联想第二财季营收超疫情时所创纪录，AI相关收入占比近三成

Core Viewpoint - Lenovo Group reported strong financial results for the second quarter of the fiscal year 2025/26, with revenue and net profit exceeding market expectations, driven by significant growth in AI-related business [1][2]. Financial Performance - Revenue for the second quarter reached $20.45 billion, a year-on-year increase of 15%, surpassing previous records set during the pandemic [1][2]. - Adjusted net profit grew by 25% year-on-year to $512 million, outpacing revenue growth [1][2]. - For the first half of the fiscal year, total revenue reached a record $39.28 billion, up 18% year-on-year, with adjusted profit attributable to equity holders increasing by 24% to $901 million [1][2]. Business Segments - The Intelligent Devices Group (IDG) saw a 15% year-on-year revenue increase, with operating profit rising by 13% [3]. - The PC business achieved a record high in the second quarter, with a global market share increase of 1.8 percentage points to 25.6% [3]. - AI-related revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year, indicating a successful transition from strategic planning to actual performance contribution [2][3]. Infrastructure Solutions Group (ISG) - AI server revenue experienced high double-digit growth, although the segment reported an operating loss of $118 million due to increased investments in AI capabilities and infrastructure transformation [5]. - The Neptune liquid cooling technology contributed significantly to revenue growth, achieving triple-digit year-on-year growth in the second quarter [5]. Services Solutions Group (SSG) - The SSG recorded a record revenue increase of 19% year-on-year, with operating profit margin rising to 22%, leading to a 28% increase in operating profit [5]. - Operations and project solutions services accounted for a historical high of 58.9% of total revenue in this segment [5]. Regional Performance - The Asia-Pacific region (excluding China) saw a 30% year-on-year revenue increase, driven by strong smartphone sales during promotional events [5]. - Despite geopolitical challenges, the Chinese market maintained double-digit growth, with a 24% year-on-year revenue increase attributed to the popularity of AI PCs and high-end product offerings [6]. Market Reaction - Following the positive earnings report, Lenovo's stock price rose over 2%, reaching HKD 9.88, with a total market capitalization of HKD 122.6 billion [7].