# EDGAR Filing Document

**Accession Number:** 0001508475
**File Stem:** 0001104659-25-081152
**Filing Date:** 2025-8
**Character Count:** 35953
**Document Hash:** 6031b338ad75b983694800b6f96716d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-081152.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001104659-25-081152

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250821

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VNET Group, Inc.
- **CENTRAL INDEX KEY:** 0001508475
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35126
- **FILM NUMBER:** 251238382

**BUSINESS ADDRESS:**
- **STREET 1:** GUANJIE BUILDING, SOUTHEAST 1ST FLOOR
- **STREET 2:** 10# JIUXIANQIAO EAST ROAD
- **CITY:** Beijing
- **STATE:** F4
- **ZIP:** 100016
- **BUSINESS PHONE:** (86 10) 8456-2121

**MAIL ADDRESS:**
- **STREET 1:** GUANJIE BUILDING, SOUTHEAST 1ST FLOOR
- **STREET 2:** 10# JIUXIANQIAO EAST ROAD
- **CITY:** Beijing
- **STATE:** F4
- **ZIP:** 100016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 21Vianet Group, Inc.
- **DATE OF NAME CHANGE:** 20110406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 21 Vianet Group, Inc.
- **DATE OF NAME CHANGE:** 20101221

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the Month of August 2025**

**Commission File Number: 001-35126**

**VNET Group, Inc.**

**Guanjie Building, Southeast 1st Floor**

**10# Jiuxianqiao East Road**

**Chaoyang District**

**Beijing 100016**

**The People's Republic of China**

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **VNET Group, Inc.** | **VNET Group, Inc.** |
|  | By: | /s/ Qiyu Wang |
|  | Name: Qiyu Wang | Name: Qiyu Wang |
|  | Title: Chief Financial Officer | Title: Chief Financial Officer |
| Date: August 21, 2025 |  |  |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](tm2524086d1_99-1.htm) | [Press release tilted "VNET Announces Unaudited Second Quarter 2025 Financial Results"](tm2524086d1_99-1.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2524086d1_ex99-1img001.jpg)

**VNET Reports Unaudited Second Quarter 2025 Financial Results**

BEIJING, August 21, 2025 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2025.

"We delivered strong second quarter results thanks to continued effective strategic execution," said Josh Sheng Chen, Founder, Executive Chairperson and interim Chief Executive Officer of VNET. "Our wholesale IDC business continued to grow rapidly, driven by our wholesale data centers' fast move-in pace. In the second quarter, our wholesale capacity in service increased by 101MW quarter over quarter to 674MW, with utilized wholesale capacity growing by 74MW quarter over quarter to 511MW. Our high-performance data centers and premium IDC services continue to attract customers from various industries. In the second quarter, we secured a combined capacity of around 4MW in retail orders. Furthermore, we recently won a 20MW wholesale order through the JV project we operate in Hebei Province."

"In late June, we unveiled our Hyperscale 2.0 framework, encompassing our vision for the future of AIDCs and our blueprint for growing the capacity of our data center assets under management to 10GW by 2036. As a pioneer in AIDC development, we are poised to strengthen our leadership under Hyperscale 2.0, supported by our strong fundamentals, deep industry know-how, and innovative technologies. Looking ahead, we will sharpen our competitive advantages with faster deliveries and consistently reliable IDC services as we embark on our ambitious Hyperscale 2.0 framework for building greener, more intelligent data centers for the AI era."

Qiyu Wang, Chief Financial Officer of VNET, commented, "We maintained our business's vibrant momentum with strong financial results during the second quarter. Our total net revenues rose 22.1% year over year to RMB2.43 billion, driven by significant wholesale revenue growth of 112.5% year over year. Adjusted EBITDA also increased by 27.7% year over year to RMB732.5 million, with an adjusted EBITDA margin of 30.1%, up 1.3 percentage points year over year. With our effective business strategy and healthy balance sheet, we're well-positioned to lead the AIDC transformation and capture surging AI-driven opportunities, delivering sustainable, long-term value for our stakeholders."

**Second Quarter 2025 Financial Highlights**

· Total net revenues increased by 22.1% to RMB2.43
billion (US$339.8 million) from RMB1.99 billion in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Net revenues from the IDC business <sup>1</sup> increased by 32.6% to RMB1.81 billion (US$253.1 million) from RMB1.37 billion in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net revenues from the wholesale IDC business
("wholesale revenues") increased by 112.5% to RMB854.1 million (US$119.2 million) from RMB402.0 million in the same period
of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net revenues from the retail IDC business ("retail
revenues") held fairly steady at RMB958.7 million (US$133.8 million) compared with RMB964.8 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Net revenues from the non-IDC business <sup>2</sup> remained relatively stable at RMB621.4 million (US$86.7 million) compared with RMB627.0 million in the same period of 2024.

· Adjusted cash gross profit (non-GAAP) increased
by 34.9% to RMB1.06 billion (US$148.2 million) from RMB787.3 million in the same period of 2024. Adjusted cash gross margin (non-GAAP)
was 43.6%, compared with 39.5% in the same period of 2024.

<sup>1</sup> IDC business refers to managed hosting services, consisting of the wholesale IDC business and the retail IDC business. Beginning in the first quarter of 2024, our IDC business was subdivided into wholesale IDC business and retail IDC business according to the nature and scale of our data center projects. Prior to 2024, the subdivision was based on customer contract types.

<sup>2</sup> Non-IDC business consists of cloud services and VPN services.

![](tm2524086d1_ex99-1img001.jpg)

· Adjusted EBITDA (non-GAAP) increased by 27.7%
to RMB732.5 million (US$102.2 million) from RMB573.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) was 30.1%,
compared with 28.8% in the same period of 2024.

**Second Quarter 2025 Operational Highlights**

**Wholesale IDC Business**

· Capacity in service was 674MW as of June 30,
2025, compared with 573MW as of March 31, 2025, and 332MW as of June 30, 2024. Capacity under construction was 326MW as of June 30,
2025. · Capacity utilized by customers reached 511MW
as of June 30, 2025, compared with 437MW as of March 31, 2025, and 252MW as of June 30, 2024. The sequential increase during
the second quarter of 2025 was 74MW, which was mainly contributed by the N-OR Campus 01 and E-JS Campus 03 data centers.

· Utilization rate <sup>3</sup> of wholesale capacity was 75.9% as of June 30, 2025, compared with 76.2% as of March 31, 2025, and 75.9% as of June 30,
2024. &nbsp;&nbsp;&nbsp;&nbsp;· Utilization rate of mature wholesale capacity <sup>4</sup> was 94.6% as of June 30, 2025, compared with 94.5% as of March 31, 2025, and 94.9% as of June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Utilization rate of ramp-up wholesale capacity <sup>5</sup> was 20.8% as of June 30, 2025, compared with 32.1% as of March 31, 2025, and 45.7% as of June 30, 2024.

· Total capacity committed <sup>6</sup> was 674MW as of June 30, 2025, compared with 571MW as of March 31, 2025, and 326MW as of June 30, 2024.

· Commitment rate <sup>7</sup> for capacity in service was 100% as of June 30, 2025, compared with 99.7% as of March 31, 2025, and 98.1% as of June 30,
2024. · Total capacity pre-committed <sup>8</sup> was 180MW and pre-commitment rate <sup>9</sup> for capacity under construction was 55.2% as of June 30,
2025. **Retail IDC Business<sup>10</sup>**

· Capacity in service was 52,131 cabinets as of
June 30, 2025, compared with 51,960 cabinets as of March 31, 2025, and 52,177 cabinets as of June 30, 2024.

· Capacity utilized by customers reached 33,292
cabinets as of June 30, 2025, compared with 33,093 cabinets as of March 31, 2025, and 33,253 cabinets as of June 30, 2024.

· Utilization rate of retail capacity was 63.9%
as of June 30, 2025, compared with 63.7 % as of March 31, 2025, and 63.7% as of June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Utilization rate of mature retail capacity <sup>11</sup> was 68.6% as of June 30, 2025, compared with 69.1% as of March 31, 2025, and 72.5% as of June 30, 2024.

<sup>3</sup> Utilization rate is calculated by dividing capacity utilized by customers by the capacity in service.

<sup>4</sup> Mature wholesale capacity refers to wholesale data centers in which utilization rate is at or above 80%.

<sup>5</sup> Ramp-up wholesale capacity refers to wholesale data centers in which utilization rate is below 80%.

<sup>6</sup> Total capacity committed is the capacity committed to customers pursuant to customer agreements remaining in effect.

<sup>7</sup> Commitment rate is calculated by total capacity committed divided by total capacity in service.

<sup>8</sup> Total capacity pre-committed is the capacity under construction which is pre-committed to customers pursuant to customer agreements remaining in effect.

<sup>9</sup> Pre-commitment rate is calculated by total capacity pre-committed divided by total capacity under construction.

<sup>10</sup> For retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets refer to those that have not been utilized on a large scale, those that are planned to be closed, or those that are planned to be further upgraded. As of June 30, 2024, March 31, 2025, and June 30, 2025, 4,150, 3,766 and 3,791 reserved cabinets, respectively, were excluded from the calculation of utilization rate of retail IDC business capacity.

<sup>11</sup> Mature retail capacity refers to retail data centers that came into service prior to the past 24 months.

![](tm2524086d1_ex99-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Utilization rate of ramp-up retail capacity <sup>12</sup> was 26.4% as of June 30, 2025, compared with 21.5% as of March 31, 2025, and 12.7% as of June 30, 2024.

· Monthly recurring revenue (MRR) per retail cabinet
was RMB8,915 in the second quarter of 2025, compared with RMB8,898 in the first quarter of 2025 and RMB8,753 in the second quarter of
2024. **Second Quarter 2025 Financial Results**

**TOTAL NET REVENUES:** Total net revenues in the second quarter of 2025 were RMB2.43 billion (US$339.8 million), representing an increase of 22.1% from RMB1.99 billion in the same period of 2024. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.

***Net revenues from IDC busines*** ***s*** increased by 32.6% to RMB1.81 billion (US$253.1 million) from RMB1.37 billion in the same period of 2024. The year-over-year increase was mainly driven by an increase in wholesale revenues.

·  ***Wholesale revenues*** increased by
112.5% to RMB854.1 million (US$119.2 million) from RMB402.0 million in the same period of 2024.

·  ***Retail revenues*** decreased slightly
to RMB958.7 million (US$133.8 million) from RMB964.8 million in the same period of 2024.

***Net revenues from non-IDC business*** decreased slightly by 0.9% to RMB621.4 million (US$86.7 million) from RMB627.0 million in the same period of 2024.

**GROSS PROFIT:** Gross profit in the second quarter of 2025 was RMB547.7 million (US$76.5 million), representing an increase of 28.9% from RMB424.9 million in the same period of 2024. Gross margin in the second quarter of 2025 was 22.5%, compared with 21.3% in the same period of 2024.

**ADJUSTED CASH GROSS PROFIT** (non-GAAP), which excludes depreciation, amortization, and share-based compensation expenses, was RMB1.06 billion (US$148.2 million) in the second quarter of 2025, compared with RMB787.3 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) in the second quarter of 2025 was 43.6%, compared with 39.5% in the same period of 2024.

**OPERATING EXPENSES:** Total operating expenses in the second quarter of 2025 were RMB374.7 million (US$52.3 million), compared with RMB230.3 million in the same period of 2024.

***Sales and marketing expenses*** were RMB70.0 million (US$9.8 million) in the second quarter of 2025, compared with RMB58.2 million in the same period of 2024.

***Research and development expenses*** were RMB67.6 million (US$9.4 million) in the second quarter of 2025, compared with RMB62.0 million in the same period of 2024.

***General and administrative expenses*** were RMB212.5 million (US$29.7 million) in the second quarter of 2025, compared with RMB107.3 million in the same period of 2024.

**ADJUSTED OPERATING EXPENSES** (non-GAAP), which exclude share-based compensation expenses, were RMB365.6 million (US$51.0 million) in the second quarter of 2025, compared with RMB243.2 million in the same period of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the second quarter of 2025 were 15.0%, compared with 12.2% in the same period of 2024.

**ADJUSTED EBITDA** (non-GAAP): Adjusted EBITDA in the second quarter of 2025 was RMB732.5 million (US$102.2 million), representing an increase of 27.7% from RMB573.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) in the second quarter of 2025 was 30.1%, compared with 28.8% in the same period of 2024.

<sup>12</sup> Ramp-up retail capacity refers to retail data centers that came into service within the past 24 months, or mature retail data centers that have undergone improvements within the past 24 months.

![](tm2524086d1_ex99-1img001.jpg)

**NET LOSS/INCOME ATTRIBUTABLE TO VNET GROUP, INC**.: Net loss attributable to VNET Group, Inc. in the second quarter of 2025 was RMB11.9 million (US$1.7 million), compared with a net income attributable to VNET Group, Inc. of RMB63.7 million in the same period of 2024, mainly due to the increase in interest expenses and income tax expenses.

**LOSS** **PER SHARE:** Basic and diluted loss per share in the second quarter of 2025 were both RMB0.01 (US$0.1 cent), which represents the equivalent of RMB0.06 (US$0.01) per American depositary share ("ADS"), respectively. Each ADS represents six Class A ordinary shares.

**LIQUIDITY:** As of June 30, 2025, the aggregate amount of the Company's cash and cash equivalents, restricted cash and short-term investments was RMB4.66 billion (US$651.1 million).

Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB2.73 billion (US$380.5 million). Total long-term debt was RMB14.65 billion (US$2.05 billion), comprised of long-term borrowings of RMB9.48 billion (US$1.32 billion) and convertible notes of RMB5.18 billion (US$722.7 million).

Net cash generated from operating activities in the second quarter of 2025 was RMB366.6 million (US$51.2 million), compared with RMB405.2 million in the same period of 2024. During the second quarter of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB1.27 billion (US$176.7 million).

**Share Repurchase Program**

The Company's Board of Directors authorized a share repurchase program on June 27, 2025, under which the Company may repurchase up to US$50 million of its ADSs, each representing six Class A ordinary shares of the Company, over the ensuing 12-month period.

**Business Outlook**

The Company expects total net revenues for 2025 to be between RMB9,150 million to RMB9,350 million, representing year-over-year growth of 11% to 13%, and adjusted EBITDA (non-GAAP) to be in the range of RMB2,760 million to RMB2,820 million, representing year-over-year growth of 14% to 16%. If the RMB87.7 million disposal gain of E-JS02 data center were excluded from the adjusted EBITDA calculation for 2024, year-over-year growth would be 18% to 20%. The above outlook remains unchanged from the estimates the Company provided on June 27, 2025.

The forecast reflects the Company's current and preliminary views on the market and its operational conditions and is subject to change.

**Conference Call**

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Thursday, August 21, 2025, or 8:00 PM Beijing Time on Thursday, August 21, 2025.

For participants who wish to join the call, please access the links provided below to complete the online registration process.

English line:

<u>https://s1.c-conf.com/diamondpass/10049370-hq9zg7.html</u>

Chinese line (listen-only mode):

<u>https://s1.c-conf.com/diamondpass/10049371-pq4yad.html</u>

![](tm2524086d1_ex99-1img001.jpg)

Participants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at <u>http://ir.vnet.com</u>.

A replay of the conference call will be accessible through August 28, 2025, by dialing the following numbers:

---

| | |
|:---|:---|
| US/Canada: | 1 855 883 1031 |
| Mainland China: | 400 1209 216 |
| Hong Kong, China: | 800 930 639 |
| International: | +61 7 3107 6325 |
| Reply PIN (English line): | 10049370 |
| Reply PIN (Chinese line): | 10049371 |

---

**Non-GAAP Disclosure**

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

**Exchange Rate**

This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

**Statement Regarding Unaudited Condensed Financial Information**

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

![](tm2524086d1_ex99-1img001.jpg)

**About VNET**

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

**Safe Harbor Statement**

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans, including the plan to sign a definitive agreement on a pre-REITs project, contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

**Investor Relations Contact:**

Xinyuan Liu

Tel: +86 10 8456 2121

Email: <u>ir@vnet.com</u>

 **VNET GROUP, INC.** 

 **CONSOLIDATED BALANCE SHEETS** 

 **(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of** | **As of** |
|  | **As of**<br>**December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **RMB** | **RMB** | **US$** |
| **Assets** |  |  |  |
| **Current assets:** |  |  |  |
| Cash and cash equivalents | 1492436 | 2918345 | 407385 |
| Restricted cash | 545795 | 458321 | 63979 |
| Short-term Investments |  | 1244183 | 173681 |
| Accounts and notes receivable, net | 1655984 | 2216078 | 309353 |
| Amounts due from related parties | 336360 | 401723 | 56078 |
| Prepaid expenses and other current assets | 2789573 | 2939878 | 410394 |
| **Total current assets** | 6820148 | 10178528 | 1420870 |
| **Non-current assets:** |  |  |  |
| Restricted cash | 42842 | 43417 | 6061 |
| Derivative financial instruments | 6768 | 16307 | 2276 |
| Long-term investments, net | 794688 | 787383 | 109914 |
| Property and equipment, net | 17216635 | 19857652 | 2772021 |
| Intangible assets,net | 1403787 | 1938715 | 270634 |
| Land use rights, net | 766213 | 901386 | 125829 |
| Operating lease right-of-use assets, net | 4618212 | 5057531 | 706004 |
| Deferred tax assets, net | 306623 | 349806 | 48831 |
| Other non-current assets | 381126 | 577634 | 80635 |
| **Total non-current assets** | 25536894 | 29529831 | 4122205 |
| **Total assets** | 32357042 | 39708359 | 5543075 |
| **Liabilities and Shareholders' Equity** |  |  |  |
| **Current liabilities:** |  |  |  |
| Short-term bank borrowings | 589000 | 929997 | 129823 |
| Current portion of long-term borrowings | 1420190 | 1795594 | 250655 |
| Current portion of finance lease liabilities | 208299 | 249929 | 34889 |
| Current portion of operating lease liabilities | 899818 | 944491 | 131846 |
| Accounts and notes payable | 709260 | 754367 | 105306 |
| Amounts due to related parties | 355679 | 409636 | 57183 |
| Income taxes payable | 69569 | 44163 | 6165 |
| Advances from customers | 1378806 | 1289187 | 179964 |
| Deferred revenue | 87830 | 82325 | 11492 |
| Current portion of deferred government grants | 6727 | 57133 | 7975 |
| Accrued expenses and other payables | 3618237 | 3888806 | 542856 |
| **Total current liabilities** | 9343415 | 10445628 | 1458154 |
| **Non-current liabilities:** |  |  |  |
| Long-term borrowings | 7767390 | 9476393 | 1322853 |
| Convertible notes | 1897738 | 5176772 | 722650 |
| Non-current portion of finance lease liabilities | 1532309 | 1577599 | 220224 |
| Non-current portion of operating lease liabilities | 3779293 | 4186863 | 584464 |
| Unrecognized tax benefits | 107850 | 107850 | 15055 |
| Deferred tax liabilities | 734404 | 898530 | 125430 |
| Deferred government grants | 273824 | 219104 | 30586 |
| **Total non-current liabilities** | 16092808 | 21643111 | 3021262 |
| **Mezzanine equity:** |  |  |  |
| Redeemable non-controlling interests |  | 869838 | 121425 |
| **Total mezzanine equity** | - | 869838 | 121425 |
| **Shareholders' equity** |  |  |  |
| Ordinary shares | 112 | 112 | 16 |
| Treasury stock | (161892) | (161892) | (22599) |
| Additional paid-in capital | 17298692 | 17349517 | 2421899 |
| Statutory reserves | 107380 | 113292 | 15815 |
| Accumulated other comprehensive loss | (18504) | (15818) | (2208) |
| Accumulated deficit | (10859888) | (11115339) | (1551641) |
| **Total VNET Group,Inc. shareholders' equity** | 6365900 | 6169872 | 861282 |
| Noncontrolling interest | 554919 | 579910 | 80952 |
| **Total shareholders' equity** | 6920819 | 6749782 | 942234 |
| **Total liabilities and shareholders' equity** | 32357042 | 39708359 | 5543075 |

---

 **VNET GROUP, INC.** 

 **CONSOLIDATED STATEMENTS OF OPERATIONS** 

 **(Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** | **Six months ended** |
|  | **June 30, 2024** | **March 31, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Net revenues | 1993760 | 2246220 | 2434205 | 339802 | 3891886 | 4680425 | 653362 |
| Cost of revenues | (1568865) | (1680879) | (1886470) | (263341) | (3056270) | (3567349) | (497983) |
| **Gross profit** | 424895 | 565341 | 547735 | 76461 | 835616 | 1113076 | 155379 |
| **Operating income (expenses)** |  |  |  |  |  |  |  |
| Operating income (loss) |  | 1461 | (1143) | (160) | 3949 | 318 | 44 |
| Sales and marketing expenses | (58225) | (64346) | (69963) | (9766) | (129968) | (134309) | (18749) |
| Research and development expenses | (61998) | (43603) | (67570) | (9432) | (137387) | (111173) | (15519) |
| General and administrative expenses | (107297) | (179770) | (212473) | (29660) | (333594) | (392243) | (54755) |
| Allowance for doubtful debt | (2753) | (30552) | (23568) | (3290) | 2422 | (54120) | (7555) |
| **Total operating expenses** | (230273) | (316810) | (374717) | (52308) | (594578) | (691527) | (96534) |
| **Operating profit** | 194622 | 248531 | 173018 | 24153 | 241038 | 421549 | 58845 |
| Interest income | 5449 | 6751 | 16869 | 2355 | 17578 | 23620 | 3297 |
| Interest expense | (92172) | (100653) | (157508) | (21987) | (229854) | (258161) | (36038) |
| Other income | 30475 | 1811 | 5234 | 731 | 35289 | 7045 | 985 |
| Other expenses | (6900) | (2438) | (5499) | (768) | (8322) | (7937) | (1108) |
| Changes in the fair value of financial instruments | 712 | (334904) | 70404 | 9828 | 4570 | (264500) | (36922) |
| Foreign exchange (loss) gain | (4387) | 9527 | 9258 | 1292 | (32748) | 18785 | 2622 |
| **Income (loss) before income taxes and gain from equity method investments** | 127799 | (171375) | 111776 | 15604 | 27551 | (59599) | (8319) |
| Income tax expenses | (59149) | (52062) | (95048) | (13268) | (120533) | (147110) | (20536) |
| Gain from equity method investments | 3199 | 3214 | 41 | 6 | 5805 | 3255 | 454 |
| **Net income (loss)** | 71849 | (220223) | 16769 | 2342 | (87177) | (203454) | (28401) |
| Net income attributable to noncontrolling interest | (8174) | (17335) | (13656) | (1906) | (36153) | (30991) | (4326) |
| Net income attributable to redeemable non-controlling interests | - | - | (15027) | (2098) | - | (15027) | (2098) |
| **Net income (loss) attributable to the VNET Group,Inc.** | 63675 | (237558) | (11914) | (1662) | (123330) | (249472) | (34825) |
| Accretion to redemption amount of redeemable non-controlling interests | - | - | (67) | (9) | - | (67) | (9) |
| **Net profit (loss) attributable to the Company's ordinary shareholders** | 63675 | (237558) | (11981) | (1671) | (123330) | (249539) | (34834) |
| Earnings (loss) per share |  |  |  |  |  |  |  |
| Basic | 0.04 | (0.15) | (0.01) | (0.00) | (0.08) | (0.16) | (0.02) |
| Diluted | 0.04 | (0.15) | (0.01) | (0.00) | (0.08) | (0.16) | (0.02) |
| Shares used in earnings (loss) per share computation |  |  |  |  |  |  |  |
| Basic\* | 1594662099 | 1608799842 | 1610484726 | 1610484726 | 1581481229 | 1609646939 | 1609646939 |
| Diluted\* | 1595517338 | 1608799842 | 1610484726 | 1610484726 | 1581481229 | 1609646939 | 1609646939 |
| Earnings (loss) per ADS (6 ordinary shares equal to 1 ADS) |  |  |  |  |  |  |  |
| Basic | 0.24 | (0.90) | (0.06) | (0.01) | (0.48) | (0.96) | (0.12) |
| Diluted | 0.24 | (0.90) | (0.06) | (0.01) | (0.48) | (0.96) | (0.12) |

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\* Shares used in (loss) earnings per share/ADS computation were computed under weighted average method.

 **VNET GROUP, INC.** 

 **RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS** 

 **(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** | **Six months ended** |
|  | **June 30, 2024** | **March 31, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Gross profit | 424895 | 565341 | 547735 | 76461 | 835616 | 1113076 | 155379 |
| Plus: depreciation and amortization | 364616 | 402399 | 513891 | 71736 | 717220 | 916290 | 127909 |
| Plus: share-based compensation expenses | (2190) | 109 | 196 | 27 | - | 305 | 43 |
| **Adjusted cash gross profit** | 787321 | 967849 | 1061822 | 148224 | 1552836 | 2029671 | 283331 |
| **Adjusted cash gross margin** | 39.5% | 43.1% | 43.6% | 43.6% | 39.9% | 43.4% | 43.4% |
| Operating expenses | (230273) | (316810) | (374717) | (52308) | (594578) | (691527) | (96534) |
| Plus: share-based compensation expenses | (12962) | 6329 | 9163 | 1279 | 98719 | 15492 | 2163 |
| **Adjusted operating expenses** | (243235) | (310481) | (365554) | (51029) | (495859) | (676035) | (94371) |
| Operating profit | 194622 | 248531 | 173018 | 24153 | 241038 | 421549 | 58845 |
| Plus: depreciation and amortization | 394334 | 427440 | 550087 | 76789 | 773885 | 977527 | 136458 |
| Plus: share-based compensation expenses | (15152) | 6438 | 9359 | 1306 | 98719 | 15797 | 2206 |
| **Adjusted EBITDA** | 573804 | 682409 | 732464 | 102248 | 1113642 | 1414873 | 197509 |
| **Adjusted EBITDA margin** | 28.8% | 30.4% | 30.1% | 30.1% | 28.6% | 30.2% | 30.2% |

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 **VNET GROUP, INC.** 

 **CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS** 

 **(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **June 30, 2024** | **March 31, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |  |
| **Net cash generated from operating activities** | 405204 | 195713 | 366596 | 51174 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |  |
| Purchases of property and equipment | (998489) | (1792051) | (1870296) | (261083) |
| Purchases of intangible assets | (7594) | (33952) | (24388) | (3404) |
| Payments for investments | (138224) | (21440) | (1216168) | (169771) |
| Proceeds from (payments for) other investing activities | 117209 | (37327) | (171213) | (23900) |
| **Net cash used in investing activities** | (1027098) | (1884770) | (3282065) | (458158) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |  |
| Proceeds from bank borrowings | 690848 | 1893386 | 1004537 | 140228 |
| Repayments of bank borrowings | (533324) | (369366) | (381728) | (53287) |
| Proceeds from issuance of 2030 Convertible Notes |  | 3015117 |  |  |
| Payments for finance leases | (9586) | (37950) | (44471) | (6208) |
| Contribution from noncontrolling interest in a subsidiary |  | 635000 | (4555) | (636) |
| Proceeds from other financing activities | 516493 | 230435 | 8875 | 1239 |
| **Net cash generated from financing activities** | 664431 | 5366622 | 582658 | 81336 |
| **Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash** | 3370 | 9020 | (14764) | (2061) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | 45907 | 3686585 | (2347575) | (327709) |
| **Cash, cash equivalents and restricted cash at beginning of period** | 2089926 | 2081073 | 5767658 | 805134 |
| **Cash, cash equivalents and restricted cash at end of period** | 2135833 | 5767658 | 3420083 | 477425 |

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