8月20日，万国数据2025财年中报归属股东应占溢利6.907亿人民币，同比增长220.85%，基本每股收益 0.44人民币。 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的高标准要求,目前所服务的客户主要包括 超大规模云服务供应商、大型互联网公司、金融机构、电信与IT服务提供商,以及国内大型企业和跨国 公司。 8月22日，万国数据(GDS)盘中上涨 ...

美银证券表示，将公司在2026年至2027年调整后EBITDA预测下调2%，美股目标价由47.6美元上调至 50.6美元，H股目标价由46.7港元上调至49.7港元，重申"买入"评级。 美银证券发表研究报告，万国数据次季客户的迁移速度与第一季相似，预计受到早前签署的152兆瓦超 大规模订单交付所推动，第三季至第四季的迁移速度可能会加快。国际业务分支DayOne订单增长强 劲，第二季新增承诺装置容量246兆瓦，其中包括来自泰国和芬兰的新订单。此外，DayOne第三季获得 芬兰第二个站点。管理层认为，DayOne已提前实现其最初三年内承诺装置容量1吉瓦的目标，在未来几 年内，每年新增承诺装置容量将达到300至500兆瓦。 ...

万国数据管理层称，此前签署的152MW超大规模订单预计将推动2025年下半年客户入驻速度显著加 快，尽管芯片供应存在不确定性，但对未来今年AI推理需求充满信心。 8月21日，据追风交易台消息，美银美林在最新研报中称，万国数据2025年二季度电话会传递出积极信 号，管理层预计预计2025年下半年客户入驻步伐将明显加快，主要受惠于此前签订的152MW超大规模 订单交付，这将直接转化为收入增长。 美银美林称，尽管芯片供应不确定性导致AI相关新订单仍相对谨慎，但管理层对未来几年AI需求前景 保持乐观态度，预期推理需求将成为关键驱动力。 研报称，万国数据管理层在电话会议中明确表示，预计2025年三、四季度客户入驻速度将较前两个季度 明显提升。这一预期主要基于此前签署的152MW超大规模客户订单将在下半年开始交付。 据美银美林分析，万国数据目前拥有185,000平方米的积压项目(包括在服务和在建项目)，管理层计划在 2025年下半年交付其中35%，在2026年再交付35%。这一交付时间表显示公司具备稳定的收入增长基 础。 据见闻此前文章，最新财报显示，数据中心业务增长，万国数据2024年四季度收入增长9.1%，净利润 同 ...

本报讯 （记者李春莲）8月20日，万国数据控股有限公司（以下简称"万国数据"或"公司"）公布截至 2025年6月30日第二季度未经审计的财务业绩。2025年第二季度净收入为29亿元，同比增长12.4%；调 整后EBITDA为13.718亿元，同比增长11.2%；经调整EBITDA率为47.3%。 万国数据董事长兼首席执行官黄伟表示："通过对既有战略的高效执行，我们在2025年第二季度继续保 持稳健的运营表现和财务业绩。近期，南方万国数据中心封闭式基础设施证券投资基金在上海证券交易 所成功挂牌，这是我们战略发展过程中的又一重要里程碑。展望下半年，在人工智能浪潮的大力推动 下，国内一线市场将涌现更多新商机，我们已为此做好充足准备，将充分把握市场机遇。" 2025年第二季度，万国数据的数据中心签约面积新增2.27万平方米，同比增长8.1%，主要来自互联网和 云服务商。签约订单中包含三笔超大规模订单，总IT容量超40MW，来自位于京津冀核心枢纽城市的四 座数据中心。截至本季度末，公司数据中心总签约面积达66.4万平方米。 2025年第二季度，万国数据新增数据中心使用面积2.24万平方米，同比增长14.1%，与过去五个 ...

Summary of GDS Holdings and DayOne 2Q25 Results Company Overview - **Company**: GDS Holdings (GDS/9698.HK) - **Industry**: Data Center and Cloud Services Key Financial Results - **GDS Holdings 2Q25 Results**: - **Net Revenue**: RMB 2.9 billion, up 12% YoY, beating consensus estimates by 1% and 3% respectively [3][6] - **Adjusted EBITDA**: RMB 1.372 billion, up 11% YoY, exceeding estimates by 5% and 3% respectively [3][6] - **Net Debt/EBITDA**: Reduced to <6x post C-REIT listing, indicating improved financial health [1][9] - **DayOne 2Q25 Results**: - **Revenue**: US$ 85.5 million, up 144% YoY, slightly below estimates by 1% [10] - **Adjusted EBITDA**: US$ 29.7 million, up 156% YoY, exceeding estimates by 11% [10] - **Adjusted EBITDA Margin**: Expanded to 34.7% [10] Market Trends and Management Insights - **AI Demand**: Management noted a quiet period for AI demand in 2Q25 due to uncertainties in chip availability, but remains optimistic about future demand driven by next-gen Nvidia chips [1][7] - **Capacity Growth**: GDS is preparing for a multi-year growth phase with 900MW capacity held for future development, aimed at reducing lead times [1][9] - **New Commitments**: GDS China secured 14.4k sqm of new commitments, reflecting a 2% QoQ and 8% YoY increase [6][7] Operational Metrics - **Area Utilized**: Increased by 9% YoY, with a utilization rate of 77.5% [7] - **MSR (Monthly Service Revenue)**: Stable YoY and improved by 4% QoQ, influenced by market pricing and data center site mix [7] Guidance and Future Outlook - **Revenue and EBITDA Guidance**: Management maintains FY25 revenue and adjusted EBITDA guidance unchanged, with updated capex guidance of RMB 2.7 billion net of proceeds [7] - **Growth Strategy**: DayOne is ahead of schedule in achieving its 1GW commitment target, with plans for expansion in Europe and APAC [9][11] Risks and Considerations - **Price Target Risks**: Key risks include below-expected move-in demand, slower overseas revenue ramp-up, and customer churn [12] - **Investment Rating**: GDS is rated as a "Buy" with a 12-month target price of US$40/HK$39, indicating a potential upside of approximately 26.6% [13] Conclusion GDS Holdings and DayOne have demonstrated strong financial performance in 2Q25, with positive growth metrics and a constructive outlook for the future. Management's focus on capacity expansion and readiness for AI demand positions the companies favorably in the evolving data center market.

Group 1 - The core viewpoint of the article highlights the positive performance of various companies in the Hong Kong stock market, with significant profit growth and strategic initiatives such as share buybacks and financing rounds [1][2][3][4]. Group 2 - 万国数据-SW (09698) reported a profit of 690 million RMB for the first half of the year, marking a turnaround from losses, and is currently pursuing a Series C financing round to support future projects [1]. - BOSS直聘-W (02076) saw a 85% increase in net profit year-on-year, with a nearly 20% rise in average monthly active users, and announced a share buyback plan of up to 250 million USD [1]. - 长城汽车 (02333) experienced a nearly 6% increase in stock price, with over 20,000 orders for the Haval Menglong 2026 model within 24 hours, indicating strong demand and potential for profit growth [1]. - 周生生 (00116) anticipates a mid-term profit increase to over 900 million RMB, driven by rising gold prices and effective cost control measures [1]. - 中国中车 (01766) saw a stock price increase of over 5% due to the successful bidding for 210 sets of trains, with expectations of sustained high railway investment [2]. - 中广核矿业 (01164) issued a profit warning, expecting a mid-term loss of up to 90 million HKD due to significant price fluctuations in uranium trading [2]. - 特步国际 (01368) reported better-than-expected performance, with a 12% higher net profit than Goldman Sachs' forecast, attributed to increased other income and revenue [2]. - 中国联通 (00762) experienced a stock price increase of over 4%, with expectations of stable dividend growth despite mid-term performance pressures [2]. - 玖龙纸业 (02689) anticipates a maximum annual profit growth of 190%, driven by declining costs [2]. - 海丰国际 (01308) reported a nearly 80% increase in net profit for the first half of the year, attributed to a 7.3% increase in container volume and a 22.8% rise in average freight rates [3].

Core Viewpoint - The company, GDS Holdings Limited, reported strong financial results for the first half of 2025, showing significant growth in revenue and profitability, alongside strategic investments in data center expansion [1] Financial Performance - For the first half of 2025, GDS achieved a net revenue of approximately 56.23 billion yuan, representing a year-on-year increase of 12.2% [1] - The gross profit was around 13.34 billion yuan, reflecting a year-on-year growth of 22.71% [1] - The net profit attributable to ordinary shareholders was approximately 6.64 billion yuan, marking a turnaround from a loss to profitability [1] Strategic Developments - GDS's equity investment target, DayOne, announced plans to construct a large-scale data center in Lahti, Finland, with an estimated total investment of about 12 billion euros, expected to be operational by 2027 [1] - The potential total capacity of the data center is projected to be 128 megawatts, with the first server cluster having a capacity of 50 megawatts [1] - The company is reportedly advancing a Series C equity financing round to support future project development and market expansion [1] - Management indicated that the performance of the equity financing on the first day exceeded expectations, with DayOne aiming for an initial public offering within 18 months [1]

值得注意的是，万国数据股权投资对象DayOne近日宣布，将在芬兰拉赫蒂建设超大规模数据中心，预 计2027年投运，总投资额可达约12亿欧元，该数据中心的潜在总容量预计为128兆瓦，首个服务器集群 的容量为50兆瓦。此外，市场有消息称，目前该公司正在推进C轮股权融资，以支持后续项目建设和市 场拓展。管理层于业绩电话会议上称"股权融资第一天表现超出预期"，据悉DayOne目标在18个月内进 行首次公开募股。 消息面上，万国数据发布业绩，于2025年上半年，实现净收入约56.23亿元，同比增长12.2%；毛利约 13.34亿元，同比增长22.71%；归属于万国数据控股有限公司普通股股东的净利润为约6.64亿元，同比 扭亏为盈。 万国数据-SW(09698)绩后高开逾6%，截至发稿，涨6.45%，报33.32港元，成交额664.08万港元。 ...

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万国数据 20250820 GDS 控股有限公司在 2025 年第二季度的财务表现如何？ 2025 年第二季度，GDS 控股有限公司的收入同比增长 12.4%，调整后 EBITDA 同比增长 11.2%。总使用面积增长 14.1%，而每平方米的 MSR 则同 比下降 1.7%。调整后的 EBITDA 利润率为 47.3%，相比 2020 年同期的 47.8%略有下降。由于资产剥离影响，未来三到四个季度的业绩报告中，收入 和 EBITDA 增长数据将无法直接对比。预计如果不对资产出售进行调整以实现 标准化，年同比增长率将低约 6 个百分点。从 2Q25 开始，不包括 ABS 交易的 影响，调整后的 EBITDA 同比增长率为 13.9%。 GDS 计划开发约 900 兆瓦电力用地用于未来发展，特别是在北京、上 海和深圳周围，以满足即将到来的人工智能时代需求，并保持海藻平台 持续发展和多元化。 GDS 认为资产变现对股东有利，因为变现资产的价值远高于 GDS 股票 在国际资本市场的交易价格，且正处于行业增长阶段，存在不错的投资 机会。公司曾提到过会在三年内将合并净债务对 EBITDA 比率控制在 5 倍左右，目前 ...