Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 22

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 22
---
 We host the largest public cloud platforms operating in mainland China, some of which are present in multiple GDS data centers. Agreements with our hyperscale cloud service provider and large internet customers generally have terms of three to ten years, while agreements with our financial institution and enterprise customers typically have terms of one to five years.

As of March 31, 2025, we operated 87 self-developed data centers with an aggregate net floor area of 606,097 sqm in service. We also operated capacity at third-party data centers with an aggregate net floor area of 4,588 sqm in service, which we lease on a wholesale basis and use to provide colocation and managed services to our customers. As of the same date, we also had an aggregate net floor area of 132,208 sqm under construction. In total, we have 95 self-developed data centers in service and under construction, and we have a total capacity of 742,893 sqm. As of the same date, we had an estimated aggregate developable net floor area of approximately 354,702 sqm held for potential future development. Our net revenue and results of operations are largely determined by the degree to which our data center capacity is committed or pre-committed as well

<div align='center'>S-2</div>

TABLE OF CONTENTS

as its utilization. We had commitment rates for our area in service of 95.5%, 92.5%, 91.9% and 90.9% as of December 31, 2022, 2023, 2024 and March 31, 2025, respectively. We had utilization rates for our area in service of 71.8%, 73.9%, 73.8% and 75.7% as of December 31, 2022, 2023, 2024 and March 31, 2025, respectively. The difference between commitment rate and utilization rate is primarily attributable to customers who have entered into agreements but have not yet started to use revenue-generating services.

Our net revenue grew from RMB9,268.1 million in 2022 to RMB9,782.4 million in 2023, representing an increase of 5.5%, and increased to RMB10,322.1 million (US$1,422.4 million) in 2024, representing an increase of 5.5%. Our net revenue was RMB2,723.2