Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 21, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - Alibaba leads the list with a market capitalization of 2986.04 billion [3]. - Xiaomi ranks second with a market capitalization of 1805.85 billion [3]. - Pinduoduo follows closely in third place with a market capitalization of 1666.38 billion [3]. - Meituan and NetEase occupy the fourth and fifth positions with market capitalizations of 1069.68 billion and 766.11 billion, respectively [3][4]. Group 2: Additional Rankings - JD.com is ranked eighth with a market capitalization of 489.39 billion [4]. - Baidu and Li Auto are positioned at 11th and 12th with market capitalizations of 307.12 billion and 302.4 billion, respectively [4][5]. - The rankings continue with companies like Kuaishou, Tencent Music, and Beike, showcasing a diverse range of technology and internet firms [5][6]. Group 3: Market Trends - The data reflects the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among the top players [1]. - The rankings are calculated based on the latest market values, indicating the dynamic nature of the industry [6].

Core Viewpoint - GDS Holdings (GDS) has seen a 27.7% increase in share price over the past four weeks, closing at $27.08, with a potential upside of 35.9% based on Wall Street analysts' mean price target of $36.80 [1] Price Targets and Analyst Estimates - The mean estimate consists of 12 short-term price targets with a standard deviation of $12.38, indicating variability among analysts; the lowest estimate is $7.50 (a 72.3% decline), while the highest is $53 (a 95.7% increase) [2] - A low standard deviation suggests a high degree of agreement among analysts regarding the stock's price movement direction, although it does not guarantee that the stock will reach the average price target [9] Earnings Estimates and Analyst Agreement - Analysts have shown increasing optimism about GDS's earnings prospects, as evidenced by a strong consensus in revising EPS estimates higher, which correlates with potential stock price increases [11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has risen by 3%, with one estimate moving higher and no negative revisions [12] Zacks Rank and Investment Potential - GDS currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating a strong potential upside in the near term [13]

Company Performance - GDS Holdings has shown a year-to-date performance increase of approximately 14%, significantly outperforming the average return of 5.2% for the Business Services sector [4] - The Zacks Consensus Estimate for GDS' full-year earnings has increased by 10.7% over the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [3] Industry Comparison - GDS Holdings is part of the Technology Services industry, which consists of 129 companies and currently ranks 48 in the Zacks Industry Rank, with an average year-to-date gain of 5.1% [5] - In contrast, the Healthcare Services stock has outperformed with a year-to-date return of 26.3% and a Zacks Rank of 2 (Buy), with its EPS estimate increasing by 8.1% over the past three months [4][5] Sector Ranking - The Business Services sector, which includes GDS Holdings, ranks 3 in the Zacks Sector Rank, which evaluates the average Zacks Rank of individual stocks within the sector [2] - The Business - Services industry, which includes Healthcare Services, has 26 stocks and is currently ranked 40, with a year-to-date performance increase of 17.1% [6]

Group 1 - GDS Holdings Limited's stock opened at $28.205 per share, up 4.15%, with a total market capitalization of $5.483 billion as of May 20 [1] - For the fiscal year ending December 31, 2024, GDS reported total revenue of 10.322 billion RMB, representing a year-on-year growth of 5.52%, and a net profit attributable to shareholders of 3.425 billion RMB, showing a significant increase of 179.84% [1] - GDS is set to release its Q1 2025 financial report before the market opens on May 20, with the actual disclosure date subject to company announcements [1] Group 2 - GDS Holdings is a leading high-performance data center operator and service provider in China and Southeast Asia, with data centers located in key economic hubs and non-first-tier cities to meet diverse customer needs [2] - The company offers large-scale, high-density, and efficient data centers with robust power supply and multiple redundancy in critical systems, remaining neutral to operators and cloud service providers [2] - GDS provides managed services, including direct private connections to leading public clouds and innovative hybrid cloud management platforms, serving major clients such as large-scale cloud service providers, internet companies, financial institutions, and multinational corporations [2]

Core Viewpoint - GDS Holdings reported a quarterly earnings of $0.48 per share, significantly exceeding the Zacks Consensus Estimate of a loss of $0.22 per share, marking an earnings surprise of 318.18% [1][2] Financial Performance - The company posted revenues of $375.26 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.20% and showing an increase from $363.89 million year-over-year [2] - Over the last four quarters, GDS Holdings has consistently surpassed consensus EPS estimates four times and topped revenue estimates three times [2] Stock Performance - GDS Holdings shares have increased approximately 14% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.15 on revenues of $390.46 million, and for the current fiscal year, it is -$0.49 on revenues of $1.59 billion [7] Industry Outlook - The Technology Services industry, to which GDS Holdings belongs, is currently ranked in the top 20% of over 250 Zacks industries, indicating a favorable outlook for stocks within this sector [8]

美股小幅低开 特斯拉涨近2% 智通财经5月20日电，美股三大指数集体低开，道指跌0.13%，纳指跌0.43%，标普500指数跌0.32%。特 斯拉涨近2%，此前马斯克承诺在五年内继续担任特斯拉CEO。哔哩哔哩涨逾4%，Q1营收70亿元，同比 增长24%。万国数据涨7%，公司Q1营收同比增长12%，净利润为7.64亿元。 ...

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved a revenue growth of 12% year on year and adjusted EBITDA growth of 16%, marking the highest growth rate in the past two years [8][19] - The adjusted EBITDA margin for Q1 2025 was 48.6%, compared to 46.9% in Q1 2024, primarily due to lower operating costs [20][21] - The company realized a gain on deconsolidation of subsidiaries sold to the ABS of over RMB1 billion, which was not included in adjusted EBITDA [19][20] Business Line Data and Key Metrics Changes - The gross move-in during Q1 2025 was approximately 20,000 square meters, all in Tier one markets, with a utilization rate of 75.7% [9][10] - The company added 70 MW of new commitments in Q1 2025, bringing the total power committed to over 530 MW, with expectations to exceed 750 MW soon [15][26] Market Data and Key Metrics Changes - The demand environment has improved due to AI developments, particularly for AI inferencing in Tier one markets [10][12] - The company has around 900 MW of capacity held for future developments in Tier one markets, indicating strong positioning for upcoming demand [12][13] Company Strategy and Development Direction - The company is focusing on backlog delivery and new orders with faster moving schedules, particularly in response to AI demand [8][10] - The asset monetization program is progressing well, providing financing flexibility and options to capitalize on new projects [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for AI-related services, particularly in Tier one markets, and noted that the company is well-positioned to capture these opportunities [10][12][33] - There are uncertainties regarding AI chip supply in China, but management expects demand to increase as supply stabilizes [12][33] Other Important Information - The company is making good progress with the establishment of an onshore listed Sea REIT, which is expected to create a valuation benchmark for stabilized data centers in China [22][23] - The company maintains its guidance for total revenue and adjusted EBITDA unchanged despite the ABS deconsolidation [25] Q&A Session Summary Question: Update on China demand from hyperscalers and chipset supply - Management noted that demand remains strong, particularly for AI-related services, and they are well-positioned with 900 MW held for future development [31][33] Question: Financial guidance expectations post-ABS deconsolidation - The impact of the ABS transaction closing at the end of Q1 is expected to reduce full-year EBITDA by around RMB130 million, adjusting the growth rate from 11% to 8.5% [34] Question: Comparison of IRR profile or EBITDA yield across different markets - The development yield in new markets is in the low teens, which is higher than current yields in China, indicating a different supply-demand balance [44][45] Question: When will the China business be self-funding? - The company is roughly break-even in terms of free cash flow before financing and expects to generate sufficient cash flow to cover annual CapEx [48] Question: Pricing outlook for the China business - Management maintains confidence in stable pricing for new business across major markets [70]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved a revenue growth of 12% year on year and adjusted EBITDA growth of 16%, marking the highest growth rate in the past two years [8][19] - The adjusted EBITDA margin for Q1 2025 was 48.6%, compared to 46.9% in Q1 2024, primarily due to lower operating costs [19][68] - The company realized a gain on deconsolidation of subsidiaries sold to the ABS of over RMB1 billion, which was not included in adjusted EBITDA [19] Business Line Data and Key Metrics Changes - The gross move-in during Q1 2025 was approximately 20,000 square meters, all in Tier one markets, with a utilization rate of 75.7% [8] - The company added 70 MW of new commitments in Q1 2025, bringing the total power committed to over 530 MW, with expectations to exceed 750 MW soon [15][25] Market Data and Key Metrics Changes - The demand environment has improved significantly due to AI developments, particularly in Tier one markets, with a notable mega deal signed in Q1 2025 [9][10] - The company holds around 900 MW of capacity for future developments in Tier one markets, indicating strong positioning to capture upcoming AI demand [12][13] Company Strategy and Development Direction - The company is focused on backlog delivery and new orders with faster-moving schedules, anticipating that around 40% of the current backlog will be delivered by year-end [9] - The asset monetization program is progressing well, providing financing flexibility and options to capitalize on new projects [14][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for AI-related services, particularly in Tier one markets, and noted that the demand for AI inferencing is expected to grow significantly [9][33] - There are uncertainties regarding AI chip supply in China in the short term, but management believes that as supply stabilizes, demand will increase [11][12] Other Important Information - The company is making good progress with the establishment of an onshore listed Sea REIT, which is expected to create a valuation benchmark for stabilized data centers in China [21][64] - The company maintains its guidance for total revenue and adjusted EBITDA unchanged despite the ABS deconsolidation [23] Q&A Session Summary Question: Update on China demand from hyperscalers and chipset supply - Management noted that demand remains strong, particularly driven by AI inference, and they are well-positioned with 900 MW held for future development [33][34] Question: Financial guidance expectations post-ABS deconsolidation - The impact of the ABS transaction closing at the end of Q1 is expected to reduce full-year EBITDA by around RMB130 million, adjusting the growth rate from 11% to 8.5% [35][36] Question: Comparison of IRR profile or EBITDA yield across different markets - The development yield in new markets is in the low teens, which is higher than current yields in China, indicating a different supply-demand balance [42][43] Question: When will the China business be self-funding? - The company is currently break-even in terms of free cash flow before financing and expects to generate sufficient cash flow to cover annual CapEx [46] Question: Pricing outlook for the China business - The pricing for new business in China is stable across major markets, with confidence in maintaining this stability [68]

Core Viewpoint - The company reported a strong financial performance in Q1 2025, with significant year-on-year growth in revenue and adjusted EBITDA, indicating robust operational execution and strategic focus on new orders and delivery of contracted but unbilled space [1][2]. Financial Performance - In Q1 2025, net revenue increased by 12.0% year-on-year to RMB 2,723.2 million (USD 375.3 million) [1]. - The net profit for Q1 2025 was RMB 764.1 million (USD 105.3 million), a significant turnaround from a net loss of RMB 344.9 million in Q1 2024 [1]. - Adjusted EBITDA grew by 16.1% year-on-year to RMB 1,323.8 million (USD 182.4 million), with an adjusted EBITDA margin of 48.6% [1][2]. Operational Metrics - As of March 31, 2025, the total contracted and pre-contracted area was 649,561 square meters, up 6.7% from 608,645 square meters a year earlier [1]. - The billable area reached 462,423 square meters, reflecting a 14.6% increase from 403,609 square meters in the previous year [1]. - The billing rate for operational area was 75.7%, compared to 73.5% as of March 31, 2024 [1]. Strategic Focus - The company emphasized a cautious approach to new orders while actively delivering on contracted but unbilled space, showcasing a commitment to operational excellence [2]. - The acquisition of large-scale new orders across two regions highlights the growing demand in the first-tier market driven by advancements in artificial intelligence [2]. - The completion of China's first data center asset-backed securities transaction has enhanced the company's financing flexibility [2].

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） 年度股東大會登記日期 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。 由JP Morgan Chase Bank, N.A.（作為美國存託股的存託人）發行並代表A類普通股 的美國存託股（「美國存託股」）的持有人並 ...