Lenovo Group Conference Call Summary Industry and Company Overview - **Company**: Lenovo Group - **Industry**: PC, Server, and Mobile Devices Key Points and Arguments PC Business Performance - Lenovo's PC shipments reached 15.2 million units in Q1 2025, with a market share of 24.1%, representing a year-on-year growth of 10.8%, significantly outpacing the industry growth of 4.9% [2][5] - The balanced business model, with consumer sales accounting for 35%-40% and commercial sales for 60%-65%, has helped reduce production costs and geopolitical risks [4][9] - The company expects improved performance in the China region in 2025, with IDC predicting a stabilization compared to a nearly 10% decline in the previous year [9] Server Business Growth - Lenovo's X86 server revenue surged by 74.8% year-on-year to $4.12 billion globally, placing it among the top three worldwide [2][6] - In China, server revenue skyrocketed by 127.2% year-on-year and 30.6% quarter-on-quarter, also ranking in the top three [2][6] - The growth is attributed to a forward-looking strategy in AI computing capabilities [6] Mobile Business Developments - Motorola's revenue in overseas markets rose to fourth place, with shipment volume maintaining fifth place [7] - In North America, revenue increased by 20.4% year-on-year to $1.01 billion, with a market share of 3.6%, moving up to third place [7] - Emerging markets in Asia-Pacific saw a remarkable growth of 92.1%, driven by a high-end pricing strategy [7] Global Supply Chain Ranking - Lenovo ranked eighth in Gartner's global supply chain list, surpassing companies like Walmart and BMW, reflecting strong performance in business metrics, financial data, and ESG [8] - This ranking highlights Lenovo's resilience and innovation in a complex global environment [8] AI PC Market Insights - AI PCs are gaining popularity, with domestic sales during the 2025 618 shopping festival showing a 151% year-on-year increase [4][12] - The expected penetration rate for AI PCs is projected to reach 20%-30% in 2025, potentially exceeding 40% by 2026 and 70%-80% by 2027-2028 [15] Future Market Share Expectations - Lenovo aims to increase its market share by 0.5% to 0.7% annually, building on a growing gap with competitors [13] - The discontinuation of Windows 10 support in October 2025 is expected to drive further PC replacements, boosting market share [13] Profitability and Margin Analysis - The gross margin for Lenovo's PC business has risen from around 10% to nearly 20% over the past decade, driven by high-end product development [18] - The ISG business is expected to achieve double-digit year-on-year growth, contributing positively to overall profitability [17][21] Strategic Focus on AI Servers - Lenovo's strategy for AI servers emphasizes a hybrid approach, integrating personal, enterprise, and public intelligence to promote AI adoption [25] - The company plans to establish a presence in the Middle East, particularly in AI data center construction, following a strategic partnership with the Saudi sovereign fund [26] Additional Important Insights - Lenovo's production model balances in-house manufacturing and outsourcing, each accounting for 50%, allowing for flexibility and cost advantages [11] - The company has established multiple production bases globally to mitigate high tariff risks and enhance local delivery capabilities [10]

而在 GPU 部分，SS1101 搭载的是 Arm 的 "Mali-G720-Immortalis"，在 Arm 的现行官 方正式命名中 "Mali" 和 "Immortalis" 不应一道出现，因此只能确认该 GPU 属于 "G720" 世代，大致规模范围和是否支持光追暂无法判断。 在芯片制造方面，另一位泄密者 Olrak 暗示了台积电的 5nm 工艺，而不是中芯国际或三星。 值得一提的是，美国芯片管制暂时并未对小米、联想等企业造成影响，目前这两家公司都还是 可以通过台积电的渠道进行芯片代工生产的。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 近日，联想发布了 YOGA Pad Pro 14.5 AI 元启版平板电脑，除了常规的配置之外，该机还 有一个隐藏的重磅配置——首发国产首款5nm自研SoC。 根据B站 UP 主极乐计划 在联想发布会现场的实拍，该平板电脑的设备信息一栏显示其搭载 了一颗名为 SS1101 的处理器，是一款此前从未见过的SoC。 SS1101 在 CPU 部分采用了 64 位的 10 核心 Arm v8 架构，频率至高 ...

Core Viewpoint - The article discusses the trend of Chinese manufacturers, particularly Lenovo, moving towards self-developed chips, highlighting the upcoming Yoga Pad Pro with a custom SoC [4][6]. Group 1: Chip Development - The new SoC features a 10-core layout manufactured using TSMC's 5nm process [2][6]. - The SoC architecture is based on Arm64-v8a ISA, with a configuration of 2+2+3+3 cores, and the highest core frequency reaching 3.29 GHz [5][6]. - The GPU used in the SoC is the Arm Immortalis G720, which is also utilized in MediaTek's Dimensity 9300 and 8400 SoCs [6]. Group 2: Market Strategy - Lenovo's Yoga Pad Pro is expected to be targeted primarily at the Chinese market as a 2-in-1 hybrid device [4][6]. - The decision to invest in custom chips for a relatively small market is seen as noteworthy, given Lenovo's primary focus on PCs and laptops [4][6]. - Despite U.S. sanctions, Lenovo and Xiaomi have not faced significant setbacks, allowing them to continue sourcing advanced chips from TSMC [6]. Group 3: Industry Context - The push for self-developed chips aligns with China's goal to reduce reliance on Western technology [6]. - A significant barrier for China's semiconductor industry has been the limitations of SMIC, which has been confined to 7nm technology for years [6].

不过，也许之前自己不造芯，这几年，联想在芯片上的动作也是很多的，特别联想旗下的投资基金，投 资了许多与芯片相关的企业。 数据显示，联想一共投资了200多家企业，大多聚焦的是"物联网、边缘计算、云、大数据、人工智能、 芯片"等 所驱动的产业互联网，为联想布局IT的未来。 另外，联想旗下的子公司鼎道智芯（上海）半导体，在2021年成立，也一直在自研芯片。 说起联想和芯片，很多网友总是有话话，并且一般都是骂的居多，说联想成立40多年，为何不研发自己 的芯片，如果联想研发芯片，中国芯可能不是现在这样子…… 当然，这个看法就见仁见智了，并不是所有企业都一定要造芯，也并不是所有企业造芯就会成功，也许 当年造芯，联想早倒了N年了也说不定。 目前还不知道具体的性能，其与高通的ARM芯片相比，究竟表现如何，但联想作为全球第一大PC企 业，敢将芯片用于自己的平板上，就说明这颗芯片表现并不差，足以PK友商的芯片。 不可否认的是，联想的芯片推出来，一定会给高通巨大的压力，毕竟以前联想在这样的平板上，用的都 是高通芯片，如今换上自研了。 接下来，希望联想研发更多的芯片，毕竟联想市场这么大，一旦进行国产替代，还是很给力的。 2022年的 ...

不久前，鼎道智芯总经理史公正传出离职，他被外界视为联想自研芯片团队负责人。 而根据联想集团公布的财报，2023/24财年，该公司全年总营业额为569亿美元（约合人民币4149亿 元），净利润10亿美元，研发人员总数占比和研发费用率都创下了历史新高，分别达26.2%及3.6%。 5月8日，联想发布YOGA Pad Pro 14.5 AI元启版，配备了一块14.5英寸的3K OLED屏幕，16GB+512GB 主机售价4999元。 官方宣传资料中并未透露其具体处理器型号信息，但网上有数码博主发布会现场设备信息实拍，该平板 搭载了一颗名为SS1101的处理器。其CPU采用ARM架构，2+2+3+3的10核心方案，主频3.29GHz，搭配 Mali G720 Immortalis GPU。有网友推测这或许是此前联想流片的自研5nm芯片。 目前这颗芯片的具体技术细节尚不得而知，该平板将于5月20日正式开售。 网传图片 早在2022年9月，就有消息传出联想旗下的芯片公司鼎道智芯自研5nm芯片已经流片成功，将会进行相 关功能性测试。知情人士透露称"联想的这颗芯片是专门针对平板电脑应用而设计的。" 据企查查，鼎道智芯（上海） ...

5月8日，联想发布moto razr60&edge60系列及YOGA Pad Pro14.5AI元启版等多款新品，汇顶科技 （603160）为其提供多重方案。其中，razr60&edge60系列采用汇顶科技智能音频放大器及触控方案， 支持湿手油手操控，edge60系列采用汇顶科技屏下光学指纹方案，YOGA Pad Pro14.5AI元启版配备汇顶 科技光线传感器、触摸屏控制方案、侧边电容指纹方案；与之搭配的主动笔也采用了汇顶科技的主动笔 驱动芯片，配套的键盘采用了触摸板控制方案。(人民财讯) ...

大张伟用个人智能体模仿自己的风格写段子。图源：联想 接着，杨元庆又让一台搭载了企业智能体的机器人"乐享壹号"打太极、推荐产品、匹配优惠信息，还给当场给了它联想的offer。 文｜周鑫雨 编辑｜苏建勋 接地气，是2025年联想Tech World最大的特点。 往年，联想在这一场年度最重要的发布会上，搬出的大多都是与普通人带点距离感的高科技。比如去年，联想发布了面向企业的Hybrid AI Advantage（混合 式人工智能优势集），还展示了无键盘PC、戒指型键盘等多款正在研发中的概念产品。 联想在Tech World上请来的朋友圈，也是科技界的肱骨。NVIDIA创始人兼CEO黄仁勋，就曾连续两年，与联想集团董事长兼CEO杨元庆在台上握手相拥。 但2025年5月7日，联想在这场大会上，先是请来了明星大张伟，展示了如何用个人智能体规划行程、写段子； in the the first nt 前世 and the state e a 111 ( the state the state and and n m th n Bellified 日出 t mill 联想集团董事长兼CEO杨元庆与"乐享壹号"。图源：联想 今年 ...

Core Insights - Lenovo has officially launched the Tianxi Personal Super Intelligent Agent at the Tech World event, marking a significant advancement in AI technology aimed at enhancing personal quality of life and productivity [1][2] Group 1: Product Features - The Tianxi Personal Super Intelligent Agent features three main capabilities: perception and interaction, cognition and decision-making, and autonomy and evolution [1] - In terms of perception and interaction, the agent can recognize various foods in real-time and provide shopping suggestions based on the user's fitness plan and caloric intake [1] - For cognition and decision-making, it understands complex user intentions and can integrate notes from different devices to create mind maps [1] - The autonomy and evolution capability allows the agent to break down complex tasks, plan steps, and execute actions, such as organizing a barbecue by checking the weather and inviting friends [1] Group 2: Strategic Integration - Lenovo is actively integrating the Tianxi Personal Super Intelligent Agent into a variety of smart terminal devices as part of its "one body, multiple ends" strategy [2] - The company has launched several devices, including the AI Moto Razr 60 Ultra and the ThinkBook Plus Rollable, all equipped with the Tianxi agent [2] - Lenovo aims to embed the Tianxi agent into all AI PCs, smartphones, and tablets, creating a comprehensive smart ecosystem that enhances user experience [2]