A：GDS Holdings Limited achieved significant financial results and strategic milestones in the second quarter and for the full year. They booked 260 MW in the second quarter, bringing the total for the first half of 2026 to 470 MW. The company raised its full year sales target, factoring in a take-or-pay penalty which is a method they expose as bookings, and the first agreements specified delivery dates. Additionally, they secured an additional 600 MW of reservations, bringing the total expected for the end of the year to over 1 GW, providing visibility for new orders in the following years. GDS also diversified their new business wins across established and emerging markets and maintained a strong platform evident in their customer bookings.

A：The increase in reservations signifies a strong demand for future capacity and revenue for GDS Holdings Limited. The company has secured an additional 600 MW of reservations, aiming to end the year with over 1 GW of new reservations, which translates to high visibility for new orders in the coming years as customers convert reservations into firm commitments.

A：GDS Holdings Limited is uniquely positioned to address the structural increase in demand for computing power and AI infrastructure, driven by China's tech trends and emerging AI leaders. They focus on established and emerging markets, with a particular mention of regions like Inner Mongolia and Inner Mongolia Autonomous Region. GDS's strategic customer relationships, a successful track record of execution, and financing capability allow them to capitalize on these opportunities.

A：GDS Holdings Limited's new business wins are diversified across various markets, with around half of the bookings coming from established markets and the other half from new markets including Hainan and Oil in Inner Mongolia. They are progressing well with campus and tier 1 products which validate their differentiation strategy. As of mid-year, they had a total funding commitment for over 2 GW and an additional 600 MW of reservations on the capacity side, with around 3 GW of developable capacity.

A：GDS Holdings Limited is actively adding to their development pipeline in view of current sales momentum, remaining selective in customer and contract terms, and committing to maintaining financial discipline. They are focusing on long-term commitments for front customers and have raised their sales target for the year.

A：GDS Holdings Limited started the year with a backlog of 450 MW, which increased substantially to 757 MW by mid-year. They estimate to generate approximately 1.6 billion RMB of adjusted EBITDA from this backlog. Assuming sales targets are met, the backlog is expected to grow to over 1 GW. The move-in pattern reflects the timing of bookings from previous years and is forecasted to substantially increase in 2027, with a majority of the movement weighted in the second half. 2028 is expected to see another step up in move-in assuming sustained sales momentum.

A：GDS Holdings Limited has adjusted their CapEx and financial strategy to align with the increased sales target. The unit CapEx for new capacity raised to approximately 20 million RMB per megawatt. The company has also raised their guidance for CapEx paid from 9 billion RMB to 10 billion RMB, with a significant portion expected in the second half.

A：GDS Holdings Limited plans to finance new investments with approximately 60% debt and 40% equity at the project level, assuming a stabilized cash yield on new investments of 10% to 11%. Their primary source of debt is onshore, RMB-denominated long-term bank borrowings, and they have been successful in completing debt funding and refinancing. Equity sources include cash on their balance sheet and various other sources.

A：The onshore asset monetization program is a deliberate initiative by GDS Holdings Limited to strengthen their balance sheet, following a successful CV IPO. The first post-IPO capital injection is currently under regulatory review, indicating the company's strategic approach to managing capital and enhancing financial stability.

A：The implied growth rates from pro forma adjusted EBITDA are 6.5%.

A：The potential downside risks to the revenue growth forecast were not explicitly detailed in the transcript, but the speaker alludes to a positive view on the current and future trends, indicating that any negative impacts have not been significantly considered.

A：The company views the demand from customers, with a key driver being the GPU, and acknowledges that while the supply of GPUs has been constrained, there is a catch-up in the last few quarters. Additionally, they note that new orders are being driven by the CPU which also positively impacts their business.

A：The take-or-pay term on DDS revenue has specific delivery dates outlined in each contract, after which there is a move-in period that varies by contract. The company has focused on selecting contracts with shorter move-in periods and has forecasted the revenue based on an average duration over the next few quarters. They note that the move-in could be faster or slower but does not materially deviate from this forecast.

A：The guidance provided does not include further asset monetization and the potential impact of C contribution is not factored in. The slowdown in MRR is attributed to the transition in pricing and location mix of new business and legacy contracts. It is expected that as these contracts adjust to current market pricing, the transition will be stable. Forward-looking, the company anticipates improvements in NRR, with new contracts signed contributing to this trend.

A：The key driver for the better-than-expected revenue growth in the second quarter was not explicitly mentioned in the transcript, but it is implied that the revenue growth was stronger than anticipated.

A：The demand-supply trends in the Chinese data center market should be considered in light of the progress in government审批 of power usage. The transcript does not provide further specifics on these trends, but this information could influence future expectations for the market.

A：The expected outlook indicates a significant increase in movements in the second half of 2027, which is anticipated to lead to a substantial acceleration in EBITDA growth.

A：The key points regarding the company's dealings with government entities are that it is primarily influenced by the central government and municipal governments. Private communication is subject to local government committee influence, and the company benefits from this dynamic, as indicated by the impact over the last 18 months.

A：Bookings and reservations work together in the company's system by having a sales agreement that includes a booking, which is a contractual table pay commitment, and at the same time, the company undertakes to reserve capacity, enabling the customer to make commitments at the same site over time.

A：The company's current experience with reservation exercise rates is that customers exercise their reservations 100 percent of the time.

A：The company anticipates that the campus-like market will host the difference locally as a training price increase. However, the company does not specify whether it can split customer demand between training and inference.

A：The increased guidance indicates that the company is experiencing a rise in market demand, with hyperscale companies increasing their CapEx, and the company continuing to provide a life advantage that customers prefer.

A：The company has identified locations with power reserves, which includes developing capacity in new markets and having existing capacity in established markets without reservations. However, the specifics of how this will differ from the previous quarter's disclosures are not detailed.

A：The projected growth for next year suggests a volume increase more than double to nearly 700 MW, with the majority of this geared towards the second half of the next year. The revenue and EBITDA growth are expected to significantly accelerate, with the precise numbers for revenue and EBITDA growth not being detailed but with a general assumption of a 50-50 split between the two. The company indicates that the full year results will be provided in March, but it is already clear that there will be a significant acceleration in growth rates over the course of next year.