Canalys称，本季度的增长主要得益于Windows 10服务即将终止前的大规模商用PC部署。 从市场份额上，2025年第二季度联想以25.1%，稳居第一，且相比2024年第二季度的23.4% ，份额提升 了 1.7个百分点。排名第二的惠普市场份额为20.9% （2024年第二季度21.7%），同比微降0.8个百分 点；排名第三的戴尔市场份额为14.5%（2024年第二季度16.0%），同比下滑1.5个百分点。联想成为全 球TOP 3厂商中，唯一份额保持增长的厂商。 近日，Canalys发布了2025年第二季度全球PC出货量数据：台式机、笔记本电脑和工作站的总出货量同 比增长7.4%，达到6760万台。其中，笔记本（包括移动工作站）出货量达5390万台，同比增长7%；台 式机（包括台式工作站）出货量增长9%，达到1370万台。 | 全球台式机和笔记本出货量(市场份额和年增长率) | | | | | | | --- | --- | --- | --- | --- | --- | | Canalys PC 市场分析统计数据: 2025年第二季度 | | | | | | | 2025 年 | | 2025 年 | ...

Financial Data and Key Metrics Changes - The company reported a 9% organic net revenue growth in Q2, marking the third consecutive quarter of high single-digit growth [9][35] - Gross margin reached a record 62.6%, expanding 140 basis points year-over-year, driven by lower product costs and a favorable channel mix [38] - Adjusted diluted EPS increased by 37% to $0.22 compared to the prior year [40] Business Line Data and Key Metrics Changes - Direct-to-consumer (DTC) sales grew by 10%, with 13 consecutive quarters of positive comparable sales growth [9][32] - The wholesale business also saw growth, up 7%, marking its third consecutive quarter of growth [32][35] - Women's business grew by 13%, while men's business increased by 6% [35] Market Data and Key Metrics Changes - The Americas net revenues were up 9%, with operating margins increasing to 20.5% [41] - Europe experienced a 15% increase in net revenues, with a 17.2% operating margin [42] - Asia's net revenues were flat, but DTC grew double digits, indicating strong performance in specific markets like Japan and Turkey [44] Company Strategy and Development Direction - The company is transitioning to a DTC-first model, with over half of its business now coming from owned and operated channels [10][12] - Strategic focus has shifted towards the Levi's brand, with the sale of Dockers and exiting the Denizen and footwear businesses [11][30] - The company aims to become a $10 billion company, emphasizing growth in lifestyle categories beyond denim [12][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a challenging global operating environment, citing strong brand equity and consumer connection [12][54] - The company raised its full-year guidance for organic net revenue growth to 4.5% to 5.5% [48] - Management highlighted the importance of brand marketing and collaborations, such as with Nike and Beyoncé, to maintain cultural relevance [14][82] Other Important Information - The company generated free cash flow of $146 million and declared an 8% increase in dividends to $0.14 per share [45] - Inventory levels increased by 15%, primarily to support holiday sales and mitigate tariff impacts [46] Q&A Session Summary Question: Drivers of demand strength and market share gains - Management noted broad-based growth across DTC and wholesale, with strong performance in both men's and women's categories [58][64] Question: Gross margin inflection and structural changes - Management highlighted that higher DTC sales, focus on women's products, and exiting less profitable lines contributed to improved gross margins [65][68] Question: Organic wholesale revenues and growth expectations - Management indicated a prudent approach to wholesale growth, expecting it to remain flat to slightly positive for the year [73][75] Question: Marketing initiatives and AUR growth - Management discussed ongoing marketing efforts, including collaborations and campaigns, which are expected to drive brand strength and AUR growth [82][84] Question: DTC margin profile and SG&A rate - Management confirmed that DTC growth is no longer a drag on EBIT margins, with significant improvements in revenue per square foot and cost management [99][100]