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    Dai Li Li

    Research Analyst at BofA Securities

    No verifiable professional information about Dai Li Li as an analyst at BofA Securities could be found in the latest available data. There is no evidence of a Dai Li Li holding an analyst position, covering specific companies, having recognized performance metrics or rankings, or holding industry licenses at BofA Securities. No valid credentials, career timeline, or public achievements are documented for this individual in authoritative directories, institutional records, or analyst listings.

    Dai Li Li's questions to VNET Group (VNET) leadership

    Dai Li Li's questions to VNET Group (VNET) leadership • Q2 2025

    Question

    Dai Li Li from BofA Securities questioned the reason for the slight drop in GAAP gross margin despite healthy adjusted gross margin growth and asked for an update on the progress of REITs financing.

    Answer

    VNet Management explained the GAAP gross margin fluctuation is due to seasonal timing of converting Construction in Progress (CIP) to PPE and related depreciation. They highlighted that the adjusted cash gross margin shows a healthy, steady increase. Regarding financing, management confirmed they are actively pursuing public and private REITs with a goal to recover CNY 2 billion this year.

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