LENOVO GROUP(HK:00992) Ge Long Hui·2025-09-04 11:00Group 1: PC Market Performance - In Q2 2025, the PC market in mainland China (excluding tablets) showed strong performance with shipments reaching 10.2 million units, a year-on-year increase of 12% [1][2] - Both consumer and commercial demand increased, with growth rates of 13% and 12% respectively [1] - Lenovo maintained its leadership position in the Chinese PC market, with desktop and laptop shipments totaling 3.4 million units, a 13% increase, and market share rising to 34% [1][2] Group 2: Tablet Market Performance - The tablet market also experienced significant growth, with shipments reaching 9.1 million units, reflecting an 18% year-on-year increase [1][4] - Lenovo's diversified product strategy allowed it to remain competitive, achieving a 54% annual growth rate in the tablet segment, increasing its market share to 8% [3][4] Group 3: AI PC Growth - The AI PC segment in mainland China saw explosive growth, with AI PC shipments accounting for 28% of the overall PC market in Q2 2025 [2] - Lenovo reported that AI PCs with "five AI features" made up 27% of its total notebook shipments in the Chinese market [2] - The penetration rate of AI PCs is expected to rise rapidly, reaching 34% in 2025 and further increasing to 52% in 2026 [4] Group 4: Future Outlook - Canalys forecasts a 2% year-on-year growth for the Chinese PC market in 2025 and a 3% growth in 2026, driven mainly by subsidies and replacement demand [4] - By the end of 2029, the Greater China region is expected to accumulate approximately 107 million AI PC shipments, laying a solid foundation for widespread AI application [4] - The government's "Artificial Intelligence +" initiative is anticipated to accelerate local AI infrastructure development and the commercialization of AI devices, benefiting companies like Lenovo [4]