联想控股(03396)发布公告，于2025年11月21日至2025年12月9日(包括首尾两日)期间，本公司透过连串 收购事项在公开市场由Honorific(本公司的全资附属公司)收购合共1.15亿股联想集团股份(约占联想集团 于本公告日期已发行股本的0.9285%)，总现金代价(不包括相关交易费用)约为11.25亿港元。收购事项下 每股联想集团股份的平均价格(不包括相关交易费用)约为9.7653港元。 联想集团为于香港注册成立的有限公司，其股份自1994年起在联交所上市。联想集团业务主要从事研 发、制造及销售智能设备(个人电脑、工作站、智能手机、平板电脑)、基础设施(服务器、存储、边缘计 算、高性能计算及软件定义基础设施)、软件、解决方案及服务。 联想集团是本公司的重要附属公司之一，其作为全球领先的科技企业，连续多年稳居全球PC市场榜 首，在AI普惠浪潮下不断推进混合式人工智能战略，使AI逐步成为其核心增长引擎，2025/26财年联想 集团多季度营收与净利润实现历史新高，展现出强劲的经营韧性与增长势能，本公司持续看好联想集团 未来发展潜力。与此同时，联想集团在AI及科技创新领域积淀深厚，与本公司"坚持科技创新 ...

联想集团是本公司的重要附属公司之一，其作为全球领先的科技企业，连续多年稳居全球PC市场榜 首，在AI普惠浪潮下不断推进混合式人工智能战略，使AI逐步成为其核心增长引擎，2025/26财年联想 集团多季度营收与净利润实现历史新高，展现出强劲的经营韧性与增长势能，本公司持续看好联想集团 未来发展潜力。与此同时，联想集团在AI及科技创新领域积淀深厚，与本公司"坚持科技创新引领，重 点聚焦实体经济"的战略方向高度契合，符合本公司投资战略布局。因此收购事项将有利于本公司长远 发展并最终使股东受益。 联想集团为于香港注册成立的有限公司，其股份自1994年起在联交所上市。联想集团业务主要从事研 发、制造及销售智能设备(个人电脑、工作站、智能手机、平板电脑)、基础设施(服务器、存储、边缘计 算、高性能计算及软件定义基础设施)、软件、解决方案及服务。 智通财经APP讯，联想控股(03396)发布公告，于2025年11月21日至2025年12月9日(包括首尾两日)期 间，本公司透过连串收购事项在公开市场由Honorific(本公司的全资附属公司)收购合共1.15亿股联想集 团股份(约占联想集团于本公告日期已发行股本的0.9285 ...

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth to 146.4 billion RMB for the second fiscal quarter of 2025/26, achieving a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year, reaching 3.66 billion RMB [1] Group Performance - The Intelligent Devices Group (IDG) generated revenue of 108.1 billion RMB, a 12% increase year-on-year, with personal computer market share exceeding 25% for the first time [2] - The Infrastructure Solutions Group (ISG) saw revenue rise by 24% year-on-year to approximately 29.3 billion RMB, with significant growth in AI infrastructure revenue [2] - The Solutions and Services Group (SSG) achieved nearly 20% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit growth [2] AI Strategy and Innovations - Lenovo's AI-related business revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year [2] - Lenovo maintains a 31.1% share in the Windows AI PC market, leading globally [2] - The company plans to launch a personal superintelligent agent at the Innovation Technology Conference in January 2026, aimed at enhancing user experience through perception collaboration and habit learning [2] Market Outlook and Analyst Ratings - Nomura Orient International Securities downgraded Lenovo's rating to neutral and reduced the target price to 11 HKD, citing uncertainties in costs and demand [2] - Estimated storage costs for servers, PCs, and smartphones are expected to rise by 20%-25%, 10%-15%, and 5%-10% respectively in Q4 2025, with potential further increases in Q1 2026 [3] - Despite challenges, Nomura remains relatively optimistic about Lenovo's performance due to its strong presence in the commercial market [3] Stock Performance - As of midday trading, Lenovo's stock price was 9.73 HKD per share, up 1.04%, with a total market capitalization of 120.7 billion HKD [4]

Core Insights - Lenovo Group reported a record high revenue of 146.4 billion RMB for the second fiscal quarter of 2025/26, representing a 15% year-on-year growth [1] - Adjusted net profit increased by 25% year-on-year, reaching 3.66 billion RMB [1] - CEO Yang Yuanqing expressed strong confidence in the hybrid artificial intelligence strategy, emphasizing the potential for long-term sustainable returns for shareholders [1] Financial Performance - Revenue for the second fiscal quarter reached 146.4 billion RMB, marking a 15% increase compared to the previous year [1] - Adjusted net profit for the quarter was 3.66 billion RMB, reflecting a 25% year-on-year growth [1] Strategic Vision - The company is committed to its hybrid artificial intelligence strategy, aiming to create personalized solutions for various enterprises and individuals [1] - Yang highlighted the broad market opportunities and the company's vision for leveraging AI to benefit every business and individual [1]

Core Viewpoint - Lenovo Group reported a strong growth of 22% in revenue and net profit for the first quarter of the 2025/26 fiscal year, benefiting from the ongoing penetration of AIPC and robust demand for AI infrastructure [1][6] Group Summaries IDG Group - The IDG division achieved a revenue of 973 billion yuan, a year-on-year increase of 18%, with personal computer revenue growing by 20% and market share reaching a historic high of 24.6% [3] - The growth was driven by a recovery in the PC market and an increase in AIPC shipments, marking the highest revenue growth in nearly 15 quarters [3] ISG Group - The ISG division reported a revenue of 310 billion yuan, a year-on-year increase of 36%, with AI server revenue growing over 100% [4] - The company is focusing on AI infrastructure development, with significant investments in R&D, which has led to a temporary increase in losses but is expected to enhance long-term competitiveness [4] SSG Group - The SSG division achieved a revenue of 163 billion yuan, a year-on-year growth of 20%, with an operating profit margin of 22.2% [5] - The division's deferred revenue reached 35 billion dollars, laying a solid foundation for future growth [5] Investment Forecast - The company updated its revenue forecast for the fiscal years 2026-2028, expecting revenues of 769.11 billion, 843.79 billion, and 923.49 billion dollars, with net profits of 16.96 billion, 19.21 billion, and 22.02 billion dollars respectively [1][6]

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]