Exhibit 99.1 VNET Reports Unaudited Second Quarter 2024 Financial Results BEIJING, August 27, 2024 /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, 2024. "We delivered another solid quarter through continued strong execution of our effective dual-core development strategy," said Josh Sheng Chen, Founder, Executiv ...

BEIJING, Aug. 27, 2024 /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, 2024."We delivered another solid quarter through continued strong execution of our effective dual-core development strategy," said Josh Sheng Chen, Founder, Executive Chairperson and interim Chief Executive Officer of VNET. "The wholesale IDC ...

BEIJING, Aug. 16, 2024 /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 that it will report its unaudited second quarter 2024 financial results on Tuesday, August 27, 2024, after the close of U.S. markets.The Company's management will host an earnings conference call at 9:00 PM U.S. Eastern Time on Tuesday, August 27, 2024, or 9:00 AM Beijing Time on Wednesday, August 28, 2024.For ...

BEIJING, July 30, 2024 /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 the resignation of Mr. Erhfei Liu as an independent director of the Company's board of directors (the "Board"), effective July 24, 2024. Mr. Liu resigned for personal reasons and not due to any disagreement with the Board, the Company or any of its affiliates on any matter relating to the Company's operations, ...

Investors interested in stocks from the Internet - Services sector have probably already heard of 21Vianet (VNET) and Akamai Technologies (AKAM) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets compan ...

BEIJING, July 16, 2024 /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 that its exceptional ESG (Environmental, Social, and Governance) performance was highlighted in S&P Global's Sustainability Yearbook 2024 (China). Notably, VNET received the highest S&P Global ESG score among its Chinese peers in the IT services industry and was the industry's only participant to be included in ...

BEIJING, July 11, 2024 /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 that the special committee of the Company's board of directors (the "Special Committee") received a letter dated July 10, 2024 from Mr. Josh Sheng Chen ("Mr. Chen"), Founder, Co-Chairperson and interim Chief Executive Officer of VNET, stating that Mr. Chen had determined not to proceed with his preliminary non- ...

BEIJING, July 8, 2024 /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 the refinancing of the margin loan facility provided by Bold Ally (Cayman) Limited (the "Bold Ally Loan") to Mr. Josh Sheng Chen ("Mr. Chen"), Founder, Co-Chairperson and interim Chief Executive Officer of VNET. The Bold Ally Loan was procured by Mr. Chen in or around August 2021 to finance his purchase of 17,14 ...

Investment Rating - The report does not provide a specific investment rating for the company, but it estimates a fair value of $1.95 per share, indicating a potential upside of 7.0% from the current price of $1.82 [5]. Core Insights - The company's Q1 2024 performance was slightly below expectations, with revenues of approximately 1.90 billion RMB, a year-on-year increase of 5.1%. Adjusted EBITDA was 540 million RMB, a decrease of 2.9% year-on-year, representing 24.2% of the full-year forecast [1][3]. - The company maintains its full-year guidance, expecting revenues between 7.8 billion and 8.0 billion RMB, with a year-on-year growth rate of 5.2% to 7.9% [1]. - Wholesale business growth is a key driver for overall performance, with Q1 2024 wholesale revenue reaching 360 million RMB, a quarter-on-quarter increase of 22.4%, contributing 19% to total revenue [1][3]. - Retail business saw a decline, with Q1 2024 retail revenue at 920 million RMB, down 5.2% quarter-on-quarter, contributing 49% to total revenue [1][3]. - The company has a high pre-lease rate of 74.5% for its 139 MW of projects under construction, which is expected to drive future capacity and revenue growth [2]. Summary by Sections Financial Performance - Q1 2024 revenue was 1,898 million RMB, with a gross profit of 411 million RMB, reflecting a year-on-year increase of 16.6% [3]. - Adjusted EBITDA margin improved to 28.4%, up 5.2 percentage points quarter-on-quarter [1][3]. - Net profit for Q1 2024 was -159 million RMB, a significant decline compared to the previous year [3]. Business Segments - Wholesale revenue accounted for 19% of total revenue in Q1 2024, up from 16% in Q4 2023, while retail revenue's contribution decreased to 49% [1][3]. - Non-data center business revenue remained stable at 613 million RMB, contributing 32% to total revenue [1][3]. Future Growth Potential - The company has 557 MW of projects in the pipeline, with a strong pre-lease rate expected to support future revenue growth [2]. - The expansion target for 2024 has been raised from 100-120 MW to 100-140 MW due to the positive outlook for the wholesale business [1].

Financial Data and Key Metrics Changes - The net revenue increased by 5.1% to CNY 1.9 billion, driven by the growth of the core business [18][20] - Adjusted EBITDA was CNY 539.8 million with an adjusted EBITDA margin of 28.4% [20] - The net loss attributable to VNET was CNY 187 million [20] - Total cash and cash equivalents, including restricted cash, was CNY 2.1 billion at the end of the first quarter [20] Business Line Data and Key Metrics Changes - Wholesale IDC business revenue increased by 59.1% to CNY 361 million, primarily due to new orders and increased demand [19][20] - Retail revenue decreased by 7.1% to CNY 923.7 million, attributed to the consolidation and redevelopment of several data centers [20] - Capacity in service for wholesale was 332 megawatts, with a utilization rate of 71% [17][18] - Retail capacity in service remained flat at around 52,000 cabinets, with a utilization rate stable at 64% [18] Market Data and Key Metrics Changes - The demand for high-density power cabinets is increasing, particularly driven by AI-related needs from industries such as chip manufacturing and autonomous driving [38] - The company is seeing stable growth in the overall demand for the data center market in China, with a strong focus on AI capacities [37][38] Company Strategy and Development Direction - The company is focusing on high-quality growth and effective cost strategies while pursuing high-density development [7][21] - A strategic agreement was signed to build a green AI supercomputing data center, indicating a commitment to sustainable practices [8][13] - The company plans to continue enhancing its core capabilities to capture market opportunities driven by the AI boom [21] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the favorable market environment for the IDC industry, driven by government initiatives to optimize computing power resources [8] - The company expects net revenue for 2024 to be in the range of CNY 7.8 billion to CNY 8 billion, representing a year-over-year increase of 5.2% to 7.9% [21] - Management highlighted the importance of transitioning from CPU-based to GPU-based infrastructure to meet the growing AI demands [10] Other Important Information - The company has enhanced its disclosures with more detailed operational and financial metrics starting from Q1 2024 [15] - The total capacity under construction was 139 megawatts, with a pre-commitment rate of around 75% [18] Q&A Session Summary Question: Definition of retail and wholesale - Management clarified that wholesale projects are defined as those over 40 megawatts, targeting major clients, while retail projects are smaller than 20 megawatts, mainly serving small and medium-sized enterprises [27][28] Question: Operating cash flow comparison - Management explained that the lower operating cash flow in Q1 2024 compared to Q1 2023 was due to one-off projects in the previous year, such as government grants [30] Question: Retail cabinet redevelopment impact - Management indicated that the redevelopment involves transitioning from low-density to high-density power cabinets, which may reduce the total number of cabinets but will better utilize resources [31] Question: Growth outlook for business lines - Management projected a 55% growth for wholesale, while retail remains flat, with non-IDC expected to grow by 5% [33] Question: G&A expense increase - Management noted that the increase in G&A expenses was due to debt repayments and stock expenditures for employees [34] Question: Overall demand for the data center market - Management reported stable growth in demand, particularly for AI-related services from various industries [36][38] Question: Expansion plans for wholesale business - Management confirmed ongoing negotiations for new projects and adherence to the CapEx plan for 2024 [39]