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Xu Yunjie

Senior Analyst at CICC

Xu Yunjie is a Senior Analyst at CICC specializing in equity research across China-based technology and infrastructure sectors. Notably, he has covered publicly listed companies such as VNET Group, participating in their quarterly earnings calls and providing research and market insights. While detailed performance metrics and rankings are not publicly disclosed, his active role in major corporate coverage indicates a trusted track record within the firm. Xu Yunjie began his analyst career in the Chinese securities industry and has contributed to CICC's research efforts through diligent financial analysis and professional sector expertise; publicly available information does not confirm external professional credentials or securities licenses.

Xu Yunjie's questions to VNET Group (VNET) leadership

Question · Q3 2025

Xu Yunjie from CICC inquired about VNET's utilization rate target for wholesale IDC business over the next two years, given the fast delivery pace. She also asked about the main drivers behind the consistent MRR growth in the retail IDC business and its future sustainability.

Answer

CFO Qiyu Wang stated that the utilization rate for mature wholesale IDCs is around 95%, with future targets dependent on delivery volume, and more information to be provided in Q4. He expressed confidence in a steady long-term increase. For retail MRR growth, he attributed it to external factors like customer demand shifting to include smart computing alongside storage and generic computing, and internal efforts such as repurposing cabinets, offering value-added software services (networking, storage networking), and high-density cabinet transformation. He believes sustainability is strong as long as customer demand persists.

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Question · Q3 2025

Xu Yunjie inquired about VNET's utilization rate target for its wholesale IDC business over the next two years, given the rapid delivery pace, and asked about the main drivers behind the sustained growth in retail IDC MRR and its future sustainability.

Answer

Rotating President Ju Ma (translated by CFO Qiyu Wang) stated that mature wholesale IDC utilization is around 95% and expressed confidence in steadily increasing the overall utilization rate, with more specific targets to be provided in Q4. He attributed retail MRR growth to customers' evolving needs for storage, generic, and smart computing, VNET's value-added software services (networking, storage networking), and the ongoing high-density cabinet upgrades, expecting sustainability if these demands persist.

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