LENOVO GROUP(HK:00992) Feng Huang Wang·2025-07-10 07:27Core Viewpoint - The global PC market is experiencing a recovery, with Lenovo leading in shipments and market share growth, significantly outperforming competitors [1][2] Group 1: Market Performance - In Q2 2025, global PC shipments are projected to reach 68.4 million units, representing a year-on-year growth of 6.5% [1] - Lenovo's shipments reached 16.97 million units, capturing 24.8% of the market share, a 15.2% increase year-on-year, marking a historical high [1] - HP and Dell follow with shipments of 14.1 million and 9.8 million units, respectively, with HP's market share at 20.7% (down 0.7 percentage points) and Dell's at 14.3% (down 1.4 percentage points) [1] Group 2: Factors Driving Growth - The demand for PCs is being driven by the replacement of old devices and the upgrade to Windows 11, despite challenges in the U.S. market due to tariff policies [1] - Lenovo's global supply chain management capabilities are increasingly recognized, ranking 8th in Gartner's Top 25 Global Supply Chains, surpassing major companies like Walmart and BMW [1] Group 3: Strategic Advantages - Lenovo's strong performance is attributed to its "China + N" global manufacturing strategy and end-to-end business model, allowing it to navigate complex global trade environments effectively [2] - The company continues to innovate with differentiated products like AI PCs, catering to the diverse needs of consumers [2] - Lenovo's efficient and flexible supply chain ensures stable product supply and timely delivery [2]