据白皮书数据显示，2025年中国市场超过65%的终端用户在使用智能体时，最关心"个人数据安全与隐 私保护"。联想中国区天禧AI生态事业部总经理陈学桂现场表示，基于个人AI主权的可信安全，会实现 用户数据从采集、存储到使用的全生命周期安全保护，彻底解决智能体普及的核心信任瓶颈。 责任编辑：何俊熹 12月31日消息，联想和权威研究机构IDC近日深度解读双方发布的《个人AI产业定义、产业架构与发展 趋势白皮书》（以下简称"白皮书"）。"我们正处于从'公共AI'转向'个人AI'的关键转折点，大量人工智 能技术以AI智能体形态落地，大家真正感受到了AI技术的魅力所在。"联想集团副总裁、中国首席战略 官、中国技术管理委员会执行主席阿不力克木·阿不力米提（以下简称"阿木"）这样总结AI产业的发展 趋势。 IDC数据显示，了解过智能体的中国用户占比在今年提升了24%，实际使用过智能体的用户占比已接近 50%。但同时，人们越来越意识到，公共AI因个人化不足、隐私数据保护存疑、跨平台调度能力受限等 问题，服务逻辑本质上仍是"面向所有人"的平均化供给，用户真正需要的并不是通用解，而是"可托付 的AI双胞胎"。 阿木以"出行方式"比 ...

Core Viewpoint - The era of "human-machine co-creation" has arrived, with Lenovo aiming to empower AI creators to surpass their imagination through AI tools and services [1]. Group 1: AI in Film Creation - Over the past two years, AI has become an indispensable force in film creation, marking a significant trend in the evolution of the film industry [4]. - The establishment of the AI Film Season at the Hainan Island International Film Festival represents a strategic move to embrace the multi-modal transition of AIGC (AI-Generated Content) and to lay the groundwork for future imaging [4]. - The rapid evolution of AIGC is reconstructing the paradigm of film production, transitioning from the film era to the digital era, and now to the AI film era [4]. Group 2: Characteristics of AI Film Creation - The creation in the AI film era exhibits three characteristics: integrated end-cloud architecture, multi-modal fusion, and collaboration among multiple intelligent agents [4]. - AI has broken down creative barriers, allowing individual creators to possess large-scale production capabilities, significantly reducing the creation time from months to mere hours [4]. Group 3: Lenovo's AI Tools and Services - Lenovo offers a comprehensive suite of AI tools and services to empower creators, enabling them to have their own "dream factory" [4]. - The Tianxi AI, Lenovo's personal AI, is designed to assist creators in various aspects of film production, including script writing and storyboard design, achieving the effect of "one person as the entire crew" [5]. - Lenovo's AI workstations support local deployment of powerful models, serving top film post-production teams globally, exemplified by their work on the critically acclaimed film series "Dune" [5]. Group 4: Future Initiatives - Lenovo has launched the "Parallel Universe" creative concept, aiming to collaborate with pioneering creators through co-creation of worldviews, characters, scenes, and music, enriching traditional film production models [5]. - The AI Film Season is expected to inspire filmmakers to expand their imagination and foster a thriving ecosystem in the AI era [5].

Core Viewpoint - The integration of hardware, software, and data is driving the emergence of a new generation of technology companies, with firms that successfully merge personal and enterprise solutions becoming core assets in the AI wave [6][8]. Financial Performance - Lenovo Group reported a 15% year-on-year revenue growth in Q2 of FY2026, reaching 146.4 billion RMB, significantly exceeding market expectations. Adjusted net profit grew by 25% to 3.66 billion RMB, outpacing revenue growth [6][7]. - The IDG smart device business group achieved revenue of 108.1 billion RMB, a 12% increase, while the ISG infrastructure solutions group saw revenue rise by 24% to approximately 29.3 billion RMB, driven by strong AI infrastructure demand [7][15]. AI Infrastructure Investment - Global investment in AI infrastructure is unprecedented, with estimates ranging from 400 to 600 billion USD in 2023, surpassing previous industrial revolutions [9]. - The AI narrative has significantly impacted capital markets, with AI data center ecosystem-related stocks accounting for 75% of S&P 500 returns since the launch of ChatGPT in November 2022 [10]. Market Position and Strategy - Lenovo is one of the few Chinese tech companies fully covering personal and enterprise terminals, software, and hardware within the AI ecosystem [8]. - The company is leveraging AI infrastructure investments to enhance its "one body, multiple ends" strategy, creating highly intelligent and personalized enterprise and personal solutions [8][19]. AI Product Development - Lenovo's AI PC market share reached 31.1%, maintaining its position as the global leader, with AI PC revenue contributing significantly to overall growth [18][19]. - The Tianxi AI system, now at version 3.5, is set to release version 4.0, enhancing user experience through a personal AI twin concept [20][24]. Competitive Advantage - Lenovo's B2B business model provides a strong risk mitigation strategy, particularly in the face of supply chain fluctuations affecting competitors like Dell and HP [29]. - The company's unique position in both B2B and B2C markets allows it to benefit from the ongoing AI wave, with a dual focus on enterprise infrastructure and consumer AI products [26][35].

"我们的客户直营占比逐年提高，2025财年上半年达到80%，已经建立起最高效的客户直达通道。"刘军说。 图为联想集团执行副总裁兼中国区总裁刘军。（联想集团提供） 非PC业务强势崛起，营收占比近半。刘军表示，非PC业务茁壮成长，占比已经从2017/18财年的不足20%，快速增长到现在的接近50%。这为联想中国区画 出了一条亮丽的第二增长曲线。其中，基础设施业务总收入在过去的两年半增长175%，联想服务器稳居市场第一阵营，并且是中国市场成长最快的AI基础 设施厂商。在AI解决方案与服务方面，擎天对内逐步深入赋能联想业务模式变革，对外成为方案服务业务拓展的"杀手锏"，带动联想登顶中国IT服务市场第 一名，且正不断拉大与第二名的差距。 转自：新华财经 新华财经北京11月24日电（记者王艳刚）联想集团执行副总裁兼中国区总裁刘军在联想中国群英会2025上表示，面对"人工智能+"时代新机遇，联想中国将 坚守"混合式AI加速中国智能化转型"使命，全力打造超强装备库，全面推进客户直营。 图为联想集团执行副总裁兼中国区总裁刘军。（联想集团提供） 数据显示，2025/26财年上半财年，联想中国区营收同比增长24%，创下财年上半年收 ...

Core Insights - Lenovo Group reported a record revenue of 146.4 billion RMB for Q2 of the fiscal year 2025/26, marking a 15% year-on-year increase, significantly exceeding market expectations [1] - Adjusted net profit rose by 25% to 3.66 billion RMB, indicating a faster growth rate compared to revenue [1] - The CEO emphasized the company's strategic clarity, operational excellence, and continuous innovation as key drivers behind the record performance [1] Revenue Breakdown - The Intelligent Devices Group (IDG) generated 108.1 billion RMB, a 12% increase, with PC market share surpassing 25% for the first time [1] - The Infrastructure Solutions Group (ISG) achieved approximately 29.3 billion RMB in revenue, up 24%, with significant growth in AI infrastructure [1] - The Solutions and Services Group (SSG) reported nearly 20% revenue growth, marking the 18th consecutive quarter of double-digit growth [1] AI Business Growth - AI-related revenue now accounts for 30% of total revenue, a 13 percentage point increase year-on-year, highlighting AI's role as a core growth driver [2] - Lenovo's AI PC market share in the Windows AI PC segment is 31.1%, reinforcing user recognition of Lenovo's AI terminal experience [2] - AI server revenue saw high double-digit growth, with liquid cooling technology revenue increasing by 154% year-on-year [2] Future Outlook - The CEO stated the company will leverage its unique "global resources, local delivery" model to navigate uncertainties and seize opportunities presented by hybrid AI [3]

Core Insights - Lenovo Group's AI-related revenue has reached 30% of total revenue, marking AI as a significant growth driver for the company [2][3] - The company's revenue for the second fiscal quarter of 2025/26 increased by 15% year-on-year to 146.4 billion yuan, setting a record for the quarter [3] - Adjusted net profit rose by 25% year-on-year to 3.66 billion yuan, indicating strong financial performance [3] AI Integration and Market Position - AI business revenue has increased by 13 percentage points year-on-year, reflecting its transition from a supportive role to a core growth line for Lenovo [3] - Lenovo's AI PC holds a 31.1% share in the Windows AI PC market, maintaining its position as the global leader [3] - The average selling price of AI PCs is approximately 5%-10% higher than traditional PCs, providing structural opportunities for margin improvement [5] Industry Challenges and Responses - The PC industry faces challenges such as rising storage prices, which are expected to persist into next year [6] - Lenovo has secured sufficient supply through strong supplier relationships and long-term contracts, allowing it to maintain competitive cost structures [6] - The company remains optimistic about maintaining profitability despite market uncertainties [6] Transformation and Growth Strategy - Lenovo's non-PC business revenue has increased from less than 20% in 2017/18 to nearly 50% currently, showcasing the effectiveness of its transformation strategy [7] - The infrastructure solutions business group saw a 24% year-on-year revenue increase, while the services business group achieved an 18% increase, indicating sustained growth [7] - Lenovo's strategic focus on smart home, smart office, and smart industry solutions is expected to drive future growth [7] Financial Performance and Market Outlook - Lenovo remains the largest PC manufacturer globally, with a market share of 25.5% and a shipment volume of 19.4 million units in Q3 2025 [5] - The company anticipates a 5%-10% growth in the global PC market, driven by the end of Windows 10 support and AI integration [5] - The infrastructure solutions business, despite recent losses due to increased investments in AI capabilities, is expected to contribute positively to overall profitability in the long term [8][9]

Core Insights - Lenovo's China division has achieved significant progress in both personal AI and enterprise AI through the implementation of the group's hybrid AI strategy [1] Group 1: Personal AI - Lenovo has advanced its "one body, multiple ends" strategy in personal AI, with the Tianxi AI (Tianxi Personal Super Intelligent Agent) releasing versions 3.0 and 3.5 this year, transitioning from device AI to personal AI architecture [1] - Tianxi AI features four major components: AUI, Tianxi Brain, Tianxi Ecosystem, and Trusted Security, with an upgrade to version 4.0 expected soon, enhancing its capabilities from "assistant" to "teammate" [1] Group 2: AI Product Growth - Under the support of Tianxi AI, Lenovo's AI PCs, AI smartphones, AI tablets, and AIoT devices have seen rapid growth, with AI PCs achieving cumulative sales of over 2.8 million units [3] - The recently launched Moto X70 Air smartphone became the best-selling ultra-thin Android phone on JD.com during the Double Eleven shopping festival [3] Group 3: Enterprise AI - In the enterprise AI sector, Lenovo has become one of the most comprehensive players in the domestic market, with strong growth in AI infrastructure and AI solutions and services [5] - The CSP (Cloud Infrastructure) business continues to grow rapidly, securing numerous orders from leading clients, while the E/SMB (Enterprise Infrastructure) business outpaces market growth [5] - Lenovo's server business remains among the top in the Chinese market, with a 162% year-on-year revenue growth in the second fiscal quarter [5] - Revenue from AI solutions and services in the second fiscal quarter increased by over 20% year-on-year, with IT service market share growing by 0.7 percentage points, solidifying its leading position [5] - Lenovo is proactively developing super intelligent agents, with the urban super intelligent agent already deployed in ten cities, and the Ba Ying intelligent agent upgraded to version 2.0, providing comprehensive intelligent services for IT operations, AI office, and AI marketing [5]

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]

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth to 146.4 billion RMB for the second fiscal quarter of 2025/26, achieving a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year, reaching 3.66 billion RMB [1] Group Performance - The Intelligent Devices Group (IDG) generated revenue of 108.1 billion RMB, a 12% increase year-on-year, with personal computer market share exceeding 25% for the first time [2] - The Infrastructure Solutions Group (ISG) saw revenue rise by 24% year-on-year to approximately 29.3 billion RMB, with significant growth in AI infrastructure revenue [2] - The Solutions and Services Group (SSG) achieved nearly 20% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit growth [2] AI Strategy and Innovations - Lenovo's AI-related business revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year [2] - Lenovo maintains a 31.1% share in the Windows AI PC market, leading globally [2] - The company plans to launch a personal superintelligent agent at the Innovation Technology Conference in January 2026, aimed at enhancing user experience through perception collaboration and habit learning [2] Market Outlook and Analyst Ratings - Nomura Orient International Securities downgraded Lenovo's rating to neutral and reduced the target price to 11 HKD, citing uncertainties in costs and demand [2] - Estimated storage costs for servers, PCs, and smartphones are expected to rise by 20%-25%, 10%-15%, and 5%-10% respectively in Q4 2025, with potential further increases in Q1 2026 [3] - Despite challenges, Nomura remains relatively optimistic about Lenovo's performance due to its strong presence in the commercial market [3] Stock Performance - As of midday trading, Lenovo's stock price was 9.73 HKD per share, up 1.04%, with a total market capitalization of 120.7 billion HKD [4]

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth to 146.4 billion RMB for the second fiscal quarter of 2025/26, achieving a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year, reaching 3.66 billion RMB [1] - The company experienced double-digit revenue growth across all business groups and regional markets [1] Group Performance - The Intelligent Devices Group (IDG) generated revenue of 108.1 billion RMB, a 12% year-on-year increase, with personal computer market share exceeding 25% for the first time [1] - The Infrastructure Solutions Group (ISG) saw revenue of approximately 29.3 billion RMB, up 24% year-on-year, with significant growth in AI infrastructure revenue [1] - The Solutions and Services Group (SSG) achieved nearly 20% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit growth [1] AI Business Growth - AI-related business revenue now accounts for 30% of total revenue, a 13 percentage point increase year-on-year [2] - Lenovo's AI PC holds a 31.1% share in the Windows AI PC market, maintaining its position as the global leader [2] - AI terminal device revenue has risen to 36% of IDG's overall revenue, a 17 percentage point increase year-on-year [2] Future Developments - Lenovo plans to launch a personal super-intelligent agent at the Innovation Technology Conference in January 2026, aimed at enhancing user experience through perception collaboration and habit learning [2] Market Outlook - Nomura Orient International Securities downgraded Lenovo's rating to neutral and reduced the target price to 11 HKD, citing uncertainties in costs and demand [2] - Estimated storage costs for servers, PCs, and smartphones are expected to rise significantly in the upcoming quarters, potentially impacting profitability [3] - Despite challenges, Lenovo is expected to perform better than the overall PC market due to its high sales proportion in the commercial sector [3]