Core Insights - Lenovo Group reported a 15% year-on-year revenue growth to 146.4 billion RMB for Q2 FY26, achieving a historical high for the quarter and significantly exceeding market expectations [1] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB, indicating strong operational resilience and strategic certainty in a complex environment [1] Business Segment Summaries PC Business - FY26Q2 PC revenue rose by 17% year-on-year, with a market share of 25.5% in PC shipments, up 1.7 percentage points year-on-year according to IDC data [1] - Lenovo's AI PC segment led the global Windows AI PC market with a shipment share of 31.1%, accounting for 33% of total PC shipments in FY26Q2 [1] Smartphone Business - The activation of new smartphone models reached a historical high, driven by strong sales of high-end models like Razr and Edge [1] - Sales performance was particularly strong in the Asia-Pacific region and the Indian market, with the company effectively leveraging supply chain advantages to mitigate storage price increases [1] ISG Business - FY26Q2 ISG revenue was $4.087 billion, a 24% year-on-year increase, with cloud infrastructure revenue up 21% and enterprise infrastructure revenue up 30% [2] - AI server revenue experienced double-digit growth due to increased adoption and product iteration, while the Neptune liquid cooling solution saw a 154% year-on-year revenue increase [2] - The operating loss narrowed to $0.032 billion from $0.036 billion year-on-year, indicating improved profitability in the Chinese market [2] SSG Business - FY26Q2 SSG revenue reached a historical high of $2.556 billion, an 18% year-on-year increase, maintaining double-digit growth for 18 consecutive quarters [2] - The operating profit margin remained stable at 22% year-on-year, with support services revenue up 16% and deferred revenue reaching $3.6 billion, a 17% increase [2] - Operations and project solutions revenue grew by 29% and 13% year-on-year, respectively, contributing to 59.9% of total SSG revenue, which is a 1 percentage point increase year-on-year [2]

Core Viewpoint - Lenovo Group reported strong financial results for the second quarter of FY26, with revenue reaching 146.4 billion RMB, a 15% year-on-year increase, and adjusted net profit growing by 25% to 3.66 billion RMB, indicating robust operational resilience and strategic certainty in a complex environment [1] Group 1: PC Business - FY26Q2 PC revenue increased by 17% year-on-year, with a market share of 25.5% in PC shipments, up 1.7 percentage points compared to the previous year [1] - Lenovo's AI PC segment achieved a 31.1% share of the global Windows AI PC market, with AI PCs accounting for 33% of total PC shipments in FY26Q2 [1] Group 2: Smartphone Business - The activation of new smartphone models reached a historical high in FY26Q2, driven by strong sales of high-end models such as Razr and Edge [1] - Sales performance in the Asia-Pacific region and the high-end market in India showed significant improvement, with the company effectively leveraging its supply chain to mitigate storage price pressures [1] Group 3: ISG Business - FY26Q2 ISG business revenue was $4.087 billion, a 24% year-on-year increase, with cloud infrastructure revenue up 21% and enterprise infrastructure revenue up 30% [2] - AI server revenue experienced double-digit growth due to increased adoption and product iteration, while the Neptune liquid cooling solution saw a remarkable 154% year-on-year revenue increase [2] Group 4: SSG Business - FY26Q2 SSG business revenue reached a record high of $2.556 billion, an 18% year-on-year increase, maintaining double-digit growth for 18 consecutive quarters [2] - Support services revenue rose by 16%, with deferred revenue reaching $3.6 billion, up 17% year-on-year, indicating strong performance in operational and project solutions [2]

Core Insights - Lenovo Group reported a 15% year-on-year revenue increase to 146.4 billion RMB for Q2 FY26, marking a historical high for the quarter and significantly exceeding market expectations [1] - Adjusted net profit rose by 25% year-on-year to 3.66 billion RMB, indicating strong operational resilience and strategic certainty in a complex environment [1] Business Segment Summaries PC Business - FY26Q2 PC revenue increased by 17% year-on-year, with a market share of 25.5% in Q3 FY25, up by 1.7 percentage points [1] - Lenovo's AI PC segment led the global Windows AI PC market with a 31.1% shipment share, accounting for 33% of total PC shipments in FY26Q2 [1] Smartphone Business - FY26Q2 saw record high activation of new smartphone models, driven by strong sales of high-end models like Razr and Edge [1] - The Asia-Pacific region and the Indian market showed robust sales performance, with the company effectively leveraging supply chain advantages to mitigate storage price pressures [1] ISG Business - FY26Q2 ISG revenue reached $4.087 billion, a 24% year-on-year increase, with cloud infrastructure revenue up 21% and enterprise infrastructure revenue up 30% [2] - AI server revenue experienced high double-digit growth due to increased downstream AI adoption and product iterations, while the Neptune liquid cooling solution revenue surged by 154% [2] - Operating loss narrowed to $0.032 billion from $0.036 billion year-on-year, with profitability in the Chinese market improving [2] SSG Business - FY26Q2 SSG revenue hit a historical high of $2.556 billion, an 18% year-on-year increase, maintaining double-digit growth for 18 consecutive quarters [2] - Support services revenue rose by 16%, with deferred revenue reaching $3.6 billion, up 17% year-on-year [2] - Operations and project solutions revenue increased by 29% and 13% respectively, contributing to 59.9% of total SSG revenue, indicating a core engine for profit growth [2]

点击注册小程序 查看完整报告 PC业务收入实现同比双位数增长，AI PC加速渗透。FY26Q2 IDG业务收入151.07亿美元，同比上升12%，受益 于AI PC渗透率提升和高端产品销售迅速增长；经营利润110.08亿美元，对应经营溢利率7.3%。受益于产品高 端化带动产品利润率增长，IDG业务盈利能力稳定。分业务看：1）FY26Q2 PC收入同比上升17%。根据IDC数 据，25Q3（对应FY26Q2）公司PC出货量份额25.5%，同比上升1.7pct；根据公司公告，公司的AI PC以31.1% 的出货量份额居全球Windows AI PC市场第一。FY26Q2 AI PC占公司总PC出货量的33%。2）FY26Q2 智能手 机新机激活量创历史新高，主要系Razr及Edge等高端机型销量增长强劲。分地区看，亚太地区销售情况及印度 市场的高端机销售情况较好。展望FY26，预计存储价格上涨将导致全球PC出货量及盈利能力下滑，公司积极 发挥供应链优势应对存储涨价压力，我们认为公司受影响幅度低于同业。 ISG业务（基础设施方案）： AI服务器需求强劲，海神液冷方案实现三位数同比增长。FY26Q2 ISG业务收入4 ...