中国数据中心_2025 年三季度业绩或符合预期；订单可见性积极及国内融资环境支撑增长；买入（VNETGDS）-China Data Centers_ 3Q25 results likely inline; Positive order visibility and domestic financing environment to support growth; Buy VNETGDS

11 November 2025 | 5:39PM HKT Equity Research CHINA DATA CENTERS 3Q25 results likely inline; Positive order visibility and domestic financing environment to support growth; Buy VNET/GDS We preview 3Q25 results for China data center operators GDS/VNET (both Buy rated) and update estimates post Sinnet (Sell)'s below-expected 3Q25 results. For 3Q25E, we are largely inline with Visible Alpha Consensus Data (GSe GDS China revenue +11% yoy/EBITDA +10% yoy, VNET revenue +17% yoy/EBITDA +28% yoy). For 2025 full-yea ...