11月20日早间，联想集团公布2025/26年财政年度中期业绩：集团的收入及权益持有人应占溢利分别同 比增长18%及40%，达390亿美元及8.46亿美元，创下集团上半年收入新高。第二季度，集团的收入录得 205亿美元的历史新高。董事会宣布派发中期股息每股8.5港仙，合共约1.354亿美元。（新浪财经） ...

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

20 November 2025 | 8:50AM HKT Equity Research Lenovo (0992.HK): First Take: Sep-Q GP in line; adjusted OP income beat; PC margins sustained with Servers loss narrowed; Buy Sep-Q revenues and GM were largely in line with expectations, leading GP to up by 13% QoQ, or 6% / 1% ahead of our / Bloomberg consensus. GM sustained at 15.4% (vs. 15.7% in Sep-Q 2025) despite memory costs upcycle, reflecting Lenovo's strong bargaining power and management capability over its supply chain, along with product mix upgrade ...

Q2FY26 Earnings Announcement November 20, 2025 2025 Lenovo Internal. All rights reserved. 2025 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 and assumptions. In some ...

联想以一份穿越周期、增速再提的亮眼答卷，给出了清晰答案。凭借清晰的战略定力、卓越的运营体系 和持续的创新投入，联想在个人智能和企业智能两条主线全面提速，展现出把握AI时代机会的能力与 底气。 2025年11月20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，并显著超出市场普遍预期；经调整后的净利润同比增长25%，达36.6亿元人民币，净利增速远超营 收增速，展现了集团在复杂环境下稳健前行的经营韧性与战略确定性。 当前AI浪潮正在迈入"普及与普惠"的新阶段：大语言模型快速迭代，算力需求从大规模训练向本地化推 理结构性迁移；AI走向产业端，开始影响企业的流程、工具与组织方式，用户亦对其个性化、私域 化、低延迟、安全可信等体验提出更高要求。在这一背景下，摆在所有科技企业面前的核心问题是：谁 能将AI技术真正转化为规模化的产品体系，将场景转化为可持续的商业价值，并在产业周期切换中保 持增长势能？ 需要注意的是，第二财季联想AI相关业务营收在总营收中的占比已提升至 ...

Core Insights - Lenovo Group reported a record revenue of 146.4 billion RMB for Q2 of FY 2025/26, marking a 15% year-on-year increase, significantly exceeding market expectations [1] - Adjusted net profit rose by 25% to 3.66 billion RMB, with profit growth outpacing revenue growth [1] - AI-related business revenue now constitutes 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] Business Segment Performance - The Intelligent Devices Group (IDG) achieved revenue of 108.1 billion RMB, a 12% increase year-on-year, with AI terminal devices accounting for 36% of IDG's total revenue, up nearly 17 percentage points [1] - The Infrastructure Solutions Group (ISG) reported revenue of approximately 29.3 billion RMB, a 24% year-on-year increase, with AI infrastructure revenue showing significant double-digit growth and a 154% increase in revenue from liquid cooling technology [2] - The Solutions and Services Group (SSG) experienced nearly 20% revenue growth, marking the 18th consecutive quarter of double-digit growth, with AI services achieving triple-digit revenue growth [2] Strategic Outlook - Lenovo's Chairman and CEO, Yang Yuanqing, emphasized the company's record performance in Q2 and the positive progress in both personal and enterprise intelligence sectors [2] - The company plans to leverage its unique "global resources, local delivery" model to navigate uncertainties and capitalize on the growth opportunities presented by hybrid AI [2]

Core Insights - Lenovo Group reported a record high revenue of 146.4 billion RMB for Q2 of FY 2025/26, marking a 15% year-on-year increase, with adjusted net profit rising by 25% to 3.66 billion RMB, indicating a sustained recovery in core business profitability [1][2] - The company's AI-related business revenue now accounts for 30% of total revenue, a significant increase of 13 percentage points year-on-year, highlighting the transformation of AI from a technological reserve to a substantial performance pillar [1] Business Segment Performance - In the IDG smart devices segment, revenue reached 108.1 billion RMB, up 12% year-on-year, with Lenovo's global PC market share surpassing 25% for the first time, leading the second competitor by 5.7 percentage points [2] - AI PCs emerged as a key growth driver, with Lenovo holding a 31.1% share in the Windows AI PC market, and AI terminal devices contributing 36% to revenue [2] - The infrastructure and services segment also experienced double-digit growth, with ISG infrastructure solutions revenue approximately 29.3 billion RMB, up 24% year-on-year [2] - Lenovo's liquid cooling technology revenue surged by 154% as AI computing shifts towards edge-side inference, while AI server revenue also saw high double-digit growth [2] - SSG solutions and services revenue grew by 18% year-on-year, maintaining double-digit growth for 18 consecutive quarters, with an operating profit margin exceeding 22% [2]

人民财讯11月20日电，11月20日早间，联想集团(00992.HK)发布2025/26财年第二季度财报，当季营收 同比增长15%至1464亿元人民币，创下季度历史新高，超出市场普遍预期；调整后净利润同比增长 25%，达36.6亿元人民币。首次披露AI相关业务收入情况，在总营收中占比提升至30%。 ...

人民财讯11月20日电，近期，存储等核心元器件成本出现温和上涨，市场对终端厂商盈利能力保持担 忧。11月20日，联想集团表示，成本端变化增强了客户"前置采购"意愿，带动下游渠道积极补库；同 时，相较于行业平均水平，联想在供应链的灵活度与风险吸收能力具备显著优势，能够在需求变化和成 本波动中保持更高的响应效率与供给韧性。因此，联想对下半财年PC及ISG的"双位数增长"保持信心， 并将继续推动市占率提升。 ...

每经AI快讯，联想集团在港交所发布2025/2026年财政年度中期业绩公告显示，截至2025年9月30日的六 个月，公司实现收入392.82亿美元，同比增加18%；公司权益持有人应占溢利8.46亿美元，同比增加 40%。 ...