财务数据显示，截至2024年12月31日，世纪互联收入总额82.59亿人民币，同比增长11.41%；归母净利 润1.83亿人民币，同比增长106.93%。 大事提醒： 5月6日，世纪互联(VNET)开盘上涨2.16%，截至21:31，报7.11美元/股，成交88.66万美元，总市值19.13 亿美元。 世纪互联在全国30多个城市运营超过50座数据中心,基地型业务运营容量超过480MW,城市型业务运营机 柜数超过52000个。在京津冀、长三角、粤港澳等区域构建了规模化的数据中心产业集群,形成了稳固、 庞大、全连接的数字化核心底座,不仅满足企业在一线城市的业务布局,更可提供一线城市向边缘城市数 据的平滑迁移。此外,作为微软的战略合作伙伴, 世纪互联蓝云在国内运营国际水准的Microsoft Azure,Microsoft 365,Dynamics 365和 Power Platform等云服务及相关云应用解决方案。 依托雄厚的资源和资本实力、强大的科技创新能力、高效的交付能力、卓越的运营能力,世纪互联已为 全球超过6000家优质企业客户打造了业务发展的稳固基石,其中包括近百家全球高增长的行业领军企业, 积累了宝贵 ...

Core Viewpoint - Century Internet (VNET) demonstrates strong financial performance with significant revenue and profit growth, positioning itself as a leading player in China's digital infrastructure sector [1][2]. Financial Performance - As of December 31, 2024, Century Internet reported total revenue of 8.259 billion RMB, representing a year-on-year growth of 11.41% [1]. - The company's net profit attributable to shareholders reached 183 million RMB, showing a remarkable year-on-year increase of 106.93% [1]. Company Overview - Founded in 1996, Century Internet is recognized as a leading digital infrastructure company in China and the first IDC company listed on the US stock market [1]. - The company operates over 50 data centers across more than 30 cities in China, with a base business operational capacity exceeding 480 MW and over 52,000 operational cabinets in urban areas [2]. Strategic Partnerships and Services - Century Internet is a strategic partner of Microsoft, operating international-standard cloud services such as Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform in China [2]. - The company focuses on providing comprehensive cloud computing services and solutions, including data centers, intelligent computing centers, and hybrid delivery services [1][2]. Market Position and Client Base - Century Internet has established a robust digital infrastructure that supports over 6,000 high-quality enterprise clients, including nearly 100 leading companies in high-growth industries [2].

Core Viewpoint - VNET Group, Inc. has published its 2024 Environmental, Social and Governance (ESG) Report, showcasing its commitment to sustainability and social responsibility as part of its long-term growth strategy [1][2]. Group 1: ESG Initiatives and Achievements - The 2024 ESG initiatives led to significant advancements in sustainability, with a fivefold increase in total energy from renewable sources, reaching 360,880 MWh, which accounts for 18% of total resources utilized by VNET [7]. - Greenhouse gas emissions (scope 1 and 2) decreased by 2%, and emission intensity decreased by 9% year over year [7]. - The average annual power usage effectiveness (PUE) at VNET's data centers was recorded at 1.27 for stabilized operations in 2024 [7]. - VNET received multiple recognitions from global ESG rating institutions, including an "A" rating from MSCI for the third consecutive year and a record high score of 70 in the 2024 S&P Global Corporate Sustainability Assessment, ranking among the top 7% of the IT Services industry globally [7]. Group 2: Social Responsibility and Governance - The company achieved 100% coverage of anti-corruption training for directors and employees, reflecting its commitment to ethical governance [7]. - The percentage of female employees in management positions increased to 33%, indicating progress in diversity and inclusion [7]. - VNET's nationwide customer satisfaction rate reached 99.63%, demonstrating strong customer engagement and service quality [7]. Group 3: Future Commitment - VNET plans to continue integrating ESG best practices across its business to support the development of China's green, digital economy while creating sustainable value for all stakeholders [2].

Core Viewpoint - VNET Group, Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC, which includes audited consolidated financial statements [1] Company Overview - VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China, offering hosting and related services such as IDC services, cloud services, and business VPN services [3] - The company operates in over 30 cities across China, serving a diverse and loyal customer base of more than 7,000 enterprise clients from various industries, including internet companies, government entities, and small to mid-sized enterprises [3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F | (Mark One) | | --- | ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

Core Viewpoint - VNET Group, Inc. has successfully closed a US$430 million offering of 2.50% convertible senior notes due 2030, aimed at funding capital investments and general corporate purposes [1][7]. Summary by Sections Notes Offering - The offering consists of US$430 million in aggregate principal amount of 2.50% convertible senior notes, maturing on April 1, 2030 [1][2]. - Interest on the notes will be paid semi-annually starting October 1, 2025 [2]. Repurchase and Redemption Rights - Holders can require the company to repurchase their notes for cash on April 3, 2028, or under certain conditions related to fundamental changes [3]. - The company may redeem the notes in cash starting April 10, 2028, under specific conditions [3]. Conversion Terms - The notes are initially convertible at a rate of 72.7273 ADSs per US$1,000 principal amount, equating to an initial conversion price of approximately US$13.75 per ADS, representing a 25.0% premium over the closing price on March 12, 2025 [5]. - Conversion is restricted until 40 days after the original issuance and subject to certain conditions thereafter [4]. Regulatory Compliance - The notes are offered in offshore transactions outside the U.S. and are not registered under the Securities Act, thus cannot be sold in the U.S. without an exemption [6]. Use of Proceeds - The net proceeds from the notes offering will be utilized for capital investment in wholesale IDC projects, working capital, and general corporate purposes [7]. Company Overview - VNET Group, Inc. is a leading carrier-neutral and cloud-neutral internet data center services provider in China, offering hosting, IDC services, cloud services, and business VPN services [8]. - The company operates in over 30 cities in China, serving a diverse customer base of over 7,500 enterprise clients across various industries [9].

BEIJING, March 13, 2025 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier-neutral and cloud-neutral internet data center services provider in China, today announced the pricing of its offering (the "Notes Offering") of US$430 million in aggregate principal amount of 2.50% convertible senior notes due 2030 (the "Notes"). The Notes Offering is expected to close on or about March 17, 2023, subject to the satisfaction of customary closing conditions.The Notes will bear ...

BEIJING, March 13, 2025 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier-neutral and cloud-neutral internet data center services provider in China, today announced the commencement of a proposed offering by the Company of US$400 million aggregate principal amount of its convertible senior notes due 2030 (the "Notes"), subject to market and other conditions (the "Notes Offering"). The Notes will be senior, unsecured obligations of the Company, and will accrue inter ...

Financial Data and Key Metrics Changes - The company reported a net revenue increase of 18.3% year-over-year to RMB2.25 billion for Q4 2024, and a full-year net revenue of RMB8.26 billion, up 11.4% year-over-year [11][12][38] - Adjusted EBITDA for Q4 2024 increased by 63.8% year-over-year to RMB721.3 million, with a full-year adjusted EBITDA of RMB2.43 billion, reflecting a 19.1% increase from the prior year [12][38] - The company achieved a net profit of RMB248 million for the full year 2024, marking a turnaround from a net loss of RMB2.6 billion in 2023 [12][38] Business Line Data and Key Metrics Changes - The wholesale business revenue reached a record high of RMB665 million for Q4 2024, representing a year-over-year growth rate of 125.4% [12][39] - Retail IDC business revenue remained stable at RMB964.8 million for Q4 2024, with a utilization rate of 63.5% for retail capacity [40][30] - The wholesale capacity in service increased by 127 megawatts quarter-over-quarter to 486 megawatts, with utilized capacity rising to 353 megawatts [9][26] Market Data and Key Metrics Changes - The company noted a significant uptick in wholesale customer demand, with the pace of orders accelerating from around 24 months to 6-12 months [10] - The Greater Beijing area is projected to experience a supply shortage in wholesale IDC services by 2025, with the Yangtze River Delta expected to face similar issues by 2026 [22][70] - The overall utilization rate of wholesale data centers in the Greater Beijing area is expected to reach 85% by 2025, indicating a potential supply shortage [23] Company Strategy and Development Direction - The company plans to utilize joint venture structures to enhance efficiency and facilitate high-quality business development [15] - The focus for 2025 includes a capital expenditure range of RMB10 billion to RMB12 billion, aimed at supporting a delivery plan of 400 to 450 megawatts [16][44] - The company aims to capitalize on the growing demand for high-performance data centers driven by advancements in AI technology [17][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of China's IDC market, particularly due to the AI boom and increasing demand for data center services [17][34] - The company anticipates that the demand for high-performance data centers will continue to rise, driven by the integration of AI into various industries [20][34] - Management highlighted the importance of maintaining a strong cash flow and prudent debt management to support future growth [41][42] Other Important Information - The company achieved recognition in the S&P Global Sustainability Yearbook 2025, reflecting its commitment to ESG practices [45][46] - The company expects to deliver 400 to 450 megawatts in the next 12 months, representing a significant increase from 2024's total deliveries [16][32] Q&A Session Summary Question: Can management provide details on the arrangement of CapEx over 2025 and how much will be covered through funds from risk projects? - Management indicated that over 90% of the 2025 CapEx will be allocated to the wholesale IDC business, with a focus on high-power density retrofits for retail IDC [53][54] Question: What is the potential impact of AI-related orders on the retail segment? - Management noted that the demand for retail IDC services is expected to grow due to the adoption of AI applications, with higher pricing for AI-specific deployments [61] Question: Can management explain the framework partnership with Changzhou Gaoxin Group and its impact on revenue or CapEx guidance? - Management clarified that the 64-megawatt order from the joint venture will not be incorporated into CapEx and will generate revenue through management fees [67][68] Question: How should we think about the supply-demand dynamics in the market? - Management highlighted that supply shortages are expected in key regions, with most competitors focusing on overseas markets, leading to less competition domestically [70][71] Question: What are the expectations for rental prices in the next one or two years? - Management indicated that rental prices are expected to remain stable, driven by market demand, despite some supply constraints [79] Question: How will the company fund the RMB10 billion CapEx in 2025? - Management explained that funding will come from operating cash flow, potential REIT financing, and low-interest loans, ensuring sufficient capital for expansion [87][95]