联想集团_基本面稳健 & 执行稳定；维持买入_基本面稳健 & 执行稳定；维持买入

Flash | Michael Hung +886-2-8726-9092 michael.hung@citi.com 20 Oct 2025 10:33:44 ET │ 13 pages Lenovo Group (0992.HK) Stable Fundamentals & Steady Execution; Maintain Buy CITI'S TAKE We had a brief catch-up with Lenovo's IR team recently. Management noted a non-cash/non-operational warrant valuation loss of about US$148mn, which may weigh on 2QFY26 GAAP earnings. Excluding this item, Lenovo's fundamentals remain solid in 2QFY26 – IDG delivered double-digits % y-o-y shipment growth (as reported by IDC) with ...