Zheng Quan Shi Bao·2025-08-14 10:33Core Insights - Lenovo Group reported a record revenue of $18.83 billion for the first quarter of the fiscal year 2025/26, marking a 22% year-on-year increase, the highest first-quarter revenue in its history [1] - The net profit attributable to equity holders increased by 108% to $505 million, while the profit under non-Hong Kong Financial Reporting Standards rose by 22% to $389 million [1] - Despite strong performance, Lenovo's stock price fell nearly 6% on the day of the earnings release, although it has risen over 50% since its low in April [1] Business Group Performance - Intelligent Devices Group: Revenue grew by 18% year-on-year, with segment profit increasing by 15%. The group achieved its fastest revenue growth in 15 quarters, capturing a global PC market share of 24.6%, up 1.7 percentage points from the previous year [3][2] - Infrastructure Solutions Group: Revenue surged by 36% year-on-year, driven by increased cloud and enterprise infrastructure investments. AI server revenue more than doubled, although the segment recorded an operating loss of $86 million due to investments in AI capabilities and infrastructure transformation [4][5] - Solutions Services Group: Achieved a record revenue growth of 20% year-on-year, with segment profit margin rising to 22%. The group benefited from strong demand for high-end services, with significant growth in TruScale orders [6][7] Regional Performance - The Asia-Pacific region (excluding China) saw a 39% year-on-year revenue increase, driven by strong demand for AI servers and successful market strategies in Japan and India [8] - China experienced double-digit growth, with significant contributions from the Intelligent Devices Group and Infrastructure Solutions Group [9] - The Americas region reported a 14% year-on-year revenue increase, supported by strong performance in PCs and smartphones [9] Research and Development - R&D investment increased by 10% year-on-year to $524 million, reflecting Lenovo's commitment to driving AI innovation [8] - The number of R&D personnel rose to nearly 20,000, accounting for 28% of the total workforce [8] Future Outlook - Lenovo aims to leverage unprecedented opportunities in the AI sector, focusing on hybrid AI strategies and developing scalable AI-driven solutions [10]