每卖3台电脑就有1台AI PC！杨元庆称中国制造成本优于其他任何地方

Core Viewpoint - Lenovo's AI PC sales have reached one-third of total PC sales, significantly exceeding the previous expectation of 25% by year-end [1][2] Financial Performance - Lenovo reported a revenue increase of 22% year-on-year to 136.2 billion RMB for the first quarter of the 2025/26 fiscal year, marking a historical high for the same period [1] - Net profit under non-Hong Kong financial reporting standards grew by 22% to 2.816 billion RMB, while net profit under Hong Kong standards surged by 108% to 3.66 billion RMB [1] - The significant increase in net profit under Hong Kong standards was attributed to non-cash accounting gains, including a $152 million gain from the fair value reassessment of warrants and $28 million in nominal interest from convertible bonds [1] Business Segments - All three main business groups of Lenovo achieved double-digit growth: - IDG (Intelligent Devices Group) revenue reached 97.3 billion RMB, up 17.8%, with the PC business recording its fastest growth in 15 quarters [1] - ISG (Infrastructure Solutions Group) revenue increased by 35.8% [1] - SSG (Solutions and Services Group) revenue grew by 19.8%, with an operating profit margin of 22.2% [1] Regional Performance - Revenue growth was notable across regions: - China market revenue increased by 36% - Asia-Pacific (excluding China) grew by 39% - Americas saw a 14% increase - Europe, Middle East, and Africa grew by 9% [2] Market Share and AI Integration - Lenovo's PC market share reached 24.8% in Q2, an increase of nearly 2 percentage points year-on-year [2] - AI is identified as a key driver for growth, with AI PC sales constituting one-third of total PC sales, and over 40% of users actively engaging with AI features [2] Strategic Operations - Lenovo's operational model, which combines ODM and end-to-end operations, has mitigated the impact of tariff fluctuations [3] - The company has established 33 manufacturing bases in multiple countries, ensuring a "global resources, local delivery" approach [3] - China remains a critical manufacturing hub for Lenovo, with a cost advantage of $15 per PC compared to other leading manufacturing locations [3] Future Outlook - The growth of the global PC market is anticipated to be driven by several factors, including the upgrade cycle prompted by Windows 11, accelerated replacement by enterprise users, and a new wave of demand driven by AI [3]