凡選擇（或被視作已同意）瀏覽在本公司網站登載之本公司公司通訊 （附註 1） 以代替收取印刷本之 股東，均可要求索取本次公司通訊文件及 / 或收取本公司日後發布之公司通訊的印刷本。 倘 閣下擬收取本次公司通訊文件之印刷本及 / 或欲更改選擇收取本公司日後發布之公司通訊的 語言版本及收取方式，請填妥隨附的變更申請表格或於本公司網站下載，利用郵寄標籤寄回本公司 之股份過戶登記處–卓佳證券登記有限公司或將變更申請表格電郵至 lenovo-ecom@vistra.com 。當 收到 閣下之要求，本次公司通訊文件及 / 或日後公司通訊的印刷本將免費發送予 閣下。 Lenovo Group Limited 聯想集團有限公司 (於香港註冊成立的有限公司) (港幣櫃台股份代號：992 / 人民幣櫃台股份代號：80992) 敬啟者： 刊發二零二五 / 二零二六年中期報告（「本次公司通訊文件」）的通知 本次公司通訊文件之中英文版本現已登載於本公司網站 https://investor.lenovo.com/tc/publications/news.php 及香港交易及結算所有限公司的披露易網站 https://www.hkexne ...

Financial Performance - Revenue for the six months ended September 30, 2025, reached $39.28 billion, a 17.5% increase compared to $33.30 billion for the same period in 2024[8]. - Gross profit for the six months ended September 30, 2025, was $5.92 billion, representing a gross margin of 15.1%, up from $5.36 billion and a gross margin of 16.1% in the previous year[8]. - Operating profit for the six months ended September 30, 2025, was $1.43 billion, a 24.7% increase from $1.15 billion in the same period of 2024[8]. - Net profit attributable to equity holders for the six months ended September 30, 2025, was $845.61 million, compared to $601.90 million for the same period in 2024, reflecting a 40.4% increase[8]. - Basic earnings per share for the six months ended September 30, 2025, was 6.89 cents, up from 4.91 cents in the same period of 2024[8]. - The company reported a total comprehensive income of $1,313,815 thousand for the period[14]. - The net profit for the period was $636,771 thousand, reflecting a significant increase compared to previous periods[14]. - The company reported a significant increase in trade payables to $16,132,424 thousand as of September 30, 2025, compared to $11,978,933 thousand as of March 31, 2025, representing a growth of approximately 34.5%[11]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $49.83 billion, an increase from $44.23 billion as of March 31, 2025[10]. - Total liabilities rose to $42,342,285 thousand as of September 30, 2025, compared to $37,570,895 thousand as of March 31, 2025, indicating an increase of approximately 12.5%[11]. - Total equity increased to $7,488,880 thousand as of September 30, 2025, up from $6,659,917 thousand as of March 31, 2025, representing a growth of approximately 12.4%[11]. - Cash and cash equivalents at the end of the period increased to $5,112,130 thousand from $4,178,915 thousand, marking a rise of 22.3%[13]. - The company reported a net cash outflow from investing activities of $778,878 thousand for the six months ended September 30, 2025, compared to $524,696 thousand for the same period in 2024, indicating a significant increase in investment expenditures[12]. Operational Highlights - The company has established a strategic partnership with MSG family businesses to enhance brand exposure in sports and entertainment sectors[3]. - Lenovo's ThinkSystem SE350 edge server has been deployed to support the operations of Médecins Sans Frontières, improving system performance and data security[5]. - The company plans to continue investing in research and development, with R&D expenses for the six months ended September 30, 2025, totaling $1.10 billion[8]. - The Smart Devices segment generated revenue of $28,566,558 thousand with an operating profit of $2,051,216 thousand, compared to $24,935,700 thousand and $1,818,363 thousand respectively in the previous year[19]. - The Infrastructure Solutions segment reported a revenue of $8,377,292 thousand but incurred an operating loss of $117,555 thousand, compared to a revenue of $6,465,167 thousand and a loss of $73,002 thousand in the prior year[19]. Cash Flow and Financing - Net cash generated from operating activities for the six months ended September 30, 2025, was $2,762,085 thousand, compared to $1,778,086 thousand for the same period in 2024, reflecting a year-over-year increase of 55.3%[12]. - Cash flow from financing activities resulted in a net outflow of $1,649,514 thousand for the six months ended September 30, 2025, compared to an outflow of $674,259 thousand for the same period in 2024, indicating increased financing activities[13]. - The company incurred interest payments of $317,738 thousand during the six months ended September 30, 2025, down from $384,652 thousand in the same period of 2024, showing a decrease of 17.4%[12]. Shareholder and Equity Information - The company declared an interim dividend of 8.5 HKD cents per share, totaling $135,417 thousand for the six months ended September 30, 2025[35]. - The company has a long-term incentive plan that includes both stock options and restricted stock units, aligning executive compensation with shareholder interests[144]. - The total number of shares available for borrowing is 5,829,625,271, reflecting liquidity in the market[158]. - The company has granted stock options to executives, with a total of 79,451,149 shares awarded to Mr. Yang Yuanqing, with a fair value of HKD 23,531,073 for options granted on June 2, 2025[144]. Market and Regional Performance - Revenue from the Asia-Pacific region increased to $7,922,699 thousand, up 30% from $6,095,125 thousand in the previous year[20]. - The Americas region generated revenue of $12,786,743 thousand, reflecting a growth from $11,363,642 thousand in the previous year[20]. - The company aims to enhance its vision around the "Hybrid AI for All" framework, integrating device intelligence and enterprise AI across its business portfolio[137]. - The company plans to continue focusing on developing scalable AI-driven solutions through digital workplace solutions and hybrid cloud initiatives[137]. Compliance and Governance - The company has complied with the corporate governance code during the six months ending September 30, 2025, except for the roles of Chairman and CEO not being separated[170]. - The Audit Committee reviewed the unaudited financial performance for the six months ending September 30, 2025[169]. - John Lawson Thornton has been appointed as the Chief Independent Director with extensive powers and responsibilities[171].

责任编辑：刘万里 SF014 新浪科技讯 12月5日下午消息，联想举办"2025联想异构智算产业联盟高峰论坛暨AI算力基础设施新品 发布会"。会上，联想万全4.0异构智算平台正式发布。据悉，联想万全4.0推理性能提升5-10倍，训练效 率提升10%-15%，1小时内可自动完成跨集群资源调动。 新浪科技讯 12月5日下午消息，联想举办"2025联想异构智算产业联盟高峰论坛暨AI算力基础设施新品 发布会"。会上，联想万全4.0异构智算平台正式发布。据悉，联想万全4.0推理性能提升5-10倍，训练效 率提升10%-15%，1小时内可自动完成跨集群资源调动。 同时，业内首个模型训推服务标准验证成果《信息技术算力服务高性能模型训推服务能力要求》也正式 发布。该成果在打破算力资源隔离、推动行业标准化发展、加速应用高质量落地、加速极致性能突破等 多个方面进行了规范。 联想集团副总裁、中国基础设施业务群总经理陈振宽表示，"联想与合作伙伴共同形成的联想万全生 态，集结了智能安全基础设施产业上下游的合作伙伴，整合了AI平台的应用厂商、AI基础设施及系统 厂商、AI芯片厂商等核心能力，共同实现从芯片到系统再到大模型的产业一体化。" ...

Core Points - Lenovo held the "2025 Lenovo Heterogeneous Computing Industry Alliance Summit Forum and AI Computing Power Infrastructure New Product Launch" event [1][3] - The Lenovo Wontian WA8080a G5 was officially launched, supporting eight latest OAM2.0 GPUs and capable of handling a single GPU with a cooling capacity of up to 1000W, with liquid cooling exceeding 1000W [1][3] - The inter-node communication rate reaches up to 3.2Tb/s, enhancing data transfer capabilities [1][3] Stability Features - The product features a 12V and 54V separated power supply design with N+N redundancy, dual BIOS/BMC flash redundancy, and real-time monitoring of component-level power consumption, ensuring stability and reliability [1][3] - High-density front and rear expandable IO design is included, along with compatibility with major domestic and international GPUs, enhancing its expansion capabilities [1][3]

Core Insights - A number of Chinese internet companies are expanding their operations to Latin America, with significant investments in data centers and cloud infrastructure to tap into the region's growing digital economy [1][2] Group 1: Investment and Expansion - TikTok plans to invest approximately $37.7 billion in a large data center complex in Northeast Brazil, marking its first major project in Latin America [1] - Alibaba Cloud announced the construction of a new data center in Brazil and the expansion of its existing center in Mexico, aligning with local businesses' digital transformation needs [1] - International tech giants like Amazon, Google, and Microsoft are also heavily investing in Latin America, establishing multiple data centers despite local resource challenges [2] Group 2: Market Growth and Demand - Latin America is experiencing a significant boom in data center investments, with the market expected to nearly double from approximately $5 billion in 2023 to nearly $10 billion by 2029 [2] - The region's cloud service demand is projected to drive investment growth, with sustainable energy sources like wind and solar power being a key advantage for operations [3] Group 3: Competitive Landscape - Alibaba Cloud is accelerating its presence in Latin America, focusing on cloud infrastructure and AI applications to capture growth opportunities in e-commerce and fintech [4] - Lenovo, as a hardware supplier, supports Alibaba Cloud's infrastructure development and is expanding its market share in the region, aiming to challenge the top three cloud providers [4] Group 4: Strategic Partnerships and Innovations - Lenovo's unique "global resources + local delivery" model has proven effective in Latin America, allowing for efficient cost control and product customization [6] - The company emphasizes a hybrid AI strategy, with AI PCs expected to account for over 80% of global PC sales by 2028, and AI servers being deployed in enterprise solutions [6] Group 5: Support for Other Industries - Lenovo has also supported Chinese companies entering the Latin American market, providing IT infrastructure for electric vehicle manufacturers like BYD and Geely, enhancing their R&D capabilities [7]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，联想（新加坡）私人有限公司取得一项名为"控制信号配置波形类型"的专 利，授权公告号CN115735394B，申请日期为2021年6月。 ...

Group 1 - Lenovo (Beijing) Co., Ltd. has applied for a patent titled "An Electronic Device," with publication number CN121070136A, filed on August 2025 [1] - The patent describes an electronic device comprising three bodies: a first body with a first functional area, a second body connected to the first, and a third body movably connected to the second, allowing the device to have two different postures [1] - In the first posture, the second and third bodies are relatively closed, while in the second posture, they form a specific angle; the relative position of the first functional area and the third body changes between these two postures [1] Group 2 - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 565 million Hong Kong dollars and has invested in 107 enterprises, participated in 5,000 bidding projects, and holds 1,751 trademark records and 5,000 patent records [2] - Additionally, Lenovo (Beijing) Co., Ltd. possesses 238 administrative licenses [2]

本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，联想（北京）有限公司取得一项名为"单次HARQ-ACK码本确定的装置和方 法"的专利，授权公告号CN114097293B，申请日期为2019年7月。 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107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

国家知识产权局信息显示，联想（北京）有限公司申请一项名为"一种风扇及电子设备"的专利，公开号 CN121066864A，申请日期为2025年10月。 本文源自：市场资讯 作者：情报员 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107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 专利摘要显示，本申请公开了一种风扇及电子设备，风扇包括：多个叶片，所述叶片具有相背的迎风面 及背风面，所述叶片具有第一位置及第二位置，所述多个叶片能够沿目标轴线转动；固定部件，所述固 定部件具有第一部分及第二部分，所述第一部分连接多个所述叶片的第一位置，所述第一部分靠近和/ 或远离所述目标轴线的一面具有所述第二部分，所述第二部分连接所述叶片的第二位置，所述第二部分 具有凸出于所述迎风面的第一目标部及凸 ...

2025年11月27日，联想(00992)正式宣布将其Neptune海神液冷技术扩展至全线数据中心产品组合，以应 对现代数据中心日益增长的计算需求与能耗压力。 就在其宣布这则消息的同一天，美国芝加哥商品交易所(CME)的交易系因数据中心冷却故障而瘫痪，全 球衍生品市场陷入了一场长达逾10小时的交易暂停。 这场巧合背后，是AI算力狂飙下传统数据中心散热体系的全面承压，功耗暴增与能耗失控正将全球数 字基建推向"热失控"边缘，一场大规模的技术迭代迫在眉睫。 数据更能说明困境。国际能源署(IEA)统计显示，全球数据中心年耗电量已占总用电量的1.8%，其中 38%的电力被用于冷却系统——这意味着每产生1度电的计算价值，就有近0.4度电被消耗在"对抗热 量"上。微软首席执行官萨提亚 纳德拉(Satya Nadella)近期在 BG2播客中表示，尽管市场对AI芯片的需 求持续高涨，但微软当前面临的并非算力过剩，而是数据中心的供电和物理空间已接近极限，导致大量 AI芯片只能滞留在库存中，无法"通电运行"。 联想瞄准液冷市场 在风冷逼近物理极限的背景下，液冷技术正成为行业转型的核心方向，而全球数据中心建设的热潮预示 着这一市场 ...