2025年5月22日，联想集团（00992）公布截至2025年3月31日的2024/25财年第四季度及全年业绩。公司 全年收入达到4985亿元人民币，实现同比21.5%的强劲增长；非香港财务报告准则下的净利润同比大增 36%，达104亿元人民币。 为加强在各个市场的竞争力，联想集团已构建起从产品设计、需求预测，到采购、制造、销售、服务的 端到端全球运营体系，形成高效闭环，并通过独特的"ODM+模式"，在全球11个市场布局逾30个自有或 合作制造基地，形成"全球资源、本地交付"的供应链能力。这一体系在当前充满不确定性的环境中，赋 予公司远超行业的灵活性与响应速度，确保能够比竞争对手更快适应变化、持续稳固市场领先地位。 值得关注的是，在全球市场充满不确定性的宏观环境下，联想集团在全球所有大区的营收全部实现双位 数增长，美洲、EMEA（欧洲-中东-非洲）、中国、亚太增速分别为19%、16%、26%和29%，充分彰显 了作为一家已全球化20年的公司的韧性与活力。 财报显示，IDG全年营收实现双位数强劲增长，PC业务进一步巩固全球第一的市场地位，全年份额达 23.7%，与第二名差距扩大至3.6个百分点。智能手机业务全年 ...

Core Insights - Lenovo Group reported a total revenue of 498.5 billion RMB for the fiscal year 2024/25, marking a year-on-year increase of 21.5%, achieving the second highest revenue in its history [1] - In Q4, all main business segments experienced double-digit revenue growth, contributing to an overall revenue increase of 23% year-on-year, with net profit rising by 25% under non-Hong Kong financial reporting standards [1] Business Segments - The share of Lenovo's non-PC business in total revenue increased by nearly 5 percentage points to 47% in the fiscal year 2024/25 [3] - The Intelligent Devices Group (IDG) saw double-digit revenue growth, while the Infrastructure Solutions Group (ISG) experienced a 63% year-on-year increase, successfully turning around losses in the second half of the fiscal year [3] - The Solutions and Services Group (SSG) also achieved double-digit revenue growth, with an operating profit margin exceeding 21% [3] - All global regions of Lenovo reported double-digit revenue growth [3] R&D and Innovation - Lenovo increased its R&D investment by 13% year-on-year, with R&D personnel accounting for 27.8% of the workforce, up by 1.6 percentage points [3] - Following the launch of its first AI PC personal intelligent device last year, Lenovo introduced the concept of "super intelligent devices" [3] Operational Strategy - Lenovo has established a comprehensive end-to-end global operational system covering product design, demand forecasting, procurement, manufacturing, sales, and service [3] - The company has implemented an "ODM+" model, with over 30 owned or partnered manufacturing bases across 11 global markets, enhancing its supply chain capabilities with a "global resources, local delivery" approach [3] Leadership Commitment - Lenovo's Chairman and CEO, Yang Yuanqing, emphasized the company's commitment to maintaining market share and profit levels despite future challenges [3]

Group 1: Financial Performance - Lenovo Group reported a strong revenue growth of 23% year-on-year, reaching 123.52 billion RMB for the fourth quarter of the fiscal year 2024/25 [1] - The net profit under non-Hong Kong financial reporting standards for the fourth quarter was 2.025 billion RMB, an increase of 25% compared to the previous year [1] - The Intelligent Devices Group (IDG) achieved a revenue of 85.93 billion RMB, marking a 13% year-on-year growth, with a PC market share of 23.8% [1] Group 2: Business Segments - The ISG segment achieved nearly 30 billion RMB in revenue for the quarter, a significant increase of 63% year-on-year, and recorded profitability for the second consecutive quarter [2] - The SSG segment generated over 15.6 billion RMB in revenue, reflecting an 18% year-on-year growth, with an operating profit margin reaching a record 23% [2] Group 3: Product and Market Development - The company is focusing on expanding its "Personal AI Twin" initiative, aiming to enhance its product offerings with innovative terminal products powered by the "Tianxi" personal super-intelligent system [1] - Lenovo is accelerating the development of AI servers, liquid cooling solutions, and edge computing to establish a hybrid intelligent infrastructure platform for the AI era [2] - SSG is advancing its generative AI applications and has launched new product combinations, including AI intelligent platforms and all-in-one machines [2] Group 4: Future Outlook - The company aims to enhance platform capabilities, product strength, and global delivery efficiency through its "Hybrid AI Advantage" strategy [3] - SSG plans to expand the application scenarios of super-intelligent systems to increase customer engagement and broaden the commercialization of high-value services [3]

Core Insights - Lenovo Group reported a strong financial performance for the fiscal year 2024/25, with total revenue reaching 498.5 billion RMB, representing a year-on-year growth of 21.5% and a net profit increase of 36% to 10.4 billion RMB [1] - The company achieved double-digit revenue growth across all main business segments in the fourth quarter, with overall revenue growth of 23% and a net profit increase of 25% [1] Business Performance - The core business segments continued to grow, with the Intelligent Devices Group (IDG) generating revenue of 364.7 billion RMB, a 13% year-on-year increase, while the Infrastructure Solutions Group (ISG) achieved record revenue with a 63% growth, reaching 104.8 billion RMB [2] - The Solutions and Services Group (SSG) also showed strong performance, with revenue of 61 billion RMB, a 13% increase, and an operating profit margin exceeding 21% [2] Regional Growth - Lenovo experienced double-digit revenue growth across all global regions, with growth rates of 19% in the Americas, 16% in EMEA, 26% in China, and 29% in Asia-Pacific [2] Market Position - Lenovo's market share in the global PC market expanded to 23.8%, widening the gap with the second-largest competitor by 3.8 percentage points [3] - The smartphone business maintained momentum, achieving a revenue growth rate 12 percentage points higher than the market average, elevating its market share to fourth place [3] Innovation and R&D - The company increased its R&D investment by 13% year-on-year, with R&D personnel accounting for 27.8% of the workforce, reflecting its commitment to seizing opportunities in the AI era [3] - Lenovo introduced the concept of "super intelligent agents" following the launch of its first AI PC personal assistant, marking a significant step in its vision for AI [3] Leadership Perspective - The CEO expressed pride in the company's performance amidst external challenges, emphasizing that Lenovo's direction remains firmly in its control [4]

Group 1 - The core viewpoint of the article highlights Lenovo Group's robust financial performance for the fiscal year ending March 31, 2025, with a 37% increase in profit attributable to equity holders, reaching $1.384 billion, and a 21% revenue growth to $69 billion, marking the second-highest annual revenue record [1][2] - The Infrastructure Solutions Group recorded a 63% revenue increase, driven by strong server orders, a rebound in enterprise demand, and the expansion of new customers [2] - The Solutions Services Group achieved a 13% increase in operating profit, primarily due to strong demand for Digital Workplace Solutions (DWS) and AI-driven solutions [2] Group 2 - The Intelligent Devices Group saw a 13% increase in sales, benefiting from market share growth in personal computers, a recovery in commercial sales, and the launch of high-end products, including new AI personal computers [2] - Lenovo remains a leader in the personal computer market, with non-PC revenue accounting for 47% of total revenue across its three business groups [2] - Research and development expenditure increased by 13% to $2.3 billion, with significant advancements in personal AI and enterprise AI solutions, including the launch of the AI NOW smart agent [3]

联想集团第四财季营收169.8亿美元，预估156.7亿美元。 第四财季净利润9,000万美元，预估2.262亿美元。 ...

联想集团公告，截至2025年3月31日的年度业绩显示，公司权益持有人应占溢利同比增长37%至13.84亿 美元，收入同比增长21%至690.77亿美元，创历史第二高。智能设备业务集团收入及溢利分别同比增长 13%及14%，基础设施方案业务集团收入同比增长63%，减少1.8亿美元亏损，于下半年转亏为盈。方案 服务业务集团已连续第四年实现创纪录的收入和溢利。董事会建议派发截至2025年3月31日止年度之末 期股息，每股30.5港仙。 *ST锦港（600190）公告，公司收到中国证监会辽宁监管局《行政处罚及市场禁入事先告知书》，显示 公司2020年至2023年年度报告连续4年存在虚假记载，触及重大违法强制退市情形。公司股票已于2025 年5月6日起被实施重大违法类退市风险警示。公司2024年度经审计的期末净资产为负值，且2024年度财 务报表被出具无法表示意见的审计报告，触及财务类退市情形。此外，公司存在违规对外提供担保且未 能在1个月内完成整改的情形，以及公司披露的2018年至2021年年度报告存在虚假记载，触及其他风险 警示情形。公司股票已被上交所叠加实施其他风险警示。公司存在流动性风险，部分账户被冻结，且有 ...

联想集团全年营收690.8亿美元，预估678亿美元；全年 净利润13.8亿美元，预估14.8亿美元；每股末期 股息0.305港元。 ...

Financial Performance - Lenovo Group reported a 21% year-over-year increase in revenue, reaching $6.9077 billion, marking the second-highest annual revenue in its history[4]. - The profit attributable to equity holders increased by 37% year-over-year, amounting to $1.384 billion[5]. - The group's revenue increased by 21% year-on-year to $69 billion, marking the second-highest record in its history[11]. - The net profit under non-Hong Kong Financial Reporting Standards grew by 36% to $1.4 billion, while the profit attributable to equity holders increased by 37% to $1.4 billion under Hong Kong Financial Reporting Standards[12]. - Total revenue for the fiscal year ending March 31, 2025, was approximately $69.08 billion, representing a 21% increase from the previous year[22]. - Net profit attributable to equity holders increased by $373 million to approximately $1.384 billion, with basic and diluted earnings per share rising to 11.30 cents and 10.62 cents, respectively[22]. - The reported operating profit for the year ended March 31, 2025, was $2,164,153 thousand, an increase from $2,005,784 thousand in the previous year, representing an 8% growth[39]. - Operating profit increased to $2,164,153 thousand in 2025, compared to $2,005,784 thousand in 2024, marking a 7.9% growth[51]. - Net profit for the year was $1,461,952 thousand, a significant increase of 32.6% from $1,102,312 thousand in 2024[52]. Revenue Growth by Segment - The Infrastructure Solutions Group saw a 63% year-over-year revenue growth, significantly reducing losses by $180 million and turning profitable in the second half of the year[5]. - The Smart Devices Group's revenue and profit increased by 13% and 14% year-over-year, driven by smartphone and AI PC product expansion[5]. - The Solutions Services Group achieved record revenue and profit for the fourth consecutive year, supported by strong market demand and strategic AI solutions[5]. - The infrastructure solutions business group achieved a revenue growth of 63%, driven by strong server orders and new customer acquisitions[11]. - The smart devices business group recorded a revenue growth of 13%, with a global market share increase of 1.2% to a record 25% in the personal computer market[13]. - The Solutions Services Group recorded a revenue increase of 13% and a profit increase of 15% year-on-year, with an operating profit margin growth of 42 basis points to 21.1%[17]. - Revenue from the Americas region was $23,297.448 million, a 18.5% increase from $19,615.992 million in the previous year[62]. - The Infrastructure Solutions Business Group reported revenue of $14,523.268 million, a significant increase from $8,921.929 million, although it incurred an operating loss of $68.501 million compared to a loss of $248.260 million last year[61]. Research and Development - Research and development expenses grew by 13% year-over-year, focusing on hybrid AI growth and innovation in infrastructure and AI applications[5]. - R&D expenses for the fiscal year were $2.288 billion, an increase of 12.8% compared to the previous year[24]. - Research and development expenses increased to $643,892 thousand from $531,740 thousand year-over-year[30]. Cash Flow and Financial Position - The company’s cash reserves included 68% in bank deposits and 32% in investment-grade money market funds as of March 31, 2025, compared to 90% and 10% respectively in 2024, indicating a shift in cash management strategy[42]. - The company’s net cash from operating activities was significantly impacted by interest and tax payments totaling $1,213,118 thousand in 2025[55]. - Operating cash flow for 2025 is $1,099,822 thousand, a decrease of 45.2% from $2,010,991 thousand in 2024[55]. - The company reported a significant reduction in short-term floating rate loans from $43,423,000 to $36,415,000, a decrease of approximately 16.5%[99]. - The company’s current liabilities related to convertible bonds increased to $2,287,535,000 in 2025 from $556,592,000 in 2024, marking a substantial rise of approximately 311.5%[98]. Dividends and Shareholder Returns - The company proposed a final dividend of 30.5 HK cents per share, up from 30.0 HK cents in the previous year[6]. - The company declared an interim dividend of 8.5 HKD cents per share, totaling $135,518 thousand, compared to $124,319 thousand in 2024, marking an increase of about 9.7%[75]. - The company paid dividends totaling $608,351 thousand in 2025, slightly up from $583,273 thousand in 2024[56]. Corporate Governance and Management - The company has been recognized for its commitment to corporate governance and sustainability, receiving an MSCI ESG rating of AAA for three consecutive years[10]. - John Lawson Thornton has been appointed as the Chief Independent Director effective February 21, 2025, with extensive powers and responsibilities, including leading performance evaluations of the Chairman and CEO[108]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the fiscal year ending March 31, 2025, although the roles of the Chairman and CEO are not separated[107]. Strategic Initiatives - The company plans to issue $2 billion in zero-coupon convertible bonds and establish a strategic partnership with ALAT, a company controlled by PIF[5]. - The Solutions Services Group's AI Fast Start service aims to accelerate AI implementation for enterprises, enhancing the company's competitive edge in the market[21]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[61].

智通财经APP获悉，近日，IDC最新数据报告显示，尽管行业整体仍面临周期性调整压力，联想(00992)摩托罗拉在全球智 能手机市场持续展现出强劲的增长韧性。在收入与出货量两大核心指标上，联想均远超市场预期。在海外市场，联想摩托 罗拉不仅稳居出货量第五，营收排名也跻身四强。 | | 2025年第一季度海外智能手机市场排名 | | | --- | --- | --- | | 排名 | 营收 | 田彩昌 | | 1 | 苹果 | 三星 | | 2 | 三星 | 苹果 | | 3 | 小米 | 小米 | | 4 | 联想 | 传音 | | 5 | OPPO | 联想 | | б | 传音 | vivo | | 7 | 谷歌 | OPPO | | 8 | vivo | realme | | 9 | 荣耀 | 荣耀 | | 10 | realme | 谷歌 | 在除中国以外的海外市场，联想摩托罗拉2025年Q1收入达34.2亿美元，同比激增16.7%，远超市场4.4%的增速，市场份额 （3.3%）从第五升至第四，超越OPPO、传音与谷歌。全球市场中，联想以2.5%的收入份额位列第八，同比提升0.3个百 分点，增速16.4 ...