On the morning of November 20, LENOVO GROUP (00992) announced its Q2 fiscal 2025/26 results: revenue rose 15% YoY to RMB 146.4 billion, setting a new quarterly record and significantly exceeding market expectations.

During the quarter, the SSG Solutions and Services Group saw an 18% YoY revenue increase, marking its 18th consecutive quarter of double-digit growth. With an operating margin exceeding 22%, SSG remained the highest-margin business among Lenovo's three major divisions, further boosting overall profitability.

Aligned with its hybrid AI strategy, SSG focused on AI-related services and solutions. AI service revenue grew triple-digit YoY, becoming a key driver for both scale and value expansion.

Structurally, SSG's "high-value curve" continued to rise. Project and solution services, along with managed services, now account for ~60% of SSG's total revenue, up one percentage point YoY. Project and solution services grew ~13% YoY, reflecting replicable and scalable AI solutions tailored to industry scenarios.

Meanwhile, SSG accelerated in managed services: TruScale's DaaS (Device-as-a-Service) revenue surged 43% YoY, maintaining strong momentum, while IaaS (Infrastructure-as-a-Service) also delivered robust 55% growth, with enhanced modular services to meet client needs.

Leveraging its hybrid AI advantage, SSG combines core capabilities—"AI Model Factory, AI App Library, and AI Services"—to build replicable, scalable AI solutions for key verticals and horizontal applications, accelerating enterprise AI adoption.

With high value-add and margins, SSG provides Lenovo with growth momentum beyond hardware cycles, solidifying its role as the strategic "ballast" for long-term profit and expansion.