Core Insights - Lenovo has transitioned from a traditional hardware manufacturer to a leader in AI services, marking a strategic shift in its core value from hardware production to standardized AI service capabilities and scalability potential [12] Group 1: AI Solutions and Innovations - Lenovo's "AI Factory" is a strategic solution that transforms complex AI development tasks into a standardized, efficient "AI production line," utilizing customer data as raw materials [3] - The launch of the Lenovo Wanquan Heterogeneous Computing Platform 4.0 enhances AI service efficiency and industry adaptability, achieving a 35% reduction in model training time through long-sequence parallel optimization [4] - The DeepSeek R1 model has achieved a record-breaking throughput of 12,000 Tokens/s, providing Lenovo with a differentiated advantage in AI services [5] Group 2: Market Position and Growth - Lenovo ISG China has experienced a remarkable 175% revenue growth over the past two and a half years, establishing itself as one of the fastest-growing AI infrastructure providers in China [2][11] - The AI server market in China is projected to reach $16 billion in the first half of 2025, doubling year-on-year, with expectations to exceed $140 billion by 2029 [10] Group 3: Strategic Partnerships and Standards - Lenovo has collaborated with industry partners to release the first model training and inference service standard, which fills a gap in the industry and supports the standardized implementation of AI factories [8] - The new service model allows enterprises to access AI capabilities without building complete AI teams, leading to stable recurring revenue for Lenovo [10] Group 4: Valuation Shift - Lenovo is shifting its valuation logic from traditional PE (Price-to-Earnings) metrics focused on hardware sales to PS (Price-to-Sales) metrics that emphasize service revenue growth and customer lifetime value [9][10] - As service revenue increases in proportion to total revenue, Lenovo's profitability is expected to transition from low-margin manufacturing to high-margin technology services, potentially increasing market valuation multiples [11][12]

(HKD Counter Stock Code 港幣櫃台股份代號: 992 / RMB Counter Stock Code 人民幣櫃台股份代號: 80992) Change Request Form 變更申請表格 To: Lenovo Group Limited (the "Company") 致： 聯想集團有限公司(「本公司」) c/o Tricor Investor Services Limited 卓佳證券登記有限公司轉交 17/F, Far East Finance Centre 香港夏愨道 16 號 16 Harcourt Road, Hong Kong 遠東金融中心 17 樓 Part B (乙部) - I/We would like to change the choice of means of receipt and language of all future Corporate Communications* of the Company as indicate below: 本人/吾等要求更改 貴公司日後之所有公司通訊* 的收取途徑及語言版本如下﹕ (Please "" only o ...

Lenovo Group Limited 聯想集團有限公司 (於香港註冊成立的有限公司) (港幣櫃台股份代號：992 / 人民幣櫃台股份代號：80992) 此致 敬啟者： 刊發二零二五╱二零二六年中期報告（「本次公司通訊文件」）的通知 本次公司通訊文件 之 中英文版本 現 已 登 載 於本公司網站 https://investor.lenovo.com/tc/publications/news.php 及香港交易及結算所有限公司的披露易網站 https://www.hkexnews.hk/index_c.htm （「網上版本」）。 就日後刊發之公司通訊 （ 附 註 2 ） 文件而言，本公司將於公司通訊文件刊發日期通過電子郵件或郵寄方 式向非登記股東發送公司通訊文件之網上版本的登載通知，該通知將同時提供英文和中文版本。為 支援通過電子郵件方式進行公司通訊，本公司建議 閣下日後隨時向其代理人，例如經紀、託管 商、代名人或其他為中央結算系統的參與者提供電郵地址。 倘 閣下擬收取本次公司通訊文件之印刷本及/或欲更改選擇收取本公司日後發布之公司通訊文件 （附註 2 ） 的語言版本及收取方式，請填妥隨附的變更申請表格或於 ...

一批中国互联网企业正远赴1.7万公里之外，寻找遥远而丰饶的发展沃土。 2025年12月3日，TikTok宣布将投资约377亿美元在巴西东北建设大型数据中心综合体，这是其在拉丁 美洲的首个大型项目。该项目完全依靠当地风电场的清洁能源供电，且选址地作为海底电信光缆枢纽， 能高效连接南美与欧洲、非洲等地。 2025年9月，阿里云也宣布将在巴西新建数据中心，同时扩建在墨西哥的数据中心。此前2月，阿里云墨 西哥数据中心正式开服，该中心作为其在拉美区域的首个数据中心，上线了弹性计算、云存储等核心云 计算产品，契合当地企业数字化转型需求，完善了在空白市场的业务布局。 更早以前，老牌科技企业、阿里云重要供应商联想(00992)已经在拉美站稳脚跟。拉美市场在多产品线 稳居前列，PC市场连续多年占据区域第一，平板与手机均位列第二并持续缩小与领先者差距，服务器 业务以25%的年增长率稳居区域第二，E/SMB企业基础设施业务收入创历史新高。 2026年，世界杯揭幕战将于墨西哥城举行，全世界将能见证联想技术覆盖赛事全流程。这是联想与国际 足联FIFA技术合作的一部分。 阿里云近年来加速在拉美布局，聚焦云基础设施、AI应用和数字化转型， ...

凡選擇（或被視作已同意）瀏覽在本公司網站登載之本公司公司通訊 （附註 1） 以代替收取印刷本之 股東，均可要求索取本次公司通訊文件及 / 或收取本公司日後發布之公司通訊的印刷本。 倘 閣下擬收取本次公司通訊文件之印刷本及 / 或欲更改選擇收取本公司日後發布之公司通訊的 語言版本及收取方式，請填妥隨附的變更申請表格或於本公司網站下載，利用郵寄標籤寄回本公司 之股份過戶登記處–卓佳證券登記有限公司或將變更申請表格電郵至 lenovo-ecom@vistra.com 。當 收到 閣下之要求，本次公司通訊文件及 / 或日後公司通訊的印刷本將免費發送予 閣下。 Lenovo Group Limited 聯想集團有限公司 (於香港註冊成立的有限公司) (港幣櫃台股份代號：992 / 人民幣櫃台股份代號：80992) 敬啟者： 刊發二零二五 / 二零二六年中期報告（「本次公司通訊文件」）的通知 本次公司通訊文件之中英文版本現已登載於本公司網站 https://investor.lenovo.com/tc/publications/news.php 及香港交易及結算所有限公司的披露易網站 https://www.hkexne ...

Financial Performance - Revenue for the six months ended September 30, 2025, reached $39.28 billion, a 17.5% increase compared to $33.30 billion for the same period in 2024[8]. - Gross profit for the six months ended September 30, 2025, was $5.92 billion, representing a gross margin of 15.1%, up from $5.36 billion and a gross margin of 16.1% in the previous year[8]. - Operating profit for the six months ended September 30, 2025, was $1.43 billion, a 24.7% increase from $1.15 billion in the same period of 2024[8]. - Net profit attributable to equity holders for the six months ended September 30, 2025, was $845.61 million, compared to $601.90 million for the same period in 2024, reflecting a 40.4% increase[8]. - Basic earnings per share for the six months ended September 30, 2025, was 6.89 cents, up from 4.91 cents in the same period of 2024[8]. - The company reported a total comprehensive income of $1,313,815 thousand for the period[14]. - The net profit for the period was $636,771 thousand, reflecting a significant increase compared to previous periods[14]. - The company reported a significant increase in trade payables to $16,132,424 thousand as of September 30, 2025, compared to $11,978,933 thousand as of March 31, 2025, representing a growth of approximately 34.5%[11]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $49.83 billion, an increase from $44.23 billion as of March 31, 2025[10]. - Total liabilities rose to $42,342,285 thousand as of September 30, 2025, compared to $37,570,895 thousand as of March 31, 2025, indicating an increase of approximately 12.5%[11]. - Total equity increased to $7,488,880 thousand as of September 30, 2025, up from $6,659,917 thousand as of March 31, 2025, representing a growth of approximately 12.4%[11]. - Cash and cash equivalents at the end of the period increased to $5,112,130 thousand from $4,178,915 thousand, marking a rise of 22.3%[13]. - The company reported a net cash outflow from investing activities of $778,878 thousand for the six months ended September 30, 2025, compared to $524,696 thousand for the same period in 2024, indicating a significant increase in investment expenditures[12]. Operational Highlights - The company has established a strategic partnership with MSG family businesses to enhance brand exposure in sports and entertainment sectors[3]. - Lenovo's ThinkSystem SE350 edge server has been deployed to support the operations of Médecins Sans Frontières, improving system performance and data security[5]. - The company plans to continue investing in research and development, with R&D expenses for the six months ended September 30, 2025, totaling $1.10 billion[8]. - The Smart Devices segment generated revenue of $28,566,558 thousand with an operating profit of $2,051,216 thousand, compared to $24,935,700 thousand and $1,818,363 thousand respectively in the previous year[19]. - The Infrastructure Solutions segment reported a revenue of $8,377,292 thousand but incurred an operating loss of $117,555 thousand, compared to a revenue of $6,465,167 thousand and a loss of $73,002 thousand in the prior year[19]. Cash Flow and Financing - Net cash generated from operating activities for the six months ended September 30, 2025, was $2,762,085 thousand, compared to $1,778,086 thousand for the same period in 2024, reflecting a year-over-year increase of 55.3%[12]. - Cash flow from financing activities resulted in a net outflow of $1,649,514 thousand for the six months ended September 30, 2025, compared to an outflow of $674,259 thousand for the same period in 2024, indicating increased financing activities[13]. - The company incurred interest payments of $317,738 thousand during the six months ended September 30, 2025, down from $384,652 thousand in the same period of 2024, showing a decrease of 17.4%[12]. Shareholder and Equity Information - The company declared an interim dividend of 8.5 HKD cents per share, totaling $135,417 thousand for the six months ended September 30, 2025[35]. - The company has a long-term incentive plan that includes both stock options and restricted stock units, aligning executive compensation with shareholder interests[144]. - The total number of shares available for borrowing is 5,829,625,271, reflecting liquidity in the market[158]. - The company has granted stock options to executives, with a total of 79,451,149 shares awarded to Mr. Yang Yuanqing, with a fair value of HKD 23,531,073 for options granted on June 2, 2025[144]. Market and Regional Performance - Revenue from the Asia-Pacific region increased to $7,922,699 thousand, up 30% from $6,095,125 thousand in the previous year[20]. - The Americas region generated revenue of $12,786,743 thousand, reflecting a growth from $11,363,642 thousand in the previous year[20]. - The company aims to enhance its vision around the "Hybrid AI for All" framework, integrating device intelligence and enterprise AI across its business portfolio[137]. - The company plans to continue focusing on developing scalable AI-driven solutions through digital workplace solutions and hybrid cloud initiatives[137]. Compliance and Governance - The company has complied with the corporate governance code during the six months ending September 30, 2025, except for the roles of Chairman and CEO not being separated[170]. - The Audit Committee reviewed the unaudited financial performance for the six months ending September 30, 2025[169]. - John Lawson Thornton has been appointed as the Chief Independent Director with extensive powers and responsibilities[171].

智通财经APP获悉，2025年11月27日，联想(00992)正式宣布将其Neptune海神液冷技术扩展至全线数据 中心产品组合，以应对现代数据中心日益增长的计算需求与能耗压力。 就在其宣布这则消息的同一天，美国芝加哥商品交易所(CME)的交易系因数据中心冷却故障而瘫痪，全 球衍生品市场陷入了一场长达逾10小时的交易暂停。 这场巧合背后，是AI算力狂飙下传统数据中心散热体系的全面承压，功耗暴增与能耗失控正将全球数 字基建推向"热失控"边缘，一场大规模的技术迭代迫在眉睫。 "冷却"失灵的代价 此次故障因位于伊利诺伊州奥罗拉的数据中心突然触发高温保护机制，服务器集群自动关机。据CME 事后声明，该数据中心故障根源是一台冷水机组突发机械故障，导致机房温度在90分钟内从24℃飙升至 48℃，远超电子元件安全阈值。 造成的代价也相当惨重，数万亿美元合约因此受到影响——亚洲时段的CME期货电子盘完全停摆，欧 洲交易商被迫转向流动性更低的场外市场，标普500指数期货主力合约在恢复交易后短时间内波动幅度 扩大至2.3%，创2025年以来单日最大盘中震荡。 CME宕机事件并非孤例，这不仅是一次交易中断，更是对金融市场基础设施可 ...

Core Insights - The global foldable smartphone shipment is expected to grow by 14% year-on-year in Q3 2025, reaching a historical high of 2.5% of total smartphone shipments [1][6] - Lenovo's Motorola has emerged as a key player in the clamshell foldable segment, with a 16% increase in shipments, securing a position among the top three globally [1][3] - Vivo has also seen a significant increase in shipments, rising by 67% [1] Company Performance - Lenovo's Motorola has effectively expanded its foldable smartphone user base through competitive pricing, strong channel partnerships, and positive product usability ratings [3] - In the US and European markets, Motorola has achieved a breakthrough in market share, competing effectively against established players like Samsung and Honor [3][6] - The Razr 60 model leads the market with a 15% share, and when combined with the Razr 50, the total share reaches approximately 27%, comparable to last year's champion model [5] Market Trends - The foldable smartphone market is projected to close 2025 with a stable growth rate of around 16% year-on-year, driven by high-end users seeking larger screens for productivity and durability [6] - The market is expected to enter a significant expansion phase in 2026, influenced by improvements in durability, thinner and lighter designs, optimized hinge and panel structures, and enhanced AI-driven software experiences [6] - Lenovo is actively promoting its "one body, multiple ends" strategy, launching various AI smartphone products to capture more market share, which will be crucial for competition in the foldable and overall smartphone markets [6]

Core Viewpoint - The Chinese PC market is experiencing a slowdown in growth due to reduced consumer subsidies, with a year-on-year increase of only 2% expected in Q3 2025. Lenovo stands out with strong performance, showing resilience in a challenging market environment, while other major players like Huawei and Softcom are facing declines [1][3]. PC Market Performance - The total shipment volume of the Chinese PC market reached 11.3 million units in Q3 2025, reflecting a 2% year-on-year growth. Lenovo led the market with a shipment of 4.4 million units, capturing 39% market share and achieving a 14% year-on-year growth, significantly outpacing the overall market [2][3]. - In contrast, Huawei's PC shipments fell to 1 million units, a 7% decline, reducing its market share to 9%. Softcom also saw a 13% drop in shipments, maintaining an 8% market share. Other competitors like Asus and HP showed minimal growth, with HP achieving only a 2% increase [3]. Product Segmentation - Lenovo's growth is attributed to a dual-driven strategy, with strong demand in the commercial market boosting its desktop (including workstations) and stable notebook business amidst weakening consumer subsidies. This diversified product strategy enhances Lenovo's resilience in a fluctuating market [3]. Tablet Market Growth - The tablet market in China is thriving, with a year-on-year growth of 9% expected in 2025, reaching 8.8 million units. Lenovo's tablet shipments surged to 900,000 units, marking a 71% increase and elevating its market share to 10%, positioning it as a significant player in this segment [4][5]. AI Integration and Future Outlook - The integration of AI technology is accelerating in both consumer and commercial markets in China. Lenovo is enhancing its product competitiveness by incorporating AI features into its PCs and tablets, which is expected to attract more users. Omdia forecasts that by 2025, 32% of PCs in Greater China will have AI capabilities, increasing to 46% by 2026 [6][7]. - Despite anticipated declines in the PC and tablet markets in 2026, Lenovo's strong foundation in the commercial sector, ongoing AI advancements, and robust tablet growth are expected to help it maintain its leading position [7].

Core Insights - The global PC industry is facing significant cost pressures due to rising prices of DRAM and NAND storage chips, prompting major manufacturers to reconsider their pricing strategies for the upcoming quarter [1][2][11] - Companies like HP and Dell have warned of a potential memory chip shortage by 2026, which will inevitably lead to price increases being passed on to end customers [1][2] - Lenovo, as the largest PC manufacturer, is exploring price adjustments for certain products to mitigate ongoing cost pressures, although this has not been publicly announced yet [1][2][3] Pricing Strategies - The price of storage chips has shifted from short-term fluctuations to a systematic upward trend, with some products experiencing price increases of over 100% within a year [2] - Lenovo's CFO indicated that the company has stockpiled memory and other critical components, with current inventory levels approximately 50% higher than usual [3] - Different manufacturers face varying pressures regarding price increases, influenced by their customer structures; Lenovo's significant commercial client base allows for greater flexibility in pricing adjustments [4][5] Market Dynamics - The price increase cycle is expected to impact market dynamics, with consumer-oriented brands like HP and Dell being more sensitive to price changes compared to Lenovo, which has a higher proportion of enterprise clients [7][8] - The demand elasticity for Lenovo is lower due to its strong position in the enterprise market, where clients prioritize stability and service over minor price increases [8][9] - The current supply chain dynamics indicate a bifurcation, where manufacturers with long-term contracts benefit from lower costs, while those without face higher procurement prices [9][10] Future Outlook - The ongoing price increases in storage chips are likely to lead to a restructuring of the PC industry's cost structure, with potential implications for market share and profitability [6][11] - Companies with robust supply chain capabilities and a diversified customer base are expected to emerge stronger from this pricing cycle, as they can maintain stable supply and pricing strategies [10][11] - The anticipated price adjustments may not only help mitigate cost pressures but also serve as a catalyst for improving profit margins and reinforcing market leadership for top manufacturers like Lenovo [11]