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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.
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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