November 15, 2024 – 
Lenovo Group Limited (HKSE: 992) (ADR: LNVGY), together with its subsidiaries
(‘the Group’), today announced Q2 results for fiscal year 2024/25, reporting significant increases and
growth in net income, year-on-year revenue growth for the 4th consecutive quarter, and strong double-
digit year-on-year revenue increases from all its business groups. Group revenue increased 24% year-on-
year to US$17.9 billion. Net income was up 48% year-on-year to US$404 million on a non-Hong Kong
Financial Reporting Standards (non-HKFRS) [1] basis, and non-PC revenue mix was up five points year-to-
year to 46%. The Group’s results reflect its clear strategy, operational excellence, investment in R&D,
innovations in hybrid AI, and global footprint.
The Group’s hybrid AI strategy and years of continuous investment in R&D and innovations are paying
off, with its first phase of AI PCs, launched in China in May 2024, already reaching double digit share of
its total notebook shipments in the China market. Recent launches of AI PCs for the global market with
Lenovo AI Now have also been received positively. For enterprise AI, the Group is leveraging its full-stack
hybrid infrastructure as well as Lenovo Hybrid AI Advantage to capture growth opportunities. This
relentless focus on AI innovation as well as investment in R&D (up 10% year-on-year to US$548 million)
is firmly establishing the Group’s market differentiation and industry leadership.
Looking ahead to growth, Lenovo will drive continued innovation in hybrid AI to further accelerate
growth and profitability increases and is optimistic its current momentum will continue through the rest
of the fiscal year.
Lenovo’s Board of Directors declared an interim dividend of 8.5 HK cents per share.
Chairman and CEO quote – Yuanqing Yang:
“Last quarter, we achieved strong, sustainable, and accelerated growth, marking another period of
revenue expansion across all business groups. This significant momentum is driven by our clear strategy,
innovation investment, operational excellence, and global presence, as well as our commitment to
hybrid AI, where we are further strengthening our market differentiation and industry leadership. As we
look ahead, we are confident that our ongoing innovation advancements in hybrid AI will continue to
accelerate growth and profitability, propelling us forward for the rest of the fiscal year.”
