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 ...

Core Viewpoint - Bank of America Securities reports that the migration speed of clients for GDS Holdings in Q2 remains similar to Q1, driven by the delivery of a previously signed 152 MW large-scale order, with an expected acceleration in migration speed from Q3 to Q4 [1] Group 1: Business Performance - The international business segment, DayOne, shows strong order growth, with an additional committed capacity of 246 MW in Q2, including new orders from Thailand and Finland [1] - DayOne has secured its second site in Finland for Q3, indicating ongoing expansion [1] - Management believes DayOne has achieved its initial three-year commitment of 1 GW in installed capacity ahead of schedule, with annual additions expected to reach 300 to 500 MW in the coming years [1] Group 2: Financial Adjustments - Bank of America Securities has adjusted the company's adjusted EBITDA forecast down by 2% for 2026 to 2027 [1] - The target price for the company's US stock has been raised from $47.6 to $50.6, while the target price for its Hong Kong stock has increased from HKD 46.7 to HKD 49.7 [1] - The firm reiterates a "Buy" rating for the company [1]

Core Viewpoint - The management of the company expects a significant acceleration in customer onboarding in the second half of 2025, driven by a previously signed 152MW large-scale order, despite uncertainties in chip supply [1][3]. Group 1: Customer Onboarding and Revenue Growth - The company anticipates that customer onboarding will noticeably increase in Q3 and Q4 of 2025, primarily due to the delivery of the 152MW large-scale customer order [3]. - The company currently has 185,000 square meters of backlog projects, with plans to deliver 35% in the second half of 2025 and another 35% in 2026, indicating a stable revenue growth foundation [3]. - In Q2 of this year, the company added 22,700 square meters of committed area, mainly from traditional internet and cloud service businesses, with a current utilization rate of 77.5% in the Chinese market, reflecting robust demand [3]. Group 2: AI Demand as a Growth Driver - Despite uncertainties in chip supply affecting new orders in the AI sector, the management remains optimistic about the future demand for AI, particularly in inference, which is expected to be a key driver for data center demand [6]. - The company holds a favorable position in this trend, with multiple sites around Beijing and Shanghai ready for quick deployment to meet AI inference demand [6]. - Long-term, the company has 900MW of future development capacity in first-tier cities and surrounding areas, providing ample infrastructure support for the anticipated growth in AI inference demand [6]. Group 3: Overseas Business Performance - The company's overseas business platform, DayOne, performed strongly in Q2, adding 246MW of committed orders, including new orders from Thailand and Finland, bringing total IT power commitments to 783MW [7][10]. - DayOne is expected to achieve its original goal of 1GW total power commitments ahead of schedule, with projections of adding 300-500MW of commitments annually in the coming years [10]. - The company is currently undergoing C-round equity financing and plans to achieve an IPO within 18 months, reflecting confidence in the future prospects of its overseas business [10].

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.

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。 ...

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for significant discrepancies between stock prices and intrinsic values, particularly in the Asian market [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses with strong earnings potential [1] - The author provides a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities in the Hong Kong market [1]

Summary of GDS Holdings Conference Call Company Overview - **Company**: GDS Holdings Limited - **Industry**: Data Center and Cloud Services Key Financial Performance - **Q2 2025 Revenue**: Increased by 12.4% year-over-year, with adjusted EBITDA growth of 11.2% [3] - **Total Usage Area**: Grew by 14.1%, while the monthly service revenue (MSR) per square meter decreased by 1.7% [3] - **Adjusted EBITDA Margin**: 47.3%, slightly down from 47.8% in the same period of 2020 [3] - **Impact of Asset Divestiture**: Future revenue and EBITDA growth data will not be directly comparable due to asset divestiture, with an expected reduction of approximately 6 percentage points in year-over-year growth rates if not adjusted for asset sales [2][3] Capital Market Activities - **Capital Raised**: GDS raised a net amount of $676 million through convertible bonds and stock issuance to strengthen its balance sheet [2][5] - **Convertible Bonds**: Issued a 7-year convertible bond raising $535 million at a coupon rate of 2.25% with a conversion premium of 35% [5] - **Asset-backed Securities (ABS)**: Completed China's first data center ABS transaction, demonstrating the ability to recover capital from data center assets [6] Strategic Developments - **AI Infrastructure Preparation**: Despite short-term uncertainties in chip supply, GDS is confident in long-term AI demand and has begun site preparations for AI infrastructure [2][7] - **Future Capacity Plans**: Plans to develop approximately 900 MW of power land, particularly around Beijing, Shanghai, and Shenzhen, to meet upcoming AI demands [4][9] - **Day One Capacity**: Added 246 MW of customer commitment capacity, bringing total commitments to over 780 MW, with a goal of reaching 1 GW in three years [8] Market and Customer Insights - **Customer Base**: Currently, about 30% of committed power comes from international clients, with a long-term goal of achieving a 50:50 distribution between international and Chinese clients [14] - **AI Demand**: AI demand is expected to be concentrated in inference applications, which are sensitive to delays and require large-scale infrastructure [7][11] Future Outlook - **IPO Plans**: GDS plans to conduct an IPO within the next 18 months, with potential for additional funding rounds driven by business performance [12] - **Debt Management**: Aiming to maintain a net debt to EBITDA ratio around 5 times, with flexibility to adjust based on new investment opportunities [10] Additional Considerations - **Market Stability**: The market has remained stable since mid-last year, with expectations of continued low single-digit percentage declines in MSR due to contract price resets [11][12] - **Geographic Expansion**: GDS is expanding in Europe, particularly in Finland, where it has secured significant commitments from major clients [13] Conclusion GDS Holdings is positioned for growth with a strong focus on AI infrastructure, strategic capital management, and geographic expansion, while navigating challenges in the current market environment.

8月20日，万国数据(GDS)盘中上涨2.22%，截至21:44，报32.29美元/股，成交1111.6万美元，总市值 66.64亿美元。 财务数据显示，截至2025年03月31日，万国数据收入总额27.23亿人民币，同比增长11.96%；归母净利 润7.63亿人民币，同比增长320.64%。 大事提醒： 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 ...