5月12日，万国数据(GDS)开盘上涨11.47%，截至21:30，报28.37美元/股，成交415.55万美元，总市值 55.15亿美元。 5月28日，万国数据将披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 资料显示，万国数据控股有限公司(纳斯达克股票代码:GDS;港交所股票代码:9698)是中国及东南亚地区 领先的高性能数据中心运营商和服务商。公司的数据中心分布于对高性能数据中心需求广泛的中国核心 经济枢纽地区。为了满足客户更广泛的需求,公司还根据客户的选择在非一线城市地区建设和运营数据 中心。公司的数据中心规模大,电力供应充沛、密度高且高效,所有关键系统均具备多重冗余。公司中立 于运营商及云服务提供商,客户可自由选择与主要电信运营商连接,以及接入托管于公司数据中心的多家 云服务提供商。万国数据可为客户提供托管和管理服务,包括与领先的公有云进行直接私有连接、独特 创新的混合云管理服务平台,以及在需要时转售公有云服务。公司拥有23年安全可靠的数据中心托管及 管理服务经验,成功满足国内大型客户对于外包数据中心服务的高标准要求,目前所服务的客户主要 ...

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 ...

SHANGHAI, China, May 07, 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 that it will report its first quarter 2025 unaudited financial results after the close of the Hong Kong market and before the open of the U.S. market on May 20, 2025. About GDS Holdings Limited GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of ...

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]

SHANGHAI, China, April 28, 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 that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission (the "SEC") on April 28, 2025 U.S. Eastern Time. The annual report can be accessed on the Company's investor relations website at investors.g ...

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 ...

Core Viewpoint - GDS experienced a significant sell-off following its fourth-quarter report, with a 21.5% decline in stock price, despite a year-over-year increase of approximately 231% [1][2]. Financial Performance - GDS reported earnings of $3.08 per American depositary share and sales of $368.6 million in the fourth quarter, but the profit was largely due to one-time accounting events. The company also recorded a loss from continuing operations of $23.8 million [3]. - Revenue increased by 9.1% year-over-year, primarily driven by the expansion of data center operations [3]. Future Guidance - For the full year, GDS is guiding sales between 11.29 billion Chinese yuan ($1.56 billion) and 11.59 billion Chinese yuan ($1.6 billion), indicating an annual sales growth of approximately 11% at the midpoint [4]. - Although the company is positioned for potential sales expansion due to rising demand for data center services driven by AI and other technologies, the conservative sales growth guidance suggests that revenue growth may be slower than investor expectations [5].

Core Viewpoint - GDS Holdings Limited has been upgraded to Strong Buy by Raymond James analyst Frank G. Louthan, with a price target of $53, following a 9.1% year-over-year increase in net revenue for Q4 to CN¥2.69 billion ($371.13 million) [1][2] Group 1: Financial Performance - The revenue increase in Q4 was primarily driven by the ramp-up of data centers [1] - GDS expects FY25 total revenues between CN¥11.29 billion and CN¥11.59 billion, with adjusted EBITDA projected between CN¥5.19 billion and CN¥5.39 billion [1] - Louthan updated 2025 revenue and EBITDA estimates to CN¥11.45 billion and CN¥5.29 billion, respectively, down from CN¥14.08 billion and CN¥6.47 billion [4] Group 2: Market Misunderstanding - There was a misunderstanding regarding the Q4 results and forward guidance, as the reported figures excluded the subsidiary DayOne, which was moved to discontinued operations [2] - Consensus expectations were based on combined results from both GDS and DayOne, leading to a perceived miss in performance [2] Group 3: Strategic Outlook - The spin-off of the P-REIT, while reducing revenue and EBITDA, is viewed as having a net positive effect on valuation [3] - Management is preparing for increased demand for AI services driven by platforms like DeepSeek in China [3] - GDS secured 150 MW in new contracts and has shifted to a quicker 12-month billing cycle from a previous three-year timeline [4]