企业AI包括AI基础设施和AI解决方案与服务，第二财季营收均取得强劲增长。在AI基础设施领域，联想已成为国内布局最全面的厂商。其中，CSP（云基础 设施）业务继续保持高速成长，获得大量头部客户订单，E/SMB（企业基础设施）业务增长远高于大市。此外，服务器稳居中国市场第一阵营，2025年上半 年进入x86 AI服务器中国市场前三，第二财季营收同比增长达到162%。 上证报中国证券网讯（记者 李兴彩）"通过坚定不移地落实集团混合式AI，联想中国区在个人AI和企业AI两条战线取得了累累硕果。"11月20日-22日，联想 中国群英会2025举办，联想集团执行副总裁兼中国区总裁刘军对外分享了联想中国区在联想集团第二财季的业绩进展。 作为集团混合式AI战略的主力军，在个人AI方面，联想中国扎实推进"一体多端"战略。其中，"一体"，即天禧AI（天禧个人超级智能体）在今年已发布3.0 和3.5两个版本，均基于可信计算环境下的联想个人云，完成了从设备AI到个人AI的架构迁徙。天禧AI拥有AUI、天禧大脑、天禧生态、可信安全四大模 块，将在几个月后升级至4.0，从"助手"进化为"队友"，AI功能将更加强大。 在天禧AI加持下， ...

Core Insights - Lenovo's core strategy for personal intelligence is "One Body, Multiple Ends," which has significantly contributed to business revenue in the second fiscal quarter of 2025 [1] - The Tianxi AI has released versions 3.0 and 3.5 this year, transitioning from device AI to personal AI within a trusted computing environment [1] Group 1 - Tianxi AI consists of four core modules: a generative AUI for multimodal task execution, Tianxi Brain with five capabilities (perception, understanding, memory, planning, scheduling), a diverse ecosystem with nearly 10,000 developers and over 5,000 partners, and trusted security for end-to-end computing and privacy protection [1] - User engagement for Tianxi AI is increasing, with average weekly active rates for Lenovo AI PCs and AI phones rising to 42% and 51%, respectively [1] - A new version, Tianxi AI 4.0, is expected to be released in a few months, promising enhanced AI functionalities [1] Group 2 - Lenovo AI PCs have achieved cumulative sales exceeding 2.8 million units, with AI PC notebooks accounting for over one-third of total sales in the second fiscal quarter [2] - The overall PC sales and revenue market shares reached historical highs of 34.7% and 41.5%, respectively [2] - Lenovo's Moto smartphones maintain the top market share in the online small foldable category, with the Moto X70 Air achieving the highest sales during the Double Eleven shopping festival [2] - Consumer tablet sales and revenue have seen year-on-year growth of 96% and 157%, respectively, indicating strong growth in the mid-to-high-end market [2] - Lenovo plans to unveil new AI products and key innovations at the Lenovo Innovation Technology Conference during CES on January 6 [2]

来源：环球网 【环球网科技报道 记者 林迪】11月20日，联想集团公布了截至2025年9月30日的2025/26财年第二季度 业绩报告。在人工智能（AI）技术从"模型爆发"迈向"价值兑现"的关键转折点，联想凭借其混合式人工 智能战略和运营能力交出答卷：当季营收同比增长15%至1464亿元人民币，创下历史新高；经调整后净 利润同比增长25%，达36.6亿元人民币，利润增速显著超越营收增速。 本季度最引人注目的突破，在于联想首次系统性地披露了其人工智能相关业务的业绩表现——AI业务 营收占集团总营收的比例已跃升至30%，较去年同期大幅提升13个百分点。这一数字的背后，是联想将 AI从概念创新转化为实质增长动能的战略成功。 "人工智能不仅成为联想创新驱动力，更成为联想业绩的实质性贡献来源。"联想集团董事长兼CEO杨元 庆指出，这标志着AI正在从辅助角色成长为联想业务版图中的核心增长主线。 以规模与韧性应对周期波动 媒体沟通会上，对于业界关注的"近期芯片与存储成本上涨"话题，杨元庆坦然回应："对于所谓的AI泡 沫，我们的看法是，任何大创新的初期，都会看到比较大的投资以及激烈的竞争，所以有些地方可能产 生一些泡沫，是难 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Lenovo Group [2][7] Core Views - Lenovo is positioned as a leading global ICT vendor with a diversified growth strategy, being the largest PC manufacturer and the fourth largest server manufacturer globally [6][17] - The company is expected to benefit from a new growth cycle driven by AI, with a recovery in PC business and accelerated growth in mobile, server, and industry solutions [7][10] - The report forecasts net profits for FY25/26 to FY27/28 at $1.67 billion, $2.03 billion, and $2.43 billion respectively, indicating significant upside potential compared to peers [7][10] Summary by Sections 1. ICT Leadership and Global Growth - Lenovo has established a diversified product matrix based on PCs, mobile devices, tablets, servers, and digital solutions through mergers and internal efficiency improvements [6][17] - Key acquisitions, including IBM's PC and x86 server businesses, have facilitated Lenovo's global expansion and diversification [6][18][20] - The management framework emphasizes a structured governance model that supports strategic alignment and cultural integration across global operations [25][26] 2. IDG: AI Product Matrix - The IDG segment is expected to see revenue growth driven by the recovery of the PC market and rapid growth in mobile devices [6][29] - Lenovo's AIPC (AI Personal Computer) initiative is set to redefine personal computing by integrating AI capabilities into its product offerings [48][50] 3. ISG & SSG: Digital Solutions and AI Infrastructure - The ISG segment is projected to grow significantly, driven by demand from cloud service providers and small to medium businesses [6][20] - The SSG segment focuses on IT services and solutions, with a strong emphasis on AI-driven transformation [6][19] 4. Financial Forecast and Valuation - Revenue forecasts for FY23/24 to FY27/28 show a steady increase, with a projected revenue of $79.49 billion in FY25/26 [5] - The report highlights Lenovo's attractive valuation, with a projected PE ratio of 9x for FY25/26 compared to the industry average of 16x, indicating substantial upside potential [7][10] 5. Market Perception and Competitive Advantage - Contrary to market perceptions of a declining PC market, Lenovo is positioned to benefit from a replacement cycle and the introduction of high-end products [9][10] - The company's established global supply chain and local service capabilities provide a competitive edge that is difficult to replicate [9][10]