聯想集團ISG業務連續兩季度盈利 Q4營收同比增長63%
5月22日，聯想集團(HKSE：992)公佈截至2025年3月31日的2024/25財年第四季度及全年業績。全年營收達到4985億元人民幣，實現同比21.5%的強勁增長，創歷史第二高位，盈利提升更快，同比增長36%。第四季度，ISG實現營收299.6億人民幣，同比增長63%，並連續第二個季度實現盈利。其中，中國市場營收同比增長113%，海神液冷解決方案收入同比大增244%。
報告期內，聯想發佈新一代ThinkSystem V4服務器、ThinkEdge SE100 入門級AI推理服務器，提供多樣化解決方案；第六代Neptune海神液冷技術的推出，帶來40%的能源效率提升；存儲產品方面，迎來史上規模最大的存儲產品組合更新，並重磅發佈 21 款存儲產品及全新的數據存儲解決方案。
全年來看，ISG營收1048億人民幣，同比增長63%，盈利能力大幅改善。雲基礎設施(CSP)業務實現收入同比92%的增長，企業基礎設施(E/SMB)收入以20%的增速創下歷史新高，海神液冷解決方案收入同比大增68%，AI服務器業務營收落地並實現高速增長，持續拓展至高頻交易、新能源及智慧醫療等戰略行業賽道，存儲業務營收同比增長24%。
IDC預計2025年全球基礎設施市場將增長18%，達到2650億美元，其中，AI服務器2025年市場規模將達到1472億美元，2024年-2027年複合年增長率將達到18%。這意味着，隨着生成式AI和多模態模型的加速落地，企業級AI基礎設施投入將持續釋放，相關算力、存儲解決方案需求同步擴張，爲基礎設施方案廠商帶來廣闊的發展空間。
面向未來，ISG將繼續堅持穩固"雲基礎設施+拓展企業基礎設施"業務的模式，持續優化產品結構，強化市場銷售能力，提升端到端的運營韌性。通過不斷加碼AI服務器、液冷方案和邊緣計算佈局，聯想正加速打造面向AI時代的混合式智能基礎設施平臺，並以此推動ISG的可持續盈利性高增長。
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