每经AI快讯，8月14日，联想集团在港交所发布截至2025年6月30日止的第一财季业绩报告显示，公司 第一财季营收188.3亿美元，同比增长22%。第一财季净利润5.05亿美元，同比增长108%。 ...

Core Insights - Lenovo Group reported a strong performance for the first quarter of the fiscal year 2025/26, with revenue reaching $18.83 billion, a year-on-year increase of 22% [1] - The company achieved a gross profit of $2.774 billion, up 8% year-on-year, and a net profit attributable to equity holders of $505 million, marking a significant increase of 108% [1] - The earnings per share stood at 4.12 cents, reflecting the company's robust financial health [1] Business Segments Performance - All three business groups—Infrastructure Solutions Group, Solutions Services Group, and Intelligent Devices Group—experienced strong double-digit year-on-year revenue growth [1] - The Intelligent Devices Group saw its personal computer, tablet, and other smart device businesses achieve the fastest year-on-year revenue growth in the past 15 quarters, with a global PC market share of 24.6%, solidifying its leadership position [1] - The smartphone business recorded double-digit year-on-year revenue growth for seven consecutive quarters [1] Strategic Initiatives - The Infrastructure Solutions Group reported strong revenue growth driven by a dual strategy of resilient cloud infrastructure and enterprise infrastructure, with AI server revenue more than doubling year-on-year [1] - The Solutions Services Group's revenue increased by 20% year-on-year, benefiting from a comprehensive product portfolio driven by advanced services and AI solutions [1] - R&D investment grew by 10% year-on-year, enhancing the development of hybrid AI strategies and strengthening the company's AI capabilities [2] Market Position and Global Reach - Lenovo operates in 180 markets globally, achieving balanced growth across regions, with contributions to total revenue ranging from 20% to 33% from Asia-Pacific, China, Europe-Middle East-Africa, and the Americas [2] - The company has improved its profit margins due to an optimized product mix, enhanced service offerings, and increased operational efficiency, despite facing tariff changes [2] - Lenovo is well-positioned to address macroeconomic uncertainties and meet diverse global customer needs, thanks to its enhanced operational flexibility and balanced global footprint [2]

人民财讯8月14日电，联想集团8月14日早间在港交所公告，截至2025年6月30日止的第一财季，联想集 团收入上升22%至188亿美元，创有史以来最高第一季度收入。按香港财务报告准则计算，权益持有人 应占溢利同比增长108%至5.05亿美元。按非香港财务报告准则计算，权益持有人应占溢利同比增长22% 至3.89亿美元。 ...

Core Insights - Lenovo Group reported a strong performance for the first quarter of the fiscal year 2025/26, with revenue reaching $18.83 billion, a year-on-year increase of 22% [1] - The company achieved a net profit attributable to equity holders of $505 million, marking a significant year-on-year increase of 108% [1] - All three business groups—Infrastructure Solutions Group, Solutions Services Group, and Intelligent Devices Group—experienced robust double-digit year-on-year revenue growth [1] Revenue Growth - The Intelligent Devices Group saw its fastest year-on-year revenue growth in the past 15 quarters, with the personal computer segment achieving a global market share of 24.6%, a record high [1] - The smartphone business has recorded double-digit year-on-year revenue growth for seven consecutive quarters [1] - The Infrastructure Solutions Group experienced strong revenue growth driven by a dual strategy of resilient cloud infrastructure and enterprise infrastructure, with AI server business revenue more than doubling year-on-year [1] Profitability and Efficiency - The operating profit margin for the first quarter was 3.4%, while the net profit margin stood at 2.1%, reflecting continuous improvement in profitability [2] - The company enhanced its product mix and significantly improved its service offerings, leading to increased operational efficiency [2] - Despite facing tariff changes, Lenovo leveraged its global manufacturing capabilities and unique ODM+ model to enhance supply chain resilience and cost-effectiveness [2] Research and Development - R&D investment increased by 10% year-on-year, supporting the development of a hybrid AI strategy and strengthening the company's AI capabilities [2] - Lenovo is executing its AI strategy precisely, seizing unprecedented opportunities in the AI sector, and working towards its vision of "Intelligence for Every Possibility" [2] Global Market Presence - The company operates in 180 markets globally, achieving balanced growth across regions, with contributions to total revenue ranging from 20% to 33% from Asia-Pacific, China, Europe-Middle East-Africa, and the Americas [2]

Core Viewpoint - Lenovo Group reported a strong financial performance for the first quarter of the fiscal year 2025/26, achieving record revenue and significant profit growth despite geopolitical challenges [1][2]. Financial Performance - The group's revenue increased by 22% to $18.8 billion, marking the highest first-quarter revenue in its history [1]. - Profit attributable to equity holders rose by 108% year-on-year to $505 million, while non-HKFRS profit increased by 22% to $389 million [1]. - The operating profit margin was 3.4% and the net profit margin was 2.1% for the first quarter [2]. Business Segments - All three business groups—Infrastructure Solutions, Solutions Services, and Intelligent Devices—recorded strong double-digit year-on-year revenue growth [2]. - The Intelligent Devices group achieved the fastest year-on-year revenue growth in 15 quarters, with a global PC market share of 24.6% [2]. - The smartphone business has seen double-digit revenue growth for seven consecutive quarters [2]. Strategic Initiatives - The company is focusing on a dual strategy of robust cloud infrastructure and enterprise infrastructure, leading to significant revenue growth in the Infrastructure Solutions group [2]. - Revenue from AI server business more than doubled year-on-year, reflecting the strength of the company's AI-driven solutions [2]. - R&D investment increased by 10%, enhancing the company's AI capabilities and positioning it to capitalize on opportunities in the AI sector [3]. Market Position and Resilience - The company has improved its profit margins through an optimized product mix and enhanced service offerings, while maintaining competitiveness despite tariff changes [2]. - Lenovo's global manufacturing capabilities and unique ODM+ model have strengthened its supply chain resilience and cost efficiency [2]. - The company is well-prepared to address macroeconomic uncertainties and meet diverse global customer needs [3].

Core Viewpoint - Lenovo Group has announced the appointment of Mr. Amit Midha as a non-executive director, effective from August 13, 2025 [1] Group 1 - The appointment of Amit Midha is part of Lenovo's strategic governance and leadership enhancement [1]

[First Quarter Results](index=1&type=section&id=First%20Quarter%20Results) [Financial Summary](index=1&type=section&id=Financial%20Summary) Lenovo Group reported strong Q1 FY2025/26 results with **$18.83 billion revenue** (up 22% YoY) and **$505 million profit** (up 108% YoY), supported by R&D and non-PC growth | Metric | As of June 30, 2025 (Million USD) | As of June 30, 2024 (Million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 18,830 | 15,447 | 22% | | Gross Profit | 2,774 | 2,560 | 8% | | Gross Margin | 14.7% | 16.6% | (1.9) percentage points | | Operating Profit | 785 | 494 | 59% | | Profit Before Tax | 622 | 313 | 99% | | Profit for the Period | 538 | 253 | 112% | | Profit Attributable to Equity Holders of the Company | 505 | 243 | 108% | | Basic EPS | 4.12 US Cents | 1.99 US Cents | 2.13 US Cents | | Diluted EPS | 3.65 US Cents | 1.92 US Cents | 1.73 US Cents | | Non-HKFRS Operating Profit | 631 | 572 | 10% | | Non-HKFRS Profit Attributable to Equity Holders of the Company | 389 | 320 | 22% | - R&D expenses increased by **10% year-over-year**, demonstrating the Group's long-term commitment to driving hybrid AI innovation[5](index=5&type=chunk) - Non-PC revenue increased to **47%** of the total revenue across the three business groups[5](index=5&type=chunk) [Business Review and Outlook](index=2&type=section&id=Business%20Review%20and%20Outlook) [Group Highlights](index=2&type=section&id=Group%20Highlights) Lenovo Group achieved record **$18.8 billion revenue** (up 22% YoY) and **108% profit growth** in Q1 FY2025/26, driven by double-digit growth across all business groups and strong AI server performance - The Group's revenue increased by **22% to $18.8 billion**, marking the highest-ever first-quarter revenue[6](index=6&type=chunk) - Profit attributable to equity holders, calculated under HKFRS, increased by **108% year-over-year to $505 million**[6](index=6&type=chunk) - The PC business achieved a new high with a **24.6% global PC market share**, solidifying its global leadership position[7](index=7&type=chunk) - AI server business revenue more than **doubled year-over-year**[7](index=7&type=chunk) - R&D investment increased by **10% year-over-year**, driving the development of hybrid AI strategy and enhancing the Group's AI capabilities across its product portfolio[8](index=8&type=chunk) [Performance by Business Group](index=2&type=section&id=Performance%20by%20Business%20Group) All three business groups, IDG, ISG, and SSG, achieved strong growth, driven by AI PC and server demand, alongside advanced services and AI solutions [Intelligent Devices Group (IDG)](index=2&type=section&id=Intelligent%20Devices%20Group%20(IDG)) IDG reported **18% revenue growth** and **15% profit growth**, driven by record **24.6% PC market share**, strong smartphone performance, and AI PC innovation | Metric | As of June 30, 2025 (Thousand USD) | As of June 30, 2024 (Thousand USD) | YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | 13,459,338 | 11,421,635 | 18% | | Segment Profit | 950,430 | 828,377 | 15% | - Global PC market share reached a new high of **24.6%**, an increase of **1.7 percentage points** from the prior year period[9](index=9&type=chunk) - The smartphone business achieved **double-digit year-over-year revenue growth** for seven consecutive quarters, with Motorola maintaining its position as the global sales leader for foldable phones in Q2 2025 with a **74% market share**[10](index=10&type=chunk) - IDG is fully capitalizing on the rising trend of personal AI within the broader hybrid AI landscape, accelerating its transformation through strategic AI initiatives[11](index=11&type=chunk) [Infrastructure Solutions Group (ISG)](index=3&type=section&id=Infrastructure%20Solutions%20Group%20(ISG)) ISG revenue grew **36% YoY**, with AI server revenue more than doubling, despite an **$86 million operating loss** due to strategic investments in AI capabilities | Metric | As of June 30, 2025 (Thousand USD) | As of June 30, 2024 (Thousand USD) | YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | 4,290,149 | 3,159,797 | 36% | | Segment Operating Profit/(Loss) | (85,520) | (37,274) | Loss Widened | - Revenue from the AI server business more than **doubled year-over-year**[12](index=12&type=chunk) - The segment operating result recorded an **operating loss of $86 million**, due to increased investments in expanding AI capabilities and accelerating the transformation of the enterprise infrastructure business[12](index=12&type=chunk) [Solutions and Services Group (SSG)](index=4&type=section&id=Solutions%20and%20Services%20Group%20(SSG)) SSG achieved record revenue with **20% YoY growth** and **26% segment profit growth**, reaching a **22% profit margin**, driven by advanced services and strong TruScale adoption | Metric | As of June 30, 2025 (Thousand USD) | As of June 30, 2024 (Thousand USD) | YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | 2,257,718 | 1,885,338 | 20% | | Segment Profit | 500,772 | 396,102 | 26% | | Segment Profit Margin | 22% | 20.8% | 1.2 percentage points | - Managed services and project and solution services collectively increased their share of SSG's total revenue by **3 percentage points year-over-year to 58%**[14](index=14&type=chunk) - TruScale's order volume showed strong growth momentum, primarily driven by **double-digit year-over-year growth** in Device-as-a-Service and **triple-digit year-over-year growth** in Infrastructure-as-a-Service[14](index=14&type=chunk) - In the future, SSG's hybrid AI framework will stand out by offering full-stack AI solutions, simplifying AI applications, minimizing risks, and delivering higher returns on investment for customers[15](index=15&type=chunk) [Regional Performance](index=4&type=section&id=Regional%20Performance) Lenovo Group achieved balanced growth across all regions, with Asia Pacific (ex-China) revenue up **39%**, China up **36%**, Americas up **14%**, and EMEA up **9%**, driven by strong demand and AI | Region | As of June 30, 2025 (Thousand USD) | As of June 30, 2024 (Thousand USD) | YoY Growth | | :--- | :--- | :--- | :--- | | China | 4,675,698 | 3,443,196 | 36% | | Asia Pacific | 3,714,575 | 2,680,064 | 39% | | EMEA | 4,185,894 | 3,837,547 | 9% | | Americas | 6,253,702 | 5,486,249 | 14% | | **Total** | **18,829,869** | **15,447,056** | **22%** | - Revenue in Asia Pacific (excluding China) significantly increased by **39% year-over-year**, driven by opportunities such as the Windows 11 refresh cycle in Japan, increased commercial enterprise customers, and sustained strong growth in the Indian market[16](index=16&type=chunk) - The China market resumed **double-digit growth**, with revenue increasing by **36% year-over-year**, demonstrating strong performance across key business segments[17](index=17&type=chunk) - Americas revenue increased by **14% year-over-year**, benefiting from strong performance in both PC and smartphone businesses, with PC market share growing for the ninth consecutive quarter[17](index=17&type=chunk) [Outlook and Strategic Highlights](index=5&type=section&id=Outlook%20and%20Strategic%20Highlights) Lenovo Group is confident in its "3S to AI Twin" strategy, aiming for sustainable profitable growth by strengthening its hybrid AI framework and delivering hyper-personalized experiences via a "client-edge-cloud" architecture - The Group is confident in its "3S to AI Twin" strategy, which will drive sustainable profitable growth through precise execution, advancing its vision of achieving an AI Twin[19](index=19&type=chunk) - The Group will continue to strengthen the Lenovo Hybrid AI Advantage Framework, a key differentiator, focusing on developing horizontal building blocks and providing simple, scalable AI-driven solutions through digital workplace solutions, hybrid cloud, and sustainability initiatives[19](index=19&type=chunk) - By advancing the "one device, multiple screens" strategy, the Group aims to use devices as entry points for personal AI, building cross-device and cross-OS platforms based on a "client-edge-cloud" architecture to provide hyper-personalized user experiences[19](index=19&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) [Results for the Three Months Ended June 30, 2025](index=6&type=section&id=Results%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202025) The Group reported **$18.83 billion in sales**, with gross margin at **14.7%** (down 1.9 percentage points), and **$505 million profit** attributable to equity holders, while operating expenses decreased by **4%** due to fair value gains | Metric | As of June 30, 2025 (Million USD) | As of June 30, 2024 (Million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 18,830 | 15,447 | 22% | | Gross Profit | 2,774 | 2,560 | 8% | | Gross Margin | 14.7% | 16.6% | (1.9) percentage points | | Operating Expenses | (1,989) | (2,066) | (4)% | | Operating Profit | 785 | 494 | 59% | | Profit for the Period | 538 | 253 | 112% | | Profit Attributable to Equity Holders of the Company | 505 | 243 | 108% | | Basic EPS | 4.12 US Cents | 1.99 US Cents | 2.13 US Cents | | Diluted EPS | 3.65 US Cents | 1.92 US Cents | 1.73 US Cents | - Operating expenses for the period decreased by **4%** year-over-year, primarily due to a **$157 million increase** in employee benefit costs, an **$81 million increase** in advertising and promotion expenses, and a **$152 million fair value gain** on derivative financial liabilities related to warrants[23](index=23&type=chunk) - Finance expenses for the period decreased by **7%** year-over-year, mainly due to lower interest on bank borrowings and overdrafts, notes interest, and factoring costs, partially offset by increased interest on convertible bonds[25](index=25&type=chunk) [Use of Non-HKFRS Measures](index=9&type=section&id=Use%20of%20Non-HKFRS%20Measures) Lenovo Group uses Non-HKFRS measures to assess financial performance by excluding non-recurring or non-cash items like fair value changes, amortization, and impairments, providing a clearer view of core operating results - Non-HKFRS adjusted profit is defined as profit for the period, adjusted by excluding (i) net fair value changes of financial assets measured at fair value through profit or loss; (ii) amortization of intangible assets arising from acquisitions; (iii) gains on deemed disposal of subsidiaries; (iv) impairment and write-off of intangible assets, property, plant and equipment, and construction in progress; (v) fair value changes of derivative financial liabilities related to warrants; and (vi) notional interest on convertible bonds, along with their corresponding income tax effects[27](index=27&type=chunk) - Management uses these Non-HKFRS financial measures to assess Lenovo's past and future financial performance, as the excluded items do not reflect ongoing operating results, thus providing a better understanding of the consolidated financial performance[28](index=28&type=chunk) Reconciliation of Non-HKFRS Financial Measures to HKFRS Financial Measures (For the Three Months Ended June 30, 2025): | Metric | Operating Profit (Thousand USD) | Profit Before Tax (Thousand USD) | Profit for the Period (Thousand USD) | Profit Attributable to Equity Holders of the Company (Thousand USD) | | :--- | :--- | :--- | :--- | :--- | | Reported | 784,809 | 622,104 | 537,550 | 505,333 | | Total Non-HKFRS Adjustments | (153,763) | (124,763) | (125,334) | (115,930) | | **Non-HKFRS** | **631,046** | **497,341** | **412,216** | **389,403** | [Capital Expenditures](index=11&type=section&id=Capital%20Expenditures) Capital expenditures for the three months ended June 30, 2025, significantly increased to **$468 million** (up from $305 million), primarily for property, plant, equipment, and intangible assets | Metric | As of June 30, 2025 (Million USD) | As of June 30, 2024 (Million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Capital Expenditures | 468 | 305 | 53.4% | - Capital expenditures were primarily for the acquisition of property, plant and equipment, new construction in progress, and intangible assets[32](index=32&type=chunk) - The higher capital expenditures during the period were mainly due to increased investments in patents, technology, and buildings under construction[32](index=32&type=chunk) [Liquidity and Financial Resources](index=11&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, total assets reached **$46.323 billion**, with equity holders' equity at **$6.807 billion**, a current ratio of **0.95**, and a net cash position of **$154 million** | Metric | As of June 30, 2025 (Million USD) | As of March 31, 2025 (Million USD) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 46,323 | 44,231 | 2,092 | | Equity Attributable to Equity Holders of the Company | 6,807 | 6,069 | 738 | | Total Liabilities | 38,882 | 37,571 | 1,311 | | Current Ratio | 0.95 | 0.93 | 0.02 | | Bank Deposits, Cash and Cash Equivalents | 4,587 | 4,817 | (230) | | Net Cash / (Debt) | 154 | (551) | 705 | | Loan-to-Equity Ratio | 0.60 | 0.81 | (0.21) | - The Group continues to maintain high liquidity and ample credit facilities, preparing for future business development[34](index=34&type=chunk) Credit Facilities (As of June 30, 2025): | Category | Available Amount (Million USD) | Utilized Amount (Million USD) | | :--- | :--- | :--- | | Trade Credit Facilities | 6,149 | 4,209 | | Short-term Money Market Credit | 3,500 | 63 | | Forward Foreign Exchange Contracts | 13,550 | 12,698 | [Contingent Liabilities](index=12&type=section&id=Contingent%20Liabilities) Lenovo Group is involved in various claims and legal proceedings, which, while not expected to materially impact financial position, have unpredictable outcomes that could affect operating results or cash flows - The Group is involved in various other claims, litigations, investigations, and legal proceedings from time to time in its ordinary course of business[39](index=39&type=chunk) - While the Group does not expect the outcome of any such other legal proceedings (individually or in aggregate) to have a material adverse effect on its financial position or operating results, the outcomes of legal proceedings are unpredictable[39](index=39&type=chunk) [Financial Information](index=13&type=section&id=Financial%20Information) [Consolidated Statement of Profit or Loss](index=13&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the Consolidated Statement of Profit or Loss for the three months ended June 30, 2025, detailing revenue, costs, profits, finance income/expenses, and taxation, reflecting strong quarterly earnings growth | Metric | As of June 30, 2025 (Thousand USD) | As of June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Revenue | 18,829,869 | 15,447,056 | | Cost of Sales | (16,055,392) | (12,887,207) | | Gross Profit | 2,774,477 | 2,559,849 | | Selling and Distribution Expenses | (955,293) | (835,611) | | Administrative Expenses | (677,121) | (650,457) | | R&D Expenses | (524,201) | (475,995) | | Other Operating Income / (Expenses) – Net | 166,947 | (103,317) | | Operating Profit | 784,809 | 494,469 | | Finance Income | 27,726 | 26,405 | | Finance Expenses | (186,563) | (200,377) | | Share of Loss of Associates and Joint Ventures | (3,868) | (7,502) | | Profit Before Tax | 622,104 | 312,995 | | Taxation | (84,554) | (59,500) | | Profit for the Period | 537,550 | 253,495 | | Profit Attributable to: Equity Holders of the Company | 505,333 | 243,365 | | Profit Attributable to: Other Non-Controlling Interests | 32,217 | 10,130 | | Basic EPS | 4.12 US Cents | 1.99 US Cents | | Diluted EPS | 3.65 US Cents | 1.92 US Cents | [Consolidated Statement of Financial Position](index=15&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This section presents the Consolidated Statement of Financial Position, showing total assets increased from **$44.231 billion to $46.323 billion** and total equity from **$6.660 billion to $7.441 billion**, reflecting asset and equity growth | Metric | As of June 30, 2025 (Thousand USD) | As of March 31, 2025 (Thousand USD) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 16,562,272 | 16,326,729 | | Current Assets | 29,760,938 | 27,904,083 | | **Total Assets** | **46,323,210** | **44,230,812** | | **Equity** | | | | Equity Attributable to Equity Holders of the Company | 6,806,994 | 6,068,987 | | Other Non-controlling Interests | 1,181,257 | 1,138,283 | | Put Option Granted to Non-controlling Interests | (547,353) | (547,353) | | **Total Equity** | **7,440,898** | **6,659,917** | | **Liabilities** | | | | Non-current Liabilities | 7,597,202 | 7,576,762 | | Current Liabilities | 31,285,110 | 29,994,133 | | **Total Liabilities** | **38,882,312** | **37,570,895** | | **Total Equity and Liabilities** | **46,323,210** | **44,230,812** | [Consolidated Statement of Cash Flows](index=17&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This section presents the Consolidated Statement of Cash Flows, showing **$1.219 billion net cash inflow** from operations, **$421 million net outflow** from investing, and **$1.087 billion net outflow** from financing activities | Metric | As of June 30, 2025 (Thousand USD) | As of June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 1,219,084 | 791,392 | | Net Cash Used in Investing Activities | (420,772) | (319,752) | | Net Cash Used in Financing Activities | (1,087,193) | (47,210) | | (Decrease) / Increase in Cash and Cash Equivalents | (288,881) | 424,430 | | Cash and Cash Equivalents at Beginning of Period | 4,728,124 | 3,559,831 | | Cash and Cash Equivalents at End of Period | 4,504,440 | 3,911,121 | [Consolidated Statement of Changes in Equity](index=18&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details the Consolidated Statement of Changes in Equity for the three months ended June 30, 2025, showing period-end balances and changes in share capital, various reserves, and non-controlling interests, including profit attribution and other comprehensive income | Equity Item | As of April 1, 2025 (Thousand USD) | Profit for the Period (Thousand USD) | Other Comprehensive Income/(Loss) (Thousand USD) | Total Comprehensive Income/(Loss) for the Period (Thousand USD) | Other Changes (Thousand USD) | As of June 30, 2025 (Thousand USD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Share Capital | 3,500,987 | – | – | – | – | 3,500,987 | | Investment Revaluation Reserve | (79,741) | – | 1,640 | 1,640 | – | (78,101) | | Employee Share Fund | (141,352) | – | – | – | (97,306) | (140,481) | | Share-based Payment Reserve | (802,729) | – | – | – | (25,806) | (826,977) | | Hedging Reserve | (59,997) | – | (92,157) | (92,157) | – | (152,154) | | Exchange Fluctuation Reserve | (2,822,347) | – | 345,385 | 345,385 | – | (2,476,962) | | Other Reserves | 502,588 | – | – | – | 20,698 | 523,286 | | Retained Earnings | 5,971,578 | 505,333 | 1,183 | 506,516 | (20,698) | 6,457,396 | | Total Attributable to Equity Holders of the Company | **6,068,987** | **505,333** | **255,991** | **761,324** | **(123,112)** | **6,806,994** | | Other Non-controlling Interests | 1,138,283 | 32,217 | 12,043 | 44,260 | (1,286) | 1,181,257 | | Put Option Granted to Non-controlling Interests | (547,353) | – | – | – | – | (547,353) | | **Total** | **6,659,917** | **537,550** | **268,034** | **805,584** | **(124,398)** | **7,440,898** | [Notes](index=19&type=section&id=Notes) [General Information and Basis of Preparation](index=19&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) This section confirms financial data is extracted from consolidated statements, prepared under HKEX Listing Rules and HKFRS, with consistent accounting policies and no retrospective adjustments from new standards - The above financial information and notes are extracted from the Group's consolidated financial statements, which are prepared in accordance with Appendix 16 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[47](index=47&type=chunk) - The Group's consolidated financial statements are the responsibility of the Board of Directors and are prepared in accordance with Hong Kong Financial Reporting Standards[47](index=47&type=chunk) - The accounting policies adopted are consistent with those of the previous fiscal year, and the Group was not required to change accounting policies or make retrospective adjustments due to the adoption of these revised standards[47](index=47&type=chunk) [Segment Information](index=19&type=section&id=Segment%20Information) This section details operating segments (IDG, ISG, SSG) based on LEC reports, providing revenue and profit/loss by segment and region, and disclosing goodwill and indefinite-lived trademarks - Management has determined the operating segments based on reports reviewed by the Chief Operating Decision Maker, the Lenovo Executive Committee ("LEC"), and used for making strategic decisions. The business segments include the Intelligent Devices Group, Infrastructure Solutions Group, and Solutions and Services Group[48](index=48&type=chunk) Revenue and Operating Profit/(Loss) by Reportable Segment (For the Three Months Ended June 30, 2025): | Segment | Revenue (Thousand USD) | Operating Profit/(Loss) (Thousand USD) | | :--- | :--- | :--- | | Intelligent Devices Group | 13,459,338 | 950,430 | | Infrastructure Solutions Group | 4,290,149 | (85,520) | | Solutions and Services Group | 2,257,718 | 500,772 | | **Total** | **20,007,205** | **1,365,682** | Regional Revenue Analysis (For the Three Months Ended June 30, 2025): | Region | Revenue (Thousand USD) | | :--- | :--- | | China | 4,675,698 | | Asia Pacific | 3,714,575 | | EMEA | 4,185,894 | | Americas | 6,253,702 | | **Total** | **18,829,869** | - The Directors assessed goodwill and trademarks and trade names with indefinite useful lives totaling **$6.227 billion** and determined there was no impairment as of June 30, 2025[50](index=50&type=chunk)[52](index=52&type=chunk) [Operating Profit](index=22&type=section&id=Operating%20Profit) This section details expenses and gains impacting operating profit, including depreciation, amortization, employee benefits, advertising, and fair value changes of financial assets and warrant-related derivative liabilities | Item | As of June 30, 2025 (Thousand USD) | As of June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 119,978 | 107,323 | | Depreciation of Right-of-Use Assets | 31,233 | 28,922 | | Amortization of Intangible Assets | 194,359 | 210,112 | | Employee Benefit Costs | 1,565,173 | 1,411,029 | | Fair Value (Gain) / Loss on Financial Assets Measured at Fair Value Through Profit or Loss | (20,893) | 11,339 | | Fair Value Gain on Derivative Financial Liabilities Related to Warrants | (152,361) | - | [Finance Income and Expenses](index=22&type=section&id=Finance%20Income%20and%20Expenses) This section details finance income from bank deposits and money market funds, and finance expenses including interest on borrowings, convertible bonds, notes, lease liabilities, and factoring costs Finance Income (For the Three Months Ended June 30, 2025): | Item | Thousand USD | | :--- | :--- | | Bank Deposits | 23,363 | | Interest on Money Market Funds | 4,363 | | **Total** | **27,726** | Finance Expenses (For the Three Months Ended June 30, 2025): | Item | Thousand USD | | :--- | :--- | | Interest on Bank Borrowings and Overdrafts | 11,771 | | Interest on Convertible Bonds | 33,599 | | Interest on Notes | 30,045 | | Factoring Costs | 105,459 | | **Total** | **186,563** | - Finance expenses for the period decreased by **7%** year-over-year, primarily due to a **$5 million reduction** in interest on bank borrowings and overdrafts, a **$10 million reduction** in notes interest, and a **$25 million reduction** in factoring costs, partially offset by a **$24 million increase** in interest on convertible bonds[25](index=25&type=chunk) [Taxation](index=23&type=section&id=Taxation) This section details current and deferred taxation in the Consolidated Statement of Profit or Loss, with Hong Kong profits tax at **16.5%** and other regions taxed at applicable jurisdictional rates | Item | As of June 30, 2025 (Thousand USD) | As of June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Current Tax: Hong Kong Profits Tax | (36,807) | 26,169 | | Current Tax: Taxation Outside Hong Kong | 165,680 | 108,303 | | Deferred Tax: Credit for the Period | (44,319) | (74,972) | | **Total** | **84,554** | **59,500** | - Hong Kong profits tax has been provided at **16.5%** on the estimated assessable profit for the period[55](index=55&type=chunk) - Taxation outside Hong Kong refers to income tax and non-refundable withholding tax of subsidiaries operating in mainland China and overseas, calculated at the applicable tax rates in each jurisdiction[55](index=55&type=chunk) [Earnings Per Share](index=23&type=section&id=Earnings%20Per%20Share) This section explains basic and diluted EPS calculations, with basic EPS based on profit attributable to equity holders and diluted EPS considering potential ordinary shares like incentive awards and convertible bonds Basic Earnings Per Share Calculation (For the Three Months Ended June 30, 2025): | Metric | Value | | :--- | :--- | | Profit Attributable to Equity Holders of the Company for Basic EPS Calculation (Thousand USD) | 505,333 | | Weighted Average Number of Ordinary Shares for Basic EPS Denominator | 12,265,154,456 | | **Basic Earnings Per Share** | **4.12 US Cents** | Diluted Earnings Per Share Calculation (For the Three Months Ended June 30, 2025): | Metric | Value | | :--- | :--- | | Profit Attributable to Equity Holders of the Company for Diluted EPS Calculation (Thousand USD) | 538,932 | | Weighted Average Number of Ordinary Shares for Diluted EPS Denominator | 14,746,010,930 | | **Diluted Earnings Per Share** | **3.65 US Cents** | - The Company has four classes of potential ordinary shares: long-term incentive awards, warrants, put options granted to non-controlling interests, and convertible bonds[59](index=59&type=chunk) [Inventories](index=24&type=section&id=Inventories) This section details inventory composition as of June 30, 2025, including raw materials, finished goods, and warranty parts, with total inventory increasing from **$7.924 billion to $8.743 billion** | Inventory Category | As of June 30, 2025 (Thousand USD) | As of March 31, 2025 (Thousand USD) | | :--- | :--- | :--- | | Raw Materials and Work-in-Progress | 4,562,568 | 3,995,173 | | Finished Goods | 3,583,492 | 3,320,441 | | Warranty Parts | 596,575 | 608,190 | | **Total** | **8,742,635** | **7,923,804** | [Trade and Lease Receivables and Bills, and Trade and Bills Payables](index=24&type=section&id=Trade%20and%20Lease%20Receivables%20and%20Bills%2C%20and%20Trade%20and%20Bills%20Payables) This section analyzes trade and lease receivables (net **$10.532 billion**) and trade and bills payables (total **$14.188 billion**), detailing customer credit terms, aging analysis, and loss allowance changes Trade and Lease Receivables and Bills (As of June 30, 2025): | Item | Thousand USD | | :--- | :--- | | Trade Receivables | 10,532,147 | | Lease Receivables | 229,368 | | Bills Receivable | 35,058 | | **Total** | **10,796,573** | Aging Analysis of Trade Receivables (As of June 30, 2025): | Aging | Thousand USD | | :--- | :--- | | 0 to 30 days | 7,512,165 | | 31 to 60 days | 1,767,144 | | 61 to 90 days | 517,144 | | Over 90 days | 915,937 | | **Total** | **10,712,390** | | Less: Loss Allowance | (180,243) | | **Trade Receivables – Net** | **10,532,147** | Trade and Bills Payables (As of June 30, 2025): | Item | Thousand USD | | :--- | :--- | | Trade Payables | 11,159,127 | | Bills Payable | 3,028,626 | | **Total** | **14,187,753** | [Deposits, Prepayments and Other Receivables](index=26&type=section&id=Deposits%2C%20Prepayments%20and%20Other%20Receivables) This section details deposits, prepayments, and other receivables, totaling **$5.228 billion**, with other receivables being the largest component, primarily from raw material deliveries to subcontractors | Item | As of June 30, 2025 (Thousand USD) | As of March 31, 2025 (Thousand USD) | | :--- | :--- | :--- | | Deposits | 30,231 | 26,779 | | Other Receivables | 3,703,031 | 2,874,521 | | Prepayments | 1,495,158 | 1,322,358 | | **Total** | **5,228,420** | **4,223,658** | - The majority of other receivables are amounts due from subcontractors for raw materials delivered in the ordinary course of business[66](index=66&type=chunk) [Provisions, Other Payables and Accrued Expenses](index=27&type=section&id=Provisions%2C%20Other%20Payables%20and%20Accrued%20Expenses) This section details provisions, other payables, and accrued expenses, with total other payables and accrued expenses at **$13.785 billion** and total provisions at **$871 million**, including warranty and restructuring costs Other Payables and Accrued Expenses (As of June 30, 2025): | Item | Thousand USD | | :--- | :--- | | Accrued Expenses | 3,834,721 | | Sales Adjustment Provisions | 2,480,407 | | Put Option Liabilities Granted | 313,408 | | Other Payables | 7,062,040 | | Lease Liabilities | 94,599 | | **Total** | **13,785,175** | - Sales adjustment provisions primarily relate to future volume discounts, price protection, rebates, and customer returns[69](index=69&type=chunk) Components of Provisions (As of June 30, 2025): | Provision Category | Thousand USD | | :--- | :--- | | Warranty Costs | 834,743 | | Environmental Remediation | 4,630 | | Restructuring | 31,495 | | **Total** | **870,868** | - The Group records expected warranty liabilities based on estimated costs at the time of sale, accounts for environmental remediation provisions based on estimated costs for recycling electrical and electronic waste from end customers, and restructuring provisions primarily include employee termination payments[71](index=71&type=chunk) [Other Non-Current Liabilities](index=29&type=section&id=Other%20Non-Current%20Liabilities) This section details other non-current liabilities totaling **$732 million**, including deferred consideration, lease liabilities, environmental remediation, and government grants related to R&D and asset construction | Item | As of June 30, 2025 (Thousand USD) | As of March 31, 2025 (Thousand USD) | | :--- | :--- | :--- | | Deferred Consideration | 25,072 | 25,072 | | Lease Liabilities | 295,672 | 269,828 | | Environmental Remediation Costs | 24,040 | 23,159 | | Government Grants and Subsidies Received in Advance | 109,204 | 98,350 | | Others | 278,182 | 301,375 | | **Total** | **732,170** | **717,784** | - Government grants and subsidies received in advance by certain Group companies and included in other non-current liabilities are primarily related to research and development projects and the construction of property, plant and equipment[73](index=73&type=chunk) [Borrowings](index=29&type=section&id=Borrowings) This section details current and non-current borrowings totaling **$4.433 billion**, including short-term loans, notes, and convertible bonds, with ample credit facilities and repayment concentrated within two to five years Composition of Borrowings (As of June 30, 2025): | Category | Thousand USD | | :--- | :--- | | Current Liabilities: Short-term Loans | 65,139 | | Non-current Liabilities: Notes | 2,050,878 | | Non-current Liabilities: Convertible Bonds | 2,316,892 | | **Total** | **4,432,909** | - As of June 30, 2025, the Group had available revolving and short-term loan credit facilities of **$6.35 billion**, with **$63 million** utilized[72](index=72&type=chunk) Outstanding Notes (As of June 30, 2025): | Note | Outstanding Principal (USD) | Annual Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | 2030 Notes | 900,000,000 | 3.421% | November 2030 | | 2028 Notes | 600,000,000 | 5.831% | January 2028 | | 2032 Notes | 563,000,000 | 6.536% | July 2032 | Outstanding Convertible Bonds (As of June 30, 2025): | Bond | Outstanding Principal (USD) | Annual Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | 2029 Convertible Bonds | 675,000,000 | 2.5% | August 2029 | | 2028 Convertible Bonds | 2,000,000,000 | 0% | January 2028 | Loan Repayment Schedule (As of June 30, 2025): | Term | Thousand USD | | :--- | :--- | | Within one year | 65,139 | | Two to five years | 2,913,753 | | Over five years | 1,454,017 | | **Total** | **4,432,909** | [Derivative Financial Liabilities](index=31&type=section&id=Derivative%20Financial%20Liabilities) This section details derivative financial liabilities totaling **$368 million**, including foreign exchange contracts and warrants, with warrants issued on January 8, 2025, for **$212 million** at fair value Derivative Financial Liabilities (As of June 30, 2025): | Category | Thousand USD | | :--- | :--- | | Current Liabilities: Foreign Exchange Forward and Option Contracts | 193,145 | | Current Liabilities: Warrants | 46,488 | | Non-current Liabilities: Warrants | 127,844 | | **Total** | **367,737** | - On January 8, 2025, a total of **1,150,000,000 warrants** were fully subscribed and issued, raising gross proceeds of **HK$1.645 billion (approximately $212 million)**[79](index=79&type=chunk) - Warrant holders are entitled to subscribe for shares of the Company at an initial subscription price of **HK$12.31 per share** (subject to adjustment) at any time before January 8, 2028 (extendable by three months)[79](index=79&type=chunk) [Share Capital](index=32&type=section&id=Share%20Capital) This section details issued and fully paid share capital as of June 30, 2025, with **12,404,659,302 ordinary shares** and **$3,500,987 thousand** in share capital, consistent with the prior period | Item | Number of Shares | Thousand USD | | :--- | :--- | :--- | | Issued and fully paid share capital: Ordinary shares with voting rights: Beginning / End of Period / Year | 12,404,659,302 | 3,500,987 | [Notes to the Consolidated Statement of Cash Flows](index=32&type=section&id=Notes%20to%20the%20Consolidated%20Statement%20of%20Cash%20Flows) This section provides notes to the Consolidated Statement of Cash Flows, including a reconciliation of profit before tax to net cash from operations and an analysis of financing liabilities and their changes Reconciliation of Profit Before Tax to Net Cash Generated from Operating Activities (For the Three Months Ended June 30, 2025): | Item | Thousand USD | | :--- | :--- | | Profit Before Tax | 622,104 | | Finance Expenses | 186,563 | | Depreciation of Property, Plant and Equipment | 119,978 | | Amortization of Intangible Assets | 194,359 | | Share-based Payments | 79,915 | | Fair Value Gain on Derivative Financial Liabilities Related to Warrants | (152,361) | | Increase in Inventories | (749,949) | | Increase in Trade and Lease Receivables and Bills, Deposits, Prepayments and Other Receivables | (1,049,599) | | Increase in Trade and Bills Payables, Provisions, Other Payables and Accrued Expenses | 2,292,092 | | **Net Cash Generated from Operating Activities** | **1,565,957** | Reconciliation of Financing Liabilities (As of June 30, 2025): | Financing Liability Category | Thousand USD | | :--- | :--- | | Short-term Loans - Current | 65,139 | | Notes - Non-current | 2,050,878 | | Convertible Bonds - Non-current | 2,316,892 | | Derivative Financial Liabilities Related to Warrants - Current | 46,488 | | Derivative Financial Liabilities Related to Warrants - Non-current | 127,844 | | Lease Liabilities - Current | 94,599 | | Lease Liabilities - Non-current | 295,672 | | **Total** | **4,997,512** | [Corporate Governance](index=34&type=section&id=Corporate%20Governance) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the three months ended June 30, 2025, the Company did not purchase, sell, or redeem any listed securities, except for **82,287,475 shares** acquired by trustees for employee incentive plans - Save for a total of **82,287,475 shares** acquired in the market by the trustees for the Company's long-term incentive scheme and employee share ownership plan for awarding employees upon vesting, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities during the three months ended June 30, 2025[84](index=84&type=chunk) [Review by Audit Committee](index=34&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed the Group's unaudited financial results for the three months ended June 30, 2025, regularly meeting with management and auditors to discuss accounting, internal controls, and financial reporting - The Company's Audit Committee has reviewed the Group's unaudited financial results for the three months ended June 30, 2025[85](index=85&type=chunk) - The Audit Committee regularly meets with management, external auditors, and internal audit personnel to discuss the accounting standards and practices adopted by the Group, as well as internal controls and financial reporting matters[85](index=85&type=chunk) - The Audit Committee currently comprises three independent non-executive directors and one non-executive director, including Mr. Wu Xianzhang (Chairman), Mr. Gordon Robert Halyburton Orr, Mr. Kasper Bo Roersted, and Mr. Wong Wai Ming[85](index=85&type=chunk) [Compliance with Corporate Governance Code](index=34&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) Lenovo Group complied with the Corporate Governance Code for Q1 FY2025/26, with the exception of the combined Chairman and CEO roles, which the Board deems beneficial and balanced by a Lead Independent Director - For the three months ended June 30, 2025, the Company complied with the Corporate Governance Code in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, except that the roles of the Chairman of the Board ("Chairman") and Chief Executive Officer ("CEO") were not separated as required by Code Provision C.2.1 of the Corporate Governance Code[86](index=86&type=chunk) - The Board believes that Mr. Yang Yuanqing serving as both Chairman and CEO is appropriate and in the Group's best interest, as it maintains continuity in the Group's strategic execution and stability in business operations[86](index=86&type=chunk) - The Board also appointed Mr. John Lawson Thornton as the Lead Independent Director, granting him extensive powers and responsibilities to ensure effective checks and balances between the Company's Board and management[87](index=87&type=chunk)

智通财经APP讯，联想集团(00992)发布公告，Amit Midha获委任为公司非执行董事，自2025年8月13日 起生效。 ...

董事名單與其角色和職能 聯想集團有限公司（「本公司」）董事會（「董事會」）成員載列如下。 主席、執行董事兼首席執行官 楊元慶先生 非執行董事 朱立南先生 趙令歡先生 黃偉明先生 Laura Green Quatela女士 Amit Midha先生 獨立非執行董事 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） John Lawson Thornton先生 （首席獨立董事） Gordon Robert Halyburton Orr先生 胡展雲先生 楊瀾女士 王雪紅女士 薛瀾教授 Kasper Bo Roersted（別名 Kasper Bo Rorsted）先生 | 本公司已設立三個董事委員會。下表載列董事會成員於委員會擔任的職務。 | | --- | | 董事委員會 | | | 提名及 企業管治 | | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 委員會 | | 楊元慶先生 | | | M | | 趙令歡先生 | | M | | | John Lawson ...

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。 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） 委任非執行董事 聯想集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事 會」）欣然宣佈，Amit Midha 先生（「Midha先生」）獲委任為本公司非執行董事， 自二零二五年八月十三日起生效。 1 除上文所披露者外，於本公告日期，Midha先生 (i) 現時及於過往三年內並無於香港或 海外任何證券市場上市的公眾公司擔任任何其他董事職務，亦無擔任任何其他主要的 任命； (ii) 並無於本集團擔任任何職位；及 (iii) 與本公司任何董事、高級管理人員、主 要股東或控股股東概無任何關係。 於本公告日期，Midha先生概無持有《證券及期貨條例》（香港法例第 571 章）第 XV 部所指的本公司股份及／或相關股份之任何權益。 除上文 ...