联想集团正在通过混合式AI战略布局，持续推进"Smarter AI for All（让AI惠及每一个人）"愿景，加速 AI在全球的发展与普及。通过有目的性的产品设计、实用创新与可信赖的工程能力，帮助企业迈向AI 时代。联想也在本次展会上展示多项概念技术与新一代智能体AI体验，呈现未来设备在企业工作场景 中将更加自适应、更紧密互联、更智能的发展方向。 除全新产品组合外，联想在CES现场还展示多项概念性创新，以探索AI与自适应设计在未来工作、创意 与协作领域的应用潜力。其中，ThinkPad Rollable 概念AI PC首次亮相，展现了联想面向下一阶段情境 智能设备形态的早期思考与方向。 除全新产品组合外，联想在CES现场还展示多项概念性创新，以探索AI与自适应设计在未来工作、创意 与协作领域的应用潜力。其中，ThinkPad Rollable 概念AI PC首次亮相，展现了联想面向下一阶段情境 智能设备形态的早期思考与方向。 责任编辑：何俊熹 新浪科技讯 1月7日下午消息，CES 2026联想集团发布新一代商用设备与解决方案，以更智能的AI技术 和更完善的产品布局，满足企业与专业人士在全新工作场景下实现更高 ...

12月16日上午，美国超威半导体公司（AMD）董事会主席兼首席执行官苏姿丰率高管团队造访联想集 团位于北京的全球总部。多张流传于网络的照片显示，在联想集团多位高管陪同下，AMD一行参观了 包括人形机器人在内的多项联想最新产品与技术成果。 作为全球人工智能芯片产业中仅次于英伟达的第二大厂商，AMD在过去两年迅速提升其在AI算力市场 中的战略地位。《时代》周刊日前公布的2025年"年度人物"评选中，"AI的缔造者们"被选为年度人物， 其中包括英伟达首席执行官黄仁勋、xAI创始人埃隆·马斯克、AMD董事会主席兼CEO苏姿丰以及 OpenAI首席执行官萨姆·奥尔特曼。 苏姿丰与联想集团之间的互动并非首次。2025年3月，苏姿丰到访中国，其抵达后造访的第一家企业正 是联想集团。随后，双方宣布将在AI PC领域展开多项合作，并进一步加深在AI服务器方面的协同。 AMD与联想集团共同服务着包括微软、Meta、甲骨文在内的多家全球头部云计算与AI集群客户。 几乎在同一时间轴上，联想集团也在加速深化与英伟达的关系。据了解，约一个月前，联想集团全体董 事会成员及核心高管团队受邀访问英伟达位于美国加州的总部，双方围绕AI基础设施、 ...

联想集团发布2025/26 财年中期业绩，上半年营收及非香港财务报告准则下净利润分别实现18%和24% 的较快增长。公司三大业务集团均录得双位数同比增长，混合式AI 战略成效显著。I DG 集团个人电脑 全球市场份额创历史新高，领先地位进一步巩固，AI P C渗透率较快提升。ISG 集团在AI 服务器等基础 设施旺盛需求的驱动下实现高速增长，完善AI 产品与能力布局导致短期亏损扩大，海神液冷技术、产 品全面性等方面竞争优势有望为长期盈利奠定基础。SSG 集团保持高增速与高利润率水平，持续优化 公司整体盈利能力。我们维持盈利预测，预计公司2026-2028 财年营收分别为769.11/843.79/923.49 亿美 元， 净利润分别为16.94/19.13/21.96 亿美元，对应当前PE 分别为9/8/7 倍，维持"买入"评级。 事件 SSG 业务稳健增长，持续优化盈利结构。 25/26 财年上半年，方案服务业务集团（SSG）收入同比增长 19%，再创历史新高，经营溢利率高达22%，带动经营溢利同比大幅增长28%。支持服务、运维服务和 项目与解决方案服务均实现稳健增长，其中运维服务和项目与解决方案服务在总收 ...

Core Insights - Lenovo Group is transitioning from being perceived solely as the world's largest PC manufacturer to a significant player in the AI sector, with AI-related revenue now constituting 30% of total revenue [2][21] - The company aims to reshape investor perceptions by highlighting its non-PC business growth, which has contributed to substantial revenue and profit increases, including net profit growth exceeding 100% in some quarters [1][21] - Lenovo's hybrid AI strategy positions it as a leading provider of edge AI solutions, integrating AI capabilities across consumer and enterprise segments [4][10] Business Transformation - Lenovo is evolving from a hardware-centric model to an AI service-oriented model, with a focus on creating a comprehensive AI infrastructure ecosystem [5][16] - The company’s revenue sources are shifting from traditional hardware sales to AI-related services, with significant growth in its Infrastructure Solutions Group (ISG) and Solutions Services Group (SSG) [17][22] - The proportion of non-PC business in total revenue has steadily increased, indicating a clear transition towards AI infrastructure and services [18][21] Financial Performance - In recent fiscal quarters, Lenovo has experienced explosive growth driven by AI, with AI PC revenue increasing by 197% and AI server revenue growing over 150% [20][21] - The SSG segment has shown consistent double-digit growth, with a profit margin exceeding 22%, highlighting the shift towards higher-margin service offerings [21][22] - The overall profitability is expected to stabilize as the company continues to increase its service revenue, reducing reliance on hardware sales [22]

Core Insights - Lenovo Group is transitioning from being perceived solely as the world's largest PC manufacturer to a significant player in the AI sector, with its AI business now accounting for 30% of total revenue [2][27] - The company aims to reshape investor perceptions by highlighting its non-PC business growth, which has contributed to substantial revenue and profit increases, including a net profit growth rate exceeding 100% in some quarters [1][27] - Lenovo's hybrid AI strategy positions it as a leading provider of edge AI solutions, integrating AI capabilities across consumer and enterprise segments [4][12] Group 1: Business Transformation - Lenovo is fundamentally transforming from a PC-centric company to an AI-focused enterprise, with AI-related services becoming a major revenue driver [21][27] - The company’s revenue sources are shifting from hardware sales to AI infrastructure and service solutions, indicating a move towards a recurring revenue model [21][27] - The three main business segments—Intelligent Devices Group (IDG), Infrastructure Solutions Group (ISG), and Solutions and Services Group (SSG)—are evolving in their roles, with SSG becoming a key driver of high-margin growth [21][22] Group 2: Financial Performance - Non-PC business revenue has steadily increased, reaching nearly 47% of total revenue, reflecting a clear shift towards AI-related infrastructure and services [22][23] - The ISG and SSG segments are experiencing significant growth, with ISG revenue increasing by 24% and SSG achieving a profit margin of over 22% [23][24] - AI-driven revenue growth is evident, with AI PC sales increasing by 197% and AI server revenue more than doubling, showcasing strong demand for AI capabilities [24][25][26] Group 3: Strategic Positioning - Lenovo's hybrid AI strategy allows it to serve as a critical integrator in the AI value chain, bridging the gap between hardware and AI services [7][19] - The company is positioned to control the "terminal entry" in the AI ecosystem, which is crucial for user interaction and data flow [18][19] - By embedding AI capabilities into its devices, Lenovo aims to create a personalized AI experience for users, enhancing its competitive edge in the market [11][12]

Core Viewpoint - Lenovo Group is transitioning from a traditional PC manufacturer to a significant player in the AI industry, with its AI business now accounting for 30% of total revenue, indicating a strategic shift towards AI services and infrastructure [3][5][29]. Group 1: Business Transformation - Lenovo's market share in the PC sector has reached 25.5%, but this focus has overshadowed its growing non-PC business, which has contributed to significant revenue and profit growth [2][6]. - The company is implementing a hybrid AI strategy, positioning itself as a leading provider of edge AI solutions, catering to both B2B and B2C markets [5][13]. - The shift from hardware sales to AI service offerings is fundamental to Lenovo's business model transformation, aiming to create a comprehensive AI ecosystem [14][23]. Group 2: Financial Performance - Over the past three fiscal years, the proportion of non-PC business in total revenue has steadily increased, indicating a shift towards AI-related infrastructure and services [25]. - The Infrastructure Solutions Group (ISG) and Solutions Services Group (SSG) are driving revenue growth, with ISG experiencing a 24% year-on-year increase and SSG maintaining a profit margin exceeding 22% [26][27]. - Lenovo's AI-driven revenue growth has shown explosive potential, with AI PC revenue increasing by 197% and AI server revenue growing by over 150% [27][28]. Group 3: Market Positioning - Lenovo's hybrid AI strategy allows it to integrate AI capabilities across various devices, making it a key player in the AI ecosystem [12][20]. - The company aims to control the AI terminal market, positioning itself as a critical entry point for AI applications, similar to how Apple and Microsoft controlled their respective ecosystems [20][21]. - By embedding AI capabilities into its devices, Lenovo seeks to create a personalized AI experience for users, enhancing its competitive edge in the market [12][30].

Group 1 - Lenovo Group and Beijing Bank signed a strategic cooperation agreement to enhance collaboration in artificial intelligence and promote its benefits across various industries and individuals [1][3] - Beijing Bank will provide comprehensive financial support to Lenovo, including technology finance, merger finance, supply chain finance, cross-border finance, and personal finance [3] - Lenovo's hybrid AI strategy aims to make AI more accessible, with a focus on developing diverse AI-native terminal products and customized enterprise intelligent solutions to improve efficiency and innovation [3] Group 2 - The partnership will involve joint development of enterprise-level products and services tailored to mutual customer needs, as well as long-term ecological cooperation with individual customers [3]

Group 1 - The State Council issued an opinion on the implementation of "Artificial Intelligence+" action, aiming for deep integration of AI with six key areas by 2027, with over 70% application penetration of new intelligent terminals and intelligent agents [2] - By 2030, AI is expected to fully empower high-quality development, with over 90% application penetration of new intelligent terminals and intelligent agents, making the intelligent economy a significant growth driver for China's economy [2] - Lenovo Group launched a super intelligent agent aimed at individuals, enterprises, and cities, shifting the human-machine relationship from "humans adapting to machines" to "machines serving humans" [2][3] Group 2 - In the personal intelligence sector, Lenovo introduced the Tianxi personal super intelligent agent, embedded in various AI terminals, creating a cross-platform and interconnected AI experience [3] - Since its launch in May 2025, Tianxi has been integrated into Lenovo's AI PCs, smartphones, and tablets, significantly boosting sales, with over 1 million units sold in the previous fiscal year [5] - In the enterprise intelligence domain, Lenovo's Lexiang super intelligent agent enhances organizational intelligence by autonomously completing tasks across various business functions, improving operational efficiency [6] Group 3 - The Lexiang intelligent agent has reduced content production costs by 25% and shortened product configuration time from 12 minutes to 2 minutes, with a goal of replacing 30% of tier-four business processes with intelligent agents this year [6] - In the urban super intelligent agent sector, Lenovo's architecture promotes collaborative governance and operation in smart cities, with strategic partnerships established in various cities [8] - Lenovo has also launched infrastructure support actions, including heterogeneous computing platforms and liquid cooling solutions, to provide computational support for AI development [8]

Core Viewpoint - Lenovo Group achieved significant growth in its China operations for the first quarter of the 2025/26 fiscal year, with both revenue and profit seeing substantial increases, driven by a strong focus on AI strategies and a shift towards non-PC business segments [1][2]. Group 1: Financial Performance - Lenovo's China operations reported a 36% year-on-year increase in revenue and a 43% increase in profit for the first fiscal quarter [1]. - Non-PC business revenue surpassed 54% of total revenue, marking a historic milestone for the company [1]. - The Intelligent Device Group (IDG) maintained a high market share in PCs, achieving record highs during the same period [1]. - The Intelligent Infrastructure Group (ISG) saw a 72% year-on-year revenue growth, with server revenue increasing by 81% [1]. - The Solutions and Services Group (SSG) also reported over 20% year-on-year growth in both revenue and profit [1]. Group 2: AI Strategy and Innovations - Lenovo is heavily investing in personal intelligence through the Tianxi personal super-intelligent system, which enhances the IDG business [2]. - The Tianxi system was officially launched in May and has been integrated into Lenovo's personal cloud, facilitating a new generation of human-computer interaction [2]. - Lenovo's AI PCs sold over 1 million units in the previous fiscal year, with sales in the current quarter nearing last year's total, accounting for over one-third of total notebook sales in China [2]. - In enterprise intelligence, Lenovo is innovating in AI infrastructure and solutions, introducing liquid cooling technologies and the Lenovo Wanquan AI all-in-one machine, which achieves a throughput of over 12,000 tokens per second [2]. Group 3: Market Expansion and Services - Lenovo is expanding its offerings for government and enterprise clients with solutions like xCloud smart cloud, ESG, and full-cycle AI services [3]. - For small and medium-sized enterprises, Lenovo is leveraging the Baiying intelligent system to enhance IT operations, AI office tasks, and AI marketing, aiming for cost reduction and efficiency improvements [3].

Core Viewpoint - Lenovo Group reported strong financial results for Q2 2025, with revenue of $18.83 billion, a 22% increase year-over-year, and a net profit of $5.38 billion, up 112% from the previous year [2][3]. Financial Performance - Revenue for Q2 2025 reached $18.83 billion, compared to $15.447 billion in the same period last year, marking a 22% growth [2]. - Operating profit was $785 million, up 59% from $494 million year-over-year [2]. - Net profit for the period was $538 million, a significant increase from $253 million in the previous year, reflecting a 112% growth [2]. - Non-Hong Kong Financial Reporting Standards indicated a profit attributable to equity holders of $389 million, also a 22% increase [2]. Business Strategy and Market Position - The company emphasized maintaining competitiveness and market share despite challenges from tariffs and political-economic factors [5][8]. - Lenovo has established a global manufacturing footprint with over 30 manufacturing bases in more than ten countries, enabling a "global resources, local delivery" model [8]. - The company highlighted China as a key manufacturing hub due to its cost advantages compared to other regions [8]. Growth Drivers - Lenovo's diverse business segments contributed to growth, with non-PC business revenue accounting for 47% of total revenue [4]. - The personal computer segment saw a 20% growth, the fastest in 15 quarters, driven by strong demand for AI PCs, which now represent nearly one-third of all PC sales [6][12]. - AI-driven products, including AI PCs and servers, are significant growth engines, with AI server revenue increasing by over 155% [7]. Future Outlook - The company expects continued high single-digit market growth in the PC sector, driven by factors such as the transition to Windows 11 and the increasing demand for AI PCs [12]. - Lenovo is committed to increasing R&D investments, particularly in AI technologies, to enhance product competitiveness [9]. - The mixed AI strategy aims to integrate public and private AI solutions, enhancing user experience and operational efficiency across various sectors [13][14]. Investor Communication - The company plans to focus on non-Hong Kong Financial Reporting Standards for a clearer reflection of operational performance, especially in light of recent financial instruments affecting reported profits [10]. - Lenovo's strategic execution and supply chain capabilities are positioned to drive growth despite external uncertainties, with a focus on communicating progress to investors [16].