Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of FY2025/26, reaching 146.4 billion RMB, marking a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB, exceeding expectations [1] - The performance was driven by accelerated penetration of AI PCs [1] Segment Summaries IDG (Intelligent Devices Group) - AI PC penetration accelerated, with Motorola smartphone sales reaching a historical high, generating revenue of $15.11 billion, exceeding Bloomberg's expectations by 3.7% [2] - Year-on-year growth of 11.8% and quarter-on-quarter growth of 12.2% were reported [2] - Operating profit margin stood at 7.3%, in line with Bloomberg's expectations [2] ISG (Infrastructure Solutions Group) - Strong order backlog for AI infrastructure, with revenue of $4.09 billion, slightly below Bloomberg's expectations by 3.9% [2] - Year-on-year growth of 23.7% was achieved, although there was a quarter-on-quarter decline of 4.7% [2] - Operating profit margin was -0.8%, exceeding Bloomberg's expectations by 0.54 percentage points, with a year-on-year increase of 0.3 percentage points [2] - Revenue from liquid cooling solutions grew by 154% year-on-year [2] SSG (Solutions and Services Group) - Quarterly revenue reached a new high, achieving double-digit growth for 18 consecutive quarters, with revenue of $2.56 billion, surpassing Bloomberg's expectations by 3.2% [2] - Year-on-year growth of 18.1% was reported, with an operating profit margin of 22.3%, exceeding expectations by 3.1 percentage points [2] - The group benefits from favorable conditions in high-growth sectors, including hybrid cloud, AI, and digital workplace solutions, indicating a robust long-term outlook [2] Investment Outlook - Future adjusted net profit growth is projected at 16.9%, 9.9%, and 13.3% for FY25/26 to FY27/28, translating to $1.68 billion, $1.85 billion, and $2.10 billion respectively [3] - Corresponding PE ratios for FY25/26 to FY27/28 are estimated at 9.2X, 8.4X, and 7.4X [3] - The recommendation to maintain an "overweight" rating is upheld [3]

Group 1 - Lenovo Group reported a record high revenue of 146.4 billion RMB for Q2 of FY2025/26, representing a 15% year-on-year growth, with adjusted net profit increasing by 25% to 3.66 billion RMB [1] - The AI PC segment is accelerating its penetration, contributing to strong performance in the smartphone business, which achieved a historical high in sales with revenue of 15.11 billion USD, exceeding Bloomberg's expectations by 3.7% and showing a year-on-year growth of 11.8% [2] - The Infrastructure Solutions Group (ISG) reported strong order reserves, with revenue of 4.09 billion USD, a year-on-year increase of 23.7%, although it fell short of Bloomberg's expectations by 3.9% [2] Group 2 - The Solutions and Services Group (SSG) achieved record quarterly revenue of 2.56 billion USD, marking an 18.1% year-on-year growth and exceeding Bloomberg's expectations by 3.2% [2] - The company anticipates adjusted net profit growth of 16.9%, 9.9%, and 13.3% for FY25/26 to FY27/28, with corresponding PE ratios of 9.2X, 8.4X, and 7.4X, maintaining an "overweight" rating [3]

3Q25 业绩超预期，AI PC 加速渗透 联想集团(00992) 证券研究报告 计算机设备 / 公司点评 / 2025.11.21 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-11-20 | | 收盘价(元) | 9.72 | | 流通股本(亿股) | 124.05 | | 每股净资产(元) | 0.55 | 最近 12 月市场表现 -18% -4% 9% 22% 36% 49% 联想集团 恒生指数 分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com ❖ 事件：FY25/26Q2，公司收入同比增长 14.6%为 204.5 亿美元（超出彭博 预期 1.7%），毛利率 15.4%（较彭博预期低 0.06pct），销售费用率（较彭博 预期低 0.4pct），研发费用率（较彭博预期低 0.3pct），经调整归母净利率提 升至 2.5%（超出彭博预期 0.3pct），经调整归母净利润同比增长 26.7%至 5.1 亿美元。 ❖ IDG：AI PC 加速渗透，摩托罗拉智能手机销量历史新高：实现收入 151.1 亿美元（超出彭博 ...

11 月 20 日，联想集团公布截至 2025 年 9 月 30 日的 2025/26 财年第二财季业绩：当季营收同比增长 15% 至 1464 亿元人民币，创下财季历史新高。经调整后的净利润同比增长 25%，达 36.6 亿元人民 币。、 财报数据显示，该财季，联想研发支出同比增长达 8%，推动混合式人工智能战略发展，并增强本集团 全系列产品组合的人工智能能力。联想持续投资于人工智能发展蓝图，同时把握混合式人工智能带来的 机遇。在联想 "创新世界 2025"（Lenovo Innovation World 2025）活动上，联想推出了覆盖消费、商业及 移动设备领域的全套人工智能驱动设备及相关体验。此次推出的新产品组合包括高性能个人电脑、智能 平板电脑、沉浸式游戏设备以及摩托罗拉智能手机，充分体现了本集团 "人工智能普惠" 的愿景。 得益于收入增长及存货管理的改善，联想集团经营现金流达到 28 亿美元。自由现金流攀升至 19 亿美 元，为所有业务集团的增长提供有力支持。此外，扣除可换股债券的名义利息后，经调整净财务成本同 比减少 27%，反映出节流举措行之有效。 ...

11 月 20 日，联想集团(00992)公布截至 2025 年 9 月 30 日的 2025/26 财年第二财季业绩：当季营收同比 增长 15% 至 1464 亿元人民币，创下财季历史新高。经调整后的净利润同比增长 25%，达 36.6 亿元人 民币。 得益于收入增长及存货管理的改善，联想集团经营现金流达到 28 亿美元。自由现金流攀升至 19 亿美 元，为所有业务集团的增长提供有力支持。此外，扣除可换股债券的名义利息后，经调整净财务成本同 比减少 27%，反映出节流举措行之有效。 财报数据显示，该财季，联想研发支出同比增长达 8%，推动混合式人工智能战略发展，并增强本集团 全系列产品组合的人工智能能力。联想持续投资于人工智能发展蓝图，同时把握混合式人工智能带来的 机遇。在联想 "创新世界 2025"（Lenovo Innovation World 2025）活动上，推出了覆盖消费、商业及移动 设备领域的全套人工智能驱动设备及相关体验。此次推出的新产品组合包括高性能个人电脑、智能平板 电脑、沉浸式游戏设备以及摩托罗拉智能手机，充分体现了本集团 "人工智能普惠" 的愿景。 ...

AI不仅成为联想创新驱动力，更已成为联想业绩的实质性贡献来源。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，联想集团（HKSE：992）（ADR：LNVGY）于11月20日公布了截至2025年9 月30日的2025/26财年第二财季业绩：当季营收同比增长15%至1464亿元人民币，创下财季历史 新高，并显著超出市场普遍预期；经调整后的净利润同比增长25%，达36.6亿元人民币，净利增速 远超营收增速，展现了集团在复杂环境下稳健前行的经营韧性与战略确定性。 值得注意的是，第二财季联想AI相关业务营收在总营收中的占比已提升至30%，同比提升13个百分 点，标志着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。随着AI渗透加 速、应用场景落地愈发多样化，AI业务正在从辅助角色成长为联想业务版图中的核心增长主线，推动 整体业务结构向更具韧性、更高价值的方向进化。 财报发出后，联想集团董事长兼CEO杨元庆发布了一封全员邮件。杨元庆在邮件中指出，"我们正处 在科技行业最激动人心的时刻，尽管外部环境仍然存在诸多的不确定性，但我们已经看到逐步企 ...

【导读】联想集团二季度三大主业全部两位数增长，AI成业绩增长核心引擎 11月20日，联想集团公布截至2025年9月30日的2025/26财年第二财季业绩，当季营收同比增长15%至 1464亿元，创下财季历史新高；经调整后的净利润同比增长25%至36.6亿元。 值得注意的是，第二财季联想AI相关业务营收在总营收中的占比已提升至30%，同比提升13个百分点。 这意味着人工智能不仅成为联想的创新驱动力，更成为联想业绩的实质性贡献来源。 其中，在个人智能领域，联想AI PC在Windows AI PC市场以31.1%的份额继续稳居全球第一；AI终端设 备营收在IDG整体营收中的占比大幅提升至36%，同比提升17个百分点。此外，联想智能手机业务同样 保持稳健增长，本财季，摩托罗拉智能手机销量创历史新高。 联想集团董事长兼CEO杨元庆表示，顺应人工智能普及普惠的潮流，凭借清晰的战略、卓越的运营和不 懈的创新，联想在第二财季再次取得了创纪录的业绩，并在个人智能和企业智能两条战线都进展喜人。 "我们将继续利用'全球资源、本地交付'模式的独特优势来应对不确定性的挑战，把握混合式人工智能 所带来的巨大发展机遇，为股东创造长期可持 ...

其中，在个人智能领域，联想AI PC在Windows AI PC市场以31.1%的份额继续稳居全球第一；AI终端设备营收在IDG整体营收中的占比大 幅提升至36%，同比提升17个百分点。此外，联想智能手机业务同样保持稳健增长，本财季，摩托罗拉智能手机销量创历史新高。 联想集团董事长兼CEO杨元庆 表示， 顺应人工智能普及普惠的潮流，凭借清晰的战略、卓越的运营和不懈的创新，联想在第二财季再次取 得了创纪录的业绩，并在个人智能和企业智能两条战线都进展喜人。 【导读】联想集团二季度三大主业全部 两位数 增长，AI成业绩增长核心引擎 中国基金报记者 忆山 11月20日，联想集团公布截至2025年9月30日的2025/26财年第二财季业绩，当季营收同比增长15%至1464亿元，创下财季历史新高； 经调整后的净利润同比增长25% 至 36.6亿元。 11月20日，联想集团港股涨幅明显。截至发稿，每股报9.83港元，涨幅达2.08%，最新市值达1219亿港元。 | 9.630 | | | 325 0.00% | 9.870 38.80万(26) | | --- | --- | --- | --- | --- | | | | ...

● ISG基础设施方案业务集团实现营收约293亿元人民币，同比提升24%，其中AI基础设施营收显著跃。 AI基础设施业务营收实现同比高双位数增长，订单储备也非常强劲，海神液冷技术业务收入同比大增 154%。 ● SSG解决方案与服务业务集团营收同比增长近20%，连续第18个季度实现双位数增长，其AI服务更是 实现三位数收入增长。项目与解决方案服务业务以及运维服务业务合计在SSG整体营收中的占比提升到 了近60%，创历史新高。 11月20日早间，联想集团(00992.HK)发布2025/26财年第二季度财报，当季营收同比增长15%至1464亿元 人民币，创下季度历史新高，并显著超出市场普遍预期；调整后净利润同比增长25%，达36.6亿元人民 币，利润增速远超营收增速。 此次是联想集团首次披露AI相关业务收入情况，在总营收中占比已提升至30%，同比提升13个百分点， 标志着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，联想的混合式AI战略 已经进入价值兑现阶段。随着AI渗透加速、应用场景落地愈发多样化，AI业务正在从辅助角色成长为 联想业务版图中的核心增长主线。 第二财季，全业务集团与全区域市场 ...

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of FY2025/26, reaching 146.4 billion RMB, marking a historical quarterly high and significantly exceeding market expectations [1] - The IDG smart device business group showed strong performance with revenue of 108.1 billion RMB, a 12% increase year-on-year, benefiting from the accelerated recovery of the global PC market [1] - AI terminal devices accounted for 36% of IDG's total revenue, a significant increase of 17 percentage points year-on-year, becoming a key growth driver [1] Financial Performance - IDG's operating profit grew by 11% year-on-year, maintaining an industry-leading operating profit margin, showcasing Lenovo's systematic advantages in product structure, high-end positioning, and global supply chain efficiency [1] - Lenovo's market share in personal computers surpassed 25% for the first time, leading HP by 5.7 percentage points, further solidifying its dominance in the edge AI market [1] Market Trends - Despite previous doubts about the PC market's growth, actual industry growth rates have consistently exceeded third-party forecasts, particularly with the accelerated penetration of AI PCs [2] - AI PCs typically have an average selling price 5%-10% higher than traditional PCs, presenting significant structural opportunities for hardware manufacturers [2] - IDC predicts that AI PCs will account for 70% of global PC shipments by 2027, suggesting that Lenovo's current market leadership could translate into revenue growth over the next two years [2] Product Development - Lenovo's smartphone business also showed robust growth, with Motorola smartphone shipments reaching a ten-year high, enhancing Lenovo's competitiveness in the mobile ecosystem [2] - The company plans to continue its "one body, multiple ends" strategy, accelerating the comprehensive upgrade of AI device systems, with a global personal super-intelligent entity set to debut next year [2] - Lenovo aims to transition devices from "smart devices" to "smart twins," fostering native collaboration across PCs, smartphones, and tablets to create a unified personal intelligent entry point [2]