Core Insights - The international smartphone market, excluding China, generated total revenue of $91.3 billion, reflecting a year-on-year growth of 9.2%, significantly surpassing the previous growth forecast of 1.2% [1] - Lenovo Group's mobile business performed exceptionally well in overseas markets, achieving a robust revenue growth of 14.6% year-on-year, solidifying its position as the fourth largest player globally with a market share of 5.4% [1][2] - Lenovo's Motorola brand also saw its global revenue share increase to 3.0%, ranking eighth in the market [1] Revenue Growth and Market Position - Lenovo's revenue growth of 14.6% outpaced other top players in the overseas market, where Apple grew by 9.7%, Samsung by 11.3%, and Xiaomi by 3.7%, while OPPO experienced a decline of 1% [2] - The Asia-Pacific emerging markets and North America were identified as key growth drivers for Lenovo, with revenue in the Asia-Pacific region increasing by 66%, and the Indian market alone growing by 44% [2] - In North America, Lenovo's revenue reached $1.07 billion, marking an 18.2% year-on-year increase, with a market share of 5.3%, elevating its rank to third [3] Strategic Advantages - Lenovo's Motorola brand emerged as one of the fastest-growing major brands, benefiting from strong sales in India, steady expansion in the North American prepaid market, and enhanced competitiveness in the mid-range 5G product category [3] - Despite a downturn in the domestic smartphone market in China, Lenovo's Motorola experienced a significant revenue increase of 52% and a shipment growth of 32% [3] - In the fiscal year 2024-25, Motorola's revenue reached 62.6 billion yuan, a 27% increase, marking a historical high since Lenovo's acquisition, with smartphone shipments rising by 75% compared to 2020 [3][4] Future Outlook - Lenovo is expected to continue solidifying its fourth position in the global smartphone market, with double-digit revenue growth reflecting its strategic focus and execution in emerging markets [4] - The global smartphone market is anticipated to maintain a trend towards high-end products, with revenue growth expected to outpace volume growth in 2025 [4] - Lenovo's Motorola is well-positioned to capitalize on opportunities in the personal smart device sector and foldable smartphone market, driven by increasing interest in generative AI (GenAI) devices [4]

Core Viewpoint - Lenovo Group will host its annual Tech World event at CES 2026, marking a significant milestone as it becomes the first Chinese tech company to hold a major technology conference at the Sphere venue in Las Vegas [1][3][4] Group 1: Event Details - CES 2026 will take place from January 6 to January 9, 2026, in Las Vegas, and Lenovo's Tech World will be a highlight on January 6 [1] - The event will feature a unique audiovisual experience, showcasing Lenovo's innovations under the theme "Smarter AI for All" [3][4] - Lenovo's Chairman and CEO Yang Yuanqing will deliver a keynote speech, unveiling new products and innovations, and discussing the company's AI-driven strategies [3][4] Group 2: Technological Innovations - Lenovo aims to redefine the future technology landscape through seamless integration of AI-driven devices, infrastructure, and services [6][8] - The Sphere venue will enhance the Tech World experience with its massive LED dome and advanced audio systems, creating an immersive environment for attendees [4][7] - Lenovo has a history of launching groundbreaking AI products at Tech World, evolving from a PC leader to a hybrid AI innovator [4][6] Group 3: AI and Sports Integration - Lenovo will reveal how its technology is transforming the F1 racing experience and provide updates on the "first AI World Cup" scheduled for 2026 [8][11] - The company is positioned as a key player in the "AI + Sports" sector, leveraging its capabilities to deliver comprehensive solutions for high-density data environments like F1 [8][9] - Lenovo's collaboration with FIFA for the 2026 World Cup will include hardware and innovative scenarios to enhance the experience for players, coaches, referees, and fans [11][12]

Core Viewpoint - Lenovo Group is set to showcase its technological innovations at the Tech World 2026 event in Las Vegas, marking a significant partnership with Sphere Entertainment Co. and highlighting the integration of AI in global sports events, particularly the upcoming AI World Cup and F1 experiences [3][4][5]. Group 1: Event Overview - The Tech World 2026 will be held at Sphere, coinciding with CES 2026, and will feature Lenovo's role as the official technology partner, emphasizing a long-term global partnership [3][4]. - Lenovo's CEO, Yang Yuanqing, stated that the event will reveal how Lenovo technology is transforming the F1 experience and will introduce the first AI World Cup in collaboration with FIFA [4][5]. Group 2: AI World Cup and F1 Integration - The Tech World 2026 is described as a multi-sensory showcase centered around FIFA and F1, where Lenovo will unveil the latest technological advancements for the 2026 FIFA World Cup, including smart analytics and immersive viewing experiences [5][9]. - Lenovo's involvement in the 2025 FIFA Club World Cup demonstrated its commitment to integrating AI technology into sports, achieving $2.1 billion in revenue and marking a new era for club football [9][11]. Group 3: Sphere Venue Features - Sphere is highlighted as the world's first fully immersive dome venue, featuring a massive LED screen area of approximately 54,000 square meters and an immersive sound system with around 1,600 fixed and 300 movable speakers [13][14]. - Lenovo will not only host the event but also contribute to content creation and technology development, aiming to deliver an unprecedented interactive viewing experience for fans [14][15]. Group 4: Future Expectations - As the countdown to the 2026 FIFA World Cup begins, global anticipation for the AI-enhanced football event is rising, with Lenovo poised to ignite this excitement at Tech World 2026 [15].

Core Viewpoint - The report from Credit Lyonnais indicates an optimistic outlook for Lenovo Group (00992), raising earnings forecasts due to higher PC revenue and profit margins, alongside warrant income [1] Financial Forecasts - GAAP and non-GAAP earnings estimates for the quarter ending in June have been raised to $480 million and $400 million respectively, reflecting an increase of 47% over market expectations of $326 million [1] - For the fiscal year 2026, GAAP earnings estimates have been increased by 13% to $1.687 billion, while non-GAAP estimates have been raised by 4% to $1.729 billion [1] - GAAP earnings estimates for fiscal years 2027 and 2028 have been adjusted upward by 9% [1] Business Performance - The Intelligent Devices Group (IDG) is expected to see a 14% quarter-over-quarter revenue increase, driven by demand in the U.S. market [1] - The company completed the issuance of warrants earlier in the year, which is anticipated to generate $120 million in income [1] Target Price Adjustment - The target price for Lenovo Group has been raised from HKD 11 to HKD 12, maintaining an outperform rating [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Lenovo Group is expected to achieve a profit of $480 million for the first fiscal quarter ending in June, which is 47% higher than the market expectation of $326 million [1] Financial Performance - The non-GAAP net profit, excluding the impact of convertible bonds and warrants, is projected to be $400 million, an 11% increase from previous forecasts [1] - The GAAP earnings estimates for fiscal year 2026 have been raised by 13% to $1.687 billion, while non-GAAP earnings estimates have been increased by 4% to $1.729 billion [1] - The GAAP earnings estimates for fiscal years 2027 and 2028 have also been adjusted upward by 9% [1] Business Segment Performance - The Intelligent Devices Group (IDG) revenue is expected to increase by 14% quarter-over-quarter, driven by demand in the U.S. market [1] Target Price and Rating - The target price for Lenovo has been raised from HKD 11 to HKD 12, with a reaffirmation of the "outperform" rating [1]

区域来看，在美国、欧盟和中国市场份额提升。根据IDC数据，2Q25联想全球PC出货量为1,700万台， 同比增长15.3%，而市场整体增长为7.5%。其全球市场份额在2Q25达到24.6%，环比提升0.8个百分点， 同比提升1.8个百分点。在2Q25，联想在北美市场的份额同比增长1.0个百分点至18.7%，在西欧市场的 份额同比增长0.6个百分点至27.7%。联想在美国和欧盟市场从戴尔和惠普手中夺取份额，而在中国市场 则从华为手中夺取份额。 近日，国际知名大行里昂证券发布研报称，继7月5日上调预期后，进一步再度上调联想集团4-6月的盈 利预期。原因在于，联想PC业务的出货量及利润率优于此前预期，服务器业务收入亦保持稳健。因 此，将联想集团目标价从 11 港元上调至 12 港元，并维持跑赢大盘评级。 联想集团PC业务强劲，市场份额持续提升。里昂预计IDG收入在4-6月环比增长14%（此前预测为 7%），主要受美国市场因关税问题需求拉动；预计7-9月份，IDG业务将保持增长势头，环比增长 10%，主要受中国市场需求推动。 里昂预计联想PC业务的强劲增长势头将在2025年下半年持续，主要得益于：1）继续从竞争对手手 ...

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7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 聯想集團有限公司 | | | | 呈交日期: | 2025年8月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | 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 | | ...

小摩将PC盈利的强势归因于市场份额增长以及供应链管理灵活。联想在PC方面跑赢同行，主要原因是 行业领导力。此外，联想在服务器业务方面也持续增长，也获得许多新订单。尽管由于业务重组持续推 进，联想基础设施方案业务集团(ISG)净利润可能维持在盈亏平衡水平左右，但小摩预计，由于重组成 本的影响较小，联想2026年的盈利将有望上升。中长期看，联想也可能进军人工智能(AI)领域，届时将 迎重新估值机会。 摩根大通发布研报称，予联想集团(00992)目标价13港元，重申"增持"评级。小摩上调对该集团 2026/2027财年(3月31日止)盈利预测2-3%，主要考虑个人电脑(PC)强势。小摩指，针对本月13日公布的 联想2026财年首财季业绩，预计由于PC的优势，集团也将好于预期。预测季度销售额为182.66亿元、毛 利为28.21亿美元，毛利率15.4%。 ...

Core Viewpoint - Lenovo Group's stock price increased by 3.47% to HKD 10.45, with a trading volume of HKD 483 million, indicating positive market sentiment towards the company [1] Group 1: Financial Performance - Nomura's report anticipates that Lenovo Group's performance for the first fiscal quarter ending June 30 may exceed market expectations, primarily due to leading clients shifting capital expenditures from AI servers to general servers, resulting in strong growth in server revenue [1] - The report suggests that Lenovo has gained market share in the personal computer sector from competitors like Dell and HP, which is expected to enhance overall sales and profitability for the quarter ending June 30 [1] Group 2: Market Dynamics - Despite the upstream supply chain for personal computers having advanced order delivery times in the first half of the year, it is believed that this will have a limited impact on the forecast for downstream brand PC shipments for the remainder of the year, allowing Lenovo to continue increasing its market share [1]

Core Viewpoint - Lenovo Group (00992) is expected to outperform market expectations for its first fiscal quarter ending June 30, primarily due to a shift in capital expenditure from AI servers to general servers, leading to strong growth in server revenue [1] Group 1: Financial Performance - Lenovo's stock rose over 3%, currently at HKD 77.5, with a trading volume of HKD 235 million [1] - Nomura's report anticipates that Lenovo's performance will exceed market expectations for the first fiscal quarter [1] Group 2: Market Position - Lenovo is gaining market share in the personal computer sector from competitors like Dell and HP, which is expected to enhance overall sales and profitability for the quarter ending June 30 [1] - Despite earlier order lead times in the upstream supply chain for personal computers, the impact on downstream brand shipment forecasts is expected to be limited, allowing Lenovo to continue increasing its market share [1]