香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 聯想集團有限公司 主席兼首席執行官 楊元慶 謹啟 二零二五年十月二十一日 於本公告日期，執行董事為楊元慶先生；非執行董事為朱立南先生、趙令歡先生、黃 偉明先生、 Laura Green Quatela 女士及 Amit Midha 先生；及獨立非執行董事為 John Lawson Thornton 先生、 Gordon Robert Halyburton Orr 先生、胡展雲先生、楊瀾女士、 王雪紅女士、薛瀾教授及 Kasper Bo Roersted （別名 Kasper Bo Rorsted ）先生。 Lenovo Group Limited 聯想集團有限公司 ( 於香港註冊成立之有限公司 ) (港幣櫃台股份代號：992 /人民幣櫃台股份代號：80992) 董事會會議通告 謹通知聯想集團有限公司（「本公司」，及其附屬公司（「本集團」））之董事會會 議將於二零二五年十一月十九日在美國舉行，旨在 （其中 ...

Core Viewpoint - UBS reports that Lenovo Group (00992) is expected to announce its financial results for the quarter ending September next month, with healthy sales anticipated and low double-digit year-on-year growth projected for both sales and devices [1] Group 1: Financial Performance - The Infrastructure Solutions Group (ISG) is expected to see a year-on-year growth of approximately 20% to 23% [1] - The Services Solutions Group (SSG) is projected to achieve high teens growth [1] - The personal computer segment is anticipated to record low single-digit growth, outperforming the market, with an operating profit margin expected to be between 7% and 7.5% [1] Group 2: Earnings Estimates - UBS maintains its earnings estimate for the next quarter at $440 million, slightly up from the previous expectation of $435 million [1] - Adjusted net profit forecast has been raised to between $150 million and $200 million due to impacts from warrants accounted at market value [1] Group 3: Valuation and Target Price - UBS extends its valuation basis to the fiscal year 2027 while maintaining earnings per share estimates for fiscal years 2026 and 2027 [1] - The price-to-earnings ratio is projected to remain at 11 times, with the target price for Lenovo Group raised from HKD 11 to HKD 12 [1]

Core Viewpoint - UBS reports that Lenovo Group (00992) is expected to announce its fiscal quarter results for the period ending September, with healthy sales anticipated and low double-digit year-on-year growth projected for both sales and devices [1] Group 1: Financial Performance - Lenovo's Infrastructure Solutions Group (ISG) is expected to see a year-on-year growth of approximately 20% to 23% [1] - The Services Solutions Group (SSG) is projected to achieve high teens growth [1] - The company is expected to maintain its fiscal quarter revenue estimate at $440 million, slightly up from the previous expectation of $435 million [1] Group 2: Valuation and Price Target - UBS extends its valuation basis to the fiscal year 2027 while maintaining earnings per share estimates for 2026 and 2027 [1] - The target price for Lenovo Group has been raised from HKD 11 to HKD 12 [1] Group 3: Market Position and Profitability - Lenovo's personal computer segment is expected to grow at a low single-digit rate, outperforming the market [1] - The operating profit margin is anticipated to be between 7% and 7.5% [1] - Adjusted net profit forecast has been increased to between $150 million and $200 million due to impacts from warrants accounted at market value [1]

Core Insights - Lenovo Group has commenced construction of its regional headquarters in Riyadh, Saudi Arabia, marking a significant step in its AI strategy in the Middle East [1][2] - The establishment of the headquarters aligns with Saudi Arabia's Vision 2030, which aims to position the country as a global leader in AI by 2030 [1][3] - The new headquarters will focus on AI research collaboration, smart solution implementation, and AI talent development, serving as a central hub for innovation in partnership with local ecosystems [1][2] Company Developments - The regional headquarters will be operational by March next year and will work in synergy with Lenovo's existing manufacturing facility in Riyadh, which is set to produce millions of localized products by 2026 [2] - The collaboration with local partners, including Alat and the Public Investment Fund, emphasizes Lenovo's commitment to integrating into Saudi Arabia's future development plans [2][3] Industry Context - Saudi Arabia is prioritizing AI as a key driver for its digital transformation, with significant market demand emerging across various sectors such as smart cities, renewable energy, and healthcare [3] - The AI industry in Saudi Arabia is attracting global tech giants, with substantial investments being made, including a $6 billion strategic agreement with the U.S. and significant funding from the Public Investment Fund for AI startups [3] - Lenovo's proactive positioning in the Saudi AI market aims to provide comprehensive support from AI hardware to solutions, enhancing its influence in the EMEA region [3]

Core Insights - Lenovo Group has officially commenced construction of its regional headquarters in Riyadh, Saudi Arabia, marking a significant step in its AI strategy in the Middle East [1][3] - The establishment of this headquarters aligns with Saudi Arabia's Vision 2030, which aims to position the country as a global leader in AI by 2030 [1][5] - The new headquarters will focus on AI research collaboration, smart solution implementation, and AI talent development, serving as a central hub for innovation in partnership with local ecosystems [1][5] Group 1 - The headquarters is strategically located in the Majdoul Tower to facilitate connections with the Saudi Public Investment Fund (PIF), government entities, and global tech partners, enhancing the local AI industry's development [3][6] - This initiative complements Lenovo's existing manufacturing facility in Riyadh, which is set to produce millions of localized products, including laptops and servers, by 2026 [3][5] - The new headquarters will create a synergistic "R&D-manufacturing-application" mechanism, focusing on customized development and production of AI servers and edge computing devices to meet local infrastructure needs [3][5] Group 2 - The establishment of the regional headquarters is seen as a pivotal moment in Lenovo's growth in the Middle East and Africa, reinforcing its commitment to Saudi Arabia and enhancing collaboration with key partners [5] - Saudi Arabia's push for digital transformation under Vision 2030 prioritizes AI as a core driver, creating substantial market demand across various sectors, including smart cities and renewable energy [5][6] - Lenovo aims to provide comprehensive support for Saudi Arabia's AI industry by integrating global technology resources with local market needs, while also fostering local AI talent through training and collaborative research [5][6]

瑞银发表报告指，联想集团将于下月公布9月底止次财季业绩，预计销售维持健康。该行预计次财季销 售及设备都录得低双位数(low-teens)按年升幅，基建板块(ISG)按年升约20%至23%左右，服务板块(SSG) 录得高十位数(high teens)增长。 该行大致维持次财季列账盈测于4.4亿美元(原预期4.35亿美元)，但由于按市值入账权证等影响，上调经 调整纯利预测介乎1.5亿至2亿美元。该行延展估值基础至2027财年，大致维持2026及27财年每股盈测， 以预测市盈率维持11倍计，目标价由11港元上调至12港元，评级"中性"。 ...

Core Insights - Omdia's latest research indicates that total shipments of desktops, laptops, and workstations are expected to grow by 6.8% year-on-year in Q3 2025, reaching 72 million units, driven by strong device upgrade demand as Windows 10 service termination approaches [1][4] Industry Overview - The demand for PC upgrades remains robust as the deadline for Windows 10 service termination is imminent, with a significant portion of users still on Windows 10 or using PCs older than five years [4][6] - A recent survey revealed that only 39% of B2B clients have completed their PC upgrades to Windows 11, indicating a substantial need for ongoing support and guidance from Microsoft and its partners [6] Company Performance - Lenovo reported a strong performance in Q3 2025, with shipments increasing by 17% year-on-year to 19.4 million units, solidifying its leading position in the global PC market [1][7] - HP ranked second with shipments of 15 million units, reflecting an 11% year-on-year growth, while Dell ranked third with a 3% increase in shipments [7][8] - Apple maintained its position in fourth place, with shipments exceeding 6 million units for the fifth consecutive quarter, and Asus rounded out the top five with a 7% year-on-year growth [7][8] Market Share Data - In Q3 2025, Lenovo held a market share of 26.7%, followed by HP at 20.7%, Dell at 14.0%, Apple at 9.0%, and Asus at 8.0% [8]

Core Insights - The total shipment volume of desktops, laptops, and workstations is projected to grow by 6.8% year-on-year in Q3 2025, reaching 72 million units, driven by the demand for device upgrades as Windows 10 service termination approaches [1][3] - Lenovo has shown strong performance in Q3 2025, with a shipment increase of 17% year-on-year, solidifying its leading position in the global PC market [1][6] Industry Overview - The demand for PC upgrades remains high as the deadline for Windows 10 service termination approaches, with many users still on Windows 10 or using PCs older than five years [3][5] - A survey indicates that only 39% of B2B clients have completed their PC upgrades to Windows 11, suggesting significant work remains for Microsoft and its partners [5] Company Performance - Lenovo's Q3 2025 shipments reached 19.4 million units, capturing a market share of 26.7% [7] - HP ranked second with shipments of 15 million units, reflecting an 11% year-on-year growth, while Dell ranked third with a 3% growth [6][7] - Apple maintained its position with over 6 million units shipped for the fifth consecutive quarter, and Asus shipped 5.8 million units, marking a 7% increase [6][7] Future Outlook - Major industry players are expected to unveil new product roadmaps to stimulate PC purchasing demand, with Qualcomm and Intel announcing upgrades to their high-end PC chipsets [5][6] - The 2026 CES is anticipated to showcase new and attractive PC products, with a focus on "device-side AI" [6]

Core Insights - Lenovo Group has officially commenced construction of its regional headquarters in Riyadh, Saudi Arabia, marking a significant step in its AI strategy in the Middle East [1][5] - The establishment of this headquarters aligns with Saudi Arabia's Vision 2030, which aims to position the country as a global leader in AI by 2030 [1][6] Group 1: Strategic Developments - The new headquarters will focus on AI research collaboration, implementation of intelligent solutions, and AI talent development, serving as a central hub for innovation in partnership with local ecosystems [1][5] - The location in Majdoul Tower facilitates connections with the Saudi Public Investment Fund (PIF), government entities, and global tech partners, enhancing integration into the local innovation network [3][5] Group 2: Manufacturing and R&D Synergy - Lenovo's regional headquarters will work in conjunction with its advanced manufacturing facility in Riyadh, which is set to produce millions of localized products, including laptops and servers, by 2026 [3][5] - The collaboration aims to create a "research-manufacturing-application" loop, focusing on customized development and production of AI servers and edge computing devices to meet local infrastructure needs [3][5] Group 3: Market Opportunities - Saudi Arabia's push for digital transformation under Vision 2030 places AI at the forefront, creating substantial market demand across various sectors, including smart cities and renewable energy [5][6] - Lenovo's proactive establishment of the regional headquarters is strategically timed to capitalize on the anticipated growth of the AI industry in Saudi Arabia, offering comprehensive support from AI hardware to solutions [5][6] Group 4: Competitive Landscape - The AI industry in Saudi Arabia is attracting significant investments from global tech giants, with over 40% of a $600 billion strategic agreement with the U.S. allocated to AI-related initiatives [6] - Lenovo is positioned as a key player in the Saudi AI ecosystem, enhancing its influence in the EMEA market and contributing to the region's innovation and sustainable development [6]

Core Insights - Lenovo has launched its annual Double Eleven promotion with the theme "Hot AI Upgrade, 11 in Place," focusing on enhancing smart experiences, product pricing, and service guarantees through a comprehensive integration of AI technology and smart devices [1][2] Group 1: Promotion Strategy - Lenovo has established a multi-layered subsidy system and star rights combination to create a seamless smart living experience for users [1] - The subsidy policy integrates national subsidies, brand subsidies, lucky subsidies, and platform resources to form a comprehensive and inclusive network [1] Group 2: Product Offerings - Lenovo's AI product matrix supports various scenarios, including "AI Gaming + AI Learning + AI Life," with specific products like the Legion Y700 4th generation gaming tablet offering a 15% national subsidy [1] - The YOGA series focuses on AI battery management and multi-screen collaboration, catering to the mobile office needs of professionals [1] - The Xiaoxin series addresses learning challenges with features like AI noise reduction and smart split-screen [1] - The Think series AI PCs include the Tianxi personal super intelligent agent, integrating five key functions: AI search, AI writing, AI translation, AI control, and AI service to enhance productivity [1] Group 3: Customer-Centric Services - Lenovo has upgraded its service guarantees with a "Value Retention and Replacement" subsidy plan, offering better-than-industry-standard depreciation subsidies for users updating AI devices [2] - The "Enjoy Super Intelligent Agent" plays a crucial role in service efficiency and experience [2] - Lenovo has introduced a dual-store manager service model with an AI-driven "Silicon-based Store Manager" providing 24/7 online consultation and personalized product recommendations, while the "Star Store Manager" demonstrates innovative applications of AI equipment in sports and daily life [2]