本报讯 （记者李春莲）8月20日，万国数据控股有限公司（以下简称"万国数据"或"公司"）公布截至 2025年6月30日第二季度未经审计的财务业绩。2025年第二季度净收入为29亿元，同比增长12.4%；调 整后EBITDA为13.718亿元，同比增长11.2%；经调整EBITDA率为47.3%。 万国数据董事长兼首席执行官黄伟表示："通过对既有战略的高效执行，我们在2025年第二季度继续保 持稳健的运营表现和财务业绩。近期，南方万国数据中心封闭式基础设施证券投资基金在上海证券交易 所成功挂牌，这是我们战略发展过程中的又一重要里程碑。展望下半年，在人工智能浪潮的大力推动 下，国内一线市场将涌现更多新商机，我们已为此做好充足准备，将充分把握市场机遇。" 2025年第二季度，万国数据的数据中心签约面积新增2.27万平方米，同比增长8.1%，主要来自互联网和 云服务商。签约订单中包含三笔超大规模订单，总IT容量超40MW，来自位于京津冀核心枢纽城市的四 座数据中心。截至本季度末，公司数据中心总签约面积达66.4万平方米。 2025年第二季度，万国数据新增数据中心使用面积2.24万平方米，同比增长14.1%，与过去五个 ...

Core Viewpoint - The company, GDS Holdings Limited, reported strong financial results for the first half of 2025, showing significant growth in revenue and profitability, alongside strategic investments in data center expansion [1] Financial Performance - For the first half of 2025, GDS achieved a net revenue of approximately 56.23 billion yuan, representing a year-on-year increase of 12.2% [1] - The gross profit was around 13.34 billion yuan, reflecting a year-on-year growth of 22.71% [1] - The net profit attributable to ordinary shareholders was approximately 6.64 billion yuan, marking a turnaround from a loss to profitability [1] Strategic Developments - GDS's equity investment target, DayOne, announced plans to construct a large-scale data center in Lahti, Finland, with an estimated total investment of about 12 billion euros, expected to be operational by 2027 [1] - The potential total capacity of the data center is projected to be 128 megawatts, with the first server cluster having a capacity of 50 megawatts [1] - The company is reportedly advancing a Series C equity financing round to support future project development and market expansion [1] - Management indicated that the performance of the equity financing on the first day exceeded expectations, with DayOne aiming for an initial public offering within 18 months [1]

值得注意的是，万国数据股权投资对象DayOne近日宣布，将在芬兰拉赫蒂建设超大规模数据中心，预 计2027年投运，总投资额可达约12亿欧元，该数据中心的潜在总容量预计为128兆瓦，首个服务器集群 的容量为50兆瓦。此外，市场有消息称，目前该公司正在推进C轮股权融资，以支持后续项目建设和市 场拓展。管理层于业绩电话会议上称"股权融资第一天表现超出预期"，据悉DayOne目标在18个月内进 行首次公开募股。 消息面上，万国数据发布业绩，于2025年上半年，实现净收入约56.23亿元，同比增长12.2%；毛利约 13.34亿元，同比增长22.71%；归属于万国数据控股有限公司普通股股东的净利润为约6.64亿元，同比 扭亏为盈。 万国数据-SW(09698)绩后高开逾6%，截至发稿，涨6.45%，报33.32港元，成交额664.08万港元。 ...

Core Insights - DayOne, a Singapore-based global data center developer, is investing approximately EUR 1.2 billion in a hyperscale data center campus in Lahti, Finland, to enhance the country's digital infrastructure [1][7][8] Investment and Project Details - The Lahti data center will be built on a 98,901 square meter site, with a total potential capacity of 128 megawatts (MW) IT load, starting with an initial building of 50 MW IT load [3] - Construction is set to begin in Q3 2025, with operations expected to commence in 2027 [3] - The project aims to create 100 direct skilled jobs and employ 1,000 construction workers at its peak [6] Sustainability and Energy Efficiency - The data center is designed to achieve LEED Gold certification or higher, utilizing air cool chiller technology to eliminate the need for freshwater cooling [4][6] - DayOne is collaborating with local firms to leverage Finland's cool climate for energy efficiency and sustainability [4] - The facility will integrate with the local district heating system and explore waste heat reuse [5] Local Collaboration and Economic Impact - DayOne has entered a Growth Partnership Agreement with the City of Lahti and local institutions, committing EUR 2.5 million to LUT Universities [9] - The partnership focuses on aligning educational pathways with industry needs and fostering local talent development [10] - The investment is expected to significantly bolster Lahti's digital economy and contribute to job creation [6][8] Strategic Rationale - Finland is viewed as an ideal location for European growth due to its reliable energy infrastructure, renewable energy leadership, and skilled workforce [7][8] - Lahti's recognition as the European Green Capital 2021 aligns with DayOne's sustainability goals, making it a strategic choice for investment [8]

Summary of Conference Call Notes Industry Overview - **Industry**: Data Centers in China - **Key Players**: GDS, VNET, Sinnet, DayOne Core Insights and Arguments - **Upcoming Earnings Reports**: China data center operators are expected to report 2Q25 results soon, with GDS and VNET anticipated to show revenue growth of +11% and +15% year-over-year respectively, and adjusted EBITDA growth of +6% and +21% year-over-year [1][3] - **Chip Supply Constraints**: There are expectations of soft order intakes due to chip supply constraints and reduced capital expenditures from hyperscalers, with Tencent's 2Q25 capex down by 30% quarter-over-quarter to US$2.66 billion, despite a year-over-year increase of +119% [1] - **C-REITs Performance**: Following the listing of China's first two data center C-REITs, the Southern GDS Data Center REIT and Southern Range Tech Data Center REIT saw share price increases of +37% and +36% respectively [1] - **Domestic Order Visibility**: Commentary on domestic order visibility for the second half of 2025 will be crucial for share price movements in the sector, especially in light of US chip export approvals and domestic usage caution from Chinese authorities [1] DayOne's Performance - **Growth Strategy Execution**: DayOne has made significant progress in its growth strategy, securing 974MW of total capacity in the SIJORI region, which is approximately 25% of the region's total capacity [2][20] - **Debt Financing**: DayOne raised nearly US$4 billion in debt and secured agreements for over 500MW of green power, indicating strong financial backing for its expansion [2] - **Construction Updates**: DayOne has commenced construction on the SG1 facility in Singapore, expected to be operational by 2026, and is also developing a data center campus in Tokyo with an initial capacity of 18MW [2][15] - **Regional Expansion**: DayOne is expanding into Thailand and Finland, with a combined potential addition of ~220MW to its committed capacity, bringing the total to ~750MW [2][15] Investment Ratings - **GDS and VNET**: Both companies are rated as "Buy" due to their strong market positions and growth potential [3][22][26] - **Sinnet**: Rated as "Sell" due to market share losses and limited demand recovery visibility [3][28] Additional Insights - **Cloud Revenue Growth**: Anticipated acceleration in cloud revenue from major players like Alicloud, Tencent Cloud, Baidu Cloud, and Kingsoft Cloud, projected at +21% year-over-year for 2Q25 [18] - **Market Dynamics**: The data center sector in Southeast Asia is expected to benefit from rising cloud penetration and expansion by US and Chinese hyperscalers, alongside increased demand for AI capabilities [9][15] Risks and Considerations - **GDS Risks**: Key risks include below-expected demand, slower overseas revenue ramp-up, and pricing pressures [23][25] - **VNET Risks**: Risks involve financing challenges, execution issues, and geopolitical uncertainties regarding AI [27] - **Sinnet Risks**: Limited demand recovery and market share erosion pose significant risks for Sinnet's future performance [29]

Financial Data and Key Metrics Changes - In Q4 2024, revenue increased by 9.1% and adjusted EBITDA increased by 13.9% year-on-year [27] - For the full year 2024, revenue increased by 5.5% and adjusted EBITDA increased by 3% year-on-year [27] - Adjusted EBITDA margin for 2024 was 47.2%, down from 48.4% in 2023 [28] - Cash flow before financing for 2024 was positive RMB 379 million [30] - At year-end 2024, cash balance was RMB 7.9 billion and net debt to last quarter annualized adjusted EBITDA multiple was 6.8 times [32] Business Line Data and Key Metrics Changes - Gross move-in during 2024 was 79,000 square meters, the highest in company history, all in Tier 1 markets [15] - Utilization rate at the end of 2024 was 74%, expected to increase to high 70s% by the end of 2025 [16] - Gross additional area committed during 2024 was 49,000 square meters, consistent with the past two years [16] Market Data and Key Metrics Changes - Demand for AI inferencing in Tier 1 markets is expected to grow significantly, with potential demand running into multiples of gigawatts over the next few years [8] - The company has multiple sites suitable for AI inferencing around major cities, with around 900 megawatts of developable capacity remaining after fulfilling new orders [20] Company Strategy and Development Direction - The company remains committed to a strategy focused on Tier 1 markets, prioritizing backlog delivery and selective new business [13] - The asset monetization program is expected to provide flexibility for future investments while maintaining commitments to shareholders [12] - The company aims to achieve steady growth and a stronger financial position through disciplined capital expenditure and recycling capital [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for AI-related services, particularly in Tier 1 markets, while remaining cautious about chip supply uncertainties [56] - The company anticipates a shift in demand from AI training to AI inferencing, which is expected to benefit its resource positioning [73] - Management expects the utilization rate to rebalance in the Tier 1 market within the next 6 to 12 months [75] Other Important Information - DayOne, now an equity investee, ended 2024 with 467 megawatts of total IT power committed, with expectations of significant growth in the coming years [21] - The company executed its first asset monetization transaction, selling equity in certain data center project companies, with an enterprise value of approximately RMB 2.9 billion [34] Q&A Session Summary Question: Update on the plan to spin off DayOne and IPO schedule - Management plans to list DayOne within 18 months, confident in its growth and potential for a successful IPO [46] Question: Status of C-REIT progress - Significant progress has been made, but specific details cannot be disclosed yet; updates will be provided when allowed [48] Question: CapEx based on existing orders and new order wins - Current CapEx includes the new 152 megawatt order; management is cautious about new orders due to chip supply uncertainties [54][56] Question: Customer types and workloads - Demand is mainly driven by AI inferencing, with improved lead times for order fulfillment now at around 12 months [65] Question: Supply and demand dynamics in Tier 1 markets - The market is starting to rebalance, with expectations for improved pricing and demand driven by established companies [76] Question: Use of ABS proceeds - Proceeds can be used for debt reduction or reinvestment; the ABS transaction was well-timed with new investment opportunities [84] Question: Update on Thailand and Batam projects - The new data center in Thailand is driven by strong customer demand, while the Batam project is progressing well with successful deliveries [88][89]