GDS-SW (09698) announced its second quarter 2025 financial results, with net revenue increasing 12.4% year-over-year to RMB 2.9 billion. Gross profit reached approximately RMB 689 million, up 21.8% year-over-year. Adjusted gross profit was approximately RMB 1.5095 billion, representing a 14.0% year-over-year increase. Adjusted EBITDA grew 11.2% year-over-year to approximately RMB 1.372 billion. Net loss attributable to ordinary shareholders of GDS Holdings Limited was RMB 85.921 million, compared to a profit of approximately RMB 750 million in the first quarter. As of June 30, 2025, total contracted and pre-contracted area reached 663,959 square meters, up 8.1% year-over-year. Billable area was 479,186 square meters, increasing 14.1% year-over-year. Operational area totaled 618,060 square meters, up 6.5% year-over-year. The billing ratio (billable area divided by operational area) was 77.5% (compared to 72.4% on June 30, 2024). The company stated that the increase in second quarter net revenue was primarily driven by continued growth in data centers. For the first half of 2025, net revenue reached approximately RMB 5.623 billion, up 12.2% year-over-year; gross profit was approximately RMB 1.334 billion, up 22.71% year-over-year; net profit attributable to ordinary shareholders of GDS Holdings Limited was approximately RMB 664 million, turning from loss to profit year-over-year. GDS Holdings Chairman and CEO Mr. William Huang commented: "Our disciplined execution drove another quarter of solid operational and financial performance. We continue to accelerate the delivery of our backlog while maintaining our selective approach to new orders. The successful IPO of our C-REIT on the Shanghai Stock Exchange marks a key strategic milestone. Looking ahead to the second half of the year, driven by the momentum of AI evolution, we are well-positioned to capture new business opportunities in tier-one markets." CFO Mr. Dan Newman stated: "In the second quarter of 2025, our revenue and adjusted EBITDA grew 12.4% and 11.2% year-over-year respectively, with an adjusted EBITDA margin of 47.3%. On the financing front, we raised net proceeds of $676 million through the issuance of new convertible preferred notes and equity financing. Our newly established C-REIT platform provides us with enhanced financing flexibility. We remain focused on creating sustainable long-term value for our business partners and shareholders."