On August 15, Lenovo Group announced its first quarter performance for the 2024/25 fiscal year ending on June 30, 2024. Revenue grew strongly, up 20% year-on-year, while profits grew even faster, with a net profit increase of 65% year-on-year, almost reaching 2.3 billion RMB according to non-Hong Kong financial reports. The share of non-personal computer businesses in the total revenue of the three major business groups increased by 5 percentage points from the same period last year, reaching a historical new high of nearly 47%.

Lenovo Group's CFO, Huang Weiming, stated at the financial report meeting that ISG's quarterly revenue soared 65% year-on-year driven by the surge in demand for cloud service providers, hitting a record high. In the first quarter, ISG's storage, software, and service total revenue also broke a new record, with operating performance improving by 23 million US dollars year-on-year and by 59 million US dollars compared to the previous quarter. Among them, the most impressive was the quarterly revenue of ISG's liquid-cooled servers, which grew by more than 50% year-on-year, setting a new historical high. Lenovo's proprietary Neptune liquid cooling technology has accumulated more than 10 years of experience, establishing its leadership position in this field, and allowing Lenovo to benefit from higher cooling requirements from more powerful GPU platforms in the future.

In terms of artificial intelligence, ISG continued to maintain strong growth momentum, with AI GPU reserves increasing by more than 20% month-on-month, while orders grew more rapidly, up more than 50% month-on-month.

Currently, Lenovo Group has become one of the fastest growing storage solution providers in the world. The revenue of the storage business reached a historical high in the first quarter, achieving double-digit annual growth for the tenth consecutive quarter. According to the latest third-party statistics, ISG's share of the global storage market (measured by revenue) continues to grow year-on-year. High-performance computing has also achieved its highest revenue since its operation.

Global statistics show that Lenovo Group is continuously growing as one of the world's fastest-growing storage solution providers. Its storage business revenue hit a historical high in Q1, achieving double-digit annual growth for the 10th consecutive quarter. Additionally, ISG's share of the global storage market (by revenue) has continued to increase year-on-year. Its high-performance computing side has also achieved its highest revenue since its establishment.