<p><em>这家数据中心运营商在对人工智能计算需求激增的推动下，记录了更快的订单和更高的利用率，但资产减值和沉重的债务使其盈利前景蒙上阴影</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/25075554/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_25-3-2026_112745_thebambooworks.com_-1024x672.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="672" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/25075554/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_25-3-2026_112745_thebambooworks.com_-1024x672.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>GDS 去年实现净利润 9.6 亿元，扭转了多年的亏损，收入增长 10.8%，达到 114.3 亿元</li>
<li>该数据中心运营商在年度内记录了 23.6 亿元的一次性收益，源于对一家子公司的去合并</li>
</ul>
<p>人工智能的快速崛起创造了大量赢家，包括处于这一变革浪潮核心的数据中心运营商。随着计算能力需求的激增，这些运营商已成为人工智能供应链的关键支柱。对于中国领先的运营商 <strong>GDS Holdings Ltd.</strong> (NASDAQ: GDS) (9698.HK) 来说，去年新订单和客户需求的显著加速是这一转变最有力的证据，这在其上周发布的 <strong>最新财报</strong> 中披露。</p>
<p>报告显示，GDS 在新订单和总入住率方面均达到了五年来的最高水平。其使用面积攀升至 504,800 平方米，推动利用率上升至 75.5%。全年收入达到 114.3 亿元（16.3 亿美元），同比增长 10.8%。其调整后的息税折旧摊销前利润（EBITDA）也实现了两位数增长，达到 54 亿元。这些因素帮助公司结束了多年的亏损，报告全年净利润为 9.6 亿元。</p>
<h4><strong>纸面利润</strong></h4>
<p>但深入分析报告显示，至少在新获得的利润方面，情况并不那么乐观。公司的核心业务仍处于亏损状态，运营亏损约为 5580 万元。同时，GDS 记录了 156 亿元的资产减值损失，表明部分资产表现不佳。</p>
<p>通往盈利的道路在很大程度上是由非经常性项目铺就的，包括来自其合资企业和联营公司的 7160 万元收益，以及来自子公司去合并的 236 亿元的一次性收益。该收益主要源于通过部分股权出售将外部投资者引入其全球数据中心业务 DayOne。</p>
<p>为了在保持财务稳定的同时平衡其快速扩张，GDS 与许多数据中心运营商一样，需要通过发行资产支持证券（ABS）和可转换优先股、设立房地产投资信托等措施不断筹集资金。这些措施帮助其在去年底将现金余额提高至 143 亿元。但所有融资也使 GDS 的短期和长期债务超过 460 亿元。行业对持续高资本支出的需求意味着，许多公司的盈利仍然在很大程度上依赖于资本运作和会计处理。</p>
<p>尽管如此，人工智能时代正在推动 GDS 客户结构的变化。与过去相比，其企业客户基础通常相当分散，人工智能热潮带来了新一批更大的超大规模客户和主要的人工智能计算客户。这些客户通常带来更大的订单和更快的部署周期，帮助数据中心运营商提高利用率和入住率，推动更稳定的收入增长。但这一转变也意味着客户集中度上升，并可能需要向这些大型买家提供折扣，从而进一步侵蚀数据中心运营商的利润率。</p>
<p>这一趋势已经影响了 GDS 的盈利能力。在去年的第四季度，公司调整后的毛利率从前一年的 51.9% 轻微下降至 50.6%，而整体毛利率则从 21.5% 降至 21.0%。管理层指出，公用事业费用占收入比例上升是一个关键因素。然而，从结构上看，这也与向大规模计算客户的转变相关，这些客户通常每单位消耗更多资源。</p>
<p>人工智能热潮及其对高性能计算的需求也使数据中心运营商的资本支出保持高位。GDS 的现金流量表显示，其继续在新数据中心建设上进行大量投资，预计 2026 年的资本支出约为 90 亿元。值得注意的是，该公司在第四季度再次出现亏损，净亏损为 4.6 亿元，较去年同期扩大，主要由于资产减值。这突显了新投资可能表现不佳的潜力，因为公司被迫迅速支出以应对只能试图预测的新需求。</p>
<h4><strong>积累计算资源</strong></h4>
<p>尽管存在不确定性，GDS 仍在加大对计算基础设施的投入。它在中国一线城市积累了约 900 兆瓦的资源储备，为未来的人工智能需求奠定基础。通过 DayOne 的海外业务也在加速，东南亚的承诺达到 431 兆瓦。在曼谷启动的 120 兆瓦项目标志着其年轻的国际业务正逐渐从投资阶段转向收获阶段。</p>
<p>GDS 在美国上市的股票在宣布业绩的当天最初上涨约 5%，但随后回落，最终收于 44.49 美元，上涨幅度缩小至 0.52%，今年股价上涨约 28.5%。其在香港的股票在公告后下跌超过 5%，但今年也仍上涨约 28.6%。摩根士丹利重申了对该公司美国上市股票的 “增持” 评级，目标价为 64 美元，理由是持续的人工智能驱动的订单和入住需求。</p>
<p>在估值方面，万国数据的市销率约为 6.5 倍。这一水平低于全球领军者 <strong>Equinix</strong>（EQIX.US）的 10.4 倍，但超过了中国同行 <strong>VNET</strong>（VNET.US）的 1.8 倍。与更成熟的 Equinix 不同，万国数据仍处于重投资阶段，盈利质量和现金流稳定性较差。投资者可能更倾向于选择万国数据而非 VNET，因为前者在人工智能需求和运营效率方面的定位。</p>
<p>一些人可能会认为万国数据正在从单纯扩张转向努力改善盈利能力的新阶段。人工智能需求提供了前所未有的增长机会，同时也对其成本结构和资本支出提出了更高的要求。不过，随着人工智能需求的增长，更多优质客户的出现应该会带来更清晰的未来支出需求，从而使公司在长期内改善业绩。但在短期内，其利润和现金流可能仍会保持较大的波动性。</p>
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<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

DTCR

IDGT

万国数据

<p>GDS Holdings Ltd. 报告净利润为 9.6 亿元，结束了多年的亏损，收入增长 10.8% 至 114.3 亿元，受益于人工智能需求。然而，公司面临着 15.6 亿元的资产减值损失和超过 460 亿元的重大债务挑战。尽管新订单激增，但盈利能力仍依赖于非经常性收益和资本运作。向大型人工智能客户的转变正在提升利用率，但也增加了客户集中度和利润压力。GDS 继续在基础设施上进行大量投资，以满足未来的人工智能需求</p>

<p><em>The data center operator recorded faster bookings and greater utilization on surging demand for AI computing, though asset impairments and heavy debt are clouding its profit picture</em></p>
<div class="lb-trans"><p><em>这家数据中心运营商在对人工智能计算需求激增的推动下，记录了更快的订单和更高的利用率，但资产减值和沉重的债务使其盈利前景蒙上阴影</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/25075554/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_25-3-2026_112745_thebambooworks.com_-1024x672.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/25075554/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_25-3-2026_112745_thebambooworks.com_-1024x672.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>GDS swung to a net profit of 960 million yuan last year, reversing years of losses, as its revenue rose 10.8% to 11.43 billion yuan</li>
<li>The data center operator recorded a 2.36 billion yuan one-time gain during the year from deconsolidation of a subsidiary</li>
</ul>
<div class="lb-trans"><ul>
<li>GDS 去年实现净利润 9.6 亿元，扭转了多年的亏损，收入增长 10.8%，达到 114.3 亿元</li>
<li>该数据中心运营商在年度内记录了 23.6 亿元的一次性收益，源于对一家子公司的去合并</li>
</ul>
</div><p>AI's rapid rise has created a large array of winners, including data center operators that sit squarely in the sweet spot of this transformative wave. As demand for computing power skyrockets, such operators have become the critical backbone of the AI supply chain. For leading Chinese operator <strong>GDS Holdings Ltd.</strong> (NASDAQ: GDS) (9698.HK), the most tangible evidence of that shift was a marked acceleration in new orders and customer demand last year, which was disclosed in its <strong>latest financial report</strong> released last week.</p>
<div class="lb-trans"><p>人工智能的快速崛起创造了大量赢家，包括处于这一变革浪潮核心的数据中心运营商。随着计算能力需求的激增，这些运营商已成为人工智能供应链的关键支柱。对于中国领先的运营商 <strong>GDS Holdings Ltd.</strong> (NASDAQ: GDS) (9698.HK) 来说，去年新订单和客户需求的显著加速是这一转变最有力的证据，这在其上周发布的 <strong>最新财报</strong> 中披露。</p>
</div><p>The report showed GDS achieved five-year highs in both new bookings and gross move-ins. Its utilized area climbed to 504,800 square meters, driving its utilization rate up to 75.5%. Its revenue for the full year hit 11.43 billion yuan ($1.63 billion), up 10.8% year-on-year. Its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also posted double-digit growth, rising to 5.4 billion yuan. Those factors helped the company to end its years of losses, reporting a net profit of 960 million yuan for the year.</p>
<div class="lb-trans"><p>报告显示，GDS 在新订单和总入住率方面均达到了五年来的最高水平。其使用面积攀升至 504,800 平方米，推动利用率上升至 75.5%。全年收入达到 114.3 亿元（16.3 亿美元），同比增长 10.8%。其调整后的息税折旧摊销前利润（EBITDA）也实现了两位数增长，达到 54 亿元。这些因素帮助公司结束了多年的亏损，报告全年净利润为 9.6 亿元。</p>
</div><h4><strong>Paper profits</strong></h4>
<div class="lb-trans"><h4><strong>纸面利润</strong></h4>
</div><p>But a deeper dive into the report reveals a less rosy picture, at least in terms of the newfound profits. The company's core operations remained in the red, with an operating loss of about 55.8 million yuan. At the same time, GDS booked a hefty 1.56 billion yuan loss on asset impairments, signaling underperformance of some assets.</p>
<div class="lb-trans"><p>但深入分析报告显示，至少在新获得的利润方面，情况并不那么乐观。公司的核心业务仍处于亏损状态，运营亏损约为 5580 万元。同时，GDS 记录了 156 亿元的资产减值损失，表明部分资产表现不佳。</p>
</div><p>The path to profitability was paved largely by non-recurring items, including 716 million yuan from its share of results of associates and joint ventures, and a massive 2.36 billion yuan one-time gain on deconsolidation of a subsidiary. That gain stemmed primarily from bringing external investors into its global data center operation, DayOne, through a partial stake sale.</p>
<div class="lb-trans"><p>通往盈利的道路在很大程度上是由非经常性项目铺就的，包括来自其合资企业和联营公司的 7160 万元收益，以及来自子公司去合并的 236 亿元的一次性收益。该收益主要源于通过部分股权出售将外部投资者引入其全球数据中心业务 DayOne。</p>
</div><p>To balance its breakneck expansion while maintaining financial stability, GDS, like many data center operators, has needed to constantly raise money through measures like issuing asset-backed securities (ABS) and convertible preferred shares, and setting up a real estate investment trust. Such steps helped to raise its cash balance to 14.3 billion yuan by the end of last year. But all the financing has also left GDS with more than 46 billion yuan in short- and long-term debt. The industry's need for constant high capital spending means that profitability remains significantly reliant on capital maneuvers and accounting treatments for many companies.</p>
<div class="lb-trans"><p>为了在保持财务稳定的同时平衡其快速扩张，GDS 与许多数据中心运营商一样，需要通过发行资产支持证券（ABS）和可转换优先股、设立房地产投资信托等措施不断筹集资金。这些措施帮助其在去年底将现金余额提高至 143 亿元。但所有融资也使 GDS 的短期和长期债务超过 460 亿元。行业对持续高资本支出的需求意味着，许多公司的盈利仍然在很大程度上依赖于资本运作和会计处理。</p>
</div><p>That said, the AI era is driving a change to GDS' client mix. Unlike the past, when its enterprise client base was typically quite fragmented, the AI boom is bringing a new group of larger hyperscalers and major AI computing customers. Such clients typically bring larger orders and faster deployment cycles, helping data center operators to boost their utilization and occupancy rates, driving steadier revenue growth. But the shift also means rising customer concentration, and also potentially having to grant these large buyers discounts that further erode a data center operator's margins.</p>
<div class="lb-trans"><p>尽管如此，人工智能时代正在推动 GDS 客户结构的变化。与过去相比，其企业客户基础通常相当分散，人工智能热潮带来了新一批更大的超大规模客户和主要的人工智能计算客户。这些客户通常带来更大的订单和更快的部署周期，帮助数据中心运营商提高利用率和入住率，推动更稳定的收入增长。但这一转变也意味着客户集中度上升，并可能需要向这些大型买家提供折扣，从而进一步侵蚀数据中心运营商的利润率。</p>
</div><p>That trend is already affecting GDS' profitability. In the fourth quarter of last year, the company's adjusted gross margin dipped slightly to 50.6% from 51.9% a year earlier, while its overall gross margin slipped to 21.0% from 21.5%. Management cited rising utility expenses as a percentage of revenue as a key factor. Structurally, however, it also correlates with the shift towards large-scale computing clients, which typically consume more resources per unit.</p>
<div class="lb-trans"><p>这一趋势已经影响了 GDS 的盈利能力。在去年的第四季度，公司调整后的毛利率从前一年的 51.9% 轻微下降至 50.6%，而整体毛利率则从 21.5% 降至 21.0%。管理层指出，公用事业费用占收入比例上升是一个关键因素。然而，从结构上看，这也与向大规模计算客户的转变相关，这些客户通常每单位消耗更多资源。</p>
</div><p>The AI boom, with its high-performance computing requirements, is also keeping capital expenditures high for data center operators. GDS' cash flow statements show it continues to invest heavily in new data center construction, with projected 2026 capex around 9 billion yuan. Notably, the company was back in the red during the fourth quarter with a net loss of 460 million yuan, wider than the year-ago period, primarily due to asset impairments. This highlights the potential for new investments to underperform as companies are forced to spend rapidly on new demand that they can only try to anticipate.</p>
<div class="lb-trans"><p>人工智能热潮及其对高性能计算的需求也使数据中心运营商的资本支出保持高位。GDS 的现金流量表显示，其继续在新数据中心建设上进行大量投资，预计 2026 年的资本支出约为 90 亿元。值得注意的是，该公司在第四季度再次出现亏损，净亏损为 4.6 亿元，较去年同期扩大，主要由于资产减值。这突显了新投资可能表现不佳的潜力，因为公司被迫迅速支出以应对只能试图预测的新需求。</p>
</div><h4><strong>Amassing computing resources</strong></h4>
<div class="lb-trans"><h4><strong>积累计算资源</strong></h4>
</div><p>Despite the uncertainties, GDS continues to double down on computing infrastructure. It has amassed approximately 900 MW of resource reserves in China's tier-one cities, laying the groundwork for future AI demand. Its overseas business through DayOne is also accelerating, with Southeast Asia commitments reaching 431 MW. The launch of a 120 MW project in Bangkok signals its younger international business is gradually transitioning from investment phase to harvest mode.</p>
<div class="lb-trans"><p>尽管存在不确定性，GDS 仍在加大对计算基础设施的投入。它在中国一线城市积累了约 900 兆瓦的资源储备，为未来的人工智能需求奠定基础。通过 DayOne 的海外业务也在加速，东南亚的承诺达到 431 兆瓦。在曼谷启动的 120 兆瓦项目标志着其年轻的国际业务正逐渐从投资阶段转向收获阶段。</p>
</div><p>GDS's U.S.-listed shares initially jumped about 5% the day it announced its results before paring the gains to close up by a much smaller 0.52% at $44.49, putting the stock up roughly 28.5% this year. Its Hong Kong shares fell over 5% after the announcement, but are also still ahead this year by a similar 28.6%. Morgan Stanley reaffirmed its &#34;overweight&#34; rating on the company's U.S.-listed shares with a $64 target price, citing sustained AI-driven demand for bookings and occupancy.</p>
<div class="lb-trans"><p>GDS 在美国上市的股票在宣布业绩的当天最初上涨约 5%，但随后回落，最终收于 44.49 美元，上涨幅度缩小至 0.52%，今年股价上涨约 28.5%。其在香港的股票在公告后下跌超过 5%，但今年也仍上涨约 28.6%。摩根士丹利重申了对该公司美国上市股票的 “增持” 评级，目标价为 64 美元，理由是持续的人工智能驱动的订单和入住需求。</p>
</div><p>Valuation-wise, GDS trades at a price-to-sales (P/S) ratio of about 6.5 times. That trails global leader <strong>Equinix</strong> (EQIX.US) at 10.4 times but is more than triple Chinese peer <strong>VNET</strong> (VNET.US) at 1.8 times. Unlike the more mature Equinix, GDS still remains in a heavy investment phase, with spottier earnings quality and cash flow stability. Investors may prefer GDS to VNET for the former's positioning in AI demand and operational efficiency.</p>
<div class="lb-trans"><p>在估值方面，万国数据的市销率约为 6.5 倍。这一水平低于全球领军者 <strong>Equinix</strong>（EQIX.US）的 10.4 倍，但超过了中国同行 <strong>VNET</strong>（VNET.US）的 1.8 倍。与更成熟的 Equinix 不同，万国数据仍处于重投资阶段，盈利质量和现金流稳定性较差。投资者可能更倾向于选择万国数据而非 VNET，因为前者在人工智能需求和运营效率方面的定位。</p>
</div><p>Some may see GDS as transitioning to a new phase from pure expansion toward trying to improve its profitability. AI demand is offering an unprecedented growth opportunity, while also placing greater demands on its cost structures and capital spending. Still, more premium clients as a result of growing AI demand should bring better visibility of its future spending needs, positioning the company for improving performance over the longer term. But in the shorter-term, its profits and cash flow are likely to remain more volatile.</p>
<div class="lb-trans"><p>一些人可能会认为万国数据正在从单纯扩张转向努力改善盈利能力的新阶段。人工智能需求提供了前所未有的增长机会，同时也对其成本结构和资本支出提出了更高的要求。不过，随着人工智能需求的增长，更多优质客户的出现应该会带来更清晰的未来支出需求，从而使公司在长期内改善业绩。但在短期内，其利润和现金流可能仍会保持较大的波动性。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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万国数据因人工智能需求的增长和一次性收益而结束了多年的亏损