LENOVO GROUP(HK:00992) Zheng Quan Shi Bao Wang·2025-10-09 08:25Core Insights - The global traditional PC market is showing sustained vitality with a shipment total of 75.9 million units in Q3 2025, reflecting a year-on-year growth of 9.4% compared to 69.3 million units in the same period last year [1] - Lenovo continues to lead the global PC market with a shipment volume of 19.4 million units and a market share of 25.5%, achieving a year-on-year growth of 17.3%, significantly outpacing the market average [1] - The competitive landscape indicates that Lenovo is effectively capturing market share from competitors, particularly in the high-value enterprise upgrade orders driven by Windows 11 [1] Group 1: Market Performance - The PC market is transitioning from an operating system-driven cycle to an innovation cycle driven by AI capabilities and new application scenarios [2] - Canalys predicts that by 2028, AI PC shipments will account for 70% of the market, with a compound annual growth rate of 44% from 2024 to 2028 [2] - Lenovo's AI PC shipments have surpassed 30% of its total PC shipments, positioning it as the leader in the global Windows AI PC market [3] Group 2: Strategic Initiatives - Lenovo's "global resources and local delivery" model has established an effective risk hedging mechanism, allowing the company to maximize benefits from global market demands while mitigating regional market fluctuations [2] - The company is actively executing its "hybrid AI" vision, focusing on a comprehensive stack of solutions that encompass personal and enterprise AI, covering high-performance AI PCs to cloud computing [2] - In the Chinese market, AI PC shipments account for 27% of total notebook shipments, highlighting the growing significance of AI in the region [3]