On May 23, Lenovo Group announced the fourth quarter and full year results for the 2023/2024 fiscal year. Among them, the fourth fiscal quarter performed well, with revenue of 99.4 billion yuan, up nearly 10% year on year; main business fully resumed growth, with net profit of 1.78 billion yuan, up 118% year on year; Lenovo Group CFO Huang Weiming said that hybrid artificial intelligence brought significant and unique opportunities to the company. To accelerate growth, Lenovo will invest in R&D to fully harness the potential of hybrid artificial intelligence and build cloud capabilities. Strong innovation efforts by the three business groups will enhance Lenovo Group's competitiveness in next-generation product design and solutions. This, in turn, will drive profit growth and support the Group in achieving its medium-term profit goals.
Looking forward to the future, SSG Solution Service Business Group will launch new AI native services and embed AI functions in its service products to meet the growing demand for AI technology from enterprise customers. At the same time, the Solution Services Business Group will focus on safeguarding its core business through high value-added support services in the PC and infrastructure sector. By collaborating with ecosystem partners, the Solution Services Business Group helps customers accelerate their digital transformation journey and further enhance their financial contribution to the Group.
ISG Infrastructure Solutions Business Group aims to drive growth through continuous improvement in profitability, leveraging its investments in differentiated technology solutions in hybrid AI, high-performance computing, storage, and edge systems and solutions. The business unit will further diversify its customer base, acquire new customers, and balance common systems with customized cloud products to drive profit and scale, and achieve overall synergy. This approach will ensure scalability, cost efficiency, and optimization of revenue growth and profitability.
AI PCs are about to begin a new demand cycle. These products have high-end pricing and features that attract commercial users. This is critical for the IDG Smart Devices Business Group to achieve growth beyond the market, higher average sales prices, and sustainable profitability. To meet this demand, IDG is developing its own intellectual property to obtain better performance in terms of inference speed, language model compression, and memory consumption. IDG is also expanding its differentiation efforts from hardware to components and software. Notably, with the launch of Lenovo AI Core chips, Yoga Creator Zone, ThinkShield security solutions, and AI Now personal assistants, IDG is well-positioned to establish a competitive advantage and lead the AI PC revolution.