Core Viewpoint - Lenovo has reported its best-ever performance amid rising storage prices, with AI revenue surpassing 30% for the first time, and CEO Yang Yuanqing has committed to sustainable double-digit growth [1] Financial Performance - For the third quarter of the fiscal year ending December 31, 2025, Lenovo achieved revenue of 157.5 billion yuan, a year-on-year increase of over 18%, exceeding market expectations [1] - Adjusted net profit grew by 36% year-on-year, with profit growth outpacing revenue growth [1] - The company anticipates that the global PC market may remain flat or slightly decline in terms of shipment volume, but revenue will continue to grow due to rising average prices [3] AI Revenue Growth - AI-related revenue increased by 72% year-on-year, accounting for 32% of total revenue, marking a significant shift in Lenovo's business model [1][2] - AI PC and AI server segments experienced high double-digit growth, while AI mobile and AI services saw triple-digit growth [2] Business Segments Performance - The Intelligent Devices Group (IDG) reported revenue exceeding 110 billion yuan, a 14.3% year-on-year increase [3] - The Infrastructure Solutions Group (ISG) revenue reached 36.7 billion yuan, a 31% year-on-year increase, marking a historical high [4] - The Solutions and Services Group (SSG) achieved double-digit growth for the 19th consecutive quarter [3] Supply Chain and Cost Management - Yang Yuanqing emphasized Lenovo's "scale advantage" and "diverse supply" capabilities, allowing the company to maintain stable supply and competitive costs despite rising component prices [4] - The company reported a 15% year-on-year increase in adjusted operating profit for the IDG segment, with PC shipments growing by 15% [4] Strategic Initiatives - Lenovo has initiated a strategic restructuring of the ISG, with a one-time restructuring cost of 285 million USD, focusing on AI-driven product development and sales capabilities [4][5] - The company aims to prepare for a shift in AI demand from training to inference, predicting that inference will account for 80% of future demand [5] Partnerships and Collaborations - Lenovo has strengthened partnerships with major chip manufacturers like NVIDIA, AMD, and Intel, with collaborative projects reaching multi-billion dollar scales [6] - The company has launched an AI cloud super factory plan in collaboration with NVIDIA, aiming to quadruple the scale of their partnership over the next few years [6] Internal AI Adoption - Lenovo is actively integrating AI into its internal processes, with plans to increase AI usage from 20% to 30-40% in various departments over the next year [6][7]

AI 驱动价值跃迁，生态闭环筑牢增长确定性 联想集团(0992) ——联想集团 FY26Q3 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | 刁云鹏(研究助理) | 021-38674878 | diaoyunpeng@gtht.com | S0880125070016 | 本报告导读： 顺应 AI 从训练向推理转型趋势，联想集团构建终端、算力、服务生态闭环，营收与 利润增长显著，实现从 PC 巨头向 AI 生态核心枢纽的转型。 投资要点： | 财务摘要(百万美元) | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 56,864 | 69,077 | 80,456 | 87,789 | 94,819 | | 同比增长（%） | -8.2% | 21.5% | 1 ...

第三财季，联想AI相关营收同比增长72%，占集团总营收比重提升至32%。其中，AI PC营收实现高双 位数增长，AI智能手机营收实现三位数增长，AI服务器营收实现高双位数增长，AI服务营收实现了三 位数增长。 第三财季，联想AI相关营收同比增长72%，占集团总营收比重提升至32%。其中，AI PC营收实现高双 位数增长，AI智能手机营收实现三位数增长，AI服务器营收实现高双位数增长，AI服务营收实现了三 位数增长。 会上，联想集团董事长兼CEO杨元庆表示，将推进混合式人工智能战略，把握人工智能普及普惠增长机 遇。 他强调，在个人智能方面，联想向全球市场发布超级智能体联想Qira及系列智能终端设备。企业智能方 面，联想向本地/边缘部署AI推理能力，发布xIQ技术平台，构建Al云超级工厂。 他指出，"将发挥卓越运营基石作用，稳健应对市场周期波动，愈战愈强。" 责任编辑：何俊熹 新浪科技讯 2月12日下午消息，联想集团举行FY2025/26 Q3业绩发布会。 新浪科技讯 2月12日下午消息，联想集团举行FY2025/26 Q3业绩发布会。 会上，联想集团董事长兼CEO杨元庆表示，将推进混合式人工智能战略，把握人工智 ...