联想集团 2025042320250416 摘要 • 联想已在全球进行产能配置，包括墨西哥、越南和美国等地，以覆盖北美 及全球市场需求，降低地缘政治风险的影响。美国工厂正在升级扩充产能， 以满足 PC、服务器尤其是 AI 服务器的生产需求。 • 美国关税政策对联想收入影响有限，因为美国市场收入敞口不超过 20%， 其中 PC 产品占比约为 10%，且联想在北美 PC 出货量排名第三，受影响 程度低于竞争对手戴尔和惠普。 • 联想通过全球资源、本地交付的运营模式，灵活应对关税问题和地缘政治 风险，不依赖单一芯片厂商或单一地区生产布局。例如，通过墨西哥工厂 出货成功应对了 2018 年贸易战。 • H20 禁用对联想影响相对较小，因 ISC 业务海外市场占比超过 70%，且 国内 AI 服务器并非全部依赖 H20，还有 AMD 及国产 GPU 等多种选择。 联想与多家领先厂商建立合作，并积极投资 GPU 厂商。 • 联想新财年聚焦混合式人工智能，将个人智能、企业智能及公共智能三方 结合，共存互补。预计三年后 AI PC 将占全球 PC 销量 80%以上，是巨大 的增长机会。 Q&A 联想也有信心能够处理好相关影响 ...

联想集团 20250402 摘要 Q&A 在上个月发布的 Q3 财季季报中，联想集团达到了过去五年来最高的市占率，与 第二名及第三名拉开差距。我们在全球范围内继续保持领先地位，并且 Windows 系统激活数量不断增长，这是由于持续创新带来的结果。这些数据表 明我们在行业内具有强大的竞争力和稳健的发展基础。 联想集团在个人电脑（PC）市场的最新变化和趋势是什么？ 近年来，个人电脑市场经历了显著变化，类似于几十年前从普通手机到智能手 机的过渡。预计到 2028 年，超过 80%的 PC 将具备 AI 赋能功能，这标志着进入 了智能体 AI 时代。这意味着这些 AI 能够自主采取行动并做出决策，无需人为 干预。此外，我们将从基于应用程序转向基于意图理解的世界。联想与当前及 新型芯片供应商合作，包括英特尔、AMD、高通等，以提供更多选择和 AI 机遇。 • 联想预计 2025 年 PC 市场增长 5%-10%，高于行业平均水平，主要驱动力是 Windows 10 停止更新带来的换机需求，尤其是在商用领域，企业客户对安 全风险的敏感性将加速设备更新。 • AI PC 的单价较传统 PC 高约 10%，提升了盈利能力。 ...

联想在制造环节具有较高的自动化程度，使其工厂具备较高可复制性。目前公 司在全球拥有三十多家制造基地，为 180 个市场提供产品和服务。这种广泛的 全球化布局充分发挥了规模优势，使得联想能够保持其在 PC 行业中的领先地 位。 联想集团 20250314 摘要 • 联想集团是全球第一大 PC 品牌厂商，占据 25.5%的市场份额，其内部结 构分为 IDG（智能设备业务集团）、ISG（基础设施方案业务集团）和 SSG（方案服务业务集团）三大业务板块，IDG 是主要收入来源，占比约 73%。 • 疫情期间 PC 及平板市场需求激增，但随后需求下滑，导致联想集团 2024 年整体收入同比下降 8%以上，归母净利润下滑 37%。2025 财年前三季 度，受益于 AI PC 产品，收入增长超过 20%，但毛利率因手机业务扩张有 所下降，目前为 15.96%。 • AI PC 是联想集团未来发展的核心驱动力，通过本地部署 AI 模型提供智能 化、个性化的用户体验。2024 年全球 AI PC 渗透率预计仅为 10%左右， 但到 2028 年可能达到 70%，年化增长率预计达到 44%。 • AI PC 在人机交互方面带来革 ...

Q&A 为什么在 2025 年需要更加关注 AI PC 的发展？ 首先，2023 年和 2024 年我们对 AI PC 的趋势持审慎态度，但到 2025 年有两点 显著变化促使我们重新评估这一领域。第一，模型优化带来了更多可能性。尽 管参数量看似相同，但随着模型的优化，2025 年的 7B 参数量模型与两年前相 比在使用体验上有显著不同。此外，开源模型生态的发展也带来了积极影响， 例如电信等创新性、成本更低的开源模型，使得硬件厂商能够借助这些力量提 联想集团 20250305 摘要 • 尽管参数量相同，但 2025 年的 7B 参数量模型因优化而体验更佳，开源模 型生态发展迅速，如电信等创新模型降低成本，助力硬件厂商提升产品功 能，AI 终端的功能实用性和可用性显著提升。 • AI 在个人生产力方面已达可用水平，档案向量化知识库需求增加，2025 年 个人生产力发展将加速 AI PC 普及，端侧 AI 本地运行可减少延迟、保护隐 私，在无网络或网络不稳定时确保系统运作，具有不可替代性。 • 联想、惠普、戴尔在 IPC 布局上各有侧重：联想提速国产算力基建，结合 开源模型；惠普专注高性能计算和企业级解决方案；戴 ...

Lenovo Group Limited (OTCPK:LNVGY) Q3 2025 Earnings Conference Call February 20, 2025 2:00 AM ET Company Participants Jenny Lai - Vice President of Investor Relations Yuanqing Yang - Chairman and Chief Executive Officer Wai Ming Wong - EVP and Chief Financial Officer Ken Wong - EVP and President of Solutions and Services Group Luca Rossi - EVP and President of Intelligent Devices Group Ashley Gorakhpurwalla - EVP and President of Infrastructure Solutions Group Sergio Buniac - Senior VP of Mobile Business Gr ...

Lenovo's AI-Driven Opportunities - AI has been a driver for Lenovo's PC, server, and Solutions & Services Group (SSG) businesses for several years, with 2024 expected to further capitalize on these opportunities [1] Business Segments - Lenovo's key business segments include PCs, servers, and the SSG division, all of which are leveraging AI-driven growth strategies [1] Analyst Position - The analyst holds a beneficial long position in Lenovo shares through stock ownership, options, or other derivatives, indicating a positive outlook on the company's performance [1]

Good morning, good afternoon, and good evening. Welcome to Lenovo's Earnings Investor Webcast. This is Jenny Lai, Vice President of Investor Relations. Thanks, everyone, for joining us. Before we start, I would like to introduce our management team joining the call today. Lenovo's Chairman and CEO, Yuan Qing, Chairman and CEO, Yuan Qing, Group, Ken Wong, Senior Vice President of Infrastructure Solutions Group, Vlad Rosinovich. President of Intelligent Devices Group, Luca Rossi. And Senior Vice President of ...

Smarter technology for all Q2FY25 Earnings Announcement Nov 15, 2024 2024 Lenovo Internal. All rights reserved. 2024 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 an ...

Financial Data and Key Metrics - Group revenue grew 24% YoY, with net income increasing 48% YoY on a non-Hong Kong FRS basis [5] - Non-PC revenue mix increased by over 5 points YoY to nearly 46% [5] - Free cash flow grew by $632 million YoY, with a cash conversion cycle of 6 days [19][20] - Basic earnings per share were $0.0292, and an interim dividend of HKD0.085 was declared, a 6% increase YoY [18] Business Line Performance Intelligent Devices Group (IDG) - Revenue grew 17% YoY, with PC market share expanding to almost 24%, maintaining industry-leading profitability [8] - Smartphone revenue grew 43% YoY, with hyper growth in North America, EMEA, and Asia Pacific markets [8] - Tablet revenue grew 19% YoY [8] - AI PCs reached 14% of total notebook shipments in China, with global AI PC launches expected to follow a similar growth trajectory [7][24] Infrastructure Solutions Group (ISG) - Revenue grew 65% YoY, driven by hyper growth in cloud service provider business and enterprise demand recovery [10][17] - Neptune liquid-cooled servers revenue increased 48% YoY [11] - Operating losses narrowed by 33% YoY, heading towards breakeven [10][17] Solutions and Services Group (SSG) - Revenue grew 13% YoY to $2.2 billion, marking the 14th consecutive quarter of double-digit growth [27] - Operating margin remained at 20%, contributing 32% of the combined operating profit across the three business groups [27] - Managed services and project and solution services revenue grew to 59% of total SSG revenue, a 3-point increase YoY [12][27] Market Performance - PC market leadership expanded to almost 24% market share, with a 4-point gap over the second player [8] - Smartphone market share achieved record levels in North America, EMEA, and Asia Pacific, with significant growth in premium segments [38][39] - ISG elevated its global market share in servers and storage to new records, driven by strong cloud demand and enterprise recovery [17] Strategic Direction and Industry Competition - The company is focusing on hybrid AI, with investments in AI PCs, AI smartphones, and AI infrastructure solutions [7][31][60] - Lenovo aims to establish leadership in the AI PC market, with AI PCs expected to represent 80% of the PC industry landscape by 2027 [9] - Strategic partnerships, including with Alat, are expected to enhance global supply chain resilience and market expansion [13][54] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about sustained momentum for the remainder of the fiscal year, driven by hybrid AI innovations and operational excellence [4] - The company expects the PC market to enter a new refresh cycle driven by AI PCs, with mid-high single-digit growth in units for fiscal 2025/2026 [41] - ISG is expected to achieve sustained profitability, with continued focus on enterprise SMB business and liquid cooling technology [11][26] - SSG is well-positioned to capture hybrid AI opportunities, with AI services expected to grow more than twice as fast as the general IT services market [12][34] Other Important Information - Lenovo retained an AA rating in the 2024 Hang Seng Corporate Sustainability Index and won the SEAL Sustainable Innovation Award for its AI-powered sustainability platform [29] - The company was recognized as a 2024 Best Place to Work for Disability Inclusion by the Disability Equality Index [30] Q&A Session Summary Question: Impact of new Trump administration and tariff concerns - Lenovo is well-positioned to navigate geopolitical challenges due to its global supply chain and diversified manufacturing strategy [36][37] Question: Key drivers for smartphone business growth - Growth was driven by geographical expansion, premium segment focus, and new market segments, with significant growth in North America, EMEA, and Asia Pacific [38][39] Question: PC market outlook and Lenovo's goals for 2025 - The PC market is expected to enter a new growth phase driven by AI PCs, with Lenovo aiming to outperform the market with premium configurations and higher ASPs [41][42] Question: Long-term margin outlook for ISG - ISG is focused on profitability, with investments in hybrid AI infrastructure and enterprise SMB business expected to drive results [43] Question: Opportunities from competitor's accounting issues - Lenovo is well-positioned to capture market opportunities due to its strong portfolio in GPU and CSP spaces [44][45] Question: Gross margin decline in IDG - The decline was due to a higher mix of lower-margin consumer segment revenue, but overall operating margin improved due to expense control [47][48] Question: SSG growth outlook - SSG expects continued strong momentum, with a focus on AI-powered services and solutions [50] Question: AI PC chip performance and feedback - Lenovo sees strong performance from both Intel's Lunar Lake and AMD's Strix Point, with no technical issues reported [51] Question: Smartphone business profitability - The smartphone business has been profitable for the last 4 years, with profitability expected to continue on the same track [52] Question: Inventory increase - Inventory increase was driven by preparation for Q3 growth and strong ISG business performance [53] Question: Strategic cooperation with Alat - The cooperation is progressing, with plans to establish a local supply chain operation in Saudi Arabia [54] Question: AI server business breakdown - Lenovo is seeing growth in both edge and core data center server businesses, with a focus on inference and retraining at the edge [55] Question: AI smartphone strategy - Lenovo aims to leverage AI to make the smartphone portfolio more premium, with a focus on generative AI experiences [56] Question: AI services and solutions in SSG - SSG is embedding AI into current offerings and developing AI-native services to help customers achieve ROI faster [59] Question: Key areas of investment for the next 3-5 years - Lenovo will invest in hybrid AI, including AI devices, infrastructure solutions, and services, with a focus on personal AI twin and enterprise AI [60] Question: Blackwell GPU server shipments and AI server revenue goals - Lenovo expects to be time-to-market on all NVIDIA and AMD GPU solutions, with AI server revenue expected to grow in line with market trends [62] Question: Middle edge business and CapEx plans - Lenovo is excited about growth opportunities in the EMEA region, with plans to invest $250 million in establishing a local supply chain operation in Saudi Arabia [64]

集团高级副总裁首席战略官和首席市场官乔健女士首先请袁庆和伟明向大家汇报最新的业绩情况有请袁庆大家好感谢参加联想2024-2025财年第三季度的业绩沟通会上个季度得益于我们的前瞻战略持续创新还有卓越的运营 联想所有主营业务全部都实现了强劲的增长我们的基础设施方案业务扭亏为盈推动了集团整体的营业额和净利润双双实现大幅的提升同样令我们高兴的是呢在更高效率更低成本的创新技术推动下人工智能的应用和普及呢正在加速落地带来了巨大增长机遇 我们将继续通过人工智能终端设备的创新来引领个人制同时它会利用混合基础设施和混合式人工智能优势集团来打造企业制从而推动可持续的增长和盈利的提升上个季度集团整体营业额连续第三个季度保持年比年双位数的增长 欢迎各位参加联想集团业绩发布会在会议开始前请允许我介绍线上的联想集团管理层联想集团董事长兼CEO杨元庆先生集团执行副总裁兼首席财务官黄伟明先生集团执行副总裁兼中国区总裁刘军先生集团执行副总裁方案与服务业务集团总裁王剑恒先生 利润增长幅度呢则更大按照香港财务报告准则我们的净利润额呢 较去年同期实现了翻番这得益于我们所有主营业务的出色表现ISG基础设施方案业务在持续高速成长的带动下呢成功的实现了扭 ...