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GDS Holdings Limited (GDS)
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GDS Holdings Limited Balance Sheet 2025-2011 | GDS
Brief overview of GDS Holdings Limited's financial position
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
Assets moved from 71.6 billion CNY to 80 billion CNY, a rise of +11.7%. CAGR near 2.8% indicates restrained expansion.
Asset growth of +11.7% was close to the +14.3% change in liabilities, leaving the funding profile broadly stable.
Equity finances 32.2% of the balance sheet, compared with 34.2% at the start. The cushion remains adequate.
Net debt is 9.2 billion CNY, or 0.36x of equity. This is a conservative debt position.
Cash represents 17.9% of assets versus 13.9% initially, showing how the immediate liquidity reserve changed.
The balance sheet includes a negative accumulated result of -5.1 billion CNY. It should be assessed alongside historical profits and capital distributions.
Overall assessment
GDS Holdings Limited retains a reasonably healthy balance sheet structure, which still needs support from earnings and cash flow.
Annual Balance Sheet GDS Holdings Limited
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
9.17 B | 14.2 B | 15.9 B | 15.5 B | 8.46 B | -5.61 B | 2.27 B | 3.64 B | 1.91 B | 1.37 B | 1.11 B | 312 M | - | - | - |
Long Term Debt |
23.4 B | 21.9 B | 23.1 B | 23.5 B | 18.3 B | 10.6 B | 8.03 B | 5.2 B | 3.46 B | 2.55 B | 1.61 B | 492 M | - | - | - |
Long Term Debt Current |
110 M | 117 M | 133 M | 176 M | 146 M | 86.3 M | 55.1 M | 599 M | 328 M | 389 M | - | - | - | - | - |
Total Non Current Liabilities |
45.1 B | 40.9 B | 46 B | 40 B | 32.3 B | 22.9 B | 16.1 B | 11.9 B | 6.25 B | 3.74 B | 2.15 B | 809 M | - | - | - |
Total Current Liabilities |
7.13 B | 9.08 B | 8.31 B | 10.6 B | 13.5 B | 7.64 B | 4 B | 3.51 B | 2.42 B | 1.48 B | - | - | - | - | - |
Total Liabilities |
52.3 B | 50 B | 54.3 B | 50.6 B | 45.7 B | 30.6 B | 20.1 B | 15.4 B | 8.67 B | 5.22 B | 3.07 B | 1.71 B | - | - | - |
Deferred Revenue |
114 M | 91 M | 120 M | 156 M | 91 M | 96.7 M | 90.3 M | 73.1 M | 55.6 M | 40.7 M | 46.5 M | 43.3 M | - | - | - |
Retained Earnings |
-5.09 B | -6.04 B | -9.47 B | -5.18 B | -3.91 B | -2.72 B | -2.06 B | -1.62 B | -1.19 B | -859 M | -582 M | -484 M | - | - | - |
Total Assets |
80 B | 73.6 B | 74.4 B | 74.8 B | 71.6 B | 57.3 B | 31.5 B | 20.9 B | 13.1 B | 8.2 B | 5.13 B | 3.85 B | - | - | - |
Cash and Cash Equivalents |
14.3 B | 7.87 B | 7.35 B | 8.21 B | 9.97 B | 16.3 B | 5.81 B | 2.16 B | 1.87 B | 1.81 B | 924 M | 607 M | - | - | - |
Book Value |
27.7 B | 23.7 B | 20.1 B | 24.2 B | 25.9 B | 26.7 B | 11.4 B | 5.52 B | 4.48 B | 2.99 B | 2.05 B | 2.15 B | - | - | - |
Total Shareholders Equity |
25.8 B | 22.5 B | 18.9 B | 23.1 B | 24.5 B | 25.6 B | 10.3 B | 5.52 B | 4.48 B | 2.99 B | -341 M | -16.6 M | - | - | - |
Annual performance
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All numbers in CNY currency
Quarterly Balance Sheet GDS Holdings Limited
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
1.2 B | 1.28 B | 1.34 B | 1.62 B | - | - | - | 1.88 B | - | - | - | 1.54 B | - | 1.14 B | - | 710 M | 380 M | - | - | 2 B | - | - | - | 167 M | 996 M | - | - | 1.04 B | - | - | - | 958 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
45.1 B | 40.9 B | 46 B | 40 B | - | - | - | 32.3 B | - | - | - | 22.9 B | - | 20.2 B | - | 16.1 B | 15 B | - | - | 11.9 B | - | - | - | 6.25 B | 5.52 B | - | - | 3.74 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
52.3 B | 50 B | 54.3 B | 50.6 B | - | - | - | 45.7 B | - | - | - | 30.6 B | - | 26.7 B | - | 20.1 B | 18.6 B | - | - | 15.4 B | - | - | - | 8.67 B | 7.43 B | - | - | 5.22 B | - | - | - | 3.07 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
114 M | 91 M | 120 M | 156 M | - | - | - | 91 M | - | - | - | 96.7 M | - | 59.8 M | - | 90.3 M | 91 M | - | - | 73.1 M | - | - | - | 55.6 M | 44.4 M | - | - | 40.7 M | - | - | - | 46.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-5.09 B | -6.04 B | -9.47 B | -5.18 B | - | - | - | -3.91 B | - | - | - | -2.72 B | - | -2.25 B | - | -2.06 B | -1.95 B | - | - | -1.62 B | - | - | - | -1.19 B | -1.07 B | - | - | -859 M | - | - | - | -582 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
80 B | 73.6 B | 74.4 B | 74.8 B | - | - | - | 71.6 B | - | - | - | 57.3 B | - | 41.6 B | - | 31.5 B | 28 B | - | - | 20.9 B | - | - | - | 13.1 B | 10.3 B | - | - | 8.2 B | - | - | - | 5.13 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
14.4 B | 8.09 B | 7.5 B | 8.21 B | - | - | - | 12 B | - | - | - | 16.5 B | - | 8.03 B | - | 5.97 B | 5.86 B | 5.85 B | - | 2.28 B | 3.61 B | - | - | 1.95 B | 1.17 B | - | - | 1.84 B | 799 M | - | - | 924 M | - | - | - | 607 M | - | - | - | 48.6 M | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
27.7 B | 23.7 B | 20.1 B | 24.2 B | - | - | - | 25.9 B | - | - | - | 26.7 B | - | 14.9 B | - | 11.4 B | 9.45 B | - | - | 5.52 B | - | - | - | 4.48 B | 2.82 B | - | - | 2.99 B | - | - | - | 2.05 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
26.7 B | 22.6 B | 19.1 B | 23.1 B | - | - | - | 24.5 B | - | - | - | 25.6 B | - | 13.8 B | - | 10.3 B | 8.39 B | 8.42 B | - | 5.52 B | - | - | - | 4.48 B | 2.82 B | - | - | 2.99 B | - | - | - | -341 M | - | - | - | -16.6 M | - | - | - | -301 M | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in CNY currency
Balance Sheet is a fundamental financial report of GDS Holdings Limited, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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