Lenovo 2010 Annual Report Download - page 8

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2009/10 Annual Report Lenovo Group Limited
6
A year ago, Lenovo’s sales and market share dropped
significantly. The Group’s morale was sinking, and
its share price slipped to its lowest in recent years.
It is certain that our shareholders and our staff were
dissatisfied with the Group’s status. If business had
gone down any further, the Group could well have
descended into new depths of adverse performance
and reached the point of no return.
Since then, Lenovo has undergone fundamental
changes. All of our financial indicators have become
satisfactory. Quarter after quarter, the management
has over-achieved on the commitments they made
to the Board, winning the Directors’ applause. In
emerging markets and mature markets alike, from
Think to Idea products, the “Protect-Attack” strategy
was implemented and executed brilliantly with the
right deployment. Thus, the Group has posted record
high market share for three consecutive quarters. The
toughest times for the Group have passed and the
Board of Directors is very satisfied with the results.
Why has such a fundamental change taken
place within Lenovo during the past year?
First, from a macro environment perspective, the global
economy has started to recover and the demand
for PC has rebounded. The Chinese economy has
resumed rapid growth, which stimulated PC sales in
that market.
CHAIRMAN’S STATEMENT