GDS-SW：ANNOUNCEMENTOFTHEFIRSTQUARTER2025RESULTS.pdf

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1、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 discla

2、im 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”)is controlled through weighted voting rights.Shareholders and prospective investors should be aware of the potential risks

3、 of investing in a company with a weighted voting right,or WVR,structure.Particularly,the WVR beneficiary,whose interests may not necessarily be aligned with those of our shareholders as a whole,will be in a position to exert significant influence over the outcome of shareholders resolutions,irrespe

4、ctive of how other shareholders vote.Our American depositary shares,each representing eight of our Class A ordinary shares,are listed on the Nasdaq Global Market in the United States under the symbol GDS.GDS Holdings Limited萬國數據控股有限公司*(A company controlled through weighted voting rights and incorpor

5、ated in the Cayman Islands with limited liability under the name GDS Holdings Limited and carrying on business in Hong Kong as GDS WanGuo Holdings Limited)(Stock Code:9698)ANNOUNCEMENT OF THE FIRST QUARTER 2025 RESULTSWe hereby announce our unaudited financial results for the first quarter ended Mar

6、ch 31,2025(“Results Announcement”).The Results Announcement is available for viewing on the website of the Hong Kong Stock Exchange at www.hkexnews.hk and our website at www.gds-.By order of the BoardGDS Holdings Limited*Mr.William Wei HuangChairman and Chief Executive OfficerHong Kong,May 20,2025As

7、 at the date of this announcement,the board of directors of the Company comprises Mr.William Wei Huang as the chairman,Mr.Sio Tat Hiang as the vice-chairman,Mr.Satoshi Okada,Mr.Bruno Lopez,Mr.Gary J.Wojtaszek and Mr.Liu Chee Ming as directors,and Mr.Lim Ah Doo,Ms.Bin Yu,Mr.Zulkifli Baharudin,Mr.Chan

8、g Sun and Ms.Judy Qing Ye as independent directors.*For identification purposes only*Incorporated in the Cayman Islands with limited liability under the name GDS Holdings Limited and carrying on business in Hong Kong as GDS WanGuo Holdings Limited1 GDS Reports First Quarter 2025 Results 2 GDS Holdin

9、gs Limited Reports First Quarter 2025 Results Shanghai,China,May 20,2025 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 first quarter en

10、ded March 31,2025.First Quarter 2025 Financial Highlights Net revenue increased by 12.0%year-over-year(“Y-o-Y”)to RMB2,723.2 million(US$375.3 million)in the first quarter of 2025(1Q2024:RMB2,432.2 million).Net income was RMB764.1 million(US$105.3 million)in the first quarter of 2025(1Q2024:net loss

11、of RMB344.9 million).Net income margin was 28.1%in the first quarter of 2025(1Q2024:net loss margin of 14.2%).Adjusted EBITDA(non-GAAP)increased by 16.1%Y-o-Y to RMB1,323.8 million(US$182.4 million)in the first quarter of 2025(1Q2024:RMB1,140.7 million).See“Non-GAAP Disclosure”and“Reconciliations of

12、 GAAP and non-GAAP results”elsewhere in this earnings release.Adjusted EBITDA margin(non-GAAP)was 48.6%in the first quarter of 2025(1Q2024:46.9%).First Quarter 2025 Operating Highlights Total area committed and pre-committed increased by 6.7%Y-o-Y to 649,561 sqm as of March 31,2025(March 31,2024:608

13、,645 sqm).Area utilized increased by 14.6%Y-o-Y to 462,423 sqm as of March 31,2025(March 31,2024:403,609 sqm).Utilization rate for area in service was 75.7%as of March 31,2025(March 31,2024:73.5%).Mr.William Huang,Chairman and CEO of GDS,commented,“In the first quarter of 2025,we achieved solid oper

14、ational and financial performance,driven by our consistently focused strategic execution.We remain committed to delivering our backlog while maintaining a highly selective approach to new bookings.We won a large new hyperscale order across two sites which evidences increasing demand in Tier 1 market

15、s driven by AI developments.”3 “Our on-track,steady business growth bore fruit in the first quarter,with revenue increasing by 12.0%and adjusted EBITDA by 16.1%year-over-year,resulting in an adjusted EBITDA margin of 48.6%.We completed the first data center ABS transaction in China which gives us mo

16、re financing flexibility.We remain dedicated to creating ever greater value for our business partners and shareholders.”Mr.Dan Newman,Chief Financial Officer,added.First Quarter 2025 Financial Results For Continuing Operations Net revenue in the first quarter of 2025 was RMB2,723.2 million(US$375.3

17、million),a 12.0%increase over the same period last year of RMB2,432.2 million.The Y-o-Y increase was mainly due to continued ramp-up of our data centers.Cost of revenue in the first quarter of 2025 was RMB2,078.3 million(US$286.4 million),an 8.8%increase over the same period last year of RMB1,911.0

18、million.The Y-o-Y increase was in line with the continued ramp-up of our data centers.Gross profit was RMB644.8 million(US$88.9 million)in the first quarter of 2025,a 23.7%increase over the same period last year of RMB521.2 million.Gross profit margin was 23.7%in the first quarter of 2025,compared w

19、ith 21.4%in the same period last year.The Y-o-Y increase was mainly due to a lower level of operating costs as percentage of net revenue as our data centers continue to ramp up.Adjusted Gross Profit(“Adjusted GP”)(non-GAAP)is defined as gross profit excluding depreciation and amortization,operating

20、lease cost relating to prepaid land use rights,accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue.Adjusted GP was RMB1,455.4 million(US$200.6 million)in the first quarter of 2025,a 14.6%increase over the same period last year of RMB1,270.

21、1 million.See“Non-GAAP Disclosure”and“Reconciliations of GAAP and non-GAAP results”elsewhere in this earnings release.4 Adjusted GP margin(non-GAAP)was 53.4%in the first quarter of 2025,compared with 52.2%in the same period last year.The Y-o-Y increase was mainly due to a lower level of cash operati

22、ng costs as percentage of net revenue.Selling and marketing expenses,excluding share-based compensation expenses of RMB6.6 million(US$0.9 million),were RMB26.2 million(US$3.6 million)in the first quarter of 2025,a 12.2%increase over the same period last year of RMB23.4 million(excluding share-based

23、compensation of RMB6.9 million).The Y-o-Y increase was mainly due to higher personnel costs related to sales.General and administrative expenses,excluding share-based compensation expenses of RMB47.6 million(US$6.6 million),depreciation and amortization expenses of RMB64.8 million(US$8.9 million)and

24、 operating lease cost relating to prepaid land use rights of RMB15.6 million(US$2.1 million),were RMB111.0 million(US$15.3 million)in the first quarter of 2025,a 3.6%decrease over the same period last year of RMB115.1 million(excluding share-based compensation expenses of RMB39.8 million,depreciatio

25、n and amortization expenses of RMB70.9 million and operating lease cost relating to prepaid land use rights of RMB16.7 million).The Y-o-Y decrease was due to an improved level of corporate efficiency.Research and development costs were RMB7.9 million(US$1.1 million)in the first quarter of 2025,compa

26、red with RMB10.0 million in the same period last year.Net interest expenses for the first quarter of 2025 were RMB441.5 million(US$60.8 million),a 4.5%decrease over the same period last year of RMB462.5 million.The Y-o-Y decrease was mainly due to a lower level of total borrowings and lower interest

27、 rate.Foreign currency exchange gain for the first quarter of 2025 was RMB1.0 million(US$0.1 million),compared with RMB6.8 million in the same period last year.Others,net for the first quarter of 2025 was positive RMB9.7 million(US$1.3 million),compared with positive RMB7.1 million in the same perio

28、d last year.5 Gain on deconsolidation of subsidiaries for the first quarter of 2025 was RMB1,057.0 million(US$145.7 million),arising from the deconsolidation of the underlying projects for the ABS transaction,compared to nil in the same period last year.Income tax expenses for the first quarter of 2

29、025 were RMB199.7 million(US$27.5 million),compared with RMB62.4 million in the same period last year.The Y-o-Y increase was mainly due to the income tax incurred as a result of intra-group transfer of interests in subsidiaries in preparation for a potential public REIT transaction.Share of results

30、of equity method investees for the first quarter of 2025 was a loss of RMB27.7 million(US$3.8 million),mainly arising from our investment in DayOne Data Centers Limited,compared with nil in the same period last year.Net income in the first quarter of 2025 was RMB764.1 million(US$105.3 million),mainl

31、y due to the gain on deconsolidation of subsidiaries arising from the ABS transaction,compared with a net loss of RMB344.9 million in the same period last year.Basic income per ordinary share in the first quarter of 2025 was RMB0.49(US$0.07),compared with loss of RMB0.24 in the same period last year

32、.Diluted income per ordinary share in the first quarter of 2025 was RMB0.43(US$0.06),compared with loss of RMB0.24 in the same period last year.Basic income per American Depositary Share(“ADS”)in the first quarter of 2025 was RMB3.91(US$0.54),compared with loss of RMB1.96 in the same period last yea

33、r.Diluted income per ADS in the first quarter of 2025 was RMB3.47(US$0.48),compared with loss of RMB1.96 in the same period last year.Adjusted EBITDA(non-GAAP)is defined as net income(loss)excluding income(loss)from discontinued operations,net interest expenses,income tax expenses(benefits),deprecia

34、tion and amortization,operating lease cost relating to prepaid land use rights,accretion expenses for asset retirement costs,share-based compensation expenses,gain from purchase price adjustment,impairment losses of long-lived assets,share of results of equity method investees and gain on deconsolid

35、ation of subsidiaries.Adjusted EBITDA was RMB1,323.8 million 6(US$182.4 million)in the first quarter of 2025,a 16.1%increase over the same period last year of RMB1,140.7 million.Adjusted EBITDA margin(non-GAAP)was 48.6%in the first quarter of 2025,compared with 46.9%in the same period last year.The

36、Y-o-Y increase was mainly due to a lower level of cash operating costs as percentage of net revenue and a decrease in corporate expenses as percentage of net revenue.Liquidity As of March 31,2025,cash was RMB7,575.7 million(US$1,044.0 million).Total short-term debt was RMB4,735.8 million(US$652.6 mi

37、llion),comprised of short-term borrowings and the current portion of long-term borrowings of RMB4,074.7 million(US$561.5 million),the current portion of convertible bonds payable of RMB574 thousand(US$79 thousand)and the current portion of finance lease and other financing obligations of RMB660.6 mi

38、llion(US$91.0 million).Total long-term debt was RMB37,755.8 million(US$5,202.9 million),comprised of long-term borrowings(excluding current portion)of RMB21,760.5 million(US$2,998.7 million),the non-current portion of convertible bonds payable of RMB8,568.5 million(US$1,180.8 million)and the non-cur

39、rent portion of finance lease and other financing obligations of RMB7,426.8 million(US$1,023.4 million).During the first quarter of 2025,the Company obtained new debt financing and refinancing facilities of RMB3,515.6 million(US$484.5 million).First Quarter 2025 Operating Results Sales Total area co

40、mmitted and pre-committed at the end of the first quarter of 2025 was 649,561 sqm,compared with 608,645 sqm at the end of the first quarter of 2024 and 629,997 sqm at the end of the fourth quarter of 2024,an increase of 6.7%Y-o-Y and 3.1%quarter-over-quarter(“Q-o-Q”),respectively.In the first quarte

41、r of 2025,gross additional total area committed was 41,256 sqm,mainly contributed by data centers in Langfang and Changshu.Net additional total 7 area committed was 19,564 sqm.The difference is mainly due to a churn of 11,378 sqm and the deconsolidation of the underlying projects for the ABS transac

42、tion of 10,314 sqm.Data Center Resources Area in service at the end of the first quarter of 2025 was 610,685 sqm,compared with 549,352 sqm at the end of the first quarter of 2024 and 613,583 sqm at the end of the fourth quarter of 2024,an increase of 11.2%Y-o-Y and a decrease of 0.5%Q-o-Q.In the fir

43、st quarter of 2025,net additional area in service for China was negative 2,898 sqm,as a result of additional area in service of 9,505 sqm mainly from data centers in Langfang and the deconsolidation of the underlying projects for the ABS transaction of 12,403 sqm.Area under construction at the end o

44、f the first quarter of 2025 was 132,208 sqm,compared with 141,576 sqm at the end of the first quarter of 2024 and 102,691 sqm at the end of the fourth quarter of 2024,a decrease of 6.6%Y-o-Y and an increase of 28.7%Q-o-Q,respectively.The Q-o-Q increase was mainly due to the new data centers under co

45、nstruction in Langfang and Changshu to fulfil the new hyperscale commitments.Commitment rate for area in service was 90.9%at the end of the first quarter of 2025,compared with 92.1%at the end of the first quarter of 2024 and 91.9%at the end of the fourth quarter of 2024.Pre-commitment rate for area

46、under construction was 71.6%at the end of the first quarter of 2025,compared with 72.6%at the end of the first quarter of 2024 and 64.1%at the end of the fourth quarter of 2024.Move-In Area utilized at the end of the first quarter of 2025 was 462,423 sqm,compared with 403,609 sqm at the end of the f

47、irst quarter of 2024 and 453,094 sqm at the end of the fourth quarter of 2024,an increase of 14.6%Y-o-Y and 2.1%Q-o-Q.In the first quarter of 2025,gross additional area utilized was 18,687 sqm,mainly contributed by data centers in Beijing,Langfang,and Shenzhen.Net additional area utilized was 9,330

48、sqm.The difference is mainly due to churn of 4,287 sqm and the deconsolidation of the underlying projects for the ABS transaction of 5,071 sqm.8 Utilization rate for area in service was 75.7%at the end of the first quarter of 2025,compared with 73.5%at the end of the first quarter of 2024 and 73.8%a

49、t the end of the fourth quarter of 2024.Completion of the ABS transaction The Company completed its previously announced ABS transaction during the first quarter of 2025.Upon closing of the transaction,the Company deconsolidated the net assets of the project companies which includes approximately RM

50、B1,140.5 million of net debt and liabilities.The Company received the first installment of gross cash proceeds of RMB897.1 million(US$123.6 million)in April 2025.Net of the reinvestment of RMB313.8 million(US$43.2 million)for the subscription for 30%of the ABS which was paid in March 2025,the net ca

51、sh proceeds the Company received for the first installment were RMB583.3 million(US$80.4 million).The remaining milestone payment net off the concurrent reinvestment,of approximately RMB700 million,will be received if all milestones related to the ramp-up of the underlying data centers are achieved.

52、In addition,the Company recognized a gain on deconsolidation of RMB1,057.0 million(US$145.7 million).Business Outlook The Company confirms that the previously provided guidance of total revenues for the year of 2025 of RMB11,290 RMB11,590 million,Adjusted EBITDA of RMB5,190 RMB5,390 million and cape

53、x of around RMB4,300 million remain unchanged.This forecast reflects the Companys preliminary view on the current business situation and market conditions,which are subject to change.Conference Call Management will hold a conference call at 8:00 a.m.U.S.Eastern Time on May 20,2025(8:00 p.m.Beijing T

54、ime on May 20,2025)to discuss financial results and answer questions from investors and analysts.9 Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time.Upon registration,participants will receive the conference call access

55、 information,including dial-in numbers,a personal PIN and an e-mail with detailed instructions to join the conference call.Participant Online Registration:https:/register-conf.media- A live and archived webcast of the conference call will be available on the Companys investor relations website at in

56、vestors.gds-.Non-GAAP Disclosure Our management and board of directors use Adjusted EBITDA,Adjusted EBITDA margin,Adjusted GP and Adjusted GP margin,which are non-GAAP financial measures,to evaluate our operating performance,establish budgets and develop operational goals for managing our business.W

57、e believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance.In particular,we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the

58、 trend in our operating performance by excluding from our operating results the impact of our capital structure(primarily interest expense),asset base charges(primarily depreciation and amortization,operating lease cost relating to prepaid land use rights,accretion expenses for asset retirement cost

59、s and impairment losses of long-lived assets),other non-cash expenses(primarily share-based compensation expenses),and other income and expenses which we believe are not reflective of our operating performance(primarily gain or loss on deconsolidation of subsidiaries and share of results of equity m

60、ethod investees),whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges(primarily depreciation and amortization,operating lease co

61、st relating to prepaid land use rights and accretion expenses for asset retirement costs)and other non-cash expenses(primarily share-based compensation expenses)included in cost of revenue.In addition,we exclude the income(loss)from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA

62、 margin to 10 measure our financial performance from continuing operations,which will be consistent with our future financial performance disclosure.We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service.However,it usually takes several

63、years for new data centers to reach high levels of utilization and profitability.The Company incurs significant depreciation and amortization costs for its early stage data center assets.Accordingly,gross profit,which is a measure of profitability after taking into account depreciation and amortizat

64、ion,does not accurately reflect the Companys core operating performance.We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts,investors and other interested parties as measures of the financial performance of companies in our in

65、dustry.These non-GAAP financial measures are not defined under U.S.GAAP and are not presented in accordance with U.S.GAAP.These non-GAAP financial measures have limitations as analytical tools,and when assessing our operating performance,cash flows or our liquidity,investors should not consider them

66、 in isolation,or as a substitute for gross profit,net income(loss),cash flows provided by(used in)operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S.GAAP.There are a number of limitations related to the use of these non-GAAP financi

67、al measures instead of their nearest GAAP equivalent.First,Adjusted EBITDA,Adjusted EBITDA margin,Adjusted GP,and Adjusted GP margin are not substitutes for gross profit,net income(loss),cash flows provided by(used in)operating activities or other consolidated statements of operation and cash flow d

68、ata prepared in accordance with U.S.GAAP.Second,other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance,all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison.Finally,these non-

69、GAAP financial measures do not reflect the impact of income(loss)from discontinued operations,net interest expenses,incomes tax benefits(expenses),depreciation and amortization,operating lease cost relating to prepaid land use rights,accretion expenses for asset retirement costs,share-based compensa

70、tion expenses,gain from purchase price adjustment,impairment losses of long-lived assets,gain on deconsolidation of subsidiaries and share of results of equity method investees,each of which have been and may continue to be incurred in our business.11 We mitigate these limitations by reconciling the

71、 non-GAAP financial measure to the most comparable U.S.GAAP performance measure,all of which should be considered when evaluating our performance.We do not provide forward-looking guidance for certain financial data,such as depreciation,amortization,accretion,share-based compensation,share of result

72、s of equity method investees and net income(loss);the impact of such data and related adjustments can be significant.As a result,we are not able to provide a reconciliation of forward-looking U.S.GAAP to forward-looking non-GAAP financial measures without unreasonable effort.Such forward-looking non

73、-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned“Business Outlook”set forth in this press release.For more information on these non-GAAP financial measures,please see the table captioned“Reconciliations of GAAP and non-GAAP results”set forth at the end of th

74、is press release.Exchange Rate This announcement contains translations of certain RMB amounts into U.S.dollars(“USD”)at specified rates solely for the convenience of the reader.Unless otherwise stated,all translations from RMB to USD were made at the rate of RMB7.2567 to US$1.00,the noon buying rate

75、 in effect on March 31,2025 in the H.10 statistical release of the Federal Reserve Board.The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB,as the case may be,at any particular rate or at all.Statement Regarding Preliminary Unaudited Financial

76、 Information The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments.Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Companys year-end audit,which could result in signif

77、icant differences from this preliminary unaudited financial information.About GDS Holdings Limited GDS Holdings Limited(NASDAQ:GDS;HKEX:9698)is a leading developer and operator of high-performance data centers in China.The Companys facilities are strategically located in and 12 around primary econom

78、ic hubs where demand for high-performance data center services is concentrated.The Companys data centers have large net floor area,high power capacity,density and efficiency,and multiple redundancies across all critical systems.GDS is carrier and cloud-neutral,which enables its customers to access t

79、he major telecommunications networks,as well as the largest PRC and global public clouds,which are hosted in many of its facilities.The Company offers co-location and a suite of value-added services,including managed hybrid cloud services through direct private connection to leading public clouds,ma

80、naged network services,and,where required,the resale of public cloud services.The Company has a 24-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 Companys customer bas

81、e 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 non-controlling 35.6%equity interest in DayOne Dat

82、a Centers Limited which develops and operates data centers in International markets.Safe Harbor Statement This announcement contains forward-looking statements.These statements are made under the“safe harbor”provisions of the U.S.Private Securities Litigation Reform Act of 1995.These forward-looking

83、 statements can be identified by terminology such as“aim,”“anticipate,”“believe,”“continue,”“estimate,”“expect,”“future,”“guidance,”“intend,”“is/are likely to,”“may,”“ongoing,”“plan,”“potential,”“target,”“will,”and similar statements.Among other things,statements that are not historical facts,includ

84、ing statements about GDS Holdings beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year,the business outlook and quotations from management in this announcement,as well as GDS Holdings strategic and operational plans,are or contain forward-looking s

85、tatements.GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission(the“SEC”)on Forms 20-F and 6-K,in its current,interim and annual reports to shareholders,in announcements,circulars or other publications made on the

86、website of the Stock Exchange of Hong Kong Limited(the“Hong Kong Stock Exchange”),in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties.Forward-looking statements involve inherent risks and uncertainties.A number of factors

87、could cause GDS Holdings actual results or 13 financial performance to differ materially from those contained in any forward-looking statement,including but not limited to the following:GDS Holdings goals and strategies;GDS Holdings future business development,financial condition and results of oper

88、ations;the expected growth of the market for high-performance data centers,data center solutions and related services in China and regions in which GDS major equity investees operate,such as South East Asia;GDS Holdings expectations regarding demand for and market acceptance of its high-performance

89、data centers,data center solutions and related services;GDS Holdings expectations regarding building,strengthening and maintaining its relationships with new and existing customers;the results of operations,growth prospects,financial condition,regulatory environment,competitive landscape and other u

90、ncertainties associated with the business and operations of our significant equity investee DayOne;the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees,such as South East Asia;risks and uncertaintie

91、s associated with increased investments in GDS Holdings business and new data center initiatives;risks and uncertainties associated with strategic acquisitions and investments;GDS Holdings ability to maintain or grow its revenue or business;fluctuations in GDS Holdings operating results;changes in l

92、aws,regulations and regulatory environment that affect GDS Holdings business operations and those of its major equity investees;competition in GDS Holdings industry in China and in markets that affect the business of our major equity investees,such as South East Asia;security breaches;power outages;

93、and fluctuations in general economic and business conditions in China and globally,and assumptions underlying or related to any of the foregoing.Further information regarding these and other risks,uncertainties or factors is included in GDS Holdings filings with the SEC,including its annual report o

94、n Form 20-F,and with the Hong Kong Stock Exchange.All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date,and GDS Holdings does not undertake any obligation to update any forward-l

95、ooking statement,except as required under applicable law.For investor and media inquiries,please contact:GDS Holdings Limited Laura Chen Phone:+86(21)2029-2203 Email:irgds- 14 Piacente Financial Communications Ross Warner Phone:+86(10)6508-0677 Email:GDStpg- Brandi Piacente Phone:+1(212)481-2050 Ema

96、il:GDStpg- GDS Holdings Limited 15 GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amount in thousands of Renminbi(RMB)and US dollars(US$)As of December 31,2024 As of March 31,2025 RMB RMB US$Assets Current assets Cash 7,867,659 7,575,709 1,043,961 Accounts receivable,net of all

97、owance for credit losses 3,021,956 3,029,603 417,490 Value-added-tax(“VAT”)recoverable 240,506 251,279 34,627 Prepaid expenses and other current assets 482,950 1,469,569 202,512 Total current assets 11,613,071 12,326,160 1,698,590 Non-current assets Long-term investments in equity investees 7,544,55

98、5 7,914,553 1,090,655 Property and equipment,net 40,204,133 38,975,530 5,370,972 Prepaid land use rights,net 21,774 21,620 2,979 Operating lease right-of-use assets 5,193,408 5,078,823 699,881 Goodwill and intangible assets,net 6,367,493 6,092,378 839,552 Other non-current assets 2,704,194 3,048,786

99、 420,133 Total non-current assets 62,035,557 61,131,690 8,424,172 Total assets 73,648,628 73,457,850 10,122,762 Liabilities,Mezzanine Equity and Equity Current liabilities Short-term borrowings and current portion of long-term borrowings 4,341,649 4,074,661 561,503 Convertible bonds payable,current

100、575 574 79 Accounts payable 2,593,305 2,049,681 282,454 Accrued expenses and other payables 1,389,072 1,502,151 207,002 Operating lease liabilities,current 117,345 118,193 16,287 Finance lease and other financing obligations,current 636,152 660,577 91,030 Total current liabilities 9,078,098 8,405,83

101、7 1,158,355 Non-current liabilities Long-term borrowings,excluding current portion 21,905,985 21,760,462 2,998,672 Convertible bonds payable,non-current 8,576,583 8,568,530 1,180,775 Operating lease liabilities,non-current 1,279,726 1,271,563 175,226 Finance lease and other financing obligations,non

102、-current 7,601,651 7,426,774 1,023,437 Other long-term liabilities 1,537,952 1,581,948 217,998 Total non-current liabilities 40,901,897 40,609,277 5,596,108 Total liabilities 49,979,995 49,015,114 6,754,463 Mezzanine equity Redeemable preferred shares 1,080,656 1,079,123 148,707 Total mezzanine equi

103、ty 1,080,656 1,079,123 148,707 GDS Holdings Limited shareholders equity Ordinary shares 527 527 73 Additional paid-in capital 29,596,268 29,594,970 4,078,296 Accumulated other comprehensive loss(1,094,377)(1,081,445)(149,027)Accumulated deficit(6,044,372)(5,281,351)(727,790)Total GDS Holdings Limite

104、d shareholders equity 22,458,046 23,232,701 3,201,552 Non-controlling interests 129,931 130,912 18,040 Total equity 22,587,977 23,363,613 3,219,592 Total liabilities,mezzanine equity and equity 73,648,628 73,457,850 10,122,762 16 GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OP

105、ERATIONS(Amount in thousands of Renminbi(RMB)and US dollars(US$)except for number of shares and per share data)Three months ended March 31,2024 December 31,2024 March 31,2025 RMB RMB RMB US$Net revenue Service revenue 2,432,234 2,690,482 2,722,908 375,227 Equipment sales 0 180 250 34 Total net reven

106、ue 2,432,234 2,690,662 2,723,158 375,261 Cost of revenue(1,911,031)(2,112,545)(2,078,333)(286,402)Gross profit 521,203 578,117 644,825 88,859 Operating expenses Selling and marketing expenses(30,276)(30,571)(32,764)(4,515)General and administrative expenses(242,478)(259,048)(238,936)(32,926)Research

107、 and development expenses(9,980)(6,862)(7,889)(1,087)Income from continuing operations 238,469 281,636 365,236 50,331 Other income(expenses):Net interest expenses(462,508)(458,745)(441,477)(60,837)Foreign currency exchange gain,net 6,835 8,117 1,018 140 Others,net 7,084 29,727 9,685 1,335 Gain on de

108、consolidation of subsidiaries 0 0 1,057,045 145,665 (Loss)income from continuing operations before income taxes and share of results of equity method investees(210,120)(139,265)991,507 136,634 Income tax expenses(62,392)(34,144)(199,701)(27,520)Share of results of equity method investees 0 0(27,732)

109、(3,822)Net(loss)income from continuing operations(272,512)(173,409)764,074 105,292 Discontinued operations Loss from operations of discontinued operations,net of income taxes(72,419)(190,491)0 0 Gain on deconsolidation of subsidiaries 0 4,475,539 0 0 (Loss)income from discontinued operations(72,419)

110、4,285,048 0 0 Net(loss)income(344,931)4,111,639 764,074 105,292 Net(loss)income from continuing operations(272,512)(173,409)764,074 105,292 Net income from continuing operations attributable to non-controlling interests(1,178)(1,268)(1,053)(145)Net(loss)income from continuing operations attributable

111、 to GDS Holdings Limited shareholders(273,690)(174,677)763,021 105,147 (Loss)income from discontinued operations(72,419)4,285,048 0 0 17 Net loss from discontinued operations attributable to non-controlling interests 282 3,373 0 0 Net loss from discontinued operations attributable to redeemable non-

112、controlling interests 0 75,550 0 0 Net(loss)income from discontinued operations attributable to GDS Holdings Limited shareholders(72,137)4,363,971 0 0 Net(loss)income attributable to GDS Holdings Limited shareholders(345,827)4,189,294 763,021 105,147 Cumulative dividend on redeemable preferred share

113、s(13,458)(13,679)(13,455)(1,854)Net(loss)income available to GDS Holdings Limited ordinary shareholders(359,285)4,175,615 749,566 103,293(Loss)income per ordinary share Basic(0.24)2.80 0.49 0.07 Diluted(0.24)2.80 0.43 0.06 Weighted average number of ordinary share outstanding Basic 1,469,982,015 1,4

114、84,083,188 1,484,257,047 1,484,257,047 Diluted 1,469,982,015 1,484,083,188 1,797,675,770 1,797,675,770 18 GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE(LOSS)INCOME(Amount in thousands of Renminbi(RMB)and US dollars(US$)Three months ended March 31,2024 December 31,

115、2024 March 31,2025 RMB RMB RMB US$Net(loss)income(344,931)4,111,639 764,074 105,292 Foreign currency translation adjustments,net of nil tax(56,025)(391,639)16,434 2,265 Defined benefit plan,net of nil tax 0 (41)0 0 Amounts reclassified from accumulated other comprehensive loss 0 (96,957)0 0 Other co

116、mprehensive loss from share of results of equity method investees 0 0 (3,394)(468)Comprehensive(loss)income(400,956)3,623,002 777,114 107,089 Comprehensive(income)loss attributable to non-controlling interests(97)6,631 (1,161)(160)Comprehensive loss attributable to redeemable non-controlling interes

117、ts 0 126,721 0 0 Comprehensive(loss)income attributable to GDS Holdings Limited shareholders(401,053)3,756,354 775,953 106,929 19 GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Amount in thousands of Renminbi(RMB)and US dollars(US$)Three months ended March 31,2024 Dec

118、ember 31,2024 March 31,2025 RMB RMB RMB US$Net(loss)income(344,931)4,111,639 764,074 105,292 Net loss(income)from discontinued operations 72,419 (4,285,048)0 0 Depreciation and amortization 782,672 865,896 856,519 118,031 Amortization of debt issuance cost and debt discount 34,984 18,290 31,804 4,38

119、3 Share-based compensation expense 76,646 82,965 61,977 8,540 Share of results of equity method investees 0 0 27,732 3,822 Gain on deconsolidation of subsidiaries 0 0 (1,057,045)(145,665)Others 11,937 (29,703)8,172 1,126 Changes in operating assets and liabilities(733,246)315,821 86,839 11,968 Net c

120、ash(used in)provided by operating activities from continuing operations(99,519)1,079,860 780,072 107,497 Net cash used in operating activities from discontinued operations(25,453)(150,554)0 0 Net cash(used in)provided by operating activities(124,972)929,306 780,072 107,497 Purchase of property and e

121、quipment and land use rights(943,032)(381,382)(1,009,328)(139,089)(Payments)receipts related to acquisitions and investments(409,275)27,000 (360,085)(49,621)Net cash used in investing activities from continuing operations(1,352,307)(354,382)(1,369,413)(188,710)Net cash used in investing activities f

122、rom discontinued operations(652,075)(3,011,040)0 0 Net cash used in investing activities(2,004,382)(3,365,422)(1,369,413)(188,710)Net cash provided by(used in)financing activities from continuing operations 1,298,276 (612,447)275,032 37,900 Net cash provided by financing activities from discontinued

123、 operations 732,968 11,441,448 0 0 Net cash provided by financing activities 2,031,244 10,829,001 275,032 37,900 Effect of exchange rate changes on cash and restricted cash(9,909)(6,457)(242)(33)Net(decrease)increase of cash and restricted cash(108,019)8,386,428 (314,551)(43,346)Cash and restricted

124、cash at beginning of period 7,917,932 9,753,076 8,093,530 1,115,318 Cash and restricted cash at end of period 7,809,913 18,139,504 7,778,979 1,071,972 Less:Cash and restricted cash of discontinued operations at end of period or deconsolidation date(473,248)(10,045,974)0 0 Cash and restricted cash of

125、 continuing operations at end of period 7,336,665 8,093,530 7,778,979 1,071,972 20 GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amount in thousands of Renminbi(RMB)and US dollars(US$)except for percentage data)Three months ended March 31,2024 December 31,2024 March 31,2025 RMB%o

126、f net revenue RMB%of net revenue RMB US$%of net revenue Gross profit 521,203 21.4 578,117 21.5 644,825 88,859 23.7 Depreciation and amortization 710,499 29.2 786,869 29.2 790,737 108,966 29.0 Operating lease cost relating to prepaid land use rights 10,634 0.4 11,996 0.4 12,016 1,656 0.4 Accretion ex

127、penses for asset retirement costs 1,698 0.1 1,709 0.1 1,828 252 0.1 Share-based compensation expenses 26,096 1.1 18,002 0.7 6,016 829 0.2 Adjusted GP 1,270,130 52.2 1,396,693 51.9 1,455,422 200,562 53.4 21 GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amount in thousands of Renmi

128、nbi(RMB)and US dollars(US$)except for percentage data)Three months ended March 31,2024 December 31,2024 March 31,2025 RMB%of net revenue RMB%of net revenue RMB US$%of net revenue Net(loss)income(344,931)(14.2)4,111,639 152.8 764,074 105,292 28.1 Loss(income)from discontinued operations 72,419 3.0 (4

129、,285,048)(159.3)0 0 0.0 Net(loss)income from continuing operations(272,512)(11.2)(173,409)(6.5)764,074 105,292 28.1 Net interest expenses 462,508 19.0 458,745 17.0 441,477 60,837 16.2 Income tax expenses 62,392 2.6 34,144 1.3 199,701 27,520 7.3 Share of results of equity method investees 0 0.0 0 0.0

130、 27,732 3,822 1.0 Gain on deconsolidation of subsidiaries 0 0.0 0 0.0 (1,057,045)(145,665)(38.8)Depreciation and amortization 782,672 32.1 865,896 32.2 856,519 118,031 31.4 Operating lease cost relating to prepaid land use rights 27,312 1.1 27,609 1.0 27,584 3,801 1.0 Accretion expenses for asset retirement costs 1,698 0.1 1,709 0.1 1,828 252 0.1 Share-based compensation expenses 76,646 3.2 82,965 3.1 61,977 8,540 2.3 Adjusted EBITDA 1,140,716 46.9 1,297,659 48.2 1,323,847 182,430 48.6