Group 1 - Lenovo Group reported a 22% year-on-year revenue growth in Q1 of FY 2025/26, reaching 136.2 billion RMB, marking a historical high for the same period [1] - Net profit under non-Hong Kong financial reporting standards increased by 22% to 2.816 billion RMB, indicating a significant enhancement in profitability [1] - The global IT services market is expected to grow by 4.6% in 2025, with a compound annual growth rate (CAGR) of 7.8% from 2024 to 2027, driven by ongoing digital and intelligent transformation [1] Group 2 - SSG revenue increased by 19.8% year-on-year to 16.3 billion RMB, achieving a historical high, with an operating profit margin of 22.2%, up 1.2 percentage points [1] - Support services revenue grew by 12.2%, while operations and maintenance services and project solutions saw significant increases of 36% and 18.3% respectively, contributing to nearly 60% of SSG's overall revenue [1] - DaaS (Device as a Service) emerged as a core growth and profit engine for the quarter, with TruScale IaaS achieving over 200% year-on-year growth [2] Group 3 - The demand for AI-driven solutions is strong, particularly in manufacturing and supply chain sectors, with over 92% of enterprises planning to increase AI service investments within three years [1][2] - SSG aims to enhance its capabilities under a hybrid AI advantage framework, focusing on digital office solutions, hybrid cloud, and sustainable development [2] - SSG plans to develop more simple, efficient, and scalable AI solutions in vertical fields to meet urgent customer needs and fully leverage Lenovo's hybrid AI advantages [2]

Core Insights - Lenovo Group reported a 22% year-on-year revenue growth in Q1 of the fiscal year 2025/26, reaching 136.2 billion RMB, marking a historical high for the same period [1] - The net profit under non-Hong Kong financial reporting standards increased by 22% year-on-year to 2.816 billion RMB, indicating a significant enhancement in profitability [1] - The global demand for AI infrastructure continues to grow, with the server market expected to increase by 44.6% in 2025, driven by substantial growth in the US and China markets [1] Financial Performance - The ISG infrastructure solutions business achieved a robust 36% year-on-year revenue growth, supported by a dual-track strategy of cloud and enterprise infrastructure development [1] - AI infrastructure business experienced explosive growth with a 155% year-on-year revenue increase, and order reserves showed strong performance [1] - In the Chinese market, ISG maintained rapid growth with a 76% year-on-year revenue increase and a 3 percentage point improvement in operating profit margin [1] Future Outlook - Lenovo plans to continue investing in product development for AI infrastructure and enhance the competitiveness of enterprise-level infrastructure [2] - The demand for high-performance and flexible hybrid AI infrastructure is expected to rise as enterprises accelerate their digital transformation [2] - With a solid dual-track strategy, advanced technology accumulation, and a global customer base, ISG business is projected to achieve sustainable growth and continuous improvement in profitability in the medium to long term [2]

非PC业务营收占比升至47%，业务结构持续优化；研发投入实现超10%的双位数增长，进一步推动个人 智能与企业智能创新。 个人智能方面，联想继续巩固在全球AI PC市场的领导地位，并在中国推出搭载"天禧"个人超级智能体 的AI PC产品，强化了端侧推理、高能效与隐私保护等差异化优势。报告期内，联想的AI PC出货量占 整体PC出货量超过30%，中国市场具备五大特征的AI PC出货量占比已达笔记本总出货量的27%，"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。 企业智能方面，联想集团正在构建以混合云平台、智能体管理平台和行业垂直解决方案库为核心的全栈 AI产品体系，助力客户加速部署企业级智能体。继在中国率先发布"乐享"企业超级智能体后，联想正在 构建人工智能模型工厂，开发智能体平台，以推进联想混合式人工智能优势集的全面落地。报告期内， 联想集团AI基础设施业务营收同比增长155%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新浪科技讯 8月14日上午消息，联想集团公布截 ...

Group 1 - Lenovo Group reported a 22% year-on-year revenue growth in Q1 of FY2025/26, reaching 136.2 billion RMB, marking a historical high for the first fiscal quarter [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, it doubled to 3.66 billion RMB, indicating a significant enhancement in profitability [1] - All business segments and regions achieved double-digit growth, showcasing a strong start to the fiscal year [1] Group 2 - Lenovo established a forward-looking hybrid AI technology path in 2023, aiming to realize the vision of AI democratization [2] - The acceleration of AI applications is evidenced by the recent impressive performances of companies like Meta and OpenAI, indicating that the AI industry is entering a "value realization phase" [2] - Lenovo's dual-engine growth in personal and enterprise intelligence contributed to its robust performance, with AI playing a substantial role in revenue generation [2] Group 3 - In personal intelligence, Lenovo solidified its leadership in the global AI PC market, with AI PCs accounting for over 30% of total shipments and a 31% market share in the global Windows AI PC segment [3] - The introduction of the "Tianxi" personal super intelligent agent has significantly increased user engagement, with a weekly active user ratio averaging 40% [3] - The accelerated penetration of AI PCs has also driven growth in high-end PC shipments and average selling prices, with the intelligent device business group achieving nearly 100 billion RMB in revenue, a year-on-year increase of 18% [3] Group 4 - In enterprise intelligence, Lenovo is building a comprehensive AI product system centered around hybrid cloud platforms and intelligent management solutions [4] - The ISG infrastructure solutions business group saw a revenue increase of 35.8%, with AI infrastructure revenue growing by 155% year-on-year, indicating strong order reserves [4] - Lenovo's "super intelligent agent," launched at the Tech World conference, features core capabilities of perception, cognition, and autonomous learning, aiming to create a user-centric AI ecosystem [4] Group 5 - Looking ahead, Lenovo plans to continue executing its hybrid AI strategy and innovate in personal and enterprise intelligence products to enhance operational competitiveness and achieve sustainable growth [5] - The company will host its largest-ever Lenovo Tech World innovation conference in Las Vegas on January 6, showcasing its latest technological breakthroughs [5]

得益于多元化增长引擎的持续加速，联想集团本财季非PC业务营收占比进一步提升至47%，驱动集团 增长结构更趋均衡的同时，也为公司混合式AI的纵深布局提供了坚实的业务基础。如今，联想正加速 撬动"AI+终端"这一核心飞轮——以PC为支点，带动IDG、ISG、SSG多业务协同增长，形成从个人智能 到企业智能的正向飞轮效应。 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，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28.16亿元人民 币，盈利能力显著增强，赢得"开门红"，并成功兑现了此前"竞争力不降、市场份额不掉、盈利不减"的 承诺。 本财季，联想三大主营业务集团均实现双位数增长。IDG智能设备业务集团实现营收973亿元人民币， 同比增长17.8%；ISG基础设施方案业务集团营收实现35.8%的强劲增长；SSG方案服务业务集团收入增 长19.8%再创新高，运营利润率达22.2%，核心利润引擎地位进一步稳固。 联想的AI基础设施业务近期亦获得多家机构看好。摩根大通在8月发布的研报指出，中长期来看，联想 进入AI服务器市场 ...

Core Viewpoint - Lenovo Group reported a strong performance in Q1 of the 2025/26 fiscal year, achieving a record revenue of 136.2 billion RMB, a 22% year-on-year increase, and a significant net profit growth of 22% to 2.816 billion RMB, indicating robust operational capabilities [1][2] Financial Performance - Revenue for the first quarter reached 136.2 billion RMB, marking a historical high for the same period [1] - Net profit under non-Hong Kong Financial Reporting Standards increased by 22% to 2.816 billion RMB, while under Hong Kong Financial Reporting Standards, net profit surged by 108% to 3.66 billion RMB, primarily due to non-cash gains from stock option valuations [1] - The company emphasized that non-Hong Kong Financial Reporting Standards provide a clearer reflection of its core operational performance [1] Business Segments Growth - All three main business groups of Lenovo experienced double-digit growth, capitalizing on structural growth opportunities brought by AI [2] - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion RMB, a 17.8% increase, with PC business achieving its fastest growth in 15 quarters [2] - The Infrastructure Solutions Group (ISG) saw a robust revenue growth of 35.8%, while the Solutions and Services Group (SSG) reported a 19.8% increase in revenue, with an operating profit margin of 22.2% [2] Strategic Focus - Lenovo's non-PC business revenue share increased to 47%, indicating a more balanced growth structure and providing a solid foundation for its hybrid AI strategy [2] - The company aims to leverage the "AI + terminal" synergy, using PCs as a pivot to drive collaborative growth across IDG, ISG, and SSG, creating a positive feedback loop from personal to enterprise intelligence [2] - Lenovo's Chairman and CEO, Yang Yuanqing, stated the commitment to advancing its hybrid AI strategy and enhancing operational competitiveness for sustainable growth and profit improvement [2]

2025年8月14日——全球数字经济领导企业联想集团(00992)（ADR：LNVGY）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，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28.16亿元人民币，盈利能力显著增强，赢得新财年"开门红"的 强劲起势。 这一亮眼业绩，正是在特朗普关税战对全球贸易和供应链开始造成巨大扰动期间取得，因此殊为不易。 同时也兑现了管理层在上一季的承诺：面对复杂地缘政治环境挑战，联想集团将凭借ODM+端到端运 营，以及"全球资源、本地交付"的独特模式，"竞争力不降、市场份额不掉、盈利不减"。 不仅如此，在全球AI竞赛正如火如荼的市场环境中，联想集团三大主营业务集团均把握住了AI所带来 的结构性增长机遇，加速迈进"价值兑现期"：IDG智能设备业务集团实现营收973亿元人民币，同比增 长17.8%，其中PC业务更是创下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%的强 劲增长；SSG方案服务业务集团收入增长19.8%再创新高，运营利润率达22.2%，核心利润引擎地位进一 步稳固。 得益于 ...

Core Insights - Lenovo Group reported a strong Q1 performance for the fiscal year 2025/26, with revenue reaching 136.2 billion RMB, a 22% year-on-year increase, marking a historical high for the same period [1][5] - The company achieved a net profit of 2.816 billion RMB under non-Hong Kong Financial Reporting Standards, also a 22% increase year-on-year, demonstrating enhanced profitability [1][6] - Lenovo's diversified growth strategy has led to a 47% revenue contribution from non-PC businesses, indicating a balanced growth structure and solid foundation for its AI initiatives [2][6] Financial Performance - Revenue for the first quarter reached 136.2 billion RMB, a 22% increase year-on-year, setting a record for the first fiscal quarter [5] - Non-Hong Kong Financial Reporting Standards net profit increased by 22% to 2.816 billion RMB, while under Hong Kong standards, net profit doubled to 3.66 billion RMB due to stock price fluctuations [4][6] - The IDG smart device business group saw a revenue increase of 17.8%, with a PC market share of 24.6%, the highest in history [6][7] Business Segments IDG (Intelligent Devices Group) - IDG achieved a revenue of 97.3 billion RMB, a 17.8% year-on-year growth, with AI PCs driving significant market performance [6][7] - AI PC shipments accounted for over 30% of total PC shipments globally, with a notable 27% share in the Chinese market [3][7] - The global PC market is recovering, with a 6.5% year-on-year increase in shipments, supported by Windows 11 upgrade demand [6][7] ISG (Infrastructure Solutions Group) - ISG reported a robust revenue growth of 35.8%, with AI infrastructure revenue increasing by 155% year-on-year [6][9] - The dual-track strategy of cloud and enterprise infrastructure is driving ISG's strong performance, particularly in the Chinese market, where revenue grew by 76% [9][10] - The global server market is projected to grow by 44.6% in 2025, with significant demand for AI infrastructure [9][10] SSG (Solutions and Services Group) - SSG achieved a revenue increase of 19.8% to 16.3 billion RMB, with an operating profit margin of 22.2% [11][12] - High-value services now account for nearly 60% of SSG's revenue, with support services and operational services showing strong growth [11][12] - DaaS (Device as a Service) is becoming a core growth engine, with significant demand for flexible service models [12] Strategic Initiatives - Lenovo is accelerating its "AI + terminal" strategy, leveraging its PC business to drive growth across IDG, ISG, and SSG [2][3] - The company is investing over 10% more in R&D to enhance its competitive edge in the mixed AI landscape [2][4] - Lenovo aims to create a unified AI experience across devices, enhancing user engagement and operational efficiency [3][8]

Core Insights - Lenovo Group reported a strong Q1 performance for the fiscal year 2025/26, with revenue reaching 136.2 billion RMB, a 22% year-on-year increase, marking a historical high for the first quarter [1][5] - The company achieved a net profit of 2.816 billion RMB under non-Hong Kong Financial Reporting Standards, also a 22% increase year-on-year, demonstrating enhanced profitability [1][6] - Lenovo's performance is notable given the challenges posed by the Trump tariff war affecting global trade and supply chains, showcasing the company's resilience [1] Business Segments Summary IDG (Intelligent Devices Group) - IDG's revenue reached 97.3 billion RMB, a 17.8% year-on-year growth, with PC business achieving the fastest growth in 15 quarters [2][7] - The global PC market is recovering, with Lenovo holding a 24.6% market share, an increase of 3.9 percentage points from the second place [7] - AI PCs are driving growth, with Lenovo's AI PC shipments accounting for over 30% of total PC shipments globally, and 27% in the Chinese market [8] ISG (Infrastructure Solutions Group) - ISG's revenue grew by 35.8%, with AI infrastructure revenue increasing by 155% year-on-year, reflecting strong demand for AI solutions [2][10] - The company is focusing on a dual-track strategy in cloud and enterprise infrastructure, which is expected to sustain growth and profitability [11] SSG (Solutions and Services Group) - SSG achieved a revenue increase of 19.8% to 16.3 billion RMB, with an operating profit margin of 22.2%, solidifying its position as a core profit engine [12] - High-value services now account for nearly 60% of SSG's revenue, with significant growth in operational services and project solutions [12][13] - DaaS (Device as a Service) has become a key growth driver, reflecting customer demand for flexible service models [13] Strategic Initiatives - Lenovo is committed to its hybrid AI strategy, investing over 10% more in R&D to enhance its competitive edge in both personal and enterprise intelligence [3][4] - The company is building a comprehensive AI product ecosystem, focusing on mixed cloud platforms and industry-specific solutions to accelerate enterprise-level AI deployment [4][10] - Lenovo aims to create a unified AI experience across devices, enhancing user engagement and operational efficiency [9]

每经AI快讯，8月14日，联想集团在港交所发布截至2025年6月30日止的第一财季业绩报告显示，公司 第一财季营收188.3亿美元，同比增长22%。第一财季净利润5.05亿美元，同比增长108%。 ...