Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 278

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 278
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 deferred tax impact. The deferred tax impact mainly arose from the impairment losses of long-lived assets and the amortization of deferred tax liabilities attributable to acquisitions. Significant changes from income tax expenses in 2022 to income tax benefits in 2023 were mainly attributable to (i) the decrease of current income tax expense by RMB95.0 million primarily due to the decreased taxable profits of some subsidiaries in 2023 and (ii) the increase of deferred income tax benefits by RMB196.8 million primarily due to the reversal of deferred tax liabilities as a result of impairments of purchase price allocations on long-lived assets arising from acquisitions.

Loss from Discontinued Operations

Loss from discontinued operations increased by 122.4% to RMB359.4 million in 2023 from RMB161.6 million in 2022, primarily due to expansion of the international business in the early stages of its development.

Net Loss

As a result of the foregoing, net loss increased to RMB4,285.4 million in 2023 from RMB1,266.1 million in 2022.

Table of Contents

Variable Interest Entity Financial Information

The following tables present the condensed consolidating schedule of financial performance, financial position and cash flows for our company, the non-VIE subsidiaries, and the VIEs and their subsidiaries for the years and as of the dates presented.

Selected Condensed Consolidated Statements of Operations Information

                                                    Year Ended December 31, 2024                                                                               
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                      Non-VIE           VIEs and their                                         
                                                    Our                               subsidiaries      subsidiaries          Consolidation      Consolidated  
                                                    company (4)                       (1)(2)            (1)(3)              adjustments (5)             Total  
                                                    (in thousands of RMB)                                                                                      
  Net revenue                                       6,952                             8,252,368         10,086,220              (8,023,472)        10,322,068  
  Cost of revenue                                   (97,174)                          (6,480,910)       (9,526,368)               8,005,013       (8,099,439)  
  Net (loss) income from continuing operations      (1,050,153)                       (393,073)         214,697                     457,617         (770,912)  
  Income (loss)