每经AI快讯，万国数据-SW(09698.HK)涨超4%，截至发稿，涨4.65%，报22.52港元，成交额2196.74万 港元。 ...

消息面上，近日，万国数据-SW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%。万国数据主席兼首席执行官黄伟先生表示："于2025年第三季度，公司持续交付积压订单，并实 现高迁入率。公司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，未来将人工智能视为业 务长期增长的重要催化剂。" 美银证券指出，万国数据-SW管理层在业绩会议上透露表示，受超大规模订单交付所带动，第三季客户 入驻加快，内生增长总面积达2.3万平方米，预期第四季将保持相若水平。公司目前预期2026财年每平 方米服务收入将按年下降3%至4%，主要受到合约续签定价下调以及新订单稀释效应的影响，但该行指 出，计及数据中心建设成本下降，预期新项目的内部回报率仍保持韧性，并看好AI需求将推动2026年 订单强劲增长。 智通财经APP获悉，万国数据-SW(09698)涨近4%，截至发稿，涨4.65%，报22.52港元，成交额2196.74 万港元。 ...

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Market Cap**: Rmb40,784 million - **Current Stock Price**: US$29.02 (as of November 18, 2025) - **Price Target**: US$54.00, indicating an upside of 86% from the current price [8][66] Financial Performance - **3Q25 Results**: - Revenue: Rmb2.9 billion, up 10.2% YoY, in line with estimates [3] - Adjusted EBITDA: Rmb1.3 billion, up 11.4% YoY, 1% above forecast [3] - New Orders: ~30MW across four sites in 3Q25, with YTD new orders reaching 230MW [3] - **Outlook for 2026**: - Expected new orders close to 280MW for the full year, implying 50MW in 4Q25 [4] - Anticipated large-scale procurement of 100MW+ per tender for AI demand [4] - Management is optimistic about the China business and is actively sourcing new land [4] Investment Cycle and Returns - **C-REITs Impact**: - GDS sees a clear path for a five- to six-year data center investment cycle with mid-teens unleveraged IRR and close to 20% leveraged IRR [5] - Plans for a Rmb4-6 billion enterprise value asset package for the first follow-on offering [5] Key Metrics and Projections - **2026 Estimates**: - Revenue: Rmb12,532 million - EBITDA: Rmb5,469 million - EPS: Expected to improve from (2.95) Rmb in 2025 to (1.86) Rmb in 2026 [8] - **Market Share Recovery**: - 2026E MSR could see a 3-4% YoY decline due to contract renewals and dilution from new projects [4] Risks and Considerations - **Upside Risks**: - Progress in asset monetization via REITs at accretive valuations [12] - Volume recovery in China leading to pricing rebound [12] - **Downside Risks**: - Potential reduction in capex from hyperscalers, particularly in AI investments [12] - Increased competition and pricing compression [12] Conclusion - GDS Holdings Ltd is positioned for growth with a strong outlook for 2026, driven by domestic chip supply improvements and significant new orders anticipated. The company is leveraging C-REITs for enhanced returns and is optimistic about its business prospects in China. However, investors should remain cautious of potential risks related to market competition and changes in hyperscaler investment strategies.

Core Viewpoint - Bank of America Securities reports that GDS Holdings' management indicated accelerated customer onboarding in Q3, driven by large-scale order deliveries, with an expected internal growth area of 23,000 square meters, maintaining similar levels in Q4 [1] Group 1: Financial Performance - GDS anticipates a year-on-year decline of 3% to 4% in service revenue per square meter for FY2026, primarily due to contract renewal pricing reductions and dilution effects from new orders [1] - The firm has raised its earnings per share forecast for GDS from HKD 4.13 to HKD 10.82 for 2025, factoring in proceeds from the issuance of C-REIT [1] - Adjusted EBITDA forecasts for 2026 and 2027 have been lowered by 2% to 4% due to expected service revenue declines [1] Group 2: Market Outlook - Despite the anticipated decline in service revenue, the firm expects the internal rate of return for new projects to remain resilient, supported by decreasing data center construction costs [1] - Strong demand for AI is projected to drive robust order growth in 2026 [1] Group 3: Price Target Adjustments - The target price for GDS's H-shares has been reduced from HKD 52.8 to HKD 49.1, while the target price for its US shares has been adjusted from USD 53.8 to USD 50 [1] - The firm maintains a "Buy" rating on GDS [1]

Core Insights - Nvidia's strong earnings report failed to sustain market confidence, leading to a collective decline in major U.S. stock indices [1] Market Performance - The Dow Jones index fell by 0.84% - The S&P 500 index decreased by 1.56% - The Nasdaq Composite index dropped by 2.15% [1] Technology Sector - Major tech stocks experienced significant declines: - AMD fell over 7% - Oracle decreased by over 6% - Netflix and Nvidia both dropped over 3% - Tesla and Amazon fell over 2% - Microsoft declined by over 1% - Broadcom fell by 2.14% - Qualcomm decreased by 3.90% - Adobe dropped by 1.79% - Salesforce fell by 1.10% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index declined by 3.26% - Notable declines among popular Chinese stocks: - Canadian Solar fell by 18.3% - Daqo New Energy dropped by 9.2% - NIO decreased by 6% - JinkoSolar fell by 5.7% - Other companies like Pony.ai, Xpeng, Xiaomi, Pinduoduo, and Baidu dropped over 4% - However, some stocks saw gains: - NetEase rose by 0.6% - Beike increased by 1.3% - GDS Holdings gained 1.8% - Yatsen Holding rose by 3.3% [1]

Core Insights - The company, GDS Holdings Limited, reported a net revenue of 2.8871 billion yuan for Q3 2025, representing a year-on-year growth of 10.2% [1] - The net profit for the same period was 729 million yuan, with an adjusted EBITDA of 1.3422 billion yuan, reflecting an 11.4% increase year-on-year [1] - The adjusted EBITDA margin stood at 46.5%, indicating strong operational efficiency [1] Financial Performance - For Q3 2025, the company achieved a net income of 2.8871 billion yuan, a 10.2% increase compared to the previous year [1] - The net profit was recorded at 729 million yuan, showcasing robust profitability [1] - Adjusted EBITDA reached 1.3422 billion yuan, with a year-on-year growth of 11.4% [1] - The adjusted EBITDA margin was reported at 46.5%, highlighting effective cost management [1] Operational Highlights - The company added 23,300 square meters of data center space in Q3 2025, marking a 10.9% increase year-on-year, bringing the total usage area to 486,600 square meters [1] - The data center utilization rate remained stable at 74.4% for the quarter [1] - The company is on track to achieve its highest annual increase in usage area to date, driven by strong demand [1] Market Outlook - The company is optimistic about the growing demand for artificial intelligence infrastructure, viewing it as a long-term growth catalyst [1] - In Q3 2025, the company signed an additional 11,000 square meters of data center space, a 4.8% increase year-on-year, with total contracted area reaching 656,700 square meters [2] - The company anticipates a total of 300 MW in new data center contracts for the year, with a significant portion related to AI, indicating a notable shift compared to previous years [2]

Core Viewpoint - The stock of GDS Holdings Limited (9698.HK) experienced a significant intraday increase of nearly 6% after a period of decline, with the current share price at HKD 29.64 and a total market capitalization of HKD 47.05 billion [1] Financial Performance - For the third quarter of 2025, the company reported a year-on-year revenue growth of 10.2%, reaching RMB 2.887 billion [1] - The net profit for the same period was RMB 729 million, marking a return to profitability compared to previous losses [1] - Adjusted EBITDA for the quarter was RMB 1.342 billion, reflecting a year-on-year increase of 11.4% [1] Guidance and Projections - The company maintained its total revenue guidance for 2025, projecting between RMB 11.29 billion and RMB 11.59 billion [1] - Adjusted EBITDA is expected to be in the range of RMB 5.19 billion to RMB 5.39 billion for the year [1] - Capital expenditure guidance is set at RMB 2.7 billion [1]

Summary of GDS Holdings (GDS) Conference Call Company Overview - **Company**: GDS Holdings (GDS/9698.HK) - **Industry**: Data Center Services in China Key Financial Results - **3Q25 Net Revenue**: RMB 2.887 billion, reflecting a 10% year-over-year growth, in line with estimates [5][7] - **3Q25 Adjusted EBITDA**: RMB 1.342 billion, up 11% year-over-year, slightly above estimates [5][7] - **Capacity Utilization**: Increased by 11% year-over-year [1] - **Monthly Service Revenue (MSR)**: Decreased by 2% year-over-year and 3% quarter-over-quarter [1] Order Wins - **New Orders**: GDS China secured 30MW of hyperscale new orders in 3Q25, down from 40MW in 2Q25 and 152MW in 1Q25 [1] DayOne Performance - **DayOne Revenue**: Surged by 177% year-over-year to US$118 million [2][7] - **DayOne Adjusted EBITDA**: Increased by 358% year-over-year to US$42 million [2][7] - **Total Committed Capacity**: Reached 837MW, up 54MW quarter-over-quarter [2] Investment Outlook - **Rating**: GDS is rated as "Buy" with a 12-month target price of US$44 or HK$43, indicating an upside potential of approximately 51.6% [2][11] - **Growth Drivers**: The company is well-positioned to benefit from the growth in Generative AI and cloud services, particularly in AI inferencing and international expansion [8] Risks and Considerations - **Key Risks**: Potential risks include lower-than-expected demand for move-ins, slower revenue ramp-up in overseas markets, and customer churn [9] - **Valuation Methodology**: The target prices are based on a sum-of-the-parts (SOTP) valuation with a 10% holdco discount [9] Additional Insights - **Market Position**: GDS is recognized as a leader in China's carrier-neutral data center market with a wholesale-centric business model [8] - **Future Expectations**: Focus on backlog delivery is expected to enhance revenue growth visibility and improve EBITDA and free cash flow [8] This summary encapsulates the essential financial metrics, performance highlights, investment outlook, and associated risks for GDS Holdings as discussed in the conference call.

Summary of Key Points from the Conference Call Company Overview - The conference call primarily discusses **Kingsoft Cloud** and its strategic initiatives in the **data center industry** in China, particularly in relation to artificial intelligence (AI) infrastructure. Core Insights and Arguments - **Order Growth**: Kingsoft Cloud expects to add nearly **300 MW** of new orders for the year, with **240 MW** already secured in the first nine months, driven by significant investments in AI infrastructure by the domestic tech industry [2][4] - **AI Demand**: Approximately **65%** of new orders in 2025 are related to AI, primarily in first-tier markets, indicating a strong shift towards AI-related services [3][13] - **Power and Land Resources**: The company has secured about **900 MW** of power and land near first-tier cities to meet AI demands, but acknowledges the need for additional resources [2][6] - **REITs IPO**: Kingsoft Cloud plans to monetize assets through a **data center REITs IPO**, aiming to lower financing costs and unlock shareholder value, with a target enterprise value between **40-60 billion RMB** [2][7] - **Investment Returns**: New investments in the data center sector are projected to yield cash returns of **11% to 12%**, supported by stable sales prices and reduced unit development costs [2][9] Financial Performance - In Q3 2025, Kingsoft Cloud reported a **10.2%** year-over-year revenue growth and an **11.4%** increase in adjusted EBITDA, with a total of **75,000 square meters** of new orders secured [4][5] Market Dynamics - The Chinese data center investment landscape is described as stable, with strong demand and a significant shift towards large-scale investments by major clients, indicating a recovery from previous downturns [5][9] - Kingsoft Cloud is optimistic about deploying **gigawatt-scale** data center projects in China, similar to trends seen in the U.S. three years prior [12] Competitive Landscape - The company emphasizes its competitive advantages, including strong financial health, land and power resources, and superior financing capabilities, which are critical for success in the data center market [15] Additional Considerations - Kingsoft Cloud is preparing for carbon emission guidelines and has positioned itself to leverage government support for data center construction, particularly in remote areas with ample power capacity [14] - The company is optimistic about future growth opportunities, particularly in the Asia-Pacific and European markets, where demand remains strong [12] Conclusion - Kingsoft Cloud is strategically positioned to capitalize on the growing demand for AI infrastructure, with a robust plan for resource acquisition and financial management, aiming to enhance shareholder value through innovative financing and operational strategies [2][6][7]

Core Insights - GDS Holdings Limited reported a strong financial performance for Q3 2025, with an EPS of $0.44, significantly exceeding the estimated EPS of -$0.06, and showing improvement from a loss of $0.16 per share in the previous year [1][6] Financial Performance - The company's revenue for the quarter was approximately $405.4 million, slightly below the estimated $415.2 million, but still representing a 10.2% year-over-year increase [2] - GDS Holdings achieved a net income of $102.4 million, a significant turnaround from a net loss of RMB231.1 million in the same period last year, with a net income margin of 25.2% compared to a net loss margin of 8.8% in Q3 2024 [3][6] - Adjusted EBITDA increased by 11.4% year-over-year to $188.5 million, indicating strong cash flow generation and operational efficiency [4] Valuation Metrics - The company has a price-to-earnings (P/E) ratio of approximately 8.37 and a price-to-sales ratio of about 3.48, reflecting the value investors place on its earnings and sales [4] - GDS Holdings' financial leverage is indicated by a debt-to-equity ratio of approximately 1.88, while a current ratio of about 2.00 suggests a strong ability to cover short-term liabilities [5] - The enterprise value to sales ratio is around 6.56, and the enterprise value to operating cash flow ratio is approximately 23, further demonstrating its valuation and cash flow coverage [5]