高盛-中国数据中心：2025年第二季度业绩或符合预期，但首日强劲执行表现可能成为亮点 China Data Centers 2Q25 results likely inline yet DayOne’s solid execution potentially a bright spot.pdfVIP

14August2025|9:01AMHKT

ChinaDataCenters:2Q25resultslikelyinlineyetDayOne’ssolid

executionpotentiallyabrightspot

Chinadatacenteroperatorsarescheduledtoreport2Q25resultsoverthenextTimothyZhao

+852-2978-2673|timothy.zhao@

coupleofweeks(e.g.GDSonAug20,VNETonAug21,SinnetonAug26,RangeGoldmanSachs(Asia)L.L.C.

(300422.SZ,NotCovered)onAug28).ForGDS/VNET,wearelargelyinlinewithRonaldKeung,CFA

+852-2978-0856|ronald.keung@

VisibleAlphaConsensusDataonrevenue/adj.EBITDA(GSerevenue/adj.EBITDAGoldmanSachs(Asia)L.L.C.

+11%/+6%yoyforGDS,revenue/adj.EBITDA+15%/+21%yoyforVNET),andEuniceLiu

+852-2978-7472|eunice.liu@

expectrelativelysoftorderintakesonchipsupplyconstraintsandsequentiallyGoldmanSachs(Asia)L.L.C.

reducedhyperscalers’capex(e.g.Tencent’s2Q25capex-30%qoqtoUS$2.66bn

despite+119%yoy).AfterthelistingofChina’sfirsttwodatacenterC-REITsonAug

8andsharepriceperformancesincethen,SouthernGDSDataCenterREIT

(508060.SS)+37%,SouthernRangeTechDataCenterREIT(180901.SZ)+36%,we

believecommentaryondomesticordervisibilityinto2H25willbeakeydriverto

near-termsharepricemovementforChinaDCs,againstthebackdropoftheH20

chipexportapprovalbytheUSandreportsofcautionondomesticH20usageby

Chineseauthorities.

Thatsaid,we