$GDS Balance Sheet | Understand Stock

$GDS

$21.92 -$1.24 (5.35%) Close

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated balance sheets

In millions of CNY, except per-share amounts

	Q4 FY2025 As of Dec 31, 2025	Q4 FY2024 As of Dec 31, 2024	Q4 FY2023 As of Dec 31, 2023	Q4 FY2022 As of Dec 31, 2022	Q4 FY2021 As of Dec 31, 2021	Q4 FY2020 As of Dec 31, 2020	Q4 FY2019 As of Dec 31, 2019	Q4 FY2018 As of Dec 31, 2018	Q4 FY2017 As of Dec 31, 2017	Q4 FY2016 As of Dec 31, 2016
Assets
Current assets
Cash and cash equivalents
Restricted cash
Time deposits
Accounts receivable, net of allowance for credit losses
Value-added-tax ("VAT") recoverable
Prepaid expenses
Amount due from related parties, current
Other current assets
Current assets of discontinued operations
Total current assets
Property and equipment, net (including RMB3,058,294 and RMB2,911,727 of VIEs as of December 31, 2018 and 2019, respectively)
Non-current assets
Restricted cash
Amount due from related parties, non-current
VAT recoverable
Property and equipment, net
Intangible assets, net
Prepaid land use rights, net
Operating lease right-of-use assets
Goodwill
Deferred tax assets (including RMB11,846 and RMB16,676 of VIEs as of December 31, 2017 and 2018, respectively)
Deferred tax assets
Long-term investments in equity investees
Other non-current assets
Non-current assets of discontinued operations
Total non-current assets

Total assets

Liabilities, Mezzanine Equity and Shareholders' Equity
Current liabilities
Short-term borrowings and current portion of long-term borrowings (including RMB232,000 and RMB235,250 of VIEs as of December 31, 2017 and 2018, respectively)
Short-term borrowings and current portion of long-term borrowings (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB254,176 and RMB152,230 as of December 31, 2024 and 2025, respectively)
Convertible bonds payable, current
Accounts payable (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB502,672 and RMB390,791 as of December 31, 2024 and 2025, respectively)
Accrued expenses and other payables (including RMB91,542 and RMB148,945 of VIEs as of December 31, 2017 and 2018, respectively)
Due to a related party
Deferred revenue (including RMB46,526 and RMB54,101 of VIEs as of December 31, 2017 and 2018, respectively)
Capital lease and other financing obligations, current (including capital lease and other financing obligations, current of VIEs of RMB nil and RMB55,311 as of December 31, 2015 and 2016, respectively)
Capital lease and other financing obligations, current (including RMB84,771 and RMB96,787 of VIEs as of December 31, 2017 and 2018, respectively)
Amount due to related parties (including amounts of the consolidated VIEs without recourse to GDS Holdings of nil and RMB62,252 as of December 31, 2024 and 2025, respectively)
Accrued expenses and other payables (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB253,236 and RMB330,923 as of December 31, 2024 and 2025, respectively)
Deferred revenue (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB82,633 and RMB106,277 as of December 31, 2024 and 2025, respectively)
Operating lease liabilities, current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB33,563 and RMB26,005 as of December 31, 2024 and 2025, respectively)
Finance lease and other financing obligations, current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB45,153 and RMB48,986 as of December 31, 2024 and 2025, respectively)
Current liabilities of discontinued operations
Total current liabilities

Long-term borrowings, excluding current portion
Non-current liabilities
Long-term borrowings, excluding current portion (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB2,230 and nil as of December 31, 2024 and 2025, respectively)
Convertible bonds payable, non-current
Capital lease and other financing obligations, non-current (including RMB879,685 and RMB1,068,862 of VIEs as of December 31, 2017 and 2018, respectively)
Deferred tax liabilities (including RMB70,030 and RMB69,624 of VIEs as of December 31, 2017 and 2018, respectively)
Operating lease liabilities, non-current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB81,881 and RMB70,464 as of December 31, 2024 and 2025, respectively)
Finance lease and other financing obligations, non-current (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB851,192 and RMB802,388 as of December 31, 2024 and 2025, respectively)
Deferred tax liabilities (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB32,746 and RMB24,122 as of December 31, 2024 and 2025, respectively)
Other long-term liabilities (including amounts of the consolidated VIEs without recourse to GDS Holdings of RMB57,766 and RMB64,801 as of December 31, 2024 and 2025, respectively)
Non-current liabilities of discontinued operations
Total non-current liabilities

Total liabilities
Mezzanine Equity
Redeemable preferred shares (US$0.00005 par value; 150,000 shares authorized, issued and outstanding as of December 31, 2024 and 2025; Redemption value of RMB1,080,656 and RMB1,056,663 as of December 31, 2024 and 2025, respectively; Liquidation preference of RMB1,080,656 and RMB1,056,663 as of December 31, 2024 and 2025, respectively)
Redeemable non-controlling interests
Total mezzanine equity

GDS Holdings Limited Shareholders' Equity
Ordinary shares (US$0.00005 par value; 3,500,000,000 shares authorized as of December 31, 2024 and 2025; 1,511,590,567 and 1,607,430,567 Class A ordinary shares issued and outstanding as of December 31, 2024 and 2025, respectively; 43,590,336 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025)
Additional paid-in capital
Accumulated other comprehensive loss
Accumulated deficit
Total GDS Holdings Limited shareholders' equity
Non-controlling interests
Total equity
Total liabilities, mezzanine equity and equity

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