得益于多元化增长引擎的持续加速，联想集团本财季非PC业务营收占比进一步提升至47%，驱动集团 增长结构更趋均衡的同时，也为公司混合式AI的纵深布局提供了坚实的业务基础。如今，联想正加速 撬动"AI+终端"这一核心飞轮——以PC为支点，带动IDG、ISG、SSG多业务协同增长，形成从个人智能 到企业智能的正向飞轮效应。 8月14日，联想集团公布截至2025年6月30日的2025/26财年第一季度业绩：当季营收同比增长22%至 1362亿元人民币，创下历史同期新高；非香港财务报告准则下净利润同比增长22%，达28.16亿元人民 币，盈利能力显著增强，赢得"开门红"，并成功兑现了此前"竞争力不降、市场份额不掉、盈利不减"的 承诺。 本财季，联想三大主营业务集团均实现双位数增长。IDG智能设备业务集团实现营收973亿元人民币， 同比增长17.8%；ISG基础设施方案业务集团营收实现35.8%的强劲增长；SSG方案服务业务集团收入增 长19.8%再创新高，运营利润率达22.2%，核心利润引擎地位进一步稳固。 联想的AI基础设施业务近期亦获得多家机构看好。摩根大通在8月发布的研报指出，中长期来看，联想 进入AI服务器市场 ...

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC) emphasizes the integration of AI technology with various applications, highlighting the potential for significant advancements in the AI+terminal sector over the next three years [2][6]. Group 1: AI+Terminal Trends - The next three years are expected to be pivotal for the AI+terminal sector, particularly in the automotive and mobile phone industries, with significant advancements anticipated in human-machine interaction and application integration [6][8]. - The automotive industry is entering a critical phase, marking the tenth year of smart driving in China, with expectations of substantial changes in technology and product offerings [7][8]. Group 2: Model Evolution - Models are identified as the driving force behind the evolution of the AI industry, with a clear progression in learning paradigms from imitation learning to reinforcement learning and eventually to autonomous learning [9][11]. - The current state of multi-modal models in China is approximately six months behind that of the U.S., although the gap in computational power is widening, indicating a divergence in technological advancement [14][15]. Group 3: Business Model Insights - A sustainable business model must be closed-loop to effectively drive technological progress, emphasizing the importance of integrating technology, product, and commercialization from the outset [16][19]. - Companies focusing on foundational large models must justify significant investments in computational resources, as the long-term profitability of such models is critical for business viability [19]. Group 4: Hardware Opportunities - There are substantial opportunities in hardware beyond just vehicles and smartphones, with a focus on delivering comprehensive AI services through innovative hardware solutions [20][22]. - The future of AI services and operating systems is expected to undergo significant changes, with a shift towards human-machine collaboration and the emergence of new hardware forms driven by AI agents [24][25].

Core Viewpoint - The article discusses the insights shared during the "Qiming Venture Capital · Entrepreneurship and Investment Forum" at the 2025 World Artificial Intelligence Conference, focusing on the evolution of AI technology and its applications in various industries, particularly in the context of hardware and software integration [2][4][18]. Group 1: AI and Terminal Evolution - The next three years are expected to be significant for the "AI + terminal" integration, particularly in the automotive and mobile sectors, with many interesting scenarios emerging [5][7]. - The automotive industry is entering a critical phase, marking the tenth year of smart driving in China, with substantial changes anticipated in technology and product offerings [6][7]. - The integration of AI with mobile devices is seen as a consensus, with potential for the emergence of killer applications, although the specifics remain uncertain [7]. Group 2: Model Development and Industry Trends - Models are identified as the most crucial driving force behind the evolution of the AI industry [10]. - The development of large models has progressed through three learning paradigms: imitation learning, reinforcement learning, and future autonomous learning, with significant iterations expected every 18-24 months [12][13]. - There is a perceived six-month gap between China and the US in model development, although the gap in computational power consumption is widening, indicating a divergence in innovation approaches [15]. Group 3: Business Model and Market Dynamics - A sustainable business model is essential for driving technological advancement, with a focus on creating a closed-loop system that integrates technology, product, and commercialization [18][19]. - The competitive landscape for pure software applications in AI is challenging, with significant players like ByteDance and Tencent dominating the market [21][22]. - Hardware presents substantial opportunities beyond just automotive and mobile sectors, with a need for AI services to define the hardware's role [20][23]. Group 4: Future of AI Operating Systems - The future of AI operating systems is expected to undergo significant changes, with the potential for new ecosystems to emerge, particularly with the introduction of advanced AI agents [24]. - The integration of AI services and operating systems will lead to new hardware forms, creating opportunities for both established companies and startups [25][26].

Core Insights - The dialogue between Yin Qi, Chairman of Qianli Technology, and Kuang Ziping, Founding Managing Partner of Qiming Venture Partners, emphasizes the importance of a well-designed business model in AI entrepreneurship, moving away from the notion of "jumping off a cliff and assembling a plane" [2][15] - Yin Qi highlights the current competitive landscape in AI, noting that there is approximately a six-month gap between China and the U.S. in model development, while also stressing the need for profitable business models in foundational AI companies [3][13] - The future of AI terminals is expected to see a deep integration of hardware, operating systems, and services, leading to a transformation in how AI agents operate and interact with users [4][20] Industry Trends - The AI sector is entering a "resonance cycle of technology and application," with rapid growth in technology and its practical applications becoming increasingly viable [4] - Key areas projected for explosive growth in the next 12-24 months include foundational models, multimodal models, AI agents, and AI applications, with significant increases in token consumption expected [5] - The automotive sector is identified as a major opportunity for AI applications, particularly in smart driving and smart cabins, with the potential for significant market expansion [5][21] Business Model Considerations - Yin Qi stresses that foundational AI companies must justify their substantial annual investments in computing power (20-30 billion RMB) with a clear path to profitability [3][16] - The concept of a "closed loop" in business models is crucial for sustaining technological advancement, as companies must ensure that their foundational elements are correctly aligned to avoid misdirection [15][16] - The dialogue suggests that while software applications face intense competition, hardware opportunities in AI, particularly in vehicles and mobile devices, remain promising [17][20] Future Outlook - The evolution of AI operating systems is anticipated to bring significant changes, with a shift towards "human-machine collaboration" where machines perform complex tasks in the background [4][20] - The integration of AI services with hardware is expected to redefine product offerings, focusing on delivering comprehensive AI solutions rather than merely hardware [18][19] - The potential for AI hardware to exceed 50 million units shipped is linked to broader ecosystems involving people, vehicles, and homes, indicating a need for strategic investment in these interconnected areas [5][21]

4月29日，康佳集团发布2025年一季度财报，实现营业收入25.44亿元，同比增长3.32%；利润总额2.58 亿，同比增长141.79%。 这是康佳近年来的首个季度盈利。 如今在"王牌"彩电之外，这些年来，康佳也已完成了冰箱、洗衣机、空调、冷柜等白电产品的全产业全 链条的整体战略布局升级。 众所周知，家电行业竞争激烈，而康佳能够实现业绩大幅增长的重要原因，在于其立足康佳的品牌价值 之上，启动黑白电融合战略，坚持在产品创新与市场拓展方面持续发力，凭借一系列贴合市场需求的产 品，获得消费者青睐。 彩电业务是康佳的支柱。2024年，康佳务推动旗舰A8、大X7系列产品批量上市，尤其是天镜Mini AI- LED A8旗舰产品系列，凭借其融合的前沿技术，在市场上收获了较高关注度。 今年3月，在2025年度国际显示技术大会（ICDT）上，康佳110A8 Ultra电视凭借23万+超级分区Mini AI- LED及自研画质芯片技术，一举斩获国际信息显示学会中国区（SID China）年度最佳创新显示应用技术 专家评审金奖。 这不仅是对康佳技术实力的认可，也进一步提升了其品牌在彩电领域的影响力。 据悉，110A8 Ultr ...

云鲸要稳坐"牌桌" 与此同时，云鲸创始人兼CEO张峻彬开始更多走向台前，想要更接近消费者的同时，也让外界看到一个更透明的云鲸。 当前智能清洁行业越来越卷，作为头部玩家的云鲸，正在不断增厚自己留在"牌桌"上的筹码。 在最近的中国家电及消费电子博览会AWE2025上，云鲸集中展示了六款产品，包括今年春季新品AI活水履带洗地机器人逍遥002、智能扫拖一体机器人J5 Max、智能洗地机F2超能版。 作者 | 黄昱 编辑 | 王小娟 去年底，因组织架构调整而陷入大规模裁员的不实舆论风波后，云鲸峰回路转，再次获得新一轮数亿元融资。 不难发现，为了进一步提高市场竞争力，过去曾被质疑太慢的云鲸，去年以来明显加快了多品类布局节奏。 华尔街见闻获悉，去年全年，云鲸累计发布超过10款产品，远超2023年的4款，其中，扫地机品类拥有逍遥系列，J系列，R系列，和K系列，产品覆盖1千至 5千多个价格段；洗地机品类推拥有S系列、F系列，覆盖1千至3千价格段。 丰富各价位段的产品布局，打造云鲸在中端、高端市场的竞争优势以及全面布局海内外渠道，是云鲸当下重要的战略。 打造高端产品的高竞争力，也是家电企业始终在市场保持领先优势的关键。 张峻彬指 ...