In 2025, the technology revolution driven by artificial intelligence continues to gain momentum, with innovations emerging in cutting-edge fields such as embodied AI, biomedicine, commercial aerospace, controlled nuclear fusion, and quantum technology, profoundly reshaping the global industrial landscape. For all technology-oriented enterprises, this era presents both opportunities and challenges. On March 31, LEGEND HOLDING presented its annual report, showcasing growth in both revenue and profit. The financial report indicates that the company achieved revenue of RMB 605.945 billion in 2025, an 18% year-on-year increase, and a net profit of RMB 9.799 billion, up 28% year-on-year. The revenue growth was primarily attributed to the steady performance of its industrial operations segment. Within this, Lenovo Group capitalized on opportunities arising from the rise of hybrid artificial intelligence, with all its main business segments achieving double-digit revenue growth. Lenovo Group's revenue increased by 20% year-on-year to RMB 560.4 billion. Lianhong Group successfully introduced new products to the market, continuously developing new growth drivers, and achieved revenue of RMB 7.024 billion. The improvement in profit was mainly due to a 34% year-on-year reduction in losses in the industrial incubation and investment segment, driven by an overall recovery in the market environment, which positively contributed to profit generation.
Scientific and technological innovation investment has become a key engine for performance. Analyzing the financial report reveals that LEGEND HOLDING's ability to achieve steady growth amidst multiple challenges is directly linked to its long-term implementation of an innovation-driven strategy and continuous increase in sci-tech investment. During the reporting period, LEGEND HOLDING's R&D investment exceeded RMB 17 billion, a 10% year-on-year increase, reaching a record high. The number of R&D personnel approached 20,000, accounting for over 20% of the total workforce. The sustained growth in R&D investment has yielded tangible results. Lenovo Group's personal computer business achieved a market share of 25.3% in the fourth quarter, making it the first PC manufacturer to exceed a 25% market share since records began, leading its closest competitor by 5 percentage points. Its supercomputing business scale ranked first globally, and its server business consistently remained among the top three worldwide. Furthermore, Lenovo Group collaborated with NVIDIA to launch the "Lenovo AI Cloud Superfactory" and deepened its partnership with AMD in rack-scale AI, jointly building an open, high-performance computing infrastructure. During the reporting period, Lenovo Group's AI server revenue achieved triple-digit growth, with a project pipeline exceeding RMB 100 billion. Meanwhile, Lianhong New Materials saw two of its core technologies included in the National Key R&D Program and obtained 47 new authorized patents. Several major company projects commenced operation successively: a 200,000 tons/year EVA plant started production in December, while 50,000 tons/year PPC and 100,000 tons/year POE facilities entered trial production preparation phases early this year.
LEGEND HOLDING has established a core competitive advantage in AI. The 2026 State Council Government Work Report introduced the concept of a "new form of intelligent economy" for the first time, explicitly calling for deepening the "AI Plus" initiative and promoting the widespread application of intelligent terminals and agents to inject new momentum into industrial upgrading and economic development. Through years of sustained strategic layout and deep cultivation, LEGEND HOLDING's AI initiatives have shown results and formed their own core competitiveness. During the reporting period, Lenovo Group promoted "AI for Real" through hybrid AI, establishing a new fulcrum for the intelligent economy. On the device side, Lenovo Group captured a 31% market share in AI PCs. Its launched super personal intelligent agent enables cross-device collaboration, and its AI phones support over 1,600 applications. On the enterprise side, intelligent agents like "Lexiang" and "Baiying" have been applied in supply chain and digitalization scenarios. Leveraging its self-developed supply chain intelligent agent, iChain, the company ranked eighth globally and first in the Asia-Pacific region in Gartner's Supply Chain ranking. Additionally, LEGEND HOLDING has built an investment ecosystem in the AI field covering over 300 enterprises, achieving a full-stack layout spanning from the foundation layer, technology layer, and model layer to the platform layer and application layer. It is currently the investment institution in China's AI sector with the most comprehensive system, broadest enterprise coverage, and longest sustained activity.
LEGEND HOLDING holds a first-mover advantage in emerging and future industries. The outline for the 15th Five-Year Plan emphasizes adhering to scientific and technological innovation as the core driver for building a modern industrial system and vigorously cultivating new quality productive forces. The nation will focus on fostering and strengthening strategic emerging pillar industries, including biomedicine and aerospace, while proactively laying out future industries representing the technological frontier, such as embodied intelligence, future energy, and brain-computer interfaces. Promisingly, through years of persistence and investment in hard technology sectors, LEGEND HOLDING has established a certain first-mover advantage in these emerging and future industries. During the reporting period, regarding its layout in strategic emerging industries and future industries, LEGEND HOLDING invested in nearly 150 technology enterprises, covering sectors like AI, embodied intelligence, biomedicine, brain-computer interfaces, new energy, and new materials. While aggressively deploying resources towards new quality productive forces, the company emphasizes building an industrial ecosystem, committed to sharing the long-term value generated by industrial growth in a sustained and stable manner through systematic and ecological approaches. Taking embodied intelligence as an example, LEGEND HOLDING currently has nearly 50 invested enterprises under management in this field, constructing an industrial ecosystem that encompasses all segments from R&D, core components, and AI models to production manufacturing and downstream applications. In the medicine and healthcare sector, LEGEND HOLDING manages investments in over 110 enterprises, covering numerous cutting-edge areas such as brain-computer interfaces, cell therapy, surgical robots, in-vitro diagnostics, and AI-assisted diagnostics. Simultaneously, LEGEND HOLDING has achieved a full industrial chain layout in commercial aerospace and has invested in several well-known companies in the controlled nuclear fusion field, such as Nova Fusion, Star Ring Energy, and Anton Fusion.
Concurrently, LEGEND HOLDING emphasizes advancing towards the source of technology, promoting internal innovation from being "project-driven" to "platform co-construction," focusing on solving the challenge of acquiring original core technologies that "cannot be obtained through requests, purchases, or pleas." The company collaborated with Peking University to establish the first university-enterprise innovation consortium in the field of photonic integration, adhering to the first principle of "integrating research and production," laying the foundation for the development of core optical interconnection components and the commercialization of early-stage technologies.
Challenges remain, but value is promising. Through its deep involvement in new quality productive forces, LEGEND HOLDING continues to facilitate the listing of its portfolio companies on the capital market. During the reporting period, 15 companies invested by LEGEND HOLDING, including Yunji Technology, Moore Threads, and Muxi Shares, went public. In the first quarter of 2026, LEGEND HOLDING facilitated the listings of five other prominent companies, including Zhipu AI, Haizhi Technology, and Jingfeng Medical. More than 20 additional companies have entered the listing process, including industry leaders such as Yuejie Xingchen, Changxin Technology, Landspace, and Kunlunxin. However, it is undeniable that challenges such as the long return cycles inherent in industrial investment, balancing long-term innovation input with short-term profit returns, and significant capital market volatility amid geopolitical instability remain issues that LEGEND HOLDING must confront directly. As the company's布局 in emerging industries gradually matures, whether its industry-ecology-oriented development model can overcome these numerous challenges and deliver sustained value release over the long term warrants further market observation.
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