LENOVO GROUP(HK:00992) Zhi Tong Cai Jing·2025-12-14 07:39Core Insights - The global server market revenue reached a record $112.4 billion in Q3 2025, marking a significant year-on-year increase of 61% [1][2] - Lenovo has emerged as a key player in the global server market, achieving a revenue growth of 26.1% year-on-year, securing a market share of 3.6% and ranking third alongside Inspur Technology [1][2] Company Performance - Lenovo's revenue in Q3 2025 was $4.004 billion, up from $3.175 billion in Q3 2024, demonstrating a strong competitive advantage in the market [2] - Other major players like Super Micro, Inspur, and Hewlett Packard Enterprise experienced revenue declines of 13.2%, 10.5%, and 2.3% respectively, highlighting Lenovo's robust growth amidst a challenging environment [2] Market Trends - The x86 server revenue grew by 32.8% year-on-year to $76.3 billion, while non-x86 server revenue surged by 192.7% to $36.2 billion in Q3 2025 [3] - Embedded GPU server revenue increased by 49.4%, accounting for over half of the total server market revenue, driven by the rapid adoption from hyperscale data center operators and cloud service providers [3] Regional Insights - The U.S. server market saw the fastest growth, increasing by 79.1% compared to Q3 2024, primarily due to a 105.5% surge in the accelerated server segment [3] - China's market grew by 37.6%, contributing nearly one-fifth of the global quarterly revenue, while the Asia-Pacific region (excluding Japan), EMEA, and Japan also experienced healthy double-digit growth rates [3]