Lenovo Group (00992) has been selected as one of Forbes China's Top 30 Multinational Operators: AI-driven globalization has enormous growth potential.

Recently, Forbes China officially released the "Top 30 Chinese Companies with International Operations in 2025" list. LENOVO GROUP (00992) was selected for its large scale revenue in overseas markets, technology-driven growth model, and global coordination capabilities covering brands, supply chains, and research and development. This list, focusing on "steady globalization expansion", shows that the average overseas revenue of the 30 listed companies increased by 63.2%, with a median overseas revenue contribution ratio of 45.5% - while LENOVO GROUP's overseas revenue for the 2024 fiscal year (ending March 31, 2024) not only far exceeded most listed companies at 381.67 billion RMB, but also with a revenue ratio of 77% and a nearly 21.5% year-on-year growth rate, it became a benchmark case for multinational operations in the technology industry. In this list, Lenovo's overseas operational performance showed a distinctive characteristic of "high growth under a large base". In absolute terms, the 381.67 billion RMB in overseas revenue is 56 times that of some high-growth companies on the list (such as the 6.8 billion RMB overseas revenue of Eoptolink Technology Inc. in the computing field), and even when compared to the multinational giant in the automotive industry, BYD Company Limited (whose overseas revenue increased by 61.66 billion RMB), Lenovo's overseas revenue scale also shows a significant advantage. What's more important is that the 77% overseas revenue ratio far exceeds the median of 45.5% in the list, indicating that Lenovo has already surpassed the initial stage of "going global for local companies" and entered a mature stage of "globalized corporate operations." Behind this achievement is Lenovo's global competitiveness in its core business areas. Forbes China data shows that for the 2024 fiscal year, LENOVO GROUP had a global market share of 23.7% in the PC business, maintaining its industry-leading position; and in the context of AI technology restructuring the terminal market, Lenovo's AI PC sales in the Windows AI PC category ranked first globally - this breakthrough in a specific market segment has been a key driver for the growth of overseas consumer income. Lenovo's multinational operations do not rely on the "going out" of a single product. Under its "hybrid AI" strategy, LENOVO GROUP has built a global business ecosystem covering terminal consumption and enterprise services. This has become a differentiating advantage for Lenovo compared to other listed companies. As emphasized in the Forbes China ranking, the list focuses on companies that are "globally moving towards globalization in terms of brand, supply chain, and research and development." Lenovo's "hybrid AI" strategy spans these three dimensions: at the brand level, the strong sales of AI PCs strengthen Lenovo's global recognition as an "intelligent terminal leader". At the research and development level, global research centers deeply engage in collaborative innovation in AI algorithms and hardware, ensuring that technology deployment speed synchronizes with global market demand. On the supply chain level, Lenovo has more than 30 manufacturing facilities worldwide, covering North America, Europe, Southeast Asia, and other regions. Recently, Lenovo's manufacturing facility in Monterrey, Mexico, became the first Chinese company in the Americas to receive the "Lighthouse Factory" award. By deeply cultivating overseas markets, Lenovo can more effectively integrate global resources and give back to the domestic market. Currently, approximately 80% of LENOVO GROUP's production and manufacturing, 70% of its research and development personnel, and 60% of its employees are in China, while over 70% of its revenue comes from overseas, making it a true promoter of mutual benefit between China and the global market. With its outstanding global operations, LENOVO GROUP has been named to the Gartner Top 25 global supply chain authority list 11 times, with its latest ranking at number eight globally, consistently ranked in the top ten for four consecutive years, the reigning champion of the Asia-Pacific supply chain, and still the only high-tech manufacturing company from Asia-Pacific listed. Lenovo's selection this time also provides a new reference path for the globalization of Chinese technology companies. In the Forbes China Top 30 list of multinational operations, there are new energy companies such as BYD Company Limited and Great Wall Motor opening up overseas markets through product increments, as well as computing infrastructure companies such as Inspur Electronic Information Industry and Eoptolink Technology Inc. achieving revenue growth based on technological dividends. The uniqueness of Lenovo lies in its transition from "expansion in scale" to "deep cultivation of value" through a closed loop of "technology iteration - product innovation - ecological synergy" - a point that aligns closely with the core standard of "steady expansion" in the list. Looking ahead, as global AI technology moves from the "competition phase" to the "implementation phase", Lenovo's multinational operations still have a considerable amount of room for expansion. On one hand, the market demand for AI PCs is expected to continue to grow - according to IDC's forecast, by 2025, the global shipment of AI PCs will account for over 40% of total PC shipments. Lenovo, with its early-mover advantage, is expected to further expand its overseas market share. On the other hand, the application scenarios of hybrid AI in industries such as industrial, medical, and education will continue to diversify, and Lenovo can replicate its experience of technology implementation in the Chinese market overseas, forming a new growth logic of "global technology synergy, regional market customization".