Core Viewpoint - Company maintains a "Buy" rating for Lenovo Group (00992) due to better-than-expected performance, with revenue and adjusted net profit growing by 14.58% and 25.18% year-on-year respectively, driven by accelerated penetration of AIPC and strong AI server business [1] Performance Overview - For FY25/26 Q2, the company reported revenue of $20.452 billion, up 14.58% year-on-year, and adjusted net profit of $512 million, up 25.18% year-on-year, with net profit significantly exceeding expectations [1] IDG Smart Device Business Group - The PC business performed well, with the IDG segment achieving revenue of $15.107 billion, a year-on-year increase of 11.79%. PC revenue was approximately $11.1 billion, growing 17.58% year-on-year, surpassing IDC's reported global PC shipment growth of 10.32% for Q3 [2] - AIPC's global shipment accounted for 33% of total PC shipments, with a 30% share in the domestic market for notebooks, reflecting a 3 percentage point increase from the previous quarter [2] ISG Infrastructure Solutions - The ISG segment reported revenue of $4.087 billion for FY25/26 Q2, a year-on-year increase of 23.65%. AI servers showed double-digit growth, with strong order reserves, and revenue from liquid cooling technology surged by 154% year-on-year [3] Gross Margin and Supply Chain Management - The gross margin for FY25/26 Q2 was 15.39%, up 0.66 percentage points quarter-on-quarter, indicating effective progress in the AI server business transformation. The company has a robust supply chain and has developed comprehensive strategies to address component price increases [4] Profit Forecast - The company maintains its previous profit forecast, expecting revenues of $79.49 billion, $91.55 billion, and $105.24 billion for FY25/26 to FY27/28, with net profits of $1.67 billion, $2.03 billion, and $2.43 billion respectively, supported by its leading position in the PC market and strong growth in AI servers [5]

公司发布FY25/26Q2财报，超预期。FY25/26Q2实现营业收入204.52亿美元，同比+14.58%;实现调整后 的净利润5.12亿美元，同比+25.18%，由于净利润受到认股权证公允价值变动的影响较大，因此重点关 注调整后的净利润。整体来看，公司收入小幅超预期，净利润大超预期。 IDG智能设备业务集团 申万宏源发布研报称，维持联想集团(00992)"买入"评级，业绩超预期，营收和调整后净利润分别同比 增长14.58%和25.18%。增长主要由AIPC加速渗透(全球出货量占比达33%)和AI服务器业务强劲驱动(收 入同比增23.65%)，公司预计AI趋势将延续高景气 申万宏源主要观点如下： 业绩表现 ISG基础设施解决方案 AI服务器双位数高增，后续将维持高景气。FY25/26Q2ISG板块实现营业收入40.87亿美元，同比 +23.65%。拆分来看，AI服务器高两位数增长，订单储备情况良好;海神液冷技术收入同比大增154%， 公司AI服务器业务转型持续推进，预计在规模效应+全球供应链体系的加持下，ISG板块将实现扭亏。 FY25/26Q2公司毛利率为15.39%，环比+0.66pcts，验证公司AI ...

Core Insights - Lenovo's China region achieved record revenue for the first half of the fiscal year 2025/2026 (April to September 2025) [1] Group 1: Financial Performance - Lenovo's enterprise business group saw both revenue and net profit grow significantly in double digits [1] - Infrastructure revenue increased by 42% year-on-year [1] - The PC market share for the small and medium-sized enterprise business group reached 30.9%, marking a historical high for the same period [1] Group 2: Consumer Business - The consumer business group achieved a PC sales market share of 36.6%, setting a new historical record [1] - Consumer tablets and smartphones experienced year-on-year growth of 121% and 28%, respectively, driven by the "one body, multiple ends" strategy [1] Group 3: Infrastructure and Services - The infrastructure business group continued to maintain rapid growth, with servers performing well in the E/SMB market and experiencing high growth in the CSP market [1] - The solution service business group is leading the market, with IT services ranked first in China, widening the gap with the second place [1] - The urban super-intelligent body has been implemented in ten cities [1] - The Baijing intelligent body 2.0 mobile version was released, with comprehensive upgrades to L3 in AI operations, AI office, and AI marketing scenarios [1] - The "Xiang Bang Bang" intelligent body expanded its new customer base by 4.4 million in six months [1]

Group 1 - The smart electric vehicle business of Xiaomi Group achieved its first quarterly profit, with a record high profit in Q3 2025, reporting revenue of approximately 113.1 billion RMB, a year-on-year increase of 22.3% [4][5] - The automotive segment saw a significant increase in revenue, reaching 283 billion RMB in Q3 2025, a year-on-year growth of 197.9%, driven by an increase in delivery volume and average selling price (ASP) [7] - The IoT and lifestyle products segment maintained year-on-year growth, achieving revenue of 276 billion RMB in Q3 2025, despite subsidy reductions [6] Group 2 - Top Group reported a revenue of 209.28 billion RMB for the first three quarters of 2025, a year-on-year increase of 8.14%, with a notable growth in the automotive electronics business [10] - The company’s Q3 2025 revenue reached 79.94 billion RMB, reflecting a quarter-on-quarter increase of 11.53%, primarily due to increased sales from key customers [10][11] Group 3 - Baidu Group's total revenue for Q3 2025 was approximately 311.74 billion RMB, a year-on-year decline of 7%, influenced by decreases in online marketing and iQIYI revenues [13][15] - The AI-driven marketing services within Baidu's core business saw a significant increase, with revenue reaching 28 billion RMB, a year-on-year growth of 262% [15] Group 4 - XPeng Motors reported a revenue of 203.8 billion RMB in Q3 2025, a year-on-year increase of 101.8%, with automotive revenue contributing 180.5 billion RMB [19][20] - The company expects Q4 2025 deliveries to reach between 125,000 and 132,000 units, representing a year-on-year growth of 36.6% to 44.3% [21] Group 5 - Lenovo Group reported a revenue of approximately 204.52 billion USD for FY2026Q2, a year-on-year increase of 15%, with AI-related business revenue accounting for 30% of total revenue [24][25] - The infrastructure solutions group within Lenovo saw a revenue increase of 24%, driven by new customer acquisitions and business transformations [26] Group 6 - The AIDC storage report indicates a high demand in the industry, with significant growth expected in the data center storage market, projected to reach 212 GWh globally by 2030 [28][29] - The report highlights that data center storage has shifted from being an optional configuration to a necessity, driven by increasing power density and load demands [29][30]

同时认为，联想集团AI基础设施业务强劲增长，今财季内，集团云基础设施业务收入创同期历史新 高，AI服务器收入亦实现高双位数增长。 中金发布研报称，维持联想集团(00992)目标价14.8港元及"跑赢行业"评级，仍有52%的上行空间，暂维 持2026-2027财年盈测不变，整体业绩超该行预期，主因三大业务集团及全区域市场均实现双位数收入 增长，AI相关收入业务收入占比同比升13个百分点至30%，及运营利润率的提升。 面对上游核心元器件涨价，该行认为，集团在上游储存供应紧张、涨价压力下，拥有灵活的供应链管 理、与关键元器件供应商长期合作关系，也建立了灵活的价格调整机制，具较强的风险吸收能力。集团 亦对2026下半财年PC收入实现双位数的同比增长有信心。 ...

Core Viewpoint - CICC maintains Lenovo Group's target price at HKD 14.8 with an "outperform" rating, indicating a 52% upside potential, while keeping the earnings forecast for FY2026-2027 unchanged due to overall performance exceeding expectations [1] Group Performance - Lenovo's three major business groups and all regional markets achieved double-digit revenue growth [1] - AI-related revenue increased by 13 percentage points year-on-year to account for 30% of total revenue [1] - The operating profit margin has improved [1] Supply Chain Management - The company possesses strong risk absorption capabilities due to flexible supply chain management and long-term relationships with key component suppliers [1] - Lenovo has established a flexible pricing adjustment mechanism to cope with rising prices and supply shortages of core components [1] Future Outlook - Lenovo is confident in achieving double-digit year-on-year growth in PC revenue for the second half of FY2026 [1] - The AI infrastructure business is experiencing robust growth, with cloud infrastructure revenue reaching a historical high for the quarter [1] - AI server revenue also saw high double-digit growth [1]

联想集团 20251120 摘要 联想集团各业务板块实现均衡增长，人工智能相关收入占比达 30%。PC 业务收入超 150 亿美元，同比增长 12%，市场份额达 25.6%的历史新高，AI PC 系统贡献显著，占 PC 出货量的 33%。 基础设施解决方案集团（ISG）收入同比增长 24%至 41 亿美元，受益 于云服务提供商的新客户获取及企业和中小企业转型。天然液体冷却技 术同比增长 154%，巩固了其在可持续高性能基础设施领域的领导地位。 解决方案与服务集团（SSG）连续 18 个季度实现两位数增长，同比增 长 18%，经营利润率超 22%。项目和解决方案以及管理服务收入占 SSG 总收入比重接近 60%，增长速度是可寻址市场的两倍。 联想通过严格财务管理，经营现金流达 15 亿美元，自由现金流攀升至 11 亿美元。存货周转天数减少 10 天，调整后净融资成本下降 31%，反 映出持续成本优化及营运资金效率举措。 联想预计未来 2-4 年 PC 业务将继续实现两位数增长，智能手机市场也 将以高于市场速度成长。将加大双位数市场份额投入，在 B2B 领域实现 持续双位数增长，并加快高端产品推广。 Q&A 联想 ...

Lenovo Group Conference Call Summary Industry and Company Overview - **Company**: Lenovo Group - **Industry**: Technology, specifically focusing on personal and enterprise intelligent devices, AI infrastructure, and cloud services Key Points and Arguments Overall Performance - Lenovo Group reported robust revenue growth with all business segments and regions achieving double-digit growth - AI-related business revenue accounted for 30% of total revenue, a year-on-year increase of 13% [2][3] Personal Intelligent Devices - Lenovo is set to launch a personal super intelligent device on January 6, 2026, as part of its multi-end strategy - IDG (Intelligent Device Group) revenue grew by 12% year-on-year, with global PC market share surpassing 25% - AI terminal devices now represent 36% of IDG's revenue, up 17% year-on-year [2][4][5] Enterprise Intelligent Solutions - The infrastructure market is shifting towards local data centers and edge-side inference, leading to a 24% year-on-year revenue increase in SGG (Solutions Group) - Strong order reserves for AI infrastructure, with SSG (Solutions Services Group) achieving double-digit growth for 18 consecutive quarters and an operating profit margin exceeding 22% [2][6] Supply Chain Management - Lenovo, as one of the largest buyers in the industry, has secured sufficient supply through long-term contracts to mitigate the impact of rising memory prices and supply shortages - The company has implemented strategies to ensure competitive costs while maintaining supply stability [2][7][8][9] Future Revenue Expectations - For the upcoming third fiscal quarter, Lenovo anticipates mid-to-high single-digit revenue growth, with expectations of double-digit growth in PC and SG businesses in the second half of the 2025-2026 fiscal year - Overall revenue is projected to achieve low double-digit growth, with net profit also expected to grow by double digits [2][10] Global Market Performance - All major regional markets, including China, Asia-Pacific, Americas, and EMEA, have shown double-digit growth, providing solid support for the company's business [2][11] Supply Chain and Cost Control Strategies - Lenovo has a mature and flexible supply chain management mechanism, locking in supply for 2026 to mitigate potential shortages - The company employs a pricing adjustment mechanism to manage cost pressures without significantly impacting shipment volumes [2][12] AI Developments - Lenovo is actively advancing in the AI sector, with separate accounting for personal AI and enterprise intelligence revenue, indicating a focus on developing these business segments [2][13] - The company has made significant progress in mixed AI applications, with the Tianxi AI system leading in the AI PC market [2][14] PC Market Outlook - The global PC market outlook is optimistic, driven by the end of Windows 10 support and a natural upgrade cycle involving approximately 400 million devices - AIPC (AI PC) features are driving demand, with market share exceeding 30% and contributing to increased pricing and profitability [2][15] ISG Business Performance - ISG (Infrastructure Solutions Group) revenue structure shows CSP (Cloud Service Provider) clients accounting for about 70% and enterprise clients for 30%, with enterprise client growth outpacing CSP [2][16][17] Liquid Cooling Technology - Lenovo has developed advanced liquid cooling technology, significantly reducing energy consumption and enhancing efficiency [2][19] Market Position in China - Lenovo has achieved rapid growth in the Chinese market, increasing its market share from 4.7% in 2023 to 11-12% in 2024, positioning itself as the second-largest CSP provider in the country [2][20]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Insights - Lenovo Group's FY2026H1 performance shows revenue growth driven by AI, with total revenue reaching $39.282 billion, a year-on-year increase of 18.0%, and net profit attributable to shareholders at $850 million, up 40.5% year-on-year [8] - The company benefits from strong performance across its three main business segments, with AI driving revenue and profit growth, enhancing overall competitiveness [8] Financial Performance Summary - **Revenue Forecasts**: - FY2024A: $56.864 billion - FY2025A: $69.077 billion - FY2026E: $76.417 billion - FY2027E: $83.943 billion - FY2028E: $90.407 billion - Year-on-year growth rates: FY2025A +21.48%, FY2026E +10.63%, FY2027E +9.85%, FY2028E +7.70% [1][9] - **Net Profit Forecasts**: - FY2024A: $1.011 billion - FY2025A: $1.384 billion - FY2026E: $1.868 billion - FY2027E: $2.089 billion - FY2028E: $2.332 billion - Year-on-year growth rates: FY2025A +37.01%, FY2026E +34.93%, FY2027E +11.84%, FY2028E +11.64% [1][9] - **Earnings Per Share (EPS)**: - FY2024A: $0.08 - FY2025A: $0.11 - FY2026E: $0.15 - FY2027E: $0.17 - FY2028E: $0.19 [1] - **Price-to-Earnings (P/E) Ratios**: - FY2026E: 9.04 - FY2027E: 8.08 - FY2028E: 7.24 [1] Business Segment Performance - **IDG (Intelligent Devices Group)**: - Revenue of $28.57 billion in FY2026H1, up 14.6% year-on-year, with a strong operating profit margin of 7.2% [8] - **ISG (Infrastructure Solutions Group)**: - Revenue of $8.38 billion in FY2026H1, up 29.6% year-on-year, driven by demand for AI infrastructure [8] - **SSG (Solutions and Services Group)**: - Revenue reached $4.81 billion in FY2026H1, up 18.9% year-on-year, with a high operating profit margin of 22% [8]

作者｜出海潜望 题图｜AI生成 中国企业的出海浪潮，在2025年展现出前所未有的厚度、速度和情感温度。站在新的十字路口，我们看到中国企业与品牌"出海2.0"时代已悄然开启。 从早期依靠价格、流量红利，到如今靠组织力、创新力和本地化运营取胜。虎嗅《出海标杆榜单》的设立，正是为了捕捉这场深层次变革的见证者：谁 在真正定义中企出海的新范式。 过去一年，出海最显著的变化就是企业出海战略的整体升级，越来越多的企业开始自建全球运营体系，实现从产品出海到品牌出海的结构性跃迁。 比如许多制造业和新锐消费品牌，在具体区域设立本地化团队、数据管理团队、甚至本地研发与生产能力，把创新、服务和营销下沉到社区和用户触 点。 不过，外部环境也逐渐复杂。 出海榜单评委们普遍认为，地缘政治等变量对企业出海影响日益深远。无论是欧美的贸易壁垒、东南亚的数据保护规定，还是中东的市场准入生态，都 要求企业具备更高的战略敏感和本地适应力。 中国产业发展研究院常务副院长刘大成告诉虎嗅："当合规成为门槛，中国企业必须具备跨国风险控制和应急能力，这已不是选择题，而是生存题。" 深圳电子商务服务中心部长洪培林也坦言："中国企业过去出海，像是走马观花；现在，必 ...