联想集团（00992）：FY2025年报点评：基本业务营运表现强劲，全速推进混合式人工智能落地

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [1] Core Insights - Lenovo Group's basic business operations are strong, with all main business segments achieving double-digit year-on-year growth in FY2025, and a net profit increase of 37% [6][9] - The company is accelerating the implementation of hybrid artificial intelligence, which is expected to enhance overall performance and market competitiveness [9] Summary by Sections Recent Performance - For FY2025, Lenovo Group reported revenue of approximately $69.077 billion, a year-on-year increase of 21.41$1.384 billion, up 37.01% [5][6] - In FY2025Q4, revenue was about $16.984 billion, showing a year-on-year growth of 22.50$51 billion in FY2025, a 13% increase, with an operating profit margin of 7.2%, leading the industry [6][7] - Infrastructure Solutions Group (ISG): Revenue reached $15 billion, a significant 63$8.5 billion, a 13% increase, with operating profit reaching a record high of $1.8 billion, up 15$76.370 billion, $82.733 billion, and$87.208 billion respectively, with non-HKFRS net profits projected at $1.601 billion,$1.874 billion, and $2.218 billion [9][10] - The report anticipates a gradual improvement in performance as AI functionalities penetrate the PC and mobile markets [9]