Core Insights - Lenovo Group reported a record revenue of $18.83 billion for the first quarter of the fiscal year 2025/26, marking a 22% year-on-year increase, the highest first-quarter revenue in its history [1] - The net profit attributable to equity holders increased by 108% to $505 million, while the profit under non-Hong Kong Financial Reporting Standards rose by 22% to $389 million [1] - Despite strong performance, Lenovo's stock price fell nearly 6% on the day of the earnings release, although it has risen over 50% since its low in April [1] Business Group Performance - **Intelligent Devices Group**: Revenue grew by 18% year-on-year, with segment profit increasing by 15%. The group achieved its fastest revenue growth in 15 quarters, capturing a global PC market share of 24.6%, up 1.7 percentage points from the previous year [3][2] - **Infrastructure Solutions Group**: Revenue surged by 36% year-on-year, driven by increased cloud and enterprise infrastructure investments. AI server revenue more than doubled, although the segment recorded an operating loss of $86 million due to investments in AI capabilities and infrastructure transformation [4][5] - **Solutions Services Group**: Achieved a record revenue growth of 20% year-on-year, with segment profit margin rising to 22%. The group benefited from strong demand for high-end services, with significant growth in TruScale orders [6][7] Regional Performance - The Asia-Pacific region (excluding China) saw a 39% year-on-year revenue increase, driven by strong demand for AI servers and successful market strategies in Japan and India [8] - China experienced double-digit growth, with significant contributions from the Intelligent Devices Group and Infrastructure Solutions Group [9] - The Americas region reported a 14% year-on-year revenue increase, supported by strong performance in PCs and smartphones [9] Research and Development - R&D investment increased by 10% year-on-year to $524 million, reflecting Lenovo's commitment to driving AI innovation [8] - The number of R&D personnel rose to nearly 20,000, accounting for 28% of the total workforce [8] Future Outlook - Lenovo aims to leverage unprecedented opportunities in the AI sector, focusing on hybrid AI strategies and developing scalable AI-driven solutions [10]

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the fiscal year 2025/26, achieving record revenue of $18.83 billion, a 22% increase year-on-year, despite challenges from U.S. tariff policies and geopolitical tensions [1][2][9]. Financial Performance - Revenue reached $18.83 billion, up from $15.45 billion, marking a 22% year-on-year increase [2]. - Gross profit increased to $2.77 billion, an 8% rise from $2.56 billion, but gross margin decreased by 1.9 percentage points to 14.7% [2][9]. - Operating profit surged 59% to $785 million, with pre-tax profit nearly doubling to $622 million, a 99% increase [2]. - Net profit attributable to equity holders rose 108% to $505 million, with earnings per share increasing to 4.12 cents [2][9]. Business Segments Smart Devices Business Group - Revenue grew 18% year-on-year, with segment profit increasing by 15% [5]. - Achieved a global PC market share of 24.6%, up 1.7 percentage points from the previous year [5][4]. Infrastructure Solutions Business Group - Revenue increased by 36% year-on-year, driven by strong demand for cloud and enterprise infrastructure [6]. - Despite the fastest growth rate, the segment reported an operating loss of $86 million due to investments in AI capabilities and infrastructure transformation [6][7]. Solutions Services Business Group - Recorded a 20% year-on-year revenue growth, with segment profit margin rising to 22% [8]. - Strong demand for high-end support services contributed to double-digit growth in service revenue [8]. Regional Performance - Asia-Pacific (excluding China) saw a 39% year-on-year revenue increase, driven by strong demand for AI servers and smart devices [12]. - China experienced a 36% revenue growth, with significant contributions from the smart devices and infrastructure solutions segments [12]. - The Americas region reported a 14% revenue increase, supported by strong performance in PCs and smartphones [13]. Research and Development - R&D investment increased by 10% to $524 million, reflecting the company's commitment to AI innovation [10][13]. - The number of R&D personnel grew to nearly 20,000, representing 28% of the total workforce [13]. Future Outlook - Lenovo aims to strengthen its position in the hybrid AI infrastructure market, focusing on developing scalable AI-driven solutions [15].

Core Viewpoint - Lenovo Group reported strong financial results for Q2 2025, with revenue of $18.83 billion, a 22% increase year-over-year, and a net profit of $5.38 billion, up 112% from the previous year [2][3]. Financial Performance - Revenue for Q2 2025 reached $18.83 billion, compared to $15.447 billion in the same period last year, marking a 22% growth [2]. - Operating profit was $785 million, up 59% from $494 million year-over-year [2]. - Net profit for the period was $538 million, a significant increase from $253 million in the previous year, reflecting a 112% growth [2]. - Non-Hong Kong Financial Reporting Standards indicated a profit attributable to equity holders of $389 million, also a 22% increase [2]. Business Strategy and Market Position - The company emphasized maintaining competitiveness and market share despite challenges from tariffs and political-economic factors [5][8]. - Lenovo has established a global manufacturing footprint with over 30 manufacturing bases in more than ten countries, enabling a "global resources, local delivery" model [8]. - The company highlighted China as a key manufacturing hub due to its cost advantages compared to other regions [8]. Growth Drivers - Lenovo's diverse business segments contributed to growth, with non-PC business revenue accounting for 47% of total revenue [4]. - The personal computer segment saw a 20% growth, the fastest in 15 quarters, driven by strong demand for AI PCs, which now represent nearly one-third of all PC sales [6][12]. - AI-driven products, including AI PCs and servers, are significant growth engines, with AI server revenue increasing by over 155% [7]. Future Outlook - The company expects continued high single-digit market growth in the PC sector, driven by factors such as the transition to Windows 11 and the increasing demand for AI PCs [12]. - Lenovo is committed to increasing R&D investments, particularly in AI technologies, to enhance product competitiveness [9]. - The mixed AI strategy aims to integrate public and private AI solutions, enhancing user experience and operational efficiency across various sectors [13][14]. Investor Communication - The company plans to focus on non-Hong Kong Financial Reporting Standards for a clearer reflection of operational performance, especially in light of recent financial instruments affecting reported profits [10]. - Lenovo's strategic execution and supply chain capabilities are positioned to drive growth despite external uncertainties, with a focus on communicating progress to investors [16].

Core Insights - Lenovo Group reported a 22% year-on-year revenue growth to 136.2 billion RMB for Q1 of FY 2025/26, achieving a historical high for the same period [1] - The company demonstrated resilience amid global trade disruptions caused by the Trump tariff war, maintaining competitiveness and market share [1] - Lenovo's three main business groups capitalized on AI-driven structural growth opportunities, entering a "value realization period" [1] Financial Performance - Non-Hong Kong Financial Reporting Standards net profit increased by 22% to 2.816 billion RMB, indicating enhanced profitability [1] - The Intelligent Devices Group (IDG) revenue reached 97.3 billion RMB, growing 17.8%, with the PC business achieving its fastest growth in 15 quarters [1] - Infrastructure Solutions Group (ISG) revenue grew by 35.8%, while Solutions and Services Group (SSG) revenue increased by 19.8%, with an operating profit margin of 22.2% [1] Business Strategy - Non-PC business revenue accounted for 47% of total revenue, indicating a more balanced growth structure [2] - Lenovo is leveraging PCs to drive multi-business collaborative growth, creating a positive feedback loop from personal to enterprise intelligence [2] - In the personal intelligence sector, Lenovo solidified its leadership in the global AI PC market, with AI PC shipments exceeding 30% of total PC shipments [2] AI Development - Lenovo launched AI PCs featuring the "Tianxi" personal super intelligent agent, enhancing edge inference, energy efficiency, and privacy protection [2] - The enterprise intelligence segment saw a 155% year-on-year growth in AI infrastructure revenue, supported by a comprehensive AI product ecosystem [2] - The company aims to continue executing its hybrid AI strategy, focusing on innovation in personal and enterprise intelligence products and solutions for sustainable growth [2]

Group 1 - Lenovo Group reported Q1 FY2025/2026 revenue of 136.2 billion yuan, a year-on-year increase of 22%, with net profit under non-Hong Kong financial reporting standards also rising by 22% to 2.816 billion yuan [1] - Among Lenovo's three main business groups, the Intelligent Devices Group (IDG) achieved revenue of 97.3 billion yuan, a year-on-year growth of 17.8%, while the Infrastructure Solutions Group (ISG) saw a revenue increase of 35.8%, and the Solutions and Services Group (SSG) reported a revenue growth of 19.8% with an operating profit margin of 22.2% [1] - Non-PC business revenue accounted for 47% of total revenue, indicating a more balanced growth structure and providing a solid business foundation for the company's mixed AI strategy [1] Group 2 - Lenovo is building a full-stack AI product system centered around hybrid cloud platforms, intelligent management platforms, and industry-specific solution libraries, with a focus on advancing its mixed AI strategy [2] - The AI infrastructure business revenue grew by 155% year-on-year, reflecting the company's commitment to innovation in personal and enterprise intelligent products and solutions [2] - Lenovo's Chairman and CEO Yang Yuanqing emphasized the company's ongoing execution of its mixed AI strategy to enhance operational competitiveness and achieve sustainable growth and profit improvement [2]

当前，"超级智能"正成为全球科技巨头竞相押注的新风口，这与联想集团早在两年前即提出的"混合式 AI"战略，以及今年初率先发布的"超级智能体"矩阵不谋而合。与此同时，本季度联想集团持续加码创 新投入，研发费用同比增长超10%，为集团在混合式AI时代的长期竞争力奠定了坚实基础。 "凭借兼具韧性与灵活性的供应链模式和卓越运营，我们克服了重重挑战，营收和盈利双双大幅提升， 业绩创下第一财季的历史新高，兑现了我们保持竞争优势、持续增长的承诺，实现了新财年的开门 红。"联想集团董事长兼CEO杨元庆表示，"展望未来，我们将继续坚定执行混合式人工智能战略，推进 人工智能普惠的愿景，在个人智能与企业智能产品/方案方面不断创新，不断增强运营竞争力，实现可 持续的增长和盈利提升。" （编辑 张明富） 本报讯 （记者向炎涛）8月14日，联想集团有限公司（以下简称"联想集团"）公布截至2025年6月30日 的2025/2026财年第一财季业绩。该财季，公司实现营业收入1362亿元（人民币，下同），同比增长 22%；非香港财务报告准则下净利润同比增长22%，达28.16亿元。 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 ...

Core Viewpoint - Lenovo Group is leveraging its "hybrid AI" strategy to create value from both hardware and software, positioning itself for sustainable growth and profitability in the evolving AI landscape [8][12][13]. Financial Performance - For the first quarter of the 2025/26 fiscal year, Lenovo reported a revenue increase of 22% year-on-year to 136.2 billion RMB, achieving a historical high for the same period [4]. - Net profit under non-Hong Kong Financial Reporting Standards also grew by 22% to 2.816 billion RMB, while under Hong Kong standards, net profit surged by 108% to 3.66 billion RMB, primarily due to non-cash gains from stock option valuations [4][5]. AI Strategy and Market Position - Lenovo's "hybrid AI" strategy is driving structural growth across its three main business segments, with AI PCs becoming a significant growth driver [6][9]. - AI PC shipments are expected to grow by 77% year-on-year in 2025, potentially reaching 70% of total PC shipments by 2027 [6]. - In the Chinese market, AI PCs accounted for 27% of total notebook shipments, while globally, Lenovo's AI PC shipments represented over 30% of total PC shipments, maintaining the leading position in the Windows AI PC market [6][7]. Infrastructure and Growth Opportunities - The Infrastructure Solutions Group (ISG) saw a 36% year-on-year revenue increase, with AI infrastructure revenue skyrocketing by 155% [7]. - The global demand for AI infrastructure is expected to continue its high growth trend, with the server market projected to grow by 44.6% in 2025 [7]. Future Outlook - Lenovo aims to create an "AI ecosystem" similar to Apple's, integrating various AI applications with its hardware [12]. - The company is transitioning from being primarily a hardware supplier to a software service provider through its AI initiatives [12][13].

Core Insights - Lenovo Group reported a 22% year-on-year revenue growth for Q1 of the 2025/26 fiscal year, reaching 136.2 billion yuan, marking a historical high for the same period [1] - The company is advancing its "mixed AI" strategy, aiming for long-term competitiveness in the AI era, with R&D expenses increasing by over 10% year-on-year [2] Financial Performance - Non-Hong Kong Financial Reporting Standards net profit increased by 22% to 2.816 billion yuan, while net profit under Hong Kong standards surged by 108% to 3.66 billion yuan, primarily due to non-cash gains from stock price fluctuations [1][3] - The IDG smart device business group achieved revenue of 97.3 billion yuan, a 17.8% increase, with PC business growth at its fastest pace in 15 quarters [1][4] Business Segments - The ISG infrastructure solutions business group saw a revenue increase of 35.8%, while the SSG solution services business group reported a 19.8% revenue growth, achieving an operating profit margin of 22.2% [1] - Non-PC business revenue now accounts for 47% of total revenue, indicating a more balanced growth structure and supporting the company's mixed AI strategy [1] Market Trends - The global PC market is experiencing an unexpected recovery, with IDC reporting a 6.5% year-on-year increase in global PC shipments for Q2 2025 [3] - AIPC shipments accounted for over 30% of total PC shipments, with a projected 77% year-on-year growth in AIPC shipments by 2025 [2][4] Strategic Initiatives - Lenovo is building a comprehensive AI product system centered around a hybrid cloud platform and intelligent management solutions to accelerate enterprise-level AI deployment [2] - The company is focusing on creating a unified AI entry point and exploring new intelligent experiences across devices and ecosystems [2][5]

2025年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。三大主营业务集团均实现双位数增长，非PC业务占比提升至47%，多元化增长结构持续优 化。 第一季度业绩沟通会上，联想集团不仅交出一份强劲成绩单，董事长兼CEO杨元庆更带来重磅消息： 2026年1月6日国际消费电子展期间，联想将于全球最大球形沉浸式体验中心——位于拉斯维加斯的 Sphere场馆举办联想Tech World创新科技大会，集中展示公司在人工智能、终端设备、基础设施和服务 等领域的最新技术突破。 业绩亮眼，韧性与底气兼备 财报显示，联想集团在第一季度实现稳健增长，营收和净利润均表现出色。 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%；PC业务以24.6%的市场份额稳居全 球第一，并以超20%的同比提升创下15个季度以来的最快增速。AI PC持续成为核心驱动，国际市场及 中国市场均实现双位数增长。旗下智能手机品牌摩托罗拉海外折叠屏细分市场份额超50%，稳居榜首 ...

转自：新华财经 新华财经北京8月14日电（记者沈寅飞）联想集团（HKSE：992）（ADR：LNVGY）14日公布了截至 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。 编辑：王媛媛 据介绍，报告期内联想集团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 业务创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%。 与此同时，联想集团本财季非PC业务营收占比进一步提升至47%。报告期内，联想集团AI基础设施业 务营收同比增长155%。 值得注意的是，若按香港财务报告准则计算，联想集团本财季净利同比增108%，达36.6亿元人民币。 这主要是受股价波动影响带来的认股权证公允价值变动，进而产生的非现金性质账面收益。集团管理层 认为，由于认股权证公允值变动的影响预计将持续至2027/2028财年末，公司希望市场更多关注集团在 非香港财务报告准则下的公司实 ...