Financial Performance - Lenovo Holdings reported a revenue increase of 15% year-over-year, reaching RMB 100 billion in 2023[1]. - The company achieved a sales revenue of RMB 436 billion in 2023, a year-on-year decline of 10%[9]. - Lenovo Holdings reported a revenue of RMB 436,012 million for 2023, a decrease of 10% compared to RMB 483,663 million in 2022[30]. - The net profit for Lenovo Holdings in 2023 was RMB 630 million, down 94% from the previous year[33]. - The attributable net loss to equity holders was RMB 3,874 million, a significant decline from profit in the previous year, primarily due to market and industry factors affecting the performance of Lenovo Group and Legend Holdings[33]. - The revenue from the industry operations segment was RMB 431,589 million, also reflecting a 10% year-on-year decline[35]. - The attributable net profit from the industry operations segment was RMB 3,078 million, down 36% from RMB 4,820 million in 2022[35]. - The company reported a net profit margin of 12%, an increase from 10% in the previous year[9]. - The industrial operations segment generated revenue of RMB 431.59 billion, also down 10% year-on-year, with a net profit attributable to Lenovo Holdings' equity holders of RMB 3.08 billion, a decline of 36%[20]. Market and Business Strategy - The company expects a revenue growth forecast of 10% for the next fiscal year, driven by new product launches and market expansion[3]. - Lenovo is investing RMB 2 billion in R&D for new technologies, focusing on AI and cloud computing solutions[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[5]. - Lenovo has completed the acquisition of a local tech firm, enhancing its capabilities in smart devices and IoT[6]. - Lenovo's strategic partnership with a leading cloud service provider aims to enhance its service offerings and drive growth in the enterprise segment[10]. - The company remains the leader in the global PC industry and ranks among the top three in the server industry[10]. - The company launched the world's first AI PC, showcasing its commitment to innovation[10]. - The company is focused on enhancing its risk resistance capabilities and integrating into high-quality development[9]. Research and Development - The company achieved a research and development expenditure of RMB 14.8 billion in 2023, which is approximately six times its pre-tax net profit, with an R&D expense ratio increasing from 2.6% in 2021 to 3.4% in 2023[12]. - The company has invested in over 200 AI enterprises over the past 20 years, establishing a comprehensive layout across various AI layers, enhancing its ecological advantages in the AI sector[13]. - The company’s innovation development center has established connections with over 60 tech enterprises, universities, and research institutions, identifying 40 technologies for further industrialization[14]. - Lenovo Group has been recognized as the largest computing power provider globally, applying its computing resources to over 300 enterprises to support the digital transformation of various industries[14]. Challenges and Risks - The external environment has posed significant challenges, including geopolitical conflicts and rising overseas debt costs[10]. - The global PC market shipment volume declined by nearly 15%, reaching the lowest point in nearly 20 years[10]. - The company is facing significant macroeconomic risks due to high interest rates in the US and Europe, geopolitical conflicts, and rising global trade protectionism, which could impact business and profitability[90]. - The company’s subsidiaries are exposed to raw material price fluctuations, including animal protein and coal, which could affect operational stability if not managed effectively[91]. - The company emphasizes strategic control over acquired businesses to mitigate post-merger integration risks, focusing on cultural compatibility and operational management[93]. Corporate Social Responsibility - The company has committed approximately RMB 150 million to social welfare and educational initiatives in 2023[28]. - Lenovo Holdings is actively aligning with national industrial planning and policies, focusing on key areas such as artificial intelligence and new materials to support the growth of emerging industries[23]. - The company has maintained a 100% compliance rate for pollutant emissions since its inception, adhering strictly to national environmental protection policies[95]. - The company has established a comprehensive environmental emergency system to prevent and manage environmental incidents, alongside improving production processes to reduce energy consumption[134]. Employee and Governance - The company employs approximately 89,577 employees as of December 31, 2023[108]. - The company has established a comprehensive compensation system for core management and general employees, aligning with market benchmarks to ensure competitiveness[108]. - The board of directors recommends not to distribute a final dividend for the year ending December 31, 2023, compared to a dividend of RMB 0.20 per share in 2022[111]. - The company emphasizes talent development and training, ensuring a smooth promotion pathway and providing ample training resources[110]. - The management team has extensive experience in financial management and investment, contributing to the company's strategic decisions[125]. Investment and Financial Strategies - The company plans to enhance its core competitiveness by leveraging its strengths in artificial intelligence and other fields[29]. - The company is focusing on innovation-driven development, enhancing product structure, and increasing the proportion of high-margin products in response to market challenges[21]. - The company has established a joint venture with NEC Corporation, holding a 66.6% stake, to operate personal computer businesses in Japan, enhancing market presence[177]. - The company has a financial support agreement with Better Education Group Corporation, allowing for up to ¥2.1 billion in financial assistance over a 36-month period, aimed at supporting operational and business development needs[178].

提起富二代，人们往往能联想到中国前首富王健林之子——王思聪。 他的生活可谓奢华至极，综合媒体报道，王思聪出行必得又百万级豪车为伴，顶级夜店有人专门为其空出车位，身边美女如云自是不用提，这种纸醉金迷 的梦幻生活，令多少人心生向往。 然而，富二代中也不乏独特之人。他不爱美女爱"丑女"，不爱奢华爱简单，这位别具一格的富二代，叫做刘鸣炜。 与富二代王思聪的"人尽皆知"相反，不少人对"刘鸣炜"三个字并没有多少感觉，但他的父母大家一定不陌生，因为他们皆是香港的超级大富豪。 其母宝咏琴，是个兼具学识与头脑的女强人，先后进军地产行业和股票投资领域，是当时的香港第二女富豪。其父刘銮雄更厉害，拥有4家上市公司，身 家超过200亿美元，一度比肩香港首富李嘉诚。 作为富二代，刘鸣炜在大众眼中不甚出名，但他从小到大可是个妥妥的学霸。 据了解，刘鸣炜出生于1979年，21岁21岁毕业于英国伦敦大学国王学院，不仅拿到了美国的注册律师，还考过了CFA（特许金融分析师），27岁拿到法律 博士学位，成为北京大学史上最年轻的名誉校董。 惊人的学习能力是一方面，刘鸣炜还继承了父亲的商业天赋。2006年，他进入父亲的企业，代替刘銮雄担任华人置业的执行 ...

财联社AI daily 4月19日讯 今日AI daily早新闻主要内容有：TikTok回应美众议院推进新法案：该法案将践踏1.7亿美国人的言论自由权、毁掉700万家企业， 并关掉一个每年为美国经济贡献240亿美元的平台；美团CEO王兴发布内部邮件，开启年内第四次架构调整，新设"核心本地商业"板块，王莆中出任CEO； 联想与阿里巴巴合力打造AI智能体。 ▍TikTok回应美众议院推进新法案：将毁掉700万家企业 根据美国众议院议长迈克·约翰逊（Mike Johnson）概述的一项计划，TikTok剥离法案将"很快成为法律"，新的计划将TikTok剥离法案与一系列快速推进的法 案捆绑在一起，这些快速推进法案旨在为乌克兰和以色列提供新的援助。 有消息称，美众议院的新法案将给字节跳动至多一年时间来剥离TikTok，比此前法案规定的六个月要长。众议院预计将在4月20日通过这些法案，此后美参 议院料将迅速接手审议。之前，参议院也讨论延长限期至一年，考虑将禁令推后到总统大选之后。 TikTok就上述最新动向回应称，该法案将践踏1.7亿美国人的言论自由权、毁掉700万家企业，并关掉一个每年为美国经济贡献240亿美元的平台。 ...

IT之家 4 月 19 日消息，根据市场调查机构 Counterpoint Research 近日发布的报告，2024 年第 1 季度全球个人电脑（PC）出货量同比增长 3%，在连续下跌 8 个季度之后首次实现正增长。 Global PC Shipments, Q1 2024 vs Q1 2023 (In Million Units) 13.7 12.7 12.0 11.9 9.2 9.3 6.0 4.9 3.6 13.7 Others 13.6 Q1 2024 ■Q1 2023 报告认为这一方面是 2023 年第 1 季度的基数较低，而另一方面是 AI PC、不同行业出货量复苏以及新一轮更新换代周期共同推动的. 与去年相比，联想 2024 年第一季度的个人电脉出货量增长了 8%。 该品牌成功夺回了 24% 的市场份额，而 2023 年第一季度为 23%。 M3 基本型号支撑. IT之家附上参考地址 · PC Market Back in Black in Q1 2024; AI PCs to Drive 2024 Growth 广告声明：文内含有的对外跳转链接（包括不限于超链接、二维码、口令等形式），用于传 ...

《科创板日报》4月18日讯（记者 郭辉） 2024联想创新科技大会今日（4月18日）在上海举办。在大会 上，联想方面不仅更加全面地展现了基于混合式人工智能判断的主张和战略，同时还发布被联想称 为"AI新物种"的系列新品，即内置个人智能体"联想小天"的多款AI PC。此外，会上联想还发布企业智 能体以及联想万全异构智算平台等创新应用与解决方案。 当前，由人工智能触发的颠覆性变革正在各行各业悄然上演。AI PC作为搭载本地化AI能力的消费电子 级终端产品，各家ODM厂商及产业链各方自然期待相关产品带领企业在AI 2.0时代迎来的新一轮增长， 并竞先展开产品布局。 如何理解AI PC这波浪潮带来的影响？AI PC为用户带来功能体验升级或多或少已形成一定共识，市场 还在关注其为上下游带来的产业革新和行业应用赋能。同时值得关注的是，AI PC也不是单独以硬件的 更新出现的，还有智能软件功能和服务的升级，因此对传统以硬件集成为擅长的厂商来说，或许也是不 小的挑战，也有可能带来其自身的业务和架构的重构。 定义AI PC五大特性 发布会造势"碰瓷"苹果 今日（4月18日），在联想创新科技大会（2024 Lenovo Tech ...

文｜李然、陈斯达 编辑｜苏建勋 4月18日上午，联想TechWorld 2024在上海开幕。所有人都在期待，作为传统PC时代的老大，联想将如何满足用户在AI时代对于PC的想象。 图源：直播 在苹果即将完成用AI改造Mac产品线的窗口期，联想有没有机会抢占先机，用开创性的产品提前抢占用户心智？ 同时，作为英伟达全球最重要合作伙伴的联想，如何在汹涌的AI淘金热中分一杯羹？ 联想用一场发布会，或多或少地回答了这些问题。 图源：直播 发布会一开始，联想总裁杨元庆就旗帜性地表明： 首先，AI不是未来替代人类的Artificial Intelligence，而是为人类所用，增强人类的Augmented Intelligence。 而更重要的是，以大模型为代表的AI新纪元，未来绝对不会是一个超级AI模型服务全世界的格局，而是不同体量的模型在云端、本地、端侧设备协同创造 价值的格局。 而作为AI发挥能力的重要平台，PC将承载"AI能力"和"个人数据"连接点的作用，在AI技术的加持下，演化成为AI Personalized Computer。 AI PC时代已来。 图源：直播 大会上，联想发布了内嵌个性化AI智能体"联想小天" ...

Core Insights - Lenovo launched the first AI PC personal assistant, "Lenovo Xiaotian," at the 2024 Lenovo Tech World in Shanghai, emphasizing its commitment to integrating AI into everyday life [1] - The AI PC features over ten disruptive "killer" AI skills designed to enhance user experience across work, study, life, and service scenarios [1] Product Features - The "Document Summary" application within Lenovo Xiaotian offers functions such as semantic understanding and summarization, enabling users to extract key content from complex multi-format documents [1] - This application utilizes a personal knowledge base embedded in the AI PC to accurately recognize and learn from personal documents, allowing for multi-modal content summarization, including PPTs, images, text, and emails [1] - Users can generate personalized answers based on their personal knowledge base, ensuring traceability of information by allowing them to view the source documents [1] User Experience - The document summarization process is simplified; users can drag files into the "knowledge base" and command "document summary" to extract concise versions of lengthy documents [1] - Lenovo Xiaotian supports multiple languages, automatically matching output language to the user's query language, thus facilitating the handling of multilingual documents [1]

财联社4月18日讯（编辑 马兰）锂离子电池应用于从电动汽车到便携式电子产品的各种领域，但这些电 池的最大容量会随着时间的推移而降低。它们使用的时间越长，经历的充电周期越多，它们能够拥有的 电量就越少。 联想电脑曾经指出，许多笔记本电脑的电池在电量耗尽之前可以持续使用长达五年，其充电周期大概为 300-500次。 科学家们也认同，最好的商业级电池，即用镍、钴、锰混合材料NCM523（阴极）和石墨（阳极）作为 电极的锂电池，其使用寿命也只不过是8年。 但一份研究指出，使用新的充电方案可以使锂离子电池的使用寿命长出一倍。来自柏林亥姆霍兹中心 (HZB) 和柏林洪堡大学的欧洲研究人员团队表示，通过优化循环条件，锂离子电池有望使用长达数十 年。 这意味着该充电方案将极大减轻电池制造和回收的压力，从而为商业制造节约成本，并打造更为可持续 的未来。 充电周期翻一倍 该研究首次发表于今年3月14日的《先进材料科学》杂志上。研究人员们设计了一种新的充电协议—— 通过脉冲电流而不是恒定电流为设备供电。 研究人员对比了两种充电协议后发现，恒流充电时，电池样品阳极的固体电解质界面明显更厚，且电极 结构中裂纹更多。这意味着锂离子电池容 ...

Investment Rating - Maintain Buy-A investment rating [2] - 6-month target price of HKD 6.36 [2][3] Core Views - The company's 2023 performance was under pressure due to industry cyclical changes and capital market fluctuations, but it is expected to improve marginally as the external environment stabilizes [2] - The company is actively participating in the AI industry, with over 200 AI-related companies in its ecosystem [1] - The company's cash flow remains stable, with a continuous reduction in debt ratio for four consecutive years [1] Industry Operations - The industrial operations segment generated revenue of CNY 431.6 billion (YoY -10%) and net profit attributable to shareholders of CNY 3.1 billion (YoY -36%) [1] - Lenovo Group contributed CNY 2 billion in net profit (YoY -53%), impacted by weak PC market demand [1] - Lianhong Group contributed CNY 200 million in net profit (YoY -55%), affected by declining EVA prices [1] - Joyvio Group reported a net loss of CNY 500 million (YoY improvement from CNY 800 million loss), with Joyvio Foods facing pressure from geopolitical conflicts and rising US interest rates [1] - Banque Internationale à Luxembourg contributed CNY 1.3 billion in net profit (YoY +43%), benefiting from tighter monetary policies in Europe [1] Industrial Incubation and Investment - The industrial incubation and investment segment generated revenue of CNY 4.4 billion (YoY +8%) but reported a net loss of CNY 5.6 billion (YoY increase from CNY 2.3 billion loss), mainly due to capital market volatility, IPO slowdown, and slower divestment progress [1] - The company continues to focus on the AI industry chain, with over 200 AI-related companies in its portfolio [1] Financial Performance - The company achieved total revenue of CNY 436 billion (YoY -10%) and a net loss attributable to shareholders of CNY 3.9 billion (compared to a profit of CNY 1.2 billion in the previous year) [1][6] - The company's total debt to total capital ratio decreased by 1 percentage point to 55% at the end of 2023, marking the fourth consecutive year of decline [1] - The company returned approximately CNY 8.05 billion in cash through dividends and investment exits in 2023 [1] Valuation and Forecast - The company's EPS is expected to be CNY 0.91, CNY 1.03, and CNY 1.26 for 2024, 2025, and 2026, respectively [2] - The P/E ratio is projected to be 5.62x, 4.94x, and 4.04x for 2024, 2025, and 2026, respectively [6] - The P/B ratio is forecasted to be 0.20x, 0.19x, and 0.18x for 2024, 2025, and 2026, respectively [6] Historical Performance - The company's stock price underperformed the market, with a 12-month absolute return of -31.1% and a relative return of -19.1% [4]

Core Insights - SmartX, founded in 2013, focuses on hyper-converged infrastructure products and solutions, and has completed 10 rounds of financing with investors including Lenovo Ventures and Samsung Investment [1][3] - The company is preparing for an IPO on the Sci-Tech Innovation Board, with Guotai Junan as the advisory institution [1] - In 2023, SmartX was recognized as a national "specialized and innovative" small giant enterprise [1] Company Overview - SmartX's core technology is a self-developed distributed block storage system, which aims to replace traditional storage solutions, particularly targeting EMC's market position [2] - The company serves industries heavily reliant on IT infrastructure, including finance, manufacturing, and healthcare, with notable clients such as Foxconn and China Merchants Bank [2] - According to IDC's report in October 2023, SmartX holds the top position in the hyper-converged software market with an 18.1% market share [2] Founders and Team - The company was co-founded by Xu Wenhao, Wang Hongyi, and Zhang Kai, all Tsinghua University alumni, who are driven by a passion for software and hardware integration [1][3] - Xu Wenhao, the chairman and general manager, holds a dual master's degree in computer science from Tsinghua University and the University of British Columbia [4] - The founders have extensive experience in virtualization, private cloud, and distributed storage, having previously worked at companies like Nimbula and VMware [4]