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    Tom Tang • Not Disclosed

    Tom Tang's questions to VNET Group Inc (VNET) leadership

    Tom Tang's questions to VNET Group Inc (VNET) leadership • Q2 2025

    Question

    Tom Tang from Morgan Stanley inquired about VNet's expectations for future customer demand and order patterns, particularly following NVIDIA's resumed chip shipments to China.

    Answer

    VNet Management responded that the market is active, with strong AI-driven demand in key regions like the Greater Beijing area. They are closely watching for new orders around September, which are expected to have a six-month delivery timeline, and are in active communication with clients regarding potential AI-related projects beyond the recently announced 20 MW wholesale order.

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    Tom Tang's questions to VNET Group Inc (VNET) leadership • Q3 2024

    Question

    Tom Tang requested more detail on the fourth-quarter outlook, focusing on demand trends for the wholesale business and whether to expect more new orders from AI training or other transitional demands.

    Answer

    Rotating President Chenggang Shen responded that based on current guidance, the wholesale business is expected to grow at a faster pace in Q4, while retail and non-IDC businesses will remain relatively flat. He expressed confidence in meeting the full-year delivery targets and operational plans.

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    Tom Tang's questions to Tuya Inc (TUYA) leadership

    Tom Tang's questions to Tuya Inc (TUYA) leadership • Q3 2024

    Question

    Tom Tang inquired about the business outlook for the fourth quarter, any observed changes in customer behavior due to potential U.S. tariffs, and the expected stability of the gross profit margin given the increasing revenue contribution from the Smart Solutions segment.

    Answer

    CFO Alex Yang stated that while full Q4 visibility is not yet clear, the company is optimistic and sees it as a stable season. Regarding tariffs, she noted that customers have been relocating supply chains for years, but China's role remains significant, and Tuya adapts by serving customers globally. On margins, she explained that while the growth of Smart Solutions will gradually decrease the overall company gross margin, it is a healthy trend as each segment is competitive and operating leverage is maintained, leading to higher total gross profit.

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