受多因素影响，业绩表现短期承压。2025H1，公司实现营业收入37.2 亿元，同比-5.1%，实现EBITDA 7.2 亿元，同比-1.8%，实现归母净利润1.2 亿元，同比-57.0%。单25Q2，公司实现营业收入18.8 亿元， 同比-2.8%，环比+2.9%；实现归母净利润0.46 亿元，同比-55.7%，环比-33.7%。整体看2025 年，一方 面公司IDC 业务进入交付大年，折旧摊销将增加较多；另一方面，因公司2017 年12 月购买的公有云服 务相关的特定经营性资产到期处置，导致2025H1 公司云计算收益减少6630 万元，预计该项处置将使公 司2025年度云计算收益减少1 亿元，两者共同导致今年年内公司业绩表现或短期承压。 IDC 投产加速，25H1 主受零售型业务影响。2025H1，公司实现IDC 收入10.7 亿元，同比-2.1%，毛利 率32.7%，同比下降1.8 pct，主因新投放机柜数量较大，批发型业务受客户上架周期影响，同时零售型 业务有部分项目续签价格下降以及部分客户因经营策略调整退租等情况影响。但整体来看，2025H1 公 司数据中心投产速度提速明显，新投放机柜1.6 万个， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Viewpoints - In the first half of 2025, the company's IDC production accelerated, with revenue and profitability impacted by a large number of newly deployed cabinets and challenges in wholesale and retail business segments. The cloud computing business remains stable, contributing to a new paradigm of intelligent computing power. Overall, the company's performance may be under pressure in the short term due to increased depreciation and amortization from IDC business and reduced cloud computing revenue from the disposal of specific operating assets [2][6][11]. Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved revenue of 3.72 billion yuan, a year-on-year decline of 5.1%. The net profit attributable to the parent company was 120 million yuan, down 57.0% year-on-year. In Q2 2025, revenue was 1.88 billion yuan, a year-on-year decrease of 2.8% and a quarter-on-quarter increase of 2.9% [6][11]. IDC Business - The IDC revenue for H1 2025 was 1.07 billion yuan, a decrease of 2.1% year-on-year, with a gross margin of 32.7%, down 1.8 percentage points. The decline was primarily due to the large number of new cabinets deployed, the impact of customer onboarding cycles in wholesale business, and price reductions in some retail projects. The company accelerated its data center deployment, with 16,000 new cabinets added, bringing the total operational cabinets to over 72,000, with an expected operational scale of approximately 320MW [11][12]. Cloud Computing Business - The cloud computing revenue for H1 2025 was 2.57 billion yuan, a year-on-year decrease of 7.7%, with a gross margin of 7.8%, down 1.7 percentage points. The decline was influenced by customer business adjustments and the company's proactive optimization of its customer structure. The company is leveraging its data center resources to integrate deeply with Amazon products, providing unified applications for generative AI [11][12]. Future Outlook - The company is expected to benefit from the current reversal in the IDC industry and significant demand driven by AI in the medium to long term. The projected net profit attributable to the parent company for 2025-2027 is 328 million yuan, 393 million yuan, and 476 million yuan, corresponding to PE ratios of 79x, 65x, and 54x respectively [11][12].