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].

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。 （股份代號：9698） 董事會會議召開日期 本公司董事會將於2025年11月17日（香港時間）召開董事會會議，其中包括將於 會上批准本公司截至2025年9月30日止第三季度的未經審計財務業績（「業績」）。 本公司將於2025年11月19日（香港時間）香港市場交易時段後，於2025年11月19 日（美國東部時間）美國市場開市前，於香港聯交所網站 www.hkexnews.hk 公佈本 公司業績。 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，股份代號為GDS。 GDS Holdings Lim ...

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Stock Rating**: Overweight - **Price Target**: US$54.00 - **Current Price**: US$35.70 (as of October 31, 2025) - **Market Cap**: Rmb50,238 million Key Financial Metrics - **3Q25E Revenue**: Rmb2,884 million, representing a 10.1% YoY growth - **3Q25E EBITDA**: Rmb1,231 million - **Adjusted EBITDA Margin**: 46.2% for 3Q25E - **2025 Revenue Forecast**: Rmb11,514 million - **2026 Revenue Forecast**: Rmb12,964 million Core Insights - **Revenue and EBITDA Growth**: GDS Holdings is expected to achieve 10-11% YoY growth in revenue and EBITDA for 3Q25E, despite a slight QoQ decline in revenue due to the de-consolidation of mature assets into REITs [1][10] - **Chipset Supply Dynamics**: The focus is on new NV chipset supply for China, with ongoing negotiations affecting Nvidia's shipments. This situation is expected to drive stock performance, as domestic GPU productivity is anticipated to meet future demand [3][4] - **Domestic Market Outlook**: New data center bookings in China have been muted since April 2025, with expectations for limited new orders in 3Q25. However, optimism remains for 2026 due to domestic GPU capacity expansion [4][9] - **DayOne Performance**: DayOne is projected to deliver strong order intake, particularly from global hyperscalers, which is expected to offset domestic market challenges [4][10] Market Positioning - **Valuation Metrics**: GDS China is trading at 10.6x 2025 EV/EBITDA, compared to 22x for its REITs assets, indicating a distressed valuation situation [4] - **Future Order Intake**: The market is forward-looking, with hyperscalers' tenders expected to be a significant driver for future growth. There is an upside risk to the forecast of 900MW bookings by the end of 2025, with expectations for continued growth into 2026 [4][10] Risks and Considerations - **Potential Risks**: Risks include reduced capex from hyperscalers, intensified competition, and potential reversals in interest rate trends in China and the US [12] - **Market Sentiment**: The overall sentiment remains cautious due to ongoing geopolitical tensions and supply chain constraints affecting the semiconductor industry [3][4] Additional Insights - **Analyst Ratings**: GDS Holdings is rated as a top pick within the Greater China Telecoms sector, reflecting a positive outlook despite current challenges [7][66] - **Earnings Impact**: The likely impact on consensus EPS for the next 12 months is expected to remain largely unchanged, with potential upside surprises from DayOne orders [10] This summary encapsulates the key points from the conference call, highlighting GDS Holdings' financial performance, market dynamics, and future outlook.

Group 1 - The Asia's Power Businesswomen list features 20 influential leaders driving growth in various sectors across the region [1][2] - Many of these leaders are involved in the AI and advanced technology sectors, including data centers, semiconductors, and rare earths [2] - Over half of the featured women are high-performing managers with strong backgrounds in banking, consumer goods, and transportation [3] Group 2 - Mybelle V. Aragon-Gobio, the first woman CEO of Robinsons Land, has initiated a five-year expansion plan worth 125 billion pesos ($2.2 billion) [5][6] - Sarena Cheah, executive deputy chairman of Sunway, is leading the company's overseas expansion, with a significant acquisition of MCL Land for nearly S$740 million ($573 million) [8][9] - Chung Yoo-Kyung, chairman of Shinsegae Inc., is focusing on reviving growth amid a 40% drop in net income, with a strategic shift towards K-beauty products [10][11] Group 3 - Lani Darmawan, CEO of Bank CIMB Niaga, has achieved record net profits for four consecutive years, with a focus on small and midsized businesses [13][14] - Emily Hong, chair of Wiwynn, has driven a 166% revenue increase to NT$391.4 billion ($12.9 billion) in the first half of 2025, capitalizing on the AI server market [16][17] - Kattiya Indaravijaya, CEO of Kasikornbank, has led the bank to a market cap increase of over 100% since her appointment, despite a slight dip in net profit [19][20] Group 4 - Ruchi Kalra, CFO of Oxyzo Financial Services, has overseen the company's profitability and unicorn status, reporting after-tax profits of 3.4 billion rupees ($38.5 million) [22][23] - Margaret Kao, CEO of Marketech International, has seen sales rise 8% to NT$60.7 billion ($2 billion) amid strong demand for semiconductor manufacturing equipment [25][26] - Jamie Khoo, CEO of DayOne Data Centers, is expanding the company's capacity to over 800MW by early 2027, with significant funding raised for growth [27][28] Group 5 - Manasi Kirloskar Tata, vice chairperson of Toyota Kirloskar Motor, has led the company to record sales of 649 billion rupees ($7.4 billion), a 28% increase [30][31] - Kuok Hui Kwong, CEO of Shangri-La Asia, is expanding the hotel group's portfolio despite challenges in the Chinese market, which contributed nearly a third of its $2.2 billion revenue [33][34] - Amanda Lacaze, CEO of Lynas Rare Earths, is navigating opportunities in the rare earth industry, with shares tripling this year amid a 20% sales increase to A$556.5 million ($368 million) [36][38] Group 6 - Priya Nair, the first woman CEO of Hindustan Unilever, is driving a digital transformation strategy to boost sales growth in a slowing market [40][41] - Maggie Ng, CEO of HSBC Hong Kong, has led digital initiatives that contributed to a 6% revenue increase to $21 billion [42][43] - Png Chin Yee, incoming president of Temasek Singapore, will oversee a portfolio with a combined revenue of S$200 billion ($154 billion) [44][45] Group 7 - Jane Sun, CEO of Trip.com Group, has successfully navigated the company through the pandemic, achieving a market cap of over $45 billion [48][49] - Jeny Yeung, incoming CEO of MTR, will manage significant projects worth HK$140 billion ($18 billion) as the company continues to grow [51][53] - Alyssa Yoneyama, CEO of Yonex, has driven a 20% increase in revenue to ¥138.3 billion ($922 million) through strategic marketing and athlete endorsements [54][55] Group 8 - Zhou Chaonan, founder of Range Intelligent Computing Technology Group, has seen a 15% revenue increase to 2.5 billion yuan ($351 million) amid the AI boom [56][57] - Mariana Zobel de Ayala, managing director of Ayala Corp., is leading a $1.5 billion program to refresh the company's property portfolio [58][59]

Summary of GDS Holdings Conference Call Company Overview - **Company**: GDS Holdings (GDS) - **Industry**: Data Center Services Key Themes and Insights 1. **Growth Outlook**: GDS management expressed a constructive growth outlook, emphasizing dual-engine growth in both China and overseas markets [1][8] 2. **Time-to-Market**: The company highlighted the increasing importance of time-to-market, aiming for delivery timelines of 6-9 months through standardized modules [1][11] 3. **Infrastructure Compatibility**: GDS is enhancing compatibility with domestic chips, particularly with NVIDIA-based systems, to improve integration for clients [1][11] 4. **Capital Recycling**: The emergence of Real Estate Investment Trusts (REITs) is seen as a new method for funding capital expenditure expansion [1][11] Industry Trends 1. **AI-Driven Demand**: The data center industry is experiencing a historic expansion driven by AI demand, with global tech giants accelerating construction [8][11] 2. **Technological Innovations**: Key innovations include advancements in cooling systems, delivery methods, and data center architecture to meet AI requirements [8][11] 3. **Ecosystem Building**: GDS plans to form strategic partnerships across various sectors to deliver comprehensive solutions for the AI era [11][12] 4. **Sustainability Goals**: GDS aims for operational carbon neutrality with 100% renewable power by 2030, currently achieving a renewable power ratio of 44% [11][12] Operational Strategies 1. **Design and Delivery**: GDS is focusing on larger deployments with specifications that support AI demands, including higher power density and cooling capabilities [11][12] 2. **Shift in Priorities**: The company has shifted its priorities for AI data centers from reliability to time-to-market, with a focus on maximizing GPU performance [12][15] 3. **Challenges**: Labor shortages and rapidly changing infrastructure requirements pose challenges to meeting time-to-market goals [12][15] Financial Outlook 1. **Price Target**: GDS has a 12-month target price of US$42/HK$41, indicating potential upside from current prices [3][16] 2. **Revenue Growth**: The focus on backlog delivery is expected to enhance revenue growth visibility and improve EBITDA and free cash flow [13][14] 3. **Risks**: Key risks include below-expected demand, slower overseas revenue ramp-up, and potential customer churn [14][16] Conclusion GDS Holdings is positioned to capitalize on the growing demand for data centers driven by AI, with a strong focus on operational excellence, technological innovation, and sustainability. The company’s strategic initiatives and market positioning suggest a positive outlook for growth in both domestic and international markets.

Core Points - Ramsay Générale de Santé's 2025 Universal Registration Document was filed with the Autorité des marchés financiers (AMF) on 29 October 2025 and is available for public consultation [1][2] - The document includes comprehensive information about Ramsay Santé, which is the European leader in private hospitalization and primary care, employing 40,000 staff and 10,000 practitioners, serving 13 million patients annually across 492 facilities in five countries [2][3] - Ramsay Santé operates across various medical fields, including surgery, obstetrics, rehabilitation, mental health, and primary care, focusing on innovation and equitable access to quality healthcare [3] Document Details - The Universal Registration Document for the financial year ending 30 June 2025 includes the annual financial report, integrated report, Board of Directors' report on corporate governance, management report, sustainability report, auditors' reports, and information on share buyback programs [6] - The document is accessible on both the Ramsay Santé website and the AMF website [2][4]

Core Insights - Ramsay Santé reported a revenue increase of 4.7% to €5.2 billion for the year ending June 30, 2025, driven by activity volume growth and acquisitions, despite a decrease in public funding [5][20][21] - Group EBITDA rose by 1.7% to €621 million, reflecting effective cost control measures and operational efficiency, despite challenges from reduced French grants and inflation [5][8][24] - The company continues to expand its healthcare services across Europe, reaching 13 million patients, with a focus on underserved areas in France [5][35][36] Financial Performance - Revenue increased from €5,006.5 million to €5,242.0 million, marking a 4.7% growth [10] - EBITDA grew from €610.9 million to €621.4 million, a 1.7% increase, with a margin of 11.9% [10][11] - The net loss attributable to owners of the company was stable at €54.1 million compared to €53.9 million the previous year [10][29] Operational Highlights - Ramsay Santé's French revenue grew by 5.9%, supported by the acquisition of 12 primary care centers and the opening of new mental health facilities [21][22] - The company achieved a record Net Promoter Score of 74% in France, indicating strong patient satisfaction [5] - Significant expansion in outpatient activities, including new primary care centers and mental health facilities, was noted [5][14] Strategic Developments - The company secured a long-term contract worth approximately €4.8 billion for St. Göran's Hospital in Stockholm, enhancing its operational footprint in Sweden [14] - Ramsay Santé successfully refinanced its senior debt facilities, extending maturities and optimizing pricing, which supports its strategic plan "Yes We Care 2025" [18][34] - The company continues to advocate for fair public funding to address industry-wide cost pressures and maintain quality care [8][9] Market Position - Ramsay Santé operates in five countries, with a strong presence in underserved areas, particularly in France where 60% of facilities are located in such regions [5][35] - The company is recognized for its commitment to improving healthcare access and quality, with ongoing investments in medical innovation and digital health solutions [36][37]

Core Viewpoint - The Nasdaq China Golden Dragon Index experienced a significant drop of over 3%, marking the largest decline since August 27 [1] Company Performance - Kingsoft Cloud fell by 9% [1] - GDS Holdings, Daqo New Energy, and NIO all dropped by over 7% [1] - Upstart, JinkoSolar, Xiaopeng Motors, Zhihu, and WeRide saw declines of over 6% [1] - Bilibili, Alibaba, Baidu, and JD.com each fell by over 5% [1]

Core Viewpoint - GDS Holdings (NASDAQ: GDS) is believed to have significant long-term growth opportunities that the market is currently underestimating, despite short-term sentiment being clouded [1]. Group 1: Company Analysis - The company is positioned for substantial growth, with a focus on both scale and visibility in its long-term prospects [1]. - The investment approach taken by the analyst includes fundamental, technical, and momentum investing, indicating a comprehensive strategy to evaluate GDS Holdings [1]. Group 2: Market Sentiment - Short-term market sentiment is currently negative, which may not reflect the company's true growth potential [1].