Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 275

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 275
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9 million (US$2.6 million) in 2024 as compared to a loss of RMB1.6 million in 2023, primarily due to the exchange gain from cash balances denominated in U. S. dollar held by our PRC entities as RMB depreciated against U. S. dollar during 2024.

Income Tax Benefits (Expenses)

Income tax expenses were RMB156.1 million (US$21.4 million) in 2024, compared to income tax benefits of RMB15.6 million in 2023. Our income tax benefits (expenses) are comprised of current tax expense, mainly attributable to certain profitable subsidiaries in mainland China, and deferred tax impact. In 2023, the income tax benefits mainly arose from the impairment losses of long-lived assets and the amortization of deferred tax liabilities attributable to acquisitions. The income tax expenses in 2024 consisted of current tax expenses of RMB337.6 million (US$46.3 million) arising from the profit generated by certain subsidiaries in mainland China and deferred tax benefits of RMB181.6 million (US$24.9 million) mainly due to the amortization of deferred tax liabilities attributable to acquisitions.

(Loss) Income from Discontinued Operations

Income from discontinued operations was RMB4,074.7 million (US$558.2 million) in 2024, consisting of loss from operations of discontinued operations, net of income taxes, of RMB400.8 million (US$54.9 million) and gain on deconsolidation of subsidiaries, net of nil income taxes of RMB4,475.5 million (US$613.1 million). In 2023, loss from discontinued operations represented loss from operations of discontinued operations, net of income taxes of RMB359.4 million. The increase in loss from operations of discontinued operations, net of income taxes was mainly due to greater operating expenses for business expansion, partially offset by the increase in gross profit resulting from the increase in area utilized.

Net (Loss) Income

As a result of the foregoing, net income was RMB3,303.8 million (US$452.6 million) in 2024, compared to a net loss of RMB4,285.4 million in 2023.

Year Ended December 31, 2023 Compared to Year Ended December 31, 2022

Net Revenue

Our net revenue increased by 5.5% to RMB9,782.