Core Viewpoint - Lenovo Group is experiencing a positive market response, with its stock price increasing by approximately 4.36% to HKD 12.22, alongside a trading volume of HKD 805 million, following news of its acquisition plans for Infinidat [1] Group 1: Acquisition Details - Infinidat has announced an expansion of its InfiniBox G4 storage array product line, introducing smaller models and upgrading existing products [1] - The acquisition of Infinidat by Lenovo is progressing smoothly, with an expected completion date by the end of 2025 [1] Group 2: Strategic Implications - The collaboration between Lenovo and Infinidat does not involve significant product overlap, eliminating the need for major adjustments to existing product lines [2] - Infinidat's core advantages, such as 100% availability assurance, network recovery assurance, and performance assurance, will remain intact, enhancing Lenovo's offerings in the high-end storage market [2] - Post-acquisition, Infinidat's operations will be integrated into Lenovo's Infrastructure Solutions Group, strengthening Lenovo's capabilities in the high-end market beyond small and medium-sized businesses [2]

Core Viewpoint - Lenovo Group's stock price increased by nearly 5%, driven by the announcement of its acquisition plan for Infinidat, which is expected to be completed by the end of 2025 [1][2] Group 1: Acquisition Details - Infinidat has announced an expansion of its InfiniBox G4 storage array product line, introducing smaller models and upgrading existing products [1] - The acquisition of Infinidat is progressing smoothly, with expectations for completion by the end of 2025 [1] Group 2: Strategic Implications - The collaboration between Lenovo and Infinidat does not involve significant product overlap, eliminating the need for large-scale adjustments to existing product lines [2] - Infinidat's core advantages, such as 100% availability assurance, network recovery assurance, and performance assurance, will remain intact, enhancing Lenovo's offerings in the high-end storage market [2] - The acquisition will allow Lenovo to strengthen its product portfolio and solution system, particularly in providing comprehensive high-end storage support to its partners [2] - Post-acquisition, Infinidat's business will be integrated into Lenovo's Infrastructure Solutions Group, enhancing Lenovo's capabilities in the high-end market beyond small and medium-sized businesses [2]

Core Insights - Infinidat has announced an expansion of its InfiniBox G4 storage array product line, introducing smaller models and upgrading existing products, while Lenovo's acquisition of Infinidat is progressing smoothly and expected to complete by the end of 2025 [1][2] Group 1: Infinidat's Product Development - The InfiniBox G4 product line update may be Infinidat's last major product move as an independent company [1] - The new InfiniBox G4 models have reduced size by 30% from 14U to 11U and introduced a low-capacity version with a 29% lower entry price compared to the 2024 small-size model, while maintaining high-end enterprise attributes such as 35 microseconds low latency and full network security features [3][4] - The G4 series now supports native S3-compatible object storage, simplifying deployment processes significantly [3] Group 2: Acquisition Details - Lenovo's acquisition of Infinidat is on track since its announcement in January 2025, with the complementary nature of both companies' businesses being a key highlight [2] - Infinidat's high-end storage capabilities will enhance Lenovo's product offerings, particularly in the high-end storage market where Lenovo previously lacked presence [3] - The acquisition will allow Infinidat's business to be integrated into Lenovo's Infrastructure Solutions Group, enhancing Lenovo's capabilities in the high-end market beyond SMB and mid-range storage [3] Group 3: Market Potential and Industry Impact - The effective capacity of the hybrid G4 storage array has increased to 33PB, nearly doubling from the previous maximum of 17.2PB [4] - Industry partners recognize the market potential of the InfiniBox G4, with its combination of smaller size, better environmental adaptability, faster bandwidth, stronger software capabilities, and lower price expected to drive adoption in various new scenarios [4][5] - The acquisition is anticipated to significantly enhance Lenovo's market competitiveness and expand its product line, providing a comprehensive storage and AI collaborative solution for enterprises [5]

Core Insights - Lenovo Group has launched GPU Advanced Services to address the gap between the rapid expansion of AI systems and the limitations of GPU capacity, promising up to a 30% increase in AI workload performance [1] - The service model aims to transform capital-intensive GPU investments into flexible, cost-effective solutions, reducing total ownership costs by 20-30% over three years [4] Summary by Sections GPU Advanced Services Overview - The service is designed to support the entire lifecycle of AI applications through a three-phase modular approach, including planning, implementation, and ongoing management [2][3] Phase 1: GPU Planning and Design Services - Focuses on accurately matching enterprise needs by analyzing current AI workloads and recommending customized hardware combinations [2] Phase 2: GPU Implementation Services - Converts design plans into actual systems, providing detailed architecture blueprints and software stack configurations, while also offering training for client IT teams [3] Phase 3: GPU Hosting Services - Ensures peak system performance through subscription-based ongoing optimization and compliance monitoring, allowing companies to focus on model development rather than infrastructure maintenance [3] Economic Impact - The shift from capital-intensive GPU infrastructure to a service model allows companies to avoid over-provisioning and reduces infrastructure spending, leading to significant cost savings [4] - Speed improvements in sectors like media and healthcare can translate into increased throughput and better patient outcomes, respectively [4] Industry Customization - Lenovo's GPU Advanced Services are tailored for four key sectors: healthcare, automotive, media and entertainment, and cloud service providers, each requiring specific performance enhancements [5][6][7] Healthcare Sector - Focuses on high-resolution imaging and telemedicine, enabling real-time AI-assisted diagnostics with reduced inference latency [6] Automotive Sector - Targets edge AI and safety, optimizing embedded GPU inference pipelines for autonomous driving applications [6] Media and Entertainment Sector - Enhances real-time rendering efficiency, allowing content creators to preview 3D models instantly and scale from single workstations to multi-node clusters [6] Cloud Service Providers - Improves AI as a Service (AIaaS) product launch cycles and GPU resource utilization, leading to better profitability for cloud vendors [7] Conclusion - As AI transitions from experimental to everyday applications, the demand for efficient and scalable GPU infrastructure is expected to grow, with Lenovo's services providing a practical path for organizations to maximize their hardware potential [7]

Core Insights - Lenovo Group has been recognized in the "Best Workplaces for Innovators" list by Fast Company for the second consecutive year, highlighting its advancements in AI technology and employee empowerment [1][3] - Lenovo has been selected as a benchmark enterprise for AI innovation, joining the ranks of renowned companies like Adobe, IBM, and Johnson & Johnson [1] Group 1: Recognition and Awards - The "Best Workplaces for Innovators" list includes 100 exemplary organizations from nearly 1,000 participating companies across various sectors such as entertainment, biotech, and healthcare [3] - The evaluation process involved comprehensive assessments by Fast Company editors and a professional review panel to ensure the authority and fairness of the selection [3] Group 2: Innovation and R&D - Lenovo's continuous investment in R&D is a key factor in its recognition, with 18 global R&D centers and 4 AI innovation centers established to support technological breakthroughs [3][4] - The company has increased its R&D expenditure by 13% year-on-year, with 25% of its employees engaged in R&D or innovation-related work [4] Group 3: Product Development and Culture - Lenovo launched the world's first rollable screen AI PC, ThinkBook Plus Gen 6, showcasing its innovative culture that encourages cross-department collaboration and bold experimentation [4] - The company emphasizes an inclusive workplace culture and actively engages in public welfare projects, aligning with its vision of "Smarter Technology for All" [4][5] Group 4: Leadership and Vision - Lenovo's leadership believes that innovation is embedded in the company's culture, empowering teams to break boundaries and focus on customer-centric breakthroughs [5] - Fast Company’s editor-in-chief noted that the companies on the list demonstrate that innovation is a deliberate choice achieved by empowering every employee [5]

FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00992 | | 說明 | 港幣櫃台 | | | | | | 多櫃檯證券代號 | 80992 | RMB 說明 | | 人民幣櫃台 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 12,404,659,302 | | 0 | | 12,404,659,302 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 12,404,659,302 | | 0 | | 12,404,659,302 | 第 2 頁 共 11 頁 v 1.1.1 FF301 股份發行人及根據《上市規則》第十九B章上市的香港 ...

Company Overview - Lenovo Group is a global enterprise with a total revenue of 498.5 billion RMB for the fiscal year 2024/25, serving millions of customers across 180 markets [2] - The company offers a complete product roadmap from pocket to cloud, including AI-enabled devices, infrastructure, software, solutions, and services such as personal computers, workstations, smartphones, tablets, data centers, and high-performance computing [2] Supply Chain Management - Lenovo operates over 30 self-owned or partnered manufacturing bases and manages a complex global supply chain network with over 2,000 suppliers [3] - The company initiated its digital transformation of the global supply chain in 2017 and is now advancing to a smart transformation phase, with AI as a core driver [3] - Lenovo has developed a Supply Chain Intelligent Control Tower (SCI) to enhance operational efficiency through AI-driven end-to-end visibility, dynamic resource allocation, and risk prediction [3] - The iChain supply chain intelligence system has been created to provide visibility across the entire supply chain, facilitating risk alerts, decision quality improvement, and automated processes [3] ESG Initiatives - Scope 3 emissions reduction is a priority for Lenovo's global supply chain ESG governance, with a focus on supplier emissions since 2012 [4] - In 2022, Lenovo launched a deeper supplier emissions reduction program, requiring suppliers to disclose carbon emissions data and set climate goals through the CDP platform [4] - The program has led to 96% of suppliers setting publicly available emissions reduction targets [4] - Lenovo is actively building a green electricity ecosystem and has initiated a pilot project in Guangdong to procure 46 million kWh of green electricity, reducing approximately 30,000 tons of CO2 emissions [4] Sustainable Development - Lenovo promotes sustainable development among its partners and aims to create replicable industry experiences [5] - The company has introduced initiatives to increase employment opportunities for people with disabilities within the supply chain [5] - Lenovo has implemented a "wage co-management account + blockchain storage mechanism" to ensure timely payment of outsourced employee wages, enhancing transparency and compliance [5] - The company is recognized for its exemplary performance in supply chain responsibility management, fostering green development and environmental management improvements among suppliers [5]

Core Insights - Alibaba Group's CEO, Wu Yongming, outlined the core strategic path for Alibaba Cloud in the AI era, focusing on open-source initiatives and the development of a "super AI cloud" to provide intelligent computing power globally [1] - The company is investing 380 billion yuan (approximately 53.5 billion USD) over three years to build AI infrastructure, aiming for a tenfold increase in global data center energy efficiency by 2032 [2] - Lenovo, as a leading global ICT infrastructure provider, is positioned to benefit significantly from Alibaba's strategic plans, showcasing its "full-stack AI" solutions at the 2025 Cloud Summit [1][2] Investment Opportunities - Lenovo's server business is expected to enter a "super order cycle" due to Alibaba's substantial investment in AI infrastructure, with Lenovo's server revenue growth reaching 74.8% globally and over 35% market share in China's AI cloud server market [2][3] - Lenovo's sixth-generation Neptune liquid-cooled servers can reduce data center power consumption by 40%, aligning with Alibaba's energy optimization goals [2] - In the first quarter of the new fiscal year, Lenovo's AI infrastructure business revenue grew by 155% year-on-year, driven by orders from Alibaba and ByteDance [3] Strategic Collaborations - Alibaba emphasized the "end-cloud collaboration" strategy, with Lenovo's terminal layout complementing Alibaba's AI model, enabling local operation and cloud updates [4] - Lenovo's AI PCs, which account for 27% of total notebook shipments in China, are designed to seamlessly integrate with Alibaba's AI services, presenting new market opportunities [4] - The collaboration between Lenovo's hybrid AI framework and Alibaba's AI model accelerates the transition from technology to application, enhancing both companies' positions in the AI industry [5] Long-term Outlook - The 380 billion yuan investment is expected to drive a surge in Lenovo's server orders and enhance profitability through liquid cooling technology [5] - In the long term, Lenovo's advantages in terminal access, data closure, and ecosystem collaboration will position it as a core partner in Alibaba's AI transformation [5] - Lenovo is poised to experience dual growth in performance and valuation in the burgeoning AI industry, leveraging its hardware capabilities and ecosystem positioning [5]

Core Insights - Alibaba Group's CEO, Wu Yongming, outlined a strategic path for Alibaba Cloud in the AI era, focusing on open-source initiatives and the development of a "super AI cloud" to provide intelligent computing power globally [1] - The company plans to invest 380 billion yuan (approximately 53.5 billion USD) over three years in AI infrastructure, aiming to enhance global data center energy efficiency by tenfold by 2032 [2] - Lenovo, as a key supplier of servers for Alibaba Cloud, is positioned to benefit significantly from this investment, with its server revenue growth reaching 74.8% globally and a market share exceeding 35% in China's AI cloud server market [2][3] Investment and Market Opportunities - Lenovo is expected to secure new orders from Alibaba's substantial investment in AI infrastructure, potentially leading to explosive growth in its server business [3] - The introduction of Lenovo's sixth-generation Neptune liquid-cooled servers aligns with Alibaba's energy efficiency goals, reducing data center power consumption by 40% compared to traditional cooling methods [2] - Lenovo's AI infrastructure business saw a 155% year-on-year revenue increase in the first quarter of the new fiscal year, driven by orders from Alibaba and ByteDance [3] AI Ecosystem Development - Alibaba emphasized a "cloud-edge collaboration" strategy, with Lenovo's terminal-side developments complementing Alibaba's AI model, Tongyi Qianwen, which aims to operate locally while updating via the cloud [4] - Lenovo's AI PCs, which accounted for 27% of total notebook shipments in China, are designed to integrate seamlessly with Alibaba's AI services, providing low-latency local AI capabilities [4] - The collaboration between Lenovo's hybrid AI framework and Alibaba's AI model accelerates the transition from technology to application, enhancing the overall AI ecosystem [5] Long-term Strategic Positioning - The 380 billion yuan investment is expected to drive a surge in Lenovo's server orders and improve profitability through liquid cooling technology [5] - In the long term, Lenovo's advantages in terminal access, data loops, and ecosystem collaboration position it as a core partner in Alibaba's AI transformation [5] - Lenovo is poised to experience both performance and valuation growth in the burgeoning AI industry, leveraging its hardware capabilities and ecosystem positioning [5]

Core Insights - Lenovo Group has been recognized in Forbes China's 2025 "Top 30 Chinese Enterprises in International Operations" list due to its scalable overseas revenue, technology-driven growth model, and global collaboration capabilities [2][3] - The average overseas revenue growth for the listed companies is 63.2%, with a median contribution of 45.5% from overseas revenue, while Lenovo's overseas revenue for the fiscal year 2024 reached 381.67 billion RMB, accounting for 77% of its total revenue, significantly higher than most listed companies [2] - Lenovo maintains a leading position in the global PC market with a 23.7% market share and has achieved the highest sales in the AI PC category within the Windows AI PC segment, which is a key driver for overseas consumer revenue growth [2] Business Strategy - Lenovo's international operations are not reliant on a single product but are based on a "hybrid AI" strategy that encompasses a global business ecosystem covering consumer terminals and enterprise services, distinguishing it from other companies on the list [3] - By deepening its presence in overseas markets, Lenovo effectively integrates global resources to benefit the domestic market, with approximately 80% of its manufacturing, 70% of its R&D personnel, and 60% of its employees based in China, while over 70% of its revenue comes from overseas [3] Future Outlook - As global AI technology transitions from a "competition phase" to a "implementation phase," Lenovo's international operations have significant expansion potential [3] - The demand for AI PCs is expected to continue growing, with IDC predicting that by 2025, AI PC shipments will account for over 40% of total PC shipments, allowing Lenovo to further increase its overseas market share [3] - The application scenarios for hybrid AI in industries such as manufacturing, healthcare, and education are expected to diversify, enabling Lenovo to leverage its global R&D and supply chain network to replicate its domestic technological experiences in international markets, forming a new growth logic of "global technology collaboration and regional market customization" [3]