Ge Long Hui·2025-11-20 00:57Core Viewpoint - Lenovo Group reported a strong performance for the second fiscal quarter of 2025/26, with revenue reaching 146.4 billion RMB, a 15% year-on-year increase, and adjusted net profit growing by 25% to 3.66 billion RMB, significantly exceeding market expectations. This reflects the company's resilience and strategic clarity in a complex environment [1][9]. Group Performance - The company achieved double-digit revenue growth across all business groups and regions, with the Intelligent Devices Group (IDG) revenue at 108.1 billion RMB, a 12% increase, and a historic PC market share exceeding 25% for the first time [2][9]. - The Infrastructure Solutions Group (ISG) reported revenue of approximately 29.3 billion RMB, up 24% year-on-year, driven by significant growth in AI infrastructure [2][9]. - The Solutions and Services Group (SSG) experienced nearly 20% revenue growth, marking the 18th consecutive quarter of double-digit growth while maintaining high profit margins [2][9]. AI Business Growth - AI-related revenue now constitutes 30% of total revenue, up 13 percentage points year-on-year, indicating that AI has become a substantial contributor to Lenovo's performance [2][9]. - In the personal smart devices sector, Lenovo's AI PC market share reached 31.1%, maintaining its position as the global leader, with AI terminal revenue accounting for 36% of IDG's total revenue, a 17 percentage point increase [3][7][9]. Strategic Positioning - Lenovo's mixed AI strategy is seen as a unique advantage, addressing both personalized user experiences and enterprise needs for secure, scalable deployments. This includes a comprehensive product offering from AI PCs to AI infrastructure and solutions [4][11]. - The company plans to leverage its "global resources, local delivery" model to navigate uncertainties and capitalize on the growth opportunities presented by mixed AI [5][11]. Future Outlook - The global AI market is transitioning from a "model explosion phase" to a "value realization phase," with Lenovo positioned to benefit from this shift through its innovative product and service offerings [4][11]. - The company anticipates continued demand acceleration in both personal and enterprise intelligence sectors, aiming for a new growth cycle driven by technology and improved business structure [4][11].