Lenovo Group Conference Call Summary Industry and Company Overview - **Company**: Lenovo Group - **Industry**: PC, Server, and Mobile Devices Key Points and Arguments PC Business Performance - Lenovo's PC shipments reached 15.2 million units in Q1 2025, with a market share of 24.1%, representing a year-on-year growth of 10.8%, significantly outpacing the industry growth of 4.9% [2][5] - The balanced business model, with consumer sales accounting for 35%-40% and commercial sales for 60%-65%, has helped reduce production costs and geopolitical risks [4][9] - The company expects improved performance in the China region in 2025, with IDC predicting a stabilization compared to a nearly 10% decline in the previous year [9] Server Business Growth - Lenovo's X86 server revenue surged by 74.8% year-on-year to $4.12 billion globally, placing it among the top three worldwide [2][6] - In China, server revenue skyrocketed by 127.2% year-on-year and 30.6% quarter-on-quarter, also ranking in the top three [2][6] - The growth is attributed to a forward-looking strategy in AI computing capabilities [6] Mobile Business Developments - Motorola's revenue in overseas markets rose to fourth place, with shipment volume maintaining fifth place [7] - In North America, revenue increased by 20.4% year-on-year to $1.01 billion, with a market share of 3.6%, moving up to third place [7] - Emerging markets in Asia-Pacific saw a remarkable growth of 92.1%, driven by a high-end pricing strategy [7] Global Supply Chain Ranking - Lenovo ranked eighth in Gartner's global supply chain list, surpassing companies like Walmart and BMW, reflecting strong performance in business metrics, financial data, and ESG [8] - This ranking highlights Lenovo's resilience and innovation in a complex global environment [8] AI PC Market Insights - AI PCs are gaining popularity, with domestic sales during the 2025 618 shopping festival showing a 151% year-on-year increase [4][12] - The expected penetration rate for AI PCs is projected to reach 20%-30% in 2025, potentially exceeding 40% by 2026 and 70%-80% by 2027-2028 [15] Future Market Share Expectations - Lenovo aims to increase its market share by 0.5% to 0.7% annually, building on a growing gap with competitors [13] - The discontinuation of Windows 10 support in October 2025 is expected to drive further PC replacements, boosting market share [13] Profitability and Margin Analysis - The gross margin for Lenovo's PC business has risen from around 10% to nearly 20% over the past decade, driven by high-end product development [18] - The ISG business is expected to achieve double-digit year-on-year growth, contributing positively to overall profitability [17][21] Strategic Focus on AI Servers - Lenovo's strategy for AI servers emphasizes a hybrid approach, integrating personal, enterprise, and public intelligence to promote AI adoption [25] - The company plans to establish a presence in the Middle East, particularly in AI data center construction, following a strategic partnership with the Saudi sovereign fund [26] Additional Important Insights - Lenovo's production model balances in-house manufacturing and outsourcing, each accounting for 50%, allowing for flexibility and cost advantages [11] - The company has established multiple production bases globally to mitigate high tariff risks and enhance local delivery capabilities [10]

据了解，联想此次"618"活动的一大亮点，在于业内首创的企业级超级智能体——联想乐享超级智能体 的实体化应用。作为首款搭载联想乐享超级智能体的机器人，6月2日，"乐享壹号"在郑州旗舰店首秀上 岗，以科技感外观与灵动交互引发行业关注；6月7日登陆重庆门店，次日即完成"上门送货+场景演 示"的智能服务闭环；6月14日正式入驻南京门店。这一紧凑的"城市接力"节奏，持续拓展智能服务场 景，推动AI消费体验革新，让前沿科技更具体地融入大众生活。 在解决"AI用得起"的基础上，联想天禧个人超级智能体进一步回应"AI用得好"的需求。当前，AI智能体 正成为用户核心交互入口。作为"一体多端"战略中智能终端的"AI大脑"，天禧个人超级智能体的深度应 用，标志着联想618从"硬件促销"向"智能体验革命"的跨越升级。 本报讯 （记者贾丽）近日，搭载乐享超级智能体的"乐享壹号"机器人（以下简称"乐享壹号"）在南京 万象天地三楼联想来酷智生活旗舰店正式亮相，开启全场景智能服务。其化身"抽象销冠"精准捕捉消费 需求、"金陵店长"统筹智慧门店运营、"顾问先生"提供专业科技咨询，更以隐藏限定款"苏超球迷"形态 登场，通过多模态交互与全链路服 ...