Financial Statements — GDS
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Cash & Equivalents | 14.31 | 8.09 | 7.92 | 8.88 | 12.03 | 16.49 | 5.97 |
| Accounts Receivable | 2.47 | 3.02 | 2.55 | 2.41 | 1.73 | 1.48 | 0.88 |
| Total Current Assets | 18.55 | 11.61 | 10.98 | 11.95 | 14.46 | 18.32 | 7.08 |
| Property, Plant & Equipment | 38.05 | 40.20 | 47.50 | 46.92 | 40.62 | 29.60 | 19.18 |
| Goodwill | 5.19 | 5.89 | 7.08 | 7.08 | 7.08 | 2.60 | 1.91 |
| Intangible Assets | 0.27 | 0.48 | 0.69 | 1.05 | 1.28 | 0.79 | 0.39 |
| Total Non-current Assets* | 61.45 | 62.04 | 63.46 | 62.86 | 57.17 | 38.94 | 24.41 |
| Total Assets | 80.00 | 73.65 | 74.45 | 74.81 | 71.63 | 57.26 | 31.49 |
| Accounts Payable | 1.93 | 2.59 | 3.42 | 3.09 | 3.90 | 3.66 | 1.68 |
| Short-term Debt | 0.41 | 1.80 | 0.67 | 1.65 | 4.64 | 1.23 | 0.40 |
| Total Current Liabilities | 7.13 | 9.08 | 8.31 | 10.60 | 13.47 | 7.64 | 4.00 |
| Long-term Debt | 25.90 | 24.45 | 28.87 | 25.49 | 19.59 | 11.49 | 8.77 |
| Total Non-current Liabilities* | 45.13 | 40.90 | 46.02 | 40.03 | 32.27 | 22.95 | 16.14 |
| Total Liabilities | 52.26 | 49.98 | 54.32 | 50.63 | 45.74 | 30.59 | 20.14 |
| Retained Earnings | (5.09) | (6.04) | (9.47) | (5.18) | (3.91) | (2.72) | (2.06) |
| Total Stockholder Equity | 25.78 | 22.46 | 18.89 | 23.02 | 24.47 | 25.57 | 10.29 |
* Derived from reported values
Income Statement
(in billions CNY) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Total Revenue | 11.43 | 10.32 | 9.96 | 9.33 | 7.82 | 5.74 | 4.12 |
| Cost of Revenue | 8.85 | 8.10 | 8.03 | 7.39 | 6.04 | 4.19 | 3.08 |
| Gross Profit | 2.59 | 2.22 | 1.92 | 1.94 | 1.78 | 1.55 | 1.04 |
| Research & Development | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.02 |
| Selling, General & Admin | 0.90 | 0.92 | 1.19 | 1.19 | 1.02 | 0.70 | 0.41 |
| Total Operating Expenses | 2.64 | 1.07 | 4.38 | 1.38 | 1.21 | 0.88 | 0.56 |
| Operating Income | (0.06) | 1.15 | (2.46) | 0.55 | 0.57 | 0.67 | 0.48 |
| Interest Expense | -- | -- | 2.04 | 1.89 | 1.65 | 1.32 | 0.97 |
| Pretax Income | 0.71 | (0.61) | (4.30) | (0.99) | (0.95) | (0.55) | (0.43) |
| Tax Provision | 0.47 | 0.16 | (0.01) | 0.28 | 0.24 | 0.12 | 0.02 |
| Net Income | 0.95 | 3.43 | (4.29) | (1.27) | (1.19) | (0.67) | (0.44) |
| Basic EPS | 0.59 | 2.27 | (2.96) | (1.03) | (0.90) | -- | -- |
| Diluted EPS | 0.55 | 2.27 | (2.96) | (1.03) | (0.90) | -- | -- |
Cash Flow Statement
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Operating Cash Flow | 3.37 | 1.94 | 2.07 | 2.86 | 1.20 | 0.32 | 0.29 |
| Capital Expenditures | 4.69 | 3.17 | 6.02 | 7.85 | 9.70 | 8.04 | 4.56 |
| Free Cash Flow* | (1.33) | (1.23) | (3.96) | (4.99) | (8.50) | (7.72) | (4.26) |
| Investing Cash Flow | (3.04) | (8.76) | (6.33) | (11.27) | (13.69) | (9.38) | (5.13) |
| Financing Cash Flow | 6.11 | 17.06 | 3.14 | 4.86 | 8.12 | 20.14 | 8.36 |
* Derived from reported values
