Core Viewpoint - The management of the company expects a significant acceleration in customer onboarding in the second half of 2025, driven by a previously signed 152MW large-scale order, despite uncertainties in chip supply [1][3]. Group 1: Customer Onboarding and Revenue Growth - The company anticipates that customer onboarding will noticeably increase in Q3 and Q4 of 2025, primarily due to the delivery of the 152MW large-scale customer order [3]. - The company currently has 185,000 square meters of backlog projects, with plans to deliver 35% in the second half of 2025 and another 35% in 2026, indicating a stable revenue growth foundation [3]. - In Q2 of this year, the company added 22,700 square meters of committed area, mainly from traditional internet and cloud service businesses, with a current utilization rate of 77.5% in the Chinese market, reflecting robust demand [3]. Group 2: AI Demand as a Growth Driver - Despite uncertainties in chip supply affecting new orders in the AI sector, the management remains optimistic about the future demand for AI, particularly in inference, which is expected to be a key driver for data center demand [6]. - The company holds a favorable position in this trend, with multiple sites around Beijing and Shanghai ready for quick deployment to meet AI inference demand [6]. - Long-term, the company has 900MW of future development capacity in first-tier cities and surrounding areas, providing ample infrastructure support for the anticipated growth in AI inference demand [6]. Group 3: Overseas Business Performance - The company's overseas business platform, DayOne, performed strongly in Q2, adding 246MW of committed orders, including new orders from Thailand and Finland, bringing total IT power commitments to 783MW [7][10]. - DayOne is expected to achieve its original goal of 1GW total power commitments ahead of schedule, with projections of adding 300-500MW of commitments annually in the coming years [10]. - The company is currently undergoing C-round equity financing and plans to achieve an IPO within 18 months, reflecting confidence in the future prospects of its overseas business [10].
万国数据电话会要点：下半年客户入驻有望加速，管理层对未来几年AI推理需求仍充满信心