Financial Performance - Lenovo Holdings reported a revenue increase of 15% year-over-year, reaching RMB 100 billion in 2023[1]. - The company achieved a sales revenue of RMB 436 billion in 2023, a year-on-year decline of 10%[9]. - Lenovo Holdings reported a revenue of RMB 436,012 million for 2023, a decrease of 10% compared to RMB 483,663 million in 2022[30]. - The net profit for Lenovo Holdings in 2023 was RMB 630 million, down 94% from the previous year[33]. - The attributable net loss to equity holders was RMB 3,874 million, a significant decline from profit in the previous year, primarily due to market and industry factors affecting the performance of Lenovo Group and Legend Holdings[33]. - The revenue from the industry operations segment was RMB 431,589 million, also reflecting a 10% year-on-year decline[35]. - The attributable net profit from the industry operations segment was RMB 3,078 million, down 36% from RMB 4,820 million in 2022[35]. - The company reported a net profit margin of 12%, an increase from 10% in the previous year[9]. - The industrial operations segment generated revenue of RMB 431.59 billion, also down 10% year-on-year, with a net profit attributable to Lenovo Holdings' equity holders of RMB 3.08 billion, a decline of 36%[20]. Market and Business Strategy - The company expects a revenue growth forecast of 10% for the next fiscal year, driven by new product launches and market expansion[3]. - Lenovo is investing RMB 2 billion in R&D for new technologies, focusing on AI and cloud computing solutions[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[5]. - Lenovo has completed the acquisition of a local tech firm, enhancing its capabilities in smart devices and IoT[6]. - Lenovo's strategic partnership with a leading cloud service provider aims to enhance its service offerings and drive growth in the enterprise segment[10]. - The company remains the leader in the global PC industry and ranks among the top three in the server industry[10]. - The company launched the world's first AI PC, showcasing its commitment to innovation[10]. - The company is focused on enhancing its risk resistance capabilities and integrating into high-quality development[9]. Research and Development - The company achieved a research and development expenditure of RMB 14.8 billion in 2023, which is approximately six times its pre-tax net profit, with an R&D expense ratio increasing from 2.6% in 2021 to 3.4% in 2023[12]. - The company has invested in over 200 AI enterprises over the past 20 years, establishing a comprehensive layout across various AI layers, enhancing its ecological advantages in the AI sector[13]. - The company’s innovation development center has established connections with over 60 tech enterprises, universities, and research institutions, identifying 40 technologies for further industrialization[14]. - Lenovo Group has been recognized as the largest computing power provider globally, applying its computing resources to over 300 enterprises to support the digital transformation of various industries[14]. Challenges and Risks - The external environment has posed significant challenges, including geopolitical conflicts and rising overseas debt costs[10]. - The global PC market shipment volume declined by nearly 15%, reaching the lowest point in nearly 20 years[10]. - The company is facing significant macroeconomic risks due to high interest rates in the US and Europe, geopolitical conflicts, and rising global trade protectionism, which could impact business and profitability[90]. - The company’s subsidiaries are exposed to raw material price fluctuations, including animal protein and coal, which could affect operational stability if not managed effectively[91]. - The company emphasizes strategic control over acquired businesses to mitigate post-merger integration risks, focusing on cultural compatibility and operational management[93]. Corporate Social Responsibility - The company has committed approximately RMB 150 million to social welfare and educational initiatives in 2023[28]. - Lenovo Holdings is actively aligning with national industrial planning and policies, focusing on key areas such as artificial intelligence and new materials to support the growth of emerging industries[23]. - The company has maintained a 100% compliance rate for pollutant emissions since its inception, adhering strictly to national environmental protection policies[95]. - The company has established a comprehensive environmental emergency system to prevent and manage environmental incidents, alongside improving production processes to reduce energy consumption[134]. Employee and Governance - The company employs approximately 89,577 employees as of December 31, 2023[108]. - The company has established a comprehensive compensation system for core management and general employees, aligning with market benchmarks to ensure competitiveness[108]. - The board of directors recommends not to distribute a final dividend for the year ending December 31, 2023, compared to a dividend of RMB 0.20 per share in 2022[111]. - The company emphasizes talent development and training, ensuring a smooth promotion pathway and providing ample training resources[110]. - The management team has extensive experience in financial management and investment, contributing to the company's strategic decisions[125]. Investment and Financial Strategies - The company plans to enhance its core competitiveness by leveraging its strengths in artificial intelligence and other fields[29]. - The company is focusing on innovation-driven development, enhancing product structure, and increasing the proportion of high-margin products in response to market challenges[21]. - The company has established a joint venture with NEC Corporation, holding a 66.6% stake, to operate personal computer businesses in Japan, enhancing market presence[177]. - The company has a financial support agreement with Better Education Group Corporation, allowing for up to ¥2.1 billion in financial assistance over a 36-month period, aimed at supporting operational and business development needs[178].

提起富二代，人们往往能联想到中国前首富王健林之子——王思聪。 他的生活可谓奢华至极，综合媒体报道，王思聪出行必得又百万级豪车为伴，顶级夜店有人专门为其空出车位，身边美女如云自是不用提，这种纸醉金迷 的梦幻生活，令多少人心生向往。 然而，富二代中也不乏独特之人。他不爱美女爱"丑女"，不爱奢华爱简单，这位别具一格的富二代，叫做刘鸣炜。 与富二代王思聪的"人尽皆知"相反，不少人对"刘鸣炜"三个字并没有多少感觉，但他的父母大家一定不陌生，因为他们皆是香港的超级大富豪。 其母宝咏琴，是个兼具学识与头脑的女强人，先后进军地产行业和股票投资领域，是当时的香港第二女富豪。其父刘銮雄更厉害，拥有4家上市公司，身 家超过200亿美元，一度比肩香港首富李嘉诚。 作为富二代，刘鸣炜在大众眼中不甚出名，但他从小到大可是个妥妥的学霸。 据了解，刘鸣炜出生于1979年，21岁21岁毕业于英国伦敦大学国王学院，不仅拿到了美国的注册律师，还考过了CFA（特许金融分析师），27岁拿到法律 博士学位，成为北京大学史上最年轻的名誉校董。 惊人的学习能力是一方面，刘鸣炜还继承了父亲的商业天赋。2006年，他进入父亲的企业，代替刘銮雄担任华人置业的执行 ...

IT之家 4 月 19 日消息，根据市场调查机构 Counterpoint Research 近日发布的报告，2024 年第 1 季度全球个人电脑（PC）出货量同比增长 3%，在连续下跌 8 个季度之后首次实现正增长。 Global PC Shipments, Q1 2024 vs Q1 2023 (In Million Units) 13.7 12.7 12.0 11.9 9.2 9.3 6.0 4.9 3.6 13.7 Others 13.6 Q1 2024 ■Q1 2023 报告认为这一方面是 2023 年第 1 季度的基数较低，而另一方面是 AI PC、不同行业出货量复苏以及新一轮更新换代周期共同推动的. 与去年相比，联想 2024 年第一季度的个人电脉出货量增长了 8%。 该品牌成功夺回了 24% 的市场份额，而 2023 年第一季度为 23%。 M3 基本型号支撑. IT之家附上参考地址 · PC Market Back in Black in Q1 2024; AI PCs to Drive 2024 Growth 广告声明：文内含有的对外跳转链接（包括不限于超链接、二维码、口令等形式），用于传 ...

文｜李然、陈斯达 编辑｜苏建勋 4月18日上午，联想TechWorld 2024在上海开幕。所有人都在期待，作为传统PC时代的老大，联想将如何满足用户在AI时代对于PC的想象。 图源：直播 在苹果即将完成用AI改造Mac产品线的窗口期，联想有没有机会抢占先机，用开创性的产品提前抢占用户心智？ 同时，作为英伟达全球最重要合作伙伴的联想，如何在汹涌的AI淘金热中分一杯羹？ 联想用一场发布会，或多或少地回答了这些问题。 图源：直播 发布会一开始，联想总裁杨元庆就旗帜性地表明： 首先，AI不是未来替代人类的Artificial Intelligence，而是为人类所用，增强人类的Augmented Intelligence。 而更重要的是，以大模型为代表的AI新纪元，未来绝对不会是一个超级AI模型服务全世界的格局，而是不同体量的模型在云端、本地、端侧设备协同创造 价值的格局。 而作为AI发挥能力的重要平台，PC将承载"AI能力"和"个人数据"连接点的作用，在AI技术的加持下，演化成为AI Personalized Computer。 AI PC时代已来。 图源：直播 大会上，联想发布了内嵌个性化AI智能体"联想小天" ...

4月18日，以"AI For All，让世界充满AI"为主题的2024联想创新科技大会（2024 Lenovo Tech World）在上海世界会客厅开幕。本次大会上，联想发布了业内 首个AI PC个人智能体——"联想小天"。同时，联想小天内置的十余款颠覆性"杀手级"AI技能也重磅亮相，为用户带来工作、学习、生活和服务等全场景的 AI体验。 针对办公环境下用户文档整理需求，联想小天的"文档总结"应用具备词意理解、提炼摘要等功能，该应用能够对复杂多格式文档进行信息提炼并生成摘要， 帮助用户快速概述核心关键内容，还能保护个人数据和隐私安全。 （联想小天核心应用——文档总结演示过程画面） 文档总结应用依托内嵌于AI PC的个人知识库，可实现对个人文档的精准识别和学习，并根据本地大模型实现多模态文件内容总结和归纳，包括PPT、图 片、文字、邮件等。在大会主会场，联想集团高级副总裁、IDG全球中小企业业务及商用产品中心总经理于海为中国南极昆仑站首任站长、中国南极深冰芯 科学的开拓者、中国极地研究中心原副主任李院生教授演示了联想小天"文档总结"应用的强大功能。 在用户输入问题后，基于个人大模型，联想小天可快速调用用户的个 ...

Investment Rating - Maintain Buy-A investment rating [2] - 6-month target price of HKD 6.36 [2][3] Core Views - The company's 2023 performance was under pressure due to industry cyclical changes and capital market fluctuations, but it is expected to improve marginally as the external environment stabilizes [2] - The company is actively participating in the AI industry, with over 200 AI-related companies in its ecosystem [1] - The company's cash flow remains stable, with a continuous reduction in debt ratio for four consecutive years [1] Industry Operations - The industrial operations segment generated revenue of CNY 431.6 billion (YoY -10%) and net profit attributable to shareholders of CNY 3.1 billion (YoY -36%) [1] - Lenovo Group contributed CNY 2 billion in net profit (YoY -53%), impacted by weak PC market demand [1] - Lianhong Group contributed CNY 200 million in net profit (YoY -55%), affected by declining EVA prices [1] - Joyvio Group reported a net loss of CNY 500 million (YoY improvement from CNY 800 million loss), with Joyvio Foods facing pressure from geopolitical conflicts and rising US interest rates [1] - Banque Internationale à Luxembourg contributed CNY 1.3 billion in net profit (YoY +43%), benefiting from tighter monetary policies in Europe [1] Industrial Incubation and Investment - The industrial incubation and investment segment generated revenue of CNY 4.4 billion (YoY +8%) but reported a net loss of CNY 5.6 billion (YoY increase from CNY 2.3 billion loss), mainly due to capital market volatility, IPO slowdown, and slower divestment progress [1] - The company continues to focus on the AI industry chain, with over 200 AI-related companies in its portfolio [1] Financial Performance - The company achieved total revenue of CNY 436 billion (YoY -10%) and a net loss attributable to shareholders of CNY 3.9 billion (compared to a profit of CNY 1.2 billion in the previous year) [1][6] - The company's total debt to total capital ratio decreased by 1 percentage point to 55% at the end of 2023, marking the fourth consecutive year of decline [1] - The company returned approximately CNY 8.05 billion in cash through dividends and investment exits in 2023 [1] Valuation and Forecast - The company's EPS is expected to be CNY 0.91, CNY 1.03, and CNY 1.26 for 2024, 2025, and 2026, respectively [2] - The P/E ratio is projected to be 5.62x, 4.94x, and 4.04x for 2024, 2025, and 2026, respectively [6] - The P/B ratio is forecasted to be 0.20x, 0.19x, and 0.18x for 2024, 2025, and 2026, respectively [6] Historical Performance - The company's stock price underperformed the market, with a 12-month absolute return of -31.1% and a relative return of -19.1% [4]

志凌海纳成立于2013年，是一家聚焦于超融合架构的新一代IT基础设施产品与解决方案提供 商，其英文名"SmartX"在近几年或许更为人熟知；志凌海纳成立至今，已完成10轮融资，投 资方包括联想创投、经纬创投、高榕资本、三星投资等。 IT服务商北京志凌海纳科技股份有限公司（下称"志凌海纳"）日前在北京证监局进行上市辅导备案登 记，该公司拟登陆科创板，辅导机构为国泰君安。 志凌海纳成立于2013年，是一家聚焦于超融合架构的新一代IT基础设施产品与解决方案提供商，其英文 名"SmartX"在近几年或许更为人熟知。2023年，志凌海纳获评国家级"专精特新"小巨人企业。 志凌海纳控股股东及实际控制人为徐文豪，公司联合创始人还包括徐文豪的两位清华校友王弘毅、张 凯。三人自小受机器人科幻片的影响，长大后又受经典黑客精神的影响，求学和工作中痴迷于写软件驱 动硬件，属于标准的极客创业，通过创立志凌海纳，致力于对世界产生变革和影响。 以超融合方案替代传统存储 据官网介绍，志凌海纳以自主研发的分布式块存储为核心，配合丰富的产品组件与生态解决方案，可帮 助客户建立简单、弹性、可靠、开放的现代化IT基础设施，覆盖从传统生产业务到现代化 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 聯想控股股份有限公司 Legend Holdings Corporation （於中華人民共和國註冊成立的股份有限公司） 03396 （股份代號： ） 2023 12 31 截 至 年 月 日 止 年 度 全 年 業 績 公 佈 聯想控股股份有限公司董事會宣佈本公司及其附屬公司截至2023年12月31日 止年度之經審核全年業績連同上年同期的比較數據如下： 12 31 截至 月 日止年度 2023 年 2022年 （人民幣百萬元）（人民幣百萬元） 收入 436,012 483,663 產業運營 431,589 479,573 產業孵化與投資 4,431 4,095 抵銷 (8) (5) 淨利潤 630 10,394 產業運營 7,482 13,730 產業孵化與投資 (5,474) (2,015) 未分攤 (1,378) (1,321) ...

联想的AI转型之路也许并不好走。 22日，联想发布了最新的第三财季业绩。前三季度联想营收430亿美元，同比下降12.74%，经营利润10.72亿美元，同比下降46.8%。 这份三季度财报并不亮眼。 不过，市场的反应很有意思，22日发布的财报，23日联想港股一度跌3.9%，到了26日，股价又一度涨超4%…… 看得出来，市场在纠结。 纠结的点在于，虽然联想全年营收盈利都在下滑，但单季度表现还可以，第三季度纯利3.37亿美元同比增长35%。 对于市场的反复，摩根大通给出自己的判断：考虑到同业会降低其盈利预测，（联想）短期股价还是很坚挺的。 翻译一下就是，年度同比虽然比较差，但由于同行盈利预测给得低了，所以还是回调的空间的。不过这个回调的空间有多大，还需观察。 对于这份三季度业绩，瑞银、摩根大通的研报都认为，联想季度盈利的改善并不会改变未来的盈利预期。 瑞银方面，将今年3月底止第四财季预测下调30%，维持沽售评级，并维持目标价7.5港元；摩根大通则认为，联想短期盈利仍然承压，并调整目标价由 10.3港元至10港元。 为何投行对于联想的盈利预测总带有一丝悲观？杨元庆为联想定调转型AI能不能在业务兑现？ 这些问题，值得深 ...

平板电脑越来越不好卖了。 2月19日，市场调研机构TechInsights发布报告称，2023年全年，全球平板电脑市场出货量约为1.37亿 台，同比下降16%。 这一降幅远高于同期笔记本电脑、手机两大电子消费品的下滑幅度。去年全球笔记本电脑出货量总计 1.94亿台，较上年下降12%；智能手机约为11.52亿部，同比下降3.9%。 此前多家市场调研机构已陆续发布去年的平板电脑出货数据，判断的趋势基本一致。群智咨询数据显 示，2023年全球平板电脑出货量约为1.32亿台，同比下滑18.2%。 | --- | --- | --- | --- | |-------|---------------------------------------------------------|------------------|------------| | | 3: Global Top 5 Tablet Vendors' Results \nShipments (M) | Market Share (%) | Growth (%) | | | 51.6m | 38% | -19% | | | 26.2m | 19% | -1 ...