LENOVO GROUP(HK:00992) Zhong Guo Jin Rong Xin Xi Wang·2025-11-24 10:37Core Viewpoint - Lenovo Group is committed to accelerating China's intelligent transformation through "Hybrid AI" and aims to build a robust equipment library while advancing direct customer engagement [1][3]. Group 1: Financial Performance - In the first half of the 2025/26 fiscal year, Lenovo's revenue in China increased by 24% year-on-year, setting a new record for the first half of the fiscal year [3]. - The direct customer engagement model has achieved significant results, with customer coverage reaching 80% [3]. - Lenovo's PC market share remains at the top, climbing to 40.6% in the first half of the 2025 fiscal year [3]. Group 2: Non-PC Business Growth - Non-PC business has rapidly grown to nearly 50% of total revenue, up from less than 20% in the 2017/18 fiscal year [5]. - Infrastructure business revenue has increased by 175% over the past two and a half years, with Lenovo servers ranking among the top in the market [5]. - Lenovo has become the leading player in China's IT service market, significantly widening the gap with the second-place competitor [5]. Group 3: AI Strategy and Development - Lenovo is positioned to lead in both personal and enterprise AI, focusing on three key elements for future planning [6]. - The company is developing a "super equipment library" that encompasses both personal AI and enterprise AI, with the personal AI strategy evolving to "Tianxi AI, one body multiple ends" [6]. - The enterprise AI strategy includes a comprehensive stack of AI capabilities, with a focus on AI infrastructure and solutions, utilizing a strategy termed "one horizontal and four verticals" [6].