VNET Group (VNET) Company Report

Analyst Coverage

Research analysts who have asked questions during VNET Group earnings calls.

Timothy Zhao

Goldman Sachs

5 questions for VNET

Also covers: BEKE, BZ, EDU +5 more

Tom Tang

Not Disclosed

4 questions for VNET

Also covers: TUYA

Andy Yu

DBS

3 questions for VNET

Edison Lee

Jefferies LLC

3 questions for VNET

Also covers: ACMR, GDS

Sarah Wang

UBS

3 questions for VNET

Also covers: GDS

Xinyi Wang

China International Capital Corporation

3 questions for VNET

Also covers: GDS

Anthony Leng

JPMorgan Chase & Co.

2 questions for VNET

Daley Li

Bank of America Securities

2 questions for VNET

Dean Liu

Bank of America

2 questions for VNET

Ethan Jiang

Nomura

2 questions for VNET

Xu Yunjie

CICC

2 questions for VNET

Dai Li Li

BofA Securities

1 question for VNET

Huiqun Li

Bank of America

1 question for VNET

Also covers: API, GDS

Louis Tsang

Citi

1 question for VNET

Also covers: GDS

Shuyun Che

China International Capital Corporation

1 question for VNET

Yang Liu

Morgan Stanley

1 question for VNET

Also covers: BILI, GDS, NTES +3 more

Yue Tang

Morgan Stanley

1 question for VNET

Yu Lee

Guggenheim Partners

1 question for VNET

Also covers: CTSH, DAVA, GDS +3 more

Latest news

Recent press releases and 8-K filings for VNET.

VNET Reports Strong Q3 2025 Results and Raises Full-Year Guidance

VNET

Earnings

Guidance Update

New Projects/Investments

VNET delivered strong financial results for Q3 2025, with total net revenues increasing by 21.7% year-over-year to RMB 2.58 billion and adjusted EBITDA growing by 27.5% year-over-year to RMB 758 million.
The company raised its full-year 2025 guidance, now expecting total net revenues between RMB 9.55 billion and RMB 9.867 billion (a 16%-19% year-over-year increase) and adjusted EBITDA between RMB 2.91 billion and RMB 2.945 billion (a 20%-21% year-over-year increase).
Operationally, wholesale capacity in service grew by 16.1% quarter-over-quarter to 783 megawatts, with a utilization rate of 74.3% as of September 30, 2025. Retail MRR per cabinet reached RMB 8,948, marking six consecutive quarters of increase.
VNET secured 63 megawatts in new wholesale orders during Q3 2025 and an additional 32 megawatts entering Q4. The company plans to deliver approximately 306 megawatts of capacity over the next 12 months.
The company is actively pursuing financing strategies, including the successful issuance of a private REIT and advancing a C-REIT application, with its domestic operating entity, Beijing VNET, receiving a AAA rating from a domestic rating institution.

Nov 20, 2025, 12:00 PM

Transcript

VNET Reports Strong Q3 2025 Results and Raises Full-Year Guidance

VNET

Earnings

Guidance Update

New Projects/Investments

VNET reported strong financial performance in Q3 2025, with total net revenues increasing by 21.7% year-over-year to RMB 2.58 billion and adjusted EBITDA growing by 27.5% year-over-year to RMB 758 million.
The company raised its full-year 2025 guidance, now expecting total net revenues between RMB 9.55 billion and RMB 9.867 billion and adjusted EBITDA between RMB 2.91 billion and RMB 2.945 billion.
Operational growth was robust, with wholesale capacity in service increasing by 16.1% quarter-over-quarter to 783 megawatts and 63 MW in new wholesale orders secured during Q3 2025.
VNET is advancing its financing strategies, including two new private REITs projects for wholesale IDCs expected to be issued by Q1 2026, which will be consolidated into the financial statements. The company also noted that its domestic operating entity received a AAA rating, facilitating the issuance of domestic corporate bonds.

Nov 20, 2025, 12:00 PM

Transcript

VNET announces Q3 2025 results with revenue and EBITDA growth, raises full-year guidance

VNET

Earnings

Guidance Update

Revenue Acceleration/Inflection

VNET reported Total Net Revenues of RMB2,582 million in Q3 2025, marking a 21.7% year-over-year increase, and Adjusted EBITDA of RMB758 million, up 27.5% year-over-year.
Despite the growth in revenue and Adjusted EBITDA, the company recorded a net loss of RMB275 million in Q3 2025.
The full-year 2025 guidance was raised, with Total Net Revenues now expected to be RMB9,550 - 9,867 million and Adjusted EBITDA projected at RMB2,910 - 2,945 million.
The Wholesale IDC business demonstrated strong operational growth, with capacity in service increasing to 783MW (+16.1% QoQ) and capacity utilized reaching 582MW (+13.8% QoQ), resulting in a 74.3% utilization rate in Q3 2025.
VNET secured significant new wholesale orders, totaling 63MW in Q3 2025 and an additional 32MW in Q4 2025, primarily from cloud services and internet companies.

Nov 20, 2025, 12:00 PM

Presentation

VNET Reports Strong Q3 2025 Results and Raises Full-Year Guidance

VNET

Earnings

Guidance Update

New Projects/Investments

VNET delivered strong Q3 2025 financial results, with total net revenues increasing by 21.7% year-over-year to RMB 2.58 billion and adjusted EBITDA growing by 27.5% year-over-year to RMB 758 million.
The company raised its full-year 2025 revenue guidance to a range of RMB 9.55 billion-RMB 9.867 billion and adjusted EBITDA guidance to RMB 2.91 billion-RMB 2.945 billion.
The wholesale IDC business was a key growth driver, with revenues increasing 82.7% year-over-year to RMB 956 million. Wholesale capacity in service grew 16.1% quarter-over-quarter to 783 megawatts, and the company secured 63 megawatts in new wholesale orders in Q3 2025, with an additional 32 megawatts secured entering Q4.
VNET is strategically focused on meeting AI-driven demand, particularly for inferencing, which is expected to be a major growth driver in 2026. The company plans resource acquisition with a five-year horizon, focusing on the Greater Beijing Area and Yangtze River Delta, and has a total wholesale resource capacity of 1.8 gigawatts.
The company maintained robust liquidity with RMB 5.33 billion in cash and equivalents as of September 30, 2025. VNET expects full-year 2025 CapEx to be RMB 10 billion-RMB 12 billion and is actively pursuing funding through private REITs and domestic corporate bonds, with its domestic operating entity, Beijing VNET, recently receiving a AAA rating.

Nov 20, 2025, 12:00 PM

Transcript

VNET Reports Strong Q3 2025 Financial Results and Raises Full-Year Guidance

VNET

Earnings

Guidance Update

Revenue Acceleration/Inflection

VNET Group, Inc. reported total net revenues of RMB2.58 billion (US$362.7 million) for the third quarter ended September 30, 2025, marking a 21.7% increase year-over-year. This growth was significantly driven by an 82.7% year-over-year increase in wholesale IDC business revenues to RMB955.5 million (US$134.2 million).
Adjusted EBITDA increased by 27.5% year-over-year to RMB758.3 million (US$106.5 million) in Q3 2025, with the Adjusted EBITDA margin rising to 29.4% from 28.0% in the same period of 2024.
The company recorded a net loss attributable to VNET Group, Inc. of RMB307.0 million (US$43.1 million) in Q3 2025, primarily due to RMB337.2 million in fair value changes of financial instruments.
VNET increased its full-year 2025 guidance, now expecting total net revenues between RMB9,550 million and RMB9,867 million (16% to 19% year-over-year growth) and Adjusted EBITDA between RMB2,910 million and RMB2,945 million (20% to 21% year-over-year growth).
The company secured three new wholesale orders totaling 63MW and approximately 2MW in retail orders in Q3 2025, with additional momentum from a 32MW wholesale order in Q4 2025.

Nov 20, 2025, 11:05 AM

6-K

VNET Group Reports Strong Q3 2025 Financial Results and Raised Full-Year Guidance

VNET

Earnings

Guidance Update

Revenue Acceleration/Inflection

VNET Group reported total net revenues of RMB2.58 billion (US$362.7 million) in Q3 2025, a 21.7% year-over-year increase, significantly boosted by an 82.7% rise in wholesale IDC revenues.
Adjusted EBITDA grew 27.5% year-over-year to RMB758.3 million (US$106.5 million), with an adjusted EBITDA margin of 29.4% in Q3 2025.
The company reported a net loss attributable to VNET Group, Inc. of RMB307.0 million (US$43.1 million) in Q3 2025, primarily due to fair value changes of financial instruments, compared to a net income in the same period of 2024.
VNET increased its full-year 2025 guidance, projecting total net revenues between RMB9,550 million to RMB9,867 million and adjusted EBITDA between RMB2,910 million to RMB2,945 million.
As of September 30, 2025, wholesale IDC capacity in service reached 783MW with a utilization rate of 74.3% and a commitment rate of 94.7%.

Nov 20, 2025, 8:30 AM

Press Release

VNET Group Issues First Holding-Type Real Estate Green Asset-Backed Security

VNET

Debt Issuance

New Projects/Investments

VNET Group has successfully issued a holding-type real estate green asset-backed security under its newly-launched private REIT, marking the first such issuance in China's IDC industry.
The Private REIT Project, which will be listed on the Shanghai Stock Exchange, has an overall offering size of approximately RMB860 million, with equity consideration of approximately RMB800 million, implying a valuation of approximately 13x EV/EBITDA.
This initiative is designed to revitalize VNET's existing IDC assets, recycle capital to fund capacity expansion and other corporate purposes, reduce the Company's leverage ratio, and optimize its capital structure.
VNET will subscribe 7% of the REIT, while 93% will be subscribed by leading domestic institutional investors, including China Pacific Insurance (Group) Co., Ltd.. The project also received a G-1 rating, the highest possible, for its green effectiveness.