中国第一家美股IDC上市公司世纪互联(VNET.US)日前发布2025年第三季度未经审计的财务业绩。公司 第三季度实现总营收同比增长21.7%，达到25.8亿元人民币；经调整EBITDA同比增长27.5%，达到7.58 亿元；经调整现金毛利润同比增长22.1%，达到10.5亿元；经调整现金毛利率从去年同期的40.6%增长至 40.7%；经调整EBITDA利润率从去年同期的28%增长至29.4%。 世纪互联集团创始人、董事长陈升表示：得益于公司高效的交付能力和客户快速的上架节奏，第三季度 基地型IDC业务保持强劲增长势头，订单需求持续旺盛，新增三笔基地型业务订单，总容量达63MW； 以及来自多行业的城市型业务订单，总计约2MW。 "这一良好增长势头在第四季度持续强化，我们再次斩获了来自另一家互联网行业客户的32MW基地型 订单。作为AIDC领域的领军企业，我们具备独特优势，能够把握由AI加速驱动的市场需求。未来，我 们将继续深化双引擎战略与Hyperscale 2.0框架，在AI时代把握机遇，进一步释放公司增长潜力。"世纪 互联集团CFO王琪宇表示，继今年6月宣布上调全年指引之后，公司在本季度进一步上调2025 ...

世纪互联集团创始人、董事长陈升先生表示："本季度我们再次取得亮眼业绩，充分体现了公司战略在 把握市场机遇方面的成效。得益于公司高效的交付能力和客户快速的上架节奏，第三季度基地型IDC业 务保持强劲增长势头，订单需求持续旺盛，新增三笔基地型业务订单，总容量达63MW；以及来自多行 业的城市型业务订单，总计约2MW。这一良好增长势头在第四季度持续强化，我们再次斩获了来自另 一家互联网行业客户的32MW基地型订单。作为AIDC领域的领军企业，我们具备独特优势，能够把握 由AI 加速驱动的市场需求。未来，我们将继续深化双引擎战略与Hyperscale 2.0框架，在AI时代把握机 遇，进一步释放公司增长潜力。" 世纪互联集团CFO王琪宇先生表示："本季度强劲的业绩增长与盈利能力提升，再次证明了我们高质量 增长战略的有效性。得益于基地型IDC业务同比显著增长82.7%，总营收同比增长21.7%至25.8亿元人民 币。经调整EBITDA同比增长27.5%，达到7.58亿元。经调整EBITDA利润率增长至29.4%，同比提升1.3 个百分点。此外，得益于基地型业务客户快速的上架节奏以及公司运营效率的持续提升，继今年6月宣 ...

中信建投证券表示，世纪互联是我国头部IDC企业，公司基地型IDC业务快速扩张， 2025 年资本开支 100 亿元-120 亿元， 同比增长101%-141%，计划交付量超过前三年交付量的总和，公司已交付IDC 上 架率提升较快，2025年上半年业绩加速增长。 周二，世纪互联(VNET.US)涨4%，报10.83美元。 中信建投（601066）证券近日发布研报称，世纪互联 近期、远期储备丰富，计划到2036年管理的数据中心总容量提升至10GW，同时积极布局绿电直连有望 增厚利润，随着新建IDC 逐步交付及智算需求推动客户上架率提升，公司业绩有望持续增长。 ...

Core Viewpoint - Century Internet (VNET.US) has a strong growth outlook with plans to increase data center capacity to 10GW by 2036 and is focusing on green energy initiatives to enhance profitability [1] Group 1: Company Performance - Century Internet's stock rose by 4% to $10.83 [1] - The company is expected to see accelerated growth in performance in the first half of 2025 due to increased customer onboarding rates and new IDC deliveries [1] Group 2: Capital Expenditure and Growth Plans - Capital expenditure for 2025 is projected to be between 10 billion to 12 billion yuan, representing a year-on-year increase of 101% to 141% [1] - The planned delivery volume for 2025 is set to exceed the total delivery volume of the previous three years combined [1] Group 3: Market Position - Century Internet is recognized as a leading IDC enterprise in China, with rapid expansion in its base-type IDC business [1] - The company has a rich reserve of near-term and long-term projects, positioning it well for future growth [1]

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].