In 2025, double profits increased, LEGENDHOLDING (003396) increased investment in science and technology to solidify the foundation for development.

In 2025, the technological revolution led by artificial intelligence is booming, with innovations in fields such as embodied intelligence, biopharmaceuticals, commercial aerospace, controllable nuclear fusion, quantum technology, etc., reshaping the global industrial landscape. For companies with all types of technological attributes, this is a time of both opportunities and challenges. On March 31, LEGENDHOLDING presented its annual report with a double increase in revenue and profit. The financial report shows that the company's revenue in 2025 was 605.945 billion yuan, an increase of 18% year-on-year, and net profit was 9.799 billion yuan, an increase of 28% year-on-year. The growth in revenue is mainly due to the steady performance of the industrial operations sector. Among them, LENOVO GROUP benefited from the rise of hybrid artificial intelligence opportunities, with all of LENOVO GROUP's main business revenues achieving double-digit growth, with revenues increasing by 20% to 560.4 billion yuan; Lian Hong Group introduced new products to the market, continuously exploring new growth momentum, and achieved revenues of 7.024 billion yuan. The increase in profits is mainly attributed to the reduction in losses in the industrial incubation and investment sector, driven by the overall market environment rebound, contributing positively to profit release. Investment in science and technology becomes the engine of performance Looking at the financial report, GMTEight believes that LEGENDHOLDING's ability to achieve steady growth in performance in the face of multiple challenges is directly related to its long-term implementation of innovation-driven strategies and continuous increase in scientific and technological investment. During the reporting period, LEGENDHOLDING's research and development investment exceeded 17 billion yuan, an increase of 10% year-on-year to a historical high, with nearly 20,000 research and development personnel, accounting for over 20% of the total number of employees. The continuous increase in research and development investment has brought tangible results to LEGENDHOLDING. Among them, LENOVO GROUP's personal computer business achieved a market share of 25.3% in the fourth quarter, becoming the first PC manufacturer with a market share of over 25% since statistics were recorded, leading the second-place by 5 percentage points; its supercomputing business ranks first in the world in terms of scale, and its server business also maintains a top three position globally. In addition, LENOVO GROUP has cooperated with NVIDIA to launch the "Lenovo AI Cloud Super Factory" and deepen cooperation with AMD in the area of rack-level AI to jointly create an open, high-performance computing infrastructure. During the reporting period, LENOVO GROUP's revenue from artificial intelligence servers achieved triple-digit growth, with project reserves exceeding 100 billion yuan. Meanwhile, Levima Advanced Materials Corporation had two core technologies included in the national key research and development plan during the reporting period, with 47 new authorized patents. The company's major projects have gradually started production, with the 200,000-ton/year EVA facility starting production in December, and the 50,000-ton/year PPC and 100,000-ton/year POE facilities entering the trial production preparation phase at the beginning of this year. Establishing core competitiveness in AI The Government Work Report of the State Council in 2026 first proposed the concept of the "new form of intelligent economy", explicitly calling for the deepening of the "AI+" action, promoting the widespread application of intelligent terminals and intelligent entities, injecting new momentum into industrial upgrading and economic development. After years of continuous layout and deep cultivation in hard technology races, LEGENDHOLDING's AI layout has already shown results and has formed its own core competitiveness. During the reporting period, LENOVO GROUP promoted "AI to real" with hybrid artificial intelligence, establishing a new support point for the intelligent economy. On the terminal side, LENOVO GROUP's AI PC market share reached 31%, with over 1,600 applications supported by its super personal intelligent entity for cross-device collaboration; on the enterprise side, "Leshare" and "Baiying" intelligent entities have been applied in supply chain and digital scenarios. By relying on its self-developed supply chain intelligent entity iChain, the company ranks eighth globally and first in Asia in Gartner's supply chain ranking. In addition, LEGENDHOLDING has built an investment ecosystem covering more than 300 companies in the field of artificial intelligence, realizing a full-stack layout from the basic layer, technology layer, model layer to the platform layer, and application layer in the AI investment field in China, making it the most complete, widely covered, and longest-lasting investment institution in the domestic AI investment field. Advantages in emerging and future industries The "14th Five-Year Plan" explicitly requires adhering to technological innovation as the core of leading the construction of a modern industrial system and vigorously cultivating new production forces. The country will focus on nurturing and strengthening strategic emerging pillar industries including biopharmaceuticals and aviation, and will strategically layout future industries representing the forefront of science and technology such as embodied intelligence, future energy, brain interfaces. With many years of persistence and investment in hard technology races, LEGENDHOLDING has already gained a certain advantage in emerging and future industries. During the reporting period, LEGENDHOLDING had investments in nearly 150 technology companies in strategic emerging and future industries, covering industries such as AI, embodied intelligence, biopharmaceuticals, brain-machine interfaces, new energy, new materials, etc. While vigorously laying out new quality production forces, the company focuses on building an industrial ecology, committed to continuously and steadily sharing long-term value brought by industry growth through systematic and ecological means. Taking embodied intelligence as an example, LEGENDHOLDING currently has investments in nearly 50 embodied intelligence companies under management, building an ecosystem for the embodied intelligence industry covering all aspects of research and development, core components, AI models, production, and downstream applications. In the field of pharmaceuticals and medical care, LEGENDHOLDING has invested in over 110 companies, covering various cutting-edge fields such as brain-machine interfaces, cell therapy, surgical Siasun Robot & Automation, in vitro diagnostics, AI-assisted diagnostics, etc. At the same time, LEGENDHOLDING has realized a full-industry chain layout in the field of commercial aerospace, and has laid out several well-known companies in the field of controllable nuclear fusion such as Nova Fusion, StarRing Fusion, and Andong Fusion.