4月18日，以"AI For All，让世界充满AI"为主题的2024联想创新科技大会（2024 Lenovo Tech World）在上海世界会客厅开幕。本次大会上，联想发布了业内 首个AI PC个人智能体——"联想小天"。同时，联想小天内置的十余款颠覆性"杀手级"AI技能也重磅亮相，为用户带来工作、学习、生活和服务等全场景的 AI体验。 针对办公环境下用户文档整理需求，联想小天的"文档总结"应用具备词意理解、提炼摘要等功能，该应用能够对复杂多格式文档进行信息提炼并生成摘要， 帮助用户快速概述核心关键内容，还能保护个人数据和隐私安全。 （联想小天核心应用——文档总结演示过程画面） 文档总结应用依托内嵌于AI PC的个人知识库，可实现对个人文档的精准识别和学习，并根据本地大模型实现多模态文件内容总结和归纳，包括PPT、图 片、文字、邮件等。在大会主会场，联想集团高级副总裁、IDG全球中小企业业务及商用产品中心总经理于海为中国南极昆仑站首任站长、中国南极深冰芯 科学的开拓者、中国极地研究中心原副主任李院生教授演示了联想小天"文档总结"应用的强大功能。 在用户输入问题后，基于个人大模型，联想小天可快速调用用户的个 ...

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]

志凌海纳成立于2013年，是一家聚焦于超融合架构的新一代IT基础设施产品与解决方案提供 商，其英文名"SmartX"在近几年或许更为人熟知；志凌海纳成立至今，已完成10轮融资，投 资方包括联想创投、经纬创投、高榕资本、三星投资等。 IT服务商北京志凌海纳科技股份有限公司（下称"志凌海纳"）日前在北京证监局进行上市辅导备案登 记，该公司拟登陆科创板，辅导机构为国泰君安。 志凌海纳成立于2013年，是一家聚焦于超融合架构的新一代IT基础设施产品与解决方案提供商，其英文 名"SmartX"在近几年或许更为人熟知。2023年，志凌海纳获评国家级"专精特新"小巨人企业。 志凌海纳控股股东及实际控制人为徐文豪，公司联合创始人还包括徐文豪的两位清华校友王弘毅、张 凯。三人自小受机器人科幻片的影响，长大后又受经典黑客精神的影响，求学和工作中痴迷于写软件驱 动硬件，属于标准的极客创业，通过创立志凌海纳，致力于对世界产生变革和影响。 以超融合方案替代传统存储 据官网介绍，志凌海纳以自主研发的分布式块存储为核心，配合丰富的产品组件与生态解决方案，可帮 助客户建立简单、弹性、可靠、开放的现代化IT基础设施，覆盖从传统生产业务到现代化 ...

Financial Performance - For the fiscal year ending December 31, 2023, Legend Holdings Corporation reported a revenue of RMB 436.01 billion, a decrease of 10% compared to RMB 483.66 billion in the previous year[2][4]. - The net loss attributable to equity holders of the company for the same period was RMB 3.87 billion, compared to a net profit of RMB 1.17 billion in the previous year[3][4]. - The operating income from the industry operations segment was RMB 431.59 billion, down 10% from RMB 479.57 billion year-on-year[3][5]. - The net profit from the industry operations segment decreased by 45% to RMB 7.48 billion, down from RMB 13.73 billion in the previous year[3][5]. - The revenue for Lenovo Group in 2023 was RMB 392,493 million, a decrease of 12% from RMB 444,397 million in 2022[21]. - The net profit attributable to Lenovo Group's equity holders in 2023 was RMB 1,982 million, down 53% from RMB 4,188 million in 2022[22]. - The company reported a significant increase in gross margin to 25%, up from 22% in the previous year[119]. - The company reported a net loss of RMB 2.11 billion for the year, reflecting a significant decline in profitability[120]. Business Segments and Diversification - The non-PC business segment's revenue contribution increased to 42% of total revenue, indicating a diversification in growth engines[5]. - The infrastructure solutions segment secured the largest infrastructure service order to date, contributing to a high operating profit margin of 20%[5]. - The net profit from the infrastructure solutions segment was RMB 1.98 billion, with total revenue of RMB 392.49 billion reported for this segment[5]. - The smart device business revenue and operating profit decreased by 15% and 21% respectively due to industry destocking, but showed positive growth in Q4[30]. - The personal computer segment maintained a global market share of nearly 24%, the highest since the pandemic, with an operating profit margin recovering to 7.4% in the second half of 2023[30]. - The company is actively expanding its supply chain capabilities with new intelligent logistics centers in Shenyang and Shenzhen[49]. Challenges and Strategic Responses - The company acknowledged challenges in the macroeconomic environment, including trade protectionism and geopolitical risks, impacting overall performance[4]. - Legend Holdings Corporation emphasized the need for improvement in business layout and management to address the significant decline in performance compared to the previous year[4]. - The company plans to continue its strategic transformation while addressing challenges and optimizing its business structure for high-quality development[20]. - The company is focused on enhancing the resilience and safety of the industrial supply chain while promoting the digital transformation of small and medium-sized enterprises[13]. Research and Development - Lenovo Group's R&D personnel accounted for over 25% of total employees, with R&D expenditure reaching a historical high in 2023[28]. - Research and development expenses increased by 20% year-over-year, totaling RMB 3.86 billion, focusing on innovative technologies[120]. - The company has completed two strategic acquisitions in the past year, enhancing its capabilities in digital services[119]. Investments and Acquisitions - Junlian Capital manages over RMB 80 billion in assets and raised over RMB 9 billion during the reporting period[55]. - A total of 28 new project investments were completed, covering advanced manufacturing, technology, TMT, and healthcare sectors[56]. - The company has engaged in strategic acquisitions, with cash outflows for subsidiary acquisitions amounting to RMB (1,006,477,000)[102]. Social Responsibility and Community Engagement - Lenovo Holdings has donated approximately RMB 150 million to various social welfare initiatives in 2023, including education and disaster relief efforts[19]. - Lenovo Holdings has committed to increasing support for rural education, having established over 100 smart classrooms and supported more than 3,000 students[17]. Future Outlook - The company plans to expand its market presence and invest in new technologies, although specific figures were not disclosed[100]. - Future guidance estimates revenue growth of 10% for the upcoming fiscal year, projecting total revenue of RMB 532 billion[120]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 25%[186]. Financial Health and Liquidity - The total assets of the company decreased by 2% to RMB 665,733 million from RMB 681,074 million in 2022[23]. - The company reported a significant increase in financial assets measured at fair value, totaling RMB 12,124,523 thousand, compared to RMB 10,959,316 thousand in 2022[93]. - The company’s current liabilities amounted to approximately RMB 442,485,000 thousand as of December 31, 2023, exceeding current assets by RMB 149,782,000 thousand, raising concerns about liquidity[108]. - The company has unused bank credit facilities that support its liquidity despite a current ratio below 1[83]. Market Position and Competitive Landscape - The company maintained its position as the global leader in the personal computer market, despite a decline in overall global PC shipments[5]. - Lenovo's AI PC concept has been implemented, providing customized AI solutions for consumers, with the company ranking third globally in AI product shipments[11]. - Lenovo aims to leverage the growing 5G smartphone penetration to drive profitability in its smartphone business[31].

联想的AI转型之路也许并不好走。 22日，联想发布了最新的第三财季业绩。前三季度联想营收430亿美元，同比下降12.74%，经营利润10.72亿美元，同比下降46.8%。 这份三季度财报并不亮眼。 不过，市场的反应很有意思，22日发布的财报，23日联想港股一度跌3.9%，到了26日，股价又一度涨超4%…… 看得出来，市场在纠结。 纠结的点在于，虽然联想全年营收盈利都在下滑，但单季度表现还可以，第三季度纯利3.37亿美元同比增长35%。 对于市场的反复，摩根大通给出自己的判断：考虑到同业会降低其盈利预测，（联想）短期股价还是很坚挺的。 翻译一下就是，年度同比虽然比较差，但由于同行盈利预测给得低了，所以还是回调的空间的。不过这个回调的空间有多大，还需观察。 对于这份三季度业绩，瑞银、摩根大通的研报都认为，联想季度盈利的改善并不会改变未来的盈利预期。 瑞银方面，将今年3月底止第四财季预测下调30%，维持沽售评级，并维持目标价7.5港元；摩根大通则认为，联想短期盈利仍然承压，并调整目标价由 10.3港元至10港元。 为何投行对于联想的盈利预测总带有一丝悲观？杨元庆为联想定调转型AI能不能在业务兑现？ 这些问题，值得深 ...

平板电脑越来越不好卖了。 2月19日，市场调研机构TechInsights发布报告称，2023年全年，全球平板电脑市场出货量约为1.37亿 台，同比下降16%。 这一降幅远高于同期笔记本电脑、手机两大电子消费品的下滑幅度。去年全球笔记本电脑出货量总计 1.94亿台，较上年下降12%；智能手机约为11.52亿部，同比下降3.9%。 此前多家市场调研机构已陆续发布去年的平板电脑出货数据，判断的趋势基本一致。群智咨询数据显 示，2023年全球平板电脑出货量约为1.32亿台，同比下滑18.2%。 | --- | --- | --- | --- | |-------|---------------------------------------------------------|------------------|------------| | | 3: Global Top 5 Tablet Vendors' Results \nShipments (M) | Market Share (%) | Growth (%) | | | 51.6m | 38% | -19% | | | 26.2m | 19% | -1 ...

在地上画一个圈，猫咪会自己跳进去；给不羁男孩一双大黄靴，这双靴子就会成为他的冬季皮肤。 女孩们的靴子多种多样，但男孩们心中的靴子只有大黄靴。 这一点绝不是我瞎说，如果你在小红书或是一线城市的地铁里，做过人类学观察，就会发现大黄靴在冬天的出镜率，就好比2017年的椰子，下 楼倒个垃圾，碰见的十个人都得有八双。 提起大黄靴，大家自然会联想起 "Timberland - 踢不烂"的经典产品。但在商业社会发达的今天，人们早就有了一黄各表的能力，拥有了除此之 外更多的消费选择。 正因此，大黄靴风尚恰恰是最有趣的现象，纵使人类在靴子设计上早就无数次的突破自我，给予了这个商品五颜六色，但男孩们最中意的，也 是最常见的，仍然是： 黄色的靴子。 2023-12-12 1.大黄靴的兴盛 如果说，膜拜于神祇之下的教众因忠诚自成一派宗教，那人们对大黄靴的狂热追逐，*算得上一种宗教。 但这种追逐也引来他者的嘲讽。 在跟风成为原罪的网络社区里，人们认为那些跳入大黄靴狂潮、昏头购入热门款式的人，不过是被情怀和消费主义洗脑过度，交着最重的智商 税，享受最痛的磨脚体验。 不仅如此，黄靴过分亮眼的颜色对有的人来说，还得专门思考如何搭配实在太过费 ...

2023 中 期 報 告 目錄 2 釋義 6 管理層討論與分析 32 企業管治及其他資料 37 簡明合併中期收益表 38 簡明合併中期綜合收益表 39 簡明合併中期資產負債表 42 簡明合併中期權益變動表 44 簡明合併中期現金流量表 46 簡明合併中期財務報表附註 釋義 於本報告內，除非文義另有所指，否則下列詞彙具有以下涵義： 「AI」 人工智能 「聯營公司」 就本報告而言，本公司及其附屬公司對其擁有重大影響的所有實體。重大影響是指參 與被投資方財務和經營決策的權力，但不具有對這些政策的控制權或者共同控制權 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 201,286 million, a decrease of 15% compared to RMB 237,685 million for the same period in 2022[3]. - Net profit attributable to equity holders for the same period was RMB 668 million, down 69% from RMB 2,131 million in 2022[5]. - The Lenovo Group's revenue contribution was RMB 177,407 million, a decrease of 19% from RMB 217,974 million in 2022[4]. - Lenovo Holdings reported a revenue of RMB 201,286 million, a decrease of 15% year-on-year, and a net profit attributable to equity holders of RMB 668 million, down 69% year-on-year, primarily due to the impact of the PC industry cycle on performance[12]. - In the first half of 2023, Lenovo Group's revenue decreased by 19% to RMB 177,407 million, primarily due to a 26% decline in smart device business revenue impacted by industry destocking cycles[18]. - The net profit attributable to Lenovo Holdings' equity holders fell by 67% to RMB 650 million, with operational profit in the smart device business declining by 36% and the infrastructure solutions business recording a loss of RMB 361 million[18]. - Total revenue for the six months ended June 30, 2023, was RMB 201,285,994, a decrease of 15.2% compared to RMB 237,684,547 in the same period of 2022[77]. - Net profit for the period was RMB 2,215,287, down 69.0% from RMB 7,170,388 in the previous year[80]. - Basic earnings per share decreased to RMB 0.29 from RMB 0.91, representing a decline of 68.0%[79]. Research and Development - The company's R&D investment increased to RMB 3.5 billion, representing 3.5% of revenue, up from 3% in the same period last year[8]. - The company applied for 305 patents, with 231 granted, focusing on new energy materials and electronic materials[8]. - Lenovo Holdings has established a comprehensive AI innovation strategy, integrating AI technology across its products and services to facilitate intelligent transformation across various industries[9]. - The company has committed to launching AI PC products within the year to meet the demands of new generative AI workloads[9]. - New product development initiatives have resulted in an increase in R&D expenses by 15%, totaling RMB 1,208,538 thousand[106]. - Research and development investments increased by 30% in 2023, focusing on innovative technologies in food processing[149]. Market and Economic Environment - The overall economic environment remains challenging, with international market demand weakening and geopolitical uncertainties impacting operations[7]. - Lenovo expects the personal computer business to recover growth in the second half of 2023, driven by ongoing digitalization and smart transformation trends[20]. - The personal computer business is still in an adjustment phase, with shipments declining year-over-year, but Lenovo maintains its position as the global leader in PC market share[19]. - The company plans to focus on market expansion and new product development to drive future growth[87]. - The company has experienced a significant decline in revenue across all regions, particularly in Europe, the Middle East, and Africa, which saw a drop to RMB 46,953,516 thousand from RMB 58,178,045 thousand year-over-year[108]. Investments and Acquisitions - Lenovo Holdings plans to invest an additional RMB 7 billion over the next three years to accelerate AI deployment for global enterprises[9]. - The company has invested in over 200 AI-related enterprises, covering various aspects such as hardware, data, computing power, algorithms, and applications[9]. - A strategic acquisition is in progress, expected to enhance the company's service offerings and customer reach, with an estimated cost of RMB 3,269 thousand[106]. - The company plans to acquire a local competitor, which is expected to enhance its distribution network and increase market penetration[147]. Sustainability and ESG Initiatives - Lenovo Group aims to achieve net-zero greenhouse gas emissions across its entire value chain by 2050, with its Wuhan facility being the first zero-carbon factory in China's ICT industry[11]. - The company has invested in over 50 enterprises focused on green technology and sustainable development, covering areas such as energy decarbonization and ecological restoration[11]. - Lenovo Group's ESG performance received multiple awards, including being named "Best Diversity Employer" by Forbes and an upgrade to AAA in MSCI's ESG rating[17]. - Luxembourg International Bank launched six ESG-related investment funds and has issued multiple green bonds since May 2022, indicating a strong commitment to sustainable finance[32]. Financial Position and Liquidity - The total assets as of June 30, 2023, were RMB 665,542 million, a decrease of 2% from RMB 681,074 million at the end of 2022[6]. - The company's cash and cash equivalents totaled RMB 69.49 billion as of June 30, 2023, with RMB accounting for 29% and USD for 17% of the total[63]. - Total borrowings as of June 30, 2023, amounted to RMB 128.76 billion, with 48% in RMB, 33% in USD, and 19% in other currencies[65]. - The company’s current ratio decreased to 0.7 from 0.8 as of December 31, 2022[69]. - The total debt to total capital ratio slightly decreased to 55% from 56% year-over-year[69]. - The company has a policy of depositing cash in reputable banks to manage its liquidity effectively[63]. Operational Efficiency - The company has implemented cost-reduction measures and efficiency improvements across its production facilities[26]. - The solutions services business achieved revenue of RMB 23.4 billion, a 26% year-over-year increase, with an operating profit of RMB 4.8 billion, up 14%[24]. - The company successfully reduced production costs by 5% through improved efficiency measures implemented in Q2 2023[149]. - The overall gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[147]. Strategic Partnerships and Collaborations - The company has established strategic partnerships with leading companies in the industry, expanding its market reach[44]. - A new strategic partnership with a tech firm aims to integrate AI solutions into the supply chain, projected to reduce operational costs by 15%[148]. Future Outlook - Future guidance suggests a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion[105]. - The company has provided a performance guidance for the second half of 2023, expecting a revenue growth of 25% compared to the first half[149].

Financial Performance - Lenovo Holdings reported a significant increase in revenue, achieving a total of RMB 100 billion for the fiscal year 2022, representing a year-over-year growth of 15%[1]. - In 2022, the company achieved a sales revenue of RMB 483.7 billion, which remained basically flat year-on-year[9]. - The net profit attributable to equity holders of the company was RMB 1.167 billion[9]. - Lenovo Holdings achieved a revenue of RMB 483.66 billion in 2022, remaining stable year-on-year, with a net profit attributable to shareholders of RMB 1.167 billion[16]. - The industrial operations segment generated revenue of RMB 479.57 billion, with a net profit of RMB 4.82 billion, reflecting a 4% year-on-year growth[17]. - The company’s total revenue for 2022 was RMB 483,663 million, showing a slight decrease of 1% compared to RMB 489,872 million in 2021[29]. - Net profit attributable to equity holders for 2022 was RMB 1,167 million, a significant decline of 80% from RMB 5,755 million in 2021, primarily due to market volatility and increased operational costs[27]. - The net profit for the industrial operations segment was RMB 4,820 million, down 18% from RMB 5,857 million in 2021, largely due to rising costs in the animal protein sector[31]. - The company reported a significant increase in revenue, achieving a total of 1,125,232 million in the latest fiscal year[176]. User Base and Market Expansion - The company highlighted a user base expansion, reaching 200 million active users across its platforms, which is a 25% increase compared to the previous year[2]. - Lenovo Holdings is planning to expand its market presence in Southeast Asia, targeting a 20% increase in market share within the next two years[5]. - Lenovo Group aims to achieve net-zero greenhouse gas emissions across its entire value chain by 2050, having already implemented zero-carbon services and products, with over 95% of suppliers certified for quality and environmental standards[23]. - Lenovo aims to expand its market presence in Asia-Pacific, targeting a 15% increase in market share by 2025[177]. Research and Development - The company is investing heavily in R&D, with a budget allocation of RMB 5 billion for the development of new technologies and products, aiming to enhance its competitive edge in the market[4]. - R&D expenses increased by 21% year-on-year to RMB 15.3 billion, with a total investment of RMB 37.8 billion over the past three years, achieving a compound annual growth rate of 27%[11]. - Lenovo Holdings increased R&D investment by 21% in 2022, reaching RMB 15 billion, with a commitment to exceed RMB 100 billion in total R&D investment over the next five years[21]. - The company reported a significant increase in its R&D expenditure, reaching 46.28 billion, which is 10% of its total revenue[177]. Strategic Acquisitions and Investments - The company announced a strategic acquisition of a tech startup for RMB 1 billion, which is expected to enhance its capabilities in artificial intelligence[6]. - Lenovo Holdings has invested in over 100 new technology companies in 2022, with 95 of them recognized as national-level specialized and innovative enterprises[12]. - The company is investing RMB 10 billion in new energy materials and biodegradable materials, seizing opportunities in green development[10]. - Lenovo Group completed the acquisition of 80% direct equity in PCCW Lenovo Technology Solutions and 20% direct equity in PCCW Network Services for a total consideration of $610 million, including cash and shares[160]. Sustainability and Corporate Social Responsibility - Lenovo Holdings is focusing on sustainability initiatives, aiming to reduce carbon emissions by 30% by 2025 as part of its long-term strategy[7]. - The company remains committed to fulfilling its corporate social responsibility while contributing to high-quality national development[9]. - The company has invested in high-end new materials, achieving domestic breakthroughs in electronic-grade hydrochloric acid and chlorine products, with a new project expected to produce 20,000 tons/year of ultra-high molecular weight polyethylene by mid-2023[22]. - The company is committed to ESG practices throughout its supply chain, ensuring suppliers comply with labor, environmental, health, safety, and ethical standards[95]. Financial Management and Risk - The company emphasizes risk management and aims for steady growth while improving asset quality through substantial investment management and services[24]. - The company actively manages risks associated with its investments and subsidiaries, focusing on post-investment management to enhance investment value[89]. - The company is exposed to risks from fluctuating raw material prices, which could affect operational stability if not managed effectively[93]. - The company employs a unified and tiered financial control management system to mitigate various financial risks, including market, credit, and liquidity risks[103]. Governance and Management - The company has adhered to the corporate governance code as per the listing rules throughout the reporting period[142]. - The board consists of nine members, including two executive directors and three independent non-executive directors[195]. - The company has established various specialized committees, including audit, compensation, and nomination committees, to oversee specific responsibilities[200]. - The company’s governance structure aims to enhance shareholder value and protect stakeholder interests[194]. Future Outlook - Lenovo Holdings provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% driven by new product launches and market expansion strategies[3]. - The company anticipates a revenue growth of 8% for the upcoming fiscal year, driven by strong demand in the gaming and education sectors[177]. - The company plans to invest in new technologies, with a budget allocation of 5.38% of total revenue for R&D efforts[176]. - Lenovo's performance guidance suggests a positive outlook for the upcoming fiscal periods, with expectations of continued revenue growth[173].