GDS reported capital expenditure of 4.69B CNY for fiscal 2025, +48.0% versus 3.17B CNY in fiscal 2024.
Capex equals 41% of fiscal-year revenue (11.43B CNY).
The highest single reported period was 9.70B CNY (period ending 2021-12-31).
The latest reported period, FY2025, shows 4.69B CNY; the dataset covers 18 reported periods (2014–2025), all from SEC XBRL filings.
Every capital-expenditure figure GDS has reported to the SEC, unedited. Capex is the XBRL concept PaymentsToAcquirePropertyPlantAndEquipment; a capex/revenue ratio above 100% means the company is investing more than it earns to secure capacity. Each row links to the filing it came from.
| Fiscal year | Capex | YoY |
|---|---|---|
| FY2025 | 4.69B CNY | +48% |
| FY2024 | 3.17B CNY | -47% |
| FY2023 | 6.02B CNY | -23% |
| FY2022 | 7.85B CNY | -19% |
| FY2021 | 9.70B CNY | +21% |
| FY2020 | 8.04B CNY | +76% |
| FY2019 | 4.56B CNY | +7% |
| FY2018 | 4.26B CNY | +148% |
| FY2017 | 1.72B CNY | +74% |
| FY2016 | 988M CNY | +35% |
| FY2015 | 733M CNY | +195% |
| FY2014 | 248M CNY | — |
| Period end | Period | Capex |
|---|---|---|
| 2025-12-31 | FY2025 FY | 4.69B CNY |
| 2024-12-31 | FY2024 FY | 3.17B CNY |
| 2023-12-31 | FY2023 FY | 6.02B CNY |
| 2022-12-31 | FY2022 FY | 7.85B CNY |
| 2021-12-31 | FY2021 FY | 9.70B CNY |
| 2020-12-31 | FY2020 FY | 8.04B CNY |
| 2020-06-30 | FY2020 6 mo. cumulative | 3.56B CNY |
| 2019-12-31 | FY2019 FY | 4.56B CNY |
| 2019-09-30 | FY2019 9 mo. cumulative | 2.43B CNY |
| 2019-06-30 | FY2019 6 mo. cumulative | 1.35B CNY |
| 2018-12-31 | FY2018 FY | 4.26B CNY |
| 2018-09-30 | FY2018 9 mo. cumulative | 2.61B CNY |
| 2017-12-31 | FY2017 FY | 1.72B CNY |
| 2017-09-30 | FY2017 9 mo. cumulative | 1.18B CNY |
| 2016-12-31 | FY2016 FY | 988M CNY |
| 2016-09-30 | FY2016 9 mo. cumulative | 704M CNY |
| 2015-12-31 | FY2015 FY | 733M CNY |
| 2014-12-31 | FY2014 FY | 248M CNY |
Source: SEC XBRL company-concept API, concept PaymentsToAcquirePropertyPlantAndEquipment, CIK 1526125. See Methodology.