Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue increased by 10.2% year-on-year, and adjusted EBITDA grew by 11.4% year-on-year, continuing a healthy growth trend since recovery began last year [4] - Adjusted EBITDA for the first nine months of 2025 grew by 15.4% on a pro forma basis after deconsolidating certain data center project companies [10] - The net debt to last quarter annualized adjusted EBITDA multiple decreased from 6.8 times at the end of 2024 to 6.0 times at the end of Q3 2025, primarily due to cash proceeds from asset monetization [13][14] Business Line Data and Key Metrics Changes - The total new bookings for the first nine months of 2025 reached 75,000 sq m, or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year [5] - Approximately 65% of the bookings in 2025 are AI-related, indicating a strong focus on AI infrastructure [5] Market Data and Key Metrics Changes - The domestic tech industry in China is at a critical juncture, with major players making significant financial commitments to AI infrastructure, marking the end of a previous downturn [6] - The company has secured around 900 megawatts of powered land in tier one markets, suitable for AI demand, particularly for AI inferencing [7] Company Strategy and Development Direction - The company plans to adopt a more aggressive approach to new business while maintaining financial discipline, focusing on acquiring more powered land in cost-effective locations [9][19] - The establishment of a data center REIT provides a competitive advantage in accessing capital and monetizing assets efficiently [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming AI demand based on the development of domestic technologies and the ramp-up of local chip companies [7] - The company anticipates higher bookings next year, leading to growth acceleration thereafter, despite a subdued booking environment in Q2 2025 [15] Other Important Information - The CREET platform started trading on the Shanghai Stock Exchange, with units priced significantly higher than the IPO price, indicating strong market interest [10][11] - The company expects organic CapEx for the full year to be around RMB 4.8 billion, with net CapEx around RMB 2.7 billion after asset monetization proceeds [12][13] Q&A Session Summary Question: What is needed for the China market to reach an inflection point? - Management indicated strong market demand and significant investments from customers as key indicators, along with improvements in domestic chip efficiency and production capacity [18] Question: What is the new overall investment return with the CREET scheme? - The unit economics of data center investment in China are solid, with cash-on-cash yields typically around 11%-12%, and levered IRR well into the 20s [20][21] Question: Will new bookings include new powered land acquisitions? - Management stated that new bookings next year will not fully rely on new land acquisitions but will focus on securing additional powered land [27] Question: How does the company view the impact of the tightened power quota in China? - Management believes that their established relationships with governments will mitigate challenges in acquiring new power quotas [28] Question: What is the outlook for customers acquiring GPUs and ramping installations? - Management noted a strong positive view for future demand, but could not provide specific details due to the independence of Day One [33][35] Question: How does the company view the pricing trend and competitive landscape? - Management expects a 3-4% decrease in MSR due to downward price resets and elevated movement levels, while emphasizing the importance of financial capability in the competitive landscape [57][60]

GDS Holdings (GDS) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of a loss of $0.06 per share. This compares to a loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +850.00%. A quarter ago, it was expected that this company would post a loss of $0.11 per share when it actually produced a loss of $0.06, delivering a surprise of +45.45%.Over the last four quarters, the compa ...

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue increased by 10.2% year-on-year, and adjusted EBITDA grew by 11.4% year-on-year, continuing a healthy growth trend since recovery began last year [4] - Adjusted EBITDA for the first nine months of 2025 grew by 15.4% on a pro forma basis after deconsolidating certain data center project companies [10] - The net debt to last quarter annualized adjusted EBITDA multiple decreased from 6.8 times at the end of 2024 to 6.0 times at the end of Q3 2025, primarily due to cash proceeds from asset monetization and deconsolidation of debt [13] Business Line Data and Key Metrics Changes - The total new bookings for the first nine months of 2025 reached 75,000 square meters, or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year [5] - Approximately 65% of the bookings in 2025 are AI-related, indicating a significant focus on AI infrastructure [5] Market Data and Key Metrics Changes - The domestic tech industry in China is at a critical juncture, with major players committing unprecedented financial resources to AI infrastructure, marking the end of a downturn and the beginning of a recovery for the data center sector [5] - The company has secured around 900 megawatts of powered land in tier one markets, suitable for AI demand, particularly for AI inferencing [6] Company Strategy and Development Direction - The company plans to take a more aggressive approach to new business while maintaining financial discipline, focusing on acquiring more powered land in strategic locations [8][9] - The successful IPO of a data center REIT in China provides a competitive advantage in accessing capital and monetizing assets efficiently [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming AI demand based on the development of domestic technologies and the ramp-up of local chip companies [6] - The company anticipates higher bookings next year, leading to growth acceleration thereafter, despite a subdued booking environment in Q2 2025 [14] Other Important Information - The company expects organic CapEx for the full year to be around RMB 4.8 billion, with net CapEx after asset monetization proceeds estimated at RMB 2.7 billion [12] - The effective interest rate has dropped to 3.3%, benefiting from the favorable interest rate environment in China [13] Q&A Session Summary Question: What is needed for the China market to reach an inflection point? - Management indicated strong market demand and significant investments from customers as key indicators, along with improvements in domestic chip efficiency and production capacity [18] Question: What is the new overall investment return with the CREET scheme? - The unit economics of data center investment in China are solid, with cash-on-cash yields typically around 11%-12% on new investments, and levered IRR well into the 20s [20][21] Question: Will new bookings next year include new powered land acquisitions? - Management clarified that new bookings will not solely rely on new land acquisitions, but securing additional land would enhance capabilities [27] Question: How does the company view the competitive landscape? - The company emphasized that financial capability and access to capital markets are becoming critical competitive advantages, beyond just land and power capabilities [60][61]

3Q25 Earnings Call 19 November 2025 NASDAQ: GDS HKEX: 9698 0 © GDS 2016 DISCLAIMER This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or othe ...

首席财务官Dan Newman先生表示："于2025年第三季度，我们的收入及经调整EBITDA 同比增长10.2% 及11.4%，经调整EBITDA利润率为46.5%。我们将凭借更高的融资灵活性支持下一阶段的增长，并仍然 专注为我们的利益相关者创造可持续的长期价值。" （原标题：万国数据-SW(09698)第三季度净收入28.87亿元 同比增长10.2%） 万国数据主席兼首席执行官黄伟先生表示："我们凭借严谨的策略执行，实现了又一个季度稳健的财务 及运营业绩。于2025年第三季度，我们持续交付积压订单，并实现高迁入率。我们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，我们将人工智能视为我们业务长期增长的重要催化剂。" 智通财经APP讯，万国数据-SW(09698)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%。 ...

每经AI快讯，11月19日，万国数据公告，2025年第三季度的净收入同比增长10.2%，达到人民币28.87亿 元；经调整后的EBITDA（非公认会计准则）同比增长11.4%，达到人民币13.422亿元。 （文章来源：每日经济新闻） ...

公司确认先前提供的指引之2025年的总收入为人民币11,290百万元至人民币11,590百万元，经调整 EBITDA为人民币5,190百万元至人民币5,390百万元及调整后的资本支出指引为约人民币2,700百万元维 持不变。 格隆汇11月19日丨万国数据-SW(09698.HK)公布2025年第三季度业绩。于2025年第三季度，净收入同比 增加10.2%至人民币28.87亿元(2024年第三季度：人民币26.2亿元)。 2025年第三季度的每股普通股基本收益为人民币0.46元(0.06美元)，而去年同期为基本亏损人民币0.14 元。2025年第三季度每股普通股摊薄收益为人民币0.40元(0.06美元)，而去年同期为摊薄亏损人民币0.14 元。 2025年第三季度的净利润为人民币7.29亿元(2024年第三季度：净亏损人民币2.31亿元)。2025年第三季 度的净利润率为25.2%(2024年第三季度：净亏损率8.8%)。 ...

（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） 2025年第三季度業績公告 我們謹此宣佈截至 2025 年 9 月 3 0 日止第三季度的未經審計財務業績（「業 績公告」）。業績公告可於香港聯交所網站 www.hkexnews.hk 及我們的網 站 www.gds-services.com 查閱。 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 ...

SHANGHAI, China, Nov. 19, 2025 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Financial Highlights Net revenue increased by 10.2% year-over-year (“Y-o-Y”) to RMB2,887.1 million (US$405.6 million) in the third quarter of 2025 (3Q2024: RMB2,619.6 million).Net i ...

Core Insights - GDS Holdings Limited is a significant player in China's data center industry, offering services such as colocation, managed hosting, and cloud services, with analysts showing growing confidence in its strategic position and market potential [1] Price Target and Analyst Sentiment - Analysts have set an average price target of $46.7 for GDS, indicating a positive outlook and consistent confidence in the company's performance and growth prospects [2][6] - The average price target has increased from $40.44 a year ago, reflecting a significant upward trend and growing optimism among analysts regarding GDS's future potential [3][6] - Despite an 8.1% surge in GDS's share price, earnings estimate revisions suggest caution, yet the overall sentiment remains optimistic with a potential upside of 25.2% [4][6] Earnings Conference Call - GDS recently held its Q2 2025 earnings conference call, which was attended by key company figures and analysts from major financial institutions, reinforcing positive sentiment among analysts [5]