本财季，联想ISG基础设施方案业务集团营收367亿人民币，同比增长超31%。其中，云基础设施(CSP) 业务持续受益于AI训练需求扩张，延续高景气度；企业基础设施(E/SMB)业务营收增长的同时，通过定 价管理优化与运营效率提升，实现毛利率持续改善。区域层面，ISG中国业务实现关键突破，企业基础 设施成为利润的重要贡献来源。 值得关注的是，本财季联想ISG业务亏损继续大幅收窄。公司介绍称，这主要得益于ISG于第三财季启 动战略性重组。预计该重组将在未来三年带来每年14亿人民币的净成本节省，推动盈利能力持续改善。 值得注意的是，本财季AI服务器收入保持高速增长，并拥有高达155亿美元的订单储备。同时，联想披 露了其部署了首个基于GB 300 NVL72的机架式解决方案，并同步完善产品矩阵，发布包括AI推理服务 器SR675i、SR650i和边缘计算服务器SE455i在内的推理优化产品组合，覆盖从数据中心到边缘侧的多层 级推理应用场景。此外，受益于企业级推理需求持续释放，其海神液冷技术业务同比增长300%，进一 步巩固该公司在高能效AI基础设施领域的市场地位。 2026年2月12日，全球AI生态链领先企业联想集团 ...

Group 1 - Lenovo Group reported a record revenue of 157.5 billion RMB for Q3 of the fiscal year 2025/26, representing a year-on-year growth of over 18% and an adjusted net profit increase of 36% [1] - AI-related revenue surged by 72% year-on-year, accounting for 32% of total revenue, highlighting AI as a significant growth driver for the company [1] - The company experienced strong double-digit growth in AI PC revenue, triple-digit growth in AI smartphone revenue, and high double-digit growth in AI server revenue, indicating a robust demand for computing power and platform capabilities [1] Group 2 - The global AI industry is transitioning from a focus on centralized training to emphasizing reasoning capabilities and practical applications for individuals and enterprises [2] - A recent report indicates that 96% of surveyed CIOs plan to increase AI investments in the next 12 months, with an average growth rate of 13%, reflecting a shift from concept validation to real-world implementation [2] - Lenovo's hybrid AI strategy positions it as a core participant in the global AI ecosystem, integrating computing power, infrastructure, and services [2] Group 3 - Lenovo's CEO emphasized the importance of hybrid AI in leveraging opportunities presented by AI's integration into daily life and business operations, aiming for sustainable long-term returns for shareholders [3]

2026年2月12日，联想集团(HKSE：992)(ADR：LNVGY)公布2025/26财年第三财季业绩，截至2025年12 月31日，该集团实现营收1575亿人民币，同比增长超过18%；调整后净利润同比增长36%。 随着人工智能从技术部署阶段迈入价值兑现阶段，全球IT服务与AI解决方案市场正迎来新一轮结构性扩 张。在这一产业趋势下，第三财季，联想方案与服务业务集团(SSG)营收同比增长18%，连续第十九个 季度实现双位数增长，同时运营利润率进一步提升至22.5%。 联想集团董事长兼CEO杨元庆指出，"展望未来，随着AI深度融入个人的日常生活和企业的运营发展， 我们将持续推动混合式AI来把握AI普惠带来的机遇，加速增长并进一步改善盈利，为股东创造长期可 持续的切实回报。" 值得注意的是，AI服务营收实现了三位数增长，这标志着联想混合式AI解决方案正从试点探索阶段迈 向规模化复制阶段。目前，联想围绕制造、零售、体育、交通与智慧城市五大重点垂直行业，持续打造 了可复制的行业应用场景，并帮助客户构建了个性化的企业级超级智能体。随着AI服务收入占比的持 续提升，以及解决方案复制能力的增强，联想有望在"超越硬件"的业 ...

Core Viewpoint - Lenovo Group reported strong financial results for the third quarter of the fiscal year 2025/26, with revenue reaching 157.5 billion RMB, a year-on-year increase of over 18%, and adjusted net profit growing by 36%, doubling the revenue growth rate [1] Financial Performance - Revenue for the IDG Intelligent Devices Group was 111.7 billion RMB, with a year-on-year growth rate of 14% and an adjusted operating profit margin increasing by over 15% [1] - The company's pre-tax profit margin for the PC business improved year-on-year, marking the tenth consecutive quarter of improvement [1] Market Position - Lenovo's global PC market share increased to 25.3%, widening the gap with the second-largest competitor by 5.2 percentage points, and achieving a record market share of 24.9% for the calendar year 2025 according to IDC statistics [1] Industry Challenges - The PC and mobile industries are facing challenges such as increased price volatility of core components, potential changes in tariff policies, and supply chain instability [1] - The industry is expected to enter a phase characterized by "demand release and supply disruption," testing manufacturers' operational capabilities and supply chain resilience [1]

Core Viewpoint - Lenovo Group reported a significant revenue increase of over 18% year-on-year for Q3 of the fiscal year 2025/26, reaching 157.5 billion RMB amidst challenges in the global AI industry, including rising prices of key components and supply-demand fluctuations [1] Group 1: Financial Performance - Lenovo's revenue for Q3 reached 157.5 billion RMB, marking a year-on-year growth of over 18% [1] - The AI terminal device business accounted for 40% of the Intelligent Devices Group's (IDG) overall revenue, with a year-on-year growth of 72% [1] - AI PCs, as a core pillar, experienced high double-digit growth, with average selling prices significantly above industry averages [1] Group 2: Strategic Initiatives - Lenovo is collaborating with partners like Intel and Qualcomm to innovate AI PCs, AI smartphones, and other forms of native intelligent terminal devices, continuing its "one body, multiple ends" strategy [2] - The upcoming rollout of the super intelligent agent Qira is expected to amplify the flywheel effect of Lenovo's personal intelligent ecosystem [2]

Core Insights - Lenovo Group reported record revenue of 157.5 billion RMB for Q3 of FY 2025/26, marking an over 18% year-on-year growth, with adjusted net profit increasing by 36% [1] - The company demonstrated resilience in a challenging market, maintaining a balance between growth, cost, and efficiency, which reflects its core competitiveness [1] - AI-related revenue surged by 72%, now accounting for 32% of total revenue, showcasing the advantages of Lenovo's hybrid AI strategy [2] Financial Performance - Revenue reached 157.5 billion RMB, a historical high, with a profit growth rate double that of revenue growth [1] - Adjusted net profit increased by 36% year-on-year, indicating strong financial health [1] - All business groups achieved double-digit revenue growth, with personal computer sales outpacing the market for ten consecutive quarters [1] Business Segments - Infrastructure Solutions Group (ISG) revenue reached 36.7 billion RMB, growing over 31% year-on-year, nearing profitability [1] - Solutions and Services Group (SSG) revenue grew by 18%, achieving double-digit growth for the nineteenth consecutive quarter, with operating profit margin rising to 22.5% [1] - AI-related segments, including AI computers, smartphones, infrastructure, and services, experienced high double-digit to triple-digit growth [2] Strategic Outlook - Lenovo aims to advance its hybrid AI strategy, leveraging both "personal intelligence" and "enterprise intelligence" to capture growth opportunities presented by AI [2] - The company emphasizes resilience and execution to sustain revenue growth and enhance profitability [2]

2026年2月12日，全球AI生态链领先企业联想集团(HKSE：992)(ADR：LNVGY)公布2025/26财年第三财 季业绩：联想集团实现营收1575亿人民币，同比提升超过18%，经调整后净利润同比增长36%；集团三 大业务集团均实现营收与利润双位数增长，多元化增长引擎贡献强劲、均衡的增长动能，成为业绩稳步 攀升的核心动力。 此次三大业务集团的全面增长，是联想集团混合式AI战略系统性落地、能力体系不断外溢的阶段性成 果。在个人智能领域，联想押注"个人AI双胞胎"，以超级智能体构建差异化竞争壁垒。第三财季，联想 正式发布超级智能体联想Qira，标志着构建跨平台、跨设备统一AI终端入口迈出关键一步，预计下个季 度内嵌联想Qira的设备将正式面市。企业智能领域，联想在混合式人工智能优势集的框架下，布局已覆 盖AI应用库、AI技术平台、AI基础设施与AI服务四大层面，持续赋能企业打造企业超级智能体，释放 AI商业价值。 "联想在第三财季交出了一份全面出色的成绩单，各主营业务全部实现双位数强劲增长，人工智能成为 重要的增长引擎。" 联想集团董事长兼CEO杨元庆指出，"展望未来，随着人工智能深度融入个人的日 常生活 ...

IDG智能设备业务集团营收超过1100亿元人民币，同比增长14.3%；ISG基础设施方案业务集团营收367 亿元人民币，同比增长超31%；SSG解决方案与服务业务集团营收同比增长18%。 2月12日，联想集团公布截至2025年12月31日的2025/26财年第三财季业绩：集团营收1575亿元人民币， 同比增长超过18%；经调整后的净利润同比增长36%。 ...

格隆汇2月12日丨联想集团(00992.HK)公布第三季业绩，截至2025年12月31日止第三季度，集团取得稳 健财务表现。集团收入同比增长18%，达创纪录的222亿美元，三大业务集团的收入均录得双位数同比 增长。人工智能相关收入同比增长72%，占集团总收入的32%。 第三季度调整后权益持有人应占溢利达5.89亿美元，同比增长36%，增速达收入增长的两倍。已呈报的 权益持有人应占溢利为5.46亿美元。主要调整项目包括一次性重组费用2.85亿美元、所得税抵免4,500万 美元，认股权证的非现金公允值收益1.86亿美元、可换股债券的名义利息2,900万美元，以及其他非现金 调整4,000万美元。 调整后净溢利率上升34个基点至2.7%，体现运营杠杆能力的提升、效率优化以及高端産品组合和服务 对收入贡献的增加。尽管第三季度运营环境充满挑战，关税不确定性持续，供需失衡导致零部件成本上 升，集团仍展现出卓越的经营韧性，在这一宏观背景下仍录得稳健的收入及运营利润增长。 基础设施方案业务集团于第三季度宣布重组，是重新优化成本结构、加速迈向可持续的盈利增长转型的 关键一步。通过优化产品组合和提升员工技能，基础设施方案业务集团 ...

【联想集团：第三季度营收222亿美元 不及预期】智通财经2月12日电，联想集团在港交所公告称，第 三季度营收222亿美元，预估207.6亿美元；第三季度净利润5.455亿美元；第三季度毛利率15.1％，预估 15.4％。 转自：智通财经 ...