Business briefs from the Chinese press for Thursday August 11

Lenovo reports highest ever non-PC revenue: Yesterday, Lenovo Group 联想集团 announced its financial results for the first quarter (April-June) of the 2022/23 fiscal year, reporting revenue of nearly 112 billion yuan ($16.61 billion), an increase of 0.2% year-on-year, and net profit of 3.4 billion yuan ($504.24 million), an increase of 11% year-on-year. The company’s revenue outside of personal computers accounted for a record high 37% of total revenue, most of which came from smartphones and from business services and hardware.

The electric car company that will make phones: Qín Lìhóng 秦力洪, Founder and Chairperson of electric vehicle manufacturer NIO 蔚来汽车, yesterday stated in an interview that NIO’s upcoming new mobile phone will cost around 5,000-7,000 yuan ($741-1,038), putting it in the price range of the iPhone in China. Some reports say that Nio has poached more than 300 employees from phone companies including Huawei and Oppo.

Oppo’s smart watch: Yesterday, smartphone and consumer electronics manufacturer OPPO released its new smart watch, the Watch 3 series, the first watch equipped with an LTPO (low-temperature polycrystalline oxide) screen.