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Lenovo eyes AI opportunities with comprehensive business transformation

By Ma Si | chinadaily.com.cn | Updated: 2024-04-02 17:21

Yang Yuanqing, chairman and CEO of Lenovo. [Photo provided to chinadaily.com.cn]

Chinese tech company Lenovo Group Ltd aims to seizes artificial intelligence opportunities with comprehensive business transformation and enhanced research and development capabilities, company chairman and CEO said.

Yang Yuanqing, chairman and CEO of Lenovo, said in the face of challenges, Lenovo successfully rebounded and embraced the opportunities presented by the AI revolution in the previous fiscal year.

Yang announced the company's new mission for the next decade: to continue independent innovation, accelerate transformation, increase employment, expand exports, contribute to corporate social value and fulfill the new mission of leading the AI revolution.

Looking back at the previous fiscal year, Lenovo has achieved relatively robust performance, further consolidating and strengthening its core competitiveness. Yang attributed the company's return to growth to Lenovo's "resilience", Yang said at the company's kick-off ceremony for the company's fiscal 2024-2025 year.

The solid performance was also attributed to firm execution in multi-engine, diversified development, and continuous investment in research and innovation. Yang noted that in the previous three quarters, non-personal computer revenue accounted for over 41 percent of Lenovo's total revenue, and the number of R&D personnel increased to nearly 19,000, with R&D expense ratio expected to reach a historic high.

At the meeting, Yang also announced AI-focused performance targets for each business in the new fiscal year. He believes that Lenovo is well-prepared for the growth of the AI era, based on its smart transformation strategy and the layout of new IT architecture.

For individual users, Lenovo's extensive global scale means that Lenovo devices will become platforms for AI applications, serving as the application store of the AI era. For enterprise customers, their needs align with Lenovo's defined new IT architecture "end-edge-cloud-network-intelligence," and Lenovo's product portfolio covers all AI operation elements.

Yang stated, "The next decade may be the most innovative period in each of our careers, and it may also be the decade in which we can achieve the most growth and accomplishments."

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