Core Viewpoint - CITIC Securities reports that after the completion of the first C-REIT transaction by GDS Holdings Limited (09698), the asset-light and heavy asset linkage model is expected to run smoothly next year, enhancing overall operational and financing efficiency [1] Financial Performance - In Q3 2025, the company reported revenue of 2.887 billion yuan and adjusted EBITDA of 1.342 billion yuan, indicating a significant improvement in profitability [1] - The gross profit margin has improved due to increased operational efficiency and cost optimization, leading to a steady recovery in gross profit [1] Operational Efficiency - The company has a current cash reserve of 13.444 billion yuan, and the net inflow from the C-REIT transaction this quarter was 2.248 billion yuan, significantly enhancing liquidity [1] - New financing exceeded 5 billion yuan this quarter, and the debt structure remains stable, providing ample support for continued expansion [1] Market Demand - Demand momentum in the Chinese market continues, with unit capacity utilization and commitment rates remaining robust [1] - Although the pace of new resource acquisition is under short-term pressure, the structure is improving [1] Business Outlook - The company maintains its full-year revenue and EBITDA guidance unchanged, benefiting from financing conditions, with a full-year Capex guidance of 2.7 billion yuan, ensuring stable financial flexibility [1]