联想集团全年营收逼近5000亿元，市值仍在1000亿元徘徊

Core Viewpoint - Lenovo Group continues to experience double-digit revenue growth, with annual revenue reaching $69.077 billion, a 21% increase from the previous year, yet faces a disconnect between stock price and performance [1][2] Financial Performance - For the fiscal year 2024/25, Lenovo's total revenue was $69.077 billion, up from $56.864 billion, marking a 21% increase [1] - Gross profit for the year was $11.098 billion, a 13% increase, with a gross margin of 16.1%, down 1.1 percentage points year-on-year [1] - Operating expenses rose by 15% to $8.934 billion, while operating profit increased by 8% to $2.164 billion [1] - Net profit for the year was $1.462 billion, a significant 33% increase, with adjusted net profit reaching $1.441 billion, up 36% [1] Quarterly Performance - In the last quarter of the fiscal year, revenue grew by 23% to $16.984 billion, but operating expenses surged by 26%, leading to a 32% decline in operating profit to $0.331 billion [1] - Net profit for the quarter dropped 64% to $0.09 billion, attributed to non-cash losses from warrant valuations, while adjusted net profit increased by 25% to $0.278 billion [1] Business Segments - The Intelligent Devices Group (IDG) generated $50.534 billion, accounting for 73.2% of total revenue, with a 13% year-on-year growth [3] - The Infrastructure Solutions Group (ISG) saw a substantial 63% increase in revenue to $14.523 billion, although it reported an operating loss of $68.5 million for the year [4] - The Solutions and Services Group (SSG) achieved $8.457 billion in revenue, with a 13% increase, and an operating profit margin of 21.1%, the highest among all business groups [4] Market Outlook - Despite strong performance, investor sentiment remains cautious, with Lenovo's stock price declining significantly, reflecting concerns over future demand and market conditions [2][5] - The global PC market is expected to remain weak due to rising prices from tariffs and economic conditions, raising questions about the sustainability of growth in non-PC segments [5] - Lenovo's CEO expressed confidence in maintaining market share and profitability despite external challenges [5]