GDS Holdings Ltd (GDS) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for GDS Holdings Limited's second 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 年第二季財報電話會議。（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. Welcome to the second quarter 2025 earnings conference call of GDS Holdings Limited. As the company's results, the company's results were issued via newswire services earlier 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.gdsservices.com.

謝謝。大家好。歡迎參加萬國資料控股有限公司2025年第二季財報電話會議。作為公司業績的發布，該公司的業績於今天早些時候透過新聞通訊社發布，並在網路上公佈。我們將在本次電話會議中提到的摘要簡報可從我們的 IR 網站 investors.gdsservices.com 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 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. Please also note that GDS' earnings press release and its 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.

有關這些風險和其他不確定性的更多資訊包含在該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。另請注意，GDS 的收益新聞稿及其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. Hello, everyone. This is William. Thank you for joining us on today's call. We delivered a solid second quarter, growing revenue by 12.4% and adjusted EBITDA by 11.2% year-on-year. We raised net proceeds of USD676 million through the issue of convertible bonds and equity in the international capital market, strengthening our HoldCo balance sheet.

謝謝。大家好。這是威廉。感謝您參加今天的電話會議。我們第二季業績表現穩健，營收年增 12.4%，調整後 EBITDA 年成長 11.2%。我們透過在國際資本市場發行可轉換債券和股票籌集了 6.76 億美元的淨收益，增強了我們的 HoldCo 資產負債表。

More recently, we achieved a significant milestone in our onshore asset monetization strategy with the successful completion of our C-REIT IPO, the units of our C-REIT are now trading on the Shanghai Stock Exchange at implied cap rates of below 5%. This is a major breakthrough giving us access to China equity capital market on highly advantageous terms.

最近，我們成功完成了中國房地產投資信託基金的首次公開發行 (IPO)，這是我們在岸資產貨幣化策略的一個重要里程碑，我們的中國房地產投資信託基金份額目前在上海證券交易所交易，隱含資本化率低於 5%。這是一個重大突破，使我們以極為有利的條件進入中國股權資本市場。

Our gross move-in during 2Q '25 was around 20,000 square meters, which is consistent with the level over the past five quarters. Our utilization rate has continued to climb, reaching 77.5%. Move-in over the next few quarters will remain solid, driven by delivery of the 152 megawatts order, which we signed in 1Q '25. We expect to deliver 35% of our total current backlog in the second half of 2025.

2025 年第二季我們的總入住面積約為 20,000 平方米，與過去五個季度的水平一致。我們的利用率持續攀升，達到77.5%。受我們在 2025 年第一季簽署的 152 兆瓦訂單交付的推動，未來幾季的遷入將保持穩健。我們預計在 2025 年下半年交付目前積壓訂單總量的 35%。

In Q2 '25, gross new bookings were 23,000 square meters, mainly from traditional Internet and the cloud business with a good mix of customers and the locations. AI demand was relatively quiet due to the uncertainty of chip supply in China. Customers have a number of options across both imported and domestically-sourced chips.

2025 年第二季度，新增預訂總面積為 23,000 平方米，主要來自傳統互聯網和雲端業務，客戶和地點組合良好。由於中國晶片供應的不確定性，人工智慧需求相對平靜。客戶在進口和國產晶片方面有多種選擇。

It's a complicated mix metrics of performance, technology, availability and other considerations. We think that it will take some time for customers to decide which way to go. We are very confident about AI-driven demand over the medium and long term. However, we are still in a period of wait and see. We should have a clear view after a few more months.

它是性能、技術、可用性和其他考慮因素的複雜混合指標。我們認為客戶需要一些時間來決定要走哪條路。我們對中長期人工智慧驅動的需求非常有信心。不過，我們仍處於觀望期。再過幾個月我們就應該能有一個清晰的認識了。

During this period, we think that the most important thing is for us to be ready to respond, ready in terms of developable capacity and ready in terms of access to capital. On the capacity side, we have around 900 megawatts of power land held for future development in and around Tier 1 markets. We believe the coming waves of AI demand is going to be mainly for inference. This kind of demand is latency sensitive and will require relatively large sites distributed across the Tier 1 markets.

在此期間，我們認為最重要的是我們要做好應對的準備，做好可開發能力的準備，並做好取得資金的準備。在容量方面，我們擁有約 900 兆瓦的發電用地，用於第一線市場及其周邊的未來開發。我們相信，未來一波人工智慧需求將主要用於推理。這種需求對延遲很敏感，並且需要分佈在一級市場的相對較大的站點。

For operational reasons, customers will seek to deploy capacity for inferencing within established cloud regions and availability zones. We have multiple sites suitable for AI inferencing around Beijing, Shanghai and Shenzhen. We have undertaken preliminary site preparations so that we can develop with a short lead time. This is an important consideration for customers. We believe there is a good chance that we will develop all of this 900 megawatts and more over the next few years. The issue is only the timing of take off.

出於營運原因，客戶將尋求在已建立的雲端區域和可用區域內部署推理能力。我們在北京、上海和深圳週邊有多個適合人工智慧推理的站點。我們已經進行了初步的場地準備，以便能夠在短時間內完成開發。這對客戶來說是一個重要的考慮因素。我們相信，我們很有可能在未來幾年內開發出全部 900 兆瓦甚至更多的電力。問題只是起飛的時間。

On the financing side, we completed the first-ever data center ABS transaction in China in late March. We then followed this up with the first-ever data center REITs IPO in China in August. By pioneering these transactions, we have proven our ability to recycle capital from stabilized data center assets. This comes at the perfect time as we can use the proceeds to fund new investment opportunities.

在融資方面，我們於3月底完成了國內首單資料中心ABS交易。隨後，我們於 8 月在中國進行了首隻資料中心房地產投資信託基金 (REIT) 的首次公開發行 (IPO)。透過開創這些交易，我們已經證明了我們有能力從穩定的資料中心資產中回收資本。這正是時候，因為我們可以利用收益來資助新的投資機會。

Furthermore, the terms on which we have monetized assets established a benchmark for the value of our stabilized asset -- data center in Tier 1 markets, creating potential to unlock more value for shareholders. Our powered land and our monetization vehicles are unique in China and give us significant competitive advantage as we enter into the AI era.

此外，我們將資產貨幣化的條款為我們穩定資產的價值（一級市場的資料中心）設立了基準，為股東釋放更多價值創造了潛力。我們的動力土地和貨幣化工具在中國是獨一無二的，當我們進入人工智慧時代時，這為我們帶來了顯著的競爭優勢。

Lastly, I would like to share some operating updates for our equity investment in DayOne. In 2Q '25, DayOne added a phenomenal 246 megawatts of new commitments, which brings its total power committed by customers to over 780 megawatts. The new order in 2Q '25 included an anchor customer commitment for its Thailand project. More recently, DayOne announced that it has secured a second campus site in Finland, building on its successful market entry. DayOne is well ahead of schedule to meet the target of 1 gigawatt of total power commitments within three years.

最後，我想分享我們對 DayOne 股權投資的一些營運更新。2025 年第二季度，DayOne 新增了 246 兆瓦的承諾電力，這使得客戶承諾的總電力超過 780 兆瓦。2025 年第二季的新訂單包括其泰國專案的固定客戶承諾。最近，DayOne 宣布已在芬蘭獲得第二個校區，以鞏固其成功進入芬蘭市場的勢頭。DayOne 提前實現了三年內 1 千兆瓦總電力承諾的目標。

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

現在我將把財務和營運審查交給丹。

Thank you, William. Starting on slide 13. In 2Q '25, revenue increased by 12.4% year-on-year. This resulted from an increase in total area utilized with 14.1% and a decrease in MSR per square meter of 1.7% as compared with 2Q '24.

謝謝你，威廉。從第 13 張投影片開始。2025年第二季度，營收年增12.4%。這是因為與 2024 年第二季相比，總利用面積增加了 14.1%，而每平方公尺的 MSR 減少了 1.7%。

In 2Q '25, adjusted EBITDA increased by 11.2% year-on-year. Adjusted EBITDA margin for 2Q '25 was 47.3% compared with 47.8% in 2Q '24. Following completion of the ABS transaction in late March, we deconsolidated the underlying projects for the whole of 2Q '25. Following completion of the sale of stabilized data centers to a C-REIT in late July, we will deconsolidate these projects during 3Q '25.

2025年第二季度，調整後EBITDA年增11.2%。2025 年第二季調整後 EBITDA 利潤率為 47.3%，而 2024 年第二季為 47.8%。繼 3 月底完成 ABS 交易後，我們將整個 2025 年第二季的標的項目剝離出來。在 7 月底將穩定的資料中心出售給 C-REIT 之後，我們將在 2025 年第三季期間將這些項目拆分出來。

As we report earnings over the next three to four quarters, the reported revenue and EBITDA growth will be impacted because the comparison will not be apples to apples. We estimate that the apparent year-on-year growth rate without making adjustments to normalize for the asset monetization will be about 6 percentage points lower. We will continue to call this out on future earnings calls so the underlying trend is clear.

當我們報告未來三到四個季度的收益時，報告的收入和 EBITDA 成長將受到影響，因為比較不是同類的。我們估算，不考慮資產貨幣化正常化因素調整，表觀年增率將低6個百分點左右。我們將在未來的收益電話會議上繼續強調這一點，以便基本趨勢清晰。

Starting with 2Q '25 without the ABS transaction, the year-on-year adjusted EBITDA growth rate would have been 13.9% as compared with the reported 11.2%. As shown on slide 17, the ABS transaction took place on an EV to EBITDA multiple of 13.3 times based on the maximum potential sale proceeds and the projected stabilized EBITDA. This was a good start considering where GDS is trading as a listed company on Nasdaq and the Hong Kong Stock Exchange. However, for the C-REIT IPO, we achieved an even higher multiple of 16.9 times at the IPO price at RMB3 per unit.

從 2025 年第二季開始，如果沒有 ABS 交易，調整後的 EBITDA 年成長率為 13.9%，而報告的數字為 11.2%。如投影片 17 所示，根據最大潛在銷售收益和預期的穩定 EBITDA，ABS 交易的企業價值與 EBITDA 倍數為 13.3 倍。考慮到萬國數據是納斯達克和香港證券交易所的上市公司，這是一個好的開始。然而，對於C-REITs IPO，我們以每單位3元人民幣的IPO價格實現了16.9倍的更高倍數。

The units started trading on the Shanghai Stock Exchange on the eighth of August. The closing price yesterday was RMB4.04 per unit, about 35% up from the IPO price. At this level, the C-REIT is trading on 22.8 times the projected '26 EBITDA disclosed in the offering memorandum. This is close to double the current year trading multiple for the GDS China business after adjusting for the assumed value of our equity investment in DayOne on a sum of the parts basis.

該基金於8月8日開始在上海證券交易所交易。昨日收盤價為每股4.04元，較發行價上漲約35%。在這個水準上，C-REIT 的交易價格是發行備忘錄中披露的預計 26 年 EBITDA 的 22.8 倍。在根據各部分總和法對 DayOne 的股權投資假設價值進行調整後，這一數字接近萬國數據中國業務今年交易倍數的兩倍。

Under the current C-REIT regulations, we must wait 12 months before undertaking the first post-IPO asset injection. We started preparing some candidate assets of various sizes to give us the flexibility to dimension the next monetization in accordance with our financial requirements. It's important that we continue to grow and diversify the C-REIT so that it remains a viable option for us to recycle capital when it is in our interest to do so. With the C-REIT platform in place, if we assume that we invest in new projects, ramp up, operate and monetize after five years at a cap rate in, say, the 5% to 6% range, the return on investment is at a very acceptable level.

根據現行的C-REITs規定，我們必須等待12個月才能進行首次IPO後資產注入。我們開始準備一些不同規模的候選資產，以便我們能夠根據財務要求靈活地確定下一次貨幣化的具體規模。重要的是，我們要繼續發展和多樣化 C-REIT，以便在符合我們利益的情況下，它仍然是我們回收資本的可行選擇。有了 C-REIT 平台，如果我們假設我們投資新項目，在五年後以 5% 到 6% 的資本化率進行擴張、營運和貨幣化，那麼投資回報率就處於非常可接受的水平。

Turning to slide 18. When we gave CapEx guidance earlier this year, we spoke of RMB4.8 billion of organic CapEx, less RMB500 million net proceeds in the current year from the ABS transaction resulting in CapEx guidance of RMB4.3 billion. We are now deducting a further RMB1.6 billion net proceeds from the C-REIT transaction, which was not previously factored in. This brings our CapEx guidance down from RMB4.3 billion to RMB 2.7 billion.

翻到第 18 張投影片。當我們在今年稍早提供資本支出指引時，我們談到了 48 億元人民幣的有機資本支出，減去本年度 ABS 交易的 5 億元人民幣淨收益，最終得出 43 億元人民幣的資本支出指引。我們現在從 C-REIT 交易中再扣除 16 億元人民幣的淨收益，這筆款項之前並未計入。這使得我們的資本支出預期從人民幣 43 億元降至 27 億元。

On slide 19, in 2024, we achieved positive cash flow before financing with the benefit of some capital recycling from DayOne back to GDS. In 2025, despite the fact that our organic CapEx is much higher than for the past few years, we expect our cash flow before financing to be close to breakeven with the contribution from our asset monetization transactions.

在投影片 19 中，到 2024 年，我們在融資前實現了正現金流，得益於 DayOne 向 GDS 的部分資本回收。2025 年，儘管我們的有機資本支出遠高於過去幾年，但我們預計融資前的現金流量將接近收支平衡，並得益於資產貨幣化交易的貢獻。

Turning to slide 20. During the second quarter, we raised USD535 million through the issue of a 7-year CB with 2.25% coupon and 35% conversion premium. We also raised USD142 million through a simultaneous follow-on equity offering. One of the main purposes of this capital raise was to enable us to repay short-term debt at HoldCo level and to either repurchase if possible or potentially redeem a CB issued in 2022, which is currently out of the money and puttable in March 2027.

翻到第 20 張投影片。第二季度，我們透過發行票面利率為 2.25%、轉換溢價為 35% 的 7 年期可轉換債券籌集了 5.35 億美元。我們也透過同時進行的後續股票發行籌集了 1.42 億美元。此次融資的主要目的之一是使我們能夠償還 HoldCo 層面的短期債務，並在可能的情況下回購或贖回 2022 年發行的可轉換債券，該債券目前處於價外狀態，可於 2027 年 3 月回購。

Our net debt to LQA adjusted EBITDA decreased from 6.6 times at the end of 1Q '25 to 6.1 times at the end of 2Q '25. The reduction in consecutive quarters was partly due to the cash proceeds of the ABS, which were received during 2Q '25 and to the cash proceeds of the follow-on equity offering.

我們的淨負債與 LQA 調整後 EBITDA 的比率從 2025 年第一季末的 6.6 倍下降至 2025 年第二季末的 6.1 倍。連續幾季的減少部分是由於 2025 年第二季收到的 ABS 現金收益以及後續股票發行的現金收益。

As shown on slide 21, if we take account of the C-REIT transaction on a pro forma basis, the net debt to LQA adjusted EBITDA ratio will come down to 5.9 times. If we further adjust for the value of our reinvestment in the ABS and C-REIT listed securities, the ratio will come down to 5.7 times.

如投影片 21 所示，如果我們以備考方式考慮 C-REIT 交易，則淨債務與 LQA 調整後的 EBITDA 比率將降至 5.9 倍。如果我們進一步調整 ABS 和 C-REIT 上市證券的再投資價值，比率將降至 5.7 倍。

On slide 22, we have already used part of the proceeds of the offshore capital raise to repay working capital loan due in 2026. As you can see, we now have three CBs outstanding. As I mentioned, the 2022 CB is out of the money. Hence, we show the maturity based on the potential put in 2027. The liability is covered by cash, which we are holding on reserve. The 2023 CB and the recently issued 2025 CB are both in the money. And hence, the maturity shown based on the final maturity dates in 2030 and 2032, respectively.

在投影片 22 上，我們已經使用部分離岸融資所得來償還 2026 年到期的營運資金貸款。如您所見，我們現在有三個優秀的 CB。正如我所提到的，2022 年 CB 已經沒錢了。因此，我們根據 2027 年的潛力來顯示成熟度。此負債由我們持有的現金來承擔。2023 年 CB 和最近發行的 2025 年 CB 均處於獲利狀態。因此，顯示的到期日分別基於 2030 年和 2032 年的最終到期日。

Turning to slide 23, when we gave guidance earlier this year, we already assumed that the ABS will be deconsolidated in 2Q '25. However, the C-REIT transaction, which we completed during late July was not factored into our 2025 guidance at all. Nonetheless, we are maintaining FY25 revenue and adjusted EBITDA guidance unchanged, notwithstanding the deconsolidation of the C-REIT assets. While we are making mathematical adjustment to CapEx guidance to deduct the C-REIT cash proceeds.

翻到第 23 張幻燈片，當我們在今年早些時候給出指導時，我們已經假設 ABS 將在 2025 年第二季度脫離合併。然而，我們在 7 月底完成的 C-REIT 交易根本沒有計入我們的 2025 年指引。儘管如此，儘管 C-REIT 資產已拆分，我們仍維持 25 財年收入和調整後 EBITDA 指引不變。同時，我們正在對資本支出指導進行數學調整，以扣除 C-REIT 現金收益。

Finishing on slide 24. DayOne power utilized jumped 143 megawatts at the end of the first quarter to 213 megawatts at the end of 2Q '25. This contributed to revenue growth of 244% and adjusted EBITDA growth of 265% year-over-year during the second quarter. Considering its fast expansion, including the recently announced second campus in Finland, DayOne is currently working on a Series C equity raise.

在第 24 張投影片上完成。DayOne 的用電量從 2025 年第一季末的 143 兆瓦躍升至第二季末的 213 兆瓦。這促使第二季營收年增 244%，調整後 EBITDA 年成長 265%。考慮到其快速擴張，包括最近宣佈在芬蘭建立第二個校區，DayOne 目前正在進行 C 輪股權融資。

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

我們現在開始回答問題。操作員？

(Operator Instructions) Yang Liu, Morgan Stanley.

（操作員指示） Yang Liu，摩根士丹利。

Thanks for the opportunity, and congrats on the very solid results. I would like to ask about the future strategy in terms of the asset monetization in China. After the successful C-REIT IPO, in terms of future injection, does management benchmark the previous set target of 5 times net debt-to-EBITDA as a long-term operation targets for GDS leverage?

感謝這次機會，並祝賀你取得了非常堅實的成果。我想問中國在資產貨幣化方面未來的策略。在C-REIT成功IPO之後，在未來的注資方面，管理階層是否會以先前設定的5倍淨債務與EBITDA之比作為GDS槓桿的長期營運目標？

Or you are more clean to go a little bit more aggressive towards the asset-light model to achieve better investment return via the five-year development cycle, how to think about your future strategy here? Thank you.

或者您更明確地採取更積極的輕資產模式，透過五年發展週期獲得更好的投資回報，您如何看待未來的策略？謝謝。

Thank you for the question. There are a number of different considerations in the asset monetization strategy. One, of course, is the value at which we can monetize assets. And the benchmark, which has been established in the ABS transaction and then at a high level in the C-REIT transaction remains far above the level at which GDS shares are trading in the international capital markets. The implication of that is that every asset monetization is highly accretive to our shareholders. And I think that alone would be a strong rationale to monetize assets.

謝謝你的提問。資產貨幣化策略有許多不同的考量。當然，首先是我們能夠將資產貨幣化的價值。而且，在 ABS 交易中建立的基準，以及隨後在 C-REIT 交易中處於高位的基準，仍然遠高於 GDS 股票在國際資本市場上的交易水平。這意味著每一次資產貨幣化都會為我們的股東帶來巨大的增值。我認為僅憑這一點就足以成為資產貨幣化的強有力理由。

Secondly, as we described in the prepared remarks, we feel like we are on the threshold of the start of another growth phase -- multiyear growth phase in this industry, which should present some very good investment opportunities. The return on investment potentially is enhanced now that we know that we will be able to monetize assets at cap rates, which are certainly higher than what we used to assume in our internal underwriting case.

其次，正如我們在準備好的評論中所描述的，我們感覺我們正處於另一個成長階段的開始門檻上——這個產業的多年成長階段，這應該會帶來一些非常好的投資機會。現在我們知道我們將能夠以資本化利率將資產貨幣化，這肯定高於我們過去在內部承保案例中假設的利率，因此投資回報率可能會提高。

The implication is that if we can monetize assets and reinvest, then we can create more value for our shareholders. You mentioned the consolidated net debt to EBITDA ratio, I did check back, I think, in 2023. I mentioned that we would target it 5 times within three years, which would give me about another one year, I think.

這意味著如果我們能夠將資產貨幣化並進行再投資，那麼我們就可以為股東創造更多價值。您提到了合併淨債務與 EBITDA 比率，我想我確實在 2023 年檢查過。我提到我們的目標是在三年內實現五次，我想這又能給我一年左右的時間。

I think we're approaching that level already. But we are now as I mentioned, at a stage where some attractive new investment opportunities could present themselves. I don't think it's necessary for us to be too aggressive about deleveraging if those opportunities arise, if they don't arise, then if we monetize on accretive terms, the deleveraging will naturally happen.

我認為我們已經接近那個水平了。但正如我所提到的，我們現在正處於一個可能出現一些有吸引力的新投資機會的階段。如果這些機會出現，我認為我們沒有必要過於積極地去槓桿；如果沒有出現，那麼如果我們以增值的方式貨幣化，去槓桿就會自然而然地發生。

Thank you. I have another question, if I may, regarding the development of DayOne. Given the company's belief that the previous 1 gigawatt target will be achieved far ahead of schedule, what is the current new target, for example, by the end of this year or next year in terms of the total area committed or a megawatt committed?

謝謝。如果可以的話，我還有一個關於 DayOne 開發的問題。鑑於該公司相信先前的 1 千兆瓦目標將提前實現，那麼目前的新目標是什麼呢？例如，到今年年底或明年，承諾的總面積或承諾的兆瓦數是多少？

Thank you.

謝謝。

Yes. I think based on current our footprint, and we built each growth engine in a different region right now. So Finland is a very good, good example in Europe. And in Asia Pacific, we already build up very solid and sustainable growth resource, land bank and the power, right? So our growth will be very, very solid in the next few years.

是的。我認為基於我們目前的足跡，我們現在在不同的地區建立了每個成長引擎。芬蘭是歐洲非常好的榜樣。在亞太地區，我們已經建立了非常穩固且可持續的成長資源、土地儲備和實力，對嗎？因此，未來幾年我們的成長將會非常非常穩健。

So in general, we target every year, let's say, at least let's say, 500-megawatt, yes. This is some internal KPI, but we commit to the market at least 300, right? Internally, that's ours. But now we have a very, very solid base to talk about this kind of number because we are not just grow in one country, one region. We have the two regions. And in the next couple of quarters, maybe we will enter some new regions as well. So that will allow us, can talk about bigger numbers, higher growth.

所以總的來說，我們每年的目標至少是 500 兆瓦，是的。這是一些內部的KPI，但我們至少向市場承諾了300個，對嗎？從內部來說，這是我們的。但現在我們有非常堅實的基礎來談論這個數字，因為我們不只在一個國家、一個地區發展。我們有兩個地區。在接下來的幾個季度裡，我們也許還會進入一些新的地區。這樣我們就可以談論更大的數字和更高的成長。

Yeah, thank you very much.

是的，非常感謝。

Sara Wang, UBS.

瑞銀的 Sara Wang。

Hi, thank you for the opportunity to ask a question. And Again, congratulations on the solid results. I have one question regarding the customer profile. So given the second quarter, gross move-in or new orders signed are still quite solid despite all the uncertainties around US GPU export. So may I ask who are the key customers like separately for the move-ins and also for the new orders?

你好，謝謝你給我這個提問的機會。再次恭喜您所取得的堅實成果。我有一個關於客戶資料的問題。因此，儘管美國 GPU 出口存在許多不確定性，但第二季的總入住量或新簽訂單量仍然相當穩健。那我可以問一下，入住和新訂單的主要客戶分別是誰嗎？

And then what kind of workload do we expect for these new orders to carry? Is it mostly CPU or GPU? And then like if it, is it because the oversupply in the industry has been digested? Or if it's GPUs that mean the domestic substitution has achieved quite meaningful progress. So that the supply chain uncertainty going forward should be mitigated. Thank you.

那麼我們預期這些新訂單會帶來什麼樣的工作量呢？主要是 CPU 還是 GPU？那麼，是不是因為產業內的供過於求已經被消化了呢？或者如果是GPU的話，就代表國產替代已經取得了比較有意義的進展。這樣可以減輕未來供應鏈的不確定性。謝謝。

Yes, I think the first question about customer profile. As I just mentioned, there's a traditional Internet company plus a cloud service provider. And also this is some new order, which we get this year, right? And in terms of workload, there's both, I think GPU type and traditional CPU cloud growth as well. So I think this is quite a hybrid, right?

是的，我認為第一個問題是關於客戶資料的。我剛才提到，有一家傳統的網路公司，加上一家雲端服務供應商。這也是我們今年收到的一些新訂單，對嗎？就工作負載而言，我認為既有 GPU 類型，也有傳統 CPU 雲端成長。所以我認為這是相當混合的，對嗎？

I see. Maybe a quick follow-up on the demand side. Do we see any signs of price increase or MSR increase in the industry. The reason I'm asking is because I saw in second quarter, the MSR decline continued to narrow year-on-year and even like increase quarter-on-quarter. But if we assume the contract land is maybe five years on average, so meaning the contracts renewed this year were mostly signed five years ago. That was when the industry -- MSR industry rental price was peaked in 2020 or '21. But as we renew the contracts this year, we still maintain a stable MSR. So what's the key reason behind? Thank you.

我懂了。也許是對需求方面的快速跟進。我們是否看到行業價格上漲或 MSR 上漲的跡象？我之所以問這個問題，是因為我看到第二季 MSR 降幅比去年同期繼續收窄，甚至比上季有所增加。但如果我們假設承包地的平均期限是五年，那麼就代表今年續約的合約大多是五年前簽訂的。那時 MSR 產業的租賃價格在 2020 年或 21 年達到高峰。但隨著我們今年續約，我們仍然保持穩定的 MSR。那麼背後的關鍵原因是什麼呢？謝謝。

First of all, let's talk about the market price. It's been stable since, say, the middle of last year, which is quite satisfactory. I mentioned in my prepared remarks, if we evaluate new investment using a five-year cycle from inception to exit. And even if we use exit cap rates, which are aiming quite a bit off from where our ABS and C-REIT transactions were done, we can generate a very acceptable return. I think that's important because there's many industries in China, which are suffering a deflationary environment. So the economics of our business remains very solid.

首先我們來談談市場價格。從去年年中開始就一直保持穩定，這是相當令人滿意的。我在準備好的演講中提到，如果我們使用從開始到退出的五年周期來評估新投資。即使我們使用的退出資本化率與我們的 ABS 和 C-REIT 交易的退出資本化率相差甚遠，我們也可以產生非常可接受的回報。我認為這很重要，因為中國的許多產業正遭受通貨緊縮的環境。因此，我們業務的經濟狀況仍然非常穩健。

The MSRs, I know, Sara, you asked quite a few times in previous earnings calls. The MSR reduction is partly a reflection of the reduction in the market price you're talking about on a like-for-like basis, but it's also due to the change in mix. You go back five years, yes, at that point, most of our new business was coming from edge of town sites, Langfang, Beijing and Changshu and around Shanghai. And those were early years for that kind of large edge of town campus, and there was a significant price differential as there was a significant development cost differential as compared with our sort of downtown colocation data centers.

我知道，Sara，您在之前的收益電話會議上問過很多次 MSR。MSR 的降低在一定程度上反映了您所說的同類市場價格的下降，但也是由於產品組合的變化。回顧五年前，是的，那時我們的新業務大多來自城鎮邊緣地區，如廊坊、北京、常熟和上海周邊地區。那是這種大型城鎮邊緣園區發展的早期階段，與我們市中心的主機託管資料中心相比，價格差異很大，因為開發成本差異很大。

So the MSR is not purely an indication of the reduction in in market prices also reflect the change in the location mix. Over the next couple of years, we'll continue to see our MSR decline, most of it is due to the price reset of contracts like that you said you gave an example five years ago. Five years ago, 2020, 2021, the market price had already come down. I think in 2021, '22 it came down further. So we can calculate bottom up on our own contract portfolio, we know a pretty good idea of what the dilution is going to be from price reset over the next couple of years.

因此，MSR 不僅顯示市場價格的下降，也反映了位置組合的變化。在接下來的幾年裡，我們將繼續看到 MSR 下降，其中大部分是由於合約價格重置，就像您五年前舉的例子一樣。五年前，2020年，2021年，市場價格就已經下來了。我認為 2021 年、2022 年這個數字會進一步下降。因此，我們可以根據自己的合約組合自下而上地進行計算，我們很清楚未來幾年價格重置將導致的稀釋程度。

And then that will get reflected in our MSR. So the MSR will continue to decline by a few percent if we take quarter compared with the same quarter the prior year, will continue to decline by low-single digits percent for the next couple of years. Beyond that, I think we'll start to see much reduced drag. And growth rate will then reflect quite purely the volume growth in our business.

然後這將反映在我們的 MSR 中。因此，如果與去年同期相比，MSR 將繼續下降幾個百分點，並且在未來幾年內將繼續下降個位數的低百分比。除此之外，我認為我們將開始看到阻力大大減少。那麼成長率將相當純粹地反映我們業務的銷售成長。

Got it. Thank you.

知道了。謝謝。

Frank Louthan, Raymond James & Associates.

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

Great, thank you. With the C-REIT round that you're looking at, are you still considering a broader public offering for DayOne in 2026 as I think you've talked about in the past? And then you break out some of the growth in DayOne between Southeast Asia and then Finland or any other EU sites that you're considering? Thanks.

太好了，謝謝。就您正在考慮的 C-REIT 融資輪而言，您是否仍在考慮在 2026 年為 DayOne 進行更廣泛的公開募股，我想您之前曾談到過這個話題？然後，您能具體說明東南亞、芬蘭或您正在考慮的任何其他歐盟站點的 DayOne 成長嗎？謝謝。

Yes, Frank, I think the -- it's the shareholder plan to have an IPO of DayOne from a GDS perspective in particular, is because we would like to be able to have the opportunity to distribute the shares to our shareholders. I think it remains the case that we target have an IPO within 18 months. C-REIT, we didn't anticipate that there would be another equity round pre-IPO. The performance of DayOne has far exceeded our expectations. It's been phenomenal.

是的，弗蘭克，我認為——從 GDS 的角度來看，股東計劃讓 DayOne 進行 IPO，因為我們希望有機會將股份分配給我們的股東。我認為我們仍然的目標是在 18 個月內實現 IPO。C-REIT，我們沒有預料到在 IPO 前會有另一輪股權融資。DayOne的表現遠遠超出了我們的預期。這真是太驚人了。

And that's what's driving the C-REIT. I mean I can't rule out, there'll be other capital raises before the IPO DayOne has a plan to do some mezzanine debt as well, and that's still the case. So these pre-IPO rounds are a function of the success of the business is having.

這就是推動 C-REIT 發展的動力。我的意思是，我不能排除，在 IPO DayOne 計劃進行一些夾層債務之前還會有其他融資，現在情況仍然如此。因此，這些 IPO 前融資輪調與企業的成功有關。

Yes. I second question. I can answer that. You asked to break out Europe. So far, our European presence is in Finland in the Helsinki area. And we have a first campus for which we obtained an anchor customer commitment. And it's -- I don't want to be too precise, but it's well over 100-megawatt commitment. And I expect that we will build on that quite quickly in terms of getting follow-on commitments. The strategy of DayOne is to be a pioneer in creating new markets. It's not easy to do that.

是的。我第二個問題。我可以回答這個問題。你要求脫離歐洲。到目前為止，我們的歐洲業務位於芬蘭赫爾辛基地區。我們的第一個校區已經獲得了主要客戶的承諾。而且——我不想說得太精確，但它遠遠超過了 100 兆瓦的承諾。我希望我們很快就能獲得後續承諾。DayOne 的策略是成為開拓新市場的先驅。做到這一點並不容易。

DayOne has done it multiple times now, working with different customers in close collaboration to derisk our market entry and then that gives us the opportunity to build on that base. We think that Finland is a very attractive location for data center operations because of the access to renewable energy, the competitive power tariff, we support in more operating environment. So what you see is just the foundations now and derisk market entry, secured resource expansion and the opportunity to add significantly to that.

DayOne 已經多次這樣做了，透過與不同的客戶密切合作來降低我們進入市場的風險，這讓我們有機會在此基礎上繼續發展。我們認為芬蘭是資料中心營運的一個非常有吸引力的地點，因為這裡可以使用再生能源，電價具有競爭力，我們可以提供更多的營運環境支援。因此，您現在看到的只是基礎，降低市場進入風險，確保資源擴張，並有機會大幅增加資源。

Okay, great, thank you.

好的，太好了，謝謝。

Edison Lee, Jefferies.

傑富瑞 (Jefferies) 的 Edison Lee。

Okay, thank you for taking my question. My first question is on DayOne. You have roughly 780 megawatts committed power. Would you be able to give us some color as to the split between Chinese customers and US customers of that 783 megawatt. I think your longer-term objective previously mentioned was 50/50, right? So I just want to know the progress on that.

好的，感謝您回答我的問題。我的第一個問題是關於 DayOne 的。您擁有約 780 兆瓦的承諾電力。您能否向我們介紹一下中國客戶和美國客戶在這 783 兆瓦電力上的分配情況？我認為您之前提到的長期目標是 50/50，對嗎？所以我只是想知道這方面的進展。

I think, frankly speaking, the current I think the percentage-wise, not significant improved, but it's because it's a very early stage, right? The last couple of quarters, we experienced this situation because every time we will write some key customers their demand and try to build our business and some later, we see here always our direction, right? And so I think this will change maybe in the next two or three years, right? We changed the whole profile.

坦白說，我認為目前從百分比來看並沒有顯著改善，但這是因為還處於非常早期的階段，對嗎？過去幾個季度，我們經歷了這種情況，因為每次我們都會寫下一些關鍵客戶的需求並嘗試建立我們的業務，稍後我們總能看到我們的方向，對嗎？所以我認為這種情況在未來兩三年內可能會改變，對嗎？我們改變了整個概況。

I think currently, like percentage-wise, I think I don't remember that what exact number. I mean it's 30-70, right, 30 from the international customer, 70 from, let's say Chinese customer, but their overseas business. Yes.

我認為目前，就百分比而言，我想我不記得具體數字是多少。我的意思是 30-70，對，30 來自國際客戶，70 來自中國客戶，但他們的業務是海外的。是的。

I see. Okay, thank you. A quick follow-up here on your guidance. You haven't changed your revenue and EBITDA guidance this year. And the first half is very strong, right? So I'm just wondering how we should think about the second half growth based on guidance not being phased?

我懂了。好的，謝謝。在此快速跟進您的指導。今年你們沒有改變收入和 EBITDA 指導。上半場表現非常強勁，對吧？所以我只是想知道我們應該如何看待基於非分階段指導的下半年成長？

In the second half, we have the impact of deconsolidation of the C-REIT, but that wasn't factored into our guidance -- our original guidance at all. And we will be deconsolidating the revenue and EBITDA from late July. So that will have a material impact in terms of the EBITDA for the five months post deconsolidation.

在下半年，我們受到了 C-REIT 分拆的影響，但這並沒有被納入我們的指導中——我們最初的指導中根本沒有考慮到這一點。我們將從 7 月底開始將收入和 EBITDA 分開合併。因此，這將對拆分後五個月的 EBITDA 產生重大影響。

Yes, I'm aware that the implied growth rate for the second half is lower than the implied -- than the actual growth rate for the first half, but we didn't feel it was -- we didn't feel that we should adjust our revenue and adjusted EBITDA guidance at this point in time.

是的，我知道下半年的隱含成長率低於上半年的實際成長率，但我們不認為——我們不認為我們應該在此時調整收入和調整 EBITDA 指引。

Does it mean that it's going to be impacted more by moving in the second half and also maybe higher depreciation as our deliverable project the second half?

這是否意味著下半年的搬遷將對其產生更大的影響，而且作為下半年可交付的項目，折舊可能會更高？

Well, I think let's see what the growth rates actually are as there's a lot of moving parts, right?

好吧，我想讓我們看看實際的成長率是多少，因為有很多活動部件，對嗎？

Okay, no problem. Thanks.

好的，沒問題。謝謝。

(Operator Instructions) Gokul Hariharan, JP Morgan.

（操作員指示） 摩根大通 (JP Morgan) 的 Gokul Hariharan。

Yeah, hi, William, Dan and Laura, thanks for taking my question. First of all, it looks like you have a fairly back-end loaded delivery schedule this year. Dan, could you outline how that will influence growth probably into next year given most of this is likely not captured in this year or even early next year. So should we expect that there should be a reacceleration in revenue and EBITDA growth sometime maybe Q2, Q3 next year, given you're delivering a lot of capacity in second half of this year? That's my first question.

是的，嗨，威廉、丹和勞拉，謝謝你們回答我的問題。首先，看起來你們今年的交貨計畫相當緊張。丹，您能否概述一下這將如何影響明年的成長，因為其中大部分可能無法在今年甚至明年年初實現。那麼，考慮到你們在今年下半年交付了大量產能，我們是否應該預期明年第二季或第三季的營收和 EBITDA 成長會再次加速？這是我的第一個問題。

We are delivering a lot of capacity in the third and fourth quarter this year and the incremental revenue per square meter for that capacity is below our MSR. It's edge of town capacity, these are a couple of large sites, which are being developed specifically for AI inferencing with a very high power density.

我們在今年第三季和第四季交付了大量產能，而這些產能每平方公尺的增量收入低於我們的 MSR。這是城鎮容量的邊緣，這些是幾個大型站點，專門為具有非常高功率密度的 AI 推理而開發。

And maybe the impact of that is not as great as it would be if this was more traditional cloud business. I think we stick by our put it high-level direction that we're targeting high-single-digit EBITDA growth year-on-year. We have a backlog that will drive some of that we also need to have new bookings to drive that. And for now, I think the new bookings are at a healthy level is higher than it was in the last few years. but is not reflecting mega orders like we saw in the first quarter of this year. So until all that happens, I think our growth at rate won't really accelerate.

如果這是更傳統的雲端業務，其影響可能就不會那麼大。我認為我們堅持我們設定的高層方向，即實現 EBITDA 同比增長高個位數。我們有一些積壓訂單，這將推動其中的一部分，我們還需要新的訂單來推動這一點。目前，我認為新訂單處於健康水平，高於過去幾年，但並沒有反映出像今年第一季那樣的巨額訂單。因此，在這一切發生之前，我認為我們的成長速度不會真正加速。

Understood. And how are you -- how are the conversations going with customers regarding some of these AI orders given the supply situation, I think definitely seems a little bit more optimistic in Q3 compared to what it was in Q2.

明白了。您好嗎？考慮到供應情況，與客戶就這些 AI 訂單進行的對話如何？我認為與第二季相比，第三季的情況肯定更加樂觀。

Are you seeing a lot more interest from customers? And the sticking point is still like your certainty of availability of chips or is there any other factors like the inferential debt demand is going to come a little bit later within this AI cycle compared to a lot of the more site training demand that has already happened in the last couple of years?

您是否發現顧客的興趣越來越濃厚了？而癥結仍然在於您對晶片可用性的確定性，或者是否存在其他因素，例如與過去幾年已經發生的大量現場培訓需求相比，推理債務需求在這個人工智慧週期中會稍晚出現嗎？

We saw in the first quarter, if there's no chip supply issue, we would see much stronger bookings. And that gives us a lot of confidence about the future. So it really is an issue around chip supply. And that's not an issue that gets resolved very quickly. They've been policy changes and I think right now, there's -- I think customers are waiting for the new technology in terms of the next generation of NVIDIA chip.

我們在第一季看到，如果沒有晶片供應問題，我們將看到更強勁的訂單量。這讓我們對未來充滿信心。所以這確實是晶片供應的問題。而這個問題並不是很快就能解決的。他們的政策一直在變化，我認為現在，客戶正在等待下一代 NVIDIA 晶片的新技術。

So it may not just be all about H20, H20, H20. It could be about the next pick -- and I think we have a clearer view on that in the next couple of months, then we can talk more precisely about the timing of when we'll start to see those large orders.

因此，這可能不僅與 H20、H20、H20 有關。這可能是關於下一個選擇——我認為在接下來的幾個月裡我們會對此有更清晰的看法，然後我們可以更準確地談論何時開始看到這些大訂單。

In the meantime, all we can do is get prepared. And I think we're very well prepared. We've had the powered land, we incurred some CapEx to that too, which shortens the lead time. And you know from our previous experience in China and also from observing experience on DayOne that when the customers are deploying AI, they're usually hurry.

同時，我們所能做的就是做好準備。我認為我們已經準備好了。我們擁有供電土地，我們也為此投入了一些資本支出，這縮短了交貨時間。從我們之前在中國的經驗以及 DayOne 的觀察經驗中可以知道，當客戶部署人工智慧時，他們通常很著急。

So I think we are very well prepared in terms of the development at -- and we're well prepared in terms of our access to capital, both the capital we've raised and our ability and confidence in being able to recycle more. I don't think that any other data center companies in China, which are as well prepared in both those respects.

因此，我認為我們在發展方面已經做好了充分的準備——我們在獲取資本方面也做好了充分的準備，包括我們籌集的資本以及我們回收更多資源的能力和信心。我認為中國沒有其他資料中心公司在這兩方面都做好如此充分的準備。

Thank you, Goku. Dear participants, thank you very much for your time. Due to time limit of today's call, we will not be addressing any further questions. And at this moment, I would like to turn the call back over to the company for any closing remarks.

謝謝你，悟空。尊敬的與會者，非常感謝您抽出時間。由於今天電話會議的時間限制，我們不會回答任何其他問題。現在，我想將電話轉回給公司，以便發表一些結束語。

Thank you very much once again for joining us today and see you next time. Bye.

再次感謝您今天的參與，下次再見。再見。

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

今天的電話會議到此結束。感謝您的參與。你們現在都可以斷開連結了。祝你今天過得愉快。