万国数据-2025 年第三季度万国数据中国区收入、EBITDA 基本符合预期，斩获 30 兆瓦订单；DayOne 业绩大幅超预期

19 November 2025 | 9:27PM HKT Equity Research GDS Holdings (GDS): First Take: 3Q25 GDS China revenue/EBITDA largely in line, with 30MW order wins; DayOne solid beat GDS Holdings (GDS/9698.HK) reported 3Q25 results that were largely in line with GSe and Visible Alpha Consensus Data on both revenue and adj. EBITDA (+10%/11% yoy, respectively). Capacity utilized grew 11% yoy while MSR dropped -2% yoy/-3% qoq. In 3Q25, GDS China received a total 30MW hyperscale new orders, compared to 40MW/152MW orders in 2Q/1Q ...