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VNET Group (VNET) investor relations material

VNET Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary21 Aug, 2025

Executive summary

  • Achieved strong Q2 2025 results with 22.1% year-over-year revenue growth to RMB2.43 billion, driven by rapid wholesale IDC expansion, robust demand, and strategic execution.

  • Wholesale capacity in service grew 17.5% quarter over quarter to 674MW, with utilization rate at 75.9%; secured a 20MW wholesale order and 4MW in retail orders.

  • Launched Hyperscale 2.0 framework, targeting 10GW managed data center assets by 2036, with new hubs in Inner Mongolia, Hebei, and Beijing, focusing on AI-driven, greener, and more intelligent data centers.

  • Secured significant new orders, including a 20MW wholesale contract with a leading cloud provider and 4MW from diverse retail clients.

  • Received top ESG ratings, including MSCI A, S&P Global Sustainability Yearbook inclusion, and A grade in 2024 supplier engagement assessment by Carbon Disclosure Project.

Financial highlights

  • Total net revenues reached RMB2.43 billion, up 22.1% year over year; adjusted EBITDA rose 27.7% to RMB732 million, with margin at 30.1%.

  • Wholesale IDC revenues surged 112.5% year over year to RMB854 million; retail IDC revenues stable at RMB959 million.

  • Adjusted cash gross profit rose 34.9% to RMB1.06 billion, with adjusted cash gross margin at 43.6%.

  • Net loss attributable to shareholders was RMB11.9 million in Q2 2025, compared to net income of RMB63.7 million a year ago, mainly due to higher interest and tax expenses.

  • Net operating cash inflow was RMB366.6 million in Q2; cash, cash equivalents, and restricted cash totaled RMB4.66 billion as of June 30, 2025.

Outlook and guidance

  • Full-year 2025 guidance raised: total net revenues expected at RMB9.15–9.35 billion (up 11–13% YoY); adjusted EBITDA at RMB2.76–2.82 billion (up 14–16% YoY, or 18–20% excluding a one-time gain in 2024).

  • CapEx for 2025 expected at RMB10–12 billion, mainly for wholesale IDC expansion, supporting a delivery plan of 400–450MW, over triple 2024’s capacity.

  • Management remains optimistic about H2 2025, with fast client move-in pace and robust AI-driven demand.

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Frequently asked questions

VNET Group Inc, formerly 21Vianet Group Inc, is a carrier-neutral Internet data center services provider in China. The Company provides hosting and related services, managed network services and cloud services for enterprises, government entities and small-to medium-sized businesses. The Company provides its data center services principally through its approximately 20 self-built or self-operated data centers and approximately 15 network operation centers located in major cities across China, including Beijing, Shanghai and Guangzhou.

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