智通财经APP获悉，万国数据-SW(09698)绩后涨近6%，截至发稿，涨5.58%，报29.92港元，成交额 3509.24万港元。 消息面上，万国数据发布第三季度业绩，该集团取得净收入28.87亿元人民币，同比增长10.2%；净利润 7.29亿元，同比扭亏为盈；经调整EBITDA为13.42亿元，同比增长11.4%。公司维持2025年总收入指引 112.9亿至115.9亿元；经调整EBITDA介乎51.9亿至53.9亿元。资本支出指引为27亿元。 万国数据主席兼首席执行官黄伟先生表示："我们凭借严谨的策略执行，实现了又一个季度稳健的财务 及运营业绩。于2025年第三季度，我们持续交付积压订单，并实现高迁入率。我们已做好充分的战略准 备以把握人工智能领域日益增长的需求，我们将人工智能视为我们业务长期增长的重要催化剂。" ...

万国数据主席兼首席执行官黄伟先生表示："我们凭借严谨的策略执行，实现了又一个季度稳健的财务 及运营业绩。于2025年第三季度，我们持续交付积压订单，并实现高迁入率。我们已做好充分的战略准 备以把握人工智能领域日益增长的需求，我们将人工智能视为我们业务长期增长的重要催化剂。" 万国数据-SW(09698)绩后涨近6%，截至发稿，涨5.58%，报29.92港元，成交额3509.24万港元。 消息面上，万国数据发布第三季度业绩，该集团取得净收入28.87亿元人民币，同比增长10.2%；净利润 7.29亿元，同比扭亏为盈；经调整EBITDA为13.42亿元，同比增长11.4%。公司维持2025年总收入指引 112.9亿至115.9亿元；经调整EBITDA介乎51.9亿至53.9亿元。资本支出指引为27亿元。 ...

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Core Viewpoint - Severn Trent presents a strong investment opportunity for investors, highlighting growth, regulatory outperformance, and inflation-linked returns as key factors for consideration [1][2]. Group 1: Investment Highlights - The company is experiencing growth in terms of Regulatory Capital Value (RCV), which is expected to create long-term value for investors [2]. - Severn Trent has achieved regulatory outperformance, which is anticipated to provide attractive returns over the medium to long term [2]. - The company's unique inflation-linked structure is expected to enhance returns for investors [2]. Group 2: Performance Overview - In the first six months of the financial year 2026, Severn Trent has maintained its leading status with the environment agency, marking six consecutive years of top performance [3].

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue increased by 10.2% year-on-year, and adjusted EBITDA grew by 11.4% year-on-year, continuing a healthy growth trend since recovery began last year [4] - Adjusted EBITDA for the first nine months of 2025 grew by 15.4% on a pro forma basis after deconsolidating certain data center project companies [10] Business Line Data and Key Metrics Changes - The total new bookings for the first nine months reached 75,000 square meters, or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year, a significant increase from previous years [5] - Approximately 65% of the bookings in 2025 are AI-related, indicating a strong focus on AI infrastructure [5] Market Data and Key Metrics Changes - The domestic tech industry in China is at a critical juncture, with major players committing unprecedented financial resources to AI infrastructure, marking the end of a previous downturn [6] - The company has secured around 900 megawatts of powered land in tier one markets, suitable for AI demand, particularly for AI inferencing [7] Company Strategy and Development Direction - The company plans to adopt a more aggressive approach to new business while maintaining financial discipline, focusing on acquiring more powered land in cost-effective locations near tier one cities [9][19] - The establishment of a data center REIT provides a competitive advantage in accessing capital and monetizing assets efficiently [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming AI demand based on the development of domestic technologies and the ramp-up of local chip companies [7] - The company anticipates higher bookings next year, leading to growth acceleration thereafter, despite a subdued booking environment in Q2 2025 [15] Other Important Information - The CREET platform started trading on the Shanghai Stock Exchange, with units priced significantly higher than the IPO price, indicating strong market interest [10][11] - The company expects organic CapEx for the full year to be around RMB 4.8 billion, with net CapEx around RMB 2.7 billion after asset monetization proceeds [12][13] Q&A Session Summary Question: What is needed for the China market to reach an inflection point? - Management indicated strong market demand and significant investments from customers as key indicators, along with improvements in domestic chip efficiency and production capacity [18] Question: What is the new overall investment return with the CREET scheme? - The unit economics of data center investment in China are solid, with cash-on-cash yields typically around 11%-12%, and levered IRR well into the 20s [20][21] Question: Will new bookings include new powered land acquisitions? - Management stated that new bookings next year are not fully reliant on new land acquisitions, but securing additional land would enhance capacity [27] Question: What is the outlook on power quotas and potential difficulties in acquiring them? - Management expressed confidence in their established relationships with government and power companies, making it less challenging for them to secure power quotas [28] Question: What is the pricing trend and MSR outlook? - Management expects a 3-4% decrease in MSR over 2026 due to downward price resets and elevated movement levels, but noted that new build prices have remained stable [57] Question: How does the competitive landscape look? - Management emphasized that financial capability and access to capital markets are becoming critical competitive advantages, with the company well-positioned compared to competitors [60][61]

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue increased by 10.2% year-on-year, and adjusted EBITDA grew by 11.4% year-on-year, continuing a healthy growth trend since recovery began last year [4] - Adjusted EBITDA for the first nine months of 2025 grew by 15.4% on a pro forma basis after deconsolidating certain data center project companies [10] - The net debt to last quarter annualized adjusted EBITDA multiple decreased from 6.8 times at the end of 2024 to 6.0 times at the end of Q3 2025, primarily due to cash proceeds from asset monetization [13][14] Business Line Data and Key Metrics Changes - The total new bookings for the first nine months of 2025 reached 75,000 sq m, or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year [5] - Approximately 65% of the bookings in 2025 are AI-related, indicating a strong focus on AI infrastructure [5] Market Data and Key Metrics Changes - The domestic tech industry in China is at a critical juncture, with major players making significant financial commitments to AI infrastructure, marking the end of a previous downturn [6] - The company has secured around 900 megawatts of powered land in tier one markets, suitable for AI demand, particularly for AI inferencing [7] Company Strategy and Development Direction - The company plans to adopt a more aggressive approach to new business while maintaining financial discipline, focusing on acquiring more powered land in cost-effective locations [9][19] - The establishment of a data center REIT provides a competitive advantage in accessing capital and monetizing assets efficiently [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming AI demand based on the development of domestic technologies and the ramp-up of local chip companies [7] - The company anticipates higher bookings next year, leading to growth acceleration thereafter, despite a subdued booking environment in Q2 2025 [15] Other Important Information - The CREET platform started trading on the Shanghai Stock Exchange, with units priced significantly higher than the IPO price, indicating strong market interest [10][11] - The company expects organic CapEx for the full year to be around RMB 4.8 billion, with net CapEx around RMB 2.7 billion after asset monetization proceeds [12][13] Q&A Session Summary Question: What is needed for the China market to reach an inflection point? - Management indicated strong market demand and significant investments from customers as key indicators, along with improvements in domestic chip efficiency and production capacity [18] Question: What is the new overall investment return with the CREET scheme? - The unit economics of data center investment in China are solid, with cash-on-cash yields typically around 11%-12%, and levered IRR well into the 20s [20][21] Question: Will new bookings include new powered land acquisitions? - Management stated that new bookings next year will not fully rely on new land acquisitions but will focus on securing additional powered land [27] Question: How does the company view the impact of the tightened power quota in China? - Management believes that their established relationships with governments will mitigate challenges in acquiring new power quotas [28] Question: What is the outlook for customers acquiring GPUs and ramping installations? - Management noted a strong positive view for future demand, but could not provide specific details due to the independence of Day One [33][35] Question: How does the company view the pricing trend and competitive landscape? - Management expects a 3-4% decrease in MSR due to downward price resets and elevated movement levels, while emphasizing the importance of financial capability in the competitive landscape [57][60]

GDS Holdings (GDS) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of a loss of $0.06 per share. This compares to a loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +850.00%. A quarter ago, it was expected that this company would post a loss of $0.11 per share when it actually produced a loss of $0.06, delivering a surprise of +45.45%.Over the last four quarters, the compa ...

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue increased by 10.2% year-on-year, and adjusted EBITDA grew by 11.4% year-on-year, continuing a healthy growth trend since recovery began last year [4] - Adjusted EBITDA for the first nine months of 2025 grew by 15.4% on a pro forma basis after deconsolidating certain data center project companies [10] - The net debt to last quarter annualized adjusted EBITDA multiple decreased from 6.8 times at the end of 2024 to 6.0 times at the end of Q3 2025, primarily due to cash proceeds from asset monetization and deconsolidation of debt [13] Business Line Data and Key Metrics Changes - The total new bookings for the first nine months of 2025 reached 75,000 square meters, or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year [5] - Approximately 65% of the bookings in 2025 are AI-related, indicating a significant focus on AI infrastructure [5] Market Data and Key Metrics Changes - The domestic tech industry in China is at a critical juncture, with major players committing unprecedented financial resources to AI infrastructure, marking the end of a downturn and the beginning of a recovery for the data center sector [5] - The company has secured around 900 megawatts of powered land in tier one markets, suitable for AI demand, particularly for AI inferencing [6] Company Strategy and Development Direction - The company plans to take a more aggressive approach to new business while maintaining financial discipline, focusing on acquiring more powered land in strategic locations [8][9] - The successful IPO of a data center REIT in China provides a competitive advantage in accessing capital and monetizing assets efficiently [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming AI demand based on the development of domestic technologies and the ramp-up of local chip companies [6] - The company anticipates higher bookings next year, leading to growth acceleration thereafter, despite a subdued booking environment in Q2 2025 [14] Other Important Information - The company expects organic CapEx for the full year to be around RMB 4.8 billion, with net CapEx after asset monetization proceeds estimated at RMB 2.7 billion [12] - The effective interest rate has dropped to 3.3%, benefiting from the favorable interest rate environment in China [13] Q&A Session Summary Question: What is needed for the China market to reach an inflection point? - Management indicated strong market demand and significant investments from customers as key indicators, along with improvements in domestic chip efficiency and production capacity [18] Question: What is the new overall investment return with the CREET scheme? - The unit economics of data center investment in China are solid, with cash-on-cash yields typically around 11%-12% on new investments, and levered IRR well into the 20s [20][21] Question: Will new bookings next year include new powered land acquisitions? - Management clarified that new bookings will not solely rely on new land acquisitions, but securing additional land would enhance capabilities [27] Question: How does the company view the competitive landscape? - The company emphasized that financial capability and access to capital markets are becoming critical competitive advantages, beyond just land and power capabilities [60][61]

3Q25 Earnings Call 19 November 2025 NASDAQ: GDS HKEX: 9698 0 © GDS 2016 DISCLAIMER This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or othe ...

首席财务官Dan Newman先生表示："于2025年第三季度，我们的收入及经调整EBITDA 同比增长10.2% 及11.4%，经调整EBITDA利润率为46.5%。我们将凭借更高的融资灵活性支持下一阶段的增长，并仍然 专注为我们的利益相关者创造可持续的长期价值。" （原标题：万国数据-SW(09698)第三季度净收入28.87亿元 同比增长10.2%） 万国数据主席兼首席执行官黄伟先生表示："我们凭借严谨的策略执行，实现了又一个季度稳健的财务 及运营业绩。于2025年第三季度，我们持续交付积压订单，并实现高迁入率。我们已做好充分的战略准 备以把握人工智能领域日益增长的需求，我们将人工智能视为我们业务长期增长的重要催化剂。" 智通财经APP讯，万国数据-SW(09698)发布2025年第三季度业绩，该集团取得净收入人民币28.87亿元 (单位下同)，同比增长10.2%;净利润7.29亿元，同比扭亏为盈;经调整EBITDA为13.42亿元，同比增长 11.4%。 ...