growth, with non-PC business revenue now accounting for 47% of total revenue [4]. - The Infrastructure Solutions Group (ISG) saw a robust revenue growth of 35.8%, significantly exceeding market expectations [4]. Strategic Initiatives - Lenovo's hybrid AI strategy aims to integrate personal and enterprise intelligence, positioning it as a key focus for the next decade [5]. - The company launched several "super intelligent agents" in May, marking a significant advancement in AI capabilities [5]. - The Chinese market, as Lenovo's global base, experienced over 35% revenue growth, contributing to a quarter of global revenue, with non-PC business revenue exceeding 54.9% [6].