Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 9, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are Alibaba Group with 3003.74 billion, Xiaomi Group with 1693.44 billion, and Pinduoduo with 1560.19 billion [3][4]. - Other notable companies in the top 10 include Meituan at 1104.71 billion, JD.com at 495.86 billion, and Baidu at 301.32 billion [4][5]. - The rankings reflect a diverse range of companies, including those in e-commerce, food delivery, and automotive sectors, indicating a broad technological landscape [5][6]. Group 2: Emerging Players - Companies like Li Auto and Kuaishou are also featured in the rankings, with market capitalizations of 291.48 billion and 286.48 billion respectively, showcasing the growth of electric vehicles and social media platforms [4][5]. - The presence of companies such as Xpeng Motors and NIO, with market caps of 186.55 billion and 89.68 billion respectively, highlights the increasing importance of the electric vehicle sector in the technology landscape [5][6]. Group 3: Overall Trends - The data indicates a strong performance of technology companies in China, with significant market capitalizations reflecting investor confidence and growth potential in the sector [1][3]. - The rankings are calculated based on the latest exchange rates, emphasizing the importance of currency fluctuations in assessing market value [6].

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。 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 Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司，並以 GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 董事會會議召開日期 本公司董事會將於2025年5月20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3月31日止第一季度的未經審計財務業績 ...

Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, listed on NASDAQ and HKEX [4] - The company operates facilities strategically located in primary economic hubs, catering to high demand for data center services [4] - GDS data centers feature large net floor area, high power capacity, and multiple redundancies across critical systems, ensuring efficiency and reliability [4] Services Offered - GDS provides co-location services and a suite of value-added services, including managed hybrid cloud services and managed network services [4] - The company is carrier and cloud-neutral, allowing customers access to major telecommunications networks and public clouds [4] - GDS has a 24-year track record of service delivery, serving large and demanding customers in the data center outsourcing market [4] Customer Base - The customer base primarily consists of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and multinational corporations [4] - GDS also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited, which operates in international markets [4] Upcoming Financial Reporting - GDS Holdings will report its first quarter 2025 unaudited financial results on May 20, 2025, after the close of the Hong Kong market and before the U.S. market opens [1] - An earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on the same day, with registration required for participants [2]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 2, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - Alibaba ranks first with a market capitalization of $287.81 billion [3]. - Xiaomi Group follows in second place with a market capitalization of $174.25 billion [3]. - Pinduoduo is in third place with a market capitalization of $150.44 billion [3]. - Meituan ranks fourth with a market capitalization of $103.72 billion [3]. - NetEase holds the fifth position with a market capitalization of $67.61 billion [3]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) ranks eighth with a market capitalization of $48.79 billion [4]. - JD.com is in ninth place with a market capitalization of $47.74 billion [4]. - Baidu ranks eleventh with a market capitalization of $30.22 billion [4]. - Kuaishou is in twelfth place with a market capitalization of $29.56 billion [4]. - Li Auto ranks thirteenth with a market capitalization of $26.28 billion [4]. Group 3: Companies with Lower Market Capitalization - Xpeng Motors ranks seventeenth with a market capitalization of $17.77 billion [5]. - NIO is in twenty-second place with a market capitalization of $8.90 billion [5]. - Bilibili ranks twenty-fourth with a market capitalization of $7.34 billion [5]. - Kingsoft has a market capitalization of $6.98 billion, ranking twenty-fifth [5]. - 37 Interactive Entertainment ranks forty-second with a market capitalization of $4.62 billion [6].

Financial Performance - Net revenue for Q4 2024 increased by 9.1% year-over-year to RMB2,690.7 million (US$368.6 million) from RMB2,465.3 million in Q4 2023[5] - Net loss from continuing operations in Q4 2024 was RMB173.4 million (US$23.8 million), significantly improved from a loss of RMB3,074.6 million in Q4 2023[19] - Adjusted EBITDA for Q4 2024 rose by 13.9% year-over-year to RMB1,297.7 million (US$177.8 million), with an adjusted EBITDA margin of 48.2%[20][22] - Full year 2024 net revenue was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023[9] - Full year 2024 adjusted EBITDA increased by 3.0% year-over-year to RMB4,876.4 million (US$668.1 million), with an adjusted EBITDA margin of 47.2%[30][31] - Net income for Q4 2024 was RMB4,111.6 million (US$563.3 million), compared to a net loss of RMB3,164.6 million in the same period last year[38] - Net income for 2024 was RMB3,303.8 million (US$452.6 million), a significant recovery from a net loss of RMB4,285.4 million in 2023[39] - Basic and diluted income per ordinary share in Q4 2024 was RMB2.81 (US$0.39), compared to a loss of RMB2.16 in Q4 2023[39] Operational Metrics - Total area committed and pre-committed increased by 1.8% year-over-year to 629,997 sqm as of December 31, 2024[9] - Area utilized increased by 11.8% year-over-year to 453,094 sqm as of December 31, 2024, with a utilization rate of 73.8%[9] - Total area committed and pre-committed at the end of Q4 2024 was 629,997 sqm, representing a year-on-year increase of 1.8%[48] - Area in service at the end of Q4 2024 was 613,583 sqm, an increase of 11.9% year-on-year[49] - The commitment rate for area in service was 91.9% at the end of Q4 2024, slightly down from 92.5% in Q4 2023[51] Cash and Debt Management - Cash as of December 31, 2024, was RMB7,867.7 million (US$1,077.9 million)[44] - Total short-term debt was RMB4,978.4 million (US$682.0 million) as of December 31, 2024[45] - The company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US$785.5 million) for continuing operations during 2024[46] - GDS Holdings reported total assets of RMB 74.45 billion as of December 31, 2023, a slight decrease from RMB 73.65 billion in 2024[79] - The company’s cash reserves increased to RMB 7.87 billion in 2024 from RMB 7.35 billion in 2023, reflecting a growth of approximately 7%[79] - Total current liabilities increased to RMB 9.08 billion in 2024 from RMB 8.31 billion in 2023, representing a rise of approximately 9%[79] - Long-term borrowings, excluding current portions, decreased to RMB 21.91 billion in 2024 from RMB 23.09 billion in 2023, a reduction of about 5%[79] - The total gross debt as of December 31, 2023, was RMB 5,169,734 thousand (approximately US$ 1,427,212 thousand)[89] Strategic Positioning and Market Outlook - GDS Holdings is strategically positioned in primary economic hubs in China, catering to high-performance data center service demands[74] - The company offers a suite of value-added services, including managed hybrid cloud services, enhancing its competitive edge in the market[74] - GDS Holdings anticipates continued growth in demand for high-performance data centers and related services in China and Southeast Asia[76] - The company expects total revenues for 2025 to be between RMB11,290 million and RMB11,590 million, indicating a year-on-year increase of approximately 9.4% to 12.3%[58] - Adjusted EBITDA for 2025 is projected to be between RMB5,190 million and RMB5,390 million, reflecting a year-on-year increase of approximately 6.4% to 10.5%[58] Research and Development - Research and development costs decreased to RMB6.9 million (US$0.9 million) in Q4 2024 from RMB12.8 million in the same period last year[17] - Research and development expenses for the year ended December 31, 2024, were RMB 36,319, reflecting a commitment to innovation[80]

DayOne Investment and Operations - As of December 31, 2024, the company holds a 35.6% equity stake in DayOne, which continues to significantly contribute to overall operational performance and shareholder value[6]. - DayOne's Series A financing was increased from $587 million to $672 million in May 2024, and the Series B financing was raised from $1 billion to $1.2 billion in December 2024[7]. - The company transitioned DayOne from a consolidated subsidiary to an equity investment as of December 31, 2024, following the dilution of its stake from 52.7%[7]. - DayOne is involved in developing and operating data centers in Southeast Asia and Northeast Asia, enhancing the company's value and operational performance[10]. - The company has ceased consolidating DayOne's operational results, which will now be reported as an equity investment[10]. - DayOne has raised a total of $1.672 billion in convertible preferred shares through A and B rounds of financing, with the company not participating in these rounds[65]. - DayOne has a total power capacity of 469 MW, with 132 MW operational and 369 MW under construction as of December 31, 2024[66]. Financial Performance and Revenue - Revenue contributions from the VIE and its subsidiaries accounted for 96.1% of total revenue in 2024, down from 97.0% in 2023[9]. - The company's consolidated financial statements for the fiscal year 2024 reflect DayOne's operations as discontinued business, with historical profits and cash flows adjusted for consistent comparison[8]. - The company’s financial performance for the fiscal year 2024 includes adjustments to reflect DayOne's operations as discontinued, ensuring clarity in financial reporting[8]. - The company's net revenue increased from RMB 9,268.1 million in 2022 to RMB 10,322.1 million in 2024, representing a growth of 5.5%[36]. - The adjusted EBITDA rose from RMB 4,333.7 million in 2022 to RMB 4,876.4 million in 2024, indicating a steady increase in operational efficiency[36]. - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[165]. - The company reported a significant increase in revenue, achieving a total of 60 million in 2024, reflecting a growth of 15% compared to the previous year[180]. VIE Structure and Regulatory Compliance - The company operates primarily through a VIE structure due to regulatory restrictions on foreign ownership in telecommunications-related businesses in China[9]. - The company relies on contractual arrangements to control its variable interest entities (VIEs) and their operations, which are consolidated in the financial statements[14]. - There is uncertainty regarding the effectiveness of the contractual arrangements in providing control over the VIEs compared to direct ownership[15]. - The company is currently operating in a sector classified as value-added telecommunications, which restricts foreign investment, raising compliance risks[17]. - Future legislative changes may require the company to take further actions regarding its contractual arrangements, potentially impacting its operations[17]. - The company may face significant penalties if its corporate structure and contractual arrangements are found to violate current or future Chinese laws[17]. - The financial performance of the VIEs and their subsidiaries may not be consolidated if the contractual arrangements are deemed non-compliant, adversely affecting the company's financial condition[17]. Data Center Operations and Capacity - The total net floor area in operation as of December 31, 2024, is 613,583 square meters, with 91.9% contracted by customers[30]. - The total net floor area under construction is 102,691 square meters, with 64.1% pre-contracted by customers[30]. - The company operates 91 self-developed data centers with a total net floor area of 608,970 square meters as of December 31, 2024[35]. - The total capacity of the company's data centers, including operational and under construction, is 716,274 square meters, with an estimated potential development area of approximately 388,922 square meters[35]. - The average power density of operational and under-construction data centers is approximately 2.2 kW/square meter, with under-construction facilities averaging 2.35 kW/square meter[55]. - The average PUE for newly operational data centers since 2020 is approximately 1.24, indicating high energy efficiency[55]. - The company operates data centers strategically located in major economic centers, focusing on high-performance services[30]. Customer Base and Retention - The company serves 926 clients, including major cloud service providers and large internet companies, with contracts typically ranging from 1 to 10 years[34]. - The average customer churn rate for 2023 and 2024 is approximately 1.4% and 1.2%, respectively[44]. - The company has a contracted area utilization rate of 91.9% as of December 31, 2024, down from 95.5% in 2022[35]. - Customer satisfaction survey conducted by NielsenIQ in December 2024 showed an average satisfaction score of 9.68 out of 10, with the net promoter score increasing from 85% in 2023 to 91% in 2024[87]. - The company reported a net profit margin of 20%, up from 18% in the previous year, reflecting improved operational efficiency[165]. - Customer retention rate improved to 85%, up from 80% last year, indicating stronger customer loyalty[165]. Regulatory Environment and Compliance - The complex regulatory environment in mainland China may lead to significant adverse changes in the company's operations and the value of its American Depositary Shares[19]. - Any changes in policies or regulatory measures could impose compliance costs on the company[19]. - The company is subject to the new cybersecurity review regulations, requiring operators with over 1 million user personal information to undergo security assessments before going public abroad[150]. - The implementation of the Data Export Security Assessment Measures mandates data processors to report to national authorities when providing important data abroad, affecting operational strategies[151]. - The evolving legal framework necessitates ongoing adjustments to the company's operational and compliance strategies to mitigate risks associated with data security[152]. - The company must navigate the evolving regulatory landscape, which includes potential uncertainties regarding the applicability of new laws and regulations to its operations[151]. Strategic Initiatives and Future Outlook - The company’s strategic focus includes market expansion and potential new product development through its equity investments[10]. - Market expansion plans include entering three new international markets by the end of the year, projected to increase user base by 30%[165]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[165]. - The company plans to enhance its marketing strategy, allocating an additional $10 million to digital marketing efforts[165]. - The company is committed to compliance with new regulatory frameworks, ensuring all operations align with the latest guidelines[180]. Environmental and Sustainability Efforts - Approximately 40% of the company's operational electricity consumption in 2024 comes from renewable energy sources[99]. - Carbon emissions have been reduced by over 1 million tons in 2024 due to various decarbonization measures[99]. - The average Power Usage Effectiveness (PUE) of self-developed data centers with an IT load rate of 30% or above is approximately 1.24[99]. - The new regulations emphasize the importance of energy consumption reduction and carbon neutrality in the development of data centers across various regions[136]. Employee and Management Structure - As of December 31, 2024, the company has 2,276 employees, with 75.5% in colocation services[102]. - Female representation among mid-level management is 27.75%, and among senior management, it is 31.58%[100]. - The employee turnover rate for the year is 13.2%[100]. - The company has a competitive compensation and benefits structure, with no significant labor disputes reported[103]. Legal Matters - The company is currently involved in a class action lawsuit in the U.S. District Court for the Central District of California, which alleges violations of the Securities Exchange Act of 1934, with a revised complaint submitted on December 18, 2023[105]. - A motion to dismiss the revised complaint was filed on February 5, 2024, with the plaintiffs opposing this motion on March 4, 2024[105]. - A preliminary approval of a settlement agreement was granted on October 9, 2024, with a final approval hearing scheduled for February 10, 2025[105].

Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, listed on NASDAQ and HKEX [3] - The company’s facilities are strategically located in primary economic hubs, catering to high demand for data center services [3] - GDS offers co-location and value-added services, including managed hybrid cloud services and managed network services [3] - The company has a 24-year track record of service delivery, serving large and demanding customers in China [3] - GDS holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited, which operates data centers in international markets [3] Recent Developments - GDS Holdings filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on April 28, 2025 [1] - The annual report is accessible on the company's investor relations website and the SEC's website [2] - Hardcopies of the annual report will be provided free of charge to shareholders and ADS holders upon request [2]

Financial Performance - Revenues from consolidated VIEs and their subsidiaries accounted for 96.7%, 97.0%, and 96.1% of total revenues for the years 2022, 2023, and 2024, respectively[34]. - Net revenue increased from RMB9,268.1 million in 2022 to RMB9,782.4 million in 2023, representing a growth of 5.5%[67]. - Net revenue from colocation services accounted for 88.8% of total net revenue in 2024, up from 85.5% in 2022[67]. - The company incurred net losses of RMB1,266.1 million and RMB4,285.4 million in 2022 and 2023, respectively, but recorded net income of RMB3,303.8 million (US$452.6 million) in 2024 primarily due to a gain on deconsolidation of DayOne[112]. - The company anticipates requiring additional capital to meet future needs, with shareholders authorizing the board to issue up to 30% of existing share capital within 12 months from the AGM held on June 27, 2024[82]. Investments and Capital Structure - GDS Holdings Limited made capital contributions or provided intercompany loans to non-VIE subsidiaries of RMB6,312.5 million, RMB1,285.3 million, and RMB1,448.4 million (US$198.4 million) for the years ended December 31, 2022, 2023, and 2024, respectively[46]. - The company holds a 35.6% equity stake in DayOne, which develops and operates data centers in Southeast Asia and Northeast Asia[35]. - The company is developing hyperscale data centers in designated computing hubs to align with the "East Data and West Computation" policy[108]. - The company has entered into definitive agreements to monetize a 70% equity interest in several data centers through an Asset-Backed Securities (ABS) transaction, which has been successfully issued and listed on the Shanghai Stock Exchange[224]. Regulatory and Compliance Risks - The company faces risks related to regulatory changes in China that could adversely affect its operations and growth strategies[59]. - The company is subject to heightened risks of immediate or accelerated repayment under certain data center financing arrangements, potentially impacting cash flow and financial condition[79]. - The evolving regulatory environment in China poses uncertainties for foreign investment in VATS, which includes internet data center services[184]. - The company may face penalties ranging from RMB1,000 to RMB10,000 for unregistered lease agreements for data center buildings[182]. - Non-compliance with data security and privacy laws could result in fines and sanctions, adversely impacting business operations and financial condition[229]. Operational Challenges - The data center business is capital-intensive, and the company expects its capacity to generate capital in the short term will be insufficient to meet anticipated capital requirements[56]. - The company has experienced challenges in managing growth, including obtaining suitable sites for new data centers and maintaining operational efficiency[68]. - The long selling cycle for services requires significant capital and resources, which may affect the company's financial condition if sales efforts are unsuccessful[71]. - Delays in the delivery of new data centers or expansion projects could significantly impact the company's operations and results[120]. Market and Competitive Landscape - Competition from domestic and international data center operators is increasing, potentially impacting revenue and margins[63]. - The company faces significant pricing pressure in the data center industry, which has experienced a sustained downward trend in service pricing due to increased competition and new capacity coming online[150]. - The company competes with state-owned telecommunications carriers and other global telecommunications carriers, facing challenges from competitors with greater resources and brand recognition[157]. Customer Dependency and Revenue Risks - In 2022, two customers generated 25.3% and 20.0% of total net revenue, while in 2023, two customers accounted for 28.3% and 17.1%, and in 2024, 29.0% and 14.4% respectively, indicating a high dependency on a limited number of customers[133]. - Customer agreements allow for early termination, which could lead to significant revenue loss, as penalties for early termination may not cover expected revenues[140]. - The company’s customer base may decline if customers choose to bring data center operations in-house, which could negatively impact demand for services[139]. Technology and Innovation Risks - The company may not be able to keep up with rapidly changing technology, which could lead to obsolescence of its data center infrastructure[202]. - New technologies could provide lower-cost alternatives to the company's services, potentially harming its market position and financial results[204]. Power Supply and Environmental Concerns - The company is a large consumer of power and is subject to risks associated with obtaining sufficient electricity supply, which is critical for business growth[94]. - Local governments in China have implemented "Dual-Control" targets to limit electricity consumption, which may restrict the company's ability to access increased power supply necessary for expansion[95]. - The NDRC's recent reforms have resulted in higher provincial power grid transmission and distribution prices, affecting operational costs[104]. Intellectual Property and Legal Risks - The company faces significant risks related to third-party claims of intellectual property infringement, which could result in substantial legal costs and impact its operations[207]. - The company may incur substantial costs related to litigation for enforcing its intellectual property rights, which could disrupt its business operations[209].

Core Viewpoint - The integration of AI technology with sustainable development is driving industrial upgrades and green transformation, enhancing energy efficiency and operational effectiveness across various sectors [1][3]. Group 1: AI in ESG Reporting and Management - Companies are leveraging AI technology to innovate ESG management practices, making it a highlight in their 2024 ESG disclosures [1]. - Guodian Power has released its first ESG report compiled using AI, which enhances the quality and efficiency of ESG reporting by improving research and topic identification processes [1]. - DNV's director noted that AI can reduce disclosure costs and reliance on professional ESG analysts, minimizing repetitive human input [1]. Group 2: AI Empowering Corporate Governance - Keda Intelligent has upgraded its ESG practice system by creating an "ESG+AI" innovation platform, optimizing energy management and providing smart industrial solutions [2]. - China Ping An has established a unified ESG evaluation standard and an AI-ESG platform to enhance ESG management and risk control [2]. - Kain Co. has integrated AI into its manufacturing processes, creating a responsible production system that promotes green and smart factories [2]. Group 3: AI Driving Efficiency and Sustainability - A Deloitte report indicates that 78% of surveyed companies plan to increase AI investments by 2025, focusing on generative AI for supply chain management and compliance [3]. - Kingdee International collaborates with HeSteel Digital to enhance steel waste quality verification and carbon asset management using AI, achieving over 90% accuracy in identifying medium and heavy steel waste types [3]. - WanGuo Data is utilizing AI to improve energy efficiency in data center operations, addressing high energy consumption challenges [3]. Group 4: AI Applications Across Industries - In logistics, SF Technology is using its self-developed AI model to enhance green logistics supply chains, achieving cost reduction and energy savings [4]. - In finance, Bank of China Hong Kong is enhancing its fraud detection capabilities through AI, improving transaction monitoring [4]. - In insurance, China Ping An's AI platform has served over 6,000 personnel in risk control, achieving over 92% accuracy in financial risk warnings [4][5]. Group 5: AI Ethics and Data Security - Industry experts emphasize the need for data compliance and security in AI applications for ESG governance, highlighting the challenges of data legality and privacy [5]. - Kingdee International has established an algorithm safety studio to manage AI risks and ensure responsible technology innovation through ethical review mechanisms [6]. - China Ping An has committed to ethical governance in AI development and application, forming committees to ensure information security and privacy protection [6].

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...