<p>（第一财经）2 月 13 日——根据中国个人电脑巨头联想集团首席执行官的说法，随着内存价格飙升，组件和零部件成本的最新一轮上涨，公司的供应链能力将成为其经济护城河。</p>
<p>&#34;这取决于谁能获得更多的供应并实现更低的成本，&#34;联想董事长杨元庆在昨天的财报电话会议上表示。杨补充道，该公司的规模优势、多元化的供应体系以及与供应商的良好长期关系正在成为其在这一轮原材料成本上涨中的护城河。</p>
<p>尽管云服务提供商对内存产品的需求巨大，但由于联想的业务范围涵盖个人电脑、智能手机和服务器，杨指出，联想的整体采购规模不亚于单一的云服务提供商，这使得公司在与供应商的谈判中拥有更强的议价能力，从而能够&#34;以更低的成本获得更多的供应&#34;。</p>
<p>杨指出，联想的&#34;全球资源，本地交付&#34;模式使其建立了一个多元化的供应网络，包括国际供应商和众多中国合作伙伴。这种布局帮助其灵活配置资源，避免单一风险。</p>
<p>此外，基于长期信任与上游制造商的深度绑定也确保了联想在供应紧张时期能够获得优先供应保障，杨表示。与主要供应商的交易目标均在数十亿到数百亿美元的范围内。</p>
<p>例如，联想与美国芯片巨头英伟达之间的交易在过去三到四年中增长了四倍，并且目标是在未来几年再增长四倍，杨指出。</p>
<p>联想首席财务官郑晓明表示，在美国去年四月宣布对所有国家的进口征收所谓的&#34;对等关税&#34;后，大多数原始设备制造商当时下单更加谨慎。该公司对未来市场需求做出了准确判断，并积极补充库存。因此，随后内存价格的飙升不断提升了其库存的估值，郑指出。</p>
<p>尽管在某些市场细分领域对人工智能的投资可能过热，但杨强调，人工智能的整体发展方向绝不是泡沫。他表示，人工智能是一种基于海量数据、强大计算能力和优秀模型的智能技术。</p>
<p>杨指出，人工智能的未来价值爆发点将更多地出现在企业和个人端，通过使用私人数据生成公司和个人智能，这也是联想&#34;混合人工智能&#34;战略的基本逻辑。这一不可逆转的趋势将继续推动对更多智能终端和人工智能基础设施的市场需求。</p>
<p>根据昨天发布的财报，联想在截至 12 月 31 日的三个月内净利润激增 36%，达到 41 亿元人民币（约合 5.941 亿美元），收入增长 18%，达到 1575 亿元人民币（约合 228 亿美元）。</p>
<p>报告显示，人工智能已成为推动联想增长的重要引擎，相关收入跃升 72%，占公司总收入的 32%。人工智能个人电脑的收入实现高双位数增长，人工智能智能手机的收入实现三位数激增，人工智能服务器的收入实现高双位数增长。</p>
<p>编辑：唐诗华，马丁·卡迪耶夫</p>

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联想集团(ADR)

<p>联想集团首席执行官杨元庆表示，由于内存价格飙升，组件成本上升将考验公司的供应链能力，而这对于经济优势变得愈发重要。联想的规模、多元化的供应体系以及强大的供应商关系为其提供了竞争优势。该公司在人工智能相关收入方面实现了显著增长，目前这部分收入占其总收入的 32%，净利润增长 36%，达到 41 亿元人民币。杨元庆强调，人工智能在推动未来智能终端和基础设施市场需求方面的重要性</p>

<p>(Yicai) Feb. 13 -- Companies' supply chain capabilities will become their economic moat amid the latest round of increases in the cost of components and parts driven by soaring memory prices, according to the chief executive of Chinese personal computer giant Lenovo Group.</p>
<div class="lb-trans"><p>（第一财经）2 月 13 日——根据中国个人电脑巨头联想集团首席执行官的说法，随着内存价格飙升，组件和零部件成本的最新一轮上涨，公司的供应链能力将成为其经济护城河。</p>
</div><p>&#34;It depends on who can secure more supplies and achieve lower costs,&#34; Yang Yuanqing, who is also chairman of Beijing-based Lenovo, said at an earnings conference call yesterday. The firm's scale advantage, diversified supply system, and excellent long-term ties with its suppliers are becoming its moat during this round of rising raw material costs, Yang added.</p>
<div class="lb-trans"><p>&#34;这取决于谁能获得更多的供应并实现更低的成本，&#34;联想董事长杨元庆在昨天的财报电话会议上表示。杨补充道，该公司的规模优势、多元化的供应体系以及与供应商的良好长期关系正在成为其在这一轮原材料成本上涨中的护城河。</p>
</div><p>Although cloud service providers' demand for memory products is huge, thanks to its extensive business scope covering PCs, smartphones, and servers, Lenovo has a large overall procurement scale that is no less than that of a single such provider, Yang noted, adding that this gives the company stronger bargaining power in negotiations with suppliers, enabling it to &#34;gain more supplies at lower costs&#34;.</p>
<div class="lb-trans"><p>尽管云服务提供商对内存产品的需求巨大，但由于联想的业务范围涵盖个人电脑、智能手机和服务器，杨指出，联想的整体采购规模不亚于单一的云服务提供商，这使得公司在与供应商的谈判中拥有更强的议价能力，从而能够&#34;以更低的成本获得更多的供应&#34;。</p>
</div><p>Lenovo's &#34;global resources, local delivery&#34; model has enabled it to build a diversified supply network, which includes both international suppliers and many Chinese partners, Yang pointed out. Such a layout helps it flexibly allocate resources and avoid single risks, he noted.</p>
<div class="lb-trans"><p>杨指出，联想的&#34;全球资源，本地交付&#34;模式使其建立了一个多元化的供应网络，包括国际供应商和众多中国合作伙伴。这种布局帮助其灵活配置资源，避免单一风险。</p>
</div><p>In addition, the deep binding with upstream manufacturers based on long-term trust also ensures that Lenovo can obtain priority supply guarantees during times of tight supply, according to Yang. The transaction targets with major suppliers are all in the billions to tens of billions of US dollars range, he said.</p>
<div class="lb-trans"><p>此外，基于长期信任与上游制造商的深度绑定也确保了联想在供应紧张时期能够获得优先供应保障，杨表示。与主要供应商的交易目标均在数十亿到数百亿美元的范围内。</p>
</div><p>For example, transactions between Lenovo and US chip giant Nvidia have quadrupled in the past three to four years and have a goal to quadruple again in the coming years, he pointed out.</p>
<div class="lb-trans"><p>例如，联想与美国芯片巨头英伟达之间的交易在过去三到四年中增长了四倍，并且目标是在未来几年再增长四倍，杨指出。</p>
</div><p>After the United States announced it would impose so-called &#34;reciprocal tariffs&#34; on imports from all countries last April, most original equipment manufacturers placed orders more cautiously at the time, said Zheng Xiaoming, chief financial officer of Lenovo. The firm made an accurate judgment on future market demand and actively replenished its stock. As a result, the subsequent surge in memory prices continuously lifting the valuation of its inventory, Zheng pointed out.</p>
<div class="lb-trans"><p>联想首席财务官郑晓明表示，在美国去年四月宣布对所有国家的进口征收所谓的&#34;对等关税&#34;后，大多数原始设备制造商当时下单更加谨慎。该公司对未来市场需求做出了准确判断，并积极补充库存。因此，随后内存价格的飙升不断提升了其库存的估值，郑指出。</p>
</div><p>Although investment in artificial intelligence might be overheated in some market segments, the overall development direction of AI is by no means a bubble, Yang stressed. AI is an intelligent technology based on massive data, powerful computing power, and excellent models, he said.</p>
<div class="lb-trans"><p>尽管在某些市场细分领域对人工智能的投资可能过热，但杨强调，人工智能的整体发展方向绝不是泡沫。他表示，人工智能是一种基于海量数据、强大计算能力和优秀模型的智能技术。</p>
</div><p>The future value explosion points of AI will occur more in the firm and personal ends, generating company and personal intelligence through the use of private data, which is also the underlying logic of Lenovo's &#34;hybrid AI&#34; strategy, he noted. This irreversible trend will continue to drive the market demand for more smart terminals and AI infrastructure, according to Yang.</p>
<div class="lb-trans"><p>杨指出，人工智能的未来价值爆发点将更多地出现在企业和个人端，通过使用私人数据生成公司和个人智能，这也是联想&#34;混合人工智能&#34;战略的基本逻辑。这一不可逆转的趋势将继续推动对更多智能终端和人工智能基础设施的市场需求。</p>
</div><p>Lenovo's net profit surged 36 percent to CNY4.1 billion (USD594.1 million) in the three months ended Dec. 31 from a year earlier, according to its fiscal third quarter financial report released yesterday. Its revenue rose 18 percent to CNY157.5 billion (USD22.8 billion).</p>
<div class="lb-trans"><p>根据昨天发布的财报，联想在截至 12 月 31 日的三个月内净利润激增 36%，达到 41 亿元人民币（约合 5.941 亿美元），收入增长 18%，达到 1575 亿元人民币（约合 228 亿美元）。</p>
</div><p>AI has become an important engine driving Lenovo's growth, with relevant income jumping 72 percent, accounting for 32 percent of the company's total, the report showed. Revenue from AI PCs had a high double-digit growth, that from AI smartphones a triple-digit surge, and from AI servers a high double-digit jump.</p>
<div class="lb-trans"><p>报告显示，人工智能已成为推动联想增长的重要引擎，相关收入跃升 72%，占公司总收入的 32%。人工智能个人电脑的收入实现高双位数增长，人工智能智能手机的收入实现三位数激增，人工智能服务器的收入实现高双位数增长。</p>
</div><p>Editors: Tang Shihua, Martin Kadiev</p>
<div class="lb-trans"><p>编辑：唐诗华，马丁·卡迪耶夫</p>
</div>

Rising Component Costs Due to Surging Memory Prices to Test Firms' Supply Chain Capabilities, Lenovo CEO Says

Yicai

联想集团首席执行官表示，内存价格的飙升导致组件成本上升，这将对企业的供应链能力构成考验