Core Insights - Lenovo Group reported a significant revenue increase of 15% year-on-year, reaching 146.4 billion RMB, marking a historical high for the second quarter of the 2025/26 fiscal year [1] - Adjusted net profit grew by 25% year-on-year to 3.66 billion RMB, indicating a profit growth rate that significantly outpaced revenue growth [1] AI Business Performance - Lenovo disclosed that AI-related business revenue now accounts for 30% of total revenue, a substantial increase of 13 percentage points compared to the same period last year [3] - The CEO emphasized that AI has transitioned from a supportive role to a core growth driver within Lenovo's business framework [3] Supply Chain and Cost Management - The CEO addressed concerns regarding rising chip and storage costs, asserting that while some investment bubbles may occur during initial innovation phases, AI is entering a more inclusive stage [4] - Lenovo's position as a major component buyer and long-term contracts with key suppliers ensure sufficient supply for the upcoming year, mitigating potential impacts on gross and net profits from rising component prices [4] PC Market Outlook - The CEO noted that the end of Windows 10 support will continue to drive PC replacement demand for several quarters [5] - Lenovo anticipates a global PC market growth of 5% to 10%, driven by both the demand for AI PCs and the Windows 10 transition [5] - AI PC shipments accounted for 33% of Lenovo's total PC shipments, with a leading global market share in the Windows AI PC segment [5] Personal and Enterprise AI Solutions - Lenovo's "Tianxi AI" strategy is progressing, with the latest version focusing on personal AI capabilities and a growing ecosystem of nearly 4,500 partners [6] - The Infrastructure Solutions Group (ISG) reported a revenue increase of 24%, driven by a dual strategy targeting cloud service providers and small to medium enterprises [7] - The Solutions and Services Group (SSG) has achieved double-digit growth for 18 consecutive quarters, emphasizing results-oriented solutions [7] Globalization and Support for Chinese Enterprises - Lenovo aims to leverage its global experience and supply chain resilience to assist Chinese tech companies in expanding internationally [8] - The company is committed to supporting advanced manufacturing development through its global manufacturing network and ecosystem [8]

21世纪经济报道记者孔海丽 近期科技圈弥漫着两种截然不同的情绪，一种是资本市场对"AI泡沫"破裂的隐忧，另一种是存储芯片成 本上涨引发的连锁反应。 在充满不确定性的当下，联想集团发布了2025/26财年第二财季业绩，营收1464亿元，同比增长15%； 净利润36.6亿元，同比增长25%，利润增速超越营收增速。 尤其值得注意的是，联想集团首次披露了AI业务占比，达到30%，同比提升13个百分点。 财报电话会上，联想集团董事长兼CEO杨元庆明确表示，AI不存在泡沫，需求将会持续增长，针对存 储芯片涨价问题，杨元庆透露，联想已具备成熟的应对机制。 当外界还在争论大模型是否过热、硬件厂商能否分得AI一杯羹时，联想的"含AI量"已经到了30%， 其"混合式人工智能"的战略，已经开始产生实质影响力。 30%的含义，从"账本"到"证明" 过去两年，关于AI的讨论往往滞留在"算力军备竞赛"的宏大叙事中。然而，对于投资者而言，技术只有 转化为营收，才具备商业意义。 本季度，联想集团的一大动作是首次拆解并披露了AI业务的收入构成。强烈的信号意义在于，AI不再 是辅助性的营销概念，而是成为了支撑业绩的核心支柱。 30%意味着在联想 ...

11 月 20 日，联想集团公布截至 2025 年 9 月 30 日的 2025/26 财年第二财季业绩：当季营收同比增长 15% 至 1464 亿元人民币，创下财季历史新高。经调整后的净利润同比增长 25%，达 36.6 亿元人民 币。、 财报数据显示，该财季，联想研发支出同比增长达 8%，推动混合式人工智能战略发展，并增强本集团 全系列产品组合的人工智能能力。联想持续投资于人工智能发展蓝图，同时把握混合式人工智能带来的 机遇。在联想 "创新世界 2025"（Lenovo Innovation World 2025）活动上，联想推出了覆盖消费、商业及 移动设备领域的全套人工智能驱动设备及相关体验。此次推出的新产品组合包括高性能个人电脑、智能 平板电脑、沉浸式游戏设备以及摩托罗拉智能手机，充分体现了本集团 "人工智能普惠" 的愿景。 得益于收入增长及存货管理的改善，联想集团经营现金流达到 28 亿美元。自由现金流攀升至 19 亿美 元，为所有业务集团的增长提供有力支持。此外，扣除可换股债券的名义利息后，经调整净财务成本同 比减少 27%，反映出节流举措行之有效。 ...

11 月 20 日，联想集团(00992)公布截至 2025 年 9 月 30 日的 2025/26 财年第二财季业绩：当季营收同比 增长 15% 至 1464 亿元人民币，创下财季历史新高。经调整后的净利润同比增长 25%，达 36.6 亿元人 民币。 得益于收入增长及存货管理的改善，联想集团经营现金流达到 28 亿美元。自由现金流攀升至 19 亿美 元，为所有业务集团的增长提供有力支持。此外，扣除可换股债券的名义利息后，经调整净财务成本同 比减少 27%，反映出节流举措行之有效。 财报数据显示，该财季，联想研发支出同比增长达 8%，推动混合式人工智能战略发展，并增强本集团 全系列产品组合的人工智能能力。联想持续投资于人工智能发展蓝图，同时把握混合式人工智能带来的 机遇。在联想 "创新世界 2025"（Lenovo Innovation World 2025）活动上，推出了覆盖消费、商业及移动 设备领域的全套人工智能驱动设备及相关体验。此次推出的新产品组合包括高性能个人电脑、智能平板 电脑、沉浸式游戏设备以及摩托罗拉智能手机，充分体现了本集团 "人工智能普惠" 的愿景。 ...

在业绩发布会上，联想集团董事长兼CEO杨元庆再度强调了对混合式人工智能战略的坚定信心，"我们 既为创记录的业绩感到自豪，也为我们的愿景满怀信心，更对广阔的市场机遇充满期待。我们相信通过 推进混合式人工智能战略，我们将为股东创造长期可持续的回报，更将实现千人千面千企千样的智能， 让人工智能真正惠及每一个企业和每个个人。"（新浪科技） ...

11月20日消息，联想集团（0992.HK）公布截至2025年9月30日的2025/26财年第二财季业绩，当季营收 同比增长15%至1464亿元人民币，创下财季历史新高；经调整后的净利润同比增长25%，达36.6亿元人 民币。 根据野村东方国际证券的估算，在2025年四季度，联想在服务器、个人电脑、智能手机终端应用的存储 成本将环比分别增长20%-25%、10%-15%、5%-10%；由于内存厂商提价与下游企业采购成本之间存在 时间差，在2026年一季度，环比涨幅可能进一步扩大至30%、25%、15%。此外，英特尔的低成本CPU ——RaptorLake面临供应受限问题，而2026年推出的升级版PantherLake成本可能更高。因此，2026年 CPU供应受限及即将到来的产品迭代，可能会对个人电脑企业的盈利能力构成压力。 即便如此，野村东方国际证券仍给予联想相对乐观的评价，认为由于联想在商用市场的销售占比较高， 其表现可能优于整体个人电脑市场。 今天上午，联想港股涨幅收窄，截至午间收盘，报9.73港元/股，涨1.04%，总市值为1207亿港元。 （文章来源：21世纪经济报道） 第二财季，联想实现了全业务集团 ...

在混合式人工智能优势集架构下，SSG凭借"AI模型工厂、AI应用库与AI服务"等核心能力，在关键垂直 行业和通用解决方案领域打造可复制、可扩展的人工智能解决方案，加速企业AI普惠。同时，SSG凭借 高附加值、高利润率，为联想提供超越硬件周期的增长动能，巩固其作为联想长期利润与增长"压舱 石"的战略地位。 围绕混合式AI战略，SSG重点发力人工智能相关服务与方案。本季度，AI服务收入实现三位数增长，成 为推动业务规模与价值双提升的重要增量来源。 11月20日早间，联想集团(00992)发布2025/26财年第二季度业绩：当季营收同比增长15%至1464亿元人 民币，创下季度历史新高，远超市场预期。本季度，SSG解决方案与服务业务集团营收同比提升18%， 连续第18个季度保持双位数增长，运营利润率超过22%，继续稳居集团三大业务中利润率最高的业务单 元，对整体盈利的贡献进一步提升。 同时，SSG在运维服务上继续跑出加速度。TruScale的DaaS(设备即服务)实现营收同比增长43%，继续 保持强劲增长势头，IaaS(基础设施即服务)同样保持收入55%的强劲增长，并加强模块化服务以满足客 户需求。 从业务结构看， ...

净溢利率同比上升35个基点至2.2%，突显集团致力持续改善利润率，以及提升三大业务集团的运营杠 杆能力。尽管地缘政治局势持续不稳定，但集团独特的ODM+(原设计制造)及"全球资源，本地交付"的 营运模式，继续提升其供应链的韧性及成本效益，持续增强其竞争力及维持市场领导地位。 研发支出同比增长达8%，带动混合式人工智能战略的发展，并加强集团全线产品组合的人工智能能 力。集团继续投资于人工智能发展蓝图，并把握混合式人工智能前所未有的机遇。在联想 InnovationWorld创新世界2025上，集团推出了涵盖消费、商业和移动设备的完整人工智能驱动设备及体 验。新产品组合涵盖高性能个人电脑、智能平板电脑、沉浸式游戏设备及摩托罗拉智能手机，反映集 团"人工智能普惠"的愿景。 格隆汇11月20日丨联想集团(00992.HK)发布公告，截至2025年9月30日止六个月，集团的财务表现稳 健。集团收入同比增长18%达创纪录的393亿美元，三大业务集团及销售区域均录得双位数同比增长。 上半年调整后权益持有人应占溢利同比增长24%至9.01亿美元，按香港财务报告准则计算的权益持有人 应占溢利，同比增长达40%至8.46亿美元。 ...

Group 1 - Lenovo Group reported a revenue of $39.282 billion for the fiscal year 2025/26, representing an 18% year-on-year increase [1] - The profit attributable to equity holders reached $846 million, a 40% increase compared to the previous year [1] - Basic earnings per share were recorded at 6.89 cents [1] Group 2 - Revenue from artificial intelligence-related products accounted for 29% of total revenue, an increase of 15 percentage points year-on-year, driven by higher sales of AI devices, servers, and services [1] - Research and development expenditure increased by 8%, reflecting the company's commitment to accelerating its hybrid AI strategy [1] Group 3 - The Intelligent Devices Group saw revenue and operating profit grow by 15% and 13% respectively, benefiting from a rapid increase in AI computer shipments and strong sales of high-end products [1] - The global PC market share reached a record high of 25.6% in the second quarter [1] Group 4 - The Infrastructure Solutions Group's revenue grew by 30%, with AI infrastructure business experiencing high double-digit growth, supported by cloud and enterprise infrastructure strategies [2] - The Solutions Services Group achieved a revenue increase of 19%, setting a new historical high, with operating profit rising by 28% [2] - The second quarter revenue reached a historical high of $20.5 billion, surpassing records set during the COVID-19 pandemic, with a year-on-year growth of 15% [2]

Core Insights - Lenovo announced the establishment of the Lenovo Shanghai Fund with an initial scale of 1 billion RMB, focusing on cutting-edge technology and future industries to promote innovation through industry-academia-research integration [1] - CEO Yang Yuanqing emphasized the need for personalized and diverse artificial intelligence (AI) solutions that cater to individual and enterprise users, advocating for a shift from single-model AI to a more tailored approach [1] - The vision includes creating a "super intelligent agent" that evolves autonomously and serves as a virtual presence closely related to individuals and businesses, enhancing user experience through collaboration among AI agents [1] Group 1 - The Lenovo Shanghai Fund aims to drive deep investments in frontier technologies and future industries [1] - The fund's establishment was marked by a signing ceremony with representatives from various investment and academic institutions [1] - Yang Yuanqing's keynote speech highlighted the importance of user-centric AI that transcends devices and applications [1] Group 2 - The concept of AI as an "enhanced intelligence" for users requires a shift from traditional models to a more interconnected and collaborative AI ecosystem [1] - The proposed AI framework envisions a network of intelligent agents that can work together, forming a collaborative environment for users [1] - The ultimate goal is to develop AI that acts as a digital twin or surrogate for users, evolving to meet their specific needs [1]