基础设施方案业务集团、方案服务业务集团及智能设备业务集团均实现强劲双位数收入增长。智能设备 业务集团的个人电脑业务市场份额创下24.6%的新高，人工智能PC渗透率持续提升，智能手机业务连续 七个季度实现双位数收入增长。基础设施方案业务集团人工智能服务器收入同比翻倍，方案服务业务集 团收入同比增长20%。集团经营溢利率为3.4%，净利率为2.1%，利润率的改善得益于产品组合优化、服 务提升及运营效率提高。 研发投资同比增长10%，推动混合式人工智能策略发展。 （文章来源：证券时报网） 联想集团公布了2025/26财年第一季度业绩，联想集团2025/26财年第一季度营收达188亿美元，同比增 长22%，创历史同期新高。权益持有人应占溢利同比增长108%至5.05亿美元。 ...

Core Insights - Lenovo Group reported a strong Q1 performance for the fiscal year 2025/26, with revenue increasing by 22% year-on-year to 136.2 billion RMB, significantly exceeding market expectations of 13.7% and achieving a historical high for the same period [1] - The company's net profit under non-Hong Kong Financial Reporting Standards also grew by 22% to 2.816 billion RMB, indicating enhanced profitability [1] - Lenovo's Chairman and CEO, Yang Yuanqing, highlighted the company's ability to navigate challenges posed by the Trump tariff war through its unique operational model [1] Group Performance - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion RMB, a year-on-year increase of 17.8%, surpassing market expectations of 11.46%, with the PC business achieving its fastest growth in 15 quarters and smartphone revenue increasing by 14% [1] - The Infrastructure Solutions Group (ISG) saw a robust revenue growth of 35.8%, exceeding market expectations of 23.63% by over 10 percentage points [1] - The Solutions and Services Group (SSG) reported a revenue increase of 19.8%, surpassing market expectations of 13.44%, with an operating profit margin of 22.2% [1] AI Strategy and Growth - Non-PC business revenue accounted for 47% of total revenue, indicating a more balanced growth structure and providing a solid foundation for Lenovo's mixed AI strategy [2] - Lenovo is leveraging its "AI + Terminal" strategy to drive collaborative growth across IDG, ISG, and SSG, creating a positive feedback loop from personal to enterprise intelligence [2] - The company has committed to a double-digit growth in R&D investment, laying a strong foundation for future innovation [2] AI Product Development - In personal intelligence, Lenovo solidified its leadership in the global AI PC market, launching AI PC products equipped with the "Tianxi" personal superintelligence in China, achieving an AI PC penetration rate of over 30% [3] - In enterprise intelligence, Lenovo is building a comprehensive AI product system centered around hybrid cloud platforms and intelligent management solutions, with AI infrastructure revenue growing by 155% year-on-year [3] - Yang Yuanqing emphasized the commitment to advancing the mixed AI strategy and enhancing operational competitiveness for sustainable growth [3] Financial Reporting - According to Hong Kong Financial Reporting Standards, Lenovo's net profit increased by 108% to 3.66 billion RMB, primarily due to non-cash gains from stock price fluctuations [4] - The management believes that non-Hong Kong Financial Reporting Standards provide a clearer reflection of the company's core operational performance [4]

8月14日，联想集团发布截至2025年6月30日的2025/26财年第一季度财报，当季营收同比增长22%至 1362亿元人民币，创下第一财季历史新高；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，按照香港财务报告准则计算则实现翻番，达36.6亿人民币，盈利能力显著增强，赢得"开门 红"的强劲起势。 与此同时，联想集团在全球11个市场设有的30多个自营或合作的制造基地与中国形成协同体系，构建出 高效灵活的全球供应链网络。这一模式不仅保持了中国制造的规模与效率优势，还通过本地化运营，实 现了快速响应市场、降低外部风险、提升客户满意度与合规能力等多重"最后一公里"价值。 而通过深耕海外市场，联想也能够更有效地整合全球资源，回馈国内市场。目前，联想集团约80%的生 产制造、70%的研发人员和60%的员工在国内，而75%的营收来自海外，是真正的植根中国、链接全 球。 本季度的业绩也印证了这一战略的有效性，使联想能够从容应对外部冲击，持续实现稳健增长与全球竞 争力的提升。 此外，中国AI行业正加速迈入产业应用阶段，AI产业规模亦持续壮大，并形成了覆盖基础底座、行业 应用的完整产业体系。随着创新终端与 ...

除此之外，联想还正在推进"一体多端"战略，以智能体原生终端设备作为个人智能的入口，打造跨设 备、跨生态、"端-边-云"协同的统一平台，重塑AI时代下的人机交互，以人为本提供高度个性化的体 验。 第一财季，联想进一步推动个人智能和企业智能领域的创新，研发投入达到双位数增长。截至目前，联 想研发人员已接近2万，占总员工人数的28%。把握人工智能带来的结构性增长机遇，联想集团业绩实 现强势突破。 企业智能方面，联想集团正在构建以混合云平台、智能体管理平台和行业垂直解决方案库为核心的全栈 AI产品体系，助力客户加速部署企业级智能体。继在中国率先发布"乐享"企业超级智能体后，联想正在 构建人工智能模型工厂，开发智能体平台，以推进联想混合式人工智能优势集的全面落地。 8月14日，联想集团发布截至2025年6月30日的2025/26财年第一季度财报，当季营收同比增长22%至 1362亿元人民币，创下第一财季历史新高；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，按照香港财务报告准则计算则实现翻番，达36.6亿人民币，盈利能力显著增强；所有业务以及 大区均实现双位数增长，赢得"开门红"的强劲起势。 联想 ...

智通财经APP获悉，2025年8月14日，联想集团(00992)发布截至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，远超市场预期的13.7%，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，盈利能力显著增强，赢得"开门红"的强劲起 势。 这一亮眼业绩，正是在特朗普关税战对全球贸易和供应链开始造成巨大扰动期间取得，因此殊为不易。 联想集团董事长兼CEO杨元庆表示，"凭借ODM+的端到端运营，以及"全球资源、本地交付"的独特模 式，我们克服了关税等宏观环境带来的挑战，成功兑现了前两个季度承诺的保持竞争力不降、市场份额 不掉、盈利不减的目标。" 得益于多元化增长引擎持续加速，联想集团本财季非PC业务营收占比进一步提升至47%，驱动集团增 长结构更趋均衡的同时，也为公司混合式AI的纵深布局提供了坚实的业务基础。这也意味着，联想正 加速撬动"AI+终端"这一大飞轮的转动，以PC为支点，带动IDG、ISG、SSG多业务协同增长，形成从个 人智能到企业智能的正向飞轮效应。 当下，"超级智能"正成为全球科技巨头竞相押注的新风口，这与 ...

Group 1: Company Performance - Lenovo Group reported a 22% year-on-year revenue growth for Q1 of the fiscal year 2025/26, reaching 136.2 billion RMB, marking a historical high for the same period [1] - The net profit under non-Hong Kong financial reporting standards also increased by 22% year-on-year to 2.816 billion RMB, indicating a significant enhancement in profitability [1] - The IDG business segment continued its strong performance with a revenue growth of 17.8% year-on-year, totaling 97.3 billion RMB [1] Group 2: Market Position and Product Performance - Lenovo maintained its position as the global leader in the PC market with a market share of 24.6%, expanding by 3.9 percentage points compared to the second place [1] - The AI PC segment has become a key growth driver, with AI PC shipments accounting for over 30% of total PC shipments during the reporting period [1] - In the smartphone sector, Lenovo achieved a 14% revenue growth, with Motorola brand leading the overseas foldable smartphone market, holding over 50% market share [1] Group 3: Industry Trends - The global PC market is experiencing an unexpected recovery, with a 6.5% year-on-year increase in shipments in Q2 2025, reaching 68.4 million units [2] - AI PCs are projected to see a 77% year-on-year growth in shipments, potentially accounting for 70% of total PC shipments by 2027 [2] - The smartphone industry is stabilizing, with global smartphone revenue surpassing 100 billion USD for the first time, achieving a historical high average selling price [2] Group 4: Future Strategy - Lenovo plans to advance its "one body, multiple ends" strategy, focusing on creating personalized AI experiences through terminal devices [2] - The company is accelerating the development of a unified platform that integrates cross-device and cross-operating system capabilities, enhancing personal knowledge bases and application scenarios [2] - The goal is to establish a unified AI entry point and a continuously evolving personalized experience loop [2]

智通财经APP获悉，8月14日，联想集团(00992)发布截至2025年6月30日的2025/26财年第一季度财报， 当季营收同比增长22%至1362亿元人民币，创下第一财季历史新高；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，按照香港财务报告准则计算则实现翻番，达36.6亿人民币，盈利能力显 著增强，赢得"开门红"的强劲起势。 具体来看，联想所有主营业务营收均实现大双位数的高速增长，非PC业务在三大业务集团总营收中的 占比提升至47%，在全球所有大区均实现高速或者较高速营收增长，亚太、中国增速最快。 相比较业界的"中国+1"单一模式，联想通过独特的"中国+N"模式构建了强大的竞争优势。所谓"中国 +N"网络，即以中国为大本营，辐射东南亚、沙特、巴西、墨西哥、欧洲等节点，全球80%的产能仍留 在中国。 联想集团表示，中国作为全球制造中心，具备不可替代的优势，包括完整的供应链生态、高效率的生产 能力以及成熟的产业人才队伍。"中国制造"本身就是联想最重要的全球资源之一。 与此同时，联想集团在全球11个市场设有的30多个自营或合作的制造基地与中国形成协同体系，构建出 高效灵活的全球供应链网络 ...

在此背景下，报告期内，SSG营收同比提升19.8%至163亿元，创下历史新高；运营利润率达到22.2%， 同比提升1.2个百分点，核心利润引擎地位稳固。其中，支持服务收入实现双位数增长，同比提升 12.2%。运维服务业务及项目与解决方案业务收入分别大幅增长36%和18.3%，合计在SSG整体营收中的 占比较去年同期提升了约3个百分点，已接近60%。 此外，DaaS（设备即服务）成为本季度增长与利润核心引擎，提前锁定客户对灵活aaS（即服务）模式 的需求；TruScale IaaS更是实现同比超200%的超高速增长。人工智能解决方案发展势头强劲，在制造业 和供应链领域尤其表现突出。展望未来，SSG将继续在混合式人工智能优势集的架构下完善能力，强化 核心竞争力。SSG将聚焦数字化办公解决方案、混合云与可持续发展等水平建筑模块或通用解决方案， 深化面向客户关键场景的技术积累与交付能力。同时，在垂直领域，SSG将打造更多简单、高效、可扩 展的AI解决方案，以满足客户的迫切需求，充分释放联想混合式人工智能优势集的潜能。 当前，企业数字化、智能化转型持续推进，推升了全球IT服务市场。Gartner预测，2025年全球IT ...

2025年8月14日——全球数字经济领导企业联想集团（HKSE：992）（ADR：LNVGY）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，盈利能力显著增强，赢得新财 年"开门红"的强劲起势。 这一亮眼业绩，正是在特朗普关税战对全球贸易和供应链开始造成巨大扰动期间取得，因此殊为不易。 同时也兑现了管理层在上一季的承诺：面对复杂地缘政治环境挑战，联想集团将凭借ODM+端到端运 营，以及"全球资源、本地交付"的独特模式，"竞争力不降、市场份额不掉、盈利不减"。 不仅如此，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团均把握住了AI所带来 的结构性增长机遇，加速迈进"价值兑现期"：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业务更是创下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%的强 劲增长；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%，核心利润引擎地位进一 步稳固。 ...

Core Insights - Lenovo Group reported a strong Q1 performance for the fiscal year 2025/26, with revenue reaching 136.2 billion RMB, a 22% year-on-year increase, marking a historical high for the first quarter [1][5] - The company achieved a net profit of 2.816 billion RMB under non-Hong Kong Financial Reporting Standards, also a 22% increase year-on-year, demonstrating enhanced profitability [1][6] - Lenovo's performance is notable given the challenges posed by the Trump tariff war affecting global trade and supply chains, showcasing the company's resilience [1] Business Segments Summary IDG (Intelligent Devices Group) - IDG's revenue reached 97.3 billion RMB, a 17.8% year-on-year growth, with PC business achieving the fastest growth in 15 quarters [2][7] - The global PC market is recovering, with Lenovo holding a 24.6% market share, an increase of 3.9 percentage points from the second place [7] - AI PCs are driving growth, with Lenovo's AI PC shipments accounting for over 30% of total PC shipments globally, and 27% in the Chinese market [8] ISG (Infrastructure Solutions Group) - ISG's revenue grew by 35.8%, with AI infrastructure revenue increasing by 155% year-on-year, reflecting strong demand for AI solutions [2][10] - The company is focusing on a dual-track strategy in cloud and enterprise infrastructure, which is expected to sustain growth and profitability [11] SSG (Solutions and Services Group) - SSG achieved a revenue increase of 19.8% to 16.3 billion RMB, with an operating profit margin of 22.2%, solidifying its position as a core profit engine [12] - High-value services now account for nearly 60% of SSG's revenue, with significant growth in operational services and project solutions [12][13] - DaaS (Device as a Service) has become a key growth driver, reflecting customer demand for flexible service models [13] Strategic Initiatives - Lenovo is committed to its hybrid AI strategy, investing over 10% more in R&D to enhance its competitive edge in both personal and enterprise intelligence [3][4] - The company is building a comprehensive AI product ecosystem, focusing on mixed cloud platforms and industry-specific solutions to accelerate enterprise-level AI deployment [4][10] - Lenovo aims to create a unified AI experience across devices, enhancing user engagement and operational efficiency [9]