Financial Data and Key Metrics Changes - The company reported a revenue growth of 12.4% year on year and an adjusted EBITDA increase of 11.2% year on year for Q2 2025 [8][17] - The adjusted EBITDA margin for Q2 2025 was 47.3%, slightly down from 47.8% in Q2 2024 [18] - The net debt to LQA adjusted EBITDA ratio decreased from 6.6 times at the end of Q1 2025 to 6.1 times at the end of Q2 2025 [23][24] Business Line Data and Key Metrics Changes - Gross new bookings in Q2 2025 were 23,000 square meters, primarily from traditional internet and cloud businesses [10] - The gross moving during Q2 2025 was around 20,000 square meters, consistent with the previous five quarters, with a utilization rate reaching 77.5% [9] Market Data and Key Metrics Changes - The company achieved a significant milestone with the successful completion of its C REITs IPO, with units trading on the Shanghai Stock Exchange at an implied cap rate of below 5% [8] - The company noted that AI demand was relatively quiet due to uncertainties in chip supply in China, affecting customer decisions [11] Company Strategy and Development Direction - The company is focusing on asset monetization strategies, having completed the first data center ABS transaction and the first data center REITs IPO in China [14][20] - The company has around 900 megawatts of power land held for future development in Tier one markets, anticipating a wave of AI demand primarily for inference [12][13] - The company aims to maintain a flexible approach to asset monetization, targeting a net debt to EBITDA ratio of around five times while exploring new investment opportunities [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AI-driven demand over the medium to long term, despite current uncertainties [11] - The company expects to deliver 35% of its total current backlog in 2025, indicating solid operational performance [10] - Management acknowledged that the market price for services has been stable since mid-last year, which is satisfactory given the broader economic context [43] Other Important Information - The company raised net proceeds of $676 million through the issuance of convertible bonds and equity, strengthening its balance sheet [8] - DayOne, the company's equity investment, added 246 megawatts of new commitments in Q2 2025, bringing its total power committed to over 780 megawatts [15][27] Q&A Session Summary Question: Future strategy regarding asset monetization in China - Management indicated that asset monetization remains highly accretive for shareholders, with attractive new investment opportunities on the horizon [30][31] Question: Development targets for DayOne - Management targets adding at least 500 megawatts annually, with a commitment to the market of at least 300 megawatts [34][35] Question: Customer profile and workloads for new orders - The customer profile includes traditional internet companies and cloud service providers, with a mix of GPU and CPU workloads [41] Question: Impact of deconsolidation on guidance - Management maintained FY 2025 revenue and adjusted EBITDA guidance unchanged despite the deconsolidation of C REIT assets [26][62] Question: Growth expectations for the second half of the year - Management expects a reacceleration in revenue and EBITDA growth in Q2 and Q3 of next year, driven by significant capacity deliveries [70]

Financial Data and Key Metrics Changes - Revenue increased by 12.4% year on year, while adjusted EBITDA grew by 11.2% [7][17] - Adjusted EBITDA margin for Q2 2025 was 47.3%, down from 47.8% in Q2 2024 [18] - Net debt to LQA adjusted EBITDA decreased from 6.6 times at the end of Q1 2025 to 6.1 times at the end of Q2 2025 [24][25] Business Line Data and Key Metrics Changes - Gross new bookings in Q2 2025 were 23,000 square meters, primarily from traditional internet and cloud businesses [10] - DayOne added 246 megawatts of new commitments in Q2 2025, bringing total power committed by customers to over 780 megawatts [15][28] Market Data and Key Metrics Changes - The utilization rate reached 77.5% in Q2 2025 [8] - The implied cap rate for the C REITs IPO was below 5%, indicating favorable market conditions for asset monetization [8] Company Strategy and Development Direction - The company is focusing on asset monetization strategies, having successfully completed a C REITs IPO and a data center ABS transaction [8][14] - The company aims to develop 900 megawatts of power land for future development in Tier one markets, anticipating significant AI-driven demand [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AI-driven demand over the medium to long term, despite current uncertainties in chip supply [11] - The company is prepared for future growth opportunities and has established a strong capital recycling strategy [14][75] Other Important Information - The company raised net proceeds of $676 million through convertible bonds and equity offerings, strengthening its balance sheet [7] - CapEx guidance was adjusted down from RMB 4.3 billion to RMB 2.7 billion due to proceeds from the Sea REIT transaction [22][23] Q&A Session Summary Question: Future strategy in asset monetization in China - Management indicated that asset monetization remains highly accretive for shareholders and is essential for future growth opportunities [31][32] Question: Development targets for DayOne - The company targets adding at least 500 megawatts annually, with a commitment to the market of at least 300 megawatts [35][36] Question: Customer profile and workloads - The customer base includes traditional internet companies and cloud service providers, with a mix of CPU and GPU workloads [40][41] Question: Impact of deconsolidation on guidance - Management acknowledged that deconsolidation of the C REIT will materially impact EBITDA but chose not to adjust revenue and EBITDA guidance at this time [63][64] Question: Growth expectations for next year - The company expects a reacceleration in revenue and EBITDA growth in Q2 and Q3 next year, driven by significant capacity deliveries [68][70] Question: AI orders and chip supply - Management noted that chip supply issues are currently limiting stronger bookings, but they remain optimistic about future demand [72][75]

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].

Group 1 - Japan's July import and export data, along with June's core machinery orders, are scheduled for release [1] - China's August one-year and five-year loan market quoted rates will be announced [1] - The State Council Information Office will hold a press conference regarding the preparations for the military parade [1] Group 2 - New Zealand's central bank will announce its official cash rate and hold a monetary policy press conference [1] - The UK will release its July Consumer Price Index (CPI) [1] - The Eurozone's final July CPI will be published [1] Group 3 - Major companies including Baidu, iQIYI, and Kingsoft Cloud are set to release their earnings reports after the Hong Kong stock market closes [1] - U.S. companies such as Lowe's, Target, and Estée Lauder will report their earnings before the market opens [1] - The U.S. Energy Information Administration will release its weekly crude oil inventory report [1] Group 4 - The Federal Reserve will publish the minutes from the July FOMC monetary policy meeting [1] - The President of the Atlanta Federal Reserve will discuss economic outlook [1] - Google will hold a press conference to launch new Pixel brand hardware [1]

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]

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]

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 ...