GDS vs SOGP
GDS Holdings Ltd. and Sound Group Inc., side by side — 9 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | GDS | SOGP |
|---|---|---|
| Revenue | CNY 11.4B | CNY 3.1B |
| Net income | CNY 949.6M | CNY 220.6M |
| Gross margin | 22.6% | 29.2% |
| Net margin | 8.4% | 7.1% |
| Return on equity | 3.9% | 69.3% |
| Diluted EPS | CNY 0.55 | CNY 0.24 |
| Dividend / share | — | — |
| Payout ratio | — | — |
| Free cash flow | CNY -1.3B | CNY 276.6M |
| Equity | CNY 25.8B | CNY 401.1M |
| Net debt / equity | 0.45× | — |
| Current ratio | 2.60× | 1.94× |
| Revenue CAGR 5y | 14.8% | 15.6% |
| Profit CAGR 5y | — | — |
GDS bills 3.7× the revenue of SOGP, and keeps more of each dollar of revenue as profit (8.4% against 7.1%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
Revenue by year
9 years side by side
| Fiscal year | GDS | SOGP |
|---|---|---|
| FY2025 | CNY 11.4B | CNY 3.1B |
| FY2024 | CNY 10.3B | CNY 2.0B |
| FY2023 | CNY 9.8B | CNY 2.1B |
| FY2022 | CNY 9.3B | CNY 2.2B |
| FY2021 | CNY 7.8B | CNY 2.1B |
| FY2020 | CNY 5.7B | CNY 1.5B |
| FY2019 | CNY 4.1B | CNY 1.2B |
| FY2018 | CNY 2.8B | CNY 798.6M |
| FY2017 | CNY 1.6B | CNY 453.5M |
Net income by year
Bottom line
| Fiscal year | GDS | SOGP |
|---|---|---|
| FY2025 | CNY 949.6M | CNY 220.6M |
| FY2024 | CNY 3.4B | CNY -81.0M |
| FY2023 | CNY -4.3B | CNY -134.5M |
| FY2022 | CNY -1.3B | CNY 86.5M |
| FY2021 | CNY -1.2B | CNY -127.2M |
| FY2020 | CNY -666.4M | CNY -82.2M |
| FY2019 | CNY -442.1M | CNY -133.0M |
| FY2018 | CNY -430.3M | CNY -9.3M |
| FY2017 | CNY -326.9M | CNY -153.7M |
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