Financial Performance - Total net revenue grew by 124% year-over-year to RMB 2,9003 million ($4049 million)[8] - Adjusted EBITDA grew by 112% year-over-year to RMB 1,3718 million ($1915 million) with a margin of 473%[8] - The company obtained RMB 4,451 million ($6213 million) of new debt financing/refinancing facilities[8] - The company raised net proceeds of $676 million in aggregate through CB and equity new issuance[8] Data Center Capacity and Utilization - New customer commitments (net) reached +14,398 sqm[8] - Total area committed increased by 81% year-over-year to 663,959 sqm[8] - Additional area utilized (net) was +16,763 sqm[8] - Total area utilized reached 479,186 sqm, a +141% year-over-year increase, resulting in a utilization rate of 775%[8] - Capacity in service reached 618,060 sqm with a total IT power of 1,326 MW[29] Backlog and Delivery - Backlog at 2Q25 was 184,773 sqm with approximately 35% scheduled for delivery in 2H25, 35% in FY26, and 30% thereafter[16] DayOne Updates - DayOne's net revenue reached $855 million, with an adjusted EBITDA of $297 million and an adjusted EBITDA margin of 347%[64] - DayOne's utilized IT power reached 213 MW[31] FY25 Business Outlook - The company projects revenue between RMB 11,290 million and RMB 11,590 million, implying a year-over-year growth of 94% - 123%[63] - Adjusted EBITDA is expected to be between RMB 5,190 million and RMB 5,390 million, representing a year-over-year increase of 64% - 105%[63] - Updated Capex (After ABS & C-REIT) is expected to be ~RMB 2,700 million, a (103%) decrease[63]

Core Viewpoint - GDS Holdings Limited reported solid operational and financial performance in Q2 2025, with significant revenue growth and strategic milestones achieved, including the successful IPO of its C-REIT on the Shanghai Stock Exchange, positioning the company to capitalize on new business opportunities in Tier 1 markets driven by AI evolution [3][30]. Financial Highlights - Net revenue for Q2 2025 was RMB 2,900.3 million (US$ 404.9 million), representing a 12.4% increase year-over-year from RMB 2,579.6 million [4][12]. - Adjusted EBITDA grew by 11.2% year-over-year to RMB 1,371.8 million (US$ 191.5 million), with an adjusted EBITDA margin of 47.3% [12][19]. - Gross profit increased by 21.8% year-over-year to RMB 688.9 million (US$ 96.2 million), with a gross profit margin of 23.8% [5][6]. Operational Highlights - Total area committed and pre-committed increased by 8.1% year-over-year to 663,959 sqm as of June 30, 2025 [12][23]. - Area utilized rose by 14.1% year-over-year to 479,186 sqm, with a utilization rate of 77.5% [12][29]. - The area in service increased by 6.5% year-over-year to 618,060 sqm [12][24]. C-REIT IPO and Financial Flexibility - The C-REIT IPO raised gross proceeds of RMB 2,400 million, with GDS holding a 20% stake in the C-REIT [31][32]. - The C-REIT transaction is expected to enhance the company's financing flexibility and support its growth strategy [3][30]. Business Outlook - GDS confirmed its revenue guidance for 2025 remains unchanged at RMB 11,290 – RMB 11,590 million and adjusted EBITDA guidance of RMB 5,190 – RMB 5,390 million [35]. - The company revised its capital expenditure guidance for 2025 down to approximately RMB 2,700 million, reflecting adjustments due to the C-REIT transaction [36].

来源：视频滚动新闻 美股周二盘前，万国数据涨3%。该公司将于美东时间8月20日(明日)盘前发布财报。机构预期万国数据 2025Q2预计实现营收28.38亿元，同比增加0.40%；预期每股收益-0.70元，亏损同比缩窄46.07%。 ...

Group 1 - GDS Holdings (GDS.US) is expected to release its financial report before the market opens on August 20, with projected revenue of 28.38 billion yuan for Q2 2025, reflecting a year-on-year increase of 0.40% [1] - The anticipated earnings per share (EPS) is -0.70 yuan, indicating a year-on-year narrowing of losses by 46.07% [1] - UBS has raised its target price for GDS from $45 to $50, maintaining a "Buy" rating due to sustained demand for GenAI and higher barriers to entry in the AI data center industry [1] Group 2 - As of August 18, GDS's closing price was $32.230, with a pre-market price of $32.790 on August 19, reflecting a 2% increase [1] - The company has a total market capitalization of $6.366 billion, with a price-to-earnings (P/E) ratio of 9.84 and a price-to-book (P/B) ratio of 1.968 [1] - GDS's stock has seen a 52-week high of $52.500 and a low of $15.880, indicating significant volatility in its share price [1]

8月18日，万国数据(GDS)开盘上涨3.5%，截至21:30，报32.51美元/股，成交118.05万美元，总市值 67.09亿美元。 大事提醒： 作者：行情君 8月20日，万国数据将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 资料显示，万国数据控股有限公司(纳斯达克股票代码:GDS;港交所股票代码:9698)是中国及东南亚地区 领先的高性能数据中心运营商和服务商。公司的数据中心分布于对高性能数据中心需求广泛的中国核心 经济枢纽地区。为了满足客户更广泛的需求,公司还根据客户的选择在非一线城市地区建设和运营数据 中心。公司的数据中心规模大,电力供应充沛、密度高且高效,所有关键系统均具备多重冗余。公司中立 于运营商及云服务提供商,客户可自由选择与主要电信运营商连接,以及接入托管于公司数据中心的多家 云服务提供商。万国数据可为客户提供托管和管理服务,包括与领先的公有云进行直接私有连接、独特 创新的混合云管理服务平台,以及在需要时转售公有云服务。公司拥有23年安全可靠的数据中心托管及 管理服务经验,成功满足国内大型客户对于外包数据中心服务 ...

万国数据(GDS.US)盘前涨3.09%，报32.38美元。消息面上，瑞银发研报指，由于GenAI需求前景持续以 及踏入AI DC行业门槛更高，预期万国数据开发收益率将至少维持在14%或资本支出的7倍，直至 EBITDA成熟。该行预料，万国数据的7倍开发成本将转化为高单位数百分比的无杠杆10年期内部收益 率，这意味着在没有强劲执行力的情况下，净利润率较低，因此租金进一步下跌的空间有限。该行将其 目标价由45美元上调至50美元，其评级为"买入"。(格隆汇) | GDS 万国数据 | | 507 | | --- | --- | --- | | 31.4104-0.430 -1.35% | | 收盘价 08/15 16:00 美东 | | 32.380 ↑ 0.970 +3.09% | | 盘前价 08/18 05:36 美东 | | 雪 5 24 4 5 8 9 同 ♥ 郎 秒 郎 出 | | ● 快捷交易 | | 最高价 32.800 | 开盘价 32.100 | 成交量 265.67万 | | 最低价 31.370 | 昨收价 31.840 | 成交额 8427.4万 | | 平均价 31.721 | 市空率 ...

8月15日，万国数据(GDS)开盘上涨2.17%，截至21:31，报32.53美元/股，成交229.36万美元，总市值 67.13亿美元。 本文源自：金融界 作者：行情君 8月20日，万国数据将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 资料显示，万国数据控股有限公司(纳斯达克股票代码:GDS;港交所股票代码:9698)是中国及东南亚地区 领先的高性能数据中心运营商和服务商。公司的数据中心分布于对高性能数据中心需求广泛的中国核心 经济枢纽地区。为了满足客户更广泛的需求,公司还根据客户的选择在非一线城市地区建设和运营数据 中心。公司的数据中心规模大,电力供应充沛、密度高且高效,所有关键系统均具备多重冗余。公司中立 于运营商及云服务提供商,客户可自由选择与主要电信运营商连接,以及接入托管于公司数据中心的多家 云服务提供商。万国数据可为客户提供托管和管理服务,包括与领先的公有云进行直接私有连接、独特 创新的混合云管理服务平台,以及在需要时转售公有云服务。公司拥有23年安全可靠的数据中心托管及 管理服务经验,成功满足国内大型客户对于外包数据 ...

根据万国数据年报，ST Telemedia持有万国数据将近34%的A类股份，在总投票权中约占20%。 消息人士表示，万国数据股价近期的上涨，可能使ST Telemedia难以找到买家出售所持股份，又称该公 司可能会分批减持，亦有可能决定不出售股份，指目前讨论尚处于初期阶段。 格隆汇8月14日｜媒体引述消息人士称，新加坡淡马锡控股旗下ST Telemedia考虑悉数出售万国数据 (9698.HK)的持股。消息指，ST Telemedia正在向潜在买家探讨对其手中所有万国数据持股的兴趣。 ...

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Current Stock Price**: US$36.37 (as of August 8, 2025) - **Market Capitalization**: Rmb51,663 million - **Price Target**: US$52.00, indicating a 43% upside potential Key Points Positive Developments 1. **C-REIT Performance**: GDS's C-REIT gained 30% on its first trading day, establishing a new valuation benchmark with an EV/EBITDA multiple of approximately 22x, leading to a dividend yield of around 4% [2][1] 2. **MSCI China Index Inclusion**: GDS was re-added to the MSCI China Standard Index after 18 months, which is expected to attract passive and long-only investors, potentially reducing share price volatility [3][1] 3. **NV H20 Licensing**: The US Government granted a license for NV H20, with indications that new orders are being placed with TSMC, suggesting ongoing production and inventory management [4][1] Future Expectations 4. **Strong Order Growth**: Anticipation of strong new orders for DayOne's international business in the upcoming 2Q25 earnings report, supported by solid 2Q earnings from US hyperscalers and upward capex revisions [5][1] 5. **Revenue and EBITDA Growth**: Expected revenue growth of 9-10% YoY, with EBITDA growth tracking similarly, despite the deconsolidation of private REIT assets [5][1] Financial Projections 6. **2Q25 Earnings Preview**: Forecasted revenue growth of 8.7% YoY to Rmb2.8 billion and EBITDA growth of 9.5% YoY to Rmb1.4 billion [9][1] 7. **Long-term Projections**: For 2026, GDS's China business is projected to have an EV/EBITDA multiple of 15x, while the international segment is expected to have a multiple of 17.5x [12][1] Risks and Considerations 8. **Market Risks**: Potential risks include reduced capex from hyperscalers, increased competition, and a reversal of the downward trend in interest rates [12][1] Additional Insights 9. **Management's Strategy**: Management indicated readiness to inject a second batch of assets into the REIT, with a project size of Rmb2 billion and Rmb4 billion, contingent on market conditions [2][1] 10. **Analyst Ratings**: GDS is rated as "Overweight" by Morgan Stanley, reflecting a positive outlook on the company's performance relative to its peers [7][1] This summary encapsulates the critical insights and projections regarding GDS Holdings Ltd, highlighting both the positive developments and potential risks in the current market landscape.

Group 1 - The core viewpoint of the news is the successful listing of the Southern GDS Data Center REIT on the Shanghai Stock Exchange, which saw a first-day limit-up increase of 30% [1] - The REIT was priced at 3 yuan per share and raised a total of 2.4 billion yuan, with a public investor subscription multiple of 456 times and an offline investor subscription multiple of 166 times [1] - According to Industrial Securities, the valuation of the GDS Data Center REIT significantly exceeded market expectations, leading to a substantial increase in the valuation anchor for the IDC industry [1] Group 2 - The issuance of public REITs is encouraged by current policies, benefiting IDC companies with many mature projects to accelerate expansion [1] - HSBC noted that the spin-off is advantageous for the company to deleverage, maintaining a net debt to adjusted EBITDA ratio below 6.5 times for the year, with pricing above the current 14 times adjusted enterprise value multiple, indicating potential for valuation re-rating [1]