卷模型，卷应用，是当下中国内地AI的发展现状。而如果将视角放到海峡对岸的香港，AI发展图景是 否会有所不同？ DELF 2025 现场 借着2025 数码娱乐领袖论坛契机，笔者深度观察了四家正在香港积极应用AI的企业，与几位高管深度 聊了聊他们眼中的AI，并解锁了与大陆"卷AI"气质不同的几个温情时刻。他们分别是Fizz Dragon创始人 兼CEO陈卓、恺英网络股份有限公司创新业务总经理王伊千、大南玩具实业有限公司总裁朱健豪、 Lenovo亚太区方案服务业务部AI解决方案高级经理明子丰。值得一提的是这四家公司分属于不同行 业： Fizz Dragon，是一家AI电影工作室，在AIGC爆火全球的档口，他们大胆尝试让AI参与到电 影制作的全流程，20位电影发烧友耗时13个月，完成了全球首部AI生成长篇电影《海上女 王郑一嫂》； 恺英网络，570亿市值的深交所上市公司，总部在上海。目前跟AI结合的创新 业务包括AI情感伴侣产品Eve，旗下AI垂类游戏大模型平台支持游戏爱好者和设计师通过迭 代投喂优化游戏效果； 大南玩具，创三代接班，年营收超过10亿，以美国市场为主，地面 渠道优势显著，合作大型商超及零售渠道包括沃 ...

Investment Rating - The report indicates a positive outlook for Lenovo, with expectations of outperforming the market in the next 12-18 months [18]. Core Insights - Lenovo achieved record-breaking performance in 1Q FY26, with total revenue growing 22% year-on-year to US$18.8 billion and non-HKFRS net profit also increasing by 22% to US$389 million, reflecting strong execution amid AI opportunities [6][7]. - All major business segments showed comprehensive growth, with the Intelligent Devices Group (IDG) generating US$13.5 billion in revenue (up 18% YoY), the Infrastructure Solutions Group (ISG) posting US$4.3 billion (up 36% YoY), and the Solutions & Services Group (SSG) reaching US$2.3 billion (up 20% YoY) [7][9][10]. - The AI strategy has yielded significant results, with a focus on technological innovation and a strong R&D investment of US$524 million in Q1, representing a 10% increase YoY [8][9]. Summary by Sections Financial Performance - Total group revenue reached US$18.8 billion, a historical high, with a 22% YoY increase; non-HKFRS net profit rose to US$389 million [6][7]. - Operating cash flow was US$1.2 billion, the highest in the past 11 quarters, and cash balance increased by 15% YoY to US$4.5 billion [6][7]. Business Segments - IDG revenue was US$13.5 billion, with PC business growing 19% and global market share at 24.6%; AI PCs accounted for over 30% of shipments [7][9]. - ISG revenue surged to US$4.3 billion, with AI server revenue doubling and liquid cooling technology achieving 100% heat dissipation efficiency [7][9]. - SSG recorded a revenue high of US$2.3 billion, with an operating profit margin of 22% and strong demand for hybrid cloud and AI solutions [7][9]. Regional Growth - Revenue in the China market grew 36% YoY, driven by AI PCs and infrastructure businesses; APAC (excluding China) rose 39% [9]. - North America’s PC market share increased for 9 consecutive quarters, while the smartphone premiumization strategy expanded global market share [9]. Operational Efficiency - Lenovo optimized its operational system by balancing in-house production and ODM outsourcing, maintaining China as the core manufacturing hub [10]. - Non-PC businesses accounted for 47% of revenue, with IDG maintaining an industry-leading profit margin of over 8% [10].

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the 2025 fiscal year, with revenue and net profit both showing significant year-on-year growth, driven by robust demand across its three main business segments [1][3]. Financial Performance - Revenue for the first quarter reached 136.2 billion RMB, a 22% increase year-on-year, marking a historical high for the same period [1]. - Net profit under non-Hong Kong financial reporting standards grew by 22% to 2.816 billion RMB, while under Hong Kong financial reporting standards, net profit surged by 108% to 3.66 billion RMB [1]. - Gross margin decreased by 1.9 percentage points to 14.7%, attributed to changes in product mix and lower margins in the infrastructure solutions group [3]. Business Segments - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion RMB, a 17.8% increase, with the PC business achieving its fastest growth in 15 quarters [1]. - The Infrastructure Solutions Group (ISG) saw revenue growth of 35.8%, although it remains in a loss position [3]. - The Solutions and Services Group (SSG) reported a revenue increase of 19.8%, with an operating profit margin of 22.2% [1]. Market Position - Lenovo maintained its position as the global leader in PC shipments with a market share of 24.8%, achieving a shipment volume of 17 million units, a 15.2% increase year-on-year [6]. - The overall PC market grew by 8.4%, driven by replacement demand and preemptive purchases by enterprise clients [6]. Regional Performance - Revenue in the Asia-Pacific region (excluding China) increased by 39%, while the Americas saw a 14% growth, and Europe, the Middle East, and Africa experienced a 9% increase [5]. - The Chinese market achieved a remarkable 36% revenue growth, setting historical records for both revenue and profit [5]. Strategic Insights - The CEO highlighted that AI is creating unprecedented growth opportunities, with AI PC sales now accounting for one-third of total PC sales, surpassing previous expectations [2][3]. - The company is committed to investing in traditional enterprise business transformations, cloud computing, and AI infrastructure innovation despite short-term profitability pressures [3].

Core Insights - Lenovo Group reported a 22% year-on-year revenue growth to 136.2 billion RMB for Q1 of FY 2025/26, achieving a historical high for the same period [1] - The company demonstrated resilience amid global trade disruptions caused by the Trump tariff war, maintaining competitiveness and market share [1] - Lenovo's three main business groups capitalized on AI-driven structural growth opportunities, entering a "value realization period" [1] Financial Performance - Non-Hong Kong Financial Reporting Standards net profit increased by 22% to 2.816 billion RMB, indicating enhanced profitability [1] - The Intelligent Devices Group (IDG) revenue reached 97.3 billion RMB, growing 17.8%, with the PC business achieving its fastest growth in 15 quarters [1] - Infrastructure Solutions Group (ISG) revenue grew by 35.8%, while Solutions and Services Group (SSG) revenue increased by 19.8%, with an operating profit margin of 22.2% [1] Business Strategy - Non-PC business revenue accounted for 47% of total revenue, indicating a more balanced growth structure [2] - Lenovo is leveraging PCs to drive multi-business collaborative growth, creating a positive feedback loop from personal to enterprise intelligence [2] - In the personal intelligence sector, Lenovo solidified its leadership in the global AI PC market, with AI PC shipments exceeding 30% of total PC shipments [2] AI Development - Lenovo launched AI PCs featuring the "Tianxi" personal super intelligent agent, enhancing edge inference, energy efficiency, and privacy protection [2] - The enterprise intelligence segment saw a 155% year-on-year growth in AI infrastructure revenue, supported by a comprehensive AI product ecosystem [2] - The company aims to continue executing its hybrid AI strategy, focusing on innovation in personal and enterprise intelligence products and solutions for sustainable growth [2]

Core Insights - Lenovo Group reported a strong Q1 performance for the fiscal year 2025/26, with revenue increasing by 22% year-on-year to 136.2 billion RMB, significantly exceeding market expectations of 13.7% and achieving a historical high for the same period [1] - The company's net profit under non-Hong Kong Financial Reporting Standards also grew by 22% to 2.816 billion RMB, indicating enhanced profitability [1] - Lenovo's Chairman and CEO, Yang Yuanqing, highlighted the company's ability to navigate challenges posed by the Trump tariff war through its unique operational model [1] Group Performance - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion RMB, a year-on-year increase of 17.8%, surpassing market expectations of 11.46%, with the PC business achieving its fastest growth in 15 quarters and smartphone revenue increasing by 14% [1] - The Infrastructure Solutions Group (ISG) saw a robust revenue growth of 35.8%, exceeding market expectations of 23.63% by over 10 percentage points [1] - The Solutions and Services Group (SSG) reported a revenue increase of 19.8%, surpassing market expectations of 13.44%, with an operating profit margin of 22.2% [1] AI Strategy and Growth - Non-PC business revenue accounted for 47% of total revenue, indicating a more balanced growth structure and providing a solid foundation for Lenovo's mixed AI strategy [2] - Lenovo is leveraging its "AI + Terminal" strategy to drive collaborative growth across IDG, ISG, and SSG, creating a positive feedback loop from personal to enterprise intelligence [2] - The company has committed to a double-digit growth in R&D investment, laying a strong foundation for future innovation [2] AI Product Development - In personal intelligence, Lenovo solidified its leadership in the global AI PC market, launching AI PC products equipped with the "Tianxi" personal superintelligence in China, achieving an AI PC penetration rate of over 30% [3] - In enterprise intelligence, Lenovo is building a comprehensive AI product system centered around hybrid cloud platforms and intelligent management solutions, with AI infrastructure revenue growing by 155% year-on-year [3] - Yang Yuanqing emphasized the commitment to advancing the mixed AI strategy and enhancing operational competitiveness for sustainable growth [3] Financial Reporting - According to Hong Kong Financial Reporting Standards, Lenovo's net profit increased by 108% to 3.66 billion RMB, primarily due to non-cash gains from stock price fluctuations [4] - The management believes that non-Hong Kong Financial Reporting Standards provide a clearer reflection of the company's core operational performance [4]

Core Insights - Lenovo Group reported a strong Q1 FY2025/26 financial performance with a 22% year-on-year revenue growth, reaching 136.2 billion RMB, marking a historical high for the first fiscal quarter [1] - The company's net profit also saw a significant increase, with a 22% rise to 2.816 billion RMB under non-Hong Kong financial reporting standards, and a doubling to 3.66 billion RMB under Hong Kong standards, indicating enhanced profitability [1] - All main business segments experienced double-digit growth, with non-PC business revenue share rising to 47%, and significant growth across all global regions, particularly in Asia-Pacific and China [1] Business Performance - In the Chinese market, Lenovo achieved over 35% year-on-year revenue growth, with profits increasing by 43%, and non-PC business revenue exceeding 50% at 54.9% [1][2] - The Intelligent Devices Group (IDG) in China saw revenue growth of over 17%, with AI PCs achieving a 27% penetration rate in the notebook market, while the smartphone business grew by 87% [3] - The Infrastructure Solutions Group (ISG) led global performance with over 70% revenue growth in China, and server sales increased by over 80% [3] Strategic Advantages - Lenovo's "China + N" strategy, which leverages China as a base while expanding into Southeast Asia, Saudi Arabia, Brazil, Mexico, and Europe, has created a competitive edge [3] - The company maintains 80% of its production capacity in China, benefiting from a complete supply chain ecosystem, efficient production capabilities, and a skilled workforce [3][4] - Lenovo operates over 30 manufacturing bases globally, forming a collaborative system with China to enhance supply chain efficiency and market responsiveness [4] Market Context - The resilience of the Chinese economy, with a GDP growth of 5.2% in Q2 2025, and supportive government policies have contributed to the recovery of the PC market, which saw a 10% year-on-year increase in shipments after 11 quarters of decline [2] - The AI industry in China is entering a critical application phase, with a complete industrial system emerging, driving rapid growth in AI applications and narrowing the gap with the US [2]

Core Insights - Lenovo Group reported a 22% year-on-year revenue growth for Q1 of the 2025/26 fiscal year, reaching 136.2 billion RMB, marking a historical high for the same period [1] - The company achieved a net profit of 2.816 billion RMB, also reflecting a 22% increase year-on-year, demonstrating significant improvement in profitability [1] - All three main business groups of Lenovo experienced double-digit growth, with the Intelligent Devices Group (IDG) revenue at 97.3 billion RMB, up 17.8% year-on-year [1] Business Performance - The Infrastructure Solutions Group (ISG) saw a robust revenue growth of 35.8%, while the Solutions and Services Group (SSG) reported a 19.8% increase, achieving a record high with an operating profit margin of 22.2% [1][2] - Non-PC business revenue now accounts for 47% of total revenue, indicating a more balanced growth structure and providing a solid foundation for the company's mixed AI strategy [1] - AI infrastructure business revenue surged by 155% year-on-year, with strong order reserves and nearly 30% revenue growth in advanced liquid cooling technology solutions [2] Market Position and Strategy - In the Chinese market, ISG maintained rapid growth with a 76% revenue increase and a 3 percentage point improvement in operating profit margin [2] - Analysts from JPMorgan and Nomura Securities expressed optimism about Lenovo's entry into the AI server market, suggesting potential for value re-evaluation and increased order acquisition in China [2] - The smartphone business continued its growth trajectory with double-digit revenue growth, and Motorola secured over 50% market share in the overseas foldable smartphone market [3] Competitive Advantages - Lenovo's long-standing operational excellence in the PC sector, along with its global supply chain, sales and service network, and brand influence, have positively impacted its non-PC business growth [3] - The maturity of non-PC businesses is driving the PC segment towards AI and high-end upgrades, enhancing user engagement and ecosystem value [3] - Lenovo is breaking away from the traditional PC giant label, achieving diversified breakthroughs and sustainable growth in the AI era [4]

Core Insights - Lenovo Group reported a strong Q1 performance for the fiscal year 2025/26, with revenue reaching 136.2 billion RMB, a 22% year-on-year increase, marking a historical high for the same period [1][5] - The company achieved a net profit of 2.816 billion RMB under non-Hong Kong Financial Reporting Standards, also a 22% increase year-on-year, demonstrating enhanced profitability [1][6] - Lenovo's diversified growth strategy has led to a 47% revenue contribution from non-PC businesses, indicating a balanced growth structure and solid foundation for its AI initiatives [2][6] Financial Performance - Revenue for the first quarter reached 136.2 billion RMB, a 22% increase year-on-year, setting a record for the first fiscal quarter [5] - Non-Hong Kong Financial Reporting Standards net profit increased by 22% to 2.816 billion RMB, while under Hong Kong standards, net profit doubled to 3.66 billion RMB due to stock price fluctuations [4][6] - The IDG smart device business group saw a revenue increase of 17.8%, with a PC market share of 24.6%, the highest in history [6][7] Business Segments IDG (Intelligent Devices Group) - IDG achieved a revenue of 97.3 billion RMB, a 17.8% year-on-year growth, with AI PCs driving significant market performance [6][7] - AI PC shipments accounted for over 30% of total PC shipments globally, with a notable 27% share in the Chinese market [3][7] - The global PC market is recovering, with a 6.5% year-on-year increase in shipments, supported by Windows 11 upgrade demand [6][7] ISG (Infrastructure Solutions Group) - ISG reported a robust revenue growth of 35.8%, with AI infrastructure revenue increasing by 155% year-on-year [6][9] - The dual-track strategy of cloud and enterprise infrastructure is driving ISG's strong performance, particularly in the Chinese market, where revenue grew by 76% [9][10] - The global server market is projected to grow by 44.6% in 2025, with significant demand for AI infrastructure [9][10] SSG (Solutions and Services Group) - SSG achieved a revenue increase of 19.8% to 16.3 billion RMB, with an operating profit margin of 22.2% [11][12] - High-value services now account for nearly 60% of SSG's revenue, with support services and operational services showing strong growth [11][12] - DaaS (Device as a Service) is becoming a core growth engine, with significant demand for flexible service models [12] Strategic Initiatives - Lenovo is accelerating its "AI + terminal" strategy, leveraging its PC business to drive growth across IDG, ISG, and SSG [2][3] - The company is investing over 10% more in R&D to enhance its competitive edge in the mixed AI landscape [2][4] - Lenovo aims to create a unified AI experience across devices, enhancing user engagement and operational efficiency [3][8]