Sinnet(SZ:300383)2025-08-27 06:20Group 1: Financial Performance - The company's IDC business in Beijing experienced a decline in gross margin due to client strategy adjustments, leading to lease terminations and price reductions during renewals [2][3] - The gross margin improved in Shanghai and Hebei due to increased data center occupancy rates [3] - The asset disposal related to public cloud services is expected to reduce cloud computing revenue by approximately CNY 100 million in 2025, with quarterly variations in revenue recognition [5] Group 2: Project Developments - The company is expanding into overseas markets, specifically in Malaysia, with project approvals completed and currently in the planning stage [3] - The Tianjin Baodi project has completed the first phase and part of the second phase, with deliveries scheduled as per client demand [3][4] - The Inner Mongolia project is progressing with energy consumption indicator approvals, and the company is actively pushing forward with project timelines [4] Group 3: Market Outlook - The pricing trends for data centers in the Beijing area are uncertain, influenced by supply and demand dynamics, with stricter energy consumption approvals affecting supply growth [4] - The demand for data centers is primarily driven by the internet and cloud computing sectors, with increasing requirements for computing power due to advancements in artificial intelligence [4] - The company is monitoring the differences in policy incentives and electricity pricing between projects in Hohhot and Helinger, with both requiring formal energy consumption approvals [4][5]