GDS Holdings Ltd (GDS) 2021 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for GDS Holdings Limited's Fourth Quarter and Full Year 2021 Earnings Conference Call.

女士們、先生們，大家好。感謝您出席萬國資料控股有限公司 2021 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員說明）

After management's prepared remarks, there will be a question-and-answer session. 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.

管理階層準備好發言後，將舉行問答環節。今天的電話會議正在錄音。現在我將把電話轉給東道主，公司投資者關係主管勞拉·陳女士。請繼續，勞拉。

Thank you. Hello, everyone, welcome to fourth quarter and full year 2021 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 will refer to during this conference call, can be viewed and downloaded from our IR website at investors.gds-services.com.

謝謝。大家好，歡迎來到萬國數據2021年第四季及全年業績電話會議。該公司的業績今天稍早透過新聞專線服務發布並發佈在網路上。我們將在本次電話會議中參考的摘要簡報可以從我們的投資者關係網站 Investors.gds-services.com 查看和下載。

Leading today's call is Mr. William Huang, GDS's Founder, Chairman and CEO, who will provide an overview of our business strategy and performance. Mr. Dan Newman, GDS's Chief Financial Officer, will then review the financial and operating results. Ms. Jamie Khoo, our COO is also available to answer questions.

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。萬國數據財務長 Dan Newman 先生隨後將審查財務和營運績效。我們的營運長 Jamie Khoo 女士也可以回答問題。

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 US SEC. The Company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

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「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，公司的業績可能與今天表達的觀點有重大差異。有關這些以及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's earnings press release and this conference call includes 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，萬國數據的收益新聞稿和本次電話會議包括對未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。 GDS 新聞稿包含未經審計的非 GAAP 衡量標準與未經審計的最直接可比較的 GAAP 衡量標準的調整表。

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

現在我將把電話轉給萬國數據創辦人、董事長兼執行長黃威廉。請繼續，威廉。

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

大家好，我是威廉。感謝您參加今天的電話會議。

I'm delighted to report another year of strong financial results. In 2022, we grew revenue by 36%, and adjusted EBITDA by 38% year-over-year, in line with our guidance. At the same time, we made significant progress in key business areas, which underpin our long-term success.

我很高興地報告又一年強勁的財務表現。 2022 年，我們的營收成長了 36%，調整後的 EBITDA 年成長了 38%，與我們的指導一致。同時，我們在關鍵業務領域取得了重大進展，這是我們長期成功的基礎。

We sustained our sales momentum, adding around 120,000 square meters, or 280 megawatt of new commitments, from an increasingly diversified customer base.

我們保持了銷售勢頭，從日益多元化的客戶群中增加了約 120,000 平方米或 280 兆瓦的新承諾。

We secured over 300,000 square meters of new capacity supply in Tier 1 markets in China by a combination of land purchases and project acquisitions. This increasingly scarce resource will give us a competitive advantage for years to come.

我們透過土地購買和專案收購相結合的方式，在中國一級市場獲得了超過30萬平方公尺的新增產能供應。這種日益稀缺的資源將為我們帶來未來幾年的競爭優勢。

We've put in place the foundations for our Singapore Plus strategy, with two complementary campuses in Malaysia and Indonesia.

我們已經為新加坡+策略奠定了基礎，在馬來西亞和印尼設有兩個互補的校區。

We increased our use of renewables to over 30%, and we completed over US$2.6 billion of debt financing to ensure that our projects are fully financed on a sound basis. In addition, we raised over $600 million from a private CB issue, with strategic value added.

我們將再生能源使用率提高到30%以上，完成了超過26億美元的債務融資，確保我們的專案資金充足、基礎良好。此外，我們還透過私人可轉換債券發行籌集了超過 6 億美元，並具有戰略附加價值。

Our strategic market position is stronger than ever.

我們的戰略市場地位比以往任何時候都更加強大。

Despite a challenging operating environment, we remain focused on executing our business plan, improving our efficiency, and seizing key opportunities when they arise.

儘管經營環境充滿挑戰，我們仍專注於執行業務計劃、提高效率並抓住出現的關鍵機會。

In 4Q '21, we booked 23,000 square meters of new commitments. For the full year of 2021, we hit our sales target with 96,000 square meters of organic bookings, and 23,000 square meters from acquisitions.

21 年第四季度，我們預訂了 23,000 平方米的新承諾。 2021 年全年，我們實現了銷售目標，有機預訂面積為 96,000 平方米，收購面積為 23,000 平方米。

For 2022, we expect to achieve around 90,000 square meters of new organic commitments. While there is some change in the demand profile, overall demand is at a similar level to last year.

2022 年，我們預計將實現約 90,000 平方米的新有機承諾。儘管需求狀況發生了一些變化，但整體需求與去年相似。

As shown on slide 6, we won five hyperscale order during 4Q '21. Hyperscale typically means cloud and the large internet, but in each of the past two quarters, one of our hyperscale orders was from a financial institution.

如投影片 6 所示，我們在 21 年第四季贏得了 5 個超大規模訂單。超大規模通常意味著雲端和大型互聯網，但在過去兩個季度，我們的超大規模訂單之一來自金融機構。

Turning to slide 7, during 2021 as a whole, we saw a change in our new business mix, with cloud accounting for 50%, large internet for 30%, and FSI and Enterprise for 20%. Our sustained sales momentum demonstrates the strength of our customer franchise across the demand spectrum.

轉向投影片 7，整個 2021 年，我們看到了新業務組合的變化，雲端佔 50%，大型網路佔 30%，FSI 和企業佔 20%。我們持續的銷售動能證明了我們在整個需求範圍內的客戶群的實力。

Turning to slides 8 and 9, one of the key to our success is having the right capacity, in the right place, at the right time. This enables us to provide a more complete solution to our customers and differentiates GDS from the competitors.

轉向幻燈片 8 和 9，我們成功的關鍵之一是在正確的時間、正確的地點擁有正確的能力。這使我們能夠為客戶提供更完整的解決方案，並使 GDS 從競爭對手中脫穎而出。

In Tier 1 markets it has become increasingly difficult, if not impossible, to obtain suitable land for data center development together with the necessary power quota, and access to renewables. Customers must be able to scale up their presence in Tier 1 markets, in order to satisfy the requirements for low latency and high availability. This is recognized in the government's Eastern Data Western Computation concept for the data center industry.

在第一級市場，取得適合資料中心開發的土地以及必要的電力配額和再生能源，即使不是不可能，也變得越來越困難。客戶必須能夠擴大其在一級市場的影響力，以滿足低延遲和高可用性的要求。這在政府針對資料中心產業的東方資料西方計算概念中得到了認可。

During 2021, we accelerated our capacity sourcing in order to build up a sustainable supply. We acquired or entered into definitive agreements for 16 data center projects, mostly located in the urban areas of Beijing and Shenzhen, where new supply is limited, and we acquired and purchased the land with energy quota in all the Tier 1 markets.

2021年，我們加速產能採購，打造永續供應。我們收購或簽訂了16個資料中心專案的最終協議，大部分位於新增供應有限的北京和深圳城區，並在所有一級市場收購並購買了能源配額土地。

In total, we added around 300,000 square meters of - to our development pipeline, equivalent to over three years' new bookings at our current sales run rate. It is valuable asset, which underpins our ability to serve customers and create value for our shareholders, going forward.

總共，我們在開發管道中增加了約 30 萬平方米，相當於我們目前的銷售運行速度下三年多的新預訂量。這是寶貴的資產，支撐著我們未來服務客戶和為股東創造價值的能力。

While assuring our position in Mainland China, we also took significant steps to build up our presence in Hong Kong, and Southeast Asia.

在確保我們在中國大陸的地位的同時，我們也採取了重大措施來加強我們在香港和東南亞的業務。

In Hong Kong, we now have a pipeline of four purpose-built data centers that will enter service between 2022 and 2025, ensuring continuous supply. We have an anchor commitment for Hong Kong 1, and expect to have commitment for Hong Kong 2 in the second half of this year.

在香港，我們目前擁有四個專用資料中心，將於 2022 年至 2025 年間投入使用，以確保持續供應。我們對香港1有一個主要承諾，並預計在今年下半年對香港2有承諾。

I have been in Singapore for the past few weeks. I'm very excited by the potential of our regional strategy. We will initiate construction of our Southeast Asia projects in the next few months, and to obtain our first anchor orders shortly thereafter.

過去幾週我一直在新加坡。我對我們區域戰略的潛力感到非常興奮。我們將在未來幾個月啟動東南亞項目的建設，並在不久後獲得第一批主力訂單。

Turning to the slide 14. A few months ago, we published our first ESG report, and set out a target to achieve carbon neutrality by 2030. In 2021 we achieved 34% renewable energy usage, compared with 22% in the prior years of 2021. Recently, four of our data centers were recognized by the government as "National Green Data Centers" based on their renewable energy usage, and advanced green technologies in design and operation.

轉向投影片14。幾個月前，我們發布了第一份ESG 報告，並製定了到2030 年實現碳中和的目標。2021 年，我們實現了34% 的可再生能源使用率，而2021 年前幾年為22%最近，我們的四個資料中心因其可再生能源的使用以及設計和營運方面的先進綠色技術而被政府認定為「國家綠色資料中心」。

To conclude my part, all the things that we have done are for long-term business plan. All the temporary uncertainties in the macro environments are not going to impact our execution of business. We are positioning ourselves to be long-term winner in the data center market.

總而言之，我們所做的所有事情都是為了長期的商業計劃。宏觀環境中的所有暫時的不確定性都不會影響我們的業務執行。我們將自己定位為資料中心市場的長期贏家。

Now, I will hand over to Dan for the financial and operating review.

現在，我將把財務和營運審查交給 Dan。

Thank you, William. Starting on slide 17, where we strip out the contribution from equipment sales, and the effects of FX changes.

謝謝你，威廉。從投影片 17 開始，我們剔除了設備銷售的貢獻以及外匯變化的影響。

In 4Q '21, our service revenue grew by 6.1%. underlying adjusted gross profit grew by 6%, and underlying adjusted EBITDA grew by 6.7%, quarter-on-quarter. Our underlying adjusted EBITDA margin was 47.2%.

21 年第四季度，我們的服務收入成長了 6.1%。基本調整後毛利較上季成長 6%，基本調整後 EBITDA 較上季成長 6.7%。我們的基本調整後 EBITDA 利潤率為 47.2%。

Turning to slide 18 and 19, service revenue growth is driven mainly by the delivery of the committed backlog and closing of acquisitions. Net additional area utilized during 4Q 2021 was 19,147 square meters. Excluding acquisitions, move-in has been at a similar level for the past five quarters. The first quarter of each year is usually the seasonal low. In the current month of March, move-in has also been affected by COVID-related lockdowns in a number of our markets.

轉向投影片 18 和 19，服務收入成長主要由承諾積壓訂單的交付和收購的完成所推動。 2021 年第四季的淨新增使用面積為 19,147 平方公尺。不包括收購在內，過去五個季度的入住率一直處於類似水準。每年第一季通常是季節性低點。 3月份，我們許多市場的入住也受到了與新冠病毒相關的封鎖的影響。

Accordingly, we expect move-in in 1Q 2022 to be slightly below the trend line; however, we still believe the move-in pace will pick up again once we see more certainty in the macro environment. MSR per square meter was almost flat in 4Q 2021 as compared with the prior quarter. For the full year 2021 MSR declined by 3.6%. In 2022 we expect MSR to decline further by mid-single digits in percentage terms. The MSR dilution from edge of town and B-O-T projects will continue in 2022 but we expect the decline to be more mild in 2023 and onwards.

因此，我們預計 2022 年第一季的入住量將略低於趨勢線；然而，我們仍然相信，一旦我們看到宏觀環境更加確定，遷入步伐將會再次加快。 2021 年第四季每平方公尺的 MSR 與上一季相比幾乎持平。 2021 年全年，MSR 下降了 3.6%。到 2022 年，我們預計 MSR 會以百分比計算將進一步下降中個位數。城鎮邊緣和 B-O-T 項目對 MSR 的稀釋將在 2022 年繼續，但我們預計 2023 年及以後下降幅度將更加溫和。

Turning to slide 21 and 22, our underlying adjusted gross profit margin was 52.5% for 4Q 2021, the same as in the prior quarter. As a result of higher coal prices, we are seeing thermal power tariffs increase by around 10% to 20% across Tier 1 markets. We are passing on around half of the increased cost to our customers; however, we estimate that temporarily elevated power tariffs are a drag of around 1.0% to 1.5% on our profit margin this year.

轉向投影片 21 和 22，我們 2021 年第四季的基本調整後毛利率為 52.5%，與上一季相同。由於煤炭價格上漲，我們發現一級市場的火力電價上漲約 10% 至 20%。我們將大約一半的增加成本轉嫁給客戶；然而，我們估計暫時提高的電價將拖累我們今年的利潤率約1.0%至1.5%。

Turning to slide 22, during 2021 we brought 120,000 square meters of new capacity into service comprising organic developments and acquisitions but excluding B-O-T projects. Over the past few quarters, we have adjusted the pace of our construction to reflect the current environment. Accordingly, in 2022 we expect to bring around 85,000 square meters into service. Our pre-commitment rate remains at over 60%. Assuming that, on average, 90% of capacity is saleable we currently have around 46,000 square meters under construction but not yet pre-committed, equivalent to around two quarters new bookings as a current sales run rate.

轉向投影片 22，2021 年，我們將 120,000 平方米的新產能投入使用，包括有機開發和收購，但不包括 B-O-T 項目。在過去的幾個季度中，我們調整了建設節奏以反映當前的環境。因此，我們預計到 2022 年將有約 85,000 平方米投入使用。我們的預承諾率維持在60%以上。假設平均 90% 的產能可供銷售，我們目前有約 46,000 平方米在建但尚未預先承諾，相當於當前銷售運行率的約兩個季度的新預訂量。

Turning to slide 23, our CapEx for FY21 was RMB13.7 billion consisting of RMB9.7 billion organic CapEx and RMB4 billion for acquisition consideration. The organic CapEx includes around RMB1 billion for land banking which is not categorized as acquisition for accounting purposes. As at the end of 4Q 2021 we had a liability of around RMB2.1 billion on our balance sheet in respect of deferred and contingent consideration payable for acquisitions which had closed by the year end.

轉向投影片 23，我們 2021 財年的資本支出為人民幣 137 億元，其中包括人民幣 97 億元的有機資本支出和 40 億元人民幣的收購代價。有機資本支出包括約 10 億元人民幣的土地儲備，出於會計目的未歸類為收購。截至 2021 年第四季末，我們的資產負債表上有約 21 億元人民幣的負債，涉及年底完成的收購的遞延和或有對價。

Looking at our financing position on slide 24, at the end of 4Q 2021 we had RMB10 billion or US$1.6 billion of cash on our balance sheet, and our net debt to the last quarter annualized adjusted EBITDA ratio was 6.3 times. Our effective interest rate for the whole of 2021 was 5.5% compared with 6.6% in 2020.

從投影片24 上我們的融資狀況來看，截至2021 年第四季末，我們的資產負債表上有100 億元或16 億美元的現金，我們的淨債務與上季年化調整後EBITDA的比率為6.3 倍。我們2021年全年的實際利率為5.5%，而2020年為6.6%。

During 1Q 2022 we successfully raised US$620 million through the issue of convertible senior notes with a 0.25% coupon and 7 years tenor. With all the refinancing we have successfully extended the tenor of our project debt. Over the next 10 years project debt repayments average around RMB2 billion per annum.

2022 年第一季度，我們透過發行票面利率 0.25%、期限 7 年的可轉換優先票據，成功籌集了 6.2 億美元。透過所有再融資，我們成功延長了專案債務的期限。未來10年計畫債務償還年均約20億元人民幣。

Turning to slide 25 and 26. As at the end of 2021 we had around 320,000 square meters of area utilized and around 235,000 square meters of total backlog. Assuming that we complete all the existing projects, deliver the backlog, and sell out the small amount of remaining inventory, our revenue generating area would almost double from today's level to over 600,000 square meters. This is without initiating any new projects. The cost to complete all the existing projects is around RMB13 billion which we could finance with our existing resources.

轉向幻燈片 25 和 26。截至 2021 年底，我們的已利用面積約為 320,000 平方米，總積壓量約為 235,000 平方米。假設我們完成所有現有項目、交付積壓訂單並售出少量剩餘庫存，我們的創收面積將幾乎從現在的水平翻倍，達到超過 60 萬平方米。這還沒有啟動任何新項目。完成所有現有項目的成本約為人民幣130億元，我們可以利用現有資源進行融資。

Turning to slide 27. For the full year 2022 we expect our total revenue to be in the range of RMB9320 million to RMB9680 million and adjusted EBITDA in the range of RMB4285 million to RMB4450 million, which implies a margin of around 46% at the midpoint of revenue and EBITDA ranges.

轉向幻燈片27。我們預計2022 年全年總收入將在人民幣93.20 億元至人民幣96.80 億元之間，調整後EBITDA 將在人民幣42.85 億元至人民幣44.50 億元之間，這意味著中點利潤率約為46%營收和 EBITDA 範圍。

We expect our CapEx to be around RMB12 billion, out of which RMB6.0 billion is mainland China organic CapEx, RMB2 billion relates to regional expansion, and RMB4 billion relates to acquisitional consideration plus land banking.

我們預期資本支出約為人民幣 120 億元，其中人民幣 60 億元為中國大陸有機資本支出，人民幣 20 億元與區域擴張相關，人民幣 40 億元與收購代價加土地儲備相關。

We would now like to open the call to questions please operator.

我們現在要開始向接線生提問。

Thank you. (Operator Instructions). Your first question today is from the line of Yang Liu from Morgan Stanley. Please go ahead.

謝謝。 （操作員說明）。今天你的第一個問題是來自摩根士丹利的劉洋。請繼續。

Thanks for the opportunity. I have two questions here. The first one is, could you please share your latest observation on demand. We see several new changes, more public held and internet companies reported their recent earnings, and we also see a new run of COVID in China, et cetera? What is the incremental change on the demand side for both move-in and also new orders for new sales?

感謝您提供的機會。我在這裡有兩個問題。第一個是，您能按需分享一下您的最新觀察嗎？我們看到了一些新的變化，更多的上市公司和網路公司報告了他們最近的收益，我們還看到中國出現了新一輪的新冠疫情，等等？入住和新銷售的新訂單的需求面增量變化是多少？

The second question is we see the Chinese government released a eastern data west computation initiative. What is the implication to GDS especially given GDS has a long-term Tier 1 market strategy, thank you?

第二個問題是我們看到中國政府發布了東數據西計算倡議。這對萬國數據有何影響，特別是考慮到萬國數據有長期的一級市場策略，謝謝？

Let me answer your question, Yang Liu, thank you. Number one about demand side, I think the -- as I just mentioned the demand is still maintained the similar level of last year. This is based on our market observation. But the demand profile is changed. As I just mentioned, in the last two quarters - we mentioned the demand will be shifted, the profile will shift from the large Corp to a lot of the internet and enterprise and the financial institutions. This is happening.

我來回答你的問題，楊柳，謝謝你。第一，關於需求方面，我認為，正如我剛才提到的，需求仍保持與去年類似的水平。這是基於我們的市場觀察。但需求狀況改變了。正如我剛才提到的，在過去兩個季度中，我們提到需求將發生轉變，形象將從大型公司轉向許多網路、企業和金融機構。這正在發生。

If you remember a couple of quarters ago, we mentioned the demand, we already told the market that demand has shifted but the demand level is still maintained. That's our conclusion. So that's why I think as I just mentioned new order booking profile is maintaining the changing. So this is the facts which I tried to mention.

如果您還記得幾個季度前，我們提到了需求，我們已經告訴市場需求已經發生變化，但需求水準仍然保持不變。這就是我們的結論。這就是為什麼我認為正如我剛才提到的新訂單預訂資料正在保持變化。這就是我試圖提及的事實。

The second question is move-in. The move-in I think it's early and too aggressive to talk about it because we see there is too much macro and the micro impact to the customer move-in condition like COVID lockdown and all those supply chain issues is still there. So I think now it's a little bit too early to give this some positive way but we still will see some condition improve, I believe the customer will catch up. Because the demand is real, and they are just waiting for some outside conditions improved like supply chain and lockdown conditions.

第二個問題是入住。我認為現在談論它還為時過早，而且過於激進，因為我們看到對客戶入住情況有太多的宏觀和微觀影響，例如新冠疫情封鎖，所有這些供應鏈問題仍然存在。所以我認為現在給出一些積極的方式還為時過早，但我們仍然會看到一些情況有所改善，我相信客戶會趕上。因為需求是真實的，他們只是在等待一些外部條件的改善，例如供應鏈和封鎖條件。

Okay, the second question, "Eastern Data Western Computation". I think it's good, it's good news for us. Number one, the government it still encourages new infrastructure, so this is good news. Another good news for GDS is we read that the government policy as two parts. One is the data, so this means the government finally recognized low latency product is very, very necessary. So that means government knows the demand will continue to increase in the, let's say, Tier 1 market, low latency product.

好，第二個問題，「東方資料西方計算」。我認為這很好，這對我們來說是個好消息。第一，政府仍然鼓勵新的基礎設施，所以這是個好消息。對於萬國數據來說，另一個好消息是我們將政府政策分成兩部分。一是數據，所以這意味著政府終於意識到低延遲產品是非常非常必要的。因此，這意味著政府知道一級市場的低延遲產品需求將持續增加。

On the other hand, we understand the government wants to encourage the people to put more, let's say, core data in renewable energy source location -- where there has a lot of renewable energy source. So we believe that GDS is working very closely with the government and our clients. So I think that GDS has already demonstrated we have the capability to capture all kinds of the opportunities in the future.

另一方面，我們理解政府希望鼓勵人們將更多的核心數據放在再生能源地點——那裡有大量的再生能源。因此，我們相信萬國數據正在與政府和我們的客戶密切合作。所以我認為萬國數據已經證明了我們有能力抓住未來的各種機會。

So I think another impact is I try to explain is this new policy is already introduced one year ago but now it's more pretty firm. But it is a guidance and it needs time, and also, I would say it will not impact any of our resource which we are already on hand. So this is my understanding of the government policy.

所以我認為另一個影響是我試圖解釋的是這項新政策一年前就已經出台了，但現在它更加堅定了。但這只是一個指導，需要時間，而且我想說，它不會影響我們現有的任何資源。這是我對政府政策的理解。

Thank you.

謝謝。

Thank you. The next question is from the line of Tina Hou from Goldman Sachs. Please go ahead.

謝謝。下一個問題來自高盛 (Goldman Sachs) 的蒂娜·侯 (Tina Hou)。請繼續。

Thanks, management, for your time. I have two questions. The first one is in terms of, let's say, the next three years from 2023 to 2025, where do you see our growth rate? Is it more stabilizing at around 20%, or do we see when all of these near-term uncertainties or headwinds have resolved, we can see an acceleration of our revenue growth as well as EBITDA margin situation? Do we see maybe going forward again continued EBITDA margin improvement after this short-term electricity or coal price inflation, that's number one.

謝謝管理層，您抽出寶貴的時間。我有兩個問題。第一個是，比如說，從2023年到2025年的未來三年，您認為我們的成長率是多少？它是否更穩定在 20% 左右，或者當所有這些近期不確定性或逆風都解決後，我們是否可以看到我們的收入成長以及 EBITDA 利潤率狀況加速？在經歷了短期的電力或煤炭價格上漲之後，我們是否會看到未來 EBITDA 利潤率再次持續改善，這是第一位的。

And the second question is regarding our M&A strategy this year. I notice that management guided for 90,000 square meters of organic sales this year, so just wondering what's our M&A strategy this year. Thanks.

第二個問題是關於我們今年的併購策略。我注意到管理層今年指導了 90,000 平方米的有機銷售，所以想知道今年我們的併購策略是什麼。謝謝。

Okay, I answer the question. Number 1. I think we've [set] the base of let's say every year we increase the new bookings, it's around 90,000 square meters, this is organic. We're still consistent to give the guidance on that and we are confident for that.

好吧，我回答問題。第一。我認為我們已經設定了基礎，假設每年我們都會增加新的預訂，大約為 90,000 平方米，這是有機的。我們仍然堅持對此提供指導，並且對此充滿信心。

But this is in the last 12 or 18 months, the macroenvironment which is not very good, but we're still confident to maintain this level of the growth. This is our base. So of course, we don't give any upside on that, but we believe if the government policy or macroenvironment improved, I think the market will accelerate.

但這是在過去12或18個月裡，宏觀環境不是很好，但我們仍然有信心維持這個成長水準。這是我們的基地。當然，我們不認為有任何好處，但我們相信，如果政府政策或宏觀環境改善，我認為市場將會加速。

But now we are slightly, let's say, confident for the future next five years, next three years, because we see the Central Government encourage the economy again. Recently Vice Prime Minister, Mr. Liu He, released very good policy to the market and we think, we believe this will encourage all the internet companies or cloud companies or enterprise companies, will restart their business plan. This is number 1. So above 20% growth definitely is our base.

但現在我們對未來五年、未來三年有一點信心，因為我們看到中央政府再次鼓勵經濟。最近，副總理劉鶴先生向市場發布了非常好的政策，我們認為，我們相信這將鼓勵所有網路公司或雲端公司或企業公司重新啟動他們的商業計劃。這是第一名。所以 20% 以上的成長絕對是我們的基礎。

The second question, M&A as a tool is very important for us. Last 2021, we just mentioned, we are more focused on to use the M&A as a tool to acquire more valuable assets, land with a carbon quota. So because in the Tier 1 market we believe because of the carbon neutral policy is the main policy, so in the Tier 1 market, in the next few years the results will get even more tight than before.

第二個問題，併購作為工具對我們來說非常重要。去年2021年，我們剛才提到，我們更專注於利用併購作為工具來獲取更有價值的資產、碳配額土地。所以因為在第一級市場我們認為因為碳中和政策是主要政策，所以在第一級市場，未來幾年的結果會比以前更緊張。

But our customer demand in Tier 1 market is still very strong, so in order to maintain the growth profile, the resource, qualified resource, enough resource is much important than before to support our growth. So that's why M&A in the last year, we're most focused on the acquired valuable asset and resource. But now, this year, we will more focus on some projects which have even more mature asset, we will focus on.

但我們在一級市場的客戶需求仍然非常強勁，因此為了保持成長態勢，資源、合格的資源、足夠的資源比以前更重要來支持我們的成長。所以這就是為什麼去年的併購，我們最關注的是收購的有價值的資產和資源。但現在，今年，我們將更專注於一些擁有更成熟資產的項目，我們將重點放在。

So M&A, as we mentioned the last couple of quarters, GDS in the next 18 months even 20 months, it's a good opportunity for us to acquire more small platforms. Even we are open to see all kinds of opportunity to acquire the project, even platforms. So this is what we can give the message to the market right now. But I think going forward, we're watching all the kind of opportunity right now, our pipeline maintains very strong.

所以併購，正如我們在過去幾季提到的，GDS在未來18個月甚至20個月內，對我們來說是收購更多小型平台的好機會。即使我們也願意看到各種收購該專案的機會，甚至是平台。這就是我們現在可以向市場傳達的訊息。但我認為展望未來，我們現在正在關注所有類型的機會，我們的管道保持非常強勁。

Thanks, William.

謝謝，威廉。

Thank you. The next question is from the line of Jonathan Atkins from RBC Capital Markets. Please go ahead.

謝謝。下一個問題來自加拿大皇家銀行資本市場部的喬納森‧阿特金斯 (Jonathan Atkins)。請繼續。

Thank you for taking the question, it's Bora Lee on for Jon. First of all, I was wondering, have you been seeing any changes in the customer decision process for leasing uptake? And what impact are government actions having on their IT decisions?

謝謝您提出問題，我是喬恩的博拉·李。首先，我想知道，您是否發現客戶的租賃決策過程發生了任何變化？政府行為對其 IT 決策有何影響？

And then secondly, on Malaysia and Indonesia, I'd be curious as to the percentage of customer interest, given perhaps customer specific challenges and the power challenges that Singapore is experiencing.

其次，在馬來西亞和印度尼西亞，我很好奇客戶的興趣百分比，考慮到客戶的特定挑戰以及新加坡正在經歷的電力挑戰。

Dan, you want to answer the question?

丹，你想回答這個問題嗎？

I couldn't hear the first question clearly, but William, why don't you answer the customer interest in Southeast Asia? We were asked about Malaysia and Indonesia, your dialogue about that. I just want to check the first question.

第一個問題我聽不清楚，但是William，你為什麼不回答客戶對東南亞的興趣呢？我們被問及有關馬來西亞和印尼的對話。我只想檢查第一個問題。

Yes, Bora, as I just mentioned, I have been in Singapore almost one month because of the keep developed this region's business. Frankly speaking, I'm very excited about the whole momentum in this region. It's very active, I met a lot of the private equity guys and a lot of our customers here.

是的，Bora，正如我剛才提到的，我在新加坡已經快一個月了，因為這個地區的業務不斷發展。坦白說，我對這個地區的整體勢頭感到非常興奮。它非常活躍，我在這裡遇到了很多私募股權人士和我們的許多客戶。

The reason why I met a lot of private equity guys is because they are very encouraging me, because they think there is more unicorn in this region is happening right now. On the other hand, our customer, our installed base customer, I met a lot of their businesspeople in this region, they've all increased their business in this region significantly in the next few years.

我之所以遇到很多私募股權人士，是因為他們非常鼓勵我，因為他們認為這個地區現在正在出現更多的獨角獸。另一方面，我們的客戶，我們的安裝基礎客戶，我在這個地區遇到了很多他們的商人，他們在接下來的幾年裡都顯著增加了他們在這個地區的業務。

So that means the future demand in this region definitely will encourage us to be more aggressive in this region. So our customer demand, in terms of the real demand in the short term, I have to say we definitely will get some results in the short term and the second half of this year. Verbally we already get a couple of the customers' commitment in this region.

因此，這意味著該地區未來的需求肯定會鼓勵我們在該地區更加積極進取。所以我們的客戶需求，就短期內的真實需求而言，我必須說，我們在短期內和今年下半年肯定會得到一些結果。從口頭上講，我們已經得到了該地區一些客戶的承諾。

Bora, can you please repeat your first question?

Bora，你能重複你的第一個問題嗎？

Sure, so I was wondering if you've been seeing any changes in the customer decision process for taking up leasing and then what impact are government actions having on your customers' IT decisions?

當然，所以我想知道您是否發現客戶採用租賃的決策流程發生了任何變化，那麼政府行為對客戶的 IT 決策有何影響？

Definitely our customers have their own IT logic. This is even if you look at the last couple of years, our customers they have their own philosophy and deployed logic. This cannot be changed in the short term. So that's why GDS always follow up our customer criteria first and our customer logic in terms of their business logic and their IT logic.

當然，我們的客戶有自己的 IT 邏輯。即使你看看過去幾年，我們的客戶也有自己的理念和部署邏輯。這在短期內是無法改變的。這就是為什麼萬國資料始終首先遵循我們的客戶標準，並在業務邏輯和 IT 邏輯方面遵循我們的客戶邏輯。

So I think, of course, we also believe carbon neutral will be the future, but our customers are very smart, they know how to separate their very core data to remote places, which they already do, right? So I think that this will not change our customer behavior a lot, but it's naturally when the IT growth, more data coming, we still believe the Tier 1 market—the latency market demand's still very strong.

所以我認為，當然，我們也相信碳中和將是未來，但我們的客戶非常聰明，他們知道如何將他們的核心數據分離到偏遠的地方，他們已經這樣做了，對嗎？所以我認為這不會太大改變我們的客戶行為，但很自然的是，當 IT 成長、更多數據到來時，我們仍然相信一級市場——延遲市場需求仍然非常強勁。

On the other hand, the core data will significantly increase as well. So this is a different product, different demand, so need a different product to respond. So that's my understanding.

另一方面，核心數據也會大幅成長。所以這是一個不同的產品，不同的需求，所以需要不同的產品來應付。這就是我的理解。

Thank you.

謝謝。

The next question is from the line of Joel Ying from Nomura. Please go ahead.

下一個問題來自野村證券的 Joel Ying。請繼續。

Thank you for taking my question, so I have two questions. The first one is as we're talking about the M&A a lot, so I would like to understand what is the funding position at this moment and do you actually need more capital? And how do you raise the money in future?

感謝您提出我的問題，所以我有兩個問題。第一個是我們經常談論併購，所以我想了解目前的資金狀況如何，您是否真的需要更多資金？未來如何籌募資金？

And the second one is about the margin guidance. I think the major reason for the slightly weaker margin growth, sorry, EBITDA growth compared to revenue is about utility costs. Anything else rather than utility can we see potential risk for the margin side this year? And also if any extra cost for the green energy side that could happen? Thank you.

第二個是關於保證金指導。我認為利潤率成長略顯疲軟的主要原因是，與營收相比，EBITDA 成長與公用事業成本有關。除了效用之外，今年我們還能看到保證金的潛在風險嗎？綠色能源方面是否可能產生額外成本？謝謝。

Hi Joel, I'll answer your questions. First of all, on M&A. I'll just make a general comment, which is that if there's an opportunity which is good enough, we will most definitely find a way of obtaining the financial resources. If you look at what we've done historically, we've raised capital in a variety of different ways.

嗨喬爾，我會回答你的問題。首先，關於併購。我只是籠統地說一下，如果有夠好的機會，我們一定會找到辦法獲得資金。如果你看看我們過去所做的事情，你會發現我們透過各種不同的方式來籌集資金。

We've worked with sovereign wealth funds and things like programmatic joint ventures. We've worked with Chinese private equity fund, CPE, in undertaking certain project developments. Then recently we raised capital privately from Sequoia China Infrastructure and from a sovereign wealth fund and also with support from our longstanding and largest shareholder, STT GDC.

我們與主權財富基金和程序化合資企業等機構合作。我們與中國私募股權基金CPE合作進行了某些專案開發。最近，我們從紅杉中國基礎設施和一家主權財富基金私募籌集資金，並得到了我們的長期最大股東 STT GDC 的支持。

I think the interest from private capital providers in working with GDS is very high and those dialogues are going on all the time. So I really don't think that access to capital in any way is going to be a constraint in stopping us doing what we want to do and what we think makes strategic sense. Sorry, William, did you want to say something?

我認為私人資本提供者對與萬國數據合作的興趣非常高，而且這些對話一直在進行。因此，我真的不認為以任何方式獲得資本會成為阻止我們做我們想做的事情和我們認為具有戰略意義的事情的限制。抱歉，威廉，你有話要說嗎？

Yes, I add some color on that, I think in the mid-term we don't worry about our capital. We have enough capital to grow our business plan. On the other hand, if some good things happen, let's say, we need capital, we never worry about that. We have a different way to access a different type of the capital.

是的，我對此添加了一些色彩，我認為從中期來看我們不擔心我們的資本。我們有足夠的資金來發展我們的商業計劃。另一方面，如果發生一些好事，比如說，我們需要資金，我們從不擔心。我們有不同的方式來獲取不同類型的資本。

We've already demonstrated we have this kind of capability in the last six or seven years. We could go to the market and raise money when we believe we can create value for our shareholders. So we just issued a private note, a CB, a few weeks ago. [It demonstrates, even in this market condition, we still can access the capital easily.] (corrected by company after the call)

在過去的六、七年裡，我們已經證明了我們擁有這種能力。當我們相信我們可以為股東創造價值時，我們可以去市場籌集資金。因此，我們幾週前剛發行了一份私人票據，即 CB。 [這表明，即使在這種市場條件下，我們仍然可以輕鬆獲得資金。]（公司在電話會議後更正）

So I think this is not the issue for us, to access if we do have some big deal type to do. A lot of the capital want to help us to create the value for our shareholders. It's not an issue.

所以我認為這對我們來說不是問題，如果我們確實有一些大事要做的話，就可以訪問。很多資本都想幫助我們為股東創造價值。這不是問題。

On the question about margin. The biggest factor behind revenue growth is move-in. That's one driver which is not within our control, because customers have flexibility on their move-in. That's part of the way that we work with customers and part of the value proposition.

關於保證金的問題。收入成長背後的最大因素是遷入。這是我們無法控制的一個驅動因素，因為客戶在入住時具有靈活性。這是我們與客戶合作方式的一部分，也是價值主張的一部分。

All of our backlog is absolutely rock-solid. The data center capacity is there. It's prime capacity in Tier 1 markets, and it's really just a matter of some quarterly fluctuation in terms of the move-in. But for us to make a forecast about customers' likely move-in behavior over the next few quarters is difficult. We're always very conservative on that one assumption, because it is outside of our control. We've taken a view, which I hope is a conservative view, on move-in, and that's what's reflected in the revenue.

我們所有的積壓訂單都絕對堅如磐石。資料中心的容量擺在那裡。它是一級市場的主要產能，實際上只是遷入量方面出現一些季度波動的問題。但對我們來說，預測未來幾季客戶可能的入住行為是很困難的。我們對這個假設總是非常保守，因為它超出了我們的控制範圍。我們對入住採取了保守的觀點，我希望這是一個保守的觀點，這也反映在收入上。

On the margin side, we see an interruption to our trend of many quarters of years of margin improvement. The biggest factor is the power tariffs. I believe it's a temporary factor. Last October, the government liberalized power tariffs in China in the wider range and float, so liberalized the wholesale power market. But at that time and until now, the coal prices were reflected.

在利潤率方面，我們看到多年來利潤率改善趨勢的中斷。最大的因素是電價。我相信這是一個暫時的因素。去年10月，政府在更大範圍內開放了中國電價的浮動，從而放開了電力批發市場。但從那時到現在，煤炭價格都得到了反映。

This transition to a more liberalized market is still ongoing and probably will be for at least this year and maybe next year in different places. Eventually, I think these liberalizations are going to lower power tariffs, because it will enable us to exercise our purchasing power as a large in all the locations, and the coal price will also revert to the mean. But once again, we took the view that for this year that the power tariff will remain elevated, and that really is the major factor behind the lower margin.

這種向更加自由化市場的過渡仍在進行中，並且可能至少在今年、也許明年在不同的地方進行。最終，我認為這些自由化將會降低電價，因為這將使我們能夠在所有地方發揮我們的購買力，煤炭價格也將恢復到平均水平。但我們再次認為，今年電價仍將維持在較高水平，這確實是利潤率較低的主要因素。

I can add a little bit of color on that. Number one, about move-in, if you look at the last six years, in the normal time our customer move-in is quite normal and on track. As I just mentioned, in the last 18 months, all the macro or micro environment impacts our customers, definitely. There's too much uncertainty condition impact our customers' business.

我可以在上面添加一點顏色。第一，關於遷入，如果你看看過去六年，在正常情況下，我們的客戶遷入是非常正常的並且步入正軌。正如我剛才提到的，在過去的 18 個月裡，所有宏觀或微觀環境都會對我們的客戶產生影響。有太多的不確定性條件影響我們客戶的業務。

In general, if you look at a long-term point of view, this view that the IT still grows, the digitalization, nothing changed. So, I think this in our view is short-term. We believe if the macro conditions are getting improved, our customers still will execute their original business plan even better.

總的來說，如果你從長遠的角度來看，IT 仍在成長、數位化的觀點沒有任何改變。所以，我認為我們認為這是短期的。我們相信，如果宏觀環境得到改善，我們的客戶仍然會更好地執行他們原來的業務計劃。

In our view, move-in is a short-term issue, but we will see. We hope everything will be improved in the next 12 months. We believe things are getting better.

我們認為，遷入是短期問題，但我們拭目以待。我們希望未來 12 個月一切都會得到改善。我們相信事情正在變得更好。

Due to time limits, please limit yourself to one question per person. The next is from the line of Michael Elias from Cowen and Company. Please go ahead.

由於時間限制，請限制每人提出一個問題。下一個來自 Cowen and Company 的 Michael Elias。請繼續。

Thanks for taking my question. We've seen some volatility in the Chinese market. I'm just wondering in terms of the private market valuations we're seeing for data center assets, have you seen any changes there?

感謝您提出我的問題。我們看到中國市場出現了一些波動。我只是想知道，就我們所看到的資料中心資產的私人市場估值而言，您是否看到了任何變化？

Also, I know you've mentioned that you have different ways to finance M&As that you want to move forward with, but as we think about your leverage, could you give us a sense of the upper bound or the maximum leverage you'd be able or willing to put on the businesses? Thank you.

另外，我知道您提到您有不同的方式來為您想要推進的併購融資，但是當我們考慮您的槓桿時，您能否讓我們了解一下您可以使用的上限或最大槓桿能夠或願意投入業務嗎？謝謝。

They were good ones. I would say the private market valuations have come down. Of course, sellers would argue that the public market multiples should be ignored, because they're going to go back up. We hope and expect that they will, but the private market is always going to be priced relative to the public market multiples.

他們都是好人。我想說私人市場估值已經下降。當然，賣家會認為公開市場的本益比應該被忽略，因為它們將會回升。我們希望並期望他們會這樣做，但私人市場的定價總是相對於公開市場的倍數。

There are other buyers. There's still competition for these opportunities, but we've been very selective. It was very clear what we were looking for, primarily data center projects in Beijing and Shenzhen and land with energy quota and surrounding areas of all the Tier 1 markets.

還有其他買家。這些機會仍然存在競爭，但我們非常有選擇性。我們要找的東西非常明確，主要是北京、深圳的資料中心項目，以及所有一級市場的能源配額及週邊地區的土地。

We were able to close the deals or enter into definitive agreements for those deals on mid-to-high single-digit multiples. We're talking about the acquisition price plus the cost to complete divided by estimated stabilized EBITDA.

我們能夠以中高個位數的倍數完成交易或就這些交易簽訂最終協議。我們談論的是收購價格加上完成成本除以估計的穩定 EBITDA。

The question about leverage, we always try and sell our datacenters with project finance. Our first objective is to allocate capital, cash, to capitalize datacenter projects and then to put in place project finance as early as possible, so that each project is fully financed in terms of capital allocated to it and debt.

關於槓桿問題，我們總是嘗試透過專案融資來出售我們的資料中心。我們的首要目標是分配資本、現金，對資料中心專案進行資本化，然後儘早落實專案融資，以便每個專案在分配給它的資本和債務方面都能得到充分的融資。

As I mentioned before, if we debt finance some organic project, say, at 60% debt to total project cost, when that project is stabilized, it will translate into something like 3 to 4 times debt to EBITDA, which I think is quite an acceptable level. But of course, before then the debt is incurred and the EBITDA is generated later.

正如我之前提到的，如果我們為某個有機項目進行債務融資，比如說，債務佔項目總成本的60%，當該項目穩定下來時，它將轉化為EBITDA 債務的3 到4 倍，我認為這是一個相當大的數字。可接受的水平。但當然，在此之前債務已產生，EBITDA 稍後產生。

The consolidated net debt to EBITDA is not what we target. It's the outcome. It's the sum of all the projects. Some of them are stabilized and have net debt to EBITDA of around 3 times. Others are ramping up. They're fully committed. They are on a journey to the same end result, but right now they might be at very high leverage because the debt has been incurred but they haven't yet reached a stabilized EBITDA.

合併後的 EBITDA 淨債務不是我們的目標。這就是結果。這是所有項目的總和。其中一些已穩定下來，淨債務佔 EBITDA 的比例約為 3 倍。其他人正在加速。他們全心投入。他們正在走向相同的最終結果，但目前他們的槓桿率可能非常高，因為債務已經發生，但他們尚未達到穩定的 EBITDA。

Then of course we have debt incurred for projects under construction, where there's also a very high precommitment rate of about 60%. The important thing is that all of these projects in Tier 1 markets have been de-risked with precommitments and are at various stages of development, which will end up in the same place, which is highly cash-generative, highly profitable.

當然，我們還有在建工程的債務，而且預承諾率也很高，約 60%。重要的是，一級市場的所有這些項目都已透過預先承諾降低了風險，並且處於不同的開發階段，最終都會到達同一個地方，即產生高現金、高利潤的地方。

Our consolidated net debt to EBITDA does fluctuate up and down. It was down after the Hong Kong IPO. It's up now, because we made a decision strategically to allocate capital to securing a lot of development pipeline. If you were to add back the value of our development pipeline, if you were to adjust out our enterprise value and say there's a hidden asset here, then our net debt to EBITDA would be somewhat less than it appears. I hope the investors would keep an eye on that.

我們的綜合 EBITDA 淨債務確實上下波動。香港首次公開募股後，該股下跌。現在已經完成了，因為我們策略性地做出了決定，分配資金來確保大量的開發管道。如果你要加回我們的開發管道的價值，如果你要調整我們的企業價值並說這裡有隱藏資產，那麼我們的 EBITDA 淨債務將比看起來要少一些。希望投資者能夠關注。

But we are somewhat sensitive to this, because we appreciate that equity investors look at this, but whatever the level, if it's 6 or even if it goes higher to 7 times, it is very comfortable because of what I said. It's just the outcome of a whole series of projects which is soundly financed with all the capital allocated in the reserve and the project finance secured and in place.

但我們對此有些敏感，因為我們欣賞股權投資者關注這一點，但無論水平如何，如果它是6倍，甚至更高到7倍，因為我所說的，它是非常舒服的。這是一系列專案的成果，資金雄厚，儲備資金全部到位，專案融資到位。

Thank you. I appreciate the color.

謝謝。我很欣賞它的顏色。

Thank you. The next question is from the line of Edison Lee from Jefferies. Please go ahead.

謝謝。下一個問題來自 Jefferies 的 Edison Lee。請繼續。

Thank you, management, for letting me ask a question. My key question is about the organic growth going forward. You guys have guided 85,000 square meters for 2022. I remember previously some of you were talking about 100,000 per year. I want to get better clarity as to whether you think going forward it will still be around 100,000 or you think 85,000 is a more reasonable number. Why would 2022 be 85,000 versus the previous expectation of a slightly higher number? Thank you.

謝謝領導讓我提問。我的關鍵問題是關於未來的有機成長。你們為2022年指導了85,000平方米。我記得之前你們中的一些人談論的是每年100,000平方米。我想更清楚地了解您是否認為未來該數字仍將在 100,000 左右，或者您認為 85,000 是一個更合理的數字。為什麼 2022 年會達到 85,000 人，而之前的預期數字會略高一些？謝謝。

I think we always use a very solid way and a conservative way to give the market guidance. This is number one. Just to say, 90,000 square meters is still our guidance, around 90,000 square meters.

我覺得我們一直都是用非常紮實的方式、保守的方式來引導市場。這是第一名。只是說，9萬平方公尺還是我們的指導，9萬平方公尺左右。

This year, we will more focus on the highly diversified customers. This is number one. Number two, we also will focus on selecting the customer to get a more high-priced customer. This is which we talk to ourselves. So, give them a reasonable target, but we try to more diversify our customer profile. This is always our target to pursue -diversified customers is always our consistent customer strategy, particularly in the current environment.

今年，我們將更加關注高度多元化的客戶。這是第一名。第二，我們也將專注於選擇客戶，以獲得更高價格的客戶。這是我們自言自語的。因此，給他們一個合理的目標，但我們嘗試使我們的客戶檔案更加多樣化。這始終是我們追求的目標——客戶多元化始終是我們一貫的客戶策略，尤其是在當前的環境下。

May I follow up to ask a question? What will be your retail versus wholesale mix of the incremental capacity in 2022? Will that be very different from before?

我可以跟進提問嗎？ 2022 年增量產能的零售與批發組合會是怎樣的？會和以前有很大不同嗎？

I think as we showed in the last two quarters, we already get the profile mix a little bit changed. We think it's healthy, and we also still will focus on this strategy. Retail enterprise type customer, now they grow faster than our expectation, which we think is good. So, retail customers still will increase.

我認為正如我們在過去兩個季度所展示的那樣，我們的配置文件組合已經發生了一些變化。我們認為這是健康的，我們也仍然會關注這個策略。零售企業型客戶，現在他們的成長速度比我們預期的要快，我們認為這是好的。所以，零售客戶還是會增加。

Okay, thank you. Is there a mix that you can share, or any target on the mix between the two for this year?

好的謝謝。您可以分享兩者的組合，或是今年兩者之間的組合有何目標？

Yes, I think the last quarter is 20%. Its mix of retail, it represents 20%. Yes, I think it will accelerate and we target it at 30%.

是的，我認為上個季度是 20%。其零售組合佔20%。是的，我認為它會加速，我們的目標是 30%。

Sorry, is that target just for 2022?

抱歉，這個目標只是 2022 年嗎？

Yes.

是的。

Okay, great, thank you very much, William.

好的，太好了，非常感謝你，威廉。

Thank you. The next question is from the line of Frank Louthan from Raymond James. Please go ahead.

謝謝。下一個問題來自雷蒙德詹姆斯 (Raymond James) 的弗蘭克勞森 (Frank Louthan)。請繼續。

Great, thank you. Dan, you mentioned that power was impacting your margins. Can you discuss any other inflationary items pressuring margins, and how easily are you able to pass on inflationary costs to customers from new builds and so forth, and what sort of pushback are you seeing from customers on that? Thank you.

太好了謝謝。丹，您提到電力正在影響您的利潤。您能否討論任何其他對利潤率造成壓力的通膨項目，以及您如何輕鬆地將新建等項目的通膨成本轉嫁給客戶，以及您從客戶那裡看到了什麼樣的阻力？謝謝。

It really only is power. It's power and growth track. Power, I think, is a temporary one. I think we mentioned before, if you look at our contract portfolio, around 55% of the capacity is with contracts where there is a separate power billing, metering and billing, which of course would fluctuate exactly with the tariffs. But if you look at the area which is actually revenue-generating today, billable, it's more like 50% is what we call unbundled and 50% bundled.

這確實只是力量。這是力量和成長的軌跡。我認為，權力是暫時的。我想我們之前提到過，如果你看看我們的合同組合，大約 55% 的容量是有單獨的電力計費、計量和計費的合同，當然這會隨著電價的變化而波動。但如果你看看今天實際產生收入、可計費的領域，你會發現，50% 更像是我們所謂的非捆綁銷售，50% 是捆綁銷售。

The situation is very dynamic. We're in the process of agreeing power purchase agreements and fixing tariffs with the grid companies and with the power generators in different locations. The power tariffs are changing quite a lot. It's a really complicated exercise to pass this on to customers. It requires - yes, operationally it's complex, and it requires a lot of reconciliation and confirmation with customers.

形勢非常動態。我們正在與電網公司和不同地點的發電機商定購電協議並確定電價。電費變化很大。將其傳遞給客戶是一項非常複雜的工作。它需要 - 是的，操作上很複雜，並且需要與客戶進行大量的協調和確認。

We're not passing it all on. To some extent, we make the decision to absorb it. In the medium term, which maybe is half to one year, where we start to see the benefit of our purchasing power, this whole dynamic might reverse, lower coal prices as well, in which case, we benefit. We don't want to disrupt too much the arrangement with the customers, because you win some and you lose some. Right now, we lose a bit, in the longer term, it may work the other way.

我們不會把這一切都傳承下去。在某種程度上，我們決定吸收它。從中期來看，可能是半到一年，當我們開始看到購買力的好處時，整個動態可能會逆轉，煤炭價格也會下降，在這種情況下，我們會受益。我們不想過度破壞與客戶的安排，因為你會贏得一些，也會失去一些。現在，我們損失了一點，從長遠來看，情況可能會相反。

Okay, great, thank you very much.

好的，太好了，非常感謝。

Thank you. The next question is from the line of Hongjie Li from CICC. Please go ahead.

謝謝。下一個問題是中金公司李宏傑的提問。請繼續。

Hi, management. Just a quick follow up on the M&A question, because about 30% of the CapEx in 2021 was used for M&A. Just curious in 2022 how much of the RMB12 billion CapEx will be used to seek M&A opportunities? Thank you.

嗨，管理層。只是快速跟進併購問題，因為 2021 年大約 30% 的資本支出用於併購。只是好奇2022年120億元人民幣的資本支出中有多少將用於尋求併購機會？謝謝。

Yes, I think I said around RMB4 billion. As at the end of 2021, we had some consideration relating to prior years' acquisitions that have not yet been paid, because we always try to structure the acquisition consideration with as much deferral as possible, and some of it is contingent, linked to milestones and so on. I think we had about RMB2 billion on our balance sheet that was deferred and/or contingent from prior acquisitions, and then there's some acquisitions which we did. There was one in particular we did in the first quarter of this year. I think we're looking at about RMB4 billion. I think I got it right earlier, RMB4 billion in 2022 for acquisition consideration.

是的，我想我說的是40億人民幣左右。截至 2021 年底，我們有一些與前幾年尚未支付的收購有關的對價，因為我們總是嘗試以盡可能多的延期來構建收購對價，其中一些是或有的，與里程碑相關等等。我認為我們的資產負債表上有大約 20 億元人民幣，這是遞延的和/或因先前的收購而發生的，然後我們進行了一些收購。今年第一季我們特別做了一個事。我認為我們正在考慮大約 40 億元。我覺得我說得比較早，2022年40億人民幣當收購考量。

I can add some color on that. I think our revenue guidance does not assume any acquisition that can bring more revenue on there. Of course, we reserve the capital to do some acquisition, but do not assume the revenue from the acquisition deal. There's a still a lot of opportunity. If we pick up a big opportunity coming, definitely, we just mentioned, we have different ways - we have a lot of options to access the capital to get a deal done.

我可以在上面添加一些顏色。我認為我們的收入指引並不假設任何收購都可以帶來更多收入。當然，我們保留資金進行一些收購，但不承擔收購交易的收入。還有很多機會。如果我們抓住一個即將到來的巨大機會，我們剛才提到的，我們肯定有不同的方法——我們有很多選擇來獲得資金來完成交易。

Okay, thank you.

好的謝謝。

Thank you. The next question is from the line of Albert Hung from J.P. Morgan. Please go ahead.

謝謝。下一個問題來自摩根大通的 Albert Hung。請繼續。

Yes, thanks for taking my question. I'm asking a question on behalf of Gokul. The Guongzhou 100K square meter project acquisition has a timeline for a conversion from minority to majority stake. How much of the 100K square meter is developed already? What's the consideration price? Thank you.

是的，感謝您提出我的問題。我代表戈庫爾問一個問題。廣州10萬平方公尺專案收購有少數股權轉多數股權的時間表。 10萬平方公尺的面積已經開發了多少？代價價是多少？謝謝。

Shall I answer that? Okay. It's a complex transaction, because it involves a portfolio with a number of different locations, each of which is a separate approval, separate energy quota, and separate situation in terms of the land or the real estate, and there are performance conditions which attach to each of them.

我要回答這個問題嗎？好的。這是一項複雜的交易，因為它涉及到多個不同地點的投資組合，每個地點都是單獨的審批、單獨的能源配額以及土地或房地產方面的單獨情況，並且有附加的績效條件他們每個人。

I think that it may take a good part of this year, either this year, or it may even roll over into next year, before all the performance conditions are satisfied for us to move from minority to majority. It could be sooner. We're working in a very collaborative way with the seller to support them where appropriate to try to get the things done. Part of the - there's a couple of billion of deferred consideration related to the remainder of that acquisition. It is a very, very large portfolio. It's tremendously valuable.

我覺得可能要花今年的很大一部分時間，要嘛是今年，甚至可能延續到明年，在所有的業績條件都滿足之後，我們才能從少數變成多數。可能會更早。我們正在以非常協作的方式與賣家合作，在適當的情況下支持他們，並努力完成任務。其中一部分是與該收購的其餘部分相關的數十億美元的遞延對價。這是一個非常非常大的投資組合。這是非常有價值的。

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

謝謝。由於沒有其他問題，我現在想將電話轉回公司進行結束語。