联想集团（00992.HK）今日盘中股价大跌5.06%，引发市场关注。这一跌幅主要源于公司最新发布的财报显示业绩不及预期，特别是净利润的大幅下滑。
根据联想集团公布的2024/25财年第四季度业绩，尽管公司营收同比增长23%至约170亿美元，超出市场预期，但净利润却同比骤降64%至约9000万美元，远低于分析师预估的2.3亿美元。公司将利润下滑归因于非现金的认股权证公允价值损失，以及PC市场的价格压力。
值得注意的是，联想集团在个人电脑市场的领先地位进一步巩固。市场研究机构IDC的数据显示，联想第一季度全球PC出货量同比增长近11%，进一步扩大了对惠普和戴尔的领先优势。然而，分析指出，这一增长可能部分源于供应商和终端用户为应对美国关税影响而提前下单，这种"订单前置"现象可能会影响未来的需求。尽管业绩承压，联想集团仍在持续加大研发投入，全年研发支出同比增长13%至23亿美元，显示出公司在把握AI时代机遇方面的决心。
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