Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 274

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 274
---
 payment expenses of RMB18.7 million.

General and Administrative Expenses. Our general and administrative expenses were RMB917.9 million (US$125.7 million) in 2024, compared with RMB966.0 million in 2023, which decrease mainly resulted from (i) a decrease in depreciation and amortization expenses of RMB96.1 million and (ii) a decrease in allowance for credit losses of RMB31.5 million, partially offset by (i) an increase in personnel cost of RMB19.8 million as a result of increased headcount in 2024, (ii) a cash reimbursement from the Company’s ADS depositary bank of RMB22.1 million in 2023, (iii) an increase in taxes of RMB14.9 million, and (iv) an increase in other expenses of RMB22.7 million.

Research and Development Expenses. Our research and development expenses decreased by 4.8% to RMB36.3 million (US$5.0 million) from RMB38.2 million in 2023. This decrease was primarily attributable to cost control in 2024.

Impairment losses of long-lived assets. Impairment losses of long-lived assets of RMB3,013.4 million were provided in 2023 mainly due to lower sales price and slower move-in within fixed lease terms for the leased properties and proactive plans to consolidate certain data centers. No impairment losses were provided in 2024.

Other Income (Expenses)

Interest Income. Our interest income decreased by 4.5% to RMB89.8 million (US$12.3 million) in 2024 from RMB94.0 million in 2023, which was primarily a result of a decrease in income generating deposits held during 2024.

Interest Expenses. Our interest expenses decreased by 0.6% to RMB1,924.6 million (US$263.7 million) in 2024 from RMB1,936.5 million in 2023. This decrease was primarily a result of lower interest rate.

Government Grants. Income from government grants decreased by 67.7% to RMB27.3 million in 2024 from RMB84.4 million in 2023, primarily due to the expiration of certain government support policies.

Table of Contents

Foreign Currency Exchange (Loss) Gain, net. Changes in currency exchange rates resulted in a gain of RMB18.