November 20, 2025 – Lenovo Group Limited (HKSE: 992) (ADR: LNVGY), together with its subsidiaries (‘the Group’), today reported record results for the second quarter of fiscal year 2025/26, with overall group revenue reaching an all-time high of US$20.5 billion, up 15% year-on-year. Adjusted net income[1] grew 25% year-on-year to US$512 million, and adjusted net income margin expanded to 2.5%, driven by higher revenues. Together, these reflect the strength of the Group’s operational performance as they exclude the impact of non-cash fair value loss on warrants, notional interest on convertible bonds, and other non-cash items.
The Group delivered double-digit year-on-year revenue growth across all main business groups and sales geographies. The AI-related revenue mix increased by 13 percentage points year-on-year, accounting for 30% of the Group’s total revenue this quarter. The growth was driven by high-double-digit revenue growth in AI Servers and triple-digit revenue growth in AI PCs, AI smartphones, and AI Services.
These results are a testament to the Group’s clear strategy, operational excellence, and relentless innovation, reflecting not only the strength of its business today but also the resilience of its unique ‘Global/Local’ model and the vision of a company built to lead in the AI era. With the initial wave of infrastructure build-out in the AI era, the trend is evolving toward a more human- and enterprise-centric phase, as large language models become commoditized and user priorities shift toward personalization and private domain. This evolution is unlocking new opportunities across devices, hybrid infrastructure, and tailored solutions, and enabling the Group to expand its leadership in Personal AI and further deliver its value proposition in Enterprise AI.
As the macroeconomic environment stabilizes, Lenovo remains committed to executing its Hybrid AI strategy and investing in innovation to deliver sustainable long-term returns to shareholders and make AI truly personalized.
Lenovo’s Board of Directors declared an interim dividend of 8.50 HK cents per share.
Chairman and CEO quote – Yuanqing Yang:
“Capitalizing on the AI democratization trend, and thanks to our clear strategy, operational excellence and relentless innovation, Lenovo delivered another quarter of record performance, while making important progress in both Personal AI and Enterprise AI. We will continue to leverage our unique Global/Local model to navigate uncertainties and capture the tremendous Hybrid AI opportunities, and in doing so not only deliver sustainable long-term returns to our shareholders, but also make AI truly personalized for every individual and every enterprise.”
Financial Highlights:
Personal AI: Innovation strengthened market leadership, enriching ecosystem
Lenovo is meeting growing consumer demand for hyper-personalization with its Personal AI strategy, ‘One Personal AI, Multiple Devices’. Launching globally at Tech World on January 6, 2026, Lenovo’s Personal AI super agent will seamlessly orchestrate across wearable and ambient devices to perceive, learn, and act like its user – ultimately becoming a true Personal AI Twin.
Intelligent Devices Group (IDG) as the core engine for Lenovo’s Personal AI strategy, delivered strong Q2 FY25/26 results:
Enterprise AI: Unleashing Hybrid AI Advantage, from infrastructure to solutions and services
Lenovo is advancing its Enterprise AI strategy to help customers turn data and knowledge into actionable insights and value. The Group is well-positioned to drive Enterprise AI transformation and develop an AI Twin for customers. The shift from cloud-based AI training to on-premises and edge inferencing is expected to fuel greater growth in AI devices and AI applications, further expanding the company’s total addressable market.
Infrastructure Solutions Group (ISG) as the key driver of Lenovo’s hybrid infrastructure, delivered strong growth in Q2 FY25/26:
Solutions and Services Group (SSG) delivered solid growth in Q2 FY25/26, providing solutions and services for enterprises that leverage the Lenovo Hybrid AI Advantage:
Corporate and ESG highlights
Achievements, announcements, and notable commitments over the past quarter include:
[1] Note on adjusted net income:Adjusted measure was defined as financial metric by excluding net fair value changes on financial assets at fair value through profit or loss, amortization of intangible assets resulting from mergers and acquisitions, impairment and write-off of intangible assets, dilution gain on interest in an associate, fair value change on derivative financial liabilities relating to warrants, and notional interest on convertible bonds; and the corresponding income tax effects, if any.
About Lenovo
Lenovo is a US$69 billion revenue global technology powerhouse, ranked #196 in the Fortune Global 500, and serving millions of customers every day in 180 markets. Focused on a bold vision to deliver Smarter Technology for All, Lenovo has built on its success as the world’s largest PC company with a full-stack portfolio of AI-enabled, AI-ready, and AI-optimized devices (PCs, workstations, smartphones, tablets), infrastructure (server, storage, edge, high performance computing and software defined infrastructure), software, solutions, and services. Lenovo’s continued investment in world-changing innovation is building a more equitable, trustworthy, and smarter future for everyone, everywhere. Lenovo is listed on the Hong Kong stock exchange under Lenovo Group Limited (HKSE: 992) (ADR: LNVGY). To find out more visit https://www.lenovo.com, and read about the latest news via our StoryHub.
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ReutersChip giant Nvidia beat Wall Street’s expectations for revenue and upcoming sales, easing investor concerns about heavy artificial intelligence (AI) spending that have unsettled markets.
In its quarterly earnings report on Wednesday, the firm said revenue for the three months to October jumped 62% to $57bn, driven by demand for its chips used in AI data centres. Sales from that division rose 66% to more than $51bn.
Fourth-quarter sales forecasts in the range of $65bn also topped estimates, sending shares in Nvidia about 4% higher in after-hours trading.
Nvidia, the world’s most valuable company, is seen as a bellwether for the AI boom. The chip-maker’s results could inform market sentiment.
Chief executive Jensen Huang said in a statement that sales of its AI Blackwell systems were “off the charts” and that “cloud GPUs [graphics processing units] are sold out”.
“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” he said, on a call with analysts.
“We excel at every phase of AI.”
The chip-maker’s quarterly report garnered even more attention than usual on Wall Street amid mounting concern that AI stocks are overvalued – fears that may persist despite Nvidia’s blockbuster results.
Those fears had fueled four consecutive daily drops in the S&P 500 index leading up to Wednesday, as questions swirl about returns on AI investments. The benchmark index has fallen nearly 3% so far in November.
The bar was high heading into Nvidia’s results.
Adam Turnquist, chief technical strategist for LPL Financial, said the question was not whether the company would beat expectations, “but by how much”.
“While AI valuations are dominating the news feeds, Nvidia is going about its business in style,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
He said valuations for certain areas of the AI sector “needed to take a breather, but Nvidia is not in that camp”.
Mr Huang had previously said he expected $500bn in AI chip orders through next year. Investors were looking for details about when the company expects those revenues will come to fruition, and how it plans to fulfill the orders.
Colette Kress, Nvidia’s chief financial officer, told analysts the company would “probably” be taking more orders on top of the $500bn that had already been announced.
But she also expressed disappointment about regulatory limits that stymie the company’s ability to export its chips to China, saying the US “must win the support of every developer” including those in China.
She said Nvidia was “committed to continued engagement” with the American and Chinese governments.
Earlier Wednesday at the US-Saudi Investment Forum in Washington, Mr Huang joined Elon Musk to announce a massive data centre complex in Saudi Arabia that will have Musk’s AI company, xAI, as its first customer.
The facility will be outfitted with hundreds of thousands of Nvidia chips.
The Wall Street Journal reported the US Commerce Department has approved the sale of up to 70,000 advanced AI chips to state-backed companies in Saudi Arabia and the United Arab Emirates, reversing an earlier decision.
The agreement was brokered following talks between US President Donald Trump and Saudi Arabia’s Crown Prince, Mohammed bin Salman, who visited the White House this week.
EPA/ShutterstockThe titans of the technology sector are ramping up their spending on AI, as they rush to reap the benefits of a boom that has pushed stocks to record highs.
Earnings reports from Meta, Alphabet and Microsoft last month reaffirmed the colossal amounts of money these firms are shelling out for everything from data centres to chips.
Sundar Pichai, the head of Google’s parent firm Alphabet, told the BBC that while the growth of AI investment had been an “extraordinary moment”, there was some “irrationality” in the current AI boom. His comments came amid other warnings from industry leaders.
Nvidia, which makes chips that are crucial for AI data centres, is at the heart of a web of deals among key players in the AI space such as OpenAI, Anthropic and xAI.
The deals have drawn scrutiny for their circular nature, as AI firms increasingly invest in one another. The agreements include Nvidia’s $100bn investment in OpenAI, the firm behind ChatGPT.
The Princess of Wales has admitted her children were “very sad” to miss the Royal Variety Performance in London, which she and the Prince of Wales attended.
Prince William and Kate made their first appearance at the event since her
