聯想集團Q1營收創首季新高 非香港財務準則淨利潤同比增長超兩成
2025年8月14日，聯想集團（HKSE：992）公佈截至2025年6月30日的2025/26財年第一季度業績：當季營收同比增長22%至1362億元人民幣，創下歷史同期新高；非香港財務報告準則下淨利潤同比增長22%，達28.16億元人民幣，盈利能力顯著增強，贏得“開門紅”的強勁起勢。
需要注意的是，若按香港財務報告準則計算，聯想集團第一財季淨利潤同比增長108%，達36.6億元人民幣。這主要是受股價波動影響帶來的認股權證公允價值變動，進而產生的非現金性質賬面收益。因與Alat埃耐特戰略合作的影響，本季度，香港財務報告準則數字的調整主要包括認股權證重估的非現金公允價值收益1.52億美元，以及可換股債券的名義利息2,800萬美元。
聯想管理層認爲，非香港財務報告準則計量能夠更清晰地反映集團的核心運營表現，由於認股權證公允值變動的影響預計將持續至2027/2028財年末，聯想希望市場更多關注集團在非香港財務報告準則下的公司實際經營業績。
在特朗普關稅戰對全球貿易和供應鏈開始造成巨大擾動的背景下，聯想集團以一份首季收入歷史新高的“成績單”，展現出強勁的業績轉化能力。
在全球AI競賽正如火如荼的市場環境中，聯想集團三大主營業務集團均把握住了AI所帶來的結構性增長機遇，本財季聯想三大主營業務集團均實現雙位數增長，加速AI價值的兌現：IDG智能設備業務集團實現營收973億元人民幣，同比增長17.8%，其中PC業務更是創下15個季度以來最快增速；ISG基礎設施方案業務集團營收實現35.8%的強勁增長；SSG方案服務業務集團收入增長19.8%再創新高，運營利潤率達22.2%，核心利潤引擎地位進一步穩固。
得益於多元化增長引擎持續加速，聯想集團本財季非PC業務營收佔比進一步提升至47%，驅動集團增長結構更趨均衡的同時，也爲公司混合式AI的縱深佈局提供了堅實的業務基礎。這也意味着，聯想正加速撬動“AI+終端”這一大飛輪的轉動，以PC爲支點，帶動IDG、ISG、SSG多業務協同增長，形成從個人智能到企業智能的正向飛輪效應。
聯想集團董事長兼CEO楊元慶表示，“展望未來，我們將繼續堅定執行混合式人工智能戰略，推進人工智能普惠的願景，在個人智能與企業智能產品/方案方面不斷創新，不斷增強運營競爭力，實現可持續的增長和盈利提升。
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