中国互联网数据中心行业：2025 年 A 股行业会议，AI 需求蓄势待发-Chinese Internet Data Centre Sector_ 2025 A-share Conference_ AI demand ready to take off

Summary of the Conference Call on the Chinese Internet Data Centre Sector Industry Overview - The Chinese Internet Data Centre (IDC) sector is experiencing a strong demand outlook driven by artificial intelligence (AI) [2][3] - Limited IDC tender releases in the past two quarters were primarily due to uncertainties in chip supply, which are expected to be resolved [2] - IDC rental prices remain stable, with project-level unlevered Internal Rate of Return (IRR) around high single digits (HSD) [2] - Absolute rental fees per kW have significantly declined since the peak in 2021, with capital expenditures (capex) now at Rmb 16-21 million per MW (excluding land costs) [2] - Efficient supply chains in China have contributed to the reduction in capex [2] - Liquid cooling technology presents both challenges and opportunities for the IDC industry in the AI era [2] Company Insights Sinnet - Sinnet anticipates strong demand in the AI era, projecting recurring annual IDC demand could reach 2GW [3] - The financing environment for IDC operators is favorable due to a declining interest rate environment in China, provided there are secured orders [3] - Sinnet is selective in entering new projects due to ongoing competition [3] Athub - Athub is actively seeking IDC resources near existing computing hubs, such as Inner Mongolia and Gansu, to support growth beyond 2025 after completing the Langfang project [4] - The company believes it can maintain cost control for new projects while preparing for liquid cooling [4] Risks and Opportunities - Downside Risks: - Weaker-than-expected AI demand [6] - Potential faults at data centers that could harm reputation [6] - Higher-than-expected interest rates [6] - Less favorable regulatory environment [6] - Upside Risks: - Stronger-than-expected growth in AI and cloud businesses [6] - Lower-than-expected electricity costs [6] - Lower-than-expected interest rates [6] - Tighter control on license granting and Power Usage Effectiveness (PUE) requirements [6] Conclusion - The IDC sector in China is poised for growth, particularly with the increasing demand from AI applications. Companies like Sinnet and Athub are strategically positioning themselves to capitalize on this trend while navigating competitive and regulatory challenges.