GDS Holdings
ConvictionModerate
Build-own-lease colocation: develops data centers in Tier-1 China metros and leases capacity under long-term contracts (retail colocation + hyperscale wholesale) to Chinese cloud/internet giants; capital-intensive, debt-funded, with asset monetization (C-REIT, DayOne stake sales) as a deleveraging lever.
Revenue
FY2025 RMB11,432.3M~US$1.6B); Q1 2026 RMB3,367.1M (US$488.1MRev growth
FY2025 +10.8% YoYQ1 2026 +23.6% reported / +7.9% normalized ex one-time itemsGross margin
FY2025 22.6%Q1 2026 33.6% reported (23.9% ex one-time itemsOp margin
FY2025 near breakevenGAAP) — core continuing operations would be loss-making ex ~RMB3.08B one-time gains; Q1 2026 positive but one-time-aidedCapex intensity
High — FY2025 capex RMB4,610.6M~40% of revenue); FY2026 guided ~RMB9,000M on ~RMB12.6B revenue (~71%Market cap
~$5.9-6.0BNasdaq ADS, ~$29.83/ADS Jul 2 2026, ~$5.98B per Nasdaq; dual-listed HKEX 9698, ~HK$49.7B). Enterprise value ~$10B+ incl. net debtThe read
Where our coverage leans
Coverage leans bullish
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (FY2025 audited per 2025 Form 20-F + Q1 2026 reported, released May 2026; price/market cap ~Jul 2, 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence