Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 14

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 14
---
782.4 million in 2023, representing an increase of 5.5%, and increased to RMB10,322.1 million (US$1,414.1 million) in 2024, representing an increase of 5.5%. We derive net revenue primarily from colocation services and, to a lesser extent, managed services. In addition, we also sell IT equipment either on a stand-alone basis or bundled in a managed service agreement and provide consulting services. Our net revenues from colocation services were RMB7,920.2 million, RMB8,535.2 million and RMB9,169.5 million (US$1,256.2 million) in 2022, 2023 and 2024, representing 85.5%, 87.3% and 88.8% of total net revenue over the same periods, respectively. Our net revenues from managed services and other services were RMB1,340.2 million, RMB1,246.7 million and RMB1,152.4 million (US$157.9 million) in 2022, 2023 and 2024, representing 14.4%, 12.7% and 11.2% of total net revenue over the same periods, respectively. Our net revenue from IT equipment sales were RMB7.7 million, RMB0.5 million and RMB0.2 million(US$24.7 thousand) in 2022, 2023, and 2024, representing 0.1%, 0.0% and 0.0% of total net revenue over the same periods, respectively.

Our operations have also expanded in recent years through increases in the number and size of the data center facilities we operate, which we expect will continue to grow. Our rapid growth has placed, and will continue to place, significant demands on our management and our administrative, operational and financial systems. Continued expansion increases the challenges we face in:

  obtaining suitable sites or land to build new data centers;  

  establishing new operations at additional data centers and maintaining efficient use of the data center facilities we operate;  

  managing a large and growing customer base with increasingly diverse requirements;  

  expanding our service portfolio to cover a wider range of services, including managed cloud services;  

  creating and capitalizing on economies of scale;  

  being exposed to protectionist or national security policies that restrict our ability to invest in or acquire companies or develop