世纪互联股价创新高，财务表现强劲与资产盘活成关键

Core Viewpoint - Century Internet's stock price reached a new high on February 12, 2026, driven by strong financial performance, proactive business expansion, and asset revitalization efforts [1] Financial Performance - For the third quarter of 2025, the company reported total revenue growth of 21.7% year-on-year, reaching 2.58 billion RMB, with adjusted EBITDA increasing by 27.5% to 758 million RMB [2] - The company raised its full-year guidance, expecting total revenue growth of 16% to 19% and adjusted EBITDA growth of 24% to 26% for 2025 [2] - In the first quarter of 2025, total revenue also achieved an 18.3% year-on-year growth, providing fundamental support for the stock price [2] Business Development - In the third quarter, the company secured three base-type IDC orders with a total capacity of 63 MW, and in the fourth quarter, it received a significant order of 32 MW from an internet client [3] - As a leading player in the AIDC (Artificial Intelligence Data Center) sector, the company is benefiting from market demand driven by AI acceleration [3] - As of September 30, 2025, the company's base-type IDC installed capacity increased by 13.8% quarter-on-quarter, with an installation rate of 74.3%, indicating strong operational efficiency [3] Project Progress - In January 2026, two IDC projects of Century Internet received approval for private REITs (asset-backed special plans), with a total proposed issuance amount of approximately 10.759 billion RMB [4] - This initiative helps the company revitalize heavy assets and recoup funds for new project investments, alleviating financial pressure and viewed positively by the market [4] Industry Policy and Environment - Analysts from institutions like Goldman Sachs indicate that the demand for data center tenders from major internet companies may be larger and come sooner than expected, leading to significant capital expenditure increases by leading operators in 2026 to accelerate capacity delivery [5] - This creates a favorable industry environment for leading IDC companies like Century Internet [5]