LENOVO GROUP(HK:00992) Ge Long Hui·2025-11-12 11:14Core Insights - The article emphasizes that the Chinese smart terminal market is entering an AI-native era, where AI will reshape core values and interaction methods, driving deep innovation across ecosystems, scenarios, and categories, becoming a key engine for economic transformation and industrial upgrading [1][3]. Industry Trends - IDC predicts that by 2026, the shipment volume of smart terminals in China will exceed 900 million units, with traditional AI terminal penetration expected to surpass 93% by 2027, reflecting a 4% year-on-year growth [3]. - The transition from demographic dividends to "AI dividends" positions smart terminals as crucial carriers of new productive forces [3]. - The integration of AI with cutting-edge technologies like embodied intelligence, quantum technology, and 6G will drive the emergence of new economic models and innovations [3]. Company Performance - Lenovo has established a strong foothold in the AI terminal market, leading the global PC market with a shipment of 19.4 million units in Q3 2025, capturing a market share of 25.5% [4]. - Lenovo's AI PC business continues to lead globally, supported by its unique AI-native technology system and strong competitiveness in both consumer and commercial sectors [4]. Product Innovations - Lenovo's enterprise-level super intelligent agent, launched in May 2025, has generated revenue of 1.89 billion yuan, supporting over 1 million interactions daily and significantly improving user engagement and order conversion rates [5]. - The company is also focusing on emotional interaction, with over 40% of users expecting smart terminals to provide emotional support, shifting from function-oriented to understanding-oriented interactions [7]. Global and Local Strategies - Lenovo's global strategy includes a distributed manufacturing network across 11 countries, enhancing local delivery and reducing trade barriers, which has led to significant revenue growth in overseas markets [9]. - The company is exploring new terminal forms and vertical scenarios, such as AI notebooks and personalized learning agents, to capture growth in the education sector [10]. Supply Chain and Efficiency - Lenovo's AI-driven supply chain management has improved initial failure rates by 45% over five years, showcasing the effectiveness of its innovative quality management practices [12]. - The integration of AI across the entire value chain has led to enhanced marketing, sales, and service efficiencies, with significant improvements in customer engagement and service response times [12]. Competitive Landscape - IDC highlights that the core competitiveness of AI-native terminals will be defined by natural interaction, diverse forms, and scenario-based solutions, which Lenovo is addressing through its hybrid AI strategy [13]. - As the AI-native era accelerates, Lenovo's AI terminal business is expected to continue leading the market, setting a benchmark for Chinese smart terminal companies on a global scale [13].