来源：滚动播报 联想首席执行官：已制定基础设施解决方案业务盈利路线图。 ...

Q2FY26 Earnings Announcement November 20, 2025 2025 Lenovo Internal. All rights reserved. 2025 Lenovo Internal. All rights reserved. Forward-Looking Statement This presentation contains "forward-looking statements", which are statements that refer to the expectations and plans for the future and include, without limitation, statements regarding Lenovo's future results of operations, financial condition or business prospects as well as other statements based on projections, estimates and assumptions. In some ...

Core Viewpoint - The Hong Kong technology stocks experienced a broad rally, with the Hang Seng Technology Index opening up by 0.7% on November 20, 2023 [1] Group 1: Stock Performance - Baidu Group (SW) saw an increase of 3.24%, with a year-to-date gain of 38.81% and a total market capitalization of 315.72 billion [2] - Hua Hong Semiconductor rose by 3.17%, marking a significant year-to-date increase of 283.37%, with a market cap of 144.08 billion [2] - ASMPT increased by 2.93%, with a year-to-date gain of 3.94% and a market cap of 32.17 billion [2] - Kuaishou (W) rose by 2.52%, with a year-to-date increase of 59.21% and a market cap of 281.44 billion [2] - Lenovo Group increased by 2.49%, with a year-to-date gain of 0.97% and a market cap of 122.43 billion [2] - BYD Electronics rose by 2.19%, but has a year-to-date decline of 18.95%, with a market cap of 75.66 billion [2] - SMIC (中芯国际) increased by 2.19%, with a year-to-date gain of 134.59% and a market cap of 596.81 billion [2] - Horizon Robotics (W) saw an increase of 1.87%, with a year-to-date gain of 111.94% and a market cap of 111.79 billion [2] - Tongcheng Travel rose by 1.78%, with a year-to-date increase of 20.53% and a market cap of 51.02 billion [2] - JD Health increased by 1.64%, with a year-to-date gain of 142.70% and a market cap of 218.34 billion [2] - Midea Group rose by 1.56%, with a year-to-date increase of 23.19% and a market cap of 673.98 billion [2] - SenseTime (W) increased by 1.43%, with a year-to-date gain of 42.95% and a market cap of 82.38 billion [2] - Alibaba (W) rose by 1.21%, with a year-to-date increase of 96.77% and a market cap of 3 trillion [2] - Meituan (W) saw a smaller increase of 0.97%, with a year-to-date decline of 34.77% and a market cap of 604.73 billion [2]

Core Viewpoint - Lenovo Group reported a strong performance for the second fiscal quarter of 2025/26, with revenue reaching 146.4 billion RMB, a 15% year-on-year increase, and adjusted net profit growing by 25% to 3.66 billion RMB, significantly exceeding market expectations. This reflects the company's resilience and strategic clarity in a complex environment [1][9]. Group Performance - The company achieved double-digit revenue growth across all business groups and regions, with the Intelligent Devices Group (IDG) revenue at 108.1 billion RMB, a 12% increase, and a historic PC market share exceeding 25% for the first time [2][9]. - The Infrastructure Solutions Group (ISG) reported revenue of approximately 29.3 billion RMB, up 24% year-on-year, driven by significant growth in AI infrastructure [2][9]. - The Solutions and Services Group (SSG) experienced nearly 20% revenue growth, marking the 18th consecutive quarter of double-digit growth while maintaining high profit margins [2][9]. AI Business Growth - AI-related revenue now constitutes 30% of total revenue, up 13 percentage points year-on-year, indicating that AI has become a substantial contributor to Lenovo's performance [2][9]. - In the personal smart devices sector, Lenovo's AI PC market share reached 31.1%, maintaining its position as the global leader, with AI terminal revenue accounting for 36% of IDG's total revenue, a 17 percentage point increase [3][7][9]. Strategic Positioning - Lenovo's mixed AI strategy is seen as a unique advantage, addressing both personalized user experiences and enterprise needs for secure, scalable deployments. This includes a comprehensive product offering from AI PCs to AI infrastructure and solutions [4][11]. - The company plans to leverage its "global resources, local delivery" model to navigate uncertainties and capitalize on the growth opportunities presented by mixed AI [5][11]. Future Outlook - The global AI market is transitioning from a "model explosion phase" to a "value realization phase," with Lenovo positioned to benefit from this shift through its innovative product and service offerings [4][11]. - The company anticipates continued demand acceleration in both personal and enterprise intelligence sectors, aiming for a new growth cycle driven by technology and improved business structure [4][11].

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of FY2025/26, reaching 146.4 billion RMB, marking a record high for the quarter and significantly exceeding market expectations [1] - The Infrastructure Solutions Group (ISG) generated approximately 29.3 billion RMB in revenue, reflecting a 24% year-on-year increase, maintaining a growth trend over multiple quarters [1] - The ISG operating profit margin improved by 0.3 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, indicating a stabilization and recovery in business profitability [1] - The cloud infrastructure business achieved a historical high in revenue for the same period, with AI infrastructure business experiencing rapid growth and high double-digit revenue increase in AI servers, supported by strong order reserves for future deliveries [1] Industry Insights - The demand for high-performance computing is rapidly increasing, while energy consumption and heat dissipation challenges in data centers are becoming critical growth constraints [2] - Lenovo's liquid cooling technology revenue surged by 154% year-on-year, maintaining a leading position in global green computing [2] - The "Sea God" liquid cooling solution features a 100% full-cover cold plate design, reducing system power consumption by 40% compared to traditional air cooling, with a PUE value dropping below 1.1 [2] - The newly launched "dual-loop" phase change immersion cooling system enhances heat dissipation capabilities, doubling the efficiency compared to traditional solutions, with a system PUE as low as 1.035 [2] - As the global AI landscape shifts towards a focus on inference over training, there will be a rapid increase in demand for local inference, industry-specific AI, and high-efficiency infrastructure [2] - Lenovo ISG has established a stronger competitive barrier in the hybrid AI infrastructure sector, leveraging its dual-track strategy covering both cloud and enterprise infrastructure, which is expected to continue driving high-quality growth momentum [2]

Core Insights - Lenovo Group reported a record revenue of 146.4 billion RMB for Q2 of FY 2025/26, marking a 15% year-on-year increase, significantly exceeding market expectations [1] - Adjusted net profit rose by 25% to 3.66 billion RMB, with profit growth outpacing revenue growth [1] - AI-related business revenue now constitutes 30% of total revenue, up 13 percentage points year-on-year, indicating AI's transition from a supportive role to a core growth driver for Lenovo [1] Business Segment Performance - The Intelligent Devices Group (IDG) achieved revenue of 108.1 billion RMB, a 12% increase year-on-year, with AI terminal devices accounting for 36% of IDG's total revenue, up nearly 17 percentage points [1] - The Infrastructure Solutions Group (ISG) reported revenue of approximately 29.3 billion RMB, a 24% year-on-year increase, with AI infrastructure revenue showing significant double-digit growth and a 154% increase in revenue from liquid cooling technology [2] - The Solutions and Services Group (SSG) experienced nearly 20% revenue growth, marking the 18th consecutive quarter of double-digit growth, with AI services achieving triple-digit revenue growth [2] Strategic Outlook - Lenovo's Chairman and CEO, Yang Yuanqing, emphasized the company's record performance in Q2 and the positive progress in both personal and enterprise intelligence sectors [2] - The company plans to leverage its unique "global resources, local delivery" model to navigate uncertainties and capitalize on the growth opportunities presented by hybrid AI [2]

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of FY2025/26, reaching 146.4 billion RMB, marking a historical quarterly high and significantly exceeding market expectations [1] - The IDG smart device business group showed strong performance with revenue of 108.1 billion RMB, a 12% increase year-on-year, benefiting from the accelerated recovery of the global PC market [1] - AI terminal devices accounted for 36% of IDG's total revenue, a significant increase of 17 percentage points year-on-year, becoming a key growth driver [1] Financial Performance - IDG's operating profit grew by 11% year-on-year, maintaining an industry-leading operating profit margin, showcasing Lenovo's systematic advantages in product structure, high-end positioning, and global supply chain efficiency [1] - Lenovo's market share in personal computers surpassed 25% for the first time, leading HP by 5.7 percentage points, further solidifying its dominance in the edge AI market [1] Market Trends - Despite previous doubts about the PC market's growth, actual industry growth rates have consistently exceeded third-party forecasts, particularly with the accelerated penetration of AI PCs [2] - AI PCs typically have an average selling price 5%-10% higher than traditional PCs, presenting significant structural opportunities for hardware manufacturers [2] - IDC predicts that AI PCs will account for 70% of global PC shipments by 2027, suggesting that Lenovo's current market leadership could translate into revenue growth over the next two years [2] Product Development - Lenovo's smartphone business also showed robust growth, with Motorola smartphone shipments reaching a ten-year high, enhancing Lenovo's competitiveness in the mobile ecosystem [2] - The company plans to continue its "one body, multiple ends" strategy, accelerating the comprehensive upgrade of AI device systems, with a global personal super-intelligent entity set to debut next year [2] - Lenovo aims to transition devices from "smart devices" to "smart twins," fostering native collaboration across PCs, smartphones, and tablets to create a unified personal intelligent entry point [2]

11月20日早间，联想集团(00992.HK)发布2025/26财年第二季度业绩：当季营收同比增长15%至1464亿元 人民币，创下季度历史新高，远超市场预期。本季度，SSG解决方案与服务业务集团营收同比提升 18%，连续第18个季度保持双位数增长，运营利润率超过22%，继续稳居集团三大业务中利润率最高的 业务单元，对整体盈利的贡献进一步提升。 围绕混合式AI战略，SSG重点发力人工智能相关服务与方案。本季度，AI服务收入实现三位数增长，成 为推动业务规模与价值双提升的重要增量来源。 从业务结构看，SSG的"高附加值曲线"持续向上。项目与解决方案服务业务及运维服务业务合计在SSG 整体营收中的占比已提升至约60%，较去年同期再上一个百分点。其中项目与解决方案业务实现了约 13%的同比增长，体现出以行业场景为抓手的AI解决方案正在进入可复制、可放大的阶段。 同时，SSG在运维服务上继续跑出加速度。TruScale的DaaS(设备即服务)实现营收同比增长43%，继续 保持强劲增长势头，IaaS(基础设施即服务)同样保持收入55%的强劲增长，并加强模块化服务以满足客 户需求。 在混合式人工智能优势集架构下，SSG凭 ...

在混合式人工智能优势集架构下，SSG凭借"AI模型工厂、AI应用库与AI服务"等核心能力，在关键垂直 行业和通用解决方案领域打造可复制、可扩展的人工智能解决方案，加速企业AI普惠。同时，SSG凭借 高附加值、高利润率，为联想提供超越硬件周期的增长动能，巩固其作为联想长期利润与增长"压舱 石"的战略地位。 围绕混合式AI战略，SSG重点发力人工智能相关服务与方案。本季度，AI服务收入实现三位数增长，成 为推动业务规模与价值双提升的重要增量来源。 11月20日早间，联想集团(00992)发布2025/26财年第二季度业绩：当季营收同比增长15%至1464亿元人 民币，创下季度历史新高，远超市场预期。本季度，SSG解决方案与服务业务集团营收同比提升18%， 连续第18个季度保持双位数增长，运营利润率超过22%，继续稳居集团三大业务中利润率最高的业务单 元，对整体盈利的贡献进一步提升。 同时，SSG在运维服务上继续跑出加速度。TruScale的DaaS(设备即服务)实现营收同比增长43%，继续 保持强劲增长势头，IaaS(基础设施即服务)同样保持收入55%的强劲增长，并加强模块化服务以满足客 户需求。 从业务结构看， ...

Group 1 - Lenovo Group achieved a global market share of 31.1% in the Windows AI PC segment, maintaining its position as the market leader [1] - In mainland China, Lenovo's AI PCs, characterized by "five AI features," accounted for 30% of notebook shipments [1]