HK Stock Market Move | LENOVO GROUP (00992) saw its afternoon gains expand by more than 18%, with its first fiscal quarter performance setting a new historical record, and ISG revenue nearly doubling year-on-year.

LENOVO GROUP (00992) saw its gains expand by over 18% in the afternoon, reaching HKD 34.54 and continuing to set new historical highs. As of this writing, it has risen 17.77% to HKD 34.2, with a trading volume of HKD 7.104 billion. In terms of news, LENOVO GROUP announced its first-quarter financial results at noon, achieving revenue of RMB 183.4 billion, a significant year-on-year increase of 43%, setting a new historical high. The adjusted net profit for the quarter exceeded USD 1 billion for the first time, growing 176% year-on-year. The adjusted net profit margin nearly doubled year-on-year to 4.0%, also breaking historical records. Meanwhile, all three of LENOVO GROUP's main business segments experienced high double-digit growth in revenue and set historical highs for the same period. The group anticipates it will achieve earlier than expected its stated goal of over USD 100 billion in revenue within two years set at the beginning of this fiscal year. Specifically, the IDG smart devices business generated revenue of RMB 116.4 billion, a year-on-year increase of 27%; the server business saw explosive growth, with ISG infrastructure solutions revenue nearly doubling year-on-year to a record RMB 57.9 billion, with operating profit around RMB 5.3 billion and a rapidly increasing operating profit margin of 9.1%, officially becoming the new core engine of profit and growth for the group; the SSG solutions services business achieved revenue of RMB 19.6 billion, up 28% year-on-year, marking the 21st consecutive quarter of double-digit growth.