LENOVO GROUP(HK:00992) Di Yi Cai Jing·2025-11-20 11:06Core Insights - AI has become a substantial contributor to Lenovo's performance, with AI-related business revenue accounting for 30% of total revenue, a year-on-year increase of 13 percentage points [1] - Lenovo's revenue for the second fiscal quarter of 2025/26 reached 146.4 billion RMB, a 15% year-on-year growth, marking a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB, with all three main business segments achieving double-digit growth [1] AI Contribution to Growth - The significant rise in AI revenue share is attributed to double-digit growth in Lenovo's AI infrastructure and triple-digit growth in AI computers and services [3] - AI terminal revenue now constitutes 36% of the Intelligent Devices Group (IDG) revenue, with AI PCs accounting for 33% of Lenovo's total PC shipments [3] - The global PC market saw a 9.4% year-on-year increase in Q3 2025, driven by Windows 11 upgrades, pandemic-related device refresh cycles, and an emerging AI-driven replacement cycle [3] Performance of Business Segments - IDG revenue reached 108.1 billion RMB, a 12% year-on-year increase, with operating profit growing by 11% [4] - Lenovo achieved a 25% market share in the global PC market, with shipments of 19.4 million units, a 17.3% year-on-year increase [4] - The Infrastructure Solutions Group (ISG) reported nearly 30 billion RMB in revenue, a 24% year-on-year growth, with AI server revenue experiencing high double-digit growth [4] Future AI Developments - Lenovo plans to launch multiple inference servers to drive ISG growth, supported by strong demand for AI infrastructure and a dual-track strategy for cloud and enterprise infrastructure [5] - The Solutions and Services Group (SSG) revenue increased by 18% year-on-year, maintaining double-digit growth for 18 consecutive quarters, with AI services being a significant growth driver [5] AI Market Perspective - The AI industry is transitioning from a training phase to a focus on inference, with predictions indicating a 44.6% year-on-year growth in the global server market by 2025 [4][5] - Lenovo's strategy includes developing hybrid architecture enterprise intelligence solutions to convert data into actionable results in key sectors like manufacturing and retail [7] Supply Chain Management - Lenovo has signed long-term supply contracts with key component suppliers to ensure stable supply and maintain gross margins amid rising chip and storage costs [8] - The company is transitioning from a traditional PC manufacturer to an "intelligent computing service provider," indicating a strategic long-term shift [8]