Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 263

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 263
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 our data center services so that the most data center capacity will be utilized and also to minimize the time as to when our data center area becomes operational and the customer occupies that area, these timing differences may result in fluctuation of our cost of revenue as a percentage of our net revenue between periods.

Table of Contents

Operating Expenses

Our operating expenses consist of selling and marketing expenses, general and administrative expenses, research and development expenses and impairment losses of long-lived assets. The following sets forth our selling and marketing expenses, general and administrative expenses, research and development expenses and impairment losses of long-lived assets, both in an absolute amount and as a percentage of net revenue, for the years indicated.

                                                             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)                                                                                       
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Selling and marketing expenses                                             146,521           1.6        140,890           1.4        116,440      15,952            1.1  
  General and administrative expenses                                      1,047,072          11.4        965,982           9.9        917,877      125,748           8.9  
  Research and development expenses                                           31,912           0.3         38,159           0.4         36,319      4,976             0.4  
  Impairment losses of long-lived assets                                      12,759           0.1      3,013,416          30.8              —      —                 0.0  
  Total operating expenses                                                 1,238,264          13.4      4,158,447          42.5      1,070,636      146,676          10.4  

Selling and Marketing Expenses

Our selling and marketing expenses consist primarily of compensation, including share-based compensation, and benefit expenses for our selling and marketing personnel, business development and promotion expenses and office and traveling expenses.

General and Administrative Expenses

Our general and administrative expenses consist primarily of compensation, including share-based compensation, and benefit expenses for management and administrative personnel,