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Reporter Yang Hui, Editor Dong Xingsheng

The first batch of successful "gold diggers" in the wave of artificial intelligence began to appear.

On August 15, Lenovo Group released its first quarter results for the 2024/2025 fiscal year (i.e., the second quarter of 2024) ending June 30, 2024. Thanks to the unprecedented opportunities brought by hybrid artificial intelligence and the company's service-oriented transformation, Lenovo Group's revenue and net profit exceeded expectations in this quarter, and its revenue recorded the first double-digit growth in the past two and a half years.

At a media communication meeting held on the afternoon of the 15th, Lenovo Group Chairman and CEO Yang Yuanqing stated that AI is by no means a bubble and will definitely penetrate into all walks of life in the future.

Windows 11 update cycle will drive PC demand up

Specifically, in this fiscal quarter, Lenovo Group (HK00992, share price HK$10.02, market value HK$124.29 billion) achieved revenue of US$15.45 billion, a year-on-year increase of 20%, and an expected US$14.12 billion; net profit attributable to the parent company was US$243 million, a year-on-year increase of 38%, and an expected US$231 million. According to Lenovo Group, the performance growth was due to the unprecedented opportunities brought by hybrid artificial intelligence and the success of service-oriented transformation.

In terms of the three major group businesses, during the reporting period, the revenue of the Intelligent Device Business Group (IDG), which consists of personal computers, tablets, smartphones and other smart device businesses, increased by 11.3% year-on-year to RMB 82.7 billion. After seven consecutive quarters of decline, the global PC market has finally recovered. In the view of Lenovo Group, with the transition to Windows 11 and the increase in the supply of AI PCs, the global PC market is expected to accelerate into a new round of replacement cycle. Lenovo will launch AI computer products using Arm architecture before the end of this quarter.