联想集团 20251120 摘要 联想集团各业务板块实现均衡增长，人工智能相关收入占比达 30%。PC 业务收入超 150 亿美元，同比增长 12%，市场份额达 25.6%的历史新高，AI PC 系统贡献显著，占 PC 出货量的 33%。 基础设施解决方案集团（ISG）收入同比增长 24%至 41 亿美元，受益 于云服务提供商的新客户获取及企业和中小企业转型。天然液体冷却技 术同比增长 154%，巩固了其在可持续高性能基础设施领域的领导地位。 解决方案与服务集团（SSG）连续 18 个季度实现两位数增长，同比增 长 18%，经营利润率超 22%。项目和解决方案以及管理服务收入占 SSG 总收入比重接近 60%，增长速度是可寻址市场的两倍。 联想通过严格财务管理，经营现金流达 15 亿美元，自由现金流攀升至 11 亿美元。存货周转天数减少 10 天，调整后净融资成本下降 31%，反 映出持续成本优化及营运资金效率举措。 联想预计未来 2-4 年 PC 业务将继续实现两位数增长，智能手机市场也 将以高于市场速度成长。将加大双位数市场份额投入，在 B2B 领域实现 持续双位数增长，并加快高端产品推广。 Q&A 联想 ...

（来源：格隆汇APP） 来源：格隆汇 | 贝隆行业研究 数据支持 | 勾股大数据（www.gogudata.com） 如果投资者继续用"全球最大的个人电脑制造商"来看待联想集团，他们很可能会错过AI狂潮中这个举足 轻重的玩家。全球投资者、尤其是中国内地的投资者们习惯用一种根深蒂固的旧模型来对联想集团进行 整体估值，即基于PC业务的业绩表现，而传统PC硬件属于具有强周期性的相对低毛利业务。 联想集团寻求矫正投资者们的旧观念，但最大的敌人却是自己。毕竟，它霸占全球PC市场市占率第一 的位置已经很多年了。在这个竞争极其激烈的红海市场中，其市占率本就已经高到不可思议，但却总能 继续创出新高。在最新的一个财季中，这个数字已经攀升至25.5%。 显然，这很大程度上让公众投资者忽视了联想集团非PC业务的业绩表现，即便这些业务所创造的营收 在数年之前就已占到公司总营收的近一半。当然，非PC业务营收比例的提高并不足以解释联想集团为 何在过去连续多个财季实现了营收与利润的高增长，尤其是毛利率的持续提升帮助其净利增速有两个财 季甚至超过了100%。 性感的故事早已发生，AI技术浪潮给这家企业带来了历史性机遇。联想集团是最早几家真正 ...

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of FY2025/26, reaching 146.4 billion RMB, marking a record high for the quarter and significantly exceeding market expectations [1] - The Infrastructure Solutions Group (ISG) generated approximately 29.3 billion RMB in revenue, reflecting a 24% year-on-year increase, maintaining a growth trend over multiple quarters [1] - The ISG operating profit margin improved by 0.3 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, indicating a stabilization and recovery in business profitability [1] - The cloud infrastructure business achieved a historical high in revenue for the same period, with AI infrastructure business experiencing rapid growth and high double-digit revenue increase in AI servers, supported by strong order reserves for future deliveries [1] Industry Insights - The demand for high-performance computing is rapidly increasing, while energy consumption and heat dissipation challenges in data centers are becoming critical growth constraints [2] - Lenovo's liquid cooling technology revenue surged by 154% year-on-year, maintaining a leading position in global green computing [2] - The "Sea God" liquid cooling solution features a 100% full-cover cold plate design, reducing system power consumption by 40% compared to traditional air cooling, with a PUE value dropping below 1.1 [2] - The newly launched "dual-loop" phase change immersion cooling system enhances heat dissipation capabilities, doubling the efficiency compared to traditional solutions, with a system PUE as low as 1.035 [2] - As the global AI landscape shifts towards a focus on inference over training, there will be a rapid increase in demand for local inference, industry-specific AI, and high-efficiency infrastructure [2] - Lenovo ISG has established a stronger competitive barrier in the hybrid AI infrastructure sector, leveraging its dual-track strategy covering both cloud and enterprise infrastructure, which is expected to continue driving high-quality growth momentum [2]

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's "LeXiang Enterprise Super Intelligent Agent" has generated a revenue of 1.89 billion yuan since its launch, covering over 20 core scenarios and supporting more than 1 million daily interactions, with a 270% increase in user weekly activity and a 30% increase in order conversion rate [1][3] Group 1: Technological Advancements - The LeXiang Super Intelligent Agent integrates cutting-edge technologies such as natural language processing, multimodal large models, knowledge graphs, and reinforcement learning to create an intelligent closed-loop system [2] - The system achieves seamless integration of over 20 heterogeneous systems, reducing inference latency to 200ms, increasing functionality reuse by 60%, and decreasing development costs by 40% [2] Group 2: Market Transformation - The shift from the internet to AI is changing the logic of traffic acquisition, moving from a model where users search for information to one where intelligent agents serve users [2] - Brands must possess "super intelligent agents" that deeply understand users and seamlessly connect services to capture new market opportunities [2] Group 3: Strategic Goals - Lenovo aims for the LeXiang Super Intelligent Agent to serve as the "intelligent core" for enterprises in the AI landscape, transforming the relationship between brands and users [3][4] - The company plans to build a cross-enterprise intelligent agent collaboration alliance and promote intelligent collaboration across the industry chain [3]

Core Insights - The article emphasizes the rapid development of artificial intelligence (AI) technology, presenting extensive opportunities in the market [2] Group 1: AI Developments - Microsoft has launched OpenAI's new multimodal video generation model, Sora 2, on Azure AI Foundry, available for public preview at a cost of $0.1 per second [4] - Former Meta executive Nick Clegg warns of a potential market correction in the AI sector, highlighting the excessive valuations and rapid trading activity, while acknowledging that the AI wave will not dissipate [6][7] Group 2: Strategic Partnerships and Innovations - Apple and Comcast are set to launch a bundled streaming service combining Apple TV and Peacock Premium for a monthly fee of $14.99 [5] - Meta has secured nearly $30 billion in financing for its data center in Louisiana, marking one of the largest private capital transactions in history, with plans to complete the project by 2029 [11] - Salesforce and Google have expanded their partnership to integrate Google's Gemini model into the Agentforce 360 platform, aiming to enhance employee productivity and customer interaction [13] Group 3: Product Innovations - Apple is preparing to launch its first touchscreen MacBook, expected to debut by late 2026 or early 2027, featuring a lightweight design and M6 series chips [9][10]

Core Viewpoint - The Lenovo Legion Y7000P, equipped with the Core Ultra 7 255HX, presents a combination of understated design and powerful performance, described as a "cool suit-wearing thug" [1] Group 1 - The Lenovo Legion Y7000P features a low-key exterior while housing high-performance components [1] - The device is positioned as a powerful gaming laptop, appealing to users seeking both aesthetics and performance [1]

Core Insights - Lenovo Group Limited's City Super Intelligent Body won the "2025 Digital Government Innovative Solution" award at the "2025 Digital Government Intelligent Application and Innovation Development Conference," highlighting its status as a benchmark solution in digital government construction [1][3] - The conference gathered government representatives, experts, and industry leaders, emphasizing the importance of AI as a core engine of innovation in the new era [1] Technology Innovation - The technological breakthroughs of Lenovo's solution are evident in three main areas: multi-agent collaborative decision-making algorithms, hybrid AI architecture integrating cloud-based large model capabilities with edge intelligence, and trusted data space technology utilizing privacy computing and blockchain [2] - The system's self-evolution and self-learning capabilities allow for continuous optimization of algorithm models, enhancing decision-making accuracy and response efficiency [2] Future Development - Lenovo aims to deepen the application of large model technology in urban governance, focusing on breakthroughs in multi-modal understanding, causal reasoning, and long-sequence modeling [2] - The company plans to strengthen research on integrating cutting-edge technologies such as quantum computing and brain-computer interfaces to explore the next generation of urban intelligent systems [2] Industry Impact - The award signifies authoritative recognition of Lenovo's technical strength in digital government construction, providing strong momentum for further AI technology applications and expansion into the smart city market [3] - Lenovo is committed to driving digital transformation in cities through advanced AI technologies, contributing to the development of smarter, more efficient, and livable modern cities [3]

Core Points - The "Computer 85 Fund and Yang Yuanqing Education Fund" at Shanghai Jiao Tong University celebrates its 10th anniversary, highlighting its role in supporting talent cultivation and research innovation through a crowdfunding model [1][3][4]. Fund Overview - Established in May 2015 during the university's 120th anniversary, the fund was initiated by Yang Yuanqing and alumni from the 1985 Computer Science class, with an initial personal donation of 10 million RMB from Yang Yuanqing [3]. - The fund comprises annual donations from the 1985 alumni and social contributions, supporting scholarships for outstanding students and awards for exceptional young teachers [3][4]. - Over the past decade, the fund has awarded scholarships to 136 students and supported 11 young teachers, with a total disbursement of 6.304 million RMB by September 2025 [3]. Impact on Faculty and Research - The fund has contributed to the professional growth of young teachers, many of whom have become leaders in national research projects, exemplified by Wu Fan, who progressed from a young teacher to the Executive Vice Dean of the Computer Science School [4]. - The awards encourage recipients to embody the academic spirit of predecessors and to pursue original innovations that address national needs [5][7]. Yang Yuanqing's Contributions - Yang Yuanqing emphasizes the importance of broadening horizons in education, particularly in interdisciplinary fields like artificial intelligence, to foster innovation [7]. - His commitment to education is reflected in his substantial donations, including a 100 million RMB contribution for a high-performance computing center at Shanghai Jiao Tong University, which has supported numerous significant research projects [8][9]. Recognition and Ongoing Support - Yang Yuanqing has been recognized as one of the most committed major donors in Chinese higher education, ranking 6th on the "Qingyun Zhuangzhi List" in 2023 for his ongoing contributions to various educational institutions [11].

Core Insights - The "Computer 85 Fund and Yang Yuanqing Education Fund" at Shanghai Jiao Tong University celebrated its 10th anniversary, being the first education fund in China operated through crowdfunding [1] - Yang Yuanqing highlighted two main directions in AI development: advancing large model technology through significant computational resources and promoting the application of AI across various industries, emphasizing China's potential in AI applications due to its vast market and complete manufacturing ecosystem [1] Group 1 - The fund was initiated by Yang Yuanqing, Chairman and CEO of Lenovo, who is also an alumnus of the university [1] - The event included discussions on cutting-edge AI trends and the integration of industry, academia, and research [1] Group 2 - Yang Yuanqing proposed that hybrid AI is the best path for achieving AI inclusivity, envisioning a future where personal and enterprise AI twins are developed [2] - The concept of "one body, multiple ends" was introduced, where a central super-intelligent entity collaborates with various intelligent terminals, creating a user-centered intelligent network [2] - Lenovo is committed to advancing hybrid personal and enterprise intelligence, focusing on foundational research in cutting-edge AI technologies and fostering collaboration with academic institutions [2]