GDS Holdings Ltd (GDS) 2024 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the GDS Holdings Limited's fourth quarter and full year 2024 earnings conference call. (Operator Instructions)

女士們、先生們，大家好。感謝您參加萬國資料控股有限公司 2024 年第四季和全年財報電話會議。（操作員指令）

Today's conference call is being recorded. I will now turn the call over to your host, Ms. Laura Chen, Head of Investor Relations for the company. Please go ahead, Laura.

今天的電話會議正在錄音。現在我將電話轉給主持人、公司投資人關係主管 Laura Chen 女士。請繼續，勞拉。

Thank you. Hello, everyone. Welcome to the fourth quarter and full year 2024 earnings conference call of GDS Holdings Ltd. The company's results were issued via Newswire services today and are posted online. A summary presentation which we'll refer to during this conference call can be viewed and downloaded from our IR website at investors.gds-services.com.

謝謝。大家好。歡迎參加萬國數據控股有限公司 2024 年第四季和全年收益電話會議。我們將在本次電話會議中參考的摘要簡報可以從我們的 IR 網站 investors.gds-services.com 上查看和下載。

Leading today's call is Mr. William Huang, GDS Founder and Chairman of GDS Holdings, who will provide an overview of our business strategy and performance. Mr. Dan Newman, GDS CFO, will then review the financial and operating results.

今天的電話會議主持人是萬國數據創始人兼萬國數據控股董事長黃威廉先生，他將概述我們的業務策略和績效。隨後，GDS 財務長 Dan Newman 先生將審查財務和營運結果。

Before we continue, please note that today's discussion will contain forward-looking statements made under Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，該公司的業績可能與今天表達的觀點有重大差異。

Further information regarding these and other risks and uncertainties is included in the company's prospectus as filed with the US SEC. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

有關這些和其他風險和不確定性的更多資訊包含在公司向美國證券交易委員會提交的招股說明書中。除適用法律要求外，該公司不承擔更新任何前瞻性聲明的義務。

Please also note that GDS' earnings release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. GDS' press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

另請注意，GDS 的收益報告和本次電話會議包括未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。GDS 的新聞稿包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的對帳。

I'll now turn the call over to GDS Founder, Chairman, and CEO, William Huang. Please go ahead, William.

現在我將電話轉給 GDS 創辦人、董事長兼執行長 William Huang。請繼續，威廉。

Thank you, Laura. Hello, everyone. This is William. Thank you for joining us on today's call.

謝謝你，勞拉。大家好。這是威廉。感謝您參加今天的電話會議。

The race is on for AI in China. We saw the beginnings of it last year when cloud and internet companies increased their CapEx. This led to an initial wave of demand for AI training in remote locations. Now the race has gone to another level with demand for AI inferencing in Tier 1 markets. Based on our dialogue with our customers, this type of demand could run into multiples of gigawatts over the next few years.

在中國，人工智慧的競賽已經拉開序幕。去年，雲端運算和網路公司增加了資本支出，我們看到了這種情況的開始。這引發了對偏遠地區人工智慧訓練的最初需求浪潮。如今，隨著第一線市場對人工智慧推理的需求不斷增加，競爭已上升到另一個層次。根據我們與客戶的對話，未來幾年這種需求可能會達到數吉瓦。

Looking at the opportunity from GDS' perspective, it is exciting times to be a data center company again. The opportunity in Tier 1 markets plays to our strengths. We are by far the best positioned in terms of land and power to fulfill this kind of demand. And the largest cloud and internet companies in China are all our largest customers.

從萬國數據的角度來看待機遇，現在再次成為數據中心公司是一個令人興奮的時刻。一線市場的機會可以發揮我們的優勢。就土地和電力而言，我們目前最有能力滿足這種需求。中國最大的雲端運算和網路公司都是我們最大的客戶。

A key fact affecting the timing of customer deployments is the availability of chips. For deployments over the next few quarters, we do not see any significant risk and we are willing to commit to new business. However, for deployments further into the future, we think the right approach for us is to wait and see. The demand supply situations in Tier 1 markets continues to improve and we have the flexibility to decide when to move forward.

影響客戶部署時間的關鍵因素是晶片的可用性。對於未來幾季的部署，我們沒有看到任何重大風險，並且我們願意致力於新業務。然而，對於未來的部署，我們認為正確的方法是觀望。一線市場的供需狀況持續改善，我們可以靈活地決定何時向前邁進。

We just executed our first asset monetization transaction. From a financial perspective, this enables us to address immediate opportunities without deviating from our current path and strict discipline. As our asset monetization program becomes fully established, we will have flexibility to do more while delivering on our commitments to shareholders.

我們剛剛執行了第一筆資產貨幣化交易。從財務角度來看，這使我們能夠抓住眼前的機遇，而不會偏離當前的道路和嚴格的紀律。隨著我們的資產貨幣化計畫逐漸完善，我們將能夠靈活地做更多的事情，同時履行對股東的承諾。

Several years ago, we laid out a strategy to get GDS back on track with steady growth and a strong financial position. We remain firmly committed to this strategy. We focus on Tier 1 markets where we can add the most value. We prioritize delivering the backlog.

幾年前，我們制定了一項策略，使 GDS 重回正軌，實現穩定成長並保持強勁的財務狀況。我們依然堅定地致力於這項戰略。我們專注於能夠創造最大價值的一線市場。我們優先處理積壓的工作。

We remain highly selective about new business, pursuing orders which match our inventory, and which have fast move-in schedules. We incur CapEx when needed, with short lead time ahead of our customer move-in. We recycle capital through asset monetization, which is repeatable and scalable. We create additional value through our equity stake in Tier 1, which is now a standalone business.

我們對新業務保持嚴格的選擇性，追求與我們的庫存相匹配且有快速進場時間表的訂單。我們在需要時才會產生資本支出，並且在客戶入住前需要很短的準備時間。我們透過資產貨幣化來循環利用資本，這是可重複且可擴展的。我們透過持有 Tier 1 的股權創造了額外的價值，Tier 1 現已成為獨立的業務。

Let's review our progress in implementing this strategy. Our gross move-in during 2024 was 79,000 square meters, all organic and all in Tier 1 markets. This is the highest in our history. The move-in rate picked up in 1Q '24 and has stayed at a consistently high level into the currency year. The pickup was due to a combination of backlog delivery and new orders with fast move-in.

讓我們回顧一下實施這項戰略的進展。我們在 2024 年的總入住面積為 79,000 平方米，全部為有機入住，且全部位於第一線市場。這是我們歷史上最高的。入住率在 24 年第一季有所回升，並在貨幣年度保持在高位。銷售回升是由於積壓交付和新訂單的快速入駐共同作用的結果。

As shown on slide 7, we started 2025 with 110,000 square meters of backlog for area in service. We expect to deliver over half of this during the currency year. We ended the 2024 with a utilization rate of 74%. We expect utilization to increase to a high 70% by end of 2025. Our gross additional area committed during 2024 was 49,000 square meters, similar to the past two years. In line with our strategy, we targeted new business to absorb in inventory. A good illustration is the three new orders which we won in 4Q '24, all related in capacity, in service, or under construction.

如投影片 7 所示，到 2025 年，我們的服務面積積壓量為 110,000 平方公尺。我們預計在本財年內將實現其中一半以上的目標。到 2024 年，我們的利用率達到 74%。我們預計到 2025 年底利用率將升至 70% 的高點。我們在 2024 年承諾的新增總面積為 49,000 平方米，與過去兩年相似。按照我們的策略，我們以新業務為目標來吸收庫存。一個很好的例子是我們在24年第四季贏得的三個新訂單，這些訂單都與產能、在役或在建訂單有關。

During 1Q '25, we won a massive new order with the existing hyperscale customer for around 40,000 square meters or 152 megawatts, split across two sites in Langfang and Changshu. It is the largest single order in our history in China.

2025 年第一季度，我們與現有超大規模客戶贏得了一項大規模新訂單，訂單面積約 40,000 平方米，發電容量約 152 兆瓦，分佈在廊坊和常熟的兩個站點。這是我們在中國史上最大的單筆訂單。

This new order requires us to deliver data center within six months. The customer committed to move-in fully within the following six months. The whole cycle from obtaining the new order to full utilization is about one year. This is a high-quality AI-driven new business with no chip supply risk. It fully satisfies all of our criteria for CapEx with a short lead time, fast move-in, and long contract tenor.

這項新訂單要求我們在六個月內交付資料中心。客戶承諾在接下來的六個月內將全面入住。從獲得新訂單到完全投入使用，整個週期大約需要一年。這是一項優質、無晶片供應風險的AI驅動新業務。它完全滿足我們對資本支出的所有標準，交貨時間短、入住速度快、合約期限長。

Furthermore, the sites are existing campuses where we already invested in past years. As a result, we only need to incur the cost to complete, and we are able to meet the deadline for rapid delivery.

此外，這些地點是我們過去幾年已經投資過的現有校園。因此，我們只需承擔成本即可完成，並且能夠按時快速交貨。

For AI influencing in Tier 1 markets, hyperscale customers typically require sites with at least 15 megawatts of available capacity, deliverable within a short period of time. Fortunately, we are very well-placed in this regard. We have multiple sites suitable for AI-influencing around Beijing, Shanghai, and Shenzhen, Guangzhou. After completing the 152 megawatt new order, we will still have around 900 megawatts of deliverable capacity.

對於第一線市場的 AI 影響，超大規模客戶通常需要至少具有 15 兆瓦可用容量的站點，並可在短時間內交付。幸運的是，我們在這方面處於非常有利的位置。我們在北京、上海、深圳、廣州等地擁有多個適合人工智慧影響的站點。完成152兆瓦新訂單後，我們仍有約900兆瓦的可交付容量。

As demand continues to grow, there are a few sites in Tier 1 markets with the necessary scale and time to market. This should benefit us.

隨著需求不斷增長，一線市場中已經有一些具備必要規模和上市時間的站點。這對我們有利。

Turning to slide 13, I would like to share some operating updates for DayOne, which became our equity investing upon closing of its Series B equity rates. In 2024, DayOne accomplished a historical 340 megawatts of new commitments. DayOne ended 2024 with 467 megawatts of total IT power committed, most of which will be available within the next two years.

轉到第 13 張投影片，我想分享 DayOne 的一些營運更新，該公司在 B 輪股權融資結束後成為我們的股權投資。2024年，DayOne實現了歷史性的340兆瓦新承諾。截至 2024 年，DayOne 已承諾的總 IT 電力為 467 兆瓦，其中大部分將在未來兩年內投入使用。

DayOne's sales pipeline is highly visible and strong. DayOne is confident of doing over 250 megawatts of new commitments during 2025 and remains on track to hit 1 gigawatt of total IT power committed in less than three years.

DayOne 的銷售管道非常清晰且強勁。DayOne 有信心在 2025 年實現超過 250 兆瓦的新承諾，並預計在不到三年的時間內達到 1 千兆瓦的總 IT 電力承諾。

I will now pass on to Dan for financial and operating review.

現在我將把財務和營運審查轉交給丹。

Thank you, William.

謝謝你，威廉。

DayOne Data centers, previously known as GDS International or GDSI, completed and closed its Series B equity rates on December 31, 2024. At closing, GDS's equity interest in DayOne was diluted from 52.7% to 35.6%. Accordingly, GDS deconsolidated DayOne as a subsidiary and recognized DayOne as an equity investee.

DayOne 資料中心（前身為 GDS International 或 GDSI）於 2024 年 12 月 31 日完成並關閉了其 B 輪股權融資。收盤時，GDS 在 DayOne 的股權從 52.7% 稀釋至 35.6%。因此，GDS 將 DayOne 從子公司中分離出來，並將 DayOne 確認為股權投資對象。

In the consolidated financial statements for the quarter and year ended December 31, 2024, DayOne's operational results and cash flows have been excluded from the company's financial results from continuing operations and have been separately itemized under discontinued operations. Retrospective adjustments to the historical statement of operations and cash flows have also been made to provide a consistent basis of comparison for the financial results.

在截至 2024 年 12 月 31 日的季度和年度合併財務報表中，DayOne 的經營成果和現金流已被排除在公司持續經營的財務成果之外，並在已終止經營業務下單獨列示。我們也對歷史經營成果和現金流量表進行了回顧性調整，以便為財務結果提供一致的比較基礎。

Furthermore, retrospective adjustments were also made to categorize DayOne's assets and liabilities as assets and liabilities of discontinued operations on balance sheets for the comparative periods.

此外，還進行了追溯調整，將 DayOne 的資產和負債在比較期間的資產負債表中歸類為已終止營運的資產和負債。

From the first quarter of 2025 onwards, DayOne will appear in our financials as a single line in our income statement and a single line in our balance sheet. However, in our earnings presentations going forward, we intend to continue disclosing key financial and operating information for DayOne similar to what we disclosed when DayOne was a segment of GDS so that investors can keep track of DayOne's performance and the value of our equity investment.

從 2025 年第一季起，DayOne 將作為一行出現在我們的財務報表中，並作為一行出現在我們的損益表中，並作為一行出現在我們的資產負債表中。然而，在未來的收益報告中，我們打算繼續披露 DayOne 的關鍵財務和營運信息，類似於 DayOne 作為 GDS 的一部分時披露的信息，以便投資者能夠跟踪 DayOne 的業績和我們的股權投資價值。

Although we will no longer present GDS and DayOne on a consolidated basis, we did provide guidance on a consolidated basis for 2024. I would highlight that our pro forma consolidated adjusted EBITDA for 2024 was above the top end of our guidance range. From now on, I'm talking about GDS' continuum operations. Starting on slide 17.

雖然我們將不再以合併方式呈現 GDS 和 DayOne，但我們確實為 2024 年提供了合併指引。我要強調的是，我們 2024 年的預測合併調整後 EBITDA 高於我們指導範圍的最高限。從現在開始，我要談 GDS 的連續營運。從投影片 17 開始。

In 4Q '24, revenue increased by 9.1% and adjusted EBITDA increased by 13.9% year on year. In 2024, revenue increased by 5.5% and adjusted EBITDA increased by 3% year on year. If we normalize the numbers by excluding one-time items in 2023 and reversing the BOT projects transfer in 2024, our revenue and adjusted EBITDA would have grown by 7.9% and 7.7% respectively. MSR per square meter declined 2.3% in 4Q '24 compared with 4Q '23 in line with our expectations. Looking forward, we expect MSR to decline slightly over the next year and we assume that power tariffs remain at current levels.

24年第四季，營收年增9.1%，調整後EBITDA年增13.9%。2024年營收年增5.5%，調整後EBITDA年增3%。如果我們透過在 2023 年排除一次性項目並在 2024 年逆轉 BOT 項目轉移來使數字正常化，我們的收入和調整後的 EBITDA 將分別增長 7.9% 和 7.7%。24 年第四季每平方公尺的 MSR 與 23 年第四季相比下降了 2.3%，符合我們的預期。展望未來，我們預計未來一年 MSR 將略有下降，我們假設電價將保持在當前水平。

Adjusted EBITDA margin for 2024 was 47.2% compared with 48.4% in 2023 or compared with 47.8% in 2023 excluding the one-time items. This implies that on a normalized basis EBITDA margins were flat. For 2024, our CapEx totaled RMB3 billion in line with our revised guidance. Our base case CapEx for 2025 was RMB2.5 billion. However, we will incur an additional RMB2.3 billion as the cost to complete and deliver the 152 megawatt new order. Offsetting this increase, we expect to receive RMB500 million first installment of cash proceeds from the ABS transaction.

2024 年調整後 EBITDA 利潤率為 47.2%，而 2023 年為 48.4%，若不包括一次性項目，則 2023 年為 47.8%。這意味著在正常化基礎上 EBITDA 利潤率保持穩定。到 2024 年，我們的資本支出總額將達到 30 億元，符合我們修訂後的指引。我們對2025年的基本資本支出為人民幣25億元。但為了完成並交付152兆瓦的新訂單，我們將額外花費23億元的成本。為了抵​​銷這一成長，我們預計將從 ABS 交易中獲得首期 5 億元人民幣的現金收益。

In sum, we are giving guidance for around RMB4.3 billion of CapEx in 2025. Please note that this does not take account of the balance of proceeds from the ABS, further mega new orders or the proceeds of further asset monetization transactions in the current year.

總之，我們預期2025年的資本支出約為人民幣43億元。請注意，這還沒有考慮到 ABS 的收益餘額、進一步的巨額新訂單或當年進一步資產貨幣化交易的收益。

For the full year of 2024, our cash flow before financing is positive RMB379 million. Once again, this is in line with our financial target.

2024年全年，我們的融資前現金流為正3.79億元。這再次符合我們的財務目標。

In 2025, with additional CapEx for the 152 megawatt new order, cash flow before financing will be negative. However, if we factor in debt deconsolidation and the deferred cash proceeds from the ABS transaction, we would still see no increase in our net debt. I'll come back to this point in a minute.

2025 年，由於 152 兆瓦新訂單的額外資本支出，融資前現金流將為負值。然而，如果我們考慮到債務分割和 ABS 交易的遞延現金收益，我們的淨債務仍然不會增加。我稍後會回到這一點。

As shown on slide 24, at year-end 2024, the cash balance was RMB7.9 billion and the net debt for last quarter annualized adjusted EBITDA multiple was 6.8 times.

如投影片 24 所示，截至 2024 年底，現金餘額為人民幣 79 億元，上季淨債務年化調整後 EBITDA 倍數為 6.8 倍。

Turning to slide 26, we recently announced our first asset monetization transaction. This involves selling 100% of the equity of certain data center project companies to an SPV managed by a major Chinese securities company with back-to-back issuance of ABS. For the avoidance of doubt, the ABS represents the equity of these projects and it is not a liability of GDS.

轉到第 26 張投影片，我們最近宣布了我們的第一筆資產貨幣化交易。該交易涉及將某些資料中心專案公司的 100% 股權出售給一家中國大型證券公司管理的 SPV，並背對背發行 ABS。為避免疑義，ABS 代表這些項目的股權，而不是 GDS 的負債。

The ABS is 70% subscribed by top-tier institutional investors in China, led by China Life, while GDS subscribes for the remaining 30% and retains the rights for ongoing operation of the underlying data centers. The ABS will be listed on the Shanghai Stock Exchange as a standardized security product. The total enterprise value or EV for the transaction is up to approximately RMB2.9 billion, implying an EV to EBITDA of around 13 times.

該ABS的70%由以中國人壽為首的中國頂級機構投資者認購，而萬國數據則認購剩餘的30%，並保留對底層數據中心的持續運營權。該ABS將作為標準化證券產品在上海證券交易所上市。此次交易的企業價值總額或 EV 高達約人民幣 29 億元，意味著 EV 與 EBITDA 比率約為 13 倍。

The total equity consideration is up to approximately RMB1.7 billion or RMB1.2 billion net of the 30% reinvestment by GDS in the ABS. The upfront cash proceeds are around RMB500 million and the deferred net cash proceeds are around RMB700 million. The reason why there are deferred proceeds is because the underlying data centers are still ramping up. Upon closing, we will deconsolidate existing debt of around RMB1.2 billion.

股權總對價最高約為人民幣 17 億元，扣除萬國數據對 ABS 的 30% 再投資後為人民幣 12 億元。前期現金收益約人民幣5億元，遞延淨現金收益約人民幣7億元。之所以有延期收益，是因為底層資料中心仍在加速建置。交易完成後，我們將解除約12億元的現有債務。

We are making good progress with our public REIT or C-REIT application. It is moving forward faster than expected. C-REITs are not permitted to invest in the equity of unlisted companies. However, they can invest through ABS.

我們的公開 REIT 或 C-REIT 申請正在取得良好進展。它的進展比預期的要快。C-REITs不得投資非上市公司的股權。但是，他們可以透過 ABS 進行投資。

As shown on slide 28, with the ABS transaction expected to close in the next couple of months, we can cover our 2025 CapEx at RMB4.3 billion without increasing our net debt. We expect our net debt to last quarter annualized adjusted EBITDA multiple to come down to just over 6 times at the end of the current year.

如投影片 28 所示，ABS 交易預計將在未來幾個月內完成，我們可以在不增加淨債務的情況下支付 2025 年 43 億元人民幣的資本支出。我們預計，到今年年底，上個季度的淨債務年化調整後 EBITDA 倍數將降至略高於 6 倍。

With the recovery in our share price, our 2030 CB is now deeply in the money. If we treat this CB as converted, our year-end net debt to last quarter annualized adjusted EBITDA multiple will be around 5.5 times.

隨著我們股價的回升，我們的 2030 可轉換債券現在已處於豐厚的回報中。如果我們將該 CB 視為轉換後的，我們年底的淨債務與上一季年化調整後 EBITDA 倍數將約為 5.5 倍。

Turning to slide 29, for the full year of 2025, we expect our total revenues to be between RMB11.29 billion to RMB11.59 billion, implying a year-on-year increase of between approximately 9.4% to 12.3%. And adjusted EBITDA to be between RMB5.19 billion and RMB5.39 billion, implying a year-on-year increase of between approximately 6.4% to 10.5%. In addition, as I already mentioned, we expect CapEx to be around RMB4.3 billion.

轉到第 29 頁，對於 2025 年全年，我們預計總收入在人民幣 112.9 億元至人民幣 115.9 億元之間，這意味著同比增長約 9.4% 至 12.3%。經調整EBITDA為人民幣51.9億元至人民幣53.9億元之間，年增約6.4%至10.5%。此外，正如我已經提到的，我們預計資本支出約為人民幣43億元。

On slide 30, we look at our guidance a few different ways. Our official guidance takes into account deconsolidation of the data center projects underlying the ABS. On a normalized basis, if we assume the ABS did not happen, our adjusted EBITDA growth for 2025 at the midpoint would have been around 10.7%. This is consistent with the objective we set of getting back to double-digit growth.

在投影片 30 上，我們從幾個不同的角度來審視我們的指導。我們的官方指導考慮到了 ABS 所依賴的資料中心專案的拆分。在正常化基礎上，如果我們假設 ABS 沒有發生，我們 2025 年的調整後 EBITDA 成長率中位數將在 10.7% 左右。這與我們設定的恢復兩位數成長的目標是一致的。

Alternatively, if we take our official guidance and then add on the gain on the sale of the data center projects, the adjusted EBITDA growth for 2025 at the midpoint is around 16.7%.

或者，如果我們遵循官方指導，然後加上資料中心專案的銷售收益，2025 年的調整後 EBITDA 成長率中位數約為 16.7%。

Lastly, the additional CapEx, which we will incur for the 152 megawatt new order in 2025, will lead to higher growth in 2026. Our current and very preliminary view is that adjusted EBITDA growth could be in the low teens for 2026 before taking out a further mega new orders or asset monetization.

最後，2025 年 152 兆瓦新訂單所需的額外資本支出將帶來 2026 年的更高成長。我們目前的初步看法是，在獲得更多巨額新訂單或資產貨幣化之前，2026 年調整後的 EBITDA 成長率可能會處於低點。

Finishing on slide 31, we're not providing guidance for day one. However, we note that day one ended 2024 with run rate adjusted EBITDA of around USD60 million. Based on the expected ramp-up, we'll increase the cap on the new order. Based on the expected ramp-up, we'll increase by multiples over the next two years.

在第 31 張投影片上，我們不會提供第一天的指導。然而，我們注意到，截至 2024 年的第一天，調整後的 EBITDA 約為 6,000 萬美元。根據預期的成長，我們將提高新訂單的上限。根據預期的成長，未來兩年我們的產量將增加數倍。

We'd now like to open the call to questions. Operator?

我們現在想開始提問。操作員？

(Operator Instructions) Yang Liu, Morgan Stanley.

(操作員指示) 摩根士丹利的劉洋。

Thank you for the opportunity to ask question. I would like to have some visibility in terms of your plan to spin off DayOne and let it go public. Could management update us in terms of the current plan and schedule? Yeah, that is my question. Thank you.

感謝您給我提問的機會。我希望您能了解剝離 DayOne 並讓其上市的計劃。管理階層能否向我們通報目前的計畫和時間表？是的，這是我的問題。謝謝。

Thank you, Yang Liu. I think like last quarter, some investors asked the same question, but we don't have a clear view. Now I would like to say we do have the plan. The IPO plan is more visible, and we plan to list the company within 18 months.

謝謝你，劉陽。我認為就像上個季度一樣，一些投資者問了同樣的問題，但我們沒有明確的看法。現在我想說我們確實有這個計劃。IPO計劃更加清晰，我們計劃在18個月內實現公司上市。

So I think this is achievable and we are very confident based on the current international business. DayOne's business grows so fast and we are very confident it will be a very successful IPO in the next 18 months and bring more high value for our current shareholder.

所以我認為這是可以實現的，而且基於目前的國際業務，我們非常有信心。DayOne 的業務成長如此之快，我們非常有信心它將在未來 18 個月內實現非常成功的 IPO，並為我們現有的股東帶來更高的價值。

Thank you. May I follow up in terms of the series of progress Dan just mentioned? You see faster than expected growth, progress here. What is the status now? Is it under NDRC or under CSRC or stock exchange? And should we expect it to come out in the next one or two or three quarters? What's your expectation now? Thank you.

謝謝。我可以就丹剛才提到的一系列進展進行跟進嗎？您會看到這裡的成長和進步比預期的要快。目前情況如何？它隸屬於國發改委、證監會還是證券交易所？我們是否應該預期它會在未來一、二或三個季度內問世？您現在的期望是什麼？謝謝。

Yeah, I think we say we made significant progress, but we cannot disclose. We don't allow to disclose so far. So I think maybe once we get allowed to disclose, we will announce this progress update immediately. And I think I remember last quarter when we talked about the series progress, we aimed to the end of the -- this year. But I think the progress may be four or six months ahead than what we expect.

是的，我想我們取得了重大進展，但我們不能透露。目前我們還不允許披露。因此我認為，一旦我們被允許披露，我們就會立即宣布這項進展更新。我記得上個季度我們談到該系列的進展時，我們的目標是今年結束。但我認為進展可能比我們預期的要提早四個月到六個月。

Sarah Wang, UBS.

瑞銀的 Sarah Wang。

Thank you for the opportunity to ask questions. I have two questions, mainly on the China business. So first of all, may I ask whether the current CapEx is based on existing orders on hand, as management just mentioned, that includes the more than 150 megawatt order win in first quarter? And how shall we think about new order wins throughout 2025?

感謝您給我提問的機會。我有兩個問題，主要是關於中國業務的。首先，我可以問一下目前的資本支出是否基於現有訂單，正如管理層剛才提到的，其中包括第一季贏得的超過 150 兆瓦的訂單嗎？那麼，我們該如何看待2025年的新訂單呢？

The second question is the second question is regarding the existing vacant capacities. William just mentioned the AI inference demand from hyperscalers. Now they require more than 50 megawatts project size. In the existing capacity, utilization ramp up is mainly driven by non-AI demand. Thank you.

第二個問題是關於現有的空置產能。William 剛才提到了超大規模企業的 AI 推理需求。現在他們需要超過50兆瓦規模的專案。在現有產能中，利用率的提升主要受到非人工智慧需求的推動。謝謝。

Yeah, the first question is, I think, yeah, this is the first quarter we have won the deal, which we announced. But of course, I think we see a lot of pipeline. But as I just mentioned, we will wait and see what's the chip supply situation. This is the key driver to drive the AI deployment in China data center.

是的，第一個問題是，我認為，是的，這是我們宣布贏得交易的第一個季度。但當然，我認為我們看到了很多管道。但正如我剛才提到的，我們將拭​​目以待晶片供應的情況。這是推動中國資料中心人工智慧部署的關鍵驅動力。

So I think there's something not very clear so far about in terms of the chip supply. Everybody knows that. So we are very cautious on that. We are watching this situation very, very closely. So this is the key, let's say, criteria to let us decide, go or un-go for some deal. So I think, number one, the demand from all the hyperscalers is very strong. This is everybody can see from all the CapEx guidance. This is for sure.

所以我認為目前晶片供應方面的情況還不是很清楚。大家都知道這一點。因此我們對此非常謹慎。我們正在密切關注這一局勢。所以，這就是讓我們決定是否達成某項交易的關鍵標準。因此我認為，首先，所有超大規模企業的需求都非常強勁。每個人都可以從所有資本支出指導中看到這一點。這是肯定的。

But second, this trend, this demand will maintain, not just today and this year. It will maintain three and five years. So we are very super confident for the current year's demand and the next few years' demand. But we are more patient because of some potential supply uncertainty chips. So we are very, very cautious to monitor all the supply changements in the future. And then we can decide.

第二，這種趨勢、這種需求將會持續下去，不只是今天和今年。將會維持三年到五年。因此，我們對今年的需求和未來幾年的需求非常有信心。但由於一些潛在的供應不確定性因素，我們更有耐心。因此，我們非常非常謹慎地監控未來的所有供應變化。然後我們就可以做決定。

On the other hand, we are ready to do anything, anytime, any order if we wish. So we're ready for that. So just our current state of strategy is wait and see, and very selective to choose the new order. This is the first question.

另一方面，如果我們願意，我們願意在任何時間、按照任何命令做任何事。我們已經做好準備了。因此，我們目前的策略狀態是觀望，並且非常有選擇性地選擇新秩序。這是第一個問題。

The second question is, I think, of course, in the AI world, the first wave of investing in AI training. Now, because the DeepSeek has triggered all the China inference coming more early than everybody expects. So they bring DeepSeek. We love DeepSeek. It brings the order inferencing coming more early. It definitely fits our results where we're located.

第二個問題，我認為當然在人工智慧領域，第一波投資是針對人工智慧訓練的。現在，由於DeepSeek引發的所有中國推論都比所有人預期的要早。因此他們帶來了DeepSeek。我們喜歡 DeepSeek。它使得順序推理能夠更早實現。它絕對符合我們所在地的結果。

So I think the inference requirement, it's totally different than the training requirement. Number one, it should stay close to the traditional crowd to collaborate to support the enterprise. Number two, it will lead more new application come to more early. And this also requires a very, very short latency.

所以我認為推理要求與訓練要求完全不同。第一，要貼近傳統人群，合作支持企業。第二，它將使更多的新應用更早出現。這也需要非常非常短的延遲。

So this all fits our resource, which we are located. So we can see in the next wave, the current wave, the coming wave is the inference is a huge benefit, positive for GDS' resource, what we have. That is very clear.

這一切都符合我們所在的資源。因此，我們可以看到，下一波，當前的浪潮，即將到來的浪潮將對 GDS 的資源產生巨大的好處，是積極的。這是非常清楚的。

Frank Louthan, Raymond James and Associates.

洛森 (Frank Louthan)，雷蒙詹姆斯 (Raymond James) 及合夥人。

Great. Thank you. Can you characterize the types of customers and workloads that you're getting? So what percentage that is AI versus more traditional cloud enterprise type business that you're seeing come in China today? And what is the current book to bill rate? Meaning, how long is it taking you when you sign a contract when you're fully billing at the contracted terms? Historically, that was fairly lengthy. What does that current rate look like today? Thanks.

偉大的。謝謝。您能描述一下您所接待的客戶類型和工作量嗎？那麼，您看到目前在中國，人工智慧與更傳統的雲端企業類型的業務佔比是多少？目前的訂單出貨比是多少？意思是，當您簽署合約並完全按照合約條款付款時需要多長時間？從歷史上看，這是一個相當漫長的過程。今天的現行利率是多少？謝謝。

Yeah. Currently, I think the workload in that Tier 1 market, which we have seen is mainly driven by the inference, not training. Training wave, as I just mentioned, it's happening in the last two years. So it's not in our strategy. So we are focused on the Tier 1 market. Our resource or in the Tier 1 market is in line with our resource business strategy as well.

是的。目前，我認為我們看到的第一線市場的工作量主要由推理而不是訓練驅動。正如我剛才提到的，培訓浪潮發生在過去兩年。所以這不在我們的戰略之內。因此，我們專注於一線市場。我們的資源或一級市場也符合我們的資源業務策略。

So I think what we are very clear, the currency in Tier 1 market demand mainly driven by the AI inference. And of course, in the meanwhile, it's also lead to the traditional cloud deployment more faster than before. Yeah. This is what we see. Yeah. This is number one.

所以我認為我們非常清楚，Tier 1 市場對貨幣的需求主要由 AI 推理所驅動。當然，同時，它也導致傳統雲端的部署速度比以前更快。是的。這就是我們所看到的。是的。這是第一名。

Number two, number two, I just mentioned that we choose our criteria is that if we use the current our capacity and the data center under construction to fit our customer demand, shortened demand, I think this is the time from the obtained order to fully utilize is 12 months. It's 12 months. It's much better than previous last couple of years order. Typically, last couple of years, typically two years, even longer. Now, let's say, improved at the lead time for us.

第二，我剛才提到，我們選擇的標準是，如果我們利用目前的容量和正在建造的資料中心來滿足客戶的需求，縮短的需求，我認為從獲得訂單到充分利用的時間是 12 個月。是12個月了。這比過去幾年的訂單要好得多。通常是過去幾年，通常是兩年，甚至更長。現在，我們可以說，交貨時間已經得到改善。

Yeah. Are those lead times contractually obligated or is that just how quickly the customers want to move?

是的。這些交貨時間是合約規定的嗎，還是只是客戶希望的速度？

Yes, absolutely. Yeah. Yeah, absolutely. And as I mentioned, the deal which we select, the contract length is much longer than before based on our current position. We are sitting in a very good position to negotiate new term compared with the last couple of years. We are in a good position.

是的，絕對是如此。是的。是的，絕對是如此。正如我所提到的，根據我們目前的狀況，我們選擇的交易的合約期限比以前長得多。與過去幾年相比，我們在談判新任期方面處於非常有利的地位。我們處於有利地位。

Timothy Zhao, Goldman Sachs.

高盛的趙蒂姆（Timothy Zhao）

Great. Thank you, management, for taking my question. I think the first question is regarding the supply and demand dynamics that you see in the Tier 1 markets. As you mentioned that, I think by end of this year, I think the utilization rate of GDS is, I think, approaching like high 70s. Just wondering if you have any sense on the industry-wide utilization rate and also how do you think about the pricing environment in the Tier 1 cities?

偉大的。謝謝管理層回答我的問題。我認為第一個問題是關於您在一級市場看到的供需動態。正如您所說，我認為到今年年底，GDS 的利用率將接近 70% 左右。我只是想知道您是否了解整個行業的利用率，以及您如何看待一線城市的定價環境？

And secondly, is regarding like DayOne, I think you mentioned that I think you foresee around 250 megawatts new commitment for DayOne in this year. Just wondering if you can provide some color on the orders or the demand and what type of customers that you are seeing that contributing this new commitment and what are the underlying demand like AI versus non-AI and if there's any risk regarding cheap availability in this region. Thank you.

其次，關於 DayOne，我記得您提到過，您預計今年 DayOne 的新承諾發電量將達到 250 兆瓦左右。只是想知道您是否可以提供一些有關訂單或需求的信息，以及您看到哪些類型的客戶做出了這一新的承諾，以及潛在需求是什麼，例如人工智能與非人工智能，以及該地區是否存在廉價供應的風險。謝謝。

Okay. The number one question in China, I think the Tier 1 market just start. Yeah, as I said, they did order AI giant. They just give the guidance, official guidance, start from this year. Last couple of years, it's mainly driven by the training. This year, the guidance, of course, it's the demand in the next three years, the demand will be shifted from the training, pure training, to training, to inferencing.

好的。關於中國的首要問題，我認為一線市場才剛起步。是的，正如我所說，他們確實命令了人工智慧巨頭。他們只是提供指導，官方指導，從今年開始。過去幾年，它主要受到培訓的推動。今年的指導，當然是未來三年的需求，需求將從訓練，純粹的訓練，轉向訓練，轉向推理。

So this is, as I said, this is start to benefit us. But now, but it's a situation, things last a couple of years, in the past, in the Tier 1 market, even in the Tier 1 market, market, the supply and demand balance, not balanced yet. It's a start.

所以，正如我所說，這開始對我們有利。但現在的情況是，這種情況持續了幾年，在過去，在一級市場，即使在一級市場，市場的供需平衡還沒有平衡。這是一個開始。

From my personal view, I would like to say, after 6 or 12 months, this will rebalance. And it will, the demand and the supply, maybe after 12 months will turn around. So this is my view. And the current in Tier 1 market, there's a lot of the individual data center player, they used to have a lot of resource, but most of them are very fragmented. So not fit current AI demand.

從我個人的角度來看，我想說，6 個月或 12 個月後，這種情況將會重新平衡。也許 12 個月後，需求和供應就會好轉。這是我的觀點。目前在一級市場中，有許多獨立的資料中心參與者，他們曾經擁有許多資源，但大多數都非常分散。所以不符合當前的AI需求。

On the other hand, but there's still a few individual player, they still have the large scale around the Tier 1 market. But I think that given the time, I think this will definitely digest for the AI demand. But our strategy is very, very selective to choose to pursue the order. And the best order, the best deal for us is to fit our criteria. This is number one.

另一方面，但仍有少數個別參與者，他們仍在第一級市場擁有較大的規模。但我認為，隨著時間的推移，我認為這肯定會滿足人工智慧的需求。但我們的策略是非常、非常選擇性地選擇追求訂單。對我們來說最好的訂單、最好的交易就是符合我們的標準。這是第一名。

Number two, so I think we another waiting for another way to see is we were willing to see the price getting improved. If that's the case, I think it's a good market. It's turned out to be a good market and a healthy market. This is more fit for us.

第二，我認為我們還在等待另一種方式來觀察我們是否願意看到價格上漲。如果確實如此，我認為這是一個很好的市場。事實證明這是一個好的市場、一個健康的市場。這更適合我們。

In terms of the DayOne customer, I think number one, the new order is from the very, very different cloud and video company. So I think it's from different country, different application, different workload. So very diversified in the last year's order, which we got from the international market. So this is number one.

就 DayOne 客戶而言，我認為，首先，新訂單來自非常不同的雲端和視訊公司。所以我認為這是因為不同國家、不同應用、不同工作量。因此，去年我們從國際市場獲得的訂單非常多樣化。這是第一名。

Number two, I think that in general in Southeast Asia, the main deployment is not AI. It's high performance GPU and the cloud. So the main workload for whatever Chinese customer or US customer is cloud, growth, and also the video application, internet. A high performance CPU, sorry, high performance CPU, not GPU. In terms in the whole market percentage, still a small number. So I think the new chips policy will not impact the whole Southeast Asia demand profile.

第二，我認為東南亞整體來說，主要部署的不是人工智慧。它是高效能 GPU 和雲端。因此，無論是中國客戶或美國客戶，主要的工作量是雲端、成長，以及視訊應用和網路。高效能CPU，抱歉，是高效能CPU，不是GPU。從佔整個市場的比例來看，還是一個很小的數字。所以我認為新的晶片政策不會影響整個東南亞的需求狀況。

Jonathan Atkin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的喬納森·阿特金 (Jonathan Atkin)。

Thanks for taking my question. One China and then one, I guess, DayOne. So what's the use of the ABS proceeds? And can you give us a little bit of a flavor for the customer profile, margin profile, weighted average lease expiration, just any color about those stabilized assets that you're issuing capital off of?

感謝您回答我的問題。一個是中國，一個是第一天。那麼 ABS 收益有什麼用途呢？您能否向我們介紹客戶概況、保證金概況、加權平均租賃到期日，以及您用來發行資本的穩定資產的情況？

And then the DayOne question is maybe a little broader. You broke ground in Chonburi, I think, just a couple of days ago. What's the use case you see for Thailand? And then any kind of update on Batam? What's going well? What are some of the challenges that you're seeing relative to your last conference call? Thanks.

那麼 DayOne 的問題可能更廣泛一些。我想，你們幾天前才在春武里府破土動工。您認為泰國的用例是什麼？關於巴淡島有什麼最新消息嗎？一切順利嗎？與上次電話會議相比，您遇到了哪些挑戰？謝謝。

Yeah, the ABS proceeds can be used either to pay down debts and delever or to reinvest if the right opportunity is there. And we look at new investment opportunities as being one part of the equation and asset monetization as being the other part of the equation. So this asset ABS issue has been achieved at a good time because we also presented with a very good new investment opportunity at around the same time.

是的，如果有合適的機會，ABS 收益可以用來償還債務、去槓桿或再投資。我們將新的投資機會視為等式的一部分，將資產貨幣化視為等式的另一部分。所以這次資產 ABS 的發行是在一個很好的時機完成的，因為我們在大約同一時間也提出了一個非常好的新投資機會。

And when we put it all together, we are able to increase our CapEx, but keep our debt at the same level or lower and be able to achieve at the end of this year, lower net debt to EBITDA. We have a lot of assets that are suitable for asset monetization treatment. We selected assets for the first transactions that we thought would be highly acceptable to investors.

當我們將所有這些放在一起時，我們能夠增加我們的資本支出，但保持我們的債務在同一水平或更低水平，並能夠在今年年底實現淨債務與 EBITDA 的降低。我們有很多資產適合進行資產貨幣化處理。我們選擇了我們認為最容易被投資者接受的資產進行首次交易。

The asset we chose for the ABS happens to be one that we acquired a few years ago. And it has mostly financial institution customers, which obviously financial investors have high recognition for those kind of customers. But it doesn't have to be this way for the C-REITs. We chose a different seed asset with quite a different profile. It's more of a cloud internet customer.

我們為 ABS 選擇的資產恰好是我們幾年前收購的資產。而其客戶大多是金融機構，顯然金融投資人對這類客戶認可度很高。但對於 C-REIT 來說，情況不一定如此。我們選擇了具有完全不同特徵的種子資產。它更像是一個雲端互聯網客戶。

Yeah, let's talk about a little bit the groundbreak in Thailand. As we just announced the day before yesterday, I think this is as usual, when we start to build a new data center, building a new capex in Thailand, that means we have a very, very strong customer demand back to us. So that's why we are starting to build a new campus in Thailand.

是的，我們來談談泰國的開創性進展。正如我們前天剛剛宣布的那樣，我認為這很正常，當我們開始在泰國建立新的資料中心、建立新的資本支出時，這意味著我們擁有非常非常強大的客戶需求。這就是我們開始在泰國建立新校區的原因。

And the customer is mixed. In Thailand, the demands are very mixed, both from the US and China, Chinese customers. It's quite a mix here. So I think we can see that this campus is the largest campus in Thailand so far. So I think we are very confident that the demand will continue in Thailand. Thailand will be the new hub in Asia Pacific, in Southeast Asia, even in Asia Pacific.

而且顧客也是褒貶不一。在泰國，需求非常複雜，既有來自美國，也有來自中國的客戶。這裡的情況很複雜。所以我想我們可以看到這個校區是泰國迄今為止最大的校區。因此我認為我們非常有信心泰國的需求將持續下去。泰國將成為亞太地區、東南亞地區、乃至亞太地區的新樞紐。

So in terms of Batam, I think we are very happy to talk about that. We delivered the first two phases, which we committed to our customers. And we continue to build the remaining phases for our customers as well. So I think the Batam project is going well. And we see that based on this very good customer successful delivery, I think more demand is coming to Batam as well. So this is what's happening in Batam, Thailand.

因此，就巴淡島而言，我認為我們非常樂意談論這個問題。我們已完成了前兩個階段的工作並向客戶做出了承諾。我們也會繼續為客戶建立剩餘的階段。所以我認為巴淡島計畫進展順利。我們看到，基於這個非常好的客戶成功交付，我認為巴淡島的需求也會增加。這就是泰國巴淡島發生的事情。

Yes. If I could sneak one on China, domestic. You highlighted big internet demand, but then you also mentioned DeepSeek. And there's a deep ecosystem of AI startups in China. And how do you see the sales funnel and kind of prospects in terms of score meters or megawatts sold from kind of AI startups within China versus established internet companies that are also increasing their CapEx?

是的。如果我能偷偷地在中國國內買一個的話。您強調了對網路的巨大需求，但隨後又提到了 DeepSeek。中國擁有深厚的人工智慧新創企業生態系統。而就中國境內人工智慧新創公司銷售的計量表或兆瓦數而言，與同樣在增加資本支出的成熟網路公司相比，您如何看待其銷售管道和前景？

Yeah, I think the demand, right? So most are driven by the established company. And we do see a lot of enterprise type demand is coming. Because this is just a start, a lot of small enterprise, the first phase is try their AI first.

是的，我認為有需求，對吧？因此，大多數都是由老牌公司推動的。我們確實看到許多企業類型的需求正在出現。因為這只是一個開始，很多小企業，第一階段先嘗試他們的人工智慧。

And they also internally, I think the sentiment is very good for all the Chinese enterprise inside China, because everybody tried to leverage AI to improve their efficiency or increase their revenue. I think all this is very popular right now. So I think given the time, I think the demand was mainly driven by the multi-industry. Yeah, that's easy to see. We'll have, I believe it will happen in the next few years. It's already, it's started.

從內部來看，我認為中國所有企業的態度都非常好，因為每個人都試圖利用人工智慧來提高效率或增加收入。我認為現在這一切都非常流行。因此我認為，考慮到時間因素，需求主要是由多種行業推動的。是的，這很容易看出。我們會的，我相信這會在未來幾年發生。已經開始了。

Daley Li, Bank of America Securities.

美國銀行證券公司的戴利李（Daley Li）。

Hi, thanks for taking my question. I have two questions. One is regarding our future series of issuers. How do you anticipate the valuation range for this series? Because if we look at other series in Asia, in China market, warehouse valuation is pretty high, like 20 times EV to EBITDA. So what's our expected valuation range for this and the yield?

你好，謝謝你回答我的問題。我有兩個問題。一個是關於我們未來的發行人系列。您預計這個系列的估值範圍是多少？因為如果我們看看亞洲的其他系列，在中國市場，倉庫估值相當高，例如 EV 與 EBITDA 比率的 20 倍。那麼我們預期的估值範圍和報酬率是多少呢？

My second question is regarding the mov-in pace for China market. If we look at the next like a few quarter by quarter move-in pace by the client, and we have seen more rush order for AI chips in one queue. So would we expect maybe more faster ramp up in like two queue or going forward? Thank you.

我的第二個問題是關於中國市場的進入速度。如果我們看一下客戶接下來幾季的進展速度，我們會看到隊列中對 AI 晶片的緊急訂單越來越多。那麼，我們是否預計在兩個隊列中或向前推進時會有更快的速度提升？謝謝。

Yeah, Dave, thanks for your question. There's around 50 series listed in China and we categorize them by the nature of the underlying assets. There's around 25, where the underlying assets are commercial, real estate, industrial, business, park, logistics, and so on.

是的，戴夫，謝謝你的提問。中國上市的債券系列約有 50 個，我們根據基礎資產的性質進行分類。大概有25個，基礎資產包括商業、房地產、工業、企業、園區、物流等等。

And we think that subset is the best benchmarks for a potential data center C-REIT. Those 25 companies, there's two or three outliers, but if we exclude them, what remains is trading in a very well-defined range in terms of dividend yield. I believe that dividend yield is the driver of their valuation, then the multiple is derived from that. The dividend yield is quite concentrated around 5%.

我們認為該子集是潛在資料中心 C-REIT 的最佳基準。這 25 家公司中有兩三家是異常值，但如果我們將它們排除在外，剩下的公司在股息收益率方面將處於非常明確的範圍內。我相信股息收益率是其估值的驅動因素，倍數由此得出。股息殖利率相當集中在5%左右。

And if we take that as a reference and assume conservatively that we would offer a data center C-REIT at a yield premium, we can derive what the implied multiple would be for us in terms of our asset monetization.

如果我們以此為參考，並保守地假設我們將以收益溢價提供資料中心 C-REIT，我們就可以推導出對我們的資產貨幣化而言隱含的倍數。

And it's quite attractive. We set a benchmark 13 times with the ABS and we stated that the investors in the ABS had the explicit intention when the time is right, when all the qualification criteria can be met, to inject that ABS into a C-REIT. So clearly they expected to be able to do that at some kind of valuation, multiple pickup.

它非常有吸引力。我們為 ABS 設定了 13 次基準，並聲明 ABS 的投資者有明確的意圖，當時機成熟、所有資格標準都得到滿足時，將 ABS 注入 C-REIT。因此，他們顯然期望能夠以某種估值、多倍收購來實現這一目標。

Yeah. In terms of the move-in pace, right? I think, as I just mentioned, the new order is a six-month move-in pace. I think that means it's not too late this year. Yeah. Start from this year. I think this is a very big change compared with the last couple of years. Yeah.

是的。就入住速度來說，對嗎？我認為，正如我剛才提到的，新的秩序是六個月的推進速度。我認為這意味著今年還不算太晚。是的。從今年開始。我認為與過去幾年相比，這是一個非常大的變化。是的。

Thank you. As there are no further questions, I'd like to now turn the call back over to the company for closing remarks.

謝謝。由於沒有其他問題，我現在想將電話轉回給公司，以便發表結束語。

Thank you all for joining us today and we'll see you next time. Bye.

感謝大家今天的參與，我們下次再見。再見。

This concludes this conference call. You may now disconnect your line. Thank you.

本次電話會議到此結束。現在您可以斷開線路了。謝謝。