Core Insights - Lenovo Group reported a record revenue of 136.2 billion RMB for the first quarter of the 2025 fiscal year, marking a 22% year-on-year increase [1] - The net profit under non-Hong Kong Financial Reporting Standards also grew by 22% to 2.816 billion RMB, while under Hong Kong standards, net profit surged by 108% to 3.66 billion RMB [1] Financial Performance - Revenue reached 18.83 billion USD, up from 15.447 billion USD, reflecting a 22% increase [2] - Gross profit increased by 8% to 2.774 billion USD, with a gross margin of 14.7%, down 1.9 percentage points from the previous year [2][8] - Operating profit rose significantly by 59% to 785 million USD, while pre-tax profit nearly doubled to 622 million USD, a 99% increase [2] - Net profit attributable to equity holders was 505 million USD, up 108% from 243 million USD [2] Business Segments - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion RMB, a 17.8% increase, driven by AI PC sales [5] - The Infrastructure Solutions Group (ISG) saw a robust revenue growth of 35.8%, significantly exceeding market expectations [6] - Non-PC business revenue accounted for 47% of total revenue, with AI-related products experiencing rapid growth [5] Market Position and Strategy - Lenovo's PC market share reached 24.8% in Q2 2025, a record high, with shipments of 16.97 million units, up 15.2% year-on-year [4] - The company emphasized the importance of China as a manufacturing hub, citing lower production costs compared to other regions [1] - Lenovo's hybrid AI strategy aims to integrate personal and enterprise intelligence, positioning the company for future growth [6] Regional Performance - Revenue in the Asia-Pacific region (excluding China) increased by 39%, while the Americas saw a 14% growth, and Europe, the Middle East, and Africa experienced a 9% increase [6] - In China, revenue grew over 35%, with non-PC business revenue surpassing 54.9% of total revenue [7]

Core Viewpoint - Investors should pay more attention to the "financial metric" that reflects the company's true operational performance, particularly the non-HKFRS net profit, as highlighted by Lenovo Group's recent financial disclosures [3][12]. Financial Performance Summary - Lenovo Group reported a non-HKFRS net profit growth of 22% year-on-year, reaching 2.816 billion RMB for Q1 of the 2025/26 fiscal year, while the HKFRS net profit saw a significant increase of 108%, amounting to 3.66 billion RMB [3][9]. - The discrepancy between the two profit metrics is attributed to the impact of fair value changes related to stock options, which can lead to non-cash fluctuations in reported profits [10][12]. Accounting Standards and Their Impact - The main accounting standards used by Hong Kong-listed companies include HKFRS, IFRS, CAS, and US GAAP, with HKFRS and IFRS being similar [6]. - The differences in profit reporting arise from the use of fair value measurements, lease accounting, financial instruments, and business combinations [6]. - Historical cases, such as Xiaomi and Meitu, illustrate how fair value changes can create misleading profit figures, affecting investor perceptions of company performance [7][8]. Cash Flow and Operational Efficiency - Lenovo Group's operating cash flow reached 1.2 billion USD, marking the highest level in 11 quarters, with free cash flow significantly rebounding to 751 million USD [16]. - The company has effectively managed its financial costs, achieving a 9% reduction in net financial costs year-on-year, and a 23% decrease when excluding convertible bond interest [16]. Investor Communication and Market Confidence - Lenovo Group's management emphasizes the importance of transparent communication with investors, encouraging them to focus on non-HKFRS metrics for a clearer understanding of operational performance [12][17]. - The strategic partnership with Saudi Arabia's PIF reflects international investors' confidence in Lenovo's long-term value and governance capabilities [16][17].

每经记者｜李少婷 每经编辑｜魏文艺 此外，杨元庆还在受访时谈到了关税的影响。"中国是我们制造的大本营，我们把它看成全球有竞争力 资源中很重要的一块。虽然我们有那么多制造基地，但如果我们比较制造成本的话，中国还是要远远优 于任何其他地方。"杨元庆表示，"中国+N"的模式是联想集团在交付能力上持久竞争力的来源。 8月14日，联想集团公布截至2025年6月30日的2025/26财年第一季度业绩：当季营收同比增长22%至 1362亿元（人民币，下同）；非香港财务报告准则下净利润同比增长22%，达28.16亿元。其中，联想 集团本财季非PC业务营收占比为47%。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 联想集团董事长兼CEO杨元庆向《每日经济新闻》记者表示，在复杂的外部环境挑战下，联想集团总营 收创下第一财季的历史新高，首先源于清晰的战略和坚定的执行。 "比如说AI PC（人工智能电脑）就是一个很好的增长驱动力，现在人工智能电脑已经占到我们所有PC 销售的接近1/3了。在中国（市场），按照我们比较严格定义的人工智能电脑，也就是不仅仅是有 GPU、NPU，而且包含了预装的大模 ...

8月14日，联想集团公布了2025/2026财政年度第一财季业绩报告：当季营收同比增长22%至188.3亿美 元，创下历史同期新高；毛利润27.74亿美元，同比增长8%；非香港财务报告准则的经营溢利6.31亿美 元，同比增长10%。 联想集团董事长兼CEO杨元庆表示，"虽然关税波动带来的影响和其他政治经济环境的挑战依然在继 续，凭借ODM+端到端运营，以及全球资源、本地交付的独特模式，兑现了前两个季度承诺的保持竞争 力不降、市场份额不掉、盈利不减的目标。" 不过，这份看似亮眼的财报以及杨元庆兑现承诺的自信似乎并未达到资本市场的预期。8月14日开盘股 价低开，快速下挫超过5%，盘中最高跌至6.86%，系今年4月7日大跌23.62%后的最大跌幅，报收10.83 港元/股。 基础设施方案亏损，毛利率创多年来新低 财报显示，联想集团三大业务期内均取得增长。其中，智能设备业务集团（IDG）营收134.6亿美元， 同比增长17.8%；基础设施方案业务集团（ISG）营收42.9亿美元，增幅达35.8%；方案服务业务集团 （SSG）营收增长19.8%至22.6亿美元。 | | 截至二零二五年 | | 截至二零二四年 | | ...

Core Insights - Lenovo Group reported a record revenue of $18.83 billion for the first quarter of the fiscal year 2025/26, marking a 22% year-on-year increase, the highest first-quarter revenue in its history [1] - The net profit attributable to equity holders increased by 108% to $505 million, while the profit under non-Hong Kong Financial Reporting Standards rose by 22% to $389 million [1] - Despite strong performance, Lenovo's stock price fell nearly 6% on the day of the earnings release, although it has risen over 50% since its low in April [1] Business Group Performance - **Intelligent Devices Group**: Revenue grew by 18% year-on-year, with segment profit increasing by 15%. The group achieved its fastest revenue growth in 15 quarters, capturing a global PC market share of 24.6%, up 1.7 percentage points from the previous year [3][2] - **Infrastructure Solutions Group**: Revenue surged by 36% year-on-year, driven by increased cloud and enterprise infrastructure investments. AI server revenue more than doubled, although the segment recorded an operating loss of $86 million due to investments in AI capabilities and infrastructure transformation [4][5] - **Solutions Services Group**: Achieved a record revenue growth of 20% year-on-year, with segment profit margin rising to 22%. The group benefited from strong demand for high-end services, with significant growth in TruScale orders [6][7] Regional Performance - The Asia-Pacific region (excluding China) saw a 39% year-on-year revenue increase, driven by strong demand for AI servers and successful market strategies in Japan and India [8] - China experienced double-digit growth, with significant contributions from the Intelligent Devices Group and Infrastructure Solutions Group [9] - The Americas region reported a 14% year-on-year revenue increase, supported by strong performance in PCs and smartphones [9] Research and Development - R&D investment increased by 10% year-on-year to $524 million, reflecting Lenovo's commitment to driving AI innovation [8] - The number of R&D personnel rose to nearly 20,000, accounting for 28% of the total workforce [8] Future Outlook - Lenovo aims to leverage unprecedented opportunities in the AI sector, focusing on hybrid AI strategies and developing scalable AI-driven solutions [10]

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the fiscal year 2025/26, achieving record revenue of $18.83 billion, a 22% increase year-on-year, despite challenges from U.S. tariff policies and geopolitical tensions [1][2][9]. Financial Performance - Revenue reached $18.83 billion, up from $15.45 billion, marking a 22% year-on-year increase [2]. - Gross profit increased to $2.77 billion, an 8% rise from $2.56 billion, but gross margin decreased by 1.9 percentage points to 14.7% [2][9]. - Operating profit surged 59% to $785 million, with pre-tax profit nearly doubling to $622 million, a 99% increase [2]. - Net profit attributable to equity holders rose 108% to $505 million, with earnings per share increasing to 4.12 cents [2][9]. Business Segments Smart Devices Business Group - Revenue grew 18% year-on-year, with segment profit increasing by 15% [5]. - Achieved a global PC market share of 24.6%, up 1.7 percentage points from the previous year [5][4]. Infrastructure Solutions Business Group - Revenue increased by 36% year-on-year, driven by strong demand for cloud and enterprise infrastructure [6]. - Despite the fastest growth rate, the segment reported an operating loss of $86 million due to investments in AI capabilities and infrastructure transformation [6][7]. Solutions Services Business Group - Recorded a 20% year-on-year revenue growth, with segment profit margin rising to 22% [8]. - Strong demand for high-end support services contributed to double-digit growth in service revenue [8]. Regional Performance - Asia-Pacific (excluding China) saw a 39% year-on-year revenue increase, driven by strong demand for AI servers and smart devices [12]. - China experienced a 36% revenue growth, with significant contributions from the smart devices and infrastructure solutions segments [12]. - The Americas region reported a 14% revenue increase, supported by strong performance in PCs and smartphones [13]. Research and Development - R&D investment increased by 10% to $524 million, reflecting the company's commitment to AI innovation [10][13]. - The number of R&D personnel grew to nearly 20,000, representing 28% of the total workforce [13]. Future Outlook - Lenovo aims to strengthen its position in the hybrid AI infrastructure market, focusing on developing scalable AI-driven solutions [15].

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the fiscal year 2025/26, with revenue reaching a record high of $18.83 billion, representing a 22% year-over-year increase, despite challenges from U.S. tariff policies and geopolitical tensions [1][2][10]. Financial Performance - Revenue for the first quarter was $18.83 billion, up from $15.45 billion in the same period last year, marking a 22% increase [2]. - Gross profit increased to $2.77 billion, an 8% rise from $2.56 billion, but gross margin decreased by 1.9 percentage points to 14.7% [2][10]. - Operating profit surged by 59% to $785 million, while net profit attributable to equity holders rose by 108% to $505 million [2][10]. - Basic and diluted earnings per share were $0.0412 and $0.0365, respectively, reflecting increases of $0.0213 and $0.0173 [2][10]. Business Segments Performance Smart Devices Business Group - Revenue grew by 18% year-over-year, with segment profit increasing by 15% [6]. - The group achieved its fastest revenue growth in 15 quarters, holding a 24.6% share of the global PC market, up 1.7 percentage points from the previous year [6][4]. Infrastructure Solutions Business Group - Revenue increased by 36% year-over-year, driven by strong demand for cloud and enterprise infrastructure [7]. - Despite the growth, the segment reported an operating loss of $86 million due to investments in AI capabilities and infrastructure transformation [7][8]. Solutions Services Business Group - Recorded a 20% year-over-year revenue growth, with segment profit margin rising to 22% [9]. - The group benefited from strong demand for high-end support services and saw significant growth in TruScale orders, particularly in infrastructure as a service [9]. Regional Performance - The Asia-Pacific region (excluding China) saw a 39% year-over-year revenue increase, driven by strong demand for AI servers and successful market strategies [14]. - China also experienced double-digit growth, with a 36% increase in revenue, supported by strong performance in PCs and tablets [14]. - In the Americas, revenue grew by 14%, bolstered by strong PC and smartphone sales [15]. Research and Development - R&D investment increased by 10% to $524 million, reflecting the company's commitment to AI innovation [11][15]. - The number of R&D personnel rose to nearly 20,000, accounting for 28% of the total workforce [15]. Future Outlook - Lenovo Group aims to strengthen its position in the hybrid AI infrastructure market, focusing on developing scalable AI-driven solutions [18].

ISG基础设施方案业务集团营收实现同比35.8%的强劲增长，其中AI基础设施业务营收同比增长155%。 SSG方案服务业务集团收入增长19.8%，再创历史新高，运营利润率达22.2%，核心利润引擎地位进一步 稳固。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%。 AI PC呈现加速渗透趋势。报告期内，联想的AI PC出货量占整体PC出货量超过30%，中国市场AI PC出 货量占比已达PC总出货量的27%。联想预计，其Windows AI PC的市场份额有望超越整体Windows PC市 场份额。 联想AI PC中内置的"天禧"个人超级智能体的用户活跃度显著提升，WAU（每周活跃用户比例）平均值 达40%。联想也正加速推进构建统一AI入口，探索跨终端、跨生态的智能体验新范式。 8月14日，联想集团公布截至2025年6月30日的2025/26财年第一季度业绩：当季营收同比增长22%至 1362亿元，创下历史同期新高；非香港财务报告准则下净利润同比增长22%，达28.16亿元。AI PC、AI 基础设施等业务表现亮眼，混合式AI战略稳步实现业绩兑现。 IDG智能设备业务集团实现营收 ...

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the 2025 fiscal year, with revenue and net profit both showing significant year-on-year growth, driven by robust demand across its three main business segments [1][3]. Financial Performance - Revenue for the first quarter reached 136.2 billion RMB, a 22% increase year-on-year, marking a historical high for the same period [1]. - Net profit under non-Hong Kong financial reporting standards grew by 22% to 2.816 billion RMB, while under Hong Kong financial reporting standards, net profit surged by 108% to 3.66 billion RMB [1]. - Gross margin decreased by 1.9 percentage points to 14.7%, attributed to changes in product mix and lower margins in the infrastructure solutions group [3]. Business Segments - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion RMB, a 17.8% increase, with the PC business achieving its fastest growth in 15 quarters [1]. - The Infrastructure Solutions Group (ISG) saw revenue growth of 35.8%, although it remains in a loss position [3]. - The Solutions and Services Group (SSG) reported a revenue increase of 19.8%, with an operating profit margin of 22.2% [1]. Market Position - Lenovo maintained its position as the global leader in PC shipments with a market share of 24.8%, achieving a shipment volume of 17 million units, a 15.2% increase year-on-year [6]. - The overall PC market grew by 8.4%, driven by replacement demand and preemptive purchases by enterprise clients [6]. Regional Performance - Revenue in the Asia-Pacific region (excluding China) increased by 39%, while the Americas saw a 14% growth, and Europe, the Middle East, and Africa experienced a 9% increase [5]. - The Chinese market achieved a remarkable 36% revenue growth, setting historical records for both revenue and profit [5]. Strategic Insights - The CEO highlighted that AI is creating unprecedented growth opportunities, with AI PC sales now accounting for one-third of total PC sales, surpassing previous expectations [2][3]. - The company is committed to investing in traditional enterprise business transformations, cloud computing, and AI infrastructure innovation despite short-term profitability pressures [3].

Core Viewpoint - Lenovo Group reported strong financial results for Q2 2025, with revenue of $18.83 billion, a 22% increase year-over-year, and a net profit of $5.38 billion, up 112% from the previous year [2][3]. Financial Performance - Revenue for Q2 2025 reached $18.83 billion, compared to $15.447 billion in the same period last year, marking a 22% growth [2]. - Operating profit was $785 million, up 59% from $494 million year-over-year [2]. - Net profit for the period was $538 million, a significant increase from $253 million in the previous year, reflecting a 112% growth [2]. - Non-Hong Kong Financial Reporting Standards indicated a profit attributable to equity holders of $389 million, also a 22% increase [2]. Business Strategy and Market Position - The company emphasized maintaining competitiveness and market share despite challenges from tariffs and political-economic factors [5][8]. - Lenovo has established a global manufacturing footprint with over 30 manufacturing bases in more than ten countries, enabling a "global resources, local delivery" model [8]. - The company highlighted China as a key manufacturing hub due to its cost advantages compared to other regions [8]. Growth Drivers - Lenovo's diverse business segments contributed to growth, with non-PC business revenue accounting for 47% of total revenue [4]. - The personal computer segment saw a 20% growth, the fastest in 15 quarters, driven by strong demand for AI PCs, which now represent nearly one-third of all PC sales [6][12]. - AI-driven products, including AI PCs and servers, are significant growth engines, with AI server revenue increasing by over 155% [7]. Future Outlook - The company expects continued high single-digit market growth in the PC sector, driven by factors such as the transition to Windows 11 and the increasing demand for AI PCs [12]. - Lenovo is committed to increasing R&D investments, particularly in AI technologies, to enhance product competitiveness [9]. - The mixed AI strategy aims to integrate public and private AI solutions, enhancing user experience and operational efficiency across various sectors [13][14]. Investor Communication - The company plans to focus on non-Hong Kong Financial Reporting Standards for a clearer reflection of operational performance, especially in light of recent financial instruments affecting reported profits [10]. - Lenovo's strategic execution and supply chain capabilities are positioned to drive growth despite external uncertainties, with a focus on communicating progress to investors [16].