<p>全球领先的个人电脑制造商表示，在其最新的财季中，由于其销售人工智能服务器的基础设施部门，计入了 2.85 亿美元的重组费用。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/13065946/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-2-2026_145853_thebambooworks.com_-1024x682.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="682" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/13065946/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-2-2026_145853_thebambooworks.com_-1024x682.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>联想在截至 12 月的财季中，利润下降 21%，因其因人工智能计算市场的重大转变而计入了巨额重组费用。\n- 由于面临飙升的内存价格，公司在该财季的毛利率同比下降了 0.6 个百分点。</li>
</ul>
<p>新兴的 “人工智能民主化” 和飙升的内存价格是 <strong>联想集团有限公司</strong>（OTC: LNVGF (0992.HK)）最新季度财报的焦点，这两个因素削弱了全球最大个人电脑制造商的利润。我们稍后将详细解释的民主化，导致联想在截至 12 月的三个月内，其基础设施解决方案组（ISG）计入了 2.85 亿美元的重组费用，这是联想财年的第三季度。</p>
<p>简单来说，这项费用反映了联想承认其在快速发展的人工智能民主化方面反应迟缓，这一趋势使得技术迅速从大型数据中心转向个别企业的计算机和服务器。换句话说，这是从将人工智能视为单纯资源的开发，转向将人工智能用于实际应用的转变。在这个过程中，人工智能计算的需求正在从大型云设施转向公司内部的小型设施。</p>
<p>在更技术的术语中，这一转变代表了从人工智能训练到人工智能推理的转变，联想长期首席执行官杨元庆在公司的财报电话会议上解释道。</p>
<p>“基础设施市场正在经历一个重要的转变，从公共云上的人工智能训练转向越来越多发生在企业内部和边缘的人工智能推理，” 杨说。“因此，我想说，我们刚刚进行的重组更多的是向将人工智能推理更接近最终用户的新趋势转型。”</p>
<p>与最新的人工智能计算趋势保持一致对联想来说至关重要，因为其基础设施业务的增长速度超过了核心个人电脑部门。个人电脑业务位于公司智能设备集团（IDG）的核心，该集团还包括其智能手机和平板电脑业务，约占其收入的三分之二。相比之下，基础设施部门在最新季度占公司收入的 23%，显著高于一年前的 19.5%。</p>
<p>随着联想在周四发布最新季度报告，所有目光都集中在基础设施部门，因为该部门正迅速成为公司最重要的增长引擎，随着其核心个人电脑需求的成熟。基础设施部门的收入在最新季度同比增长 31%，达到 52 亿美元，得益于对人工智能服务器的 “强劲” 需求，包括 155 亿美元的额外业务管道。尽管这一增长是联想 IDG 业务（包括个人电脑）14% 增长率的两倍多，但与上一财年 12 月季度基础设施业务 59% 的增长率相比，增速也显著放缓。</p>
<p>同样重要的是，这一未来的增长引擎陷入了亏损，因为联想在从人工智能训练转向推理的转变中措手不及。该部门在最新季度报告了 1100 万美元的运营亏损，尽管与前一个季度相比有所改善。联想表示，预计该部门将在截至 3 月的当前季度实现运营盈亏平衡，并预计该业务将在下一个财年（从 4 月开始）恢复盈利。</p>
<h4><strong>担忧的投资者</strong></h4>
<p>市场对联想在重要的人工智能基础设施业务中的失误反应可预测地消极。报告发布后，其股价在周四下跌了 4.6%，在过去 52 周内下跌了 30%——与同期大多数与人工智能相关的股票的强劲反弹形成鲜明对比。这可能反映出投资者仍然将联想视为个人电脑制造商，而非人工智能公司。</p>
<p>联想已经是全球最大的个人电脑制造商一段时间，并在 2025 年保持了这一地位。根据 IDC 的数据，其个人电脑出货量在 2025 年最后三个月同比增长 14.4%，达到 1930 万台，超过了同期全球个人电脑市场 9.6% 的增长。这使其在全球个人电脑市场的份额从一年前的 24.2% 提升至 25.3%。美国巨头 <strong>惠普公司</strong>（HPQ.US）在该季度以 20.1% 的全球市场份额位居第二，<strong>戴尔</strong>（DELL.US）以 15.3% 位居第三。</p>
<p>在这三家公司中，戴尔的人工智能估值最接近，尽管其市盈率（P/E）相对较低，为 15.1。联想的市盈率为 9.5，属于单数字，而惠普的市盈率仅为 7.1，显示出这一组公司仍然主要以个人电脑而闻名。</p>
<p>回到基础设施业务，联想表示重组涉及简化公司的产品组合，增加对其人工智能推理产品的关注。它表示，预计这一改革将在截至 2029 年 3 月的财年中每年节省 2 亿美元。</p>
<p>在该季度削弱公司的另一个因素看起来更为暂时，且与最近飙升的内存价格有关，内存是个人电脑和服务器的关键组件，受到全球短缺的影响。这些上涨的价格使联想在该季度的销售成本增长了 19.6%，超过了该期间 18.1% 的收入增长，导致其毛利率同比下降 0.6 个百分点，从一年前的 15.7% 降至最新季度的 15.1%。</p>
<p>由于大规模重组费用和毛利率下降，公司的利润在本季度同比下降 21%，降至 5.46 亿美元。剔除重组费用和其他一些非现金项目后，公司调整后的利润实际上在最新报告期内增长了 36%，从去年同期的 4.35 亿美元增至 5.89 亿美元。</p>
<p>联想表示：“尽管面临持续的关税不确定性和由于供需失衡导致的组件成本上升等挑战性经营环境，但集团展现出了卓越的运营韧性，在这一宏观背景下实现了稳健的收入和利润增长。”</p>
<p>那么，这一切对联想意味着什么，投资者应该如何看待这家公司？联想指出，目前其 32% 的收入与人工智能相关，尽管这包括其 PC 业务中的人工智能模型，而这些模型尚未证明自己是下一代 PC 计算的代表。</p>
<p>人工智能服务器业务看起来更具前景，基础设施部门的重组虽然成本高昂，但显示出公司在密切关注行业趋势，并在战略失误时采取纠正措施。现在，联想只需证明其能够再次盈利地运营基础设施业务，并加速该部门在从人工智能训练向推理转变中的增长。</p>
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联想集团(ADR)

联想集团

<p>联想在最新的财季报告中显示利润下降 21%，并因人工智能计算市场的变化而承担了 2.85 亿美元的重组费用。由于内存价格上涨，公司毛利率下降。此次重组反映了联想在人工智能普及方面适应缓慢，从云端设施的人工智能训练转向本地人工智能推理。尽管其基础设施部门的收入增长了 31%，但仍报告了 1100 万美元的运营亏损。报告发布后，联想的股价下跌了 4.6%，突显了投资者对其向人工智能业务转型的担忧</p>

<p><em>The world's leading PC maker said it took a $285 million restructuring charge in its latest fiscal quarter related to its infrastructure unit that sells AI servers</em></p>
<div class="lb-trans"><p>全球领先的个人电脑制造商表示，在其最新的财季中，由于其销售人工智能服务器的基础设施部门，计入了 2.85 亿美元的重组费用。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/13065946/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-2-2026_145853_thebambooworks.com_-1024x682.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/13065946/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-2-2026_145853_thebambooworks.com_-1024x682.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Lenovo's profit fell 21% in its fiscal quarter through December, as it took a big restructuring charge prompted by a major shift in the AI computing market</li>
<li>The company's gross margin fell 0.6 percentage points year-on-year during the quarter as it struggled with soaring memory prices</li>
</ul>
<div class="lb-trans"><ul>
<li>联想在截至 12 月的财季中，利润下降 21%，因其因人工智能计算市场的重大转变而计入了巨额重组费用。\n- 由于面临飙升的内存价格，公司在该财季的毛利率同比下降了 0.6 个百分点。</li>
</ul>
</div><p>A budding &#34;AI democratization&#34; and soaring memory prices were at the forefront of the latest quarterly results from <strong>Lenovo Group Ltd.</strong> (OTC: LNVGF) (0992.HK), as both factors undermined profits for the world's largest PC maker. The democratization, which we'll explain in more detail shortly, hit Lenovo in the form of a $285 million restructuring charge for its infrastructure solutions group (ISG) during the three months through December, the third quarter of Lenovo's fiscal year.</p>
<div class="lb-trans"><p>新兴的 “人工智能民主化” 和飙升的内存价格是 <strong>联想集团有限公司</strong>（OTC: LNVGF (0992.HK)）最新季度财报的焦点，这两个因素削弱了全球最大个人电脑制造商的利润。我们稍后将详细解释的民主化，导致联想在截至 12 月的三个月内，其基础设施解决方案组（ISG）计入了 2.85 亿美元的重组费用，这是联想财年的第三季度。</p>
</div><p>Put simply, the charge reflects an admission by Lenovo that it was slow to recognize a fast-moving democratization of AI, which is seeing the technology rapidly move from big data centers to computers and servers based at individual enterprises. Put differently, it's a shift from the development of AI as simply a resource, to AI for use in practical applications. In that process, demand for AI computing is moving from big cloud facilities to smaller on-premises facilities at companies.</p>
<div class="lb-trans"><p>简单来说，这项费用反映了联想承认其在快速发展的人工智能民主化方面反应迟缓，这一趋势使得技术迅速从大型数据中心转向个别企业的计算机和服务器。换句话说，这是从将人工智能视为单纯资源的开发，转向将人工智能用于实际应用的转变。在这个过程中，人工智能计算的需求正在从大型云设施转向公司内部的小型设施。</p>
</div><p>In more technical terms, the shift represents a move from AI training to AI inferencing, longtime Lenovo CEO Yang Yuanqing explained on the company's earnings call.</p>
<div class="lb-trans"><p>在更技术的术语中，这一转变代表了从人工智能训练到人工智能推理的转变，联想长期首席执行官杨元庆在公司的财报电话会议上解释道。</p>
</div><p>&#34;The infrastructure market is undergoing an important shift from AI training on public cloud to AI inferencing increasingly happening on-premises and at the edge for enterprises,&#34; Yang said. &#34;Thus, I would say, the restructuring we just made is more of a transformation towards the new trend of bringing AI inferencing closer to end users.&#34;</p>
<div class="lb-trans"><p>“基础设施市场正在经历一个重要的转变，从公共云上的人工智能训练转向越来越多发生在企业内部和边缘的人工智能推理，” 杨说。“因此，我想说，我们刚刚进行的重组更多的是向将人工智能推理更接近最终用户的新趋势转型。”</p>
</div><p>Aligning with the latest AI computing trends is important for Lenovo as its infrastructure business grows faster than its core PC unit. The PC business lies at the center of the company's intelligent devices group (IDG), which also includes its smartphone and tablet PC businesses and makes up about two-thirds of its revenue. By comparison, the infrastructure unit accounted for 23% of the company's revenue in the latest quarter, up notably from 19.5% a year earlier.</p>
<div class="lb-trans"><p>与最新的人工智能计算趋势保持一致对联想来说至关重要，因为其基础设施业务的增长速度超过了核心个人电脑部门。个人电脑业务位于公司智能设备集团（IDG）的核心，该集团还包括其智能手机和平板电脑业务，约占其收入的三分之二。相比之下，基础设施部门在最新季度占公司收入的 23%，显著高于一年前的 19.5%。</p>
</div><p>All eyes were on the infrastructure unit as Lenovo released its latest quarterly report on Thursday, since that unit is rapidly emerging as the company's most important growth engine as demand for its core PCs matures. The infrastructure unit's revenue rose 31% year-on-year to $5.2 billion in the latest quarter on &#34;solid&#34; demand for AI servers, including a pipeline of $15.5 billion in additional business. While that growth was more than double the 14% rate for Lenovo's IDG business, which includes PCs, it was also a notable slowdown from the 59% growth rate for the infrastructure business in the December quarter of the previous fiscal year.</p>
<div class="lb-trans"><p>随着联想在周四发布最新季度报告，所有目光都集中在基础设施部门，因为该部门正迅速成为公司最重要的增长引擎，随着其核心个人电脑需求的成熟。基础设施部门的收入在最新季度同比增长 31%，达到 52 亿美元，得益于对人工智能服务器的 “强劲” 需求，包括 155 亿美元的额外业务管道。尽管这一增长是联想 IDG 业务（包括个人电脑）14% 增长率的两倍多，但与上一财年 12 月季度基础设施业务 59% 的增长率相比，增速也显著放缓。</p>
</div><p>Equally, if not more, important, this future growth engine slipped into the red as Lenovo got caught flat-footed by the shift from AI training to inferencing. The unit reported an operating loss of $11 million in the latest quarter, though that was a sequential improvement from the previous quarter. Lenovo said it expects the unit to return to operating breakeven in the current quarter through March, its fourth fiscal quarter. It added it expects that business to return to profitability in its next fiscal year, which starts in April.</p>
<div class="lb-trans"><p>同样重要的是，这一未来的增长引擎陷入了亏损，因为联想在从人工智能训练转向推理的转变中措手不及。该部门在最新季度报告了 1100 万美元的运营亏损，尽管与前一个季度相比有所改善。联想表示，预计该部门将在截至 3 月的当前季度实现运营盈亏平衡，并预计该业务将在下一个财年（从 4 月开始）恢复盈利。</p>
</div><h4><strong>Worried investors</strong></h4>
<div class="lb-trans"><h4><strong>担忧的投资者</strong></h4>
</div><p>Market reaction to Lenovo's stumble in the important AI infrastructure business was predictably negative. Its stock fell 4.6% on Thursday after the release of the report, and is now down 30% over the last 52 weeks – a sharp contrast to strong rallies for most AI-related stocks over the same time. That could reflect the fact that investors still see Lenovo largely as a PC maker, rather than an AI company.</p>
<div class="lb-trans"><p>市场对联想在重要的人工智能基础设施业务中的失误反应可预测地消极。报告发布后，其股价在周四下跌了 4.6%，在过去 52 周内下跌了 30%——与同期大多数与人工智能相关的股票的强劲反弹形成鲜明对比。这可能反映出投资者仍然将联想视为个人电脑制造商，而非人工智能公司。</p>
</div><p>Lenovo has been the world's largest PC maker for a while, and retained that position in 2025. Its PC shipments rose 14.4% year-on-year in the final three months of 2025 to 19.3 million units, outpacing 9.6% growth in the global PC market over that time, according to IDC. That lifted its share of the global PC market to 25.3% from 24.2% a year earlier. U.S. giant <strong>HP Inc.</strong> (HPQ.US) was second for the quarter with 20.1% of the global market, followed by <strong>Dell</strong> (DELL.US) at 15.3%.</p>
<div class="lb-trans"><p>联想已经是全球最大的个人电脑制造商一段时间，并在 2025 年保持了这一地位。根据 IDC 的数据，其个人电脑出货量在 2025 年最后三个月同比增长 14.4%，达到 1930 万台，超过了同期全球个人电脑市场 9.6% 的增长。这使其在全球个人电脑市场的份额从一年前的 24.2% 提升至 25.3%。美国巨头 <strong>惠普公司</strong>（HPQ.US）在该季度以 20.1% 的全球市场份额位居第二，<strong>戴尔</strong>（DELL.US）以 15.3% 位居第三。</p>
</div><p>Of that trio, Dell has the most AI-like valuation, though even its trailing price-to-earnings (P/E) ratio is relatively low at 15.1. Lenovo is next with a single-digit P/E of 9.5, while HP commands a ratio of just 7.1, showing this group is still known mostly for their PCs.</p>
<div class="lb-trans"><p>在这三家公司中，戴尔的人工智能估值最接近，尽管其市盈率（P/E）相对较低，为 15.1。联想的市盈率为 9.5，属于单数字，而惠普的市盈率仅为 7.1，显示出这一组公司仍然主要以个人电脑而闻名。</p>
</div><p>Returning to the infrastructure business, Lenovo said the restructuring entailed streamlining the company's product portfolio, with added focus on its AI inferencing products. It said the overhaul was expected to result in $200 million in annual savings by its fiscal year that runs through March 2029.</p>
<div class="lb-trans"><p>回到基础设施业务，联想表示重组涉及简化公司的产品组合，增加对其人工智能推理产品的关注。它表示，预计这一改革将在截至 2029 年 3 月的财年中每年节省 2 亿美元。</p>
</div><p>The other factor undermining the company during the quarter looks more temporary, and is related to recently soaring memory prices, a key component for both PCs and servers, caused by a global shortage. Those rising prices boosted Lenovo's cost of sales by 19.6% during the quarter, more than its 18.1% revenue growth for the period, causing its gross margin to fall 0.6 percentage points year-on-year to 15.1% in the latest quarter from 15.7% a year earlier.</p>
<div class="lb-trans"><p>在该季度削弱公司的另一个因素看起来更为暂时，且与最近飙升的内存价格有关，内存是个人电脑和服务器的关键组件，受到全球短缺的影响。这些上涨的价格使联想在该季度的销售成本增长了 19.6%，超过了该期间 18.1% 的收入增长，导致其毛利率同比下降 0.6 个百分点，从一年前的 15.7% 降至最新季度的 15.1%。</p>
</div><p>The big restructuring charge, combined with the gross margin erosion, caused the company's profit to drop 21% year-on-year during the quarter to $546 million. Excluding the restructuring charge and some other non-cash items, the company's adjusted profit actually grew 36% in the latest reporting period to $589 million from $435 million a year earlier.</p>
<div class="lb-trans"><p>由于大规模重组费用和毛利率下降，公司的利润在本季度同比下降 21%，降至 5.46 亿美元。剔除重组费用和其他一些非现金项目后，公司调整后的利润实际上在最新报告期内增长了 36%，从去年同期的 4.35 亿美元增至 5.89 亿美元。</p>
</div><p>&#34;Despite a challenging operating environment characterized by ongoing tariff uncertainties and rising component cost due to supply and demand imbalances, the group has demonstrated exceptional operating resilience, generating solid revenue and profit growth against this macro backdrop,&#34; Lenovo said.</p>
<div class="lb-trans"><p>联想表示：“尽管面临持续的关税不确定性和由于供需失衡导致的组件成本上升等挑战性经营环境，但集团展现出了卓越的运营韧性，在这一宏观背景下实现了稳健的收入和利润增长。”</p>
</div><p>So, what does all this mean for Lenovo, and how should investors view the company? Lenovo pointed out that 32% of its revenue is now AI-related, though that includes AI models from its PC business, which have yet to prove themselves as the next generation of PC computing.</p>
<div class="lb-trans"><p>那么，这一切对联想意味着什么，投资者应该如何看待这家公司？联想指出，目前其 32% 的收入与人工智能相关，尽管这包括其 PC 业务中的人工智能模型，而这些模型尚未证明自己是下一代 PC 计算的代表。</p>
</div><p>The AI server business looks much more promising, and the infrastructure unit's restructuring, while costly, shows the company is closely watching industry trends and taking corrective action when it makes strategic missteps. Now, Lenovo just needs to show it can operate the infrastructure business profitably again, and accelerate the unit's growth in the developing shift from AI training to inferencing.</p>
<div class="lb-trans"><p>人工智能服务器业务看起来更具前景，基础设施部门的重组虽然成本高昂，但显示出公司在密切关注行业趋势，并在战略失误时采取纠正措施。现在，联想只需证明其能够再次盈利地运营基础设施业务，并加速该部门在从人工智能训练向推理转变中的增长。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
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联想因 ‘人工智能的普及化’ 而措手不及