On August 15, Lenovo Group announced its first quarter performance for the 2024/25 fiscal year ending June 30, 2024. Overall revenue grew strongly, up 20% year-on-year, while profit grew even faster. According to non-Hong Kong financial reporting standards, net income increased by a significant 65% year-on-year, approaching RMB 2.3 billion. The proportion of non-personal computer businesses in the total revenue of the three major business groups increased by 5 percentage points compared to the same period last year, reaching a historical high of nearly 47%.
Lenovo Group Chairman and CEO Yang Yuanqing said at the financial report meeting that SSG Program service business has been growing at a double-digit rate for 13 consecutive quarters since its establishment, and has always maintained a high profit-making ability of 20% or even higher, further consolidating its position as a growth engine and profit contributor of the group. The revenue of Lenovo's operation and project solution service and its support service as a percentage of SSG's total revenue increased by 3 percentage points compared to the same period last year, reaching 55%.
Segmented by division, revenue for support services increased by 2% year-on-year, reflecting the natural lag between hardware sales and its impact on service revenue. However, support service orders have grown continuously for three quarters, consistent with recent hardware sales growth, indicating an optimistic outlook for support service revenue in the second half of the fiscal year. Revenue for operation and maintenance services increased by 16% year-on-year. The total contract value of device-as-a-service and infrastructure-as-a-service solutions grew by nearly 40%, consolidating its long-term strong growth trajectory. During the financial report period, SSG signed its largest digital workplace solution service contract in Europe-Middle East-Africa (EMEA), and witnessed more multinational companies adopting asset recycling services and carbon dioxide offset services for green device-as-a-service solutions. Driven by AI-powered solutions, including smart factory IoT and smart warehousing solutions, revenue for project and solution services increased by 18% year-on-year.
The global IT services market is expected to maintain double-digit growth over the next three years, with AI services as the main driving force, growing at almost twice the rate of the overall market. Lenovo will continue to embed AI into key generic solutions, including digital office solutions, hybrid cloud, and sustainable development, and continue to develop more native AI services to help customers fully leverage AI to accelerate their transformation. Revenue for operating and maintenance services increased by 16% year-on-year. The total contract value of device-as-a-service and infrastructure-as-a-service solutions grew by nearly 40%, consolidating its long-term strong growth trajectory.
In the next three years, the global IT service market is expected to maintain double-digit growth, with AI services becoming the main driver, growing at almost double the rate of the overall market. Lenovo will continue to incorporate AI into key general solutions, including digital office solutions, hybrid cloud, and sustainable development, while continuing to develop more native AI services to help customers fully leverage AI to accelerate their transformation.