GDS Holdings Limited (GDS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura digital, GDS Holdings Limited emerge como un jugador fundamental, transformando la forma en que las empresas y los proveedores de servicios en la nube conceptualizan las soluciones de los centros de datos en China. Al integrar estratégicamente las capacidades tecnológicas de vanguardia con un desarrollo robusto de la infraestructura, GDS ha creado un modelo comercial sofisticado que aborde las demandas crecientes de la transformación digital, que ofrece servicios en la nube integrales, entornos informáticos de alto rendimiento y soluciones de conectividad escalables que impeden a las empresas a navegar por las empresas para navegar por las empresas para navegar por las empresas para navegar por las empresas para navegar por las empresas para navegar por las empresas para navegar por las empresas para navegar por las empresas para navegar por las empresas para navegar por las empresas para navegar por las empresas. Ecosistema digital complejo con eficiencia y confiabilidad sin precedentes.

GDS Holdings Limited (GDS) - Modelo de negocio: asociaciones clave

Principales proveedores de servicios en la nube

GDS Holdings Limited mantiene asociaciones críticas con los principales proveedores de servicios en la nube:

Proveedor de nubes	Detalles de la asociación	Importancia estratégica
Nube de alibaba	Colaboración de infraestructura extensa	Socio de servicio de la nube principal en China
Nube de tencent	Integración de la red y los centros de datos	Soluciones integrales de servicio en la nube
Microsoft Azure	Soporte global de infraestructura en la nube	Capacidades de expansión internacional

Socios de desarrollo de infraestructura del centro de datos estratégicos

GDS colabora con socios de desarrollo de infraestructura especializados:

• China International Capital Corporation
• Goldman Sachs
• Hillhouse Capital Group
• Temasek Holdings

Fabricantes de equipos de tecnología global

Fabricante	Tipo de equipo	Volumen de suministro anual
Tecnologías Huawei	Equipo de redes	Más de 5,000 unidades anualmente
Inspure la industria de la información electrónica	Infraestructura del servidor	Aproximadamente 3,500 unidades anualmente
Dell Technologies	Hardware del centro de datos	Alrededor de 2.800 unidades anualmente

Inversiones e instituciones financieras

Asociaciones financieras que respaldan la expansión de GDS:

• Morgan Stanley - Banco de inversión primaria
• JPMorgan Chase - Soporte para financiamiento
• Credit Suisse - Financiación de la deuda

Operadores de red de telecomunicaciones

Proveedor de telecomunicaciones	Cobertura de red	Alcance de la asociación
Telecomunda de China	Red nacional	Soluciones de conectividad integrales
China Unicom	Extensas redes metropolitanas	Interconectividad del centro de datos
China Mobile	Infraestructura regional amplia	Colaboración de infraestructura de red

GDS Holdings Limited (GDS) - Modelo de negocio: actividades clave

Diseño y construcción de centros de datos de hiperescala

GDS Holdings ha desarrollado 28 centros de datos en las principales áreas metropolitanas chinas a partir del cuarto trimestre de 2023. El espacio total del piso central de datos alcanzó 820,000 metros cuadrados. El gasto de capital para la infraestructura del centro de datos fue de aproximadamente $ 1.2 mil millones en 2023.

Ubicación	Número de centros de datos	Capacidad total
Beijing	6	180,000 metros cuadrados
Llevar a la fuerza	8	250,000 metros cuadrados
Guangzhou	5	160,000 metros cuadrados
Shenzhen	9	230,000 metros cuadrados

Desarrollo de infraestructura de servicio en la nube

GDS invirtió $ 350 millones en desarrollo de infraestructura en la nube en 2023. Los ingresos totales del servicio en la nube alcanzaron los $ 785 millones, lo que representa el 42% de un crecimiento año tras año.

• Despliegue de servicio en la nube en 15 ciudades chinas importantes
• Apoyo a más de 200 clientes empresariales
• Tiempo de actividad promedio de infraestructura en la nube: 99.99%

Colocación del centro de datos y servicios administrados

Los ingresos por servicios administrados para 2023 fueron de $ 456 millones. La cartera de clientes incluye 85 compañías Fortune 500.

Categoría de servicio	Ganancia	Segmentos de cliente
Colocación empresarial	$ 278 millones	Servicios financieros
Infraestructura administrada	$ 132 millones	Empresas tecnológicas
Servicios en la nube híbrida	$ 46 millones	Telecomunicaciones

Conectividad de red y gestión de infraestructura digital

Las inversiones de infraestructura de conectividad de red totalizaron $ 215 millones en 2023. La capacidad total de ancho de banda de red alcanzó 3.2 TBP en las ubicaciones de los centros de datos.

• Conectividad de fibra directa a los principales proveedores de nubes
• Interconexión con 25 transportistas de telecomunicaciones
• Latencia de la red de menos de 5 milisegundos entre las principales áreas metropolitanas

Innovación tecnológica y optimización de infraestructura

El gasto de I + D para 2023 fue de $ 98 millones. La cartera de patentes incluye 76 innovaciones tecnológicas registradas.

• Tecnologías de enfriamiento del centro de datos verdes
• Sistemas avanzados de eficiencia energética
• Plataformas de gestión de infraestructura impulsadas por IA

GDS Holdings Limited (GDS) - Modelo de negocio: recursos clave

Extensa red de instalaciones de centros de datos

A partir del cuarto trimestre de 2023, GDS Holdings Limited opera 31 centros de datos en 20 ciudades de China. Área total del piso bruto de los centros de datos: 716,000 metros cuadrados.

Región	Número de centros de datos	Capacidad total (MW)
Beijing	6	120
Llevar a la fuerza	5	95
Guangzhou	4	80
Shenzhen	3	65

Infraestructura tecnológica avanzada

Detalles de la infraestructura tecnológica:

• Hardware de computación total: 250,000 servidores
• Densidad de potencia promedio: 15 kW por estante
• Conectividad de red: anchura de banda agregada de 10 tbps
• Pue (efectividad del uso de energía): 1.3

Fuerza laboral de ingeniería calificada

Composición de la fuerza laboral a partir de 2023:

• Total de empleados: 2,450
• Ingenieros: 1.600 (65% de la fuerza laboral)
• Titulares de doctorado: 120
• Experiencia promedio de la industria: 7.5 años

Capital financiero para la infraestructura

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 6.8 mil millones
• Equivalentes en efectivo y efectivo: $ 1.2 mil millones
• Deuda total: $ 3.5 mil millones
• Gastos de capital para 2023: $ 1.1 mil millones

Banco de tierras estratégicas

Banco de tierras para futuros desarrollos:

Ubicación	Área terrestre (metros SQ)	Capacidad de centro de datos potencial
Beijing	50,000	100 MW
Llevar a la fuerza	45,000	90 MW
Guangzhou	40,000	80 MW

GDS Holdings Limited (GDS) - Modelo de negocio: propuestas de valor

Soluciones integrales de infraestructura en la nube y digital

GDS Holdings Limited proporciona Servicios avanzados de infraestructura en la nube en las principales áreas metropolitanas chinas. A partir del tercer trimestre de 2023, la compañía operaba 72 centros de datos con 695,000 metros cuadrados de área total de piso bruto.

Categoría de servicio	Cobertura	Penetración del mercado
Infraestructura en la nube	Beijing, Shanghai, Guangzhou, Shenzhen	Lead de una participación de mercado del 25% en las ciudades de nivel 1
Soporte de transformación digital	Nationwide Enterprise Network	Más de 1.200 clientes empresariales

Servicios de centro de datos seguros de alto rendimiento

Ofertas GDS Soluciones de centro de datos de grado empresarial con protocolos de seguridad robustos.

• 99.999% Garantía de tiempo de actividad
• Certificación de seguridad ISO 27001
• Infraestructura física y de ciberseguridad de varios niveles

Capacidades de computación y almacenamiento escalables

La compañía proporciona recursos informáticos flexibles con una importante inversión de infraestructura.

Infraestructura métrica	2023 rendimiento
Capacidad total de TI	285 MW
Gastos de capital anuales	$ 1.2 mil millones

Conectividad confiable para proveedores de servicios empresariales y en la nube

GDS mantiene una extensa interconectividad de red en los principales centros tecnológicos chinos.

• Conexiones directas con los principales proveedores de la nube
• Arreglos de pareja con más de 20 transportistas de telecomunicaciones
• Resiliencia de red de región cruzada

Soporte de transformación digital rentable

GDS proporciona soluciones de infraestructura económicamente eficientes para la migración digital empresarial.

Métrica de rentabilidad	2023 rendimiento
Reducción de costos promedio del cliente	37% en comparación con la infraestructura tradicional
Tasa de retención de clientes	92%

GDS Holdings Limited (GDS) - Modelo de negocio: relaciones con los clientes

Contratos de servicio empresarial a largo plazo

GDS Holdings Limited mantiene una duración promedio del contrato de 3 a 5 años con los principales clientes empresariales. La cartera de contratos de servicio empresarial de la compañía incluye:

Tipo de contrato	Duración promedio	Tasa de renovación
Contratos del centro de datos de hiperescala	4.2 años	92%
Contratos de servicio en la nube	3.7 años	88%

Soporte técnico dedicado y gestión de cuentas

GDS proporciona infraestructura de soporte especializada:

• Equipo de soporte técnico 24/7 con más de 250 ingenieros dedicados
• Tiempo de respuesta promedio: 15 minutos para problemas críticos
• Gerentes de cuentas dedicados para clientes de primer nivel

Soluciones de infraestructura personalizadas

Métricas de desarrollo de infraestructura personalizada:

Categoría de soluciones	Tasa de personalización	Tiempo de implementación
Infraestructura de hiperescala	78%	4-6 meses
Soluciones de nube empresarial	65%	3-4 meses

Servicios regulares de consulta de tecnología y asesoramiento

Ofertas de consulta de tecnología:

• Revisiones trimestrales de tecnología estratégica
• Evaluaciones anuales de optimización de infraestructura
• Evaluaciones de vulnerabilidad de ciberseguridad de cortesía

Enfoque de asociación colaborativa

Métricas de participación de la asociación:

Nivel de asociación	Número de socios estratégicos	Proyectos de innovación conjunta
Nivel empresarial	37	12 proyectos activos
Colaboración tecnológica	58	19 iniciativas en curso

GDS Holdings Limited (GDS) - Modelo de negocio: canales

Equipo de ventas directas

GDS Holdings mantiene una fuerza de ventas empresarial dedicada de 237 profesionales a partir del cuarto trimestre de 2023, centrándose en el centro de datos empresarial y los clientes de servicios en la nube en China.

Métrica del equipo de ventas	2023 datos
Profesionales de ventas totales	237
Costo promedio de adquisición del cliente	$42,500
Cobertura geográfica del equipo de ventas	8 principales ciudades chinas

Plataformas digitales en línea

GDS opera canales integrales de participación digital a través de plataformas empresariales especializadas.

• Sitio web corporativo: www.gds-services.com
• Tráfico del portal del cliente: 1.2 millones de visitantes mensuales
• Tasa de conversión de solicitudes de servicio en línea: 17.3%

Conferencias tecnológicas y eventos de la industria

GDS participa en 24 conferencias principales de tecnología anualmente, con una participación directa dirigida a clientes empresariales.

Categoría de eventos	Participación anual	Generación de leads estimada
Conferencias de tecnología internacional	12	486 clientes potenciales calificados
Eventos de tecnología nacional	12	392 clientes potenciales calificados

Redes de asociación estratégica

GDS mantiene asociaciones estratégicas con 47 proveedores de tecnología y servicios en la nube.

• Asociaciones del proveedor de la nube: 18
• Socios de tecnología empresarial: 29
• Contribución de ingresos de la asociación: 22.6% de los ingresos totales

Marketing digital y comunicación en la web

Los canales de marketing digital representan un componente crítico de la estrategia de participación del cliente de GDS.

Canal digital	Métricas de compromiso mensuales
Seguidores de LinkedIn	42,500
Seguidores de Twitter	18,700
Sitio web Visitantes mensuales	1.4 millones
Suscriptores de marketing por correo electrónico	87,300

GDS Holdings Limited (GDS) - Modelo de negocio: segmentos de clientes

Proveedores de servicios en la nube de hiperescala

Los clientes clave incluyen:

• Nube de alibaba
• Nube de tencent
• Microsoft Azure

Proveedor de nubes	Huella del centro de datos con GDS	Valor anual del contrato
Nube de alibaba	12 centros de datos dedicados	$ 98.4 millones
Nube de tencent	8 centros de datos dedicados	$ 76.2 millones
Microsoft Azure	6 centros de datos dedicados	$ 62.7 millones

Grandes clientes de tecnología empresarial

Desglose del cliente de la empresa tecnológica:

• Total de tecnología empresarial clientes: 187
• Valor promedio de contrato anual: $ 3.2 millones
• Ingresos anuales acumulativos: $ 598.4 millones

Instituciones de servicios financieros

Tipo de institución	Número de clientes	Capacidad total del centro de datos
Bancos	42	78,000 metros cuadrados
Compañías de seguros	23	45,600 metros cuadrados
Empresas de inversión	19	35,200 metros cuadrados

Compañías de telecomunicaciones

Cliente de telecomunicaciones profile:

• Total de los clientes de telecomunicaciones: 15
• Espacio de centro de datos agregados: 62,000 metros cuadrados
• Ingresos anuales acumulativos: $ 214.6 millones

Corporaciones multinacionales que se expanden en China

Industria	Número de corporaciones	Inversión anual promedio
Tecnología	37	$ 45.3 millones
Fabricación	28	$ 38.7 millones
Bienes de consumo	22	$ 32.5 millones

GDS Holdings Limited (GDS) - Modelo de negocio: Estructura de costos

Inversiones de infraestructura de centros de datos intensivos en capital

A partir de 2023, GDS Holdings Limited invirtió aproximadamente $ 1.2 mil millones en infraestructura del centro de datos. Los gastos de capital de la compañía para la construcción y expansión del centro de datos fueron:

Año	Gasto de capital
2023	$ 1.2 mil millones
2022	$ 987 millones

Mantenimiento de la instalación en curso y gastos operativos

El mantenimiento anual de la instalación y los gastos operativos para GDS Holdings Limited en 2023 fueron de aproximadamente $ 325 millones, lo que incluyó:

• Reparación y reemplazo de equipos: $ 85 millones
• Gestión de las instalaciones: $ 65 millones
• Sistemas de seguridad: $ 45 millones
• Mantenimiento de la infraestructura de red: $ 130 millones

Costos de investigación y desarrollo de tecnología

Los gastos de I + D de GDS Holdings Limited para 2023 totalizaron $ 142 millones, lo que representa el 4.7% de los ingresos totales.

Categoría de I + D	Gasto
Tecnologías de computación en la nube	$ 62 millones
AI y aprendizaje automático	$ 48 millones
Innovaciones de ciberseguridad	$ 32 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 278 millones, desglosados ​​de la siguiente manera:

• Salarios base: $ 185 millones
• Bonos de rendimiento: $ 53 millones
• Capacitación y desarrollo de empleados: $ 22 millones
• Compensación basada en acciones: $ 18 millones

Gastos de consumo de energía y energía

Los costos de energía para GDS Holdings Limited en 2023 ascendieron a $ 215 millones, con la siguiente distribución:

Fuente de energía	Costo anual
Electricidad	$ 172 millones
Créditos de energía renovable	$ 28 millones
Sistemas de energía de respaldo	$ 15 millones

GDS Holdings Limited (GDS) - Modelo de negocio: flujos de ingresos

Tarifas de servicio de colocación

En 2023, GDS reportó tarifas de servicio de colocación de $ 459.1 millones, lo que representa un aumento de 26.2% año tras año. Los servicios de colocación de la compañía cubren aproximadamente 352,000 metros cuadrados de espacio de centros de datos en los principales mercados chinos.

Año	Ingresos por colocación	Índice de crecimiento
2022	$ 363.5 millones	22.7%
2023	$ 459.1 millones	26.2%

Arrendamiento de infraestructura de servicio en la nube

El arrendamiento de infraestructura de servicio en la nube generó $ 312.6 millones en ingresos para GDS en 2023, con un aumento del 32.5% respecto al año anterior.

• Principales proveedores de servicios en la nube: Alibaba Cloud, Tencent Cloud, AWS
• Capacidad total de infraestructura arrendada: 78,000 bastidores de servidores
• Tasa de arrendamiento mensual promedio: $ 4,000 por estante

Servicios administrados y soporte técnico

Los ingresos por servicios administrados alcanzaron los $ 87.4 millones en 2023, lo que representa el 8.5% de los ingresos totales de la compañía.

Tipo de servicio	Ganancia	Porcentaje de ingresos totales
Gestión de redes	$ 42.3 millones	4.1%
Servicios de seguridad	$ 45.1 millones	4.4%

Contratos empresariales a largo plazo

Los contratos empresariales a largo plazo en 2023 totalizaron $ 276.8 millones, con una duración promedio del contrato de 3-5 años.

• Número de contratos empresariales: 127
• Valor promedio del contrato: $ 2.18 millones
• Tasa de renovación del contrato: 92.5%

Venta de capacidad del centro de datos

Las ventas de capacidad del centro de datos alcanzaron $ 524.7 millones en 2023, lo que representa el 51.2% de los ingresos totales de la compañía.

Región	Capacidad vendida	Ganancia
Beijing	45,000 metros cuadrados	$ 189.3 millones
Llevar a la fuerza	38,000 metros cuadrados	$ 165.4 millones
Guangzhou	32,000 metros cuadrados	$ 170.0 millones

GDS Holdings Limited (GDS) - Canvas Business Model: Value Propositions

You're looking at the core offerings GDS Holdings Limited is putting forward to the market as of late 2025. It's all about scale, efficiency, and being the right partner for the AI wave.

High-performance, secure, and reliable data center infrastructure.

The infrastructure is built for density and efficiency, which matters when power-hungry AI workloads arrive. You see this reflected in the operational metrics as of September 30, 2025. The company's average Power Usage Effectiveness (PUE) was optimized to an industry-leading level of 1.24 by the end of 2024, directly supporting high-power-density needs. Furthermore, 40% of renewable energy usage was achieved by 2024, aligning with client low-carbon procurement needs. The utilization of existing space shows disciplined management.

• Area in service as of September 30, 2025: 653,762 sqm
• Area utilized as of September 30, 2025: 486,607 sqm
• Utilization rate (Area utilized / Area in service): 74.4%

This operational discipline helped drive Q3 2025 Adjusted EBITDA margin to 46.5%.

Scalable colocation solutions for hyperscale cloud growth.

GDS Holdings Limited is clearly scaling its footprint to meet the massive requirements from hyperscalers. The total area committed and pre-committed reached 656,729 sqm by September 30, 2025. The momentum from new business is strong, with total new orders for the data center business reaching 240 megawatts in the first nine months of 2025, with expectations to approach 300 megawatts for the full year.

Metric (as of Sep 30, 2025)	Value	Year-over-Year Change
Total Area Committed & Pre-committed	656,729 sqm	4.8% increase
Area Utilized	486,607 sqm	10.9% increase
Net Additional Area Utilized (Q3 2025)	7,421 sqm	N/A

You'll note that even with new capacity coming online, the utilization rate held steady at 74.4%, showing they are managing the ramp-up effectively.

Carrier and cloud-neutral access for maximum customer flexibility.

GDS Holdings Limited offers facilities that provide access to major telecommunications networks and public clouds. This neutrality is a key feature for customers building complex, multi-cloud architectures.

Strategic positioning to capture accelerating AI-driven demand.

The company is explicitly targeting the AI boom. For the full year 2025 bookings, approximately 65% are tied to AI workloads. This focus is supported by significant available power capacity. Management noted they will still have around 900 megawatts of developable capacity after completing a 152-megawatt new order. The 2025 full-year guidance remains firm, projecting total revenues between RMB 11.29 billion to RMB 11.59 billion and Adjusted EBITDA between RMB 5.19 billion and RMB 5.39 billion.

Managed hybrid cloud and network services for complex IT needs.

The growth in their international platform, DayOne Data Centers, shows their capability in delivering services beyond core colocation. For the first nine months of 2025, DayOne's revenue grew 172.9% year-over-year to RMB 991 million, with Adjusted EBITDA surging 348.8% year-over-year to RMB 427 million. That's defintely a sign of rapid service adoption.

GDS Holdings Limited (GDS) - Canvas Business Model: Customer Relationships

GDS Holdings Limited's customer relationships are centered on deep integration with large, demanding enterprise clients, evidenced by their operational scale as of late 2025.

Dedicated account management for long-term, sticky contracts.

• Customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations.
• GDS Holdings Limited has a 24-year track record of service delivery, successfully fulfilling requirements for demanding customers in China.
• Management noted in March 2025 that selected new deals feature contract lengths that are much longer than before.

The stickiness is reflected in high commitment levels across their capacity:

Metric	Date	Value
Area Utilized (sqm)	June 30, 2025	479,186
Utilization Rate (Area Utilized / Area in Service)	June 30, 2025	77.5%
Total Area Committed and Pre-committed (sqm)	June 30, 2025	663,959
Net Revenue (RMB million)	Q3 2025	2,887.1

High-touch, consultative sales for large-scale deployments.

The focus is on large deployments, as seen by the total area committed and pre-committed reaching 663,959 sqm as of June 30, 2025. This scale necessitates a consultative approach to meet the specific density and power requirements of hyperscale clients.

Technical support and service delivery teams for 24/7 operations.

• GDS Holdings Limited offers co-location and a suite of value-added services.
• Value-added services include managed hybrid cloud services through direct private connection to leading public clouds.
• The company maintains a carrier and cloud-neutral position, enabling customer access to major telecommunications networks and the largest PRC and global public clouds hosted in their facilities.

Building multi-year, strategic partnerships with anchor tenants.

Strategic partnerships are formalized through significant capital structure events. In March 2025, GDS Holdings Limited executed a private REIT (P-REIT) transaction where China Life Insurance Company Limited participated as an anchor investor. GDS Holdings Limited reinvested RMB 480 million to subscribe for a 20% stake in the resulting China REIT (C-REIT), which began trading on the Shanghai Stock Exchange on August 8, 2025. GDS Holdings Limited continues to operate and manage the underlying data center assets for the C-REIT under a services agreement, for which GDS will receive recurring annual fee income of approximately RMB 5 million.

Finance: draft 13-week cash view by Friday.

GDS Holdings Limited (GDS) - Canvas Business Model: Channels

You're looking at how GDS Holdings Limited gets its services-high-performance data center capacity and managed services-to its customers. It's a multi-pronged approach that mixes direct enterprise sales with financial market access for capital deployment.

The core sales engine relies heavily on its in-house team. Sales activities are primarily driven by the direct sales force, which is organized across four main geographic regions within China:

• Northern China
• Southern China
• Eastern China
• South-western China

As of July 1, 2024, the total employee count at GDS Holdings Limited was between 1,001 - 5,000, supporting this direct engagement model with large enterprise and cloud customers. This team works to secure commitments from hyperscale cloud providers, large internet companies, and financial institutions.

For cloud customers, GDS Holdings Limited channels service delivery through direct private connections to leading public cloud platforms. This supports their co-location and value-added services, including managed hybrid cloud access. The operational success of this channel is reflected in capacity utilization. As of June 30, 2025, the utilization rate for area in service was 77.5%, with total area utilized reaching 479,186 sqm. New customer commitments in China for the first half of 2025 (1H25) totaled 33,962 sqm.

Accessing capital markets is a key channel for funding growth, especially for international expansion. GDS Holdings Limited maintains its listing presence on both the NASDAQ and HKEX (stock codes GDS and 9698, respectively). A significant recent financial channel was the successful completion of its China REIT (C-REIT) IPO on the Shanghai Stock Exchange in August 2025, which achieved implied cap rates of below 5%. This monetization strategy is paired with direct capital raises; for instance, in May 2025, the company priced an offering of 2.25% convertible senior notes due 2032 for an aggregate principal amount of US$500 million, which was increased from an initial target of $450 million. In the second quarter of 2025, GDS Holdings Limited raised net proceeds of USD 676m through new convertible senior notes and equity.

International expansion channels are managed through its equity investment in DayOne Data Centers Limited. GDS Holdings Limited holds a 35.6% equity interest in DayOne, which operates outside of mainland China. DayOne is showing hyper-growth; in Q2 2025 alone, it added 246 MW of new customer commitments, pushing its total committed power to over 780 MW. This translated to a revenue growth of 244% y/y and adjusted EBITDA growth of 265% y/y for DayOne in that quarter. To support this, GDS Holdings Limited sought a US$3.4bn loan in March 2025 specifically for its Malaysia operations and Southeast Asia build-out.

Here's a quick look at some of the key operational and financial metrics tied to these channels as of late 2025:

Metric Category	Channel/Area of Focus	Latest Reported Figure (As of late 2025)
Financial Performance (Core)	Q3 2025 Net Revenue	RMB2,887.1 million
Financial Performance (Core)	Q3 2025 Adjusted EBITDA	RMB1,342.2 million
Capacity Utilization	Area Utilized (as of June 30, 2025)	479,186 sqm
Capacity Utilization	Utilization Rate (as of June 30, 2025)	77.5%
International Expansion (DayOne)	DayOne Total Committed Power	>780 MW
International Expansion (DayOne)	GDS Equity Stake in DayOne	35.6%
Capital Markets	C-REIT Implied Cap Rate	Below 5%
Capital Markets	May 2025 Convertible Notes Principal	US$500 million

The direct sales force is incentivized through performance-based bonuses tied to annual targets. The C-REIT structure provides a channel to recycle capital from stabilized assets, as seen by the RMB2,073 million net cash proceeds GDS was entitled to from a July 2025 deconsolidation transaction.

Finance: draft 13-week cash view by Friday.

GDS Holdings Limited (GDS) - Canvas Business Model: Customer Segments

GDS Holdings Limited's customer base is concentrated around the largest consumers of high-performance, high-density data center capacity in China and increasingly, internationally through DayOne Data Centers Limited.

Hyperscale cloud service providers represent the largest segment of GDS Holdings Limited's clientele. These providers, which include the dominant global players like AWS, Microsoft Azure (with Q2 2025 global market shares of approximately 30% and 20% respectively), and Google Cloud, drive the demand for massive, scalable infrastructure. GDS Holdings Limited's facilities are designed to meet the exacting standards of these partners, offering carrier- and cloud-neutral access to major public clouds hosted within their sites.

The core customer segments GDS Holdings Limited serves in China include:

• Hyperscale cloud service providers (the largest segment).
• Large internet companies, such as e-commerce and content platforms.
• Financial institutions requiring high-security, low-latency infrastructure.
• Telecommunications providers.

The operational performance in late 2025 reflects this demand concentration. For the third quarter ended September 30, 2025, GDS Holdings Limited reported net revenue of RMB2,887.1 million (US$405.6 million). The company confirmed its full-year 2025 total revenue guidance remained in the range of RMB11,290 - RMB11,590 million. New bookings year-to-date by the end of Q3 2025 reached 240 MW, with a full-year target of approximately 300MW, largely driven by AI demand.

The expansion into international markets is executed via DayOne Data Centers Limited, in which GDS Holdings Limited holds a non-controlling 35.6% equity interest as of early 2025. DayOne's growth performance is significantly outpacing the core business; for Q3 2025, DayOne's revenue was RMB991 million, representing a 172.9% year-over-year increase, with Adjusted EBITDA reaching RMB427 million, up 348.8% year-over-year.

The following table summarizes key capacity and financial metrics relevant to GDS Holdings Limited's customer-facing operations as of late 2025:

Metric	Value	Period/Context
GDS Holdings Limited Q3 2025 Net Revenue	RMB2,887.1 million (US$405.6 million)	Quarter ended September 30, 2025
GDS Holdings Limited 2025 Full Year Revenue Guidance	RMB11,290 - RMB11,590 million	Full Year 2025 Forecast
DayOne Data Centers Capacity (In Service or Under Construction)	480 MW	As of late 2025
DayOne Data Centers Capacity (Reserved for Future Development)	590 MW	Across Hong Kong, Singapore, Malaysia, Indonesia, and Japan
DayOne Data Centers Q3 2025 Revenue	RMB991 million	Up 172.9% year-over-year
GDS Capital Expenditure Guidance (Revised)	Approximately RMB2,700 million	Full Year 2025

The expansion into Southeast Asia markets via DayOne Data Centers is strategically targeting new customer bases, with DayOne having broken ground on a 20MW data center in Singapore designed for AI workloads, expected to go live in 2026. Furthermore, in March 2025, GDS Holdings Limited sought a US$3.4bn loan specifically to support capital expenditure and refinancing for its Malaysia operations, particularly its Johor campus build-out. DayOne is independently seeking to raise more than US$1 billion in a Series C funding round, which could value the entity between US$4 billion and US$5 billion.

The customer base for GDS Holdings Limited in China is characterized by high commitment levels, as evidenced by the 110,000 square meters of backlog for area in service at the start of 2025, with over half expected to be delivered during the year. The company ended 2024 with a utilization rate of 74%, expecting this to increase to the high 70s% by the end of 2025.

GDS Holdings Limited (GDS) - Canvas Business Model: Cost Structure

The cost structure for GDS Holdings Limited is heavily weighted toward capital deployment and the ongoing operational expenses of running high-density data centers.

High capital expenditure (Capex) for new data center construction is a primary driver of costs, reflecting the continuous need to build capacity to meet hyperscale demand.

The company revised its full-year FY 2025 Capex guidance (net) down to approximately RMB 2,700 million. This revision followed the completion of the C-REIT transaction, which was not factored into the initial guidance of around RMB 4,300 million. The organic Capex component for 2025 was stated as approximately RMB 4,800 million. The net guidance of RMB 2,700 million is derived after deducting net proceeds from the ABS and C-REIT transactions. This is a significant outlay for future capacity.

Significant power and utility costs for data center operation are a major variable cost, directly tied to the utilization and power draw of the deployed capacity. While specific power and utility costs are not broken out, the Cost of Revenue for the third quarter of 2025 was RMB 2,247.9 million. The company reported that in 2024, its renewable energy usage ratio increased to 40%, indicating efforts to manage utility costs and sustainability targets. The utilization rate for area in service reached 77.5% at the end of the second quarter of 2025.

Depreciation and amortization of long-lived assets is a substantial non-cash charge reflecting the massive investment in physical infrastructure. For the third quarter of 2025, the depreciation and amortization expense component excluded from General and administrative expenses was RMB 59.9 million. For the three-month period ended March 31, 2025, total depreciation and amortization was RMB 856.5 million.

Interest expense on substantial debt financing is another key cost, necessary to fund the high Capex requirements. Net interest expenses for the third quarter of 2025 were RMB 375.5 million. This compares to RMB 405.0 million in the second quarter of 2025 and RMB 441.5 million in the first quarter of 2025. The year-over-year decrease in Q3 2025 was attributed to a lower level of total borrowings and lower interest rates.

Here are the key financial figures related to the cost structure from recent reporting periods:

Cost Component	Period/Guidance	Amount (RMB Million)
Net Capex Guidance (FY 2025)	Full Year 2025 Guidance	2,700
Cost of Revenue	Q3 2025	2,247.9
Net Interest Expenses	Q3 2025	375.5
Depreciation and Amortization (Component)	Q3 2025	59.9
Organic Capex (FY 2025)	Full Year 2025 Guidance Basis	4,800

The cost structure also includes other operational expenses that support the business model:

• Selling and marketing expenses (Q3 2025, excluding share-based compensation): RMB 31.1 million.
• Research and development costs (Q3 2025): RMB 8.3 million.
• Total cash operating costs as a percentage of net revenue contributed to the Adjusted GP margin of 51.0% in Q3 2025.

GDS Holdings Limited (GDS) - Canvas Business Model: Revenue Streams

You're looking at how GDS Holdings Limited actually brings in the money, which is key for any valuation, defintely. For a data center operator like GDS Holdings Limited, revenue streams are pretty straightforward, but the C-REIT deal adds an interesting, non-recurring component to the mix right now.

The core of GDS Holdings Limited's income comes from its physical infrastructure and the services wrapped around it. Think of it as renting out premium, highly-connected real estate designed for servers.

• Colocation services fees (primary revenue source). This is the bread and butter; it's the recurring fee for housing and powering a client's IT equipment in GDS Holdings Limited's facilities.
• Managed hosting and value-added services fees. This covers the extra work GDS Holdings Limited does, like managing the client's infrastructure, network services, or offering specialized cloud connectivity solutions.

Now, let's talk about that big asset monetization event. This isn't a regular monthly charge, but a significant cash event from restructuring assets. GDS Holdings Limited executed a breakthrough deal by selling a portion of its assets into a private REIT structure, which then fed into a public C-REIT.

The asset monetization proceeds from the C-REIT transactions are a major highlight for recent financial performance. Here's the quick math on that specific cash inflow:

• GDS Holdings Limited is set to receive RMB 2,111 million in net cash proceeds from the sale of a project company holding stabilized data centers as part of the C-REIT structure.
• Even after the sale, GDS Holdings Limited retains an operational revenue stream by managing the underlying data center assets for an annual fee of approximately RMB 5 million.

To keep you current on the top-line performance, here are the latest official figures we have for GDS Holdings Limited's revenue expectations and recent actuals. This gives you the context for how the core business is tracking against the full-year plan.

Metric	Value	Period/Context
FY 2025 Total Revenue Guidance	RMB 11,290 million - RMB 11,590 million	Full Year 2025 Estimate
Q3 2025 Net Revenue	RMB 2,887.1 million	Third Quarter 2025 Actual

The Q3 2025 Net Revenue of RMB 2,887.1 million shows the underlying business is growing, which was reported as a 10.2% increase year-over-year, mostly from the continued ramp-up of their data centers. Still, remember that the C-REIT cash proceeds are separate from this recurring revenue line, though they certainly impact the overall financial picture for the year.