GDS Holdings Ltd (GDS) 2025 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for GDS Holdings Limited's first-quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

女士們、先生們，大家好。感謝您參加萬國資料控股有限公司 2025 年第一季財報電話會議。（操作員指示）今天的電話會議正在錄音。

I will now turn the call over to your host, Ms. Laura Chen, Head of Investor Relations for the company. Please go ahead, Laura.

現在我會把電話轉給主持人、公司投資人關係主管 Laura Chen 女士。請繼續，勞拉。

Thank you. Hello, everyone, and welcome to the first-quarter 2025 earnings conference call of GDS Holdings Limited.

謝謝。大家好，歡迎參加萬國數據控股有限公司2025年第一季業績電話會議。

The company's results were issued via Newswire Services earlier today and are posted online. A summary presentation, which we will refer to during this conference call, can be viewed and downloaded from our IR website at investors.gds-services.com.

該公司的業績於今天稍早透過新聞專線發布並在網路上公佈。我們將在本次電話會議中參考的摘要簡報可從我們的 IR 網站 investors.gds-services.com 上查看和下載。

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

今天的電話會議由萬國數據創始人、董事長兼執行長黃威廉先生主持，他將概述我們的業務策略和業績。隨後，GDS 財務長丹紐曼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 the 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，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that GDS' earnings press 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 的收益新聞稿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。

We started 2025 with very solid results. In the first quarter, we achieved revenue growth of 12% and adjusted EBITDA growth of 16% year on year. It is the highest growth rate for the past two years. This is a result of our continued focus on backlog delivery and new orders with faster move-in schedules.

我們以非常紮實的成績開啟了 2025 年。第一季度，我們實現了營收成長12%，調整後EBITDA年增16%。這是近兩年來的最高成長率。這是因為我們持續關注積壓訂單的交付和新訂單，並加快了入住時間表。

Our gross move-in during 1Q '25 was around 20,000 square meters, all in Tier 1 markets. Our utilization rate reached 75.7%. Quarterly move-in has stayed at a consistent level since the beginning of last year. We expect the pace of move-in to continue through this year with around 40% of the current backlog to be delivered by year-end.

2025 年第一季度，我們的總進場面積約為 20,000 平方米，全部位於第一線市場。我們的利用率達到了75.7%。自去年年初以來，季度入住率一直保持在穩定水平。我們預計今年的入住速度將持續下去，目前積壓的約 40% 將在年底前交付。

The demand environment has turned the corner with AI developments. This led to an initial wave of demand for AI training in remote locations. Now, the demand is coming to Tier 1 markets with AI inferencing. We believe inferencing could be a much bigger and more sustainable opportunity across multiple years.

隨著人工智慧的發展，需求環境已經發生了轉變。這引發了對偏遠地區人工智慧培訓的最初需求浪潮。現在，隨著人工智慧推理的出現，需求正在進入一級市場。我們相信推理可能是一個更大、更永續的多年機會。

The mega deal of 152 megawatts that was signed during 1Q '25 is a perfect example and evidence of strong demand during this AI era. This new order requires us to deliver data centers within six months. The customer committed to move in fully within the following six months.

2025 年第一季簽署的 152 兆瓦巨額交易就是人工智慧時代強勁需求的完美例證和證據。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。

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 move-in risk as we confirmed with the customer.

從獲得新訂單到全部投入使用，整個週期大約需要一年時間。這是一個高品質的人工智慧驅動的新業務，正如我們與客戶確認的那樣，沒有入駐風險。

Looking forward, there are still uncertainties around AI chip supply in China in the short term. Our customers are working out their deployment plans. As chip supply becomes more clear, we expect demand to take off.

展望未來，短期內中國AI晶片供應仍存在不確定性。我們的客戶正在製定他們的部署計劃。隨著晶片供應變得更加清晰，我們預計需求將會成長。

In terms of capacity supply, we are well positioned to capture these opportunities. We already have around 900 megawatts of capacity held for future developments in and around Tier 1 markets.

在產能供應方面，我們已準備好抓住這些機會。我們已經擁有約 900 兆瓦的容量，用於第一線市場及其周邊的未來發展。

As I mentioned, we believe the coming wave for AI demand is going to be largely from inferencing, which requires large sites in Tier 1 markets. We have multiple sites suitable for AI inferencing around Beijing, Shanghai, and Shenzhen.

正如我所提到的，我們相信即將到來的人工智慧需求浪潮將主要來自推理，這需要在一級市場設立大型站點。我們在北京、上海和深圳週邊擁有多個適合人工智慧推理的站點。

As demand continues to grow and the time to deliver becomes the key factor, our held for development capacity will become more valuable. We believe there is a good chance that we will develop all of these 900 megawatts and more within the next four years.

隨著需求不斷成長，交付時間成為關鍵因素，我們持有的待開發產能將變得更有價值。我們相信，我們很有可能在未來四年內開發出全部 900 兆瓦甚至更多的電力。

On the financing side, we made significant progress with our asset monetization program. We completed the first ABS transaction in 1Q '25, and we are making good progress on the C-REIT transaction.

在融資方面，我們的資產貨幣化計劃取得了重大進展。我們在 2025 年第一季完成了首筆 ABS 交易，C-REIT 交易也取得了良好進展。

Our asset monetization strategy gives us financing flexibility in terms of being able to recycle cash in China when we need to. It gives us an option to capitalize new projects.

我們的資產貨幣化策略為我們提供了融資彈性，讓我們能夠在需要時在中國回收現金。它為我們提供了利用新項目進行資本化的選擇。

Lastly, I would like to share some operation updates for DayOne. In 1Q '25, DayOne added 70 megawatts of new commitments, which brings its total power commitment -- committed to over 530 megawatts.

最後，我想分享一些DayOne的營運更新。2025 年第一季度，DayOne 增加了 70 兆瓦的新承諾，使其總電力承諾超過 530 兆瓦。

In the current quarter, DayOne also made substantial progress in expanding its footprint. It obtained customer commitments for its Thailand project.

本季度，DayOne 在擴大業務範圍方面也取得了實質進展。該公司獲得了泰國專案的客戶承諾。

In addition, it made a breakthrough into a completely new market, Europe, and landed its first project in Finland together with secured customer commitments. The order for Thailand and Finland are expected to total over 220 megawatts, which will be added to power committed in the next few months. This will bring total power committed to over 750 megawatts.

此外，該公司還突破性地進入了全新市場——歐洲，並在芬蘭獲得了第一個項目，並獲得了客戶承諾。泰國和芬蘭的訂單預計總計超過 220 兆瓦，這將添加到未來幾個月承諾的電力中。這將使總發電量超過 750 兆瓦。

DayOne is ahead of schedule to meet the target of 1 gigawatt of total power committed within three years. The new market expansion demonstrates DayOne's capability of working with world-leading tech companies to provide total data center solutions.

DayOne提前實現了三年內承諾的1千兆瓦總發電量的目標。新的市場擴張證明了 DayOne 與世界領先的科技公司合作提供全面資料中心解決方案的能力。

DayOne creates new markets where customers can scale up efficiently and within a short lead time. It has done it successfully in Malaysia and Indonesia and will do so again in Thailand and Finland. This capability is truly what sets DayOne apart.

DayOne 創造了新的市場，客戶可以在短時間內有效地擴大規模。它已經在馬來西亞和印尼成功做到了這一點，並將在泰國和芬蘭再次做到這一點。這種能力正是 DayOne 與眾不同之處。

Now, I will now pass on to Dan for the financing and operating review.

現在，我將把融資和營運審查交給丹。

Thank you, William. Over the past few years, our financial objectives were to get back onto a higher growth track in terms of EBITDA, while at the same time, strengthening our financial position and deleveraging.

謝謝你，威廉。過去幾年，我們的財務目標是讓 EBITDA 重回更高的成長軌道，同時加強我們的財務狀況並去槓桿。

With the advent of AI demand in China, we can look forward over the next few years to more and better growth opportunities. However, as we capture these opportunities, we will maintain strict financial discipline. We believe that this is the right approach which has potential to create significant equity value with low investment and financing risk.

隨著中國人工智慧需求的出現，我們可以期待未來幾年有更多更好的成長機會。然而，當我們抓住這些機會時，我們將保持嚴格的財務紀律。我們相信這是正確的方法，有可能以較低的投資和融資風險創造巨大的股權價值。

Starting on slide 13. In 1Q '25, revenue increased by 12% year on year. This was a result of an increase in total area utilized of 14.6% and a decrease in MSR per square meter of 2.6% as compared with 1Q '24.

從第 13 張投影片開始。2025年第一季度，營收年增12%。這是因為與 2024 年第一季相比，總利用面積增加了 14.6%，每平方公尺 MSR 減少了 2.6%。

In 1Q '25, adjusted EBITDA increased by 16.1% year on year. In addition, we realized a gain on deconsolidation of subsidiaries sold to the ABS of over RMB1 billion, which we have not included in adjusted EBITDA.

25年第一季度，調整後EBITDA年增16.1%。此外，我們實現了出售給ABS的子公司的合併收益超過人民幣10億元，但我們尚未將其計入調整後的EBITDA。

Adjusted EBITDA margin for 1Q '25 was 48.6% compared with 46.9% in 1Q '24. The higher margin was mainly due to lower operating costs. Over the next three quarters, we expect quarterly adjusted EBITDA to increase on average by high-single-digits percentage year on year. This takes account of deconsolidation of EBITDA with completion of the ABS transaction on March 31, 2025.

2025 年第一季調整後 EBITDA 利潤率為 48.6%，而 2024 年第一季為 46.9%。利潤率上升主要由於營運成本下降。在接下來的三個季度中，我們預計季度調整後的 EBITDA 將年比平均成長高個位數百分比。這考慮到了 2025 年 3 月 31 日完成 ABS 交易後 EBITDA 的拆分。

As shown on slide 16, subject to achieving performance conditions, we will receive total cash consideration of up to RMB1.8 billion for the sale of the ABS, out of which, we will reinvest up to RMB500 million for our 30% share of the ABS issue.

如投影片 16 所示，在達到業績條件的前提下，我們將因出售 ABS 而獲得總計高達 18 億元人民幣的現金對價，其中，我們將對 30% 的 ABS 發行份額進行再投資高達 5 億元人民幣。

The first installment of cash proceeds has been received and booked in 2Q '25. In addition, we have deconsolidated debt and other liabilities of approximately RMB1.1 billion. The implied EV to EBITDA for the sale to ABS is around 13 times, which we believe sets an important benchmark for our forthcoming C-REIT offering and for the valuation of our stabilized China assets as a whole.

第一期現金收益已收到並於 2025 年第二季入帳。此外，我們還有約11億元的非合併債務及其他負債。出售給 ABS 的隱含企業價值與 EBITDA 比率約為 13 倍，我們認為這為我們即將推出的 C-REIT 發行以及我們穩定的中國資產整體估值設定了重要基準。

We are making good progress with the establishment of an onshore listed C-REIT. It is moving forward faster than expected. We have received approval from NDRC, and it is now being reviewed by CSRC and the Shanghai Stock Exchange. The application documents are filed publicly.

我們在設立境內上市中國房地產投資信託基金方面正在取得良好進展。它的進展比預期的要快。我們已經獲得國家發展委員會的批准，現在正在接受證監會和上海證券交易所的審核。申請文件公開提交。

Subject to obtaining all necessary approvals, we hope to launch and complete the offering later this year. The C-REIT transaction is going to be very strategic. It will establish a further valuation benchmark for our stabilized data centers in China, and it will create a vehicle into which we can potentially drop down further assets in future if we choose to do so.

在獲得所有必要的批准後，我們希望在今年稍後啟動並完成此次發行。C-REIT 交易將具有非常重大的戰略意義。它將為我們在中國穩定的資料中心建立進一步的估值基準，如果我們選擇這樣做的話，它將創建一個工具，讓我們將來有可能投入更多資產。

On slide 22, we show the pro forma deleveraging effect of the ABS and C-REIT. The ABS is a done deal, while for the C-REIT, we made working assumptions for illustrative purposes. As you can see, we are able to support total CapEx in the current year of RMB4.8 billion before taking account of the proceeds of asset monetization, while lowering our net debt and leverage ratios.

在投影片 22 中，我們展示了 ABS 和 C-REIT 的預測去槓桿效應。ABS 已成定局，而對於 C-REIT，我們僅出於說明目的做出了工作假設。可以看到，在扣除資產貨幣化收益之前，我們能夠支撐本年度48億元的總資本支出，同時降低我們的淨負債和槓桿率。

Turning to slide 23 on business outlook. When we gave guidance at the last quarter-end, we already assumed that the ABS will be deconsolidated from the beginning of 2Q '25.

翻到第 23 張投影片，討論商業前景。當我們在上個季度末給出指導時，我們已經假設 ABS 將從 2025 年第二季初開始脫離合併。

If we complete the C-REIT this year, it will have some impact on our financials, but we still think that we can meet our original revenue and adjusted EBITDA guidance. Thus, we're keeping the previously provided guidance of total revenue and adjusted EBITDA unchanged.

如果我們今年完成C-REIT，這將對我們的財務狀況產生一些影響，但我們仍然認為我們可以達到最初的收入和調整後的EBITDA指引。因此，我們維持先前提供的總收入和調整後 EBITDA 指引不變。

The C-REIT transaction, if completed, will also impact our investment cash flow. As of now, we keep our CapEx guidance unchanged, which just includes gross CapEx less the initial proceeds from the ABS transaction.

C-REIT 交易一旦完成，也會影響我們的投資現金流。截至目前，我們維持資本支出指引不變，即僅包括總資本支出減去 ABS 交易的初始收益。

Finishing on slide 24. Now that we have deconsolidated DayOne, it is important to look at the equity value of GDS on a sum-of-the-parts basis.

在第 24 張投影片上完成。現在我們已經將 DayOne 分拆出來，重要的是以分部總和法來看待 GDS 的股權價值。

In addition to our equity value creation in China, we expect the value of our equity interest in DayOne to appreciate significantly. Based on the Series B benchmark from last year, our equity interest in DayOne was worth around USD1.3 billion or USD7 per GDS ADR.

除了我們在中國的股權價值創造之外，我們預計在 DayOne 的股權價值也將大幅升值。根據去年 B 輪融資的基準，我們在 DayOne 的股權價值約為 13 億美元，或每股 GDS ADR 7 美元。

William mentioned that DayOne is already on track to achieve total power commitments of over 750 megawatts in the next few months. As DayOne achieves optimal operating leverage, its EBITDA per megawatt should trend upwards towards industry benchmark levels. This gives us indication of the current level of contracted EBITDA which can be converted to actual EBITDA as backlog contracts are delivered over the next few years.

威廉提到，DayOne 已經預計在未來幾個月內實現超過 750 兆瓦的總電力承諾。隨著 DayOne 實現最佳營運槓桿，其每兆瓦的 EBITDA 應該會趨向於產業基準水準。這讓我們了解了目前的合約 EBITDA 水平，隨著未來幾年積壓合約的交付，該水平可以轉換為實際 EBITDA。

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

現在我們開始回答問題。操作員？

(Operator Instructions) Yang Liu, Morgan Stanley.

（操作員指示） Yang Liu，摩根士丹利。

Two questions from my side. First, congratulations on the solid results. My first question is regarding the China demand, especially from the hyperscaler side.

我有兩個問題。首先，恭喜您所取得的堅實成果。我的第一個問題是關於中國的需求，特別是超大規模的需求。

We start to hear a lot of noise around chipset supply since March. Could management update us in terms of their demand quarter to date, given a lot of things happened in the past two months? Is there still any order coming in in second quarter Q to date? Yes, that's my first question.

自三月以來，我們開始聽到很多關於晶片組供應的傳聞。鑑於過去兩個月發生了很多事情，管理層能否向我們介紹本季迄今的需求？到目前為止，第二季還有訂單嗎？是的，這是我的第一個問題。

My second question is regarding the financial guidance because Dan just mentioned that previous guidance does not factor in the ABS deconsolidation. And now, the deal got closed and actually, you don't need to change the guidance. So what should be the expectation on the three quarters of the contribution from that project to the full-year number?

我的第二個問題是關於財務指導，因為丹剛才提到，先前的指導沒有考慮到 ABS 拆分。現在，交易已經完成，實際上，你不需要改變指導。那麼，該專案前三個季度對全年數字的貢獻應該預期是多少呢？

Okay. This is William. Let me answer the first question. I think the demand obviously is very strong in general. And we see that AI demand -- AI-related demand will continue maintain a strong position. But we have to say we are lucky, we are sitting in the -- all our assets sitting in the Tier 1 market, which is this demand is mainly driven by the inferencing.

好的。這是威廉。我來回答第一個問題。我認為整體而言需求顯然非常強勁。我們看到人工智慧需求——與人工智慧相關的需求將持續保持強勁地位。但我們必須說我們很幸運，我們所有的資產都位於一級市場，而這種需求主要由推理驅動。

So inference, that means the customer less rely on the GPU. They will use more hybrid and traditional CPU. So I think for us, we will see our demand will continue.

因此推斷，這意味著客戶對 GPU 的依賴減少。他們將使用更多的混合和傳統 CPU。因此我認為，對我們來說，我們的需求將會持續下去。

It's too early to say what's our target. But in general, I have to say we are -- we have 900 megawatts held for future development capacity, well positioned.

現在談論我們的目標還為時過早。但總的來說，我必須說，我們擁有 900 兆瓦的未來開發容量，定位良好。

And as I said, in general, midterm, long term, we can digest -- we can sell this 900 megawatts within four years. We are very confident on that. But I think maybe in short term, I think a lot of training demand will be impacted, but it's not our target. In past couple of years, training demand is not our target.

正如我所說，總的來說，從中期和長期來看，我們可以消化——我們可以在四年內出售這 900 兆瓦。我們對此非常有信心。但我認為也許在短期內，許多訓練需求會受到影響，但這不是我們的目標。在過去的幾年裡，培訓需求並不是我們的目標。

So when we gave EBITDA guidance, at the midpoint, it implied year-on-year growth, full year '25 versus '24, of 8.5%. And we had assumed that the ABS transaction would close at the end of 1Q, which indeed it did.

因此，當我們給出 EBITDA 指導時，在中間點，它意味著 25 年全年與 24 年相比同比增長 8.5%。我們曾假設 ABS 交易將在第一季末完成，事實也確實如此。

If we had not done that ABS transaction, we would have continued to consolidate the underlying assets for the second, third, and fourth quarter of this year. And on that basis, we actually showed in the last cycle that our annual growth rate in terms of EBITDA would have been around 11%.

如果我們沒有做那筆ABS交易，我們今年第二、三、第四季還會繼續合併基礎資產。在此基礎上，我們實際上在上一個週期中表明，我們的 EBITDA 年成長率約為 11%。

So the impact of the ABS transaction closing at the end of 1Q is to reduce full-year EBITDA by around RMB130 million. That's what we would have consolidated over the next three quarters, and to reduce the annual growth rate from 11% down to the guided 8.5%.

因此，第一季末ABS交易完成的影響是將全年EBITDA減少約1.3億元。這就是我們將在未來三個季度鞏固的目標，並將年增長率從 11% 下調至指導的 8.5%。

Now, of course, we completed the first quarter. We announced in the first quarter, our year-on-year growth rate was 16%, which is clearly well above that level of growth. That's why we -- I tried to give some indication of the expected growth rate year on year in the second, third, and fourth quarter.

當然，現在我們已經完成了第一季。我們在第一季宣布，我們的年成長率為16%，這顯然遠高於這個成長水準。這就是為什麼我們——我試圖給出一些關於第二、第三和第四季同比成長率的預期跡象。

I said it won't be as high as the first quarter, but it should be high-single digits in percentage terms on average each quarter, 2Q versus 2Q, 3Q versus 3Q, and 4Q versus 4Q.

我說不會像第一季那麼高，但是平均每個季度，第二季度對第二季度，第三季度對第三季度，第四季度對第四季度，應該都是高個位數的百分比。

Yeah, I want to add one point. I think the -- yes, based on what we know, understanding, our customer already kept domestic GPU for a while. So I think if the chips import get some issue, I think in the next 12 months, domestic GPU will catch up. That's our view.

是的，我想補充一點。我認為——是的，根據我們所知和理解，我們的客戶已經保留國產 GPU 一段時間了。所以我認為，如果晶片進口出現一些問題，我認為在未來 12 個月內，國產 GPU 將會趕上來。這是我們的觀點。

Sara Wang, UBS.

瑞銀的 Sara Wang。

I just have one question. Given GDS is actually expanding beyond Southeast Asia and even into Europe, can we compare the IRR profile or EBITDA yield across different markets, for example, Johor, Batam, Thailand, or Finland, and also compare that to China?

我只有一個問題。鑑於 GDS 實際上正在向東南亞以外的地區擴張，甚至進入歐洲，我們能否比較不同市場（例如柔佛、巴淡島、泰國或芬蘭）的 IRR 狀況或 EBITDA 收益率，並將其與中國進行比較？

Sara, I have to correct you. It's not GDS. It's DayOne.

薩拉，我必須糾正你。這不是 GDS。這是第一天。

Yeah, I'm sorry. DayOne. Yeah, I'm sorry. Yeah, just answering the product level.

是的，我很抱歉。第一天。是的，我很抱歉。是的，只是回答產品層面。

Yeah. So what we've seen so far, and it's across several different markets. If we simply take, say, the development yield, it's in the low-teens, which is, I think, quite healthy and higher than what we are currently achieving in China on a total investment cost basis. And that probably reflects that in the markets in which DayOne is operating.

是的。到目前為止，我們看到的是，它遍布多個不同的市場。如果我們簡單地考慮開發收益率，那麼它處於百分之十幾以下，我認為這是相當健康的，並且高於我們目前在中國按總投資成本計算所實現的收益率。這可能反映了 DayOne 營運所在市場的情況。

There's a slightly different supply-demand balance from China. But it's a good, I'd say, leading indicator because as demand -- AI demand really takes off in China in Tier 1 markets, we can see that demand-supply balance shifting in China. And hopefully, that will lead to better yields in China as well.

供需平衡與中國略有不同。但我認為這是一個很好的領先指標，因為隨著需求——人工智慧需求在中國第一線市場真正起飛，我們可以看到中國的供需平衡正在改變。希望這也能為中國帶來更好的收益。

Frank Louthan, Raymond James & Associates.

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

Can you give us an idea of when you expect the China business to be self-funding? And does this new wave of AI demand push that out a little bit? And then, if you can comment on whether you have the full amount of funding for the 750 megawatts of commitments at DayOne, that would be great.

您能否告訴我們您預計中國業務何時能夠實現自籌資金？那麼，新一波人工智慧需求是否會對此產生一定的影響呢？然後，如果您可以評論您是否有足夠的資金來滿足 DayOne 的 750 兆瓦承諾，那就太好了。

The first part of Frank's question about -- so in China, we are roughly breakeven in terms of free cash flow before financing. We were actually positive free cash flow before financing last year. And in the current year, maybe we should start looking at free cash flow before financing, we look at net debt.

弗蘭克問題的第一部分是關於——在中國，我們在融資前的自由現金流方面大致保持盈虧平衡。去年融資之前，我們的自由現金流其實是正的。在今年，也許我們應該在融資之前開始關注自由現金流，我們將關注淨債務。

And with the contribution from two asset monetization transactions, we should be able to bring down net debt over the course of the year. So that means that we are already, through operating cash flow and asset monetization, able to generate sufficient cash flow and to deconsolidate debt on sale of assets. So that is at least equal to the amount of annual CapEx.

在兩項資產貨幣化交易的推動下，我們應該能夠在年內降低淨債務。這意味著，透過經營現金流和資產貨幣化，我們已經能夠產生足夠的現金流，並透過出售資產來解除債務。因此，這至少等於年度資本支出的金額。

And William mentioned that we're quite confident that over the next four years, we could potentially develop our entire land and power bank in Tier 1 markets, which is around 900 megawatts and maybe more. If we did that evenly over four years, it would equate to around RMB5 billion of annual CapEx, which is similar to this year's level.

威廉提到，我們非常有信心在未來四年內，我們有可能在一級市場開發我們全部的土地和電力儲備，大約 900 兆瓦甚至更多。如果我們在四年內平均完成這一目標，則相當於每年約50億元人民幣的資本支出，與今年的水平相似。

And with the operating cash flow, which we expect to grow over that time period and the ability to monetize assets through the listed C-REIT vehicle, I believe we'll be able to repeat the pattern of this year's financing in terms of investment cash flow being offset by operating cash flow and asset monetization proceeds.

我們預計，隨著營運現金流在這段時間內的成長，以及透過上市的 C-REIT 工具將資產貨幣化的能力，我相信我們將能夠重複今年的融資模式，即投資現金流被營運現金流和資產貨幣化收益所抵銷。

For DayOne, if we take 750 megawatts William mentioned -- and DayOne to date has raised nearly $2.5 billion of equity. So DayOne is fully capitalized to be able to develop and deliver that portfolio, that level of commitments.

對於 DayOne，如果我們以 William 提到的 750 兆瓦為單位——DayOne 迄今為止已籌集了近 25 億美元的股權。因此，DayOne 擁有充足的資本來開發和交付該產品組合和該層級的承諾。

Yeah. I believe if DayOne needs to raise money, it's not an issue and can well access all international capital markets.

是的。我相信如果DayOne需要籌集資金，這不是問題，並且可以很好地進入所有國際資本市場。

(Operator Instructions) Edison Lee, Jefferies Hong Kong.

（操作員指示）Edison Lee，Jefferies Hong Kong。

Congratulations on another great quarter. I have, in fact, two pretty quick questions.

恭喜您又一個季度取得優異成績。事實上，我有兩個非常簡單的問題。

Number one question is about your gross new area committed in the first quarter at 46,000 square meter. I think that's a new high in many quarters. So can you share some color as to how many customers this new number is coming from and where the locations are for this 46,000 square meter?

第一個問題是關於你們第一季承諾的新建築總面積 46,000 平方公尺。我認為這在許多方面都創下了新高。那麼，您能否透露一下這個新號碼來自多少客戶以及這 46,000 平方米的面積位於哪裡？

And then number two is, there has been some talk in the industry in China about new government regulations controlling the expansion of AI data center. And right now, they need to approve any project 7 megawatt or above.

第二，中國業界正在討論政府將推出新法規來控制人工智慧資料中心的擴張。而現在，他們需要批准任何 7 兆瓦或以上的項目。

And also, there is some talk in the industry that China, in fact, does not want or does not prefer private companies to be building AI data centers. They prefer SOEs to building AI data centers.

此外，業界也有傳言稱，中國實際上並不希望或不傾向私人公司建造人工智慧資料中心。他們更喜歡國有企業而不是建造人工智慧資料中心。

And I understand a lot of your power reserve actually has been obtained some years ago already. So I just want to know whether there's any risk that the government actually needs to reopen the book and reapprove some of your power. And -- yeah, and what is your thought on these market talks right now?

據我了解，您的大部分動力儲備實際上幾年前就已經獲得了。所以我只是想知道政府是否真的需要重新審視並重新批准你的部分權力。是的，您對目前的這些市場談判有何看法？

Okay. I think the first question is, I think, the Q1 mainly driven by one of our traditional hyperscaler customers. I think they are located in Wangwan, Changshu, which is very close to Shanghai and Beijing.

好的。我認為第一個問題是，我認為第一季主要是由我們的一位傳統超大規模客戶推動的。我認為他們位於常熟王灣，距離上海和北京非常近。

So this is exactly -- if everybody remember, during the cloud era, we used to represent 50% of the cloud POPs in this major city or around this major city. So we are very, very lucky at that era. So now inference, I think, we have benefit for the inference demand because I just mentioned, right?

所以這正是──如果大家還記得的話，在雲端時代，我們曾經佔據這個大城市或這個大城市週邊 50% 的雲端 POP。所以在那個時代我們是非常非常幸運的。所以現在推理，我認為，我們對推理需求有好處，因為我剛才提到了，對嗎？

So the inference model is more like a hybrid, use the GPU plus CPU cloud. So they will cooperate together. So I think this is one thing, the first question.

因此推理模型更像是一種混合，使用 GPU 加 CPU 雲。所以他們會一起合作。所以我認為這是一件事，第一個問題。

The other is about the controlled AI data center. Based on my understanding mainly -- I think mainly for the SOE investment. So I think I should point out our 900 megawatts capacity, we already -- most of them, we already obtained the power energy quota. So this will -- new guidance -- new policy will not impact us.

另一個是關於受控的AI資料中心。根據我的理解，我認為主要針對國有企業投資。所以我想我應該指出我們的 900 兆瓦容量，我們已經 - 其中大部分，我們已經獲得了電力能源配額。因此，新的指導方針和新的政策不會對我們產生影響。

Daley Li, Bank of America.

美國銀行的戴利李（Daley Li）。

Congrats on the solid demand trend. I have two questions. Number one is about the overseas business. Recently, we received like 70 megawatts new orders.

祝賀需求趨勢強勁。我有兩個問題。第一是海外業務。最近，我們收到了大約70兆瓦的新訂單。

And could you -- could management give some color about the mix of the clients for China and overseas and/or the mix of AI and non-AI? And given the AI diffusion policy has been withdrawn by the US, how -- could you share some color about the client feedback about the future new orders or the move-in progress for the international business?

您能否－管理階層能介紹一下中國和海外客戶的組合以及人工智慧和非人工智慧的組合嗎？鑑於美國已經撤銷了人工智慧擴散政策，您能否分享一些客戶對未來新訂單的回饋或國際業務的進展？

My second question is about our series issuance in China market. I saw the news. We received the first round of feedback from the CSRC. And how do we see the progress? Can we expect to complete in the second half this year? Or how is the timeline, please?

我的第二個問題是關於我們在中國市場發行的系列產品。我看到了這則新聞。我們收到了證監會的第一輪回饋意見。我們如何看待這項進展？我們能預期在今年下半年完成嗎？或是請問時間軸是怎樣的？

Yeah. The first question -- I think if everybody remember, we used to talk about our client in -- DayOne. It's -- in general, it's mixed. We got -- we successfully got this order from international customer and also Chinese customer as well.

是的。第一個問題－我想如果大家還記得的話，我們曾經在DayOne談論過我們的客戶。總體來說，它是混合的。我們成功地從國際客戶和中國客戶那裡獲得了這個訂單。

I think we used to talk about our client, our major client from China. Their major use -- the purpose for their deployment is to support their e-commerce and the video business and the social media business. It's just used -- it's used a high-performance CPU.

我想我們過去常常談論我們的客戶，我們來自中國的主要客戶。它們的主要用途——部署的目的是為了支援他們的電子商務、視訊業務和社交媒體業務。它只是使用了——它使用了高性能 CPU。

So in general, in the last three years, based on our understanding, our total capacity served 90% for GPU -- CPU, sorry, CPU. Only maybe around 10% used to -- the purpose for GPU. So this is -- I think everybody remember the last couple of quarters when we talk about the international market that nothing changed.

因此，總的來說，在過去三年中，根據我們的了解，我們的總容量有 90% 用於 GPU — — CPU，抱歉，是 CPU。大概只有 10% 左右用於 GPU 的用途。所以這是——我想每個人都記得過去幾個季度當我們談論國際市場時什麼都沒有改變。

The C-REIT offering, we've been through many rounds of review and approval. And the stage we've now reached is that the listing application is being reviewed by the Chinese securities regulator, CSRC, and the Shanghai Stock Exchange. And this is a public process, so the prospectus and some other key documents have been filed and are available for the public to access.

對於C-REIT的發行，我們已經經過了多輪的審查和批准。目前，該上市申請正在接受中國證券監管機構中國證監會和上海證券交易所的審核。這是一個公開的過程，因此招股說明書和其他一些關鍵文件已經提交，可供公眾查閱。

And we've been asked questions just like a US SEC process, where applicants are asked to address a number of questions, and our responses will also be filed publicly. But typically, this stage of the process takes a few months.

我們被問到的問題與美國證券交易委員會的程序類似，申請人被要求回答一系列問題，我們的答覆也將公開提交。但通常情況下，這一階段的過程需要幾個月的時間。

We don't take anything for granted. But if all goes well, we would hope to receive the clearance to be able to proceed with an offering and a listing. And then, we would have one year in which to make a decision as to when to launch that. And ideally, we would be able to do that later this year and complete the process and list the C-REIT before the end of this year.

我們不會將任何事視為理所當然。但如果一切順利，我們希望能夠獲得批准，以便能夠進行發行和上市。然後，我們將有一年的時間來決定何時推出該產品。理想情況下，我們可以在今年稍後完成這項流程，並在今年年底之前將 C-REIT 上市。

Eunice Liu, Goldman Sachs.

高盛的 Eunice Liu。

I'm asking question on behalf of our analyst, Timothy Zhao. So our question is, first on GDS China. Could you elaborate more on the pricing outlook for the China business? And my second question is on DayOne. So we noticed your EBITDA margin improved through the latest quarter. Could you explain the drivers behind?

我代表我們的分析師 Timothy Zhao 提問。所以我們的問題首先是關於 GDS 中國。您能否進一步闡述中國業務的定價前景？我的第二個問題是關於 DayOne 的。因此，我們注意到您的 EBITDA 利潤率在最近一個季度有所提高。您能解釋一下背後的驅動因素嗎？

I think the outlook for the China business, we maintain very confidence in, okay, the price of it, right? I think the current new business price is very stable. And I think the -- in general, I think the new business is, let's say, maintained at very, very stable level right now, whatever from the Beijing market or Shanghai market or Shenzhen market, right? So this is our outlook for the future, yes.

我認為，我們對中國業務的前景非常有信心，對吧，對價格呢？我認為目前的新業務價格非常穩定。我認為——總的來說，我認為新業務目前維持在非常非常穩定的水平，無論是北京市場、上海市場還是深圳市場，對嗎？是的，這就是我們對未來的展望。

DayOne had an EBITDA margin in 1Q '25 of 31%. But for a company that actually only started to generate revenue about five quarters ago, that's already quite remarkable. And my understanding is that DayOne ramp-up over the next few years, as it delivers its backlog, is going to be very rapid.

DayOne 25 年第一季的 EBITDA 利潤率為 31%。但對於一家大約五個季度前才開始創造收入的公司來說，這已經相當了不起了。我的理解是，隨著 DayOne 積壓訂單的交付，未來幾年其成長速度將會非常快。

As that happens, DayOne will be able to achieve higher operating leverage on its corporate costs and on its business development costs. And I think within a few years, you'll see that EBITDA margin hit industry benchmark levels.

這樣一來，DayOne 將能夠在企業成本和業務開發成本上實現更高的營運槓桿。我認為幾年之內你就會看到 EBITDA 利潤率達到行業基準水準。

This concludes the question-and-answer session. I'd like to now turn the call back over to the company for closing remarks. Thank you.

問答環節到此結束。現在我想將電話轉回給公司，請他們做最後發言。謝謝。

Thank you all once again for joining us today, and we'll see you next time. Bye-bye.

再次感謝大家今天的參與，我們下次再見。再見。

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

本次電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。謝謝。