Lenovo to accelerate service-oriented transformation

Chinese tech heavyweight Lenovo Group Ltd said it will ratchet up efforts to accelerate its service-oriented transformation and fully promote technology-driven innovation.

Yang Yuanqing, chairman of Lenovo, said on Thursday that the company aims to grow its personal computer business at a growth rate that outpaces the overall industry growth and maintain industry-leading profitability in its new fiscal year.

Meanwhile, the company aims to grow the proportion of non-personal computer business turnover by more than 2 percentage points, Yang said.

According to him, in the past three years, Lenovo's annual revenue has increased to 460 billion yuan ($66.9 billion) from 350 billion yuan, an increase of more than 100 billion yuan, and its net profit has almost tripled compared with three years ago.

Meanwhile, the company has stepped up the recruitment of cutting-edge technology talents, adding a total of 8,800 research and development personnel in the period.

While the industry faces significant macroeconomic pressures, Lenovo said it sees long-term opportunities ahead as the global trends of digitalization and intelligent transformation continue accelerating and IT spending is expected to recover to a moderate growth rate in the mid-to long-term.