Investment Rating - The report maintains an "Outperform" rating for the company [5][10]. Core Insights - The company has exceeded expectations in revenue and adjusted EBITDA, with a significant growth forecast for the coming years [5][10]. - The future planning under the Hyperscale 2.0 framework aims to significantly increase data center capacity, positioning the company for competitive advantage in the market [5][10]. - The company has raised its full-year guidance, reflecting strong demand and rapid scaling of operations [5][10]. Financial Summary - Total revenue projections for 2025-2027 are 92.91 billion, 108.30 billion, and 126.69 billion RMB, with year-on-year growth rates of 12.50%, 16.56%, and 16.98% respectively [5][10]. - Adjusted EBITDA is expected to be 28.06 billion, 34.21 billion, and 40.03 billion RMB for the same period, with growth rates of 14.35%, 21.93%, and 17.01% [5][10]. - The company reported a Q2 2025 revenue of 2.43 billion RMB, a 22.1% increase year-on-year, and base IDC revenue of 854 million RMB, up 112.5% year-on-year [5][10]. Operational Capacity - The operational capacity for base IDC is 674 MW, reflecting a 17.5% quarter-on-quarter increase, with a rack capacity of 511 MW, also up 17.0% quarter-on-quarter [5][10]. - The base IDC rack rate stands at 75.9%, while the urban IDC rack rate is at 63.9% [5][10]. Future Planning - The company plans to manage a total data center capacity of 10 GW by 2036, starting from regions like Inner Mongolia, Hebei, and Beijing [5][10]. - AI application traffic is identified as a core driver for the scale of AIDC construction, ensuring the company's competitive edge [5][10].