新一轮科技革命和产业变革正加速演进，人工智能、量子计算、新材料等前沿技术持续突破，对产业发 展模式、企业组织形态乃至全球竞争格局产生深刻影响。在这一变革周期中，提前识别方向、夯实技术 与产业基础，将成为企业应对未来竞争的重要能力。 作为一家产业运营与投资集团，联想控股始终坚持科技创新引领高质量发展主线，在夯实既有产业基础 的同时，持续加强科创领域投入。多年来，联想控股体系（包括联想控股、君联资本、弘毅投资、联想 之星、正奇能科、联想创投）累计投资了上千家科技型企业，覆盖人工智能、半导体、量子计算、新材 料、生物医药等众多前沿领域，形成了以长期主义为特征的科技生态布局。 深耕新兴赛道，布局未来产业 随着"十五五"规划建议的发布，产业升级方向进一步明确，包括加快发展新能源、新材料、航空航天、 低空经济等战略性新兴产业，同时前瞻布局量子科技、生物制造、氢能和核聚变能、脑机接口、具身智 能、第六代移动通信等未来产业。 围绕这些关键赛道，联想控股秉持"投早投新、融资融智"的理念，通过基金投资、投后赋能、供应链协 同、产业落地等方式，持续支持科技企业突破关键技术、实现商业化落地，所投企业中不乏具有核心技 术和广阔前景的创 ...

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，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致之任何損失承擔任何責任。 聯想控股股份有限公司 Legend Holdings Corporation | | 截至2025年 | 截至2025年 | 截至2024年 | 截至2024年 | | --- | --- | --- | --- | --- | | | 9月30日止 | 9月30日止 | 9月30日止 | 9月30日止 | | | 三個月 | 六個月 | 三個月 | 六個月 | | | （未經審核） | （未經審核） | （未經審核） | （未經審核） | | | 百萬美元 | 百萬美元 | 百萬美元 | 百萬美元 | | 收入 | 20,452 | 39,282 | 17,850 | 33,297 | | 毛利 | 3,147 | 5,921 | 2,796 | 5,356 | | 毛利率 | 15.4% | 15.1% | 15.7% | 16.1% | | 經營費用 | (2,504) | (4,493) | ( ...

Core Points - Lenovo Holdings announced a significant personnel change with CEO Li Peng resigning for personal career choices, effective immediately, with no disagreements with the board [2] - Li Peng received high praise for his performance since becoming CEO in 2020, focusing on technology innovation, optimizing post-investment management, improving business quality, and strengthening talent development [2] - Yu Hao has been appointed as the new CEO, bringing a strong professional background and experience in technology and management [2][3] Summary by Sections - **Leadership Change** - Li Peng resigned as CEO and executive director, effective immediately, with no board disagreements [2] - Yu Hao appointed as the new CEO, previously serving as vice president and managing director of the Innovation Development Center [2] - **Performance Evaluation** - Li Peng's tenure since 2020 marked by strategic implementation and business expansion [2] - Focus on technology innovation and improvement of business quality [2] - **New CEO Profile** - Yu Hao holds a bachelor's degree in Electrical Engineering and a PhD in Power Systems and Automation from Harbin Institute of Technology [3] - Prior experience includes leading R&D in multinational companies and expertise in various innovative technologies [3] - Market expectations for Yu Hao to leverage his background to enhance Lenovo Holdings' competitiveness in technology innovation and business expansion [3]

Core Viewpoint - Lenovo Holdings has appointed Yu Hao as the new CEO, emphasizing his expertise in technology and management to drive the company's focus on technological innovation and high-quality development [1][2] Group 1: Leadership Change - Yu Hao has been appointed as CEO of Lenovo Holdings, effective November 17 [1] - He joined Lenovo Holdings in 2021 and has held various positions, including Vice President and Director General of the Innovation Development Center [1] - Yu Hao holds a PhD in engineering from Harbin Institute of Technology and has experience in research and teaching [1] Group 2: Strategic Focus - The board of Lenovo Holdings believes Yu Hao will contribute to the company's strategic direction in technology innovation and high-quality development [1] - Yu Hao has been responsible for forward-looking technology breakthroughs and has established a co-creation incubation system for emerging industries [2] - He has built a collaborative network with several prestigious universities and research institutions to promote the transformation of research results into industrial applications [2] Group 3: Professional Background - Prior to joining Lenovo Holdings, Yu Hao worked in research and development for several multinational companies, focusing on innovative technologies such as industrial vision, IoT, big data processing, blockchain, and VR/AR [1] - He holds various positions in professional organizations, including being a supervisor at the China Chinese Information Society and a vice-chairman of the NLU Committee of the Chinese Artificial Intelligence Society [2]

Market Overview - US stock markets experienced a collective decline, with the Dow Jones falling by 557 points (1.18%), the S&P 500 down by 0.92%, and the Nasdaq Composite decreasing by 0.84% [5] - Major technology stocks mostly declined, with AMD and Intel dropping over 2%, while Google saw an increase of over 3% [5] - Cryptocurrency market continued its downward trend, with Bitcoin falling to $91,700, a decrease of nearly 3% [6] Commodity Prices - International gold prices significantly decreased, with spot gold down by 0.91% to $4,044.67 per ounce [7] - International oil prices also fell, with WTI crude oil down by 0.57% to $59.75 per barrel [8] Corporate Developments - Huawei announced the launch of the Mate 80 series and other new products, with a release event scheduled for November 25 [20] - Alibaba launched the "Qianwen" app, entering the AI to C market, aiming to compete with ChatGPT [22] - JD.com announced the launch of an independent app for its food delivery service, with a commitment to keep its review platform non-commercial [23] - Xpeng Motors reported a third-quarter revenue of RMB 20.38 billion, a year-on-year increase of 101.8% [26] - Lenovo Holdings announced a leadership change, with Li Peng resigning as CEO and Yu Hao appointed as the new CEO [28] Regulatory and Economic Updates - The Ministry of Finance reported that from January to October, the national general public budget revenue reached RMB 186.49 billion, a year-on-year increase of 0.8% [13] - The Ministry of Commerce initiated a final review investigation on anti-subsidy measures for imported propanol from the US [14] International Relations - Chinese officials expressed strong opposition to US arms sales to Taiwan, emphasizing the violation of the One China principle [11] - The Chinese Foreign Ministry responded to Japanese Prime Minister's comments on Taiwan, urging Japan to adhere to its commitments regarding Taiwan [12]

Group 1 - The U.S. stock market experienced a collective decline, with the Dow Jones falling by 557 points, a decrease of 1.18%, while the S&P 500 and Nasdaq dropped by 0.92% and 0.84% respectively [4] - Major technology stocks mostly declined, with AMD and Intel down over 2%, while Google saw an increase of over 3% [4] - The Chinese stock market also faced declines, with the Nasdaq Golden Dragon China Index dropping by 1.21% [4] Group 2 - The U.S. Federal Reserve Governor Waller reiterated the need for another interest rate cut in December, citing a weak labor market and the impact of monetary policy on low- and middle-income consumers [4] - The Chinese Ministry of Finance reported that from January to October, the national general public budget revenue reached 186,490 billion yuan, a year-on-year increase of 0.8% [12] Group 3 - Huawei announced the launch of the Mate 80 series and other new products, with a release event scheduled for November 25 [19] - Alibaba launched the "Qianwen" app, entering the AI to C market, with plans to integrate various life scenarios into the app [21] - JD.com announced the launch of an independent app for its food delivery service, with a commitment to keep its review platform non-commercialized [23] Group 4 - Xpeng Motors reported a third-quarter revenue of 203.8 billion yuan, a year-on-year increase of 101.8%, with a net loss of 3.8 billion yuan [26] - Lenovo Holdings announced a change in CEO, with Li Peng resigning and Yu Hao appointed as the new CEO [28] - Tesla initiated a lawsuit against Wuyou Media over a contract dispute, with a court hearing scheduled for November 24 [33]

Core Viewpoint - Lenovo Holdings announced a management restructuring, with Li Peng resigning as CEO and Yu Hao appointed as the new CEO effective November 17, 2025 [1][3]. Group 1: Management Changes - Li Peng has served as CEO since 2020, contributing significantly to the company's technological innovation, post-investment management, and business optimization [3]. - Yu Hao, aged 54, joined Lenovo Holdings in 2021 and has held various positions, including Vice President and Managing Director of the Innovation Development Center [3]. - Yu Hao has a strong academic background with a Bachelor's degree in Electrical Engineering and a Ph.D. in Power Systems and Automation from Harbin Institute of Technology [3]. Group 2: Financial Performance - Lenovo Holdings is facing challenges with profitability, with a projected net profit of approximately 133 million yuan for 2024, a decline of over 97% compared to 5.755 billion yuan in 2021 [4]. - In the first half of 2025, the company reported a net profit of 699 million yuan, showing a year-on-year increase of 144.56% [4]. Group 3: Research and Development - The company has increased its R&D investment by 16% year-on-year to 8.513 billion yuan in the first half of the year, marking a historical high for the period [5]. - Lenovo Holdings emphasizes the integration of AI in driving technological and industrial innovation, aiming to build a vibrant AI+ application ecosystem [5]. Group 4: Market Position - As of November 17, Lenovo Holdings' stock closed at 9.76 HKD per share, with a total market capitalization of 22.997 billion HKD [5].

Core Points - Lenovo Holdings announced the resignation of CEO Li Peng due to personal career choices, with Yu Hao appointed as the new CEO [1] - Under Li Peng's leadership since 2020, Lenovo Holdings achieved a revenue growth of approximately 32% from 2019 to 2024, reaching 512.806 billion yuan [2] - Despite revenue growth, Lenovo Holdings faced challenges with profitability, reporting a net profit of about 133 million yuan in 2024, a decline of over 97% compared to the peak net profit of 5.755 billion yuan in 2021 [3] Company Leadership Transition - Li Peng joined Lenovo Holdings in 2003 and became CEO in 2020, leading the company through strategic and business development while increasing investment in technological innovation [2][3] - Yu Hao, the new CEO, has a strong academic background with degrees in electrical engineering and computer science, and has experience in R&D across various multinational companies [3][4] - Yu Hao will also continue to serve as the head of the Lenovo Holdings Advanced Technology Research Institute, focusing on the company's strategic direction in technological innovation [4] Strategic Focus - Lenovo Holdings emphasizes technological innovation as a strategic direction, aligning with industry transformation and capital market trends [4] - The company is increasing its investment in artificial intelligence, aiming to integrate AI with technological and industrial innovation to create a vibrant AI+ application ecosystem [4]

Core Viewpoint - Lenovo Holdings announced the resignation of CEO Li Peng due to personal career choices, with Yu Hao appointed as the new CEO, indicating a strategic shift in leadership amidst challenges in profitability and a focus on technological innovation [1][4]. Group 1: Leadership Changes - Li Peng joined Lenovo Holdings in 2003 and became CEO in 2020, leading the company to a revenue increase of approximately 32% from 2019 to 2024, reaching 512.81 billion yuan [3]. - Yu Hao, the new CEO, has a strong academic background with degrees in electrical engineering and automation, and extensive experience in R&D across various multinational companies [4][5]. Group 2: Financial Performance - Lenovo Holdings faced a significant decline in profitability, with a projected net profit of approximately 133 million yuan for 2024, down over 97% from the peak of 5.755 billion yuan in 2021 [4]. - The company reported a net profit of 699 million yuan in the first half of the year, showing some recovery compared to previous periods [4]. Group 3: Strategic Focus - The board emphasized Yu Hao's dual role as a technology expert and an experienced manager, aiming to enhance the company's focus on technological innovation and high-quality development [5]. - Lenovo Holdings is committed to integrating AI into its operations, aiming to build a vibrant AI+ application ecosystem, which aligns with broader industry trends towards technological transformation [5].

Group 1 - Lenovo Holdings announced the resignation of CEO Li Peng due to personal career choices, effective November 17, 2025, with no disagreements reported between him and the board [2] - Li Peng has been credited with leading the company's strategic and business development since becoming CEO in 2020, enhancing investment in technological innovation and improving post-investment management [2] - The company has made significant contributions to business transformation and long-term healthy development during Li Peng's tenure [2] Group 2 - Yu Hao has been appointed as the new CEO of Lenovo Holdings, previously serving as Vice President and General Manager of the Innovation Development Center [3] - Yu Hao has a strong academic background with a Bachelor's degree in Electrical Engineering and a Ph.D. in Power Systems and Automation from Harbin Institute of Technology [3] - Prior to joining Lenovo Holdings, Yu Hao worked in various multinational companies focusing on the industrialization of innovative technologies in environmental protection, energy, and high-end manufacturing [3] Group 3 - Lenovo Holdings is founded by IT pioneer Liu Chuanzhi and is a significant shareholder in companies such as Lenovo Group, Lakala, and Digital China [4] - As of the latest market close, Lenovo Holdings' stock price is HKD 9.76, with a market capitalization of HKD 23 billion [5]