GDS Holdings Ltd (GDS) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for GDS Holdings Limited third-quarter 2025 earnings conference call. (Operator Instructions)

各位女士、先生，大家好。感謝您耐心等待參加GDS Holdings Limited 2025年第三季業績電話會議。 （操作說明）

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。現在我將把電話交給主持人，公司投資者關係主管勞拉·陳女士。勞拉，請開始。

Thank you. Hello, everyone. Welcome to the third-quarter 2025 earnings conference call of GDS Holdings Limited. 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GDS Holdings Limited 2025年第三季業績電話會議。公司業績已於今日早些時候透過新聞稿發布，並已上線。您可以在我們的投資者關係網站 investors.gdsservices.com 上查看和下載我們在本次電話會議中將提及的業績摘要簡報。

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GDS創辦人、董事長兼執行長黃偉倫先生主持，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回顧財務和營運結果。

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. Further information regarding these and other risks and uncertainties is included in the company's prospectus as filed with the US SEC.

在繼續之前，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》安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，公司的實際業績可能與今天表達的觀點有重大差異。有關這些風險和其他不確定性的更多信息，請參閱公司向美國證券交易委員會提交的招股說明書。

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 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.

除適用法律另有規定外，本公司不承擔更新任何前瞻性聲明的義務。另請注意，GDS的獲利新聞稿和本次電話會議均包含未經審計的GAAP財務資訊以及未經審計的非GAAP財務指標的討論。 GDS新聞稿中包含未經審計的非GAAP指標與最直接可比較的未經審計的GAAP指標的調節表。

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

現在我將把電話交給GDS創辦人、董事長兼執行長黃偉倫先生。請您發言，黃偉倫先生。

Thank you. Hello, everyone. This is William. Thank you for joining us on today's call. During the third-quarter, our revenue increased by 10.2%, and our adjusted EBITDA increased by 11.4% year-on-year, maintaining the healthy growth trend since our business began to recover last year.

謝謝。大家好，我是William。感謝各位參加今天的電話會議。第三季度，我們的營收年增10.2%，調整後EBITDA年增11.4%，延續了自去年業務開始復甦以來的良好成長動能。

During 3Q '25, our gross additional area utilized was around 23,000 square meters. We are on track to achieve our highest every year of move-in. We continue to deliver the long-term backlog. In addition, we are now delivering the 40,000 square meter, or 152-megawatt order which we won in the first-quarter of this year. By being selective with new business, we have successfully shortened the book-to-build period and brought down our backlog. Nonetheless, we still have visibility for over 70,000 square meters of move-in from the backlog next year.

2025年第三季度，我們新增使用面積約23,000平方公尺。我們預計將實現每年最高的入住率。我們持續交付長期積壓訂單。此外，我們目前正在交付今年第一季贏得的40,000平方米（152兆瓦）訂單。透過謹慎選擇新業務，我們成功縮短了從預訂到建設的周期，並降低了積壓訂單。儘管如此，我們預計明年仍有超過70,000平方公尺的積壓訂單將投入使用。

Our total new bookings for the first nine months is 75,000 square meters or 240 megawatts. We expect to achieve nearly 300 megawatts for the full year, which is a big step-up from the level of the past few years. Around 65% of our bookings in 2025 are AI-related. Nonetheless, AI demand in China is still at a very early stage. If we look at the big picture, the domestic tech industry has reached a critical juncture with major players making unprecedented financial commitment to AI infrastructure. This marks a definitive end to the previous downturn and signals the beginning of a robust recovery for the data center sector.

前九個月，我們的新增預訂量為7.5萬平方米，相當於240兆瓦。我們預計全年將達到近300兆瓦，較過去幾年的水準有了顯著提升。 2025年，我們約有65%的預訂量與人工智慧相關。儘管如此，中國對人工智慧的需求仍處於起步階段。從宏觀角度來看，國內科技業正處於關鍵轉折點，各大企業對人工智慧基礎設施的投入空前高漲。這標誌著先前低迷期的徹底結束，也預示著資料中心產業強勁復甦的開始。

All of our major customers are committed to the massive scale of this new investment cycle, with CapEx plans of hundreds of billions, underscoring the intensity of the new AI arms race. Leading local chip companies are making continuous development progress in terms of performance, efficiency, and capacity. The growth of the domestic chip segment will secure the long-term growth of the AI infrastructure industry.

我們所有主要客戶都積極參與這規模空前的新一輪投資，資本支出計畫高達數千億元，凸顯了新一輪人工智慧軍備競賽的激烈程度。國內領先的晶片企業在性能、效率和產能方面不斷取得進展。國內晶片產業的成長將保障人工智慧基礎設施產業的長期發展。

We have unwavering confidence in the AI demand to come basis on the development and the ramp-up of domestic technologies. We believe that new bookings in the coming years could be better, and this is what we are preparing for in our strategic plan.

我們對人工智慧需求充滿信心，這得益於國內技術的研發和推廣。我們相信未來幾年的新訂單量會更好，而這正是我們策略規劃的重點。

There are two essential ingredients to win big in AI, powered land, and access to capital. We have already secured around 900 megawatts of powered land in and around Tier 1 markets, which is suitable for AI demand, particularly for AI inferencing. In addition, based on our communications with our customers, we are in the process of securing more powered land in complementary locations, and we believe that 900 megawatts will not be enough.

要想在人工智慧領域取得巨大成功，兩大關鍵要素是：充足的電力資源和資金支持。我們已在一線城市及其周邊地區獲得了約900兆瓦的電力資源，足以滿足人工智慧的需求，尤其適用於人工智慧推理。此外，根據與客戶的溝通，我們正在其他互補區域尋求更多電力資源，我們相信900兆瓦的電力資源遠遠不夠。

On the financing side, we recently completed first IPO of a data center REIT in China. The transaction was a huge success. We intend injecting more assets in the REIT next year and establishing a continuous pipeline of asset monetization. The REIT gives us a significant competitive advantage in terms of accessing capital from the domestic equity market. It enables us to monetize assets efficiently, repeatedly and at the lowest possible cost.

在融資方面，我們近期完成了中國首個資料中心房地產投資信託基金（REIT）的IPO，交易取得了巨大成功。我們計劃明年向該REIT注入更多資產，並建立持續的資產變現管道。該REIT在獲取國內股權市場資金方面賦予我們顯著的競爭優勢，使我們能夠以盡可能低的成本高效、持續地實現資產變現。

The China market is at an inflection point. The outlook for the data center industry is very exciting. Our market position is as strong as ever. Over the past few years, we have taken a conservative approach. We improved our asset utilization and significantly strengthened our balance sheet. Going forward, we will maintain our financial discipline while, at the same time, taking a more aggressive approach to new business.

中國市場正處於轉折點，資料中心產業的前景令人振奮。我們的市場地位依然穩固。過去幾年，我們採取了穩健的策略，提高了資產利用率，並顯著增強了資產負債表。展望未來，我們將持續維持財務紀律，同時採取更積極進取的策略拓展新業務。

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

接下來我將把財務和營運審查工作交給丹。

Thank you, William. Starting on slide 15. As William mentioned, in 3Q '25, our reported adjusted EBITDA grew by 11.4% year-on-year. At the end of 1Q '25, we deconsolidated the data center project companies, which we sold to the ABS. And then during 3Q '25, we deconsolidated the data center project companies, which we sold to the C-REIT.

謝謝威廉。從第15頁投影片開始。正如威廉所提到的，2025年第三季度，我們報告的調整後EBITDA年增11.4%。 2025年第一季末，我們剝離了資料中心專案公司，並將其出售給了ABS。然後在2025年第三季度，我們再次剝離了資料中心專案公司，並將其出售給了C-REIT。

In order to present a consistent trend, we have adjusted historic numbers to take out the EBITDA contribution of the deconsolidated companies for the first nine months of 2025 and for the comparative period. On this pro forma basis, our adjusted EBITDA for the first nine months grew by 15.4%.

為了呈現一致的趨勢，我們調整了歷史數據，剔除了2025年前九個月及同期已剝離公司貢獻的EBITDA。以此調整後的數據計算，我們前九個月的調整後EBITDA成長了15.4%。

Turning to slide 16. Our C-REIT started trading on the Shanghai Stock Exchange on the 8 of August. As of yesterday's close, the C-REIT units were priced at RMB4.375, 45.8% up from the IPO price. At this level, the C-REIT is trading on 24.6 times EV to the projected 2026 EBITDA as disclosed in the C-REIT offering memorandum. The implied dividend yield is 3.6% based on the projected cash available for distribution, also as stated in the offering memorandum.

請看第16頁投影片。我們的C-REIT於8月8日在上海證券交易所開始交易。截至昨天收盤，C-REIT單位價格為人民幣4.375元，較IPO價格上漲45.8%。以此價格計算，C-REIT的本益比（EV）為24.6倍，基於C-REIT發行備忘錄中揭露的2026年預期EBITDA。根據發行備忘錄中揭露的預期可供分配現金，隱含股息殖利率為3.6%。

It is our strategic objective to grow and diversify our C-REIT so that it is a viable option for us to recycle capital on a repeated basis, thereby unlocking value for GDS shareholders and freeing up funds for new investment. Under current regulations, we are permitted to apply for approval for the first post-IPO asset injection six months after the IPO date, i.e., during 2Q '26. Thereafter, it will take some time to complete the regulatory review process.

我們的策略目標是發展並多元化我們的C-REIT，使其成為我們持續循環利用資本的可行選擇，從而為GDS股東釋放價值，並釋放資金用於新的投資。根據現行法規，我們可以在IPO後六個月內，即2026年第二季度，申請首次IPO後資產注入的批准。此後，還需要一些時間來完成監管審查流程。

For the first post-IPO asset injection, we are preparing assets with a target enterprise value of around RMB4 billion to RMB6 billion. This compares with an enterprise value of RMB2.4 billion for the assets which we injected into the C-REIT at IPO.

首次IPO後注資，我們計劃募集企業價值約40億元至60億元人民幣的資產。相較之下，我們在IPO時注入C-REIT的資產企業價值為24億元。

With the creation of the C-REIT platform, we have the opportunity to invest in new data centers, ramp up, operate and then, once the track record qualifies, to monetize over a five to six year investment cycle. Even if we take a very conservative view on potential future exit multiples into the C-REIT, the return on new investment is still very compelling. This could not have happened at a better time as we address the upcoming AI demand wave. We think it's a game changer.

隨著C-REIT平台的創建，我們有機會投資新建資料中心，逐步擴大規模並投入運營，然後在業績達到預期後，透過五到六年的投資週期實現盈利。即使我們對未來C-REIT的潛在退出倍數持非常保守的看法，新投資的回報仍然非常可觀。在我們面對即將到來的AI需求浪潮之際，這可謂是恰逢其時。我們認為這將改變產業格局。

Turning to slide 17. For the first nine months of 2025, our organic CapEx was RMB3.8 billion. We still expect our organic CapEx for the full year to be around RMB4.8 billion. However, net of the cash proceeds of the asset monetization, our CapEx will be around RMB2.7 billion.

請看第17頁。 2025年前九個月，我們的有機資本支出為人民幣38億元。我們仍預期全年有機資本支出約為人民幣48億元。但是，扣除資產變現所得現金後，我們的資本支出約為人民幣27億元。

As shown on slide 18, our operating cash flow for the full year will be around RMB2.5 billion. Therefore, after taking into account the asset monetization proceeds, our China business is almost self-funding.

如幻燈片18所示，我們全年的經營現金流約為人民幣25億元。因此，扣除資產變現所得後，我們在中國的業務幾乎可以實現自籌資金。

Turning to slide 19 and 20. Our net debt to last quarter annualized adjusted EBITDA multiple decreased from 6.8 times at the end of 2024 to 6.0 times at the end of 3Q '25. The decrease is mainly due to the cash proceeds of the asset monetization and the deconsolidation of debt of the project companies sold to the ABS and C-REIT as well as the offshore equity capital raise, which we did in 2Q '25. We are benefiting from the favorable interest rate environment in China, with our effective interest rate dropping to 3.3%.

請看第19和20頁幻燈片。我們的淨負債與上季年化調整後EBITDA的比率從2024年底的6.8倍降至2025年第三季末的6.0倍。這一下降主要歸功於資產變現所得現金、出售給ABS和C-REIT的專案公司的債務不再併入財務報表，以及我們在2025年第二季度進行的境外股權融資。我們受惠於中國有利的利率環境，實際利率已降至3.3%。

Turning to slide 22. After nine months, we are on track to achieve the midpoint of our revenue guidance and at or above the top end of our EBITDA guidance for the full year of 2025. Our growth rate during the current year has clearly benefited from the strong new bookings in 1Q '25 and a short book-to-bill period. This gives a clear illustration of how our growth rate can accelerate with a pickup in demand.

請看第22張投影片。經過九個月的規劃，我們預計將實現2025年全年營收預期中位數，並達到或超過EBITDA預期上限。本年度的成長明顯受益於2025年第一季強勁的新訂單以及較短的訂單出貨週期。這清楚地表明，隨著需求回升，我們的成長速度將如何加快。

The relatively subdued new bookings since 2Q '25 will affect our growth rate next year. However, in our internal projections, we foresee higher bookings next year, leading to gross acceleration thereafter.

自2025年第二季以來，新訂單量相對低迷，這將影響我們明年的成長率。然而，根據我們的內部預測，我們預計明年訂單量將會增加，從而在此後實現整體成長加速。

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

現在進入問答環節。接線生？

(Operator Instructions)

（操作說明）

Yang Liu, Morgan Stanley.

楊柳，摩根士丹利。

I have two questions here. The first one is regarding the China market inflection. As William just mentioned, the China market is approaching the inflection point. What do we need to see that really happen in the near future? And in terms of your strategy to go a little bit more aggressive in China, could you please elaborate more, for example, with location or what type of project, et cetera, are you planning?

我這裡有兩個問題。第一個問題是關於中國市場的轉捩點。正如威廉剛才提到的，中國市場正接近拐點。我們需要看到哪些跡象才能在近期內真正促成這個轉折點的到來？另外，關於您在中國採取更積極的策略，您能否詳細說明一下，例如，您計劃在哪些地區開展哪些類型的專案等等？

The second question is regarding the overall investment profile because now we have a C-REIT platform, and it is a very effective way to recycle capital. And what is the new overall investment return with C-REIT scheme?

第二個問題是關於整體投資概況的，因為我們現在有了C-REIT平台，這是一種非常有效的資本循環使用方式。那麼，C-REIT方案的整體投資報酬率是多少？

Okay. I think number one question is, yes, I think how to explain the aggressive approach. I think what we see in the market, demand is very strong in China. I think our customer announced their big investment in the next five years. I think now another signal is domestic chip is catching up. Just as what I mentioned, I think in terms of the efficiency, chips efficiency and production capacity, I think they all improved a lot. That means the real data center opportunity is coming. So we are well positioned. As I just mentioned, we still have the large -- I think the largest land bank -- powered land bank in and around Tier 1 market. This is very good for the future inferencing.

好的。我認為首要問題是，是的，我認為應該如何解釋我們採取的正向策略。我認為我們看到的市場狀況是，中國市場需求非常強勁。我們的客戶已經宣布了未來五年的大規模投資計畫。我認為現在另一個訊號是國產晶片正在迎頭趕上。正如我剛才提到的，我認為在效率方面，晶片效率和產能都得到了顯著提升。這意味著真正的資料中心機會即將到來。所以我們已經做好了充分的準備。正如我剛才提到的，我們仍然擁有龐大的——我認為是最大的——位於一線城市及其周邊地區的土地儲備。這對未來的發展非常有利。

Another is, I think, the China tech player, they will continue to do massive training. So I think in order to capture this opportunity, we will acquire more land in some very cheap power location and more -- as much close to, let's say, the Tier 1 city, yes. So I think this is our strategy. And we are -- a lot of the land acquisition is in process. And maybe something will happen, we can announce in next earnings call. This is number one.

我認為，另一個方面是中國科技企業，他們會繼續進行大規模的培訓。所以，為了把握這個機會，我們會在一些電力成本非常低廉的地段收購更多土地，而且盡可能靠近一線城市。這就是我們的戰略。目前，我們正在進行大量的土地收購工作。或許在下次財報電話會議上，我們會宣布一些消息。這是第一點。

Number two, I think Dan may can explain about the REITs.

第二，我想丹或許可以解釋一下房地產投資信託基金（REITs）。

Sure. The unit economics of the data center investment in China is very solid. The selling price is stable. The unit development cost has come down to a level which is very efficient. And this allows us to generate typically 11% to 12% cash on cash yield on new investment.

當然。在中國投資資料中心的單位經濟效益非常穩健。售價穩定。單位開發成本已降至非常高效率的水平。這使得我們通常能夠從新投資中獲得 11% 到 12% 的現金回報率。

What has changed is the way that we can look at and evaluate investment. If we take the approach of investing, which maybe takes one year to construct and then one year for the customer to move in fully, we have to hold the asset and operate for three years to establish the track record, which is required before assets can be injected into C-REIT. But then in the year -- the following year, which would be year five or six, we can consider an asset injection. But even if we use an exit multiple, a cap rate, which is being very conservative compared with even where we IPO-ed our C-REIT.

改變的是我們看待和評估投資的方式。如果我們採取投資策略，例如建造專案可能需要一年時間，客戶入住也需要一年時間，那麼我們必須持有並經營該資產三年以建立業績記錄，這是向C-REIT注入資產的必要條件。但到了第五年或第六年，我們就可以考慮注入資產了。即便我們使用退出倍數或資本化率，這與我們之前將C-REIT上市的情況相比，也已經是非常保守的了。

If we look at the IRR over a five to six year period, then it is in the low to mid-teens. And the levered IRR, the return on equity, is well into the 20s. I think fundamentally, this is very attractive.

如果我們觀察五到六年期間的內部報酬率（IRR），那麼它在十幾到五幾之間。而槓桿內部報酬率（即權益報酬率）則遠高於二十幾。我認為從根本上來說，這非常有吸引力。

Yes. I'll add one more point. I think we believe now is the right timing to step in the market because, number one, I think the price is more stable; number two, I think the development cost is almost at the bottom of the -- in terms of history, right? So I think this is the right timing to maintain very good return. It's the right timing, yes.

是的，我再補充一點。我認為現在是進入市場的最佳時機，原因有二：第一，我認為價格更加穩定；第二，我認為開發成本幾乎處於歷史低位，對吧？所以我認為現在是保持良好回報的最佳時機。沒錯，時機正好。

Sara Wang, UBS.

Sara Wang，瑞銀集團。

Congratulations on the solid results. It's glad to hear that GDS is being more aggressive in acquiring new business opportunities. So I have actually one question, but two parts. So I think Dan just mentioned, we are expecting higher booking next year. So regarding this booking, does that include our potentially new powered land acquired in relatively -- like regions with relatively lower power tariffs?

祝賀你們取得如此優異的業績。很高興聽到GDS在拓展新業務方面更加積極主動。我其實有一個問題，但可以分成兩個部分。正如Dan剛才提到的，我們預計明年的預訂量會更高。那麼，關於這個預訂量，是否包括我們在電價相對較低的地區（例如）可能新購買的電力用地？

And the second question is that, if we are going into complementary markets on top of our 900 megawatts resources then how shall we think about the -- like is there any difficulties in acquiring new power quota? Because this year, we have heard Fa Gai Wei, like NDRC, they're actually relatively rationalizing or controlling the new power quota release in China in general? Yes, that's my question.

第二個問題是，如果我們除了現有的900兆瓦資源外，還要進入其他互補市場，那麼我們該如何考慮──例如，取得新的電力配額是否有困難？因為今年我們聽說，發改委等部門實際上正在對中國整體的新增電力配額發放進行相對理性化或管控。是的，這就是我的問題。

Okay. The first question, I think that was new booking next year, right? We're not fully relying on the new acquisition of the land. Definitely, we will -- if we can success to secure the land, power the land, we can do more, right? So this is our focus base. The second -- what's the second.

好的。第一個問題，我想是關於明年的新預訂情況，對吧？我們並非完全依賴新收購的土地。當然，如果我們能成功獲得土地並為其供電，我們就能做得更多，對吧？所以這是我們的重點。第二個問題是什麼？

Difficulties in acquiring new power quota.

取得新電力配額困難重重。

I think power quota always -- I mean, in general, always not easy, right? But based on our track record and the reputation, I see a lot of governments willing to work with us. So for us, it's not that challenge for us. We have a lot of the experience in the past -- in the last 10 years to build up the right relationship with the government and the power company.

我認為電力配額總是——我的意思是，通常來說，總是不容易實現的，對吧？但根據我們以往的業績和聲譽，我看到很多政府都願意與我們合作。所以對我們來說，這並不是什麼挑戰。過去十年，我們累積了豐富的經驗，與政府和電力公司建立了良好的合作關係。

Frank Louthan, Raymond James & Associates.

Frank Louthan，Raymond James & Associates。

Can you give us an update on DayOne on private round funding and potential updates for a possible IPO? And then what is the outlook on your customers getting GPUs and be able to ramp their installs going forward? When do we expect that to crack open?

能否介紹DayOne私募融資的最新進展以及可能的IPO計劃？另外，貴公司客戶何時能夠順利取得GPU並逐步擴大部署規模？預計何時能夠實現此目標？

Yes, I think I answer and maybe Dan can add more color. I think -- I have to say, I think after Series B, I think DayOne is fully independent. So we cannot represent DayOne anymore since that time, right? But we still can give some highlight information, right, about DayOne because we quite enjoy the equity value increase, right, for our shareholders. I think all business in Asia Pacific and in Europe, which we already announced the market what we already stepped in, remain very, very good, very, very positive, and the demand still remains very, very strong.

是的，我想我可以回答這個問題，或許丹可以補充一些細節。我認為——我必須說，我認為在B輪融資之後，DayOne已經完全獨立了。所以從那時起，我們就不能再代表DayOne了，對吧？但我們仍然可以提供一些關於DayOne的重要訊息，因為我們非常高興看到股東的股權價值成長。我認為我們在亞太和歐洲的所有業務（我們已經向市場宣布了我們已涉足的領域）仍然非常非常好，非常樂觀，市場需求仍然非常強勁。

So I think the DayOne's business is on the right track and could be better. So that's all what I can tell you. Maybe if you are interested, maybe we can introduce to the DayOne's right people to explain in more detail.

所以我認為DayOne的業務發展方向正確，但還有進步空間。這就是我能告訴你的全部內容。如果你有興趣，或許我們可以介紹DayOne的相關負責人給你，讓他/她更詳細地解釋。

Okay. And on potential for additional installs to ramp?

好的。那麼，未來是否有可能透過增加安裝量來擴大規模呢？

Frank asked about the new business in DayOne I think.

我想弗蘭克在第一天就問到了新業務的情況。

Yes. I just can -- what I can tell you is they remain very, very strong, positive view for the future, yes. I cannot tell any detail more. I cannot represent -- this is a GDS earnings call, right? Sorry about that.

是的。我只能說，他們對未來仍然保持著非常非常樂觀的看法。但我不能透露更多細節。我不能代表──這是GDS的財報電話會議，對吧？抱歉。

Michael Elias, TD Cowen.

Michael Elias，TD Cowen。

So in the US, when we think about the training workloads that we're seeing, we're seeing gigawatt scale projects getting deployed. And I'm curious, when you think about what training will look like in China, are you seeing the opportunity to deploy at that kind of the scale, i.e., in the gigawatt range?

所以在美國，當我們思考目前的訓練工作量時，我們看到的是千兆瓦級的專案正在部署。我很好奇，當您思考中國的培訓前景時，您是否認為有機會以這種規模（即千兆瓦級）進行部署？

And then second question is, can you give us an update, as you think about these AI data centers that you expect to build, what the time to build those data centers are and how that varies from traditional cloud data centers? And if I can squeeze it in, any notable constraints or long lead time items that we should be aware of?

第二個問題是，您能否介紹一下您計劃建造的這些人工智慧資料中心的最新進展？建造這些資料中心需要多長時間？這與傳統的雲端資料中心有何不同？如果時間允許，能否也提一下我們需要注意的重大限製或需要較長準備時間的事項？

I think scale-wise, I think our client talk about gigawatt level, I mean, new demand, right? So I think this is just like three years ago in -- what happened in the US. And the number-wise, we are talking -- every big player talk about gigawatt size new demand. So I think that it's catching up. That's what we have been seeing -- we have seen. So in terms of time to market, right, I think, in China, we can build very fast. I think normally 9 months to 12 months is very normal, starting from the piling to deliver, right? The extreme, I mean, case, we can build -- let's say, even built within eight months. So that's our record in China.

我認為就規模而言，我們的客戶談論的是吉瓦級的新需求，對吧？所以我覺得這就像三年前美國的情況。就數量而言，我們談論的是——每個大型企業都在談論吉瓦級的新需求。所以我認為情況正在迎頭趕上。這就是我們一直看到的。至於上市時間，我認為在中國，我們可以建造得非常快。我認為通常情況下，從打樁到交付，9到12個月是很正常的，對吧？極端情況下，我們甚至可以在8個月內完成。這就是我們在中國的最佳紀錄。

Any bottlenecks or.

任何瓶頸或。

No, I don't think the -- in terms of development, yes, supply chain in China is not an issue.

不，我不認為——就發展而言，是的，中國的供應鏈不是問題。

Daley Li, Bank of America Securities.

Daley Li，美國銀行證券。

I have two questions here. First one is about we got new orders for the China market, like a near 30 megawatts. Could you share what's the.

我這裡有兩個問題。第一個問題是關於我們獲得了中國市場的新訂單，大約30兆瓦。能分享一下具體情況嗎？

300.

300。

Can you hear me? Sorry.

你聽得到我說話嗎？對不起。

Go ahead.

前進。

Go ahead. Sorry. Yes.

請繼續。抱歉。好的。

Yes. Could you give some color about the AI exposure? What's the percentage from AI? And is this about inferencing model training for the recent order? Number two, for the second cone is about the -- we heard the China government gave some window guidance in 2Q this year to tighten the data center supplier in China? And do you see any impact to us and to the market?

是的。能詳細介紹一下人工智慧業務的佔比嗎？人工智慧業務佔比是多少？這是否與近期訂單中的推理模型訓練有關？第二點，關於第二個面向－我們聽說中國政府在今年第二季發布了一些指導意見，旨在收緊對中國資料中心供應商的監管？您認為這會對我們和市場產生什麼影響？

Yes, I think, new order from -- Yes, go ahead.

是的，我想，新的訂單來自——好的，繼續。

Okay. In our prepared remarks, we commented that we will probably reach nearly 300 megawatts in terms of new bookings for the whole of 2025. I think we hit 240 megawatts up to the end of the first three quarters, and there's some good new business in the fourth quarter. We also stated that, by our estimation, around 65% of the new bookings this year are AI related. We are -- only have a presence in Tier 1 markets.

好的。我們在事先準備好的演講稿中提到，2025年全年新增訂單量可能接近300兆瓦。我認為前三個季度末我們已經達到了240兆瓦，第四季也有一些不錯的新業務。我們也提到，據我們估計，今年新增訂單中約有65%與人工智慧相關。我們目前只在一線城市市場開展業務。

So that is AI in Tier 1 markets. So that's going to be mainly AI inferencing or it can be a combination of AI inferencing and training, and it's being deployed within the established cloud regions and cloud availability terms. The second question was.

這就是一級市場的AI。它主要涉及AI推理，也可能是AI推理和訓練的結合，並且部署在既定的雲端區域和雲端可用性條款中。第二個問題是…

Window guidance about the carbon quota. I think this has always happened in the Tier 1 market, right? So -- but we are lucky. We already prepared for that. And that's why I mentioned we still have almost 900 megawatts powered land. This power is all gathered carbon quota in or near Tier 1 market. It's very difficult to apply new around the Tier 1 market.

關於碳排放配額的指導意見。我認為這種情況一直都發生在Tier 1市場，對吧？所以——但我們很幸運。我們已經為此做好了準備。這就是為什麼我提到我們仍然擁有近900兆瓦的發電裝置容量。這些電力全部來自Tier 1市場及其周邊地區，這些發電裝置容量都已計入碳排放配額。在Tier 1市場週邊地區實施新的碳排放配額非常困難。

But in a remote area, I think I didn't hear any about the window guidance because the power in those places, it's -- the big problem is how to sell, right? It's not -- so the power is -- capacity is very large in a remote area. So get the power, I think it's not very, very difficult. And the local governments are very encouraged the data center -- the operator built a data center in those places, location.

但在偏遠地區，我似乎沒聽到任何關於窗口指導方針的消息，因為那些地方的電力供應——最大的問題是如何銷售，對吧？ ——所以電力——偏遠地區的電力容量非常大。因此，獲取電力，我認為並不難。而且當地政府非常鼓勵業者在這些地方建造資料中心。

Timothy Zhao, Goldman Sachs.

Timothy Zhao，高盛集團。

Congrats on the solid results. I have two questions. First is about the pricing trend. Just wondering if you can share some color on how you think about the MSR trend into the fourth quarter and next year, especially given that probably the company is entering to a peak renewal period for the contract that were signed maybe five to seven years ago, then how should we think about the MSR trend into next year?

恭喜取得如此優異的業績。我有兩個問題。第一個是關於價格趨勢的。我想請您談談對第四季度和明年MSR（月供服務費）趨勢的看法，特別是考慮到公司可能即將進入五到七年前簽訂的合約的續約高峰期，那麼我們應該如何看待明年的MSR趨勢呢？

Second is about the overall market and the competitive landscape. I think right now, you have been emphasizing time-to-market quite a lot. If you remember, I think maybe five years ago when there was a wave about the cloud data centers and 5G network, there was also a wave of increased data center supply in China. Just wondering if you think, from where we are right now, how do you think about the overall industry supply and demand dynamics?

其次是關於整體市場和競爭格局。我認為您目前非常強調產品上市時間。如果你還記得，大約五年前，當雲端資料中心和5G網路興起時，中國的資料中心供應也出現了大幅成長。我想請教您，就目前的情況而言，您如何看待整個產業的供需動態？

The first part of your question about the downward price reset when our installed base contract come up for renewal. And this has been going on for a few years and will continue for a few years more. And the impact of that gets reflected in our MSR. And I was -- give some comment on future expectations.

關於您問題的第一部分，即當我們的現有設備合約到期續約時價格會下調，這種情況已經持續了幾年，而且還會持續幾年。其影響會反映在我們的MSR（抵押貸款服務權）上。我想就未來的預期做一些說明。

Now I'd say that, over 2026, we expect the MSR to decrease by 3% to 4%. That's on average, comparing 1Q versus 1Q, 2Q versus 2Q and so on. And that is not only a function of the downward price reset, we also have elevated higher levels of move-in. And that also has a dilutive effect on MSR. So that 3% to 4% reflects the combination of those factors.

現在我認為，到2026年，我們預計MSR將下降3%至4%。這是平均而言，比較第一季與第一季、第二季與第二季等等所得出的結果。這不僅是價格下調重置的結果，也是由於入住率上升所致。入住率上升也會對MSR產生稀釋效應。因此，這3%至4%的降幅反映了這些因素的綜合作用。

Yes. I think I add a little bit of my points. I think all the new build data center, the price is quite stable since two years ago. Nothing changed. I think this is very good. But in the meanwhile, I think the cost is more stable, right? So if you look at all the new-build asset return, it's very decent.

是的。我想補充幾點。我認為所有新建資料中心的價格自兩年前以來都相當穩定，沒有任何變化。我認為這非常好。同時，我認為成本也更加穩定，對吧？所以，如果你看一下所有新建資產的回報率，你會發現它非常可觀。

So I think this is a way to look at the MSR, right? Because the new campus, new building is, in general, I think compared with like edge data center, the enterprise data center, even cloud data center, the price definitely go -- went down a lot. But if you look at the asset return since two years ago, it's very, very similar, very -- and this price is very, very stable. Return is also very stable. It's 100% fit the REITs to inject to the REIT.

所以我認為這是一種看待MSR（抵押權使用費）的方式，對吧？因為新園區、新樓盤，總的來說，我認為與邊緣資料中心、企業資料中心甚至雲端資料中心相比，價格肯定下降了很多。但如果你看看兩年前的資產報酬率，你會發現它非常非常相似，非常——而且價格非常非常穩定。回報率也非常穩定。這完全符合REITs（房地產投資信託基金）的注資要求。

Tim asked about the competitive landscape.

提姆詢問了競爭格局的情況。

Competitive landscape, I think the new competition, I think, if you try to get your customer trust and reliable, you should show your financial capability. Now our customers more care about the financial capability, not just the capability you can build. Everybody can build easily, right? So I think if you try to commit a customer 500-megawatt or 1-gigawatt campus in the future, I think the financial -- our customers definitely will consider about do you have the capability to access the capital market, what's the cash position you have right now? So this is very -- this is the new competitive advantage.

我認為，在競爭格局下，要贏得客戶的信任與信賴，就必須展現出自身的財務實力。如今，客戶更看重的是財務實力，而不僅僅是建立能力。畢竟，誰都能輕鬆建設，對吧？所以，如果你未來想讓客戶投資興建500兆瓦或1吉瓦的園區，財務狀況－客戶一定會考慮你是否有能力進入資本市場，你目前的現金流狀況如何？這才是真正的──這才是新的競爭優勢。

In terms of this, I think we are more -- much more way ahead than any competitor else, right? So I think this is not just a land/power competition. It's also the capability to access capital market. So in terms of this, if I look around, I think not that much company, both has the land capability -- power the land capability and well position and let's say, financing capability.

就這一點而言，我認為我們比任何競爭對手都領先得多，對吧？所以我認為這不僅僅是土地/電力競爭，還包括進入資本市場的能力。就此而言，如果我環顧四周，我認為沒有多少公司既擁有土地資源、電力供應和油井佈局，又具備融資能力。

Thank you for the questions. Due to the time limits of today's call, I would like to now turn the call back over to the company for any closing remarks.

謝謝大家的提問。由於今天的電話會議時間有限，我現在想把電話交還給公司，請他們作總結發言。

Thank you 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. You may now disconnect your lines. Thank you.

今天的電話會議到此結束。您可以掛斷電話了。謝謝。