Core Viewpoint - Some popular Chinese concept stocks have shown strength, with Alibaba rising by 3.6%, GDS Holdings increasing by 3.3%, and JD.com up by 2.4% [1] Company Performance - Alibaba's stock price increased by 3.6% [1] - GDS Holdings experienced a rise of 3.3% [1] - JD.com saw a growth of 2.4% [1]

PRESS RELEASE Paris, 14th November 2025 COMBINED GENERAL MEETING OF DECEMBER 11, 2025 Conditions of availability and consultation of the preparatory documents for the Ramsay Générale de Santé General Meeting of December 11, 2025 The shareholders of Ramsay Générale de Santé are invited to participate in the Combined General Meeting on Thursday, December 11, 2025, which will take place at 10 a.m. at the Apostrophe 83 avenue Marceau 75116 Paris. The preliminary meeting notice was published in the French BALO ...

Core Insights - Ramsay Santé Group reported a consolidated revenue of €1,207 million for the quarter ending 30 September 2025, reflecting a growth of 2.6% on a reported basis and 1.9% organic sales growth [1][15] - The Group's EBITDA increased by €7 million or 6.5% to €112 million, despite a reduction in public funding and the end of the French revenue guarantee [3][5] - The company continues to implement its "Yes We Care 2025" strategy, focusing on integrated care services and operational efficiency to enhance profitability [9] Revenue and Activity - France's revenue grew by 1.4% (1.9% on a like-for-like basis) due to increased hospital admissions and a 0.5% indexation of MSO tariffs since March 2025 [2] - Nordic countries reported a revenue growth of 2.6% on a like-for-like basis, with a reported growth of 5.4% benefiting from favorable foreign exchange fluctuations [3] - The overall activity volume growth in hospitals indicates sustained patient demand for healthcare services [3] Cost Management and EBITDA - EBITDA growth was primarily driven by strong performance in Sweden, with cost control measures offsetting inflationary pressures [5][6] - The Group's EBITDA margin improved by 0.3 percentage points, reflecting effective cost-saving initiatives and productivity improvements [5][9] - The end of the French government's revenue guarantee resulted in a €7 million shortfall, highlighting ongoing funding challenges [5] Financial Position - As of 30 September 2025, net financial debt amounted to €3,819 million, with a restated net leverage of 5.2x, slightly improved from 5.3x in the previous year [8][19] - The company reported a net cash flow from operating activities of -€44 million, primarily due to seasonal variations and working capital changes [7][20] - Focus remains on cash flow generation through operational efficiency and working capital improvement [8] Strategic Developments - Ramsay Santé is expanding its day hospitals and outpatient services, aligning with patient healthcare needs [3][9] - The integration of former Cosem primary care facilities in France is progressing well, enhancing care coordination [3] - The Group invests over €200 million annually to support the evolution of care pathways and improve healthcare access [13]

Summary of China Data Centers Conference Call Industry Overview - The conference call focused on the China data center industry, specifically operators GDS and VNET, both rated as "Buy" by Goldman Sachs. Sinnet was mentioned as a "Sell" rated company due to its below-expected 3Q25 results [1][13]. Key Points and Arguments 1. 3Q25 Results Expectations - GDS is expected to report a revenue growth of +11% year-over-year (yoy) to Rmb2.90 billion and adjusted EBITDA growth of +10% to Rmb1.32 billion, which is largely in line with consensus data [1][34]. - VNET is anticipated to report a revenue increase of +17% yoy to Rmb2.47 billion and adjusted EBITDA growth of +28% to Rmb761 million, slightly above consensus [1][35]. 2. Order Visibility and Demand - There is an increased visibility of new orders into 2026, driven by improved domestic chip availability and rising AI capital expenditures from both Chinese and US hyperscalers [2]. - VNET is expected to see new orders from internet vertical customers due to multi-chip adoption, following a significant wholesale order announced in September [2]. 3. Time-to-Market Importance - Time-to-market has become a critical factor for IDC customers, with delivery timelines shortened to 6-9 months compared to 12-14 months previously. This shift is expected to enhance project internal rate of return (IRR) [3]. 4. Capital Expenditure and Financing - The National Development and Reform Commission (NDRC) has normalized REIT issuance, which is expected to benefit domestic leaders like GDS and VNET. GDS may start applying for new projects as early as 1H26 [4]. - VNET announced a private REIT issuance of Rmb860 million, which is expected to support its capital recycling for AI capex investments [4]. 5. Market Pricing and Contract Renewals - The industry is experiencing stable pricing at the project level, but increasing contract renewals at lower market prices may negatively impact the monthly service revenue (MSR) for companies with historically larger orders. GDS's MSR is projected to remain flat in 2025 but decline by -4% in 2026-27 [11]. 6. Forecast Adjustments - GDS's 2025 revenue and adjusted EBITDA estimates have been fine-tuned slightly, while 2026-27 estimates have been lowered by 2%-4% due to anticipated lower MSR from contract renewals [12]. - VNET's forecasts have been adjusted within 1%, while Sinnet's revenue and adjusted EBITDA estimates have been reduced by 3-4% and 2-4%, respectively, following its disappointing 3Q25 results [12]. 7. Valuation and Price Targets - The 12-month price targets for GDS and VNET have been updated to US$44 and US$14, respectively, reflecting a positive outlook based on the SOTP valuation method [40][58]. - GDS is projected to have a market cap of $7.5 billion with a revenue forecast of Rmb11.53 billion for 2025, while VNET's market cap is estimated at $2.6 billion with a revenue forecast of Rmb9.78 billion for the same year [37][58]. 8. Risks and Challenges - Key risks include below-expected move-in demand, slower overseas revenue ramp-up, and potential customer churn. The pricing trend in both domestic and international markets remains a concern [56]. Additional Important Insights - The focus on backlog delivery for GDS is expected to enhance revenue growth visibility and improve EBITDA and free cash flow [55]. - The conference highlighted the competitive landscape, with GDS and VNET trading at 11.8x and 9.9x 12-month forward EV/EBITDA ratios, respectively, indicating a narrowing valuation gap since 2022 [19]. This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the China data center industry.

Core Viewpoint - Morgan Stanley reports that DayOne, a global data center operator under GDS Holdings, is set to build Thailand's first 1GW data center park, indicating strong growth potential for the company [1] Group 1: Expansion Plans - DayOne plans to expand its Chonburi Phase 1 park and adjacent land, increasing the power supply capacity to 300MW [1] - A memorandum of understanding has been signed with Amata Group for the Chonburi Phase 2 park [1] Group 2: Renewable Energy Initiatives - DayOne has signed a renewable energy agreement to incorporate solar power into its operations [1] Group 3: Market Outlook - Morgan Stanley maintains a positive outlook on DayOne's expansion plans, expecting the related contracts to provide additional momentum [1] - The firm retains an "Overweight" rating on GDS Holdings with a target price of $54 [1]

Summary of GDS Holdings Ltd Conference Call Company and Industry Overview - **Company**: GDS Holdings Ltd (GDS.O) - **Industry**: Greater China Telecoms Key Points and Arguments 1. **Revenue Estimates Adjustment**: Revenue estimates for GDS Holdings have been reduced by 3.1-3.3% for 2026-27E due to lower-than-expected new orders in 2025E and decreased contract pricing from renewals [1][2] 2. **EBITDA and EPS Revisions**: Adjusted EBITDA is lowered by 2.6% for 2026E and 2.4% for 2027E. Normalized EPS revisions are -0.3% for 2026E, -6.8% for 2027E, and -10.1% for 2028E, partially offset by a disposal gain [1] 3. **Price Target**: The price target remains unchanged at US$54 per share, with bull and bear case values also unchanged at US$73 and US$19 per share, respectively [2] 4. **Market Conditions**: The lower EBITDA in China is counterbalanced by a new forex assumption of 7.05 Rmb/US$ (previously 7.15) and lower net debt [2] 5. **Investment Thesis**: The demand in China is expected to recover mildly, driven by hyperscalers' cloud and AI capital expenditures. GDS's public REITs have received approvals, with an anticipated valuation of ~15x EV/EBITDA [11] 6. **International Expansion**: GDS's DayOne initiative is seeing successful overseas progress with strong order momentum [11] 7. **Utilization Rates**: Projected utilization rates are expected to increase from 73.8% in 2024 to 81.0% by 2027 [16] 8. **New Booking Projections**: New bookings are projected at 80,000 sqm for 2025-2027 [16] 9. **Market Share Recovery**: The market share recovery (MSR) growth is projected to be -2.0% in 2025, improving to 1% by 2027 [11] Additional Important Information 1. **Ownership Positioning**: Institutional ownership stands at 86.8%, with a long/short ratio of 2x and net exposure of 26.3% in the hedge fund sector [19] 2. **Risks to Price Target**: Upside risks include accelerated sales in overseas markets and further interest rate cuts, while downside risks involve increased competition and potential reductions in hyperscaler capex [20] 3. **Stock Performance Metrics**: The stock closed at US$35.70 on October 31, 2025, with a 52-week range of US$52.50-16.93 [4] This summary encapsulates the critical insights from the conference call regarding GDS Holdings Ltd, highlighting the adjustments in financial estimates, market conditions, and strategic initiatives.

Core Viewpoint - The company, GDS Holdings Limited, will hold a board meeting on November 17, 2025, to approve its unaudited financial results for the third quarter ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for November 17, 2025, Hong Kong time [1] - The company will announce its financial performance on November 19, 2025, after the Hong Kong market trading hours and before the U.S. market opens [1] - The financial results will be published on the Hong Kong Stock Exchange website [1]

Core Viewpoint - GDS Holdings Limited, a leading developer and operator of high-performance data centers in China, is set to report its third quarter 2025 unaudited financial results on November 19, 2025, after the Hong Kong market closes and before the U.S. market opens [1]. Company Overview - GDS Holdings Limited operates high-performance data centers strategically located in primary economic hubs in China, catering to the growing demand for data center services [4]. - The company offers a range of services including co-location, managed hybrid cloud services, and managed network services, while being carrier and cloud-neutral [4]. - GDS has a 24-year track record of service delivery, serving a diverse customer base that includes hyperscale cloud service providers, large internet companies, financial institutions, and multinational corporations [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 of GDS Holdings will host an earnings conference call on November 19, 2025, at 8:00 AM U.S. Eastern Time, with registration required at least 15 minutes prior to the call [2]. - A live and archived webcast of the conference call will be available on the company's investor relations website [3].

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。 （股份代號：9698） 董事會會議召開日期 本公司董事會將於2025年11月17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9月30日止第三季度的未經審計財務業績（「業績」）。 本公司將於2025年11月19日（香港時間）香港市場交易時段後，於2025年11月19 日（美國東部時間）美國市場開市前，於香港聯交所網站 www.hkexnews.hk 公佈本 公司業績。 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 Lim ...

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Stock Rating**: Overweight - **Price Target**: US$54.00 - **Current Price**: US$35.70 (as of October 31, 2025) - **Market Cap**: Rmb50,238 million Key Financial Metrics - **3Q25E Revenue**: Rmb2,884 million, representing a 10.1% YoY growth - **3Q25E EBITDA**: Rmb1,231 million - **Adjusted EBITDA Margin**: 46.2% for 3Q25E - **2025 Revenue Forecast**: Rmb11,514 million - **2026 Revenue Forecast**: Rmb12,964 million Core Insights - **Revenue and EBITDA Growth**: GDS Holdings is expected to achieve 10-11% YoY growth in revenue and EBITDA for 3Q25E, despite a slight QoQ decline in revenue due to the de-consolidation of mature assets into REITs [1][10] - **Chipset Supply Dynamics**: The focus is on new NV chipset supply for China, with ongoing negotiations affecting Nvidia's shipments. This situation is expected to drive stock performance, as domestic GPU productivity is anticipated to meet future demand [3][4] - **Domestic Market Outlook**: New data center bookings in China have been muted since April 2025, with expectations for limited new orders in 3Q25. However, optimism remains for 2026 due to domestic GPU capacity expansion [4][9] - **DayOne Performance**: DayOne is projected to deliver strong order intake, particularly from global hyperscalers, which is expected to offset domestic market challenges [4][10] Market Positioning - **Valuation Metrics**: GDS China is trading at 10.6x 2025 EV/EBITDA, compared to 22x for its REITs assets, indicating a distressed valuation situation [4] - **Future Order Intake**: The market is forward-looking, with hyperscalers' tenders expected to be a significant driver for future growth. There is an upside risk to the forecast of 900MW bookings by the end of 2025, with expectations for continued growth into 2026 [4][10] Risks and Considerations - **Potential Risks**: Risks include reduced capex from hyperscalers, intensified competition, and potential reversals in interest rate trends in China and the US [12] - **Market Sentiment**: The overall sentiment remains cautious due to ongoing geopolitical tensions and supply chain constraints affecting the semiconductor industry [3][4] Additional Insights - **Analyst Ratings**: GDS Holdings is rated as a top pick within the Greater China Telecoms sector, reflecting a positive outlook despite current challenges [7][66] - **Earnings Impact**: The likely impact on consensus EPS for the next 12 months is expected to remain largely unchanged, with potential upside surprises from DayOne orders [10] This summary encapsulates the key points from the conference call, highlighting GDS Holdings' financial performance, market dynamics, and future outlook.