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, a 15% increase compared to the previous year [1] - Adjusted net profit grew by 25% to 3.66 billion RMB [1] - Operating cash flow reached 2.8 billion USD, supported by revenue growth and improved inventory management [1] - Free cash flow increased to 1.9 billion USD, providing strong support for growth across all business groups [1] - Adjusted net financial costs decreased by 27% after excluding nominal interest on convertible bonds, indicating effective cost-saving measures [1] Research and Development - R&D expenditure increased by 8% year-on-year, driving the development of a hybrid artificial intelligence strategy [1] - Lenovo continues to invest in its artificial intelligence development blueprint, capitalizing on opportunities presented by hybrid AI [1] Product Launches - At the "Lenovo Innovation World 2025" event, the company launched a full suite of AI-driven devices and related experiences across consumer, commercial, and mobile sectors [1] - The new product lineup includes high-performance personal computers, smart tablets, immersive gaming devices, and Motorola smartphones, reflecting the company's vision of "AI for All" [1]

Core Insights - Lenovo Group's Chairman and CEO Yang Yuanqing announced the signing of long-term supply contracts with key component suppliers to address the rising prices of storage chips driven by surging demand for artificial intelligence (AI) [1] - Yang expects that the shortage and price increases of storage components will not be a short-term issue and may persist throughout the next year [1] - The company aims to ensure sufficient supply and competitive costs through these long-term contracts, allowing it to maintain its gross and net profits while remaining competitive in the market [1]

"我们与关键供应商都签有长期合同，能比对手更好进行管理。我们基本能确定，整个明年联想都有足 够的存储供应。" 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。 在业绩发布会的提问环节，谈及存储供应短缺以及价格上涨，联想集团董事长兼CEO杨元庆表示，存储 供应短缺以及价格上涨对联想而言不是新鲜事，联想有超越对手的应对能力。 来源：新浪科技 杨元庆还表示，对包括服务器在内的基础设施业务有十足的信心，不会因为零部件价格上升而影响毛利 或净利润。他强调，"从长期来看，我们依然非常有信心在保持市场竞争力的同时维护毛利和净利润。" ...

在业绩发布会上，联想集团董事长兼CEO杨元庆表示，明年1月6号将在联想创新科技大会上推出个人超 级智能体。"它不但能协同各类可穿戴与环境感知设备，听你所听、见你所见、记你所记，还能够调度 各种便携式设备，通过个性化的算法与模型来持续的学习用户习惯、预测意图，最终成为用户的个人智 能双胞胎。"（新浪科技） ...

在业绩发布会上，联想集团董事长兼CEO杨元庆表示，第一波人工智能浪潮，大语言模型横空出世，催 生了巨大的人工智能基础设施需求，云基础设施所提供的以训练为主的大规模算力迎来了爆发式增长。 他表示，再到今天，随着大语言模型日益广泛的使用，用户在个性化和私域化方面的考量，以及在效 率、响应速度、安全隐私保护和可持续发展等多方面的需求，则更加凸显人工智能的发展主题转向以人 和企业实体为中心的普及与普惠。"这必然为更多形态的AI终端设备，公有云、私有云和本地数据中 心，以及边缘计算相结合的混合式基础设施，以及更能满足多样化需求的解决方案和服务，带来更大的 增长机会。"他进一步表示，这一趋势正在个人智能与企业智能两个领域加速成型。在个人智能领域， 用户越来越期待基于他们自己独特的经历、记忆、行为和知识所产生的智能结果。"在联想，我们正通 过推进一体多端的战略，来满足用户对于高度个性化的个人智能的需求。"（新浪科技） ...

在业绩发布会上，联想集团董事长兼CEO杨元庆再度强调了对混合式人工智能战略的坚定信心，"我们 既为创记录的业绩感到自豪，也为我们的愿景满怀信心，更对广阔的市场机遇充满期待。我们相信通过 推进混合式人工智能战略，我们将为股东创造长期可持续的回报，更将实现千人千面千企千样的智能， 让人工智能真正惠及每一个企业和每个个人。"（新浪科技） ...

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。"（新浪科技） ...

财报显示，集团当季营收204.5亿美元，同比增长15%；经调整后净利润5.12亿美元，同比增长25%。 截至2025年9月30日止6个月，集团营收392.8亿美元，同比增长18%；经调整后净利润9.01亿美元，同比 增长24%。 北京商报讯（记者 陶凤 王天逸）11月20日，联想集团披露截至2025年9月30日的2025/26财年第二财季 业绩。 ...

Core Insights - Lenovo Group reported a revenue of 146.4 billion yuan for the second fiscal quarter of 2025/2026, marking a 15% year-on-year increase, with adjusted net profit rising by 25% to 3.66 billion yuan [1] - The company achieved double-digit revenue growth across all business segments and regional markets, with the IDG smart devices business generating 108.1 billion yuan, a 12% increase, and capturing over 25% market share in the personal computer sector [1] - AI-related business revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year, indicating AI's transition from a supportive role to a core growth driver for Lenovo [1][2] Business Segment Performance - The ISG infrastructure solutions business saw revenue of 29.3 billion yuan, a 24% increase, with significant growth in AI infrastructure revenue [1] - The SSG solutions and services business experienced nearly 20% year-on-year revenue growth, achieving double-digit growth for the 18th consecutive quarter while maintaining high profit margins [1] - In the personal smart devices sector, Lenovo's AI PC market share reached 31.1%, maintaining the global lead, with AI terminal device revenue rising to 36% of IDG's total revenue, a 17 percentage point increase [2] Strategic Direction - Lenovo's CEO emphasized the company's commitment to leveraging a "global resources, local delivery" model to navigate uncertainties and capitalize on the growth opportunities presented by hybrid AI [3] - The company plans to launch a personal super-intelligent device at the upcoming innovation technology conference in January 2026, enhancing the capabilities of terminal devices [2]

Core Viewpoint - Lenovo's CEO Yang Yuanqing expressed optimism about the growth of the PC market driven by AI technology, countering concerns about an AI bubble and emphasizing the ongoing demand for AI applications across various sectors [1][2]. Group 1: AI Bubble Debate - Yang stated that there is no AI bubble, highlighting that AI encompasses more than just large language models, including computer vision, autonomous driving, and industrial automation, with widespread applications still in the early stages [2]. - This perspective aligns with views from industry leaders and economists, such as Nobel laureate Michael Spence, who described current AI investments as a "rational bubble" where the cost of under-investment outweighs the risks of over-investment [2]. - NVIDIA's CEO Jensen Huang noted that the AI industry is in the early stages of building a multi-trillion-dollar intelligent economy, contrasting the current situation with the internet bubble era [2]. Group 2: Response to Storage Chip Price Increases - Yang addressed the cost pressures from the storage chip market, attributing them to increased demand driven by rapid AI development, and indicated that price fluctuations may continue into next year [3]. - Lenovo's strong supply chain management and long-term partnerships with suppliers allow the company to secure critical component supplies and mitigate cost impacts on profits [3]. - Analysts believe Lenovo's resilience during the storage chip price increase is due to its high proportion of enterprise clients, which focus on total cost of ownership rather than price sensitivity [3]. Group 3: PC Market Growth Prospects - Yang indicated that the upgrade cycle for Windows 10 PCs is not yet over, which will continue to support market growth for several quarters [5]. - The core growth driver for the PC market is the rise of AI PCs, which enhance user experience through localized AI features [5]. - Lenovo forecasts a 5%-10% growth in the global PC market by 2026, driven by the end of Windows 10 updates and the proliferation of AI PCs, with confidence in maintaining double-digit growth for the year [5]. Group 4: Strategic Outlook on AI Infrastructure - Lenovo is accelerating its focus on enterprise-level AI infrastructure, shifting the AI computing focus from public cloud training to local data centers and edge-side inference [6]. - The company plans to promote intelligent transformation for enterprise clients through hybrid AI solutions and customized services, which will open new market opportunities [6]. - This strategic shift is expected to help Lenovo's infrastructure business return to profitable growth [6].