Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Pudong, Shanghai 200137 People's Republic of China ☐ SHELL COMPANY REPORT ...

Core Viewpoint - GDS experienced a significant sell-off following its fourth-quarter report, with a 21.5% decline in stock price, despite a year-over-year increase of approximately 231% [1][2]. Financial Performance - GDS reported earnings of $3.08 per American depositary share and sales of $368.6 million in the fourth quarter, but the profit was largely due to one-time accounting events. The company also recorded a loss from continuing operations of $23.8 million [3]. - Revenue increased by 9.1% year-over-year, primarily driven by the expansion of data center operations [3]. Future Guidance - For the full year, GDS is guiding sales between 11.29 billion Chinese yuan ($1.56 billion) and 11.59 billion Chinese yuan ($1.6 billion), indicating an annual sales growth of approximately 11% at the midpoint [4]. - Although the company is positioned for potential sales expansion due to rising demand for data center services driven by AI and other technologies, the conservative sales growth guidance suggests that revenue growth may be slower than investor expectations [5].

Raymond James analyst Frank G. Louthan upgraded GDS Holdings Limited GDS on Thursday to Strong Buy from Outperform, with a price forecast of $53.Yesterday, the company reported fourth-quarter results with net revenue increased 9.1% year over year to (Chinese yuan) CN¥2.69 billion ($371,126,624.72).The revenue increase was mainly due to the ongoing ramp-up of the data centers.GDS expects FY25 total revenues of CN¥11.29 billion–CNY¥11.59 billion and adjusted EBITDA of CN¥5.19 billion–CNY¥5.39 billion.Louthan ...

It was a Hump Day to forget for GDS Holdings (GDS -14.11%), as the Chinese company's latest earnings release was greeted with a significant sell-off. GDS's American depositary shares (ADS) suffered a nearly 14% decline in price as a result, which was in marked contrast to the S&P 500's (^GSPC 1.08%) gain of over 1% on the day.GDS' final 2024 earnings release was publishedThat morning, GDS unveiled its fourth-quarter and full-year 2024 figures. For the former period, revenue rose by 9% year over year to 2.69 ...

GDS Holdings Limited (NASDAQ:GDS) Q4 2024 Earnings Conference Call March 19, 2025 8:00 AM ET Company Participants Laura Chen - Head, Investor Relations William Huang - Founder, Chairman & Chief Executive Officer Dan Newman - Chief Financial Officer Conference Call Participants Yang Liu - Morgan Stanley Sara Wang - UBS Frank Louthan - Raymond James & Associates Timothy Zhao - Goldman Sachs Jonathan Atkin - RBC Capital Markets Daley Li - Bank of America Securities Operator Hello, ladies and gentlemen. Thank y ...

Core Insights - GDS Holdings reported a quarterly loss of $0.10 per share, outperforming the Zacks Consensus Estimate of a loss of $0.27, and showing improvement from a loss of $0.62 per share a year ago, resulting in an earnings surprise of 62.96% [1] - The company posted revenues of $368.62 million for the quarter ended December 2024, which missed the Zacks Consensus Estimate by 14.41%, but showed an increase from year-ago revenues of $360.07 million [2] - GDS Holdings shares have increased by approximately 49.8% since the beginning of the year, contrasting with a decline of 4.5% in the S&P 500 [3] Earnings Outlook - The earnings outlook for GDS Holdings is mixed, with the current consensus EPS estimate for the coming quarter at -$0.15 on revenues of $445.73 million, and for the current fiscal year at -$0.70 on revenues of $1.79 billion [7] - The company has surpassed consensus EPS estimates in all four of the last quarters, indicating a positive trend in earnings performance [2] Industry Context - The Technology Services industry, to which GDS Holdings belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Shanghai, China, March 19, 2025 – GDS Holdings Limited ("GDS Holdings", "GDS" or the "Company") (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Exhibit 99.1 GDS Reports Fourth Quarter and Full Year 2024 Results 1 GDS Holdings Limited Reports Fourth Quarter and Full Year 2024 Results DayOne Data Centers Limited ("DayOne"), previously known as GDS ...

4Q24 & FY24 Earnings Call 19 March 2025 NASDAQ: GDS HKEX: 9698 © GDS 2016 0 GDS FY24 HIGHLIGHTS (1)(2) | Customer Commitments • | New customer commitments (net) of +11,055 sqm | | --- | --- | | • | Total area committed increased by 1.8% y/y to 629,997 sqm | | Customer Move-In | • Additional area utilized (net) of +47,792 sqm | | --- | --- | | | • Total area utilized of 453,094 sqm, +11.8% y/y, and utilization rate of 73.8% | This presentation contains forward-looking statements within the meaning of Section ...

GDS (GDS) Q4 2024 Earnings Call March 19, 2025 08:00 AM ET Company Participants Laura Chen - Head-Investor RelationsWilliam Huang - Founder, Chairman & Chief Executive OfficerDaniel Newman - Chief Financial OfficerYang Liu - Executive DirectorFrank Louthan - Managing DirectorJonathan Atkin - Managing Director Conference Call Participants Xinyi Wang - Equity Research Analyst - Greater China Telecom & Data CenterTimothy Zhao - AnalystDaley Li - Vice President, Equity Research Analyst - China Software & Semis ...

Core Viewpoint - GDS Holdings Limited reported its financial results for the fourth quarter and full year of 2024, highlighting a strategic focus on backlog delivery and asset monetization, while also indicating a positive outlook for future business opportunities driven by AI [4][45]. Financial Highlights for Fourth Quarter 2024 - Net revenue for Q4 2024 was RMB2,690.7 million (US$368.6 million), a 9.1% increase from RMB2,465.3 million in Q4 2023 [5][10]. - Cost of revenue increased by 3.9% year-over-year to RMB2,112.5 million (US$289.4 million) [6]. - Gross profit reached RMB578.1 million (US$79.2 million), marking a 33.5% increase from RMB432.9 million in the same period last year [6]. - Gross profit margin improved to 21.5% from 17.6% year-over-year [7]. - Adjusted Gross Profit (non-GAAP) was RMB1,396.7 million (US$191.3 million), an 11.8% increase from RMB1,249.3 million in Q4 2023 [8]. - Adjusted EBITDA (non-GAAP) rose by 13.9% year-over-year to RMB1,297.7 million (US$177.8 million) [10][16]. - Net loss from continuing operations was RMB173.4 million (US$23.8 million), significantly reduced from RMB3,074.6 million in Q4 2023 [10][15]. Financial Highlights for Full Year 2024 - Total net revenue for 2024 was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023 [10][18]. - Gross profit for the year was RMB2,222.6 million (US$304.5 million), a 13.9% increase from RMB1,951.2 million in 2023 [19]. - Adjusted EBITDA for 2024 was RMB4,876.4 million (US$668.1 million), a 3.0% increase from RMB4,733.0 million in 2023 [23]. - Net loss from continuing operations for the year was RMB770.9 million (US$105.6 million), down from RMB3,926.0 million in 2023 [22]. Operational Highlights - Total area committed and pre-committed increased by 1.8% year-over-year to 629,997 sqm as of December 31, 2024 [10][36]. - Area utilized increased by 11.8% year-over-year to 453,094 sqm [10][40]. - The utilization rate for area in service was 73.8% as of December 31, 2024, slightly down from 73.9% in the previous year [10][41]. Recent Developments - The company completed a Series B equity raise for DayOne Data Centers Limited, resulting in a dilution of GDS's equity interest from 52.7% to 35.6% [2]. - GDS announced a significant transaction to monetize a 70% equity interest in certain data centers, with an implied enterprise value to EBITDA multiple of around 13 times [44]. Business Outlook - For 2025, GDS expects total revenues to be between RMB11,290 million to RMB11,590 million, indicating a year-on-year increase of approximately 9.4% to 12.3% [45]. - Adjusted EBITDA is projected to be between RMB5,190 million to RMB5,390 million, reflecting a year-on-year increase of approximately 6.4% to 10.5% [45].