AI已成为联想业绩的实质性贡献来源。 11月20日，联想集团（HKSE:00992）第一次在财报中披露，AI相关业务营收占比已达30%，同比提升 13个百分点，这意味着AI已成为联想业绩的实质性贡献来源。 当天联想发布截至2025年9月30日的2025/26财年第二财季业绩，该季度营收同比增长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，净利增速远超营收增 速，三大主业全部实现双位数增长。 在财报发布后的媒体沟通中，杨元庆回应了包括下一阶段的AI计划以及AI泡沫、芯片涨价潮影响等问 题。他表示联想已与关键零部件供应商签署长期供货合同。 财报显示，联想IDG（智能设备业务集团）第二财季营收达1081亿元人民币，同比增长12%，盈利能力 方面，IDG的运营利润同比增长11%。 从市场份额看，IDC数据显示，联想以1940万台的出货量位列全球PC市场份额第一，首次突破25%，同 比增长17.3%。 AI PC拉动的用户需求正在成为IDG增长的核心引擎。本财季，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，渗透速度加快。 此外 ...

其中，在个人智能领域，联想集团围绕"一体多端"战略不断推进AI终端的创新迭代。报告期内，联想集 团AI PC在Windows AI PC市场以31.1%的市场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%，同比提升了17个百分点。据悉，2026年1月，联想集团还将在创新科技大会 上在全球范围内推出个人超级智能体，使终端设备具备"听你所听，见你所见，记你所经历"能力的同 时，也能"思你所思，行你所愿"。 同时，本财季，AI计算重心从公有云训练向本地数据中心与边缘侧推理加速迁移，驱动联想集团AI基 础设施需求快速增长，AI服务器实现高双位数收入增长，海神液冷技术业务收入同比大增154%，进一 步巩固了联想集团在节能AI基础设施的领导地位。与此同时，AI服务更是实现同比三位数的收入增 长。 "顺应人工智能普惠的潮流，凭借清晰的战略、卓越的运营和不懈的创新，我们第二财季在个人智能和 企业智能两条战线都进展喜人。"联想集团董事长兼CEO杨元庆表示，"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 创造长期可持续的 ...

Core Viewpoint - The article discusses Lenovo's strategies and outlook in response to challenges in the tech industry, particularly regarding AI and component shortages, emphasizing that while there may be short-term pressures, the overall direction of AI development is positive and not a bubble [3][6]. Group 1: AI and Market Dynamics - Lenovo's chairman, Yang Yuanqing, believes that the current AI development phase is not a bubble, as it is entering a stage of widespread application and infrastructure investment, similar to the internet boom [3][6]. - The demand for components such as memory and solid-state drives is experiencing significant growth, with price increases expected to persist throughout 2026 [3][6]. Group 2: Supply Chain Management - Lenovo is one of the largest buyers of components in the industry, maintaining close relationships with suppliers and securing optimal contracts to ensure supply stability for the upcoming year [4][5]. - The company is cautious about user demand growth exceeding forecasts, which could impact pricing strategies [6]. Group 3: Financial Performance - For the second fiscal quarter ending September 30, 2025, Lenovo reported a revenue increase of 15% year-on-year to 146.4 billion RMB, achieving a historical high for the quarter, with adjusted net profit rising 25% to 3.66 billion RMB [6][7]. - AI-related business revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year, driven by AI devices, servers, and solutions [6][7]. Group 4: Business Segments - The IDG smart device segment generated 108.1 billion RMB, a 12% increase year-on-year, with AI terminal devices making up 36% of IDG's revenue, a nearly 17 percentage point increase [7]. - The ISG infrastructure solutions segment saw revenue of approximately 29.3 billion RMB, a 24% year-on-year increase, with AI server revenue experiencing high double-digit growth [7]. - Lenovo plans to launch a personal super-intelligent device globally in January, integrating various wearable and environmental sensing devices for enhanced user interaction [7].

Core Viewpoint - Lenovo Group demonstrates strong resilience and strategic clarity in navigating complex environments, achieving significant revenue and profit growth driven by its AI initiatives [2][3][4]. Financial Performance - For the second fiscal quarter of FY 2025/26, Lenovo reported revenue of 146.4 billion RMB, a 15% year-over-year increase, marking a historical high for the quarter [2]. - Adjusted net profit rose by 25% to 3.66 billion RMB, indicating a robust operational performance [2]. AI Strategy and Market Position - The current AI wave is transitioning into a phase of "popularization and inclusivity," with a focus on localized inference and personalized user experiences [3]. - Lenovo's AI-related revenue now constitutes 30% of total revenue, up 13 percentage points year-over-year, highlighting AI's critical role in driving business growth [4]. Business Segments Performance - The Intelligent Devices Group (IDG) achieved revenue of 108.1 billion RMB, a 12% increase, with a PC market share exceeding 25% for the first time [4]. - The Infrastructure Solutions Group (ISG) saw revenue of approximately 29.3 billion RMB, a 24% increase, with significant growth in AI infrastructure revenue [4]. - The Solutions and Services Group (SSG) experienced nearly 20% revenue growth, maintaining high profit margins for the 18th consecutive quarter [4]. Innovation in Personal and Enterprise Intelligence - Lenovo's AI PC market share stands at 31.1%, reinforcing its leadership in the AI terminal space [5]. - The company plans to launch a personal super intelligent device in January 2026, enhancing user interaction capabilities [5]. - In enterprise intelligence, Lenovo's AI infrastructure demand is surging, with AI server revenue showing high double-digit growth and a 154% increase in liquid cooling technology revenue [6]. Future Outlook - Lenovo aims to leverage its "global resources, local delivery" model to capitalize on the growth opportunities presented by AI over the next decade [7]. - The company is positioned for a new growth cycle driven by technology, improved structure, and higher quality offerings in both personal and enterprise intelligence [7].

联想以一份穿越周期、增速再提的亮眼答卷，给出了清晰答案。凭借清晰的战略定力、卓越的运营体系 和持续的创新投入，联想在个人智能和企业智能两条主线全面提速，展现出把握AI时代机会的能力与 底气。 2025年11月20日——全球数字经济领导企业联想集团（HKSE：992）（ADR：LNVGY）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，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。 当前AI浪潮正在迈入"普及与普惠"的新阶段：大语言模型快速迭代，算力需求从大规模训练向本地化推 理结构性迁移；AI走向产业端，开始影响企业的流程、工具与组织方式，用户亦对其个性化、私域 化、低延迟、安全可信等体验提出更高要求。在这一背景下，摆在所有科技企业面前的核心问题是：谁 能将AI技术真正转化为规模化的产品体系，将场景转化为可持续的商业价值，并在产业周期切换中保 持增长势能？ 需要注意的是，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 ...