广州跑出超级隐形冠军：搞算力中心，年入21亿

Core Insights - The article highlights the transformation of Feng Kang from a banking professional to a prominent figure in the data center industry, specifically focusing on his company, Aofei Data, which has become a significant player in the IDC (Internet Data Center) sector in China [1][3]. Company Overview - Aofei Data, founded in 2014 by Feng Kang, is headquartered in Guangzhou and specializes in data center services, particularly in AI computing power centers, which are a major growth area for the company [1][7]. - The company holds approximately 15% market share in South China, 8% in the Beijing-Tianjin-Hebei region, and around 5% in the Yangtze River Delta region, serving over 300 clients [1]. Business Model - Aofei Data operates as a "power real estate developer" in the IDC space, focusing on building and maintaining data centers, while renting out physical space to cloud service providers like Alibaba Cloud and Tencent Cloud [7]. - The company has transitioned from a service provider to a heavy asset operator, with fixed asset value reaching 7.54 billion and ongoing construction projects valued at 1.07 billion by March 2025 [7]. Financial Performance - In 2024, Aofei Data reported revenues of 2.165 billion, marking a year-on-year growth of 62.18%, with a net profit of 124 million [8]. Competitive Landscape - Aofei Data faces significant competition from state-owned enterprises and major internet companies that are increasingly building their own data centers, which pressures the margins of third-party IDC providers [11][12]. - The company's gross margin improved by 1.3 percentage points to 28.8% in 2024, but it remains lower than that of some state-owned competitors [11]. Challenges - The IDC industry is capital-intensive and has long cycles, leading to high debt levels; Aofei Data's debt ratio reached 72.7% by Q1 2025, significantly above the industry average of 50%-60% [11]. - The company also faces regional supply-demand imbalances, leading to price wars, particularly in areas with rapid data center supply growth [13].