Group 1 - Lenovo (Beijing) Co., Ltd. has obtained a patent titled "A Method, Device, Electronic Equipment, and Storage Medium for Establishing a Session," with authorization announcement number CN119299436B, and the application date is September 2024 [1] - 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 [1] - The registered capital of Lenovo (Beijing) Co., Ltd. is 5.65 billion HKD [1] Group 2 - According to Tianyancha data analysis, Lenovo (Beijing) Co., Ltd. has invested in 107 companies and participated in 5,000 bidding projects [1] - The company has 1,744 trademark information entries and 5,000 patent information entries, along with 238 administrative licenses [1]

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"异常检测方法、装置和电子设备"的专 利，授权公告号CN111782434B，申请日期为2020年6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1744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。 本文源自：市场资讯 作者：情报员 ...

专利摘要显示，本公开提供了一种电子设备控制方法、装置、设备及存储介质，其中，该方法包括：响 应于电子设备通过充电器连接到外部电源，获取电子设备中的电池的第一温度和充电器的充电器功率； 在第一温度低于第一温度阈值的情况下，根据充电器功率，确定电子设备中的至少一个器件对应的重载 功率；控制至少一个器件以重载功率运行。 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）有限公司申请一项名为"电子设备控制方法、装置、设备及存 储介质"的专利，公开号CN121332846A，申请日期为2025年9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1744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。 ...

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，本公开提供了一种数据处理方法，应用于数据处理技术领域。该数据处理方法，包括： 获得第一指令；响应于第一指令，基于第一会话，创建至少一个第二会话；每个第二会话包括第一会话 的部分会话对象；在第二会话和第一会话进行的过程中，基于第二会话至少输出第一会话内容和第二会 话内容；第一会话内容为第一会话的传输数据，第二会话内容为第二会话的传输数据。 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1744条，专利信 息5000条，此外企业还拥有行政许可238个。 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"数据处理方法"的专利，公开号 CN121334116A，申请日期为2025年11月。 本文源自：市场资讯 作者：情报员 ...

Group 1 - Lenovo (Singapore) Private Limited has applied for a patent titled "Electronic Device" with publication number CN121326109A, filed on June 2025 [1] - The patent abstract describes an electronic device that includes a flat rectangular chassis, which consists of a side wall frame formed by bending extruded material to create at least three side walls [1] - The device features a cover designed to form one surface of the chassis in combination with the side wall frame, and a board frame that has a board shape positioned between the facing portions of the three side walls [1] Group 2 - The board frame includes two partition walls intersecting with the board-shaped portion at an angle, creating a space surrounded by the board-shaped portion and the two partition walls on the three sides [1] - A stop block is fitted from the side into the space, and a portion of the edge of the cover is sandwiched between the side wall frame and the stop block [1]

Investment Rating - The report maintains a positive outlook on Lenovo Group, with expectations of net profit growth in the third quarter of fiscal year 2026, driven by robust PC shipments and stable profit margins [4]. Core Insights - Lenovo's PC business is expected to remain resilient, with a projected year-on-year revenue increase in the third quarter of fiscal year 2026, despite rising memory prices impacting profit margins [4][5]. - The Infrastructure Solutions Group (ISG) is anticipated to approach breakeven in operating profit margins, with profitability expected in the fourth quarter of fiscal year 2026 due to product mix optimization and sales team restructuring [4]. - Lenovo's strong bargaining power and large-scale procurement capabilities position it favorably against competitors, allowing it to better manage cost pressures and transition towards the high-end market [4]. Summary by Relevant Sections Company Overview - Lenovo is the largest PC brand globally, holding a 24% market share in sales. The company has expanded its global footprint through acquisitions and joint ventures in the PC, smartphone, enterprise server, and cloud service sectors [8]. - Approximately 80% of Lenovo's revenue comes from laptops and desktops, while 10% is derived from smartphones and another 10% from servers, services, and software [8]. Revenue Breakdown - The revenue distribution by product category is as follows: Intelligent Devices Group (73.1%), Infrastructure Solutions Group (14.6%), and Solutions and Services Group (12.3%) [9]. - The revenue distribution by region is: Asia (39.8%), Americas (34.5%), Europe (17.3%), and Middle East & Africa (8.5%) [9]. Catalysts - Key catalysts for Lenovo's growth include a rebound in global PC shipments, continuous market share expansion in the PC segment, AI PC launches boosting shipments and profit margins, and improved profitability prospects in the server business [6].

Core Insights - Lenovo Group has achieved a historic milestone by receiving dual "A" ratings in climate change and water security from CDP for the first time, highlighting its leadership in corporate transparency and environmental governance [1][2] Group 1: CDP Rating and Significance - In 2025, over 22,100 companies reported environmental data to CDP, with less than 170 companies receiving an "A" rating in both climate change and water security, representing approximately 0.85% of evaluated companies [1] - CDP ratings are recognized as the "gold standard" for measuring corporate environmental credibility, with a rigorous independent assessment method aligned with TCFD frameworks [1] Group 2: Water Security Rating Improvement - Lenovo improved its water security rating from "A-" to "A," indicating a transition from "well-managed" to "industry leader" in addressing water resource scarcity and efficiency [2] - The company has received multiple accolades for its ESG performance, including the "Most Sustainable Organization" award from HKICPA and the highest EcoVadis sustainability rating of "Platinum" [2] Group 3: Climate Change Initiatives - Lenovo is the first high-tech manufacturing company in China to have its net-zero targets verified by the Science Based Targets initiative (SBTi), demonstrating a commitment to ambitious climate goals [3] - The company has developed a digital platform for supply chain ESG management, covering over 99% of suppliers, and has implemented a scoring system that prioritizes suppliers with strong ESG performance in procurement decisions [3] Group 4: Technological Innovations for Sustainability - Lenovo promotes green transformation through technological innovations, such as liquid cooling technology, to reduce operational energy consumption while assisting clients in achieving low-carbon development [4] - The company maintains high standards of transparency in its climate actions, ensuring that all initiatives are traceable and quantifiable [4] Group 5: Water Resource Management Strategies - Lenovo has revamped its water resource risk scenario analysis process, applying mature climate change models to water management for precise risk assessment [5] - The company has implemented a strict Water Resiliency Policy and utilizes digital tools to monitor water usage in real-time, ensuring efficient water resource recycling [5]

Group 1 - Lenovo (Beijing) Co., Ltd. has applied for a patent titled "Display Method, Device, and Storage Medium," with publication number CN121326692A, and the application date is September 2025 [1] - The patent abstract reveals that the method includes obtaining first and second data from the baseboard management controller in response to a target event triggered on the host, where the first data relates to the target event and the second data is relevant data output to the display module [1] - The target event characterizes the host's state as abnormal, and the display module is controlled to show content corresponding to the first and second data [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 [1] - 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 1,637 trademark records and 5,000 patent records [1] - Additionally, the company possesses 238 administrative licenses [1]

Core Insights - The global PC market is expected to see a significant recovery in 2025, with total shipments reaching 279.5 million units, marking a 9.2% year-on-year growth, ending two years of decline [1] - The fourth quarter of 2025 will be particularly strong, with total shipments of desktops, laptops, and workstations rising to 75 million units, a year-on-year increase of 10.1% [1] - The desktop market is projected to grow at a rate of 14.4%, while laptops (including mobile workstations) will maintain a dominant position with annual shipments of 220.4 million units [1] Market Dynamics - Despite the recovery, there are underlying concerns as memory and storage supply is tightening, leading to a rapid increase in prices, with expectations of a 50% rise in the short term [4] - The tightening supply is attributed to global supply chain issues, rising raw material costs, and surging market demand [4] - Major manufacturers are adjusting production strategies to prioritize high-end product lines, exacerbating supply-demand imbalances in the mid-to-low-end market [4] Competitive Landscape - The fourth quarter of 2025 will showcase a competitive landscape characterized by "top players solidifying their positions while mid-tier players gain traction" [5] - Lenovo will maintain its global leadership with shipments of 19.3 million units and a market share of 25.8%, reflecting a 14.4% increase from the previous year [5] - Dell will emerge as a significant player with a 26.0% year-on-year growth rate, increasing shipments from 9.9 million to 12.5 million units, raising its market share by 2.1 percentage points to 16.7% [5] - HP will follow with 15.4 million units shipped and a market share of 20.6%, showing a stable growth of 12.1% [5] - Smaller manufacturers are struggling, with a collective shipment decline of 1.5%, as they lose market share to larger players due to supply constraints [5] Strategic Recommendations for Smaller Players - Experts suggest that smaller PC manufacturers should focus on niche application scenarios to differentiate themselves and avoid direct competition with larger firms [6] - By developing high-performance, specialized PC products for specific fields like design and gaming, smaller firms can enhance product value and user loyalty [6] - Collaborating with software developers in niche markets can further optimize product performance and improve user experience [6] Impact of Rising Memory Prices - The overall PC market is performing well, but tightening memory supply and rising prices are expected to suppress shipment forecasts for 2026 [7] - Memory and storage costs have increased by 40% to 70% from Q1 to Q4 of 2025, leading to cost pressures that will be passed on to customers [7] - The rising memory prices are a structural adjustment in the global semiconductor industry, affecting product strategies and market dynamics [7] Future Outlook - The cost of memory is becoming a significant portion of PC hardware costs, with high-end laptops seeing memory costs rise to 23% [8] - Major manufacturers like Lenovo and Acer are planning price increases for 2026 due to these cost pressures [8] - The memory price increase cycle is expected to extend, further concentrating the market towards larger firms with better supply chain management and cost absorption capabilities [9] - Domestic memory manufacturers like Changxin Storage and Yangtze Memory are expected to play a crucial role in alleviating global memory supply shortages in the long term [10]

Summary of Lenovo (0992.HK) Conference Call Company Overview - **Company**: Lenovo Group Limited (0992.HK) - **Industry**: Personal Computers (PCs) and Technology Key Points and Arguments 1. **PC Shipment Performance**: Lenovo reported a flat quarter-over-quarter (QoQ) PC shipment of 19.3 million units in the December quarter, maintaining its position as the global leader with a year-over-year (YoY) growth of 14%, compared to the global PC shipment growth of 9.6% [1][2] 2. **Market Position**: The strong shipment growth reflects Lenovo's robust market position and suggests a consumption pull-in effect amid rising memory costs [1] 3. **Gross Margin (GM) Stability**: Lenovo's gross margin remained stable in the September quarter, and it is expected to stay stable in the December and March quarters due to strong bargaining power and market position. However, a decline in GM is anticipated in the June quarter, dropping from 15.6% to 14.6% due to rising memory costs [1][2] 4. **Historical GM Trends**: In previous memory price upcycles, Lenovo's blended GM decreased from 14.7% in CY2016 to 13.8% in CY2017, before recovering to 14.0% in CY2018 [1] 5. **Earnings Revision**: FY2026E revenues have been reduced by 2% due to a less aggressive product mix upgrade in PCs, leading to a slight reduction in GM from 15.4% to 15.2% and a 3% cut in gross profit [2] 6. **Operating Expenses**: The operating expense (opex) ratio is expected to improve due to better operational efficiency, keeping net income largely unchanged [2] 7. **Future Earnings Estimates**: For FY2027E, net income is reduced by 5% mainly due to lower GM, while FY2028E estimates remain largely unchanged as product mix upgrades are expected to support GM recovery post-memory upcycle [2] 8. **Valuation and Price Target**: The target price for Lenovo is set at HK$11.98, reflecting a 9.6% reduction from HK$13.25, based on a target P/E multiple of 10.3x derived from peer averages [8][11] 9. **Investment Rating**: Goldman Sachs maintains a "Buy" rating on Lenovo, indicating a potential upside of 33.9% from the current price of HK$8.95 [11] Risks and Considerations 1. **Market Demand Recovery**: Risks include slower-than-expected recovery in market demand across PCs, servers, storage, and smartphones [9] 2. **Competition**: Increased competition in smartphones and AI servers could impact Lenovo's market share [9] 3. **Inventory Management**: Longer-than-expected inventory digestion in PCs and servers may pose challenges [9] 4. **Product Mix Upgrades**: Slower-than-expected upgrades in product mix or total solutions could hinder growth [9] Additional Insights - **Operational Efficiency**: The company is focusing on improving operational efficiency, which is expected to positively impact the SG&A ratio in FY2026E compared to FY2025A [2] - **Investment in AI**: Lenovo is maintaining a stable R&D ratio to continue investing in generative AI, which is seen as a key growth area [2] This summary encapsulates the essential insights from the conference call regarding Lenovo's performance, market position, financial outlook, and associated risks.