LENOVO GROUP(US:LNVGY) Feng Huang Wang·2025-11-20 00:56Core Insights - Lenovo Group reported a record high revenue of 146.4 billion RMB for Q2 of FY 2025/26, marking a 15% year-on-year increase, with adjusted net profit rising by 25% to 3.66 billion RMB, indicating a sustained recovery in core business profitability [1][2] - The company's AI-related business revenue now accounts for 30% of total revenue, a significant increase of 13 percentage points year-on-year, highlighting the transformation of AI from a technological reserve to a substantial performance pillar [1] Business Segment Performance - In the IDG smart devices segment, revenue reached 108.1 billion RMB, up 12% year-on-year, with Lenovo's global PC market share surpassing 25% for the first time, leading the second competitor by 5.7 percentage points [2] - AI PCs emerged as a key growth driver, with Lenovo holding a 31.1% share in the Windows AI PC market, and AI terminal devices contributing 36% to revenue [2] - The infrastructure and services segment also experienced double-digit growth, with ISG infrastructure solutions revenue approximately 29.3 billion RMB, up 24% year-on-year [2] - Lenovo's liquid cooling technology revenue surged by 154% as AI computing shifts towards edge-side inference, while AI server revenue also saw high double-digit growth [2] - SSG solutions and services revenue grew by 18% year-on-year, maintaining double-digit growth for 18 consecutive quarters, with an operating profit margin exceeding 22% [2]