VNET Group Inc (VNET)

Vnet Group revenue matches forecasts as quarterly EBITDA beats expectations (VNET)May 26, 2026 6:38 AM
IH Market News Vnet Group (NASDAQ:VNET) reported first-quarter net revenue of 2.69 billion yuan on Tuesday, representing a 20% increase from a year earlier and broadly matching analyst expectations of 2.66 billion yuan. EBITDA and gross profit post strong annual growth Adjusted EBITDA for the quarter rose 31% year-over-year to 891.5 million yuan, surpassing the analyst consensus estimate of 881 million yuan. Adjusted gross profit climbed 25% from the prior-year period to 1.21 billion yuan, reflecting continued operational growth. The company reported a quarterly loss of 8.16 yuan per American depositary receipt. Full-year guidance maintained in line with market expectations Vnet Group reiterated its full-year 2026 revenue guidance, forecasting net revenue between 11.5 billion yuan and 11.8 billion yuan. The projected range implies annual growth of between 15.6% and 18.6%, with the midpoint broadly consistent with analyst estimates of 11.71 billion yuan. The company also reaffirmed its 2026 adjusted EBITDA outlook of between 3.55 billion yuan and 3.75 billion yuan, representing expected growth of 19.2% to 25.9% compared with 2025. The midpoint of the EBITDA forecast is aligned with analyst expectations of 3.65 billion yuan. Capital spending expected to remain elevated Vnet Group said it expects full-year capital expenditure to range between 10 billion yuan and 12 billion yuan as the company continues investing in infrastructure and expansion initiatives. VNET Group stock price Original: Vnet Group revenue matches forecasts as quarterly EBITDA beats expectations (VNET)

VNET Reports Unaudited First Quarter 2026 Financial ResultsMay 26, 2026 4:30 AM
PR Newswire (US) BEIJING, May 26, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2026. "We delivered a strong first quarter through effective execution of our dual-core strategy and Hyperscale 2.0 framework," said Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET. "Our wholesale IDC business continued to thrive, securing a total of 517MW of new orders year-to-date 2026, including 510MW from a leading internet customer for our data centers in the Greater Beijing Area. As a pioneer in AIDC, we also advanced the development of high-performance, large-scale, green data center clusters, a segment where surging demand is increasingly constrained by limited resource availability. Moreover, we further strengthened our shareholder base by welcoming the affiliates of Contemporary Amperex Technology Co., Limited ("CATL") as strategic investors. At the same time, we would like to thank Shandong Hi-Speed Holdings Group Limited for their continued trust and support over the years. Looking ahead, our strategic alignment with CATL will unlock meaningful synergies across technology and supply chain, accelerating the development of next-generation AIDC. Going forward, our deep resource reserves in core regions, combined with rapid delivery capabilities and operational excellence, position us well to capture growing demand and reinforce our industry leadership."Peter Zhihua Zhang, Senior Vice President, Operational Finance of VNET, commented, "We sustained our high-quality development trajectory in the first quarter of 2026. Total net revenues increased by 19.8% year-over-year to RMB2.69 billion, driven by 58.1% year-over-year growth in wholesale revenues, while adjusted EBITDA increased by 30.6% year-over-year to RMB891.5 million. This quarter marks a new milestone for us, as wholesale revenues surpassed retail revenues for the first time. Additionally, we further advanced our asset monetization strategy with the successful listing of two REIT projects in March, establishing a scalable capital recycling model that supports efficient reinvestment into new project development and deepens our competitive positioning in this capital-intensive industry. Looking ahead, we remain focused on strengthening our core capabilities to capitalize on AI-driven opportunities, delivering sustainable growth and long-term value for all stakeholders."First Quarter 2026 Financial HighlightsTotal net revenues increased by 19.8% to RMB2.69 billion (US$390.1 million) from RMB2.25 billion in the same period of 2025.Net revenues from the IDC business[1] increased by 27.0% to RMB2.08 billion (US$302.2 million) from RMB1.64 billion in the same period of 2025.Net revenues from the wholesale IDC business ("wholesale revenues") increased by 58.1% to RMB1.06 billion (US$154.3 million) from RMB673.2 million in the same period of 2025.Net revenues from the retail IDC business ("retail revenues") increased by 5.4% to RMB1.02 billion (US$147.9 million) compared with RMB968.3 million in the same period of 2025.Net revenues from the non-IDC business[2] increased by 0.3% to RMB606.6 million (US$87.9 million) from RMB604.8 million in the same period of 2025.Adjusted cash gross profit (non-GAAP) increased by 25.1% to RMB1.21 billion (US$175.6 million) from RMB967.8 million in the same period of 2025. Adjusted cash gross margin (non-GAAP) was 45.0%, compared with 43.1% in the same period of 2025.Adjusted EBITDA (non-GAAP) increased by 30.6% to RMB891.5 million (US$129.2 million) from RMB682.4 million in the same period of 2025. Adjusted EBITDA margin (non-GAAP) was 33.1%, compared with 30.4% in the same period of 2025. [1] IDC business refers to managed hosting services, which consists of wholesale IDC business and retail IDC business. Such categorization is based on the nature and scale of our data center projects.[2] Non-IDC business consists of cloud services and VPN services.First Quarter 2026 Operational HighlightsWholesale IDC BusinessCapacity in service was 907MW as of March 31, 2026, compared with 889MW as of December 31, 2025, and 573MW as of March 31, 2025. Capacity under construction was 516MW as of March 31, 2026.Capacity utilized by customers reached 687MW as of March 31, 2026, compared with 623MW as of December 31, 2025, and 437MW as of March 31, 2025. The sequential increase of 64MW was mainly contributed by the N-OR Campus 02A and N-HB Campus 03 data centers.Utilization rate[3] of wholesale capacity was 75.7% as of March 31, 2026, compared with 70.1% as of December 31, 2025, and 76.2% as of March 31, 2025.Utilization rate of mature wholesale capacity[4] was 93.8% as of March 31, 2026, compared with 93.1% as of December 31, 2025, and 94.5% as of March 31, 2025.Utilization rate of ramp-up wholesale capacity[5] was 45.0% as of March 31, 2026, compared with 31.7% as of December 31, 2025, and 32.1% as of March 31, 2025.Total capacity committed[6] was 869MW as of March 31, 2026, compared with 848MW as of December 31, 2025, and 571MW as of March 31, 2025.Commitment rate[7] for capacity in service was 95.7% as of March 31, 2026, compared with 95.3% as of December 31, 2025, and 99.7% as of March 31, 2025.Retail IDC Business[8]Capacity in service was 50,170 cabinets as of March 31, 2026, compared with 49,863 cabinets as of December 31, 2025, and 51,960 cabinets as of March 31, 2025.Capacity utilized by customers was 32,165 cabinets as of March 31, 2026, compared with 31,906 cabinets as of December 31, 2025, and 33,093 cabinets as of March 31, 2025.Utilization rate of retail capacity was 64.1% as of March 31, 2026, compared with 64.0% as of December 31, 2025, and 63.7% as of March 31, 2025.Utilization rate of mature retail capacity[9] was 68.5% as of March 31, 2026, compared with 68.5% as of December 31, 2025, and 69.1% as of March 31, 2025.Utilization rate of ramp-up retail capacity[10] was 24.2% as of March 31, 2026, compared with 23.9% as of December 31, 2025, and 21.5% as of March 31, 2025.Monthly recurring revenue (MRR) per retail cabinet was RMB9,448 in the first quarter of 2026, compared with RMB9,420 in the fourth quarter of 2025 and RMB8,898 in the first quarter of 2025. [3] Utilization rate is calculated by dividing capacity utilized by customers by capacity in service.[4] Mature wholesale capacity refers to wholesale data centers with utilization rate at or above 80%.[5] Ramp-up wholesale capacity refers to wholesale data centers with utilization rate below 80%.[6] Total capacity committed represents capacity committed to customers under effective agreements.[7] Commitment rate is calculated by dividing total capacity committed by total capacity in service.[8] For the retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets include those with limited utilization, those scheduled for closure, or those planned for upgrades. As of March 31, 2025, December 31, 2025, and March 31, 2026, 3,766, 3,791 and 4,097 reserved cabinets, respectively, were excluded from retail IDC utilization rate calculations.[9] Mature retail capacity refers to retail data centers that came into service over 24 months ago.[10] Ramp-up retail capacity refers to retail data centers that entered service within the past 24 months, or mature retail data centers that underwent improvements within the past 24 months.First Quarter 2026 Financial ResultsTOTAL NET REVENUES: Total net revenues in the first quarter of 2026 were RMB2.69 billion (US$390.1 million), representing an increase of 19.8% from RMB2.25 billion in the same period of 2025. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.Net revenues from IDC business increased by 27.0% to RMB2.08 billion (US$302.2 million) from RMB1.64 billion in the same period of 2025. The year-over-year increase was mainly driven by an increase in wholesale revenues.Wholesale revenues increased by 58.1% to RMB1.06 billion (US$154.3 million) from RMB673.2 million in the same period of 2025.Retail revenues increased by 5.4% to RMB1.02 billion (US$147.9 million) from RMB968.3 million in the same period of 2025.Net revenues from non-IDC business increased by 0.3% to RMB606.6 million (US$87.9 million) from RMB604.8 million in the same period of 2025.GROSS PROFIT: Gross profit in the first quarter of 2026 was RMB615.9 million (US$89.3 million), representing an increase of 8.9% from RMB565.3 million in the same period of 2025. Gross margin in the first quarter of 2026 was 22.9%, compared with 25.2% in the same period of 2025.ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation and amortization and share-based compensation expenses from gross profit, increased by 25.1% to RMB1.21 billion (US$175.6 million) in the first quarter of 2026 from RMB967.8 million in the same period of 2025. Adjusted cash gross margin (non-GAAP) in the first quarter of 2026 was 45.0%, compared with 43.1% in the same period of 2025.OPERATING EXPENSES: Total operating expenses in the first quarter of 2026 were RMB368.9 million (US$53.5 million), compared with RMB316.8 million in the same period of 2025. Sales and marketing expenses were RMB53.7 million (US$7.8 million) in the first quarter of 2026, compared with RMB64.3 million in the same period of 2025.Research and development expenses were RMB74.4 million (US$10.8 million) in the first quarter of 2026, compared with RMB43.6 million in the same period of 2025.General and administrative expenses were RMB162.4 million (US$23.5 million) in the first quarter of 2026, compared with RMB179.8 million in the same period of 2025.ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB362.2 million (US$52.5 million) in the first quarter of 2026, compared with RMB310.5 million in the same period of 2025. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the first quarter of 2026 were 13.5%, compared with 13.8% in the same period of 2025.ADJUSTED EBITDA (non-GAAP), which exclude depreciation and amortization, and share-based compensation expenses from operating profit, was RMB891.5 million (US$129.2 million) in the first quarter of 2026, representing an increase of 30.6% from RMB682.4 million in the same period of 2025. Adjusted EBITDA margin (non-GAAP) in the first quarter of 2026 was 33.1%, compared with 30.4% in the same period of 2025.NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the first quarter of 2026 was RMB531.8 million (US$77.1 million), compared with RMB237.6 million in the same period of 2025, primarily attributable to RMB486.2 million capital transactions-related income tax expenses incurred in the first quarter of 2026.LOSS PER SHARE: Basic and diluted loss per share in the first quarter of 2026 were both RMB1.36 (US$0.20), which represents the equivalent of RMB8.16 (US$1.20) per American depositary share ("ADS"). Each ADS represents six Class A ordinary shares. Diluted earnings/loss per share is calculated using adjusted net profit/loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.LIQUIDITY: As of March 31, 2026, the aggregate amount of the Company's cash and cash equivalents, restricted cash and short-term investments was RMB8.80 billion (US$1.28 billion).Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB5.18 billion (US$750.4 million). Total long-term debt was RMB17.77 billion (US$2.58 billion), comprised of long-term borrowings of RMB12.93 billion (US$1.87 billion) and convertible notes of RMB4.83 billion (US$700.8 million).Net cash generated from operating activities in the first quarter of 2026 was RMB173.7 million (US$25.2 million), compared with RMB195.7 million in the same period of 2025. During the first quarter of 2026, the Company obtained new debt financing, refinancing facilities, equity financing and other financings of RMB8.14 billion (US$1.78 billion).Recent DevelopmentsOn May 13, 2026, the Company announced that certain new strategic investors that are non-controlled and non-consolidated affiliates of Contemporary Amperex Technology Co., Limited (CATL) (the "Buyers") entered into a share purchase agreement with wholly owned subsidiaries of Shandong Hi-Speed Holdings Group Limited (the "Sellers"). Pursuant to the share purchase agreement, the Buyers have agreed to acquire up to 650,424,192 Class A ordinary shares of the Company from the Sellers at a purchase price of US$1.4486 per ordinary share (equivalent to US$8.6914 per ADS) (the "Proposed Investment"). The closing of the transaction is expected to take place in the fourth quarter of 2026, and is subject to conditions set forth in the share purchase agreement, including approval by the shareholders of Shandong Hi-Speed Holdings Group Limited. Upon closing, the Buyers will hold up to approximately 38.1% of the Company's total issued and outstanding shares. Additionally, the Buyers have entered into an Investor Rights Agreement with the company and a voting and consortium agreement with Mr. Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET, and certain of his affiliated investment vehicles (collectively, the "Founder Parties"), both of which will become effective upon closing of the Proposed Investment. Meanwhile, pursuant to the Investor Rights Agreement, the Company will grant the Buyers certain investor rights and the Buyers will be restricted from transferring or otherwise disposing of certain Class A ordinary shares of the Company acquired in the Proposed Investment for a specified period, subject to terms and conditions of the Investor Rights Agreement. In addition, the Buyers undertake to take necessary actions to support the stability of control of the Company.Business OutlookFor the full year of 2026, the Company expects its total net revenues to be in the range of RMB11.5 billion to RMB11.8 billion, representing year-over-year growth of 15.6% to 18.6%, and adjusted EBITDA (non-GAAP) to be in the range of RMB3,550 million to RMB3,750 million, representing year-over-year growth of 19.2% to 25.9%. In addition, the Company expects capital expenditure to be in the range of RMB10 billion to RMB12 billion for the full year of 2026. The above outlook remains unchanged from the previously provided estimates.The forecast reflects the Company's current and preliminary views on the market and its operational conditions and is subject to change.Conference CallThe Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, May 26, 2026, or 8:00 PM Beijing Time on Tuesday, May 26, 2026.For participants who wish to join the call, please access the links provided below to complete the online registration process.English line:
https://s1.c-conf.com/diamondpass/10054823-igj5ty.htmlChinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10054824-q1g6uk.htmlParticipants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call. Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.vnet.com. A replay of the conference call will be accessible through June 3, 2026, by dialing the following numbers:US/Canada:1 855 883 1031Mainland China:400 1209 216Hong Kong, China:800 930 639International:+61 7 3107 6325Replay PIN (English line):10054823Replay PIN (Chinese line):10054824Non-GAAP DisclosureIn evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.Exchange RateThis announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.Statement Regarding Unaudited Condensed Financial InformationThe unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.About VNETVNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.Safe Harbor StatementThis announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement. VNET's strategic and operational plans as well as Business Outlook contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.Investor Relations Contact:Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com VNET GROUP, INC.  CONSOLIDATED BALANCE SHEETS  (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 
 As of 
 As of  December 31, 2025
March 31, 2026
 RMB 
 RMB 
 US$  Assets 




 Current assets: 




 Cash and cash equivalents 5,523,571
7,772,136
1,126,723 Restricted cash 656,010
284,500
41,244 Short-term Investments 379,198
718,207
104,118 Accounts and notes receivable, net 2,222,106
2,682,764
388,919 Amounts due from related parties 429,411
430,143
62,358 Prepaid expenses and other current assets 2,241,570
2,602,208
377,243 Total current assets 11,451,866
14,489,958
2,100,605





 Non-current assets: 




 Restricted cash 22,104
23,392
3,391 Long-term investments, net 1,062,660
1,025,257
148,631 Property and equipment, net 22,775,579
24,533,134
3,556,558 Intangible assets,net 2,004,710
1,987,282
288,095 Land use rights, net 867,765
868,577
125,917 Operating lease right-of-use assets, net 4,871,341
4,709,302
682,705 Deferred tax assets, net 251,572
244,058
35,381 Derivative financial instrument 11,185
-
- Other non-current assets 1,275,380
1,235,496
179,109 Total non-current assets 33,142,296
34,626,498
5,019,787 Total assets 44,594,162
49,116,456
7,120,392





 Liabilities and Shareholders' Equity 




 Current liabilities: 




 Short-term bank borrowings 1,172,561
2,559,857
371,101 Current portion of long-term borrowings 2,059,154
2,616,547
379,320 Current portion of finance lease liabilities  357,995
364,084
52,781 Current portion of operating lease liabilities  962,275
963,193
139,634 Accounts and notes payable 741,878
832,786
120,729 Amounts due to related parties 415,889
406,549
58,937 Income taxes payable 154,343
480,831
69,706 Advances from customers 933,920
1,107,869
160,607 Deferred revenue 138,671
157,897
22,890 Current portion of deferred government grants 51,062
50,327
7,296 Accrued expenses and other payables 5,459,465
5,115,594
741,605 Total current liabilities 12,447,213
14,655,534
2,124,606





 Non-current liabilities: 




 Long-term borrowings 11,579,664
12,932,223
1,874,779 Convertible notes 5,138,664
4,833,867
700,764 Non-current portion of finance lease liabilities  1,643,713
1,615,569
234,208 Non-current portion of operating lease liabilities 4,001,047
3,884,787
563,176 Unrecognized tax benefits 118,734
118,734
17,213 Deferred tax liabilities 840,387
832,982
120,757 Deferred government grants 260,268
249,319
36,144 Total non-current liabilities 23,582,477
24,467,481
3,547,041





 Mezzanine equity: 




 Redeemable non-controlling interests 1,711,591
5,135,112
744,435 Total mezzanine equity 1,711,591
5,135,112
744,435





 Shareholders' equity 




 Ordinary shares  112
118
17 Treasury stock (179,087)
(179,087)
(25,962) Additional paid-in capital 17,360,323
17,602,639
2,551,847 Statutory reserves 116,316
116,316
16,862 Accumulated other comprehensive income 46,375
47,190
6,841 Accumulated deficit (11,125,595)
(13,355,062)
(1,936,077) Total VNET Group, Inc. shareholders' equity 6,218,444
4,232,114
613,528 Noncontrolling interest 634,437
626,215
90,782 Total shareholders' equity 6,852,881
4,858,329
704,310 Total liabilities,mezzanine equity and shareholders' equity 44,594,162
49,116,456
7,120,392  VNET GROUP, INC.  CONSOLIDATED STATEMENTS OF OPERATIONS  (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) 








 Three months ended  
March 31, 2025
December 31, 2025
March 31, 2026
 RMB 
 RMB 
 RMB 
 US$  Net revenues 2,246,220
2,687,089
2,691,136
390,133 Cost of revenues (1,680,879)
(2,146,705)
(2,075,269)
(300,851) Gross profit 565,341
540,384
615,867
89,282







 Operating income (expenses) 






 Operating income 1,461
14,670
83
12 Sales and marketing expenses (64,346)
(73,564)
(53,682)
(7,782) Research and development expenses (43,603)
(78,665)
(74,423)
(10,789) General and administrative expenses (179,770)
(218,853)
(162,380)
(23,540) Allowance for doubtful debt (30,552)
(30,965)
(78,536)
(11,385) Total operating expenses (316,810)
(387,377)
(368,938)
(53,484)







 Operating profit 248,531
153,007
246,929
35,798 Interest income 6,751
5,014
10,390
1,506 Interest expense (100,653)
(189,447)
(221,042)
(32,044) Other income 1,811
41,176
1,376
199 Other expenses (2,438)
(4,971)
(2,991)
(434) Changes in the fair value of financial instruments (334,904)
287,384
(32,095)
(4,653) Gain on deconsolidation of a subsidiary -
469,838
-
- Foreign exchange gain  (loss) 9,527
(29,436)
36,083
5,231 (Loss) income before income taxes and gain from equity method investments (171,375)
732,565
38,650
5,603 Income tax expenses (52,062)
(388,933)
(486,161)
(70,479) Gain from equity method investments 3,214
1,710
2,611
379 Net (loss) income (220,223)
345,342
(444,900)
(64,497) Net income attributable to noncontrolling interests (17,335)
(20,056)
(19,752)
(2,863) Net income attributable to redeemable non-controlling interests -
(20,613)
(67,189)
(9,740) Net (loss) income attributable to the VNET Group, Inc. (237,558)
304,673
(531,841)
(77,100) Accretion to redemption amount of redeemable non-controlling interests -
(4,839)
(1,697,626)
(246,104) Net (loss) profit attributable to the Company's ordinary shareholders (237,558)
299,834
(2,229,467)
(323,204)







 Loss (earnings) per share 






 Basic (0.15)
0.17
(1.36)
(0.20) Diluted (0.15)
(0.00)
(1.36)
(0.20) Shares used in (loss) earnings per share computation 






 Basic* 1,608,799,842
1,616,275,922
1,644,810,699
1,644,810,699 Diluted* 1,608,799,842
1,762,607,179
1,644,810,699
1,644,810,699







Loss (earnings) per ADS (6 ordinary shares equal to 1 ADS)





Basic(0.90)
1.02
(8.16)
(1.20)Diluted(0.90)
(0.01)
(8.16)
(1.20)







 * Shares used in (loss) earnings per share/ADS computation were computed under weighted average method.   VNET GROUP, INC.  RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS   (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 








 Three months ended  
March 31, 2025
December 31, 2025
March 31, 2026
 RMB 
 RMB 
 RMB 
 US$  Gross profit 565,341
540,384
615,867
89,282 Plus: depreciation and amortization 402,399
596,766
595,092
86,270 Plus: share-based compensation expenses 109
507
297
43 Adjusted cash gross profit 967,849
1,137,657
1,211,256
175,595 Adjusted cash gross margin 43.1 %
42.3 %
45.0 %
45.0 %







 Operating expenses (316,810)
(387,377)
(368,938)
(53,484) Plus: share-based compensation expenses 6,329
7,191
6,757
980 Adjusted operating expenses (310,481)
(380,186)
(362,181)
(52,504)







 Operating profit 248,531
153,007
246,929
35,798 Plus: depreciation and amortization 427,440
644,349
637,551
92,425 Plus: share-based compensation expenses 6,438
7,698
7,054
1,023 Adjusted EBITDA 682,409
805,054
891,534
129,246 Adjusted EBITDA margin 30.4 %
30.0 %
33.1 %
33.1 %  VNET GROUP, INC.  CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS  (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 








 Three months ended  
March 31, 2025
December 31, 2025
March 31, 2026
 RMB 
 RMB 
 RMB 
 US$  CASH FLOWS FROM OPERATING ACTIVITIES 






 Net cash generated from operating activities 195,713
546,424
173,676
25,178







 CASH FLOWS FROM INVESTING ACTIVITIES 






 Purchases of property and equipment (1,792,051)
(1,809,905)
(1,752,448)
(254,052) Purchases of intangible assets (33,952)
(91,438)
(42,073)
(6,099) (Payments for) proceeds from investments (21,440)
1,380,795
(308,408)
(44,710) Proceeds from disposal of a subsidiary, net -
755,964
-
- Payments for other investing activities (37,327)
(791,034)
(115,851)
(16,795) Net cash used in investing activities (1,884,770)
(555,618)
(2,218,780)
(321,656)







 CASH FLOWS FROM FINANCING ACTIVITIES 






 Proceeds from bank borrowings 1,893,386
1,537,209
6,560,103
951,015 Repayments of bank borrowings (369,366)
(486,814)
(3,954,802)
(573,326) Proceeds from issuance of 2030 Convertible Notes 3,084,519
-
-
- Payments for finance leases  (37,950)
(84,359)
(91,453)
(13,258) Proceeds from issuance of ordinary shares -
-
951,393
137,923 Contribution from noncontrolling interest in subsidiaries 635,000
702,659
4,976,468
721,436 Proceeds from (payments for) other financing activities 161,033
461,622
(4,493,902)
(651,479) Net cash generated from financing activities 5,366,622
2,130,316
3,947,807
572,311







 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash  9,020
(673)
(24,360)
(3,531) Net increase in cash, cash equivalents and restricted cash 3,686,585
2,120,450
1,878,343
272,302 Cash, cash equivalents and restricted cash at beginning of period 2,081,073
4,081,235
6,201,685
899,056 Cash, cash equivalents and restricted cash at end of period 5,767,658
6,201,685
8,080,028
1,171,358  View original content:https://www.prnewswire.com/news-releases/vnet-reports-unaudited-first-quarter-2026-financial-results-302781602.htmlSOURCE VNET Group, Inc. Original: VNET Reports Unaudited First Quarter 2026 Financial Results

VNET Announces New Strategic InvestorsMay 13, 2026 8:15 AM
PR Newswire (US) BEIJING, May 13, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced that PJ Millennium I Limited ("Buyer I") and PJ Millennium II Limited ("Buyer II", together with "Buyer I", the "Buyers") have entered into a share purchase agreement (the "Share Purchase Agreement") with Success Flow International Investment Limited ("Success Flow") and Choice Faith Group Holdings Limited ("Choice Faith", together with "Success Flow", the "Sellers") to purchase from the Sellers in aggregate up to 650,424,192 Class A ordinary shares in the Company (the "Proposed Investment"), at a price of US$1.4486 per ordinary share in cash (which is equivalent to US$8.6914 per ADS). VNET also entered into a deed with the Buyers to provide certain representations and warranties and undertakings to the Buyers in connection with the Proposed Investment. The closing of the Proposed Investment is subject to conditions set forth in the Share Purchase Agreement, including approval by the shareholders of SDHG (as defined below), and is expected to take place in the fourth quarter of 2026.Both Buyers are wholly-owned subsidiaries of PJ Millennium Limited Partnership ("PJ Millennium Partnership"). The general partner of PJ Millennium Partnership is Lochpine BG I GP Limited, which is a non-controlled and non-consolidated affiliate of Contemporary Amperex Technology Co., Limited (stock codes: 300750.SZ and 03750.HK).Both Sellers are beneficially owned by Shandong Hi-Speed Holdings Group Limited ("SDHG") (stock code: 00412.HK).Immediately after the closing of the Proposed Investment, the Buyers will hold in aggregate approximately up to 38.1% of the total issued and outstanding shares of the Company, based on 1,708,149,858 ordinary shares issued and outstanding as of March 31, 2026. Under the Share Purchase Agreement, Seller B may dispose of up to 195,127,260 Class A ordinary shares held by it before the closing of the Proposed Investment, unless the Buyers require the closing in respect of all of such Class A ordinary shares to take place on or before September 15, 2026, subject to the terms and conditions of the Share Purchase Agreement.Concurrently with the signing of the Share Purchase Agreement, the Buyers entered into an investor rights agreement with the Company (the "Investor Rights Agreement") and a voting and consortium agreement (the "Voting and Consortium Agreement") with Mr. Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET, and certain affiliated investment vehicles (collectively, the "Founder Parties"), both of which will become effective upon closing of the Proposed Investment. Pursuant to the Investor Rights Agreement, the Company will grant the Buyers certain investor rights and the Buyers will be restricted from transferring or otherwise disposing of certain Class A ordinary shares of the Company acquired in the Proposed Investment for a specified period, subject to terms and conditions of the Investor Rights Agreement. In addition, the Buyers undertake to take necessary actions to support the stability of control of the Company.Pursuant to the Voting and Consortium Agreement, the Buyers will vote certain Class A ordinary shares of the Company acquired in the Proposed Investment at the shareholders' meetings of the Company in accordance with any voting instructions provided by the Founder Parties for a specified period, subject to the terms and conditions of the Voting and Consortium Agreement."We are pleased to welcome our new strategic investors and greatly appreciate their strong support for VNET and our long-term vision. Looking ahead, we will work closely with our strategic partners to deepen collaboration across technology and supply chains, and to jointly advance original, end-to-end innovation across the next generation of the AIDC industry," said Mr. Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET.About VNETVNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.Safe Harbor StatementThis announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the consummation of the Proposed Investment; VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.Investor Relations Contact:Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com View original content:https://www.prnewswire.com/news-releases/vnet-announces-new-strategic-investors-302770890.htmlSOURCE VNET Group, Inc. Original: VNET Announces New Strategic Investors

VNET Publishes 2025 Environmental, Social and Governance ReportApril 24, 2026 5:00 AM
PR Newswire (US)

BEIJING, April 24, 2026 /PRNewswire/ -- VNET Group, Inc. (NASDAQ: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced it has published its 2025 Environmental, Social and Governance Report (the "2025 ESG Report"). This is VNET's sixth ESG report, highlighting the Company's 2025 initiatives and achievements in environmental practices, intelligent empowerment, ethical governance, and social responsibility."ESG remains central to our approach to business innovation, contributing to our operational excellence and sustainable, high-quality growth," said Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET. "In 2025, we launched our Hyperscale 2.0 framework based on green energy and advanced our 'SHIELD' (Society, Human, Innovation, Environment, Leadership, Development) 2.0 sustainability system, delivering measurable progress toward our ESG goals. As we continue to navigate rapid technology development and industry transformation, we will deepen our commitment to sustainability, strengthening our investments in intelligent infrastructure and green data center operations to create sustainable, long-term value for both our stakeholders."2025 ESG Report Highlights:Total energy from renewable sources reached 1,253,719 MWh, accounting for 36% of total resources utilized by VNET in 2025, compared with 18% in 2024.The average annual power usage effectiveness (PUE) was 1.24 at VNET's data centers with stabilized operations in 2025, improving from 1.27 in 2024.VNET officially launched its Hyperscale 2.0 framework in 2025, leveraging direct green power connection, large-scale energy integration and smart power dispatch to power the intelligent computing era.VNET issued the first green holding-type real estate asset-backed security in China's IDC industry in 2025, with an offering size of RMB860 million, a breakthrough in green finance and asset securitization innovation.VNET secured its first three-year sustainability-linked loan in 2025, raising a total of RMB650 million.VNET's integrated source-grid-load-storage project at its Ulanqab IDC Campus was added to the National Development and Reform Commission's (NDRC) list of green and low-carbon demonstration projects in 2025.VNET maintained Information Technology Service Management System (ISO/IEC 20000) and Information Security Management System (ISO/IEC 27001) certifications, covering all business lines.Nationwide customer satisfaction rate maintained a high level at 99.6%.Maintained 100% coverage of anti-corruption training for directors and employees.Female employees accounted for 26% of VNET's total workforce, and the percentage of female employees in management positions was 31%.Ongoing recognition from global leading ESG rating institutions: (i) Scored record high of 73 in the 2025 S&P Global Corporate Sustainability Assessment, ranking among the top 7% of the IT Services industry globally, and earning inclusion in the S&P Global Sustainability Yearbook for the second consecutive year; (ii) Awarded a "B" rating on the 2025 CDP Climate Change Questionnaire, with nine out of 16 categories achieving A-grade recognition; (iii) Received a "low risk" ESG Risk Rating from Sustainalytics.To view the full 2025 ESG Report, please visit the Company's Investor Relations website at https://ir.vnet.com/ or access the report directly at https://www.vnet.com/en/esg.html.About VNETVNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.Safe Harbor StatementThis announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.Investor Relations Contact:Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com 



View original content:https://www.prnewswire.com/news-releases/vnet-publishes-2025-environmental-social-and-governance-report-302752734.htmlSOURCE VNET Group, Inc.

Original: VNET Publishes 2025 Environmental, Social and Governance Report

VNET Files Its Annual Report on Form 20-F for Fiscal Year 2025April 16, 2026 4:25 PM
PR Newswire (US)

BEIJING, April 16, 2026 /PRNewswire/ -- VNET Group, Inc. (NASDAQ: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission (the "SEC") on April 16, 2026 Eastern Time. The annual report on Form 20-F, which contains the Company's audited consolidated financial statements, can be accessed on the SEC's website at https://www.sec.gov and on the Company's investor relations website at https://ir.vnet.com/.The Company will provide hard copies of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to ir@vnet.com or the Company's Investor Relations Department at VNET Group, Inc., Guanjie Building Southeast 1st Floor, 10# Jiuxianqiao East Road, Chaoyang District, Beijing 100016, People's Republic of China.About VNETVNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.Investor Relations Contact:Xinyuan Liu             
Tel: +86 10 8456 2121          
Email: ir@vnet.com 



View original content:https://www.prnewswire.com/news-releases/vnet-files-its-annual-report-on-form-20-f-for-fiscal-year-2025-302745290.htmlSOURCE VNET Group, Inc.

Original: VNET Files Its Annual Report on Form 20-F for Fiscal Year 2025

VNET Group tops revenue forecasts on strong AI-driven demand; shares riseMarch 16, 2026 7:44 AM
IH Market News
VNET Group, Inc. (NASDAQ:VNET) reported fourth-quarter revenue that came in above analyst expectations, supported by strong momentum in its wholesale data center segment, although earnings per share were slightly below forecasts. The company’s shares gained about 1% in premarket trading on Monday following the announcement.The carrier- and cloud-neutral data center services provider posted quarterly revenue of RMB2.69 billion, surpassing the consensus estimate of RMB2.62 billion. The figure represents a year-over-year increase of 19.6% compared with RMB2.25 billion recorded in the same quarter of 2024.Adjusted earnings per share came in at RMB0.17, missing analyst projections of RMB0.18 by RMB0.01. Revenue growth was largely driven by a sharp 47.1% year-over-year increase in wholesale revenue, which reached RMB978.1 million, reflecting strong demand for data center capacity fueled by artificial intelligence workloads.Adjusted EBITDA rose 11.6% from a year earlier to RMB805.1 million. However, the adjusted EBITDA margin declined to 30.0% from 32.1% in the same period last year.“We closed 2025 with strong full-year results, successfully achieving our 2025 delivery plan with a record 404MW delivered and exceeding guidance on both revenues and adjusted EBITDA,” said Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET.Looking ahead, VNET forecast fiscal 2026 revenue in the range of RMB11.5 billion to RMB11.8 billion, with a midpoint of RMB11.65 billion—slightly above the analyst consensus of RMB11.58 billion. This outlook implies year-over-year growth of between 15.6% and 18.6%. The company also expects adjusted EBITDA of between RMB3.55 billion and RMB3.75 billion, representing growth of 19.2% to 25.9%.During the fourth quarter, the company secured 135MW of new wholesale contracts and ended the period with 889MW of operating capacity, compared with 486MW a year earlier.VNET Group stock price

Original: VNET Group tops revenue forecasts on strong AI-driven demand; shares rise

VNET Reports Unaudited Fourth Quarter and Full Year 2025 Financial ResultsMarch 16, 2026 4:30 AM
PR Newswire (US)

BEIJING, March 16, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
"We closed 2025 with strong full-year results, successfully achieving our 2025 delivery plan with a record 404MW delivered and exceeding guidance on both revenues and adjusted EBITDA," said Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET. "Our wholesale IDC business maintained exceptional momentum, driven by strong customer demand and our proven ability to scale capacity rapidly and efficiently. Our order momentum remained robust, with a total of 135MW of new wholesale orders secured in the fourth quarter of 2025. As a leading player, we remain focused on reinforcing our core strengths and developing our scalable and high-performance data centers to capture the accelerating AI-driven demand. Moving forward, we will further advance our Hyperscale 2.0 framework to achieve sustainable, high-quality growth and create long-term value for all stakeholders."Peter Zhihua Zhang, Senior Vice President, Operational Finance of VNET, commented, "In the fourth quarter of 2025, we continued to achieve high-quality growth amid strong AI-driven demand. Total net revenues increased 19.6% year-over-year to RMB2.69 billion, led by 47.1% year-over-year growth in wholesale revenues. Adjusted EBITDA increased 11.6% year-over-year to RMB805.1 million. For the full year, total net revenues increased 20.5% year-over-year to RMB9.95 billion, and adjusted EBITDA grew 22.6% to RMB2.98 billion, both exceeding our 2025 full year guidance. We remain committed to disciplined capital allocation, advancing capital recycling and other strategic initiatives to reinforce our financial foundation and support long-term sustainable growth. Looking ahead, we are confident in our strategic direction and well-positioned to leverage this strengthened foundation to deliver sustainable long-term value."Fourth Quarter 2025 Financial HighlightsTotal net revenues increased by 19.6% to RMB2.69 billion (US$384.2 million) from RMB2.25 billion in the same period of 2024.Net revenues from the IDC business[1] increased by 23.7% to RMB2.02 billion (US$288.3 million) from RMB1.63 billion in the same period of 2024.Net revenues from the wholesale IDC business ("wholesale revenues") increased by 47.1% to RMB978.1 million (US$139.9 million) from RMB665.2 million in the same period of 2024.Net revenues from the retail IDC business ("retail revenues") increased by 7.6% to RMB1.04 billion (US$148.5 million) compared with RMB964.8 million in the same period of 2024.Net revenues from the non-IDC business[2] increased by 8.8% to RMB670.8 million (US$95.9 million) from RMB616.5 million in the same period of 2024.Adjusted cash gross profit (non-GAAP) increased by 23.1% to RMB1.14 billion (US$162.7 million) from RMB923.9 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) was 42.3%, compared with 41.1% in the same period of 2024.Adjusted EBITDA (non-GAAP) increased by 11.6% to RMB805.1 million (US$115.1 million) from RMB721.3 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) was 30.0%, compared with 32.1% in the same period of 2024.[1] IDC business refers to managed hosting services, which consists of wholesale IDC business and retail IDC business. Such categorization is based on the nature and scale of our data center projects.[2] Non-IDC business consists of cloud services and VPN services.Full Year 2025 Financial HighlightsTotal net revenues increased by 20.5% to RMB9.95 billion (US$1.42 billion) from RMB8.26 billion in the full year of 2024.Net revenues from the IDC business increased by 28.5% to RMB7.43 billion (US$1.06 billion) from RMB5.78 billion in the full year of 2024.Wholesale revenues increased by 77.4% to RMB3.46 billion (US$494.9 million) from RMB1.95 billion in the full year of 2024.Retail revenues increased by 3.5% to RMB3.96 billion (US$566.9 million) from RMB3.83 billion in the full year of 2024.Net revenues from the non-IDC business increased by 1.8% to RMB2.52 billion (US$360.9 million) from RMB2.48 billion in the full year of 2024.Adjusted cash gross profit (non-GAAP) increased by 26.4% to RMB4.22 billion (US$603.2 million) from RMB3.34 billion in the full year of 2024. Adjusted cash gross margin (non-GAAP) was 42.4%, compared with 40.4% in the full year of 2024.Adjusted EBITDA (non-GAAP) increased by 22.6% to RMB2.98 billion (US$425.9 million) from RMB2.43 billion in the full year of 2024. Adjusted EBITDA margin (non-GAAP) was 29.9%, compared with 29.4% in the full year of 2024.Fourth Quarter 2025 Operational HighlightsWholesale IDC BusinessCapacity in service was 889MW as of December 31, 2025, compared with 783MW as of September 30, 2025, and 486MW as of December 31, 2024. Capacity under construction was 452MW as of December 31, 2025.Capacity utilized by customers reached 623MW as of December 31, 2025, compared with 582MW as of September 30, 2025, and 353MW as of December 31, 2024. The sequential increase during the fourth quarter of 2025 was 41MW, which was mainly contributed by the N-OR Campus 02A data center.Utilization rate[3] of wholesale capacity was 70.1% as of December 31, 2025, compared with 74.3% as of September 30, 2025, and 72.6% as of December 31, 2024.Utilization rate of mature wholesale capacity[4] was 93.1% as of December 31, 2025, compared with 94.7% as of September 30, 2025, and 95.6% as of December 31, 2024.Utilization rate of ramp-up wholesale capacity[5] was 31.7% as of December 31, 2025, compared with 37.6% as of September 30, 2025, and 34.0% as of December 31, 2024.Total capacity committed[6] was 848MW as of December 31, 2025, compared with 741MW as of September 30, 2025, and 479MW as of December 31, 2024.Commitment rate[7] for capacity in service was 95.3% as of December 31, 2025, compared with 94.7% as of September 30, 2025, and 98.7% as of December 31, 2024.Total capacity pre-committed[8] was 156MW and pre-commitment rate[9] for capacity under construction was 34.5% as of December 31, 2025.[3] Utilization rate is calculated by dividing capacity utilized by customers by capacity in service.
[4] Mature wholesale capacity refers to wholesale data centers with utilization rate at or above 80%.
[5] Ramp-up wholesale capacity refers to wholesale data centers with utilization rate below 80%.
[6] Total capacity committed represents capacity committed to customers under effective agreements.
[7] Commitment rate is calculated by dividing total capacity committed by total capacity in service.
[8] Total capacity pre-committed is capacity under construction pre-committed to customers under effective agreements.
[9] Pre-commitment rate is calculated by dividing total capacity pre-committed by total capacity under construction.Retail IDC Business[10]Capacity in service was 49,863 cabinets as of December 31, 2025, compared with 52,288 cabinets as of September 30, 2025, and 52,107 cabinets as of December 31, 2024. The decrease was primarily due to the deconsolidation of the target retail data center under the private REIT project issued in November 2025.Capacity utilized by customers was 31,906 cabinets as of December 31, 2025, compared with 33,907 cabinets as of September 30, 2025, and 33,068 cabinets as of December 31, 2024.Utilization rate of retail capacity was 64.0% as of December 31, 2025, compared with 64.8% as of September 30, 2025, and 63.5% as of December 31, 2024.Utilization rate of mature retail capacity[11] was 68.5% as of December 31, 2025, compared with 69.2% as of September 30, 2025, and 68.9% as of December 31, 2024.Utilization rate of ramp-up retail capacity[12] was 23.9% as of December 31, 2025, compared with 30.6% as of September 30, 2025, and 21.3% as of December 31, 2024.Monthly recurring revenue (MRR) per retail cabinet was RMB9,420 in the fourth quarter of 2025, compared with RMB8,948 in the third quarter of 2025 and RMB8,794 in the fourth quarter of 2024.[10] For retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets include those with limited utilization, those scheduled for closure, or those planned for upgrades. As of December 31, 2024, September 30, 2025, and December 31, 2025, 3,766, 3,791 and 3,791 reserved cabinets, respectively, were excluded from retail IDC utilization rate calculations.[11] Mature retail capacity refers to retail data centers that came into service prior to the past 24 months.[12] Ramp-up retail capacity refers to retail data centers that entered service within the past 24 months, or mature retail data centers that underwent improvements within the past 24 months.Fourth Quarter 2025 Financial ResultsTOTAL NET REVENUES: Total net revenues in the fourth quarter of 2025 were RMB2.69 billion (US$384.2 million), representing an increase of 19.6% from RMB2.25 billion in the same period of 2024. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.Net revenues from IDC business increased by 23.7% to RMB2.02 billion (US$288.3 million) from RMB1.63 billion in the same period of 2024. The year-over-year increase was mainly driven by an increase in wholesale revenues.Wholesale revenues increased by 47.1% to RMB978.1 million (US$139.9 million) from RMB665.2 million in the same period of 2024.Retail revenues increased by 7.6% to RMB1.04 billion (US$148.5 million) from RMB964.8 million in the same period of 2024.Net revenues from non-IDC business increased by 8.8% to RMB670.8 million (US$95.9 million) from RMB616.5 million in the same period of 2024.GROSS PROFIT: Gross profit in the fourth quarter of 2025 was RMB540.4 million (US$77.3 million), representing an increase of 7.0% from RMB504.9 million in the same period of 2024. Gross margin in the fourth quarter of 2025 was 20.1%, compared with 22.5% in the same period of 2024.ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation and amortization, and share-based compensation expenses from gross profit, increased by 23.1% to RMB1.14 billion (US$162.7 million) in the fourth quarter from RMB923.9 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) in the fourth quarter of 2025 was 42.3%, compared with 41.1% in the same period of 2024.OPERATING EXPENSES: Total operating expenses in the fourth quarter of 2025 were RMB387.4 million (US$55.4 million), compared with RMB267.9 million in the same period of 2024.Sales and marketing expenses were RMB73.6 million (US$10.5 million) in the fourth quarter of 2025, compared with RMB73.1 million in the same period of 2024.Research and development expenses were RMB78.7 million (US$11.2 million) in the fourth quarter of 2025, compared with RMB56.1 million in the same period of 2024.General and administrative expenses were RMB218.9 million (US$31.3 million) in the fourth quarter of 2025, compared with RMB193.0 million in the same period of 2024.ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB380.2 million (US$54.4 million) in the fourth quarter of 2025, compared with RMB229.6 million in the same period of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the fourth quarter of 2025 were 14.1%, compared with 10.2% in the same period of 2024.ADJUSTED EBITDA (non-GAAP), which exclude depreciation and amortization, and share-based compensation expenses from operating profit, was RMB805.1 million (US$115.1 million) in the fourth quarter of 2025, representing an increase of 11.6% from RMB721.3 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) in the fourth quarter of 2025 was 30.0%, compared with 32.1% in the same period of 2024.NET INCOME/LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net income attributable to VNET Group, Inc. in the fourth quarter of 2025 was RMB304.7 million (US$43.6 million), compared with a net loss attributable to VNET Group, Inc. of RMB11.1 million in the same period of 2024. The year-on-year change is mainly attributable to (i) RMB469.8 million gain on deconsolidation of a subsidiary and (ii) RMB287.4 million in fair value gains on financial instruments, partially offset by RMB388.9 million in income tax expenses in the fourth quarter of 2025.EARNINGS/LOSS PER SHARE: Basic earnings per share and diluted loss per share in the fourth quarter of 2025 were RMB0.17 (US$0.02) and RMB0.001 (US$0.00), respectively, which represents the equivalent of RMB1.02 (US$0.12) and RMB0.01 (US$0.00) per American depositary share ("ADS"), respectively. Each ADS represents six Class A ordinary shares. Diluted earnings/loss per share is calculated using adjusted net profit/loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.LIQUIDITY: As of December 31, 2025, the aggregate amount of the Company's cash and cash equivalents, restricted cash and short-term investments was RMB6.58 billion (US$941.1 million).Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB3.23 billion (US$462.1 million). Total long-term debt was RMB16.72 billion (US$2.39 billion), comprised of long-term borrowings of RMB11.58 billion (US$1.66 billion) and convertible notes of RMB5.14 billion (US$734.8 million).Net cash generated from operating activities in the fourth quarter of 2025 was RMB546.4 million (US$78.1 million), compared with RMB572.2 million in the same period of 2024. During the fourth quarter of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB1.61 billion (US$230.8 million).Full Year 2025 Financial ResultsTOTAL NET REVENUES: Total net revenues in the full year of 2025 were RMB9.95 billion (US$1.42 billion), representing an increase of 20.5% from RMB8.26 billion in the full year of 2024.Net revenues from IDC business increased by 28.5% to RMB7.43 billion (US$1.06 billion) from RMB5.78 billion in the full year of 2024.Wholesale revenues increased by 77.4% to RMB3.46 billion (US$494.9 million) from RMB1.95 billion in the full year of 2024.Retail revenues increased by 3.5% to RMB3.96 billion (US$566.9 million) from RMB3.83 billion in the full year of 2024.Net revenues from non-IDC business increased by 1.8% to RMB2.52 billion (US$360.9 million) from RMB2.48 billion in the full year of 2024.GROSS PROFIT: Gross profit in the full year of 2025 was RMB2.19 billion (US$313.5 million), representing an increase of 19.7% from RMB1.83 billion in the full year of 2024. Gross margin in the full year of 2025 was 22.0%, compared with 22.2% in the full year of 2024.ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation and amortization, and share-based compensation expenses from gross profit, was RMB4.22 billion (US$603.2 million) in the full year of 2025, compared with RMB3.34 billion in the full year of 2024. Adjusted cash gross margin (non-GAAP) in the full year of 2025 was 42.4%, compared with 40.4% in the full year of 2024.OPERATING EXPENSES: Total operating expenses in the full year of 2025 were RMB1.41 billion (US$201.9 million), compared with RMB1.16 billion in the full year of 2024.Sales and marketing expenses were RMB279.2 million (US$39.9 million) in the full year of 2025, compared with RMB263.8 million in the full year of 2024.Research and development expenses were RMB261.1 million (US$37.3 million) in the full year of 2025, compared with RMB246.6 million in the full year of 2024.General and administrative expenses were RMB796.9 million (US$114.0 million) in the full year of 2025, compared with RMB659.0 million in the full year of 2024.ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB1.39 billion (US$198.4 million) in the full year of 2025, compared with RMB1.02 billion in the full year of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the full year of 2025 were 13.9%, compared with 12.3% in the full year of 2024.ADJUSTED EBITDA (non-GAAP) which exclude depreciation and amortization, and share-based compensation expenses from operating profit, was RMB2.98 billion (US$425.9 million) in the full year of 2025, representing an increase of 22.6% from RMB2.43 billion in the full year of 2024. Adjusted EBITDA margin (non-GAAP) was 29.9% in the full year of 2025, compared with 29.4% in the full year of 2024.NET INCOME/LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the full year of 2025 was RMB251.8 million (US$36.0 million), compared with a net income attributable to VNET Group, Inc. of RMB183.2 million in the full year of 2024. The net loss in the full year of 2025 was primarily attributable to (i) income tax expenses of RMB557.5 million and (ii) a fair value loss on financial instruments of RMB314.3 million, partially offset by gain of RMB469.8 million on the deconsolidation of a subsidiary, while the net income in the full year of 2024 included a gain on debt extinguishment of RMB246.2 million.LOSS PER SHARE: Basic and diluted loss per share in the full year of 2025 were both RMB0.16 (US$0.02), which is equivalent to RMB0.96 (US$0.12) per ADS. Each ADS represents six Class A ordinary shares. Diluted loss per share is calculated using adjusted net loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.LIQUIDITY: Net cash generated from operating activities in the full year of 2025 was RMB1.92 billion (US$274.3 million), compared with RMB2.01 billion in the full year of 2024. During the full year of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB7.62 billion (US$1.09 billion).Business OutlookFor the full year of 2026, the Company expects its total net revenues to be in the range of RMB11.5 billion to RMB11.8 billion, representing year-over-year growth of 15.6% to 18.6%, and adjusted EBITDA (non-GAAP) to be in the range of RMB3,550 million to RMB3,750 million, representing year-over-year growth of 19.2% to 25.9%. In addition, the Company expects capital expenditure to be in the range of RMB10 billion to RMB12 billion for the full year of 2026.The forecast reflects the Company's current and preliminary views on the market and its operational conditions and is subject to change.Conference CallThe Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, March 16, 2026, or 8:00 PM Beijing Time on Monday, March 16, 2026.For participants who wish to join the call, please access the links provided below to complete the online registration process.English line:
https://s1.c-conf.com/diamondpass/10053457-whqrjy.htmlChinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10053458-y6okj5.htmlParticipants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.vnet.com.A replay of the conference call will be accessible through March 24, 2026, by dialing the following numbers:US/Canada:1 855 883 1031Mainland China:400 1209 216Hong Kong, China:800 930 639International:+61 7 3107 6325Reply PIN (English line):10053457Reply PIN (Chinese line):10053458Non-GAAP DisclosureIn evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.Exchange RateThis announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.Statement Regarding Unaudited Condensed Financial InformationThe unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.About VNETVNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.Safe Harbor StatementThis announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.Investor Relations Contact:Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com   VNET GROUP, INC.  CONSOLIDATED BALANCE SHEETS  (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 
 As of 
 As of  December 31, 2024
December 31, 2025
 RMB 
 RMB 
 US$  Assets 




 Current assets: 




 Cash and cash equivalents 1,492,436
5,523,571
789,860 Restricted cash 545,795
656,010
93,808 Short-term Investments -
379,198
54,225 Accounts and notes receivable, net 1,655,984
2,222,106
317,757 Amounts due from related parties 336,360
429,411
61,405 Prepaid expenses and other current assets 2,789,573
2,241,570
320,542 Total current assets 6,820,148
11,451,866
1,637,597





 Non-current assets: 




 Restricted cash 42,842
22,104
3,161 Long-term investments, net 794,688
1,062,660
151,958 Property and equipment, net 17,216,635
22,775,579
3,256,864 Intangible assets,net 1,403,787
2,004,710
286,670 Land use rights, net 766,213
867,765
124,089 Operating lease right-of-use assets, net 4,618,212
4,871,341
696,592 Deferred tax assets, net 306,623
251,572
35,974 Derivative financial instrument 6,768
11,185
1,599 Other non-current assets 381,126
1,275,380
182,377 Total non-current assets 25,536,894
33,142,296
4,739,284 Total assets 32,357,042
44,594,162
6,376,881





 Liabilities and Shareholders' Equity 




 Current liabilities: 




 Short-term bank borrowings 589,000
1,172,561
167,674 Current portion of long-term borrowings 1,420,190
2,059,154
294,455 Current portion of finance lease liabilities  208,299
357,995
51,193 Current portion of operating lease liabilities  899,818
962,275
137,603 Accounts and notes payable 709,260
741,878
106,087 Amounts due to related parties 355,679
415,889
59,471 Income taxes payable 69,569
154,343
22,071 Advances from customers 1,378,806
933,920
133,549 Deferred revenue 87,830
138,671
19,830 Current portion of deferred government grants 6,727
51,062
7,302 Accrued expenses and other payables 3,618,237
5,459,465
780,693 Total current liabilities 9,343,415
12,447,213
1,779,928





 Non-current liabilities: 




 Long-term borrowings 7,767,390
11,579,664
1,655,870 Convertible notes 1,897,738
5,138,664
734,819 Non-current portion of finance lease liabilities  1,532,309
1,643,713
235,048 Non-current portion of operating lease liabilities 3,779,293
4,001,047
572,142 Unrecognized tax benefits 107,850
118,734
16,979 Deferred tax liabilities 734,404
840,387
120,174 Deferred government grants 273,824
260,268
37,218 Total non-current liabilities 16,092,808
23,582,477
3,372,250





 Mezzanine equity: 




 Redeemable non-controlling interests -
1,711,591
244,754 Total mezzanine equity -
1,711,591
244,754





 Shareholders' equity 




 Ordinary shares  112
112
16 Treasury stock (161,892)
(179,087)
(25,609) Additional paid-in capital 17,298,692
17,360,323
2,482,493 Statutory reserves 107,380
116,316
16,633 Accumulated other comprehensive (loss) income (18,504)
46,375
6,632 Accumulated deficit (10,859,888)
(11,125,595)
(1,590,939) Total VNET Group, Inc. shareholders' equity 6,365,900
6,218,444
889,226 Noncontrolling interest 554,919
634,437
90,723 Total shareholders' equity 6,920,819
6,852,881
979,949 Total liabilities,mezzanine equity and shareholders' equity 32,357,042
44,594,162
6,376,881   VNET GROUP, INC.  CONSOLIDATED STATEMENTS OF OPERATIONS  (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) 
















 Three months ended  
 Twelve months ended  

December 31, 2024
September 30, 2025
December 31, 2025
December 31, 2024
December 31, 2025


 RMB 
 RMB 
 RMB 
 US$ 
 RMB 
 RMB 
 US$ 

 Net revenues 2,246,389
2,581,747
2,687,089
384,249
8,259,069
9,949,261
1,422,725

 Cost of revenues (1,741,533)
(2,042,718)
(2,146,705)
(306,975)
(6,426,914)
(7,756,772)
(1,109,204)

 Gross profit 504,856
539,029
540,384
77,274
1,832,155
2,192,489
313,521

















 Operating income (expenses) 














 Operating income 98,869
12,767
14,670
2,098
114,585
27,755
3,969

 Sales and marketing expenses (73,088)
(71,328)
(73,564)
(10,520)
(263,756)
(279,201)
(39,925)

 Research and development expenses (56,098)
(71,295)
(78,665)
(11,249)
(246,612)
(261,133)
(37,342)

 General and administrative expenses (192,954)
(185,765)
(218,853)
(31,296)
(659,030)
(796,861)
(113,950)

 Allowance for doubtful debt (44,590)
(17,664)
(30,965)
(4,428)
(107,899)
(102,749)
(14,693)

 Total operating expenses (267,861)
(333,285)
(387,377)
(55,395)
(1,162,712)
(1,412,189)
(201,941)

















 Operating profit 236,995
205,744
153,007
21,879
669,443
780,300
111,580

 Interest income 6,162
8,724
5,014
717
27,958
37,358
5,342

 Interest expense (77,125)
(151,017)
(189,447)
(27,091)
(400,975)
(598,625)
(85,602)

 Other income 1,855
7,355
41,176
5,888
52,728
55,576
7,949

 Other expenses (10,185)
(5,525)
(4,971)
(711)
(27,290)
(18,433)
(2,636)

 Changes in the fair value of financial instruments (71,575)
(337,216)
287,384
41,095
(74,112)
(314,332)
(44,949)

 Gain on debt extinguishment -
-
-
-
246,175
-
-

 Gain on deconsolidation of a subsidiary -
-
469,838
67,186
-
469,838
67,186

 Foreign exchange (loss) gain  (1,327)
16,174
(29,436)
(4,209)
(19,242)
5,523
790

 Income (loss) before income taxes and gain from equity method investments 84,800
(255,761)
732,565
104,754
474,685
417,205
59,660

 Income tax expenses (82,547)
(21,467)
(388,933)
(55,617)
(234,229)
(557,510)
(79,723)

 Gain from equity method investments 1,197
1,919
1,710
245
7,967
6,884
984

 Net income (loss) 3,450
(275,309)
345,342
49,382
248,423
(133,421)
(19,079)

 Net income attributable to noncontrolling interests (14,546)
(16,471)
(20,056)
(2,868)
(65,223)
(67,518)
(9,655)

 Net income attributable to redeemable non-controlling interests -
(15,263)
(20,613)
(2,948)
-
(50,903)
(7,279)

 Net (loss) income attributable to the VNET Group, Inc. (11,096)
(307,043)
304,673
43,566
183,200
(251,842)
(36,013)

 Accretion to redemption amount of redeemable non-controlling interests -
(23)
(4,839)
(692)
-
(4,929)
(705)

 Net (loss) profit attributable to the Company's ordinary shareholders (11,096)
(307,066)
299,834
42,874
183,200
(256,771)
(36,718)

















 Loss (earnings) per share 














 Basic (0.01)
(0.19)
0.17
0.02
0.11
(0.16)
(0.02)

 Diluted (0.01)
(0.19)
(0.00)
(0.00)
0.02
(0.16)
(0.02)

 Shares used in (loss) earnings per share computation 














 Basic* 1,608,291,868
1,613,726,084
1,616,275,922
1,616,275,922
1,593,594,519
1,612,272,787
1,612,272,787

 Diluted* 1,608,291,868
1,613,726,084
1,762,607,179
1,762,607,179
1,742,346,367
1,625,720,609
1,625,720,609

















Loss (earnings) per ADS (6 ordinary shares equal to 1 ADS)














Basic(0.06)
(1.14)
1.02
0.12
0.66
(0.96)
(0.12)

Diluted(0.06)
(1.14)
(0.01)
(0.00)
0.12
(0.96)
(0.12)

















 * Shares used in (loss) earnings per share/ADS computation were computed under weighted average method.    VNET GROUP, INC.  RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS   (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 














 Three months ended  
 Twelve months ended  
December 31, 2024
September 30, 2025
December 31, 2025
December 31, 2024
December 31, 2025
 RMB 
 RMB 
 RMB 
 US$ 
 RMB 
 RMB 
 US$  Gross profit 504,856
539,029
540,384
77,274
1,832,155
2,192,489
313,521 Plus: depreciation and amortization 414,364
511,334
596,766
85,336
1,500,348
2,024,390
289,484 Plus: share-based compensation expenses 4,652
384
507
73
4,886
1,196
171 Adjusted cash gross profit 923,872
1,050,747
1,137,657
162,683
3,337,389
4,218,075
603,176 Adjusted cash gross margin 41.1 %
40.7 %
42.3 %
42.3 %
40.4 %
42.4 %
42.4 %













 Operating expenses (267,861)
(333,285)
(387,377)
(55,395)
(1,162,712)
(1,412,189)
(201,941) Plus: share-based compensation expenses 38,243
1,899
7,191
1,028
143,671
24,582
3,515 Adjusted operating expenses (229,618)
(331,386)
(380,186)
(54,367)
(1,019,041)
(1,387,607)
(198,426)













 Operating profit 236,995
205,744
153,007
21,879
669,443
780,300
111,580 Plus: depreciation and amortization 441,447
550,248
644,349
92,141
1,611,760
2,172,124
310,610 Plus: share-based compensation expenses 42,895
2,283
7,698
1,101
148,557
25,778
3,686 Adjusted EBITDA 721,337
758,275
805,054
115,121
2,429,760
2,978,202
425,876 Adjusted EBITDA margin 32.1 %
29.4 %
30.0 %
30.0 %
29.4 %
29.9 %
29.9 %   VNET GROUP, INC.  CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS  (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 








 Three months ended  
December 31, 2024
September 30, 2025
December 31, 2025
 RMB 
 RMB 
 RMB 
 US$  CASH FLOWS FROM OPERATING ACTIVITIES 






 Net cash generated from operating activities 572,236
809,817
546,424
78,136







 CASH FLOWS FROM INVESTING ACTIVITIES 






 Purchases of property and equipment (1,492,972)
(2,184,378)
(1,809,905)
(258,813) Purchases of intangible assets (82,693)
(37,074)
(91,438)
(13,075) Proceeds from (payments for) investments 22,087
(5,000)
1,380,795
197,451 Proceeds from disposal of a subsidiary, net -
-
755,964
108,101 Proceeds from (payments for) other investing activities 177,418
(62,689)
(791,034)
(113,116) Net cash used in investing activities (1,376,160)
(2,289,141)
(555,618)
(79,452)







 CASH FLOWS FROM FINANCING ACTIVITIES 






 Proceeds from bank borrowings 1,240,147
1,867,856
1,537,209
219,818 Repayments of bank borrowings (366,664)
(231,432)
(486,814)
(69,613) Payments for finance leases  (25,789)
(44,824)
(84,359)
(12,063) Contribution from noncontrolling interest in subsidiaries -
250,657
702,659
100,479  (Payments for) proceeds from other financing activities (62,448)
299,027
461,622
66,011 Net cash generated from financing activities 785,246
2,141,285
2,130,316
304,632







 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash  17,784
(808)
(673)
(96) Net (decrease) increase in cash, cash equivalents and restricted cash (894)
661,152
2,120,450
303,220 Cash, cash equivalents and restricted cash at beginning of period 2,081,967
3,420,083
4,081,235
583,609 Cash, cash equivalents and restricted cash at end of period 2,081,073
4,081,235
6,201,685
886,829  



View original content:https://www.prnewswire.com/news-releases/vnet-reports-unaudited-fourth-quarter-and-full-year-2025-financial-results-302714407.htmlSOURCE VNET Group, Inc.

Original: VNET Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results

VNET Announces US$138 Million Private PlacementFebruary 27, 2026 9:10 AM
PR Newswire (US)

BEIJING, Feb. 27, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced a private placement of 81.0 million newly issued Class A ordinary shares of the Company ("Placement Shares") to certain institutional investors at an offering price of US$1.7 per Placement Share (or US$10.2 per ADS, each representing six Class A ordinary shares) (the "Private Placement").The Company expects to close the Private Placement on or about March 3, 2026, subject to customary closing conditions. Gross proceeds from the Private Placement financing are anticipated to be approximately US$137.7 million before deducting placement agent fees and offering expenses. The Company currently intends to use such proceeds for general corporate purposes, including working capital, capital expenditures, and potential strategic transactions, among others.The offer and sale of the foregoing securities are made in a transaction not involving a public offering, and the foregoing securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or applicable state securities laws, and are being offered and sold in reliance on Regulation S of the Securities Act. The securities may not be reoffered or resold in the United States, or to a U.S. person or for the account or benefit of any U.S. Person prior to the expiration of a 40-day distribution compliance period following the closing of the Private Placement pursuant to Rule 903 of Regulation S.Deutsche Bank AG, Hong Kong Branch and China International Capital Corporation Hong Kong Securities Limited are acting as placement agents for the Private Placement. Davis Polk & Wardwell LLP is acting as legal advisor to VNET.This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.About VNETVNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.Safe Harbor StatementThis announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.Investor Relations Contact:Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com



View original content:https://www.prnewswire.com/news-releases/vnet-announces-us138-million-private-placement-302699647.htmlSOURCE VNET Group, Inc.

Original: VNET Announces US$138 Million Private Placement

VNET Appoints New Officer to Finance Leadership TeamFebruary 13, 2026 7:00 AM
PR Newswire (US)

BEIJING, Feb. 13, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced the appointment of Mr. Peter Zhihua Zhang as Senior Vice President, Operational Finance, effective immediately. Mr. Zhang will be responsible for the Company's financial operations and is authorized to review and approve the Company's financial statements and related filings for SEC and Nasdaq compliance purposes, as applicable. Mr. Zhang will also serve as the Company's "principal accounting officer" in accordance with applicable U.S. federal securities laws, SEC rules, and Nasdaq requirements.Mr. Josh Sheng Chen, Founder, Executive Chairperson and interim Chief Executive Officer of VNET, commented, "We are delighted to welcome Peter to the operational finance leadership team. As a homegrown talent who has grown and developed through multiple key positions across our finance operations, Peter embodies our strong culture of nurturing internal leaders. His deep financial management expertise and extensive institutional knowledge will further strengthen our strategic execution, supporting sustainable growth and long-term value creation."Mr. Peter Zhihua Zhang is an experienced finance executive with broad leadership experience across global and China-based enterprises and deep expertise in corporate financial governance and operations across multiple industries. He joined VNET in October 2019 to oversee the Company's accounting, taxation, and compliance functions. In addition, he has played a key role in establishing financial systems for several of the Company's business units, effectively supporting the Company's operational compliance and steady growth, and leads the Company's domestic debt financing initiatives and strategic partnership with Microsoft. Prior to joining VNET, he served as Chief Financial Officer at a TMT enterprise and as finance director at Anta Group, as well as in key finance roles at Lenovo and TDK. Mr. Zhang is a Certified Management Accountant (CMA, USA) and holds a bachelor's degree in accounting from Jilin University and a Master of Business Administration from Renmin University of China.About VNETVNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.Safe Harbor StatementThis announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.Investor Relations Contact:Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com



View original content:https://www.prnewswire.com/news-releases/vnet-appoints-new-officer-to-finance-leadership-team-302687596.htmlSOURCE VNET Group, Inc.

Original: VNET Appoints New Officer to Finance Leadership Team

VNET, new 52/week high

VNET, new 52 week high

VNET

VNET

VNET................................https://stockcharts.com/h-sc/ui?s=VNET&p=W&b=5&g=0&id=p86431144783

VNET................................https://stockcharts.com/h-sc/ui?s=VNET&p=W&b=5&g=0&id=p86431144783

VNET....................................https://stockcharts.com/h-sc/ui?s=VNET&p=W&b=5&g=0&id=p86431144783

VNET..........................https://stockcharts.com/h-sc/ui?s=VNET&p=W&b=5&g=0&id=p86431144783

VNET..............................https://stockcharts.com/h-sc/ui?s=VNET&p=W&b=5&g=0&id=p86431144783

$VNET Breaking out from Ascending triangle with a Bollinger band squeeze with Macd Histogram as momentum.
VNET chart

WOW! Chart reading is so easy for you. So it's all just one big repeating pattern, huh? OF COURSE!!! Brilliant!!!!

based on what? the 3 year chart is nothing but fall HARD, then consolidate, then fall HARD again, then consolidate(oh is it bounce time yet?)....nooo..
fall HARD again

Bounce time

VNET new 52=week low

VNET new 52 week low

VNET new 52 week low

VNET new 52 week low

VNET new 52 week low

If the deal happens quickly the gaps won’t matter, speculative

Matrix code:
21 Vianet
21 (22-9-1) 14 5 20

Could indicate that the end location or final Shareprice for the purchase of the company will be $14.00.

Alternative code:
U (22-9-1) Net
Backwards:
10.00 1-9-22 U

“12:22a ET 9/14/2022 - Dow Jones
VNET Founder's Privatization Offer Looks Serious -- Market Talk

0419 GMT - VNET Group founder Josh Chen's latest offer to take the Chinese data-center operator looks serious to Jefferies analysts, who think he will likely follow through. They say in a note that the founder has likely already lined up financing, adding that the move looks justified given that VNET is significantly undervalued by the U.S. market. Jefferies reckons that the offer price of US$8.20 per ADR may need to be raised, as it looks quite low compared to peers. But it doesn't expect a bidding war, given the lack of other serious, viable potential buyers. (yifan.wang@wsj.com)

(END) Dow Jones Newswires

September 14, 2022 00:22 ET (04:22 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.“

VNET--Tax Loss Selling Play?

https://www.marketbeat.com/originals/vnet-group-stock-is-a-tax-loss-selling-play/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletterclick&source=ARNDaily&SubscriberID=1718757

NEWS: $VNET Why 21Vianet Stock Skyrocketed Today

Shares of 21Vianet (NASDAQ: VNET) skyrocketed today, booking gains of 17% at the close, after the company reported pricing for a previously announced follow-on offering. The deal priced at a very modest discount to yesterday's close, allowing the company to raise capital on favorable terms. ...

Got this from VNET - Why 21Vianet Stock Skyrocketed Today

Breaking News: $VNET 21Vianet Announces Pricing of Follow-on Offering of 17,000,000 American Depositary Shares

BEIJING, Aug. 26, 2020 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (“21Vianet” or the “Company”) (Nasdaq: VNET), a leading carrier-neutral and cloud-neutral data center services provider in China, today announced the pricing of a follow-on offering by it of 17,000,0...

In case you are interested VNET - 21Vianet Announces Pricing of Follow-on Offering of 17,000,000 American Depositary Shares

News: $VNET 21Vianet and Alibaba Signed Agreement to Schedule the Second Phase of IDC Service Construction in Eastern China

BEIJING, Dec. 30, 2019 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (Nasdaq: VNET) ("21Vianet" or the "Company"), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced that it has signed an agreement with Alibaba to initiate the second phase of co...

Got this from VNET - 21Vianet and Alibaba Signed Agreement to Schedule the Second Phase of IDC Service Construction in Eastern China

News: $VNET 21Vianet Announces US$20 Million Share Repurchase Program

BEIJING, Dec. 04, 2019 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (Nasdaq: VNET) ("21Vianet" or the "Company"), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced that its board of directors has approved a share repurchase program to repurcha...

Got this from VNET - 21Vianet Announces US$20 Million Share Repurchase Program

* * $VNET Video Chart 10-14-2019 * *

Link to Video - click here to watch the technical chart video

* * $VNET Video Chart 05-17-2019 * *

Link to Video - click here to watch the technical chart video

Earnings should be released shortly

* * $VNET Video Chart 11-21-18 * *

Link to Video - click here to watch the technical chart video

piece of junk stock going back to $4

piece of junk stock going back to $4

* * $VNET Video Chart 05-16-18 * *

Link to Video - click here to watch the technical chart video

ha ha lol
got another laugh from you.

No, 10K is a nice piece of change to me.

What gets me is watching end of day trades
and someone spirits 100,000 shares @ 5.00
[e.g.] = $500,000.00

no big deal...thank you very much for closing
strong.

I think tax plan passage, if it happens like
it should, this week, will bolster the whole
market, unless there is an anti-Trump stock
out there that wants to suffer

Packers are history this year

later lc

Briboy

Maybe one is so in the money it doesn’t matter, but automated reaching at the expense of $10k is substantial.
I don’t think many professionals think giving away $10k is part of life...
....if you do; you 7 figures doesn’t last long and was probably inherited

Thanks....needed the laugh hehehehehe

"paranoia" on meager volume

be well

Chart?
It’s got an internal buyout built in the share structure.
But, yes, all scenarios on table....as always....

Then re- evaluate

I like my risk reward here a lot. Timing shouldn’t be too far off either.

Chart? Doesn’t tell the story here at all. Not even my condensed version.

Volume? Lol....sorry a 2-5% premium on $12k is not volume. That’s paranoia

Okay, best to you bro

I just checked out STXS. More
volume you're in good shape. I
like the chart the last 6 months
but over 1 year-----Yikes.

Merry Christmas Sire!

Briboy
_________________________________

VNET buy 6.56

Nasdaq stocks $1-10 with 100,000 volume
double bottom
bullish divergence breakout with initial pullback
moving average 'golden cross' pattern
macd zero crossup
bull flag

















normal chart




log chart

Not here no more...I play deeper discounts with leverage...core funders must have liquidity too to recapture when a formal recapitalization is not in the cards.

Was in and out throughout the mid to high 4s....

Did well and exited 6s

Stxs now

Funny to see you here bro. Or not I guess,
since VNET has done so well of let. I have
been watching it the last few weeks. Looked
great until last two days, but I still think,
at least with a few solid months on techical
analysis side, she's going to continue up....

maybe no
we'll see
like you said

"Come one, come all, shorters, no, stay
away...long or swingers stay....lol

Best

Briboy

Since September, this is a good, quality
stock, at least from a pps point of view

Am surprised the uncertainty of the proposed
Fed Tax Plan affected this, or was it some-
thing completely else.

Glad I waited and will keep an eye on er

VNET