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Security

GDS HLDGS LTD SHS CL A (Cayman Islands) · GDHLF

GDHLFOTCCommon stockCurrentCIK 1526125Updated Oct 19, 2026

Company: GDS Holdings Ltd →

GDHLF price & chart

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About the company

GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located across the key hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. The Company is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company has a 26-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a minority equity interest in DayOne Data Centers Limited, an independent Singapor…

6-K · 2026-07-30 · 0001104659-26-088432

Company description from the cited filing.

In the news

No coverage from other publishers is available.

Seeking Alpha

Recent filings

  1. 4 filing

    4 · 2026-10-15 · 0001104659-26-115978

  2. 6-K filing

    6-K · 2026-09-04 · 0001104659-26-105234

  3. 6-K filing

    6-K · 2026-08-13 · 0001104659-26-095498

  4. 4 filing

    4 · 2026-08-03 · 0001104659-26-089786

  5. 4 filing

    4 · 2026-08-03 · 0001104659-26-089784

Show 5 more recent filings
  1. 6-K filing

    6-K · 2026-07-30 · 0001104659-26-088432

  2. 6-K filing

    6-K · 2026-07-28 · 0001104659-26-087263

  3. 4 filing

    4 · 2026-07-15 · 0001104659-26-083717

  4. 6-K filing

    6-K · 2026-06-25 · 0001104659-26-077555

  5. S-8 filing

    S-8 · 2026-06-18 · 0001104659-26-075737

Financials

FY 2025 · CNY
Revenue11,432,274,000CNY · FY 2025
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

Net income949,643,000CNY · FY 2025
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

Operating income-55,750,000CNY · FY 2025
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

Diluted EPS0.55CNY/shares · FY 2025
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

Some figures are unavailable for this reporting year.

balance sheet · annual statements
Line itemQ3 2019Q3 2017Q3 2016Q2 2020Q2 2019FY 2025FY 2024FY 2023FY 2022
ASSETS
AssetsCNY28,003,591,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

10,254,301,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—41,608,850,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—79,998,498,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

73,648,628,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

74,446,690,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

74,813,954,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

GoodwillCNY1,751,970,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

1,497,788,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—2,409,325,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—5,187,717,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

5,886,379,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

7,076,505,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

7,076,505,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Intangible Assets, Net (Excluding Goodwill)CNY394,496,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

259,229,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—557,971,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—273,341,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

481,114,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

688,550,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

1,047,709,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Current assets:
Cash and Cash Equivalents, at Carrying ValueCNY—1,174,079,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

798,732,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2016-09-30

——14,305,958,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

———
Accounts Receivable, after Allowance for Credit Loss, CurrentCNY952,184,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

306,308,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—1,388,535,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—2,467,358,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

3,021,956,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

2,545,913,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

2,406,025,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Assets, CurrentCNY7,166,012,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

1,710,969,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—9,618,087,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—18,547,457,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

11,613,071,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

10,983,653,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

11,951,076,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Operating Lease, Right-of-Use AssetCNY469,407,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

——1,909,239,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—4,831,624,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

5,193,408,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

5,436,288,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

5,633,946,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Other Assets, NoncurrentCNY364,713,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

137,011,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—385,643,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—648,043,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

674,936,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

885,035,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

664,643,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

LIABILITIES AND EQUITY
LiabilitiesCNY18,552,566,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

7,430,185,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—26,716,051,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—52,261,437,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

49,979,995,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

54,322,887,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

50,629,299,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Stockholders’ equity:
Common Stock, Value, IssuedCNY394,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

267,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—434,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—562,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

527,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

516,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

516,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Retained Earnings (Accumulated Deficit)CNY-1,953,528,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

-1,069,022,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—-2,250,268,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—-5,094,729,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

-6,044,372,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

-9,469,758,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

-5,179,705,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Accumulated Other Comprehensive Income (Loss), Net of TaxCNY-43,217,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

-190,363,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—-47,075,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—-829,319,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

-1,094,377,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

-974,393,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

-848,360,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Stockholders' Equity Attributable to ParentCNY8,387,880,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

2,824,116,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—13,828,662,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

8,419,255,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2019-06-30

25,783,012,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

22,458,046,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

18,893,460,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

23,021,049,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Additional Paid in Capital, Common StockCNY10,384,231,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

——16,125,571,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—31,706,498,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

29,596,268,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

29,337,095,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

29,048,598,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Liabilities and EquityCNY28,003,591,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

10,254,301,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—41,608,850,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—79,998,498,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

73,648,628,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

74,446,690,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

74,813,954,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Current liabilities:
Liabilities, CurrentCNY3,578,291,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

1,906,446,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—6,468,154,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—7,128,359,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

9,078,098,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

8,305,476,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

10,603,375,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Operating Lease, Liability, CurrentCNY63,719,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

——73,362,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—110,133,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

117,345,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

180,403,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

175,749,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Accounts Payable, CurrentCNY1,691,827,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

579,333,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—2,880,745,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—1,932,177,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

2,593,305,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

3,424,937,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

3,092,884,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Operating Lease, Liability, NoncurrentCNY379,789,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

——1,141,835,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—1,203,487,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

1,279,726,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

1,395,981,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

1,617,986,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Deferred Income Tax Liabilities, NetCNY160,676,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

——282,266,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—1,144,426,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

1,240,731,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

1,282,484,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

1,410,376,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Other Liabilities, NoncurrentCNY350,837,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

481,472,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

—298,334,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—223,602,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

297,221,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

303,739,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

268,253,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Stockholders' Equity Attributable to Noncontrolling InterestCNY—————897,386,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

129,931,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

165,577,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

116,594,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Additional Financial Items
Accounts Receivable, after Allowance for Credit LossCNY954,092,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

——1,388,535,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—2,467,358,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

3,021,956,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

2,545,913,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

2,406,025,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Accrued Liabilities, CurrentCNY697,107,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

——1,541,688,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—1,205,452,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

1,298,097,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

1,198,451,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

1,016,961,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Deferred Tax Liabilities, NetCNY———145,457,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—753,207,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

859,457,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

992,637,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

1,181,377,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Long-term Debt, Excluding Current Maturities—
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

—
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

——
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

——
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

—
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

—
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

—
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Long-term Debt, Current MaturitiesCNY620,419,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

——947,579,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—2,540,332,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

2,543,118,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

2,159,943,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

1,971,771,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Long-term Debt, Excluding Current MaturitiesCNY7,442,030,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

————23,363,213,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

21,905,985,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

26,706,256,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

23,518,058,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Property, Plant and Equipment, Net—
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

—
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

——
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—————
Additional Paid in Capital——
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

———————
Deferred Revenue, Current——
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

———————

Lines labelled “Derived” are calculated from reported figures.

cash flow · annual statements
Line itemQ4 2019Q4 2018Q4 2017Q3 2019Q3 2018Q3 2017Q2 2020Q2 2019FY 2025FY 2024FY 2023FY 2022
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling InterestCNY————————959,362,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

3,303,831,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-4,285,393,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-1,266,118,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization—————————
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

—
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

—
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

—
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Share-based Payment Arrangement, Noncash ExpenseCNY————————283,376,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

296,487,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

336,616,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

290,815,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Changes in operating assets and liabilities:
Increase (Decrease) in Accounts ReceivableCNY————————-502,003,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

665,882,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

156,326,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

678,834,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Increase (Decrease) in Accounts PayableCNY————————5,430,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-15,632,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

17,976,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

189,714,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Deferred Income Tax Expense (Benefit)CNY————————-97,264,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-181,576,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-295,931,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-99,153,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Net Cash Provided by (Used in) Operating ActivitiesCNY————————3,365,254,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

1,938,365,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

2,065,257,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

2,858,067,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Cash flows from investing activities:
Net Cash Provided by (Used in) Investing ActivitiesCNY————————-3,039,999,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-8,760,538,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-6,326,187,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-11,274,884,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Payments to Acquire Property, Plant, and EquipmentCNY————————4,691,137,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

3,169,287,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

6,021,834,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

7,847,305,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Cash flows from financing activities:
Net Cash Provided by (Used in) Financing ActivitiesCNY————————6,106,016,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

17,057,337,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

3,142,494,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

4,856,318,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Repayments of Long-term DebtCNY————————7,986,089,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

5,631,958,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

5,822,189,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,347,740,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectCNY————————6,347,497,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

10,221,572,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-964,134,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-3,144,301,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsCNY———5,861,839,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

3,607,368,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2018-09-30

—8,026,543,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

5,849,956,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2019-06-30

14,441,027,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

8,093,530,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

7,917,932,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

8,882,066,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating ActivitiesCNY————————1,680,654,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

2,096,087,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

2,061,889,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,803,013,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Income Taxes Paid, NetCNY————————561,920,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

389,837,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

302,717,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

343,349,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Additional Financial Items
Share-based Payment Arrangement, ExpenseCNY————————283,376,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

296,487,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

336,616,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

290,815,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Amortization of Debt Issuance CostsCNY————————36,623,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

16,342,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

20,015,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

16,813,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Amortization of Intangible AssetsCNY————————196,715,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

214,436,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

314,780,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

235,292,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Asset Retirement Obligation, Accretion ExpenseCNY————————7,218,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

6,827,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

6,805,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

6,366,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Deconsolidation, Gain (Loss), AmountCNY————————2,364,104,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

———
DepreciationCNY————————3,262,039,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

3,027,954,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

3,204,351,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

2,947,200,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of TaxCNY—————————4,475,539,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of TaxCNY—————————-400,796,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Foreign Currency Transaction Gain (Loss), before TaxCNY————————1,489,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

18,942,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-267,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,272,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Gain (Loss) on Disposition of Property Plant EquipmentCNY————————38,585,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

31,665,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

12,051,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

15,025,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

General and Administrative ExpenseCNY————————897,867,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

917,877,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

1,185,426,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,185,080,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

GoodwillCNY———1,751,970,000
Source

6-K · 2019-12-04 · 0001047469-19-006636

As of 2019-09-30

—1,497,788,000
Source

6-K · 2018-01-23 · 0001047469-18-000353

As of 2017-09-30

2,409,325,000
Source

6-K · 2020-10-19 · 0001104659-20-115830

As of 2020-06-30

—5,187,717,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

As of 2025-12-31

5,886,379,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

As of 2024-12-31

7,076,505,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

As of 2023-12-31

7,076,505,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

As of 2022-12-31

Goodwill, Impairment LossCNY————————0
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

0
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

0
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

0
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentCNY————————949,643,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-777,121,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestCNY————————959,362,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-770,912,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestCNY—————————4,074,743,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to ParentCNY—————————4,202,507,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Equity Method InvestmentsCNY————————715,928,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-347,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

110,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-9,934,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Income Tax Expense (Benefit)CNY————————469,717,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

156,053,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-14,777,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

276,235,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

InterestExpenseNonoperatingCNY————————1,788,898,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

1,924,631,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Investment Income, InterestCNY————————154,041,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

89,780,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Net Income (Loss) Attributable to ParentCNY————————949,643,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

3,425,386,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-4,290,053,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-1,268,890,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Net Income (Loss) Available to Common Stockholders, BasicCNY————————895,338,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

3,371,154,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-4,343,678,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-1,509,885,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Operating Lease, Impairment LossCNY————————154,527,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

80,592,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

80,592,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

—
Other Nonoperating Income (Expense)CNY————————7,221,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

21,804,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

13,724,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,912,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Proceeds from Issuance of Common StockCNY————————1,023,697,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

———
Proceeds from Noncontrolling InterestsCNY————————776,650,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

—44,185,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

—
Amortization of Debt Issuance Costs and Discounts————————————
Proceeds from Issuance of Long-term Debt————————————
Proceeds from Issuance of Redeemable Preferred Stock————————————
Proceeds from Stock Options Exercised————————————

Lines labelled “Derived” are calculated from reported figures.

income statement · annual statements
Line itemQ4 2019Q4 2018Q4 2017Q3 2019FY 2025FY 2024FY 2023FY 2022
Total RevenueCNY————11,432,274,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

10,322,068,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

9,956,501,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

9,325,631,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Cost of RevenueCNY————8,846,859,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

8,099,439,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

8,034,051,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

7,389,774,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Operating Income (Loss)CNY————-55,750,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

1,151,993,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-2,458,705,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

551,779,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Other Nonoperating Income (Expense)CNY————7,221,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

21,804,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

13,724,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,912,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestCNY—————-614,859,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-4,300,170,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-989,883,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Income Tax Expense (Benefit)CNY————469,717,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

156,053,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-14,777,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

276,235,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Net Income (Loss) Attributable to ParentCNY————949,643,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

3,425,386,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-4,290,053,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-1,268,890,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Earnings Per Share, BasicCNY/shares————0.59
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

2.27
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-2.96
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-1.03
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Earnings Per Share, DilutedCNY/shares————0.55
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

2.27
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-2.96
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-1.03
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Weighted Average Number of Shares Outstanding, Basicshares————1,520,535,019
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

1,475,079,754
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

1,468,187,956
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,464,447,843
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Weighted Average Number of Shares Outstanding, Dilutedshares————1,644,556,988
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

1,475,079,754
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

1,468,187,956
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,464,447,843
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Interest Expense (non-operating)CNY————1,788,898,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

1,924,631,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Additional Financial Items
Amortization of Intangible AssetsCNY————196,715,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

214,436,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

314,780,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

235,292,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Current Income Tax Expense (Benefit)CNY————566,981,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

337,629,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

281,154,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

375,388,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Depreciation, Depletion and Amortization, NonproductionCNY————3,459,294,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

3,243,004,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

3,519,745,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

3,189,074,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of TaxCNY—————-400,796,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Foreign Currency Transaction Gain (Loss), before TaxCNY————1,489,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

18,942,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-267,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,272,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

General and Administrative ExpenseCNY————897,867,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

917,877,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

1,185,426,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,185,080,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Goodwill, Impairment LossCNY————0
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

0
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

0
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

0
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Gross ProfitCNY————2,585,415,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

2,222,629,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

1,922,450,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,935,857,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentCNY————949,643,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-777,121,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Continuing Operations before Income Taxes, DomesticCNY————-449,280,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-189,790,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

3,094,795,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-144,885,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestCNY————959,362,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-770,912,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Continuing Operations, Per Basic ShareCNY/shares————0.59
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-0.52
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Continuing Operations, Per Diluted ShareCNY/shares————0.55
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-0.52
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestCNY—————4,074,743,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to ParentCNY—————4,202,507,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Income (Loss) from Equity Method InvestmentsCNY————715,928,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

-347,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

110,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-9,934,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Interest ExpenseCNY——————2,036,979,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

1,887,887,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Interest Expense, DebtCNY————285,936,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

213,007,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

222,791,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

65,809,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Interest Income, OtherCNY——————97,546,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

42,460,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Investment Income, InterestCNY————154,041,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

89,780,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Net Income (Loss) Attributable to Nonredeemable Noncontrolling InterestCNY——————4,660,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

3,427,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Net Income (Loss) Available to Common Stockholders, BasicCNY————895,338,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

3,371,154,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

-4,343,678,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

-1,509,885,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Preferred Stock Dividends, Income Statement ImpactCNY————54,305,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

54,232,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

53,625,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

51,212,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Research and Development ExpenseCNY————32,700,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

36,319,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

38,159,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

35,806,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Selling and Marketing ExpenseCNY————149,363,000
Source

20-F · 2026-04-29 · 0001104659-26-051006

2025-01-01 to 2025-12-31

116,440,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

144,154,000
Source

20-F · 2024-04-29 · 0001104659-24-053528

2023-01-01 to 2023-12-31

150,433,000
Source

20-F · 2023-04-04 · 0001104659-23-041218

2022-01-01 to 2022-12-31

Undistributed Earnings (Loss) Allocated to Participating Securities, BasicCNY—————22,295,000
Source

20-F · 2025-04-28 · 0001410578-25-000935

2024-01-01 to 2024-12-31

——
Revenue, Net (Deprecated 2018-01-31)————————
Sales Revenue, Services, Net (Deprecated 2018-01-31)————————

Lines labelled “Derived” are calculated from reported figures.

Filing attachments

tm2621440d1_ex99-1.htm · 6-K · 2026-08-13

Exhibit 99.1 GDS Reports Second Quarter 2026 Results GDS Holdings Limited Reports Second Quarter 2026 Results Shanghai, China, August 13, 2026 - GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Financial Highlights Net revenue increased by 6.5% year-over-year (“…

6-K · 2026-08-13 · 0001104659-26-095498

Read attachment ↗
tm2621590d1_ex99-1.htm · 6-K · 2026-07-30

Exhibit 99.1 GDS to Report Second Quarter 2026 Financial Results Before the Open of the U.S. Market on August 13, 2026 SHANGHAI, China, July 30, 2026 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced that it will report its second quarter 2026 unaudited financial results after the close of the Hong Kong market and before the open of the U.S. mar…

6-K · 2026-07-30 · 0001104659-26-088432

Read attachment ↗
tm2621590d1_ex99-2.htm · 6-K · 2026-07-30

Exhibit 99.2 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. GDS Holdings Limited** (the “Company…

6-K · 2026-07-30 · 0001104659-26-088432

Read attachment ↗
tm2621465d1_ex99-1.htm · 6-K · 2026-07-28

Exhibit 99.1 GDS Releases 2025 Sustainability Report, Achieving MSCI AAA Rating SHANGHAI, China, July 28, 2026 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today released its 2025 Sustainability Report, demonstrating accelerated progress across its decarbonization roadmap and sustainability performance. In 2025, GDS raised its renewable energy usage rate …

6-K · 2026-07-28 · 0001104659-26-087263

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tm2618787d1_ex99-1.htm · 6-K · 2026-06-25

Exhibit 99.1 GDS Concludes Successful 2026 Annual General Meeting with All Resolutions Passed, Including Election and Re-election of Directors SHANGHAI, China, June 25, 2026 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings,” “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced that it held its Annual General Meeting of Shareholders (“2026 AGM”) on June 25, 2026. Each of the resolutions submitted to…

6-K · 2026-06-25 · 0001104659-26-077555

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tm2616654d1_ex99-1.htm · 6-K · 2026-06-02

Exhibit 99.1 GDS to Hold Annual General Meeting on June 25, 2026 SHANGHAI, China, June 2, 2026 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced that it will hold its 2026 Annual General Meeting of Shareholders (the “AGM”) at Beijing Meeting Room, F5, Building C, Sunland International, No. 999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 4:00 p.m. …

6-K · 2026-06-02 · 0001104659-26-069256

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