公司名稱: 聯想控股股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 内资股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,084,376,910 RMB | | 1 | RMB | | 1,084,376,910 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,084,376,910 RMB | | 1 | RMB | | 1,084,376,910 | 本月底法定/註冊股本總額： ...

Core Viewpoint - Lenovo Holdings reported a significant increase in revenue and net profit for the first half of 2025, driven by improved profitability in Lenovo Group and growth in its financial investments [1][2]. Group 1: Financial Performance - Lenovo Holdings achieved revenue of 281.59 billion yuan, a year-on-year increase of 21% [1]. - The net profit attributable to shareholders was 699 million yuan, reflecting a substantial year-on-year growth of 144% [1]. - The tax-pre-profit indicator shows a recovery trend, with three consecutive reporting periods of profit increase since 2024 [2]. Group 2: Key Business Highlights - Lenovo Group's performance is bolstered by the AI cycle, with all main business segments experiencing double-digit growth [4]. - The PC segment saw a 15% year-on-year increase in market share, reaching 24.6%, with AI PCs accounting for one-third of Lenovo's PC sales revenue [4]. - The smartphone business grew by 17% year-on-year, maintaining a strong position in the global market, particularly in the foldable phone segment [4]. - The investment business of Lenovo Holdings has successfully led five companies to IPOs in the first half of the year, maintaining its leading position in the direct investment sector [5]. Group 3: Investment and Market Conditions - The investment sector is facing challenges, with some individual projects underperforming, leading to small losses in the incubation and investment segment [7]. - The overall venture capital environment is recovering, but the primary market remains cautious, with fundraising and exit difficulties persisting [9][10]. - Lenovo Holdings has a comprehensive investment strategy in AI, with over 270 AI companies in its portfolio, establishing a significant competitive advantage [11]. Group 4: Strategic Adjustments and Future Outlook - The company has made strategic moves, including reducing stakes in certain investments and planning potential sales of assets, indicating a possible shift towards AI and embodied intelligence [19]. - Lenovo Holdings is currently valued at a low price-to-book (PB) ratio of around 0.5, suggesting potential for valuation improvement as market conditions and performance trends align [20].

Core Insights - Lenovo Holdings reported a revenue increase of 20.67% year-on-year, reaching RMB 281.59 billion, and a significant net profit surge of 144% to RMB 6.99 billion for the first half of 2025 [1][7]. Financial Performance - Revenue for the six months ending June 30, 2025, was RMB 281,589 million, compared to RMB 233,364 million in 2024, marking a 20.67% increase [2]. - Net profit reached RMB 41,760 million, up from RMB 28,050 million, reflecting a 48.88% growth [7]. - Basic earnings per share increased to RMB 0.30, a 150% rise from RMB 0.12 [7]. Business Segment Performance - Lenovo Group, a key subsidiary, contributed significantly with a revenue increase of 24% to RMB 257.2 billion, providing a net profit of RMB 13.41 billion, up 21% [3]. - The personal computer business achieved a historical market share high of 24.6%, while the smartphone business recorded double-digit growth for seven consecutive quarters [5]. - The non-PC business revenue share rose to 48%, indicating a diversification in growth engines [4]. Investment and Innovation - The "Industry Incubation and Investment" segment reported a narrowed net loss of RMB 3.86 billion, an improvement from RMB 4.51 billion the previous year, attributed to a recovery in capital markets [6]. - Lenovo Holdings invested in over 50 technology projects in the first half of the year, focusing on AI, new materials, and biomedicine, with over 270 AI companies in its investment portfolio [9]. Key Growth Drivers - The infrastructure solutions business saw a 49% revenue increase, driven by a surge in AI server demand, with AI server revenue growing over threefold [8]. - The solutions services business maintained double-digit growth for 17 consecutive quarters, with a 20% revenue increase and high operating profit margins [8].

Performance Summary - China Railway Construction (01186.HK) reported a revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, with a net profit of approximately 10.7 billion yuan, down 10.1% [2] - Industrial and Commercial Bank of China (01398.HK) achieved a revenue of 409.1 billion yuan, an increase of 1.8% year-on-year, while net profit fell by 1.4% to 168.1 billion yuan [2] - Agricultural Bank of China (01288.HK) recorded a revenue of 369.79 billion yuan, up 0.7% year-on-year, and a net profit of 139.51 billion yuan, an increase of 2.66% [2] - China Construction Bank (00939.HK) reported a revenue of 385.91 billion yuan, a 3% increase year-on-year, with net profit around 162.08 billion yuan, down 1.4% [2] - Bank of China (03988.HK) had a revenue of 329.42 billion yuan, up 3.61% year-on-year, while net profit decreased by 0.85% to 117.59 billion yuan [2] - Postal Savings Bank of China (01658.HK) reported a revenue of 179.53 billion yuan, a 1.5% increase year-on-year, with net profit of 49.23 billion yuan, up 0.85% [2] - China Merchants Bank (03968.HK) achieved a revenue of 169.92 billion yuan, down 1.7% year-on-year, while net profit increased by 0.3% to 74.93 billion yuan [2] - Bank of Communications (03328.HK) reported a revenue of 133.50 billion yuan, up 0.7% year-on-year, with net profit of 46.02 billion yuan, an increase of 1.6% [2] - Minsheng Bank (01988.HK) had a revenue of 70.70 billion yuan, up 7.8% year-on-year, while net profit decreased by 4.9% to 21.38 billion yuan [2] - China Everbright Bank (06818.HK) reported a revenue of 65.95 billion yuan, down 5.6% year-on-year, with net profit of 24.62 billion yuan, an increase of 0.55% [2] - BYD Company (01211.HK) achieved a revenue of 371.28 billion yuan, up 23.3% year-on-year, with net profit of 15.51 billion yuan, an increase of 13.8% [2] - China Communications Construction Company (01800.HK) reported a revenue of 335.45 billion yuan, down 5.8% year-on-year, with net profit of 9.99 billion yuan, down 16.9% [2] - Lenovo Holdings (03396.HK) achieved a revenue of 281.59 billion yuan, up 21% year-on-year, with net profit of 699 million yuan, an increase of 144% [2] - Great Wall Motors (02333.HK) reported a revenue of 92.34 billion yuan, up 1% year-on-year, with net profit of 6.34 billion yuan, down 10.2% [2] - BYD Electronics (00285.HK) achieved a revenue of 80.61 billion yuan, up 2.6% year-on-year, with net profit of 1.73 billion yuan, an increase of 14% [2] - Country Garden (02007.HK) reported a revenue of 72.57 billion yuan, with a net loss of 19.078 billion yuan [2] - China Reinsurance (01508.HK) achieved a revenue of 61.03 billion yuan, up 0.6% year-on-year, with net profit of 6.244 billion yuan, an increase of 9.03% [2] - Yanzhou Coal Mining Company (01171.HK) reported a revenue of 53.966 billion yuan, down 13.17% year-on-year, with net profit of 4.731 billion yuan, down 38.7% [2] - Jitu Express (01519.HK) achieved a revenue of 5.499 billion USD, up 13.1% year-on-year, with net profit of 156 million USD, an increase of 147.1% [2] - AVIC Industry (02357.HK) reported a revenue of 37.465 billion yuan, up 11.43% year-on-year, with net profit of 1.03 billion yuan, down 17.67% [2] - CITIC Financial Assets (02799.HK) achieved a revenue of 31.136 billion yuan, up 2.9% year-on-year, with net profit of 6.168 billion yuan, an increase of 15.7% [2] - Bank of China Hong Kong (02388.HK) reported a net interest income of 25.06 billion HKD, down 3.5% year-on-year, with net profit of 22.12 billion HKD, an increase of 10.54% [2] - Zoomlion Heavy Industry (01157.HK) achieved a revenue of 24.855 billion yuan, up 1.3% year-on-year, with net profit of 2.765 billion yuan, an increase of 20.84% [2] - New Town Development (01030.HK) reported a revenue of 22.1 billion yuan, down 34.82% year-on-year, with net profit of 895 million yuan, down 32.11% [2] - Huatai Securities (06886.HK) achieved a revenue of approximately 20.98 billion yuan, up 5.86% year-on-year, with net profit of 7.549 billion yuan, an increase of 42.16% [2] - China Sanjiang Chemical (02198.HK) reported a revenue of 9.106 billion yuan, down 1.5% year-on-year, with net profit of 301 million yuan, an increase of 95.5% [2] - Tianjin Bank (01578.HK) achieved a revenue of 8.828 billion yuan, up 0.8% year-on-year, with net profit of 1.988 billion yuan, an increase of 1.1% [2] - Harbin Bank (06138.HK) reported a revenue of 7.386 billion yuan, up 2.6% year-on-year, with net profit of 915 million yuan, an increase of 20% [2] - Qingjian International (01240.HK) achieved a revenue of approximately 4.404 billion HKD, down 9.8% year-on-year, with net profit of 2.992 million HKD, an increase of 25.6% [2] - Xingye Alloy (00505.HK) reported a revenue of 4.389 billion yuan, up 22.1% year-on-year, with net profit of 106 million yuan, down 24.7% [2] - 3SBio (01530.HK) achieved a revenue of 4.355 billion yuan, down 0.8% year-on-year, with net profit of 1.358 billion yuan, an increase of 24.6% [2] - Huya Technology (01860.HK) reported a revenue of 938 million USD, up 47% year-on-year, with adjusted EBITDA of 88.681 million USD, an increase of 41% [2] - Haitong Securities (01905.HK) achieved a revenue of 3.521 billion yuan, down 12.6% year-on-year, with net profit of 785 million yuan, down 3.4% [2] - Dazhong Public Utilities (01635.HK) reported a revenue of approximately 3.449 billion yuan, down 5.8% year-on-year, with net profit of approximately 333 million yuan, an increase of 172.6% [2] Company News - China Biologic Products (01177.HK) received approval for the launch of Zongaitini tablets for the treatment of HER2-mutant non-small cell lung cancer [3] - Shandong High-Speed New Energy (01250.HK) reported a total operating power generation of approximately 3.6744 million MWh, an increase of approximately 6.9% year-on-year [3] - Fosun International (00656.HK) reached a settlement with Cainiao regarding a share buyback involving 350 million USD [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased approximately 55 million HKD worth of shares, buying back 919,000 shares at prices ranging from 594.5 to 605 HKD [3] - China Hongqiao (01378.HK) repurchased approximately 22.7 million HKD worth of shares, buying back 8.9235 million shares at a price of 25.44 HKD [3] - HSBC Holdings (00005.HK) repurchased approximately 15.3 million HKD worth of shares, buying back 1.5276 million shares at prices ranging from 99.8 to 100.7 HKD [3] - Hang Seng Bank (00011.HK) repurchased approximately 2.3517 million HKD worth of shares, buying back 210,000 shares at prices ranging from 111.5 to 112.5 HKD [3] - MGM China (02282.HK) repurchased approximately 1.60602 million HKD worth of shares, buying back 1 million shares at prices ranging from 15.92 to 16.27 HKD [3] - Sinopec Engineering (02386.HK) canceled 136,500 shares that had been repurchased [3]

Core Insights - Lenovo Holdings has reported a significant revenue increase of 21% year-on-year, reaching 281.59 billion RMB, and a net profit growth of 49%, amounting to 4.176 billion RMB, indicating a return to stable growth after previous fluctuations [1] - The company emphasizes innovation-driven strategies, focusing on technology investments to enhance long-term competitiveness in response to external challenges [1][4] Financial Performance - In the first half of 2025, Lenovo Holdings achieved a net profit attributable to equity holders of 699 million RMB, a remarkable increase of 144% year-on-year [1] - Research and development (R&D) investment rose by 16% to a historical high of 8.513 billion RMB, reflecting the company's commitment to technological advancement [2] Technological Advancements - Lenovo Group has launched a self-developed super intelligent agent matrix, with AI PCs now accounting for over 30% of total PC shipments, maintaining a 31% market share in the Windows AI PC category [2] - AI server sales have tripled year-on-year, positioning Lenovo among the global leaders in this segment [2] Strategic Investments - Lenovo Holdings has invested in over 50 technology projects in the first half of the year, facilitating five companies to go public and more than ten others entering the listing process [2] - The company has made significant investments in the pharmaceutical and embodied intelligence sectors, with over 110 and 40 companies respectively, leading the industry [2] AI Development - Lenovo Holdings has established a comprehensive investment framework in AI, with over 270 AI-related companies, covering all layers from foundational technology to applications [3] - The company's super intelligent agent has transitioned from concept to large-scale implementation, setting new benchmarks in the global AI industry [3] Future Outlook - Lenovo Holdings is expected to continue delivering surprises and expectations to the market, driven by its focus on technological innovation and growth in emerging industries [4]

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 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Legend Holdings Corporation 03396 - 1 - 謹請本公司股東及投資者在買賣本公司證券時審慎行事。 承董事會命 聯想控股股份有限公司 公司債券2025年度半年度報告 聯想控股股份有限公司（「本公司」）於上海證券交易所發行債券，根據相關規定需刊發本 公司公司債券2025年度半年度報告，內含截至2025年6月30日止六個月根據中國企業會計 準則編制的未經審計財務資料。上述報告已登載於上海證券交易所網站 (www.sse.com.cn)。 謹此提請本公司股東及投資者注意，於上述網站登載的本公司公司債券2025年度半年度 報告內所載未經審計財務資料乃根據中國企業會計準則編製，並根據中國有關法律及法 規公佈，僅供債券的投資者參考。 本公司截至2025年6月30日止六個月根據國際財務報告會計準則編制的未經審計財務資料 已於2025年8月29日在香港聯合交易所有限公司網站刊發的本公司2 ...

Core Insights - Lenovo Holdings (03396) reported a mid-year revenue of 281.589 billion yuan, representing a year-on-year growth of 21% [1] - The net profit attributable to equity holders reached 699 million yuan, marking a significant year-on-year increase of 144% [1] Revenue Growth - The revenue growth was primarily driven by double-digit year-on-year growth across all three major business segments of Lenovo Group [1] - The industrial operations segment achieved a revenue of 279.141 billion yuan, also reflecting a year-on-year growth of 21% [1] Investment in Innovation - The company continues to focus on technology innovation as a key driver for high-quality development, with increased investments in cutting-edge fields such as artificial intelligence, new materials, new energy, and biomedicine [1] - Research and development expenditure rose by 16% year-on-year to 8.513 billion yuan, setting a record high for the first half of the year [1] - Over 50 technology projects were supported during the reporting period, contributing to national technological self-reliance [1] AI Investment Strategy - Lenovo Holdings is intensifying its focus on artificial intelligence, aiming to build a vibrant and innovative AI application ecosystem [1] - The company has invested in over 270 AI enterprises, making it one of the most comprehensive and longest-standing investment institutions in the AI sector [1]

Core Insights - Lenovo Holdings reported a revenue of RMB 281,589 million for the six months ending June 30, 2025, representing a year-on-year growth of 21% driven by double-digit growth across all three major business segments [1] - The net profit attributable to equity holders reached RMB 699 million, a significant increase of 144%, attributed to improved operational efficiency, optimized product mix, and effective cost control measures [1] - The company continued to invest heavily in technology research and innovation, with R&D spending increasing by 16% to RMB 8.513 billion, marking a record high for the half-year period [3] Business Performance - The industry operations segment achieved revenue of RMB 279,141 million, also reflecting a 21% year-on-year increase, with net profit attributable to equity holders rising by 28% to RMB 1,836 million [1] - Lenovo Group's personal computer business saw a strong performance, capturing a historic market share of 24.6%, with AI PC penetration exceeding 30% of total shipments [2] - The infrastructure solutions business recorded over 40% rapid growth, while AI server revenue tripled year-on-year [2] Strategic Initiatives - Lenovo Holdings has invested in over 50 technology projects in the first half of the year, supporting national technological self-reliance [3] - The company launched its self-developed super intelligent agent matrix, which integrates core functionalities and has been embedded in Lenovo's products [3] - Lenovo has invested in over 270 AI companies, establishing itself as one of the most comprehensive and longest-standing investment institutions in the AI sector [4]

Group 1 - Lenovo Holdings reported a revenue of 281.559 billion yuan for the first half of the year [2] - The net profit attributable to the parent company was 699 million yuan, an increase from 286 million yuan in the same period last year [2]

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 全部或任何部份內容而產生或因倚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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03396） 截 至2025年6月30日 止6個月中期業績公告 本公司董事會公佈本公司及其附屬公司截至2025年6月30日 止6個月之未經審 計 簡 明 綜 合 中 期 業 績，連 同2024年 同 期 的 未 經 審 計 數 字 比 較 如 下： 截 至6月30日 止6個 月 | 2025年 | 2024年 | （人 | 幣 | 元） | 幣 | 萬 | 萬 | （人 | 百 | 民 | 百 | 民 | 元） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 281,589 | 收 | ...