Core Insights - Lenovo Group reported FY25 Q4 revenue of $17 billion, a 23% year-over-year increase, with significant growth across various business segments [1] - The company forecasts revenue for FY2026-FY2028 to be $75.1 billion, $79.7 billion, and $83.7 billion respectively, adjusting the target price to HKD 14.7 while maintaining a "Buy" rating [1] Business Segment Analysis - The IDG segment continues to lead with revenue of $11.8 billion, a 13% increase, holding a market share of 23.7%, outperforming the second competitor by 3.6 percentage points [2] - The ISG segment turned profitable with revenue of $4.1 billion, a 63% increase, driven by traditional and AI computing [2] - The SSG segment achieved a record operating profit of $1.8 billion, a 15% year-over-year increase, benefiting from digital workplace solutions and hybrid cloud services [2] - AI PC penetration reached 16% of total notebook shipments in China, with the company planning to enhance its AI ecosystem to boost competitiveness in personal products [2] - Cloud infrastructure revenue exceeded $10 billion, showing a 92% year-over-year growth, while enterprise infrastructure revenue reached a historical high with a 20% increase [2]

在科技浪潮席卷全球的当下，中国科技资产正在经历一场深刻的价值重估。从基础的模型研发到多样的 应用场景，中国科技企业在彰显自身巨大创新能量的同时，也在重塑整个科技行业的投资逻辑。港股市 场中的中国科技核心资产，凭借其独特的结构优势与估值吸引力，正成为全球投资者配置的焦点。 这场科技革命，中国不再缺席 在这场决定未来的科技竞赛中，一股"神秘的东方力量"正在席卷全球，中国科技企业已从过去的"跟随 者"转变为不可忽视的"深度参与者"和"重要创新力量"。 技术层面，以DeepSeek为代表的本土模型展现出强大的竞争力。随着AI技术迭代加速，中国科技企业 已逐渐从"应用追随"转向"底层创新"。 此外，从估值角度看，港股也仍具备相对吸引力，性价比优势凸显。 产业层面，国内互联网与科技巨头在模型研发、硬件适配、应用场景探索上展现出惊人的追赶速度和创 新能力。尤其是2023年起，生成式AI在国内迅猛发展，龙头企业正加速在模型与应用端布局，其领军 的创新实力有望得到更充分的体现。 政策层面，2021年起互联网行业在反垄断监管强化背景之下受到一定抑制，但2023年政策基调发生根本 性转变：中央政治局会议明确提出"鼓励头部平台企业探 ...

| Vendor | | | Unit share | Annual growth | | --- | --- | --- | --- | --- | | #1 1 | | Samsung | 22% | -5% | | Apple | #2 | | 14% | +20% | | #3 1 | | vivo | 13% | +9% | | Xiaomi | #4 · | | 12% | -20% | | OPPO | #5 | | 10% | -14% | | Source: Canalys Estimates (sell-in shipments), Smartphone Analysis, May 2025 | | | | Canalys | 全球重点市场： Canalys（现并入Omdia）最新研究显示，2025年第一季度，全球智能手机市场仅实现0.2%的增长，出 货量达2.969亿台。由于阶段性换机高峰进入尾声以及厂商寻求更健康的库存水位，全球智能手机市场增 速已经连续三个季度回落。三星凭借最新旗舰产品的发布以及性价比A系列新品巩固了第一的位置，出货 量达6050万台。苹果凭借其在亚太新兴市场以及美国 ...

ab 27 May 2025 Global Research First Read Lenovo Group 2025 AIC: Improving infra business profitability from breakeven Profitability improvement for its infra business driven by enterprise Lenovo is turning its ISG (infrastructure business with CSPs and ESMBs) segment profitable, focusing on improving and growing its ESMB business, which yield higher margins once scale, cost structure, and operating leverage improve. For this fiscal year, it is optimistic about reaching its internal KPI of sequentially impr ...

行 业 及 产 业 2025 年 06 月 02 日 EDA 加强对华管制！香港发布《稳 行 业 研 究 / 行 业 点 评 相关研究 《Robotaxi 盈利弹性来源！AI 产业三大进 展—— 计算机行业周报 20250519- 20250523 》 2025/05/24 《算力当前三大关注！ ——计算机行业周 报 20250512-20250516 》 2025/05/17 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 胡雪飞 A0230522120002 huxf@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230123060004 xupp@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A023012309001 ...

本文源自：金融界 作者：情报员 专利摘要显示，本申请公开了一种数据处理方法、模型压缩方法及装置，数据处理方法包括：获得针对 目标任务的输入数据；输入数据是图像数据、文本数据、语音数据和视频数据中的至少一种；响应目标 任务是第一类型任务，基于表征目标模型的第一参数集合处理目标任务以获得第一输出结果；响应目标 任务是第二类型任务，基于表征目标模型的第二参数集合处理目标任务以获得第二输出结果；第一类型 任务与第二类型任务满足相似性条件，第一参数集合由第一基础参数部分和第一私有参数部分表征，第 二参数集合由第二基础参数部分和第二私有参数部分表征，第一基础参数部分与第二基础参数部分相 同，第一私有参数部分与第二私有参数数据部分包括相同部分参数。 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了102家企业，参与招投标项目5000次，财产线索方面有商标信息1730条，专利信 息5000条，此外企业还拥有行政许可237个。 金融界2025年5月31日消息，国家 ...

2025年，可谓是新一轮AI狂潮 进入落地发展阶段的关键一年。 2025年，可谓是新一轮AI狂潮进入落地发展阶段的关键一年。 首先是以游戏为首的内容行业，米哈游创始人蔡浩宇新作《Whispers from the Star（星之呢喃）》，玩家能够通过与AI角色Stella实时互动，影响剧情分支 和结局，让行业看到了"后元宇宙时代"AI驱动的新故事；今年3月上线的生活模拟游戏《inZOI》中，玩家可开启"Smart Zoi"实验功能，让城市NPC由ACE 驱动，基于个性和目标动态行动，并可通过自由文本指令影响NPC行为...... 除了作为前沿技术的"试炼场"的游戏行业以外，影视、音乐、教育、医疗、消费电子、工业等多个领域也已开始跟AI接轨。例如，过去一年里，各大手机厂 商纷纷接入语言大模型，结合图片识别等功能，让用户能够随时随地"知晓万物"。 类似的案例还有很多，AI的落地应用正在以远超我们想象的速度，融入每个人的工作、生活、娱乐当中。 以下文章来源于36氪游戏 ，作者刘士武 36氪游戏 . 以科技视角，解析游戏产业发展浪潮。 网易游戏旗下《逆水寒》手游推出了全球首个游戏内的AI大模型竞技场，为玩家提供了与A ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.30 HKD [8][9]. Core Insights - The company reported a revenue of 16.98 billion USD for 4QFY25, representing a year-over-year increase of 22.8%, exceeding Bloomberg consensus expectations by 8.4% [1]. - Non-HKFRS net profit attributable to shareholders was 280 million USD, up 24.7% year-over-year, indicating business resilience despite tariff uncertainties [1]. - Revenue forecasts for FY26 and FY27 have been cautiously adjusted downwards by 5.1% and 3.1% to 75.44 billion USD and 81.69 billion USD, respectively, due to tariff impacts [1]. - The company is expected to maintain strong growth in high-margin businesses driven by the rollout of AI agent products [1]. Summary by Sections IDG (Intelligent Devices Group) - IDG revenue increased by 12.9% year-over-year, with a pre-tax profit margin of 6.8% [2]. - PC and smartphone shipments grew by 10.9% and 5.6% year-over-year, respectively, outpacing global shipment growth rates [2]. - Revenue from PCs rose by 13.2% year-over-year, driven by robust sales of gaming laptops and high-end workstations [2]. ISG (Infrastructure Solutions Group) - ISG revenue surged by 62.7% year-over-year, continuing its strong growth trajectory [3]. - The growth was primarily fueled by AI server demand, with "Neptune liquid cooling" revenue increasing by 68% year-over-year [3]. - FY26 revenue is projected to grow by 22.2% year-over-year to 17.74 billion USD [3]. SSG (Solutions and Services Group) - SSG achieved a pre-tax profit margin of 22.7%, the highest since FY22, indicating robust growth in AI solutions and services [4]. - AI solutions and "as-a-service" offerings accounted for 58% of SSG revenue, reflecting a 4 percentage point increase year-over-year [4]. - FY26 revenue is expected to grow by 10.0% year-over-year, driven by digital solutions and cloud services [4]. Financial Projections - The company anticipates FY26/27/28 net profits of 1.47 billion USD, 1.50 billion USD, and 1.53 billion USD, respectively, with year-over-year growth rates of 2.0%, 2.1%, and 2.1% [5]. - The projected EPS for FY26, FY27, and FY28 are 0.13 USD, 0.14 USD, and 0.15 USD, respectively [5]. - The report applies a 15x FY26 PE valuation, reflecting a premium over the average PE of comparable companies [5].

Core Viewpoint - The company is experiencing steady revenue growth and a positive turnaround in net profit for FY2025, despite some quarterly performance pressures due to accounting standards [1][2]. Financial Performance - For FY2025, the company achieved a revenue of $69.077 billion, representing a year-on-year increase of 21.41% - The net profit reached $1.384 billion, showing a year-on-year growth of 37.01%, marking a positive shift in net profit growth [1] - In Q4 of FY2025, the company reported a revenue of $16.984 billion, which is a year-on-year increase of 22.50% but a quarter-on-quarter decrease of 9.64% - The net profit for Q4 was $90 million, reflecting a year-on-year decline of 63.72% and a quarter-on-quarter decline of 87.02%, primarily impacted by Hong Kong accounting standards [1] Profitability Metrics - The gross margin for FY2025 was 16.1%, down by 1.2 percentage points, mainly due to the rapid increase in smartphone product revenue, which has a lower gross margin - The operating expense ratio was 13.7%, down by 1.4 percentage points, with specific reductions in sales and distribution, administrative, R&D, and financial expense ratios [2] - The net profit margin for FY2025 was 2.1%, up by 0.2 percentage points, indicating an improvement in profitability [2] Growth Drivers - The company is expected to benefit from three key growth areas: AI PCs, smartphones, and servers - AI PC shipments are projected to reach approximately 61.8 million units in 2024, with a global market share of about 23.5%, showing a year-on-year increase of 0.8 percentage points - The smartphone segment, particularly Motorola, is expected to grow by 23% year-on-year in 2024, outperforming the overall market growth of 4% [3] - The server business has turned profitable in the second half of FY2025, with increased demand from major internet companies for AI servers, which is anticipated to contribute to incremental performance [3]

2025年，可谓是新一轮AI狂潮进入落地发展阶段的关键一年。 首先是以游戏为首的内容行业，米哈游创始人蔡浩宇新作《Whispers from the Star（星之呢喃）》，玩家能够通过与AI角色Stella实时互动，影响剧情分支 和结局，让行业看到了"后元宇宙时代"AI驱动的新故事；今年3月上线的生活模拟游戏《inZOI》中，玩家可开启"Smart Zoi"实验功能，让城市NPC由ACE 驱动，基于个性和目标动态行动，并可通过自由文本指令影响NPC行为...... 除了作为前沿技术的"试炼场"的游戏行业以外，影视、音乐、教育、医疗、消费电子、工业等多个领域也已开始跟AI接轨。例如，过去一年里，各大手机 厂商纷纷接入语言大模型，结合图片识别等功能，让用户能够随时随地"知晓万物"。 类似的案例还有很多，AI的落地应用正在以远超我们想象的速度，融入每个人的工作、生活、娱乐当中。 大厂们的AI实验 首当其冲将AI进行C端产品融合的游戏大厂们已经开始行动。 2025年初，腾讯游戏旗下《和平精英》中的数字代言人吉莉开始接入人工智能技术。通过DeepSeek的大模型技术支持，"吉莉"不仅能够在游戏内提供战役 复盘技巧、参 ...