新浪科技讯 11月20日上午消息，联想集团公布截至2025年9月30日的2025/26财年第二财季业绩：当季营 收同比增长15%至1464亿元人民币，创下财季历史新高。经调整后的净利润同比增长25%，达36.6亿元 人民币。 在业绩发布会上，联想集团董事长兼CEO杨元庆表示，在企业智能领域，基础设施市场也在经历重要变 迁。"AI计算的重心从在公有云上以训练为主，正在转向在本地数据中心和边缘侧，以推理为主。这一 转变之所以重要是因为基础设施的规模化扩展，必然也会推动终端设备与应用的爆发式增长，从而为我 们打开全新的市场空间。" 他进一步表示，"在企业基础设施方面，我们正在针对大企业客户和中小企业客户的不同业务模式进行 完善乃至再造，我们有信心尽快让业务重回盈利性增长的快车道。我们将加速释放混合式人工智能优势 能力，打造人工智能模型、工厂、人工智能服务以及人工智能应用库，在关键垂直行业和通用解决方案 领域打造可复制和可扩展的人工智能解决方案。" 责任编辑：杨赐 ...

Core Viewpoint - Lenovo's Chairman and CEO Yang Yuanqing expressed confidence in the PC market's growth, attributing it to the transition to Windows 10 and the rise of AI PCs, expecting a growth rate of 5% to 10% in the PC market and maintaining a double-digit growth outlook for the year [1] Group 1 - The transition to Windows 10 is expected to continue driving device updates for several more quarters [1] - AI PCs are considered a significant factor supporting growth in the PC market [1] - Lenovo is confident in achieving double-digit growth for the fiscal year [1]

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of the fiscal year 2025/26, reaching 146.4 billion RMB, marking a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB [1] - The company plans to launch a personal super intelligent agent globally on January 6, which will integrate various wearable and environmental sensing devices, enhancing user experience through personalized algorithms [1] Financial Performance - Revenue for the second fiscal quarter reached 146.4 billion RMB, a 15% increase compared to the previous year [1] - Adjusted net profit for the quarter was 3.66 billion RMB, reflecting a 25% year-on-year growth [1] Product Development - Lenovo is set to unveil its personal super intelligent agent at the Lenovo Innovation Technology Conference, aimed at creating a seamless AI experience across multiple devices [1] - The company has already launched the Lenovo Tianxi personal super intelligent agent in China earlier this year, emphasizing its "one body, multiple ends" strategy [1] - Lenovo is focusing on developing AI-enabled devices, including AI PCs, AI smartphones, AI tablets, and AIoT products, to lead the AI terminal market [1]

Market Performance - The Hang Seng Index (HSI) fell by 99 points or 0.4%, closing at 25,830 points after an initial rise to 26,045 points[1] - The Shanghai Composite Index (SSE) increased by 6 points or 0.2%, closing at 3,946 points[1] - The S&P 500 rose by 24 points or 0.4%, closing at 6,642 points after four consecutive days of decline[2] Trading Volume - The total trading volume in the Hong Kong market was 2,114.26 million HKD[1] - The trading volume for the Shanghai Composite Index was 7,209 million CNY, while the Shenzhen Component Index had a volume of approximately 10,000 million CNY[1] Economic Indicators - The People's Bank of China conducted a 3,105 million CNY reverse repurchase operation at a rate of 1.4%, resulting in a net injection of 1150 million CNY[1] - The RMB/USD midpoint was adjusted down by 16 points to 7.0872[1] Company Earnings - ZTO Express reported a revenue of 11.865 billion CNY for Q3, up 11.1% year-on-year, with a net profit of 2.524 billion CNY, an increase of 5.3%[3] - Lenovo Group achieved a record revenue of 39.282 billion USD for the interim period, up 18% year-on-year, with a net profit of 846 million USD, a 40.5% increase[3] - Kuaishou reported a net profit of 4.488 billion CNY for Q3, up 37.3% year-on-year, with an adjusted net profit margin of 14%[4]

Core Insights - Lenovo Group reported a 15% year-on-year revenue increase to 146.4 billion RMB for the second fiscal quarter of 2025/26, achieving a record high for the quarter [1] - Adjusted net profit rose by 25% year-on-year to 3.66 billion RMB [1] Industry Trends - The first wave of artificial intelligence (AI) has led to a surge in demand for AI infrastructure, particularly large-scale computing power for training [1] - The widespread use of large language models has shifted user demands towards personalized and private solutions, emphasizing efficiency, response speed, security, and sustainability [1] - This trend is creating growth opportunities for various forms of AI terminal devices, public and private clouds, local data centers, and hybrid infrastructures that meet diverse needs [1] Company Strategy - Lenovo is focusing on a multi-device strategy to cater to the increasing demand for highly personalized personal intelligence based on unique user experiences, memories, behaviors, and knowledge [1]

Core Insights - Lenovo Group reported a record high revenue of 146.4 billion RMB for the second fiscal quarter of 2025/26, representing a 15% year-on-year growth [1] - Adjusted net profit increased by 25% year-on-year, reaching 3.66 billion RMB [1] - CEO Yang Yuanqing expressed strong confidence in the hybrid artificial intelligence strategy, emphasizing the potential for long-term sustainable returns for shareholders [1] Financial Performance - Revenue for the second fiscal quarter reached 146.4 billion RMB, marking a 15% increase compared to the previous year [1] - Adjusted net profit for the quarter was 3.66 billion RMB, reflecting a 25% year-on-year growth [1] Strategic Vision - The company is committed to its hybrid artificial intelligence strategy, aiming to create personalized solutions for various enterprises and individuals [1] - Yang highlighted the broad market opportunities and the company's vision for leveraging AI to benefit every business and individual [1]

Financial Data and Key Metrics Changes - The group revenue reached an all-time high of $20.5 billion, growing at almost 15% year-on-year [2][11] - Adjusted net income increased more than 25% year-on-year to $512 million, with an adjusted net income margin expanding to 2.5% [2][11] - AI-related revenues accounted for 30% of the group's total, increasing by 13 percentage points year-on-year [2][11] Business Line Data and Key Metrics Changes - Intelligent Devices Group (IDG) revenue grew 12% year-on-year to $15.1 billion, with operating profit climbing 11% to $1.1 billion [15] - Infrastructure Solutions Group (ISG) revenue grew 24% year-on-year to exceed $4 billion, driven by AI infrastructure demand [8][17] - Solutions and Services Group (SSG) achieved 18% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit expansion [9][20] Market Data and Key Metrics Changes - The PC market share exceeded 25% for the first time in Lenovo's history, reaching a historic high of 25.6% global market share [11][15] - The smartphone business achieved record-high concurrent quarter activations, supported by solid end-user demand [11] - All reported geographies delivered double-digit year-on-year revenue growth, reinforcing balanced strength across 180 markets [12] Company Strategy and Development Direction - The company is focusing on AI democratization, with a strategy that includes personal AI and enterprise AI [2][3] - The upcoming Tech World event will showcase a personal AI super agent, emphasizing the vision of one personal AI across multiple devices [4][5] - The company aims to create an enterprise AI twin for customers, leveraging hybrid infrastructure and AI solutions [7][8] Management's Comments on Operating Environment and Future Outlook - Management sees positive signs of stabilization despite uncertainties in the external environment [2] - The company is confident in maintaining double-digit growth in both PC and server businesses over the next two quarters [31] - The management believes that the substantial investments in AI infrastructure will lay the groundwork for future technology waves [29] Other Important Information - The company achieved a 31% year-on-year reduction in adjusted net finance costs, reflecting ongoing cost optimization [14] - Lenovo's factory in Monterrey, Mexico, was added to the World Economic Forum Global Lighthouse Network, highlighting its manufacturing excellence [22] - The company continues to be recognized for its leadership in ESG, ranking eighth in Gartner Supply Chain Top 25 [22] Q&A Session Summary Question: How big will the memory price impact on margin? - Management believes Lenovo is in a better position to manage supply shortages and rising component costs due to strong supplier relationships and procurement power [30][31] Question: What is the PC outlook for the next year? - The company is optimistic about maintaining double-digit growth in the PC business, despite rising storage and memory component prices [32][35] Question: What is the smartphone outlook for 2026? - The smartphone market is expected to grow in single digits, with a focus on premium devices that are less affected by component cost increases [36][39] Question: How does Lenovo capture opportunities in hybrid AI infrastructure? - The company is leveraging its hybrid AI strategy to resonate with customer needs, focusing on agility and flexibility in AI deployments [40][43] Question: Can Lenovo sustain strong growth and margins in SSG? - SSG is expected to continue its growth momentum, driven by high demand for AI services and solutions [44][54] Question: What is Lenovo's strategy for AI servers? - The company is focusing on AI inferencing as a significant market opportunity, with plans to enhance its capabilities in this area [68][70] Question: What is the overall outlook for the year-end? - Management reaffirms confidence in maintaining strength in order levels, particularly for PCs, despite some analyst revisions [73][74] Question: Are there plans for new AI or AR devices? - The company is preparing for the AI revolution, with plans for more AI-native devices to be revealed at the upcoming Tech World event [75]

Financial Data and Key Metrics Changes - The group revenue reached an all-time high of $20.5 billion, growing at almost 15% year-on-year [2][11] - Adjusted net income increased more than 25% year-on-year to $512 million, with an adjusted net income margin expanding to 2.5% [2][11] - AI-related revenues accounted for 30% of the group's total, increasing by 13 percentage points year-on-year [2][11] Business Line Data and Key Metrics Changes - Intelligent Devices Group (IDG) revenue exceeded $15 billion, with 12% year-on-year growth [6][15] - Infrastructure Solutions Group (ISG) revenue grew 24% year-on-year to exceed $4 billion [8][17] - Solutions and Services Group (SSG) achieved 18% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit expansion [9][20] Market Data and Key Metrics Changes - The PC market share exceeded 25% for the first time in Lenovo's history, reaching a historic high of 25.6% global market share [6][11] - The smartphone business achieved record-high concurrent quarter activations, driven by solid end-user demand [11][12] - All reported geographies delivered double-digit year-on-year revenue growth, reinforcing balanced strength across 180 markets [12] Company Strategy and Development Direction - The company is focusing on AI democratization, with significant progress in personal AI and enterprise AI [2][3] - The strategy includes leveraging a unique global local model to navigate uncertainties and capture hybrid AI opportunities [3][4] - The company aims to create an enterprise AI twin for customers, driving data into insights and value [7][8] Management's Comments on Operating Environment and Future Outlook - Management sees positive signs of stabilization despite uncertainties in the external environment [2] - The company is confident in maintaining double-digit growth in both PC and server businesses over the next two quarters [31] - The outlook for the overall group remains strong, with reaffirmation of estimates despite some market fluctuations [73] Other Important Information - The company is recognized for its leadership in ESG, ranking eighth in Gartner Supply Chain Top 25 [22] - The upcoming Tech World event is expected to showcase new innovations in personal AI [4][59] Q&A Session Summary Question: Impact of memory price on margin - Management believes they are in a better position to manage supply shortages and rising component costs due to strong supplier relationships and procurement power [30][31] Question: PC outlook for next year - The company is optimistic about maintaining double-digit growth and expanding market share despite rising storage and memory component prices [34][35] Question: Smartphone outlook for 2026 - The smartphone market is expected to grow in single digits, with a focus on premium devices that are less affected by component cost increases [36][39] Question: Opportunities in hybrid AI infrastructure - The company is leveraging its hybrid AI strategy to resonate with customer needs, focusing on agility and flexibility [42][43] Question: General server demand outlook - Continued high double-digit growth is expected in the CSP segment, with high single-digit growth in the ESMB segment [56][63] Question: AI server strategy - The company is focusing on inferencing services and capabilities, which are becoming increasingly important for enterprise customers [70] Question: Overall business outlook - The company reaffirms strength in order levels, particularly for PCs, and maintains confidence in market estimates [73][74]

Financial Data and Key Metrics Changes - Lenovo reported a record revenue of $20.5 billion for the last quarter, representing a year-on-year growth of almost 15% [2][11] - Adjusted net income increased by more than 25% year-on-year to $512 million, with an adjusted net income margin expanding to 2.5% [11][12] - AI-related revenues accounted for 30% of the group's total, marking a 13 percentage point increase year-on-year [2][11] Business Line Data and Key Metrics Changes - Intelligent Devices Group (IDG) revenue grew 12% year-on-year to $15.1 billion, with operating profit climbing 11% to $1.1 billion [15] - Infrastructure Solutions Group (ISG) revenue increased by 24% year-on-year to exceed $4 billion, driven by AI infrastructure demand [8][17] - Solutions and Services Group (SSG) achieved 18% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit expansion [9][19] Market Data and Key Metrics Changes - Global PC market share reached a historic high of 25.6%, with Lenovo maintaining leadership in both consumer and commercial segments [11][15] - The smartphone business achieved record-high concurrent quarter activations, supported by strong end-user demand [11] - All reported geographies delivered double-digit year-on-year revenue growth, reinforcing balanced strength across 180 markets [12] Company Strategy and Development Direction - Lenovo is focusing on AI democratization, with a strategy that includes personal AI and enterprise AI, aiming to capture hybrid AI opportunities [2][3] - The company plans to launch a personal AI super agent at Tech World in January 2026, emphasizing hyper-personalization across multiple devices [4][5] - Lenovo's hybrid AI strategy aims to create enterprise AI twins for customers, enhancing their data processing and insights capabilities [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertainties and capturing substantial AI opportunities despite external challenges [2][3] - The company anticipates continued double-digit growth in both PC and server businesses over the next two quarters [28] - Management highlighted the importance of maintaining competitive costs and supply chain resilience amid rising component prices [26][28] Other Important Information - Lenovo's commitment to sustainability and ESG initiatives was emphasized, with recognition in global rankings for supply chain performance and inclusion efforts [22][23] - The company is optimistic about global trade improvements and plans to elevate its brand through partnerships and major initiatives [23] Q&A Session Summary Question: How big will the memory price impact on margin? - Management believes Lenovo is well-positioned to manage supply shortages and rising component costs due to strong supplier relationships and procurement power [26][28] Question: What is the PC outlook for the next year? - Management is optimistic about maintaining double-digit growth in the PC segment, despite rising storage and memory component prices [30][31] Question: What is the smartphone outlook for 2026? - The smartphone market is expected to grow in single digits, with a focus on premium devices that are less affected by component cost increases [32][33] Question: How does Lenovo capture opportunities in hybrid AI infrastructure? - Lenovo's hybrid AI strategy focuses on agility and flexibility, with a strong emphasis on AI services to accelerate customer AI journeys [36][37] Question: Can Lenovo sustain strong growth and margins in SSG? - Management is confident in the growth of SSG, driven by demand for AI services and a focus on sustainability [39][43] Question: What is Lenovo's strategy for AI servers? - Lenovo aims to capture growth in AI inferencing by enhancing its infrastructure capabilities and focusing on customer needs [52][53]

Core Viewpoint - Lenovo Group reported a record high revenue of 146.4 billion RMB for the second fiscal quarter of 2025/26, marking a 15% year-on-year increase, with adjusted net profit rising by 25% to 3.66 billion RMB [1] Financial Performance - Revenue for the second fiscal quarter reached 146.4 billion RMB, representing a 15% increase compared to the same period last year [1] - Adjusted net profit for the quarter was 3.66 billion RMB, reflecting a 25% year-on-year growth [1] Future Innovations - Lenovo's Chairman and CEO, Yang Yuanqing, announced the launch of a personal super intelligent agent at the Lenovo Innovation Technology Conference on January 6 [1] - The new intelligent agent will integrate with various wearable and environmental sensing devices, learning user habits and predicting intentions to become a personal digital twin [1]