VNET Group Inc (VNET) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the second-quarter 2025 earnings conference call for VNET Group, Inc. After the management's prepared remarks, there will be a question-and-answer session. (Operator Instructions)

女士們、先生們，大家好。感謝您參加 VNET Group, Inc. 2025 年第二季財報電話會議。在管理階層準備好的發言之後，將有一個問答環節。（操作員指示）

Participants from our management include Mr. Ju Ma, Rotating President; Mr. Qiyu Wang, Chief Financial Officer; Ms. Xinyuan Liu, Head of Investor Relations of the company. Please note that today's conference call is being recorded.

我們管理階層的參與者包括輪值總裁馬炬先生、財務長王啟宇先生和公司投資人關係主管劉欣媛女士。請注意，今天的電話會議正在錄音。

I will now turn the call over to the first speaker today, Ms. Xinyuan Liu. Please go ahead.

現在我將把電話交給今天的第一位發言者劉新媛女士。請繼續。

Thank you, operator. Hello, everyone, and welcome to our second-quarter 2025 earnings conference call. Our earnings release was distributed earlier today, and you can find a copy on our IR website as well as our Newswire services.

謝謝您，接線生。大家好，歡迎參加我們的 2025 年第二季財報電話會議。我們的收益報告已於今天早些時候發布，您可以在我們的 IR 網站以及我們的新聞專線服務上找到副本。

Please note that today's call will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC. VNET does not undertake any obligations to update any forward-looking statements, except as required under applicable laws.

請注意，今天的電話會議將包含根據 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。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。有關這些風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的最新年度報告和其他文件。VNET 不承擔更新任何前瞻性聲明的義務，除非適用法律要求。

Please also note that VNET's earnings press release and this conference call include the disclosure of unaudited GAAP and non-GAAP financial measures. VNET's earnings press release contains reconciliations of the unaudited non-GAAP measures to the unaudited GAAP measures. A summary presentation, which we will refer to during this conference call, can be viewed and downloaded from our IR website at ir.vnet.com.

另請注意，VNET 的收益新聞稿和本次電話會議包括未經審計的 GAAP 和非 GAAP 財務指標的揭露。VNET 的收益新聞稿包含未經審計的非 GAAP 指標與未經審計的 GAAP 指標的對帳。我們將在本次電話會議中參考的摘要簡報可從我們的 IR 網站 ir.vnet.com 查看和下載。

Next, I'd like to alert you that we will be utilizing text-to-speech technology powered by NewLink.ai to deliver this quarter's prepared remarks by Mr. Ju Ma, our Rotating President; and Mr. Qiyu Wang, our CFO. The management team will join the Q&A session in person.

接下來，我想提醒大家，我們將利用由 NewLink.ai 提供支援的文本轉語音技術來傳達我們輪值總裁馬炬先生和首席財務官王啟宇先生本季的準備好的發言。管理團隊將親自參加問答環節。

Additionally, this conference is being recorded. A webcast of this conference call will also be available on our IR website at ir.vnet.com.

此外，本次會議正在錄製。本次電話會議的網路直播也將在我們的 IR 網站 ir.vnet.com 上提供。

Now, let's get started with today's presentation. Mr. Ma, please go ahead.

現在，我們開始今天的演講。馬先生，請講。

Good morning, and good evening, everyone. Thank you for joining our call today.

大家早安，晚上好。感謝您今天參加我們的電話會議。

I'll start with an overview of our major accomplishments during the second quarter of 2025. We delivered strong quarterly results, thanks to continued effective strategic execution. On the operational side, our wholesale IDC business maintained its significant growth momentum, supported by our customers' fast move-in pace.

我將首先概述我們在 2025 年第二季取得的主要成就。由於持續有效的策略執行，我們取得了強勁的季度業績。營運方面，受惠於客戶快速入駐，我們的批發IDC業務維持了顯著的成長動能。

As of June 30, 2025, our wholesale capacity in service grew by 17.5% quarter over quarter to 674 megawatts, an increase of around 101 megawatts. Wholesale capacity utilized by customers rose by 17% quarter over quarter to 511 megawatts, an increase of around 74 megawatts, while the utilization rate was stable at 75.9%, reflecting a fast move-in pace in our wholesale data centers.

截至 2025 年 6 月 30 日，我們在役批發容量較上季成長 17.5% 至 674 兆瓦，增加約 101 兆瓦。客戶使用的批發容量較上季成長 17%，達到 511 兆瓦，增加了約 74 兆瓦，而利用率穩定在 75.9%，反映出我們批發資料中心的快速遷入速度。

Our retail IDC business continued to progress smoothly, supported by growing AI-driven demand from customers. Both our high-quality wholesale and retail IDC services continue to attract customers from various industries in the second quarter. I'll dig into those details on the next slide.

在客戶對人工智慧日益增長的需求的支持下，我們的零售IDC業務繼續順利推進。我們優質的批發和零售IDC服務在第二季度繼續吸引各行各業的客戶。我將在下一張投影片中深入探討這些細節。

On the financial side, both our revenues and adjusted EBITDA maintained solid growth. Specifically, our total net revenues increased by 22.1% year over year to RMB2.43 billion for the second quarter. Notably, wholesale revenues reached RMB854 million for the quarter, representing impressive year-over-year growth of 112.5%, fueled by the rapid growth of our wholesale IDC business. Our adjusted EBITDA for the second quarter also increased by 27.7% year over year to RMB732 million, with an adjusted EBITDA margin of 30.1%, up 1.3 percentage points year over year.

在財務方面，我們的收入和調整後的 EBITDA 都保持了穩健的成長。具體而言，第二季我們的總淨收入年增22.1%至人民幣24.3億元。值得注意的是，本季批發收入達到人民幣8.54億元，年增112.5%，這得益於我們批發IDC業務的快速成長。我們第二季的調整後EBITDA也較去年同期成長27.7%至人民幣7.32億元，調整後EBITDA利潤率為30.1%，較去年同期成長1.3個百分點。

Moving on to our new order wins on slide 5. In the second quarter, driven by growing demand from customers for intelligent deployment, we secured a combined capacity of around 4 megawatts in retail orders from customers in the IT services, internet, AIoT, and financial services sectors. These orders span multiple retail data centers in the Greater Beijing area, the Yangtze River Delta, the Greater Bay Area, and other regions. Furthermore, we recently won a 20-megawatt wholesale order from a leading cloud services provider for the project we operate in Hebei province with our joint venture partner.

繼續討論幻燈片 5 上的新訂單勝利。第二季度，在客戶智慧部署需求不斷增長的推動下，我們從IT服務、互聯網、AIoT和金融服務業客戶中獲得總計約4兆瓦的零售訂單。這些訂單涉及大北京地區、長三角、粵港澳大灣區等地區的多個零售資料中心。此外，我們最近贏得了領先的雲端服務供應商的 20 兆瓦批發訂單，用於我們與合資夥伴在河北省運營的專案。

As AI permeates every aspect of the world, new growth opportunities for data centers, the bedrock of AI infrastructure, continue to emerge. AI-driven demand remains especially robust in China, including training and inference demand from customers across multiple industries, conducting intelligent deployments. To capture these opportunities and strengthen our competitiveness, we unveiled our Hyperscale 2.0 framework for the future of our AIDC development at our Investor Day in Wulanchabu in late June. We also outlined our blueprint for growing the capacity of our data center assets under management to 10 gigawatts by 2036.

隨著人工智慧滲透到世界的各個層面，作為人工智慧基礎設施基石的資料中心不斷湧現出新的成長機會。人工智慧驅動的需求在中國依然特別強勁，包括來自多個產業客戶的訓練和推理需求，進行智慧部署。為了抓住這些機會並增強我們的競爭力，我們在 6 月底於烏蘭察布舉行的投資者日上發布了面向未來 AIDC 發展的 Hyperscale 2.0 框架。我們也概述了到 2036 年將我們管理的資料中心資產容量擴大到 10 千兆瓦的藍圖。

Driven by the proliferation of AI, the data center industry's development has reached an inflection point where traditional IDCs are shifting to AIDCs to meet dynamic market demand. In parallel, data centers business model is evolving from simply providing project-based capacity delivery to serving as a platform offering comprehensive AIDC solutions. As a pioneer in AIDC development with strong fundamentals and deep industry know-how, VNET is poised to shape this trend through our Hyperscale 2.0 framework.

在人工智慧（AI）浪潮的推動下，資料中心產業的發展迎來了拐點，傳統IDC正在向AIDC轉變，以滿足不斷變化的市場需求。同時，資料中心的商業模式正在從簡單地提供基於專案的容量交付轉變為作為提供全面 AIDC 解決方案的平台。作為 AIDC 開發的先驅，VNET 擁有強大的基礎和深厚的行業知識，準備透過我們的 Hyperscale 2.0 框架來塑造這一趨勢。

Our innovative technologies enable us to construct high-quality, flexible AIDCs faster, ensuring rapid deliveries to meet customer needs. For example, our building standardization technology utilizes standardized modules as data centers' core building units, allowing us to rapidly construct data centers tailored to diverse customer needs. This method cuts construction cycles by one-third compared to traditional construction methods.

我們的創新技術使我們能夠更快地建立高品質、靈活的AIDC，確保快速交付以滿足客戶需求。例如，我們的建築標準化技術利用標準化模組作為資料中心的核心建築單元，使我們能夠快速建立滿足不同客戶需求的資料中心。此方法與傳統施工方法相比，可將施工週期縮短三分之一。

Additionally, our modular data center technology integrates various functions, including power supply systems, cooling systems, et cetera, into separate functional modules. These modules are manufactured and pretested in factories and shipped to data center sites for installation, which significantly enhances our installation efficiency. They can also be swapped out, allowing us to selectively upgrade only specific modules instead of entire systems, reducing improvement costs and extending data centers' life cycles. By leveraging these technologies, we can build quickly and combine modules with different functions flexibly to meet customer-specific requirements, ensuring fast capacity delivery to our customers. We believe these innovations position us as a front runner in the IDC industry going forward.

此外，我們的模組化資料中心技術將各種功能（包括電源系統、冷卻系統等）整合到單獨的功能模組中。這些模組在工廠製造並預先測試，然後運送到資料中心現場進行安裝，這大大提高了我們的安裝效率。它們還可以進行更換，使我們能夠選擇性地僅升級特定模組而不是整個系統，從而降低改進成本並延長資料中心的生命週期。透過利用這些技術，我們可以快速建立並靈活組合具有不同功能的模組，以滿足客戶的特定要求，確保快速向客戶交付容量。我們相信這些創新將使我們成為未來 IDC 產業的領導者。

Execution of our Hyperscale 2.0 framework is already underway, starting in Inner Mongolia, Hebei province, and Beijing, where we plan to establish data center hubs encompassing megawatt-scale cabinets, 100-megawatt scale buildings, and gigawatt-scale campuses. Ultimately, as I mentioned earlier, we aim to manage a 10-gigawatt integrated data center asset cluster by 2036 that seamlessly combines computing power and energy management across multiple campuses, empowering us to shape the future development of AIDC solutions.

我們的 Hyperscale 2.0 框架的實施已經在進行中，首先從內蒙古、河北省和北京開始，我們計劃在這些地方建立涵蓋兆瓦級機櫃、100 兆瓦級建築和千兆瓦級園區的資料中心樞紐。最終，正如我之前提到的，我們的目標是到 2036 年管理一個 10 千兆瓦的綜合資料中心資產集群，無縫結合多個園區的運算能力和能源管理，使我們能夠塑造 AIDC 解決方案的未來發展。

Now, let's delve into our business updates, starting with our wholesale business on slide 8. Our wholesale business continued to grow rapidly, with capacity in service increasing by around 101 megawatts quarter over quarter to 674 megawatts and utilization rate remaining stable at 75.9%, mainly attributable to our strong delivery capabilities at our N-OR Campus 01 and faster-than-expected move-ins at our N-OR Campus 01 and E-JS Campus 03. Our mature capacity utilization rate also reached 94.6%, a relatively high level. We have a clear growth path for our wholesale data center capacity.

現在，讓我們深入了解我們的業務更新，從幻燈片 8 上的批發業務開始。我們的批發業務持續快速成長，服務容量較上季增加約 101 兆瓦，達到 674 兆瓦，利用率保持穩定在 75.9%，這主要歸功於我們 N-OR 園區 01 的強大交付能力以及 N-OR 園區 01 和 E-JS 園區 03 的強大交付能力以及 N-OR 園區 01 和 E-JS 園區 03 的強大交付速度速度快於預期。我們的成熟產能利用率也達到了94.6%，處於相對較高的水平。我們對批發資料中心容量有明確的成長路徑。

Let's move on to slide 9. Our overall wholesale data center capacity maintained its growth trajectory in the second quarter. Our capacity under construction was around 326 megawatts, with a pre-commitment rate for capacity under construction of 55.2% as of the end of June. Capacity held for short-term future development was around 374 megawatts, and capacity held for long-term future development was around 418 megawatts, as we remain confident in the long-term growth potential of AI-driven demand.

讓我們繼續看第 9 張投影片。我們的整體批發資料中心容量在第二季度保持了成長軌跡。我們在建容量約326兆瓦，截至6月底，在建容量預承諾率為55.2%。短期未來開發持有的容量約為 374 兆瓦，長期未來開發持有的容量約為 418 兆瓦，因為我們對人工智慧驅動的需求的長期成長潛力仍然充滿信心。

Moving to our retail IDC business on slide 10. Our retail business continued to progress smoothly in the second quarter. Retail capacity in service was 52,131 cabinets, with the utilization rate increasing slightly to 63.9% as of the end of June. MRR per retail cabinet increased to RMB8,915 this quarter.

前往第 10 張投影片上的零售 IDC 業務。我們的零售業務在第二季繼續順利進展。截至6月底，零售運力投入52,131個機櫃，利用率小幅上升至63.9%。本季每個零售櫃的每月經常性收入 (MRR) 增至 8,915 元。

Turning to our delivery plan on slide 11. With our robust and efficient delivery capabilities, we successfully delivered a total of around 188 megawatts in the first half of 2025. We currently have eight data centers under construction, with six in the Greater Beijing area and two in the Yangtze River Delta. We plan to deliver around 326 megawatts of capacity over the next 12 months, or around 227 megawatts during the second half of 2025 and around 99 megawatts during the first half of 2026. This ambitious delivery plan reflects strong demand from our customers and our outstanding delivery prowess.

前往投影片 11 上的交付計畫。憑藉著強大而高效的交付能力，我們在2025年上半年成功交付了總計約188兆瓦的電力。目前，我們有八個資料中心在建，其中六個位於大北京地區，兩個位於長江三角洲地區。我們計劃在未來 12 個月內提供約 326 兆瓦的容量，或在 2025 年下半年提供約 227 兆瓦的容量，並在 2026 年上半年提供約 99 兆瓦的容量。這項雄心勃勃的交付計畫反映了我們客戶的強勁需求和我們卓越的交付實力。

Now turning to our non-IDC business. A key component of our business, DYXnet, further expanded its customer base by winning new customers in the consulting and intelligent driving industries for its premium dedicated internet services, VPN services, IDC services, and cloud services.

現在轉向我們的非IDC業務。作為公司業務的重要組成部分，第一線憑藉其優質的專線服務、VPN服務、IDC服務和雲端服務，贏得了諮詢和智慧駕駛行業的新客戶，進一步擴大了客戶群。

In conclusion, our robust second-quarter results further validate our core strengths and effective strategic execution. Looking ahead, we will continue to sharpen our competitive advantages with faster deliveries and consistently reliable IDC services as we embark on our ambitious Hyperscale 2.0 framework to build greener, more intelligent data centers for the AI era. And as always, we will remain committed to driving innovation and fostering industry development as we grow, delivering value to all of our stakeholders.

總之，我們強勁的第二季業績進一步驗證了我們的核心優勢和有效的策略執行。展望未來，我們將繼續以更快的交付速度和始終可靠的IDC服務來增強我們的競爭優勢，同時著手實施我們雄心勃勃的Hyperscale 2.0框架，為人工智慧時代建立更綠色、更智慧的資料中心。像往常一樣，我們將在發展過程中繼續致力於推動創新和促進行業發展，為所有利益相關者創造價值。

Now, I will turn the call over to our CFO, Qiyu, for further discussion of our operating and financial performance. Thank you, everyone.

現在，我將把電話轉給我們的財務長齊宇，進一步討論我們的營運和財務表現。謝謝大家。

Good morning, and good evening, everyone. Before we start the detailed discussion of our second-quarter performance, please note that, unless otherwise stated, all the financials we present today are for the second quarter of 2025 and are in renminbi terms. Furthermore, unless otherwise specified, all the growth rates I'm reviewing are on a year-over-year basis.

大家早安，晚上好。在我們開始詳細討論第二季的業績之前，請注意，除非另有說明，我們今天提供的所有財務數據均為 2025 年第二季的數據，並以人民幣計算。此外，除非另有說明，我所審查的所有成長率都是按同比計算的。

Let's turn to slide 13. In the second quarter, we continued to pursue high-quality, high-margin business. Our total net revenues increased by 22.1% to RMB2.43 billion, mainly driven by the rapid growth of our wholesale business. Our adjusted cash gross profit rose by 34.9% to RMB1.06 billion, while our adjusted EBITDA also grew year over year by 27.7% to RMB732.5 million.

讓我們翻到第 13 張投影片。第二季度，我們繼續追求高品質、高利潤的業務。我們的總淨收入成長22.1%至人民幣24.3億元，主要得益於批發業務的快速成長。我們的調整後現金毛利年增34.9%至人民幣10.6億元，而我們的調整後EBITDA也較去年同期成長27.7%至人民幣7.325億元。

Let's look more closely at our top line. As you can see on slide 14, in the second quarter, wholesale revenues, our key revenue growth driver, increased significantly by 112.5% to RMB854.1 million, mainly attributable to sales at the N-OR Campus 01 and E-JS Campus 03. Retail revenues continue to account for the largest part of our total net revenues, reaching RMB959 million for the second quarter. Our non-IDC business revenues were RMB621 million for the second quarter.

讓我們更仔細地看看我們的頂線。正如您在幻燈片 14 中看到的，在第二季度，批發收入（我們的主要收入增長動力）大幅增長了 112.5%，達到人民幣 8.541 億元，這主要歸功於 N-OR 校區 01 和 E-JS 校區 03 的銷售。零售收入繼續占我們總淨收入的最大部分，第二季達到 9.59 億元人民幣。第二季度，我們的非IDC業務收入為人民幣6.21億元。

During the second quarter, we maintained solid margins, thanks to our continuous efforts to enhance overall efficiency. As shown on slide 15, our adjusted cash gross margins improved to 43.6% from 39.5% in the same period last year. Our adjusted EBITDA margin rose to 30.1% compared with 28.8% in the same period last year.

在第二季度，由於我們不斷努力提高整體效率，我們維持了穩健的利潤率。如投影片 15 所示，我們的調整後現金毛利率從去年同期的 39.5% 提高到 43.6%。我們的調整後 EBITDA 利潤率從去年同期的 28.8% 上升至 30.1%。

Moving on to liquidity. On slide 16, we maintained robust and healthy liquidity, bolstered by a net operating cash inflow of RMB366.6 million during the second quarter, bringing the net operating cash flow for the first half of the year to RMB562.3 million. Our cash positions remained solid, with total cash and cash equivalents, restricted cash, and short term investments reaching RMB4.66 billion as of June 30, 2025.

繼續討論流動性。在投影片 16 上，我們維持了強勁健康的流動性，得益於第二季淨經營現金流入 3.666 億元人民幣，上半年淨經營現金流達到 5.623 億元人民幣。我們的現金狀況仍穩健，截至 2025 年 6 月 30 日，現金及現金等價物、受限現金及短期投資總額達 46.6 億元。

Next, let's take a look at our debt structure on slide 17. We maintained our prudent approach to debt management. As of June 30, 2025, our net debt to the trailing 12 months adjusted EBITDA ratio was 5.3 and total debt to the trailing 12 months adjusted EBITDA ratio was 6.4, both remaining at healthy levels. Also, our trailing 12 months adjusted EBITDA to interest coverage ratio was 6.9. We prioritize long-term debt maturity planning in our debt and strategic management to ensure the security of debt repayment. Additionally, the company's short and medium-term debt maturing in 2025 to 2027 comprises 44.1% of our total debt.

接下來，我們來看看投影片 17 上的債務結構。我們繼續採取審慎的債務管理方式。截至 2025 年 6 月 30 日，我們的淨負債與過去 12 個月調整後 EBITDA 的比率為 5.3，總負債與過去 12 個月調整後 EBITDA 的比率為 6.4，均維持健康水準。此外，我們過去12個月的調整後EBITDA利息覆蓋率為6.9。我們在債務和策略管理中優先考慮長期債務到期規劃，以確保債務償還的安全性。此外，公司 2025 年至 2027 年到期的短期和中期債務佔總債務的 44.1%。

Turning now to CapEx spending. As you can see on slide 18, for the first half of 2025, our CapEx was RMB3.89 billion, with a majority allocated to the expansion of our wholesale IDC business. We still expect our CapEx for the full year 2025 to be in the range of RMB10 billion and RMB12 billion. The increase is mainly to support our planned delivery of 400 to 450 megawatts in 2025, or approximately three times 2024's total deliveries and surpassing our total deliveries in the past three years combined.

現在談談資本支出。正如您在第 18 張投影片上看到的，2025 年上半年，我們的資本支出為人民幣 38.9 億元，其中大部分用於擴展我們的批發 IDC 業務。我們仍預期 2025 年全年資本支出將在人民幣 100 億元至 120 億元之間。此次增資主要是為了支持我們計劃在 2025 年交付 400 至 450 兆瓦，約為 2024 年總交付量的三倍，並超過我們過去三年的總交付量。

Furthermore, in late June, our Board authorized a buyback program under which we may repurchase up to USD50 million from time to time on the open market over the ensuing 12 months. The buyback program underscores our deep commitment to delivering value to shareholders and our confidence in VNET's future development and growth prospects.

此外，6 月底，我們的董事會批准了一項回購計劃，根據該計劃，我們可以在接下來的 12 個月內不時在公開市場上回購最多 5000 萬美元。回購計劃凸顯了我們致力於為股東創造價值的堅定承諾以及我們對 VNET 未來發展和成長前景的信心。

Now moving to our full-year guidance for 2025 on slide 19. As we announced in a press release in late June, we have increased our full-year revenue and adjusted EBITDA guidance, fueled by faster-than-anticipated move-ins among wholesale IDC customers and ongoing operational efficiency gains. We now expect total net revenues to be in the range of RMB9.15 billion to RMB9.35 billion, a year-over-year increase of 11% to 13%, and adjusted EBITDA to be in the range of RMB2.76 billion to RMB2.82 billion, representing a year-over-year increase of 14% to 16%. If the RMB87.7 million on disposal gain of E-JS 02 data center were excluded from the adjusted EBITDA calculation for 2024, the year-over-year growth would be 18% to 20%.

現在轉到第 19 張投影片上的 2025 年全年指引。正如我們在 6 月底的新聞稿中宣布的那樣，由於批發 IDC 客戶的遷移速度快於預期以及營運效率的持續提高，我們增加了全年收入並調整了 EBITDA 指引。我們目前預計總淨收入將在人民幣 91.5 億元至人民幣 93.5 億元之間，年增 11% 至 13%；調整後 EBITDA 將在人民幣 27.6 億元至人民幣 28.2 億元之間，年增 14% 至 16%。如果將 E-JS 02 資料中心處置收益 8,770 萬元人民幣排除在 2024 年調整後 EBITDA 計算之外，則同比增長將達到 18% 至 20%。

Before I conclude, I'd like to briefly update you on our ESG efforts. We were pleased to receive an A grade, the highest rating in the 2024 Supplier Engagement Assessment by the Carbon Disclosure Project. We were also recognized as a supplier engagement leader for our collaboration with supply chain partners on low-carbon technology R&D, enhancing our IDC operational energy efficiency and empowering our partners to save energy and reduce emissions. Looking ahead, we will remain steadfast in our pursuit of ESG excellence, embracing and promoting a green future.

在結束之前，我想先簡單介紹一下我們的 ESG 工作。我們很高興獲得 A 級，這是碳資訊揭露計畫 2024 年供應商參與評估中的最高評級。我們也因與供應鏈合作夥伴合作進行低碳技術研發、提高我們IDC營運能源效率並賦能我們的合作夥伴節能減排而被評為供應商參與領導者。展望未來，我們將繼續堅定不移地追求ESG卓越，擁抱並推動綠色未來。

In summary, we maintained our business's vibrant momentum with strong financial results during the second quarter. Supported by our effective dual-core strategy and new Hyperscale 2.0 framework, we're well positioned to lead the AIDC transformation, capturing surging AI-driven opportunities, and delivering sustainable long-term value for all stakeholders.

總而言之，我們在第二季度保持了業務的強勁勢頭，並取得了強勁的財務業績。在我們有效的雙核心策略和新的 Hyperscale 2.0 框架的支持下，我們完全有能力引領 AIDC 轉型，抓住人工智慧驅動的機遇，並為所有利害關係人提供可持續的長期價值。

This concludes our prepared remarks for today. We are now ready to take questions.

我們今天的準備演講到此結束。我們現在準備好回答問題。

(Operator Instructions) Tom Tang, Morgan Stanley.

（操作員指示）摩根士丹利的 Tom Tang。

Thanks, management, for the opportunity to ask questions. First of all, congratulations on a very strong quarterly result, especially on the wholesale business. So my question is mainly about the future demand and orders. So we noticed that NVIDIA has regained its permission to ship their new chipsets to China again last month. So just wondering, based on our communication with our big customers, what is our current expectation of their future demand and the pattern of their order tendering? Thank you.

謝謝管理層給我提問的機會。首先，恭喜您取得非常強勁的季度業績，尤其是批發業務。所以我的問題主要是關於未來的需求和訂單。因此我們注意到，NVIDIA 上個月已重新獲得向中國運送其新晶片組的許可。所以我想知道，根據我們與大客戶的溝通，我們目前對他們未來的需求和訂單投標模式的預期是什麼？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you for your question. And now, the market is relatively active. And according to the report of the third-party institutions, we find that, in the regions where the digital economy is relatively active, for example, in the Greater Beijing area and in the Yangtze River Delta, I think the AI demand is relatively strong, and also, the relation between supply and demand has improved a lot.

（翻譯）感謝您的提問。目前，市場比較活躍。而且根據第三方機構的報告我們發現，在數位經濟比較活躍的地區，比如說環北京地區、長三角地區，我覺得對人工智慧的需求是比較旺盛的，而且供需關係也改善了很多。

And your question also mentioned about the bidding and also the demand for the big client. Since you also have noticed that this year, our delivery plan is over 400 megawatts, it is relatively large. And also, the new orders should be delivered in six months, so we will pay more attention to the demand released around September.

您的問題也提到了投標以及大客戶的需求。因為大家也注意到了，今年我們的交付計畫是400多兆瓦，這個規模比較大。而且新訂單應該在六個月內交付，所以我們會更關注9月左右釋放的需求。

So in addition to the 20-megawatt wholesale business, I think we are also paying a lot of attention to the potential demand. And we are also communicating, for this potential demand, I think most of them are highly relevant to the AI.

因此，除了 20 兆瓦的批發業務外，我認為我們也非常關注潛在需求。而且我們也在溝通，對於這個潛在的需求，我覺得大部分是跟AI高度相關的。

Next question, please.

請回答下一個問題。

Edison Lee, Jefferies.

傑富瑞 (Jefferies) 的 Edison Lee。

Hi. Thank you for taking my questions. I have two. Number one, can you update us on the buildout of wind power in Ulanqab? And when they will actually come into effect, and how that's going to impact the revenue and also the margin of the company?

你好。感謝您回答我的問題。我有兩個。第一，能否介紹一下烏蘭察布市風電建設的最新情況？這些措施何時才會真正生效？又將如何影響公司的營收和利潤？

Number two, can you comment on your MSR on wholesale? Because it seems that your MSR or your MRR on wholesale in the second quarter is actually up on a year-on-year basis. So maybe if you can explain a little bit of what is driving that unit price, that will be great.

第二，您能評論一下批發方面的 MSR 嗎？因為看起來您第二季的批發 MSR 或 MRR 實際上同比增長了。因此，如果您能稍微解釋一下是什麼推動了單價，那就太好了。

(spoken in foreign language)

（用外語說）

(interpreted) I think now, the wind power project in Ulanqab is well underway. And I think by the end of this year and also in the beginning of next year, it will be going to deliver power. I think this is relatively a new trial for us, so we cannot expect impacts on our P&L. However, I think it will mainly deliver positive impacts on our IR. So I think the details, the statistics, and the figures will be offered when it begins to deliver power.

(翻譯)我想現在，烏蘭察布的風電計畫正在順利進行中。我認為到今年年底和明年年初它將開始發電。我認為這對我們來說是一個相對較新的嘗試，因此我們不會期望它對我們的損益產生影響。不過，我認為它主要會對我們的 IR 產生正面的影響。所以我認為，當它開始發電時，將會提供詳細資訊、統計數據和數字。

So for the second question, I think it has two factors. The first one is I think that the wholesale price is relatively very stable. And you also mentioned the improvement in the MSR. I think it's mainly due to the seasonal factors because of the increase in the revenue from the electricity bills. And also, in this quarter, we have the one-off income.

對於第二個問題，我認為有兩個因素。第一，我認為批發價格相對來說非常穩定。您也提到了 MSR 的改進。我認為這主要是由於季節性因素，因為電費收入增加。而且本季我們有一次性收入。

Next question, please.

請回答下一個問題。

Daley Li, BofA Securities.

美國銀行證券公司的戴利李（Daley Li）。

Hi, management. Thanks for taking my question. I have two questions here. The first one is regarding our gross margin. Our adjusted gross margin was quite a healthy growth and improvement. And for our GAAP level gross margin, if we look at quote-unquote, it seems dropped a little bit. And what's the reason behind this? And how do you think the future normalized gross profit margin?

你好，管理層。感謝您回答我的問題。我這裡有兩個問題。第一個是關於我們毛利率的。我們的調整後毛利率實現了相當健康的成長和改善。對於我們的 GAAP 水平毛利率，如果我們看一下引文，它似乎下降了一點。這背後的原因是什麼？您認為未來正常化的毛利率如何？

My second question is about the new financing channel, the REITs. Could you please update us on the progress of the private REITs and the C-REITs going forward?

我的第二個問題是關於新的融資管道，房地產投資信託基金（REITs）。您能否向我們介紹私人房地產投資信託基金和中國房地產投資信託基金未來的進展？

(spoken in foreign language)

（用外語說）

(interpreted) Thank you for your question. For the changes in the GP margin, I think it's affected by the timing of turning the CIP into PPE and also depreciation. So there can be some seasonal factors that leads to the fluctuation. But if we exclude -- if we only consider the cash GP margin, I think it's still very on a healthy and a steady increase.

（翻譯）感謝您的提問。對於毛利率的變化，我認為它受到CIP轉化為PPE的時間以及折舊的影響。因此，可能會有一些季節性因素導致波動。但如果我們排除——如果我們只考慮現金毛利率，我認為它仍然處於健康、穩定的成長之中。

And also for the REITs project, we have been actively promoting the REITs project. We have the public and also the private REITs, and I think we have four to five. And also, as mentioned, this year, through the REITs project, we hope to have a recovery of RMB2 billion.

還有對於REITs項目，我們也一直在積極推動REITs項目。我們有公共和私人房地產投資信託基金，我認為我們有四到五個。另外，正如所提到的，今年，透過房地產投資信託基金項目，我們希望收回20億元。

Next question, please.

請回答下一個問題。

Timothy Zhao, Goldman Sachs.

高盛的趙蒂姆。

Great. Thank you, management, for taking my question, and congrats on the very strong results. Two questions here as well.

偉大的。謝謝管理層回答我的問題，並祝賀您取得如此出色的成績。這裡也有兩個問題。

First is regarding your guidance. I'm pretty glad to see that you raised guidance actually two months ago. But after the very strong first-half results, just wondering how management thinks about the second-half outlook. So if my calculation is correct, I think toward the high end of your guidance, I think the second-half growth implied only around single-digit growth. Just wondering how do we think about the second-half outlook.

首先是關於您的指導。我很高興看到您兩個月前就提出了指導。但在上半年業績非常強勁之後，我只是想知道管理層如何看待下半年的前景。因此，如果我的計算是正確的話，我認為朝著您指導的高端發展，我認為下半年的成長僅意味著個位數的成長。只是想知道我們如何看待下半年的前景。

Secondly is regarding the retail IDC business. As I see, there's some revenue decline on this retail IDC revenue in the second quarter of this year versus a stronger first quarter. Just wondering what is the reason behind.

第二是關於零售IDC業務。據我所知，今年第二季零售 IDC 收入與第一季相比有所下降。只是想知道背後的原因是什麼。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you for your question. As mentioned, in spite of the upgrading in the guidance, I think the guidance for the second half of this year is still relatively conservative. So our consideration is that we needed to watch and see that if the utilization speed and the pace of our customer or client will not be affected by the chips, so if so, and if our wholesale utilization business can maintain its speed, I think we can upgrade the guidance for the second half of the year.

（翻譯）感謝您的提問。如上所述，儘管指引有所上調，但我認為今年下半年的指引仍然相對保守。因此，我們的考慮是，我們需要觀察並觀察我們的客戶或客戶的利用速度和步伐是否不會受到晶片的影響，如果是這樣，並且我們的批發利用業務能夠保持其速度，我認為我們可以升級下半年的指導。

And your second question is relative to the IDC revenue for the retail business. Yes, there can be some slight decline, but I think it's still within the reasonable range. And I think the revenue for the retail IDC will maintain a relatively stable and even some increase.

您的第二個問題與零售業務的IDC收入有關。是的，可能會有小幅下降，但我認為還是在合理範圍內。而我認為零售IDC的營收會保持相對穩定，甚至有所成長。

Next question, please.

請回答下一個問題。

Andy Yu, DBS.

星展銀行 (DBS) 的 Andy Yu。

Hi. Thank you for taking my question. Congratulations on the solid result. I have a question regarding the second-half outlook. Could management share some color on whether the rapid momentum of client looping can be sustained. Also, do we expect that the impact of AI chip supply constraints could affect new orders or customer loopings in the second half '25?

你好。感謝您回答我的問題。恭喜你取得了堅實的成果。我有一個關於下半年前景的問題。管理階層能否解釋一下客戶循環的快速發展動能是否能夠持續下去。此外，我們是否預期人工智慧晶片供應限制的影響可能會影響 2025 年下半年的新訂單或客戶循環？

(spoken in foreign language)

（用外語說）

(interpreted) So as for the outlook for the second half of this year, I think if we compare the second half with the first half of this year, I think I am relatively optimistic about the second half. Because if we take into account the delivery in the first half of this year, we will also closely follow the rules of the new orders unleashed by our client. And I think we will be very optimistic, generally, about the second half of this year. And also, as for the move-in pace of our client, I think according to the practice, once the order has been confirmed, we usually have very fast move-in pace.

(翻譯)那麼至於今年下半年的展望，我認為如果我們將下半年與上半年進行比較，我認為我對下半年相對樂觀。因為如果考慮到今年上半年的交貨，我們也會密切注意客戶釋放的新訂單規則。我認為，總體而言，我們對今年下半年的情況非常樂觀。另外，關於客戶的進場速度，我認為根據慣例，一旦訂單確認，我們通常進場速度非常快。

And also, as for the supply of the chips, of AI, we will closely follow the companies like NVIDIA -- NVIDIA's chips and also the domestic chips, and I think that the expectation will be very clear very soon. As also according to our experiences of serving our clients or customers, I think once the order is confirmed, the move-in pace will be very fast. And also, as for the wholesale business, we have also confirmed with the core client that the orders at hand for most of our clients will not be affected.

此外，關於人工智慧晶片的供應，我們將密切關注 NVIDIA 等公司——NVIDIA 的晶片以及國產晶片，我認為預期很快就會非常明確。而且根據我們服務客戶的經驗，我認為一旦訂單確認，進場速度就會非常快。另外，對於批發業務，我們也與核心客戶確認，大多數客戶的現有訂單不會受到影響。

Next question, please.

請回答下一個問題。

Sara Wang, UBS.

瑞銀的 Sara Wang。

Thank you for the opportunity to ask a question. And again, congratulations on the very solid results. I only have one question is that management just mentioned that there could be potential new tenders from the customers. Do we expect similar customers and similar workload going forward, or there could be some change?

感謝您給我提問的機會。再次恭喜您取得如此豐碩的成果。我只有一個問題，管理階層剛才提到客戶可能會提出新的投標。我們是否預期未來會有類似的客戶和類似的工作量，或者可能會有一些變化？

(spoken in foreign language)

（用外語說）

(interpreted) So thank you for your question. I think our client will unleash their demand gradually. And from the demand side, I think in terms of the business, the demand for AI remains unchanged.

（翻譯）謝謝您的提問。我認為我們的客戶會逐漸釋放他們的需求。從需求方面來看，我認為就業務而言，對人工智慧的需求保持不變。

Next question, please.

請回答下一個問題。

Mingran Li, CICC. (Operator Instructions)

李明然，中金公司。（操作員指示）

That does conclude our call and conference for today. Thank you for participating. You may now disconnect.

今天的電話會議和會議就到此結束了。感謝您的參與。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。