存储价格翻番、CPU跟涨，杨元庆：这时候拼供应、拼成本

Core Viewpoint - The article highlights the significant challenges faced by the technology industry, particularly in the context of rising component prices, with storage prices increasing by 40%-50% in the last quarter and potentially doubling in the current quarter. This price surge is expected to impact the prices of PCs and smartphones, leading to a forecasted price increase of 15%-20% across the market [3][5]. Group 1: Financial Performance - Lenovo Group reported a revenue of 157.5 billion RMB for the third quarter of the 2025/26 fiscal year, representing a year-on-year growth of over 18% [5]. - Adjusted net profit reached 4.07 billion RMB, with a year-on-year increase of 36%, indicating that profit growth is outpacing revenue growth [5]. - AI-related revenue surged by 72% year-on-year, accounting for 32% of total revenue, with AI PCs, smartphones, and servers all showing significant growth [5]. Group 2: Business Segments - The IDG (Intelligent Devices Group) segment generated over 110 billion RMB, growing by over 14% year-on-year, despite rising core component costs [5]. - The ISG (Infrastructure Solutions Group) segment reported revenue of 36.7 billion RMB, a 31% increase year-on-year, with AI server business experiencing high double-digit growth [5][6]. - Lenovo's inventory increased to 9.077 billion USD, up from 7.924 billion USD at the end of the previous fiscal year, attributed to business growth and longer delivery cycles for cloud service provider orders [6]. Group 3: Supply Chain and Market Dynamics - The hardware industry is facing extreme tests of efficiency and resilience due to supply chain challenges, particularly driven by the high demand for AI training and memory [8]. - Lenovo's scale across PC, smartphone, and server businesses provides it with strong negotiating power with suppliers, allowing it to secure better costs and supplies [8][9]. - The company has established deep, trust-based relationships with upstream suppliers, ensuring priority access during supply shortages, with significant growth targets set for partnerships, such as with NVIDIA [9]. Group 4: AI and Future Outlook - AI is viewed as a critical growth driver, with the potential for significant value creation in enterprise and personal intelligence through the use of private data [9]. - Lenovo's strategy focuses on "hybrid AI," emphasizing the importance of data, computing power, and models in driving future market demand for intelligent terminals and AI infrastructure [9].