<p><em>這家數據中心運營商在對人工智能計算需求激增的推動下，記錄了更快的訂單和更高的利用率，但資產減值和沉重的債務使其盈利前景蒙上陰影</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>GDS 去年實現淨利潤 9.6 億元，扭轉了多年的虧損，收入增長 10.8%，達到 114.3 億元</li>
<li>該數據中心運營商在年度內記錄了 23.6 億元的一次性收益，源於對一家子公司的去合併</li>
</ul>
<p>人工智能的快速崛起創造了大量贏家，包括處於這一變革浪潮核心的數據中心運營商。隨着計算能力需求的激增，這些運營商已成為人工智能供應鏈的關鍵支柱。對於中國領先的運營商 <strong>GDS Holdings Ltd.</strong> (NASDAQ: GDS) (9698.HK) 來説，去年新訂單和客户需求的顯著加速是這一轉變最有力的證據，這在其上週發佈的 <strong>最新財報</strong> 中披露。</p>
<p>報告顯示，GDS 在新訂單和總入住率方面均達到了五年來的最高水平。其使用面積攀升至 504,800 平方米，推動利用率上升至 75.5%。全年收入達到 114.3 億元（16.3 億美元），同比增長 10.8%。其調整後的息税折舊攤銷前利潤（EBITDA）也實現了兩位數增長，達到 54 億元。這些因素幫助公司結束了多年的虧損，報告全年淨利潤為 9.6 億元。</p>
<h4><strong>紙面利潤</strong></h4>
<p>但深入分析報告顯示，至少在新獲得的利潤方面，情況並不那麼樂觀。公司的核心業務仍處於虧損狀態，運營虧損約為 5580 萬元。同時，GDS 記錄了 156 億元的資產減值損失，表明部分資產表現不佳。</p>
<p>通往盈利的道路在很大程度上是由非經常性項目鋪就的，包括來自其合資企業和聯營公司的 7160 萬元收益，以及來自子公司去合併的 236 億元的一次性收益。該收益主要源於通過部分股權出售將外部投資者引入其全球數據中心業務 DayOne。</p>
<p>為了在保持財務穩定的同時平衡其快速擴張，GDS 與許多數據中心運營商一樣，需要通過發行資產支持證券（ABS）和可轉換優先股、設立房地產投資信託等措施不斷籌集資金。這些措施幫助其在去年底將現金餘額提高至 143 億元。但所有融資也使 GDS 的短期和長期債務超過 460 億元。行業對持續高資本支出的需求意味着，許多公司的盈利仍然在很大程度上依賴於資本運作和會計處理。</p>
<p>儘管如此，人工智能時代正在推動 GDS 客户結構的變化。與過去相比，其企業客户基礎通常相當分散，人工智能熱潮帶來了新一批更大的超大規模客户和主要的人工智能計算客户。這些客户通常帶來更大的訂單和更快的部署週期，幫助數據中心運營商提高利用率和入住率，推動更穩定的收入增長。但這一轉變也意味着客户集中度上升，並可能需要向這些大型買家提供折扣，從而進一步侵蝕數據中心運營商的利潤率。</p>
<p>這一趨勢已經影響了 GDS 的盈利能力。在去年的第四季度，公司調整後的毛利率從前一年的 51.9% 輕微下降至 50.6%，而整體毛利率則從 21.5% 降至 21.0%。管理層指出，公用事業費用佔收入比例上升是一個關鍵因素。然而，從結構上看，這也與向大規模計算客户的轉變相關，這些客户通常每單位消耗更多資源。</p>
<p>人工智能熱潮及其對高性能計算的需求也使數據中心運營商的資本支出保持高位。GDS 的現金流量表顯示，其繼續在新數據中心建設上進行大量投資，預計 2026 年的資本支出約為 90 億元。值得注意的是，該公司在第四季度再次出現虧損，淨虧損為 4.6 億元，較去年同期擴大，主要由於資產減值。這突顯了新投資可能表現不佳的潛力，因為公司被迫迅速支出以應對只能試圖預測的新需求。</p>
<h4><strong>積累計算資源</strong></h4>
<p>儘管存在不確定性，GDS 仍在加大對計算基礎設施的投入。它在中國一線城市積累了約 900 兆瓦的資源儲備，為未來的人工智能需求奠定基礎。通過 DayOne 的海外業務也在加速，東南亞的承諾達到 431 兆瓦。在曼谷啓動的 120 兆瓦項目標誌着其年輕的國際業務正逐漸從投資階段轉向收穫階段。</p>
<p>GDS 在美國上市的股票在宣佈業績的當天最初上漲約 5%，但隨後回落，最終收於 44.49 美元，上漲幅度縮小至 0.52%，今年股價上漲約 28.5%。其在香港的股票在公告後下跌超過 5%，但今年也仍上漲約 28.6%。摩根士丹利重申了對該公司美國上市股票的 “增持” 評級，目標價為 64 美元，理由是持續的人工智能驅動的訂單和入住需求。</p>
<p>在估值方面，萬國數據的市銷率約為 6.5 倍。這一水平低於全球領軍者 <strong>Equinix</strong>（EQIX.US）的 10.4 倍，但超過了中國同行 <strong>VNET</strong>（VNET.US）的 1.8 倍。與更成熟的 Equinix 不同，萬國數據仍處於重投資階段，盈利質量和現金流穩定性較差。投資者可能更傾向於選擇萬國數據而非 VNET，因為前者在人工智能需求和運營效率方面的定位。</p>
<p>一些人可能會認為萬國數據正在從單純擴張轉向努力改善盈利能力的新階段。人工智能需求提供了前所未有的增長機會，同時也對其成本結構和資本支出提出了更高的要求。不過，隨着人工智能需求的增長，更多優質客户的出現應該會帶來更清晰的未來支出需求，從而使公司在長期內改善業績。但在短期內，其利潤和現金流可能仍會保持較大的波動性。</p>
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<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

DTCR

IDGT

萬國數據

<p>GDS Holdings Ltd. 報告淨利潤為 9.6 億元，結束了多年的虧損，收入增長 10.8% 至 114.3 億元，受益於人工智能需求。然而，公司面臨着 15.6 億元的資產減值損失和超過 460 億元的重大債務挑戰。儘管新訂單激增，但盈利能力仍依賴於非經常性收益和資本運作。向大型人工智能客户的轉變正在提升利用率，但也增加了客户集中度和利潤壓力。GDS 繼續在基礎設施上進行大量投資，以滿足未來的人工智能需求</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>這家數據中心運營商在對人工智能計算需求激增的推動下，記錄了更快的訂單和更高的利用率，但資產減值和沉重的債務使其盈利前景蒙上陰影</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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 去年實現淨利潤 9.6 億元，扭轉了多年的虧損，收入增長 10.8%，達到 114.3 億元</li>
<li>該數據中心運營商在年度內記錄了 23.6 億元的一次性收益，源於對一家子公司的去合併</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創造了大量贏家，包括處於這一變革浪潮核心的數據中心運營商。隨着計算能力需求的激增，這些運營商已成為人工智能供應鏈的關鍵支柱。對於中國領先的運營商 <strong>GDS Holdings Ltd.</strong> (NASDAQ: GDS) (9698.HK) 來説，去年新訂單和客户需求的顯著加速是這一轉變最有力的證據，這在其上週發佈的 <strong>最新財報</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>報告顯示，GDS 在新訂單和總入住率方面均達到了五年來的最高水平。其使用面積攀升至 504,800 平方米，推動利用率上升至 75.5%。全年收入達到 114.3 億元（16.3 億美元），同比增長 10.8%。其調整後的息税折舊攤銷前利潤（EBITDA）也實現了兩位數增長，達到 54 億元。這些因素幫助公司結束了多年的虧損，報告全年淨利潤為 9.6 億元。</p>
</div><h4><strong>Paper profits</strong></h4>
<div class="lb-trans"><h4><strong>紙面利潤</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>但深入分析報告顯示，至少在新獲得的利潤方面，情況並不那麼樂觀。公司的核心業務仍處於虧損狀態，運營虧損約為 5580 萬元。同時，GDS 記錄了 156 億元的資產減值損失，表明部分資產表現不佳。</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經常性項目鋪就的，包括來自其合資企業和聯營公司的 7160 萬元收益，以及來自子公司去合併的 236 億元的一次性收益。該收益主要源於通過部分股權出售將外部投資者引入其全球數據中心業務 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>為了在保持財務穩定的同時平衡其快速擴張，GDS 與許多數據中心運營商一樣，需要通過發行資產支持證券（ABS）和可轉換優先股、設立房地產投資信託等措施不斷籌集資金。這些措施幫助其在去年底將現金餘額提高至 143 億元。但所有融資也使 GDS 的短期和長期債務超過 460 億元。行業對持續高資本支出的需求意味着，許多公司的盈利仍然在很大程度上依賴於資本運作和會計處理。</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>儘管如此，人工智能時代正在推動 GDS 客户結構的變化。與過去相比，其企業客户基礎通常相當分散，人工智能熱潮帶來了新一批更大的超大規模客户和主要的人工智能計算客户。這些客户通常帶來更大的訂單和更快的部署週期，幫助數據中心運營商提高利用率和入住率，推動更穩定的收入增長。但這一轉變也意味着客户集中度上升，並可能需要向這些大型買家提供折扣，從而進一步侵蝕數據中心運營商的利潤率。</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>這一趨勢已經影響了 GDS 的盈利能力。在去年的第四季度，公司調整後的毛利率從前一年的 51.9% 輕微下降至 50.6%，而整體毛利率則從 21.5% 降至 21.0%。管理層指出，公用事業費用佔收入比例上升是一個關鍵因素。然而，從結構上看，這也與向大規模計算客户的轉變相關，這些客户通常每單位消耗更多資源。</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>人工智能熱潮及其對高性能計算的需求也使數據中心運營商的資本支出保持高位。GDS 的現金流量表顯示，其繼續在新數據中心建設上進行大量投資，預計 2026 年的資本支出約為 90 億元。值得注意的是，該公司在第四季度再次出現虧損，淨虧損為 4.6 億元，較去年同期擴大，主要由於資產減值。這突顯了新投資可能表現不佳的潛力，因為公司被迫迅速支出以應對只能試圖預測的新需求。</p>
</div><h4><strong>Amassing computing resources</strong></h4>
<div class="lb-trans"><h4><strong>積累計算資源</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>儘管存在不確定性，GDS 仍在加大對計算基礎設施的投入。它在中國一線城市積累了約 900 兆瓦的資源儲備，為未來的人工智能需求奠定基礎。通過 DayOne 的海外業務也在加速，東南亞的承諾達到 431 兆瓦。在曼谷啓動的 120 兆瓦項目標誌着其年輕的國際業務正逐漸從投資階段轉向收穫階段。</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 在美國上市的股票在宣佈業績的當天最初上漲約 5%，但隨後回落，最終收於 44.49 美元，上漲幅度縮小至 0.52%，今年股價上漲約 28.5%。其在香港的股票在公告後下跌超過 5%，但今年也仍上漲約 28.6%。摩根士丹利重申了對該公司美國上市股票的 “增持” 評級，目標價為 64 美元，理由是持續的人工智能驅動的訂單和入住需求。</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，萬國數據的市銷率約為 6.5 倍。這一水平低於全球領軍者 <strong>Equinix</strong>（EQIX.US）的 10.4 倍，但超過了中國同行 <strong>VNET</strong>（VNET.US）的 1.8 倍。與更成熟的 Equinix 不同，萬國數據仍處於重投資階段，盈利質量和現金流穩定性較差。投資者可能更傾向於選擇萬國數據而非 VNET，因為前者在人工智能需求和運營效率方面的定位。</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>一些人可能會認為萬國數據正在從單純擴張轉向努力改善盈利能力的新階段。人工智能需求提供了前所未有的增長機會，同時也對其成本結構和資本支出提出了更高的要求。不過，隨着人工智能需求的增長，更多優質客户的出現應該會帶來更清晰的未來支出需求，從而使公司在長期內改善業績。但在短期內，其利潤和現金流可能仍會保持較大的波動性。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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萬國數據因人工智能需求的增長和一次性收益而結束了多年的虧損