Financial Highlights - Total revenue for FY24 grew by 5.5% year-over-year to RMB 10,322.1 million ($1,414.1 million)[6] - Adjusted EBITDA for FY24 increased by 3.0% year-over-year to RMB 4,876.4 million ($668.1 million)[6] - Total revenue for 4Q24 increased by 9.1% year-over-year to RMB 2,690.7 million ($368.6 million)[9] - Adjusted EBITDA for 4Q24 increased by 13.9% year-over-year to RMB 1,297.7 million ($177.8 million)[9] - Pro Forma Consolidated FY24 Net Revenue was RMB 11,545.5 million, a 16.0% year-over-year increase[40] - Pro Forma Consolidated FY24 Adjusted EBITDA was RMB 5,192.9 million, a 12.3% year-over-year increase[40] Customer Commitments & Utilization - Net new customer commitments for FY24 were +11,055 sqm[6] - Total area committed increased by 1.8% year-over-year to 629,997 sqm[6,9] - Net additional area utilized for FY24 was +47,792 sqm[6] - Total area utilized was 453,094 sqm, an 11.8% year-over-year increase, with a utilization rate of 73.8%[6,9] - Net new customer commitments for 4Q24 were +3,214 sqm[9] Capacity Expansion & Backlog - Additional capacity in service for FY24 was 78,419 sqm[31] - Total area in service at YE24 was 613,583 sqm[32] - Total area under construction at YE24 was 102,691 sqm[32] - Total area held for future development at YE24 was 388,922 sqm[32] - Backlog at YE24 was 176,904 sqm[18] FY25 Guidance - FY25 revenue guidance is RMB 11,290 - 11,590 million, implying a year-over-year growth of +9.4% – +12.3%[81] - FY25 Adjusted EBITDA guidance is RMB 5,190 - 5,390 million, implying a year-over-year growth of +6.4% – +10.5%[81] - FY25 Capex is expected to be approximately RMB 4,300 million, a +42.9% increase[81]

Financial Data and Key Metrics Changes - In Q4 2024, revenue increased by 9.1% year-on-year, and adjusted EBITDA increased by 13.9% year-on-year [23] - For the full year 2024, revenue increased by 5.5%, and adjusted EBITDA increased by 3% year-on-year [24] - Adjusted EBITDA margin for 2024 was 47.2%, compared to 48.4% in 2023 [24] - Cash flow before financing for 2024 was positive RMB 379 million [26] - At year-end 2024, cash balance was RMB 7.9 billion, and net debt to last quarter annualized adjusted EBITDA multiple was 6.8 times [27] Business Line Data and Key Metrics Changes - GDS's gross move-in during 2024 was 79,000 square meters, all organic and in Tier one markets, the highest in the company's history [13] - The company started 2025 with a backlog of 110,000 square meters of area in service, expecting to deliver over half of this during the current year [14] - The utilization rate at the end of 2024 was 74%, with expectations to increase to the high 70s percent by the end of 2025 [14] Market Data and Key Metrics Changes - Demand for AI inferencing in Tier one markets is expected to grow significantly, with potential multiples of gigawatts over the next few years [9] - The company is well-positioned in Tier one markets, with existing campuses suitable for AI inferencing [17] Company Strategy and Development Direction - The company remains committed to its strategy of focusing on Tier one markets, delivering backlog, and being selective about new business [12] - GDS executed its first asset monetization transaction, allowing it to address immediate opportunities while maintaining financial discipline [11] - The company plans to list Day One within eighteen months, indicating confidence in its growth and potential [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for AI, particularly in Tier one markets, while remaining cautious about chip supply uncertainties [43][46] - The company anticipates a shift in demand from AI training to AI inferencing, which is expected to benefit GDS's resource positioning [61] Other Important Information - GDS's equity interest in Day One was diluted from 52.7% to 35.6% after Day One's Series B equity raise, leading to its deconsolidation as a subsidiary [21] - The company expects total revenues for 2025 to be between RMB 11.29 billion and RMB 11.59 billion, implying a year-on-year increase of approximately 9.4% to 12.3% [31] Q&A Session Summary Question: Update on the plan to spin off Day One and its IPO schedule - Management confirmed plans to list Day One within eighteen months, expressing confidence in its growth [36] Question: Status of Day One's growth progress - Management indicated significant progress but could not disclose specific details at this time [39] Question: CapEx based on existing orders and new order wins throughout 2025 - Management confirmed that current CapEx includes the new 152 megawatt order and emphasized a cautious approach to new orders due to chip supply uncertainties [42][43] Question: Customer types and workloads, and current book-to-bill rate - Management noted that demand is mainly driven by AI inferencing, with improved lead times for contracts, now around twelve months [55] Question: Supply and demand dynamics in Tier one markets - Management indicated that the supply-demand balance is starting to shift, with expectations of rebalancing in six to twelve months [62] Question: Use of ABS proceeds and customer profile for stabilized assets - Management stated that ABS proceeds can be used for debt repayment or reinvestment, with selected assets being highly acceptable to investors [72] Question: Update on Thailand and Bataan projects - Management confirmed strong customer demand for the new data center in Thailand and successful delivery of the first phases in Bataan [75][78]

Core Viewpoint - GDS Holdings Limited reported its financial results for the fourth quarter and full year of 2024, highlighting a strategic focus on backlog delivery and asset monetization, while also indicating a positive outlook for future business opportunities driven by AI [4][45]. Financial Highlights for Fourth Quarter 2024 - Net revenue for Q4 2024 was RMB2,690.7 million (US$368.6 million), a 9.1% increase from RMB2,465.3 million in Q4 2023 [5][10]. - Cost of revenue increased by 3.9% year-over-year to RMB2,112.5 million (US$289.4 million) [6]. - Gross profit reached RMB578.1 million (US$79.2 million), marking a 33.5% increase from RMB432.9 million in the same period last year [6]. - Gross profit margin improved to 21.5% from 17.6% year-over-year [7]. - Adjusted Gross Profit (non-GAAP) was RMB1,396.7 million (US$191.3 million), an 11.8% increase from RMB1,249.3 million in Q4 2023 [8]. - Adjusted EBITDA (non-GAAP) rose by 13.9% year-over-year to RMB1,297.7 million (US$177.8 million) [10][16]. - Net loss from continuing operations was RMB173.4 million (US$23.8 million), significantly reduced from RMB3,074.6 million in Q4 2023 [10][15]. Financial Highlights for Full Year 2024 - Total net revenue for 2024 was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023 [10][18]. - Gross profit for the year was RMB2,222.6 million (US$304.5 million), a 13.9% increase from RMB1,951.2 million in 2023 [19]. - Adjusted EBITDA for 2024 was RMB4,876.4 million (US$668.1 million), a 3.0% increase from RMB4,733.0 million in 2023 [23]. - Net loss from continuing operations for the year was RMB770.9 million (US$105.6 million), down from RMB3,926.0 million in 2023 [22]. Operational Highlights - Total area committed and pre-committed increased by 1.8% year-over-year to 629,997 sqm as of December 31, 2024 [10][36]. - Area utilized increased by 11.8% year-over-year to 453,094 sqm [10][40]. - The utilization rate for area in service was 73.8% as of December 31, 2024, slightly down from 73.9% in the previous year [10][41]. Recent Developments - The company completed a Series B equity raise for DayOne Data Centers Limited, resulting in a dilution of GDS's equity interest from 52.7% to 35.6% [2]. - GDS announced a significant transaction to monetize a 70% equity interest in certain data centers, with an implied enterprise value to EBITDA multiple of around 13 times [44]. Business Outlook - For 2025, GDS expects total revenues to be between RMB11,290 million to RMB11,590 million, indicating a year-on-year increase of approximately 9.4% to 12.3% [45]. - Adjusted EBITDA is projected to be between RMB5,190 million to RMB5,390 million, reflecting a year-on-year increase of approximately 6.4% to 10.5% [45].

Core Viewpoint - GDS Holdings Limited has announced a significant transaction to monetize a 70% equity interest in certain data centers, marking a pioneering move in the Chinese data center sector with an implied enterprise value to EBITDA multiple of approximately 13 times [1][2]. Group 1: Transaction Details - The total enterprise value for the transaction is approximately RMB 2.9 billion, with total equity consideration reaching around RMB 1.7 billion, or RMB 1.2 billion net of GDS's 30% reinvestment in the Asset Backed Security (ABS) [2]. - GDS will receive net cash proceeds of approximately RMB 500 million at closing, with an additional RMB 700 million contingent on meeting specific milestones related to the data centers' ramp-up [2]. - The transaction involves the deconsolidation of data center project companies, including existing debt and other net liabilities of around RMB 1.2 billion at closing [2]. Group 2: Strategic Importance - This transaction is characterized as a first P-REIT transaction in the China data center sector, showcasing a true sale and successful monetization of data center assets [3]. - The participation of China Life Insurance Company Limited as an anchor investor underscores confidence in GDS's capabilities and the sector's outlook as it transitions into the AI era [3]. Group 3: Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in primary economic hubs to meet high demand for data center services [4]. - The company offers a range of services, including co-location and managed hybrid cloud services, and has a diverse customer base that includes hyperscale cloud service providers, large internet companies, and financial institutions [4]. - GDS has a 24-year track record in service delivery, fulfilling the needs of some of the largest customers for outsourced data center services in China [4].

Summary of the Conference Call on GDS (万国数据) Company Overview - GDS is the largest third-party data center provider in China, experiencing significant cyclical changes in its business performance over recent years. [3][4] Key Industry Insights - The recent surge in the domestic integrated circuit (IC) sector is attributed to the rapid development of the AI industry and increased capital expenditure expectations from major tech companies. [3] - Major internet companies like Alibaba and Baidu have announced plans to increase capital expenditures, with Alibaba committing to invest at least 380 billion RMB in cloud infrastructure and AI over the next three years. [3][4] - The domestic cloud computing capital expenditure is expected to exceed 400 billion RMB by 2025, potentially reaching between 450 billion to 500 billion RMB. [3][14] Company Performance and Strategy - GDS has shown a marked improvement in performance starting in 2023, benefiting from industry recovery and its own international expansion. [3] - The company has a project reserve of 120,000 square meters of data centers under construction and an additional 320,000 square meters of land reserved in core regions to meet growing demand. [3][5] - GDS currently holds 9 billion RMB in cash, providing strong development capabilities and alleviating supply constraints through diversified chip sourcing. [3][6][8] Market Demand and Supply Dynamics - The overall utilization rate of GDS's data centers is approximately 74%, with domestic business utilization at around 73%. [5] - The North American IDC market is experiencing a supply-demand imbalance, with vacancy rates declining and AI technology driving high-performance computing demand. [21][22] - By 2025, AI server investments are projected to reach approximately 300 billion USD, reflecting a 77% year-on-year growth. [22] Financial Outlook - GDS's cash reserves can support the development of 75,000 square meters of projects, and with project loans and leverage, its development capacity can be further enhanced. [7] - The company is expected to maintain a double-digit growth rate in domestic business, with a target market valuation of approximately 17 times by 2025, leading to a target price of 46 USD per ADS. [12] Future Considerations - Investors should monitor GDS's quarterly reports and annual outlook, focusing on domestic demand forecasts, capital expenditure progress, and new order pricing. [10] - The company is well-positioned to benefit from strong domestic demand and limited supply, which may lead to price increases among IDC providers. [10] Competitive Landscape - Other IDC companies are also adapting to market trends, with some focusing on computing power leasing and others integrating AI server sales with leasing services. [16][19] - Companies like Runze Technology and Huahuan New Network are leading in AI server sales and leasing, while GDS and Century Internet also have significant resource reserves. [17][19] Conclusion - The IDC sector is expected to see continued growth driven by AI applications and increased capital expenditures from major tech firms. GDS is positioned to capitalize on these trends, making it a compelling investment opportunity. [33]

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。 參加者線上登記： 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3月18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2024年12月31日止第四季 ...

Core Viewpoint - GDS Holdings Limited is set to report its fourth quarter and full year 2024 unaudited financial results on March 19, 2025, after the Hong Kong market closes and before the U.S. market opens [1]. Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in primary economic hubs to meet high demand for data center services [4]. - The company offers a range of services including co-location, managed hybrid cloud services, and managed network services, catering primarily to hyperscale cloud service providers, large internet companies, and financial institutions [4]. - GDS has a 24-year track record of service delivery, fulfilling the needs of major customers in the outsourced data center sector in China [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 will host an earnings conference call on March 19, 2025, at 8:00 AM U.S. Eastern Time, with online registration required for participants [2]. - A live and archived webcast of the conference call will be available on the company's investor relations website [3].

Core Viewpoint - Ramsay Health Care Limited has appointed a financial advisor to explore strategic options regarding its majority shareholding in Ramsay Générale de Santé [1] Group Overview - Ramsay Santé is a leader in private hospitalization and primary care in Europe, employing 38,000 staff and collaborating with nearly 10,000 practitioners to treat over 12.6 million patients annually across 488 facilities in five countries: France, Sweden, Norway, Denmark, and Italy [3] - The company offers a wide range of medical and surgical specialties, including Medicine, Surgery, Obstetrics, Follow-up Care and Rehabilitation, and Mental Health [3] Commitment to Innovation - Ramsay Santé invests over 200 million euros each year in innovation to enhance care pathways across medical, hospital, digital, and administrative sectors [5] - The company is dedicated to improving public health and ensuring comprehensive patient care from prevention to follow-up [4]

Core Insights - Ramsay Santé reported a consolidated revenue of €2.5 billion for the half-year ended December 31, 2024, reflecting a growth of 5.8% compared to the previous year, with a like-for-like growth of 3.7% [3][16][5] - The company faced challenges with EBITDA remaining flat at €284.6 million, impacted by government tariff adjustments and rising operational costs [20][5] - A net loss attributable to owners of the company was recorded at €43.1 million, a significant increase from the previous year's loss of €17.3 million, primarily due to higher lease depreciation and increased debt costs [5][23] Financial Performance - Group revenue increased by 5.8% to €2,507.2 million, with France revenue growing by 7.2% due to new primary care centers and increased admissions [5][17] - EBITDA for the half-year was stable at €284.6 million, with an EBITDA margin of 11.4%, down from 12.0% the previous year [5][20] - The current operating result decreased by 15.5% to €66.1 million, and the operating profit fell by 27.6% to €62.2 million [5][21] Debt and Financing - Ramsay Santé successfully refinanced its €1.65 billion senior debt facilities, extending maturities to 2029-2031, which provides a long-term financing framework [12][13] - As of December 31, 2024, the net financial debt stood at €3.72 billion, with a stable restated net leverage ratio of 5.4x [29][6] Operational Developments - The company expanded its healthcare access initiatives, serving 12.6 million patients across France, the Nordics, and Italy, with 95% of French facilities certified to the highest quality standards [3][30] - Significant growth in outpatient and primary care activities was noted, including the acquisition of Cosem primary care centers and the establishment of new mental health facilities [3][10] Strategic Initiatives - The "Yes We Care 2025" strategic plan aims to enhance digital healthcare systems and improve patient care pathways amidst budgetary constraints [4][31] - Ramsay Santé's commitment to sustainability and ESG initiatives is reflected in its refinancing agreements, which include performance-based adjustments related to patient care and environmental impact [12][13]

Company Overview - Ramsay Santé is a leader in private hospitalization and primary care in Europe, employing 38,000 staff and collaborating with nearly 9,300 practitioners to treat over 12 million patients annually across 465 facilities in five countries: France, Sweden, Norway, Denmark, and Italy [2]. Services Offered - The company provides a wide range of medical and surgical specialties, including Medicine, Surgery, Obstetrics (MSO), Follow-up Care and Rehabilitation (FCR), and Mental Health [3]. Mission and Commitment - Ramsay Santé is a mission-driven organization focused on improving patient health through innovation and contributing to public health service missions wherever it operates [4]. The company is dedicated to ensuring a comprehensive patient care journey, from prevention to follow-up care [4]. Investment in Innovation - The group invests over 200 million euros annually in innovation to enhance care pathways across medical, hospital, digital, and administrative domains, aiming to improve access to care and provide best-in-class healthcare [5].