GDS Holdings releases Q4 2025 and full-year financial reports — full-year new usage area hits a record high, with ample national resource reserves

Wangsu Data Holdings Company Limited, a leading high-performance data center operator and service provider in China (hereinafter referred to as “GDS” or the “Company”) (NASDAQ ticker: GDS; Hong Kong Exchanges and Clearing ticker: 9698), today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter of 2025:

Net revenue was RMB 2.9217 billion (US$417.8 million), a year-over-year increase of 8.6%;

Adjusted EBITDA was RMB 1.3656 billion (US$195.3 million), a year-over-year increase of 5.2%;

Adjusted EBITDA margin was 46.7%.

Full Year of 2025:

Net revenue was RMB 11.4323 billion (US$1.6348 billion), a year-over-year increase of 10.8%;

Net profit was RMB 0.9594 billion (US$137.2 million);

Net profit margin was 8.4%;

Adjusted EBITDA was RMB 5.4035 billion (US$772.7 million), a year-over-year increase of 10.8%;

Adjusted EBITDA margin was 47.3%.

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Wangsu Data Chairman and Chief Executive Officer Wei Huang said, “We bring 2025 to a close with strong performance and have achieved solid results in both financial and operating areas, reflecting our steady execution and strategic focus. This year, we delivered the highest incremental signed and utilized area over the past five years.

We firmly believe that in the AI era, demand for data centers will accelerate further. As we step into 2026, we will continue to commit to achieving steady, sustainable growth, and we view AI as a transformative catalyst driving our long-term development.”

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01

AI demand fully emerges

Data centers see strong growth

In 2025, China’s AI industry entered a phase of large-scale development. As the supply of domestic high-performance chips improves steadily, data center demand has gained a key recovery impetus. The Company’s major customers are accelerating investment in hyperscale computing infrastructure to drive the deployment of AI applications. Amid this AI wave, data center demand is showing a strong growth trend in both mature markets and emerging hubs.

According to statistical data from the Ministry of Industry and Information Technology, as of 2025, China has built 42 intelligent computing clusters with 100,000-card capacity in terms of computing power infrastructure. The scale of intelligent computing power exceeds 1,590 EFLOPS, ranking among the top globally, providing strong support for the rapid development of China’s artificial intelligence industry.

According to IDC forecasts, from 2025 to 2028, China’s intelligent computing power will grow from 1,037.3 EFLOPS to 2,781.9 EFLOPS, with a high compound annual growth rate of 38.9%. By 2030, the figure will reach as high as 6,649 EFLOPS.

02

Nationwide resource reserves are sufficient

A two-track strategy: “mature markets + emerging hubs”

Wangsu Data has already formed a two-track strategy of “mature markets + emerging hubs” across the country, with sufficient resource reserves.

In mature markets with low latency, the Company has more than 750MW of available resources equipped with power supply in core cities and surrounding areas such as Beijing, Shanghai, Guangzhou, and Shenzhen.

With domestic chip supply becoming increasingly stable, the Company is rapidly locking in gigawatt-level power resources in emerging markets that can support large-scale deployments. It has already completed its layout at national hub nodes such as Hohhot-Linggel in Inner Mongolia, Zhongwei in Ningxia, and Shaoguan in Guangdong, and has secured more than 350MW of new orders and reserved demand in these regions.

03

Strong operating data performance

Record high for incremental signed and utilized area for the full year

In the fourth quarter of 2025, the total incremental utilized area of data centers was 23,073 square meters. For full year 2025, the total incremental utilized area exceeded 87,000 square meters, setting a new historical record.

As of the fourth quarter of 2025, the data center utilization rate was 75.5%.

In the fourth quarter of 2025, the total incremental signed area of data centers was 21,665 square meters. For full year 2025, the total incremental signed area exceeded 96,000 square meters (approximately over 300MW).

Currently, we stand at an important juncture in China’s AI development. As the core carrier of computing power infrastructure, data centers are entering development opportunities unprecedented in scale. Wangsu Data is fully prepared and will move forward in step with our customers, the industry, and China’s AI development, delivering sustainable, high-quality growth.