（於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 2025年第三季度業績公告 我們謹此宣佈截至 2025 年 9 月 3 0 日止第三季度的未經審計財務業績（「業 績公告」）。業績公告可於香港聯交所網站 www.hkexnews.hk 及我們的網 站 www.gds-services.com 查閱。 香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 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分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市 ...

Financial Performance - In Q3 2025, GDS Holdings reported net revenue of RMB2,887.1 million (US$405.6 million), a 10.2% increase year-over-year from RMB2,619.6 million [4][11] - Adjusted EBITDA grew by 11.4% year-over-year to RMB1,342.2 million (US$188.5 million), with an adjusted EBITDA margin of 46.5% [11][19] - The company achieved a net income of RMB728.6 million (US$102.4 million) in Q3 2025, compared to a net loss of RMB231.1 million in the same period last year [15][11] Operational Highlights - Total area committed and pre-committed increased by 4.8% year-over-year to 656,729 sqm as of September 30, 2025 [11][25] - Area utilized rose by 10.9% year-over-year to 486,607 sqm, with a utilization rate of 74.4% [11][30] - The company completed its C-REIT IPO, which started trading on August 8, 2025, and was trading at a 45.8% premium to the IPO price as of November 18, 2025 [23][24] Cost and Expenses - Cost of revenue for Q3 2025 was RMB2,247.9 million (US$315.8 million), a 9.0% increase year-over-year [4] - Selling and marketing expenses increased by 24.2% year-over-year to RMB31.1 million (US$4.4 million) [8] - General and administrative expenses rose by 15.5% year-over-year to RMB109.2 million (US$15.3 million) [9] Debt and Liquidity - As of September 30, 2025, GDS Holdings had cash of RMB13,443.7 million (US$1,888.4 million) and total short-term debt of RMB3,312.6 million (US$465.3 million) [20][21] - The company obtained new debt financing and refinancing facilities totaling RMB5,053.8 million (US$709.9 million) during Q3 2025 [22] Business Outlook - GDS Holdings confirmed its revenue guidance for 2025, projecting total revenues between RMB11,290 million and RMB11,590 million, and adjusted EBITDA between RMB5,190 million and RMB5,390 million [31]

Core Insights - GDS Holdings Limited is a significant player in China's data center industry, offering services such as colocation, managed hosting, and cloud services, with analysts showing growing confidence in its strategic position and market potential [1] Price Target and Analyst Sentiment - Analysts have set an average price target of $46.7 for GDS, indicating a positive outlook and consistent confidence in the company's performance and growth prospects [2][6] - The average price target has increased from $40.44 a year ago, reflecting a significant upward trend and growing optimism among analysts regarding GDS's future potential [3][6] - Despite an 8.1% surge in GDS's share price, earnings estimate revisions suggest caution, yet the overall sentiment remains optimistic with a potential upside of 25.2% [4][6] Earnings Conference Call - GDS recently held its Q2 2025 earnings conference call, which was attended by key company figures and analysts from major financial institutions, reinforcing positive sentiment among analysts [5]

Core Viewpoint - Some popular Chinese concept stocks have shown strength, with Alibaba rising by 3.6%, GDS Holdings increasing by 3.3%, and JD.com up by 2.4% [1] Company Performance - Alibaba's stock price increased by 3.6% [1] - GDS Holdings experienced a rise of 3.3% [1] - JD.com saw a growth of 2.4% [1]

Group 1 - The Combined General Meeting of Ramsay Générale de Santé is scheduled for December 11, 2025, at 10 a.m. in Paris [1] - The preliminary meeting notice was published on November 3, 2025, and includes the agenda, draft resolutions, and participation terms [2] - Shareholders can access all relevant documents on the company's website under the "Finance and investors / Shareholder's Meetings" section [3] Group 2 - Shareholders may submit written questions to the Chairman of the Board until December 5, 2025, via registered letter or email [4] - The General Meeting will be broadcast live and available for replay on the company's website [5] - Ramsay Santé is a leading European private hospitalization and primary care provider, employing 40,000 staff and serving 13 million patients annually across 492 facilities in five countries [6][7]

Core Insights - Ramsay Santé Group reported a consolidated revenue of €1,207 million for the quarter ending 30 September 2025, reflecting a growth of 2.6% on a reported basis and 1.9% organic sales growth [1][15] - The Group's EBITDA increased by €7 million or 6.5% to €112 million, despite a reduction in public funding and the end of the French revenue guarantee [3][5] - The company continues to implement its "Yes We Care 2025" strategy, focusing on integrated care services and operational efficiency to enhance profitability [9] Revenue and Activity - France's revenue grew by 1.4% (1.9% on a like-for-like basis) due to increased hospital admissions and a 0.5% indexation of MSO tariffs since March 2025 [2] - Nordic countries reported a revenue growth of 2.6% on a like-for-like basis, with a reported growth of 5.4% benefiting from favorable foreign exchange fluctuations [3] - The overall activity volume growth in hospitals indicates sustained patient demand for healthcare services [3] Cost Management and EBITDA - EBITDA growth was primarily driven by strong performance in Sweden, with cost control measures offsetting inflationary pressures [5][6] - The Group's EBITDA margin improved by 0.3 percentage points, reflecting effective cost-saving initiatives and productivity improvements [5][9] - The end of the French government's revenue guarantee resulted in a €7 million shortfall, highlighting ongoing funding challenges [5] Financial Position - As of 30 September 2025, net financial debt amounted to €3,819 million, with a restated net leverage of 5.2x, slightly improved from 5.3x in the previous year [8][19] - The company reported a net cash flow from operating activities of -€44 million, primarily due to seasonal variations and working capital changes [7][20] - Focus remains on cash flow generation through operational efficiency and working capital improvement [8] Strategic Developments - Ramsay Santé is expanding its day hospitals and outpatient services, aligning with patient healthcare needs [3][9] - The integration of former Cosem primary care facilities in France is progressing well, enhancing care coordination [3] - The Group invests over €200 million annually to support the evolution of care pathways and improve healthcare access [13]

Core Viewpoint - Morgan Stanley reports that DayOne, a global data center operator under GDS Holdings, is set to build Thailand's first 1GW data center park, indicating strong growth potential for the company [1] Group 1: Expansion Plans - DayOne plans to expand its Chonburi Phase 1 park and adjacent land, increasing the power supply capacity to 300MW [1] - A memorandum of understanding has been signed with Amata Group for the Chonburi Phase 2 park [1] Group 2: Renewable Energy Initiatives - DayOne has signed a renewable energy agreement to incorporate solar power into its operations [1] Group 3: Market Outlook - Morgan Stanley maintains a positive outlook on DayOne's expansion plans, expecting the related contracts to provide additional momentum [1] - The firm retains an "Overweight" rating on GDS Holdings with a target price of $54 [1]

Summary of GDS Holdings Ltd Conference Call Company and Industry Overview - **Company**: GDS Holdings Ltd (GDS.O) - **Industry**: Greater China Telecoms Key Points and Arguments 1. **Revenue Estimates Adjustment**: Revenue estimates for GDS Holdings have been reduced by 3.1-3.3% for 2026-27E due to lower-than-expected new orders in 2025E and decreased contract pricing from renewals [1][2] 2. **EBITDA and EPS Revisions**: Adjusted EBITDA is lowered by 2.6% for 2026E and 2.4% for 2027E. Normalized EPS revisions are -0.3% for 2026E, -6.8% for 2027E, and -10.1% for 2028E, partially offset by a disposal gain [1] 3. **Price Target**: The price target remains unchanged at US$54 per share, with bull and bear case values also unchanged at US$73 and US$19 per share, respectively [2] 4. **Market Conditions**: The lower EBITDA in China is counterbalanced by a new forex assumption of 7.05 Rmb/US$ (previously 7.15) and lower net debt [2] 5. **Investment Thesis**: The demand in China is expected to recover mildly, driven by hyperscalers' cloud and AI capital expenditures. GDS's public REITs have received approvals, with an anticipated valuation of ~15x EV/EBITDA [11] 6. **International Expansion**: GDS's DayOne initiative is seeing successful overseas progress with strong order momentum [11] 7. **Utilization Rates**: Projected utilization rates are expected to increase from 73.8% in 2024 to 81.0% by 2027 [16] 8. **New Booking Projections**: New bookings are projected at 80,000 sqm for 2025-2027 [16] 9. **Market Share Recovery**: The market share recovery (MSR) growth is projected to be -2.0% in 2025, improving to 1% by 2027 [11] Additional Important Information 1. **Ownership Positioning**: Institutional ownership stands at 86.8%, with a long/short ratio of 2x and net exposure of 26.3% in the hedge fund sector [19] 2. **Risks to Price Target**: Upside risks include accelerated sales in overseas markets and further interest rate cuts, while downside risks involve increased competition and potential reductions in hyperscaler capex [20] 3. **Stock Performance Metrics**: The stock closed at US$35.70 on October 31, 2025, with a 52-week range of US$52.50-16.93 [4] This summary encapsulates the critical insights from the conference call regarding GDS Holdings Ltd, highlighting the adjustments in financial estimates, market conditions, and strategic initiatives.

Core Viewpoint - The company, GDS Holdings Limited, will hold a board meeting on November 17, 2025, to approve its unaudited financial results for the third quarter ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for November 17, 2025, Hong Kong time [1] - The company will announce its financial performance on November 19, 2025, after the Hong Kong market trading hours and before the U.S. market opens [1] - The financial results will be published on the Hong Kong Stock Exchange website [1]

Core Viewpoint - GDS Holdings Limited, a leading developer and operator of high-performance data centers in China, is set to report its third quarter 2025 unaudited financial results on November 19, 2025, after the Hong Kong market closes and before the U.S. market opens [1]. Company Overview - GDS Holdings Limited operates high-performance data centers strategically located in primary economic hubs in China, catering to the growing demand for data center services [4]. - The company offers a range of services including co-location, managed hybrid cloud services, and managed network services, while being carrier and cloud-neutral [4]. - GDS has a 24-year track record of service delivery, serving a diverse customer base that includes hyperscale cloud service providers, large internet companies, financial institutions, and multinational corporations [4]. - The company holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited, which operates data centers in international markets [4]. Earnings Conference Call - The management of GDS Holdings will host an earnings conference call on November 19, 2025, at 8:00 AM U.S. Eastern Time, with registration required at least 15 minutes prior to the call [2]. - A live and archived webcast of the conference call will be available on the company's investor relations website [3].