Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 272

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 272
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,013,416          30.8                —              —           0.0  
  Adjusted EBITDA                                                                            4,333,724          46.8        4,733,004          48.4        4,876,436        668,070          47.2  

The following table reconciles our adjusted gross profit and adjusted gross profit margin in the years presented to the most directly comparable financial measure calculated and presented in accordance with U. S. GAAP, which is gross profit and gross profit margin:

                                                                               Year Ended December 31,                                                                                       
                                                                                                  2022                         2023                         2024                             
                                                                                                            % of net                     % of net                                  % of net  
                                                                                                   RMB       revenue            RMB       revenue            RMB          US$       revenue  
                                                                (in thousands, except for percentages)                                                                                       
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Gross profit                                                                               1,951,498          21.1      1,951,226          19.9      2,222,629      304,499          21.5  
  Depreciation and amortization                                                              2,722,766          29.4      2,974,546          30.4      2,947,444      403,798          28.6  
  Operating lease cost relating to prepaid land use rights                                      10,944           0.1         38,792           0.4         44,872        6,147           0.4  
  Accretion expenses for asset retirement costs                                                  6,366           0.1          6,599           0.1          6,827          935           0.1  
  Share-based compensation expenses                                                             97,055           1.0        116,467           1.2         92,402       12,659           0.9  
  Adjusted gross profit                                                                      4,788,629          51.7      5,087,630          52.0      5,314,174      728,038          51.5  

Table of Contents

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

Net Revenue

Our net revenue increased